federal reserve bulletin june 1929 - st. louis fed...federal reserve bulletin june, 1929 issued by...

FEDERAL RESERVEBULLETIN

JUNE, 1929

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

A Year of High Money RatesCondition of All Member BanksAnnual Reports of Central Banks: Italy,

Hungary, and ChileWorcester County National Bank Case

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1929

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.

ROY A. YOUNG, Governor.EDMUND PLATT, Vice Governor.ADOLPH C. MILLER.CHARLES S. HAMLIN.GEORGE R. JAMES.EDWARD H. CUNNINGHAM.

WALTER L. EDDY, Secretary.

J. C. NOELL, Assistant Secretary.E. M. MCCLELLAND, Assistant Secretary,W. M. IMLAY, Fiscal Agent.J. F. HERSON,

Chief, Division of Examination, and Chief FederalReserve Examiner.

WALTER WYATT, General Counsel.

E. A. GOLDENWEISER, Director, Division of Researchand Statistics.

CARL E. PARRY, Assistant Director, Division of Re*search and Statistics.

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

FEDERAL ADVISORY COUNCIL

District No. 1 (BOSTON) ARTHUR M. HEARD.District No. 2 (NEW YORK) WM. C. POTTER.

District No. 3 (PHILADELPHIA) L. L. RUE.District No. 4 (CLEVELAND) HARRIS CREECH.District No. 5 (RICHMOND) JOHN POOLE.District No. 6 (ATLANTA) J. P. BUTLER, Jr.

District No. 7 (CHICAGO) FRANK O. WETMORE, President.District No. 8 (ST. LOUIS) W. W. SMITH.District No. 9 (MINNEAPOLIS) THEODORE WOLD.District No. 10 (KANSAS CITY) P. W. GOEBEL.District No. 11 (DALLAS) B. A. MCKINNEY, Vice President.District No. 12 (SAN FRANCISCO) F. L. LIPMAN.

I I


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

BostonNew York..

Chairman

Frederic H. Curtiss.Q. W. McGarrah...

Philadelphia .

Cleveland

Richmond

[ Atlanta

j Chicago

R. L. Austin

George DeCamp..

Wm. W. Hoxton..

Oscar Newton

Wm. A. Heath....

Governor

W. P. G. Harding..Geo. L. Harrison...

Geo. W. Norris.

St. Louis Rolla Wells

Minneapolis..

Kansas City..Dallas

San Francisco .

John R. Mitchell.M. L. McClure..C. C. Walsh

Isaac B. Newton.

E. R. Fancher _

George J. Seay

Eugene R. Black

J. B. McDougal

Win. McC. Martin.

W. B. Geery.

W. J. Bailey.Lynn P. Talley..

Jno. U. Calkins...

Deputy governor

W. W. Paddock..J. H. CaseL. F. SailerE. R. KenzelA. W. Gilbart—.L. R. RoundsWm. H. Hutt,...

W. Willett.J. W. Jones.*Ray M. Gidney.1J. E. Crane.*W. B. Matteson.iC.H. Coe.iC. A. Mcllhenny.W. G. McCreedy.iH. F. Strater. *

Geo. H. Keesee.John S. Walden, jr.1M. W. Bell.

W. C. Bachman.1K. C. Childs.»J. H. Dillard.'D. A. Jones.8O. J. Netterstrom.iA. H. Haill."F. N. Hall.»S. F. Gilmore.*G. O. Hollocher.'C.A. SchachU

Harry Yaeger Gray Warren.H. I. Ziemer... Frank C. Dunlop.1C. A. Worthington J. W. Helm.R. R. Gilbert Fred Harris.R. B. Coleman i W. D. Gentry.1Wm. A. Day j Wm. M. Hale.Ira Clerk I

M. J. FlemingFrank J. ZurlindenC. A. Peple—R. H. BroaddusHugh FosterCreed TaylorC. R. McKayJohn H. Blair

Cashier

0. M. Attebery..

1 Assistant deputy governor. > Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS


New York:Buffalo branch _Cincinnati branchPittsburgh branch

Richmond:Baltimore branch _.Charlotte branch

Atlanta:N&w Orleans branchJacksonville branchBirmingham branchNashville branch ___

Chicago:Detroit branch

St. Louis:Louisville branchMemphis branch .,_Little Rock branch

Managing director

W. W. Schneckenburger.C. F. McCombs.J. C. Nevin.

A. H. Dudley.Hugh Leach.

Marcus Walker.W. S. McLarin, jr.A. E. Walker.J. B. Fort, jr.

W. R. Cation.

W. P. Kincheloe.W. H. Glasgow.A. F. Bailey.


Minneapolis:i Helena branch

Kansas City:! Omaha branch

Denver branchOklahoma City branch ._

Dallas:El Paso branchHouston branchSan Antonio branch.

San Francisco:Los Angeles branchPortland branchSalt Lake City branchSeattle branchSpokane branch

Managing director

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

W. 0. Ford.D. P. Reordan.M. Crump.

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

SUBSCRIPTION PRICE OF BULLETIN

THE FEDERAL RISSERVE BULLETIN is the board's medium of communicationwith member banks of the Federal reserve system and is the only official organor periodical publication of the board. The BULLETIN will be sent to all memberbanks without charge. To others the subscription price, which covers the cost ofpaper and printing, is $2. Single copies will be sold at 20 cents. Outside of theUnited States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25cents.


TABLE OF CONTENTS

PageReview of the month—A year of high money rates 359

Recent decline of bank credit—Course of money rates—Credit demand of secuiity market—Sys-tem's firm money policy—Effect on growth of bank credit—Business continues active—Effecton money rates abroad.

Condition of all member banks on March 27, 1929 363,422-425

Annual report of the Bank of Italy 380Annual report of the National Bank of Hungary 385Annual report of the Central Bank of Chile ° 392

National summary of business conditions 364

Financial, industrial, and commercial statistics:Reserve bank credit, gold stock, money in circulation, and member bank reserve balances 365-367Analysis of changes in monetary gold stock 366Discount rates and money rates 368Member bank credit 370Bankers' balances 371Bankers' acceptances and commercial paper outstanding e 71Brokers' loans 371Commodity prices, security prices, and security issues 372Production, employment, and trade 373Industrial production 374Factory employment and pay rolls 375Building 376Trade and distribution 377, 378Bank suspensions and commercial failures 379

Financial statistics for foreign countries:Gold holdings of central banks and Governments 396Gold exports and imports 396Condition of central banks 397, 398Condition of commercial banks ^ _ 399Discount rates of central banks 399Money rates 400Foreign exchange rates 401Price movements 402-404Industrial statistics for England, France, Germany, and Canada 405, 406

Law department:Decision of Supreme Court re right of consolidated national bank to succeed to trust business of

trust company 407Changes in National and State bank membership 410Fiduciary powers granted to national banks 411

Detailed banking statistics for the United States „ 412IV


FEDERAL RESERVE BULLETINVOL. 15 JUNE, 1929 No. 6

REVIEW OF THE MONTH

The volume of bank credit outstanding hascontinued to decline in recent weeks. Further

^ , ,. reductions in security loansRecent decline 1 . J / ,

of bank credit a m lnvestments oi memberbanks in leading cities have

been partly offset by a growth in loans forcommercial purposes. The total volume ofloans and investments of these banks at theend of May was $600,000,000 lower thanin the middle of March and $160,000,000below a year ago. During the same periodreserve-bank credit outstanding also declined,owing chiefly to further additions to thecountry's stock of monetary gold. As com-pared with a year ago, the volume of re-serve-bank credit in the latter part of May wassmaller by about $200,000,000. While mem-ber-bank and reserve-bank credit, includingindebtedness of the member banks at thereserve banks, has declined, conditions in themoney market have remained firm, and interestrates on most classes of loans have advancedfurther. In the latter part of May, however, aconsiderable liquidation of brokers7 loans wasaccompanied by a decline in rates on securityloans placed on call.

It is proposed in this review to present asurvey of the existing level of money rates,

compared with those a year agoand in other recent years, andto consider the factors that

brought about the present position. The fol-lowing chart shows the course of monthlyaverages of open-market rates on acceptances,commercial paper, and call loans, together

Course ofmoney rates.

with average rates charged bank customersfor the period since 1921:

•— Commercial Paper. . . Acceptances

Cat/ MoneyCustomers

1922 1924 1925 1926

Figures for rates charged customers are weighted averages of prevailingrates in Federal reserve bank and branch cities during week endingloth of month. Open-market rates are monthly averages of prevailingrates at New York City

It will be seen from the chart that since thebeginning of 1928 rates on commercial paperand on acceptances have increased by about2 per cent and the rate on call loans by about5 per cent, while rates charged to customersincreased on the average by about 1 per cent.In the case of all these rates the present levelis higher than at any time since 1921.

The advance in money rates, wilieh hascarried them to the highest level in eight years,

began at the opening of 1928.Credit demand ofsecurities market 0 1 1 t h e d e m a n d S l d e t h e

cipal factor in the rise ofmoney rates has been the continued and rapidgrowth in the demand for credit in the securi-ties market. The extent of this growth is in-dicated in the following table, which brings to-gether changes during the past year in securityloans by reporting member banks, and in loans

359


360 FEDERAL RESERVE BULLETIN JUNE, 1929

to brokers by others than banks, as shown inthe reports to the Federal Reserve Board byreporting member banks in New York Cityand to the stock exchange by the borrowingbrokers:

GROWTH OF SECURITY LOANS

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

Security loans of reporting member banksBrokers' loans for "others" reported by mem-

ber banks in New York CityBrokers' loans for "others" reported to the

stock exchange

May, i May,y,1928

7,075

1,514

*684

Total •_ 9,273

y,1929 Increase

7,218

2,965

* 1,188

11,371

143

1,451

504

2,C

* Average figures for end of April and end of May.

The growth in the aggregate of securityloans included in the table has been inexcess of $2,000,000,000 and at a rapidrate. This growth has been only to a minorextent in security loans of reporting memberbanks, and such increase as has occurred inthese loans has not been in open-market loansto New York brokers, but in collateral loansto the banks' customers. Increase in thedemand for credit to finance security opera-tions, therefore, during the past year has notbeen met to any considerable extent by do-mestic banks, but by others, including foreignbanks, individuals, and corporations havingsurplus cash arising out of profits and out ofsecurities floated in the favorable marketprevailing in recent years. Although the sup-ply of additional funds on which the securitymarket has drawn during the past 12 monthshas not come from the banks, the demand forthese funds through its influence on rates hasbeen nevertheless a powerful factor in thebanking and credit situation. As has beenpointed out, the rise in money rates has beengreatest for that class of loans for which thedemand has been strongest, namely, securityloans made on the stock exchange, but thecompetition of high rates offered for theseloans has exerted an influence on all classesof money rates, and the advance in rates hasbeen general.

While the growth in the volume of stock-exchange loans indicates the extent to which

the growing demand for fundsSystem's firm h a g feeen ft f a c t o r ^ r a i s i

money policy. . . ,°money rates, on the supply side

an important factor in the situation has beenFederal reserve credit policy. This policybegan to be exerted in the direction of firmermoney late in the autumn of 1927, when anoutward movement of gold set in and theFederal reserve system, beginning in Novem-ber, permitted this outflow of gold to have adirect and immediate effect OL the credit situa-tion. Prior to that time the Federal reservebanks had offset the effects of gold exports bypurchasing United States Government secu-rities. In November, however, when the peakof the crop marketing season and of the pres-sure on foreign exchanges was passed, theFederal reserve banks, in view of the rapidgrowth of loans on securities, discontinued thepurchase of securities. The growth of securityloans by member banks continued after theturn of the year, and the reserve banks beganto sell United States securities out of theirportfolios, with the consequence that member-bank reserves were subjected to pressure notonly by gold exports, but also by the open-market policy of the reserve banks. Later inthe season the reserve banks' holdings of accept-ances were also rapidly reduced. As a conse-quence of the withdrawals of funds from themarket on all these accounts, the memberbanks increased their borrowings at the reservebanks, and by June, 1928, these borrowingswere in excess of $1,000,000,000 for the firsttime in seven years.

Indebtedness at the reserve banks makesmember banks less willing to expand their loans,and this more conservative attitude is usuallyreflected in a rise of money rates. The closerelationship between the volume of discountsfor member banks and the level of money rates,as reflected in the rate for open-market com-mercial paper, is brought out by the chart. I twill be noted, however, that from the middleof 1928 a slight downward tendency of dis-


JUNE, 1929 FEDERAL RESERVE BULLETIN 361

counts has been accompanied by a further risein money rates. This development reflectsthe unusual condition of the money marketsince last autumn, when rates were forced upby a persistent demand for funds from thesecurity market rather than by growing in-debtedness of member banks to the reservebanks. The policy of the Federal reserve sys-

DISCOUNTSMILLIONS OF DOLLARS

1500

1000

COMMERCIAL PAPERPER CEMT

1922 1923 192A- 1925 1926 1927 1928

Monthly averages of daily figures

1929

tern in discouraging frequent or continuousborrowing by member banks having a largevolume of security loans, a policy which hasbeen in effect since the establishment of theFederal reserve system but has receivedspecial emphasis in recent months, has alsobeen a factor in this situation.

Growth of indebtedness of member banks tothe reserve banks during the past 18 monthshas reflected the Federal reserve system's goldand open-market policy, and has been accom-panied by a series of advances in discount rates,which have made this indebtedness moreexpensive. Discount rates, which at thebeginning of 1928 were 3% per cent at all thereserve banks, were gradually advanced, andin July were established at 5 per cent at eightof the banks and 4% per cent at the banks inthe four western agricultural districts. In thepast three months the rates at these bankswere also advanced to 5 per cent. Buying ratesfor bills have also advanced from a range of3}s-3K per cent in January, 1928, to a range of5%-5% per cent at the present time.

Effects on bank credit of firm money condi-tions and high interest rates, which have pre-

vailed during the past year, areE fA e ^ V ° ,n clearly indicated in the changesgrowth of bank . J ?

credit m the condition of reportingmember banks during the year

ending in May, 1929, and during the precedingyear, shown in the following table:

REPORTING MEMBER BANKS (REVISED SERIES)


Total loans and investments.

Security loans _ . _All other loansInvestments. . .

May,1927

20, 273

6,0178,6495,608

May,1928

22,148

7,0758,8846,188

May,1929

22,113

7,2189,0595,837

Increase be-tween—

May,1927and1928

1,875

1,058235580

May,1928and1929

•35

143175

•351

* Decrease.

As compared with a growth of $1,875,000,000during the year ending in May, 1928, loans andinvestments of reporting member banks showedno growth during the past year. This absenceof growth has been the net result of an increasein security loans and in all other loans, offset bya decline of member bankin vestments. The fig-ures indicate that high money rates and Federalreserve policy during the past year have resultedin a halt in the rapid growth of bank credit whichhad continued for a number of years, and in a liq-uidation of security holdings by member banks inan effort to meet the demand for loans out of theirown resources. The year was characterized alsoby a considerable decline in member bank depos-its, both time and demand, met largely throughan increase in the banks' capital and surplus.

High money rates, which thus had a restrain-ing effect on the growth of bank credit, have

not, however, been reflected ina general slowing down of busi-ness activity. Industrial pro-

duction was larger in volume during the firstquarter of 1929 than in any previous three-

Business con-tinues active.



month period, and factory pay rolls were alsoat a high level in the spring of this year.There is no evidence, however, of overexpan-sion, except possibly in a few industries. Theabsence of overexpansion during a period ofrecord activity may be ascribed in part to therestraining influence of high money rates. Theprincipal line of activity in which there hasbeen a recession due in part to the influenceof high money rates has been the building in-dustry. Dear money has affected the construc-tion industry chiefly through its unfavorableinfluence on the bond market, which has beeninactive for a number of months.

Unfavorable conditions in the bond markethave also resulted in a drastic reduction in the

flotation of foreign securitiesEffect on m ^ i s country. Reduced bor-

money rates . * «. •abroad. rowings oi foreign countries in

the United States, togetherwith the attractiveness of short-term moneyrates in New York, have caused a strain on theforeign exchanges, a sale of dollars by manyforeign central banks in the support of theirexchanges, and finally a movement of gold tothis country, first from England and Canadaand later from Germany and Argentina. Theloss of gold and of dollar balances by the foreigncentral banks has caused many of them to ad-vance their discount rates. Since the first ofthe year 13 banks of issue have raised their dis-count rates, and some of them have had twoadvances in rates since the beginning of 1929.Commercial money rates have also advancedabroad, reflecting the rise in central bank ratesand the general firmness of money conditions.

To summarize, the rise in money rates in thiscountry during the past year has been due onone side to the continuously growing demandfor funds to finance security transactions and onthe other side to the firm money policy of theFederal reserve system, adopted largely with aview to restraining the rapid growth of security

loans. High money rates have had the effect ofarresting the growth of bank credit, but notuntil recently the growth of funds used in thestock market. High money rates in the UnitedStates have brought about a reversal of the di-rection of gold movements and have caused for-eign central banks to raise their discount ratesin order to protect their reserves. In the do-mestic business situation the high level ofmoney rates appears to have been a conserva-tive influence working against overexpansionwithout having a generally unfavorable effecton production and trade.

Statement by Federal Advisory Council

The Federal Advisory Council at a regularmeeting on Tuesday, May 21, made the follow-ing recommendation:

The Federal Advisory Council has reviewed care-fully the credit situation. It continues to agree withthe view of the Federal Reserve Board expressed in itsstatement of February 5, 1929, that "an excessiveamount of the country's credit has been absorbed inspeculative security loans." The policy pursued by theFederal Reserve Board has had a beneficial effect duelargely to the loyal cooperation of the banks of thecountry. The efforts in this direction should be con-tinued. The council notes, however, that while thetotal amount of Federal reserve credit being used hasbeen reduced, "the amount of the country's creditabsorbed in speculative security loans" has not beensubstantially lowered.

Therefore, the council recommends to the FederalReserve Board that it now grant permission to raisethe rediscount rates to 6 per cent to those Federalreserve banks requesting it, thus bringing the redis-count rates into closer relation with generally prevailingcommercial money rates. The council believes thatimprovement in financial conditions and a consequentreduction of the rate structure will thereby be broughtabout more quickly, thus best safeguarding commerce,industry, and agriculture.

Advances in Discount Rates

Advances of discount rates from 4K to 5 percent on all classes of paper of all maturitieswere made at the Federal Reserve Bank ofMinneapolis, effective May 14, and at theFederal Reserve Bank of San Francisco,effective May 20.



Changes in Central Bank Discount RatesThe following changes have been made since

the end of April in the discount rates of centralbanks in foreign countries: April 30, Bank ofDanzig from 6 to 7 per cent; May 3, NationalBank of Kumania from 6 to 8 per cent; May 9,Imperial Bank of India from 7 to 6 per cent;May 14, National Bank of Rumania from 8 to9}i per cent.

Annual Report of the Federal Reserve BoardThe complete edition of the Fifteenth

Annual Report of the Federal Reserve Board,covering operation^ for the year 1928, isnow available. It contains, in addition to thetext of the report which was issued earlier inthe year, tables relating to reserve bank credit,gold stock, money in circulation, discount andmoney rates, and banking and business condi-tions. It also gives the recommendations madeby the Federal Advisory Council during 1928 andthe regulations of the Federal Reserve Board.

Revised series relating to reserve bankcredit outstanding on the basis of monthlyaverages of daily figures are given for the lifeof the Federal reserve system, and corre-sponding data on a weekly average basis aregiven for the period 1922-1928. Weekly andmonthly averages of gold stock and money incirculation are also shown for the entire periodsfor which these series are available.

Condition of All Member Banks on March 27, 1929Decrease of $300,000,000 in the volume of

member bank loans and investments during the

first quarter of 1929 carried the total to$35,393,000,000 on March 27, as shown by themember bank call report for that date. Theaccompanying chart shows the course ofmember bank credit during the past nineyears.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

10

1919 1920 1921 1922 1923 1924* 1925 1926 1927 1928 1929Figures are for dates on which member banks made call reports

Detailed figures of condition for all memberbanks, based on required reports for March 27,are given on pages 422-425 of this issue of theBULLETIN, and in greater detail by States,cities, and class of bank in Member Bank CallKeport, No. 43.



NATIONAL SUMMARY OF BUSINESS CONDITIONSIndustrial activity continued at a High level

in April, and the volume of factory employ-ment and pay rolls increased further. Loansand investments of member banks in leadingcities continued to decline between the middleof April and the middle of May and were atthat time at approximately the same level asa year ago.

Production.—Industrial activity increased inApril to the highest level on record. The ironand steel and automobile industries continuedexceptionally active during April. Activity incopper refining, lumber, cement, silk and wooltextiles, and the meat-packing industry in-creased, and production of cotton textilesshowed a less than seasonal reduction. Fac-tory employment and pay rolls increased, con-trary to the seasonal trend.

Output of mines was also larger in April.Copper and anthracite coal production in-creased, and the seasonal decline in output ofbituminous coal was smaller than usual.Petroleum production declined slightly.

Preliminary reports for the first half ofMay indicate a continued high rate of opera-tion in the iron and steel industry. Output oflumber and bituminous coal was somewhatlarger during the first part of May than at theend of April.

Building contracts awarded during the monthof April increased sharply and for the first timein five months approximated the total for thecorresponding month in the preceding year.The increase was not continued, however, inthe first part of May when awards averaged20 per cent below the same period in May,1928. During April most classes of buildingshowed seasonal increases over March, thelargest being in contracts for residentialbuilding and public works and utilities.

Distribution.—Shipments of commodities byrail increased during April and were the largestfor this month in any recent year. The in-crease from March reflected larger loadings ofmiscellaneous freight, lumber, livestock, andore, During the first half of May shipments offreight continued to increase.

Sales at wholesale declined seasonally inApril, except in the case of grocery and hard-ware firms. In comparison with April, 1928,all lines of trade reporting to the Federal

reserve system showed increases. Depart-ment-store sales were also smaller in April thanin March, but continued above the level of ayear ago.

Prices.—Wholesale commodity prices aver-aged slightly lower in April than in March,according to the index of the United StatesBureau of Labor Statistics, reflecting primarilydeclines in prices of farm products and theirmanufactures. Prices of mineral and forestproducts and their manufactures, on theaverage, showed little change. There wereincreases in the prices of iron and steel, andsharp declines in copper, lead, and tin. Sea-sonal declines occurred in prices of coal andcoke, while gasoline prices advanced.

Prices of farm products and their manufac-tures averaged lower in April than in March.Prices of grain, especially wheat, moved down-ward more sharply, and wool and cotton con-tinued to decline. Livestock and meat pricescontinued the upward movement of the previ-ous month, but at a slower rate; hides averagedslightly higher in price, and leather somewhatlower. Among imported raw materials, rubber,sugar, and coffee showed marked price recessions.Early in May cattle and wheat prices declinedsharply, and the price of rubber increased.

Bank credit.—During the four weeks endingMay 15 loans and investments of memberbanks in leading cities showed a decrease ofnearly $200,000,000, largely in loans on securi-ties, together with some further decline in in-vestments. All other loans, chiefly for com-mercial and agricultural purposes, remainedunchanged at a relatively high level.

There was a further reduction in the averagevolume of reserve bank credit outstandingbetween the weeks ending April 24 and May 22,owing largely to additions to the country'smonetary stock of gold. The decline was indiscounts for member banks; holdings of accept-ances and of United States securities showedpractically no change.

Open-market rates for commercial paper re-mained unchanged, as did rates on primebankers' acceptances, except for a temporarydecline at the end of April and the first week inMay. In the first three weeks of May rateson collateral loans averaged considerably higherthan in April.



RESERVE BANK CREDIT

RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGESMILLIONS OF DOLLARS MILLIONS OF DOLLARS51,00 I 1 1 1 1 ' 1 1 1 1 1 r— j i j i | i ] i | 5i*00

Member BankReserve Balances

1925 1926 1927 1928 1929Based on weekly averages of daily figures; latest figures are for week ending May 25


366 FEDERAL RESERVE BULLETIN

RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES[Averages of daily figures. In millions of dollars]

JUNE, 1929

Reserve bank credit outstanding

Month or weekBills and securities held by Federal reserve banks

i Totalj volume i

Total 2

1928—AprilMayJuneJulyAugustSeptemberOctoberNovemberDecemberJanuary

1929—FebruaryMarchAprilMay

Week ending-Apr. 27May 4May 11May 18

1,4051,4721,5311,531 !1,4851,5811,622,653,824,613,502,481 i,3 r

Bills dis-counted for

memberbanks

Billsbought

UnitedStates

securities

., 303

,347 il

'.2<L> j !

Increase or doorcase of week ending May 25compared wilh week ending—

.AFay IS . . .

May 20, 192S.- 8 5 !|

- 2 1 0 I

1,371 |1,442 li1,495 I1,488 i1,449 '1,5341,5841,6101,7661,570 i1,468 |1,442 |1,338

1,3121,3331,2941,2471, 229

- 1 9-84

-218

661830

1.0191, 0901,001 i1,064 |

975 |897

1,013859889909

3,004 j950 I

998 j9SS I

93(iIBS

j- i i

- 0 4 !+05 |

3583492441851782263684714834733852051501-15

142107lft! >M S134

-14—<i

- 2 0 3

j MemberMonetary , Money in bankgold stock i circulation reserve

I i balances

35125723221321024023723S263229184197105153

150157150J.",(>152

- S 7 |

4, 2874,2074,1194,1134,1184,1254,1334,1514,1424,115 j4,143 |4,100 !4,220 !

4,292 II

4. 239 i4; 2024,2S0 !4,29S I4,300 i

+J20

4,7304,7224,7364.7464,7434,8044, 8304,8005,0084, 7484, 6804, 7094, 0794, <5S4

4, 0044. MS!)4,0X74.0774, 071

— 0-\-~— 3S

2,3962.3882, 3552,3242, 2742,3142,3322,3522,3672,3872,3572,3372, SOS2, 290

2. 2972,311•) 3] 0

•']! 3 1 02; 279

-31-18-98

i Includes total bills and securities, amounts due from foreign banks, and reserve bank float.3 Including "other securities" and foreign loans on gold.

ANALYSIS OF CHANGES IN MONETARY GOLD STOCK

[End of month basis. In millions of dollars]

! ' Increase (+) or decrease (—) duringmonth

Month

j Goldj stock! at end

I month Total

I

j Throughnet goldimport

orexport

; j

Through Through

1927—May i 4,60S ; - 1 . 4June j 4, 5S7 .. -20.9July 4,580 j - 7 . 5August. ! 4,5S8 I +8.5September 4,571 i —17.5October 4,541 | -30.1November i 4,451 ; -89.7December 4,379 j -71.7

Total (12mos.)..

1928—JanuaryFebruaryMarchAprilMay. .June _JulyAugust-Sep tern herOctober.NovemberDecember

-112.7

Total (12mos.).

873 I302 !305 |2G« !100 i109 j113 !123 !125 !

142 :

128 ;

141 i

- 6 . 0-11 .2-57 .0- 3 8 . 7

-105.7— 51.0+3.4

+ 10.3+2.1

+ 17.3-14.0+13.2

-237.9

1929—January 4.127 ;February I 4,153 ,March.." \ 4,1SSApril j s. 200M a y p > 4.;soi

-14.4+26. 4+ 34.4+72. 4+40.4 I

+31. 7+12.8+8.9+6.4

-11.5-8 .0

-53.2-07.4

markingopera-tions

domesticproduc-

tion,etc1

2 -35. 5 I2 -30 . 7 |2 - 23 .1

- 2 . 5- 9 . 0

-25 .0-40 . 0

- 8 . 5

+2.4+3.0+0.7+4.6+3.0+3.4+3.5+4.2

+6.2 ; -160.1 j +41.2

-13 .8 !-11 .1 !-94 .9 '.-91 .2 --81 .7 i-79 .9 ,-03 .9 i

+.7 i+.5;

+ 13.3 |+6.7 j

+23.3 i

+5. 5+2. 9

+35. 8+45. 7-26. 5+30.1+00. 9+5.9— 1.2+1.2

-25. 0-15.7

-392.0 ! +119.0

+47.1 : -65.0+25.5 !

+24.8 ' +7.5+23. 1 : +48. 0+ 19.9 +10.1

+2.3-3.0+1.5+0. 8+2.5-1.2+0.4+3.7+2.8+2.8+4.3+5.6

+34.5

+3. 5+0.9

+0. 7

i For detailed explanation of Ibis figure, which is derived from pre-ceding columns, see BULLETIN for December, 1928, p. 831.

»Includes effect of earmarking operations connected with gold heldabroad by Federal reserve banks.

p Preliminary.

GOLD MOVEMENTS TO AND FROM UNITED STATES

[In thousands of dollars]

From or to— May i

1929

April January-April

Im-ports

Ex-ports

Im-ports

Ex-ports

Im-ports

Ex-ports

:__ " . _• io ' -is10,000 ' i M.ftSO : 31.-009

:

-10,033 |j

BelgiumEnglandFranceGermanyItaly : iNetherlands _. ; : :.Canada __ • • 2,.riS<">: -;:jCentral America ' : 07 . ._Mexico : ?7H 'Argentina. 4,000 \ f.,-12.7)BrazilChile - . - 37ColombiaEcuadorP e r u . . .Uruguay . .Venezuela.. _ ' !British IndiaChina and Hong

KongDutch East Indies . . ! . \ 90 f><) :•;•.*»;Jj-vnan \ ] 'Philippine Is lands. . ; ' -•>•! 7'.)7 :_All other countries..I 220i 2300 ' 7L> 292 1

944ft0

19

11-19303

J77 .:M7 :___

4 4 9 j . -

J.200

79002

30S

Total. 20,201 305 24,0S7 0,033

3 May figures are preliminary—3 customs districts: Zsew York, St.Lawrence, and San Francisco.

2 Includes all movements of unreported origin or destination.


JUNK, 1029 FEDERAL RESERVE BULLETIN 367

MILLIONS OF DOLLARS

2000MILLIONS OF DOLLARS

2000

1500

1000

500

RESERVE BANK CREDIT

1500

1000

500

1925 192S 1927 1928 1929This chart is based on weekly averages of daily figures; latest figures are for week ending May 25

DISCOUNTS FOR MEMBER BANKS


Month

1927—AugustSeptember. __OctoberNovember. . .DecemberJanuary

1928—FebruaryMarchApril _.MayJune _.-JulyAugust _September. __OctoberNovemberDecemberJanuary

929—FebruaryMarchAprilMav

Allmem-

berbanks

413417428421532439463489637826

1, 0121,0791,0451,063

960901

1,039891893978991951

!I Reporting member banks in

leading cities

Total

256267283276388314338362488644796854806822736681799663 !659 !740 ,725061

NewYorkCity

74907573

127947875

145222271274223266202157221190131166162145

Othercit

Total

1S2176208203261220260287343422525580583556534524578473528574563516

eadingies

Chi-cago

68

1011212313253549618080415867917196

1214636

Mem-ber

banksout-sidelead-ing

cities

157150145145143125125127149182216225239241224220240228234238266290

MILL ONS OF DOLLARS

600

500

MILLIONS OF DOLLARS1700

600

500

400

/ 0 0 1 DISCOUNTS FOR MEMBER BANKS

1925 1926 1927 1928 1929Based on monthly averages of weekly figures


368 FEDERAL RESERVE BULLETIN J U N E , 1929

PER CENT

3 -

1 -

MONEY RATES IN NEW YORK CITY

- 3

1923 1924- 1925 1926 1927 1928 1929

FEDERAL RESERVE BANK RATES

DISCOUNT RATES

[Rates on all classes and maturities of eligible paper]

Federal reserve bank

BostonNew YorkPhi lade lphia . - - . .ClevelandRichmondAtlantaChicago .St. LouisMinneapolis _ . .Kansas CityDallasSan Francisco..

Rate ineffect onJune 1

555555555555

Date established

July 19, 1928July 13, 1928July 26, 1928Aug. 1, 1928-July 13, 1928July 14, 1928July 11, 1928July 19, 1928May 14, 1929May 6, 1929Mar. 2, 1929May 20, 1929

Previousrate

BUYING RATES ON ACCEPTANCES

[Buying rates at the Federal Reserve Bank of New York]

Maturity

1-15 days16-30 days . .31-45 days . .46-60 days. .61-90 days . .91-120 days.121-180 days

Rate ineffect onJune 1

Date established

Mar. 25, 1929.dodododo._

Mar. 21, 1929.Mar. 25, 1929.

Previous

NOTE.—Rates on prime bankers' acceptances. Higher rates may becharged for other classes of bills.

OPEN-MARKET RATESRATES IN NEW YORK CITY

Month or week

Prevailing rate o n - Average rate Averageyield

Primecom-

mercialpaper,4 to 6

months

1928MayJuneJuly.AugustSeptemberOctoberNovemberDecember

1929JanuaryFebruaryMarchAprilMayWeek ending-

May 4May 11May 18May 25

m5 -5H5U-5H

5U-5H

5H-5H

Primebank-

ers'accept-ances,

90days

Call loans *

Time jloans,

90 idays J j New

4 -AM4H-4H

m

5 -5X

5 -5H5H-5H

66 -6H

7 -7H6^-77 -1%

7%

7%-S5W

i 8H-9

5.696.216.066.917.407.126.868.86

6.947.479.809.468.79

$H 11. 33" 11.83

9.406.48

Re-newal

5.706.326.056.87

7.26

6.678.60

7.05

7.069.108.898.91

11.4012.409.206.60

U.S .Treas-

urynotesand

certifi-cates,3 to 6

months

Treas«ury

bonds8

•3.90•3.92

4.124.364.57 \

<4.57 /4.704.264.244.35

M.66\ 4.63

4.644.79

f<4.80I 4.84

5.04

4.924.985.055.13

3.353.403.603.563.543.553.483.63

8.593.663.763.67

3.67

3.623.643.653.72

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

redemption dates—1956,1954, and 1952.* Change of issues on which yield is computed* Maturities of 6 to 9 months.



PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIESThe rates shown are those at which the bulk of the loans of each class were made by representative banks

during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding$7,500,000,000.

FEDERAL RESERVE BANK CITIES

Month

1928—MayJuneJulyAugustSeptember.OctoberNovember.December..

1929—January.._February-MarchAprilMay

1928—November.December.

1929—January. __February..MarchAprilMay

1928^November.December..


1928—November.December.


Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St. Louis Minne-

apolisKansas

City Mia. *"££*'

Prime commercial loans

4*4-4?44K-55 -65*4-5*45*4-65*4-65*4-65*6-65*6-6

5*45H-5U5*6-5%5%-d

4*6-54%-55 -5*45*4-5*6

5*45*6

5*4-5*65*45*45*4

5*6-5%5%

5%-6

4*6-54%-5*45*4-5*65*4-5*45*6-5%5*6-5%5*6-65*4-65*6-5%5*6-65*4-65*4-65*4-6

4*4-64%-64%-65*4-65*6-65*6-65*6-65*4-65*6-65*6-65*6-65*4-65*4-6

4*6-5 |5*4-5*6 j

6*6-5% i5*4;

5*6-6 •5*6-6 i5*6-6^ 6 !5^6 !

5*6-5%5*6:

5*6-5%j5%-6

4*4-65*4-65 -65*6-65*4-65*4-65*4-65*4-65*6-65*6-6*65*6-6*45*4-65*6-6*4

4*4-54%-5*45 -5*45 -5*65*4-5%5*4-5%5*4-5%5*4-65*6-65*4-65*4-65*4-65*6-6

4*4-54*6-5*65 -5*65 -5*65*6-5%5*6-5%5*6-5%5*6-65*6-65*6-65*6-65%-65%-6

434-5*4

5 -65 -65M-6W

5^-65M-65^-5%53/4-653/4-6

534-6H

55

6 -5H5 -5H

5H5^-6

5H5H-6

5H

5H-65^-6

4^-64%-65 -64^-65 -653 -̂65^-65H-65H-6H5J^-653^-7

66

43^-54^6

43^5H4*6-5*4

53-2-6

Loans secured by prime stock-exchange collateral

5*4-666

5H-65H-65M-6

53 -̂65H653^-65^-6534-65M-65%-6

534-6-66

-66

5H-75H-75H-76 -7534-7

6 -6H6 -76 -76 -76 -75?4-7

^ 7

5?4-6

5M-65?466 X6 - 6 3/21

534-6534-6

66 -634

5 -65 -6

53^-65H-6534-6

6 -86 -76 -76 -86 -86 -76 -7

5H-653^-65H-653^-6

666

Loans secured by warehouse receipts

5 -66

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

66

6666666

666666

6 -7

666666

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

66 -7

5*4-65*4-65*4-65*4-6534-6*45%-6*2

6

5*4-66

5*4-65*4-65%-65?4-6

6

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

5%-66

5*4-6

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

6 -76

6 -766

6 -6*66 -7

Interbank loans

53^-6

5H-65H-65}^6

5^-65 -65M-65H-65^-65H-65H-6

53^-5?4

5 ^5^-53/45H-5345^-5%

5M

5H-6534-6

6 ^5 ^

5^-65^-653^-6

5H-6

m534-65%-6

534554

5^-65H-65H-65^-65H-65^-65H-6H

5^5H-65H-653^-65^-653/4-653/4-6

5H-65H-653^-65H-65^-653^-6534-6

53^-65?4-65H-653^-6534-6534-6

6

5^-65H-65H-65H-65^-65H-G

6

5 -65 -65 -53^

65^-65^-653^-6

5 -65 -65 -65 -65 -65 -65 -6

FEDERAL RESERVE BRANCH CITIES

City

53^-6534-653^-65 } 6

BuffaloCincinnatiPittsburgh.BaltimoreCharlotteBirmingham. _JacksonvilleNashvilleNew OrleansDetroit ^Little Rock ! 4%-6L i i l l 6

Prime commercial loans Loans secured by primestock-exchange collateral

March,1929

53^-653^-6

cLouisvilleHelenaDenverOklahoma CityOmahaEl Paso_HoustonSan AntonioLos AngelesPortland-Salt Lake CitySeat t le . . .Spokane

68

53^-76

53 -̂5346 -8

66 -7

666

5H-76 -7

April,1929

66

53^-65*4-651/4-7

66

5*4-6*65*2-6

651/4-6

6 -7666

6 -6*26 -7

May,1929

March,1929

5*6-66

5*4-65*6-6

65*4-7 !

6 i6 :

5*4-6*415*2-6

668

6 -6 *46 i6 I

7 -8 !

66 -85*4-65*4-6

65*4-85*4-7

66*4-76 -6*46 -7

6 -76 -76 -76 -85*4-66 -86 -76 -6*4

6 -6*4' 6 -76*4-7 6 -7

April,1929

66 -7*4

666

5*4-86 -7

66*4-76 -6*46 -7

68

6 -76 -76 -76 -8

66 -86 -6*46 -7

66 -7

7

May,1929

Loans secured by warehousereceipts

March,1929

April,1929

5*6-86 -7

66*4-7 I6 -6*46 -7

68

6 -76 -86 -76 -8

66 -86 -76 -7

66 -7

7

66 -7

66

-7-8

5*6-66 -7

65*4-7

6666766

6

-8-8-7-7-8-7-8

7-7

76*4-7

7

66

-7-8

5*4-666

-7-6*4

5*4-7A

666676666

-8-8_7-7-8-7-8-7

76*6-7

7

May,1929

6 -7666

6 -76 -85*4-66 -7

65*4-8

66 -86 -76 -76 -77 -86 -76 -8

76 -7

76*4-7

7

Interbank loans

March,1929

5*4-65*4-6

65 -65*4-65*4-6

65*4-6

65*4-6

65*4

6 -76 -6*4

65 -£5 -6

April,1929

5*4-65*4-6

65*4-6

65*4-7

65*4-6

65*4-6

65*4

6 -76 -6*4

66 -6*4

65 -65*4-6

May,1929

5*4-65*4-6

65*4-6

65*4-6

65*4-6

65*4-6

65*4-66 -76 -6H

66 -6*4

65 -65*4-6

66666



MEMBER BANK CREDIT

REPORTING MEMBER BANKS (REVISED SERIES)

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

Date

Total:Mar. 6-__ .__.Mar. 13... ._Mar. 20Mar. 27Apr. 3Apr. 10Apr. 17Apr. 24May 1May 8May 15May 22May 29..

New York City:Mar. 6Mar. 13Mar. 20Mar. 27Apr. 3Apr. 10Apr. 17Apr. 24May 1MaySMay 15May 22

. May 29Other leading cities:

Mar. 6Mar. 13Mar, 20Mar. 27Apr. 3Apr. 10..Apr. 17Apr. 24May 1MaySMay 15May22May 29

City of Chicago:Mar. 6Mar. 13.Mar. 20Mar. 27Apr. 3Apr. 10.... _.Apr. 17Apr. 24May 1M a y 8 .May 15May 22May 29

Loans and investments

Total

Loans

Total

22, 38322, 38222, 58122, 54322, 56122, 39322, 34022, 25922,31322, 09422,15622, 00522, 001

7,2707,2097,3407,3667,4057,2767,2527,2537,3327,1657,1947,1207,100

15,11415,17415, 24015,17715,15615, 11815, 08815, 00414, 98114,93214,96114, 88514, 901

2,1412,1402,1422,096

2,0502,0362.0272,0302,0012,0172,0092,017

16, 42516, 43016, 55216, 55716, 58316, 45516, 43116, 38816,43816,25716,30116,18716, 202

5,4165,3485,4495,4845,5215,4215,3985,4105,4765,3145,3375,2945,299

11,01011,08111,10411,07311,06311,03411, 03310. 97810, 96210, 94310, 96410, 89210, 902

1,6911,6931,6781,6431,6311,5991,6001,5931,6011,5881, 5941,5931,602

Onsecuri-

ties

7,5737,5117,6427,5927,5167,3807,3537,3357,3717,2417,2217,1447,112

2,8592,7492,8332,8522,8192,7082,6822,7072,7772,6472, 6412,6142,585

4,7144,7624,8094,7404,6974,6714,6714,6284,5934,5944, 5814,5304,526

949959972919914907

897

905 j

Allother

8,852

8,9108,9659,0689,0769,0789,0529,0679,0169,0799,0439,090

2,5572,5992,6162,6322,7022,7132,7162,7022,6992,6672,6962,6802,714

6,2966,3196,2946,3336,3656,3636,3626, 3506, 3696,3506,3826,3636,376

741734706724717692692704703695699697697

Totalin-

vest-ments

Bor-row- I

ings at IFed- |

eral re-serve ibanks!

Month

5,9585,9536,0285,9865,9775,9385,9095,8715,8755,8365, 8555,8185,799

1,8541,8601,8921,8811,8841,8541, 8541,8441,8561,8521,8571,8251,801

4,1044,0924,1374,1054,0934,0844,0554,0274,0193,9893,9983,9933,998

450447464453437451436434429413423416415

756716711779 j'766 I706 !729 '698703684626614680

196139126204135158 !179177157 i189166 i111103

560 |578585575631549550521 i546495 I460 I503 '577 j

121 j130 |146 !

Total:1928—May

JuneJulyAugustSeptember. _OctoberNovember...December...

1929—JanuaryFebruaryMarch.AprilMay

New York City:1928—May

JuneJulyAugustSeptember...OctoberNovember...December

1929—JanuaryFebruaryMarchApril _.May

Other leading cities:1928—May

JuneJulyAugustSeptember...OctoberNovember...December

1929—JanuaryFebruaryMarchAprilMay

City of Chicago:1928—May

JuneJulyAugustSeptember.OctoberNovember.December..

1929—January....February...MarchAprilMay

Loans and investments

Total

Loans

Total

ii

22,14822, 06322, 00621, 80921,87121, 93821, 98322,18922, 32022, 26322, 47222, 38822,114

Onsecuri-

tiesAll

other

Totalin-

vest-ments

15,96015, 87115, 89215, 82515, 89816, 00316, 09616, 25316, 30016,26016,491 |

, 16,464 j| 16,277 i

7,282 Ii7,166 !!7,170 j I6,962 I;7,022 I7,013 |!7,056 117,1527,2627,1907,2967,2977,182

14, 86514, 89714, 83714,84614,84914,92514,92815, 03715,05815, 07315,17615, 09214, 931

2,0722, 0742, 0402,0502,0342,0612,0632,0832, 0652,0962,1302,0452,015

5,4085,2485,2705,1865,2215,2095,2555,3395,3785,3065,4245,4375,344

10, 55210, 62310, 62210, 63910, 67710, 79410,84010, 91310, 92210, 95411,06711,02710, 933

1,5561. 5731,5501,5771,5721,6041,6041,6321,6131,6411,6761,6061,596

7,0756,9626,9556,8166,8406,8747,0827,1987,5047,'5227,5807,3927 21£

2,7872,6132,6262,5182, 5442,5592,6942,7472,9042,8202,8232,7292, 653

4,2884,3494,3304,2984,2964,3144,3884,4504,6004,7024,7564,6574,565

859874854848850854

887911950905897

8,8848,9098,9379,0099,0599,1309,0149,0558,7968,7378,9119,0739,059

2,6212,6352, 6442, 6681.6782,6502, o622, 5*22,4712,4862,6012,708

6,2636,2746,2936,3416,3816,4806,4526,4636,3236,2516,3106,3606,368

729722751735742726731726701698 !

6,1886,1936,1145,9845,9735,934

5,9366,0216,0045,9815,9245,837

1,8741,9181,9001,7771,8011,8031,8001,8121,8841,885:, 8721/8591,838

4,3134,2754,2144,2074,1724,1314,0874,1244,1364,1194,1094,0653,998

516502489473462456459452452455454440419

!

Bor-row-

ings atFed-

eral re-servebanks

644796854806822736681799663659740725661

222271274223266202157221190131166162145

422525580583556534524578473528574563516

6180804158679171961214636



BANKERS' BALANCES[Monthly averages of weekly figures for reporting member banks in

leading cities. In millions of dollars]

Month

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

Due to banks

Total

1928 1929

3,4843,3743,2923,2073,0642,8972,9362,8012,9483,0733,0403,011

3,0742,9182,8612,7092,545

New York City O t h e ;^? j f n g

1928 1929

1,1371,0981,0891,0531,020933957901934992981956

1,012949916874817

cities

1928

2,3472,2762,2032,1542,0441,9641, 9791,9002,0142,0812,0592,055

1929

2,0621,9691,9451,8351,728

ACCEPTANCES AND COMMERCIAL PAPER

[In millions of dollars]

End of month

JanuaryFebruaryMarchAprilMayJuneJuly _August.._SeptemberOctoberNovember..December

Bankers' acceptancesoutstanding *

1927

774785809811775751741782864975

1,0291,081

1928

1,0581,0561,0851,0711,0411,026978952

1,0041,1231,2001,284

1929

1,2791,2281,2051,111

Commercial paper out-standing a

1927

551577606599582579569591600611603555

1928 1929

577567570571541503483458430427421383

407411387351

1 Figures collected and compiled by American Acceptance Council.2 Paper maturing within 7 months. Figures reported by 24 dealers.

BROKERS' LOANSBROKERS' BORROWINGS ON COLLATERAL IN NEW YORK CITY REPORTED BY THE NEW YORK STOCK EXCHANGE

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

End of month

January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

Total

1926

3,5133,5363,0002,8362,7672,9262,9983,1423,2193,1113,1293,293

1927

3,1393,2563,2903,3413,4583,5693,6423,6743,9153,9464,0924,433

1928

4,4204,3234,6404,9085, 2744,8984,8375,0515,5145,8806,3926,440

1929

6,7356,6796,8046,775

16, 665

From New York banksand trust companies

1926

3,0433,0802,5532,4682,3922,5092, 5832,6982,7452,6682,6362,804

1927

2,6702,7572,7902,8652,9683,0653,1453,1703,3403,3633,5193,812

1928

3,8053,7373,9474,2464,5684,1694,1504,2604,6474,9945,4125,401

1929

5,6645,6195, 7135,5806,483

From private banks, brokers,foreign banking agencies, etc.

1926

i Call loans, $6,099,920,000; time loans, $565,217,000.

LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY[In millions of dollars. Monthly data are averages of weekly figures]

Date or month

Date:1

Mar. 6......Mar. 13Mar. 20Mar. 27Apr. 3Apr. 10Apr. 17Apr. 24May 1May 8May 15May 22May 29

Month:JanuaryFebruary...March..April..MayJuneJulyAugustSeptember..OctoberNovember..

Total

1928

3,6963,7463,7793,8253,9793, 9944,1294,1444,2824,3614, 5024,4564, 469

3,8023, 7843,7614,0624.4144,3604, 2324,2394,4174,7015,102

December _ 5,193

1929

5,6475, 6275,7935,6495,5625,4275,4255,4925,5325,5515,5655,5205,288

5,4085,5555,6795,477* 5,491

For banks For others

Total

1928

2,4802,5362,4942,5482,7652,7932,8672,8142,9152,9362,9672,8552,827

2,8122,6672,5142,8092,9002,6162,4722,3572,4942,6532,8542,874

1929

In New YorkCity 2

1928 1929

2,8242,7652,8592,7512,6732,5462,5392,5762,6562,5982,5852,4782,313

2,9742,8992,8002,583 :2,526

1111

019090027121

1,2651,1441,1641,2001, 3291,2521,3121.2471)219

1,342 !1,167 !1,064 '1,1931,2721,048

929835887933

1,1051,114

1,1171,0041,0911,0711,021

915877924979864860827773

1,1731,0821,071

934861

Outside NewYork City 3

1928

1,4611,4461,4671,4271, 5001,6491,7031, 6141,5861,6841,6561,6071,608

1,4701,5001, 4501,6161,6281, 568

1929

1,7071,7611,7681,6801,6521,6311,6621,6521,6761,7341,7251,6511,540

1,8011,8171,7291,6491,665

1,5431,5221,607 j.1,720 '1,7491,760

1928

1,2151,2101,2851,2781,2151,2011,2631,3311,3661,4251,5351,6021,642

9901,1171,2471,2521,5141,7441,7601,8811,9242,0482,2482,319

1929

2,8232,8622,9342,8982,8892, 8822,8862,9162,8762,9532,9793,0422,975

2,4342,6562,8792,8932,965

1 Dates for 1929; corresponding dates for 1928 are slightly later.2 Weekly reporting member banks in New York City.

52985—29 2

3 Member and nonmember banks outside New York City (domesticbanks only); includes unknown amount for customers of these banks.

* Call loans, $5,134,000,000; time loans, $357,000,000.


372 FEDERAL RESERVE BULLETIN JUKE, 1929

COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES

Month

1928—FebruaryMarchAprilMayJuneJulyAugustSeptember-OctoberNovember.. _December...

1929—JanuaryFebruaryMarchApril

All com-modities

96.496.097.498.697.698.398.9

100.197.896.796.797.296.797.596.8

Farmproducts

104.5103.5107.6109.8106.7107.1107.0108.8103.5101.6103.6105.9105.4107.1104.9

WHOLESALE PRICES, BY[1926

Foods

98.798.099.5

101.2100.3102.3104.1106.9102.3100.198.098.898.198.197.7

Hidesand

leatherproducts

124.1124.0126.7126.3123.7124.2121.0120.7117.5115.5115.7113.6109.0108.3107.9

Textileproducts

96.696.596.596.696.396.896.395.696.196.196.196.496.196.195.5

COMMODITY GROUPS »=100]

Fuel andlighting

81.280.880.881.882.182.884.685.184.984.483.582.581.380.680.6

Metalsand

metalproducts

98.398.498.498.698.798.6

100.4100.5101.0101.7102.9103.6104.4106.4106.4

Buildingmaterials

91.091.092.593.593.994.494.694.795.096.096.896.697.5

'98.897.9

Chemi-cals and

drugs

95.895.695.895.394.994.594.795.195.696.096.195.996.195.694.9

House-furnish-

ing goods

98.498.397.997.897.096.997.297.296.596.496.496.696.696.596.7

Miscel-laneous

87.386.884.985.182.280.879.379.780.380.080.180.580.480.079.2

Nonagri-culturalcommod-

ities

94.294.094.795.695.295.996.797.896.495.494.894.994.394.994.7

* Index of Bureau of Labor Statistics.

PRICES OF FARM PRODUCTS AT THE FARM *

[August, 1909-July, 1914=100]

Month

1928MarchAprilMayJune.JulyAugustSeptember .OctoberNovember.December..

1929JanuaryFebruary. _MarchAprilMay

30 com-mod-ities

137140148145145139141137134134

133136140138136

Grains

136144160152142120117116110112

115123124120113

Fruitandvege-tables

174179181168156137127114109108

109111112110119

Meatanimals

139142151150157162174160150143

146150160164164

Dairyand

poultryprod-ucts

137134134132134136145150155159

149148144138137

Cottonand

cotton-seed

147154166162170153142147146148

148149155152148

Un-classi-fied

89858687888785838690

0291908886

1 Index numbers of Department of Agriculture.

FOREIGN CAPITAL ISSUES[In millions of dollars]

Class of issue

Total.

New issueEuropeCanada and Newfound-

landLatin AmericaUnited States insular pos-

Miscellaneous ___Refunding issues

Total Government andcorporate

April,1929

Gov-ern-ment

3.0

.3

.3

2.7

Cor-po-rate

7.4

7.4

4.9

1.31.3

January-April

1929

Gov-ern-

ment

55.3

46.123.6

.620.4

1.5

9.2

Cor-po-rate

196.4

194.414.7

35.42.2

7.0135.2

2.0

10.4 251.6

1928

Gov-ern-

ment

389.0

302.0171.2

13.3109.9

1.16.5

87.0

Cor-po-rate

161.6

137.988.4

26.24.4

18.923.7

550.6

r Revised.

SECURITY PRICES

Month or week

1928—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember. .December...


Week e n d i n g -May 4_May 11May 18__May25_

Common stocks i (1926=100)

406stocks

combined

134.4132.3137.9145.9152.1145.3144.2148.3156.1159.1169.2172.9183.6188.8189.4186.6189.7

192.0191.0190.6185.2

338indus-trials

137.4134.8141.1149.5154.9148.2147.8152.6161.6166.2177.1180.0191.4192.4196.1193.4195.2

198.8196.7196.0189.1

33 rails

125.3121.6125.9130.7133.2126.7124.6126.5129.7128.2133.7135.9141.0142.3140.8138.3138.7

139.5139.0137.7138.4

35public

utilities

129.5130.9134.4142.5155.3148.1145.3147.9155.2154.5165.5174.7188.3203.1204.4201.4213.2

211.0214.4216.0211.5

Bonds:Averageprice of40 issues

99.3599.3199.2099.1898.7997.3896.5695.8296.4796.5896.9096.2496.1295.6094.8294.5894.46

94.9294.6494.3493.93

i Index of common-stock market values (revised series) computed byStandard Statistics Co. from closing prices on Thursday.

DOMESTIC CAPITAL ISSUES[In millions of dollars]

Class of issue

Total.

Corporate issuesBonds and notes-

Long termShort term

StocksFarm-loan issuesMunicipal issues

Total new and re-funding

April,1929

New

661.1

576.1

160.129.5

386.5

85.0

Re-fund-ing

86.012.0

795.9

January-April

1929

New

134.8 3,124. 2

134.2 2,803.4

785.367.1

36.2 1,951.0

320.8

Re-fund-ing

271.020.0

164.4

5.2

3,584.8

1928

New

406. 6 1,973.0 1,033. 6

455.4 1,485.9 1, 022. 3

856.166.3

563.56.0

481.1

Re-fund-ing

782.929.8

209.6

11.3

3,006.6



PRODUCTION, EMPLOYMENT, AND TRADE[Index numbers of the Federal Reserve Board]

Year and month

ANNUAL INDEX

1919192019211922192319241925192619271928

MONTHLY INDEX

1925JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1926JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptemberOctoberNovemberDecember.

1927JanuaryFebruaryMarchApril . .May _JuneJuly.AugustSeptemberOctoberNovemberDecember

1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1929JanuaryFebruaryMarchApril

Indus-trial

produc-tion i

Produc-tion ofmanu-fac-

tures *

Produc-tion ofminer-

als i

Mo. av. 1923-1925=100

8387678510195104108106110

106105105103103102104103102105107109

107107108108107108108111112111108106

107109112109111109106107105103QQyy100

105109109109109109110112114114112113

117117119

*122

8487678710194105108106111

106106106104103102104102104108109111

109109108108107109108111112111107104

105107110109112109108107106103QQy»99

106110110110110111111113115114112114

117117120

*123

778970741059699108107106

104999599104101104107«89909493

9295104107104106107109110114118119

11611811810610810599106103105101102

103102103105105101100105107114113112

117120107

Factoryemploy-

ment

Factorypa;rol»lls

Mo. av. 1919=100

10010382901049595969290

1001248489113104107109105104

103109110107107105102105104111112112

107112113110109109104108108112109108

102109110108108106101104104105101102

104105103104104100104105109106107

103110113114

Building contractsawarded 1

Unad- Ad-justed justed

Freightcar

load-ings1

Wholesale dis-tribution 1

Unad- Ad-justed justed

Department-store sales l

Unad-justed

Ad-justed

Depart ment-store stocks 1

Unad-justed

Ad-justed

Monthly averages 1923-1925 = 100

646357818495122130128135

7576120138124137133149138129116129

111106146139134133126148137126119131

9496151147135154130135127137114116

104113144157163158142126143145115105

10088118156

98104107113113128128135135125127145

143145129120123121124133134122130142

120131134127122141128121125133125126

133153128135148145139113140141126116

128119104135

8491798610098103107103104

10310399104104101101105102100105106

102104104107107109108108109109109107

1051091081081061041011041041019795

100102102104105102102104106106104103

104107103111

1111158789100981021019796

93951059793959711211712310292

95961069695959511111811110187

8891102929191911121131089785

8893100889389901101111129984

939010196

1021021001009910010210210210610298

104103101991011001001011039610198

9597989597969610298949795

9699969299929410196979995

1019696100

789487889899103106107108

86809510610099757894130114178

88811011031071017983101123121184

89831001111021027589100119122186

88861031021081047885107124122189

'92'86110104

98103103102101101100101102111104106

105104101103108103105107109109106110

106107105105103103104111108106107111

104105104103103105107105119105106116

105110rll3105

79105898998101102103103

' 101

909610510610398949810711211597

939810710710498939710711411796

939810710710498959810811411796

'92'98

' 105' 106'102'96'93'97'103'112' 115'94

'89'95'102104

102101102102101101101102103101102103

105104104103102101100101102104103102

104103103103102101102102104104104103

'103' 103'101' 101'100'99'100'101'99'102'102'100

'100'100'99100

i As revised in February, 1929; see BULLETIN for March. The indexes of production and car loadings are adjusted to allow for seasonal vari-ation; the indexes of building contracts, wholesale distribution, and department-store sales and stocks are shown both with and without seasonaladjustments.

e Corrected »Preliminary. 'Revised.



INDUSTRIAL PRODUCTIONINDEX OP INDUSTRIAL PRODUCTION

[Index numbers, adjusted for seasonal variations. As revised in Febru-ary, 1929; see BULLETIN for March. 1923-1925 average=100]

Month

January. . .FebruaryMarch . __AprilMay .June...JulyAugust-September...OctoberNovemberDecember

Annual index

1923

100100103107107106104102100999897

101

1924

1001021019589858489949597101

95

1925

106105105103103102104103102105107109

104

1926

107107108108107108108111112111108106

108

1927

10710911210911110910610710510399100

106

1928

105109109109109109110112114114112113

no

1929

117117119

80

601925 1926 1927 1926 1929

INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS

Allmanu-factures

106110110110110111111113115114112114

117117120

P123

Ironandsteel

107113114122116115124121128126120123

117126132135

Textiles

107108107101107108100107107112113111

116113116120

Foodproducts

10311010598969389909598102104

10310196102

Paperand

printing

115116118118121118117117118116115114

122'123125122

Lumber

929394959391948782818587

897883

J>86

Auto-mobiles

9310111110810711711913313912294103

154'152163157

Leatherandshoes

9910310297961081121121101039792

95'98'9897

Cement,brick,

and glass

114117112111116123119126130122122130

134123

••135

127

Non-ferrousmetals

100108108109111115113117117121126128

124123

'129137

Petro-leum

refining

135139141147150153156160162160159159

159161160166

Rubbertires

124135134134133143149151169167155143

147152

••152P161

Tobaccomanu-

factures

1928JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptemberOctoberNovember...December.. .


119120120120120125125129128126124127

131129126142

INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS

All min-erals

Bitumi-nous coal

Anthracitecoal

Crudepetroleum Zinc Lead Silver

1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember...

19291929—January _.FebruaryMarch .April

103102103105105101100105107114113112

117120

' 107115

99

103109

100

8010711276679495119113

110110r77

121119121120120118119123124127127132

138134133

80107104104110114106

102104102103110110113116123128131133

129136135141

p Preliminary. r Revised.

105107112113113117117120114110111106

100106112116

10310910910010110097107115108111112

11199

••112122

83948985937687797993

'100

91'93

"106

NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important com-ponents. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals.Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal varia-tions, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and meth-ods of construction were described in the BULLETIN for February and March, 1927. Revisions of figures from 1923 to 1928 were published in theBULLETIN for March, 1929, pp. 192-194; corrected annual figures for certain group components are given above.


J U N E , 1929 FEDERAL RESERVE BULLETIN 375

PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES 1

April1929

March,1929

April1928

April1929

88

7692

12399

109127144

147122116143

19493

141125

14541

P166* 126

109173

95

March,1929

85

7386

112104

99117148

140' 112

112128

18794

136123

14242

'157118

93153

91

April192S

Iron and steel:Pig ironSteel ingots

Textiles:Cotton consumptionWool-

ConsumptionMachinery activityJ

Carpet and rug loom activity»_Silk-

DeliveriesLoom activity *__

Food products:Slaughtering and meat packing-

HogsCattle..Calves. _ _Sheep

FlourSugar meltings

Paper and printing:Wood pulp and paper-

Newsprint.-Book paperFine paperWrapping paper _Paper board _Wood pulp, mechanical _Wood pulp, chemical _.

Paper boxes. _ . . .Newsprint consumption

Lumber:Lumber, cutFlooring

Transportation equipment:AutomobilesLocomotives. _Shipbuilding

117137

119

1079795

159159

10093101119107111

P12711810313591115153132

P 8 690

15753

116134

117

1009294

152128

9097105104111

9213211810213996114159138

8477

16328

102124

102

878097

127112

9110010110994

12711910812487108131126

94111

1082957

Leather and products:Leather, tanning-

Sole leather«Upper leather-

CattleCalf and kipGoat and kid

Boots and shoesStone, clay, and glass:

CementFace brickPlate glass

Nonferrous metals:

Lead... _ ____.ZincTin» —

Chemicals and allied products:Petroleum refining—

Gasoline a

KeroseneFuel oil2

Lubricating oil *Coke production-

By-productBeehive

Rubber tires and tubes:Tires, pneumaticInner tubes

Tobacco products:Cigars _ _Cigarettes...Manufactured tobacco and snuff

105

7398

12994

10890

126

106101113129

165106127131

12734

136115

14195

i As revised in February, 1929; see BULLETIN for March. * Without seasonal adjustment. » Preliminary.

FACTORY EMPLOYMENT AND PAY ROLLS[Index numbers without seasonal adjustment. Monthly average, 1919=100]

r Revised.

i

Employment:1928—April

M a yJuneJulyAugustSeptember-October. . .November.December—

1929—JanuaryFebruary. _MarchApril

Pay rolls:1928— MarchApril

MayJuneJulyAugustSeptember.OctoberNovember-December..

1929—JanuaryFebruary..MarchApril

Total

89.389.589.688.590.091.292.091.691.391.093.0

r93.994.2

104.9102.6103.7103.6100.1103.9105.0109.3105.9106.6103.0110.5112.9113.5

Metals andproducts

Group

84.685.385.584.786.087.288.289.289.490.192.4

'94.495.8

93.992.995.194.590.094.194.399.699.299.998.2

104.9'108.4

110.3

Ironandsteel

84.284.985.084.686.087.288.289.189.490.392.6

'94.696.3

93.392.294.393.789.393.393.598.798.499.097.9

104.4107.9110.3

Textiles and products

Group

90.087.887.484.585.386.889.490.290.690.091.892.791.7

101.994.793.493.588.791.794.4

100.597.9

101.097.2

103.3105.9102.5

Fabrics

91.088.988.686.286.387.090.892.993.893.294.093.893.0

100.395.595.394.290 291.493.3

100.5100.7104.399.5

104.1105.3104.8

Prod-ucts

88.786.385! 982.284.186.687.686.886.485.988.991.389.9

103.993.891.192.686.992.095.7

100.694.396.994.2

102.3106.899.7

Lum-berand

prod-ucts

87.087 087.786 789! 189.689.589.787.485.185.285.987.2

98.198.398.899.996.4

100.3102.6105.5104.2100.792.395.097.299.2

Rail-roadvehi-cles

72.072. 512.171 771.671.270.670.570.469.670.771.472.8

80.481.280.781.376 577.075.780.279.779.673.580.984.386.6

Auto-mobiles

133.6141.214l!l141.0149.9154.2152.1138.4136.6150.4164.5166.6167.0

168.9171.8178.8169. 5166.0184.9185.8193.3165.0161.9165.0212.3213.6218.9

Paperandprint-ing

105.9106.3106! 1106 1106! 3106.7108.1109.5109.5108.3109.2108.9108.3

147.7146.7146.7146.7144! 6144.5146.8149.6149.6153.0150.1152.2155.5153.0

Foodsandprod-ucts

82.883.084.284.483! 986.888 788.388.585.885.984.983.6

100.496.599. 0

101.3lOl! 4100.1103.4105.6104.3105.5101.3101.8100.9100.0

Leatherandprod-ucts

79.877.777! 681.282! 983.181.877.176.679.481.380.278.4

87.575.372.776! 3

•82 688! 087.284.070.275.278.982.780.077.1

Stone,clay,andglass

109.1113.8114! 9112.8115! 7114.6112.1109.3106.299.398.6

101.7107.2

128.7134.6140.914l!3136 1143! 3139.6140.8135.4131.7116.6118.4124.6132.6

To-baccoprod-ucts

76.076 877. 573 479! 080.682.682.479.870.276.776.876.1

79.473.877.382! 578! 18l!685.487.686.586.770.676.178.079.6

Chem-icalsa-nAana

prod-ucts

76.774.575! 173.973! 977.078.479.179.079.081.680.880.5

110.2108.8106.6106! 1103 4104! 0105.7112.3111.6111.2109.5115.2114.1114.9

r Revised.

NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for importantindustrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was describedin detail and indexes for the above groups since January, 1919, were published in the BULLETIN for May, 1925. See also p. 668 of BULLETIN for Sep-tember, 1925, for certain revisions.


376 FEDERAL RESERVE BULLETIN J U N E , 1929

BUILDINGBUILDING CONTRACTS AWARDED

[Index numbers based on value of contracts. Monthly average,1923-1925 = 100]

Month

January.. _.FebruaryMarchApril . . .MayJuneJulyAugustSeptember..OctoberNovemberDecember . . _

Annual index

Without seasonaladjustment

1926

111106146139134133126148137126119131

130

1927

9496

151147135154130135127137114116

128

1928

104113144157163158142126143145115105

135

1929

10088

118156143

With seasonal adjust-ment l

1926

143145129120123121124133134122130142

i

1927

120131134127122141128121125133125126

1928

133153128135148145139113140141126116

1929

128119104135130

1 As revised in February; see BULLETIN for March.

100

50

BUILDING CONTRACTS AWARDEDmmm With Seasonal Adjustment— Without Adjustment

| |

1925 1926 1927 1928 1929

BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS

Value of contracts in thousands of dollars]

Month Total

Federal Reserve District

Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St. Louis Minne-

apolisKansas

City Dallas

1928AprilMayJuneJulyAugustSeptember..OctoberNovember . .December.. .


643,137668,097650,466583,432516,970587,674597,104471,482432, 756

409, 968361,274484, 848642,061

42,95756,09738,51934,45636,37069,91839, 52129,15426,405

26, 55625, 35230, 04438,459

154,369188,687178,448139,821129.524156, 588189,696136.525140,159

104,44776, 064113,466171, 551

60,98249, 743

41,25933,96745,63446,09828,01732,082

26,30632, 36935, 39967,064

70,18463,81369,60556,10350,40867, 74857,11856,68431,755

54, 68036, 36047, 07851,469

66, 59139,42146,22732,88430,17239,84340,32933,62129,973

28,74834, 25232.97952,139

24,37132,49728,60031,99628,54825,98936,09718,55023,362

25,74522, 36325, 39837,387

128,643139,784128,60>140,689108,30699,176110,79599,42976,924

77,43969,845107, 289108,181

43,81836,36044,22550,55740,70633,24132,40927, 30231, 378

25,47923,37238, 79554,363

10,24913,17811,04211,08812,9449,21312,6457,896

7,4664,7578,34314,735

20,65820,19928, 07023,80726,17722,61115,69913,90816, 511

15, 66812,87422,85422, 365

20,31528,31828,42620, 77119,84717,71516,69720, 39718,323

17,43523, 66523, 20424, 346

BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING

[Value of contracts in thousands of dollars]

Month

1928M a r c h . . .AprilMayJuneJ u l y . . .August . -SeptemberOctoberNovemberDecember


Resi-dential

275,192276,586288,826258,084228,703213, 705202,807239,692200,226178,323

138,069129,486197,172256, 780

Indus-trial

48,80485,09337,14663,53731,40042,607

114, 78062,25938,66538,248

63,10956,09255,83768, 230

Com-mercial

73,07582, 75891,2009b,94295,69758,91160,06867,33068,30966,773

100,37868,26575, 58477,988

Publicworks

andpublic

utilities

110,338117,401150,223130,852137,075118,890119. 014148,69793,22880,194

66, 52257, 59371, 508

152,127

Educa-tional

33,88132,88547,85146,13536,92635, 71338,80131,29330,02325,370

17,74622, 57737, 52529, 857

BUILDING PERMITS ISSUED, BY FEDERAL RESERVEDISTRICTS

[Value of permits in thousands of dollars]

Allother

Federal reserve district

51,27748,41352,85157,91753,63247,14452,20547,83341,03243,849

24,14527, 26147, 22157,079

United States.

BostonNew YorkPhiladelphia..Cleveland

RichmondAtlantaChicagoSt. Louis

Minneapolis . .Kansas City_.D a l l a s . . .San Francisco.

Numberof cities

168

14221412

1515195

9149

20

April,1929

458, 302

12,017270, 252

13,36216,030

11, 4767,980

51, 9057,381

10, 65910, 56818, 65928, 014

March,1929

352,637

12,572188,517

14,80816,104

13, 0137,595

44,2795,952

2,5459,1547,371

30,729

April,1928

276,520

10,197103,12114,64225,126

9,8107,951

53,5328,397

3,2628,0766,057

26,350

NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.Adjustedjndexes by months back to 1910 were published in the BULLETIN for August, 1927, p. 563.



TRADE AND DISTRIBUTIONFREIGHT-CAR LOADINGS, BY LINES

[Index numbers, adjusted for seasonal variations. 1923-1925=100]

Month

1928—MarchAprilMay _JuneJulyAugustSeptemberOctoberNovemberDecember

1929—JanuaryFebruaryMarchApril _

Total

102104105102102104106106104103104107103111

Grainand

grainprod-ucts

11510810289

10910210910710810599

10610398

Live-stock

9689888680819391828582828190

Coal

9599

100928996

10010210510210811889

102

Forestprod-ucts

8987908990919091929190808794

Mer-chan-dise

1. c. 1.and

miscel-lane-ous

107108110107109109111111107108109109111114

As revised in February, 1929. See BULLETIN for March.

PER CENT1251

100

75

50

Total

RAILROAD FREIGHT CAR LOADINGS

1925 1926 1927 1928 1929

PER CENT[125

100

75

50

INDEX OF WHOLESALE DISTRIBUTION—EIGHT LINES OF TRADE[As revised in February, 1929; see BULLETIN for March. Monthly average, 1923-1925=100]

Month

JanuaryFebruary. __MarchAprilMayJuneJuly_AugustSeptember..OctoberNovember..December..

Annual average..

Sales with seasonal adjustment

1923 1924 1925 1926 1927 1928 1929

10199103100103102991029810210093

10310294989590959510010099102

1021021001009910010210210210610298

104103101991011001001011039610198

9597989597969610298949795

9699969299929410196979995

1019696100

Sales without seasonal adjustment

1923 1924 I 1925 1926 1927 1928 1929

92921089798979411211311810083

100

959598959086901041151169991

98

93951059793959711211712310292

102

95961069695959511111811110187

101

8891102929191911121131089785

97

8893100889389901101111129984

96

939010196

SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE[Index numbers. Monthly average, 1923-1925=100]

Month

1928February

AprilMay .

JulyAugust - •-September .October - . .NovemberDecember

1929January. _FebruaryMarch . -April

Gro-ceries

989793999491

10092959489

999591

Meats

113109112109112111116122111122115

117119122123

With seasonal adjustment

Drygoods

8883788679809084859186

88838890

Men'scloth-

ing

99947796767990899995

101

96889888

Bootsand

shoes

1109694

11382

123109

9087

10072

1191079595

Hard-ware

939186949291949297

10093

92'86

9297

Drugs

110110111117110107117112116113128

133114108116

Fur- !niture

96 i95 187 i92 i94 I95 1

106 i112112 !101 !94 |

9191 !93 !

P100

Gro-ceries

859588969792

10110010810088

918389

P 9 1

Meats

108105105109114113118130125117108

117113117115

Without seasonal adjustment

Drygoods

898770757174

110105999069

84849280

Men'scloth-

ing

12813175573968

1481371236651

7411413685

Bootsand

shoes

8711199

1147798

11911010810559

9884

110100

Hard-ware

82958897969095

1001089886

82769599

Drugs

101121113110104102115119134114120

131105119119

Fur-niture

9610788878378

10812613310689

8091

105P101

Preliminary. • Revised.NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexes back

*to January, 1919, were published in the BULLETIN for December, 1927, pp. 817-828. For revisions made in February. 1929, see BULLETIN for March.



DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS

[Index numbers.1 Monthly average 1923-1925=100]

Sales (unadjusted):1928—February

MarchApril. ,

1929—February __MarchApril.

Sales (adjusted) :1928—February

MarchApril _

1929—FebruaryMarch . . _Apr i l - _

Stocks (unadjusted):1928—February

March___April

1929—FebruaryMarch _April

Stocks (adjusted):1928—February . _ _ _

MarchApril

1929—February _MarchApril

UnitedStates

86103102'86110104

105104103110

' 113105

'98'105'106' 9 5

' 102104

' 103' 101' 101'100

' 9 9100

Bos-ton

78969976

10197

1009897

10210495

97I 105I 107

9199

102

i 103103103' 9 7

9799

NewYork

89102103'90

' 111108

109106106

' 115' 116

110

9710510899

' 107110

104103104

' 106'105

106

Phila-delphia

769691759990

909592939891

939897859090

989393908586

Cleve-land

8510110183

105105

103102100105107102

961031039197

100

1019996969393

Federal Rest

Rich-mond

821059978

114102

105105102105115103

9610310494

100102

10110099999797

At-lanta

9111010287

113104

108113103108117104

10110510898

101103

1031021031009998

srve District

Chi-cago 2

9210910995

' 120110

113113108123

' 125109

102110112

'106' 113

114

106106107

' 110'109

108

St.Louis

851059985

11099

10110510010611199

939698869193

999494929088

Minne-apolis

72918275

10193

949578

10110687

858889757878

888586

' 7 87575

KansasCity 3

77939376

10299

111118116122122124

Dallas

8810910285

115105

106109108107116110

838687798384

868483828080

SanFran-cisco

9211011491

115111

115110121118116117

10511111198

106107

109109106103104102

1 For description of department store indexes given in this table see BULLETIN for February, 1928.2 Revised in February, 1929; see BULLETIN for March.3 Monthly average in 1925=100.r Revised.

SALES OF CHAIN STORES AND MAIL-ORDER HOUSES i

[Index numbers of sales. Monthly average 1923-1925=100]

Chains:Grocery5-and-10-centApparelDrugCigarShoe .Candy

Mail-order houses *

Num-ber of

report-ing

firms

34145

13474

4

Number of stores

April,1929

30,2473,4081,3821,199(3)

704315

(3)

March,1929

* 30, 2843,3831,3541,1893,650

703309

(3)

April,1928

28,8752,9751,156

9773,470

653282

(3)

Sales without seasonaladjustment2

April,1929

232142220186

(4)123121

(4)

March,1929

'237156241196108159152

»156

April,1928

202135195155100130130

•115

Sales with seasonament2

April,1929

224153233187

(4)103113

(4)

March,1929

'231167266197114161160

M42

1 adjust-

April,1928

203147205161105109125

•117

1 It is to be noted that some of the reporting mail-order houses have been establishing throughout the country during recent years an increasingnumber of branch stores in which sales are made "over the counter." Changes in the volume of sales by these firms, therefore, no longer measurechanges in sales through the mails.

2 Figures relate to reporting firms—with no adjustment to eliminate the influence of increase in the number of stores operated; thus indexesgiven reflect the full growth of the business of the reporting companies.

3 Figures for number of stores not available.* Computation of index discontinued, basic data available having become unsuitable.5 Including sales made through branch stores.* Revised.

NOTE.—For description of indexes given in this table see BULLETIN for April, 1928.


JUNE,.1929 FEDERAL RESERVE BULLETIN 379

BANK SUSPENSIONS AND COMMERCIAL FAILURESBANK SUSPENSIONS,! BY CLASS OF BANK

[Amounts in thousands of dollars]

MonthNum-

ber posits*

1927January __FebruaryMarchApril.MayJuneJulyAugust.SeptemberOctoberNovemberDecember

Total. . 662

1928January _ 53February. . . . . 50March 66April 43May 29June j 28July s 24August i 21September 20October | 41November ] 72December ..! 44

All banks

Total de- Num-

1338175494741372736444349

Total .

January..February.March r___April

1929

491

32,03825,15731,22211, 75013,19810, 78412,16217,364

Member banks

berTotal de- Num-

11,54211,2108,476

193,891

10,98318, 35216,953

8,1906,394

13,4965,3686,1477,8889,011

24, 78411,076

138,642

17, 90523,498

8, 4499,162

Total, 4 months I 194 1 59,014

posits *

124

11,5558,7447,7005,4626,4345,5212,6388,8811, 2573,7293,1051,310

66,336

2,5529,3733,0262,4461,9271,819413

1,9442,997803

11,0213,919

Nonmemberbanks

ber

1066559

Total de-posits *

538

42, 240

10,1584,9242,4901,922

32 19,494

34

418

162

20,48316,41323, 5226,2886,7645,2639,5248,4837,7317,8138,1057,166

127, 555

8,4318,979

13,9275,7444,467

11,6774,9554,2034,8918,208

13,7637,157

96,402

7,74718,5745,9597,240

39, 520

r Revised figures.

BANK SUSPENSIONS i IN APRIL, 1929, BY DISTRICTS[Amounts in thousands of dollars]

Federal reserve district

Boston. _ _New YorkPhiladelphia-..Cleveland-.RichmondAtlanta _ _ChicagoSt. Louis.MinneapolisKansas CityDallasSan Francisco

Total _

All banks

Num-lTotalde-ber posits2

324447212

4 29

1, 3582,632

3651,132

686861619

1,096413

9,162

Memberbanks 8

Num-ber

1

1

1

1

4

Total de-posits *

687

38

101

1,096

1,922

Nonmemberbanks

Num-ber

2234462

2

25

Total de-posits 2

6712,632

3271,132

68G760619

413

7,240

1 Banks closed to the public by order of supervisory authorities or bythe directors of the banks on account of financial difficulties.

2 Figures represent deposits for the latest available date prior to thesuspensions and are subject to revision when information for the dates ofsuspension becomes available.

a Includes 3 national banks with deposits of $1,884,000 and 1 Statemember bank with deposits of $38,000.

4 Includes 1 private bank for which deposit figures are not available.

COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE i

[Amounts in thousands of dollars)

Number

1927January. __February-MarchAprilMay.JuneJulyAugustSeptemberOctoberNovemberDecember.

Total . .

1928January. . .February-MarchAprilMayJune.July.AugustSeptemberOctober™NovemberDecember.

Total. .

1929January.. .February.MarchApril

Total, 4mos.__

23,146

Total

2,4652,0352,1431,9681,8521,8331,7561,7081,5731,7871,8642,162

2,6432,1762,2361,8182,0081,9471,7231,8521,63;2,0231,8381,

23,842

2,5351,9651,9872, 021

8,508

Manu-factur-

ingTrad-ing

501411569492444427448438389488478597

5,682 16,082

553468546432470513450493454528519498

614478 _512 1,499 1,

Agents,brokers,

etc.

1,8421,5081,4681,3421,2921,3101,1871,1741,0831,1701,2761,430

1,9461,5811,5661,276

•1,40'1,3251,1611,2411,0731,3691, 2021,324

5,924 16, 471

:,769378349388

103 5,884

12211610613411696

12196101129110135

1,382

144127124110131109112118108126117121

1,447

152109126134

521

Liabilities

Total

51,29046,94157,89153,15637, 78534,46543,15039,19632,78636,23636,14751,062

520,104

47,63445,07154,81437,98536,11729,82729, 58758,20233,95'34, 99040,60140, 774

489, 560

53,87'34,036

Manu-factur-

ingTrad-

ingAgents,brokers,

etc.

19,99610,51822,36825, 27813,80213, 587!16,74314,921115,349|17,134!12,78629,024|

24,530123,40628,191|

19,97817,85616,832!14,702!12,052s14, 657!16,94916, 733

211,505 228,194

14,87112,75120,41216, 236|14, 230|12,72312,93216,87714,72713,49015,44617, 783

16,690 32,02411,891 17,891

36,356 15,001 17,19035,270! 10,423j 19,102

26,44624,95226,18616,04918,90013, 78112,89919, 09613, 56717, 26817,22418,933

182, 478 225,301

159, 538 j 54,0041 86,207

6,76413,0177,3325,5704,0053,0229,5759,5735,3854,4456,4125,305

80,405

6,3187,3678,2165,7002,9873,3243,755

22, 2295,6624,2327,9324,059

81,780

5,1644,2554,1655,745

19, 328

COMMERCIAL FAILURES, BY DISTRICTS i


Federal reservedistrict

BostonNew YorkPhiladelphiaCleveland.RichmondAtlantaChicagoSt. Louis _MinneapolisKansas City _.DallasSan Francisco

Total , -

Number

April,1929

223328

90158132

9429512681

12851

315

2,021

March,1929

200310

77194140101366123

3911949

269

1,987

April,1928

143305

76125106156279

9788

10646

291

1,818

Liabilities

April,1929

3,9048,8472, 0152,5392,5732,0764,9841,993

7181,272

5153,833

35,270

March,1929

3,0177,2261,5844,1412,1682,9836,3291,988

5411,707

5594,113

36, 356

April,1928

2,3856,4362,0057,0552,3173,4075,5311,208

8531,0761,2844,428

37,985

i Figures furnished by R. G. Dun & Co.



FOREIGN BANKING AND BUSINESS CONDITIONS

ANNUAL REPORT OF THE BANK OF ITALY

The annual report of the Bank of Italy for1928, presented to the regular general meetingof shareholders on March 28, 1929, containsthe following sections dealing with financialand economic conditions during the pastyear: l

Italian finance.—The situation in Italyduring the year 1928 may be said to haveprogressed satisfactorily on the whole. Wemust consider, however, that 1928 was the firstyear after monetary reform and was preceded,as is generally known, by a period of effectiveand extensive currency revaluation which wasnot without influence upon the prices of com-modities and consequently upon their pro-duction and the revenue therefrom.

The accounts of the State for the fiscal year1927-28 were finally closed with a favorablebalance of 497,000,000 lire ($26,142,000),resulting from a surplus of 5,211,000,000 lire($274,099,000) in ordinary revenues over ex-penses, which more than compensated for thedeficiency of 4,714,000,000 lire ($247,956,000)in extraordinary revenues. For a better ap-preciation of this result, it should be remem-bered that during this fiscal year the special taxreductions decreed in connection with the mon-etary reform and mentioned in our last reportbecame operative.

For the current fiscal year of 1928-29,estimated cash revenues are 17,643,000,000lire ($928,022,000), and expenditures 17,372,-000,000 lire ($913,767,000), or a surplus of271,000,000 lire ($14,255,000). For the firsteight months of this fiscal year, including lastFebruary, the total cash revenue, ordinary andextraordinary, amounted to 12,507,200,000lire ($657,879,000), while expenses incurredwere 12,403,700,000 lire ($652,435,000), leavinga surplus of 103,500,000 lire ($5,444,000).The continued existence of a surplus is, at allevents, well assured and the value of a wisefinancial policy will be amply proved.

As regards the public debts of the State, it ishardly necessary to say that there were nomaterial increases during the year. On thecontrary, owing to the operation of the Auton-omous Amortization Office for Internal Public

1 The full report, available in Italian, contains in addition sectionsdealing with the international financial situation, with individual in-dustries, with the classification and examination of banks, with theoperations of the various financial institutes, and with the operationsand personnel of the Bank of Italy and other matters of detail.For earlier reports see FEDERAL RESERVE BULLETIN, July, 1928, andAugust, 1927.

Debts, the actual amount of bonds in circula-tion has undergone appreciable reduction. Itshould be noted, however, that at the beginningof the current fiscal year the Minister of Financereformed the accounting system of the RoyalTreasury for the purpose of rendering it morecomprehensive and complete. This reformresulted in adding to the items grouped asfloating debt of the State several liabilities ofthe Treasury not originally included, such ascurrent interest-bearing accounts. Thus, totalpublic obligations, consolidated, redeemableand floating, of 86,423,000,000 lire ($4,545,-850,000) in 1927, rose to 86,446,000,000 lire($4,547,060,000) on June 30, 1928, and to87,006,000,000 lire ($4,576,516,000) on De-cember 31.

The floating debt items still include thoseState notes which have not yet been withdrawnand replaced by silver coin. By December 31,1928, these notes had been reduced to the almostnominal sum of 161,000,000 lire ($8,469,000).With regard to monetary circulation, it shouldperhaps be stated that the total amount ofState notes and silver coin declined during theyear from 1,810,300,000 lire ($95,222,000) to1,424,800,000 lire ($74,944,000)—a decrease of21 per cent.

Quotations of Government bonds advancedduring 1928, although the year closed withquotations lower than the maximum reached inthe first half of the year. Consolidated 5 percent bonds rose from an average of 79.40 inDecember, 1927, to 85.17 in May and then fellto 80.85 in November, finishing the year at81.17. Similarly, the Rendita bonds (3^s)rose from 69.44 to 74.62 (May), and werequoted at 70.08 to 70.12 during the last twomonths of 1928.

The weakening in quotations of consolidatedbonds during the second half of the yearprobably can be attributed to the recent tend-ency of our markets to absorb other fixedinterest bonds, especially industrials. Thistendency led to the floating of a number of bondissues, which were easily absorbed as a result ofincreased Italian savings deposits.

The general index of stock prices makes amore favorable showing for the past year—due not so much to a general movement ofprices as to the movement of particular groupsof securities favored by the public.



Italian exchange operations with foreigncountries in 1928, with few exceptions, were car-ried on within the gold points.1 These operationsfall into two periods—a period of steady down-ward pressure from the beginning of the yearuntil the autumn, followed by a period of mod-erate improvement until the close of the year.

The dollar rose from its lowest average of18.89 lire per dollar in February until itreached its highest point of 19.12 in Septemberand then declined to 19.09 in December. Thepound sterling, from an average quotation of92.08 lire, rose to a maximum of 92.83 in July;it declined to 92.57 in November and stood at92.65 at the end of the year. A similarmovement was noted in the case of Swiss andFrench exchange, the average quotations ofwhich fluctuated between 368.11 and 363.40lire per 100 Swiss francs, and 74.75 and 74.25lire per 100 French francs.

The moderate range of these fluctuationsreflects the influence of our currency reform.Within a period of little more than one yearafter this memorable step it is a matter ofrecord that Italian exchange has remainedgenerally stable in the face of disturbedconditions in international money markets andan adverse balance of Italian foreign trade.

Balance of international payments.—Ourforeign trade balance was less favorable for1928 than for the preceding year; total importsof 22,041,000,000 lire ($1,159,357,000) com-pared with total exports of 14,527,000,000 lire($764,120,000) resulting in a deficit of 7,514,-000,000 lire ($395,236,000), whereas in 1927imports were less by 1,666,000,000 lire ($87,-632,000) and exports were greater by 1,205,-000,000 lire ($63,383,000).2

These figures in themselves have no greatvalue as indicating the character of the trademovement during 1928, because of the changedconditions of industry and trade during thepast two years. During 1927 the revalua-tion of the lira culminating in the currencyreform reacted on the manufacturing indus-tries which, under the influence of unstableprices, made greater efforts to dispose of theirstocks of commodities than to procure newsupplies of raw material. Imports did notshow the influence of the greater domesticdemand for foodstuffs to any great extent.Later on, however, in 1928, this demand in-creased in volume because of reduced agri-cultural production in the districts close to

1 The royal decree of February 26, 1928, fixes the gold points at19,10 lire and 18.90 lire to the dollar.

2 The figures for exports are not so reliable as those for imports, exportsbeing less under the control of the financial authorities. Probably exportifigures larger by at least 10 per cent would be nearer the reality.

the centers of consumption. For the firstsix months of 1928 imports were, in fact,smaller than in the corresponding period ofthe year before; but in the second half of theyear they increased, exceeding the 1927 figuresby approximately 28 per cent. Exports de-clined steadily, on a half-yearly basis, from thebeginning of 1927 until the end of June, 1928;they rose considerably, however, in the sec-ond half of the year, almost reaching thefigures shown for the second half of 1927.At present the general situation shows a moresatisfactory trend which should continue dur-ing the current year.

Thus the entire deficit in our trade balancefor 1928 appears to be the result of excep-tionally heavy imports, rather than of unusu-ally light Italian exports. The growth in ourimports is chiefly due to the following twofactors: First, larger requirements for food-stuffs—for although agriculture enjoyed agood year, and the world production of grainincreased, Italian harvests were deficient;secondly, replenishment of our stocks of rawmaterials, which had been reduced during theprevious year because of the revaluationprocess which both preceded and followedstabilization of the lira—the purchases abroadof raw material coming after the 1927 crisis.These increased purchases, however, indicatea genuine recovery in the country's industrialactivity. The decline in exports may beattributed to a greater domestic demand forItalian products, accompanied, as has beenstated, by a marked decrease of exportableagricultural commodities.3

Furthermore, the change which has takenplace in emigration and in the situation ofItalians in foreign countries has diminishedthe former abundant flow of remittances toItaly. The improvement in our foreign ex-change quotations also contributed indirectlyto this result, because it removed a potentialsource of exchange profits which those makingremittances to Italy formerly enjoyed. Inaddition to cutting down the flow of emi-grants7 remittances, decreased emigration, byleading to enlargement of population of theState and therefore to increased consumption,has reacted adversely on the balance of tradewith foreign countries.

The present status of our balance of pay-ments may perhaps be attributed to a relativeexcess of expenditures on our part outside Italy

3 Imports of foodstuffs and animal products were larger than in 1927by about 670,000,000 lire ($35,242,000), while exports were less by520,000,000 lire ($27,352,000). Hence the deficit in the balance of tradeon account of foodstuffs was greater in 1928 by some 1,200,000,000 lire($63,120,000).



and a relatively large volume of foreign debtsincurred by us.4 Probably also investment ofItalian capital outside of Italy in foreign issueshas not been without its unfavorable influenceon exchange quotations. Operations of thissort have led directly and indirectly to an in-crease in transfers abroad and have influencedthe balance of payments.

To improve this state of affairs it is neces-sary to pursue a conservative policy as regardsnote circulation; to institute strict measures tocheck excessive bank loans, even if this shouldinvolve a relatively high discount rate; tohinder in every possible way the flight fromItaly of capital which is needed at home; andto check excessive spending.

Analysis of the invisible items in the inter-national balance of payments is not easy.There is no reason to believe, however, thatthese items during recent months have in-creased sufficiently to cover in full the consid-erable deficit, which is shown by a comparisonof commodity imports with exports. Thetrade deficit, accordingly, will have to be metin part by the use of foreign exchange reservesas temporary cover for the payment of Italy'sadverse balance with foreign countries.

We must bear in mind, however, that a notunimportant portion of these foreign exchangereserves had originated, prior to the stabiliza-tion of the lira, against the issue of bank notes,all of which could not remain in circulationunder the changed conditions obtaining in thedomestic market as a result of the monetaryreform. It is well known that such part of theState debt as was represented by bank noteswas liquidated by using for this purpose thesurplus values created in the metallic reservesby revaluation, the notes issued on behalf ofthe State being charged to the bank. Thelatter could not, however, maintain indefinitelyin circulation a volume of currency out of pro-portion to the normal volume of businesstransactions. Accordingly, a reduction of thelarge reserve of foreign exchange at the Bankof Italy was inevitable in the absence of a quiteunexpected shift in our commercial relationswith other countries such as to turn the balanceof international payments in our favor.

That is the explanation of the gradual declinein foreign exchange reserves, shown in thetable [omitted]. This table shows that theratio between the aggregate of all forms ofreserve at the end of the last fiscal yearamounted to about 56 per cent of the total

* It is estimated that, including the $100,000,000 Morgan loan, the debtsincurred abroad up to and including February, 1929, amount to a totalnominal sum of approximately $375,000,000.

demand liabilities of the bank of issue, so thatwith a legal minimum of 40 per cent againstthese liabilities there is still an available sur-plus reserve of about 3,000,000,000 lire ($158,-000,000)—provided, of course, that we controlthe volume of notes in circulation and exerciseprudence in the use of bank credits.

During the past fiscal year the average vol-ume of ordinary transactions of the Bank ofItaly declined altogether by more than 2,000,-000,000 lire ($105,000,000). This fact, to-gether with a- decline in deposits in currentaccount, explains the reduced note circulationand also the maintenance of the favorablereserve ratio, notwithstanding the employmentof foreign exchange reserves as described above.

General progress of industry.—Italian in-dustry has made rapid progress in 1928. Oneyear from the date on which the lira waslegally stabilized at a new par value—anevent which enabled industry to eliminatefrom production all speculative factors result-ing from fluctuations in the value of the cur-rency—it may be said that the difficult workof adapting production to the new monetarysystem has been almost completely achieved.During this laborious period of recovery ourindustrial leaders have completely reorganizedthe productive capacity of their various organ-izations by constant, painstaking effort alongthe lines of technical improvement and finan-cial reconstruction. As a result, there hasbeen notable progress in the efficiency ofindustrial firms—progress which is being ac-tively furthered by the reorganization andbetter utilization of plant, by the eliminationof unnecessary factories or those operating onan unprofitable basis, and by the coordinationand amalgamation of similar concerns. Briefly,efforts have been made to "rationalize77 pro-duction to a greater extent in order to cut downproduction costs, to adjust prices to the incomeof the consumer, and to produce Italian com-modities which can be sold on foreign marketsin the face of an increasingly severe inter-national competition.

Signs of industrial recovery, noticeable hereand there toward the end of 1927, became morenumerous the following year. Although duringthe first half of 1928 the need was still apparentof efforts to overcome the difficulties resultingfrom the revaluation and stabilization of thelira, during the second half of the year, andespecially in the most recent months, variousimportant branches of industry have given evi-dence of a quickened activity.

Some of the significant indications of thisstate of affairs are a notable increase in imports



of raw materials needed by industry; a generalimprovement in employment in spite of theunavoidable reduction of personnel caused bytechnical and administrative reorganization andthe increasing efficiency of hand labor; a con-siderable increase in the use of hydroelectricpower; larger capital investments for industrialpurposes; the recovery of railway and maritimetraffic; and a greater stability in the prices ofraw materials.

Labor conditions everywhere have beenorderly and peaceful, controlled by organizedbodies. During the past year collective laborcontracts on a national basis were entered intomore frequently. The organization of industryby syndicates, which has been extended andstrengthened, is proving a useful element ofcooperation among the various classes of pro-ducers.

This does not mean, however, that alltroubles and difficulties have been overcome.While in some branches the improvement ismarked, in others the recovery is slower andless certain. Difficulties are frequently en-countered because the demand for certaingoods is in excess of manufacturing capacity;or prices of commodities are out of line withcost of production; or the credit of customersis uncertain—a factor which increases risk,creates lack of confidence, and discouragesenterprise. We can not, however, fail torecognize the important results achieved bymuch patience and hard work during a yearwhich may be regarded by Italian manufac-turing interests as a period of genuine con-solidation and efficient preparation for futureincrease in production. In the restoration ofinitiative and in the increase of business activityaccompanied by national order and peace, wecan discern the signs of a prosperous future forItalian industry.

[A section is here omitted in which the situa-tion in a large number of individual industriesis described.]

Legislative provisions.—It will be recalledthat Royal decree No. 1377 of June 17, 1928,gave legal status to the agreements enteredinto between the Royal Treasury and the bankon May 5, 1928, for the purpose of reorganizingthe bank of issue in accordance with the basicprinciples of the monetary reform. Althoughthese agreements were fully explained at thelast special general meeting which approvedthem unanimously, it does not seem out ofplace to give a brief summary of the principalprovisions.

After restating the obligation of the bank tomaintain a reserve in gold or gold exchange of

not less than 40 per cent of the notes outstand-ing and all other demand liabilities (demanddrafts outstanding, ordinary Treasury accounts,and other demand deposits), the first articlestipulates that whenever the ratio between thereserve and note circulation, after setting asidefrom the reserve an amount equivalent to40 per cent of the other demand liabilities asprovided for by law, should fall below 40 percent, but not below 30 per cent, a special taxshall be levied on notes not legally covered andshall be equal to the rate of discount increasedby one-tenth. For each additional 10 per centdecline in the ratio between reserve and notesin circulation, the aforesaid special tax leviedon uncovered notes shall be increased by anadditional one-tenth of the official discount rate.

When the bank reserve exceeds the legal ratioof 40 per cent of the aggregate of notes in circu-lation and other demand liabilities, there willbe a margin of issue equal to the volume ofnotes which can be put in circulation beforethe 40 per cent reserve ratio against demandliabilities shall again have been reached. Butit is evident that even within this margin thebank of issue, which is the final regulator ofthe market, must carefully control its note cir-culation; that is to say, the bank must notincrease the circulation in such manner as toexert an unfavorable influence on the moneymarket.

Article 3 provides that the bank-note circu-lation, in excess of the legal reserves remainingafter 40 per cent against other demand liabili-ties has been set aside, shall be subject to anannual circulation tax of 1.50 per mille. Thetax is computed on the 6-month average ofnote circulation, less the average amount of thereserves in gold and gold exchange.

By authority of article 7 the bank may,whenever it appears desirable, convert intoactual gold a part of its gold exchange reserve.This authorization is given because of the dis-proportionate volume of gold exchange in thereserve of the bank as originally built up inanticipation of the monetary reform. Thebank is also authorised to reduce its note circu-lation when such action is warranted by thegeneral situation of the market, even if thiscourse necessitates the sale of foreign exchangein its reserve.

All earlier provisions relative to loans to theState have been abolished by article 4, whichconfers on the Royal Treasury the right torequest, and on the bank the right to grant,only temporary loans up to a total of 450,000,000lire ($23,670,000) at an interest rate of 2 percent net per annum. Bank notes put into



circulation as a result of these loans are, as inthe past, exempt from the circulation tax.They must, however, be covered by a 40 percent reserve in gold or gold exchange.

Services to the Royal Treasury in the Prov-inces are to be rendered by the Bank of Italywithout its having to give security (art. 6).The Government bonds deposited as securitytherefore become part of the resources of thebank. The expenses incurred by this serviceare to be adjusted from time to time betweenthe State and the bank.

As cash balance for regular Treasury service, apermanent fundof 50,000,000lire($2,630,000), inplace of the 30,000,000 lire ($1,578,000) formerlyset aside for this purpose, has been depositedwith the bank. When the funds at the disposalof the Treasury amount to more than 50,000,000lire ($2,630,000), or fall below that sum, theTreasury or the bank, as the case may be,shall be charged net interest at the rate of 1%per cent per annum on the difference. Ordi-nary deposits in the Treasury fund for accountof the State up to a total of 300,000,000 lire($15,780,000) constitute a demand depositand must, therefore, be covered to at least40 per cent by a gold or gold exchange reserve.The Royal Treasury may also have a fixeddeposit which shall not require a gold or goldexchange reserve in the bank. When thetotal credit of the State for the Treasuryservice (that is, the amount of the demanddeposits plus the fixed deposits) exceeds500,000,000 lire ($26,300,000), interest shallbe paid by the bank on the excess at the rateof 3 per cent per annum, as formerly.

In respect to the relations between the bankand the Istituto di Liquidazioni, Article 9states that the provisions of the decree law ofSeptember 27, 1923, shall remain in force,according to which, until the end of 1930, theportion of the annual profits of the bank dis-tributed to the shareholders and the Stateshall not exceed the amount thus distributedfor the fiscal year 1922. All surpluses shall beapplied to liquidation of the credit extendedby the bank to the Istituto. Likewise, three-fourths of the annual proceeds of the newcirculation tax of 1.5 per mille (as well as anyspecial taxes) shall be thus applied, as was doneprevious to the monetary reform in the caseof revenues derived from the former specialtax equivalent to the full rate of discount.

Protection of deposits.—The necessity ofgiving legal effect to the basic principles ofcredit regulation became more urgent as aresult of the changes which took place, duringand after the war, in the credit situation inItaly.

The ease with which deposits could besecured during the period of currency inflationled to the establishment of many banks notadequately provided with capital and perhapsnot efficiently managed. Old as well as newfirms expanded their activities without limit,establishing costly branches in order to acquiredeposits of every type, even at very high ratesof interest. Consequently in a number ofcommunities large sums flowed into the vaultsof banks and bankers. These sums wereinvested in speculative operations, with theresult that capital was immobilized, and not^infrequently other interests were prejudiced.

Under such conditions decrees No. 1511 ofSeptember 7, 1926, and No. 1830 of November6, 1926, could not fail of wide application, not-withstanding the fact that the legislature,prompted by the desire to proceed gradually,had restricted itself to considering only suchmatters as were most in need of regulation.At any rate the situation was considerably im-proved, the acceptance of deposits and theiremployment being so regulated as to eliminatethe worst developments.

Through the extensive organization at itsservice the Bank of Italy has scrupulouslyperformed the duties assigned to it. It hassucceeded in systematizing this difficult workand in making it effective in practice. It hasprevented the establishment of new concernsof an undesirable type, as well as ill-advisedexpansions; it has moderated credit demands;it has examined balance sheets and semi-monthly statements, has made inspections andwarned the various institutions to carry on noirregular practices, and has urged managementsto introduce various desirable measures. Allthese complicated and unceasing activities,initiated at the end of 1926, are graduallyassuming a more concrete form and are con-vincing the public that control is being exer-cised at all times and in all places, and thatinstitutions which have not given proof of theirability to handle the funds of others properlywill not be permitted to carry on credit trans-actions.



BALANCE SHEET OF THE BANK OF ITALY AS OF DECEMBER 31, 1928

Reserve:Gold at hortie-

Other gold assets-Balances abroadForeign Treasury bills _

Total reserveState debt to the bank on account of gold <

posited as collateral abroadOther cashDomestic billsItems for collectionAdvances to customers.Government securities

Due from domestic banks:Clearing housesOthers..

Interest due from Treasury for account of"Ist i tuto di Liquidazioni"

Credit with "Istituto di Liquidazioni"

Lire (inthousands)

5, 051, 944

4, 383,1841, 635, 721

6, 018, 905

11, 070, 849

1, 836,187102, 322

3, 720, 30536,413

1, 761, 8971, 080, 357

173, 67681, 315

254, £

1,160, 012

Dollars l

(in thou-sands)

265, 732

230, 55586, 039

316, 594

582, 327

96,5835,382

195, 6881,915

92,67656, 827

RESOURCES—continued

Bank premises __Unpaid capital..Other resources.

Total resources..

9,1354,277

LIABILITIES

Notes in circulationDemand drafts outstandingPublic deposits (Treasury accounts).Other demand deposits _

13,413

14,56961,017

Capital ._Statutory reserveExtraordinary reserveUndivided profits (net for the year)Current accountsFixed Treasury depositsTreasury deposit for account of "Instituto di

Liquidazioni"Other liabilities-._

Total liabilities.

Lire (inthousands)

140,46360,000642, 693

22,143,471

17, 295, 393716,086300, 000

1, 525, 213

19, 836, 693

240, 00048,00012, 02557, 36670,709

824, 775

60,000993, 902

22,143, 471

Dollars 1

(in thou-sands)

7,3883,15633,806

1,164, 747

909, 73837, 66615, 78080, 226

1,043,410

12, 6242,525633

3,0173,719

43, 383

3,15652, 279

1,164, 747

1 Conversion at par: 1 lira=$0.0526.

ANNUAL REPORT OF THE NATIONAL BANK OF HUNGARY

The annual report of the National Bank ofHungary for 1928, as presented to the meetingof shareholders on February 4, 1929, containsthe following sections dealing with financialand economic conditions during the past year:*

International situation.—During 1928 therestoration and legal reestablishment of cur-rency values based on the gold standard wasput into effect in several additional countries asa prerequisite for regulated economic activities.Of chief importance was the stabilization of theFrench franc, since it largely influenced theinternational flow of gold. Owing to ourgeographical location, however, it is essentialfor us to note particularly the steps of similarcharacter taken by some of the Balkan coun-tries, which have either already adopted meas-ures, as Bulgaria and Greece, or have indicatedthat they are about to introduce them.

The greatest economic accomplishment ofthe first decade following the World War hasbeen the almost world-wide stabilization ofcurrency values. Primarily as a result of thisachievement interrupted international eco-nomic relations are being once more resumedon a sound basis, and speculation is givingplace to honest work.

1 The full report, available in German and in official English transla-tion as well as in Hungarian, contains in addition sections dealing withbank operations, personnel, etc. For earlier reports see FEDERALRESERVE BULLETIN, August, 1928, June, 1926, etc.

The undoubtedly great achievements of thepostwar period have not been accomplishedwithout interruption. More and less favorableyears have succeeded one another, and in orderto get a true perspective for the whole periodone has to look back over several years. Thismust be borne in mind in reviewing the eventsof 1928 which, in comparison with the pre-ceding year, hardly present a favorable picture.Dark clouds hang in the horizon of inter-national politics, where negotiations are inprocess aimed at the solution of problemsgrowing out of the World War and still await-ing adjustment. On the great internationalexchanges waves of speculation have risenonce more, and the consequent demand forfunds has increased the difficulties of furnish-ing credit to those countries which depend fortheir supply of capital upon foreign nations.The growth of western European markets,especially England and France, has not beensufficient to offset the refusal of Americancapital to undertake further engagements inEurope. As a natural consequence some de-cline has been perceptible in the businessactivity of those countries whose requirements,owing to the insufficient supply of domesticcapital, must be met largely from foreignsources. In all this the increasing dependenceof the economy of nations with limited capitalupon foreign investment becomes apparent.



General features of Hungary's economicsituation.—The cardinal problem of our eco-nomic life, therefore, as is being recognizedmore and more clearly, is that of building updomestic capital. Its solution can be broughtabout only through the greatest possible increasein the production of actual values, by sacrificingthe gratification of present wants, and throughthe employment of the greatest possible por-tion of such values produced and saved for thepromotion of future welfare, or, in other words,for purposes of further production. Whilechief responsibility in this connection mustrest with industry which must develop a higherdegree of initiative, we can not refrain fromrenewing our appeal, addressed in last year'sreport to the proper authorities, that freerscope be given to private enterprise. Our taxsystem is in urgent need of reform in variousrespects. The budget surpluses of past fiscalyears could be set aside as a reserve for suchpossible losses in revenue as might be incidentalto such reform. Salutary effects in the direc-tion indicated would be obtained through amore precise definition of the scope of govern-mental functions and, following administrativeand fiscal reforms at the earliest possible mo-ment, fixation of the legal ba,sis of commerceand industry, since confidence in the permanentcharacter of legal regulation is a most vitalprerequisite for the free development ofeconomic activity.

From a statistical point of view the economicoutcome of the year 1928 can not be regardedas unfavorable. Compared with the precedingyear the figures for total production show nosubstantial changes either in agriculture or inindustry. Examination of the indexes of con-sumption, although these figures are of some-what doubtful reliability, might justify the as-sumption that there has been an increase in pros-perity. Traffic figures also indicate progress.

In considering apparently favorable figures,however, we must not lose sight of thosephenomena which can be expressed in figureseither not at all or with difficulty, and whichgive to the economic history of Hungary for1928 a somewhat more gloomy aspect.

There has been no improvement in the un-favorable status of our international balance ofpayments. Owing to the continued importa-tion of foreign capital our interest charges haveincreased from year to year; during the pastyear we may estimate that they have reachedthe amount of approximately 120,000,000peaces ($20,988,000). The unfavorable bal-ance of our foreign trade, according to tenta-

tive figures, amounts to 366,000,000 pengos($64,013,000), and is therefore larger than in1927. Since, however, other items in ourbalance of payments, although they are ofsmaller importance, tend nevertheless to in-crease the debit total, the amount by whichour outstanding debits increased, or our out-standing credits decreased during the year1928, may be estimated at approximately500,000,000 pengos ($87,450,000).

It is evident that the keen competition offeredby foreign industries, of greater financialpower and producing in some instances at lowercosts, has been a factor in bringing about theconditions described. Money is dear or un-available altogether, with the result that tradeis restricted to the use of mercantile credits inthe granting of which domestic manufacturersfind difficulty in competing with foreign indus-tries. The increase in pur imports maybeattributed partly to this circumstance. Intheir struggle for foreign markets the difficultiesof Hungarian industries, particularly of agri-culture, have been aggravated by lack ofopportunity to sell at a profit. The undoubt-edly heavy losses from which our agriculturalindustry suffered, in consequence of the factthat grain stocks could not be marketed atthe opportune time, must also be greatlydeplored from the point of view of the generalpublic, because the purchasing power of thecountry was thereby diminished.

While the rural communities have been de-pressed by the farmers' difficulties, the urbanpopulation has complained of restricted meansof earning a livelihood. These phenomena,which doubtless merit serious consideration,are, however, overestimated by our easilyinfluenced public opinion, which inclines topessimism. This mass psychology, which isan essential factor in economic development,can not be disregarded. Superficial encourage-ment will not cure it; there is no way out,except to weather the storm. We refer to theinadequacy of our capital resources, to thedeficiencies in competitive power of our indus-tries, and to the lack of judgment displayed inthe marketing of our commodities, only forthe purpose of pointing out the sources of ourdifficulties. We, may, however, derive com-fort and encouragement from the fact that notone of these conditions is of such a nature thatit could not be remedied by our own effortsthrough the exercise of determination and aspirit of public service.

Agriculture.—Taking up the separate factorsof our economic life, we may note that the hopes



which the farmers were justified in entertainingduring the spring months have materializedboth in the volume and the quality of crops.There was little inducement for sales, however,owing to the decline of wheat prices caused bythe exceptionally abundant world crop; con-sequently, liquidation of grain stocks wasextremely slow, and this, owing to the farmers'lack of working capital, necessitated an in-creased resort to the use of credit. Thus, theprofits expected by the farmers from an increasein the harvest have been in large measureoffset on the one hand by interest charges,which as the year advanced tended to becomeheavier, and on the other by the constantrecession of grain prices. The cattle raisingindustry has offered no compensation for this.The drought during the summer monthsaffected several ground vegetables and fodder,so that the keeping of cattle became moredifficult, and cattle prices did not keep pacewith the rising prices of fodder. Measurestaken by the Government—including modifica-tions of the sales tax and of railroad freightrates, introduction of the import permitsystem, and extension on favorable terms ofcredits for fattening cattle—and favorableautumn weather, while affording some relief,did not offer a permanent solution of theproblem of rendering cattle raising profitable.Under the conditions described, it was notsurprising that the indebtedness of Hungarianfarmers, who suffer under the burden of pro-duction costs which have handicapped them inworld competition and in many instances haveconsumed all the profits of their work, shouldhave increased rather rapidly. I t should benoted, however, that this indebtedness, as maybe seen from the official real-estate register, hasuntil now amounted on the average to barely 8per cent of realty values. On the other hand,the fact that, compared with the preceding year,the consumption of artificial fertilizers has in-creased by 12 per cent, while the import of trac-tors has almost tripled since the autumn of 1926,is reassuring since these facts seem to prove thatin agriculture scientific methods are being usedin the struggle for prosperity. Further encour-agement may be derived from enactment oflaws and regulations which are intended tobring into effect, as well as to regulate financiallythe agrarian reform, and which will enable thefarming industry to obtain a substantial amountof capital from abroad.

How to secure for our agricultural surplus anoutlet abroad has become a matter of increas-ing concern. The hopes which had been enter-

52985—29 3

tained regarding a revival in exportation offarm products as a result of recently concludedcommercial treaties have not materialized.The sale of our grain requires the conclusionof preferential tariff agreements; our cattle ex-ports are declining, and removal of the obstaclescausing this decline is one of the most importanttasks of our commercial policy. The policy ofadjacent industrial countries aims avowedly atan expansion of their agricultural production tosuch a degree as to make them self-sufficient.Sooner or later, therefore, we shall be com-pelled to take our products to more remotemarkets, although in these markets it will beeven more difficult to compete with overseasnations, whose industries, free of regulation,are better able to take advantage of technicalprogress and are constantly lowering their manu-facturing costs. Greater attention must, there-fore, be given to the development of such anadaptable foreign-trade policy as will enable usto meet the constantly changing demand, andwill supply consumers with our marketablegoods in the quickest and least expensive way.

Industries.—Among the several branches ofproduction our manufactures present the mostfavorable picture. Our textile industry, as istrue of this industry in most foreign countries,must look back on a year which has been, incomparison with previous years, less successful.In the other branches of industry, however,with few exceptions, no substantial change isto be noted over the year; in some instances,especially toward the end of the year, a distinctimprovement was perceptible. In particularthe gradual increase in the production and con-sumption of coal indicates that our industrialactivity continues to be a material factor in theeconomic reconstruction of the country. Theprocess of concentration continued, especiallyin the iron and machinery industries, in thechemical industry, and also in the brick indus-try; from these developments, as well as fromthe formation of new companies in the textile,chemical, and paper industries, a further in-crease in the value of industrial production—a factor of constantly increasing significance inour national income—may be expected. Ex-ports of Hungarian manufactures, furthermore,showed a gratifying increase of 33 per cent forthe first nine months of 1928, compared withthe corresponding period of the preceding year.The fact, however, must not be overlookedthat, in this field also, we are still in the initialstages of the work to be done, since the possi-bilities of export for our industrial productshave not yet been properly developed.



Mercantile business.—It can not fairly besaid that 1928 was a good year for trade. Thatstratum of society which, through the opera-tion of the peace treaty, wTas dislodged from itsformer position, can only gradually accommo-date itself to the changed conditions. Thedifficulties of finding suitable employment forthe intellectual classes tend to force individualsin constantly increasing number into the mer-cantile business. Lack of operating capitalinduces overextension of mercantile credits;the lack of purchasing power, as well as therelatively large volume of stocks on hand,causes an increasing number of commercialfailures in Hungary. The number of suchcases where arrangements with creditors weremade during 1928 exceeded the number of thepreceding year by 42 per cent, and for totalliabilities involved the excess amounted to 80per cent. Of the different branches of busi-ness, failures are still most numerous in thetextile trade, about 50 per cent of the totalnumber of insolvencies occurring in thatbranch of mercantile business.

The credit situation.—In respect to thesupply of credit, conditions in the first half ofthe year differed greatly from those prevailinglater on. During the first few months moneywas distinctly easier and money rates declinedby one-fourth to one-half per cent. This maybe attributed partly to the usual seasonal de-cline in the demand for credit during the firstmonths of the year, and partly to the circum-stance that the inflow of foreign credits, in-cluding long-term and short-term credits, con-tinued unabated until the end of the springseason. The increase of rates in the Americanmarket, causing dollar credits to become dearerall over central Europe, was felt more keenly inthe early summer months. In the domesticmarket the effect of these higher rates wasapparent in the rates on "Lombard77 creditsas early as July. On the discount market andin fixing interest rates for provincial credits,the effect of this factor was for a time compen-sated by the bank, which in order to lowerrates for credits in the provinces, temporarilyextended the credit facilities of the provincialbanks. At the beginning of autumn, how-ever, the interruption of the inflow of foreigncapital, as well as the demand for creditsresulting from the accumulation of our grainstocks, began to be increasingly felt. Thebank was unable to avoid raising the discountrate—we shall come back to this point later—as a result of which interest rates in generalrose, although by an amount less on the whole

than the 1 per cent official increase in the bankrate, so that interest rates generally quoted atthe end of 1928 were only one-fourth to one-half per cent higher than at the close of the pre-ceding year. Although the total volume ofcapital accumulation showed no increase forthe year, credit requirements were met withoutmore than temporary strain. This was duepartly to the liberal credit policy pursued bythe bank of issue as to the eligibility of thepaper accepted, under the statutory require-ments. Adoption of this policy was the morenecessary for furnishing an adequate supply offunds because foreign capital was used on amore limited scale during 1928 than duringthe preceding year.

The stringency in foreign money markets,particularly in the United States, increasedsteadily throughout the year and was especiallynoticeable in the case of short-term credits.Increase in the amount of such credits—notcounting mercantile credits—may be estimatedat approximately 100,000,000 pengos ($17,-490,000)—that is, hardly more than half theamount of the year before. The volume ofshort-term foreign loans, however, wouldprobably not have been much larger even ifforeign money rates had been more favorable,since any considerable increase would havebeen contrary to sound business principlesand to that policy of caution which has estab-lished the reputation enjoyed abroad by ourleading financial institutions that specialize inshort-term credit.

During the year under review the grantingof long-term credits also was effected largelywith the aid of foreign capital. While foreignfunds contribute in large measure to the in-creases of capital of our corporations, they arepredominantly important in the arranging oflong-term loans, for which domestic creditsources are of but minor importance. Thenominal total sum of our foreign bond issuesmay be estimated at approximately 280,000,000pengos ($48,972,000), about equal to the vol-ume of the preceding year. As to the distri-bution of these loans, however, an essentialchange is to be noted in comparison with theprevious year, inasmuch as approximately 90per cent of the loans went into private hands.Mortgage loans amounted to almost 120,000,000pengos ($20,988,000), as compared with only100,000,000 pengos ($17,490,000) the year be-fore. As to bond issues for industrial purposes,their nominal value—including the loan for theconstruction of the trans-Danubian electricpower station—may be estimated at nearly



130,000,000 pengos ($22,737,000), while in thepreceding year no issues at all were floatedfor industrial purposes.

From these figures it is evident that nochange has taken place in the willingness offoreign nations to furnish our country withcredit. Unfortunately, however, the develop-ment of the situation in the money and invest-ment markets is reflected in the prices of ourearlier bond issues, as well as in the terms ofrecent flotations. Also the terms on which ourindustries can obtain such loans through therespective sources have become more burden-some. From the point of view of the competi-tive power of Hungarian agriculture, handi-capped as it is by the lack of operating capital,such an increase in the actual interest andsinking fund charges is to be the more regretted,as measures were taken during the year tomake long-term credits available in more amplevolume to the owners of small farms.

Our financial institutions showed signs ofcontinued healthy development. The increaseof deposits in Budapest has generally beenequal to that of the preceding year, while insome places in the Provinces, especially duringthe second half of the year, the growth ofdeposits came to a standstill. It was un-fortunate that the slowness with which capitalaccumulated through the building-up of depositsfrequently led to excessive competition and tooverexpansion of rediscount credits. . . .

In connection with the outline of our creditsituation mention should be made of some ofthe more important legislative measuresenacted—first of all the law dealing with therevaluation of certain private debts, and thosemeasures which provided for the assistance ofwar-loan bond holders with small incomeswho had subscribed to these bonds in con-siderable amounts. There was some furtherlegislation providing for the organization of aninstitution for the granting of long-term mort-gage loans. These laws modify the previouslegislation for the safeguarding of mortgagebonds and debentures and provide for thepossibility of an issue of industrial mortgagebonds.

Stock exchange.—With the accumulation ofdomestic capital so inadequate, increased ac-tivity on the stock exchange was to be expectedonly in case foreign capital were attracted toour securities. But, as foreign funds were at-tracted rather to other countries by the greateropportunities for profit and the higher interestrates obtainable on stock-exchange loans, andas domestic capital was also invested in foreignsecurities, while sales effected abroad for do-

mestic account were in relatively small amount,the situation of the stock exchange throughoutthe year was depressed, and prices graduallydeclined.

Prices.—Our price indexes were on the wholeabove the level of the preceding year. Thedrought in the summer caused a sharp advancein prices of foodstuffs, under the influence ofwhich retail prices as well as indexes of the costof living increased, reaching their peak in Sep-tember. Some alleviation of the cost of livingwas undoubtedly afforded by a measure takenby the Government providing, in contrast tothe original plan, for a delay in the gradualadvance of house rents. As a result of thismeasure, house rents during the year show anadvance of only about 15 per cent.

Statistics of the development of trade—es-pecially as reflected in clearings—indicate afurther growth which, however, is relativelyless than that of the previous year. For aproper interpretation of the statistics of clear-ings we must take into consideration not merelythe natural tendency of trade to increase—which must similarly be considered in the in-terpretation of other economic statistics—butalso the fundamental changes in the nature ofclearings, since payments other than in formof actual cash are of growing importance.

As regards steamship traffic on the Danube,the opening of the free port at Csepel is anevent worthy of note. It is to be hoped thatthe capital invested in this large-scale enter-prise may lead to a revival of the Danubesteamship service, which has shown but slightactivity since the war.

Public finance.—In contrasc with the incom-pleteness of economic recovery, financial recon-struction has made great progress. Surplusrevenues amounted to approximately 95,000,-000 pengos ($16,616,000) in the fiscal year1927-28, thus raising the total surplus realizedsince the beginning of the reform to nearly400,000,000 pengos ($69,960,000) This show-ing justified a liberalization of our tax policywhich previously had to be determined entirelyby our urgent fiscal needs. This change ofpolicy has already been put into effect in theeasing of certain sales and building taxes. . . .

Condition of the bank, metal and foreignexchange reserve.—The factors influencing ourcredit situation have also brought aboutchanges in the condition of the bank. Ashas been noted, during the first half of theyear our industries were provided with for-eign capital without difficulty. Our trade bal-ance ran parallel with that of the precedingyear. Under these circumstances the changes



in our metallic and foreign exchange reservewere in accordance with expectations. Con-sistently with the agricultural character of thiscountry, exports customarily decline duringthe first half of the year, so that the decreaseof the metallic and foreign exchange reserveduring this period may be characterized as aregularly recurrent phenomenon. As against317,500,000 pengos ($55,531,000) shown for theend of 1927, the metallic reserve gradually felloff to 263,100,000 pengos ($46,016,000) onJuly 23. While there was a moderate reactionin August, it was only temporary. Our exportsof manufactures could not be increased. Theadvance of 1 to 1% per cent in interest rates onforeign credits as against rates prevailing atthe beginning of the year reversed the directionof flow for funds seeking short-term invest-ments. In August and September the foreignplacing of our long-term loans came to analmost complete standstill, so that in Septem-ber our metallic and foreign exchange reservebegan to sink once more, reaching its lowestpoint of 252,100,000 pengos ($44,092,000) onSeptember 30. Owing to the persistent reces-sion of grain prices and the failure of our tradebalance to improve, the increase in the bankrate had, during the remaining months of theyear, only a limited effect upon the metallicreserve. During the last three months of theyear our reserve fluctuated generally between260,000,000 ($45,474,000) and 270,000,000 pen-gos ($47,223,000), and at the end of the yearamounted to 263,600,000 pengos ($46,104,000).The holding of gold in our reserve showed afurther moderate increase, amounting on De-cember 31 to 201,100,000 pengos ($35,172,000),and giving a cover of 39.1 per cent even to our rel-atively high bank-note circulation on that date.

Increase in the discount rate.—Holdings ofdiscounted bills and warehouse receipts fromthe beginning of the year were considerablyabove the level of the corresponding period in1927. During the first three months of theyear this increase—as figured from monthlyaverages of weekly statements—exceeded 50per cent. . . . As a consequence of thedecline in the inflow of foreign capital aroundthe middle of the year, and of the decrease inexports, the greater demand for money duringthe autumn months was reflected in an in-creasing use of bank credit. After the end ofJuly the holdings of discounted bills continuedmaterially in excess of the volume of the pre-ceding year, September figures being 25.6 percent above those of the year before. At theend of September holdings of discounted bill

increased nearly to the 400,000,000 pengos($69,960,000) mark. From the character ofthe holdings of discounted bills and of thereserve, as described, it became apparent thatwhile on the one hand the use of bank creditin proportion to the domestic demand forcredit was excessively large, on the other hand,the inducement of the higher interest ratesprevailing in foreign markets not only reducedthe supply of available foreign short-term fundsbut also affected adversely the inflow to thebank of foreign exchange resulting from ex-ports, and actively stimulated investment ofdomestic funds abroad. Under these circum-stances the board of directors of the bank atits meeting on October 1 concluded that a 1per cent increase in the bank rate—from 6 to7 per cent—was unavoidable, as it becameclear that it was more important to correctthe financial situation than to give domestictrade the benefit of lower interest rates, eventhough they would reduce production costs.

During the period following the increase ofthe bank rate holdings of discounted billscontinued on the whole in normal amount,reaching a high point for the year of417,400,000 pengos ($73,003,000) on the lastday. This figure represents an increase of19,000,000 pengos ($3,323,000) over the totalat the end of September, while the increase inthe corresponding period of the precedingyear had amounted to 22,400,000 pengos'($3,918,000).

A notable development in the use of bankcredit has been the evergrowing importance ofbills discounted for the provinces and bills ofagricultural origin. While the share contrib-uted by the provinces in 1926 amounted, onan average for the year, to 48.7 per cent of theentire volume of bills, this ratio increased in1927 to as much as 51.9 per cent, and in 1928to 53.8 per cent. One development connectedwith the warehousing of grain stocks is foundin the relative increase in volume of warehousereceipts. While the amount of such paper atthe close of the previous year has risen toslightly less than 4,400,000 pengos ($770,000),it amounted at the close of 1928 to as much as7,900,000 pengos ($1,382,000). It is worthyof note also that, during the second half of theyear, the demand for liquid funds at the end ofeach month was on the whole covered by thediscounting of bills at the bank of issue to amuch greater extent than during the precedingtwo years. Our discounted bills were through-out the year of prime character, as shown bythe fact that the bank has not suffered any



loss from its discount transactions. This is initself the best sort of evidence of the efficiencyof our examiners and of their thorough-goingwork, meriting the appreciation of stockholdersand management alike.

Note circulation.—In our note circulationduring the past year the underlying tendencyof natural growth was again reflected. Theannual average calculated from our weeklystatements shows that the actual note circula-tion in 1928 was 5.3 per cent greater than in1927. This underlying tendency, however,was less noticeable during the second half ofthe year. While the average monthly notecirculation was higher, in March by 7.9 percent and in June by 7.3 per cent, than in thecorresponding months of the preceding year,beginning with August the average exceededthat of the corresponding month in thepreceding year by only 3.7 to 4.4 per cent.

As token coins were only gradually put intocirculation during the first quarter of 1927, afairer comparison is for combined totals of thetwo kinds of actual money in circulation,namely, bank notes and token coins. In thiscomparison the tendency toward a slowerrate of increase during the closing monthsof the year, as outlined above, becomes moreobvious, inasmuch as, while the averageaggregate circulation in January shows anincrease of 8.8 per cent as compared withJanuary, 1927, the rate of increase sloweddown to from 3 to 3.7 per cent for the periodAugust-December. The average aggregate cir-culation was 5.1 per cent higher than the aver-age for 1927.

We get a slightly different picture if we takeinto account also the volume of demand de-posits (current accounts) which, although sub-ject to the same reserve requirements as banknotes, are less important from the point of viewof purchasing power. In our discussion ofpublic finance we have already noted that thebalances in our favor in the State accounts de-clined in the second half of the year below thelevel of the preceding year. Since, however,these balances during the first half of the yearwere at their highest level, the average annualamount of State credit balances exceededsomewhat—by 0.5 per cent—the average of thepreceding year. The so-called " other" de-mand deposits, much smaller in amount (pri-vate credit balances on current account), showan average annual volume greater by 16 percent than in the preceding year, so that thetotal amount of demand liabilities (includingthose of the State and others) exceeded theannual average of the preceding year by 1.4

per cent. For the aggregate of bank-note cir-culation and all other demand liabilities, there-fore, the relative increase was smaller than forthe bank-note circulation alone, the averageannual increase amounting to 3.7 per cent.Owing to change in the volume of State creditbalances, the downward tendency in the totalamount of the note circulation became stillmore pronounced toward the close of the year.While during the first three months of the yearthe aggregate note circulation was 11.6 per centhigher than in the previous year, the amountfrom September on declined below the level ofthe preceding year, the December averagebeing 5.4 per cent lower than in the correspond-ing month of 1927.

The seasonal diminution of the note cir-culation at the beginning of the year was againobservable in 1928. As in the preceding yearthe note circulation attained its lowest pointon April 23 at 383,900,000 pengos ($67,144,000).The aggregate volume of note circulation anddemand liabilities however—owing to the de-creasing trend of State credit balances—at-tained its low point on July 23, at 663,300,000pengos ($116,011,000).

State debt to the bank—Reserve ratio.—Theincrease in the note circulation and the decreasein the metal and foreign exchange reserve wasreflected in the decline of the reserve ratio pre-scribed by the statutes. To a certain extentthis effect was intensified by the circumstancethat the amount of the State debt to the bank—under the agreement concluded between theState and the bank regarding amortizations—shows a further substantial decrease for theyear, figuring in the balance sheet of the bankat 97,200,000 pengos ($17,000,000), as against111,400,000 pengos ($19,484,000) the year be-fore. Reflecting a substantial decrease in thenote circulation, the reserve ratio, as comparedwith the ratio at the end of 1927 when it stoodat 46.41 per cent, moved on a higher level dur-ing the first half of the year, the highest pointof 49.46 per cent being attained on March 23.In the second half of the year, however, theratio fell off gradually and reached its lowpoints of 40.09 and 40.11 per cent on October31 and December 31, respectively.

Cooperation among banks of issue.—Duringthe past year we have taken a more active partin the cooperation of banks of issue. Particu-lar mention should be made of the conferenceof directors of research bureaus of centralbanks, which was held in Paris last spring anddevoted its attention to developing and makingmore useful the statistical and other informa-tion services.



BALANCE SHEET OF THE NATIONAL BANK OF HUNGAKY AS OF DECEMBER 31, 1928

RESOURCESMetallic reserve:

Gold coin and bullion, foreign and commer-cial gold coin (1 kilogram of fine gold=3,794pengos)

Foreign bills of exchange and curriencies in-cluded under art. 85 of the bank statutes

Silver . _ „ _

Token coin..-Total metallic reserve __

Domestic bills, warrants, securitiesAdvances on securities _ _.State debtBank premises _Other resources __ _

Total resources

Pengos(in thou-sands)

201,083

54.003792

7,674

263, 552

417,41147

97, 2446,170

94,172

878, 596

Dollars *(in thou-sands)

35,169

9,445139

1,342

46,095

73,0058

17,0081,079

16,471

153,666

LIABILITIESCapitalSurplus _Note circulation:

Pengo notesCrown notes -

Total note circulation _ _Current accounts, deposits and other liabilities

payable on demand:Public -Private

Total

Other liabilities-__ . - .Profits carried forward to 1929._ __N"pfr nrofit5? for 1928

Total liabilities

Pengos(in thou-sands)

34,7566,951

511,1722,288

513,460

209,69831,116

240,814

66,9422,553

13,119

878, 596

Dollars »(in thou-sands)

6,0791,216

89. 404400

89,804

36, 6765,442

42,118

11,708447

2,295

153, 666

i Conversion a t par : 1 pengo=$0.1749.

ANNUAL REPORT OF THE CENTRAL BANK OF.CHILE

The third annual report of the Banco Cen-tral de Chile, covering the year 1928, was sub-mitted to the superintendent of banks onMarch 15, 1929. Sections of the report deal-ing with financial and economic developmentsduring the year are given herewith:l

General situation.—The year 1928 showedsteady progress in the commercial situation ofChile, the principal products, nitrate andcopper, have considerably increased their pro-duction, agriculture has had a satisfactoryyear, extensive building is going on in manyparts of the country, and the Governmentfinances are in good condition. Interest rateshave fallen and money is plentiful for allsound business needs. The outlook for 1929is good.

Discount rates.—Until October 22 the dis-count rates fixed by the bank on December 12,1927—6^ per cent for operations with banksa,nd 7J^ per cent for operations with the pub-lic—remained unchanged. On that date theserates were reduced to 6 and 7 per cent, respec-tively, and they continued at those pointsuntil the end of the year.

The board of directors reduced the rates ofdiscount in October in order to adjust the ratesof the Banco Central to the prevailing interestrates for high-grade paper. Due to the steadyincrease in the deposits in the commercial

1 Taken with minor textual revisions from the full report, availablein official English translation published by the bank; it contains in addi-tion sections dealing with bank operations, personnel, etc. For earlierreports, see FEDERAL RESERVE BULLETIN, June, 1928, and September,1927.

banks, interest rates have been showing a con-stant tendency to decline to lower levels.

It was also felt that it would be advisableto take advantage of the ease in the moneymarket to put the discount rates of the BancoCentral on a lower basis, so that if later itbecomes necessary to raise them in order tocorrect an unfavorable situation, such as acrisis or a period of excessive speculation, thebasic point would be lower, thus avoiding arise to a rate injurious to the business interestsof the country.

Interest rates on deposits.—For a long timepast the banks of Chile have been paying ex-cessively high rates of interest on deposits ofall classes, and these rates did not decline inharmony with the general decrease in interestrates in the country. A number of efforts weremade to obtain an agreement among the banksfor a reduction of the rates of interest paid ondeposits, but without success.

In view of the failure to obtain an agreementon this subject, Congress passed a law author-izing the Banco Central and the banking super-intendent, acting jointly, to fix maximum rateswhich the banks can pay. The Banco Centraland the banking superintendent issued a jointcircular fixing these rates . . .

Exchange.—. . . Exchange rates have re-mained very steady at all times. The lowestpoint for 90-day sterling drafts during theyear was 39.38 and the highest 39.708 pesosto the pound, the difference of about 33 pointsbeing less than 1 per cent.

Exchange ruled fairly low during the first halfof the year, reaching its low point in March, and



was firmer during the last half of the year.This is due to the greater offering of nitratedrafts during the first part of the year, corre-sponding to the active season in this industry.Several times during the year the BancoCentral has entered the market as a seller at39.70 to prevent rates going too close to thegold export point. The bank has also pur-chased large amounts of foreign currencies fromthe Government in connection with foreignloan issues.

Transfers.—The Banco Central effects trans-fers between its offices free of charge. Thisservice has been of great benefit to the banksand business interests of the country, as itfacilitates the transfer of funds to the sectionof the country where they are needed, thus pre-venting shortages of currency at some pointsand excess accumulations at others, with re-sulting premiums or discounts for the papercurrency of the country. It has also a tendencyto bring interest rates to nearly the same levelin all sections. . . . With the opening ofnew offices of the Banco Central these facilitieswill have a more extensive application.

Clearing houses.—The Banco Central hascontinued to operate clearing houses for thebenefit of the banks in the cities where it hasoffices—that is, in Santiago, Antofagasta, Val-paraiso, and Valdivia. By this means thebanks are enabled to collect with the utmostfacility the checks on other banks received bythem, the balances being settled by debits orcredits on the books of the Banco Central, thusavoiding the handling of money in effecting thesettlement of such balances. The volume ofbusiness passing through these clearing houseshas increased considerably. . . .

The statistics of the clearings are very inter-esting as showing the volume of business activ-ity of the country, but they are incomplete, asmany checks do not pass through the clearinghouse, being deposited in the bank on whichthey are drawn. The banking superintendentand the general statistical office thereforerequested the banks to submit figures eachweek showing the totals of their debits to de-posit accounts during the week. These figuresare sent to the Banco Central and are com-piled and published by us and by the generalstatistical office. They reflect much betterthan the figures of the clearing houses thebusiness activity of the country. . . .

The gathering of these figures was only be-gun on July 1, and so far covers only the banksin cities where the Banco Central maintains anoffice—Santiago, Antofagasta, Valparaiso, andValdivia.

Operations with the Government.—TheBanco Central has continued to serve theGovernment in every way in its power, and therelations have continued completely harmo-nious and entirely satisfactory to both parties.

No new loans were made to the Govern-ment during the year, and the holdings ofGovernment bonds have only varied slightly.The total of Government obligations has al-ways been well within the limits set by thelaw, and it is worthy of note that the Govern-ment deposits in the bank are almost alwaysconsiderably in excess of the bank's holding ofGovernment paper.

During the first part of the year the Govern-ment closed its branch fiscal office in London,and since then all the financial transactionsof the Government abroad have been carriedout through the agency of the Banco Central.

Old Government note issues.—The amountof the old Government note issues outstand-ing at the first of the year was about 44,000,000pesos ($5,334,800). This has been reducedduring the year to below 17,000,000 pesos($2,068,900).

The responsibility for the payment of allthese issues was assumed by the Banco Centralwhen it opened for business, and the originalamount of about 405,000,000 pesos ($49,488,-500) has been reduced until it is now under17,000,000 pesos ($2,068,900).

The greater part of these old issues nowoutstanding are probably lost or destroyed,and Congress therefore passed a law providingthat after September 1 next the Banco Centralwould be relieved from the obligation to redeemthe notes then outstanding and this obliga-tion would, from that date, be assumed bythe national Government. The Banco Centralwill, on that date, return to the Governmentan amount of money equal to the amount ofthe gold Government notes then outstanding.

Silver coins.—During the past year Congresspassed a law changing the form of the silverand nickel coins of the country, with theobject of making the silver coins smaller andmore convenient. The nickel coins will be ofabout the same size as at present but will beperforated to distinguish them from the silvercoins.

The new coins will be put in circulation assoon as the mint can coin a stock sufficient forthe needs of the country. The Banco Centralwill cooperate with the Government in effectingthe exchange.



The new silver coins will be of 1 and 2 pesos,720 fine, weighing 6 and 12 grams. The newnickel coins will be of 5, 10, and 20 centavos.

Section of economic research.—A committeeof the board of directors has been named toorganize and direct a department of the bankto be devoted to economic research.

This department is to accumulate statisticsregarding the business and economic conditionof the country to guide the administration ofthe bank in its work, to make such investiga-tions regarding the commercial and financialsituation of the country as may be useful to thebank, to study new theories and trends ofthought throughout the world concerning cen-tral banks, and to attend to the publicationsof the bank.

Branches.—No new branches have beenopened by the Banco Central during the year,but properties have been purchased in Iquiqueand Concepcion, and work is well advanced onbuildings in those cities, and it is expected thatoffices will be opened in those cities early in1929.

During the year the agencies of the bankhave continued to perform their functions to theentire satisfaction of the public and the admin-istration of the bank.

Building.—On December 17 the bank openedfor business in its new building . . . whichhas been under construction for almost twoyears. The cost of the new building, includingland, up to December 31, 1928, was somewhatmore than 8,666,000 pesos ($1,053,000), but thiswill increase somewhat as there is still work todo to finish the building entirely.

Capital.—The number of shares outstandingat the beginning and end of 1928 are shownbelow:

Class AClass BClass C __Class D

Total

Dec. 31,1927

20,00037, 00222, 8079,704

89, 513

Dec. 31,1928

20,00037, 73922,26010, 626

90, 625

The changes are due to new issues or transferof shares because of increases or changes in theamount of the capital and reserves of themember banks. All the banks in the countrymust readjust their share holdings in the BancoCentral so as to hold shares amounting toexactly 10 per cent par value of their capitaland reserves as of June 30 each year.

In making these readjustments the bankshaving an excess number of shares can sellsuch excess in the market or can transfer suchexcess shares to shares of class D and continueto hold them if the total amount does not exceed5 per cent of the member bank's capital andsurplus.

If the member bank has to purchase sharesin connection with this readjustment it canpurchase the number needed of class D in theopen market and have them exchanged for thesame number of shares of the class needed, orit can buy the shares from the Banco Central.In this latter case the price is either the bookvalue or the average price in the market duringthe previous year, whichever is higher.

Profits.—Article 99 of the bank law providesthat 20 per cent of the net profits of the bankshall be passed to surplus account until it isequal to one-half the paid-in capital; also5 per cent to a special fund for the benefit ofthe employees, and from the balance a dividendof 8 per cent.

The profits for the six months ending June30 and December 31 of last year left a consid-erable excess after making these distributions.Therefore, in conformity with the law citedabove, this excess was used to pay to the Gov-ernment a special tax of 4 per cent of the paid-in capital of the bank, and an equal fund wasused to pay an additional dividend to the share-holders and to increase the special surplus fund.The board of directors has continued its policyof assuring the shareholders a regular dividendof 10 per cent per annum, and to this end didnot pay out all the above-mentioned amount asdividend but paid an extra dividend of only 2per cent, using the balance to increase thespecial surplus fund, which was begun in 1926and which is destined to insure regular divi-dends.

In the second six months of 1928 there stillremained some undistributed profits, which, inconformity with the law, were distributed 75



per cent to the Government and the other 25per cent to increase the special surplus fund.

The surplus fund of the bank has also grownby reason of the premium charged for theshares of classes B and C, which the banks arerequired to purchase from time to time to ad-just their holdings of stock in the Banco Cen-tral to exactly 10 per cent of their capital andsurplus funds.

Publication of balance sheets, etc.—Eachweek the bank has submitted to the bankingsuperintendent a report in the form prescribedby him and showing details as required by law.These weekly reports have been published inthe Diario Oficial, as well as in the principalpapers of the country, and copies have alsobeen sent to the various central banks abroadas well as to financial publications and im-portant banks in all parts of the world.

On June 30 and December 31 semiannualbalance sheets have been prepared, and inaccordance with them the profits have beendistributed as provided by law.

On March 3, May 5, September 1, and Octo-ber 31 special reports were called for by thebanking superintendent, which were furnishedin the form required by him and published inthe papers of Santiago and Valparaiso.

The second annual report of the bank waspublished both in Spanish and English andextensively circulated both in the countryand in foreign countries.

In January the bank began the publicationof a monthly bulletin giving certain statistics re-lating to business and finance in Chile, together

with such comments on the statistics and thegeneral business situation of the country asmight be of interest and assistance to thosedesiring to be informed regarding the commer-cial and banking situation of the country.This bulletin is published in Spanish and Eng-lish and is circulated widely both in Chile andabroad.

BALANCE SHEET OF THE CENTRAL BANK OF CHILE ASOF DECEMBER 31, 1928

RESOURCES

Gold ...Foreign gold coinsSilver and nickelDeposits abroadChecks on other banksGovernment loansBills discountedForeign bills purchased___ _Deposits with banking superintendent.Branches and agenciesReal estateGovernment bonds -Interest receivableSuspense accountsPaper for bank notes _._

Total resources

LIABILITIES

Bank notesGovernment issues _Demand depositsOther deposits _ ._-Time drafts outstanding _Dividends unpaid...Interest received but not earnedSuspense accountsCapital paid in_ _SurplusReserve for future dividends

Total liabilities

(inthousands)

Dollars *(in

thousands)

60, 204296

8,013476,836

3,3391,997

22, 4082,232

4917

10, 5749,3031,706

435593

598, 003

334, 83616, 875

104, 001650

32, 6533,537

1742

90, 62510, 2654,385

598, 003

7,32736

97558, 031

406243

2,727272

62

1,2871,132

2085372

72, 777

40, 7502,054

12, 65779

3,974430

21

11,0291,249

534

72, 777

^Conversion at par: 1 peso=$0.1217.



FINANCIAL STATISTICS FOR FOREIGN COUNTRIESGOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS


MonthTotal(40

coun-tries) i

UnitedStates gen-

tinaAus-tra-lia*

Bel-gium6

Bra-zil 7

Can-ada^

Eng-land»

France10

Ger-many3

India3 11 Italy ; Ja-

pan1Neth-

er-lands 5

Rus-s i a " Spain l i

Swit-zer-

land a

24othercoun-tries

1922-December1923-December1924-December1925-December1926-December1927-December1928-June

JulyAugustSeptember-._OctoberNovember. __December

1929-JanuaryFebruaryMarchAprilMay

8,348f 8,607

8,9388,9129,1859,536

9,7499,8409,8799,9389,9449,991

10,00010,03210,054

P10, 085P10, 057

3,5063,8344,0903,9854,0833,977

3,7323,7373,7493,7523,7693,7543,7463,7463,7763,8143,8893, 931

473466444451451529622622621633611610607605603585

P585

116121121128107105

109110110107107107108109109110110

5252535386100

111112112112113115126126126126134

2749545456101

140140143143146148149149150150

P150

14712715115715815210498101106108133114797878

P 7 8

752754757703735742

838857

803778750744736748

708709710711711954

1,1361,1731,1901,2001,2071,2391,2541,3331,3341,3401, 4031.435 i

227111181288436444

496524536571603625650650650639451

P420

118109109109109119

119119119119119120124128128128128

217216218219221239

259263263266266266

266270270

586576562542

542542542542542542541541541542542

234234203178166161

175175175175175175175175175170174

487488489490493502

503503503504504494494494494494494

103104989091

100

868687909191

10393939395

572585601627634672

694

701702702702703

P707P701

p Preliminary, based on latest available figures.r Revised.1 All countries for which satisfactory figures are available; see explana-

tion in Bulletin for April, 1929 (p. 263), where separate figures for eachcountry are given by years back to 1913. The 16 countries for whichfigures are here shown separately by months include all those whichhave held gold in recent years to the amount of $90,000,000 or more.

2 Treasury and Federal reserve banks.3 As of end of month.* Figures for December as of end of month; for other months figures

of Bank of the Nation are as of end of month; figures of Governmentconversion fund as of last Wednesday in the month.

6 As of last Monday in month.6 As of last Thursday in month.

7 As of end of month for Bank of Brazil, last Saturday in month forstabilization fund.

8 Includes gold held by Government against Dominion notes andsavings bank deposits, and such gold as is held by chartered banks inthe central reserve.

8 As of last Wednesday in month. Gold held by Bank of Englandand, prior to 1925, gold held by exchequer in currency note reserve.

i° As of last Friday in month,u Currency and gold standard reserves.12 Domestic holdings of Bank of Japan and the Japanese Government.

Figures are as of end of month, except that in 1928 figures for holdingsof the bank are as of last Saturday in month. No figure for December1924, is available, the figure given being that for January, 1925.

13 Reported as of day after end of month,u As of last Saturday in month.

GOLD MOVEMENTS[In thousands of dollars]

Month

1928—AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1929—JanuaryFebruaryMarch _April __

United States

Im-ports

5,3191,968

20,00010,3312,4454,273

14,33129,59124,95048, 57726,91326, 47024,687

Ex-ports

96,46983,68999,93274,190

1,6983,810

99222,916

1,6361,3781,4251,6351,594

Net

-91,150-81,721-79,932-63,859

747463

13,3396,676

23,31447,19925,48824,83523, 093

Germany

Im-ports

29,8341,175

11,27628,02414,05837,08434,14623, 26126, 923

1,2501,3381,7011,768

Ex-ports

822688707632765783844943802577764804

223, 247

Net

29,012487

10,56927,39213,29336,30133,30222,31826,121

672574897

-221,480

Great Britain

Im-ports

11,76018,74639,67223,95824,05519,23315,82422,26117,79211,84412,34725, 73416,144

Ex-ports

2,9435,4986,4099,436

20,18028, 24745,59741,98925,50227,89121,3837,7463, 714

Net

8,81613,24833,26314,5223,875

-9,014- 2 9 , 773- 1 9 , 728-7,710

-16,047-9,03617,98712,430

Netherlands

Im-ports

6615789

107125389856414170504181133165

Ex-ports

193793831223

362365146

Net

47-222

5176

103386820392

5490175

14,3201-14,1872! 163

SouthAfrica

• Net

-17,923-17,339-21,028-16,919- 2 2 , 300-15,315-12,847-20,081-12,253-16,607

India

Net

8,2508,6646,2382,1242,9901,6884,6046,4269,8394,7307,700

13,063

MOVEMENTS TO AND FROM GREAT BRITAIN[In thousands of dollars]

From or to—

France _GermanyNetherlands _ _RussiaSpain and CanariesSwitzerland-United StatesSouth AmericaBritish IndiaBritish MalayaEgyptRhodesiaTransvaalWest AfricaAll other countries...

Total.

1929

April

Im-ports

10119

1,003

34214, 277

33073

16,144

Ex-ports

3081,102

97

3723

" " 9 5 6 "2

58

465

3,714

January-April

Im-ports

80342

14, 368

641,052

1,42746,637

1,188486

66, 069

Ex-ports

1, 2362,834

810

324,980

29,449

5,2391,4501,303

613, 394

60,733

1928

Calendar year

Im-ports

912258145

18,5829,733

32,5321,166

711,3095,280

144,4823,384

14,803

232, 658

Ex-ports

97,178102,423

7,081

19913,49332,132

1,07410,7701,8101,384

1626,978

294, 539

MOVEMENTS TO AND FROM BRITISH INDIA[In thousands of dollars]

From or to—

England __United StatesAden and dependen-

cies __ .ArabiaBritish OceaniaBahrein Islands. _CeylonChinaMesopotamia _ _Straits Settlements._EgyptNatalAll other countries..

Total

1929

March

Im-ports

2,318

99164303

15243

15176

4709,268

13,075

Ex-ports

12

12

i 1928

J Z T Calendar year

Im-ports

4,66622

267360894

61243

50724

31,006

17,2065

25, 509

Ex- 1 Im-ports ports

11,0714,086

910870

_ __ 5,067285720153

. . . ! 1,54314 200

: 6 714• 44,387

15 ; 76,007

Ex-ports

48

44

99


J U N E , 1929 FEDEKAL KESERVE BULLETIN 397

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

1929

April March Febru-ary

1928

April

1929


1928

April

Bank of England (millions of poundssterling):

Issue department-Gold coin and bullionNotes issued

Banking department-Gold and silver coinBank notesGovernment securitiesOther securitiesDiscounts and advancesPublic depositsBankers depositsOther depositsReserve ratio1 (per cent)

Bank notes in circulation J

Currency notes and certificates-

Bank of France (millions of francs): •GoldSight balances abroadForeign billsLoans and discountsNegotiable bondsNote circulationPublic depositsOther deposits

German Reichsbank (millions ofreichsmarks):

Gold reserveGold abroadReserves in foreign exchangeBills of exchange and checksDeposits _Reichsmarks in circulationRentenmarks in circulation

Bank of Italy (millions of lire):Gold at homeCredits and balances abroadLoans and discountsTotal note circulationPublic depositsOther deposits

Bank of Japan (millions of yen):GoldAdvances and discountsGovernment bondsNotes issued..Total deposits

Commonwealth Bank of Australia(thousands of pounds sterling):

Issue department-Gold coin and bullionSecurities

Banking department-Coin, bullion, and cashMoney at short call in Lon-

donLoans and discounts.. __.Securities _Deposits _

Bank notes in circulation

Austrian National Bank (millions ofschillings):

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

156.0416.0

.558.844.315.611.018.358.435.752.7

357.3

153.3413.3

.451.550.617.113.019.758.236.445.4

361.8

150.9410.9

.458.643.015.68.4

14.057.036.754.7

352.3

35, 7888,544

18, 5398,7375, 930

62, 84811, 8767,283

34,18610, 57718,4349,1605,93064,57511,617

1,71917399

2,790585

4,631498

2,55313036

2,296478

4,822515

5,1254,8795,52316,274

3001,844

5,1265,3345,21416,396

3002,125

1,064792175

1,247789

1,063793172

1,354770

22, 57820, 340

1,728

15, 46011, 73311,44839, 64938, 841

22, 58121, 740

1,524

17,40312, 55210, 25242,08339, 635

16919734620711099538

169210357188110

1,00433

34,03811, 53918,4067,5025,93062,50612,3007,175

2,6438690

1,876526

4,553517

5,0595,5175,20516,197

3002,340

1,061798172

1,231919

22,48122, 741

1,436

18,63812,1879,37741,14440, 763

16920936116411697745

159.2178.9

1.344.229.155.918.094.840.378.5292.0

1,95586168

2,493558

4,409626

4,7727,7394,06617,124

3003,365

1,063929178

1,348918

22,00022, 723

1,582

10, 49812,94312, 90139, 27140, 524

11729827512516894738

National Bank of Belgium (millionsof belgas):

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

962456764345

2,431123

488746345

2,412124

906490738344

2,432110

National Bank of Bulgaria (millionsof leva):

GoldNet foreign exchangeTotal foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities

1,3511,7502,3081,4713,6854,3662,711

1,3421,8362,9531,4853,6854,1013,082

1,3321,9343,0001,3773,6853,8943,210

Central Bank of Chile (millions ofpesos):

Gold at homeDeposits abroadLoans and discountsNote circulationDeposits

61463

366180

6141392

366114

6142367

345131

Bank of the Republic of Colombia(thousands of pesos):

Gold at homeGold abroadLoans and discountsNote circulationDeposits

25, 59"26,14:15, 27348, 3029.596

25,39526,55416,95451,0729,360

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

Gold and silverForeign balances and currency. __Loans and advancesAssets of banking office in liqui-

dationNote circulationDeposits

1,2071,688

653

4117,133

466

1,2061,781

527

4227,333

350

Danish National Bank (millions ofkroner):

GoldForeign bills, etc._Loans and discounts.Note circulationDeposits

1738975

35933

1738871

35727

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

Balances with Bank of England. .Foreign bills, etcLoans and discountsNote circulationDeposits

Bank of Estonia (thousands ofkrones):

Gold. . . .Net foreign exchangeLoans and discountsNote circulationDeposits-

GovernmentBankersOther

13,40716, 03224, 22837,4022,107

16,06913,96725,32938, 7392,116

6,27119, 80330, 04834, 728

12,0443, 7052,702

6,24322,25731, 62836,259

14,5942,2082,934

25, 26034,19710,40051,39510, 754

1,2061,841196

4257,063405

1731026434230

14,51618, 26721,19436,9232,174

6,23422,98031, 33935,760

16,3131,8763,101

760472557392

2,106133

1,291

435881

4,4713, 7971,056

6251319

306173

21,42134,1248,62046,1489,307

1,1191,669188

4797,098310

1821047035231

14,07825,95123,14635,4043,275

10, 28128,01228, 32739,033

14,8971,8524,396

1 Ratio of gold and notes in banking department to deposit liabilities.1 Notes issued, less amounts held in banking department and in cur-

rency note account.3 New form of bank statement adopted in June, 1928.


398 FEDERAL RESERVE BULLETIN JUNE, 192»

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

1929


1928

April

1929


1928

April

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

Gold.Balances abroad and foreign

credi ts . . -Foreign billsDomestic billsNote circulationDemand liabilities

Bank of Greece (millions of drach-mae) : *

GoldNet foreign exchange in r e s e r v e -Total foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities

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

Gold _Foreign bills, e tc .Loans and discountsAdvances to t reasury. -Other assetsNote circulationDepositsMiscellaneous liabilities

Bank of Java (millions of florins):GoldForeign billsLoans and discounts. .Note circulationDeposits

Bank of Latvia (millions of lats):Gold. _Foreign exchange reserveBi l l s . - . __LoansNote circulationGovernment deposits.Other deposits

Bank of Lithuania (millions of litas):GoldForeign currency _Loans and discounts.._Note circulationDeposits

Netherlands Bank (millions of flor-ins):

Gold _Foreign b i l l s . . .Loans and discountsNote c i rculat ion. . .Deposi ts . . .

Bank of Norway (millions of kroner):GoldForeign balances and billsDomestic creditsNote circulationForeign depositsTotal depos i t s . . .

Reserve Bank of Peru (thousands oflibra):

GoldGold against demand deposits.. . .Foreign exchange reserveBil ls . .Note circulationDeposi ts . . .

302

6618

1,3231,556

217

5703,4704,893

1083,6565,6171,856

17733

3709259

48515466

2457865445

105

432

84027

14756

273308

1114

4,169247827

1,7936,046

493

302

70611

1,3551,596

265

141,3601,523

376

5653,4724,588

1233,7905,4882,122

5603,4464,605127

3,7905,4652,136

204223459286458

204433149211445121675

167288230442

16937

30050

247182474410275

93

4234225278310

43516717277632

147492743122

4,215201790

1,7176,075401

14736266301291

4,266150815

1,5746,021300

313

93526866

1,619217

19785320106195479255142

174228130447

247382434011759

70

43519021985332

147492933212

125

4,111305965

1,6255,913610

Bank of Poland (millions of zlotys):Gold at homeGold abroadForeign exchange of the reserve...Other foreign exchangeLoans and discountsNote circulationCurrent account of the treasury. _Other current accounts

42819548394783

1,274338153

427195530129790

1,333270242

426195544154745

1,249387206

380182568212550

1,126343205

Bank of Portugal (millions of escu-dos):

GoldBalances abroadBills _Note circulationDeposits

National Bank of Rumania (millionsof lei):

Gold at homeGold abroadForeign exchange of the reserve..Other foreign exchangeLoans and discountsState debt __Note circulation _Deposits _ _

State Bank of Russia (thousandsof chervontsi):

Loans and discountsDepositsIssue department—

Gold.Other precious metalsForeign exchange__Note circulation-

9314278

1,79870

326280

1,85272

9329280

1,88072

202228

1,82577

5,0493,5922,520

3879,4277,672

19, 9686,560

5,0213,5913,6551,1338,051

10, 08020,96410,151

5,0113,264(6)()

12,1044,000

20,0744,385

5 4,920s 3, 644r

(6)()

6 12, 22110,67921,017

1, 248

358, 006206,156

17,8834,3599,165

110, 212

358, 006206,156

17, 8834,3599,165

110, 212

356, 212206,375

17, 8854,3409,219

108,365

315,175189,199

15, 8082,8717,557

95, 768National Bank of the Kingdom of

Serbs, Croats, and Slovenes (mil-lions of dinars):

GoldForeign notes and creditsLoans and discountsAdvances to StateNote circulationDeposits

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

GoldForeign billsDomestic billsNote circulationDeposits-

GovernmentBankersOthers

92192

1,6192,9665,212

891

92192

1,6552,9665,265

729

91185

1,6142,9665,159

750

90263

1,5202,96&5,325

875

8,0497,7061,4318,755

2,3925,140

311

8,2067,7131,412

7,7577,064

933

1,6135,613

2444,964

263

8, 0268,513

8048,684

1,6795,036

234Bank of Spain (millions of pesetas):

GoldSilverBalances abroad..Loans and discountsNote circulationDeposits

Bank of Sweden (millions of kronor):GoldForeign bills, etcLoans and discountsNote circulationDeposits

Swiss National Bank (millions offrancs):

GoldForeign balances and billsLoans and discountsNote circulationDemand deposits

2,56072096

1,7194,2581,070

2,56071695

1,8374,243980

2,55971393

1,6964,2941,029

70441

1,7314,2501,020

235186364518

235189374544174

235199331499186

232137395501196

493247201875112

481218242886111

48218124184377

43521122084572

* New form of bank statement adopted in May, 1928.fi Converted into the terms of the leu adopted Feb. 7, 1929.6 Foreign exchange not reported separately.



CONDITION OF COMMERCIAL BANKS[Figures are for the last report date of month except for London clearing banks, which are daily averages]

Nine London clearing banks (mil-lions of pounds sterling):

Money at call and short notice..Advances and discountsInvestmentsDeposits

Six Berlin banks 1 (millions of reichs-marks):

Bills and treasury notesDue from other banksMiscellaneous loansDepositsAcceptances _

Tokyo banks (millions of yen):Cash on handTotal loansTotal deposits _Total clearings _

Banks of Buenos Aires, Argentina(millions of gold pesos):

G o l d -Bank of the NationOther banks

Other ca sh -Bank of the NationOther banks

Loans and discounts-Bank of the NationOther banks.

Deposits-Bank of the NationOther banks

Chartered banks of Canada (mil-lions of dollars):

Gold coin and bullion 2

Current loans and discountsMoney at call and short notice...Public and railway securitiesNote circulationIndividual depositsGold reserve against Dominion

notes ___Dominion note circulation

1929

April

1431,178

2441,743

2,3631,2096,904

10, 036459

2632,0562,1092,457

March

1341,195

2441,739

2,6441,2437,189

10,404441

2602,0972,1402,231

Febru-ary

1331,228

2461,777

2,8191,0946,963

10,185434

3442,0712,1082,283

1929

March

12512

125190

Febru-ary

12512

144197

Jan-uary

531870

7721,027

631,560

560524189

2,560

58205

525862

7801,011

641,506

597530162

2,560

59192

12512

148202

511851

1,018

641,481

595530158

2,595

59198

1928

April

1521,132

2331,690

2,113944

5,9518,423

397

2,2551,9992,515

1928

March

12311

139213

493755

734940

1,439468544177

2,500

93189

Joint-stock banks of Denmark (mil-lions of kroner):

Loans and discountsDue from foreign banksDue to foreign banksDeposits and current accounts. _.

Joint-stock banks of Finland (mil-lions of Finnish marks):

Loans and discountsDue from abroadDue to abroadDeposits

Three commercial banks of France(millions of francs):

Bills and national-defense bonds..Loans and advancesDemand depositsTime deposits

Four private banks of Italy (millionsof lire):

Cash.. . _Bills discountedDue from correspondentsDue to correspondentsDeposits

Joint-stock banks of Norway (mil-lions of kroner):

Loans and discountsDue from foreign banksDue to foreign banksRediscountsDeposits _

Joint-stock banks of Peland (mil-lions of zlotys):

Loans and discountsDue from foreign banksDue to foreign banksRediscounts _.Deposits _

1929

March

1,72216990

1,939

9,782201587

7,625

1,29411686

1021,568

Joint-stock banks of Sweden (mil-lions of kronor):

Loans and discounts _Foreign bills and credits abroad..Due to foreign banksRediscounts _Deposits

P 809P34

P 178P 147P509

4,130265151230

3,540

Feb-ruary

1,723166

941,940

218552

7,462

20,22610,35333,972

707

1,1638,9385,09113,5233,045

1,29812882

1011,588 |

Janu-ary

1,70415986

1,911

9,560261492

7,563

1928

March

1,8765790

2,071

244380

20, 589 17,4419,434 5, 94833,635 j 26,870

573 453

1,29712483102

1,587

796 I 78336 I 43165 155152 155505 i 493

4,137266122167

3,527

4,119274126165

3,530

3 1, 2823 9,1753 5, 090

3 14,1773 2,739

1,45172135176

1,649

62330101125410

4,111271156192

3,518

i The merger of the accounts of the Mitteldeutsche Creditbank with those of the Commerz-und-Privatbank, which was begun in March, 1929,.has now been completed.

1 Not including gold held abroad.3 Figures are for February, 1928.p Preliminary.

DISCOUNT RATES OF 33 CENTRAL BANKS(Prevailing rates, with date of last change]

Country

AustriaBelgiumBulgariaChile.ColombiaCzechoslovakia-Danzig..DenmarkEcuador

Rate

49685758

In effectsince—

Apr. 24,1929June 30,1928Dec. 15,1928Oct. 22,1928Mar. 18,1929Mar. 8,1927Apr. 30,1929June 24,1926June 26,1928

Country

EnglandEstoniaFinland.. .FranceGermany.GreeceHungary..IndiaItaly

Rate

3 ^

9 2

867

In effectsince—

Feb. 7,1929Jan. 2,1928Nov. 16,1928Jan. 19,1928Apr. 25,1929Nov. 30,1928Apr. 24,1929May 9,1929Mar. 14,1929

Country

JapanJavaLatviaLithuania.. .NetherlandsNorwayPeru.-Poland

Rate

5.48

6-77

79

In effectsince—

Oct. 10,1927Feb. 25,1929Apr. 1,1928Feb. 1,1925Mar. 25,1929Mar. 27,1928Mar. 7,1929Apr. 19,1929

Country

PortugalRumania. _.RussiaSouth AfricaSpainSwedenSwitzerland-Yugoslavia..

Rate

8

8 2

6 2

In effectsince—

July 27,1926May 14,1929Mar. 22,1927Jan. 9,1928Dec. 19,1928Aug. 24,1928Oct. 22,1925June 23,1922

Changes.—Bank of Danzig from 6 to 7 per cent on April 30, 1929; Imperial Bank of India from 7 to 6 per cent on May 9, 1929; National Bank.of Rumania from 8 to 9H per cent on May 14, 1929.



MONEY RATES IN FOREIGN COUNTRIES

Month

1927April - -3VIayJuneJulyA usfustSeptember _ -OctoberNovemberDecember

1928Janu&rvFebruaryMarch _April -May

JulyAugustSeptemberOctoberNovemberDecember

1929JanuaryFebruary

April

Month

1927AprilM a yJune -JulyAucustSeptemberOctober - -NovemberDecember

1928JanuaryFebruaryMarch

MayJuneJulyAugustSeptemberOctober _NovemberDecember

1929JanuaryFpbruarv]VtarchApril

England (London)

Bankers'accept-ances, 3months

4.043.884.344.334.334; 324.324.334.31

4.194.184.124.023.973.823.994,274.234.354.384.37

4.325.055.335.21

Belgium(Brussels)

Privatediscount

rate

4.334.234.173.843.843.753.874.094.15

4.083.904.104.254.254.274.024.003.963.943.943.94

3.943.943.943.94

Treasurybills, 3months

4.043.844.364.334.354.334.334.344.31

4.134.184.074.013.953.803.974.264.194.374.304.37

4.294.965.305.18

France(Paris)

Privatediscount

rate

3.172.462.252.132.042.011.822.752.95

2.812.752.722.622.622.903.123.233.263.373.373.41

3.503.393.373.44

Day-to-daymoney

3.643.733.433.503.613.553.573.623.44

3.493.633.633.573.583.263.273.503.553.803.643.22

3.414.334.514.43

Italy(Milan)

Privatediseount

rate

9.258.507.607.007.006.816.506.276.00

6.005.895.755.495.255.255.255.255.255.255.455.50

5.836.006.316.75

Bankers'allowance

on deposits

3-2342342tt234Wi2342342342te

2H2H2H2H2H2H2342H2H2H2342\i

2H

3H

Germany (Berlin)

Privatediscount

rate

4.614.905.395.905.825.906.696.766.87

6.276.206.726.716.666.596.746.686.656.576.286.28

5.805.806.316.63

Austria (Vienna)

Privatediscount

rate

5H -5H

5H -5^8m -en634 -6H634 -6Me6H -6M«6H -6J46H -6Me

55,£ -5 lHe5% -5^85He - 5 H534 - 5 %51Me-51M65% -6J4694 e -8J46Me -6)4

6M6 ^

6H -6H

6Me-63^6Me-6Me634 -6%6M6-7K

Moneyfor 1

month

6^-7^634-86H-7%7 -&A7}i-SU7 -8H734-8%734-8^

6^-8634-734634-7H6J4-734634-7346M-8346%-834734-834734-834734-834

7y2sn7H-8H

7U-m7U-8H734-8347H-m

Money for1 month

6.576.957.738.498.388.308.728.729.10

7.667.307.517.577.808.088.188.198.588.268.158.77

7.517.077.307.57

Day-to-daymoney

5.635.995.797.065.816.007.196.037.24

5.166.666.816.647.006.377.746.126.656.706.707.30

5.136.336.976.85

Hungary

Primecommer-cial paper

63^-73^6J^-7^7 -7%7H-87H-8H7^-8H7J^-8J^7 -83^7H-&H

7H-SH796-8H734-83^734-8H7H-8H7HSH7 H - 8 H73-4-83^734-8H7H-97%-97Ji-8%

7H-8^7^-83^7H-8^

Day-to-daymoney

5^-6^5U-6H

6 -76 -7Y46 -7H6 -7%5H-7H5H-7H

5fc-7H534-7H5 -7H534-7^534-7%5fc-7%5H-7HhVi-7%53^-7^6^-8H6H-8H6^-8H

6X-8X6>i-834

Netherlands (Amster-dam)

Privatediscount

rate

3.473.463.573.533.453.564.114.504.49

4.293.973.974.184.274.184.104.134.394.404.444.46

4.204.39

T4.645.32

Sweden(Stock-holm)

Loans upto 3

months

4 -64 -64 -64 -64 -64 -64 -64 -64 -6

4 -64 -64 -64 -64 - 6 H4 - 6 H4 - 6 H434-634434-634434-634434-634434-6^

4V4-6*443^-63^434-6344^-6^

Money for1 month

3.723.763.873.253.403.824.294.734.85

4.103.803.893.934.174.113.843.904.354.424.744.68

4.464.78

r5.055.80

Switzer-land

Privatediscount

rate

3 133.193 423 478.443.393.383 393.40

3 293.123.203.29

3.403.443 413.383.383.353.32

3.283.313.393.45

Japan (Tokyo)

Discountedbills

5.84-& 036. 57-7. 676. 57-8. 766. 21-8.405.48-8. 035.11-7. 674. 75-7. 305.11-7. 305.48-7. 67

4. 38-7. 674. 38-6. 214.02-5. 844. 75-5. 844. 75-5. 844. 38-5. 844. 38-5. 844. 38-5. 844. 75-5. 844. 75-6. 214. 75-6. 754.93-6.94

Callmoney

overnight

4.38-5. 294. 38-4. 754. 38-5.113. 65-5.113. 65-4. 752.19-4. 382.19-4. 382. 74-4. 022.19-5. 84

1.64-5.111. 46-4. 022.92-4.022. 56-4. 021. 46-4. 021. 46-4. 021. 46-4.022. 92-4. 022. 37-4.022.92-4. 022. 01-4. 021.83-6. 57

1.46-5.842 01-4 022.19-4. 02

r Revised.

NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1926, and April, 1927.



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

Par value „.

1928—MayOctoberNovemberDecember


Par value

1928—MayOctoberNovember.. .December


Par value

1928—May..OctoberNovemberDecember

1929—JanuaryFebruaryMarchAprilMay__

Par value

1928—MayOctoberNovember.. .December

1929—January.FebruaryMarch _AprilMay__

Austria(schilling)

14.07

14. 065614. 607914.060214.062814.059814. 054314.052214. 046714.0468

Italy(lira)

5.26

5. 26885. 23655. 23855. 23695.23375. 23435. 23515. 23555. 2357

Belgium(belga)

13.90

13.959713.895913.896613.907313.895813.89-1413.883613. 884713. 8826

Nether-lands

(florin)

40.20

40. 347340. 090840.137440.174840.109640.049040. 053540.140940.1984

Bulgaria(lev)

0.72

.7191

. 7203

.7193

.7190

.7191

.7202

.7206

.7212

.7210

Norway(krone)

26.80

26. 782926.654326. 651126. 672826.656026. 663326.660926. 664426. 6550

NORTH AMERICA

Canada(dollar)

100.00

99.911799.9667

100. 004399. 787299. 750999. 641199.403099.239499. 3012

SOUTHAMERICA—

continued

Vene-zuela >

(bolivar)

19.30

19.250019. 250019. 283919.380019.340019. 263619. 250019. 255019. 3300

Cuba(peso)

100.00

99. 961599.927099.930099.933299. 9583

100. 0307100.026199.9721

100. 0101

Mexico(peso)

49.85

48.558847.574247.890147.984148.367848. 458148.051548. 241947. 9715

Czechoslo-vakia

(crown)

(*)

2. 9624% 96272. 96262.96242.96052.96042.96102. 96002.9599

Poland(zloty)

11.22

11.213311.201211.198511.191311.188311.194211.192311.191011.1859

Denmark(krone)

26.80

26.824526. 657826. 654126.686826. 670426. 666426.649326.652726. 6473

Portugal(escudo)

108.05

4.22074.49934.47084.40824.42814.40694.44954.46454. 4738

England(pound)

486.65

488.1594484.9500484.9213485. 2442484.9878485. 2140485. 2626485. 3225485.0785

Rumania(leu)

0.60

.6194

.6072

.6042

.6005

.6018

.6001

.5964

.5955

.5946

Finland(markka)

2.52

2. 51742. 51672.51732. 51702. 51712. 51692. 51652. 51602. 5155

Russia *(chervo-

netz)

514.60

« 515. 0000* 515.0000< 515.0000« 515.0000« 515. 0000* 515.0000* 515. 0000* 515.0000* 515. 0000

France(franc)

3.92

3. 93593.90613.90663. 90983.90823. 90573.90583. 90703. 9071

Spain(peseta)

19.30

16. 730916.179816.120116. 234816.295415. 558715.065614.749514. 2245

Germany(reichs-mark)

23.82

23. 929223.814323.823423.832523.769423. 730623.721823.703923. 7570

Sweden(krona)

26.80

26.830026. 737826. 727826. 763326. 739226.727526.710126.705426. 7181

Greece(drachma)

1.30

1. 30361. 28681. 29251. 29241.29171. 29151. 29201. 29241. 2924

Switzer-land

(franc)

19.30

19. 272419. 244719. 249419. 272919.240519. 231819.233319. 246819. 2572

Hungary(pengo)

17.49

17. 458917.425617.422017.418517.424617.427817.425517.423917. 4269

Yugo-slavia(dinar)

19.30

L. 7602L. 7591L. 7581L. 7587L. 7580L 7573L. 7563L. 7563I. 7570

SOUTH AMERICA

Argentina(peso-gold)

96.48

97.200895.593395.815095. 750495.764295. 765095. 562495. 556395. 5184

Bolivia •(boliviano)

36.50

34.800036.490036.490036.469636.330836. 500036. 500036.500036. 5000

Brazil(milreis)

11.96

12.032711.947711.942911.890011.916011.917111.823511.834811. 8634

Chile(peso)

12.17

12.191012.084312. 060312.067812.063012. 047912.064512. 064412. 0423

Colombia •(peso)

97.33

98.192397. 614697.110997.090097.090097. 090096. 766996.390096. 3900

Ecuador •(sucre)

20.00

20. 000020.000020.000020.000020.000020. 000020.000020. 000020.0000

Peru*(libra)

486.65

399.2692399.0385400.3043400.4000400. 0000399.7727400. 0000400. 0000400. 0000

ASIA

China(Mexicandollar)«

47.26

47.789946.559146. 553846.045545. 683744. 793244. 885644. 2260

j 43.2824

China(Shanghai

tael) «

59.42

66.445064.037464.002063. 551063.116862.197362. 230461. 251659. 6191

China(Yuandollar) «

42.30

47.294846.196346.167545. 680845. 407044. 555844. 620543.983942. 8005

HongKong

(dollar)»

42.46

51.016849.947149.976349.787949.816148. 884948. 843748. 696348. 3424

India(rupee)

36.50

36. 591336.454136.456336.465336.448736. 362936. 362336. 310736.1817

Japan(yen)

49.85

46.609746. 201946.350345. 894045. 510245. 210344.520344.617644. 6460

Java*(florin)

40.20

40. 244640.116140.122640.139640. 062339. 921839.939639. 989640.1000

StraitsSettle-ments

(Singaporedollar)

56.78

56.136256. 340456.440956. 248856. 002755. 968156.075255.961555. 9824

Turkey(Turkishpound)

439. 65

51. 202350.835450. 086749. 292448.728649. 215048. 9973

Uruguay(peso)

103.42

102.9908101. 8431102.3049102.6068102. 7469102. 6037101. 617799.112097. 7018

AFRICA

Egypt(Egyptian-

pound)

494. 31

500. 5540497.4003497. 2970497. 6198497.3430497. 5544497. 6292

i Based oa noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pur-suance of the provisioQS of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January. 1928, and January, 1929.

1 The National Bank of Czechoslovakia opened Apr. 1, 1926, under the obligation "to maintain the relation of the Czechoslovak crown to theundepreciated foreign gold currencies at the level of the last two years." During the period April, 1924, to March, 1926, inclusive, the range ofthe Czechoslovak crown was between 2.9193 cents and 3.0312 cents; the quotation on Mar. 31,1926, was 2.9616 cents.

» Averages based on daily quotations of closing rates as published by New York Journal of Commerce.< Nominal.a Silver currency. The figure given for parity represents gold value of unit in May, 1929, computed by multiplying silver content of unit by

New York average price of silver for May, 1929, which was $0.54435 per fine ounce. On the same basis, parity in May, 1928, for the Chinese Mexi-can dollar was 47.62 cents; for the Shanghai tael, 66.16 cents; for the Yuan dollar, 47.10 cents; and for the Hong Kong dollar, 47.28 cents.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES

WHOLESALE PRICES

ALL COMMODITIES

Month

1927August _September. _„OctoberNovember . .December

1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. .OctoberNovember__ .December.

1929January __FebruaryMarchAprilMay

Month

1927AugustSeptember.October ._NovemberDecember

1928January . . .FebruaryMarch. ._AprilMayJuneJuly__ . . .AugustSeptember.OctoberNovemberDecember

1929January.February.MarchAprilMay

UnitedStates(Bu-

reau ofLaborStatis-tics) i

9597979797

9696969799989899

100989797

97979897

Po-land 3 <

101101101102101

10099

102105103103102100100

* 100'100

100

98999999

EUROPE

Aus-tria(goldbasis)

133130129127127

129128129131131133133133131129128127

128130133134

Bel-gium

850837839838841

851848848847844844841831830835847855

867865869862

Bul-garia

2,7452,7362,7472,7072,739

2,7822,8262,8392,8912,9062,8662,9112,7902,8052,8442,8752,865

2,8692,9452,974

E UROPE—continued

Russia2

171170170170170

171171171171171172172173173176176177

177177178179

Spain

168169169168169

166166165166164164164166168174176175

171* 173

174

Sweden

146148147148148

148147149151152151150149146145145145

144145144141

Czecho-slo-

vakia

983975966967975

982985978984987986979996986971957955

953950964963

Switzer-land *

143144145147146

145144145146145145144145145145145144

143143142140

Den-mark

153153154154154

153152153154155155155154151150151151

151159154150

Can-ada i

9897979797

979798989897969596959595

959696

Eng-land

(Boardof

Trade)

141142141141140

141140141143144143141139138138138138

138138140139

Peru

204205200200199

199195193197195195193190188187186185

186r 186

189185186

Fin-land(gold

basis) i

102101101103103

102102103103103103103103101101101101

100100100

99

Aus-tralia

165170173166162

163160160162159158157154153152152154

157156157

France

Statis-tical

Bureau

618601587595604

607609623619632626624616620617626624

630638640627

FederalReserveBoard

578574554545567

569569587601617621613607598585580588

591r599

ASIA AND

China(Shang-

hai)

171172WJiti6164

163164163163165160159157156159159160

160182164181

DutchEast

Indies

154153152151150

150149149150151150150148149149149149

150150

Ger-many(Fed-eral

Statisti-cal Bu-reau)

138140140140140

139138139140141141142142140140140140

139139140137136

Hun-gary(goldbasis)

134133133133135

135134135136135135133134137138137135

134137138138

OCEANIA

India(Cal-cutta)

151150147148148

145144144146147145148143142143146145

145144143

Japan(To-kyo)

167169170168168

169169169170171189169170174174173174

172171171170

Italy(Bachi)

465465468466463

463461464464465462453456458463466464

461463461460

NewZea-land

14614614-i

147148

150147147147148148148147148149150149

147146

Nether-lands

149150150152152

154151153153152152148145146146148148

146146147

Nor-way

(Oslo)

161158157157156

157157157156156158160153153151150150

149150150148

AFRICA

Egypt(Cairo)

117120118

114

114114I I P

r-Hj117117117119120126129126

125122123120

SouthAfrica

I >~i

120

£2!

119

120

120

iNewindex-1926=100. 1 First of month figures. »New official index. * 1927 = 100. r Revised.

NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statis-tical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Nether-lands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1901-1910; October, 1900; 1909-1913;1910) to a 1913 base. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research andStatistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the monthto which the figures refer may be found on pages 769-770 of the BULLETIN for November, 1927.



WHOLESALE PRICES—Continued

GROUPS OF COMMODITIES

ENGLAND-BOARD OF TRADE

All commoditiesTotal food

Cereals ,.._Meat and fish _Other foods

Industrial productsIron and steel.Other minerals and metals. _CottonOther textilesMiscellaneous

1929

Apr.

139148137146160134114125159156135

Mar.

140150140145165135113126162158136

Feb.

138149142144160133113118159159137

Jan.

138148140144159133113116162161139

1928

Dec.

138148140145158133112115164160138

FRANCE—STATISTICAL BUREAU

All commoditiesAll foods.-

Animal foodsVegetable foodsSugar, coffee, cocoa-

All industrial material..MineralsTextiles..Sundries.._

627623624629591631560783605

640624603648596653602811612

638625614637602650564821624

630612604623590645549822623

624601602597592642547808624

All commodities _ _Total agricultural products rf_

Vegetable foodsCattle _Animal products _F o d d e r . . . . _

Provisions _Total industrial raw materials

and semifinished productsCoalIronNonferrous metals ._TextilesHides and leatherChemicalsArtificial fertilizersTechnical oils and fatsRubber _Paper materials and p a p e r . .Building material

Total industrial finished prod-ucts

Producers' goodsConsumers ' goods

137128130122127140127

1331361281271481291268812629150157

158138173

140134133123142142128

1341381281321501301278812634151157

158137174

139134132120151140125

1341391281181491311268712634151157

158138174

139132130118147138124

1341381281131531391278712728151157

159138175

140134126118162137125

1341371281101541431278412825151158

160138176

All commoditiesTotal food _Vegetable foodsAnimal foods

All industrial products.TextilesChemicalsMinerals and metalsBuilding materialsOther vegetable products. _.Sundries

493562569552466433446452541501516

499570585552472440449456541519522

498569574562471440454450541511527

496559572543472445455442536508547

497560574543472450450439529515555

NOTE.—See footnotes on preceding page.

52985—29 4

Apr.

143159156139182135113111169170142

619601536633653641530823625

GERMANY—FEDERAL STATISTICAL BUREAU

140134154100133158136

13412812610416516012683

11525

148158

158136174

ITALY—CHAMBER OF COMMERCE OF MILAN

493557599505468460448423522512555

SWEDEN—BOARD OF TRADE

All commoditiesVegetable productsAnimal productsFuels and oilsRaw materials for manu-facture in iron and metalindustry

Paper pulp and paperRaw materials for manu-facture in leather indus-try

Raw and manufacturedchemicals .

Raw materialsSemifinished materialsFinished materialsProducers' goodsConsumers' goods

1929

Apr.

141128136117

120162

130

153136142143135146

Mar.

144131139122

120161

132

155141143145137150

Feb.

145131144126

117161

131

165143143146137151

Jan.

144129144116

116161

135

165139142147135151

1928

Dec.

145130150115

lid162

141

165141145148137153

Apr.

151151134112

113161

151

165148154151143158

CANADA—DOMINION BUREAU OF STATISTICS

All commodities _Vegetable productsAnimal productsTextiles..Wood and paper products.Iron and its productsNonferrous metalsNonmetallic mineralsChemicals

I l l939993

1029495

901089398939694 I94

9587107939893949494

9587

109939893929494

102104949994899495

AUSTRALIA-BUREAU OF CENSUS AND STATISTICS

All commoditiesMetals and coalTextilesAgricultural products.Dairy productsGroceries and tobacco.MeatBuilding materialsChemicals

157174157150152166118159189

156174160159155166117159189

157172159167156163117159189

154172160161149164111161189

162174176163146166139159188

INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS

All commoditiesCerealsPulsesTeaOther foodsOilseedsRaw juteJute manufacturesRaw cottonCotton manufactures..Other textilesHides and skinsMetalsOther articles

1929

Mar. Feb.

144133166157149150108138158162140125124141

Jan.

145131171165156149107139153163140116126139

1928

Dec.

14513118115715315297147159160140125127138

Nov.

146139183143153151100148159160140131127138

Mar.

14413014616916313695147168155137147125137



RETAIL PRICES FOOD AND COST OF LIVINGRETAIL FOOD PRICES

[Pre-war -100]

Month

1927MayJuneJulyAugustSeptember.October. __November.December.

1928January...Februay...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.

1929January...February..MarchAprilMay

UnitedStates(SI cit-

ies)

152155150149151153153153

152149148149151150150151155153154153

151151150149

EUROPEAN COUNTRIES

Aus-tria(Vi-

enna)

119122122120119120119118

118117116117117122119120120120120119

120123121119

Bel-gium1

196201205202206210211212

211207201202197200202205210215223222

221221215

Bul-garia

2,6302,6992,6532,6252,6152,6262,5872,618

2,6602,7012,7132,7662,7782,7402,7832,6672,6822,7192,7492,739

2,7422,8162,843

Czecho-slovakia

930949962914910907905913

913910902905908928943943928907900905

'900911913

Eng-land'

154154159156157161163163

162159155155156157156156156157159

'160

159156157150

Esto-n i a "

119120122118111112113113

118118122126126126130129124125126

'125

133138142

France(Paris)

589580557539532520500523

530522524532546

»113•111•111« 110•1151119•121

3 121•1223123»124

Ger-many

151153156150151152152153

152151151152151152154156153152152153

153156159154154

Greece(Ath-ens)

2,0632,0632,0592,0442,0702,0712,0862,101

3 146•144«143»144»145«144»138•134•132«137»137»133

U 3 33 135

Italy(Mi-lan)

565541524§18509509510513

*140* 141» 141* 141»140»142•140•138•140» 1413 144•145

3 1473 1473 1553 151

Neth-er-

lands4

163

163

167

166

169

166

164

163

Nor-way

169172175175174173171171

170170171171172170173170164163161161

158157158156

Rus-sia)

201199199199198198199200

201202203203205206211211210211213215

216218223230

Swit-zer-land

156157156156158158159159

158157156156156157157156157158158158

157157156

OTHER COUNTRIES

Can-ada-

145146147147147148149151

151149147146146145146149150152152152

152'150'151

148

Aus-tra-lia

152153152155157159157155

154152153154154154152150150149150152

161161160

India(Bom-bay)

150151154155151148147149

151146142140140142143142141142144145

146146146145143

NewZea-land

145144144143143143144146

147145145144146147147146147149150152

149148

SouthAfrica

121120119118117119119119

119118118119120114116115115115118115

115115117

COST OF LIVING

[Pre-war-1001

Month

1927MayJuneJulyAugust . -September.October ._NovemberDecember .

1928JanuaryFebruary .MarchAprilMayJune..._.__July ,AugustSeptember.October .NovemberDecember .

1929JanuaryFebruaryMarchAprilMay -

Mas-sa-

chu-setts

157156155155155155157157

157156155155156155157157158157157157

157156157157

Bel-gium1

193196199198202207208208

210207204205202204205207211215220219

21922021.

Czecho-slovakia

756761753739736734735740

741739737741743741753761756735730734

737745754

Eng-land*

164163166164165167169169

168166164164164165165165165166167168

167165166162

Fin-land

1,1661,1841,2031,2371,2301,2371,2511,243

1,2161,2061,2141,2121,2071,2191,2361,2581,2491,2541,2621,260

1,2421,2321,2291,219

France(Paris)

525

507

498

507

• 105

•105

•108

3111

EUROPEAN

Ger-many

147148150147147150151151

151151151151151151153154152152152153

153154157154154

Greece(Ath-ens)

1,9381,9511,9601,9511,9551,9561,9641,978

•155•154•153•153•153•152•148•146•145» 148•148•146

8 14831508 149

COUNTRIES

Hun-gary

119121119119119120120120

121120119121121121121126127126125126

126127127

Italy(Mi-lan)

612586548543537536536531

•145•145•145•145•144•145•143• 142•143•144» 146•147

3 1473 1483 1533150

Neth-er-

lands

167

167

170

169

170

169

168

169

Nor-way

201

197

195

193

193

185

183

180

Po-land «

101101989999

101103103

102100101102103103104104104104106106

106108106106

Spain

186185184192187189188186

178165176175171172173174178179181187

184183184

Swe-den

169

-----

171

"in

173

"*172"

170

"In"

Swit-zer-land

160160160160161161162162

161161160160160161161161161162162162

161161161

OTHER COUNTRIES

Can-ada1

148149149149149150150151

151150149149149148148150151152152152

152'151'152

150

Aus-tra-lia

155

157

159

157

157

155

155

India(Bom-bay)

152154156157154151150151

154148145144147146146146145146147148

149149149148147

SouthAfrica

132132132131131132132132

132131132133133132131131131131132131

131131132

11921=100. « First of month figures. » Revised on a gold basis. * Amsterdam only. 1911-1913=100. '1927=100. 'Revised.

NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of theApril, 1925, issue of the BULLETIN.



INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADAENGLAND

PRODUCTION

1928JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1929JanuaryFebruary..MarchApril

Coal Pigiron

Steelingotsandcast-ings

Fin-ishedsteel

Rawcottonvisible

supply i

Thousand long tons

20, 04520,119

3 25,19417,67919,191

3 21,05616, 90216,199

3 23, 27518, 51919, 213

3 23,310

19, 77821, 326

3 26,99219, 462

561551593563592564538519504544544540

564520591611

626764793644753709667643719756763683

765775860809

567614674530615614549540572

'632628546

Thous.bales

1,0611,0701,0651,0801,057

973892818737809

1, 070!1, 255!

1,2771,3261,268

Ironandsteelman-ufac-tures

Coal

Thousandlong t$ras

Mil-lion

sq.yd.1

332317409344359366333370295377399359

350340

3,9054,0084,1113,7224,4874,3464,1634,2743,9954,6304,2314,184

4,4733,8904,7634,756

Cot-ton

man-ufac-tures

Woolenand

worstedtissues

340319401317292281342344301337335293

383329337353

Thous.sq. yd.

16,91914,45815,1199,970

11, 78914, 68217,95419, 39512, 77312, 71212,49212,406

18, 56314, 58712, 061J9,513!

Rawcot-ton

Rawwool

Millionpounds

130142134127114848452109216225

241128144118

102119135929952282719213453

10310085

119

Cruderubber

Rawwet

hides

Shipsclearedwith

cargo2

Thousandpounds

Thous.tons

24, 75419,851

20, 28712,86019, 07718, 47317, 50023, 07916, 50112,14634. 921

42,00520, 37430, 23728,387

6,6656,9306,3996,8606,1725,8505,8537,6966,6885,5466,0746,860

5,8083,6224*9476,437

TRANSPORTATION

Freight- Freight-train train

receipts traffic

4,!4,7535, 3824,8595,499

5,4915,9725,4665,7215,4875,159

• 5 ,4074,6175,5105,514

British railwaysUnem-ploy-ment

amonginsured

Thous.£ ster-

ling

8,6008,7669,5028,1298,6688,3388,2198,4118,5159,3619,033

9,1328,239

Million,ton-

miles

1,5041,3851,5281,2751,3641,3271,3131,3601,3961,4911,4331,353

1,497i r ~ ~

Percent

10.710.49.6

'9 .59.9

10.811.711.711.511.812.211.2

12.312.210.19.9

^End-of-month figures. 2 Includes Irish Free State.

FRANCE

3 5 weeks. r Revised.

1928JanuaryFebruary, _.MarchApril. _.MayJuneJulyAugustSeptember..OctoberNovember..December...

1929JanuaryFebruary. _MarchApril

PRODUCTION

Coali Pigiron

Crudesteel

Thousand metric tons

5,5415,2835,7635,1295,2455,5275,3605,5895,3315,8995,5625,263

5,4855,2275,803

809785858834871844836857821857850

'882

904781880

750738804738794797757793759834800828

841742

Cottonyarn

Thous.kilo-

grams

12,2049,24112,23110,93711,53011,34710, 74611, 29511,32111,99411,04312,137

Cottoncloth

Piecesof 1,000meters

27,78426,99429, 74426, 59828,42326, 74525, 61526, 22525, 24329,51828,06326, 820

t

EX-PORTS

Totalvolume

Totalvolume

Thousandmetric tons

' 3,031«• 3,4473,3143,4223,2623,5763,3673,7383,8463,3293,3533,262

3,0063,273

' 3,543' 3,6214,0864,3284,1614,1533,9264,2384,2344,3554,2124,240

4,3164,288

Rawcottonfor con-sump-tion

IRawsilk

for con-sump-tion

Metric tons

39,05628,92428,17927, 74821,49430,15319,00621,88815,18430, 24836, 68445,854

44,15439, 988

415598677584452772526303

1,169750933622

439437

Coalfor con-sump-tion

Thous.metrictons

1,2991,3491,5401,5521,6581,4251,3261,5921,2231,5571,3691,386

1,5161,703

TRANSPORTATION

Shipsclearedwithcargo

Thous.tons

Averagedaily

number

3,1483,1133,8503,9134,0293,3644,0673,9943,9513,9583,9734,050

3,5343,2364,035

Freight- Receiptscar I of princi-

load- pal rail-ings ways

60,42664,79265,44661,26560, 68061, 53559, 76361, 69666,18666,53467,86162,805

59, 98461,19365,185

Thous.francs

917,976968,577

* 1,064, 2861,098,1751,103, 660

* 1,400, 3421,083,8261,175,462

* 1, 561,4661,228,4451,150,061

« 1,428,406

1,023,0111,055,4661,162, 2581,480,393

Unem-ployedreceiv-ing mu-nicipalaid inParis 2

Num-ber

14,01212,98910,4835,7962,9781,227

796732474365395723

1,4033,291

852513

Busi-nessfail-

ures3

Num-ber

188161146184184199145158106116171197

1 Coal and lignite, including Lorraine and the Saar.2 End-of-month figures.3 Number of failures in the Department of the Seine.

4 5 weeks.'Revised



INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued

GERMANY

PRODUCTION

CoalLig-nite

Pig Crude Pot-steel ash

Thousand metric tons

Ironandiron

manu-fac-

tures

Ma-chinery

andelec-tricalsup-plies

Dyesanddye-stuffs

Coal Raw

wool

Rawcop-per

Cot-ton

Ironore

Metric tons

TRANSPORTA-TION

Arriv-als ofves-selsin

Ham-burg

Freightcar

load-ings

Thous.net

tons

Thous.wag-ons

Trade-unionmem-bers

unem-ployed

UNEMPLOY-MENT

Per-cent

Unem-ployedpersonsreceiv-

ingStateaid

Busi-nessfail-ures

Number

1928January . __Februa ry -MarchAprilMayJuneJuly ,AugustSeptember.October. _.November.December.

'1929J a n u a r y . . .February. .MarchApril

13, 31112,14111, 819 14,

.-, . - . 14, 222 1,1812,92613,4191,122' — ., 170|

15 12, 263 1,045932 12,964 1, 04483113,2411,021483 13, 531 1, 035|02114,330 1,0311

985'12,157 13, 61615,226 1,01614, 548

,105

13, 490 14, 817 1,12,13, 502 14, 727 1, 06113,407 14, 226 1,105

267883

1,4691,3231,4221,1611,2481,2951,3111,3291,1901,306

3571,091

1,4701,2701,3141,415

133132

111113123113128130118

363, 026390, 776434,798412,810398,470453, 231466, 079505, 857480, 647415, 690410,171298,890

419,589341,312346, 262

48, 81050, 44954, 78857,10256,51653,88053,19452, 39374, 00664,16354, 01463,846

6 1 , 3 8 66 3 , 2 3 9

_.,___ 5 8 , 4 6 36 1 9 , 4 6 0 1 6 8 , 1 5 9

1 2 , 4 5 811, "15, 79914,31814,64514, 61313,41113,60213, 38712, 95914, 33"14, 353

14, 97511,63913,58516,469

2,272,99518,0842,229,956 25,260!2, 250, 616,21, 4332,115,161 22, 3331, 665,48119, 3121,420,802J16,4731, 841,9621, 850, 5771, 829, 5562, 019,1772, 278, 5542,120, 291 11, 682

1, 909, 65'1, 307, 227 20,2, 240, 475 19,2, 355, 068 24, 544

8 , 4 0 37 , 9 5 85 , 2 7 4

5 , 8 1 8

1 7 , 7 8 6~ ~ > , 2 9 4

2 0 , 5 6 61 8 , 5 6 32 2 , 9 4 1 12 0 , 4 4 3 |1 9 , 2 1 4 11 9 , 3 6 2 J2 1 , 8 0 92 0 , 6 4 21 7 , 1 4 41 6 , 6 5 01 4 , 0 8 91 5 , 5 6 0

3 7 , 0 3 23 6 , 8 3 92 8 , 0 0 13 0 , 7 7 23 1 , 0 4 52 9 , 9 8 92 3 , 8 6 11 9 , 3 5 71 6 , 7 3 03 3 , 6 6 24 9 , 6 6 24 4 , 6 4 5

1 5 , 6 6 0 5 4 , 2 8 21 2 , 2 2 7 3 1 , 8 9 31 8 , 4 9 0 i 2 8 , 9 0 02 1 , 3 4 9 3 2 , 9 3 3

1 , 1 8 3 , 2 1 31 , 1 4 6 , 1 8 8 j1 , 4 0 7 , 9 8 9 !1 , 2 7 5 , 0 8 8 !1 , 0 5 3 , 6 2 11 , 2 7 9 , 6 8 81 , 2 8 2 , 7 6 7i,5i6,r1 , 3 9 4 , 7 1 51 , 5 5 2 , 1 8 21 , 1 5 7 , 8 9 1

6 1 5 , 6 3 0

1 , 8 3 51 , 5 6 41 , 7 6 71 , 8 4 91 , i1 , 8 1 91 , 7 9 11 , 9 2 61 , 7 4 9

r 1 , 7 1 5r 1 , 7 6 0' 1 , 7 5 2

1 , 3 1 2 , 3 4 6 J4 9 6 , 1 5 9

1 , 0 9 0 , 9 5 8 .1 , 5 8 8 , 6 0 7 L

1 , 6 7 91 , 3 0 7

3 , 5 4 13 , 5 8 44 , 0 6 93 , 4 3 93 , 7 2 73 , 8 4 43 , 9 1 74 , 9 8 34 , 0 3 64 , 3 7 53 , 9 5 73 , 4 0 4

3,37i3,0723, 733

11.2J110. 4il9 .216.96.36.26.36.56.67.39.51,

16. 7 1,

333,115237, 504010, 763729, 321629, 470610, 687564,064574, 475577, 093670, 997029, 658702, 342

I

19. 4 2, 246, 27822. 3 2, 460, 76016. 9 1, 889,125

1,125,0*°

766699791614692702655552530685674624

832775930

CANADA

1928JanuaryFebruary...MarchApril.MayJune._July....AugustSeptember-OctoberNovember. .December..

1 9 2 9JanuaryFebruary. .MarchApril

Indexofin-

dus-trialpro-duc-tion

1919-1924=

100

160.3166.1168.2160.6187.9176.2172.9181.6171.7187.2175.9165.3

209.0203.1200.1

PRODUCTION

Coal News-print

Thousandshort tons

::i]

L, 6981,406, 404

146, ?63, 331,309

L, 535,396,702

L, 695L, 519

,537,611j 370393

187190198913

20192184201185217224208

212187218

Flour

Thous.bar-rels

1,5791,4641,6171,3041,5411,3591,4581,1581,8922,1302,1751,672

1,6981,600

Con-struc-tioncon-

tractsaward-

ed

T h o u s .d o l -l a r s

2 0 , 4 8 02 5 , 8 7 52 2 , 9 4 65 6 , 3 4 67 0 , 6 8 45 9 , 9 2 63 8 , 3 6 03 9 , 4 4 14 5 , 4 3 94 4 , 5 8 42 9 , 0 3 81 8 , 9 0 5

4 1 , 9 6 32 8 , 4 2 62 7 , 1 2 5

Re-ceipts

ofwheat

atFortWil-liamandPortAr-thur

Thous.bush-

els

21, 0959,5453,251

87917,61

20,14614, 3933,538

39,13281, 36172, 86151, 633

10, 9712,9185,2239,691

Receipts atstock-

yards inToronto and

Winnipeg

Cat-tle Hogs

Number

44, 31133, 88931, 37437, 306

839, 89832, 80657, 55373, 23371,48781, 59960, 80636, 941

39, 45927, 50732,10142, 003

71, 53563, 28647,73350, 00050, 45844, 04743, 26232 59824, 87339,17838,48447,316

60, 97842, 22638, 59747, 464

EXPORTS

Planksand

boards

Mil-lionfeet

111

Woodpulp

Thous.lbs.

113, 297117 128, 606150 182, 22999 113,220

151 148. 272178 146. 917182146,184161137,829140134,440153162, 286158155,448124 158, 875

111136, 36594 112, 273

145 142. 909

Wheat

Thous.bush-

els

1 5 , 2 0 11 8 , 3 7 21 8 , 6 5 5

8 , 3 6 13 0 , 2 8 22 1 , 9 6 03 2 , 4 2 62 5 , 0 5 72 6 , 9 2 34 3 , 6 8 77 5 , 4 1 74 9 , 0 8 9

2 0 , 8 3 11 5 , 2 2 02 1 , 2 0 7

Coal

Thous.tons

1 , 2 2 61 , 2 3 51 , 3 5 0

9301 , 2 8 81 , 1 7 61 , 1 6 8

' 1 , 6 1 2

IMPORTS

Crudepetro-leum

Thous.gals.

' 56,453'45,871' 80, 654

23, 87675, 67095, 72580,43488,164

r 1 , 4 7 8 1 0 7 , 2 9 71 , 7 7 9 1 0 0 , 0 2 31 , 6 3 71 , 6 3 9

1 , 3 4 41 , 4 0 91 , 6 5 1

86, 01479, 939

60, 75349,16276,397

Rawcot-ton

Thous.lbs.

19, 63511, 85412, 2397,1006,9108,4697,4627,3004,971

13, 84216, 95517,481

18,48513, 08916, 671

Ma-chin-ery

Thous.dol-lars

3,9043, 8585,7204,0585,2045,4025,1254,7904,5524,8844,9634,682

5,0044,6756,922

Totalreve-nuecar

load-ings

Num-ber

265,487267,131285, 567252,131300, 295294,451290, 677312, 816361, 247420, 263380,405275, 678

252, 217261,410282, 315

Indexof

em-ploy-ment !

1926 =100'

100.7102.0102.6102.3106.8113.8117.7119.3119.1118.8118.9116.7

' 109.1110.5111.4110.4

Busi-nessfail-

ures2

Num-ber r

197188164138148133139142165200193230

252197176

i First of month. 2 Total number of firms failing during the month. r Revised.



LAW DEPARTMENTRight of consolidated national bank to succeed to trust

business of constituent trust company

There is published below a recent decisionof the Supreme Court of the United States inthe case Ex parte Worcester County NationalBank of Worcester, with reference to the rightof a national bank, with which a State trustcompany has consolidated under the provisionsof the act of Congress approved February 25,1927, to succeed to the trusteeships, executor-ships, and other fiduciary appointments pre-viously held by the trust company.

SUPREME COURT OF THE UNITED STATES

No. 469.—October Term, 1928

Ex parte Worcester County National Bank of Wor-cester, Appellant. Appeal from the Probate Courtfor Worcester County, State of Massachusetts

[May 13, 1929]

Mr. Chief Justice TAFT delivered the opinion of theCourt.

The Worcester County National Bank is a consoli-date'd banking corporation formed by uniting, on June27, 1927, the Fitchburg Bank & Trust Company, aState institution of Massachusetts, and the MerchantsNational Bank of Worcester, a national bank of Wor-cester County, Massachusetts, under the Act of Con-gress of February 25, 1927, c. 91, 44 Stat. 1224, amend-ing the Act of November 7, 1918, c. 209, 40 Stat. 1044.The amendment added a new section, 3, and this caseturns cniefly on the construction, effect and validity ofthat new section.

The consolidated bank filed in the Probate Court ofWorcester County a first and final account of the Fitch-burg Bank & Trust Company, executor of the last willand testament of Julia A. Legnard, late of Fitchburgin the county of Worcester. The account was for theperiod beginning April 21, 1926, and ending February 9,1928. The account was rendered by the WorcesterCounty National Bank for the Fitchburg Bank &Trust "Company to June 27, 1927, and thereafter as itsown account.

The Fitchburg Bank & Trust Company had beenappointed by the Probate Court executor of the willof Julia A. Legnard on April 21, 1926, and qualified bygiving bond approved on that day.

The consolidated bank claimed that in view of theproceedings, its right and duty wTas to render theaccount presented for allowance, and as all the partiesinterested had assented to it, that it should be allowedby the Court.

The Probate Court found that the account was inproper form for allowance and should be allowed asrendered, if the said Worcester County National Bank,as successor or otherwise, was executor of said will orhad the right to render the account.

The Probate Judge reported a certificate from theComptroller of the Currency that the two banks hadcomplied with all the provisions of the Acts of Congressand had been consolidated under the charter of theMerchants National Bank with the capital stock of

$1,875,000, that the consolidation had been approvedand that pursuant to the Federal Reserve Act, enactedDecember 23, 1913, § 11 (k), c. 6, 38 Stat. 251, 262, theconsolidated bank had permission to act as executo .

He further reported that many estates were beingadministered by the consolidated bank under a claimof right where the Fitchburg Bank had been appointedadministrator, executor or in some other fiduciarycapacity, and no new appointment of the consolidatedbank in place of the Fitchburg Bank had been madeby decree of the Probate Court.

He concluded the report as follows:" Without action upon said account, I report the

above facts and the question of law involved, for theconsideration and determination of the Full Court, asto whether the petitioner is entitled to render saidaccount.

"Fredk. H. Chamberlain,Judge of Probate Court."

After a hearing on the report, a rescript of theSupreme Judicial Court was as follows:

" Ordered that the register of probate and insolvencyin said county make the following entry under saidcase in the docket of said court, viz: The questionreported, namely, ' Whether the petitioner is entitledto render said account', is answered in the negative.Probate Court instructed accordingly."

Following the rescript, the Probate Court made thefollowing entry:

"The foregoing account having been presented forallowance, after rescript from the Supreme JudicialCourt (Full Court) and pursuant to the terms of saidrescript, it appearing that the Worcester CountyNational Bank of Worcester, the accountant and pe-titioner in this case, has not succeeded the FitchburgBank & Trust Company as executor of the will ofsaid testatrix and is not entitled to render this account,this petition for the allowance of the same is herebydismissed."

A petition for appeal to this Court, with an assign-ment of errors, was filed, and an appeal was allowedunder Section 237 (a) of the Judicial Code, as amendedby the Act of February 13, 1925, c. 229, 43 Stat.936, 937.

The Supreme Judicial Court stated its reasons forthe conclusion reached in an elaborate opinion. 162N. E. 217.

The court began with a statement of the substanceof Section 3 of the Act of February 25, 1927, c. 91, 44Stat. 1224, 1225, providing that any bank, including atrust company incorporated under the laws of anyState, may be consolidated with a national banklocated in the same county under the charter of thenational bank, on such terms and conditions as maylawfully be agreed upon in the manner specified; thatall the rights, franchises, and interests of the State bankin and to every species of property, real, personal andmixed, and choses in action thereto belonging, shall bedeemed to be transferred to and vested in such nationalbank into which it is consolidated, without any deedor transfer; and that the national bank shall hold andenjoy all this property, franchises and interests, includ-ing the right of succession as trustee, executor, or in anyother fiduciary capacity, in the same manner and to thesame extent as was held and enjoyed by the State bank.The section closes with the limitation: "No such con-solidation shall be in contravention of the law of theState under which such bank is incorporated."



The court examined the question whether there wasany statute of Massachusetts or any policy declaredin its statutes which prevented or forbade such con-solidation, and found that there was none, but pointedout that there was a provision in the General Laws ofMassachusetts, c. 172, Sec. 44, as amended by Stat.1922, c. 292, which should be regarded as a limitationupon such consolidation, as follows:

"The charter of a trust company, the business of.which shall, on or after July 1, 1922, be consolidated ormerged with, or absorbed by, another bank or trustcompany, shall be void except for the purpose of dis-charging existing obligations and liabilities."

With this qualification, the court found the field to beleft open, under Massachusetts law, to the exercise byCongress of whatever power it possessed over thesubject. The court then considered the Congressionalpower, and cited the case of Casey v. Galli, 94 U. S. 673,to show that under Section 44 of the Banking Act ofCongress, c. 106, 13 Stat. 99, 112, a State bank couldchange its organization into that of a national bankwithout any authority given by the State in itscharter or otherwise to make the change. TheSupreme Judicial Court could not find any distinctionbetween the power of Congress to authorize the con-version of a State bank into a national bank and itspower to authorize the consolidation of a State bankwith a national bank under the charter of the NationalBank, and concluded that if no State legislation wasnecessary to accomplish the conversion, there wa,s nolegislation necessary to accomplish consolidation, andthat the consolidation of a Massachusetts trust com-pany with a national bank under the Section 3 of theAct of Congress of February 25, 1927, was permissibleand valid.

The court then considered what was the legal effectof the consolidation on the Trust Company and theNational Bank, and emphasized the explicit provisionof Section 3 that the consolidation was to be under thecharter of the National Bank. It referred again tothe provision of the State law that upon the consoli-dation, the charter of the Trust Company should be"void except for the purpose of discharging existingobligations and liabilities." It held that the word"franchises" directed to be transferred to the NationalBank by virtue of Section 3 did not mean its charteror its right to be a corporation, for that would be incontravention of the law of the Commonwealth; thatit was only the National Bank that retained its corpor-ate identity; that the certificate of the Comptrollerdid not constitute a charter, but only his approval ofthe consolidation; that the Trust Company had goneout of existence and all its property had become theproperty of the consolidated bank; and that the latterwas not a newly-created organization, but an enlarge-ment of the continuously existing National Bank.Thus the court found that the identity of the TrustCompany had not been continued in a national bank,but had been extinguished. The court distinguishedthis case from cases of union where contract obligationsiiad been held to pass from one of the uniting corpora-tions to the other. Such cases were held not to be^applicable to sustain the view that positions of trustlike executor, administrator and other fiduciaries couldJbe transferred to the National Bank by the mere con-solidation under Massachusetts law.

The court then set put at some length the reasonswhy under the Constitution and practice of Massa-chusetts the appointment of an executor was a judicialact and that in the case before the court no one couldsucceed to the void and defunct State Trust Companyas executor except by appointment by the Probate

Court. The trust involved was highly personal. Thecourt said:

"To treat the national banking association intowhich the State trust company has been consolidatedas preserving the identity of the trust company in thisparticular would be contrary to the juridical conceptionand practice touching the appointment of such fiduci-aries under the law of this Commonwealth."

The third question the court discussed and decidedwas the validity and binding effect on courts of Massa-chusetts of the declaration in Section 3 of the Act ofCongress that the right of succession as trustee, execu-tor or in any other fiduciary capacity, would followto the same extent as it was held and enjoyed by suchState bank. It first inquired what was its meaning,and held that it meant that the original appointmentof the State bank was to continue wholly unaffectedby the fact that the State bank had ceased to be, andthat another and different corporation, whose credit,standing and competency had never been the subjectof judicial inquiry for this purpose must be substitutedby virtue of Section 3. The court found that this resultwas in contravention of the law of the Commonwealthand contrary to the State and Federal Constitutions.

The court found, however, that this provision wasnot the dominant part of Section 3, that the clausewas separable and distinct, that the rest of the sectioncould stand independently and that there was no suchconnection between the two as to indicate that Con-gress would not have enacted the valid part withoutthe other.

The court, therefore, held that the Worcester CountyNational Bank of Worcester, the accountant andpetitioner in the case at bar, had not succeeded theFitchburg Bank & Trust Company as executor of thewill of the testatrix and was not entitled to render anaccount as such executor, that it could only account asexecutor de son tort, and that the question of theProbate Court must be answered in the negative.

In passing on this appeal, we must observe that indetermining the policy of a State from its statutes andtheir construction, we of course follow the opinion ofthe State court except as it may be affected by theFederal Constitution. When, therefore, the Statecourt holds that an executor to act as such in the State,must be appointed by the Probate Court, this Courtmust respect that conclusion and act accordingly.But when the question arises as to what is the properinterpretation and construction of Federal legislation,this Court adopts its own view.

It is very clear to us that Congress in the enactmentof Section 3 of the Act of February 25, 1927, was anxiouseven to the point of repetition to show that it wishedto avoid any provision in contravention of the law ofthe State in which the State trust company and thenational bank to be consolidated were located. Sostrongly manifest is this purpose that we do not hesitateto construe the effect of Section 3 in Massachusetts tobe only to transfer the property and estate from thetrust company to the national bank to be managedand preserved as the State law provides, for adminis-tration of estates, and not to transfer the office ofexecutor from the State trust company to the succeed-ing national bank. As this requires another judicialappointment by a probate court, it would become theduty of a consolidated national bank, after the union,immediately to apply for the appointment of itself asexecutor, subject to the examination and approval ofthe proper probate court. Because of the interest ofthe National Bank in all of the assets of the TrustCompany, including the estate at bar; transferred to itscustody, the Bank would seem to have a right to make



such an application to the Probate Court and awaitthe action of that court. If, on the other hand, itassumed improperly that it was made an executor" bythe mere consolidation, and held the transferred prop-erty as such, it must be held to have become an executorde son tort and should bring the assets before theProbate Court and proceed by proper application tosecure the appointment of a legal executor by the court,as pointed out by the Supreme Judicial Court in thiscase and in Commonwealth-Atlantic National Bank,261 Mass. 217, and Commonwealth-Atlantic NationalBank, 249 Mass. 440.

These views lead us to agree with the conclusionsof the Supreme Judicial Court in respect to the legalityof the consolidation of the Trust Company and theNational Bank and only to differ from it in its construc-tion of Section 3, by which it would hold that sectionunconstitutional under the Constitution of Massachu-setts, and so under the Constitution of the UnitedStates.

We think Section 3 enjoins upon the National Bankcomplete conformity with the Massachusetts law in itsconduct of estates of deceased persons when acting astrustee or administrator thereof.

The Supreme Judicial Court refers in its opinion inthis case to that of Commonwealth-Atlantic NationalBank of Boston, 261 Mass. 217, as showing that theconsolidated bank in this case could not act as executor.In that case a State trust company was appointed bythe probate court as trustee under wills in two casesand as conservator of property in a third. It qualifiedby giving bond and for some time held and admin-istered the property as fiduciary. Thereafter it wasconverted into a national bank, which still later wasconsolidated with another national bank. No newappointment as trustee was made by the probate court.The consolidated national bank petitioned for allowanceof accounts as fiduciary. The court held that whilethe accounts were accurate and complete, the consoli-dated bank was not a duly appointed fiduciary merelyby virtue of the original appointment of the Statetrust company, and could only account de son tort.The court relied on Commonwealth-Atlantic NationalBank of Boston, 249 Mass. 440. There a State trustcompany was named as executor in a will. Thereafterit became converted into a national bank, which stilllater was consolidated with another national bank.The testator having died, the consolidated nationalbank petitioned for the issuance of letters testamentaryto it as the executor named in the will. The court heldthat it was not the executor named therein, and thatthe designation of the State trust company as executordid not confer on it a property right passing to itssuccessor, the consolidated national bank.

The court in both Commonwealth-Atlantic Bankcases accepted the effect of the decisions in FirstNational Bank of Bay City v. Fellows, 244 U. S. 416,and Burnes National Bank of St. Joseph v. Duncan,265 U. S. 17, the latter holding that national banksmay act as executors in a State where State trustcompanies have that privilege. The court in 249 Mass,said, "We accept, as we are bound to accept, thatprinciple in all its amplitude and with all its implica-tions", but said that "that principle does not reach tothe facts here presented." There was similar languagein 261 Mass. The Supreme Judicial Court did notthen hold and has not held that a Probate Court ofMassachusetts may not appoint a national bank,otherwise qualified, to be executor, administrator ortrustee, if it approves one as such. In construingSection 3, we think it to be in conformity therewith forthe national bank after consolidation to apply to theMassachusetts Probate Court for appointment as asucceeding fiduciary to carry on the duties. In thepresent case, no such appointment has been made bythe Probate Court.

Under the Massachusetts authorities as alreadycited the Bank in attempting in this case to act asexecutor has become an executor de son tort, and thatsituation must be disposed of in accordance with thelaws applicable in Massachusetts to such a situation.Clabborn v. Phillips, 245 Mass. 47. When the executorde son tort has been released, it would seem that appli-cation might be made to the Probate Court for appoint-ment of the National Bank as executor to close theestate. It seems to us that our construction of Sec-tion 3 of the Act of 1927 in differing from that of theSupreme Judicial Court of Massachusetts makes itpossible by the appointment of the Probate Judge, ifhe approves, to enforce the requirements which the lawsof that State impose in the execution of such trusts, andstill preserve the constitutional effectiveness of Section 3.

This result requires us to affirm the dismissal of thepetition of the Worcester County National Bank inseeking to render the first and final account of theFitchburg Bank & Trust Company as executor of thelast will and testament of Julia A. Legnard, deceased,and its own account as executor of her will, but toremand the cause to the Probate Court for a proceed-ing by the petitioner as executor de son tort, and forsuch further proceedings as it may be advised and asare permissible by the laws of Massachusetts and thestatutes of the United States not inconsistent withthis opinion.

And it is so ordered.A true copy.Test:

Clerk, Supreme Court, U. S.



Changes in State Bank Membership

The following list shows the changes affectingState bank membership during the month ended May21, 1929, on which date 1,188 State institutions weremembers of the system.

ADMISSIONS

District No. 2

Hanover Bank of the City of NewYork, N. Y

Chemical Bank & Trust Co., NewYork, N . Y

J. Henry Schroder Trust Co.,New York, N. Y

District No. 4

Peoples Savings & Trust Co.,Pittsburgh, Pa

District No. 8

University City Bank & TrustCo., University City, Mo

Mercantile-Commerce Bank &Trust Co., St. Louis, Mo

District No. 10

Park County Bank, Powell,Wyo

Capital

$10,000,000

10,000,000

700,000

4,000,000

100, 000

10, 000, 000

25, 000

Surplus

$15,000,000

15,000,000

350, 000

9,000,000

26, 200

5, 000, 000

2,500

$320,

252,

1,

Totalresources

273,000

888,000

050,000

54,264,931

,053, 305

, 666, 288

171, 605

C H A N G E S

District No. 2

Claremont Bank of Jersey City,N. J. (merged with Trust Co.of New Jersey, Jersey City,N. J., nonmember).

First Trust & Deposit Co., Syra-cuse, N. Y., member, has ab-sorbed the following:

Liberty National Bank &Trust Co., Syracuse, N. Y__

Third National Bank, Syra-cuse, N. Y

Bloomfield Bank & Trust Co.,Bloomfield, N. J., member, hasabsorbed the following:

Bloomfield National Bank,Bloomfield, N. J

Municipal Bank & Trust Co.,Brooklyn, N. Y. (merged withand under title of Bank ofUnited States, New York,N. Y., a member)

Bank of Commerce in New York,N . Y . (merged with and undertitle of the Guaranty Trust Co.,New York, N. Y., a member)..

Corn Exchange Bank, New York,N. Y. (title changed to CornExchange Bank Trust Co.).

$200,000

300,000

300,000

300,000

5,000,000

25,000,000

$400, 000

75,000

300,000

300, 000

6,000,000

40,000,000

$12, 063, 950

5, 602, 940

5, 702,000

7,451, 650

81,850,937

730,387,814

CHANGES—Continued

District No. #—Continued

Hanover Bank of the City of NewYork (merged with CentralUnion Trust Co. under title ofCentral Hanover Bank & TrustCo.i a member) _

District No. 4

Antwerp Exchange Bank Co.,Antwerp, Ohio (voluntarywithdrawal) __

District No. 5

Savings Bank of Richmond, Va.(title changed to Savings Bank& Trust Co.).

District No. 6

Chattanooga Savings Bank &Trust Co., Chattanooga, Tenn.(consolidated with and undertitle of First National Bank ofChattanooga)

Peoples Bank, Sardis, Ga. (closed)

District No. 7

American State Bank, Fort Madi-son, Iowa (closed)

Central State Bank, Des Moines,Iowa (converted into CentralNational Bank & Trust Co.)- —

Old Kent Bank, Grand Rapids,Mich., member, has absorbedthe following:

Old National Bank, GrandRapids, Mich

Second Security Bank, Chicago,111. (voluntary withdrawal)

District No. 8

Mercantile Trust Co., St. Louis,Mo. (succeeded by Mercantile-Commerce Bank & Trust Co.,a member)

District No. 9

Swift County Bank, Inc., Ben-son, Minn., has absorbed theFarmers & Merchants StateBank, De Graff, Minn., a non-member

District No. 10

First Security Bank, RockSprings, Wyo. (voluntary with-drawal)

District No. 12

Bingham State Bank, Bingham,Utah (title changed to FirstSecurity Bank of Bingham).

Capital

$10,000,000

25,000

1,000,00025, 000

100,000

250, 000

800, 000

350, 000

3,000, 000

25,000

100,000

Surplus

$15,000,000

9,500

500, 0006,000

22, 000

250,000

800, 000

350, 000

7,000, 000

10,000

100,000

Totalresources

$320, 273,000

623, 780

9,154, 232121, 496

846, 06Q

9, 081, 008

17, 312, 570

6, 820, 582

72, 773,442

268, 290

2,115,274-



Fiduciary Powers Granted to National Banks

During the month ended May 21, 1929, the FederalReserve Board approved applications of the nationalbanks listed below for permission to exercise one ormore of the fiduciary powers named in section 11 (k)of the Federal reserve act as amended, as follows:(1) Trustee; (2) executor; (3) administrator; (4) regis-trar of stocks and bonds; (5) guardian of estates;(6) assignee; (7) receiver; (8) committee of estates oflunatics; (9) in any other fiduciary capacity in whichState banks, trust companies, or other corporationswhich come into competition with national banks arepermitted to act under the laws of the State in whichthe national bank is located.

Location

Callicoon, N. YNew York, N. YNew York, N. Y

Pleasantville, N. Y._.Roslyn, N. Y.

Point Pleasant Beach,N. J.

Lewistown, PaPainesville, Ohio

Culpeper, VaBluffton, IndCharlotte, MichDes Moines, Iowa

Wyandotte, MichCarrollton, KyDuluth, Minn

Fargo, N. Dak

Shawnee, OklaLubbock, TexStockton, Calif

Dis-trictNo.

222

22

3

3

4

577

7

789

9

101112

Name of bank

Callicoon National BankBrooklyn National BankBroadway National Bank &

Trust Co.First National BankRoslvn National Bank &

Trust Co.Point Pleasant Beach Na-

tional Bank.Mifflin County NationalPainesville National Bank

& Trust Co.Second National BankOld National BankFirst National BankCentral National Bank &

Trust Co.First National BankFirst National BankFirst and American Na-

tional Bank.Merchants National Bank

& Trust Co.Federal National BankFirst National BankFirst National Bank

Powersgranted

1 to 9.I t o 9 .1 to 9.

I t o 9 .1 to 9.

I t o 9 .

I t o 9 .

I t o 7 .

1 to 9.1 to 9.2, 3, 5, and

Q

I t o 9 .

1 to 9.I t o 9 .9.i

I t o 9 .

1 to 9.1 to 9.4, 8, and 9.*

1 Supplemental.

Changes in National Bank Membership

The Comptroller of the Currency reports the follow-ing increases and reductions in the number and capitalof national banks during the period from April 20 toMay 24, 1929, inclusive:

New charters issued « __Restored to solvencyIncrease of capital approved i

Aggregate of new charters, banks, restoredto solvency, and banks increasing capital-

LiquidationsReducing capital2

Total liquidations and reductions of capital-

Consolidation of national banks under act ofNov. 7, 1918

Consolidation of a national bank and a Statebank under act of Feb. 25, 1927

Total consolidations

Aggregate increased capital for periodReduction of capital owing to liquidations, etc

Net decrease

Num-ber ofbanks

170

29

46

303

33

3

1

4

Amount ofcapital

$5,390,000.000

15, 222, 591. 67

20, 612, 591. 67

21, 210, 000. 009, 750, 000. 00

30, 960, 000. 00

34, 640, 925. 00

200, 000. 00

34, 840, 925. 00

20, 612, 591. 6730, 960, 000. 00

10, 347,408. 33

1 Includes one increase in capital of $8,640,925 incident to a consolida-tion under the act of Nov. 7, 1918, and one increase of $200,000 incidentto a consolidation of a State bank under act of Feb. 25, 1927.

2 Includes one reduction in capital of $50,000 incident to a consolida-tion under act of Nov. 7, 1918.

Acceptances to 100 Per Cent

The following member institutions have been author-ized by the Federal Reserve Board to accept draftsand bills of exchange up to 100 per cent of their capital:and surplus: Chemical Bank & Trust Co., New York,,N. Y.; First National Bank, Lake Charles, La.



DETAILED BANKING STATISTICS FOR THE UNITED STATESFEDERAL RESERVE BANKS

BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT

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

Bills discounted:1928—May

JuneJulyAusustSeptember -OctoberNovemberDecember

1929—J anuarvFebruary -MarchApril

Total deposits:1928—May

June . . . .JulyAugustSeptemberOctoberNovemberDecember

1929—January.- -FebruaryMarchAprilMay

Member bank reserve balances:1928—May

JuneJulyAugust - -SeptemberOctoberNovemberDecember

1929—JanuaryFebruaryMarchAprilMay -

Government deposits:1928—May

June .JulyAugust.SeptemberOctoberNovemberDecember

1929—JanuaryFebruaryMarchAprilM a y

All other deposits:1928—May

JuneJulyAugustSeptemberOctoberNovemberDecember

1929—JanuaryFebruaryMarch\prilM a y

Total

835.51,018.71,089. 61,060.81,064.3

975.2897.3

1,013. 0859.2889.2968.6

1, 004.4956.3

2,438.82,394. 92,372. 62, 330. 22,370.12, 380.62,401. 62,415.12,436. 32,406. 72,384. 72,367. 52, 350.9

2, 387. 62, 354. 52, 323. 52,273.92,314. 32, 332. 22, 352. 32, 366.82, 386. 72,357. 32,336. 52,307.92,296.4

23.812.819.527.917.618.717.518.818.220.916.824.822.5

27.327.529.728.438.229.731.829.431.328.531.334.832.0

Federal Reserve Bank

Boston

59.684.868.061.150.945.950.665.060.461.958.675.896.5

155.7150.6151.4149.6152.6155.0154.7150.7152.4149.2145.5146.4143.5

153.6149.3149.9147.1149.6152.5152.0148.6150.5146.7144.3144.1141.9

1.6. 6. 7

1.61.61.71.41.41.21.3.6

1.6. 9

.6

. 7

. 9

. 91.4. 7

1.3. 6.6

1.2. 6. 7. 6

New-York

296.9376.1382.6321.3352.3300.7238.1298.7245.9216.3231.5264.6234.5

965.1942.1919.4889.8897.8902.9920.9939.1953.2943.2944.5937.1932.6

946.8925.9902.4872.0883.2889.7903.4923.4936.3928.5924.6915.2914.7

5.34.13.76.94.23.32.94.63.74.76.36.54.6

13.112.113.410.810.49.9

14.611.113.210.013.715.413.3

Phila-delphia

60.480.293.899.1

106.593.779.391.373.185.5

101.6110.086.7

140.8137.8137.2134.4137.9137.0136.4136.8139.4135.4134.9135.9136.7

138.5136.2134.7132.0134.9134.8134.4134.5137.2133.5133.4133.2133.8

1.6. 8

1.31.41.31.21.31.61.31.1.8

1.92.1

. 8

. 91.11.01.71 0. 8. 8.8.7. 7. 9. 8

Cleve-land

68.489.3

100.880.177.875.585.6

108.079.784.776.096.693.8

191.8188.9190.1189.3195.8190.9188.9186.2190.1188.7188.2186.4187.0

188.7185.9186.8185.8

187.8185.4183.4187.0185.7185.6183.4184.1

1.6. 8

1.01.21.3. 9

1.21.2. 9

1.31.11.21.4

1.62.12.32.34.22.12.41.62.21.81.51.81.5

Rich-mond

43.048.054.956.657.247.842.540.840.741.043.452.658.1

71.870.270.169.770.871.371.571.771.971.169.570.268.3

69.068.567.266.267.668.369.169.669.768.667.667.265.6

2.31.22.22.71.72.21.91.71.72.11.52.62.3

.4

. 5

.7

. 71.5. 8. 5. 5.5.4.4. 5.4

At-lanta

51.959.868.576.882.979.468.757.858.555.851.763.673.4

70.967.866.566.465.265.867.169.669.169.168.967.966.1

68.366.664.763.762.763.464.867.567.267.667.766.264.5

2.0. 8

1.42.21.61.61.81.71.51.1.8

1.31.1

.6

.4

. 5

.61.0. 8. 5.4.4.4.4.4.5

Chicago

109.5136.1156.7159.4113.8134.1138.8178.9142.7165.9210.6133.4109.8

358.2355.9355.4350. 6357.0357.7357.7357.2358. 2357.0349.8346.8346.9

353.2352.0351.0344.8352.3353.3354.0353.0354.3352.8346.5341.6340.8

2.81.11.82.71.21.41.41.51.62.31.33.23.9

2.32.82.73.13.53.02.32.72 31.91.92.12.1

St.Louis

39.052.955.158.865.049.843.939.637.437.848.151.848.7

84.181.681.680.883.683.583.885.385.985.081.881.580.3

82.380.379.778.580.180.581.583.484.282.978.777.876.6

1.3. 7

1.11.2. 8

1.21.2. 9

1.11.3.7

1.11.2

. 6

. 7

. 81.02.81.71.11.0.7.8

2.42.52.5

Minne-apolis

10.68.5

12.218.517.818.116.010.412.012.815.619.318.1

53.154.053. 352.655.057.057.556.455.354.054.152.951.5

51.652.952.050.753.055.156.155.153.952.553.151.650.2

1.1. 6. 9

1.4. 8. 9. 9. 8

1.01.1.6. 9. 9

. 4

. 5

. 5

. 51.21.0. 5. 5.5.4.4. 5

• 4

KansasCity

22.922.423.922.724.031.343.144.266. 632.531.838.849.1

92.891.893.794.897.595.794.894.495.693.893.091.089.0

90.690.391.792.492.892.593.093.093.991.991.889.287.5

1.4. 6

1.21.4. 7

1.1. 9. 8

1.21.3.6

1.11.2

. 9

. 9

. 81.04.02.1. 9. 6.5.6. 5. 7. 4

Dallas

9.011.316.729.829.625.321.317.920.619.214.818.623.1

66.365.265.664.867.370.873.173.773.372.870.968.666.5

64.964.163.762.565.568.971.472.271.870.770.066.865.1

1.1. 7

1.52.01.21.61.41.21.31.1

1.61.1

. 3

. 3

. 4

. 4

. 5

. 3

. 3

. 3

.31.0. 2. 3. 3

SanFran-cisco

64.349.456.576.786.573.569.660.355.075.885.079.364.4

188.0189.0188.3187.4189.5193.1195 1194.0191.8187.3183.6182 7182.6

180.3182.5179.9178.2182.4185.2187.3183.2180.7176 0173.1171.7171.6

1.9. 9

2.73.21.11 61.31.41.82.01.91.91 7

5.95.65.76.06.16 36.69.49.39.38.69 19.2



FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH

[In thousand^ of dollars]

RESOURCES

Total gold reservesKeserves other than gold.

Total reserves..Nonreserve cashBills discounted

Bills bought:Outright _Under resale agreement.

Total bills bought..

United States securities:Bought outrightUnder resale agreement.

Total United States securities.Other securitiesForeign loans on gold

Total bills and securities.Due from foreign banksHeserve bank float *

Total reserve bank credit outstanding...

Federal reserve notes of other reserve banks__.Other uncollected items not included in float.Bank premises .All other resources

Total resources..

.Federal reserve notes:Held by other Federal reserve banks.Outside Federal reserve banks

LIABILITIES

Total notes in circulation.

Deposits:Member bank—reserve account..GovernmentForeign bank _Other deposits _

Total depositsDeferred availability i tems.Capital paid in-SurplusAll other liabilities

Total liabilities

Contingent liability on bills purchased for foreign correspondents..

1929

M a y 31 April 30

2,813,403137, 320

2, 791,490173,193

2,950,723 I71, 262

1,067, 867

104,44812, 331

116,779

137,2095,785

142, 9947,816

1, 335,456727

24, 060

1,360,243

16.378602, 72458,5817,947

5, 067,858

16, 3781,655,863

1,672,241

2,288,19232,1267,742

25,198

2, 353, 258602, 724157, 600254, 39827,637

5, 067, 858

388,891

2, 964, 68371, 966

' 934,468

129, 24249, 327

178, 569

140,12123, 250

163, 3717,368

14,899

f 1, 298, 673725

' 27,024

' 1, 326,422

13, 333634,338

58, 739r 7, 302

5, 076, 783

13, 333' 1,649, 518

' 1, 662, 851

' 2, 281, 60527,9538,980

'- 26,132

2, 344, 670634, 338155, 912254, 398

24, 614

1928

M a y 31

2, 594, 650147, 552

2, 742, 20256,143

1,021, 352

271, 08820, 528

291, 616

204, 35215, 535

219, 8781,090

1, 533,945573

13, 600

1, 548,118

18, 219599,45960,0139,165

5,033,319

18, 2191, 588, 278

1, 606,497

2,371, 26539,9145,673

19, 026

2,435, 878599,459139,614233,319

18, 552

5,076,783 | 5, 033, 319

345, 071 267, 536

r Revised. i Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items.

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

1928—May 31June 30 „July 31Aug. 31Sept. 29Oct. 31Nov. 30.._Dec. 31

1929—Jan. 31Feb. 28

Total Goldcoin

4, 744, 0744,796,6214, 700, 5354, 802,8204,846,1984,806,2304, 990,1144,973,1684,656.6174, 698, 36247476*3Mar. 31- 4,747,6*3

Apr. 30. 4.675,647May 31 P ! 4,739,822

379, 684377,017374, 980373, 558372,909373, 202374, 306395, 3103X0. 952377.512374.255371, 623370,15$

Gold cer-tificates

1,013,1391,019,149977, 077981, 785977,6739 >y, 652

1,030,54b990,996923, 193935, 4-18937, 247905, 513944, * 53

Stand-ard

silverdollars

Silvercertifi-cates

46,22846, 22346,08246,241 I46,411 |46,298 i46,342 ;46,475 j44,458 j44,075 j43,921 !43,72745,250 ;

379, 604384, 577384,159391, 047397, 589394, 328404,860410,334381,672385,389390, 583386, 241392,408

Treas-ury

notes of1890

1,3051,3041,3011,3001,2981,2961,2951,2941,2921,2911,2901,2881,286

Subsid-iary

silver

277,404278,174279,072280,661283,296285,350288, 002291,314280, 751280, 736280,655281,229283,141

Minorcoin

110,921111, 067111, 400111,937112,431113,427114,641115, 613114,007113, 692113.536114, 085114,644

UnitedStatesnotes

296,189

293, 235300, 563303,110300, 659306,015294,199282,172283, 603283,100276, 227288,214

Federalreservenotes

1,586,9751,626,4331, 592,1371,662,2491,698,9081, 689,1711,770,1841,808,0531,631,4321, 646, 5231,673,4801, 648,3921, 654, 794

Federalreservebanknotes

4,0724,0293,9853,9483,9163,8803,8483,8203,7753,7473,7093,6803,649

Na-tionalbanknotes

648,552650,212637,109649, 532

638,965650,077615, 761612,915626,344645,908643, 639642, 220

Preliminary.


414 FEDERAL RESERVE BULLETIN J U N E , 1929*

L, 1929


Federal reserve bankTotal cash reserves

May- April

Total deposits

M a y April

Federal reserve notesin circulation Reserve percentages

M a y April M a y April

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..Dallas.San Francisco.

Total...

172,675987, 419196, 789288, 70478, 285120, 359542, 54384,41988, 55393, 82566,196267, 717

194,933977, 439167, 097276, 072' 84, 315133, 015

' 514,141r 83,939r 86, 287' 102,417r 71, 077246, 203

143, 464932, 550136, 669186,99568, 30366,149346,85580, 34751, 53989,03566, 461182, 560

146, 369937,149135,926186, 37270, 24767.890

346, 79481, 47652.89191, 02368, 643182, 739

138, 536284,480144,182207, 34667, 526132, 714307, 22558. 06063; 42366,38437, 561156, 067

133, 368297, 621143, 096207, 752' 70, 247134, 773

' 301, 679r 57, 775' 64,187r 66, 543T 37, 965155, 898

61.281.170.173.257.660.582.961.077.060.463.679.1

2,987,484 ' 2, 936, 935 2, 350,927 2, 367, 519 1, 663, 504 i? 670, 904 74.4

69.779.259.970.160.065.679.360.373.765.066.772.7

72.7

«• Revised.FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS

RESOURCES


Total Boston NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

StLouis i Dallasi San

Fran-cisco

Gold with Federal reserveagents:

M a y lMay 8_.May 15May 22May 29

Gold redemption fund withU. S. Treasury:

M a y lMay 8May 15May 22May 29

Gold held exclusively againstFederal reserve notes:

M a y lMay 8May 15May 22May 29

Gold settlement fund withFederal Reserve Board:

May 1May 8May 15May 22May 29

Gold and gold certificates heldby banks:

May 1May 8.May 15May22._May 29

Total gold reserves:May 1 _ _May 8__ _._May 15__ _May 22 -May 29

Reserves other than gold:M a y l -May 8May 15. . .May22. ._May 29 _

Total reserves:M a y lMay 8. - -May 15May 22 _„_May 29

1, 317,4491, 309, 9051, 329,1171, 318, 5511, 315,181

61,17262, 06065, 07161,19666, 969

75,18571, 736168, 69866, 04262, 852

7, 322!5,4187,9369,878

12, 590|

281, 203i 93, 538281,1271 98,889261,0341 117,299261,0341 116,148265,927 114,533

154, 518154,684154, 284154,474150, 679

39, 58238, 74037, 52531, 87433, 758

11, 55611,154)10, 664110,117|9, 694

5,2416,4177,3588,0589,226

1, 378, 6211, 371, 9651, 394,1881, 379, 7471, 382,150

671,114678, 058654, 848652, 404663, 795

762, 295790, 924789,0871809, 751777,836

82, 50777,15476, 63475, 920i75, 442|

55, 70961, 248i51, 75250, 34256, 237

26,68827, 26227,49526, 75023,995

292, 759! 98, 779292, 2811 105,306271,698! 124,657271,1511 124,206275,621! 123,759

186,451138, 333156, 248190, 111247,192

49,19460, 29147, 64542, 42432,954

5, 0146, 286!6, 052!5, 2424,993

3,8404,1014,6933,132,3,535

83,07282, 05080, 28080, 89086, 943

3,8174,2994,9754,2424 - "

!

159, 532160, 970160, 336159, 716155, 672

67,14766, 09466, 24369, 24972,142

2, 812,0302, 840,9472,838,123]2, 841, 9022,823, 781

173, 732171, 332173,400166, 229146,1771

2, 985, 7623, 012, 2793,011, 5233, 008,1312,969,958

164,904165, 664155, 881153,012155, 674

14,17414, 25313, 68012, 76911, 539

179,078179,917169,561165, 781167,213

474, 950 24,356 51, 781488,332j 26,651' 51,857486,300 25,120 49,902505,125 26,107 50, 002479, 859 25, 525 50, 605

954,160918,946914, 246966, 387

1,002, 672

52,19452,10350, 29347,67241,484

1,006, 354971,049964, 539

1,014,0591,044,156

172,329 278,460192,248! 278,921197,4221 276,481192,737] 278,967182,238 278,419

7,'7,9648,5678,4206,881

179,825200, 212205,989201,157

13, 55312, 54414,15112,64510, 271

292,013291,465290, 632291, 612

189,1191 288,690

43,42242,84142, 21835, 00637, 293

13, 82614, 75011, 92711,91114,476

16, 64316, 38716,90117,36417,405

267,103267, 044276, 943276, 944279, 8""

6,2765,6265,0524,3936,746

24, 08923,48122,37421, 69721, 308

7, 037!7, 362!5,175 j5,5625,665

i86,889 273,37986,349 272,67085,255! 281,99585,132J 281,33791,404: 286,623

15, 81016, 90020, 68118, 83514, 685

7,4137,3236,7046,2496,531

73, 89173,97871,04664, 28169, 747

8,7458,0758,3768,3557,462

110,112110, 572112, 640110, 216112, 620

8,5488,336

7,5937,268

82,636 118,82,053! 118,90879,4221 121,03872,636! 117,80976,636J 119,888

143,894145,422132, 584119, 84372, 340

101, 677113,159116, 775117,647114,165

31,12630, 84327, 54927, 25926,973

33, 86534,94233, 32630, 99937,237

10, 08110, 54810, 26110, 37110,091

518,950531,251531,354518,827473,128

26, 39726,48428, 34928,14425,86"

75, 07276,33371,136

54,12254,12260, 27661,91556,122

2,9552,7563,4641,6582,218

48, 75943,11742, 03340, 43538, 629

2,8033,1664,0463,4412,477

23,107 173,17122,395 172, 520>22,034! 186,33721, 500! 185,598-21,055 183,498

1,8692,0311,9191,8661, 775

3, 4423,4443,7373,6073, 58£

57, 07756, 87863, 74063, 57358, 340

20, 29626, 87016, 82016,11622,130

5,6205,7035,6645,8125,912

51, 56246, 28346,07943, 87641,106!

28,17842, 28641,12137, 953!33, 749

5,2635,;"""5,3955,5365,396

24,976 176,61324,426 175,96423,953 190,074r23,366 189,20522,830 187,087

74,301

11,8111, 54511,10810,9898,901

82,99389,45186, 22485, 50186,382

2,4652,4032,5932,5192,436

85,00393,96792,59587, 36580, 251

5, 679J5,4045,7685,6684,802

26,11427,10425, 29125, 87123, 765

10, 75310, 90810, 91710, 96810, 966

545, 34'557, 735559, 703546,971

86,97187,878j82, 244179,6181

83,202

85,45891,85488, 81788,02088,818

90, 68299, 37198, 36393,03385,053

61,84362,43860,16160, 20557, 561

6,9796,9417,0686,8895,152

68,82269, 37967, 22967, 09462, 713

30, 63043, 81851, 21038, 75036,888:

27, 07027, 39627, 65327,820*27,386

234,313247,178268,937255, 775>251,361

15,60415, 28015,04914, 56614,114

249,917262,458283,986'-270, 341265,475.



FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS-Continued

RESOURCES—Continued


Total BostonNewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

KansasCity Dallas

SanFran-cisco

Nonreserve cash:May 1May 8May 15May 22May 29.

13ills discounted:Secured by U. S. Govern-

ment obligations—•May 1May 8. __May 15May 22May 29..

Other bills discounted—May 1. _._.May8May 15May 22May 29

74, 28778, 317,83, 981!85, 517|82,473

547, 996525, 814512,837,502, 558536,177J

437, 833'436, 208401, 762401,868452,017

Total bills discounted:May 1May 8 __May 15May 22May 29

Bills bought in open market:May 1May 8..May 15May 22May 29

U.[S. Government securities:Bonds-

May 1__May 8May 15May 22May 29

Treasury notes-May 1May 8. _May 15...May 22....May 29-_-

Certificates of indebted-ness-

May 1—_May 8May 15..-May 22May 29

985, 829|962, 022914, 599904, 426

Total TJ. S. Government se-curities:

May 1May 8May 15-May 22..May 29

Other securities:May 1May 8May 15 -May 22May 29 -

Foreign loans on gold:May 1May 8-May 15May 22May 29

Total bills and securities:May 1May 8.May 15May 22May 29—

Due from foreign banks:May 1. -May 8...May 15May 22May 29

170,421157,181146,107137,986117,919

50, 38450,40750,40050, 38650,384'

84,478!84,49590, 61091,83984, 965!

15,86814, 586:14, 81611,0629, 223;

150, 730149,488;155, 826153, 287144, 572

7,;6,8667,8177,8177, 817

14,8996,355

6,4566,8747,3897,2136,195

36, 35844,86346, 46650, 50861, 074

47,45042, 08746, 69751, 59848, 285

30, 66332, 74036,89540, 07539,350

169, 67'173, 331171, 324136,38"130, 658

77, 905103, 55883,04860,'~~63, 768

2,2632,3092,2762,1702,052

62, 28549,40042, 69146,03958, 871

39, 57734, 85533, 77530, 82437, 906

4,1533,1594,1053,3932,964

58, 24658,12560, 09156,01660, 501

33,10133, 38328,90434,19935,143

4,9955,2425,2525,1014,992

20, 27521, 04824,1125, 09824, 016

34, 08633, 40832, 41436,25733, 957

4,9246,1566,0495,8355,679

18, 08917, 48516, 814

15, 009

58, 42257, 04555, 96154, 20856, 389

7,1767,9488,1498,0717,670

65,19059, 55257,13366,93995,:

45, 53535, 76631,37131, 78254, 056

3,8124,0243,9573,7643,762

24,92222,16625,40029,84623, 989

22, 41122, 48622, 30024,15027,168

1,2831,1591,2061,1301,392

14, 7289,4648,6038, 679|4,071

7,6427,1577,7668,08712, 767

86, 95093,163102,106109, 359

30, 07229, 87628,97726, 06526,281

2,0661,795If'"""

1,7941,794

1,3961,3961,3491,3501,350

247, 582276, 889254, 372197, 325194,426

56, 83444, 00435,11527,44111, 649

155155155155155

11, 84111, 73417, 27918,40912, —

5,1704,6605,2952,120

495

101,86284, 25576, 46676, 86396, 777

11,40212, 06710,94911,59710, 041

585585585585585

9,3279,0819,0819,0819,081

7,0277,0277,0277,0277,027

91, 34791, 50888.99590, 21595, 644

12,99112, 65512,00311, 7229,921

548548548548548

27,40927,11227,11227,11227,112

54, 36154, 45656, 53161, 35557,973

6,3275,5095,2695,3114,734

1,1521,1521,1521,1521,152

65765765765'657

4,1513,8803,8343,8333,833

17,16616, 54922, 72920,68413,449

1,465965

1,9151,9151,915

16,93916, 69316, 69316, 69316, 693

401401402402402

27, 96227, 66527, 66527, 66527, 665

1,182504!

5,2332,232

1,534654

1,629695

76, 51174, 53072, 77573,19671, 398

7,4547,9958,1838,2167,982

2115241715

3,2113,1233,1283,1233,124

110,72595, 31888, 50498, 721149, 264

6,9798,44910, 64612, 73412,!

19,93719,93719, 93'19,93719, 937

5,2094,7635,3286,1434,!""

1,0851, 400J.1,0351

520285

47, 33344,65247, 70053,99651,157

1,4111,1911,1521,1421,118

7,1257,1257,1257,1257,125

4,2137,2137,2136,5006,500

I,1

1,8051,8201,8321,739

17, 01615, 04114, 36716,49819, 076

29,10529, 45930, 84433, 52137, 497

2,8323,0033,1462,9892,900

12, 82011, 37912, 30711, 57912,429

9,90511,1289,808

11, 98612, 054

22, 37016 62116, 369|16, 766!16, 838

3,682!3, 755j3,6513,4032,876!

46,12144, 50045, 21150, 01956, 5735,8915,5425, 5066,1295,892

4, 540!4,5684,5524,5454, 545J

4,102|3,9661.3,965j_3,969!.3,964;.

7,7557, 756|7, 756!7,7567,756

902

23!52i

1,136

8 6 .

1,11,809ir~

3,2423,1493,1613,1513,141

26, 23126,100

26, 60025,105

685292

581248

2,041871

11,33814, 33814, 33813, 62513, 625

8,6658,5868,6038,5438,559

2,0002,0002,0002,0002,000

254399170

22, 72522, 50722,11523, 56524,483

10, 77410, 50910,15310, 75410, 325

7,8137,8137,8137,8137,813

3,5983,4113,4113,4113, 411

9,7937, 756!7, 756J7,7567,756

1,5001,5001,5001,5001,500

492210

11,42711,25911, 23411, 22411,233

1,2501,2501, 250|1, 2501, 250J

527L225 L

3,9323,8983,7373,9443,778

48, 39043,96033, 52435,98131, 275

32, 69425,87618, 87424,31833, 027

81, 08469, 83652, 39860, 29964, 302

16, 60415,62914,50313,47214,111

6464646464

11,94311, 64011, 64011, 64011,640

12, 00711, 70411, 70411, 70411, 704

750750750750750

1, 329, 2451, 281,9121, 224, 3491, 203,5161, 258, 502

725725723726727

119, 213121, 210125,974132,004139,473

545454!5454

328,280340,639314,131247, 365221,439

220220217220221

132,138114,070104, 510105, 555123, 913

7070707070

133,929132, 523128, 663129,602133, 230

7474747474

63,18262,06663,60968,47564, 516

87, 788| 145,97685,92284,11984, 56382, 521

130, 738125,450138,055187, 358

99100100100

60,67860,43563,19068, 76365,900

2929292929

37,11631,13230,62330, 71230, 273

1818181!1!

63, 79:59, 50859,97365,40471, 721

2424242424

46, 70345, 75044, 75246, 79347, 291

2424242424i

110,44597,91979, 35586, 22590, 867

5252525252



FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS—Continued

RESOURCES—Continued


Total BostonNewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

KansasCity Dallas

SanFran-cisco

Uncollected items:May 1May 8May 15May 22May 29

Bank premises:May 1May 8 _..May 15May22.._May 29 _..

All other resourcesMaylMay 8 _.May 15May 22May 29

Total resources:MaylMay8__May 15May 22May 29

707,771657,596847,343691,828655,928

58,73958, 73958,76158,76158, 761

8,3587,9978,3618,3198,543

71,07865,88783,055

66,076

3,7023,7023,7023,7023,702

54

202, 715180,486251,653187,965180, 758

16,08716,08716,08716, 08716,087

1,7051,3061,3261,3061,349

5,164,8875,097, 5655,235,0415,056, 7985,034,892

379,635377, 703389, 794377,178382, 768

1,586,0241, 542, 5271, 584,8481, 507, 0771,503,360

61,93353,08067,84759,32755,142

1,7621,7621,7621,7621,762

171192202216251

67, 727

84,37472,03567,128

6,5356,5356,5356,5356,535

1,2881,309

1*3421,365

49, 65247, 77258, 26151,91047,266

3,5753,5753,5753,5753,575

534505520497495

23,43422, 24126,19822,85918, 838

2,7442,7442,7442,7442,744

1,9721,9642,1302,1182,090

I

88,0511 28,83482,6381 29,790

106,923 39,10182,392' 30,46787871 28 75687,871

8,5298,5298,5298,5298,529

521540599581590

28, 756

3,9293,9293,9513,9513,951

335361370378381

12,85812,89415,17913,17612,243

2,1102,1102,1102,1102,110

524521540547531

38,45338,09943,09237,15335,385

4,1404,1404,1404,1404,140

24,02825,09628, 22723, 64821, 259

378,162371,695382,656370,257372,309

505,719495,654515, 707504, 593499,986

204,607201,246210,672202, 227197, 513

239,550237,963242, 306235,956231, 788

795,6991 184,587788,227809,453784,699791,113

186,446192,842186, 970185,981

139,367139,688

135, 713135,385

199, 250203, 282207, 744201, 923198,484

144,735145, 578145,737142,878136, 553

39,00839,02443,43342, 53335, 206

3,7043,7043,7043,7043,704

494501522528570

407,552407, 556414, 789407, 327399, 652

LIABILITIES

Federal reserve notes in circu-lation:

MaylMay 8 . .May 15 _.. _—May 22May 29 . . . . .

Deposits:Member bank—reserve aa

count—MaylMay 8May 15May 22.May 29

Government-May 1_—May8_May 15 ___May 22. _May 29..

Foreign bank—MaylMay 8...May 15May 22May 29

Other deposits-May 1May8May 15....May 22.May 29.

Total deposits:t Mayl. .| May 8

May 15May 22May 29

Deferred availability items:MaylMay 8May 15May 22May 29

Capital paid in:May 1May 8May 15May 22May 29...

1,663,6391, 663,6781,646,6581, 639, 5541,653,685

2, 335,8172, 330,0332, 319,8872,275, 7522,285,870

33,89228, 63513,67819,29115,366

8,3407,2386,1066,3628,085

32, 30923, 30825,83723,10621,873

2,410,3582,389, 2142, 365, 5082, 324, 5112,331,194

656,462608,834786,019655, 232611, 242

155, 958156,179156, 296156, 279156,446

135,854138,026137,227137, 688142,314

139,993142,521139,237138,540142,646

1,714152488

1,255251

665502502502502

526017411365

142,424143, 235140,401140,410143,464

69, 98365,00380, 62967,45765, 203

10,38410, 39010, 38910, 37410, 375

295,815288,490277,973275,051274,542

947, 320940, 309931,019913,102917,034

7,3677,3283,0073,2021,749

2,0812,5111,3791,6353,358

17,4629,6559,3658,7419,101

974, 230959,803944, 770926, 680931, 242

182,468160,276227, 523170, 704162, 795

55, 82955, 96956,04856, 20256, 264

141, 357141,589142,262140, 646146,550

134,107136,775136, 200133,459131, 831

4,3013,475699828789

862651651651651

65193114196114

139, 335141,094137, 664135,134133,385

56, 73648,03561, 72853, 36251,191

15,13315,28915,28915, 30315, 303

205,620206,675207,019203,921208, 507

190,671184, 719183, 338186, 729181,052

2,5221,6331,0511,4431,443

916692692692692

1,029797698495639

195,138187,841185, 779189, 359183,826

61,15557, 21878,89967, 24563,419

15,08915,08915,10015,10115,121

67,88168,03566, 54266,16366,091

65,82967, 24365, 76564,93864,849

3,5991,8532,0161,3252,421

413312312312312

96939087222

69,93769, 50168,18366, 66267,804

46,86443, 73855,90349, 35243, 548

6,1836,1766,1766,1776.177

132,157132,693131,945131,497130, 569

66,07364,95167,37963,61263,463

1,4521,733826

1,6361,247

350264264264264

1101113122

67,98567.06168, 59165, 60565.062

21, 73820,41323, 95120,94618,131

5,3325, 3325,3335,3335,r"

305,143306,035304, 599305,411307,265

340,106339, 276341, 717330,831338, 535

7,1916,0371,7793,1892,409

1,230929929929929

1,243589

2,182766

1,270

349, 770346, 831346, 607335, 715343,143

80, 61275,08897,93683,09479,951

19,49419,48319, 50019, 52819, 543

57, 55857, 72557,88657, 78857,973

75, 95877,12476, 46076,10278, 312

1,7301,2101,1061,3411,074

359271271271271

1,8542,3362,2342,4072,134

79, 90180, 94180,07180,12181, 791

29, 51530,02737,12131,41828,495

5.4285,4275,4295,2315,230

63, 71964,35163, 38663, 05362,148

51,92551,60050,03648,89749, 740

1,117917586735973

225170170170170

229224315199185

53, 49652,91151,10750,00151,068

10, 96911, 26912, 82611,45910, 923

3,0883,0423,0413,0533,067

65,82566, 59366,03766,43165, 936

84,17486,71087, 45286, 79185,940

1,1311,5951,0411,388

97

296224224224224

146230189133185

85, 74788,75988, 90688, 53686,446

33,41933, 63138,46332, 55231, 604

4,2854,2784,2774,2794,277

37, 547J 155,16338,154! 155,31236,884 154,89837,420, 154,48536,526 155,264

66,778| 172,88365,706, 173,09965,287j 175,99764,508 168,24363,641 168,827

1,4641,792700

1,468400

296224224224224

1932731937

68, 55767, 75466, 28466, 21964, 302

24, 84525, 82828, 74225, 38621,816

4,4694,4604,4584,4574,444

304910379

1,4812,513

647488

488

10,0048,98610,2819,8577,833

183,838183,483187,145180,069179,661

38,15838, 30842, 29842, 25734,166

11, 24411, 24411,25611, 24111,252



FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued

LIABILITIES—Continued


Total BostonNewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

KansasCity Dallas

SanFran-cisco

Surplus:May 1May 8May 15 _._May 22.... .._.May 29

All other liabilities:May 1May8_.May 15May 22May 29

Total liabilities:May 1May 8May 15May 22May 29

MEMORANDA

Ratio of total reserves to Fed-eral reserve note and depositliabilities combined (percent):

May 1 —May 8.May 15 ,May 22May 29

Contingent liability on billspurchased for foreign cor-respondents:

May 1May 8May 15May 22....May 29 _

Own Federal reserve notesheld by Federal reservebanks:

May 1May 8May 15May 22May 29.

254,398254, 398254, 398254,398254,398

24,07225,26226,16226, 82427,927

19, 61919, 61919, 61919, 61919, 619

1,3711,4301,5291,6301,793

71, 28271, 28271,28271,28271,282

6,4006,7077,2527,1587,235

24,10124,10124,10124,10124,101

1,5001,5871,6121,7111, 779

26,34526, 34526, 34526,34526,345

2,3722,4862,5652,6222,768

12, 39912, 39912, 39912, 39912, 399

1,3431,3971,4691,4741,494

10, 55410, 55410, 55410, 55410, 554

1, 7841,9101,9322,0212,079

36,44236,44236,44236,44236,442

4,2384,3484,:4,5094,769

10,82010,82010, 82010,82010, 820

1,3651,5061,5151,5921,672

7,0827,0827,0827,0827,082

1,0131,0331,0511,0651,097

8,690

935975

1,0391,135

8,690

627692!679 j706775

17,97817,97817,97817, 97817,978

1,1711,2311,2141,2971,331

5,164,8875,097, 5655, 235,0415,056, 7985,034,8921

73.374.375.175.974.5

349,257355,195367,498381, 751385,754

394,488417,206418,265426, 510420,133

379, 635377, 703389, 794377,178382, 768

64.464.061.159.58.5

25,53525,88326,72427,19528, 250

23,30324, 53222,29322, 57618,995

1, 586, 0241, 542, 5271, 584,8481, 507,0771, 503,360

79.277.878.984.486.6

108, 742111, 405115, 792125, 605119, 673

110,835136,865137, 635140,880149, 729

378,162371, 695382, 656370, 257372, 309

64.170.873.672.967.6

33,12733,57834, 66835,28036,648

38,18137,30039,03742,50236,003

505, 719495, 654515, 707504, 593

72.973.974.074.173.6

35,19735, 67736,83537,48538,939

34, 62135, 53234,48838,07532,035

204, 607201, 246210, 672202, 227197, 513

60.059.758.954.757.2

15,874

16, 61216, 90517, 561

19,42818,43219, 53019, 25918,115

239, 550237, 963242, 306235,956231, 788

59.359.560.459.861.3

13,45813,64114,08414, 33314,888

31,67429,45728,49529, 55331, 753

795, 699788, 227809,453784, 699791,113

83.385.485.985.376.7

47,27547, 91949,47550, 34752, 299

32,88534,06232,85430, 736

184, 587186,446192,842186,970185,981

63.363.459.657.759.5

13,80313,99114,44514, 70015, 270

10,11510, 2019,1538,9748,900

139, 367139, 688138,493135, 713135, 385

72.978.377.677.978.5

8,6278,7449,0289,1879,544

9,3258,6938,8128,78410,056

199,250 144,735! 407,552203,2821 145,578 407,556207,7441 145,737 414,789201,923 142,878! 407,327198,484 136,5531 399,652

59.864.063.560.055.

11, 38711, 54211,91712,12712, 598

10,42110,46111, 77310, 78111,370

64.9]65.565.264. 762.2

11, 38711, 54211,91712,12712, 598

9,0759,0369,9448,87510,483

73.777.583.080.879.3

24,84525,18426,00126,46027,486

64,61263,81263,04363,39761,958

MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS


Bills discounted:May 1 _ __May 8May 15May 22May 29

Bills bought in open market:May 1 _May 8 __May 15 _May 22May 29

Certificates of indebtedness:May 1May8.._May 15...May 22 _. . .May 29

Municipal warrants:May 1May 8 _May 15May 22May 29

Total

962,022914, 599904,426988,194

170,421157,181146,107137,986117,919

15, 86814,58614,81611,0629,223

401401402402402

Within 15days

806,106787,922739,927718,591762,915

94, 55180,07375,98073,11054, 291

4,1774,7594,6952,120495

16 to 30days

44,02443,28647,44045, 64452, 052

30,09235,59733,17631,11831,848

42535

293

102

31 to 60days

75, 56772,49268,18571,40284, 852

32,03728, 79325, 73221, 62119, 506

1,245205617

101101102102

61 to 90days

40,77837,58735, 76742,69457,418

11,0699,9029,10810,26510, 080

91 days to6 months

16,52717,99321,50024,12529,136

2,6722,8162,1111,8722,194

8,3787,8377,9137,5267,034

300300300300300

Over 6months

2,8272,7421,7801,9701,821

2,0681,7811,5661,3811,401



FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS


Total

Federal Reserve Bank

Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne- Kansasapolis City Dallas

SanFran-cisco

Federal reserve notes receivedfrom comptroller:

May 1May 8___ _May 15May22._ _ —.May 29—

Federal reserve notes held byFederal reserve agent:

May 1May 8May 15May22._.May 29 -

Federal reserve notes issued toFederal reserve bank:

May l.._May 8May 15May 22May 29

Collateral held as security forFederal reserve notes issued toFederal reserve bank:

Gold and gold certificates-May 1May 8 _..May 15... .May 22May 29.-..

Gold redemption fund-May 1May 8May 15._May 22 _May 29

Gold fund-May 1May 8May 15May 22May 29-__

Eligible paper-May 1May 8May 15May22.__May 29

Total collateral:May 1May 8..May 15May 22 .._ __.May 29.

2,813,4542,933,4803,055,8003,227, 6613,432,180i

755, 327852,596990, 877

1,161, 5971, 358, 362

218,032240,183261,945

732, 605747,040757,893779,016

289,299 822,936

58,87577,625102,425125,225127,990

2, 058,1272, 080,8842, 064, 9232, 066,0642. 073, 818

381, 294378, 295378,295376, 295372, 895

94, 21992,05980,710102,211100, 092

841,936839,551870,112840,045842,194

1,106,8911,076,9611,017,200999,891

1,057,853

159,157162, 558159, 520160, 264161, 309

35, 30035,30035,30035,30035, 300

16,88513,43610,39817, 74214, 552

23,00023,00023,00013,00013, 000

113,802116, 749122,062128,093135, 562

2,424, 3402,386,8662, 346,3172, 318,4422, 373,034

188,987188,485190,760194,135198,414

325,955321,685342,285363, 085398, 665

209,438 269,391208,789 279,557208,359! 289.657209,2081 310,846208,613 354,012

29, 900 29,15029,900 37,35027,060 48,15026,060 68,85026,060 113,470

113,020 218,831127,978} 229,369132,763! 250,860161,113 264,610192,157 276,262

406, 650425, 355415, 608415,931424, 271

171, 880171, 880171,880171,880171, 880

14, 32314, 24714,15414,15414, 047

95,00095,00075,00075,00080,000

281, 314299, 027270,529205,614188, 052

25, 711:41,51146, 69175, 691107,951

179, 538178, r181, 299183,148182, 553

31,00030, 00030, OOO!30,00030, 000

9,48112, 83211,40210, 25113, 636

53,05756, 05775, 89775,89770,897

96,84584, 52070,15076,96588, 208

562, 51580,154531, 563466,648453,979

190, 383183,409187,449193,113202. 741

240, 241242, 207241, 507241,996240, 542

47, 20047, 20047,20047,20043,800

12, 31812,48412,08412,27411,879

95,00095, 00095,00095,00095,000

103, 527103,373100,749100,918104: 901

87,30986,46786,07285, 42284, 206

55,00067,21990,420103, 560113, 940

414,661427, 320431,561442, 265464, 081

76, 62088,40092,900104,000126, 080

79,683 88,568 101,29685,456 98,568! 110,65490,249 112,722! 122,77092,552 125,161 138,17296,583 142,368 143,566

12,01017, 53023,21025, 79029,710

6,6906,690

5,8925,0503,8358,184

27,00027, 00027,00017,00020,000

55,05855,50057,21358,20654, 326

258,045258,057255,033255, 392255, 580

163, 831162,150160, 440161, 050162, 322

17, 25015, 25015,25013, 25013, 250

8,8227,8006,5305,6404 " ~

338, 041338,920338, 661338, 265338, 001

67, 67367,92667,03966, 76266, 873

57,00059,00058, 50062,00069,000

83,49282,10180,70081,13779,029

1,1031,044943

2,9442,877

266, 000266,000276,000274,000277,000

117,437103, 503

111, 205161,995

8,0508,0508,0508,0508,050

3,0392,4311,3242,6472,258

13,00013,00013,00011,00011, 000

48,04345,16848,35254,64551, 788

94,640 166,56494,240 164,15194,738 160,98090,080 162,02788,084 165,972

384,540370, 547375,842388,149441, 872

72,13268,64970,72676, 34273, 096

15, 52425, 52440, 52453, 32470,164

73, 04473, 04472,19871,83772,204

14,16714,16714,16714,16714,167

2,9552,9552,1093,7482,955

37,00037,00044,00044,00039,000

25,93720,27519,92820,08819, 621

80,05974,39780,20482,00375, 743

25,050

44,96060,960

61, 75461, 04f66,68070,14774, 741

15,13213,85219, 85223,852

66, 260| 27, 732

306,175317, 524330,341349, 082367, 562

86,40098,400112,400131,200150, 340

76, 24677,05477,81077, 21277, 306

3,7572,6733,0753,269

44, 36039, 36039,36037,36035, 360

51, 59549, 59550,34555,88662, 252

100,35492,71292,37896,321100, 881

46, 62247,19046, 82846, 29547,009

14, 75714, 75814,75814,75814, 758

2,3503,6373,2762,7424,297

6,0004,0004,0004,0002,000

33,37032,87732,16334,18334, 608

219, 775219,124217, 941217,882217, 222

35,00035,00035, 00035,00035,000

12,65212,38611,98218, 81018, 581

125, 519125,134139,355131, 788129,937

96,47184, 27366,11072,95177,511

56,47755,27254,19755, 68355, 663

269,642256,793252,447258, 549261,009



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


Total

Loans and investments:May 1May 8May 15May 22May 29

Loans:May 1May 8May 15May 22May 29 _ __.

On securities—May 1 _- _-_May 8May 15...May 22May 29

All o ther -May 1.. .May 8May 15—May 22May 29._

Investments:May 1May 8 _May 15May22____May 29

U. S. Government securities—May 1May 8May 15May 22May 29

All o ther -May 1May 8 ._May 15. . . .May 22May 29

Eeserve with Federal reservebank:

May 1May 8May 15May 22May 29

Cash in vault:May 1May 8.May 15 _ _May. 22...May 29

Net demand deposits:May 1May 8May 15 _May 22...-.May 29

Time deposits:May 1 -May 8May 15 —May 22. _„__May 29. — * —-

Government deposits:May 1 —May 8 -May 15May 22 -May 29

22,31322, 09422,15622, 00522,001

16, 43816,25716,30116,18716, 202

7,3717,2417,2217,1447,112

9,0679,0169,0799,043

5,8755,8365,8555,8185,799

2,9972,9792,9722,9512,897

2,8782, 8582,8832,8672,902

1,7021,6821,6821,6471,617

223237227235242

13, 23412, 98613,13912, 81012, 791

6,7606,7716,7956,7896,765

143108105


Boston

1,4861,4851,4861,4771,481

1,1021,1001,0991,1011,104

470472465464467

632628634637637

384385386 I376377

190190184183

195196196192194

9494959395

1616171615

913 i

857

456463458460459

NewYork

8,5958,4158,4448.345

. 8, 326

6,4186,2496,2736,2096,217

3,2113,0823,0743,0242,995

3,2063,1673,2003,1853,223

2,1772,1652,1712,1362,109

1,1791,1771,1641,1401,120

9881,006

811792790767740

6569666975

5,9495,7525, 8035, 6525,710

1,6981,6961,7201,7081,693

6247464343

Phila-del-phia

1,2271,2191,2111,2061,208

907902895890891

487476466460459

420426430430431

320317316316317

104104104104104

216213212212213

7679787776

1314131416

706721723711705

274271267265264

75555

Cleve-land

2,1952,1922,1812,1772,170

1,5261,5261,5181,5171,508

707707699694687

819819823821

665663660662

321322319318319

344344342343

132128125129125

1,0321,0151,0271,0271,012

960964955951949

119

Rich-mond

677675676675

519517518517510

191191188190187

328326329327324

158159158159159

7475757475

8484848484

1012111112

349351354344342

242241239240240

43333

At-lanta

645649652646644

510513516509512

147150150148147

363363366361365

136135136136132

6565656561

7070717171

3939414039

9109109

326328332320315

228229236239239

75555

Chi-cago

3,2993,2763,3063,2773,283

2,5812,5732,5952, 5742,582

1,2041,1991,2091,1991,210

1,3761,3741,3861,3751,372

719703711703702

343328332327325

376374380377377

247245248246245

3637363637

1,8251,8191,8501,8021,765

1,2401,2301,2381,2381,232

1713131212

St.Louis

696697701711732

519524524516520

234241241238239

286283283278281

176173177195212

6968718866

107105106107147

4444454345

67667

377377377362368

231232232233232

21111

Min-neap-olis

370368368367377

247245244242252

8282828291

164163162160161

123123124125125

6869697069

5554555556

2625232324

56566

207211209208215

130131131130136

11111

Kan-sasCity

686683687684682

450449452450448

123121123122120

327327329327327

237235235234234

111110110109109

125124125125125

5153545454

1011101111

486481487474472

179181181181180

21111

Dallas

482481483477475

348345347342342

1001021039998

248243244243243

134135135135134

9494959493

4141414140

3534343433

78788

297296302290286

141141141140141

107777

SanFran-cisco

1,9551,9541,9611,9641,953

1,3121,3131,3191,3211,316

415417422424413

897896897897903

643641642643637

379377378376374

264264264267263

107108110105105

1819181819

768755785751743

979991997

1,004997

1410101010

52985—29



WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—ContinuedPRINCIPAL RESOURCES AND LIABILITIES BY WEEKS—Continued


Total


Boston NewYork

Phila-del-

phia

7164625659

158155158151145

Cleve-land

10687938885

200197201190184

Rich-mond

4946484643

9690958783

3129303430

At-lanta

7570736666

9899

1009288

5250474743

Chi-cago

i 248191219198195

454442436412398

79666271

120

St.Louis

Min-neap-olis

Kan-sas

City

105105111102100

184186178173169

3333353945

Dallas

5760575150

8083817571

1615141515

SanFran-cisco

131143142130131

177175179168166

6656404751

Due from banks:May 1 _ _ _.May8.._May 15.May 22 __.May 29

Due to banks:May 1May 8 __May 15.May 22. _._May 29

Borrowings from Federal reservebanks:

May 1May 8 _.May 15May 22May 29 _. _

1,1571,0381,0991,0141,012

2,7172,5822,5942,4432,389

703684626614

51534750

11610711010495

154116137131141

858878823820

193223197140134

58 4356 4857 4854 4447 46

112 74116 74110 ! 69102 i 66103 ; 66

29 i 1828 1220 ! 1234 | 1132 I 11

1 This figure (and corresponding back figures) subject to correction.

GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM MARCH 21 TO APRIL 17, 1929, INCLUSIVE



Boston _.New YorkPhiladelphia...Cleveland.RichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City...DallasSan Francisco..

Total four weeks ending-Apr. 17, 1929.Mar. 20, 1929___Apr. 18, 1928.. _Mar. 21, 1928..

Transfers for Govern-ment account

Debits

6,30024,400

i 6,000i 6,000' 11, 500

8,5006,000

1,0007,0004,000

80, 700141,90065,900

179, 900

Credits

3,50042, 800

4,0002,000

fcl 1,900&•* 7 , 9 0 0i\ 8,600fe.k 500

4,200cr. 300

5, 000

80, 700141, 90065, 900

179, 900

Transit clearing Federal reserve noteclearing

Debits Credits Debits

930,9763, 563, 559fc 926,135

833, 968k 714,262

335,4961,450,876

543, 931161, 586438,138352, 633419,804

10, 671,36410, 869,34110, 296, 93310,491, 811

928,4883, 468, 294, 933,781

827,740710, 270325, 423

1, 575,451547, 256155, 600423, 587351, 767423,707

10, 671, 36410, 869, 34110, 296, 93310, 491, 811

4,3128,0425,4577,5692,6393,0697,7962,2911,5762,1971,3602,505

48,81350, 99039, 84147, 537

Credits

2,57312,8174,5593,5393,2804,0157,0843,787

9722,4751,6502,062

48, 81350, 99039, 84147, 537

Changes in ownershipof gold through trans-

fers and clearings

Decrease

7,02772,090

, 12, 258112,851i 15,727

6,09011,0737,276

144, 392

Increase

748

125, 76313,421

4,460

144,392

Balance infund atclose ofperiod

71,157167,37627.35266,56212,19316,704154,59937,05915, 55234, 98827,80443, 218

GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM APRIL 18-MAY 22, 1929, INCLUSIVE



BostonNew YorkPhiladelphiaCleveland _Richmond....Atlanta. .Chicago _St. Louis _ _MinneapolisKansas CityDallas .San Francisco

Total five weeks ending-May 22, 1929Apr. 17, 1929 _May 23, 1928Apr. 18, 1928

Transfers for Govern-ment account

Debits

16,0004,300

2,0002,000

29, 500

1,000500

55, 300197,40032, 700

211, 300

Credits

1,0006, 500

9,0001,0001,000

5008,5003, 500

12, 800500

11, 000

55, 300197,40032, 700

211, 300

Transit clearing •

Debits

1,123,9654, 048, 0041, 008, 0541, 033, 3701, 010, 210

421, 3841,812, 083

682, 418203, 345546,148421,123509,120

12,819, 22413, 705, 67012, 745, 79413, 501, 357

Credits

1,090,1794, 074, 7991, 036, 2281, 048, 7091, 004. 313

415, 4971,817,319

667, 209205, 292524,049419. 535516, 095

12. 819, 22413, 705, 67012, 745, 79413, 501, 357

Federal reserve noteclearing

Debits

5,2149,1827,3688,5263,3474,771

10, 2762,8141,9682,6561,7533,454

61, 32960, 24253,28953, 727

Credits

3,68617,1545,3104,3765,2113,5397,7843,9622,5822,9201,9072,898

61, 32960, 24253, 28953, 727

Changes in ownershipof gold through trans-

fers and clearings

Decrease

34,314

5,0338,119

26,2565,561

9,0351,934

90,252

Increase

25,26721,81620,189

6,061

16, 919

90,252

Balance infund atclose ofperiod

50,342190, 11142,42469, 24911,91118,835

119,84331, 00016,11537.95325.87138, 750

652,404674, 564814, 594773,029



LAND BANKS AND INTERMEDIATE CREDIT BANKS

LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS[In thousands of dollars]

Apr. 30...May 3 1 . .June 30. .July 3 1 . .Aug. 3 1 -Sept. 30.,Oct. 3 1 - .Nov. 30..Dec. 3 1 . -

Date

1927

1928

Net amount of loans outstanding

j FederalTotal ! land banks

! (12 banks)Joint-stockland banks i

395 !

275 i165 i575393665 |185 i834 |121 !

1,117,9141,124, 0551.130,6481. 134, 8961, 139, 5021,143,1301,147,1351,150, 9431, 155, 644

014,481617, 220607, 517fiO7, 679609, S9J609, 535610.050007. 891600. 477

Jan. 31 1,767,515Feb. 29 1,778,338Mar. 31 ..__ 1, 786,862Apr. 30 - . 1,791,341May 31 — 1,793,035June 30 - - 1, 794. 236July 31 - . - - . . 1,793.630Aug. 3 1 - 1, 796, 591Sept. 30 - . 1,797,796Oct. 31-_ 1,797,910Nov. 30 - - - ' 1,797,319Dec. 31 --I 1,799,045

1929Jan. 31 - . -Feb. 28Mar. 30Apr. 30_

1,799,464 j1,803,593

«1,803, 691 !1,803,115

1,158,7171,168, 3541,175,8681,180, 4201,183,6721,184, fi5fi1,185,7141,187, 3651,189, 3451,190, 2781,191,7241,193, 846

1,195, 0891,199, 7661, 202, 5701, 203, 724

608. 798609, 984611,004610. 92160P, 363609, 580607,896609, 226608, 451607, 632605, 595605,199

604, 375603, 827

c 601,121599, 391

« Corrected.i Number of banks, 1927: January-March, 55; April-May, 54; June-

August, 53; September-November, 52; December, 51. 1928: January-April. 51; May-November, 50; December, 49. 1929: January to date, 49.

BANK DEBITS

DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERALRESERVE DISTRICTS


New York CityOutside New York City.

Federal reserve district:Boston ___New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas.San Francisco

Tota l . . .

Num-ber of

centers

1140

11

152159

151018

141

April,1929

47, 979,14026, 802, 629

2, 936, 28149, 021, 2572,899,3413, 111, 297

792,1861,227,0586, 931, 7241, 299, 220

738, 4621,427, 976

740, 7483,656,219

74,781,769

March,1929

55, 424, 97828,131, 415

3, 032,13156,472, 2052,845,4302, 945, 335

777,8941, 245, 6137, 650,3491, 357, 520

745, 3501,452, 343

769,1704, 263, 053

83,556,393

April,1923

41, 777, 84325, 225, 418

2, 994, 68242, 674,874

2, 523, 6982,741,802

759,4001,098, 6076, 582, 2381, 236,854

709, 4351, 254. 732

631, 5493,795, 390

67, 003,261

LOANS OF INTERMEDIATE CREDIT BANKS


1929 1928

Class of loanApr.

30

Direct loans outstanding ion— I

Cotton | 15, 5u3Tobacco, . . j 815Wheat | 1,289Canned fruits and vege- j

tables ..[ 809Raisins J 4,162Wool !Rice.. | 582All other. 279

Mar.30

Feb.28

Jan.31

Total . . . I 23,499 j 30,038

Rediscounts outstandingfor—

Agricultural credit cor-porations _.

National banks. _State banksLivestock loan compa-

niesSavings banks and trust

companies.

Total.,

28,065 !147 ;732 i

I25,160 j

6 j

25, 60645

406

24, 529

8354,110 50,

Apr.28

8,4»22,7461,039

4935,512

291,302

141

33,402 I 35,037 19,744

20,

1,

1,4,

886873721

260162

13880243

22~l '

1,

1,4,

1,

668145873

557653152091263

! 221

753491

; 2,461

i4

1

863672290226281

20, 47944

342

24,182

8445,131

19, 87552

268

24,147

30, 6148

411

21, 565

44,425 52,606

PAR COLLECTION SYSTEMMEMBERSHIP, BY FEDERAL RESERVE DISTRICTS

[Number of banks at end of April]

Federal reservedistrict

United States

BostonNew YorkPhiladelphia _ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas-San Francisco..

Member banks

1929

8,743

408937777811539442

1,236585708917764619

1928

8,949

412934782827559459

1,266593730951792644

Nonmember banks

On par list

1929

12,411

252404485

1,005608295

3,5431,713

6322,191

617666

1928

12,960

248407497

1,025637304

3,6531,834

7182,291

652694

Not on

1929

3,903

9567958213485

1,132268211

60

par list

1928

3,908

10581

1,013193454

1,13027319757

1 Incorporated banks other than mutual savings banks.


CONDITION OF ALL MEMBER BANKS

CONDITION ON CALL DATES APRIL 12, 1926, TO MARCH 27, 1929


1926

Apr. 12 June 30 Dec. 31

RESOURCES

Loans (including overdrafts) i _United States Government securitiesOther securities _ IIIIIIITotal loans and investmentsCustomers' liability on account of acceptances.

21, 785,018 22, 060,187 22,652,044 22,3,805,4675, 228, 564

30,819,049486, 259

3,744, 9295, 378,479

431, 307969, 380Banking house, furniture, and fixtures.._ . . 955,563

Other real estate owned. _ _._ i 173,906 172,986Cash in vault j 540,2611 534,120Reserve with Federal reserve banks ._ _ J 2,135,948! 2, 236,172Items with Federal reserve banks in process of collection ! 722,0551 732,161Due from banks in United States i 1,933, 50l| 1,980,051Due from banks in foreign countries 2 ''Exchanges for clearing house and other checks on local banks ! 1,450,457Outside checks and other cash items | 142,939Redemption fund and due from United States Treasurer _. J 32,879Acceptances of other banks and bills of exchange or drafts sold •

with indorsement _ j 221,290Securities borrowed " """; 45,304Other assets _ _ __ _ . _ I 3 416.029

LIABILITIESCapital stock paid inSurplus I.III.I.I.._I.IUndivided profits—net I.I I.I___IIIIIIIIIIIIIIIIIIIReserves for dividends, contingencies, etc I I .Reserves for interest, taxes, and other expenses accrued and unpaid.Due to Federal reserve banksDue to other banks in United StatesDue to banks in foreign countries 4_._ __Certified and officers' checks outstandingCash letters of credit and travelers' checks outstanding I.jDemand depositsTime depositsUnited States depositsTotal deposits *Agreements to repurchase United States Government or other

securities soldBills payable and rediscountsAcceptances of other banks and bills of exchange or drafts sold

with indorsementAcceptances executed for customers I.IIIIIII.I.III.Acceptances executed by other banks for account of reporting

banks.

1, 762, 736137, 86f32, 99-

207, 29244,631

3 419, 895

3,388,9635, 600, 708

512, 945998 212173,' 727522, 596

2, 210, 048810, 250

2, 065. 518

1927 1928

Mar. 23 June 30 | Oct. 10 Dec. 31

5, 786, 776

Feb. 28 June 30

327, 037 22, 938, 207123, 226, 513!23.886,;835,151 3, 796, 347 3, 856,1491 3, 977,,, 557 4, 215, 822

l,927| 6,103, H9i 6, 382, 962 6,373,630

393 J23,098,936 24,302, 787 24, 325,010 25,155, 255 24,944,641

500, 232012,103178, 230538, 3051321, 414I673, 5l2j

502, 024I, 036, 731

175, 829537, 856280, 439740, 816

1,896, 383 j 1,968,326287,104! 275,887

2,077,090! 1,222.670! 1,912,942181,593

32, 785

254, 50844, 3451

3 504, 314|

101, 676! 177, 77132, 480! 32, 891

205, 382J 210, 51941, 521 i 33, 539

158, 488! 168,141

Total _ _ 40, 075, 440 40, 845,189 42, 029, 644[41, 118, 464112, 810,192 43,155, 718 44, 888,140 43, 581, 656 45, 091, 8491*5, 483, 697 48, 935, 64646, 673, 097

National-bank notes outstanding-Securities borrowedOther liabilities

Total.. .

Number of banks _

2,162,4341,880,620 1.

783, 01

132, 68847, 893

], 801, 513

863, 46623, 266

i, 823,148 17,), 954, 74

379, 450!, 893,483 33,

15, 800619, 568

221, 290470,292

55, 002648, 95445,304

* 146, 993

9,412

, 169, 4841 2,,899,565! 1,763,156|124, 484145, 2141935,113 4,962,694 1,38, 415380,041117,172, 863111227, 647761, 987 34,

5,632611, 619

207, 292425, 751

203, 44955, 349785, 517120, 38651,44,

002, 995141.10220, 499

42, 054650, 66244,631

5 138, 872

>,375

128,142J 152,53,043 54,

3, 507, 732 3, 567;567,800 586,

1, 084, 605 977,41,696 26,

638, 648 16, 830, 709 17, 735, 244 17, 374,'" 859 11, 817, 694112, 209, 834 12, 459,

406,850! 217,622

32, 53'759, 866

254, 508515,046

35,917645, 95644, 34.5

8 148,108

2,248.210 2,273,7371,992,174| 2,030,342845, 596 843, 319139, 31547, 221

f3, 388,441451, 747788, 52225, 015

180, 546539,137

2, 319, 736739, 871

2, 077, 441255, 821

1, 564, 796157, 84133, 054

11,183, 595 31, 641, 715 31, 948, 964 32, 756,481 33,185, 781 34, 246. 912 33, 688, 383 35,061,173 34, 928,985 35,683, 935 35,393,026"" " ~~~ 576,223 699i 701 695,319 710,207 — — —

1,059,930 1,067,200 1,077.529 1,099,210— 229i 180.511 184,109

370! 525,992 449,198465 2, 36(3, 605 2, 342,045 _, __..,.__ _,_...,__.391 686,881 680,492 S56,655| 967,838

177,523,

2, 514,784,

2, 209,258,

1, 508,200,33,

265,0071 431,29, 4641 35,171,070| 197,

1,940, 619269, 373

1,311,817134, 91632, 823

454, 95829, 248186, 677

2,304,2, 049,

P10,325j505153l!402!

2, 337, 7802,124, 020

879,480128, 75752, 073

3, 495, 722

439,234,116528, 664 33, 756,19935, 397, 576 35 481

13, 248546, 433

205, 382505, 586

17, 967541, 248

210, 519503, 595

29, 013 32, 042642, 067 650, 44541, 546 33, 564153, 695 147, 696

9,260 9,144 9, 099!

435

193! 3.808,222869! 745,691944! 839,558391 21,641426118,170,14017,248i 12, 764, 798 12, 922,475 266,981948 36, 669,102 35,

17, 845528, 215

265,007575, 636

26, 075649, 39029,471135,062

9,C

32, 785663, 475

431, 968721, 473

22, 318649, 87735, 936191,169

40, 075, 440 40, 845,189 42, 029, 644 41,11.8, 464J42, 810,192 43,155, 718 44, 888,140 43, 581, 650 45, 091, 849 45, 483, 697 48,935, 646J46,673,097

9,034

2, 345, 5192,144,182914,114137, 34,45,360

4, 224, 7306, 533, 656

1,897,231297, 535

1,447,219217, 29133, 025

436,48837, 733 j198, 895

Oct. 3

4,385,8306, 218,145

727, 2581,105, 558178,443519,126

2, 348,018

Dec. 31

4,311, 7906, 216,890

929, 5401,107, 287

177, 716564,384

2, 409, 367

2,026, 259291, 858

1, 634, 689163, 52733,001

433, 66836, 551200,101

2, 415, 37i2, 285, 536

924, 012145,45849, 823

3, 263, 494613, 732787, 77043,177

21, 375580, 892

454, 958705,001

26,008646,16229, 352

201, 899

8,983

18,1031, 209, 437

436,486716,270

28, 235648, 60237, 782166.726

8,929

2,124, 252306, 950

1929

Mar. 27

4,453,9535,994,432

836,0281,118,418

184,873516, 742

2,338, 569841,606

1, 741,478292,018

3,493,0611 2,486,203203,884! -'"""32,995|

677,994'• 35,947j220, 498

142, 39532, 761

475,15548, 844

224, 981

2, 453,8592, 382, 393f 888,025t 120,020

150,43865, 379

3,462, 377508, 571

1, 041,11427, 338

643,372848, 06429, 015

', 304, 646il7, 606; 564 17,;1,63813,438,585 13,409,1

86,032 256, 681i, 374, 840 36, 059,82G 36,174, 578 39,074, 560 36, 799,346

95,161

2,474,223i 2,563,2782,440,709i 2,548,155

832, 564| 918,145151, 744! 144,242120, 6761 157,144

56, 510! 51,4333,649,037 3,070,084

462,649543,2731 4 ,2,184,138! 1,739,947

_ . , „ _ 23,128| 27,3857, 501,430 18, 903, 658,17, 708, 269, 409, 608 13,453,31113,328, 712

158, 761 261, 505 410, 867

134,084 102, 4231,153,916 1,162,178; 1,153,035

433, 6651717,931

41,417648, 046

36, 556189, <—

677, 994 475,155928,329} 846,370

43,636649, 893

35, 947209,109!

45,025647,35448, 844

224, 581

8,837 8,755

1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately.7 Includes amounts due from own foreign branches. Prior to Mar. 23, 1927, amounts due from banks and branches in foreign countries are included ID "other assets."* Includes amounts due from banks and branches in foreign countries.* Beginning Mar. 23, 1927, includes amounts due to own foreign branches, which prior to that time are included in "other liabilities."6 Includes amounts due to own foreign branches.

til

1


ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON MARCH 27, 1929, BY CLASSES OF BANKS


RESOURCES

Loans (including overdrafts) 1 _ _.United States Government securitiesOther securities _Total loans and investmentsCustomers' liability on account of acceptancesBanking house, furniture, and fixturesOther real estate ownedCash in vault _.Reserve with Federal reserve banksItems with Federal reserve banks in process of collection..Due from banks in United StatesDue from banks in foreign countries 2__Exchanges for clearing house and other checks on local

banksOutside checks and other cash items __Redemption fund and due from U. S. Treasurer-Acceptances of other banks and bills of exchange or drafts

sold with indorsementSecurities borrowed _Other assets _ _

TotalLIABILITIES

Capital stock paid inSurplusUndivided profits, netReserves for dividends, contingencies, etc.Reserves for interest, taxes, and other expenses accrued

and unpaid _Due to Federal reserve banksDue to other banks in United States—Due to banks in foreign countries3 . .Certified and officers' checks outstandingCash letters of credit and travelers' checks outstanding._Demand deposits _ _.Time depositsUnited States deposits -Total deposits __.Agreements to repurchase United States Government or

other securities soldBills payable and rediscountsAcceptances of other banks and bills of exchange or drafts

sold with indorsement __.Acceptances executed for customersAcceptances executed by other banks for account of

reporting banksNational-bank notes outstandingSecurities borrowed -Other liabilities _ ._

Total. .__ _ -

Number of banks _ _

Total

24, 944, 6414,453,9535, 994, 432

35,393,026

All member banks

1,118,418184, 873516, 742

841, 6061,741,478

292, 018

2,486, 203142, 395

32, 7G1

475,15548, 844

224, 981

46, 673, 097

2, 563, 2782, 548,155

918,145144, 242

157,14451, 433

3,070, 084462, 649

1, 739, 94727, 385

17, 708, 26913, 328, 712

410, 86736, 799, 346

102, 4231,153, 035

475,155846, 370

45, 025647. 35448,844

224, 581

Centralreserve

citybanks

7,210, 5151,298,7971, 010,0859,519,397

651, 638190, 799

8,44570, 699

930,309335, 218195,110222, 611

2,139,30366, 0561,994

395,11515, 009

101,179

Otherreserve

citybanks

8, 732, 9241, 731, 6061, 667, 92813,132,458

170,496407,91162, 869149,157763, 767394, 536766,14065,117

286, 94054, 2608,051

79, 35521, 06176, 552

Countrybanks

9,001,2021,423, 5503,316,419

13,741,17113, 894

519, 708113, 559296,886644, 493111,852780, 228

4,290

59, 96022, 07922, 716

68512, 77447, 250

14, 856, 3623,094, 3073, 970, 885

21,921,554472,486726, 083126, 880362,458

1,404, 528525, 681

1, 288, 725199,017

1,473, 061

14,842,882 15,438,670 16,391,545

752,342 827,103933,355 ! 788,774283,707 | 265,545

69, 772 43, 845

53, 219

46, 673, 097

8,755

1, 231,812413, 642

1, 501, 98919, 788

6,115,1121, 721, 592

169,16211,173, 097

40, 610321, 392

395,115658, 247

27, 58738, 93415,00980, 496

14. 842, 882

75

60,12612, 974

1, 464,13446, 622

153, 2887,065

5, 761,1474, 780, 609

164, 94012, 390, 779

54, 425471, 853

79, 355176, 725

14,809159, 203

21, 06185, 067

15, 438, 670

495

National banks

TotalCentralreserve

citybanks

Otherreserve

citybanks

,3,111,904! 712,3671 439,9394,264,210

330,46878, 9403,036

31, 781434,218183, 01076, 923

151,193

5,046,1551,212,430

923, 8477,182,432

134,233241, 63433,45695,143

475, 591264, 718560, 04944, 708

Countrybanks

6,698,3031,169,5102, 607,09910,474,912

7,785405, 50990,388

235, 534494, 71977, 953

651, 7533,116

41,13717, 00622, 716

62,862 33611, 066 9,17943, 255 30,146

12,425,044 | 5,151,678! 112,012 I 58,308i7,480, 078 10,071,588

3366, 472

1,437449, 2179,17917, 691

12, 562,189

8,185 7.187

State bank members

Total

10,088,2791,359, 6462,023, 547

13,471,472363, 542392,335

57, 993154, 284934,041315, 925452, 753

93, 001

1,013,14270,142

227, 28813, 590

105, 940

17, 665, 448

930, 8821, 020, 887

379, 54477, 008

76, 45111, 744

892, 787205, 384707, 343

15, 5316, 778, 6235,164, 447

140, 65613,916, 495

48,972449,473

227, 288372, 861

24,107

13, 590127, 890

17, 665, 448

1,186

Centralreserve

citybanks

4,098,611586,430570,146

5,255,187321,170111,859 j

5,409 |38,918 !

496,091 i152, 208118,18771,418

892, 83444,196 i

Other Ireserve i Country

city i banksbanks >

3, 686, 769519,176 ;744,081 i

4,950,026 !36, 263 !166, 277 i29,413 !54,014 !288,176 !129,818 |206,091 !20,409 |

101,485 I20,873 |

12,302,899| 254,040i 709,320|3,266,259! 6,109j 114,199j 23,171

61,352j 149,774j 33,899! 128,475I 1,174

18,8235,073

210,446 16,493 I 349| 9,995 ! 3,595

55,539 33,297 i 17,104

7,773,462 6,062,630 3,829,356

408,192 308, 370 i 214, 320474, 650 356, 249 I 189,988191,164 I 110, 620 | 77, 76043,355 | 21,735 | 11,918

35,510

479, 234193, 565624, 062

14,9963, 326, 7351,134, 049

69, 2715,841, 912

28,117165,880

25, 6872,090

343, 50311, 21060,901

4422, 084, 0622, 355, 565

52, 9284, 910, 701

19, 565180, 038

210,446325,875 |

15, 325

16,49342,060

33, 036

7, 773, 462

42

15, 2549,654

70, 050589

22, 38093

1, 367,8261, 674,833

18,4573,163,882

1,290103, 555

4,926

1,192

9,99553. 527

6, 062, 630

146

3, 59541,327

3,829,356

998

1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately.2 Includes amounts due from own foreign branches.> Includes amounts due to own foreign branches. CO


ALL MEMBER BANKS—CONDITION ON MARCH 27, 1929, BY FEDERAL RESERVE DISTRICTS


RESOURCES

Loans (including overdrafts)1

United States Government securitiesOther securitiesTotal loans and investmentsCustomers' liability on account of acceptancesBanking house, furniture, and fixturesOther real estate ownedCash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process of col-

lectionDue from banks in United StatesDue from banks in foreign countries2

Exchanges for clearing house and other checks onlocal banks

Outside checks and other cash itemsRedemption fund and due from United States

Treasurer..Acceptances of other banks and bills of exchange or

drafts sold with indorsementSecurities borrowedOther assets

TotalLIABILITIES

Capital stock paid inSurplusUndivided profits, netReserves for dividends, contingencies, etcReserves for interest, taxes, and other expenses ac-

crued and unpaidDue to Federal reserve banksDue to other banks in United StatesDue to banks in foreign countries 3

Certified and officers' checks outstandingCash letters of credit and travelers' checks outstand-

ing.__Demand deposits.Time depositsUnited States depositsTotal deposits 3Agreements to repurchase U. S. Government or

other securities sold _Bills payable and rediscountsAcceptances of other banks and bills of exchange or

drafts sold with indorsement _.Acceptances executed for customersAcceptances executed by other banks for account of

reporting banksNational-bank notes outstandingSecurities borrowedOther liabilities _

Total. __Number of banks

Total

24,944, 6414, 453,9535,994,43235,393,026

836, 0281,118,418184, 873516, 742

2, 338, 569

841,6061,741,478292, 018

2, 486, 203142, 395

32, 761

475,15548, 844224,981

46,673,097

36,

,563,278,548,155918,145144, 242

157,14451, 433

070, 084462, 649739, 947

27, 385708,269328, 712410,867799,346

102,423., 153,035

475,155846, 370

45, 025647,35448,844224, 581

46, 673.097


Boston

1,823, 340285,195491, 500

2,600,03580,69670,4846, 85838,127142, 396

68, 08084, 87324, 683

52, 724

7, 035

2,180

32, 312135

13,0293, 221, 647

174,807167, 92685,8919,627

11, 7797,348

136,46519, 33223, 229

4761,308,090970, 56320,223

2,485,726

32, 71079, 792

32, 31281, 229

3,00743,628

13513,078

NewYork

8,139,4961, 393, 0951, 784, 592

11,317,183612,961258,404

21, 317111,929930, 041

345,142220,157210, 231

2, 083, 630

37, 524

4,351

391,8591,252

110,10416,656,085

Phila-delphia

1,813, 353227, 898672,433

2,713,68418,48297, 70517,15642, 662

136,094

54, 60098, 9403,835

59,1114,316

2,733

5,1634, 723

13, 509

3, 272, 713

813,9961,019,109

352, 78053,881

57, 58220, 624

993,148400, S28

1,488,178

17, 9436, 514,9943,157,080

151,04012,743,835

44,221342, 651

391, 859618,128

28, 31585,3351,252

103,141

175, 578330,56985,9319,062

8,3337,201

162,0104.651

32, 309

2241,107,4501,087, 755

22, 2432,423,843

9,778125, 933

5,16315, 771

3,59354,0374,723

20, 399

Cleve-land

2, 352, 327450, 671674, 589

3,477,58711,390

140, 66423, 72254, 898

184, 871

77,153149, 644

3,339

32,0938,361

3,964

9,6739,768

16, 832

4, 203, 959

|3, 221,647 116,656,085

755 407 939

223,875264,98677,31815,798

16, 6693,721

212, 7163, 032

20, 524

5,1661,439,8771, 670, 439

30, 8333,386,308

1,280101, 605

9,67311,404

52478,4489,7686, 303

3, 272, 713

777

4, 203, 959

811

Rich-mond

1,023, 816143, 695183, 718

1,351,2299,08760,82116,94727, 23466, 906

Atlanta

132, 450151,938

1,191,27511,06361, 79114,11628, 26268, 951

3,776,730527,261 I768,155 j

5,072,146 1,377,349

39,712 I 24,57684, 581 125, 248

516 2,042

15, 5982,447

2,695

3,8692,6514, 558

13, 6557,148

2,245

2,2951,7794,788

1,688,851 11,559,234 6,333,342 (1,685,360

114,535 I88,998 |33,0864,516 |

6,6305,803

110, 988742

11,315

71561, 489596, 20127,122

1,313,731

51755,183

3,8699,209

5253,1952,6512,679

103,98071,10228,9673,110

4,2582,108

136,4962,8278,381

46573,207457,46926,144

1,206,678

2,47460,800

2,29517, 378

7,32944, 540

1,7794,544

1, 688, 851

541

1, 559, 234

444

Chicago St. Louis

944,686159, 269273,394

50,870171, 78826,01578,912

340, 339

1,58640,8159, 248

21, 79178, 333

97,097 j 32,191258,538 92,185

18,964 ! 1,388

118,856 i44,956

4,437

3,77920, 54826,097

16,0072,041

1,923

1,0553,9445,504

366,061 |276,158 I97,305 i35,126 j

25,725 !2,274 i

505,88715,23860,122

2,2102,383, 5092,117, 596

48,1165,134,952

7,890201,092

3,77951, 262

62988, 03120, 54824,784

Minne-apolis

563,858149,447224,449937,754

2,09423,1409,391

18,95154,923

6,98588, 927

1,920

7,9573,715

1,369

16096

5, 773

799, 503214,282228, 422

1,242,20784

45,8509,112

26,76892, 621

34, 043185, 640

1,922

Dallas

730,030190,31479,188999,5324,71743,98310, 79424,17769,381

26,432129, 928

747

5an Fran-cisco

17,672 9,586 I3,733 3,460 j

1,637 2,378 |

1,163,155

110,45865, 54433,1882,723 !

4,065 '243 f

152,805 |442

9,484

80631, 611533, 5548,800

1,337,019

1,24658,460

1,055 |1,590 !

338,0253,94428,040

6, 333, 342

377848

4,325

566713

2,297

1,666,839 1,328,691

1, 685, 360

1,237 585

64,91535, 89115,3911,479

2, 855246

101, 2241,2099,496 I

31 !406,626470, 838

6,903996,573

5115,101

1601,561

67526, 924

901,483

1,163,155

712

94, 36344,42122,4302, 524

3,85852

227,074238

17,370

116811,339372, 899

9,1371,438,225

87022,953

37783

132, 480

8483,406

1,666,839

919

96,64247, 72825,829

1,888

2,8031,270

118,5841,302

14, 962

59685, 785236,51226,324

1,084,798

82413,093

5664,722

646, 836

7132,243

1, 328, 691

765

2,070,615580, 376462,054

3,113,04532,998

102,97320,19743,031

173,713

37,595222,81722,431

59,31417,659

2,849

24, 0472,387

18,165

3,893,221

224, 068135, 72360,0294,508

12, 587543

212, 68712,80844, 577

9631,284,2921,657,806

33,9823,247,658

56276,372

24,04734, 033

89155,8752,387

14, 481

3,893, 221

618

1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately.2 Includes amounts due from own foreign branches,s Includes amounts due to own foreign branches.



ALL MEMBER BANKS—RESERVE POSITION ON MARCH 27, 1929[Amounts in thousands of dollars]

Class of bank and Federalreserve district

All member banks

Central reserve city banks.Reserve city banks...Country banks

All member banks:BostonNew YorkPhiladelphia. _.ClevelandRichmondAtlantaChicago __St. LouisMinneapolisKansas Ci ty . . .DallasSan Francisco..

Net demand deposits

Demanddeposits,

jxclusive ofbank andGovern-

mentdeposits 1

17,708,269

6,115,1125, 761,1475, 832,010

1, 308, 0906, 514,9941,107, 4501, 439,877

561.489573, 207

2, 383, 509"631,611406,626811,339685, 785

1, 284, 292

Central reserve city banks: tN e w York | 5,122,575

992, 537

655, 936288, 773599, 020874, 207246,500285.490677,360355,286148,815444,223273, 775911,762

Chicago..Reserve city banks:

BostonNew YorkPhiladelphiaClevelandRichmond _AtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco.._

Country banks:BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City. . .DallasSan Francisco..

652,1541,103, 646508,430565, 670314, 989287, 717713, 612276, 325257,811367,116412,010372, 530

Due tobanks,net2

1,124,892

618, 558420, 274

86, 060

29, 900458, 25844,15264,15725,03834, 208227, 07058, 52344, 97567,17825, 52845, 605

441, 510177,048

24,11510,12140, 61159, 60815,05928, 94837, 56843, 95939,13660, 32219, 38041, 447

5,7856,6273,5414,5499,9795,260

12,45414, 5645,8396,8566,1484,458

Total

18,833,161

6, 733,6706,181, 4215, 918, 070

1, 337,9906,973, 2521,151, 6021, 504,034

586, 527607,415

2, 610, 579690,134451, 601878, 517711,313

1, 330,197

5, 564, 0851,169, 585

680,051298,894639, 631933,815261, 559314,438714, 928399, 245187, 951504, 545293,155953,209

657, 9391,110,273511.971570, 219324, 968292,977726,066290,889263, 650373.972418,158376,988

Timedeposits

13,328,712

1, 721, 5924, 780, 6096,826,511

970, 5633,157, 0801,087, 7551, 670,439596, 201457, 469

2,117, 596533, 554470,838372, 899236, 512

1,657,806

1, 290,020431, 572

272,204292, 722234, 375839, 238170,117202,486747,216240,96998,412183,0G9139, 340

1,360,521

1, 574, 338853, 380831, 201426, 084254,983938,808292, 585372,426189,89097,172297,285

Netdemand

plus timedeposits

32,161,873

8,455, 26210, 962, 03012, 744, 581

2,308, 55310,130, 3322, 239, 3573,174,4731,182, 7281, 064, 8844, 728,1751, 223, 688922,439

1,251,416947, 825

2, 988,003

6, 854,1051,601,157

952, 255591, 616874,006

1, 773,053431, 676516, 924

1,462,144640, 214286,363687, 554432,495

2,313, 730

1, 356, 2982, 684,6111, 365,3511,401,420751, 052547, 960

1, 664,874583,474636,076563,862515,330674, 273

Reserves with Federal reservebanks

Required

2,307,432

926, 811761,561619, 060

Held

2, 338, 569

930, 309763, 767644,493

143,178925,438132, 433183,410

66, 78965, 677

337, 89276, 29451, 37587,82065, 682

171, 444

761,818164,993

76,17138, 67170, 994

118, 55931,259 !37,519 !93,910 !47,154 i21,74755,94533,496 I136,136 I

67,007124,94961,43964, 85135,530 !28,158 !78,989 |29,14029, 62831,875 i32,186 !35,308

142,396930, 041136, 094184, 87166,90668, 951340,33978, 33354, 92392, 62169,381173, 713

766,019164, 290

73, 77236, 59770.837

117, 75931,07138,81393, 23348,08823,99157.83835,356136,412

68, 624127,42565,25767,11235,83530,13882, 81630, 24530,93234,78334,02537, 301

Excess 3

31,137

3,4982,206

25,433

-7824,6033,6611,461

1173,2742,4472,0393,5484,8013,6992,269

4,201-703

-2,399-2,074-157-800-1881,294-677934

2,2441,8931,860276

1,6172,4763,8182,261

3051,9803,8271,1051,304

1,8391,993

Ratio ofrequiredreservesto net

demandplustime

deposits(per cent)

7.2

11.06.94.9

6.29.15.95.85.66.27.16.25.67.06.95.7

11.110.3

8.06.58.16.77.27.36.47.47.68.17.75.9

4.94.74.54.64.75.14.75.04.75.76.25.2

1 Exclusive also of certified and cashiers' or treasurers' checks outstanding and of letters of credit and travelers' checks sold for cash andoutstanding.

2 Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank,amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves arecomputed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks.In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, certified and cashiers' or treas-urers' checks outstanding, and letters of credit and travelers' checks sold for cash and oustanding, while amounts due from banks include itemswith Federal reserve banks in process of collection, amounts due from banks and trust companies in United States, balances payable in dollars duefrom foreign branches of other American banks, and exchanges for clearing house and other checks on local banks.

3 Deficiencies in reserves indicated by a minus (—) sign.


FEDERAL RESERVE DISTRICTS

- —

—JBOUNDARIES OF FEDERAL RESERVE DISTRICTS-—-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


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