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Hamlin, Charles S., Scrap Book — Volume 178, FRBoard Members °05.001 - Hamlin Chnrles S Scrap Book - Volume FRBonrd Members r,\ItRULt\ 178 1110 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Office Correspondence To The Files From Mr. Coe Dee July 17, 1941 Subject: se, After correspondence with Mrs. Hamlin (see letters of May 25 and June 4, 1941) the items attached hereto and listed below, because of their possible confidential character, were taken from Volume 178 of Mr. Hamlin's scrap book and placed in the Board's files: VOLUME 178 Page 36 Earnings & Expenses of F.R. Banks, February 1928. Page 94 Memo to Mr. Hamlin from Mr. Goldenweiser re "Reversing the Pump". Page 95 Memo to Mr. Hamlin from Mr. Goldenweiser re reply to letter from Mr. Barnes. Page 120 Resolution of Open Market Operations. Page 125 Memo to the Open Market Inv. Committee. Page 127 Report of the Sec'y. to the Open Market Inv. Committee meeting at Washington, March 26, 1928. Page 134 Member Banks borrowing continuously in excess of capital and surplus during February 1938. (1928?) . 1-1 111 11, --7 V) , 411 EARNINGS AND EXPENSES OF MERIT, RESZRVE BANKS FEBRUARY 1928 Total earnings of the Federal reserve banks in February were $383,000 less than in January largply as the result of a decline of $350,000 ' in earnings from U. S. securities. Earnings from purchased bills declined $75,000 while earnings from discounted bills and from miscellaneous saurces increased $10,000,respectively. Earnings, were, of course, accrued for two days less than in January. Current expenses (exclusive of cost of Federal reserve currency) aggregated $2,137,000 as compared with $2,174,000 in the month preceding and $2,101,000 inRobruary 1927. Current net earnings (total earnings less current expenses) for the month were $1,355,000 which is at the rate of 12.6 per cent per annum on average paid-in capital as compared with 8.1 per cent ayear ago. After providing for all current expenses and dividend requirements, the Federal reserve banks on February 29 had a balance of $1,700,000 available for depreciation allowances, surplus, and franchise taxes as compared with a balance of $1,059,000 at the end of February 1927. (St. 5717a) VOLUME 178 PAGE 36 71 , „r CONFIDENTI.AL _ Not for publicati ‘onth atik Disqinted St. 5717 EARNINGS AND EXPENSES OF FEDERAL RIt%RVE BATMS, FEBRTJARY 1928. Federal Reserve 11 Yir. Hamlin cfrom EFninjs urchased bills 1 of February Current expenses 1q28 Current net earnings Ratio to Amount paid-in capital Per cent Year Current net earnings 1728 Balance for Dividends l resrves, surl?lus, accraed franchise I tax, etc. U. S. securitieF! Other sources Total 98,309 $58,485 $4,728 :'295,576 $149,002 $150,243 n.45,333 19.4 $274,553 $94,256 $180,297 257,943 202,757 19,492 857,346 498,788 535,401 321,547 9.6 814,631 1415,358 399,273 15417 85,260 93,759 5,223 339,129 155,705 171,665 167,464 15.7 327921 , 133,201 194,720 40k. , 3,799 83,838 136* 15,322 379,069 206,172 221,940 157,129 13.9 352,235 141,326 210,909 Richmond 84,356 58,156 21,538 5,255 169,805 111,604 112,200 57,605 11.6 153,871 62,446 96,425 'tlanta 80,749 29,071 26,970 12,273 149,684 97,335 99,025 50,599 12.3 93,144 51,729 41,415 Chicago 156,294 123,555 181,807 37,147 493,803 305,414 322,301 176,502 11., ; 444,739 182,953 261,726 67,990 37,009 87,475 6,275 198,749 107,992 110,221 28,468 20.8 147,811 53,434 94,377 Bank O4 -1\:Cw York if Friladelphsa 471 j Exclusive I of cost of Total FR currency .. Cleveland St. Louis • Yinnea-)olis Kansas City 5an Francisco *11,8214 32,748 52,008 5,623 102,203 79,741 87,859 14,334 5.9 53,880 30,215 23,665 433,443 35,320 83,6'49 23,476 175,288 135,176 139,187 36,701 10.9 86,975 42,424 44,491 12,452 41,876 68,933 3,387 126,654 99,215 102,792 23,662 7.0 82,141 42,705 39,436 .161,529 58,668 91,311 6,267 317,775 190,635 203,003 114,772 15.3 207,026 94,054 112,962 145,068 113,249 128s60 3,610,683 3,993,695 3,032,924 2,137,379 2,173,729 2,101,160 2,255,967 1,354,716 2,304,4851,689,210 2,246,613 786,371 12.6 14.9 3,043,927 1,344,171 1,699,756 4 TOTAL Feb. 1923 1,412,460 942,353 1,110,202 Jan. 1928 1,402,517 1,017,792 1,460,131 Feb. 1927 1,207,919 864,734 831,371 i7-1,0ERAL,112 7E BOARD DIVISION OF 1-K OWTIONS MARCH 1 2114.928. C. 8.1 2,315,779 1,256,876 1,058,903 Parma No. 131. Office Correspondence FEDERAL RESERVE BOARD • Date March _22,1928 ; To _ Mr. Hamlin From __ Mr..Goldenw Reversing the pump •PO The phrase "reversin7 the pump" was applied to a practice by which the reserve banks prior to the act or June 21, 1917, were able . to exchange gold for Federal reserve notes. he way it was done was that a piece of eligible paper would be pledged with the Federal reperve agent and Federal reserve notes obtained in exchange. Later the eligible paper would be paid off in gold and thus the paper would once more pass into the hands of the reserve bank. The bank would then pledge that paper again and obtain more Federal reserve notes, redeeming the paper once more in gold. This operation could be continued indefinitely and thus on the basis of one piece of eligible paper Federal reserve banks would be able to pump as much gold as they chose into the Federal reserve agents' accounts, and obtain Federal reserve notes in exchange. VOLUME 178 PAGE 94 • Form No. 131. Office Corresportence To Mr. Hamlin From_ Mr. Goldenweise FEDERAL RESERVL BOARD Date March 22„.19?8 Subject: k. Reply to letter from Li±. Barnes It does not seem certain that gold will start back to the gold standard has been definitely established. rope when In order to acquire gold, foreign countries mast have favorable balances with the United States either on trade account or through borrowing. dith the United States, the principal creditor nation 6f the world, such favorable balances will be increasingly difficult to obtain. I also am inclined to emphasize the fact that gold is the least desirable of possessions. The foreign countries would much prefer to obtain cotton, automobiles, or other :-rnerican products rather than gold, and it is only the necessity for maintenance of their currency stability that generally would make them use thr balances to acquire gold. ?rom a survey of the :old reserves of the principal couAtries, I can see no evidence tH will be required in the immediate future in quantities exceeding the annual production of new gold. duction amounts to about .$00,000,000, of which about into the arts. 2he remaining This pro- 200,000,000 goes 200,000,000, I believe, will be ufficient to supply the needs of central banks returning to the gold. standard. As to the methods that the Treasury could use, I think that short of an embargo there is not much that it can do. It can, however, make the a3,aisition of gold somewhat more expensive by adopting less liberal Practices about charging for bars, etc. VOLUME 178 PAGE 95 p11111. -- p I 41, • AA-a'1 2 ut 13 econittot? 1-:ris °moldered the ineElor Ittilmitted tor the tmet lino reviewed the rcaaltv of ayetttra open acatot eperntione durins: Meat montho. 113.1.1e t prt..)nrea for t. Mao that the purpeeso et forth in the Cormittoote racceaseegatimul of Jonunri 1.2were bolsi Semeroplished. tiro Sekto4A4 heir recently been r. retnewed tendency tolerates en trineeeeeew excanolm Of credit indielting--that the 4,4 ,airmotrt rtkte in the larlfre norm aterSeto 13 not as afoot:Ivo as bad been et:atom-Anted* The Ca:matte* therefore recommends thatttrewaral pali4y continwsd until tnothrm mentinc is ?i1 ct 'he - tiny) o t rwlme owrnorot f7rinferrmee witless or roteon:714,7rr.tim itt1rt change in the zituntion trtb1e. ithr! colmittfx! ct to make zuoh ct in thci, on goitr:t neemintncel,.1say2r to er-zr7 out the policy. VOLUME 178 PAGE 120 $.44 /14i • 4 March 24, 1928. Memorandum to the Open Market Investment Committee At its last meeting on January 12, 1928, the committee recommended a System open market policy which should "work toward somewhat firmer money con,ditions as far as necessary to check unduly rapid further increases in the volume of credit." In accordance with this policy net gold exports, totaling „63,000,000, (exclusive of exports of earmarked gold) since that time have not '-.:3en offset by purchases of securities, and sales have been made from the open arket portfolio amountin:; to 0.50,000,000, and the portfolio has been reduced from 423,000,000 to 273,000,000. Accompanying these sales of securities the discount rates of all the Reserve Banks were increased from 3 1/2 to 4 per cent. kartly as a consequence of these actions, money rates have risen somewhat, as indicated in the following table: January 12, 1928 March 23. 1928 Call money 4 4 1/2 Time money, 90-day 4 1/4 4 5/8 Commercial paper 3 3/4 - 4 4 - 4 1/4 Bills 90-day 3 3/8 3 1/2 The total volume of member bank credit decreased during January and the first half of February at a somewhat more rapid rate than the usual seasonal docrease. The decline was largely in loans on stocks and bonds, and commercial loans increased. There has not been sufficient liquidation of credit to re- lease any appreciable amount of reserve funds and total bills and securities of the Reserve Banks are currently about 200 million larger than last year. In the past two weeks, accompanying a very active stock market, brokers loans have begun to incre.:;.se again and with them the total volume of credit. I 2 The policy adopted in January was thus effective in preventing further increases in the volume of credit, until the past two weeks. A partial ex. planation for the diminishing effectiveness of the policies adopted may be seen by observing the changes in bills discounted of member banks in New York City and member banks in other districts. As sales of securities were made in January the borrowings of member banks in New York City were increased,until they reached a point well above 100 million. From early in February, however, borrowin:min New York City showed something of a downward tendency, accompany. iag transfers of funds from the interior and increases in the discount s for member banks outside of New York City. diagram and table. These figures are given in the attached They raise the question whether the amount of indebtedness of member banks in New York City is now sufficient to prevent further increases in the use of credit, particularly for speculation. Condition of Business In .1411Pr recent weeks the available evidence indicates a continued tendency toward business recovery, and this improvement has gone far enough so that Federal Reserve policy may be considered more independently of the condi. tion of business than for some weeks past. u• MILLIONS o/DOLLARS 50 DISCOUNTS for ALL OTHER AANKS 40 1928 1927 30 200 DISCOUNTSfor N.Y C BANKS 1928 100 1927 0 JAN FEB MAR P111.111111.11m.1.11.1111' . • • 7 / Bills discounted by Federal Reserve Banks (Monthly Averages of daily figures, in millions of dollars) 1927 1928 Boston 1927 1928 Chicago Jan, Feb. Mar. 33 29 33 24 45 47 Jan. Feb. Mar. 90 79 74 59 51 59 Jan, Feb. Mar, 118 91 109 153 119 130 St. Louis Jan. Feb. Mar. 19 15 14 17 24 26 Philadelphia Jan. Feb. Mar. 44 36 37 45 53 49 Minncapolis Jan. Feb. Mar. 4 4 4 4 4 3 Cleveland Jan, Feb. Mar. 62 39 30 51 51 56 Kansas City Jan. Feb. Mar. 10 9 8 13 11 10 Jan, Feb. Mar. 23 23 23 27 27 28 5 3 3 4 4 4 Jan. Fcb. Mar. 34 27 31 29 28 26 38 39 48 41 52 69 New York Richmond Dallas Jan. Feb. Mar, Atlanta San Francisco Jan. Feb. Mar. 1927 1928 481 393 414 465 /171 506 Total Jan. Feb. Mar. March figures are for the 1st to the 20th, inclusive. VOLUME 178 PAGE 125 REI-ORT OF THE SE CRET Y TO TI-E &EN MARKET INVESTLE COMITTEE LETTING AT .1ASHINGT0 N, ifIARCH 26. 1928 At the meeting of the Open Market Investment Committee held in dashington on November 1, 1927 (during the week of the Governors' Conference) the Committee was charged with the policy until March 1, (unless developments not anticipated required a further review,) of maintaining stable rates for money at or about the levels prevailing at that time and to prevent further imports of gold. In line with this action, purchases of Government securities amounting to approximately .15,000,000 were made during November and December offsetting in part the loss of funds to the market due to the earmarking and shipping of gold for foreign correspondents, which from the latter part of October 1927 to the first of January 1928 amounted to 0_94,000,000. (Further earmarking and shipping of gold since the first of the year has amounted to :,67,000,000, making the total amount of this gold move.. ment Since last October about 060,000,000). These purchases of Government securities amounting to 5,000,000 increased the total holdings in the account from the amount held at the time of the Committee meeting in November to about' s 423,000,000. Other principal transactions effected in the account since last November (which either did not change the total holdiry;s or changed then only temporari ly) consisted of November 1927 - Exchange in the New York and Chicago markets of 054,098,800 25,000 100C 09,098,80G U. S. 3 1/2`7. Treasury Notes duo 1930-32 and 4 1/45 Fourth Liberty Loan bonds for a like amount of short-term Governments, the greater portion of which consisted of 3 1/85 certificates maturing June 15, 1928. December 1927 - Sale of 02,575,000 maturing 4 1/25 Treasury notes to the fiscal agent of the British Government to be used by them in making payment to the United States Government account British Government Debt. About 58,000,000 of these certificates were acquired from foreign correspondents on December 15 for resale to the Agent of the British Government and we purchased from the latter, in exchange, a like amount of 3 1/25 Treasury notes due March 15, 1932. December 1927 - Sale of 07,5E0,000 short-term Governments to foreign correspondents to partly replace their holdings of 4 1/2 notes which matured December 15, 1927 against which sales offsetting purchases of other issues of short-term Governments had been made. December 1927 - Exchange in the market of about VOLUME 178 PAGE 127 (;eol000,000 of the 3 1/2 Treasury notes due Fiarch 15, 1932 acquired from the fiscal agent of the British Government for a like amount of the shorter-term Governments. 2 January 1928 - Sale on January 4 of 02,000,000 3 l/4Y. certificates of indebtedness due March 15, 1928 to the fiscal agent of the British Government. This sal6 was replaced by purchase of other issues of short-term Governments in the market and from temporary holdings of the New York reserve bank. On November 25 the Federal Reserve Bank of Minneapolis, due to its reserve position, sold 0,000,000 of Government securities from its participation in the System Account. These securities were apportioned to the other participatiny; banks and a like amount of bills was sold them by the New York bank from its portfolio. On December 2 the Federal Reserve Bank of Dallas, due also to its'reserve position, sold 0,000,000 of Government securities from their participation in the System Account. These securities were apportioned to the other partici;.L..atinT banks, and the Federal Reserve Bank of New York sold to Dallas from its lortfolio '5,000,000 bankers acceptances. On January 5, 1928 the Federal Reserve Bank of Atlanta, due to an anticipated loss in their gold settlement fund, requested that they be temporarily relieved of 0,000,000 Government securities from their participation in the System Account. Due to the fact that this request was received too late in the day to make apportionment, these securities were purchased by the Federal Reserve Dank of New York on January 5 and apportioned to the other participating banks on January 6. The Reserve Bank of Atlanta repurchased these securities on Saturday, January 7. At the meeting of the Open Market Committee held in dashington on January 12, 1928, the following conclusions were adopted: 1. The object of the policy adopted on November 1 has been accomplished. 2. The Committee program should now work towards somewhat firmer money conditions as far as necessary to check unduly rapid further increases in the volume of credit. 3. In order to accomplish this program the Committee would expect to sell further amounts of Government securities and if necessary,to deal with gold movements in such manner as necessary to carry out the program. 3 In line with the execution of this program to work toward somewhat firmer money conditions by the sale of Government securities, sales were made from the Open Market Account of 3150,000,000 as follows: Daring January 1928 " February 1928 Total 3123,000,000 27,000.000 )150,000,000 l!ause salcs accordingly reduc ed the total holdings in the account from 3423,000,000 to 273,000,000 Other transactions since January 12 which did not affect the amount of total holdings in the Account consisted of January 1928 - Exchange in the market of 345/ 000/ 000 4 1/45 Third Liberty Loan bonds for a like amount of short-term Government paper. These Third Liberty Loan bonds were sold to satisfy the demand in the market for this issue of bonds to be used in connection with the exchange for new 3 1/4 Treasury notes due December 15, 1932 under the Treasury's exchange offering. January 1928 - Exchange of 3100,000,000 February 1920 - Exchange in the market of 0 41,000,000 March 1920 - Exchange with fiscal agent of Lritish Government of 0 30,000,000 4 1/4% Third Liberty Loan bonds for a like amount of the 3 1/2% Treasury notes due December 15, 1932 under the Treasury's offering. This exchange was in accordance with the action taken at the Commit. tee meeting held in Washington on January 12. These exchanges were made as opportunity offered. 3% certificates maturing March 15, 1920 for a like amount of the 3 1/4 certificates maturing June 15, 1928 and 3 1/4/,' certificates maturing December 15, 19281 principally the June maturity. 3 1/4% certificates of indebtedness due December 15, 1928 for a like amount of 3% certificates maturing March 15, 1923. The latter issue of certificates together with 04,125,000 of the 3 1/4% certificates maturing March 15 were sold to the Treasury for redemption during the period March 8 to March 14 inclusive, and were replaced in the account by purchase of other issues of short-term Governments. 4 March 15, 1928 Sales to Treasury of 323,768,500 March 15, 1928 - Sales to foreign correspondents of 3105,000,000 June 3 1/85 certificates for ac.; count of Alien Property Custodian and Mixed Claims in exchange for a like amount of the new 3 1A% certificates due Dec. 15, 1928 which they had acquired by subscription in exchange for their holdings of March 15 maturities. This exchange was effected in order to accommodate the Treasury with the shortest term Government paper for these Treasury accounts. short-term Governments, principally 3 1/8% certificates maturing June 15, 1928 in partial replacement of their holdings of March 15 maturities. These salcs on March 15 were replaced in the account by purchase of a like amount of short-term Governments.. With a view to stabilizing conditions in the money market over the tax period, delivery of about )85,000,000 of these purchases were deferred until after the 15th. This, together with the sale to New York City banks of a 3115,000,000 participation in the special one-day Treasury certificate to cover the overdraft, resulted in call money remaining stable on March 15 and the succeeding dates. Attached are statements showing: Exhibit A - Participation of Federal reserve banks in System Special Investment Account Government securities and classification of issues held in the account by maturities as of close of business March 22, 1928. Lxhibit B - Statement showing earning asset holdings of all Federal reserve banks March 14, 1928, as compared with previous week and March 16, 1927; also weekly average of earning assets from December 28, 1927 to March 14, 1928, as compared with corresponding period 1927 and entire year 1927. Exhibit "A" STATE/ENT SHVING PARTICIPATION BY FEDERAL RESERVE ::ANKS IN sysTEm SPECIAL INVESTMENT ACCOUNT AND CLASSIFICATION OF. ISSUES HELD MARCH 22 1928 IN THE ACCOUNT rY MATURITIES I', oston 0 21,098,500 Dec. 15, 1928 - 3 1/4% C/I (old) 0 66,089,000 New York 72, 553,800 Dec. 15, 1928 - 3 1/45 " (new) Philadelphia 19, 683 000 June 15, 1928 - 3 1/85 II Cleveland 22, 779,000 March 15, 1929 - 3 3/85 II 64,818, 500 2, 746, 500 28, 500,000 r\ichmond 7,297, 500 March 15, 1932 - 3 1/27. T/N 59,1 75,000 Atlanta 6,414,000 Dec. 51,9401 800 Chicago 42,115, 500 St. Louis 13,914, 500 Minneapolis 10,553, 500 Kansas City 18, 541,000 Dallas 14,825,500 San Francisco 23, 494,000 Totals :)273, 269,800 15, 1932 - 3 1/25 " 0273,269,800 OERALMARJH RESERVE BANKSASMARCH 14 WITH CORRESPONDING PERIOD COMPARJO SfAMO SHO'•71:13 EARNING AS5.71 HOLDINJS OF EARNING ASSErS FROM OEMCER 28, 1927 :0 Bills Discounted - Mar. 7 ...tar.14 1 Net Change Bills Purchased - !far. 7 - ITAr.14 - Mar. 7 - ?rar.14 - War. 7 - War.14 Comparison of Neekly AverE.-e of r.,arning Assets Dec. 28, 1927 to Yar. 14,.1928 Stele period 1927 Entire year 1927 Net Cl.f;.nge from same period 1927 W M M entire year 1927 ,Comparieon of Earninz Assets March 14, 1928 " 16, 1927 445,738 46,182 $124,388 111,036 $42,361 51,362 42,183 46,953 21,"99 21,509 290- Net Change Net Change phila. 4,770+ Net Change Total Earning A sset New York 2,444+ Net Change Government Securities Boston 109,720 116,644 6,924+ 104,244 78,739 79,546 25,505+ 24,698+ 116,644 69,9e9 46,735+ 13,352- 93,240 100,815 7,565+ 75,18 75,923 5+ 293,546 287,774 5,772- 310,760 245,276 282,822 65,484+ 27,938+ 287,774 263,110 24,664+ 14, 1928 (COO 0:..i t ted) ruid 9,001+ 32,306 30,596 1,710- 34,863 34,593 270- 109,530 116,551 7,021+ 119,495 80,057 88,085 39,438+ 31,410+ 116,551 66,810 49,741+ $5.,. )20 51,188 2,432- 30,154 28,691 1,462- 49,7'29 49,427 312- 133,513 127,306 4,207- 132,697 114,L64 111,895 16,233+ 20,802+ 129,306 104,351 24,955+ , 1)23 30MPARED 'virii P"tEVIOUS ..T.DC AND "ARCH 16, 1927:4110 ',1TEEKLY AVERAGE OF 1927 A_ND C•12I7-tE YEAR 1927. Richmond Atlanta Chicago St. Louis inn. 324,375 27,845 $26,867 22,814 460,957 51,058 $24,776 25,769 1,591 1,868 3,470+ 14,726 14,929 203+ 8,448 8,349 99- 47,3 51, 3,5(1' 62,808 40,733 55,679 22,075+ 7,129+ 51,123 36,205 14,91e+ SUr'ARY FOR SYSTIO` 4,053- 10,247 9,803 444- 9,926 9,770 156- 47,040 42,387 4,653- 46,855 46,910 49,115 552,260- 42,387 44,087 1,7C0- 9,899- 41,5C8 39,914 1,594- 62,995 63,109 114+ 165,460 154,081 11,379- 176,967 169,132 155,812 7,835+ 21,155+ 154,081 167,353 13,172- 993+ 10,762 9,671 l,91- 31,919 31,729 190- Kan.Cit, 277+ 10,131 10,648 517+ 18,135 17,990 145 65,491 47,988 59,655 17,503+ 5,796+ 67,169 55,860 11,309+ Bills Discounted for weeT $ 9,512Bi1ls purchased for week 4,821+ Covernmant Securiies for week 1,825rotal Earning Assets for week 6,3c6Corpvrieon of Weekly Averae of EtIrning Assets Dec. 28, 1927 to Mar. 14, 1926r with st,rie period 1927 216,0 e+ CorrL,..ridcn of ',ieekly Averai;e of _.F...enin6 Assets Dec. 28, 1927 to War. 14, 1928, with entira yell- 1927 150,0.79+ Com:).al•:Lacr. of Laming Assets march 14, 1928 Tith 1.7arch 16, 1)27 190,777+ 3,218+ 12,290 12,098 192- 30,769 31,014 245+ 50,903 54,174 67,457 67,169 288- 7,844 11,062 • 3b,899 31,598 35,537 5,301+ 3,362+ 31,5e6 J2,888 1,382- 3,271+ 56,368 53,283 55,562 3,085+ 9c6+ 54,174 51,554 2,620+ Dallas 3,442 3,754 312+ 14,106 13,677 429- 25,017 24,613 404- 42,565 42,044 521- 48,137 40,615 46,416 7,522+ 1,721+ 42,044 35,673 6,371+ San Fran. $66,149 66,358 209+ 26,842 25,531 1,311- 33,184 32,861 323- 126,175 124,753 1,425- 110,337 106,195 100,415 4,142+ 9,922+ 124,750 98,932 25,818+ Totals $ 482,108 472,296 9,812- 338,495 343,326 4,821+ 402,712 400,887 1,825- 1,224,315 1,217,509 6,806- 1,271,058 1,054,990 1,120,579 216,068+ 150,479+ 1,217,509 1,026,732 190,777+ 14.4.11 ( 0 COM DENTIAL , For use of Federal MEMBER BANKS BORROWING CONTINUOUSLY IN EXCESS OF CAPITAL AND SURPLUS 1:),JRING _bIBRUARY, 1928 St. 5729 Reserve Board only 401 ALSO 3ORR017INGS OF ,IJIL MEMBER BANKS AT THE END OF THE MONTH Federal GROUP I - All banks borrowing GROUP II - Banks in Group I continuously in excess of capital whose borrowings at the end of month GROUP III - All member banks in district 1. surplus during the month were at least twice capital & surplus Reserve Borrowin•s on Feb. 2 CapiBorrowings on Feb. 29 AccommoCapiBorrowings on Feb. 29 tal Ratio to. Numtal Ratio to dated Total tal Ratio to and Amount capital & ber and Amount capital & luring numand Amount capita l, District ?z surplus surplus T,u-plus surplus month ber surplus surplus on 141 413 $315,600,000 $55,240,000 17.5% New York 307 934 1,411,233,000 83,336,000 5.9 Philadelphia 779 329 454,700,000 59,755,000 13.1 Cleveland 1 i4120,000 $125,000 104-h 200 834 473,900,000 65,984,000 13.9 Richmond 217,000 395,000 182 3 1 $150,000 $322,000 215% 162 562 208,300,000 29,715,000 14.3 Atlanta 1,410, 000 7 145 1 51,000 147,000 288 143 46o 171,967,000 26,906,000 15.6 0.111 Chicago 9 1 - ,550,000 1,750,000 113 St. Louis 3 190,000 316,000 166 Yinneapolis 3 91,000 124,000 llipas City 17 1,295,000 1,815,000 1 136 140 25,000 53,000 212 ••••• 1 30,000 161,000 537 365 1,276 637,200,000 61,385,000 9.6 161 593 178,433,000 28,011,000 15.7 44 732 100,900,000 3,900,000 3.9 101 960 141,600,000 10,768,000 7.6 56 794 143,467,000 2,647,000 1.8 95 649 315,767,000 64,919,000 20.6 2,104 2,256 2,566 8,986 9,013 9,166 4,553,067,000 4,481,367,00 4,222,900,000 492,568,000 423,310,000 469,556,000 10.8 9.4 11.1 Dallas San Francisco 1 50,000 79,000 TOTAL Feb. 1928 114 4,14m,000 6,o14,000 Jan. 1928 54 5,491,000 8,1420,000 rub. 1927 92 10,895,000 14,308,000 FEDERAL RESERVE BUR.D DI VI SIB OF BANK OPERATIONS MITCH 27, 1928. C. 158 134 153 131 4 6 9 256,000 461,coo 6so,000 683,000 1,039,000 1,433,000 267 225 211 /7/
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