Federal Reserve Bulletin October 1930
Total Page:16
File Type:pdf, Size:1020Kb
FEDERAL RESERVE BULLETIN OCTOBER, 1930 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Credit Conditions and the Marketing of Crops Change in Reserve Calculation Annual Report of Bank of Greece UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Ex officio members: EUGENE MEYER, Governor. A. W. MELLON, 1 Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. POLE, GEORQE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. E. M. MCCLELLAND, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research J. C. NOELL, Assistant Secretary, and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Research Chief, Division of Examination, and Chief Federal and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations* FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) . HERBERT K. HALLETT. District No. 2 (NEW YORK) WM. C. POTTER. District No, 3 (PHILADELPHIA) HOWARD A. LOEB. District No. 4 (CLEVELAND) . HARRIS CREECH. District No. 5 (RICHMOND) JOHN POOLE. District No. 6 (ATLANTA) J. P. BUTLER, Jr. District No. 7 (CHICAGO) MELVIN A. TRAYLOR. District No. 8 (ST. LOUIS) W. W. SMITH, Vice President. District No. 9 (MINNEAPOLIS) GEO. H. PRINCE. District No. 10 (KANSAS CITY) W. S. MCLUCAS. District No. 11 (DALLAS) B. A. MCKINNBY, President. District No. 12 (SAN FRANCISCO) x F. L. LIPMAN. WALTER LICHTENSTEIN, Secretary. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss. Roy A. Young. W. W. Paddock W. Willett.1 J. H. Case W. R. Burgess C. H. Coe. New York.. Qeo. L. Harrison- J. E. Crane Ray M. Gidney » A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.i Walter S. Logan J. M. Rice.i L. R. Rounds Allan Sproul.i L. F. Sailer Philadelphia.. R. L. Austin Geo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedj .2 Cleveland George DeCamp. E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zurlinden.. Richmond Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden. jr.2 Atlanta Oscar Newton... Eugene R. Black Hugh Foster M. W. Bell. Creed Taylor Chicago Wm. A. Heath... J. B. McDougal C. R. McKay W. C. Bach man. 1 John H. Blair D. A. Jones.i J. H. Dillard 0. J. Netterstrom 1 E. A. Delaney.i St. Louis. John S. Wood- Wm. McC. Martin. O. M. Attebery S. F. Gilmore.2 A. H. Haill 2 F. N. Hall.2 G. O. Hollocher 2 C. A. Schacht.2 Minneapolis... John R. Mitchell __ W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer Frank C. Dunlop 2 Kansas City.., M. L. McClure W. J. Bailey C. A. Worthington. J. W. Helm. J. W. Helm Dallas........ C. C. Walsh Lynn P. Talley. R. R. Gilbert Fred Harris. R. B. Coleman W. O. Ford.i San Francisco. Isaac B. Newton Jno. U. Calkins., Wm. A. Day Wm. M. Hale. Tra Clerk 1 Assistant deputy governor. Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch__ R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McComba. Omaha branch.. ... L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Charlotte branch Hugh Leach. El Paso branch J. L. Hermann. Atlanta: * Houston branch W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch W. S. McLarin, Jr. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch. C. R. Shaw. St. Louis: Spokane branch... D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch*. W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS Page Review of the month—Credit conditions and the marketing of crops 611 Continued monetary ease—Banks in New York City and outside—Liquidation of bank loans— Growth of deposits—Decline in money rates—Decline in farm income—Statement by Federal Reserve Board. Annual report of the Bank of Greece 631 Condition of all banks on June 30, 1930 650-653 National summary of business conditions 616 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 617. 618 Analysis of changes in monetary gold stock 618 Gold movements to and from United States 618 Member bank borrowing at Federal reserve banks 619 Discount rates and money rates ± 619, 620 Member bank credit 621 Bankers' acceptances and commercial paper outstanding 621 Brokers' loans, i 621 Security prices, security issues, and building contracts awarded 622 Production, employment, car loadings, and commodity prices 623 Industrial production 624 Factory employment and pay rolls 625 Banking and business conditions in Federal reserve districts: Federal reserve banks— Discounts (chart and tables) 626, 627 Reserves, deposits, note circulation, and reserve percentages 627 All member banks—Deposits subject to reserve, reserves held, and indebtedness at reserve banks. _ 627 Member banks in leading cities—Prinicpal resources and liabilities 628 Building 629 Department stores—Indexes of sales and stocks 629 Commercial failures 629 Bank suspensions 629 September crop report 630 Financial statistics for foreign countries: Gold holdings of central banks and governments." 637 Gold exports and imports 637 Condition of Bank for International Settlements _# 638 Condition of central banks 639, 640 Condition of commercial banks 641 Discount rates of central banks 642 Money rates 642 Foreign exchange rates 638 Price movements 643, 644 Law department: Change in reserve calculation—Amendment to Regulation D 645 Detailed Federal reserve statistics, etc.: Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement 646 Condition of each Federal reserve bank at end of month 647 Maturity distribution of bills and short-term securities held by Federal reserve banks 648 Membership in par collection system . 648 Bank debits. ._ _ — 648 Kinds of money in circulation 648 Changes in national and State bank membership 649 Fiduciary powers granted to national banks 649 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 16 OCTOBER, 1930 No. 10 REVIEW OF THE MONTH The table brings out the fact that for re- porting member banks in leading cities as a Conditions in the money market remained whole there was an increase in loans and in- easy through September. Although the usual vestments during the year, but that the entire seasonal trend at this time of increase was at banks in New York City, the moSrrease ^ear is upward, there was little banks outside of the city showing no change change in the demand for re- for the year. The growth, furthermore, was serve-bank credit, and increase in holdings of entirely in investments and in loans on securi- acceptances by the reserve banks was reflected ties, while all other loans, including commer- in a further decline of discounts for member cial loans, showed a decline of more than banks. Ease of the reserve position of member $1,000,000,000. Declines in this class of loans banks was indicated by the prevailing low rate were reported for banks in New York City as on Federal funds, that is, on balances with the well as for outside banks, while the growth in reserve banks in excess of reserve requirements, security loans was almost entirely confined to which were traded in at rates substantially the banks in New York City. Both groups of below the official discount rate. Some increase banks increased their investment holdings. in the volume of member-bank credit was indi- These changes in the condition of reporting cated by reports from member banks in leading member banks are such as usually occur during cities, but this increase consisted entirely of a a period of relative business inactivity and growth in investments and in loans on securi- reflect primarily a decrease in the demand for ties, while all other loans, which include loans credit by industrial, commercial, and agricul- for commercial and agricultural purposes, re- tural borrowers throughout the country. In mained practically unchanged at the lowest the interior of the country the funds released level in four years. through the decline in commercial borrowings A comparison of changes in the loan and investment account of reporting member banks was used in the purchase of investments. at the end of September of this While in New York City there was also an Banks in New year an(j of |as£ year showing increase in investments, there was a larger York City and J J ' .& increase in loans on securities.