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Federal Reserve Bulletin December 1929

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Federal Reserve Bulletin December 1929 FEDERAL RESERVE BULLETIN DECEMBER, 1929 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON The Banking Position Branch and Chain Banking Recent Changes in the Wholesale Price Level 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: ROY A. YOUNG, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research E. M. MCCLELLAND, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Re* Chief, Division of Examination, and Chief Federal search and Statistics. Reserve Examiner. 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. WALTER LICHTENSTEIN, Secretary 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. W. P. G. Harding... W. W. Paddock W. Willett. G. W. McQarrah... Geo. L. Harrison J.H. Case J. W. Jones.* New York.. L. F. Sailer Ray M. Gidney.1 E. R. Kenzel , J. E.Crane.i A. W. Gilbart W. B. Matteson.1 L. R. Rounds C. H. Coe.i Philadelphia R. L. Austin Geo. W. Norris Wm.. H. Hutt C.A. Mcllhenny. W. G. McCreedy.* Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zurlinden. Richmond I Wm. W. Hoxton.. George J. Seay C.A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* 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.Bachman.* John H. Blair K. C. Childs.* J. H. Dillard.» D. A. Jones.* O. J. Netterstrom.1 St. Louis Rolla Wells Wm. McC. Martin. 0. M. Attebery A.H. Haill.» F. N. Hall.1 S. F. Gilmore.1 G. O. Hollocher.» C. A.Schacht.i Minneapolis John R. Mitchell W. B. Geery Harry Yaeger Gray Warren. H. I. Ziemer Frank C. Dunlop.1 Kansas City M. L. McClure W. J. Bailey C.A. Worthington. J. W. Helm. R. R. Gilbert Fred Harris. Dallas C.C.Walsh Lynn P. Talley R. B. Coleman W. D. Gentry.* San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk i 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. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: j Oklahoma City branch C. E. Daniel. Baltimore branch A.H. Dudley. | Dallas: Charlotte branch Hugh Leach. El Paso branch W. 0. Ford. Atlanta: Houston branch D. P. Reordan. New Orleans branch Marcus Walker. ! San Antonio branch. M. Crump. Jacksonville branch W. S. McLarin, jr. 1 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: i Spokane branch __ D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. i 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—The banking position 755 Changes at New York banks—Banks outside New York—Brokers' loans—Security issues—Bank credit in 1929—Loans on securities and "all other loans"—Discounts in New York and outside— Strong banking position. Branch and chain banking developments, 1929 762 Recent changes in the wholesale price level in the United States._.. 772 The Hague protocol on reparations 792 Text of the Czechoslovak currency law 797 Annual report of the Danish National Bank 799 Condition of all member banks on October 4, 1929 760, 823-828 National summary of business conditions 776 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes 777-779 Analysis of changes in monetary gold stock 778 Discount rates and money rates 780, 781 Member bank credit „ 782 Bankers' balances 783 Bankers' acceptances and commercial paper outstanding . 783 Brokers' loans 783 Commodity prices, security prices, and security issues 784 Production, employment, and trade 785 Industrial production 786 Factory employment and pay rolls 788 Building 789 Trade and distribution 790 November crop report, by Federal reserve districts 791 Bank suspensions 822 Financial statistics for foreign countries: Gold holdings of central banks and Governments 800 Gold exports and imports 800 Condition of central banks 801 Condition of commercial banks *— 803 Discount rates of central banks 803 Money rates 804 Foreign exchange rates 805 Price movements 806-808 Industrial statistics for England, France, Germany, and Canada 809, 810 Law department: Rulings of the Federal Reserve Board— Maturity of bankers' acceptances drawn to finance domestic shipments 811 Changes in National and State bank membership 811 Fiduciary powers granted to national banks 813 Detailed banking statistics for the United States 814-822 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 15 DECEMBER, 1929 No. 12 REVIEW OF THE MONTH loans of New York banks were liquidated in In November changes in the banking posi- the amount of $1,240,000,000, but their other tion were largely in the nature of readjustment security loans increased further, and there was accompanying and following also a considerable growth in their other loans, including loans for commercial purposes, and Changes at ^ drOp in security prices. banks. Since it was chiefly at the mem- in their investments. As a consequence, at the end of the 5-week period the New York ber banks in New York City banks' security loans to brokers were consider- that the changes occurred, the course of events ably smaller than at the beginning, while their can best be described by reference to figures for other loans, both on securities and otherwise, these banks alone. During the week ending as well as their investments, had increased, so October 30 loans and investments of these that the total volume of their credit showed a banks had increased by $1,400,000,000, largely growth of $570,000,000 and was at a higher because they had taken over a large part of the level than at any time prior to October 30 of loans in the call loan market which had previ- this year. ously been made by out-of-town banks and This growth in the New York banks' loans nonbanking lenders, as these lenders withdrew and investments was not accompanied, how- funds from the market. As the liquidation of ever, by any increase in their indebtedness at brokers' loans continued in November, how- the Federal reserve bank, as the reserve funds ever, it was reflected in a reduction of security needed to meet the increase in their reserve re- loans by the New York banks for their own quirements, arising from the growth in their account. Changes in the position of the New deposit liabilities, were supplied through secur- York banks during the week ending October ity purchases by the reserve banks. The 30, during the four weeks following, and for relatively low level of indebtedness of the New the entire 5-week period are shown in the York banks was a factor in the decline in open following table: market rates for money which characterized the CHANGES IN POSITION OF REPORTING MEMBER BANKS period. The reserve banks' buying rates for IN NEW YORK CITY bills were reduced gradually from a range of 5% [In millions of dollars] to 5K per cent to a range of 4 to 4% per cent, and the discount rate at the New York bank Oct. 23 Oct. 30 Oct. 23 to Oct. to Nov. to Nov. was reduced from 6 to 5 per cent on November 1 30,1929 27,1929 27, 1929 and to 4% per cent on November 15. Discount Loans and investments +1,391 -823 +568 rates at the Boston, Chicago, Atlanta, and San Loans on securities +1,200 -1,128 +72 To brokers.. _ +992 -1,238 —246 Francisco reserve banks were also reduced from To others +208 +110 +318 All other loans _ _ +92 +106 +198 5 to 4% per cent.
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