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FOURTEENTH ANNUAL REPORT
OF THE

FEDERAL RESERVE
BOARD




COVERING OPERATIONS

FOR THE YEAR 1927

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON
1928

THE FEDERAL RESERVE BOARD
DECEMBER 31, 1927

EX OFFICIO MEMBERS
A. W. MELLON,

Secretary of the Treasury, Chairman.
J. W. MCINTOSH,

Comptroller of the Currency.

WALTER L. EDDY, Secretary.
J. C. NOELL, Assistant Secretary.
E . M. MCCLELLAND,

Assistant Secretary.
J. F. HERSON,

Chief, Division of Examination and
Chief Federal Reserve Examiner.
WALTER WYATT, General Counsel.
W. M. IMLAY, Fiscal Agent.




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

E . A. GOLDENWEISER,

Director, Division of Research and
Statistics.
CARL E. PARRY,

Assistant Director, Division of Research and Statistics.
E. L. SMEAD,

Chief, Division of Bank Operations.

CONTENTS
TEXT OF REPORT
Page

Business activity
Agricultural conditions
Geographical differences in business record
Industrial profits
Bank credit
Growth of security loans
*
Increase in bank investments
Demand and time deposits
Federal reserve policy in 1927
Reversal of gold movement
Gold movements, 1914-1927
The reserve banks and the gold standard
Progress of gold standard during 1927

1
3
4
4
4
5
6
7
9
11
12
14
15

Federal reserve bank credit in 1927
Earnings, expenses, and volume of work of Federal reserve banks
Branches and agencies of Federal reserve banks
Building operations of Federal reserve banks
Changes in membership in Federal reserve system
Bank suspensions
Bank mergers
Chain banking
Branch banking
Banks on the par list
Trust activities of national banks
New edition of the Board's regulations
Amendments to the Federal Reserve Act
Administration of the Clayton Act
Constitutionality of section 9 of Federal Reserve Act
Legislation recommended
Conferences held by the Board
Organization, staff, and expenditures of the Board

17
21
24
25
25
27
29
31
32
34
35
37
42
45
45
46
50
50

TABLES
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT:

No. 1. Reserve bank credit outstanding, by months, 1914-1927
No. 2. Deposits, reserves, note circulation, and reserve percentages,
of Federal reserve banks, by months, 1914-1927
No. 3. Reserve bank credit outstanding, by weeks
No. 4. Deposits, reserves, note circulation, and reserve percentages,
of Federal reserve banks, by weeks
No. 5. Principal resources and liabilities of Federal reserve banks,
by weeks




in

53
56
59
60
61

IV

CONTENTS

RESERVE BANK CREDIT—Continued.

No. 6. Resources and liabilities of Federal reserve banks, in detail,
December 31, 1927
No. 7. Resources and liabilities of Federal reserve banks at the end
of each month
No. 8. Condition of each Federal reserve bank at end of 1926 and
1927
No. 9. Number of member banks discounting paper at Federal
reserve banks, by months, 1914-1927
No. 10. Average maturity of bills discounted and bills bought by
Federal reserve banks, by years, 1918-1927
No. 11. Bills discounted by Federal reserve banks—Holdings at the
end of each month, by classes
No. 12. Bills bought by Federal reserve banks—Holdings at the end
of each month, by classes
No. 13. Holdings of bills discounted and bills bought by Federal
reserve banks, by maturities
No. 14. Holdings of United States securities by Federal reserve
banks at the end of each year, 1924-1927, by classes
No. 15. Holdings by Federal reserve banks of United States securities
in special investment account, 1923-1927
No. 16. Holdings by Federal reserve banks of temporary one-day
certificates of indebtedness issued by the United States
Treasury, 1923-1927

page

62
64
66
68
68
69
69
70
71
72

73

GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION
GOLD:

No. 17. Monetary gold stock of the United States, 1914-1927
No. 18. Gold earmarked by Federal reserve banks for foreign account, 1914-1927
No. 19. Gold imports and exports, by countries, 1924-1927
No. 20. Gold imports and exports, by months, 1914-1927

77
78
78
79

MONEY IN CIRCULATION:

No. 21. United States money in circulation, by months, 1914-1927__
No. 22. Kinds of money in circulation, by months, 1914-1927

80
82

DISCOUNT RATES AND MONEY RATES
DISCOUNT RATES AND MONEY RATES:

No. 23. Federal reserve bank discount rates on all classes and maturities of discounted bills—Changes from January 1, 1922,
to December 31, 1927
No. 24. Federal reserve bank buying rates on acceptances—Changes
from January 1, 1919, to December 31, 1927
No. 25. Average rates charged by Federal reserve banks on bills discounted and bills bought, 1918-1927
No. 26. Average rates earned by Federal reserve banks on bills and
securities, 1916-1927
No. 27. Average rates charged by member banks on customers' paper
rediscounted with Federal reserve banks, 1921-1927
No. 28. Open-market rates in New York City, by months, 1919-1927.
No. 29. Open-market rates in New York City, by weeks
No. 30. Money rates in New York City—Prevailing rates charged
customers, 1919-1927



89
90
91
92
93
95
97
98

CONTENTS
FOREIGN RATES:

V
Page

No. 31. Open-market rates in foreign countries, by months, 19241927
No. 32. Discount rates at central banks in foreign countries—
Changes from January 1, 1922, to December 31, 1927

100
101

MEMBER AND NONMEMBER BANK CREDIT
ALL BANKS IN THE UNITED STATES:

No. 33. Loans and investments of member and nonmember banks,

1914-1927

105

No. 34. Deposits of member and nonmember banks (exclusive of
interbank deposits), 1914-1927

105

ALL MEMBER BANKS:

No.
No.
No.
No.
No.
No.

35.
36.
37.
38.
39.
40.

Principal resources and liabilities, on call dates, 1914-1927-_
Net demand and time deposits, by size of city, 1923-1927. _
Reserve balances, by months, 1914-1927
Borrowings at Federal reserve banks, by months, 1914-1927.
Classification of loans on June 30, 1925, 1926, and 1927
Classification of securities on June 30, 1925, 1926, and 1927__

106
108
109
109
110
111

REPORTING MEMBER BANKS IN LEADING CITIES:

No. 41. Loans and investments, deposits, reserve balances, and borrowings at Federal reserve banks, by months, 1919-1927. _
No. 42. Loans and investments, by weeks
No. 43. Deposits, reserves, and borrowings at Federal reserve banks,
by weeks
No. 44. Bankers' balances, by weeks

112
114
115
116

BROKERS' LOANS:

No. 45. Street loans placed by New York City daily reporting banks,

1917-1926
No. 46. Loans to brokers and dealers, secured by stocks and bonds,
made by reporting member banks in New York City, by
weeks, 1926 and 1927
No. 47. Brokers' borrowings, 1918-1922, 1926, and 1927, as reported
by NewYork Stock Exchange

117
119
121

BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING:

No. 48. Bankers' acceptances and commercial paper outstanding,
by months, 1922-1927
No. 49. Bankers' acceptances outstanding, by classes, 1922-1927

123
123

BANK DEBITS:

No. 50. Debits to individual accounts by banks in 141 principal
cities, by months, 1920-1927

124

INDUSTRIAL AND TRADE CONDITIONS
INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES:

No.
No.
No.
No.

51.
52.
53.
54.

Production, employment, trade, and prices, 1919-1927
Production of manufactures, by groups, 1919-1927
Production of minerals, by products, 1919-1927
Wholesale distribution, by individual lines of trade, 1919-1927.

127
130
131
132

DETAILED BANKING STATISTICS FOR THE UNITED STATES
CONDITION OF FEDERAL RESERVE BANKS:

No. 55. Bills discounted for member banks—Holdings of each
Federal reserve bank, by months, 1914-1927
No. 56. Discounted bills—Holdings of each Federal reserve bank on
December 31, 1927, by classes



135
138

VI

CONTENTS

CONDITION OF FEDEKAL RESERVE BANKS—Continued.

No. 57. Discounted bills—Holdings of each Federal reserve bank on
December 28, 1927, by maturities
No. 58. Principal resources and liabilities of each Federal reserve
bank, by weeks

Page

138
139

VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS:

No.
No.
No.
No.

59.
60.
61.
62.

In principal departments, 1924-1927
In principal departments of each Federal reserve bank
Volume of operations of branches of Federal reserve banks-.
Discount and open-market operations, annual volume, by
classes, 1924-1927
No. 63. Volume of discount and open-market operations of each
Federal reserve bank
No. 64. Discount operations, by States, volume of discounts, number
of member banks, and number accommodated
No. 65. Bills bought in open market, 1925-1927, classified according
to underlying commodities

151
152
153
154
156
158
159

GOLD SETTLEMENT FUND:

No. 66. Summary of transactions through the fund, 1923-1927
No. 67. Summary of transactions through the fund, by districts

164
164

FEDERAL RESERVE AGENTS' GOLD FUND:

No. 68. Summary of transactions through the fund, 1923-1927
No. 69. Summary of transactions through the fund, by districts

165
165

MEMBERSHIP IN PAR COLLECTION SYSTEM:

No. 70. Number of banks on par list and not on par list, 1920-1927. 166
No. 71. Number of banks on par list and not on par list, by districts.- 167
No. 72. Number of banks on par list and not on par list, by States,
December 31, 1926 and 1927
168
BANK PREMISES:

No. 73. Cost of bank premises of Federal reserve banks and branches.

169

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS:

No. 74. Gross and net earnings of each Federal reserve bank and
disposition made of net earnings, 1914-1927
No. 75. Earnings and expenses of each Federal reserve bank

170
174

FEDERAL RESERVE NOTES:

No. 76. Federal reserve agents' accounts at the end of each month__

176

CONDITION OF ALL BANKS IN EACH DISTRICT, 1923-1927:

. No. 77.
No. 78.
No. 79.
No. 80.

Total loans and investments
Totalloans
Investments
Deposits (exclusive of interbank deposits)

177
178
179
180

CONDITION OF ALL BANKS, B Y STATES, 1923-1927:

No. 81. Total loans and investments
No. 82. Totalloans
No. 83. Investments

181
182
183

CONDITION OF ALL MEMBER BANKS, BY CLASSES:

No. 84. Resources and liabilities of national and State bank members,
December 31, 1926 and 1927
No. 85. Resources and liabilities of reserve city and country banks. _

184
185

CONDITION OF ALL MEMBER BANKS IN EACH DISTRICT:

No.
No.
No.
No.
No.

86.
87.
88.
89.
90.

Principal resources and liabilities, on call dates, 1914-1927. .
Net demand and time deposits, by months, 1923-1927
Net demand and time deposits, by size of city
Reserve balances, by months, 1923-1927
Borrowings at Federal reserve banks, by months, 1923-1927.




186
210
214
216
217

CONTENTS

VII

CONDITION OF ALL MEMBER BANKS, BY STATES, 1923-1927:

p ag e

No. 91. Total loans and investments
No. 92. Total loans
No. 93. Investments

218
220
222

CONDITION OF REPORTING MEMBER BANKS IN EACH DISTRICT, BY WEEKS:

No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

94. Total loans and investments
95. Total loans
96. Loans on securities
97. All other loans
98. Investments
99. Net demand plus time deposits
100. Net demand deposits
101. Time deposits
102. Reserve balances
103. Borrowings at Federal reserve banks

224
225
226
227
228
229
230
231
232
233

CONDITION OF REPORTING MEMBER BANKS IN NEW YORK CITY:

No. 104. Total loans and investments, by weeks
No. 105. Deposits, reserve balances, and borrowings at Federal reserve bank, by weeks

234
235

CONDITION OF REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY:

No. 106. Total loans and investments, by weeks
No. 107. Deposits, reserve balances, and borrowings at Federal reserve bank, by weeks

236
237

BANKERS' BALANCES OF REPORTING MEMBER BANKS, BY DISTRICTS:

No. 108. Amounts due from other banks, by weeks
No. 109. Amounts due to other banks, by weeks
BANK SUSPENSIONS:

No.
No.
No.
No.
No.

110.
111.
112.
113.
114.

Banks
Banks
Banks
Banks
Banks

238
239
^,H?

suspended and reopened, by classes, 1921-1927
suspended and reopened, by districts
suspended and reopened, by States
suspended, by size of town or city
suspended, by size of bank

H

240
241
242
243
243

CHANGES IN MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM:

No. 115. Summary of changes, 1926 and 1927
No. 116. Changes, by class of member, 1926 and 1927
No. 117. Changes, by districts

244
244
245

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS:

No. 118. All member banks, by districts, 1919-1927
No. 119. National banks, by districts, 1919-1927
No. 120. State bank members, by districts, 1919-1927

247
249
251

APPENDIX
Recommendations of the Federal Advisory Council
Amendments to the Federal reserve act
Regulations of the Comptroller of the Currency denning " investment
securities " as used in the McFadden Act
Letter of the Comptroller of the Currency relating to trust powers of
national banks
Regulations of the Federal Reserve Board
Court opinion on constitutionality of section 9 of the Federal reserve act_
Directory of the Federal Reserve Board
Salaries of officers and employees of the Federal Reserve Board



255
258
266
267
272
311
312
312

VIII

CONTENTS
Page

Receipts and disbursements of the Federal Reserve Board
Salaries of national bank examiners
Directory of the Federal Advisory Council
Governors and directors of Federal reserve banks
Salaries of officers and employees of Federal reserve banks
State bank and trust company members
Fiduciary powers granted to national banks
Banks authorized to accept bills up to 100 per cent of capital and surplus. _
Description of Federal reserve districts
Description of Federal reserve branch territories
Map of Federal reserve districts




315
317
319
319
327
330
351
373
376
382
384




TEXT OF REPORT

IX

ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD
March 12, 1928.
SIR: For the Federal reserve system the principal event of 1927,
the year covered by this, the Fourteenth Annual Report of the
Federal Reserve Board, was the granting by Congress of indeterminate charters to the Federal reserve banks. This action of Congress, which was incorporated in the McFadden-Pepper Act approved
on February 25, 1927, affirms the confidence of Congress in the
Federal reserve system and assures it and the country of continuance
of the system's operations on a permanent basis. Since their establishment in 1914 the Federal reserve banks first assisted the United
States Government in meeting the heavy financial requirements
arising out of the war; later were an influence in moderating the
economic effects on this country of a world-wide readjustment;
more recently took part in the restoration of sound monetary conditions throughout the world, and are now in position to formulate
long-term policies to be pursued under more normal conditions in a
world that has made great progress toward economic and financial
reconstruction.
WASHINGTON,

BUSINESS ACTIVITY

Taken as a whole, the year 1927 may be characterized as one of
large productivity, though with a gradual recession during the last
six months. The output of mines and factories and the volume of
building construction were somewhat smaller than in the year
before, though larger than in preceding years. Factory employment
also showed a decline for the year, and earnings of industrial workers
were somewhat reduced. The income of farmers, however, according to the usual methods of estimating, was in the aggregate considerably larger than in 1926. Distribution of commodities to
consumers was maintained on a high level, and there was no evidence of undue accumulation of inventories. The average level of
commodity prices, which had been declining for about two years,
turned upward in the early summer of 1927 and at the close of the
year was only slightly lower than at the end of 1926. The supply
of funds available for investment was large, and flotations of domestic and foreign securities were in record volume. The accompanying
chart shows fluctuations in the daily average volume of industrial
production for the corresponding months of the past three years as
indicated by the Federal Reserve Board's index, which includes both
manufactures and minerals.



1

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

The course of business during the year varied considerably from
industry to industry, and in different sections of the country. In the
first quarter of the year, which was characterized by active business
following upon a recession in the last quarter of 1926, the output of
minerals exceeded all previous records, reflecting the large production of bituminous coal, which was stimulated by the threatened
strike. The output of manufactures increased during this period,
and in the spring months was larger than for the corresponding period
of any previous year. With the beginning of the coal strike in April,
however, mineral production was sharply reduced, and later in the
spring manufacturers also began to reduce operations. Except for
PER CENT

PERCENT

120

120

1927

110

y
s—

925

^S
100

r

\
1926/
*~* "\
s
\
J

110

100

90

90
1NDIISTR JAL PRODUCTION
WITHOUT SEASONAL ADJUSTMENT

1923-25 = 10
o

80

80

Jan. Feb. Mar. Apr: May June July Aug. Sept. Oct. Nov. Dec.

minor fluctuations, industrial production declined steadily for the
remainder of the year, falling in July below the level of 1926 and after
September below that of 1925.
During the early months of the year there was a large advance in
the output of the textile and leather industries, and also in iron and
steel, automobiles, and rubber tires. Cotton and silk consumption
was larger in 1927 than in any previous year, and the wool and leather
industries, recovering somewhat from the depression of recent years,
were more active than for any year since 1923. Toward the end of
the year these industries showed some decline in output, but continued more active than a year earlier. During the recession in
business in the last half of the year, the industries which were the




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

O

most affected were iron and steel and automobiles, which had had
an unusually rapid advance earlier in the year. For 1927 as a whole
automobile production was smaller than at any time since 1922,
much of this decline being due to suspension of production at one of
the largest plants. Curtailment of automobile production accounted
in some measure for the decline of activity in the iron and steel industries. There were also decreases during the last half of the year in
the production of nonferrous metals, building materials, rubber tires,
and food products. Bituminous coal production fell off because of
the miners' strike in the union fields, and was also curtailed because
of the large stocks accumulated at the beginning of the year. In
consequence of large production from new wells crude petroleum was
in excess supply, although consumption of this product was the
largest on record. Stocks accumulated and prices declined to the
lowest level for the postwar period.
Building construction continued in large volume during 1927, and
the total value of building contracts awarded for the country as a
whole during the year has been estimated by the F. W. Dodge
Corporation as $6,800,000,000, showing a decline of about $100,000,000 from the total for 1926, but being nevertheless a higher
figure than that for any earlier year. Decreases in construction
were reported for residential and industrial buildings, while awards
for public buildings and public utilities increased, and there were
increases also in institutional, religious, and recreational buildings.
AGRICULTURAL CONDITIONS

Agriculture followed a course during the year quite dissimilar to
that of industry. At the beginning of 1927 agricultural prospects
were not as bright as those of industry, but they improved considerably in the latter part of the year. At the opening of the year
the buying power of agricultural communities had been reduced,
since returns from 1926 crops had been relatively small. Moreover,
in the first half of 1927 cotton prices were low; there was a sharp
break in hog prices, and a serious delay in the progress of the corn
crop; also in this half of the year occurred the disastrous flood in the
Mississippi Valley. Late in the spring prices of agricultural commodities began to rise, reflecting chiefly increases in the price of
cotton, corn, and cattle. Subsequently prices of many other farm
products also advanced, and the Department of Agriculture index
of farm commodity prices, which was in April at the lowest point
since 1922, rose by about 11 per cent during the next five months.
This advance in agricultural prices, accompanying a constant level
of industrial prices, resulted in increased purchasing power for agricultural producers.



4

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
GEOGRAPHICAL DIFFERENCES

Marked differences are found in the year's business record for the
several geographical sections of the country. New England profited
by improvement in the textile and leather industries, while the
Philadelphia and Cleveland reserve districts were unfavorably
affected, particularly in the last half of the year, by the recession in
the automobile, iron and steel, and coal industries. In the South,
conditions improved during the year, with the rise in the price of
cotton, and total returns to producers were larger than in the year
before, though not so large as in 1925. The Middle West profited
by a good wheat crop and higher prices for cattle and dairy products,
though some sections felt the decline in hog prices. The Northwest,
particularly the Minneapolis district, reaped the benefit of larger
returns from spring wheat, oats, cattle, and dairy products, and the
region showed a definite recovery from a prolonged period of depression. In the Southwest, large petroleum production, even though
at lower prices, and improved conditions in the cattle market, were
favorable influences. On the Pacific coast agricultural conditions
were better than in 1926, while industry was somewhat less active.
INDUSTRIAL PROFITS

For industrial enterprises in general the year marked a decline in
profits below the high level of 1926. Profits reported by about 170
corporations were about the same in the first quarter of 1927 as the
year before, but they declined during the remainder of the year and
for the last half of the year were considerably lower than for the
corresponding period of 1926. The decline in the general level of
profits covered wide divergencies of profits earned by individual
corporations. While some large corporations made larger profits
during the year, a number of other companies made relatively low
profits, or reported actual losses. In 1927, as in other recent years,
increased efficiency in production was the principal factor affecting
the movement of industrial prices and the volume and distribution
of industrial profits. Business enterprises experienced increasing
difficulty in making profits, and it was largely companies that were
able to profit by the economies of large-scale production that showed
satisfactory results for the year, while companies which were not able
to organize their operations so as to effect large economies of cost
were not able to withstand the pressure of intensified competition.
It is partly for this reason that the number of failures of industrial
and commercial enterprises during the year was exceptionally large.
BANK CREDIT

In consequence of the somewhat smaller volume of production
and employment in 1927 compared with the previous year, the demand




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

0

for bank credit to finance the current operations of trade and industry in 1927 was no larger than the year before. There was, nevertheless, a rapid growth of member bank credit, total Joans and investments of all member banks increasing by $2,783,000,000 during the
year, and those of reporting member banks in leading cities by
$1,673,000,000, or 8.4 per cent. This increase compares with one of
2.1 per cent in 1926 and 5.2 per cent in 1925. Thus the growth in
the volume of member bank credit in leading cities has been larger
during 1927 than in either of the two preceding years, though not so
large as in 1924, when the growth was 13 per cent. That the growth
of member bank credit during the year has not been due to a demand
for loans from industry and trade, is indicated by the fact that "all
other loans/' which comprise loans for commercial, agricultural, and
industrial purposes, as well as real-estate loans, have actually decreased during the year, as is indicated by the following table:
REPORTING MEMBER

BANKS

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

December, December,
1926

Increase or decrease (—)

1927

Amount
Loans and investments
Loans on securities
All other loans
Investments _. . ._

Per cent

20,055

21,728

1,673

8.4

5,694
8,776
5, 585

6,594
8,739
6,396

900
-37
811

15.8
-.4
14.5

GROWTH OF SECURITY LOANS

That the decrease in other loans would have been much larger,
were it not for the fact that they include real estate loans, is indicated
by information available for all member banks for the year ending
June 30,1927. During that year there was an increase of $276,000,000
in real estate loans and a decrease in commercial loans proper of
$230,000,000. The decrease in commercial loans was due, in addition to the smaller volume of business activity, also to the fact that
many corporations floated securities at the prevailing low rates and
used the proceeds to reduce their bank loans. Another factor was
the increase in the use of acceptance credit, by means of which funds
for commercial operations were supplied by the short-term investment market. At the close of 1927 acceptances outstanding totaled
more than $1,000,000,000, a larger amount than at any previous
time, showing an increase of $325,000,000 for the year. Security
loans of reporting member banks increased by about $900,000,000, or
16 per cent, during the year 1927, and their investments by
$800,000,000, or about 14 per cent. That the increase in loans on



6

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

securities has largely reflected the increased use of credit by the
security markets is indicated by the fact that loans to brokers and
dealers in securities placed by the weekly reporting member banks
in New York City increased by 33 per cent during the year ending
in December, 1927. Of this growth in brokers' loans, $365,000,000
represented loans for account of the New York banks themselves,
while $317,000,000 represented an increase in loans for account of
their American banking correspondents. There was also a growth
of $248,000,000 in loans for account of others, which showed an
increase of 33 per cent during the year and reached a total of more
than $1,000,000,000. A portion of the growth in brokers' loans by
member banks in New York City for their own account also represents the use of out-of-town money, since balances held with
these banks by their country correspondents showed an increase of
$200,000,000 for the year. These figures indicate that bank funds
have been abundant throughout the country and that, in the absence
of local demand for additional banking accommodation, these funds
have been flowing into the money market either in the form of
bankers' balances or in the form of funds to be loaned on account
of correspondents, some of which were bankers and some industrial
and other corporations. Increased supply of funds in the hands of
corporations, owing in part to the somewhat reduced volume of
industrial and commercial activity, and in part to growth in the volume of funds which they have obtained through security issues,
has been an important factor in increasing so-called brokers' loans
on account of others. Other sources from which these funds have
been received were foreign banks and other foreign interests which
were building up dollar balances for various purposes. The demand
for liquid funds at the central money market, as indicated by the
growth in security loans and in new issues of securities, was large and
absorbed the supply that came from the different sources already
discussed, without any considerable lowering of interest rates.
INCREASE IN BANK INVESTMENTS

The abundance of funds has been reflected also in a growth of
bank investments. Security holdings of all member banks increased
by $1,371,000,000, or 15 per cent, between December, 1926, and
December, 1927, the largest growth in investments of member banks
since 1924. About two-fifths of this growth in bank investments
was in Government securities, the larger increase being in bonds of
corporations and of municipalities, both domestic and foreign. This
growth of investments by banks has occurred during a period when
the absorption of securities by all classes of investors in the United
States has been in unusually large volume. Security flotations,
domestic and foreign, during the year 1927, exclusive of refunding



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

7

issues, were $7,533,000,000, a larger amount than in any previous
year, excepting only the time of war financing. The continued
abundance of funds available for investment in private enterprises
during recent years has been due chiefly to the growing volume of
national income and national savings, which arose in turn from the
large volume of industrial production and the consequent increased
earnings of individuals and corporations engaged in industrial enterprises. Another source of funds available for investment in corporate securities has been the retirement of debt by the United States
Treasury, which amounted to more than $1,000,000,000 during 1927.
DEMAND AND TIME DEPOSITS

The growth of loans and investments of member banks during the
past year has been accompanied by an increase of $2,506,000,000 in
the banks7 combined net demand and time deposits, the growth in
time deposits being $1,325,000,000 and the growth in net demand
deposits $1,181,000,000. The increase in demand deposits during
the current year has been in contrast to the movement of these
deposits during the two preceding years, when demand deposits
remained relatively constant, while time deposits increased steadily.
The continuous growth of time deposits in recent years at a rate more
rapid than the growth in demand deposits has resulted in an increase
in the proportion of the banks7 deposit liabilities that is represented
by time deposits. This more rapid growth of time deposits, which
require only a 3 per cent reserve, has been an important factor in
the past six years in enabling member banks to increase their loans
and investments by $11,000,000,000 on the basis of $756,000,000
added to their reserve balances. This expansion during the past six
years at the rate of about $15 of credit to $1 of reserves has reduced
the average required reserves of member banks from 7.9 to 7.4 per cent
of total deposits subject to reserve requirements. It is impossible
to determine to what extent the growth of time deposits represents
funds placed at the disposal of the banks by savings depositors,
who use this channel of investment, and to what extent it is the
consequence of an increase in the practice on the part of business
men and corporations of carrying deposits, not immediately required
for current operations, as time deposits rather than as demand deposits. Whatever the origin of the time deposits, however, the fact
that the total of demand and time deposits has increased during the
year indicates that member banks have had an increased volume of
funds available for use in extending credit for long or short periods
to the different enterprises of the country. Furthermore, the fact
that time deposits have increased more rapidly during recent years
than the investments of member banks indicates that a considerable
proportion of funds representing time deposits has been used in the
110390—28 2



8

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

granting of loans and particularly of loans on securities. The following table shows for all member banks the growth of net demand and
time deposits for the six years ending December, 1927:
ALL MEMBER BANKS
[In millions of dollars]
Amount
End of December

Net demand
deposits

1922
1923
1924
1925
1926
1927

Increase or decrease (—)

Time
deposits

Net demand
deposits

7,645
8,651
9,805
10,653
11,440
12,765

16,187
16,356
18,446
19, 238
18,902
20, 083

Time
deposits

1,754
169
2,090
792
-336
1,181
5,650

Total for 6 years

1,194
1,006
1,154
848
787
1,325
6,314

BANKS IN FINANCIAL CENTERS AND ELSEWHERE

The foregoing analysis of the growth of bank credit during the
past year indicates that this growth has reflected largely a demand
for investment funds and for funds to be employed in the securities
market. The character of the demand was such that some concentration in the financial centers, New York and Chicago, was to be
expected. This concentration is apparent in the following table
showing changes for 1927 in the loans, investments, and deposits of
reporting member banks in leading cities:
REPORTING MEMBER BANKS—PRINCIPAL CHANGES FROM DECEMBER, 1926, TO
DECEMBER, 1927
Increase or decrease (—), in
millions of dollars
New
York
City

Chicago

Other
leading
cities

Percentage increase or decrease (—)
New
York
City

Chicago

Other
leading
cities

Loans and investments

816

117

740

12.9

6.3

6.2

Loans on securities
All other loans
Investments

587
66
163

91
-39
65

222
-63
583

29.0
2.6
9.4

12.8
-5.4
15.6

7.5
— 1.1
17.0

Net demand deposits...
Time deposits

476
132

60
55

298
464

9.4
14.6

4.8
9.4

4.4
10.6

Due to banks

204

18.9

6.0

i 10. 5

1

Figures for reporting member banks in 10 Federal reserve bank cities.

Loans and investments of New York City banks increased by 12.9
per cent during the year, of Chicago banks by 6.3 per cent, arid of
banks in other leading cities b}r 6.2 per cent. Concentration is
more clearly in evidence in the figures for security loans, which increased by 29 per cent in New York City, by 12.8 per cent in Chicago,



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

9

and by 7.5 per cent in other leading cities. On the other hand,
investments of banks in New York City increased by 9.4 per cent,
of banks in Chicago by 15.6 per cent, and of banks in other leading
cities by 17 per cent. Balances carried by banks in the financial
centers for out-of-town correspondents showed considerable growth
for the year, as is brought out by the table. These figures indicate
that member banks having surplus funds have used a part of them
in the purchase of investments and have transferred a part to New
York, Chicago, or other financial centers to be there either directly or
indirectly used in making loans on securities. In these respects the
year 1927 has been different from the two preceding years and similar
to 1924, which also was a year of easy money, showing a large growth
of bankers' balances at New York banks, of security loans, and of
member bank investments.
FEDERAL RESERVE POLICY IN 1927

Changes in the position of the reserve banks during 1927 can best
be discussed together with international gold movements, since
these have materially affected the credit situation throughout the
year. During the first four months of 1927 there were large increases in the stock of monetary gold arising from gold imports,
which in January were larger than in any month for about three
years. This inflow of gold, together with the usual seasonal return
flow of currency, enabled member banks to liquidate their indebtedness at the reserve banks, with the result that the volume of reserve
bank credit outstanding declined rapidly during January to the
lowest level in about two years. Credit liquidation was reflected at
this time also in a decline in member bank loans, both collateral
and other. Thus the first month of the year was characterized by
unusually rapid liquidation at the reserve banks, resulting from the
coincidence of a large inflow of gold from abroad with the usual
turn-of-the-year return flow of currency from circulation. Openmarket money rates declined in January. In February and March
business throughout the country was active, and gold continued to
flow in from abroad, but in much smaller volume than in January,
and there was some seasonal increase in the demand for currency.
The total volume of reserve bank credit, however, continued with
little fluctuation near the $1,000,000,000 level, and money rates remained relatively constant. No changes in discount rates were made
during this period and no open-market operations were undertaken.
The somewhat uncertain situation which prevailed in business
during the spring became in June a more clearly defined recession.
At the same time the direction of gold movements began to change.
The monetary gold stock of the country, which reached its high
point for all time in May, declined continuously after that month.



10

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Net changes in gold stock between May and September, however,
were relatively small, though large gold operations were consummated during the period. A slight decline of the gold stock in May
was a net result of a withdrawal of $95,000,000 of gold to be earmarked for foreign account, offset by an importation of about
$30,000,000 of gold, and a purchase by the reserve banks of $60,000,000 of gold abroad. Both the earmarking and the imports
during May were largely consequent upon banking developments in
France. In this month the Bank of France paid off a war debt to
the Bank of England and thereby regained control of about $90,000,000 of gold which had been pledged as a partial security for the
loan. The gold thus released was offered in the market and $30,000,000 of it was exported to the United States on private account,
while $60,000,000 was purchased by the Federal reserve banks and
temporarily held in London. Later in the month the Bank of
France decided to convert a part of its rapidly growing foreign
exchange holdings into gold, and for this purpose purchased large
amounts of gold in New York to be earmarked for its account.
The resulting withdrawals of gold from the market were offset by
the reserve banks through the purchase of securities. In June and
July the Federal reserve banks sold the gold held abroad and at
first held the proceeds abroad, but later disposed of these foreign
balances to American purchasers.
During the period from June to September, while changes in gold
stock were small, the reserve banks purchased about $80,000,000 of
Government securities in furtherance of a policy of easing the credit
situation. This policy was adopted by the system in consideration
of the recession in business in the United States, of the relatively
heavy indebtedness of member banks, and of the tendency toward
firmer conditions in the money market. During this period it also
became evident that there was a serious credit stringency in European
countries generally, and it was felt that easy money in this country
would help foreign countries to meet their autumn demand for credit
and exchange without unduly depressing their exchanges or increasing
the cost of credit to trade and industry. Easier credit conditions
abroad would also facilitate the financing of our exports and would
thus be of benefit to American producers. By purchasing securities
at that time the Federal reserve banks were in fact successful in easing
the condition of the money market and in exerting a favorable influence
on the international financial situation. The purchase of securities
in the open market during the summer months was accompanied by
reduction of the discount rate at all of the Federal reserve banks
from 4 to 33^ per cent. The changes in discount rates at the different
reserve banks became effective on the following dates: Kansas City,
July 29; St. Louis, August 4; Boston and New York, August 6;



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

11

Cleveland, August 6; Dallas, August 12; Atlanta, August 13; Richmond, August 16; Chicago, September 7; Philadelphia, September
8; San Francisco, September 10; and Minneapolis, September 13.
The decline of money rates to the low level which prevailed in this
country beginning with August increased the differential between
rates in this country and abroad, and led to a considerable outflow
of funds from the United States, with a consequent rapid advance
of sterling and other exchanges in the New York market.
REVERSAL OF GOLD MOVEMENT

The low level of money rates and the high level of the exchanges,
in combination with other conditions, induced large exports of gold
from the United States to South America. Argentina had resumed
gold payments in August, and Brazil was carrying out a program of
currency reform. Both of these countries had floated large loans in
the United States and were in a position to increase their gold
holdings by converting a part of their dollar balances into gold at
the prevailing favorable rates. Thus one of the consequences of easy
money in the United States was that a part of the demand for gold
from South America was met by withdrawals from New York rather
than from other financial centers. While the exports of gold in the
latter part of the year were principally to Argentina and Brazil,
Canada also obtained the usual seasonal volume of gold in November
and December, and there were smaller exports to Poland, Netherlands, France, England, and Belgium.
In addition to the exports of gold in the autumn months there
were also gold withdrawals for earmarking, bringing the decrease
between September 1 and January 1 in the country's total monetary
stock of gold to $209,000,000.
At first the reserve banks pursued the policy of offsetting the
effects of these decreases on the money market through purchases of
securities, but after the beginning of November such purchases were
both absolutely and relatively in much smaller volume. The larger
part of the gold withdrawal toward the end of the year, therefore,
exerted its usual influence upon credit conditions in this country,
contributing to an increase of member bank indebtedness at the
reserve banks and to a somewhat firmer situation in the money
market. The system's policy in not offsetting the gold exports in
the last months of the year was formulated in consideration largely
of the fact that in the absence of demand for additional credit from
trade and industry there was a continued rapid growth, in the volume
of member bank credit used in investments and in loans on securities.
There was a corresponding growth in member bank deposit liabilities,
and notwithstanding the drain on member bank reserves through



12

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

gold exports, reserve balances of member banks with the reserve
banks increased in the autumn and early winter.
For the year 1927 as a whole, reserve bank credit showed an increase
of about $130,000,000, as measured by the average volume of bills
and securities held by the reserve banks in December, 1926 and 1927.
This increase in reserve bank credit was partially offset by a decrease
of about $70,000,000 in the country's monetary gold stock, so that
the reserve funds released through discounts and purchases by the
reserve banks exceeded the loss of gold, which absorbs reserve funds,
by about $60,000,000. Reserve funds were released also through the
reduction of about $35,000,000 in deposits held by the reserve banks
for the Treasury and for nonmember bank depositors. Finally, a
reduction in the volume of currency in circulation, which reflected
the somewhat less active condition of trade and industry, resulted in
an equivalent increase in reserve funds at the disposal of member
banks. These additions to the reserve funds of member banks
were absorbed in the member banks' reserve balances, which increased
by $180,000,000 during the year. This increase in member bank
reserve balances, wThich constituted the basis of credit extension by
member banks during the year, arose in part from an increase in the
bills and securities held by the reserve banks in excess of withdrawals
of gold and in larger part from other sources, particularly the decrease
in the country's demand for hand-to-hand currency.1
To summarize, reserve bank policy in the early part of the year,
when gold imports were exerting an influence toward easier money,
was to refrain from taking an active position toward the market; in
the spring and summer, in the absence of considerable net gold
movements, the system's policy was expressed in easing the money
market through the purchase of securities and the reduction of discount rates; in the early autumn, when an outward movement of
gold began, the system offset in part the effect of gold withdrawals
through purchases in the open market; and finally, in the closing
months of the year, the system's policy, in view of the rapid expansion
of member bank credit, was to permit the continued outflow of
gold to exert its customary tightening influence on credit conditions.
GOLD MOVEMENTS:

1914-1927

The gold flow into and out of the country, which was thus a major
factor in the credit situation in 1927, has exerted an important
influence on banking conditions in the United States since the beginning of the Federal reserve system. Between June 30, 1914, and
December 31, 1927, the stock of monetary gold in the United States
increased from $1,891,000,000 to $4,376,000,000, an increase of
1 A more detailed statement of the factors affecting the demand for and supply of reserve bank funds
during 1927 appears on p. 17 of this report.




13

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

$2,485,000,000, of which $2,071,000,000 represented reported net
imports less amounts earmarked for foreign account, and $414,000,000
additions to gold stock from other sources, chiefly excess of domestic
production over consumption by industry and the arts.
From the point of view of gold movements, which are reflected in
the chart showing the stock of monetary gold in the United States
from 1914 to 1927, the history of the Federal reserve system may be
divided into five periods. (1) Between June, 1914, and April, 1917,
when the United States joined the Allies in the war, there was a net
import movement of gold amounting to $1,080,000,000. This gold
came to the United States because European belligerents were in
need of war supplies from America and sent gold to pay for them and
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

5000

5000 r

4000

— 4000

3000

3000

2000

2000

1000

1000
MONETARY GOLD STOCK
OF THE UNITED STATES
J_
191k 1915 1916 1917 1918 1919 1920 192T 1922 1923 1924-1925.1926 1927

to support the exchanges. In the United States this gold became the
basis for a considerable expansion of bank credit and gave rise to a
condition of ease in the money market at a time when industrial
activity was rapidly increasing to meet war demands. The Federal
reserve banks at that time had just begun to function, and the inflow
of gold from abroad, together with funds released through the reduction of reserve requirements, supplied commercial banks with ample
reserves and kept the reserve banks out of touch with the market.
(2) Between April, 1917, and June, 1919, gold movements in and
out of the country were relatively small. During the greater part of
the time an embargo on exportation of gold was in effect. In this
period the gold of the country was mobilized by being concentrated
at the Federal reserve banks, where it became the basis for a large



14

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

growth of bank credit used primarily to finance the war. (3) Between June, 1919, and September, 1920, there was an export of gold
aggregating more than $380,000,000 to countries that had accumulated balances in the United States during the embargo and withdrew
them when the embargo was lifted. (4) Between September, 1920,
and December, 1924, gold flowed continuously into the United States,
the net import movement for the period aggregating $1,660,000,000.
This inflow of gold was due largely to the fact that Europe needed
supplies of food and raw materials from this country for purposes of
reconstruction and was obliged to export gold in order to balance its
accounts. During this period Europe was off the gold standard;
its currencies were not redeemable, and gold in effect ceased to be
the basis of credit and currency. (5) Since December, 1924, gold
movements have been on a much smaller scale. During this period
of slightly over three years as a whole the United Sfeates has lost
about $125,000,000 of gold. Gold movements during this period
were in large measure in response to central bank policies.
Toward the end of 1924 and in the early part of 1925 $ large amount
of gold was exported to Germany out of the proceeds of an international loan floated in accordance with provisions of the Dawes
plan for the restoration of German monetary stability. In 1926,
also, gold movements were largely in response to credit policies,
imports coming chiefly from Australia, Chile, Mexico, and Japan,
and exports going largely to Germany, leaving out of account large
seasonal gold movements to and from Canada. In 1927 withdrawals from our gold stock were made chiefly by France, Argentina,
and Brazil; gold was exported also to Poland and Belgium and
toward the end of the year to England and Netherlands. These
exports occurred very largely either in connection with programs of
monetary reform or as a consequence of central bank credit policies.
THE RESERVE BANKS AND THE GOLD STANDARD

During the greater part of the Federal reserve banks' existence
gold movements have been abnormally large, owing to conditions
arising out of the war and the subsequent monetary disorganization
in Europe. As a result of these movements the United States at the
present time holds about one-half of the world's total stock of monetary gold. The inflow of gold to this country has been reflected in
the accumulation at the reserve banks, which hold a large part of
the country's gold supply, of nearly $1,500,000,000 of gold in excess
of legal reserve requirements. This amount can be increased further,
at the discretion of the reserve banks, without in any way affecting
the credit situation, by the exchange of Federal reserve notes for gold
certificates in circulation.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

15

The effect on the member banks of the gold flowing in from abroad
was to enable them first to reduce their indebtedness at the reserve
banks and later to enlarge their own operations without resorting to
the reserve banks for additional accommodation. In these circumstances it was difficult for the reserve banks to maintain a continuous
operating contact with the market—gold imports to the United
States, which were caused in large part by the suspension of the
gold standard in Europe, had the effect of making it more difficult
for the reserve banks to make their credit policies effective. For this
reason it has been a matter of great importance to the Federal
reserve system to restore those influences upon international gold
movements under which traditional central bank policies have been
developed and tested by experience. Important among these
influences are the relative levels of money rates in the different
money markets and the exchange values of the currencies. The
effectiveness of these factors in determining the flow of gold between
countries depends primarily upon the existence of a fixed relationship
between the value of currencies and gold. The year 1927 has
witnessed important progress in reestablishing such relationship.
PROGRESS OF THE GOLD STANDARD DURING 1927

At the opening of the year the obligation of the National Bank of
Denmark to redeem its notes upon demand in gold bars at the old
parity of 26.8 cents per krone became once more effective. This
step was the culmination of an almost uninterrupted advance of
the krone on the exchanges following the currency stabilization law
of December, 1924. On April 1 the Government of India announced
the legal convertibility of the rupee at 1 shilling 6 pence, thereby
establishing formally a rate which had been maintained for nearly
two preceding years. On March 4 the Government of Ecuador
established a new sucre, with a gold content equivalent to 20 cents;
it did not, however, remove the restrictions on the free importation
and exportation of gold until August 11, and not until then did the
sucre settle down to complete stability on the exchanges. Later in
the month, on August 27, Argentina returned to the gold standard,
reimposing upon the conversion office the obligation to redeem paper
pesos at the legal rate of 44 centavos in gold for 1 paper peso, thus
reestablishing the old par of 96.48 cents; the exchange value of the
peso was already above this point.
In the final quarter of the year two notable developments occurred,
in which the Federal reserve banks cooperated with the central
banks of Europe. On October 13 the Government of Poland announced the legal stabilization of its currency at 5,924.44 zlotys per
kilogram of pure gold, or approximately at 11.22 cents per zloty.
The actual exchange value of the zloty had been close to this level



16

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

for more than a year. Nevertheless, additional steps were taken to
insure the success of the new program. A stabilization loan of
$72,000,000 was floated simultaneously in the principal money markets of the world; an American financial adviser to the Polish Government and the Bank of Poland was appointed; and an international credit to the Bank of Poland was arranged with the banks
of issue of 14 countries. Under the terms of this arrangement the
Federal Reserve Bank of New York in association with the other
Federal reserve banks agreed, if desired, to purchase from the Bank
of Poland up to a total of $5,250,000 of prime commercial bills.
On December 22 the Italian Government reestablished the lira on
a gold basis. A decree issued on that date made it compulsory for
the Bank of Italy to redeem its notes on demand in gold coin or foreign currencies on a gold basis at the rate of 3.67 lire in paper for 1
lira in gold. The new lira has a fine gold content of 0.0791911 gram,
approximately equivalent to 5.26 cents. In connection with this
return to the gold basis the Bank of Italy arranged for a $50,000,000
credit from a group of private banks headed by J. P. Morgan & Co.,
and for a $75,000,000 credit with the banks of issue of 17 countries.
In this case, the Federal Reserve Bank of New York in association
with the other Federal reserve banks agreed, if desired, to purchase
from the Bank of Italy up to a total of $15,000,000 of prime commercial bills.
The agreements with the Bank of Italy and the Bank of Poland
were similar to an earlier agreement with the National Bank of
Belgium. The Belgian agreement, as well as the somewhat different
arrangement made with the Bank of England at the time when Great
Britain returned to the gold standard, expired during 1927. Under
none of these agreements has any actual draft been made on Federal
reserve bank funds by the foreign central banks.
In addition to the countries returning to a gold basis in 1927,
the Government of Estonia announced in December that on January
1, 1928, a new currency unit, the kroon, would be introduced and
would be maintained at a value of approximately 26.8 cents through
the purchase and sale of foreign gold currencies by the Estonian
Bank.
The influence of the Federal reserve system during the year, in so
far as this has been consistent with the requirements of the domestic
situation, has been exerted toward conditions favorable to the
maintenance and further progress of the gold standard. The policy
of maintaining easy conditions in the money market, which was
pursued by the system throughout a large part of 1927, has encouraged
the flotation of foreign loans in the United States and facilitated the
exportation of gold to countries undertaking monetary reforms.
In adopting a policy of international cooperation in support of the



17

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

gold standard, the Federal reserve system has acted in recognition
of the responsibility resting upon this country, as the holder of
nearly one-half of the world's stock of monetary gold, and of the
importance of sound monetary conditions throughout the world
to the prosperity of industry and trade in the United States.

OPERATIONS OF THE FEDERAL RESERVE SYSTEM

In the preceding pages there has been presented a brief discussion
of business and banking developments in 1927 and of the policies
pursued by the Federal reserve system during the year. In the
following sections of this report there is given a more detailed account of the operations of the Federal reserve banks and branches
and of administrative matters with which the Federal Reserve
Board has dealt during 1927.
FEDERAL RESERVE BANK CREDIT IN 1927

Reserve bank credit outstanding as measured by total bills and
securities of the reserve banks was in smaller volume during the
first part of 1927 than in 1926, but increased rapidly in the closing
CURVES 2,3 AND 5

MILLIONS OF DOLLARS

CURVES 1 AND 4-

3000

6000
Reserve Bank Credit
plus Gold Stock

2500

5500

2000

5000

1500

4500

1000

4000

3500
1922

1923

1924-

1925

1926

1927

months to the highest level since December, 1921. The major
factors accounting for these changes are shown on the chart, which
illustrates the course of the principal elements affecting the volume
of reserve bank credit in use since 1922. On this chart are shown
the two main channels through which member banks make use of



18

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

reserve bank credit—namely, withdrawals of currency to meet the
demand for money in circulation and the building up of reserve
balances which member banks are required by law to hold against
their deposits. The reserve funds required for these two uses are
supplied chiefly through additions to the country's stock of gold or
through increased use of reserve bank credit. These two factors of
supply of reserve funds are also shown on the chart, both separately
and combined.
The principal factor accounting for the lower level of reserve bank
credit during the first part of 1927 was the inward movement of gold
during that period, which increased the gold stock of the country.
During the latter part of the year, when there were withdrawals
from the gold stock and increased demands for currency and reserve
balances, the volume of reserve bank credit in use increased rapidly.
Money rates were easy during the greater part of the year, member
banks expanded their credit rapidly, and there was a corresponding
increase in their reserve balances at the reserve banks. In the early
part of the year these balances were obtained through gold imports,
but later, when the gold stock of the country was decreasing, they
were obtained through increased use of reserve bank credit. The
increase in reserve bank credit during the latter part of the year
to meet the seasonal increase in the demand for currency was smaller
in volume than in any year since 1921.
In addition to the major factors accounting for changes in reserve
bank credit, there are various minor factors which also affect the
demand for funds as they are felt at the reserve banks. An estimate
of the relative importance of changes in all factors affecting reserve
bank credit between December, 1926, and December, 1927, is given
in the following table:
F A C T O R S I N S U P P L Y AND D E M A N D F O R R E S E R V E
1 9 2 6 - D E C E M B E R , 1927

BANK

CREDIT,

DECEMBER,

[Monthly averages of daily figures. In millions of dollars]
December
Sources of funds
1926
Gold stock l «
.
Treasury credit i_
Reserve bank credit
Reserve bank float

4,484
1,785
1,381
67

4,416
1,805
1,513
54

1

Uses of funds

7,788

1926
-68
+20
+132
-13

+71

Currency in circulation *.
Member bank reserve
balances „_
U. S. Government, foreign bank, and other
deposits at reserve
banks
Unexpended capital and
other items of reserve
banks *
Total

Averages based on estimated daily figures.




Change

1927

7,717

Total

December
Change

1927

5,132

5,048

-84

2,218

2,399

+181

72

37

—35

295

304

+9

7,717

7,788

+71

2 Estimated.

19

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Sources of reserve funds for the year included an increase of
$132,000,000 in reserve bank credit outstanding; there was also a
decrease of $84,000,000 in currency in circulation, which released an
equivalent amount of reserve funds for other uses. In addition to
these two major sources of supply, the market gained $35,000,000 as
a result of a decrease in the balances held by the reserve banks for the
account of the United States Government and other depositors, and
$20,000,000 because of an increase in the net volume of money other
than Federal reserve notes and gold outside the Treasury. The latter
item measures additions to circulation on account of changes in the
issue of silver dollars, subsidiary silver, minor coin, and national
bank notes, as well as the effect of changes in cash balances held by
the Treasury. A net increase of about $20,000,000 occurred on account of these items during the year, which released currency to that
amount for use in circulation and thus added to the supply of reserve
funds available to the market.
Of the increase of $272,000,000 in the supply of funds, $68,000,000
was absorbed by the decrease in the gold stock of the country and
$181,000,000 by increased reserve balances to the credit of member
banks. In addition, $13,000,000 was absorbed by a decrease in the
float carried by the reserve banks and $9,000,000 by an increase
in the liquid capital account of the reserve banks. A full explanation
of the effect of these items on the money markets was published in
the Federal Reserve Bulletin for September, 1927.
A similar estimate of factors accounting for the increase in reserve
bank credit during the life of the system appears in the following
table:
FACTORS IN SUPPLY AND DEMAND FOR RESERVE BANK CREDIT DURING THE L I F E
OF THE FEDERAL RESERVE SYSTEM
[In millions of dollars]

Sources of funds

June

Gold stock
Treasury credit
Reserve bank credit _
Reserve bank float

Total

30,
1914

December,
1927,
aver- Change
age of
daily
figures

1,891
1,567

i 4,416
21,805
1,513
54

+2,525
+238
+1, 513
+54

3,458

7,788

+4,330

1
Averages based on estimated daily figures.
* Estimated.




Uses of funds

June
30,
1914

December,
1927,
aver- Change
age of
daily
figures

Money in circulation
with the public
1,819 14,048 +2,229
Reserves and till money,
total
1,639
3,399 +1,760
(31,639) 0 2,399)
Reserves
Till money
(31,000)
U. S. Government and
other deposits at reserve banks
37
+37
Unexpended capital and
other items of reserve
banks
__ _.
304
+304
Total
3
4

3,458

7,788

+4,330

Money in banks, including till money.
Member bank reserve balances.

20

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

The estimate for the life of the system must necessarily take
somewhat different form because of the changes in the banking
organization of the country introduced by the reserve system. In
1914 cash in the hands of all banks included reserves as well as till
money, while at the present time the legal reserves of member banks
are carried entirely as reserve balances at the reserve banks. To
meet this difficulty, currency in circulation for both dates has been
divided into that portion which was in the hands of the public and
that portion which served as till money and vault cash in the hands
of banks. The total amount of money in the hands of banks in
December, 1927, is estimated at $1,000,000,000.
On the basis of this estimate the total increase in the demand for
reserve funds during the period amounted to $4,330,000,000, of which
$2,229,000,000 consisted of an increased demand by the public for
hand-to-hand money and $1,760,000,000 of an increase in the requirements of banks for till money and reserves against their deposit
liabilities. In addition there was an increase of $37,000,000 on
account of deposits built up at the reserve banks by the United
States Government and other depositors, not including member
banks, and of $304,000,000 representing the difference between the
amounts paid into the reserve banks for capital, earnings, etc., and
the amount returned to the market for expenses, buildings, dividends,
franchise taxes, etc.
Of this total increase in demand for reserve funds, amounting to
$4,330,000,000, about 60 per cent, or $2,525,000,000, was supplied
by increases in our gold stock through net imports and an excess of
domestic production over domestic consumption of gold. Most of
the remainder was supplied through the use of the credit of the
reserve banks, the total volume of reserve bank credit outstanding
in December, 1927, amounting to $1,513,000,000 as measured by
their total bills and securities, to which should be added $54,000,000
on account of float. In addition there was an increase of $238,000,000
in the net total of currency outside the Treasury not otherwise
accounted for in this estimate, made up partly by increased issues
of subsidiary silver and minor coin to meet the demand for circulation
of this character and partly by smaller cash balances in the Treasury.
Many of the figures in the table are necessarily estimates, owing to
the fact that complete statistics for 1914 are not available. The comparison is made throughout between conditions on June 30, 1914,
the date for which the best pre-system figures are available, and the
daily averages for December, 1927.




21

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

EARNINGS AND EXPENSES AND VOLUME OF WORK OF THE FEDERAL
RESERVE BANKS

Total earnings of the reserve banks in 1927 were $43,024,000,
compared with $47,600,000 in the preceding year. This reduction
in earnings was due largely to a decline of $84,771,000 in the daily
average of the banks' holdings of bills and securities and to the fact
that the average rate of earnings on these holdings was reduced from
3.76 per cent in 1926 to 3.6 per cent in 1927. The decline in the
average rate of return on earning assets reflected both the lower
discount rates prevailing during the latter part of the year and the
larger proportion of the earning assets represented by United States
Government securities having yields lower than the discount rate*
Holdings of discounted bills averaged $442,287,000 daily during 1927
as compared with $570,613,000 in 1926 and, owing to the lower average of discount rates, the average return on discounted bills was 3.83
per cent as compared with 3.95 per cent in 1926. The reduction in the
amount of member bank borrowings from the Federal reserve banks,
together with the lower rate of return, resulted in a decline in earnings on discounted bills from $22,552,(jO0 in 1926 to $17,011,000 in
1927. Average daily holdings of bills bought in open market were
also less in 1927 than in 1926, while holdings of United States Government securities were about 20 per cent larger. The average rate
of return on both purchased bills and United States securities was
somewhat smaller than in 1926, as will be seen from the following
table, which shows figures for the past five years:
AVERAGE

HOLDINGS

OF BILLS

AND S E C U R I T I E S

AND E A R N I N G S

THEREON

[Amounts in thousands of dollars]
Bills and securities held b y all Federal reserve banks

Total

Daily average holdings:
1923
_
1924
1925
. .
1926
1927 _ . . _
Average rate of earnings (per cent):
1923
1924
1925
1926
_ .
. .
1927
_ .
Earnings:
1923
- 1924
1925
1926
1927
, .-.




Bills discounted

Bills
bought in

open
market

United
States
Government
securities

All other
bills and
securities

1,150,570
950, 317
1,139,507
1,209,309
1,124, 538

738,114
374,834
481, 515
570,613
442,287

226,548
172,428
287,329
281,386
263,093

185,823
401,365
358,962
349,790
417,480

85
1,690
11,701
7,520
1,678

4.33
3.83
3.51
3.76
3.60

4.46
4.25
3.67
3.95
3.83

4.14
3.31
3.17
3.55
3.49

4.01
3.67
3.56
3.60
3.41

4.50
3.61
3.59
4.21
3.88

49, 775
36,426
39,986
45,460
40,482

32, 956
15,943
17,680
22, 552
17,011

9,371
5,710
9,104
10,003
9,207

7,444
14,712
12, 783
12,589
14,206

4
61
419
316
58

22

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Total operating expenses of the Federal reserve banks, exclusive
of the cost of Federal reserve currency, aggregated $25,674,000 in
1927, as compared with $25,636,000 in 1926. Salary payments of
Federal reserve banks during 1927 were only $40,000 larger than
during 1926, notwithstanding the fact that there was a very substantial increase in the volume of work handled by the Federal
reserve banks. This increase in volume of work is reflected somewhat in the increased cost of postage from $1,780,000 in 1926 to
$1,833,000 in 1927. The cost of printing Federal reserve notes,
including shipping charges from the Treasury to the Federal reserve
banks and the cost of redeeming mutilated Federal reserve notes,
amounted to $1,845,000 in 1927, compared with $1,714,000 in 1926,
the number of Federal reserve notes printed in 1927 being 174,700,000
compared with 156,500,000 in 1926.
In considering the trend in operating costs at the Federal reserve
banks, it should be noted that while the average nu,mber of officers
and employees was 10,132 in 1927 and 10,186 in 1926, there was a
substantial growth in the volume of work handled by the principal
departments of the banks, especially in the cash and collection departments, the departments whefe 40 per cent of the total personnel is
employed. The volume of work handled during 1927 in the principal
departments as compared with the previous three years is shown in
the following table:
VOLUME OF OPERATIONS IN PRINCIPAL
1927

1926

DEPARTMENTS
1925

1924

NUMBER OF PIECES HANDLED

Bills discounted:
Applications
Notes discounted
__.
Bills purchased in open market for
own account
Currency received and counted
Coin received and counted
Checks handled
_
Collection items handled:
United States Government coupons paid
Allother
—
United States securities—issues,
redemptions, and exchanges by
fiscal agency department
Transfers of funds
_

97,000
371,000

123,000
506,000

116,000
475,000

129,000
583, 000

254,000
2,202,438,000
2,691,184,000
862,275,000

232,000
2,099,605,000
2,590,057,000
822,907,000

201,000
1,947,419,000
2,329, 014, 000
778,686,000

143,000
1,838,279, 000
2,186,737,000
742,878,000

37,045,000!
5,909,000

39,678,000
5,595,000

44,174.000
5,467,000

50,471,000
6,113,000

7,201,000
1,830,000

4,691,000
1,710,000

7,116,000
1,566,000

16,097,000
1,503,000

$31,934,607,000 $37,682,137,000

$32,562,620,000

$15,419,155,000

AMOUNTS HANDLED

Bills discounted
Bills purchased in open market for
own account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
United States Government coupons paid
Allother.
United States securities—issues,
redemptions, and exchanges by
fiscal agency department
._„
Transfers of funds




2,961,170,000
4,050,867,000
3,353,326,000
2,172,142,000
I 13,013,094,000 12,584,960,000
11,556,980,000 10, 777,306,000
293,924. 000
791,049,000
609,359,000
467,732,000
278,399,627,000 272,945,160,000 258,611,276,000 219,832,179,000
553,703,000
6,710,317,000

644,273,000
6,219,361,000

10,803,043,000 4,971,442,000
136,383,899,000 120,909,439,000

680,921,000
6,116,958,000
5,578,995, 000
109,430,683,000

719, 784,000
5,509,093,000
6,708,272,000
98,359,028,000

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

23

The number of items handled in the cash and check departments
increased about 5 per cent in 1927 over 1926, while the amount of
checks handled in 1927 aggregated $278,400,000,000 and the amount
of currency and coin received and counted $13,800,000,000. In addit on to these operations, the Federal reserve banks discounted $31,900,000,000 of paper for member banks, purchased $4,100,000,000 of bills
in the open market, paid $550,000,000 of Government coupons,
collected $6,700,000,000 of noncash items for member banks, transferred $136,400,000,000 of funds for member banks, and handled new
issues, redemptions, and exchanges of United States securities for the
Treasury Department aggregating $10,800,000,000.
As a result principally of the decline in gross earnings, current
net earnings of the Federal reserve banks declined to $15,506,000, as
compared with $20,249,000 in 1926. With the approval of the Federal Reserve Board the banks charged their current net earnings
with $1,777,000 for depreciation on bank premises, with $800,000
for furniture and equipment purchased during the year, with $103,000
for reserves for probable losses on paper of failed banks, with $140,000
for reserves for undetermined liabilities, and with $100,000 for
reserves for self-insurance. After making these charges and other
minor adjustments there was a balance of $13,048,249 available for
dividends, surplus, and franchise tax. Of this total, $7,754,539 was
paid to member banks as a 6 per cent dividend on their paid-in
subscription to the capital stock of the Federal reserve banks,
$5,044,119 was transferred to surplus accounts in accordance with section 7 of the Federal reserve act, and $249,591 was paid to the United
States Government as a franchise tax. Section 7 of the Federal
reserve act provides that all net earnings of the Federal reserve
banks shall be transferred to their surplus accounts until such accounts amount to 100 per cent of subscribed capital, and that thereafter 10 per cent of net earnings shall be paid into surplus account
and 90 per cent to the Government as a franchise tax. At the end
of 1927 the Federal Reserve Banks of Minneapolis and Kansas City
were the only ones which had a surplus in excess of subscribed capital
and the only ones to pay a franchise tax to the Government, the
amount of franchise tax paid by the Minneapolis bank being $103,816
and by the Kansas City bank $145,775. All net earnings of the 10
other reserve banks, remaining after the payment of dividends, were
transferred to their surplus accounts. The total subscribed capital
of the Federal reserve banks on January 1, 1928, amounted to
$264,962,000 and their surplus accounts to $233,319,000.
Gross and net earnings of each bank during the year, dividends
paid to member banks, amounts transferred to surplus account,
and amounts paid to the Government as a franchise tax, are shown
in the following table.
110390—28
3



24

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

FINANCIAL

RESULTS

OF

OPERATION

OF

DURING

Federal reserve bank

Boston
New York
Philadelphia..
Cleveland

Gross
earnings

THE

FEDERAL

RESERVE

BANKS

1927
Net earnings available for
Transferred
dividends, Dividends to surplus
paid
surplus, and
account
franchise
tax

Franchise
tax paid
United
States

$2,975,357
10,647,759
3,363,626
4,197,836

$837,612
3,720,601
1,176,469
1,108,190

$550,446
2,327,355
781,540
832,583

$287,166
1,393,246
394,929
275,607

Richmond
Atlanta
Chicago
St. Louis

2,086,303
2,067,839
6,167,352
2,228,079

497, 711
669,904
1,927,645
775,681

372,230
305,817
1,029,990
317, 727

125,481
364,087
897,655
457,954

Minneapolis..
Kansas CityDallas
San Francisco

1,390,031
2,304,938
1,741,922
3,853,442

296,077
414,726
568,209
1,055,424

180,726
252,753
256,310
547,062

11,535
16,198
311,899
508,362

$103,816
145, 775

Total...

43,024,484

13,048,249

7, 754,539

5,044,119

249,591

BRANCHES

AND AGENCIES

OF FEDERAL

RESERVE

BANKS

During 1927 the Federal Reserve Board authorized the establishment of two additional branches, one of the Federal Reserve Bank
of Dallas at San Antonio, Tex., and the other of the Federal Reserve
Bank of Richmond at Charlotte, N. C. The branch at San Antonio
was opened on July 5, 1927, with a territory comprising 55 counties
in Texas, 19 of which had previously been served by the Houston
branch, 3 by the El Paso branch, and 33 by the head office. The
Charlotte branch was opened for business on December 1, 1927,
with a territory comprising 34 counties in North Carolina and 21
in South Carolina, all of which territory had previously been served
by the head office. The establishment of the new branches was
authorized by the board after the enactment of the amendment to
the Federal reserve act, incorporated in the McFadden Bank Act
of February 25, 1927, which gave the board authority to require
the Federal reserve banks to discontinue any branch established
under section 3 of the act.
The Federal reserve agency maintained by the Federal Reserve
Bank of Boston at Habana, Cuba, was discontinued on December
31, 1926, and beginning with January 1, 1927, the functions theretofore performed by the Boston agency were taken over by the agency
maintained in Habana by the Atlanta Federal Reserve Bank. The
operations of the Atlanta agency now comprise the paying out in
Cuba of currency for transfers sold by the Atlanta bank, the receipt
of currency in Cuba for transfers on the United States sold by the
Cuban agency, and exchanges of fit for unfit currency.
All of the branches of the Federal reserve banks which were in
operation at the end of 1926 continued to function throughout 1927.



25

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

The volume of work handled by the branches and agencies in their
principal operating departments has continued to increase, as may
be seen from the following comparison for 1925, 1926, and 1927:
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANK BRANCHES AND AGENCIES
1927
Checks handled:
Number of items
Amount
_
Currency received and counted:
Number of pieces
Amount
Coin received and counted:
Number of pieces
Amount
_
_

253,322,000
$64,724,395,000

_

1926

240,818,000
$64,716,681,000

1925

230, 685,000
$60,989,227,000

497,795,000
$2,801,165,000
_.|

492,936,000
$2,893, 286,000

451,132,000
$2,621,983,000

441,072,000
$63,450,000

416,936,000
$66, 361,000

393,994,000
$63,619,000

Current expenses in 1927 of the 25 branches and 2 agencies in
operation at the end of the year were $5,387,000, as compared with
$5,243,000 in 1926 for the 23 branches and 3 agencies then in operation.
BUILDING OPERATIONS OF FEDERAL RESERVE BANKS

Buildings for the use of the Birmingham and Salt Lake City
branches, construction of which was begun in 1926, were completed
early in 1927. The Birmingham branch moved into its new building
on January 24 and the branch at Salt Lake City on February 11.
At the beginning of the year contracts had been let for a building
to house the Detroit branch and plans were in preparation for a
building for the Baltimore branch. The Detroit building has been
completed and was occupied by the Detroit branch on December 19,
and it is expected that the Baltimore building will be completed some
time during the latter part of 1928. A lot adjoining the building
occupied by the Richmond Federal Reserve Bank was purchased
during the year, on which it is proposed to erect an addition to the
present building at some future time. A site was also purchased
during the year in San Antonio, Tex., on which to construct a building
for the use of the branch in that city.
CHANGES IN MEMBERSHIP

During 1927 there was a decline of 226 in the number of member
banks in operation in the Federal reserve system, as indicated by
the number of banks submitting the required reports of condition at
the beginning and end of the year. The number of State bank
members of the system, which was 1,275 on December 31, 1927,
showed a decrease of 79 for the year, and the number of member
national banks, 7,759, showed a decrease of 147. That the decline
in total membership, from 9,260 at the end of 1926 to 9,034 at the



26

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

end of 1927, was the result chiefly of mergers and suspensions rather
than of withdrawals from the system is shown in the following table:
CHANGES IN MEMBERSHIP DURING

1927

Number
of banks
Active member banks, Jan. 1,1927
Banks joining the system
Banks withdrawing from the system
Net accessions to membership..
Decrease in membership through mergers between member banks, suspensions, and voluntary
liquidations

9,260
154
i 101
53
279

Net decrease for the year
Active member banks, Dec. 31,1927
* Includes 55 withdrawals, which were incidental to the absorption of member banks by existing nonmember banks.

During the year 154 banks joined the system and 101 banks withdrew, so that there was a net voluntary accession of 53 banks to the
membership of the system. Of the banks that joined, 83 were newly
organized national banks (including 1 bank organized to succeed a
member bank that had previously suspended) and 61 were State
banks entering the system, 32 becoming national banks and 29 being
admitted as State institutions. Ten banks which had previously
suspended resumed operations. Of the member banks that withdrew from the system, 24 were State banks that withdrew after
advance notice to the Federal Reserve Board, 2 were dropped from
membership in the system at the expiration of their State charters,
20 were banks succeeded by nonmember banks organized for the
purpose, and 55 were absorbed by existing nonmember banks.
The excess of banks joining the system over banks withdrawing
was offset by losses incidental to mergers and suspensions. Mergers
between member banks accounted for the loss of 146 banks (as
against 107 in 1926), and suspensions for the loss of 124 (as against
160 in 1926). In addition there were 9 instances in which the existence of banks was terminated by voluntary liquidation.
In the following table changes in membership are summarized, by
class of member bank, for the year ending December 31, 1927:




27

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
CHANGES IN THE NUMBER OF NATIONAL AND STATE BANK MEMBERS
DURING 1927

Number of member banks
Procedure effecting change
Total
Active member banks, Jan. 1,1927
Additions to membership:
Organization of national bank
Conversion of nonmember bank to nationalAdmission of State bank
Resumption following suspension
Conversion within the system
All other
Total additions
Losses to membership:
Merger between member banks—
Intraclass
Interclass
Voluntary liquidation (terminal)
Suspension and insolvency
Absorption of member bank by nonmember bank.
Conversion of member bank to nonmember bank..
Withdrawal of State bank
Conversion within the system

9,260

National
7,906

State
1,354

29
2
3
154
110
36
9
124
55
20
26

0)
380
-226
9,034

T o t a l losses

Net changeActive member banks, Dec. 31, 1927.

34

131

278

-147
7,759

14
17
1
33
6
8
»26
8
113
-79
1,275

i Interclass conversions, e. g., of State member into National bank, are without effect on total
membership.
* National bank organized to succeed a national bank that had previously suspended.
* Includes 2 banks which were dropped from membership in the system at the expiration of their State
charters.
BANK

SUSPENSIONS

The year 1927 showed considerable improvement over 1926 in the
number of bank suspensions. There were, in all, 662 banks, with
deposits of $194,000,000, that suspended in 1927 according to information obtained by the Federal Reserve Board through the reserve
banks. These totals compare with 956 suspensions in 1926 involving
deposits of $272,000,000, and represent declines of 294 in the number
of suspensions and of about $78,000,000 in the volume of deposits.
During 1927, 95 banks which had previously suspended resumed
operations, as against 147 in 1926. Of the reopened banks, which
had deposits of about $36,000,000 at the time of suspension, 11 with
deposits of about $8,000,000 were members of the Federal reserve
system, and 84 with deposits of $27,000,000 were nonmembers.
The following table shows the number of suspended banka and the
volume of their deposits, by class of bank, for the past seven years:
BANK SUSPENSIONS: 1921-1927
Number of suspensions

Year
Total
1921
1922
1923
1924
1925
1926
1927




502
354
650
777
612
959
662

Member
banks

Nonmember
banks

70
57
124
159
146
160
124

432
297
526
618
466
796
538

Deposits (in millions of
dollars)
Total
198
111
189
213
173
272
194

Member
banks
43
24
51
74
67
69
66

Nonmember
banks
156
86
138
139
106
204
128

28

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Decline in the frequency of bank failures during 1927 reflected in
part the previous elimination through failure of a large number of
weak institutions and in part improvement of economic conditions.
In certain of the important agricultural areas, and particularly in
some of the Western, Northwestern, and Southern States, increased
production and higher prices resulted in increased agricultural income
and a consequent liquidation of indebtedness at the banks. It was,
furthermore, in the regions that had a large number of banks in relation to population that earlier failures had chiefly occurred, and the
remaining banks, which were stronger and better managed, also had
the advantage of proportionately larger number of depositors.
The following table shows, by Federal reserve districts, the number
of banks that suspended during 1926 and 1927:
NUMBER OP BANK SUSPENSIONS, BY FEDERAL RESERVE
1926 AND 1927

DISTRICTS,

Member banks

Total

DURING

Nonmember
banks

Federal reserve district
1927

All districts
Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

1926

662

-

956

1927
124

1926
160

1
2

-

- -

. .

......
_.

...
..

29
43
63
124
82
142
100
44
32

1927

1926

538

796

1
2
4
9
61
162
182
77
283
112
50
16

12
8
6
34
7
21
12
9
15

1
2
4
12
52
12
41
14
14
8

17
35
57
90
75
121
88
35
17

3
7
57
150
130
65
242
98
36
8

This table shows that the principal declines in bank failures were
in the Minneapolis, Atlanta, and Chicago Federal reserve districts,
and that there were decreases also in several other districts.
As was the case the preceding year, more than two-thirds of the
bank suspensions during 1927 were in 12 States, for the most part
West Central States and certain of the Southern States. These
States also accounted for about two-thirds of the decrease in the
number of suspensions in 1927. The number of suspensions and the
amounts of deposits involved are shown in the accompanying table
for the 12 selected States:




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BANK SUSPENSIONS IN SELECTED STATES, 1926
Number of suspensions
State
1927

Iowa
Minnesota
Missouri _
Texas
North Dakota
Kansas
Florida
Illinois
Oklahoma
South Dakota
Nebraska
Indiana
Allother

1926

_
_

Total

70
65
48
38
37
36
31
29
28
27
25
25
203

1927

Deposits (in millions of
dollars)

1927

1926

Increase
or decrease (—)
in 1927

-22
-10
—12
9
7
—88
7
18
-101

956

20.6
13.8
5.9
7.1
5.5
5.4
28.4
11.4
5.9
4.7
8.4
11.2
65.7

49.4
25.0
14.9
7.7
8.9
8.1
41.7
6.4
2.9
29.5
3.3
1.3
73.3

-28.8
-11.2
—9.0
-0.6
-3.4
-2.7
-13.3
5.0
3.0
—24.8
5.1
9.9
-7.6

-294

135
92
58
38
59
46
43
20
21
115
18
7
304

662

- _ _ _ - - _ . _

Increase
or decrease (—)
in 1927

AND

29

193.9

272.5

-78.6

-65
-27
-10

That in 1927, as in earlier years, suspensions were most numerous
among small banks in relatively small centers is brought out in the
following table:
BANK SUSPENSIONS IN 1927, CLASSIFIED ACCORDING TO CAPITAL STOCK AND
ACCORDING TO POPULATION OF PLACE IN WHICH LOCATED
Number Per cent of
all sussuspended pensions

Banks with capital of—

Less than $25,000
$25,000. $25,000 to $49,999
$50,000 to $99,999
$100,000 to 199,999
$200,000 to $600,000
Not available
Total

_.

247
165
60
122
47
13
8

37.3
24.9
9.1
18.4
7.1
2.0
1.2

662

100.0

Per
Banks located in places with Number of allcent
sussuspopulation of—
pended
pensions
Less than 500
500 to 999
1,000 to 1,499
1,500 to 2,499
2,500 and over..

Total

.

266
142
61
65
128

40.2
21.5
9.2
9.8
19.3

662

100.0

BANK MERGERS

Increase for 1927 over other years may be noted in the number of
consolidations and absorptions involving member banks, and in the
volume of resources affected by merger procedures, the increase in so
far as member banks were concerned being in part attributable to
legislation amending the Federal banking laws.
For several years past the number of banks in the country as a
whole has fallen off as a net result of eliminations through failures,
voluntary liquidations, and mergers, in excess of new incorporations,
particularly in those sections of the country where the number of
banks established has been in excess of the number that could be
profitably maintained, and also in communities where the competitive



30

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

advantages of institutions of large resources have induced consolidations among large banks and absorptions of small institutions by
larger, to provide more efficiently for the expanding requirements of
business. Total resources of banks have increased from year to year,
and, as a combined effect of elimination of weaker banks, growth in
volume of banking resources, and merger procedures, the average
size of the banking unit, measured in value of resources administered
under single corporate control, has tended to increase.
For the six years ended June 30, 1927, the decrease in the number
of banks amounted to 3,754, and the increase in resources nearly to
$18,500,000,000, the average resources per bank increasing in round
numbers from $1,600,000 in 1921 to $2,500,000 in 1927. The decrease
in number of banks during these six years was nearly equal to the
increase recorded for the preceding seven years, 1914-1921, so that
the total number of banks on June 30, 1927, was approximately the
same as on June 30, 1914, the numbers being respectively 26,714 and
26,994. Total resources of banks and average value of resources per
bank have increased each year since 1914, with the exception of 1921,
the decrease for that year being from the exceptionally high level of
1920. The increase in average value of resources from year to year
during the six years, 1914-1920, from approximately $1,000,000 to
$1,750,000, occurred in a period when the general price level was
advancing even more rapidly, and in terms of buying power these
average values would show no increase for the six years. During the
period since 1921 the value of the dollar has been more stable and the
increase in average size of the banking unit in that period represented
a genuine increase in resources.
No complete account of consolidations and absorptions consummated under Federal and State banking codes since establishment
of the Federal reserve system can be compiled from available records.
As shown in the table giving number of mergers involving changes
in the capital resources of member banks in the years from 1915 to
1927, the number did not in any year prior to 1921 exceed 80, and
averaged about 57 per year for the six years, 1915-1920. In each
of the seven years following the number reported was in excess of
100, rising to 154 for 1926 and to 259 for 1927. The increase last
year over the preceding year is in part to be accounted for as an effect
of the act of February 25, 1927, amending the Federal banking laws,
with reference particularly to the charter powers of national banks
and the authority for direct consolidations of State banks and trust
companies with national banks. It may be noted further that the
record for the earlier months of 1927 is largely affected by mergers
consummated in these months by branch banking systems in
California.



31

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

NUMBER OF MERGERS AFFECTING MEMBER BANKS, BY CLASS OF BANK, BY
YEARS, 1915-1927
Number of mergers
Of national bank

Of nonmember
bank

Of State member bank

Year
Total

With State bank

With
national
bank

With State bank
With
With
State
With
national member
national
NonNonbank
bank
Member member bank Member member

55
56
35

35
36
20

1

20
20
14

36
80
77

16
36
29

4
14
12

14
20
22

1
5
2

1
3
9

1921
1922
1$23

104
125
120

38
48
41

28
39
23

19
18
35

7
7
5

10
12
16

2

1924 .
1925
1926

124
120
154

44
41
68

22
13
20

30
28
40

8
6
7

9
11
12

5
14
4

2

11

1927

259

19

49

17

14

6

35

23

1915
1916
1917
1918
1919
1920

.

.

.

96

2
3

1
6

7

The amending act of February 25 authorizes direct consolidations
of State banks and trust companies with national banks located in
the same county, city, town, or village. This section amends the
act of November 7, 1918, authorizing the consolidation of two or
more national banks, and the procedure set up in the act of February
25 for consolidation of State with national banks is in general similar
to that prescribed in the earlier act. Prior to 1927 consolidations of
State with national banks had not been permitted, but had been
effected by an indirect process involving as a first step conversion
of the State bank into a national association. Under the amendment
of last February the procedure was simplified and made less expensive
and time-consuming, since the preliminary conversion is no longer
required.
CHAIN BANKING

During the past few years the expanding operations of financial
companies specializing in the purchase of bank stock have presented
special problems to Federal and State officials charged with the
responsibilities of bank supervision. Such companies have been
organized in increasing numbers to operate extensively in the field
of banking, not simply as investment agencies but specifically in
individual instances to acquire control of corporately independent
banking institutions, through stock ownership, and to exercise this
centralized control in effecting bank mergers; in extending identical
or virtually single corporate control over companies operated as



32

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

subsidiaries in special fields of banking; in building up branch systems
in States which permit branch banking; and in building up in these
and in other States—but particularly in States which do not permit
branch banking—chain systems, embracing in individual instances
banking institutions operating under national and State charters in
several States. Since such companies are not directly engaged in
the business of banking as defined in Federal or State statutes, they
have not been subject to supervision or regular examination by
banking authorities. In some respects the control exercised through
stock ownership over a group of banks operated as a system is similar
to that exercised by a parent bank over its branch offices. This
character of the financial company brings it clearly within the field
of banking activities, and banking officials have been urged to subject
developments of this character to careful scrutiny.
BRANCH BANKING

During the past year the Federal Reserve Board has amended its
regulations with respect to branch banking to conform to the provisions of the act of February 25. Since this act specifically defined
and limited the branch banking powers of member banks, and prescribed the terms of admission of State banks operating branches,
certain regulations of the board with reference to the establishment
and retention of branches were superseded by statutory provisions.
The revisions made by the Federal Reserve Board in its regulations
relating to branch banks are discussed elsewhere in this report.
Data covering branch banking developments under Federal and
State banking codes have been compiled by the Federal Reserve
Board for June 30, 1927, and for several earlier dates, including a
special compilation for February 25, 1927, the date of the act amending the Federal banking laws. In the period immediately preceding
this date the number of banks operating branches fell off from 794
at the beginning of the year to 777 on February 25, and the number
of branch offices increased in the same period from 2,782 to 2,902.
These changes resulted principally from mergers among banks operating branches, and from absorptions into branch systems of independent banks continued in operation as branches after merger.
For the four months between February 25 and June 30 a slight increase
from 777 to 788 is shown in the number of banks operating branches.
The number of such banks on June 30, 1927, was approximately the
same as a year and a half earlier, but the number of branches at
2,989 was 347 larger than in December, 1925.
During the first half of 1927 the total number of banks in the
country decreased by 596 and the number of branches increased by
207, giving a net decrease of 389 in the number of bank o ffices serving



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

33

the public. The increase in branch offices in this period as in earlier
periods, however, was largely concentrated in a few States, while the
decrease in number of banks was much more widely distributed.
More than one-half, 112 out of 207, of the increase in the number
of branches during these six months was in one State, California, in
which the number of banks decreased by 82, giving a net increase of
30 in the number of bank offices. Nearly two-thirds, 385 out of 596,
of the decrease in the number of banks in the country during these
six months was in States outside the branch banking territory, made
up of the States which have prohibited the establishment of branches
or in which no branches are in operation. In the branch banking
territory as a whole, consisting of States which permit establishment
of branches either freely or under restrictions and in which branches
are in operation, the increase in the number of branches during the
first half of 1927 was nearly equal to the decrease in the total number
of banks. So that there was in this area as a whole no material
decrease in the number of bank offices, although outside the branch
banking area as defined above, the decrease in the number of bank
offices was very considerable.
As may be seen in the accompanying summary table, a considerable
portion of the net increase shown for national-bank branches during
the first half of 1927 was attributable to conversions of State institutions operating branches into national associations, although some
additional extension of branch banking activities under national
charters is also in evidence. The extension of branch banking activities under national charters by conversion and merger procedures has
been facilitated by provisions in the McFadden Act. Totals for the
country as a whole are, however, very largely affected by those for the
State of California. The increase from December to June of 316 in
the number of national-bank branches, for example, includes an
increase of 258 branches of California banks. In the same period
the number of State-bank branches in California decreased by 146,
largely as a result of conversions, while the number of branches
reported by State banks outside California showed a small net increase
of 37. In 14 of the 28 States in which banks were operating branches,
there was no change in the total number of branches during the half
year ended June 30, and for the other States generally, with the exception of California, the changes recorded were relatively small, the
more considerable increases being those shown for New York (34),
New Jersey (17), Pennsylvania (10), Michigan (10), and Ohio (9).
Some features of branch banking developments during the past
three years are summarized in the accompanying table.




34

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

SUMMARY OF BRANCH BANKING DEVELOPMENTS: JUNE 30, 1924

TO JUNE

30,

1927
June 30,

Feb. 25,
1927

Dec. 31,
1926

Dec. 31,
1925

June 30,
1924

26,781

i 26,973

27,377

28,257

28,996

788
152
186
450

777
144
189
444

794
145
194
455

785
132
196
457

714
108
191
415

481
262
45

471
262
44

476
271
47

466
264
55

391
283
40

442
136
126
33
51

443
128
124
35
47

453
129
124
38
50

446
135
117
39
48

1927

Number of banks, total
Number operating branches, total
National
State member
Nonmember
Number operating branches:
Only in the home city
Only outside the home city
In and outside the home city
Number operating—
1 branch
2 branches
__
3-5 branches
6-10 branches
.
Over 10 branches
Number located in cities of—
100,000 or more population
50,000 to 100,000 population
25,000 to 50,000 population
Less than 25,000 population
Number of branches, total
Of national banks
.
Of State member banks
Of nonmember banks
Number of branches located—
In home city
_
Outside the home city

_

374
69
54
297

375
69
55
289
2,989
721
1,301
967

_. - _
.

_.

2,902
389
1,562
951

2,782
405
1,367
1,010

2,642
332
1,277
1,033

2,293
248
1,137
908

2,011
978

1,923
979

1,933
849

1,810
832

1,508
785

i March, 1927.

A majority, 442 of the 788 banks operating branches on June 30,
were operating only one branch, 136 were operating two branches,
and 210 three or more branches. Several relatively large systems
have, however, been built up in California—including one system
operating, on June 30, 284 branches—and in certain large cities in
other States—including one system of 64 and one of 42 branches in
New York City; one of 52 branches in Cleveland; one of 47, one of 46,
and two of 30 branches in Detroit; and one of 32 branches in Buffalo.
The development of home city branch systems in the larger urban
communities, which has been in evidence for some years past, continued during 1927. Of the 2,989 branches reported on June 30,
1,507 were located in 13 large cities of the country, the number
reported for New York City being 433, for Detroit 293, for Los
Angeles 192, and for 10 other cities combined 589.
BANKS ON PAR LIST

At the end of 1927 there were 26,191 incorporated banks other than
mutual savings banks in the United States. Of this number 22,281,
or 85.1 per cent, were on the Federal reserve par list, which comprises
all member banks and such nonmember banks as have agreed to
pay, without deduction of exchange charges, such checks drawn upon
them as are presented or forwarded for payment by the Federal
reserve banks. During the year the number of nonmember banks



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

35

on the par list declined by 664, owing in part to suspensions and consolidations. Of the 3,910 banks not on the par list at the end of
1927, 2,217 were located in the Southern and 1,355 in the West
North Central States. As will be seen from the following table, all
of the banks in Boston, New York, and Philadelphia districts and all
but 10 in the Cleveland district were on the Federal reserve par list.
NUMBER

OF BANKS ON PAR LIST AND NOT ON PAR LIST AT THE E N D OP 1927
AND

1926
Nonmember banks

Member banks

On par list

Federal reserve district
1927

1927
Boston _
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City _
Dallas
San Francisco

Not on par list *

1926
1926

1927

1926

-

-_

-.
_

Total

- -

413
937
111
835
564
464
1,290
594
735
968
799
658

416
913
769
856
583
475
1,335
609
764
992
827
721

248
411
501
1,027
657
312
3,695
1,891
761
2,369
667
708

246
411
509
1,071
686
333
3,705
1,996
923
2,537
711
783

10
587
1,016
190
452
1,137
256
204
58

8
625
1,057
228
428
1,093
212
197
65

9,034

- -

9,260

13,247

13, 911

3,910

3,913

1 Incorporated banks other than mutual savings banks.
TRUST ACTIVITIES OF NATIONAL

BANKS

The Federal Reserve Board in 1927 approved 215 original and
74 supplementary applications by national banks for permission to
exercise fiduciary powers under the provisions of section 11 (k) of the
Federal reserve act, the largest number since 1919.
Since the first fiduciary permit was issued by the board on February
25, 1915, there has been a continuous growth in the number of applications made for permission to engage in the exercise of trust powers,
and at the end of 1927 there were 2,264 national banks, or 29 per
cent of the total, that had authority to administer trusts. These
banks had a combined capital of $914,619,000, representing 60 per
cent of the total capital of all national banks in operation.
National banks numbering 1,382, with a combined capital of
$697,240,000, had established active trust departments on December
31, 1927, and, from the most recent reports on file for 1927, were
administering 39,174 individual trusts, with assets of $2,079,858,237.
Of these banks 544 were also handling 6,409 corporate trusts and
acting as trustees for bond and note issues aggregating $6,354,713,735.
This represents an increase of 278, or 25 per cent, in the number of
national banks administering trusts over June, 1926; an increase of



36

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

19,530, or 75 per cent, in the total number of trusts being administered; and an increase in individual trust assets of $1,157,529,560,
or 125 per cent, over the same period. The amount of bond and note
issues for which national banks were acting as trustees showed an
increase of $3,891,160,419, or 158 per cent, over 1926.
The earnings from trust department operations have kept pace
with the steady growth of this activity, and amounted to $10,811,000
for the fiscal year ended June 30, 1927, against $8,255,000 for 1926,
$5,951,000 for 1925, and $5,059,000 for 1924.
While nearly a third of all national banks now hold permits to exercise fiduciary powers, 882 of the number having such authority, with
a combined capital of $217,379,000 on December 31, 1927, had not
started to administer trusts, but during the year 428 made provision
through the adoption by their respective boards of directors of resolutions providing for the organization and operation of a trust department and placed themselves in a position to administer trusts.
National banks during 1927 showed continued interest in the
privilege afforded them to include the words " trust company" in
their titles. At the beginning of the year 101 were operating with the
words " trust company " in their names, and since that time 72 banks
having authority to exercise trust powers obtained permission from the
Comptroller of the Currency to amend their titles to include the words
"trust company." The banks to which the board has issued new
fiduciary certificates under the amended titles will be found, among the
others having authority to exercise trust powers, on pages 351 to 372.
The following statement shows in some detail the activities of the
1,382 national banks that were administering trusts in 1927:
1,136 banks were acting as trustees.
748 banks were acting as executors.
737 banks were acting as administrators.
169 banks were acting as registrars of stocks and bonds.
800 banks were acting as guardians of estates.
40 banks were acting as assignees.
68 banks were acting as receivers.
105 banks were acting as committees of estates of lunatics.
357 banks were acting in other capacities not mentioned above.

A consolidated balance sheet of the trust departments of national
banks in 1927 is given below:
CONSOLIDATED BALANCE SHEET OF THE TRUST DEPARTMENTS IN NATIONAL
BANKS HAVING AUTHORITY TO EXERCISE FIDUCIARY POWERS IN 1927
LIABILITIES

ASSETS

Investments
Deposits in savings banks
Deposits in other banks..
Deposits in own banks.
Advances to trusts
Other assets
Total




$1,867,376,036
5,463,819
7,150,872
118,563,823
2,183,156
79,120,531
2, 079,858, 237

Private trust accounts
$1,346,874,423
Private trust accounts income
16,898,477
Court trusts (executor, etc.)
512,236,027
Court trusts (executor, etc.), income.
10,562,598
Profits due banks
605,620
Other liabilities
192,681,092
Total

2,079,858, 237

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

37

Corresponding information, by Federal reserve districts, is given
in the following table:
FIDUCIARY ACTIVITIES OF NATIONAL BANKS, BY FEDERAL RESERVE
FOR THE YEAR 1927

Federal
reserve
district

Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
_
Chicago
St. Louis
Minneapolis..
Kansas City. Dallas
SanFrancisco.

Number
author- Numized
ber
to
exerexer- cising
cise powers
trust Dec.
powers 31,
Dec. 1927
31,
1927
209
331
261
161
180
133
359
146
103
178
87
116

Total... 2,264

127
235
197
123
107
70
206
79
34
88
40
76

Number
of individual
trusts
being
administered

Assets of
trusts

3,022 $187,036,385
5,796 346,025,416
6,213
77,610,687
4,513 136,824,657
84, 554, 517
2,248
82, 304,004
1,741
5,340 452,481,959
33,174,769
1,726
19, 563, 373
719
2,481 151,036, 577
33,697,654
375
5,000 475, 548,239

1,382 39,174 2,079,858, 237

Number
of
banks
handling
corporate
trusts

DISTRICTS*

Number
Trust
Collateral Other bonds departof
and notes
cor- trust bonds
ment
porate outstanding outstanding earnings
trusts where banks where banks reported
act as
act as
being
for fiscal
trustees
trustees
adyear
minJune 30,
istered
1927

339 $32,845,300 $324,639, 207 $1,092,000
30
91 1,223 1, 334,903,467 3,021,899,688 4,606,000
265
30,411,600
74
1,765,800
494,000
642
80,305,202
61
12,375,050
705,000
208
28,444,625
45
20,962,100
487,000
699
88,032,884
35
31,086,115
402,000
74 1,178
300, 570,899 584,414,483
690,000
261
21,174,964
19
17,166,036
243,000
40
6,145,915
8
2,367, 320
106,000
528
64,356,042
46
30,689,281
488,000
62
9, 368,232
12
16,955,150
130,000
964
49
40,999, 543 252,834,832 1,368,000
544

6,409

1,842,686,061 4, 512,027,674 10,811,000

NEW EDITION OF BOARD'S REGULATIONS

Under date of December 22, 1927, the board promulgated a new
edition of all its regulations applicable to member banks and made
them effective January 3, 1928.
Since the issuance of the previous edition of the board's regulations
under date of August 15, 1924, the Federal reserve act had been
amended by the McFadden Act of Feburary 25, 1927, and it had
become necessary to amend certain of the board's regulations to
conform to the amendments contained in that act. The board also
made a number of other amendments to its regulations which experience had proven to be necessary or desirable.
The more important changes made in the regulations will be
discussed briefly.
Regulation A—Discounts under section 13 and 13 (a).—In promul
gating the 1924 edition of its regulations, the board had inserted in
Section IV of Regulation A a provision to the effect that whenever
the borrower on notes offered for rediscount at a Federal reserve
bank has closely affiliated or subsidiary corporations or firms, the
financial statement filed by the borrower with the member bank shall
be accompanied by separate financial statements of such affiliated or
subsidiary corporations or firms, unless the statement of the borrower
clearly indicates that such note is both eligible from a legal standpoint and acceptable from a credit standpoint. This provision was
found to be somewhat burdensome, especially in the case of borrowers



38

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

who borrow from many different banks, and in some cases it was
almost impossible to obtain strict compliance with the regulation.
The board, therefore, amended this provision of the regulation so as
not to require the separate financial statements of the affiliated or
subsidiary corporations or firms to be filed with the member bank
offering such paper for rediscount if such statements were filed with
the Federal reserve bank. Such borrowers, therefore, who file separate
financial statements of their affiliated or subsidiary corporations or
firms with the Federal reserve banks will not be required to file such
statements with the member banks from which they borrow unless
the member banks desire it. The financial statement of the borrower himself, however, must be filed with the member banks.
There was also inserted in the regulation the substance of rulings
previously made by the board with reference to the rediscount by
Federal reserve banks of paper acquired by the offering member
banks from nonmember banks.
Regulation D—Reserves oj member hanks.—The board adopted a
number of amendments to Regulation D, which deals with member
bank reserve balances.
The most important changes made in Regulation D were in Section IV, which prescribes penalties for deficiencies in reserves. This
section was amended so as to require member banks in cities where
Federal reserve banks and branches thereof are located and in such
other reserve cities as the board may designate from time to time
to be computed on the basis of average daily net deposit balances
covering semiweekly periods instead of weekly periods as heretofore.
This will make it necessary for such member banks to adjust their
reserve balances twice a week instead of once a week as heretofore,
and will eliminate, or at least diminish, the wide fluctuations which
heretofore have occurred in the reserve balances of some of the
member banks of this class.
There was also inserted in Section IV of the regulations a provision
to the effect that whenever it shall appear that a bank is not paying
due regard to the maintenance of its reserves the Federal reserve
agent will address a letter to each director of such bank calling
attention to the situation and advising him of the requirements of
the law and the board's regulations regarding the maintenance of
reserves and the personal liability of directors permitting violations
of the law. It is believed that laxity in compliance with the reserve
requirements is often due to indifference on the part of bank officers,
and that if this matter is called to the attention of the directors
such practices will be corrected.
A provision was also inserted in the regulation requiring the
Federal reserve agent to report to the Federal Reserve Board every
member bank which has deficiencies in reserves for each reserve
computation period during six consecutive months, with a recom


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

39

mendation as to what corrective action the Federal Reserve Board
should take. In the case of national banks the extreme penalty
would be a suit by the Comptroller of the Currency to forfeit the
charter of the delinquent national bank and in the case of State
member banks it would be a proceeding by the Federal Reserve
Board to require the delinquent bank to forfeit all rights and privileges
of membership in the Federal reserve system. Other less drastic
remedies may be adopted, however, if there are extenuating
circumstances.
Regulation F—Trust powers oj national banks.—Regulation F was
amended so as to regulate more completely the exercise of trust
powers by national banks. Provisions were inserted explaining the
procedure for obtaining a permit from the Federal Reserve Board
to act in fiduciary capacities pursuant to the provisions of section
11 (k) of the Federal reserve act where a new national bank is being
organized or a State bank or trust company is being converted into
a national bank; explaining the legal situation where two or more
national banks, any one of which is exercising trust powers, are
consolidated pursuant to the provisions of the act of November 7,
1918; stating the principles with regard to the proper compensation
for acting in fiduciary capacities; and providing a procedure for
winding up the affairs of the trust departments of national banks
which are placed in voluntary liquidation or in the hands of receivers.
The provisions of this regulation regarding funds received or held
in the trust department of a national bank awaiting investment or
distribution were amplified and made more specific.
There was also inserted in this regulation a new section stating the
legal situation where a State trust company or State bank exercising
trust powers is consolidated with a national bank under the terms of
section 3 of the act of November 7, 1918, as amended by section 1 of
the McFadden Act of February 25, 1927. This section authorizes
any bank, trust company, savings bank, or other banking institution
incorporated under the laws of any State or of the District of Columbia
to be consolidated directly with a national bank located in the same
county, city, town, or village under the charter of such national
bank. It also provides in part that when such consolidation is
effected—
* * * all the rights, franchises, and interests of such State or district bank
so consolidated with a national banking association in and to every species of
property, real, personal, and mixed, and choses in action thereto belonging, shall
be deemed to be transferred to and vested in such national banking association into
which it is consolidated without any deed or other transfer, and the said consolidated national banking association shall hold and enjoy the same and all rights
of property, franchises, and interests including the right of succession as trustee,
110390—28
4



4U

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

executory or in any other fiduciary capacity in the same manner and to the same
extent as was held and enjoyed by such State or district bank so consolidated with such
national banking association,
*
*
*
*
*
*
*
The words "State bank," "State banks," "bank," or "banks," as used in
this section, shall be held to include trust companies, savings banks, or other
such corporations or institutions carrying on the banking business under the
authority of State laws.

A number of questions have been raised as to the exact legal effect
of a consolidation under the provisions of this section, and it was
important for an official administrative interpretation of this provision to be published for the guidance of national banks, State banks,
trust companies, and savings banks contemplating consolidation
under the terms of this section.
A decision of the Supreme Judicial Court of Massachusetts in the
case of Commonwealth Atlantic National Bank (144 N. E. 443) had
raised doubts as to the right of a national bank to be appointed as
executor under a will naming as executor a trust company which had
been converted into a national bank and later consolidated with the
petitioner under the provisions of the act of November 7, 1918; and
the words italicized in the above quotation were inserted in the
McFadden Act for the purpose of eliminating any such doubts as to
the right of a national bank with which a State bank or trust company
had been consolidated under the provisions thereof to act as trustee,
executor, or in any other fiduciary capacity under wills or other
documents executed prior to the consolidation and naming the trust
company to act in such capacities. The board has endeavored to
interpret this provision in such a manner as to carry out the purpose
of Congress. A more complete discussion of this question is contained in a letter written by the Comptroller of the Currency under
date of March 22, 1927, which is published on pages 267 to 271.
Regulation G.—Regulation G, which formerly regulated the making
of loans by national banks on the security of farm land and other
real estate, was eliminated entirely from the board's regulations, in
view of the provisions of the act of February 25, 1927, conferring
regulatory powers upon the Comptroller of the Currency; and there
axe inserted in lieu of the provisions of Regulation G the regulations
promulgated by the board under date of December 9, 1926, covering
the rediscounting of notes secured by adjusted service certificates,
which was formerly designated as Regulation M, series of 1926.
Regulation H—Membership of State banks and trust companies.—
The principal changes in this regulation were made in order to conform the regulation to the amendments made to the existing law by
the McFadden Act of February 25, 1927.
Section 9 of the Federal reserve act makes the amount of capital
which a State bank must have in order to be eligible for membership



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

41

in the Federal reserve system dependent upon the amount required
by the national bank act for the organization of a national bank in
the place where such bank is located; and Section I of Regulation H
contains a table showing the exact amount of capital which a State
bank must have in order to be eligible for membership. This table
was amended so as to conform to the provisions of section 5138 of the
United States Revised Statutes, as amended by section 4 of the
McFadden Act, which authorizes the organization of national banks
in outlying districts of cities having a population exceeding 50,000
inhabitants with a capital of only $100,000 instead of $200,000 as
previously required.
Section IV of this regulation, which relates to conditions of membership prescribed by the board when it admits State banks and trust
companies to the Federal reserve system, was amended so as to
conform to the first paragraph of section 9 of the Federal reserve act,
as amended by section 9 of the McFadden Act.
Section V of this regulation, which relates to the establishment or
maintenance of branches by member banks, was amended very
materially in order to conform to the provisions of the Federal reserve
act as amended by the McFadden Act relative to branches of State
member banks. The provisions of the board's Regulation H, series of
1924, on this subject were eliminated entirely and there was inserted
in lieu thereof a quotation of the law and the following statement of
the board's interpretation of the law:
1. Any State member bank which, on February 25, 1927, had established and
was actually operating a branch or branches in conformity with the State law is
permitted to retain and operate the same while remaining a member of the
Federal reserve system, regardless of the location of such branch or branches.
2. Any nonmember State bank, which, on February 25, 1927, had established
and was actually operating a branch or branches in conformity with State law
may, if otherwise eligible, become a member of the Federal reserve system and
retain and operate such branches, regardless of their location.
3. In order to remain a member of the Federal reserve system, every State
member bank must relinquish any branch or branches established after February
25, 1927, beyond the corporate limits of the city, town, or village in which the
parent bank is situated.
4. Any State member bank which establishes any branch or branches after
February 25, 1927, beyond the corporate limits of the city, town, or village in
which the parent bank is situated must either (a) relinquish such branch or
branches or (b) forfeit all rights and privileges of membership and surrender its
stock in the Federal reserve bank.
5. No State bank which has established any branches subsequent to February
25, 1927, beyond the corporate limits of the city, town, or village in which the
parent bank is situated may become a member of the Federal reserve system
except upon relinquishment of every such branch.
6. State member banks may establish branches within the corporate limits of
the city, town, or village in which the parent bank is situated without obtaining
permission of the Federal Reserve Board.



42

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Regulation I—Increase or decrease of capital stock of Federal reserve
hanks and cancellation of old and issue of new stock certificates.—This

regulation was amended in a few minor particulars, and the provision
regarding the surrender of Federal reserve bank stock by a member
bank which is placed in voluntary liquidation was simplified.
Regulation K—Corporations authorized to do foreign banking business under the terms of section 25 (a) of the Federal reserve act.—For

the first time since the enactment of the act of December 24, 1919,
popularly known as the Edge Act, which added to the Federal reserve act a new section designated as section 25 (a) authorizing the
organization of corporations to engage in the business of international or foreign banking or other international foreign financial
operations, an issue of debentures was made during the year 1927
by a corporation organized pursuant to the provisions of this act.
When this issue was proposed the board reviewed the regulations on
this subject which it had promulgated in 1920 and decided that such
regulations should be materially amended. The board carefully
studied this question, therefore, and, under date of June 8, 1927,
issued a complete new regulation governing the organization and
operation of corporations under the provisions of the Edge Act.
This regulation was further amended in certain particulars on August
11 and October 31, 1927, and the entire regulation as thus amended
was included in the new edition of the board's regulations.
Other regulations.—No material changes were made in Regulation B, governing open-market purchases of bills of exchange, trade
acceptances, and bankers' acceptances; Regulation C, governing
acceptance by member banks of drafts and bills of exchange; Regulation J, governing check clearing and collection; or Regulation L,
governing interlocking bank directorates under section 8 of the
Clayton Antitrust Act.
The complete text of the new edition of the board's regulations is
published on pages 272 to 310.
AMENDMENTS TO THE FEDERAL RESERVE ACT

The Federal reserve act was amended in several important respects
by the act of February 25, 1927, popularly known as the McFadden
Act.
Discontinuance

of Federal reserve bank branches.—Section

3 of the

Federal reserve act with regard to branch Federal reserve banks was
amended by the McFadden Act so as to authorize the Federal Reserve Board to require any Federal reserve bank at any time to discontinue any of its branches; thereupon the Federal reserve bank
must wind up the business of any such branch subject to regulations
of the Federal Reserve Board.
Indeterminate

charters of Federal reserve banks.—Section

4 of the

Federal reserve act was amended so as to provide for indeterminate



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

43

charters of Federal reserve banks. The legal effect of this amendment is to prevent the charters of the Federal reserve banks from
expiring automatically at the end of a period of 20 years from the date
of their organization and to permit them to continue in business
until dissolved by an act of Congress or until their franchises are
forfeited for violation of law. It does not exempt the Federal reserve
banks from the control of Congress or impair the right of Congress
to amend or repeal the Federal reserve act at any time it desires to
do so. It does, however, remove the necessity of renewing their
charters every 20 years and gives the public an assurance of permanence of the Federal reserve system.
Conditions of membership which may be imposed on State member
banks.—The first paragraph of section 9 of the Federal reserve act
was amended by the McFadden Act so as to require that the conditions imposed by the Federal Reserve Board upon State banks
admitted to membership in the Federal reserve system shall be pursuant to the Federal reserve act.
Branches of State member banks.—The second paragraph of section
9 of the Federal reserve act was amended so as to provide that no
State bank may become a member of the Federal reserve system or
may remain a member of the Federal reserve system except upon
relinquishing any branch or branches established after February 25,
1927, beyond the limits of the city, town, or village in which the
parent bank is located. In other words, no nonmember State bank
may become a member of the Federal reserve system except upon
relinquishing any branch or branches established after February 25,
1927, beyond the limits of the city, town, or village in which the
parent bank is situated; and any State member bank which establishes a branch or branches beyond the limits of the city, town, or
village in which the parent bank is located after February 25, 1927,
must either relinquish such branch or branches or give up its membership in the Federal reserve system.
On the other hand, this section also provides that any State bank
which on February 25, 1927, had established and was operating a
branch or branches in conformity with the State law may retain and
operate such branch or branches while remaining or upon becoming
a member of the Federal reserve system. In other words, any nonmember State bank which, on February 25, 1927, had established
and was operating a branch or branches in conformity with the State
law and which becomes a member of the Federal reserve system is
entitled by law to retain such branch or branches, regardless of the
number or location thereof; and any State member bank which, on
February 25, 1927, had established and was operating a branch or
branches in conformity with the State law is lawfully entitled to
retain and operate such branches while remaining a member of the



44

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Federal reserve system, regardless of the location or number of such
branches.
The act prescribes no limitation upon the number of branches
which State member banks may establish or maintain within the
limits of the city, town, or village in which the parent bank is located,
nor does it require any specified population of the cities, towns, and
villages in which State member banks may establish or maintain
branches.
Limitation on total liabilities oj national banks,—That part of section 13 of the Federal reserve act which amends section 5202 of the
Revised Statutes as to the total liabilities of national banks, was in
effect amended by the McFadden Act so as to provide that liabilities
incurred under the provisions of section 202 of Title II of the farm
loan act as amended by the agricultural credits act of 1923 shall be
exempt from the limitations on the total indebtedness of a national
bank. National banks may thus rediscount with or sell to Federal
intermediate credit banks without limit the classes of agricultural or
livestock paper covered in the section referred to. This amendment
was contained in the agricultural credits act of 1923 but was made
inoperative through an error, and this section of the McFadden Act
was merely intended to correct this mistake.
Thefts by national bank examiners.—That part of section 22 of the
Federal reserve act which makes it a crime against Federal law for
bank examiners to accept loans or gratuities from banks examined
by them was amended so as to make it cover assistant examiners
as well, and also so as to make it a crime against Federal law for
any examiner or any assistant examiner to steal or unlawfully take
or conceal any property of value in the possession of any member
bank or from any safe-deposit box in or adjacent to the premises of
such bank.
Real estate loans by national banks.—Section 24 of the Federal
reserve act was amended so as to broaden materially the power of
national banks to make loans on the security of real estate and
farm lands.
Amendments to national bank act.—In addition to the amendments
to the Federal reserve act discussed above; the McFadden Act contained many amendments to the national bank act of material importance. One of the most important of these amendments wa&
the provision which regulates in detail the conditions upon which
national banks may establish or operate branches. Among the
other important changes made by the McFadden Act in the national
banking laws are those providing for direct consolidations of State
and national banks under national charter; the granting of indeterminate charters to national banks; the recognition by Congress of
the legality of buying and selling investment securities by national
banks, and also of the right of national banks to engage in a safe


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

45

deposit business; the authority for national banks in outlying
districts of large cities to be organized with a capital of $100,000 or
less where State banks may do this; the declaration of stock dividends by national banks; a complete revision of the statute regarding limitations on loans by national banks to single borrowers; permission for the capital stock of national banks to be divided into
shares of less than $100 each; as well as sundry other provisions.
The complete text of the McFadden Act is published on pages 258
to 265.
ADMINISTRATION OF THE CLAYTON ACT

During the year 1927, 418 applications for permission to serve on
interlocking bank directorates were received and considered by the
board. The Comptroller of the Currency reported 31 alleged violations of section 8 of the Clayton Act; these the board investigated and
required the bank directors involved to comply with the law where
it was being violated.
CONSTITUTIONALITY OF SECTION 9 OF THE FEDERAL RESERVE

ACT

In May, 1927, the Supreme Court of the United States rendered a
decision upholding the constitutionality of that provision of section 9
of the Federal reserve act which subjects State member banks and
their officers, agents, and employees to the provisions of and the
penalties prescribed by section 5209 of the Revised Statutes. In the
case before the court the defendant had been convicted under two
indictments, the first charging him with aiding and procuring the
branch manager of a State member bank to misapply the funds of the
bank and the second charging a conspiracy to misapply the funds.
Both were based upon the issuing of a fraudulent certificate of deposit
and the paying of the same from the funds of the bank. The Circuit
Court of Appeals certified to the Supreme Court of the United States
the question whether the provision of section 9 of the Federal reserve
act is constitutional in so far as it provides that "such banks and the
officers, agents, and employees thereof shall also be subject to the
provisions of and the penalties prescribed by section 5209 of the
Revised Statutes." It was contended among other things that the
statute was so broad that it covered offenses when they could not
result in any loss to the Federal reserve banks. On this point the
Supreme Court said that every fraud like the one involved in this case
weakens the member bank and therefore weakens the Federal reserve
system and that, moreover, when it is necessary in order to prevent
an evil to make the law embrace more than the precise thing to be prevented, it may do so. Accordingly, the Supreme Court answered the
question certified by the Circuit Court of Appeals in the affirmative.
The full text of the opinion is published on page 311.



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
LEGISLATION RECOMMENDED

The Federal Reserve Board has heretofore recommended the
enactment of S. 1989, a bill pending in the present Congress, and
desires to renew its recommendation that this bill be enacted into
law.
The third paragraph of section 13 of the Federal reserve act now
authorizes Federal reserve banks to rediscount or purchase bills of
exchange payable at sight or on demand which are drawn to finance
the domestic shipment of nonperishable, readily marketable, staple
agricultural products; and S. 1989 would amend this paragraph in
two respects: (1) It would make the provisions thereof applicable
to bills of exchange payable at sight or on demand covering not only
nonperishable, readily marketable, staple agricultural products but
also other nonperishable, readily marketable staples, whether agricultural or not; and (2) it would make such sight and demand drafts
eligible for rediscount when drawn to finance the exportation as well
as the domestic shipment of nonperishable, readily marketable staples.
The board has had some difficulty in construing and applying the
term "agricultural products"; and, due to certain court decisions
defining similar terms, it has been constrained to rule that a number
of products, such as cottonseed oil, flour, bran, and canned food
products, are not "agricultural products" within the meaning of the
statute. The board feels that these commodities and other nonperishable, readily marketable staples are equally as good security
for sight and demand drafts as are products which are technically
" agricultural products," and also that there is no good reason why
this privilege should not be extended to bills drawn to finance the
exportation as well as the domestic shipment of such products.
The enactment of S. 1989, therefore, would broaden the scope of
this particular rediscount facility of the Federal reserve banks in a
manner beneficial both to the member banks of the Federal reserve
system and to our domestic and foreign commerce in general.
The board is of the opinion that no major amendments to the
Federal reserve act are necessary or desirable, but desires to recommend the following amendments concerning matters of detail which
have arisen in the administration of the Federal reserve system:
(1) An amendment to section 9 of the Federal reserve act to permit
State member banks of the Federal reserve system to have foreign
branches. This section, as amended by the McFadden Act approved
February 25, 1927, provides that no State bank may retain or acquire
stock in a Federal reserve bank except upon relinquishment of any
branch or branches established after February 25, 1927, beyond the
limits of the city, town, or village in which the parent bank is situated.
It is obvious that Congress intended to deal with domestic branches,
but the language of the act is so broad that it could be eonstrued to




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

47

apply to foreign branches and to forbid any State bank to acquire or
retain stock in a Federal reserve bank if it has a foreign branch
established subsequent to February 25, 1927. The McFadden Act
expressly provides that the restrictions on the establishment of
branches by national banks shall not be construed to affect the
establishment by national banks of branches in foreign countries,
dependencies, or insular possessions of the United States; but no
express exception was made as to foreign branches of State member
banks of the Federal reserve system. There is no justification for
a discrimination against State member banks in this respect; and
the board is of the opinion that the law should be amended as soon
as possible so as to remove the possibility of it being construed so as
to result in such discrimination.
(2) An amendment to section 4 of the Federal reserve act to permit an officer, director, or employee of a mutual savings bank to serve
as a class B director or class C director of a Federal reserve bank.
Section 4 of the Federal reserve act provides that no class B director
of a Federal reserve bank shall be an officer, director, or employee of
any bank and no class C director shall be an officer, director, employee, or stockholder of any bank; and the Attorney General has
ruled that mutual savings banks are "banks" within these provisions of law and that, accordingly, an officer, director, or employee
of a mutual savings bank may not be a class B or class C director
of a Federal reserve bank. The Federal Reserve Board is in accord
with the principle that class B and class C directors should not be
connected with commercial banking institutions; but there is no
reason why this principle should apply to officers, directors, or
employees of mutual savings banks, which are essentially different
from ordinary commercial banking institutions and are not permitted to be members of the Federal reserve system. A number of
cases have arisen in which persons eminently fitted to serve as directors of Federal reserve banks were ineligible to do so merely because
of their connections with mutual savings banks, and the board feels
that the law should be amended so as to exclude directors, officers,
and employees of mutual savings banks from this prohibition.
(3) An amendment permitting the cancellation of Federal reserve
bank stock held by member banks which have gone out of business
without a receiver or liquidating agent having been appointed therefor. The present law authorizes the surrender and cancellation of
all of the stock held by a member bank only when such member
bank (1) goes into voluntary liquidation, (2) is placed in the hands
of a receiver, or (3) withdraws from the Federal reserve system
either voluntarily or involuntarily; and, in a number of cases,
Federal reserve banks have experienced great difficulty in securing
the surrender of Federal reserve bank stock held by member banks
which have ceased entirely to do business but which have not tech


48

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

nically gone into voluntary liquidation or into the hands of receivers.
Under such circumstances, Federal reserve banks have sometimes
been compelled to pay dividends in large amounts on stock held by
banks which have ceased to do business and ceased to maintain
reserve accounts with them. The board believes that this situation
should be remedied by an appropriate amendment to the law providing means whereby Federal reserve bank stock held by such
member banks may be canceled and the proceeds paid to them.
(4) An amendment making it discretionary with the Federal
Reserve Board to assess the costs of examining member banks against
the banks examined. The Federal Reserve Board has been handicapped in its efforts "to establish a more effective supervision of
banking" by the fact that the present law requires the expenses of
all examinations of member banks made by the Federal Reserve
Board or by the Federal reserve banks to be assessed against the
banks examined. The State banks object to bearing the expenses
of such examinations on the ground that it subjects them to the
expenses of double examinations; since they are also required, either
directly or indirectly, to bear the expenses of examinations made
by the State authorities. Examinations made by State authorities
frequently are inadequate for the board's purpose, since the State
authorities are not charged with the duty of enforcing the provisions
of the Federal reserve act and do not always consider it necessary
to broaden the scope of their examinations so as to disclose violations of the Federal reserve act. The fear of having to bear the
expenses of double examinations has been frequently given as one
of the reasons why more State banks do not join the Federal reserve
system. The board believes that an amendment granting it the
discretionary authority to waive charges for such examinations, when
deemed advisable, would be very beneficial.
(5) An amendment exempting Federal reserve banks from attachment or garnishment proceedings before final judgment in any case
or proceeding. Under the provisions of section 5242 of the Revised
Statutes, national banks are exempted from attachment, injunction,
or execution before final judgment in any case or proceeding; and the
board feels that the law should be amended so as to give Federal
reserve banks the same protection in this respect. It is conceivable
that if large amounts of the funds or credits of the Federal reserve
banks should be tied up through attachment or garnishment proceedings the ability of the reserve banks to meet the credit needs of
the country might be seriously hampered.
(6) An amendment to the Judicial Code restoring to the United
States district courts jurisdiction of suits by and against Federal
reserve banks. Formerly, the Federal courts had jurisdiction of
such suits, because the Federal reserve banks were incorporated under
an act of
 Congress; but section 12 of the act of February 13, 1925,


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

49

provides that no district court of the United States shall have jurisdiction of any action or suit by or against any corporation upon the
ground that it was incorporated by or under an act of Congress,
except corporations in which the Government of the United States is the
owner of more than one-half of the capital stock. It is not believed
that Congress had the Federal reserve banks in mind when it enacted
this amendment, but the amendment deprives the United States
district courts of jurisdiction of all suits by or against Federal
reserve banks unless a question involving the interpretation of the
Constitution of the United States or some Federal statute is raised
by the original pleadings of the plaintiff. The Federal reserve banks
frequently have to rely upon the provisions of the Federal reserve
act or the regulations of the Federal Reserve Board in defending
suits brought against them; but this is not a ground of original
jurisdiction in the United States district courts. The Federal
reserve banks are thus forced to defend in the State courts suits
which turn upon essentially Federal questions. Not infrequently the
judges and juries in the State courts are unreasonably prejudiced
against or hostile to the Federal reserve banks, and it is sometimes
difficult for them to get fair trials in the State courts. Unlike national
banks, they can not remove suits brought against them by persons
located in other States to the United States district courts on the
ground of diversity of citizenship, because the Supreme Court has
held that a Federal corporation is not a citizen of any State, and
there is no provision in the Federal reserve act similar to that in the
national bank act providing that they shall be deemed citizens of
the States in which they are located. Section 12 of the act of
February 13, 1925, makes an exception in the case of corporations
in which the Government of the United States is the owner of more
than one-half of the capital stock; and it would seem that the same
exception should be extended to cover Federal reserve banks, since
they act as fiscal agents and substreasuries and perform many other
important functions for the Government. Moreover, the excess
earnings of the Federal reserve banks are payable to the United
States in the form of a franchise tax and, in the event of the liquidation
of the Federal reserve banks, all of their surplus, which amounts to
approximately twice their capital stock, would become the property
of the United States. For the protection of the Federal reserve
banks and for the protection of the interests of the Government in
them, it is believed that the law should be amended so as to restore
to the United States district courts jurisdiction over suits brought
by and against Federal reserve banks; and the board strongly
recommends the enactment of such an amendment. The Treasury
Department has expressed the opinion that such an amendment
should apply also to Federal land banks and joint-stock land banks.
(7) An amendment to section 13 of the Federal reserve act
increasing from 15 days to 90 days the maximum maturity of



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

advances made by Federal reserve banks to member banks on
their promissory notes secured by paper eligible for rediscount by
Federal reserve banks. Such an amendment was suggested to the
board under date of October 31, 1925, by Hon. L. T. McFadden,
chairman of the Banking and Currency Committee of the House of
Representatives, and was favored by the board after consultation
with the Federal reserve agents and the governors of the Federal
reserve banks. It would save much trouble and expense to both
the member banks and the Federal reserve banks, since it would
eliminate the necessity of listing separately the various pieces of
eligible paper offered as collateral and would at the same time eliminate the necessity of frequent renewals. It would be especially
helpful to country banks which are now deterred by the necessity of
frequent renewals from using this more convenient form of borrowing
from the Federal reserve banks.
MEETINGS OF FEDERAL ADVISORY COUNCIL

Four meetings of the Federal Advisory Council were held in
Washington during 1927 on the following dates: February 18, May
20, September 16, and November 18.
CONFERENCES HELD BY THE FEDERAL RESERVE BOARD

The Federal Reserve Board, as usual, conferred with the Federal
Advisory Council on the occasion of its meetings during the year.
The governors of the Federal reserve banks met in Washington on
May 9-12, and the governors of the Federal reserve banks and Federal
reserve agents conferred, separately and jointly, on October 3 1 November 3. At both conferences special sessions were held at which
the board was in attendance.
During the year officials of many foreign central banks visited the
Federal Reserve Board and several Federal reserve banks to study
their organization and methods of operation.
ORGANIZATION, STAFF, AND EXPENDITURES

Hon. D. R. Crissinger, of Ohio, who had held the office of governor
of the Federal Reserve Board since May 1,1923, resigned on September 15, 1927. Gov. R. A. Young, of the Federal Reserve Bank of
Minneapolis, was appointed by the President to fill the vacancy on
the Federal Reserve Board caused by Governor Crissinger's resignation, and on October 4 Mr. Young was designated as governor of
the board.
The total cost of conducting the work of the board during the
year 1927 was $744,233.36. To meet these expenses the board levied
two assessments against the Federal reserve banks aggregating
$779,116.28, or approximately one-fifth of 1 per cent of their average
paid-in capital and surplus for the year.
By direction of the Federal Reserve Board.
R. A. YOUNG, Governor.
The SPEAKER OF THE HOUSE OF REPRESENTATIVES.



FEDERAL RESERVE BANK CREDIT




51

RESERVE BANK CREDIT
No.

1.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1914-1927
[Monthly averages of daily figures. In thousands of dollars]
Bills and securities held by Federal reserve banks

Month

Total
Total

1914
November.December.-

Bills
discounted
for member
banks

Bills
bought

Due
from Reserve
U. S. Other Foreign foreign bank
securi- securi- loans banks float
ties
ties on gold

i 5,944
1 9, 627

5,944
9,627

5,871
9,525

1915
January
February.. _
March
April
May
June
July
August
September. _
October
NovemberDecember. _

i 19,942
i 32,336
i 48, 750
i 58, 394
i 62, 772
1 54, 395
i 58,873
1 68, 777
i 75, 879
i 78, 567
i 80,178
i 81,141

19, 942
32,336
48, 750
58,394
62,772
54, 395
58,873
68, 777
75, 879
78, 567
80,178
81,141

11, 743
16, 634
20,341
21,632
23,132
24,695
27,136
27, 860
29,674
28,355
29, 237
31,511

7,550
13, 222
10,994
9,840
9,666
12,328
12, 664
13,958
14,030
19, 883

9,081
10,106
11,939
14, 683

7,179
11,091
14,446
16, 739
21,801
12, 614
14, 216
19,961
24,460
26,148
24, 972
15,064

1916
January
February...
March
April
May
June
July
August
September..
October
November, _
December. _.

1
92, 5021
i 103, 619j
i 126,143
i 149, 306i
1 168, 538
1 164, 893
1 189, 824
i 193,458
1
188, 510
i 188, 358
i 188, 414
i 221, 301

92, 502
103, 619
126,143
149, 306
168, 538
164,893
189, 824
193,458
188, 510
188, 358
188, 414
221, 301

29,078
24,134
21, 609
21, 956
20,184
20, 514
25, 421
28, 058
27, 320
22,154
19, 923
32, 645

26,155
28, 251
35, 292
44,150
51,155
63, 403
80, 264
82, 391
82, 807
82, 601
96, 494
122, 315

18, 504
26, 576
36, 756
47, 497
54, 960
56, 760
57, 376
55, 298
55, 410
53, 270
50, 504
53, 649

18, 765
24, 658
32, 486
35, 703
42, 239
24, 216
26, 763
27,711
22, 973
30, 333
21, 493
12, 692

198, 234
199, 860
182, 804
229, 856
275, 310
432, 291
422, 269
372, 358
438, 753
603, 544
883, 252
1,034, 334

20, 877
17, 900
18,191
24, 903
42, 710
151, 234
147, 797
134, 988
182, 440
313, 771
568, 352
681, 549

111,575
117, 865
99, 026
78, 81f
99, 518
164, 355
198, 704
162, 252
167, 403
178, —
195, 635
250, 438

55,093'
48, 273
49, 247
111, 029
118, 387 i
112,036
73, 529
73, 866
88, 697
110,808
117, 941
100, 683

1917
January
February
March
April
May...
June
July
August
September...
October
November...
December...

243, 6241
242, 365
221, 060
283, 266
350, 950
513, 965
508, 001
456, 188
519, 744
727, 552
1,015, 375
1,177, 251

3 39
1,020
4,310
6,413
6,801
6,845
7,246
7,855

1918
1,166, 207 1,026, 365
611, 235 265, 590 148, 256
January
1,122, 433 1,001, 954
531, 541 289,072 180, 5161
February
1, 288, 352 1,122,743
567,475 318, 778 235, 96li
March
1, 365, 512 1, 237, 368
769, 259 311,984 155, 589 i
April
1,402, 678 1, 265, 748
902,102 278, 464 84, 646
May
1,480, 726 1, 274, 898
938,442 238, 507 97, 695
June
1, 592,184 1, 439, 286 1,165, 649 209,174 64,4021
July
1, 728, 336 1, 606,889 1, 337, 701 217,109 52,015|
August
2,072,982
1,920,057
1, 603,153 249, 751 67,0851
September...
2, 372, 519 2,194, 707 1, 709, 766 360, 451 124, 4431
October
2, 425, 278 2, 273, 599 1, 768, 746 378,036 126, 7881
November. _.
2, 467, 035 2, 298, 313! 1, 749,156 344, 329 204, 807)
December. _.
1 Exclusive of reserve bank float.
2
Figures not available.
3 First purchase of United States securities, Dec. 26, 1914.
4
First purchase of bankers' acceptances in open market, Feb. 19, 1915.
8
Initial deposit with a foreign bank, Sept. 6, 1918.




()

8
8
(2)

10, 689
15, 822
16, 340
15,112
14, 695
4,668
2,239
1, 252 _
2131.
285|.
1,324.

45, 390
42, 505
38, 256
53, 410
75, 640
81, 674
85, 732
83,830
80,991
124, 008
132,123
142,917
139,842
120,479
165, 609
128,144
136,930
205,828
152,898
121, 447
152, 925
339 177, 473
1,598 150,081
4,420 164, 302

53

54
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
1.—RESERVE BANK

CREDIT OUTSTANDING, BY MONTHS, 1914-1927—Con.

[Monthly averages of daily figures. I n thousands of dollars]
Bills and securities held by Federal reserve banks

Month

Total
Total

Bills
discounted
for member
banks

Bills
bought

U. S.
securities

Due
from Reserve
Other Foreign foreign bank
float
securi- loans banks
ties
on gold

1919
January- - February..
March
April
May
-June
July
August
SeptemberOctober
NovemberDecember .

2,351, 530
2,341, 553
2,468,524
2,451, 377
2, 497, 520
2,460,999
2, 603, 630
2, 559, 660
2, 637,2941
2,849,277
3, 042, 932
3, 246,427|

2, 213, 520
2, 225, 690
2, 318,426
2, 341, 725
2, 391, 774
2, 323,992
2,478,863
2,442, 627
2, 471, 515
2, 709,330
2, 907, 803
3,034, 224

1, 734, 655
1, 763, 226
1, 861, 532
1,919,461
1,973, 926
1, 842,112
1,867,920
1, 801, 887
1, 777, 334
2,073,416
2,145, 631
2,157, 021

280, 732
276,088
262,787
208,905
189, 768
246,158
362, 298
371,091
353,935
340,189
455,057
549,959

198,124
186, 372
194,103
213,358
228,080
235, 722
248,645
269, 649
340, 246
295,725
307,115
327, 244

6,298
4,520
3,843
2,141
2,011
2,499
2,499
2,500
I,!™
1,776
1,777
1,403

1920
January..February..
March
April
May
June
July
August
September.
October- _ .
NovemberDecember.

3, 216, 660
3, 320,105i
3,424,394!
3, 379,847
3, 391, 858^
3, 388, 699;
3, 349, 562
3,362,428!
3, 508, 583
3, 524, 773!
3, 484,193^
3,456,489;

3,043,952i
3,153,994
3,211,936
3,191, 945
3, 255, 859
3, 209, 650
3, 200, 973
3, 233, 862
3,329,481
3, 390,089
3, 375, 395
3, 313, 502

2,142, 788
2, 298,917
2, 386, 537
2, 440, 375
2, 537, 551
2,461,021
2, 519,043
2, 605,113
2, 677,052
2, 782, 055
2, 776, 457
2, 730, 361

575, 667
546, 458
481, 238
419..746
416, 519
401,184
363, 621
325, 461
313, 864
303, 981
278, 521
244,001

325,497
344,161
331,824
301, 789
347,445
318, 309
303, 288
338, 565
304,053
320, 417
339,140

815
809
787
787
787
787
788

1921
January —
February._
March
April
May
June
July
August
September.
October.. _
November.
December.

3,123, 795!
2, 931,192
2,805, 271
2, 575, 303!
2, 393, 561
2, 218,831
2,055,4191
1, 870, 260
1, 771, 321
1,676,040
1, 548, 774
1, 553, 031

3, 034, 655 2, 536,104
2, 869/233 2, 408, 792
2, 735, 784 2, 301, 629
2, 527, 253 2,139,r
2, 353, 794 1, 966, 646
1, 817, 749
2,175,175
2, 012, 699, 1, 725,162
1, 841, 596 1, 554, 702
1,740,474 , 1, 445, 690
1,640,740! 1, 376, 914
1, 520, 283 i 1, 232, 576
!
1, 517,194 1,185, 432

200,913
173, 082
138, 397
110, 372
84,395
54, 716
26, 396
38,124
40, 020
56,196
78, 867
105,499

297, 638
287, 359
295, 758
276, 899
302, 753
302, 710
261.141
248, 770
254, 764
207, 625
208, 579
226, 005

1922
January
February. .
March
April
May
June
July
August
SeptemberOctober
November.
December.

1, 332,158!
l,234,848 i
1,208,;
1,214,266
1,210,639
1,194,424
1,172,837
1,102,995
1,178,417
1,244,434
1,266,426
1,381,849

1, 304,163
1, 215, 220
1,191, 0131
1,190, 004!
1,188, 849!
1,166, 617!
1,127, 888)
1, 053, 098,
1,113,343
1,184, 700i
1,210,126
1,304,433^

98, 742 236,148
968,971
355, 210
772, 417
92^ 965 457, 643
640, 303
93, 086 520,197
576, 631
481, 626 103, 072 604,151
438, 789 135,181 592, 647
428, 327 154, 010i 545, 546
396, 242 159, 020J 497, 827
416, 612 209, 793! 486, 920
484, 443 251, 6181 448, 617
623, 825 259, 980i 326, 294
663, 562 261, 077 379, 763

1923
January
February...
March
April
May
June
July
August
September.
October. _ .
November.
December.

1,267, 999;
1,204,184
1,229, 744
1, 220, 200
1,225, 013
1,184,251
1,182, 535
1,131,191
1,186,331
1,204,969
1,204,886;
1,259,633

1,191,191!
1,152, 862;
1,178, 919i
1,164, 606!
1,173,194 i
1,124, 891 i
i
1,119, 787;
1,078.204;
1,123,472;'
1,150,593)
1,147,765
1,200,3511

548, 969
610, 755
628, 519
659, 932
708, 394
744, 306
837, 039
811, 251
847, 885
875,158
801, 388
774, 733




220, 733 j421, 469
186, 648! 355, 459
232, 486 317, 897
274, 533 230,102
271, 263 193, 488
225, 396 155,133
185, 807 96, 922
176, 950 89, 988
173, 619 101, 830
183, 671 91, 44"
262, 304 83, 818
322,431 103, r-

131,712
111,343
146,255
107, 511
103, 735
134, 508
122,268
114, 533
163, 786
138,171
133, 352
210,800

171,893
165, 302
211,671
187,115
135, 212
178, 262
147, 801
127, 777
178, 313
789 133,895
792 108, 006
794 142,193

5
261
258
302
195
102

18.
22.
27,.
31.
20.
17;..
39;..
49:_.
56!19.
15!..
138.
317L
255!.

691
691
692
692
693
693
693

88, 452
61, 270
68, 798
47, 359
39, 076
42, 964
42, 028
27, 971
30,154
34, 607
27, 798
35,143

699
701
701
701
701
701
701
701

27, 301
18,931
16,677
23,564
21,091
27,106
44,248
49,196
64,373
59, 033
55,599
76,715

701
701
701
701
701
701
701
701
701
701
701|
701 i

76,107
50,621
50,124
54, 893
51,118
58,659
62, 047
52,286
62,158
53,675
56, 420
58, 581

694

55

RESERVE BANK CREDIT
No.

1.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1914-1927—Con.
[Monthly averages of daily figures. In thousands of dollars]
Bills and securities held by Federal reserve banks

Month

Bills
discounted
for member
banks

Total
Total

1924
January
February...
March
April
May
June
July
August October.
November.
December.

1,050,067
955,587
993,605
989,118
882,306
891,225
877,498
878,473
981,944
1,055,922
1,132,742
1,288,074

1925
January
February...
March
April
May..
June
July...
August
September...
October
November. _
December..

1,126, 747
1,093,435
1, 124,357
1,112,517
1,099,171
1,120,618
1,122,053
1,142, 755
1,224,933
1,321,466
1,350,915
1, 508,022

1926
1,288,570
January
1,219,105
February
March
, 1,220,511
April
1,206,805
!
May
1,201,258
June..-__j 1,190,416
July
| 1,222,699
August
| 1,203,890
September,.., _ _'. _ .1.279,472
October
1,323,148
November
1,320,259
December
1,448,736

Due
from

Other Foreign foreign
U.S.
Bills
loans
bought securi- securi- on gold banks
ties
ties

5,734

701
701
701
701
701
701
701
701
596
476
477
573

48,698
33,298
41,130
47,924
42,034
47,561
50,798
41,238
50,383
49,704
47,238
66,795

2,539
2,973
2,650
1,650
1,874
2,250
2,044
2,122
2,367
2,859
3,302

8,224
10, 500
10, 500
10, 500
10, 500
10, 500
10, 500
10, 469
7,954
7,378
5,260
8,367

641
642
720
639
640
730
636
645
735
639
652
738

54,029
42,470
44, 725
51,802
49.299
59,221
56,165
49,846
60.300
65,196
61,532
78, 552

368, 099
335, 367
336,198
369, 779
398, 249
408, 776
379, 745
353, 903
315, 747
306,413
302, 309
321,446

3.165
3,150
3,611
4,875
4,070
3,543
3,200
3,378
3,700
3,081
2,522
2,577

6,852
7,131
8,201
8,687
7,758
7,407
3,521
6 90

642
709
696
6451
707
676i
681 !
702
659)
6771
650|
650

56,591
42,068
43,376
47,269
45,360
49,932
55,454
44, 924
53, 577
53,115
49,552
67,515

310, 486
306,606
344.922
341, 081
291,495
397, 754
381, 081
438, 511
500, 637
506,177
579, 2381
605, 841 j

3,550
2,250
2,064
2,061
1,801
1,533
1,300
758
587
698
646
942

657
658i
658[
659!
660!
8,627
45, 370
36,190
7,141
628
5641
566

47,618
36,572
30,254
47,625
41,133
39, 525
43,266
35,466
40,744
40,616
45,563
54,129

580,371
516,171
479,369
494, 537
435,429
374, 592
318,252
269, 665
262, 755
240, 907
229, 039
301, 716

302, 509
271,408
229, 650
173, 666
80, 814
51,125
44,132
28, 371
89, 777
177,949
265, 926
356, 613

117, 761
133,990
242, 682
272, 238
322,986
415,970
462, 365
536, 958
575,470
584, 953
587, 075
554, 587

27
19
73
52
342
1,276
1,250
1,540
2,963
1,933
2,987
2,056

267, 424
338, 493
391, 654
404,040
398,413
437, 621
482, 321
544,917
594,083
622, 289
595,997

328, 644 465, 246
313, 847 384, 510
298,113 375,995
354, 897
277, 523 360,922
264, 589 345, 707
232, 734 337, 653
205, 605 329,151
224,135 335, 359
295, 549 327, 556
352, 229 331,943
367, 864 358, 412

1, 231, 337
1,176, 328
1,176, 439
1,158, 891
1,155,191
1,139, 808
1,166, 564
1,158, 264
1, 225, 236
1.269, 356
1.270, 057
1, 380, 571

526, 042
525, 049
558, 795
539, 594
514, 559
476, 044
548, 966
555, 799
641, 797
665, 566
618, 367
671, 722

327,179
305, 631
269, 634
235,956
230, 555
244,038
231,132
245, 094
263,992
294, 296
346, 859

1,138,106
1, 005, 923
1, 024, 251
1,038,857
999, 504
1, 033, 123
1,026,152
1,021, 830
1,139,342
1, 213,191
1, 331, 008
1,513,119

480, 622
392, 996
424, 543
447, 286
472,984
428, 563
453, 997
409, 439
422,192
424, 413
415, 216|
528, 624

343, 448
304, 071
252, 722
248,429
233, 224
205, 273
189, 774
173,122
215, 926
281,903
335, 908
377, 712

1,000,668
921, 588
951, 774
940, 493
839, 571
842,963
825,999

836, 534
930.965

1, 005, 742
1, 085, 027
1, 220, 706
1, 072, 077
1, 050, 323
1, 078,912

1, 060,
1, 049,
1, 060,
1, 065,
1,092,
1,163,
1,255,
1, 288,
1,428,

076
232
667
252
264
898
631
731
732

Reserve
bank
float

6

1927

January
February
March..
April
May
June
July...
August
SeptemberOctober
November..
December..
6

1,186,381
! 1,043,153
1,055,163
1,087,141
1,041,297
1,081,275
1,114,788
1,093,486
1,187,227
1,254,435
1, 377,135
1, 567,814

Foreign loans on gold outstanding from Dec. 2, 1924, to Aug. 2, 1926, only.

110390—28




5

56

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 2.—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGES
OF FEDERAL RESERVE BANKS, BY MONTHS, 1914-1927
[Monthly averages of daily figures. In thousands of dollars]
Deposits
Month

Member
bank
reserve

Total

Foreign
Gov- bank
and
ernOther
ment Government

231, 646
247, 764

November..
December..
1915

264,533
278, 5S3
282,030
287,674
286,898
294,810
296,937
305,932
327,462
343,309
379,386
398,582

January.
February...
March
April
May
June
July
August
September...
October
November..
December..

Total
cash reserves

241,159
265, 900

Reserve

« 12,500
15, 000
15, 000
15, 000

3 103. 1
3 104.1

3 97.3
3 99.2
3 94.8
3 91.9
3 95.3
3 93.0
3 97.2
3 95.2
3 94.5
3 94.2
3 94.3
3 94.7

568, 642
555, 316
535,183
511,865
514, 267
553, 407
564, 343
547, 223
578, 518
601,157
679, 830
719, 588

!
[
!

2,301
7,658

269, 393
12, 396
295, 312
19, 203
295, 983
30, 081
302, 713
41, 644
323, 644
52, 771
338, 984
69, 845
368, 075
81, 880
377, 652
90, 856
411, 339
107, 692
451, 494
135, 739
507,234 j 158, 312
547, 594
179, 936

;

I
I

Federal
reserve

184, 690
177, 823
165, 096
165, 073
159, 581
154, 650
154, 688
154, 717
182, 834
207, 588
232, 970
265, 002

3 92.5
3 90. 4
3 87.6
3 84.4
3 81. 4
3 83.0
3 80. 6
3 79.6
3 81.2
3 80.6
3 83.6
3 81. I

785, 112
802, 656
904, 432
972. 326
1, 017, 794
1,133, 707
1, 399, 985
1, 423, 491
1, 438, 475
1, 516, 037
1, 637, 386
1, 695, 039

266. 334
285, 531
335, 435
399,133
442, 571
492, 299
530, 383
558, 867
647, 901
795, 481

6 79.9
80.6
84.1
80.8
77.5
70.9
75.3
78.1
75.9
69.4
63.5
60.8

1916

JanuaryFebruary-_March
April
May
June
July
August
September..
October
November..
December. .

429, 759
436, 216
445, 857
441, 487
471, 870
512,190
545, 849
532, 550
529, 748
538, 418
580, 655
622, 698

26, 224
29, 545
34, 308
36, 868
41, 255
59, 450
83, 706
51,892
42,119
24, 424
24,989
33, 618

1917
January
February
March
April
May
June
July
August
September
October
November
December

715,929
709,919
740,059
803,879
870,072
1 1,106,413
1 1,329,802
1 1,263,924
! if 248, 306
1,388,499
i? 612, 417
I 1,621,425

686, 327 26, 595
690, 950 14, 915
718, 300 17, 814
743, 348 55, 451
744, 352 99,162 ! 5 15,193
804, 135 289, 166
1,000
1, 100, 951 199. 921 2,290
1,141, 408 90, 921 2,419
1,130, 265 62, 354
1,000
1, 243, 366 89, 325
1,483
1, 420, 070 156, 295 2,511
1, 443, 586 146, 665 4,759

3,007
4, 054
3,945

11, 365
12,112
26, 640
29, 176
54, 687
54, 325
33, 541
26,415

1918
61.4
January.
1, 624, 781 1, 466, 915 122, 100 12, 974 22, 792 1, 760, 269 1, 242, 207
63.3
February. _.
1, 591, 298 1, 467, 507 61,134 45, 850 16, 807 1, 819, 394 1, 282, 961
61.1
March
1, 623, 985 1, 466, 296 72, 783 70, 796 14,110 1. 854, 012 1, 409,172
59.4
1, 678, 279 1, 503, 866 79, 500 75, 407 19, 506 1, 890, 769 1, 503, 708
April
59.9
1, 675,121 1, 482, 394 66, 876 95,189 30, 662 1, 944, 089 1, 571, 450
May
57.3
1, 741, 360 1, 512, 350 91, 128 99, 613 38, 269 1, 949,177 1, 661, 255
June
57.0
1, 712, 997 1, 447, 791 140, 727 99,115 25, 364 2, 016, 536 1, 824,249
July
55.6
1, 699,170 1,459, 204 114,374 105, 777 19,815 2, 049, 051 1, 988, 711
August
51.4
1, 778, 696 1, 506, 742 151, 200 101, 215 19, 539 2, 072, 458 2, 251, 259
September..
48.6
1, 814, 777 1, 538, 898 145, 385 94, 597 35, 897 2, 086, 562 2, 481, 081
October
48.3
1, 812,124 1, 520, 163 160, 575 93, 945 37,441 2,110, 245 2, 552,917
November..
i
48.2
1,802, 337 ! 1,585,612 99, 535 92, 276 24, 914 2,134,125 2,629,695 I
December..
1 Figures for total deposits not available; figures given are for net deposits, i. e., gross deposits including
deferred availability accounts less items in process of collection and other uncollected items.
2 Figures not available since deferred credits, which are not a part of legal reserves, are included in
"Amounts due to member banks " as reported on current balance sheets.
3 Ratio of total cash reserves to Federal reserve note and net deposit liabilities combined.
* Initial Government deposits were $5,000,000 on Sept. 4, 1915, with Federal Reserve Bank of Dallas, and
$5,000,000 each on Sept. 7 with the Federal reserve banks of Richmond and Atlanta.
5
The initial foreign Government deposit was opened with the Federal Reserve Bank of New York on
May 3, 1917. No foreign bank deposits were received prior to 1918.
e Ratio of total cash reserves to total deposits and Federal reserve note liabilities combined is shown for
January, 1917, and subsequent months.




57

RESERVE BANK CREDIT

No. 2.—DEPOSITS } RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGES
OF FEDERAL RESERVE BANKS, BY MONTHS, 1914-1927—Continued
[Monthly averages of daily figures. In thousands of dollars]
Deposits
Month
Total

Member
bank
reserve

Government

Foreign
bank
Other
and
rovernment

Total
cash reserves

Federal Reserve
reserve
pernote cir- centage
culation

1919

January February. _.
March
April
May
June
July
August
SeptemberOctober
November..
December..

1, 825,146
1, 855, 124
1, 951, 753
1, 878, 879
1, 944, 547
1, 940, 647
1, 959, 758
1,911,769
1, 930, 970
1, 980, 676
2, 013, 944
1, 990, 221

1, 635, 440 71,318
1,611,611 129, 576
1, 651, 764 176,719
1, 655, 697 97,133
1, 685, 845 123, 661
1, 696, 286 111,525
1, 719, 373 119, 053
1, 740, 241 67, 604
1, 769,146 53, 970
1, 793, 321 88, 300
1, 837, 047 79, 978
1, 819, 639 70, 301

93,291
93,488
94, 784
96, 634
96, 693
95,069
93, 383
81,451
81, 755
73, 921
73, 393
73,403

25, 097
20,449
28,486
29, 415
38, 348
37,767
27, 949
22,473
26, 099
25,134
23, 526
26, 878

2,164,167
2,183, 641
2,202, 368
2, 224, 948
2, 246, 087
2, 248, 265
2,176, 779
2,146, 003
2,157, 932
2, 207, 386
2,185,149
2,149, 653

2, 540, 642
2,462, 941
2, 503, 350
2, 547, 535
2, 534,112
2, 500, 969
2, 523, 960
2, 544, 357
2, 627, 295
2,738, 394
2,812, 247
2, 955, 476

49.6
50.6
49.4
50.3
50.2
50.9
48.5
48.2
47.3
46.8
45.3
43.5

January
F e b r u a r y . _.
March
April
May
June
July
August
September-.
October
November..
December..

2, 027,861
2, 002, 503
2, 032, 787
1, 998, 732
1, 987, 323
1,974, 537
1, 909, 221
1, 885, 062
1, 912, 070
1, 867, 589
1,830,011
1, 821, 746

1, 883, 086
1, 858, 339
1, 877, 761
1, 870, 337
1, 853,139
1, 852, 756
1,840,195
1, 807,447
1, 817, 076
1, 814, 536
1, 782,158
1, 758,479

46, 678
49, 749
56, 752
22, 219
31, 257
34, 066
14, 801
32, 032
57, 341
25, 946
21, 062
38, 661

73, 297
73,442
75, 522
77, 595
76, 872
59, 468
31, 464
27, 994
19, 923
8,371
7,713
5, 928

24, 800
20, 973
22, 752
28, 581
26, 055
28, 247
22, 761
17, 589
17, 730
18,736
19, 078
18, 678

2,098, 498
2,053, 422
2, 058, 293
2, 084, 077
2, 078, 822
2,102, 985
2,118, 899
2,127, 305
2,139, 280
2,162,178
2,182, 795
2, 221, 573

2,887, 846
2, 946, 863
3,040,440
3,071,754
3, 089, 737
3,113, 949
3,143, 465
3,165, 222
3, 275, 535
3, 336, 768
3, 327, 632
3, 342, 520

42.7
41.5
40.6
41.1
40.9
41.3
41.9
42.1
41.2
41.5
42.3
43.0

1921
January.
February.-March
April
May
June
July
August
September..
October
November..
December. .

1,822, 600
1, 804, 476
1, 808, 529
1, 749, 568
1, 717,423
1, 723, 271
1, 696, 481
1, 691,137
1, 716,162
1, 728, 029
1, 732, 504
1, 755, 226

1, 772, 885
1, 728,141
1, 694, 073
1, 664, 641
1, 656, 585
1, 663, 568
1, 639, 493
1, 621, 292
1, 629, 372
1, 651, 791
1, 662, 684
1, 673, 406

25, 301 5,659
50, 337 5,596
81,151
9,171
50, 627 11,561
28,487 10, 260
28, 579 9,521
8,971
29, 764
9,452
43, 879
59, 339 10,024
9,035
50, 234
9,960
42, 242
54, 364 11, 303

18, 755
20, 402
24,134
22, 739
22, 091
21, 603
18, 253
16, 514
17,427
16, 969
17, 618
16,153

2, 287, 274
2, 343, 537
2, 403, 470
2, 485, 079
2, 541, 647
2, 605, 779
2, 655,179
2, 740,388
2, 836, 396
2, 905, 727
2, 964, 419
2, 994, 982

3,177, 656
3, 068, 578
2, 979,486
2, 870, 672
2, 787, 379
2, 682, 560
2, 604, 750
2, 512, 350
2, 493, 910
2, 456,121
2, 402, 442
2, 416, 096

45.7
48.1
50.2
53.8
56.4
59.1
61.7
65.2
67.4
69.4
71.7
71.8

1, 800, 990
1, 814, 446
1, 794, 895
1, 822, 788
1, 877, 269
1, 892, 591
1, 882,118
1, 859, 524
1, 866, 300
1, 876, 362
1, 890, 022
1,891, 457

1, 707, 286
1, 688, 637
1, 711, 366
1, 733, 256
1, 782, 515
1,820, 254
1, 812, 022
1, 799,155
1,811,036
1,835, 728
1,825, 092
1, 840, 300

65,116
91,940
44, 212
49,553
57, 588
38, 537
41, 874
35, 648
32,468
19,176
38,123
23, 387

9,589
8,571
7,872
6,437
5,234
4,729
4,515
4,580
4,726
3,216
2,748
2,485

18, 999
25, 298
31,445
33, 542
31,932
29, 071
23, 707
20.141
18; 070
18, 247
24, 059
25, 285

3,043, 984
3,070, 045
3, 095, 762
3,114, 928
3,126, 773
3,136, 308
3,158, 276
3,195, 502
3,192,420
3, 211, 513
3, 208, 752
3,166, 019

2, 272, 057
2,176, 529
2,195,133
2,190,447
2,153, 053
2,138,430
2,157, 405
2,151,185
2, 225, 457
2, 309, 013
2, 324,865
2,415, 515

74.7
76.9
77.6
77.6
77.6
77.8
78.2
79.7
78.0
76.7
76.1
73.5

1, 981, 717
1, 969, 757
1,960, 540
1, 944,805
1, 948, 878
1,931,212
1,919, 779
1, 890, 069
1,908,193
1,919,312
1,938, 964
1,931,408

1,918,353
1, 900, 663
1, 873, 018
1, 868, 551
1,873, 901
1,866,929
1, 866, 761
1, 834, 762
1, 847, 503
1,864,140
1, 875, 291
1,881,913

17,176
44, 017
65,860
54,884
38, 762
35,902
28, 752
32,863
38, 234
31,807
32,422
27, 522

2,822
2,933
2,116
3,595
3,143
2,794
2,605
2,456
3,121
4,594
4,184
4,121

43, 366
22,144
19, 546
17, 775
33,072
25, 587
21, 661
19, 988
19,335
18,765
27,067
17, 852

3, 201,969
3, 208, 682
3,190, 625
3,176,630
3,180,433
3, 204, 303
3,181,220
3,194,364
3,187,000
3,194,285
3,199,810
3,168, 984

2, 288, 527
2, 244, 733
2, 253,189
2, 236,378
2, 243,189
2, 246, 535
2, 242,143
2, 228,947
2, 264,090
2,276,388
2,256,777
2, 292, 306

75.0
76.1
75.7
76.0
75.9
76.7
76.4
77.6
76.4
76.1
76.3
75.0

1922
January
February
March
April
May
June
July...
August
September
October
November
December

I

1923

January.
February.-.
March
April
May
June
July
August
September..
October
November..
December..




58

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 2.—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGES
OF FEDERAL RESERVE BANKS, BY MONTHS, 1914-1927—Continued
[Monthly averages of daily figures. In thousands of dollars]
Deposits
Total
cash reserves

Federal Reserve
reserve
pernote circulation

Member
bank
reserve

Foreign^
Gov- bank |
ernand j Other
ment Govern.!
ment |

2, 064, 532
2,109, 552
2,139, 536
2,188, 401
2, 208, 309
2, 223, 364
2, 255,346

1, 910, 877
1, 892,160
1, 915, 420
1,905, 354
1, 922, 012
2, 000, 505
2,046, 240
2, 071, 875
2,120, 210
2,140, 761
2,164, 429
2,181, 761

44, 460 3,819
40,182 3,279
53,861 2,792
75, 951 3,008
34, 340 2,864
42, 582 3,725
35, 568 7,183
34. 668 13, 350
36,981 13,157
40, 833 8,755
29,107 8,372
41, 529 13, 798

20, 757
18,858
18, 993
20, 078
20, 994
17, 720
20, 561
19,643
18, 053
17, 960
21, 456
18, 258

3, 241, 596
3, 239,282
3, 222, 877
3, 201, 763
3, 221, 809
3, 246, 997
3, 248,713
3, 211, 455
3,156, 623
3,124,202
3,131,153
3,056, 709

2,112, 873
2,034, 540
2, 013, 515
1, 971,184
1,915, 449
1, 870, 823
1,825, 260
1, 757, 470
1, 750,498
1, 769,354
1,836,189
1, 884, 318

79.2
81.2
80.5
80.5
82.7
82.5
82.6
82.4
80.1
78.5
77.1
73.8

1925
January.
February...
March
April
May
June
July
August
September..
October
NovemberDecember..

2, 276, 911
2, 233, 531
2,193,473
2,181, 000
2,191, 354
2, 208, 968
2, 204, 389
2, 209, 321
2, 214, 359
2, 266, 442
2, 294, 052
2, 281, 484

2,194, 270
2,158, 816
2,137,427
2,123,131
2,132, 087
2,141, 271
2.160, 281
2,151,478
2.161, 329
2,203,011
2, 221, 367
2, 218, 552

39, 930
32,457
26,202
30, 431
31, 454
42, 269
17, 576
33,186
26, 752
33, 689
32, 054
31,105

21,853
21, 689
8,887
6,659
6,657
6,384
5,722
5,212
6,708
8,922
12, 278
10, 821

20, 858
20, 569
20,957
20, 779
21,156
19, 044
20, 810
19, 445
19, 570
20,820
28,353
21, 006

3, 072, 677
3, 041, 913
3,000,252
2, 978, 628
2, 977, 357
2,953,024
2, 921, 585
2, 896, 876
2,872, 807
2,867,444
2,877, 578
2, 805, 791

1,754,356
1, 714, 929
1, 731, 223
1, 708, 529
1, 684, 876
1,660,130
1, 635, 694
1, 626,387
1, 679, 594
1, 713, 723
1, 724, 362
1, 817, 473

76.2
77.0
76.4
76.6
76.8
76.3
76.1
75.5
73.8
72.0
71.6
68.5

1926
January.
February. _.
March
April
May
June
July.__
August
September..
October
NovemberDecember..

2, 289, 298
2, 274, 728
2, 276, 724
2, 251,846
2, 253, 294
2, 241, 415
2, 262,420
2, 253, 350
2, 273, 205
2, 280,180
2, 279,135
2, 289, 632

2, 235, 986
2, 208, 272
2,197, 682
2,183,479
2,199, 229
2, 205, 974
2,211,545
2, 200, 909
2,211,367
2, 219, 023
2, 214, 441
2, 218,186

23, 714
40, 736
52, 511
42,143
27, 671
12,193
26,246
25, 098
31, 723
34, 264
28, 229
39, 758

7,944
5,999
7,254
5,502
5,248
5,738
5,407
10,127
10, 856
7,271
11,917
13, 843

21, 654
19, 721
19, 277
20, 722
21,146
17, 510
19, 222
17, 216
19, 259
19, 622
24, 548
17,845

2, 922, 466
2,925, 529
2, 933,885
2,932, 794
2, 952, 013
2, 975, 552
2,969,505
2, 965, 896
2, 950,380
2, 934,877
2, 955,169
2,929,074

1, 736, 653
1,675, 586
1,673, 416
1, 675,195
1, 686, 721
1, 703, 312
1,714,636
1, 699, 212
1, 734, 479
1, 750, 326
1, 767, 291
1,856,436

72.5
74.1
74.3
74.7
74.9
75.4
74.7
75.0
73.6
72.8
73.0
70.6

2, 300, 204
2,266,460
2, 284, 809
2, 301,120
2,326,816
2, 355, 428
2, 339, 478
2, 331, 452
2, 350, 875
2,380,856
2, 429, 976
2, 435,984

2, 242, 854
2, 212, 206
2, 239, 952
2, 248, 302
2,262,397
2, 300, 897
2, 288,948
2, 283,097
2, 300,450
2,326,009
2, 372, 954
2, 399,182

24,132 11,316
28,132 4,924
21, 823 6,021
29, 622 5,521
25. 374 5,309
20, 660 5,341
17, 420 5,233
17, 890 5,100
20, 324 5,675
20,426 8,365
12, 812 6,227
9,976 5,063

21, 902
21,198
17, 013
17, 675
33,736
28, 530
27, 877
25,365
24, 426
26, 056
37, 983
21, 763

3, 064, 506
3,137, 737
3,168,365
3,182, 325
3,191,623
3,170,162
3,156, 204
3,145, 581
3,117, 062
3, 089, 483
3, 011, 346
2, 893, 417

1, 753, 799
1, 704, 703
1, 721,876
1, 744, 530
1,730, 655
1, 718, 203
1, 714, 666
1, 681,059
1, 721, 726
1, 732,196
1, 729, 078
1, 794, 917

75.6
79.0
79.1
78.7
78.7
77.8
77.9
78.4
76.5
75.1
72.4
68.4

Month
Total

1924
January
February
March
April
May
June..
July
August
September..
October
November..
December..

1927
January .
February.. .
March
April
May
June
July
August
SeptemberOctober
November..
December. .

j 1,979,913
1,954,479
1,991,066
2,004,391
1,980,210




59

EESEEVE BANK CREDIT
No.

3.—RESERVE BANK CREDIT OUTSTANDING, BY WEEKS
[Averages of daily figures. In thousands of dollars]
Bills and securities held by Federal reserve banks

Week ending (Saturday-

Total
Total

Bills discounted
Bills
for mem- bought
ber banks

Due
from Reserve
United Other foreign bank
States securi- banks float
securities ties

1927
Jan.

1
8
15
22
29

1, 479, 285
1.378, 004
1,198, 337
1,124,075
1, 048,499

1, 420, 768
1,319,116
1,147, 994
1, 074,119
1, 012,178

718,
622,
484,
420,
392,

Feb.

5__- ._.
12..«.
._
_
19... ..
26

1,051,718
1, 028, 277
1, 037, 296
1,043, 763

828
276
069
796
934

303, 891
304, 682
307,153
307, 655

2,603
3,478
4,767
3,886
2,500
2,500
2,500
2,143
2,000

651
657
657
657
657
657
658
658
659

290, 775
277, 366
240,904
226, 579

312, 372
312, 326
411.190
337,469

2,000
2,000
2,000
2,000

659
658
659
660

316,793
315, 795
313,171
311,136
303,080

387,909
379, 641
377,448
413, 089

382, 544
377, 566
345, 987
338,301
313, 663
323,154
304,368
304, 067
290, 582

441,034
429,127
387,102
434, 265

57,866
58,231
49, 687
49, 299
35, 663

19IIIIIIIIIIIII

26

1, 081, 904
1, 052, 021
1,075,129
1,027,821

1, 017,454
991,191
990,811
1, 013,325
1,046,182
1, 020,818
1,041,196
1, 000,314

Apr.

2
9
16
23
30

1,066, 935
1, 096,490
1,109, 528
1, 089,485
1, 049,103

1, 037,469
1, 056, 780
1, 051, 607
1, 029, 785
1, 011, 029

457, 656
464, 689
435, 599
435,058
443,868

239,107
242, 642
252, 932
255,320
243,423

338,
346,
360,
337,
321,

277
949
719
906
975

2,429
2,500
2,357
500
763

660
659
659
659
660

33, 607
36,429
45, 827
29, 779
35,064
30, 545
33, 275
26, 848
28, 806
39, 051
57, 262
59,041
37,414

May

7
14
21
28

1, 083,162
1,004,071
1, 001, 690
1, 056, 673

1, 035,104
963,310
956, 081
1, 020, 225

488, 617
472,820
456, 322
469, 735

241, 500
231, 889
224, 215
234,124

303,180
256, 802
273,744
314, 565

800
800
800

660
660
660
660

47,399
40,101
44,949
35, 789

June 4
11
18
25

1,126, 608
1,100,493
1, 059, 930
1, 033, 638

1,086, 089
1, 062,822
1, 007, 423
982, 969

485,399
404, 352
394, 086
435, 025

236,173
223, 863
188,514
185, 518

362, 717
432, 807
423, 309
361,126

800
800
514
300

660
661
3, 935
14,630

39, 859
37, 010
48,572
36, 038

1,129, 753
1,194, 065
1,107, 577
1, 076, 564
1, 052, 542

1, 065, 222
1,102, 509
1, 010, 099
986, 239
976, 355

483,
523,
434,
415,
415,

205, 801
202, 891
196, 389
185,148
172, 406
170, 491
174, 586
170, 698
173, 634

374, 239
375,101
377,827
384,442
387, 310

1,300
1,300
1,300
1,300
1,300

26,
39,
47,
48,
48,

576
514
794
730
728

37, 956
52, 043
49, 684
41, 595
27,460

404,113
420, 399
446, 442
457, 223

1,300 48, 732
1,300 48, 753
443 40, 558
317 22,129

192, 028
204, 802
206, 328
218,411

474,388
492, 978
533,085
489, 786

320
320
534
820

12, 308
12, 271
10, 471
1,627

Mar.

5

July

2__.
9
16.._
23
30

_. .

Aug.

6
13
20
27

1.100, 890
1,087,611
1.101, 862
1, 086,473

1, 015, 949
1, 004,163
1, 019,413
1, 031, 771

Sept. 3
10
17
24

1,124,421
1,193, 744
1, 203, 699
1,163, 919

1, 079, 646
1,143, 591
1,140, 594
1,121,410

440, 044
407, 878
401, 830
400, 596
412, 910
445,490
400, 647
412, 394

Oct.

1
8
15
22
29

1,
1,
1,
1,
1,

1,169, 204
1,211,930
1, 224, 765
1,187, 083
1,218,513

429, 694
444,656
442,488
404, 669
408, 582

241, 377
260, 855
271, 922
277, 217
305,959

497,313
505, 598
509, 578
504, 605
503, 358

820
820
776
591
614

1,109
729
563
563
564

36, 209
34, 695
41, 891
32, 574
32,467
37,882
52, 634
40, 882
32, 876
41,562
41,812
50,182
30,872

Nov.

5
12
19
26

1, 300, 607
1, 369, 111
1,411,117
1.379, 928

1, 257,
1, 304,
1, 357,
1, 348,

263
719
748
372

432, 772
376,358
413, 276

337,
339,
334,
326,

914
641
675
364

522, 850
531, 704
646,100
608, 094

600
602
615
638

564
564
564
565

42, 781
63, 828
52,805
30, 992

Dec.

3___
10
17
24
31

1,436, 510
1,488,348
1, 546,395
1, 633, 698
1,646, 663

1,402, 727
1,449,124
1,497, 326
1, 553,160
1, 591, 631

481, 643
468, 348
480, 749
585,472
599,488

358,132
378, 565
373,429
374, 526
385,865

562, 074
601, 294
642, 207
592.191
605, 327

878
917
941
971
951

565
565
565
567
568

33,218
38,659
48, 504
79, 971
54,464




203,189
254, 221
267,130
237, 827
249, 948

882
217
582
349
339

60

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

N o . 4 . — D E P O S I T S , R E S E R V E S , N O T E C I R C U L A T I O N , AND R E S E R V E P E R C E N T A G E S
OF F E D E R A L R E S E R V E B A N K S , BY W E E K S

[Averages of daily figures. In thousands of dollars]
Deposits

Week ending
(Saturday)—

Total

Member
bank
reserve

Government

15..
22..
29..

2, 316, 099
2.348,867
2,297,773
2,297,028
2,267, 045

2,230,711
2,283, 553
2,250,627
2, 237,167
2,213,391

35,845 32,000
13, 225 25, 328
19,468
5,814
32,256
5,532
29,791
5,105

5.
12.
19.
26.

2,270, 730
2,254, 522
2,276,277
2,258,476

2,218,864
2,203,611
2, 219,044
2,203, 355

28,823
22, 306
26,373
32,993

Mar. 5_.
12_.
19..
26_.

2,277,802
2,270,845
2,312,849
2,276,401

2,218,434
2, 222,188
2,271,124
2,245, 537

Apr.

16.
23.
30.

2,291, 349
2,295,871
2.307,868
2,311,974
2,291,998

2, 239, 734
2, 249, 457
2, 250, 540
2,251,210
2, 245, 554

14..
21.
28

2,335,325
2, 323, 223
2, 324, 914
2,331,365

Foreign
Other
bank

Total
cash
reserves

Federal
reserve Reserve
pernote cir- centage
culation

1927

Jan.

Feb.

17,543
26,761
21,864
22,073

2,926, 229
2,989, 556
3,056,328
3,091,690
18, 758 3,121,138

4,411
4,541
5,215
4,917

1,878,935
1,824,567
1, 766,429
1,723,086
1, 701,239

71.6
75.2
76.9
78.7

3,123, 265
3,136,115
3,145,914
3,142,027

1, 697,221
1,703,113
1,697,935
1, 713, 677

78.7
79.2
79.2
79.1

37,140
23, 768
17,226
8,890

18, 632
24, 064
25, 645
17,211
5,116 17,112
4, 805 20, 084
5,257 19, 242
5,305 16, 669

3,137, 913
3,161, 226
3,173,618
3,183, 453

1,726,247
1, 727,147
1,720,643
1, 716, 504

78.4
79.1
78.7
79.7

31,174
24,677
32,169
35,223
25,074

5,234
5,066
5,165
6,812
4,944

15,207
16, 671
19,994
18,729
16, 426

3,173, 204
3,171,490
3,180,415
3,188,895
3,194, 828

1,727,813 I
1,745,158 [
1,754,496
1,744,549
1,732,131

79.0
78.5
78.3
78.6
79.4

2,261,394 22,910
2,264,043 I 21,178
2,262,316 27,636
2,270,492 27,430

5,420
4,791
5,635
5,392

45,601
33,211
29, 327
28, 051

3,194,878
3,216,765
3,209, 778
3,166, 728

1,735,330
1,733,956
1, 723, 780
1, 723, 398

78.5
79.3
79.3
78.1

25-.

2,353,475
2,368,719
2,353,461
2,324,001

2,289,047 27, 977
2,311,082 24,774
2,306,405 11,801
2,275,493 18, 344

4,815
5,836
5,083
4,944

31,636
27,027
30,172
25,220

3,144, 395
3,159,949
3,175, 584
3,182, 615

1,744, 589
1,727,943
1,713,192
1,704,298

76.7
77.1
78.1
79.0

July 2 . .
9_.
16..
23..
30..

2,367,915
2,359,102
2,334,091
2,330,754
2,320,923

2,305,039
2,306,651
2,286,622
2,283,483
2,269, 542

25,191
15,452
14,355
16, 310
21,115

5,159
5,162
5,590
5,091
5,001

32, 526
31,837
27, 524
25,870
25,265

3,166,650
3,139,782
3,160,011
3,163, 565
3,167,297

1,724,134
1,757,297
1, 720, 960
1,693,809
1,677,733

77.4
76. 3
77.9
78.6
79.2

Aug.

13..
20..
27..

2,344, 833
2,328,315
2,337, 890
2,321,957

2,291,473
2,286,309
2,287,285
2,271,895

23,076
12,464
19,163
19,663

4,756
4,630
5,098
5,190

25,528
24,912
26,344
25,209

3,153,687
3,146, 506
3,140,663
3,145,777

1,681,964
1,680,179
1,679,015
1,682,224

77,4
78.5
78.2
78.6

Sept. 3_.
17"
24..

2,332,054
2, 350,337
2, 370,214
2,332, 601

2,281,850
2,299,944
2,323,017
2, 283,832

20,173
20,647
14,145
20,111

5,611
5,567
5,553
5,517

24,420
24,179
27,499
23,141

3,135,275
3,117,434
3,117,451
3,118,589

1,695,798
1,729,196
1,723,464
1,717,918

77.8
76.4
76.2
77.0

Oct.

2,351,564
2, 376,663
2,386, 025
2, 386,830
2,394,928

2,299,018
2, 322,385
2,332,235
2,323,969
2,328,394

23,634
5,536
24,' 983 5,476
17, 648 5,570
15,763 11,436
23,119 10,661

23,376
23,819
30.572
35,662
32,754

3,107,994
3,091,946
3, 093,646
3,096,977
3,083,980

1,723,913
1, 733,649
1,741,599
1,731,321
1,720,622

76.3
75.2
74.9
75.2
74.9

12_.
19.
26..

2,394,928
2,423,271
2,474,114
2,414, 743

2, 337,959 18,830
2,342,246 24,950
2,415,635 10,480
2, 372,091 3,691

8,286
6,502
5,921
5,458

29,853
49.573
42,078
33,503

3,053,979
3,024,549
3,011,151
2,993,128

1,729,567
1,738,067
1,721,419
1,728,848

74.0
72.7
71.8
72.2

3_.
10..
17..
24..
31..

2,431,424
2,429,563
2,436,535
2,418,255
2,460, 353

2, 395,490 3,428
2, 398,592 2,158
2,405,366 4,042
2, 376, 681 16,680
2,415,248 20,608

5,021 27,485
5,438 23,375
5,067 22,060
4,685 20,209
4,522 19, 975

2, 961, 788
2,938, 009
2,906,494
2,852,470
2, 852, 320

1,736,786
1,761,340
1,781,694
1,834,238
1,822,257

71.1
70.1
68.9
67.1
66.6

May

2..

June 4_.

15.
22 _
29.

Nov. 5..

Dec.




61

RESERVE BANK CREDIT
No.

5.—PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL R E S E R V E BANKS,
BY W E E K S

[In millions of dollars]
Deposits

Bills and securiti 3S

Federal
reTotal
Bills
Memserve
cash
dis| ber Other notes
countbank de- in cirUn- reUned for
Bought der serves Total reserve pos- culaBought der
mem- Total
out- resale Total
out- resale
balits tion
ber
right agreeright agreeances
banks
ment
ment
U. S. securities

Bills bought

Date
Total 1

1927
Jan.5 .
12
19
26

1,340
1,143
1,069
972

633
490
416
365

389
338
337
302

316
292
274
270

73
46
63
32

314
311
313
303

301
301
302
302

12.9 2,998
9.7 3,071
11.2 3,096
. 9 3,133

2,409
2, 324
2,318
2,245

2,352
2,274
2,243
2,192

57
50
74
53

1,813
1, 750
1,710
1,688

1,029
989
1,025
985

393
379
396
398

329
303
315
280

276
252
246
245

53
51
69
35

304

302
302
304
305

2.0 3,129
2.2 3,148
7.7 3,158

3,141

2,298
2,267
2,342
2,215

2, 242
2,221
2,289
2,166

56
46
54
49

1, 687
1,694
1,685
1,708

1,037
990
1,027
1,033
1,049

435
416
331
457
456

289
265
219
231
237

225
209
192
186
184

64
56
27
45
53

311 1
307 '
475 '
342
353

305
306
473
321
312

3,144
3,173
3,185
20.8 3,193
41.5 3,183

2,290
2,261
2,323
2,329
2,328

2,231
2, 221
2,295
2,300
2 274

58
40
28
29
53

1,717
1,719
1,706
1,702
1,711

Apr. 6
13
20
27

986
1,040
996
1,006

402
426
414
444

239
257
247
242

196
205
197
194

43
52
50
48

342 i
355 |
333
318 ;

312
313
313
314

29.8 3,183
42.8 3,191
19.6 3,203
4.0 3,207

2,265
2,307
2,300
2,314

2,232
2,265
2,250
2,270

34
43
50
44

1,727
1,744
1,730
1,718

May 4
11
18
25

1,070
931
955
989

508
442
458
429

244
233
225
236

203
193
170
172

41
40
55
64

316 !
254
269 j
322 |

312
249
265
302

3.8 3,207
5.0 3, 234
3.7 3,223

19.6 3,178

2,389
2, 326
2, 353
?., 326

2, 326
2,271
2,295
2, 268

63
54
58
58

1,721
1,718
1,711
1,706

June 1 . : . . . 1,090
1,061
8

1,092
993
1,071

497
399
361
439
477

229
222
183
183
216

158
164
160
172
183

71
58
23
11
33

362
438
547 !
369
376

340
431
545
366
367

22.4 3,154
7.3 3,170
2.6 3,185
3.5 3,194
9.3 3,184

2,367
2,390
2,474
2,365
2, 399

2,308
2,331
2,421
2,307
2,342

58
59
53
58
57

1,740
1,717
1,698
1,689
1,703

July 6—.
13
20
27

1,082
999
976
954

507
426
403
398

199
193
185
169

179
179
173
157

20
14
13
12

374
378
386
385

367
371
379
381

7.2
6.3
6.7
4.5

3,141
3,171
3,171
3,181

2,341
2,361
2,346
2,330

2,297
2,315
2,301
2,282

44
46
46
48

1,751
1,703
1,676
1,662

\ug 3
10
17....
24
31

1,032
1,010
1, 003
1,038
1,059

445
413
390
414
401

178
176
171
179
185

129
117
107
110
118

49
58
64
69
67

407
420
442
445
473

403
417
434
442
470

4 6 3,162
3.5 3,154
7.5 3,149
2.6 3,158
2.9 3,146

2,394
2,354
2,347
2,354
2,341

2,350
2,315
2,295
2,306
2,299

44
39
52
48
42

1,673
1,668
1,665
1,671
1,676

Sept. 7

1,147
1,102
1,118
1,168

449
375
415
430

197
227
219
242

116
144
158
171

81
83
61
71

499
500
484
494

491
472
481
484

8.2 3,125
27.4 3,124
2.8 3,134
10.3 3,126

2,368
2,367
2,363
2,390

2,318
2,325
2,311
2,337

49
42
52
53

1,721
1,708
1,701
1,706

1,230
1,216
1,201
1, 215

462
430
418
402

262
274
283
301

176
193
225
243

86
81
58
58

505
510
500
511

494
494
495
507

11.3 3,103
16.1 3,104
5.4 3,112
3.4 3,093

2,426
2,405
2,429
2,404

2, 360
2, 324
2, 384
2,352

66
80
45
52

1,717
1,734
1,717
1,703

1,241
1, 328
1,407
1,367
1,381

379
461
367
418
477

335
336
334
327
355

275
290
287
294
289

60
46
47
33
66

526
530
705
621
548

523
530
703
618
544

3.0
.3
3.9
3.0
4.1

3, 067
3,041
3,027
2,993
2,940

2,404
2,423
2,566
2,436
2,413

2,362
2,369
2,500
2,393
2,379

42
54
66
43
35

1,717
1,735
1,706
1,729
1,717

1,429
1,475
1,533
1,599

444
495
578
609

380
381
366
386

299
319
315
316

81
62
51

604
598
588
603

593 11.1
590
7.8
563 ! 25.4
559 44.4

2,953
2,918
2, 858
2,862

2,427
2,448
2,434
2,473

2,397
2,419
2,394
2,432

30
29
40
41

1,750
1,767
1,821
1,813

Feb. 2
g

16
23
Mar. 2
9
16....
23
30

i5_v_~r

22
29

14
21
28.._-

Oct. 5__
12
19
26

Nov. 2
9
16
23....
30.....

Dec. 7
14
21
28
1

Includes "other securities."




70

305 I
312 |
305 |

•4
5.6
1.0
2.6

62

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No.

6.—RESOURCES

AND L I A B I L I T I E S O F F E D E R A L R E S E R V E B A N K S I N D E T A I L ,
D E C E M B E R 31, 1927 l

[Amounts in the column to the right are those shown in the Board's weekly statement, their components
being shown in the column to the left]
[In thousands of dollars]
RESOURCES

Gold with Federal reserve agents
Gold redemption fund with United States Treasurer

1,538,696
57,024

Gold held exclusively against Federal reserve notes..
Gold settlement fund with Federal Reserve Board
Gold coin
Gold bullion and foreign gold coin
Gold certificates

1,595, 720
528,177
111,019
160,983
337,288

Gold and gold certificates held by banks

609,290

Total gold reserves
Legal-tender notes
Silver certificates
Standard silver dollars
Reserves other than gold.

2,733,187
49,832
72,260
11,872

_
_

133,964

Total reserves

2,867,151

National bank notes
Federal reserve bank notes

61,625
34

Subsidiary silver, nickels, and cents
Nonreserve cash

15,086
_.

76, 745

Bills discounted:
Secured by United States Government obligations
Other bills discounted
Total bills discounted
Bills bought outright
Bills bought under resale agreement
Total bills bought in open market
U. S. securities bought under resale agreement:
Liberty bonds
Treasury notes
_
Certificates

417,729
163,774
581,503
310,415
81, 624
392,039
15,114
16,900
24,545

.

Total U. S. securities bought under resale agreement
U. S. securities bought outright:
Liberty bonds
...
Bonds issued since 1921
Other U. S. bonds.

56, 559
263,594
8, 798
3,199

Total bonds.
Treasury notes...
Certificates of indebtedness

275,591
52, 213
232,153

Total U. S. securities bought outright

559,957

Total United States Government securities
Federal intermediate credit bank debentures
Municipal warrants

616,516
760
120

Other securities

880

Total bills and securities
Due from foreign banks
Transit items
._
Exchanges for clearinghouse
Other cash items
Federal reserve notes of other Federal reserve banks
Uncollected items
1

Before closing of books at end of year.




1,590,938
..

656,973
36,888
20,241
23,504

566

737,606

RESERVE BANK CREDIT
Bank premises
Claims account closed or suspended banks
Overdrafts—Me mber banks
Premium on securities
Interest accrued
Deferred charges
Suspense account and miscellaneous assets

_

63
_

60,207

__
__.
_

3,665
16
2,246
5,487
661
3,000

All other resources.

15,075

Total resources

_

5,348,288

LIABILITIES

F ederal reserve notes outstanding (issued to Federal reserve bank) _
LessHeld by banks and branches
Forwarded for redemption

_

_

Federal reserve notes in actual circulation._.
Deposits:
Members—reserve account.
Government
Foreign bank
Nonmembers' clearing account
Officers' checks
Federal reserve transfer and exchange drafts
All other
Other deposits
Total deposits

__

424,433
19,798
1,789,867
2,485,957
18,109
4,649
17,250
2,676
468
460

_

Government transit items
All other transit items
Deferred availability items
_
Capital paid in
_
_.
Surplus
Earnings:
Gross earnings..Current expenses
___
Current net earnings
__
__
_
Add—
Profit and loss
_.
Other real estate—net income
Deduct—
Furniture and equipment
.._
Dividends accured since closing of books
__
Net earnings available for depreciation allowances, reserves, surplus, and franchise tax
_
.__
Reserve for self-insurance
.
_
_
Reserves for losses account failed or suspended banks
_
Miscellaneous reserves.
_.
Accrued dividends unpaid
Unearned discount
Accrued taxes, other than franchise tax, unpaid
Discount on securities
_
Suspense account and miscellaneous liabilities
All other liabilities
..._
Total liabilities
Contingent liability on bills purchased for foreign correspondents__




2,234,098

20,854
2,529,569
7, 695
643,335
651,030
132,480
228,775
43,024
27,518
15,506
85
78
799
7,755
7,115
2,057
3,458
220
855
1,421
534
46
861
16,567
5,348,288
228,685

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 7.—RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS AT THE END
OF EACH MONTH

[In millions of dollars]
1926

1927

Dec. 31 J a n . 3 1 F e b . 28

Mar. 31 Apr.

30 M a y 31

June 30

RESOURCES

Gold with Federal reserve agents.
._ .
Gold redemption fund with U. S. Treasury...
Gold held exclusively against F. R.
notes
-__--_
Gold settlement fund with F. R. Board
Gold and gold certificates held by banks:
United States gold coin
Gold bullion and foreign coin
Gold certificates
Total gold reserves
Reserves other than gold
Total reserves.

1,382
67

1,535
49

1,549
45

1,662
52

1,617
43

1,634
50

1,607
45

1,449
665

1,583
608

1,594
616

1,714
562

1,660
657

1,684
579

1,652
593

116
182
407

163
155
449

171
148
447

172
123
440

169
128
414

175
126
418

174
152
427

2,819
129

2,957
160

2,976
154

3,010
157

3,029
157

2,982
156

2,998
158

2,948

3,117

3,130

3,168

3,187

3,138

3,156

67

70

63

60

56

51
60

52
23

637

425

470

451

477

459

443

272
49

230
67

185
54

197
41

159
69

181
30

381

321

296

239

238

228

211

312
3

303
1

305
11

317
31

322
5

336
8

367
3

315
3

304
3

316
2

348
3

327
2

343
2

370
1

1,335
1
45

1,053
1
17

1,084
1
23

1,040
1
32

1,044
1
40

1,032
1
14

1,025
29
28

1,381

1,071

1,108

1,072

1,085

1,046

1,082

25
660
58
11

19
496
58
12

16
557
58
14

16
567
58
13

18
560
59
13

13
533
59
14

17
603
59
14

5,150

4,842

4,946

4, 955

4,976

4,914

5,006

Federal reserve notes:
Held by other Federal reserve banks
Outside Federal reserve banks

25
1,826

19
1,685

16
1,711

16
1,708

18
1,726

13
1, 735

17
1,704

Total notes in circulation
Deposits:
Member bank—reserve account
Government
.Foreign bank
Othp.r deposits

1,851

1,704

1,727

1,724

1, 744

1,748

1,721

2,194
17
46
19

2,218
37
4
19

2,229
43
5
18

2,237
38
5
15

2,257
23
5
17

2,197
32
4
29

2,249
31
6
27

2,276
660
125
229
9

2,278
496
126
229
10

2,296
557
127
229
11

2,296
567
128
229
12

2,302
560
129
229
13

2,262
533
129
229
14

2,313
603
129
229
11

5,150

4,842

4,946

4,955

4,976

4,914

5.00G

59

94

93

148

147

160

146

Nonreserve cash
Gold held abroad
Bills discounted
Bills bought:
Outright
Under resale agreement
Total bills bought
United States securities:
Bought outright
Under resale agreement

0)
0)

Total United States securities
Other securities
_
Total bills and securities
Due from foreign banks .
.
Reserve bank float2
Total reserve bank credit outstanding..
Federal reserve notes of other F. R. banks
Other uncollected items not included in float.
Bank premises
All other resources.-.
Total resources.
_
_
LIABILITIES

Total deposits
Deferred availability items
Capital paid in
Surplus
.
All other liabilities
Total liabilities

-

Contingent liability on bills purchased for
foreign correspondents

1
Not available.
2
Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of
deferred availability items.




65

EESERVE BANK CREDIT

No. 7,—RESOURCES AND LIABILITIES OP FEDERAL RESERVE BANKS AT THE END

OF EACH MONTH—Continued
[In millions of dollars]
1927
July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30

Dec.31

RESOURCES

Gold with Federal reserve agents
Gold redemption fund with U. S. Treasury

1,651
46

1,640
37

1,620
51

1.606
47

1,476
49

1,539
57

Gold held exclusively against F. R. notes
Gold settlement fund with F . R. Board
Gold and gold certificates held by banks:
United States gold coin
Gold bullion and foreign coin
Gold certificates

1,696
600

1,677
632

1,670
651

1,653
623

1,525
632

1,596
528

174
152
380

173
153
363

142
149
352

156
140
350

150
180
317

111
161
337

Total gold reserves. __
Reserves other than gold

.

3,002
149

2,998
148

2,964
131

2,922
131

2,805
135

2,733
134

.

3,152

3,146

3,095

3,054

2,940

2,867

51

48

42

52

58

77

442

401

437

412

477

582

153
19

118
67

174
76

266
76

288
66

310
82

_

Total reserves..

-.

Nonreserve cash
Bills discounted
Bills bought:
Outright
Under resale agreement
Total bills bought
United States securities:
Bought outright.,
Under resale agreement

___ __.
.

.

172

392

544
4

560
57

473

506
1

522
1

548
1

617
1

1, 059
12
31

1,194
1
36

1,276
1
19

1,381
1
34

1, 591
1
63

1,093

1,102

1,231

1,296

1,415

1,655

19
514
59
15

17
555
60
18

18
605
60
13

22
576
60
14

20
638
60
14

24
651
58
15

4,945

5, 065

5,072

5,145

5,346

19
1,669

17
1,659

18
1,718

22
1,713

20
1,696

24
1,766

1,688

1, 676

1,736

1,734

1,717

1,790

2,277
25
5
23

Total resources

355

519
3

4,903

Total reserve bank credit outstanding
Federal reserve notes of other Federal reserve banks.._
Other uncollected items not included in float
Bank premises. . _
All other resources. . . . . .
.
_ __

342

487
19

1,008
49
36

Total bills and securities
Due from foreign banks
Reserve bank float

250

470
3

392
1

Total United States securities
Other securities

185

385
7

2,299
13
6
24

2,293
27
5
24

2,324
21
9
31

2,379
2
5
28

2,487
18
5
21

2,330
514
130
229
12

2,341
555
131
229
13

2,349
605
131
229
15

2,386
576
131
229
16

2,413
638
132
229
18

2,531
651
132
233
8

4,903

4,945

5, 065

5,072

5,145

5,346

151

166

188

189

186

229

LIABILITIES

Federal reserve notes:
Held by other Federal reserve banks
Outside Federal reserve banks
Total notes in circulation
Deposits:
Member bank reserve account
Government
___
Foreign bank
.
Other deposits
Total deposits. _
Deferred availability items
Capital paid in
...
Surplus.
All other liabilities

___

_

Total liabilities
Contingent liability on bills purchased for foreign
correspondents

Back figures.—See Annual Reports for 1926 (p. 46), 1925 (p. 52), 1924 (p. 50), 1923 (p. 84), 1922 (p. 62), 1921
(p. 16).




66

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 8.—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF 1926 AND

1927
[In thousands of dollars]
New York

Boston

Philadelphia

1926

1927

1926

1927

177, 912
15, 326

194, 437
14, 477

961, 552
22, 524

868, 601
24, 599

180, 057
5,266

143, 894
6,066

193. 238
7,902

208, 914
9,860

984, 076
15, 894

893, 200
20, 924

185, 323
1,611

149, 960
1,490

66,103
47, 200
10, 164

28, 598
48, 410
33, 358

184, 475
101, 443
58, 864

281, 338
97, 652
181, 480

67,841
26, 839
20, 230
2,000

67, 371
44, 523
45, 664

123, 467

110, 366
37
69,175
3,824
79

344, 782
657
188, 450
16, 276
1,131

560,470
213
193, 847
15,882
5,892

116, 910
64, 554
1,704
302

157, 558
47
63, 738
1,749
213

394, 153

402 255 1.551 2fifi 1,690,428

370, 404

374, 755

1926

1927

RESOURCES

Total gold reserves
Reserves other than gold.

_ ._ . . . .

Total reserves
Nonreserve cash
Bills discounted-.
Bills bought
United States securities
Other securities _
_
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises.
.
All other resources

, ._.

65, 525
3,946
75

Total resources
LIABILITIES

Federal reserve notes in circulation
Deposits:
Member bank—reserve account
Government
Foreign bank
Other deposits..
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities..

..

_.

Total liabilities

149, 631

416, 874

390, 343

134, 067

137, 552

158,024
1,642
347
305

835, 960 1,009,923
498
1,565
1,302
25,915
11, 460
8,929

139, 247
1,019
2,675
89

143, 833
1,242
444
257

151, 235
61, 867
8,800
17, 606
282

160, 318
64, 792
9,412
17, 893
209

871, 302 1,024,250
162, 885 170, 613
40, 310
36, 449
63,007
61, 614
1,905
2,142

143,030
59, 202
12, 605
21, 267
233

145, 776
56, 309
13, 237
21, 662
219

394,153

_

154, 363
147, 016
1,951
2.140
128

402, 255 1,551,266 1,690,428

370, 404

374, 755

Cleveland

Richmond

Atlanta
1927

1926

1927

1926

1927

1926

263, 647
11, 400

265, 440
13, 013

110, 933
7,022

65, 227
7,945

169, 257
9,370

167, 329
11,946

275,047
6,134

278, 453
7,560

117, 955
5,381

73,172
6,998

178, 627
4,476

179, 275
4,371

79, 442
33, 217
36,155

60, 845
20,175
61, 510

23, 509
12,796
7,417

25,424
48, 837
12,452

36, 676
23,172
1,890

28,203
2,238
13, 585
260

148, 814

142, 530
52
67, 868
6,865
1,265

43, 722
60, 401
2,110
294

86, 713
25
54, 660
2,721
367

61, 738

66, 324
7,119
887

30, 385
2,864
1,021

44, 286
20
26, 545
2,823
1,341

504, 325

504, 593

229, 863

224, 656

279, 111

258, 661

219, 961

216, 595

84, 320

77, 405

165, 827

144,097

178, 472
1,260
3,013
978

182, 380
1,340
491
1,296

68, 973
734
1,492
81

73, 715
1,022
241
217

66, 742
2,613
1,126
932

73, 243
1,532
190
170

183, 723
62, 308
13, 618
23, 746
969

185, 507
63, 509
13, 979
24,021
982

71, 280
55, 276
6,094
12,198
695

75,195
52, 728
6,252
12,324
752

71, 413
26,847
5,020
9,632
372

75,135
23, 981
5,175
9,996
277

504, 325

504, 593

229, 863

224, 656

279, 111

258, 661

RESOURCES

Total gold reserves.. .._
Reserves other than gold
Total reserves
Nonreserve cash.

_ _. _ .

Bills discounted
Bills bought
.-_
United States securities
Other securities
Total bills and securities.
Due from foreign banks
Uncollected items
Bank premises
All other resources
Total resources
LIABILITIES

Federal reserve notes in circulation
Deposits:
Member bank—reserve account
Government
_
Foreign bank
Other deposits
Total deposits -____
Deferred availability items
Capital paid in .
Surplus
All other liabilities
-.
Total liabilities _. -

__
. _..

Back figures.—See Annual Reports for 1920-1926 (Part II, Table 1).




67

RESERVE BANK CREDIT
No.

8,—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF

1926

AND 1927—Continued
Chicago

St. Louis

Minneapolis

1926

1927

1926

1927

RESOURCES
Total gold reserves
Reserves other than gold_

368,161
21, 856

411,186
16,831

66,431
13, 647

73,452
12,898

Total reserves..
Nonreserve cash

390,017
10,958

428,017
9,362

86, 350
4,251

93,121

4,199

77, 063
1,223

97,831
50,116
48, 758

52, 670
62, 295

31,129
7,992
21, 072

19, 417
5,046
38,163

4,038
12, 615
17, 039
621

1,905
18,319
23,900
620

204,963
67
88,620
8,609
1,308

60,193

62,626
21
40,038
3,791
723

34, 313

89,874
7,770
2,591

13, 543
2,774
2,159

44,744
15
15,162
2,202
1,776

697,915

740,946

182, 651

197,800 [ 146,813

142,185

249, 693

265, 293

48,396

56, 666

68,891

61,224

311, 664
2,582
3,857
943

345, 676
2,518
639
1,108

82,116
1,000
1,211
328

1,062
199
419

50,946
1,567
901
152

54,836
1,874
139
274

Total deposits
Deferred availability items..
Capital paid i n . .
Surplus
All other liabilities

319, 046
78, 595
16,716
31,881
1,984

349,941
73,124
17,965
32, 778
1,845

84,655
33,635
5,293
9,939
733

91, 542
33, 286
5,341
10, 397
568

53, 566
12, 858
3,064
7,527
907

57,123
13,010
3,009
7,039
780

Total liabilities..

697,915

740,946

182, 651

197,800

146,813

142,185

Bills discounted
Bills bought...
United States securities.
Other securities
Total bills and securities.
Due from foreign banks
Uncollected items
Bank premises
All other resources __
Total resources .
LIABILITIES
Federal reserve notes in circulation..
Deposits:
Member bank—reserve account.
Government
Foreign bank
_
Other deposits

-i196, 705

Kansas City
1926

33,419
3,957
805

Dallas

1927

1926

1927

3,152

73,034
4,029

San

Francisco

1926

1927

RESOURCES
Total gold reserves
Reserves other than gold-

103,736
4,993

«, 033

68,635
8,137

59, 812
9,391

258, 249
6,621

312, 742
6,943

Total reserves..
Nonreserve cash

108, 729
2,822

103,859
3,060

76, 772
2,548

69, 203
3,189

264,870
3,761

319, 685
4,457

6,612
18,295
29, 225

9,634
7,891
38, 342

4,772
15,927
23,339

22,811
31,989

34,200
31,374
40,667

5,220
13,842
46,075

54,132

55,867
18
46,471
4,308
415

44,038
28, 215
1, 755
358

55,678
17
29,964
1,785
502

106, 241

44,003
4,459
521

45, 767
3,397
1,192

65,137
34
41,484
3,374
800

214,666

213,998

153,686

160, 338

425, 228

434,971

Bills discounted
Bills bought
United States securities.
Other securities
Total bills and securities_
Due from foreign banks
Uncollected items
Bank premises.
All other resources
Total resources..
LIABILITIES
Federal reserve notes in circulation..
Deposits:
Member bank—reserve account .
Government
Foreign bank
Other deposits

72, 523

67,189

48,803

47,472

187,109

176,400

86,728
1,940
1,098
100

95,046
2,082
171
570

62,898
1,257
985
61

70,970
774
162
104

163,332
532
1,943
5,855

189, 269
1,704
324
4,677

Total deposits
Deferred availability items.
Capital paid in
Surplus
All other liabilities

89,866
38,628
4,197
9,029
423

97,869
35,284
4,235
9,046
375

65, 201
26, 781
4,302
8,215
384

72,010
27, 798
4,264
8,527
267

171, 662
41,511
16,121
169

195,974
36, 598
9,302
16, 629
68

Total liabilities..

214, 666

213,998

153, 686

160,338 I 425,228

434,971




68

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 9.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER
SERVE BANKS, BY MONTHS, 1914-1927

1914

Month

1915

1917

1916

AT FEDERAL R E -

1918

1919

1920

January...
February..
March
April

398
469
570
606

614
451
535
606

309
262
315
384

1,432
1,353
1,568
2,100

3,316
3,091
3,575
3,875

3,461
3,338
3,670
4,175

May
June
July.._.
August .

813
760
711

655
678
642
483

590
900
960
990

2,793
3,021
3,462
3,671

4,035
4,047
3,685
3,460

4,642
4,948
4,858
4,780

761
794
835
754

448
383
336
314

953
1,140
1,574
1,701

3,464
3,610
3,667
3,288

3,722
3,839
3,649
3,659

4,758
4,952
5,275
5,551

1,920

1,788

3,127

5,493

5,9

6,941

September..
October
November..
December..

132 J
339 I

Year..
1921

1922

1923

1924

1925

1926

1927

January...
February..
March
April

5,293
5,107
5, 320
5,568

5,350
4,847
4,701
4,738

3,294
2,976
3,282
3,507

3,663
3,465
3,516
3,744

2,554
2,415
2,731
3,016

2,838
2,659
3,045
3,155

2,825
2,566
2,717
2,707

May-...
June
July....
August .

5,632
5,745
5,607
5,453

4,636
4,436
4,167
4,042

3,942
3,999
4,110
3,960

3,795
3,706
3,432
3,052

3,209
3,289
3,207
2,979

3,282
3,458
3,190
3,016

2,858
2,834
2,669
2,511

September..
October
November..
December..

5,427
5,572
5,622
5,676

3,944
3,793
3,859
3,873

3,600
3,752
3,732
3,698

2,786
2,663
2,573
2,783

2,729
2,796
2,876
3,021

2,879
2,856
2,871
3,024

2,361
2,377
2,350
2,345

Year..

7,415

6,956

6,333

6,060

5,183

5,343

4,873

No.

10.—AVERAGE MATURITY OF BILLS DISCOUNTED AND BILLS BOUGHT BY
FEDERAL RESERVE BANKS, BY YEARS, 1918-1927

[Daysl
Bills discounted
Year
Total

1918
1919
1920
19211922
1923
1924
1925
1926
1927
1

.. .
-

.

Exclusive of bills purchased under resale agreement.




11.81
10.13
13.29
13.63
12.14
9.89
12.39
7.99
8.04
7.58

Member
bank
collateral
notes

5.48
5.58

Rediscounted
bills

54.28
52.97

Bills
bought in
open
market

50.45
43.83
28.53
39.91
39.42
35.33
39.41
1
51.17
1
41. 51

69

KESERVE BANK CKEDIT

No, 11.—BILLS DISCOUNTED BY FEDERAL RESERVE BANKS—HOLDINGS AT THE
END OF EACH MONTH, BY CLASSES
[In thousands of dollars]
Member bank
collateral notes

Kediscounted bills

Month

Total
(all
classes)

Commercial and Demand Bankers'
agriculand
accepttural
sight
ances
paper,
drafts
n. e. s.

1927
January
February
March

424,839
469,558
451,183

136,074
122,486
148,170

291
204
30

April
May
June

476,647
459,086
443,450

118,324
147,112
143,591

4
49
27

July
August
September. .-

442,158
400,524
437,425

132,208
130,416
115,304

9
45
314

75
76

October
November...
December...

411,525
477,025
581,503

103,803
94,954
87,803

409
391
182

Trade
acceptances

28

Secured Secured
by U. S. by U. S.
Govern- Government
ment
obligaobligations ! tions

2,572
2,113
2,321

937
1,155
1,293

2,498
2,094
2,130

2
100

Otherwise
secured

47,372
64,604
58,449

1,249
1,285
2,608

237,593
278,994
240,820
294,707
237,885
242,758

2,435
1,948
1,852

707
619
766

253,033
217,194
229, 374

53,766
50,227
89,739

1,576
1,539
1,400

336
237
163

240,843
345,558
417,566

64,558
34,318
74,389

59,865
70,661
52,336

NOTE.—Figures for November and December include $1,123,000 and $2,273,000, respectively, of agricultural and livestock paper discounted for Federal intermediate credit banks. Figures also include notes
secured by adjusted service certificates discounted for nonmember banks as follows: September, $81,000;
October, $82,000; November, $20,000; December, $17,000.
No.

13.—BILLS BOUGHT BY FEDERAL RESERVE BANKS—HOLDINGS AT THE E N D
OF EACH MONTH, BY CLASSES

[In thousands of dollars]
Bills payable in dollars
Bankers' acceptances
Month

Total
Total

1927
January
February._.
March
April
May..
June.
July
August

_.

September..
October
November..
December...

321,374

Import

Export

Based on
goods
stored
in or
DolDo- shipped lar ex- All
mestic between change other
foreign
countries

Bills
payable
in
Trade foreign
accept- curances rencies

238,816
238, 335

317,193 115,814 103,408 60,136
293, 496 107,225 84, 779 57,460
236,084 85, 920 67,858 46,283
236, 504 82, 274 60, 308 50, 277

28, 463
36,432
28, 260
36, 906

8,094
5,751
4,644
5,137

1,278
1,849
3,119
1,602

2,130
705
697
497

2,051
1,897
2,035
1,334

227, 579
210, 585
172, 083
185,128

225, 843
197,852
158,493
170, 927

68, 559
75,982
58,656
61, 936

60,957
49,044
38,046
39, 592

37,943
32, 494
31,325
29,448

41,745
32,336
21, 602
29,060

7,472
5,744
5,430
4,101

9,167
2,252
3,434
6,790

244
191
254

13^ 399
13, 947

249, 836
341, 620
354, 740
392,039

240, 542
338, 781
353,061
390, 500

66, 892 71,989
80, 230 105,485
84, 989 109,139
84, 624 118, 210

47, 213
71,968
81, 880
95, 795

42, 986
66, 226
64,185
81, 242

6,672
8,235
8,188
6,195

4,790
6,637
4,680
4,434

799
556
512
702

8,495
2,283
1,167
837

Back figures.—See Annual Report for 1926, pp. 58-61.




70

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 13.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL
RESERVE BANKS, BY MATURITIES, 1926-1927

[In thousands of dollars]
Maturity
Date

Total

Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

91 days
to 6
months

Over 6
months

Bills discounted:
1926—Jan. 27._
Feb. 24..
Mar. 31 _
Apr. 28..

448, 557
540,083
632,391
513,668

332, 309
440, 813
473,606
381, 970

31, 428
25,324
37,181
30,154

48, 595
42,022
65, 230
51, 743

26, 772
22, 463
41,319
28,445

8,725
7,461
9,247
17,280

728
2,000
5,808
4,076

M a y 26..
June 30—
July 28..
Aug. 25..

473,943
515,031
521,390
570,638

323,
364,
375,
410,

614
981
540
640

30, 644
29,457
29, 583
34,495

62,144
49,528
52, 261
71,868

27,698
43, 789
42,803

27, 912
32,430
20,012
10,694

1,931
349
205
138

Sept. 29.
Oct. 27..
Nov. 24.
Dec. 29..

716,630
631, 923
627, 604
710, 931

559.138
487.139
494,608
575, 544

44,123
43, 079
41,032
38, 865

63, 744
61,099
55, 231
49, 876

43, 619
33,131
27, 454
37, 232

5,835
7,156
8,804
8,792

171
319
475
622

1927—Jan. 26..
Feb. 23..
Mar. 30.
Apr. 2 7 -

365,157
397,929
456, 023
443, 553

266, 642
309, 200
364,820
351, 538

25, 299
26, 246
22,153
21, 037

41,069
35,922

22, 479
17,628
21, 380
21, 561

8,479
6,906
7,966

10, 660

1,189
2,027
3,074
1,979

M a y 25..
June 29—
July 27..
Aug. 3 1 . .

428,620
477,311

24, 429
24, 913
21, 223
21,396

36, 602

400, 524

329,889
372,875
297, 756
307,428

37, 583
42, 029

20, 797
23,502
29, 753
23, 740

15,840
18,916
11, 698
5,805

1,063
256
117
126

Sept. 28.
Oct. 26..
Nov. 30.
Dec. 28..

430,312
402,398
477,025
609, 209

354, 775
330, 843
412,153
537,482

22, 886
17,524
19,893
18, 330

31, 560
31,467
27, 224
26, 892

17, 739
17, 276
10, 912
18,617

3,203
5,044
5,839
6,423

149
244
1,004
1,465

Bills bought:
1926—Jan. 27—
Feb. 24..
Mar. 3 1 Apr. 2 8 . .

295,417
304,128
249, 633
199,017

86, 940
122, 574
117, 659
86,409

55,
59,
52,
56,

640
878
635
093

90,439
87,880
52, 287
38, 275

52,939
29,952
23, 327
14,192

9,459
3,844
3,725
4,048

238,828
249,394
! 211,173
254,616

108, 875
113, 053
66, 796
72,070

49,157
45, 322
41,517
52, 228

60, 064
51,826
57, 216
74, 669

19,490
36,326
40, 799
47,931

1,242
2,867
4,845
7,718

623
541
629
798

88,824
80,100
114, 422
155, 744

55,497
62, 260
59,899
76, 818

73,136
84,092
101, 734
90,963

50,171
67, 887
54,270
49, 382

7,995
13, 202
10, 304
5,891

1927—Jan. 2 6 . .
Feb. 2 3 M a r . 30..
Apr. 2 7 . .

301, 827
280,189
237, 409
241,899

123,999
140, 345
115,041
121,147

72,313 !
61,531 i
53, 777 |
68,003 I

81, 778
51, 939
53,125
38, 412

17,
23,
13,
10,

618
234
242
815

6,119
3,140
2,224
3,522

M a y 25..
J u n e 29. .
July 27..
Aug. 3 1 -

236,170
216,118
169, 385
185,128

132, 322
91,041
76,112
107,871

58,539 I
50, 539
45,906
29,169

32, 390
46,176
31, 743
27, 835

10,016
22,064
12,697
17, 486

2,903
6,298
2,927
2,767

Sept. 28.
Oct. 2 6 . .
N o v . 30.
Dec. 2 8 . .

242,148
301, 111
354, 740
385, 527

111,362
125, 700
137, 746
172,348

60, 278
59,583
108,980
78,434

19,107
45, 566
34, 501
23, 207

4,453
3,901
2,141
1,337

M a y 26
J u n e 30.
J u l y 28
Aug. 2 5 . . .
Sept. 29..
Oct. 2 7 . .
N o v . 24..
Dec. 2 9 . .




275,
307,
340,
378,

46,948
66, 361
71, 372
110, 201

36, 778

71

RESERVE BANK CREDIT
No. 14.—HOLDINGS OF UNITED STATES SECURITIES BY FEDERAL
BANKS, AT END OF EACH YEAR, 1924-1927, BY CLASSES

RESERVE

[Par value. In thousands of dollars]
1924

1926

1927

TOTAL HOLDINGS

Bonds:
2 per cent consols of 1930..2 per cent Panamas, 1936-1938
3 per cent conversion bonds of 1946-47
ZVi per cent Liberty Loan
AH per cent Liberty Loan
Z% per cent Treasury bonds of 1947
AH per cent Treasury bonds of 1947-1952.
4 per cent Treasury bonds of 1944-1954...
3% per cent Treasury bonds of 1946-1956.

Total United States securities.

915
237
1 2, 046
96
2 51,278

915
237
12,046
49
2 37,994

153
5,747

172
6,082

148
6,278

75, 266
349, 355
115, 539

Total bonds
_
Treasury notes
Certificates of indebtedness.

915
237
* 2, 046
69
66, 099

60, 826
187, 063
126, 684

47,963
87,360
179, 497

290,705
69,113
256,698

540,160

374,573

314,820

616, 516

30,100
318, 501
100, 434

2,500
164, 690
92, 810

30
41, 297
170, 976

188,181
30,300
204, 678

19, 035

260,000

212, 303

423,159

915
237
2, 046
69
34,999

915
237
i 2, 046
96
2
46, 878

915
237
12,046
49
2 36,729

143
5,702

172

148
6,278
296

915
237
12,046
10
2 75,403
2,622
148
6,019
10

44, 111
28,184
14, 795

56,426
17,630
32, 025

46, 698
45, 211
7,446

87, 410
21,913
27, 475

915
237
12,046
10
2 278, 698
2,622
148
6,019
10

BOUGHT OUTRIGHT

Tn special investment account:
AH per cent Liberty Loan...
Treasury notes
Certificates of indebtedness.
Total in special investment account.
In other accounts:
Bonds—
2 per cent consols of 1930
2 per cent Panamas of 1936-1938
3 per cent conversion bonds of 1946-47
3MJ per cent Liberty Loan
4J4 per cent Liberty Loan
3H per cent Treasury bonds of 1947
AH per cent Treasury bonds of 1947-1952.
4 per cent Treasury bonds of 1944-1954...
3% per cent Treasury bonds of 1946-1956.

Total bonds
Treasury notes
Certificates of indebtedness.
Total in other accounts

1

87,090

106, 081

99, 355

136, 798

536,125

366, 081

311, 658

559, 957

Bonds:
AH per cent Liberty Loan
AH per cent Treasury bonds of 1947-1952.
4 per cent Treasury bonds, 1944-1954

1,000
10
45

1,900

1,235

15,114

Total bonds
Treasury notes
Certificates of indebtedness.

1,055
2,670
310

1,900
4,743
1,849

1,235
852
1,075

15,114
16, 900
24,545

4,035

8,492

3,162

56, 559

Total bought outright.
BOUGHT UNDER RESALE AGREEMENT

Total bought under resale agreement.

1 Includes $900—3 per cent loan of 1961, 1924-1925, and $500, 1926-1927.
2
Includes 4 per cent Liberty bonds as follows: 1925, $50; 1926, $3,700; 1927, $2,650.

Back figures.—See Annual Report for 1925 (p. 67).

110390—28




6

72

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

N o . 1 5 . — H O L D I N G S BY F E D E R A L R E S E R V E B A N K S OF U N I T E D S T A T E S S E C U R I T I E S
IN S P E C I A L I N V E S T M E N T ACCOUNT, 1923-1927
[In thousands of dollars. Monthly data are averages of daily figures]
Holdings

1924
January i
February
March
April
May
June
July
.-August
September
October
November
December

34, 664
59, 586
148, 517
195,430
247, 392
340. 640
400,196
471, 528
495, 712
500,000
498, 550
445, 515

1925
January
February
March
April..
May
June.,
July
August
September
October
November
December

Jan 2i
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 5
Mar. 12
Mar. 19
Mar. 26

12, 773
24, 695
36,886
43,602
47, 635
51, 547
51, 547
68, 757
83,891
107,772
140,285
164,215
179, 793

Holdings

Month or date

Month or date

I

Apr. 2...
Apr. 9...
Apr. 16Apr. 23..
Apr. 30..
May7...
May 14..
May 21-.
May 28June 4...
June 11..
June 18-.
June 25-.

Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
187, 293 Apr. 1...
187,886 Apr. 8...
190,886 Apr. 15..
198,386 Apr. 22_.
224,487 Apr. 29..
235,700 M a y 6 . _
247,443 May 13.
247, 593 May 20.
258,093 May 27.
321,043 June 3-_.
June10359,414 J u n e 1 7 362,831 June 24..

370, 289
290,893
255,711
247,918
250,042
; 231,654
216,409
215,296
: 212,396
l
210,000
i 210,000
I 218,955
i
! 408,035
! 388,126
I 335,376
' 304,276
I
! 300,000
I 300,000
! 290,000
270,000
270,000
! 275,350
234,804
245,204
245,204
245,204
250,042
250,042
250,042
250,042
250,042
250,042
250,042
250,042
255,042
201,409
221,409

July 2...
July 9._.
July 16..
July 23..
July 30..
Aug. 6_.
Aug. 13..
Aug. 20.
Aug. 27.

370, 731
385, 931
400,000
400,000
400,000
456,255
473,105
473,105
473,105

July l._.
July 8 . . .
July 15..
July 22,.
July 29..
Aug. 5__
Aug. 12 .
Aug. 19.
Aug. 26

216,409
216,409
216,409
216,409
216, 409
216, 409
214,409
214, 759
I 215,134

Sept.
Sept.
Sept.
Sept.

473,105
497,670
510,768
500,000

Sept. 2 . . .
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 1 4 . . . .
Oct. 21
Oct. 28

3
10
17
24

Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 2 6 . . . .
Dec.
Dec.
Dec.
Dec.
Dec.

3
10
17...
24.
31

Jan 7
Jan. 14
Jan. 21
Jan. 28

500,000
500, 000
500, 000
500,000
500,000
500,000
500,000
! 500,000
i 495,000
485,000
j 412,600
| 436,440
_ I 449,035
449,035

! 215,134
215,134
210,000
' 210,000
; 210,000
210,000
!
210,000
:
210,000
._ 210,000

Hold-

Month or date

1926
January
February
March
April
May
June
July
August
September
October
November
December

257, 524
228,173
202, 846
257, 773
275,000
277,474
265, 548
255, 637
204, 262
199, 758
200,067
203. 367

1927
January
February
March
April
May
June
July
August
September
October
November
December

Jan. 6—
Jan.13.
Jan. 20.
Jan.27.

260,000
260,000
260,000
255, 850

Jan. 5—
Jan.12.
Jan.19.
Jan. 26.

200,000
200,000
200,000
200,000

Feb. 3—
Feb. 10..
Feb. 17..
Feb. 24..
Mar. 3 . .
Mar. 10.
Mar. 17.
Mar. 24.
Mar. 31.
Apr. 7—
Apr. 14..
Apr. 21..
Apr. 28..

236, 850
221, 850
220,000
210,000
210,000
244,906
138,089
189,339
217,150
230,000
263, 650
275,000
275,000

Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9.
Mar. 16.
Mar. 23.
Mar. 30.
Apr. 6—
Apr. 13..
Apr. 20..
Apr. 27

200,000
200,000
200,000
200,000
I 200.000
200, 000
176, 324
201,179
201,324
201, 344
201, 344
201, 344
201,344

May5_.
May 12.
May 19.
May 26.
June 2...
June 9...
June 16..
June 23..
June 30.
July 7 . . .
July 14..
July 2 1 . .
July 28..

275,000
275,000
275,000
275,000
282,500
295,000
238, 700
275,000
275,000
273, 250
275,000
275,000
275,000

May 4
_.
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13....
July 20
July 27

Aug. 4 . .
Aug. 11.
Aug. 18..
Aug. 25..

275,000
270, 200
262,863
223,438

Sept. 1...
Sept. 8...
Sept. 15.
Sept. 22.
Sept. 29.
Oct. 6...
Oct. 13..
Oct. 20...
Oct. 27..

202,147
200, 036
195, 420
200,911
170, 821
263, 225
_ 258,999
_. 316, 882
358. 637
376, 089
412,125
421. 859

Aug. 3...
Aug. 10..
Aug. 17..
Aug. 24..
Aug. 31..
219, 975 Sept. 7..
209, 975 Sept. 14.
200, 000 Sept. 21.
200,000 Sept. 28.
191,000
200,000 Oct. 5...
200,000 Oct. 12..
200,000 Oct. 19..
200, 000 Oct. 26..

Nov.
Nov.
Nov.
Nov.

4
10
18
25.

210,000
210,000
210,000
210,000

Nov. 3_Nov. 10.
Nov. 17
Nov. 24.

200,000
200,000
200,000
199,481

Dec.
Dec.
Dec.
Dec.
Dec.

2
9...16
23
30

210,000
210,000
180,000
228,750
259,700

Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29

199, 299
209,178
190, 564
206, 064
206,064

Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 3 0 . .
Dec. 7
Dec. 14
Dec. 21
Dec. 28

i Account dates from Dec. 15, 1923. Holdings on Dec. 19, $3,500,000; on Dec. 26, $6,800,000.
daily holdings Dec. 15-31, $6,002,000.




Holdings

Month or date

199, 794
136,312
152,112
188, 477
222, 447
316,050
244, 256
250, 448
250, 498
250, 498
250,998
265, 214
265, 998
299, 393
317, 956
326,031
353,467
374,407
355, 007
362, 820
362, 850
374,490
374,890
374,890
38fi,710
402, 770
409, 242
415, 824
415, 824
419, 934
419,934
426, 772
423, 159
423,159

Average

73

RESERVE BANK CREDIT

No. 16.—HOLDINGS BY FEDERAL RESERVE BANKS OF TEMPORARY ONE-DAY
CERTIFICATES OF INDEBTEDNESS ISSUED BY THE UNITED STATES TREASURY,

1923-1927
tin thousands of dollars]
Month and day
Jan. 2
Jan 3
Jan. 4
Jan. 5
Jan. 6
Jan. 7
Jan. 8
Jan. 9
Jan. 10
_ .
. .
Jan. 11
Jan. 12
.
..
Jan. 13
Jan. 14
_.
Jan. 15 _
Jan. 16
Jan. 17 .
Jan 18
Jan. 19
Jan. 2 0 . . .
Jan. 21
Jan. 22
Mar. 15
Mar. 16
Mar. 17
Mar. 18
Mar. 19
_
Mar. 20
Mar. 21
Mar. 22
Mar. 23
May 23
May 24
May28
_
_
_
June 8
June 9
June 10
June 15
. _
June 16
June 17
June 18
_
_ _
June 19
July 9
Sept. 15
_.
Sept. 16
Sept. 17 . .
Sept 18
Nov. 15
Nov. 16
Nov. 17
Nov 18
Nov. 19
Nov. 20
___
Nov. 21
_._
Nov. 22
Nov. 23
Nov. 24 .
Nov. 25
Nov. 26
Nov. 27 Nov. 28
Nov. 30
Dec. 1
Dec. 2
Dec. 3
Dec. 4-_
_
Dec. 5
Dec. 6
Dec. 7
_.- - -.
Dec. 8
Dec. 9
Dec 10
Dec. 11 - .
Dee 12
Dec. 13
Dec. 14
Dec 15
Dec 16
Dec 17
Dec. 18 _
Dec. 19

1924

1923
57,000
88,000
128,500
91,500
1
117,000
1
117, 000
156, 500
100,000
131, 500
109, 500
139,000
1
150, 500
i 150,500
134,500
69, 500
73,000
14,000
7,000
1
7,000
i 7,000
19,000
86,000
23,000

1925

i 184,000
» 184,000
108,500
87,000
58,000
14,000

182, 666
122,500
100,500
58,500
34, 500
i 2,000
i 2,000

5,000
31,000
7,000

115,500
i 29,000
29,000

,

66,000
20,000

1

3,666

108,000
42,500
8,000

1926

1927

209,000
157,000
99,000
38,000

251,500
177, 500
176,000
79,000
1
48,000
i 48,000
16,000
9,000
3,000

4,000
4,000
4,000
246,000
141,500
77,000
23,000

118,000
62,000
35,000
5,000

1 90,500
i 90,500
6,000

177,500
94,000
41,000

192,000
72,500
7,000

148,000
75,000
40,000

172,000
91,000
34,500

188,000
70,000

1

1

130,500
* 130 500
36,000
19,000

1
2-day certificates, account Sunday or holiday.



1

185,000
44,500
15, 500
1
6,500
1
6, 500
196, 500
91,500
54,000
154,000
89,500
164,500
214,£00
134,500
1
156,500
1 156,500
45,500
62,000
1 80,500
1 80,500
20,500
1 27,000
1 27,000
38,000
2,000
4,000
15,000
1 27,000
1
27,000
38,000
47,000
50,000
54,000
58,000
157,000
1 57,000
54,000
50,000
40,000
197,500
106,500
1
57,000
1
57,000
10,000
1

GOLD STOCK, GOLD MOVEMENTS, AND
MONEY IN CIRCULATION




75

GOLD
No.

17.—MONETARY GOLD STOCK

1

OF THE UNITED STATES, 1914-1927

[In thousands of dollars]
End of month figures
Month

1917

1914
1,922,502
1,918,972
1, 930,975
1,941,575
1,929,093
1, 890,657
1, 858, 708
1, 852, 679
1,843,823
1, 808,205
1, 806, 623
1,813,005

January
February..
March
April
May
June
July....
August
September
October
November
December

_

._

1,821,943
1, 838,176
1, 869,340
1, 892, 752
1,929,441
1,985, 539
2,006, 733
2,076,303
2,123,509
2,197,957
2,259, 823
2,312,061

2,325,198
2,325,006
2,322,977
2,317, 740
2,336,304
2,444, 636
2,505, 732
2, 549, 435
2,630, 234
2, 713, 572
2,736,133
2, 842, 804

2,921,617
2,995,698
3,105,084
3,136, 892
3,133,453
3,220,242
3,190,084
3,164, 856
3,150, 660
3,153, 250
3,153, 704
3,155, 009

1921

January...
February..
March
April
May
_.
June
July
August
September.
October. _.
November.
December.

1915

1922

1923

1924

3, 684,990
3, 723,379
3,750,085
3, 764, 263
3, 771,434
3, 784, 651
3, 828, 618
3, 854, 714
3, 872, 801
3, 887, 873
3,906,015
3, 928, 816

3,952, 533
3,963,397
3,970,269
3,981, 650
4,027, 835
4,049, 554
4,078, 804
4, 111, 443
4,136, 465
4,167,065
4, 207, 063
4, 243, 869

4,289,342
4,323,136
4,363, 632
4, 410, 959
4, 455,162
4, 488,390
4,511,352
4, 520, 963
4,511,263
4, 509, 297
4, 526, 659
4, 499, 481

2, 966,142
2, 999, 771
3, 086, 086
3,163, 637
3, 231, 240
3, 274, 730
3,347,010
3, 439, 464
3, 519,165
3, 572, 215
3, 626, 765
_ 3, 660, 301

1919
3,160,062
3,162,196
3,164,639
3,165, 994
3,171,643
3,162, 808
3,162,404
3,160, 693
3,153,168
3,156, 264
3,159,066
3,159, 915

3,162,269
3,164, 873
3,165,026
3,177,055
3,177,312
3,113,307
3,064,104
3,124, 909
3,146, 931
3,103,167
3,044,293
2, 994,127
1926

4,422, 889
4,369,389
4,346,144
4,349, 762
4,361,234
4,364, 632
4,370,119
4,382, 751
4,381, 538
4,407, 476
4, 397,440
4,399, 425

4,411,624
4, 423,164
4,441, 550
4,438,158
4, 433,389
4,447,397
4,471,115
4,473,123
4, 465, 760
4, 473,447
4, 476, 628
4,492,060

1920
2, 929, 548
2, 887,062
2, 850, 451
2,841,249
2, 855, 677
2, 865, 483
2, 862,302
2, 850, 640
2, 872, 805
2, 867, 838
2, 897, 329
2,925, 750
1927
4, 564,328
4, 585, 641
4, 596, 724
4, 609, 668
4, 608,241
4, 587,298
4, 579, 833
4, 588, 360
4, 570, 840
4, 540, 681
4, 450,958
4,379,268

Averages
1914

January _ _.
February..
March
April
May
June
July
August
September.
October
November.
December.

1916

1917

1918

1919

1,917,876
1, 920, 737
1, 924,974
1, 936, 275
1, 935,334
1, 909, 875
1, 874, 683
1,855, 694
1, 848, 251
1, 826, 014
1, 807, 414
1,809, 814

1, 817, 474
1,830,060
1,853, 758
1, 881,046
1,911,097
1,957,490
1, 996,136
2, 041, 518
2, 099, 906
2,160, 733
2, 228, 890
2,285, 942

2, 318, 630
2, 325,102
2, 323, 992
2,320, 359
2,327, 022
2, 390,470
2, 475,184
2, 527, 584
2, 589, 835
2, 671, 903
2, 724, 853
2, 789, 469

2, 882,211
2, 958, 658
3, 050, 391
3,120, 988
3,135,173
3,176, 848
3, 205,163
3, 5 77,470
3, 157, 758
3, 151, 955
3, 153, 477
3,154, 357

3,157, 536
3,161,129
3,163, 418
3,165, 317
3,168, 819
3,167, 226
3,162, 606
3,161, 549
3.156, 931
3,154, 716
3.157, 665
3,159, 491

3,161,092
3.163, 571
3.164, 950
3,171, 041
3,177,184
3,145,310
3, 088, 706
3, 094, 507
3,135, 920
3,125, 049
3, 073, 730
3,019,210

1921

January...
February..
March
April
May.
June
July
August
September.
October. _.
November.
December .

1915

1922

1923 2

1924 2

1925 2

1926 2

2, 945, 946
2, 982, 957
3, 042, 929
3, 124, 862
3,197, 439
3, 252, 985
3, 310, 870
3, 393, 237
3, 479, 315
3, 545, 690
3, 599,490
3, 643, 533

3, 672, 646
3, 704,185
3, 736, 732
3, 757,174
3, 767, 849
3, 778, 043
3, 806, 635
3, 841, 666
3, 863, 758
3, 880, 337
3, 896, 944
3, 917,416

3, 944, 625
3, 959, 603
3, 965, 619
3, 975, 064
3, 993, 030
4, 039, 565
4, 060, 867
4, 096, 674
4,122, 741
4,154, 556
4,182, 405
4, 226, 033

4,266,366
4,302,069
4,340,144
4,382,695
4,432,923
4,471,057
4,502, 621
4,515,518
4,514,648
4,506,326
4,516,993
4,506,582

4,467,776
4,392,586
4,347,038
4,346,014
4,359,001
4,364,012
4,365,248
4,374,403
4,386,147
4,390,815
4,406,689
4,397,494

4,406,525
4,425,068
4,443,721
4,448,050
4,433,791
4,438,249
4,460,151
4,467,137
4,470,882
4,471, 833
4,477,035
4,481,381

2,961,838
2,908,305
2,868, 757
2,845, 850
2, 848, 463
2,860, 580
2, 863, 893
2, 856, 471
2, 861, 723
2, 870, 322
2, 882, 584
2, 911, 540
1927 2
4,527,046
4,575,667
4,594, 823
4,601,256
4,650,698
4,606,350
4,575,095
4,585,081
4,584,345
4,566,212
4,489, 500
4,415,742

1
Gold coin and bullion (including foreign coin) held by United States Treasury and Federal reserve
banks (including gold held abroad) and United States gold coin in circulation. Amounts held abroad,
(end of month figures) as follows: 1917, June-December, $52,500,000; 1918, January-May, $52,500,000; June,
$16,271,000; July, $11,630,000; August-December, $5,829,000; 1919, January-March, $5,829,000; August,
$107,119,000; September, $159,618,000; October, $149,166,000; November, $135,694,000; December, $131,320,000; 1920, January, $114,322,000; February, $112,822,000; March-April, $112, 780,000; May-July, $111,530,000;
August-September, $111,458,000; October, $16,536,000; November-December, $3,300,000; 1921, JanuaryFebruary, $3,300,000; 1927, May, $59,548,000; June $23,300,000.
2
Monthly averages of daily figures; all other averages shown in table are based on end of month figures
NOTE.—Revised series; for explanation see Federal Reserve Bulletin for December, 1927, p. 800.




77

78

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 18.—GOLD

l

EARMARKED

BY FEDERAL

RESERVE

BANKS

FOR FOREIGN

ACCOUNT, BY MONTHS, 1914-1927

[In thousands of dollars]
End of month

1914

1915

1916

1917

January

February...
March
April
May
June
July
August
September..
October
November..
December..

2,391
4,571
4,571
5,071
5,402
5,502
5,955
5,981
5,981

1922

1921
January

1923

1,500
1,500
1, 000
3,000
3,000
3,000

1,500
1,700
3,700

6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942

1919

1920

6,942
6,942
6,842

6,000
5,000
6,000
9,000
10,000
11,500
14,500
16,500
17,500
20,000
20,500
22,000

3,000
4,000
5,000

1924

5,329
1,000
1,000

18,010
20,000
20,000
20,000
20,000
23, 000
18, 000
18,000
8,000

February...
March
.
April..
May
June
July
August
September..
October
November..
December..

6,097
6,097
6,097
6,097
6,097
6,097
6,097
6,778
6,942
6,942
6,942
6,942

1918

1925

1926

1927

3,000
2,407
4,859
5,417
4,417
2,417
5,000
12,984
26, 213
43, 213
43, 713
45, 213

46,023
47,389
54, 214
39, 364
26,639
21, 564
25,465
16, 740
15, 839
12,969
10,969
12,969

19,012
30,012
53,000
53,000
53, 000
53, 580
49, 580
30, 380
32, 780
32, 776
40, 274
39,266

19,779
16, 599
18,101
19,101
114,101
114, 601
114,417
116,918
125.918
150, 919
190.919
199,419

* Gold bullion (bars) and United States gold coin.
No. 19.—GOLD

IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY
COUNTRIES
[In thousands of dollars]
Exports from United States

Imports into United States
To—

From—
1924
Belgium
France
24,460
Germany
4,829
Great Britain..
130,909
Greece
Italy
2,737
Netherlands...
50,965
Spain
66
Sweden
6,523
Canada
41,496
Central America
2,131
Mexico
5,459
West Indies
372
Argentina
_ . 22,305
Chili....
431
Colombia
2,289
Ecuador
897
Peru
2,710
317
Venezuela
Australia
1,712
China
5,C
Dutch Jiiaai Indies... 2,356!
xju.mii East j.j-iuit/0
.£, ooui
Hong Kong
2,500
Japan
New Zealand
1,158
Philippine Islands... 4,814
Egypt
1,455|
Portuguese Africa
6 If
Allother
1,
Total.

1925 1926
3
6,606
2
49, 294
7
10,085
87

1927

1
1
351 21,048
1
1
1,212 39, 396

105

15,075
3
32
63,650
1,224
6,001
329
23
7,021
1,489
2,247
2,268
531
21,920
1,674
1,499

33,123 82,543
2,324 1,516
5,097 23,913
405
611
2
8
447 21,180
1,611 1,663
896 1,307
1,728 2,644
647
393
2 51,119
120 5,032
2,108 1,707
1,508
11,008 14,000 20,000
241
213 259
1,833 1,990 1,667
15
30
244
552
43
157
77
126

Belgium..
France
Germany
Great Britain
Italy
Netherlands
Poland and Danzig.
Spain
Sweden
Switzerland
Canada
Central America
Mexico
West Indies
Argentina
Brazil
Colombia..
Uruguay
Venezuela
Australia..
.British India
British Malaya
China
-..
Dutch East Indies..
Hong Kong
Philippine Islands..
Allother..
Total..

1924

1925 1926

114 1,
20,000 68, 270
12, 264 6,160
1,050
1,324 4,318
1,104
365
392
2,001 1,003
43
3,102 45, 658
1 1,503
4,029 8,810
10
214
176 7,573
281
46
5 3,004
802
130
1,102 2,660

1927

2,200
18 10,000
47, 550 13,994
8,562
8,055
5,000
5

1,027
12
29,698
42, 392
253
3,855
6,202
40
154
438 61,499
369 34,351
2,019 1,001
2,000
I, 700 1,530

26,925

11,025 58, 775
578 2,974
31 7,378 ' 3,332 3,064
878
1,203 1 454
323 1,314 2,231 1,960
4,383 12,276 4,041
8001
30
83
375
599
370
61,648 262,640 115,708 201,455

319,72l|l28,273 213,504J207, 535

* Kevised.
Back figures.—See Annual Reports for 1926 (Table 102) and 1925 (Table 102). For figures by months

(by countries)
 see Federal Reserve Bulletin.


79

GOLD
No.

20.—GOLD

IMPOSTS INTO AND EXPORTS FROM THE UNITED STATES, BY

MONTHS, 1914-1927

[In thousands of dollars]
Net imports or
exports
()

1914
June
July
August
September
October
November.
December

Total
(12
months)

Exports

3,817
3,392
3,045
2,762
5,945
7,392
4,109

48,107
33,669
18,126
21,887
50, 302
14, 526
131

-44, 290
-30, 277
-15,081
-19,125
-44, 357
-7,134
3,978

57,388

222,616

-165, 228

692
1,054
924
814
1,278
2,822
2,192
1,128
2,034
2,939
3,661
11,889

6,205
11, 673
24, 697
15, 389
29, 859
49, 520
15,071
60, 513
40,028
76, 731
57, 320
33, 523

451,955

_.

Imports

6,896
12, 726
25,620
16, 203
31,136
52,342
17, 263
61, 641
42,062
79, 669
60,982
45,413

Year and month

31,426

420,529

1915

January
February
March
April
May
June...
July
August
September
October..
November
December

Total..

==
1

1916

January
February
March
April
May
June
July
August
September.._
October
November
December

1917
January
February
March
April
May
June
July
August
September..
October
November
December

__.

Total
1918

January
February
March.
April.
May
June
July..
August
September
October...
November
December

Total

_

10, 214
13, 685
10, 774
11, 503
11,919
8,312
9,395
11, 780
6,849
7,054
26, 335
27, 974

4,795
- 7 , 669
-998
- 5 , 381
15,403
114,423
52, 713
29, 459
85, 713
90, 455
20, 638

155,793

530,197

58,926
103, 766
139,499
32, 372
52, 262
91, 339
27, 304
18, 692
4,172
4,150
2,906
17,066

20, 720
22,068
17,920
16,965
57,697
67,164
69,052
46,049
31, 332
11,154
7,223
4,538

38, 206
81, 698
121, 579
15,407
-5,435
24,175
- 4 1 , 749
- 2 7 , 357
-27,161
-7,004
- 4 , 316
12,528

552,454

Total..-

15,008
6,016
9,776
6,122
27, 322
122, 735
62,108
41, 239
92, 562
97, 509
46,973
158, 621
685,990

_.

371, 884

180, 570

4,404
2,549
1,912
2,746
6,621
31, 892
2,597
1,555
2,611
1,470
1,920
1,766
62,043 I




3,746
5,084 I
2,809
3,560 !
3, 599
2,704
7,200
3,277
2,284
2,178
3,048
1,580
41,070 |

130,647

658
- 2 , 535
-897
-814
3,022
29,188
- 4 , 603
- 1 , 722
327
-708
-1,128
186
20,973

Year and month

Imports

1919
January
February
March
April.
May
June
July
August
September...
October
November...
December
Total-.

2,113
3,945
10,481
6,692
1,080
26,134
1,846
2,490
1,472
4,970
2,397
12,914
76, 534

1920
January
February
March
April
May
June
July
August
September...
October
November. _.
December
Total..

12, 018
4,473
16, 985
48, 522
15, 688
26, 765
19, 818
15, 378
39,110
116,762
56,889
44,660
417,068 I

1921
January
February
March
April
May
June
July
August
September. _
October
November...
December.. .
Total..

33, 634
42. 627
87, 272
80, 662
58,171
43, 576
64, 247
84. 902
66, 085
47,107
51, 299
31, 666
691, 248

1922
January
February
March
April
May
June
July
August
September...
October
November...
December
Total..
1923
January
February
March
April
May
June
July
August
September...
October
November...
December
Total

Exports

Net imports or
exports

-1,283
835
3,110
6,678
3,803
4,922
1,770
1,956
-56, 838
82,973
54, 673 -52, 827
-42, 699
45,189
29,050 -27, 579
-39,179
44,149
51,858 -49, 461
46, 257 -33, 343
368,185 -291, 651
47,817
42, 873
47, 050
44, 622
7,562
5,320
21, 873
24, 986
17,129
25, 931
19, 870
17, 058
322,091

-35, 799
-38,400
-30,065
3,900
8,126
21, 445
- 2 , 055
- 9 . 608
21, 981
90, 831
37, 019
27, 602
94, 977

2,725
1,036
710
384
1,063
774
3, 735
672
2,448
7,576
607
2,162
23, 891

30, 909
41, 591
86, 562
80, 278
57,109
42, 803
60, 513
84, 230
63, 637
39, 531
50, 691
29, 504
667, 357

863
1, 732
963
1,579
3,407
1,601
644
956
1,399
17, 592
3,431
18, 308
2,710
26,440
275,170 | 36, 875

25, 708
27, 007
32, 525
10, 665
5,587
11. 376
42, 343
18,136
23,066
3,275
14, 877
23, 730
238, 295
==
24, 348
6,984
5,559
8,533
45,332
18,885
27,407
30,655
26, 941
28,488
39,010
31,930
294,073

26, 571
28, 739
33, 488
12, 244
8,994
12, 977
42, 987
19, 092
24. 464

32, 820
8,472
8,383
1,399
15, 951
10, 392
9,188
655
46.156
824
19,434
.548
27, 929
523
32,856
2,201
27, 804
863
29, 795
1,307
39,757
747
32. 641
712
322,716 I 28,643

80

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 20.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY

MONTHS, 1914-1927—Continued

[In thousands of dollars]
Net imports or
exports
()

Year and month

Imports

Exports

45,136
35, 111
34, 322
45, 418
41, 074
25,181
18, 834
18,150
6,656
19, 702
19, 862
10, 274

281
505
817
1,391
593
268
327
2, 398
4,580
4,125
6,689
39, 675

44, 855
34, 606
33, 505
44, 027
40, 481
24. 913
18, 507
15, 752
2,076
15, 577
13, 173
-29,401

319, 721

Year and month

61,648

258,073

1924
January
February.._
March
April
May
June
July
August
September. _
October
November..
December.. _
Total

1926
January
February
March
April
May
June
July
August
September..
October
November...
December
Total
1927

1925

73, 526
50,600
25,105
21, 604
13, 390
6, 713
4,417
2,136
6. 784
28, 039
24, 360
5,968

January
February
March
April
May
June
July
August
September
October
November
December
Total

128,273

Imports

-68,488 January
-46,997 February
-17,768 March
-12.734 April
-1,997 M a y
-2,287 June
5,787 July
2,726 , A u g u s t . . . .
2656
—2,656 :! September

19,351
25,416
43, 413
13,116
2,935
18,890
19,820
11,979
15, 987
8.857
16, 738
17,004

16, 264
21, 565
39,188
- 4 , 768
- 6 , 408
15, 544
14, 751
-17, 764
- 7 , 094
7,701
9,011
9,808

115,708

97, 796

14, 890
2, 414
5,625
2,592
2,510
1,840
1, 803
1,524
24,444
10, 698
55, 266
77,849

14, 503
34,232
14, 611
10, 738
7,877
12, 979
2,056
2,082
10,431
207, 535

44, 465
19, 895
10, 757
11,911
31, 702
12, 771
8, 935
6,353
-11,465
- 8 , 642
-53,184
-67,418

201,455

59,355
22,309
16,382

Total.

Net imports or
exports
()

3,087
3,851
4,225
17,884
9,343
3,346
5,069
29, 743
23,081
1,156
7.727
7,196

! 213,504
!
!
j
!

22,702 ij October.. __
—13,901 jl November.
1,248 i| December.

262, 640 -134, 367

Exports

6,080

MONEY IN CIRCULATION
No.

21.—UNITED STATES MONEY IN CIRCULATION, 1 1914—1927
[In thousands of dollars]
E n d of month figures

Month
1914
January
February
March
April

May.__
June
July...
August _
September
October
November
December

-

...

3,501,763
3,502,963
3,508,438
i 3,530,019
3, 532, 861
3, 459, 434
3, 393, 510
3, 541, 416
3, 731, 997
3,743,682
3,410, 339
I 3,318,977
I
I

1919

1915

1916

1917

1918

3, 252,844
3, 241, 725
3, 263,846

3, 592, 466
3, 603, 464
3,612,911
3, 621, 308

3,988,882
4,119, 577
4,172, 946
4,194,450

4,136, 044
4, 314, 675
4,396, 289
4,433,817

4,
4,
4,
4,

919,171
921, 563
947, 979
942, 963

5,177, 275
5, 360, 312
5,390, 734
5,409,242

3,316,956 3,585,421
3,319, 582 3, 649, 258
3,323,141 I 3,657,559
3,402,252 I 3,736,753

4, 255, 855
4, 066, 404
3,972,992
3, 980, 404

4, 416, 409
4,481, 698
4, 563, 653
4, 776, 271

4,917, 706
4,876, 638
4,869,621
4,947, 630

5,45.1, 646
5, 467,588
5,453,998
5, 548, 268

3,455,320 ;
3,518,919 |
3,544,335 I
3,589,284

4, 051, 349
4,106, 781
4, 252,267
4,372,668

5,026,618
5,145,344
5,195,492
5, 237, 706

5,036, 501
5,126,856
5, 269, 335
5, 378, 470

5,616,174
5, 698, 215
5, 643,187
5, 612,113

3,
3,
3,
3,

821, 786
876, 301
877, 061
966,198

1 Money outside Treasury and Federal reserve banks (prior to November, 1914, money outside Treasury),
2
Figures prior to June 21, 1917 (when legislation became effective changing reserve requirements of
member banks), while comparable with one another, are not strictly comparable with those for succeeding
dates; the transfer to the Federal reserve banks of that part of legal reserves of member banks formerly
held in own vaults reduced the volume of money outside Treasury and Federal reserve banks (see note 1).
The increasing membership of State banks in the Federal reserve system after June, 1917, had a similar effect
upon the figures.




81

MONEY IN CIRCULATION

No. 21.—UNITED STATES MONEY IN CIRCULATION, 1914-1927—Continued
[In thousands of dollars]
E n d of m o n t h figures
Month
1921

1922

January...
FebruaryMarch
April

5, 303,128
5,272,679
5,123, 759
5, 079, 594

4,441,453
4,490,831
4,496, 845
4, 468,354

614, 248
703, 366
746,834
759, 236

4, 777, 368
4, 887, 227
4, 899, 375
4,853,195

May
June
July._..
August.

5, 015, 363 4, 454, 765 4, 797, 068
4,910,993 '4, 463,172 *4, 823, 275
4, 796, 956 4, 423, 728 4, 786, 907
4, 740, 063 4, 479, 762 4, 876, 474

September
October
November
December

4, 744, 111
4,694,606
I 4, 651, 484
4,689,785

4,
4,
4,
4,

607,
645,
703,
817,

1924

1923
4,
4,
4,
4,

717 4,945,182
957 *4, 928, 900
630 5, 017, 653
039 5, 043, 819

1925
841, 088
903, 627
859,825
907, 096

4,845, 755
4, 884, 768
4, 861, 706
4,890, 607

4, 904, 842
*4, 849, 307
4, 755, 558
4, 858,907

4,841, 282 4,923,181
'4,815, 208 *4,885, 266
4,795, 304 4, 909,186
4, 867, 068 4,930, 233

4,892, 667
*4,851, 322
4, 845,782
4, 853, 773

4, 863,185
4,941, 514
5,051,945
5,047,463

4, 916.116 4, 978, 221
4, 968, 536 5,021,411
5,044, 345 5,036, 980
5,104,116 *5,095,155

4, 948,462
4, 945, 772
4, 951, 972
5,002,956

4, 802,
4, 853,
4,818,
4, 789,

358
229
339
486

4,
4,
4,
4,

Averages
Month
1918

1919

January...
February..
March
April

3,
3,
3,
3,

496, 586
502, 363
505, 701
519, 229

3, 285, 911
3, 247, 285
3, 252, 786
3, 273,843

3,
3,
3,
3,

590, 875
597,965
608,188
617,110

3,977, 540
4,054,230
4,146,262
4,

4,
4,
4,
4,

356
360
482
053

5, 078, 439
4, 920, 367
4,934, 771
4,945,471

5,
5,
5,
5,

May
June
July
August

3,531,440
3,496,148
3,426,472
3,467,463

3,300,398
3, 318,269
3, 321, 362
3, 362, 697

3, 603,365
3,617,340
3, 653,409
3, 697,156

4,225,153
4,161,130
4,019,698
3,976,698

4, 425,113
4,449,054
4, 522,676
4, 669,962

4, 930, 335
4,897,172
4, 873,130
4,

5, 430, 444
5,459, 617
5, 460, 793
5, 501,133

September.
October. _.
November.
December.

3, 636,707
3, 737, 840
3, 577, 011
3,364,658 j

3,428, 786
3,487,120
3, 531, 627
3,566,810

3, 779, 270
3,849,044
3, 876, 681
3,921, 630

4, 015,877
4, 079,065
4,179, 524
4, 312,468

4, 901,445
5, 085, 981
5,170, 418
5, 216, 599

4, 992, 066
5, 081, 679
5, 198, 096
5, 323, 903

5,
5,
5,
5,

1922

1923 3

1924 3

1925 3

1926 3

January...
February..
March
April

5, 457, 621
5, 287, 904
5,198, 219
5,101, 677

4, 565, 619
4, 466,142
4,493, 838
4,482, 600

4,
4,
4,
4,

May
June
July
August

5, 047, 479
4,963,178
4, 853,975
4, 768, 510

4,461, 560
4, 458,969
4, 443, 450
4, 451, 745

September.
October
November.
December.

4, 742, 087
4, 719, 359
4, 673, 045
4, 670, 635

4, 543, 740
4, 626,837
4, 674, 794
4,760, 335

678, 839
672,172
713, 062
730, 995

4,
4,
4,
4,

847, 097
831, 590
870, 489
886, 311

254,
225,
355,
415,

277,
268,
375,
399,

873
794
523
988

582, 221
657,195
670, 701
627, 650

1927 2

4,863, 082
4, 807,120
4, 821, 033
4, 809,246

4, 890, 7
4, 903, 373
4,854,080 ! 4,842,545
4,864,168 | 4,856,221
4,881,896 I 4,880,008

4, 764,007 4, 865,883
4, 778,732 4,830, 265
4,811, 543 4, 809, 789
4,833, 271 4, 799, 567

4,
4,
4,
4,

797,177
794, 480
797, 559
819, 351

4,871,035
4,859,532
4,881,317
4,830,793
4,916,380 ! 4,851,410
4,912,369 | 4,848,610

4,900,
4, 941,
4, 953,
5,070,

4, 907, 881
4, 945,455
4, 959, 729
5,119,140

4,968, 626
4, 917,420
5,001,406
4,933,869
5,008,378 ! 4,936,200
5,130,680 ! 5,048,451

730
474
008
774

4, 852, 571
4,891,317
4, 970, 056
5, 088,133

* Revised.
3
Monthly averages of dailyfigures;all other averages shown in table are based on end of month figures.
NOTE.—All figures in this table have been revised so as to be comparable (as nearly as possible, see note
to Table 22), with those shown currently by the " Circulation Statement of United States Money"—issued
monthly by the Treasury—as revised in January, 1927, and with those published currently in the Federal
Reserve Bulletin; they include minor coin: For explanation of this and other revisions see Federal Reserve
Bulletin for December, 1927, pp. 800-802.




00

No. 22.—KINDS OF MONEY IN CIRCULATION, 1914-1927

to

[End of month figures. In thousands of dollars. Revised series; see note to preceding table]

End of month

Total

Gold
coin

Standard
silver
dollars

Silver
certificates

Treasury
notes of
1890

Subsidiary
silver

Minor
coin

United
States
notes

Federal
reserve
notes

611, 784
613,182
611,544
603,770
635,180
639,929
638, 643
604, 356
606, 519

1,089,934
1, 094,487
1, 094, 543
1,120,424
1,105, 754
1,026,149
974, 387
944,623
931, 390
913, 348
739, 089
702,185

70,168
69,676
69,114
68, 550
68, 220
70, 300
67, 549
68,404
68, 330
67, 887
67, 203
66, 704

468,238
461, 376
460,804
456, 703
466,402
478, 602
474, 601
481,405
482, 892
482, 776
446, 229
444,953

2,531
2,512
2,492
2,472
2,451
2,428
2,420
2,402
2,389
2,377
2,359
2,341

160,960
160,164
159, 599
159, 208
159, 675
159, 966
159,846
160, 546
161, 505
162, 375
162,931
163, 699

56,947
57,078
57, 293
57,460
57,450
57,419
57,419
57,499
57, 718
57,852
58, 212
58,606

335,137
339, 210
341,467
340, 409
339, 992
337,846
337,004
339, 254
336, 974
334,904
298, 632
294, 383

3, 252, 844
3, 241, 725
3, 263, 846
3, 283, 839
3, 316, 956
3,319, 582
3, 323,141
3, 402, 252
3, 455, 320
3, 518, 919
3, 544, 335
3, 589, 284

597,102
590, 469
591, 350
587,850
593, 544
587, 537
588, 206
588,185
590, 580
590, 683
596, 657
605,140

730, 369
721, 316
728, 718
768, 600
802, 252
821, 869
816, 737
887, 248
909, 584
954,145
954,175
949, 531

64,971
64,149
65, 674
65, 081
64, 738
64,499
64, 251
64, 285
64,963
65, 634

440,709
447, 052
462, 227
462, 605
462, 380
463,147
462, 368
460,074
467, 800
471, 612
477,840
483, 293

2,322
2,306
2,286
2,278
2,259
2,245
2,237
2,219
2,210
2,199
2,184
2,168

160, 033
158, 762
158,155
158,128
158, 585
159,043
159,047
159, 668
161, 985
165, 036
167, 912
169,968

58, 222
58,301
58,093
58, 200
58, 217
58,516
58, 496
58, 512
58,945
59, 625
60y 635
61, 326

310, 299
314, 298
321,785
323,430
320,182
309,796
323, 706
328,121
318, 050
312,072
330, 357

3, 592, 466
3,603,464
3, 612, 911
3, 621, 308
3, 585, 421
3, 649, 258
3, 657, 559
3, 736, 753
3, 821, 786
3, 876, 301
3,877,061
3, 966,198

606, 293
611,061
609, 390
616,248
621, 371
624, 939
625,840

993,080
991,074
994, 933
1, 002,163
982, 746
1,050,266 I
1,062,004 !
1,119,452 i
1,150,073 j
1,184, 355 I
1,136,668
1,220,389 1

65, 703
65, 383
65, 203
65, 591
65,874
66, 234
66, 757
66, 970
69,419
70, 383
71, 274
72, 201

473, 587
477, 446
483, 664
481,203
481,197
476, 279

2,159
2,147
2,135
2,122
2,112
2,098
2,046
2,080
2,058
2,049
2,043
2,035

167, 541
167,105
167,456
168, 592
169, 785
171,178
171, 858
174,874
177,140
181,056
186, 062
187,030

60,909
60, 981
61, 322
61,684
62, 231

328,807
329,151
334, 280
334,125
322,014
328, 227
332, 655
337, 411
336, 677
337, 074
335, 232
326, 798

165, 715
164, 533
160, 518
159, 548
155, 546
149,152
148,839
162, 066
195, 293
213, 736
242, 342
272, 535

Federal
reserve
bank
notes

14, 828
22, 730
34, 858
45, 849
56,248
70, 810
80, 232
90, 037
112, 627
136,590
155, 647
178, 414

1914—January
February...
March
April
May
June
July
August
September..
October
November..
December..

3, 501, 763
3, 502, 963
3, 508, 438
3, 530, 019
3, 532, 861
3,459,434
3, 393, 510
3, 541, 416
3, 731, 997
3, 743, 6S2
3,410, 339
3, 318, 977

616,499
610, 611
609,438

1915—January
February...
March
April.
May
June...
July
August
September.
October
November..
December..
1916—January
February. _.
March
April
May
June
July
August
September..
October
November..
December..




Gold certificates

622, 512
631, 927
635, 726
653, 839
640, 647

472, 083
475, 557
479, 656
476, 781
474, 633
470,352 |

63,223
63,731
64, 414
65, 455
66, 562
67,487

National
bank
notes
701,350
707,851
713, 687
713,008
719, 735
715,180
716, 514
852,102
1,050,869
1,083, 519
1, 029, 243

2,085
10, 607

873,989
862, 343
840, 700
811,817
798, 552
782,120
767, 861
763,903
759,738
755, 346
751,130
742, 479
1,890
1,103
1,787
1,759
1,683
1,665
1,628
3,580
3,519
3,462
3,755

728, 673
732, 693
732, 906
728,245
720,785
716,204
710, 590
710,472
711,551
706,166
704,946
702, 969

1917—January
February
March
April
May
June
July
August
September
October
November.
December

!
!
j
|
I
I
I
I

3,
4,119^ 577
4,172,946
4,194,450
4,255,855
4,066,404
3,972,992
3,980,404
4,051,349
4,106,781
4,252,267
4,372,668

649,004
645,330
652,386
668,375
675,996
666,545
647,307
673,809
650,516
645,099
640,253
631,925

1,285,808
1, 342, 712
1, 344, 280
1, 291, 598
1, 302, 945
1,082,926
1,012,753
968,904
931,348
834,437
748, 978
688,823

71,087
71,138
70,939
71,156
71,398
71,754
71,689
72,479
73,971
75,952
76,977
77,688

460,904
470, 570
460,478
471,310
473,038
468,365
458,930
459,074
463,734
461,208
457,470
457, 790

2,022
2,008
1,997
1,987
1,980
1,970
1,959
1,946
1,936
1,921
1,912
1,905

187,557
189,022
190,138
191,528
193,071
193,745
194,851
197,133
201,728
207,254
212, 290
215,492

67,226
67,504
67,504
67,823
68,280
68,411
68,914
69,325
70,118
70,913
72,320
73,228

328,940
326,548
329,396
311,387
312,133
311,595
299,231
301,297
305,164
302,652
301, 737
302,799

254,656
308,099
356,029
419,561
458,972
506,756
532,220
538,081
647, 751
802,407
1,033,597
1,223, 744

3,506
3,340
3,170
3,026
2,866
3,702
5,230
8,493
10,323
10,156
10,004
9,782

678,171
693,305
696,630
696,699
695,176
690,635
679,907
689,862
694,760
694,782
696,729
689,491

1918—January
February
March
April .
May
June
July...
August
September.
October
November,
December..

! 4,136,044
! 4,314,675
j 4,396,289
4,433,817
4,416,409
4,481,698
4,563,653
4,776,271
5,026,618
5,145,344
5,195,492
5,237, 706

597,578
591,647
582,381
568,066
550,347
537,230
526,984
517,890
513,859
508,420
506,431
502,030

652, 728
626,065
597,648
571,766
536,636
511,190
484,643
465,359
447,720
434,341
420,843
402,793

76, 739
76,458
76,927
77,187
76,776
77,201
79,117
84,808
84,324
83,153
82,339
83,805

440,891
436,364
432,139
421,317
397,853
370,349
350,980
335,216
322,240
305,645
285,677
252,540

1,900
1,877
1, 875
1,868
1,857
1,851
1,845
1,834
1,831
1,811
1,809
1,802

213,996
213,487
213,698
214,198
215,204
216,492
218,084
221,006
223,995
230,252
233,294
236,037

73,324
73,577
73,888
74,111
74,399
74,958
75,173
76,012
76,918
77, 690
78,407
79,110

292,615
294,176
295,783
294,502
292,869
291,859
294,342
294,568
294,159
291,738
292,948
288,282

1,106,456
1,311,766
1,424,553
1,513,485
1,570,915
1,698,190
1,832,645
2,067,939
2,335,402
2,470,898
2,533,820
2,624,299

9,445
9,121
8,822
8,611
9,165
10,970
11,650
20,987
37,502
63,527
86,200
117,188

670,373
680,137
688, 577
688,705
690,389
691,407
688,191
690,653
688,668
677,869
673,725
649,820

4,919,171
4,921,563
4,947,979
4,942,963
4,917,706
4,876,638
| 4,869,621
! 4,947,630
5,036,501
5,126,856
5,269,335
5,378,470

499,778
496,704
486,588
490,211
490,468
474,875
480,627
470,700
466,229
464,572
476,430
476,405

381,822
370,364
359,935
347,230
335,277
327,552
321,509
313,855
312,422
300, 285
296, 930
286,212

81,924
80,670
79, 898
79,577
79,203
79,041
78,942
79, 235
79,936
79,999
84,379
80,226

219,412
205,688
196,825
185,764
173,150
163,445
156,963
153,965
152,354
148,917
150,027
141,224

1,785
1,779
1,772
1,766
1,755
1,745
1,729
1,724
1,718
1,709
1,703
1,695

231,467
229,268
228,482
228,820
228,593
229,316
229,507
230,640
233,078
236,604
239,598
244,298

78, 766
78, 777
79,080
79, 716
80, 541
81, 780
82, 769
83,586
84,594
85, 817
86,962
88,167

277, 505
278,176
274,106
271,908
274,906
274,119
273,093
273,084
267, 993
270,315
270,325
273,971

2,373,246
2,412,826
2,467,752
2,478,016
2,457,013
2, 450,278
2,428,776
2,510,462
2,600,992
2,683,969
2,795,770
2,915,855

126,100
127,429
132,692
142,128
147,707
155,014
164,217
175,035
188,421
193,168
195,730
198,147

647,366
639,882
640,848
637,827
649,093
639,472
651,489
655,346
648,763
661,502
671,480
672,271

5,177,275
5,360,312
5,390,734
5,409,242
5,451,646
5,467,588
5, 453,998
5,548,268
5,616,174
5,698, 215
5,643,187
5,612,113

462,278
477,928
471,773
468,300
470,294
474,822
475,080
471,721
465,193
474,725
465,805
474,568

284,587
280,217
271,170
274,765
264,196
259,007
252, 721
248, 760
236,057
228,225
227,734
218, 527

79,160
78, 782
78,078
77, 747
77,111
76, 749
77,141
75,483
74,875
76,158
75,568
75,457

130,340
121,470
111,434
107,464
103,869
97, 606
91,415
87,101
82,427
78,817
75,643
69, 762

1,694
1,686
1,681
1,669
1,660
1,656
1,653
1,652
1,643
1,628
1,615
1,605

241,756
243,178
245,165
246,216
247,130

87,687
88,117
88,686
89,173
89,951
90,958
91,697
92,536
93,601
94,431
95,342
95,371

268,219
270,262
269,372
274,476
276,345
278,144
281,778
280,359
277,673
275,348
270,756
261,315

2,785,106
2,953,540
2,988,722
3,018,331
3,054,890
3,064,742
3,047,349
3,137,095
3,216,923
3,293,523
3,251,496
3, 256,112

190,506
192,246
186,200
174,006
175,794
185,431
188,557
201,852
208,732
208,622
208,071
209,491

645,943
652,887
678,453
677,095
690,404
689, 608
697,006
700,312
703,893
711,008
713,513
695,375

1919—January
February
March
April
May
June
July.August
September
October..
November..
December..
1920—January
February...
March
April
May.
June
_.
July
August
September..
October
November..
December..




_._

249,600
251,398
255,157
255,730
257,644
254, 529

o

a
o

a

00

No. 22.—KINDS OF MONEY IN CIRCULATION, 1914-1927—Continued

00

[In thousands of dollars]

End of month

Total

Gold
coin

Gold certificates

standard
silver
dollars

Silver
certificates

Treasury
n o t e s of
1890

Federal
reserve
notes

Subsidiary
silver

1921—January
February...
March
April
May
June
July
August
September..
October
November..
December. _

5, 303,128
5, 272,679
5,123,759
5,079,594
5,015,363
4,910,993
4,796,956
4,740,063
4,744,111
4,694,606
4, 651, 484
4,689,785

476, 531
463,055
459,212
456,532
452,606
447,272
444,234
440,390
436,868
433,986
432,258
439,086 ]

1922—January i__.
February...
March
April
May
June
July
August
September..
October
November..
December..

4, 441, 453
4, 490, 831
4, 496, 845
4, 468, 354
4, 454, 765
*4, 463, 172
4, 423, 728
4, 479, 762
4, 607, 717
4, 645, 957
4, 703, 630
4,817,039

431,178
427, 932
425, 610
422, 367
418, 650
415, 937
412, 957
411, 668
410, 235
409, 543
411, 835
423,265

172, 401
58,124
58,410
169, 761
58, 788
172, 313
58, 455
170, 474
58, 129
171,318
173, 342 *57, 973
58, 058
171, 676
58,116
194, 407
59, 079
215, 333
59, 338
233,889
59, 329
254, 325
" 302, 740 59.836

233,237
249,917
252, 955
253,306
259,805
265, 335
269,419 I
272, 036
277, 616
279, 619
285, 088
288, 209

1, 542
1, 533
1, 529
1,528
1,527
1,510
1,508
1,501
1,501
1,492
1,489
1,483

229, 221
227,519
227, 125
227, 059
228, 620
229, 310
229, 806
232, 792
236,350
239, 723
242, 999
246,091

89, 404
88, 988
88, 787
88, 743
89, 022
89,157
89,410
89, 760
90, 362
91, 033
91,831
92,649

268, 777
283, 460
285,161
289, 583
294, 846
292, 343
284, 860
285, 421
281,914
278, 893
278, 047
284,901

1923—January
February...
March
April
May
__.
June
July
August
September..
October
November..
December. .

4, 614, 248
4, 703, 366
4, 746,834
4, 759, 236
4, 797, 068
*4, 823, 275
4, 786, 907
4, 876, 474
4, 945,182
*4, 928, 900
5, 017, 653
5, 043,819

415,163
412, 753
410,166
408,082
406,150
404,181
401, 651
398, 901
397,957
394, 637
395, 281
410,135

58, 031
301, 494
57, 90S
315, 022
57, 555
319,174
57, 369
328, 795
57, 366
338, 880
386, 456 *57, 262
411,801
56, 999
441, 877
57, 420
465,831
58, 009
500, 667
58, 047
534,413
58, 054
584,035 | 58, 261

295, 623
317, 662
338, 900
353, 399
364, 902
364, 258
368, 615
376, 005
374, 657
370, 322
381, 788
374,450

1,479
1, 475
1,471
1, 469
1, 463
1,460
1,458
1, 456
1,451
1,448
1,445
1,443

240, 990
241,166
242, 054
242, 827
245, 757
247, 307
247, 737
249, 618
252, 424
254, 814
258, 026
260, 638

401,106
399,139

574,410 j 56,397
633,434 I 55, 911

357, 890
368, 228

1,440
1, 437

25.2, 325
251,635

1924—January
February




-

4,777,368
_- 4, 887, 227

212,167
218,181
214,233
210,317
205,350
2C0, 582
193,807
191,331
186,405
182, 833
182,160
176,957

72, 649
66,481
70, 056
68, 317
70,007
69.835
112,250
68,433
66,829 137,074
65,883 158,843
63,948 172,460
63,594 187,917
63,322 190, 738
59,515 212,468
59,163 233,908
*58,328 *236,016

1,604
245,554
242,933
1,603
1, 590 239,918
237,245
1,584
236,273
1,578
235,295
1,576
1, 569 233,164
1, 563 231,379
231, 866
1,562
1, 554 235,069
1, 547 235,914
1,546 *237,133

93,630 249, 279 3,002,861
93,044 255,052 2,976, 725
92,164 250,003 2, 856, 528
91,513 246,762 2,800,376
91,380 251,721 2,711,834
91,409 259,170 2, 599, 598
91,087 259,506 2,509,476
90,763 262,848 2,451,075
90,694 263,235 2,456,599
90, 650 264,721
2,395,355
91,103 265,172 2,337, 634
*91,072 *275,456 *2,371, 668

Federal
reserve
bank
notes

National
bank
notes

193,922
180,580
166,080
152,559
143,298
129,942
120,710
109,380
106,135
101,247
96,640
*97,111

688,449
702,532
704,190
702,024
717,422
721,421
706,995
709,823
716, 627
717,209
715,987
*705,412

2,157, 215
2,179,154
2,180, 550
2,154, 239
2,128, 662
2,138, 715
2,115, 580
2,141, 312
2, 249, 888
2, 281, 630
2, 312, 521
2, 372, 721

89,833
84, 661
83, 010
80, 982
79,114
71, 868
64, 827
60, 231
55, 314
48, 458
42, 325
36, 662

710, 520
719,497
721,018
721,617
725, 071
727, 681
725, 627
732, 516
730,124
722, 335
723, 841
708, 481

91, 888
92, 068
92, 358
92, 857
93, 612
93, 897
94,128
94, 777
95, 227
96, 257
97,164
97, 655

278,845 2,184, 367
283,473 2, 226, 850
294,146 2, 232,994
299, 297 2, 218, 466
305, 392 2, 228, 029
302,749 i 2, 234, 660
299,747 I 2,160, 431
304, 554 2, 204, 931
306, 528 2, 245, 551
302, 855 2, 207, 212
305, 874 2, 236, 671
306, 399 2, 223, 593

32, 662
29, 809
25, 737
23, 859
21, 534
19, 969
18, 833
17, 601
16,458
*15, 237
14, 238
13,571

713, 707
725,180
732, 280
732, 815
733,983
711, 076
725, 507
729, 336
731,089
727,403
734, 700
713,639

96, 481
96, 473

294,106
302, 796

12, 718
12,134

721, 559
735, 207

2, 008, 935
2, 030, 833

March
April
May
June
July
August
September..
October
November..
December..
1925—January
February...
March
April
May
June
July.
August
September..
October
November-.
December..
1926—January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..
1927—January
February...
March
April
May
June
July
August
September..
October
November..
December..

4, 899, 375
4, 853,195
4, 904, 842
*4,849, 307
4, 755, 558
4, 858, 907
4, 863,185
4,941,514
5, 051, 945
5, 047, 463
4, 802, 358
4,853,229
4, 818, 339
4, 789, 486
4,841, 282
*4, 815, 208
4, 795. 304
4,867,068
4,916,116
4, 968, 536
5, 044, 345
5,104,116
4, 841, 088
4, 903, 627
4, 859, 825
4, 907, 096
4, 923,181
*4, 885, 266
4, 909,186
4, 930, 233
4, 978, 221
5, 021, 411
5, 036, 980
*5,095,155
4, 845, 755
4, 884, 768
4, 861. 706
4, 890.607
4,892, 667
*4,851, 322
4,845, 782
4,853, 773
4, 948, 462
4, 945, 772
4,951, 972
5,002,956

398, 407
396, 373
394, 809
393, 330
391, 769
390, 754
389,986
390, 501
393, 570
409, 414
402,606
407, 876
409, 705
408.451
402, 380
402, 297
400.452
398,472
396, 245
394, 690
396.367
414, 026
402, 687
399, 862
396,929
395,032
393, 323
391, 703
390,915
389,177
388, 049
389, 205
388, 831
408,681
396, 436
393,317
389, 926
388,742
386, 560
384, 957
382, 674
381, 551
380,476
381, 045
382, 647
402,087

55, 203
687, 478
54, 723
730,149
54, 029
779,178
801, 381 *54, 015
53, 644
799,168
53,830
872, 203
54, 554
898, 489
55, 039
912, 699
55, 432
934, 835
57,171
970, 303
930, 317
55, 320
916, 643
55, 264
54, 567
915,113
54, 298
926, 290
53, 960
972, 830
1, 004, 823 *54,289
1, 016, 438 53, 776
1,036,468
53, 904
1, 052, 581 54, 719
1, 067, 428 54, 595
1,108, 280
54, 736
1,112, 683
54,911
1, 036, 902 52, 721
52, 218
1, 084.374
1, 089, 573 51, 752
51,465
1,102, 782
1, 076, 242 51, 258
1, 057, 371 *51, 577
1, 072, 374 51, 513
51, 033
1, 086,132
51, 847
1,100r 551
51, 623
1,101, 462
1, 095, 622 51, 849
1, 092, 039 51, 633
1, 037, 264 49, 678
1, 034, 647 49,187
1. 019, 437 48, 726
1, 019, 372 48, 396
1. 003, 792 48, 707
1, 007, 075 *48, 717
48, 626
1, 031,188
1, 045, 241 48, 321
1, 081, 478 48, 022
1, 038. 301 48,642
1, 094, 767 48,812
1, 073, 735 48, 775

367, 509
370,634
372, 635
364,414
373, 570
385, 263
387, 026
389, 601
390, 849
390,131
363, 067
366, 980
374.170
377, 845
382, 439
382, 780
389, 558
396,912
395, 556
391,126
388, 833
389,684
372, 345
371. 623
367^ 778
367, 891
374, 470
377, 741
384,134
385. 598
391,494
393,179
391,158
396, 752
374,836
376, 839
372,854
377,139
379, 505
375, 798
377, 653
378, 913
390, 335
392, 296
392, 299
400, 269

1,433
1,428
1, 425
1,423
1,420
1,417
1, 412
1,410
1, 406
1,405
1,400
1,398
1,396
1,392
1,390
1,387
1,384
1, 381
1.379
1,377
1, 375
1,373
1,371
1,369
1,367
1,364
1,359
1, 356
1, 354
1, 352
1, 349
1,347
1, 344
1,340
1, 336
1,335
1,333
1,331
1,329
1, 327
1,325
1, 323
1,321
1, 319
1,318
1, 315

251, 702
252,656
252, 598
252, 995
252, 351
253, 509
256, 204
259, 487
262, 584
265, 798
256,480
256, 036
257, 084
257, 837
259, 387
262, 009
261, 298
264, 001
267,848
2G9, 344
272, 372
274, 854
265,959
265,809
267, 270
267, 055
268, 249
270, 072
269,868
271, 641
275, 504
277, 021
279, 876
281,398
272,163
271,251
271, 970
272, 804
274, 527
275, 605
274,950
277,331
280,128
281, 600
285, 058
285, 602

96, 386
96,866
96, 641
96, 952
96, 891
97,116
97, 647
98, 279
99, 316
100, 460
99, 000
98, 994
98, 901
99, 465
99, 632
100, 307
100, 307
100,945
101, 350
102, 084
103,453
104, 506
102, 476
102, 677
103, 014
103, 323
103, 694
104,194
104,442
104,971
105, 919
106, 464
107, 913
108,179
106, 880
106, 571
106,836
107, 034
107, 531
108,132
108,130
108,891
109, 566
110,001
111,249
111,771

304, 468
300, 802
306, 276
297, 790
301, 572
307, 979
302, 869
307, 529
305, 747
296, 631
285, 522
290, 503
286, 715
281, 957
285, 971
282, 578
285, 347
299, 202
305, 690
307, 690
304, 927
294, 907
289,963
295,109
291, 658
294,915
294, 505
294,916
295, 977
300, 735
302, 277
307,199
303,172
296, 810
287, 672
291,588
290, 761
292,829
292, 888
292, 205
296, 625
299, 268
304, 294
298, 493
298,116
292,889

1,988, 539
1,909,159
1, 897, 682
1, 843,106
1, 745, 873
1, 746,181
1, 729, 442
1, 784,145
1, 862, 013
1,841,651
1, 688. 728
1, 734, 567
1, 702,199
1, 676, 284
1, 679, 840
1, 636,108
1, 601, 881
1,629,888
1, 670, 605
1, 706, 603
1,741,902
1,815,625
1, 672,195
1, 672, 022
1,039,225
1,662,507
1, 693, 813
1, 679, 407
1,679, 381
1,684,429
1,709,173
1, 737, 363
1, 764, 053
1, 824, 459
1.683,878
1,709,816
1,706,684
1. 724, 368
1,733.647
1, 702, 843
1, 667, 777
1, 657, 305
1,715,073
1,711,227
1, 694, 354
1, 762, 794

11, 549
10,992
10, 431
10, 066
9, 608
9 226
8^ 998
8, 673
8,464
8, 224
7,983
7,729
7,498
7,283
7,109
6,921
6,776
*6,612
6, 455
6,301
6,171
6, 050
5, 890
5, 804
5, 715
5, 640
5, 549
5, 453
5, 289
5,211
5,124
5,127
5, 054
4,967
4,902
4,848
4,781
4,718
4, 673
4,606
4, 536
4,477
4,420
4,358
4, 323
4,282

736, 702
729. 413
739,140
733, 835
729, 693
741, 428
736, 558
734.150
737, 730
706, 275
711, 935
717, 239
710, 990
698, 384
696, 345
681, 709
678, 088
*679, 284
663,689
667, 319
665, 928
635, 498
638, 578
652, 761
645, 542
655, 023
660, 720
651, 477
653,939
649, 353
646,935
651, 421
647, 509
628,896
630, 710
645, 369
648, 399
653,875
659, 507
650,057
652, 300
651.151
653, 350
648,492
639, 029
619,439

1
Since January, 1922, the reserve banks have reported separately their holdings of each kind of money, currently apportioning unassorted currency on hand by estimate on the
basis of recent experience; prior to that time they reported all unassorted paper currency in one total and all silver coin in one total. In deriving the circulation figures given in this
table for 1914-1921 for the different kinds of paper money and of silver coin, these reported totals were distributed by estimate,
* Revised,




OO
Qi

DISCOUNT RATES AND MONEY RATES

110390—28




7

87

DISCOUNT RATES AND MONEY RATES
No. 23.—FEDERAL RESERVE BANK DISCOUNT RATES ON ALL CLASSES AND
MATURITIES OF DISCOUNTED BILLS—CHANGES FROM JANUARY 1, 1922, TO
DECEMBER 31,
1927

[Per cent]
San
Bos- New Phila Cleve Rich - At- Chic - St. Min- Kan- Dal- Fransas
nedelton York phia land monc lanta ago Louis' apoli City las cisco
In effect Jan. 1, 1922
Changes effective:
1922—Jan. 9
Jan 11
Jan. 23 .
Feb 14
Mar. 15
Mar 25
Apr. 6
Apr 14
June 22 . . .
June 23
July 8
July 12
Aug. 12 . . >
Aug. 15
1923—Feb. 23
Mar. 6 . . . .
1924—May 1
June 2
June 10
June 12
June 14
June 18
June 19
June 26
July 1
July 16
Aug. 8
Aug. 15
Aug. 25 ._.
Oct. 15_
1925—Feb 27
Nov 10
Nov. 17 .
Nov. 20
Nov. 23
1926—Jan. 8
Apr. 23
Aug. 13 . . .
1927—July 29
Aug 4
Aug. 5
Aug. 6
Aug. 12
Aug 13
Aug. 16
Sept 7
Sept 8
Sept 10
Sept. 13
In effect Dec. 31,1927

4M

4^

43/

5

5

5

5

by

5

5

5
5

5

4K

±y

Iy2\

AlA

4^i-1

4H

4
4

4

4M

W2

4M

VA
4
I

4

V/2

1

. .

v/2

4

L.

4

4
4

4

23H

33^
4
4

3

zy2\

j

v/2

4

VA

4

4
4

1

4

4
V/2
4

VA

VA
1

VA

VA.

VA

V/2

VA

VA.
VA

VA
3H

V/2

VA

VA

VA

VA

VA.

VA.
VA

VA
VA

VA

1

VA

5 per cent on 6-9 month agricultural and livestock paper from Apr. 7, 1923, to June 11, 1924, inclusive.
2 5 per cent on 6-9 month agricultural and livestock paper from Apr. 19, 1923, to June 25, 1924, inclusive;
\¥i per cent on 91-day to 6-month agricultural and livestock paper from June 19 to June 25, 1924.
NOTE.—Discount rates became applicable to 6-9 month agricultural and livestock paper, which was
made eligible by the Mar. 4, 1923, amendment to the Federal reserve act, on the following dates in 1923:
Boston, Apr. 7; New York, Aug. 6; Philadelphia, Apr. 19; Cleveland, Apr. 9; Richmond, Apr. 7; Atlanta,
Mar. 22; Chicago, Aug. 16; St. Louis, Apr. 5; Minneapolis, Apr. 11; Kansas City, Apr. 14; Dallas, Apr. 12;
San Francisco, Mar. 21.
Back figures.—For years previous to 1922, when different rates were generally in effect for different
classes of bills, see annual reports, Federal Reserve Bulletin, and pamphlet issued by the board in 1922:
" Discount Rates of the Federal Reserve Banks, 1914-1921."




89

90
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
24.—FEDERAL
RESERVE
BANK
BUYING RATES
ON
ACCEPTANCES
C H A N G E S F R O M J A N U A R Y 1, 1919,
TO D E C E M B E R 3 1 ,
1927

1

—

[Buying rates at the Federal Reserve Bank of New York. Per cent]
16 to 30
days

days

31 to 45 46 to 60
days
days

61 to 90 91 to 120 121 to 180
days
days
days

In effect Jan. 1, 1919.
Changes effective:
1919—Nov. 5_
Nov. 26_
Dec. 4_
Dec. 23_
Dec. 30.

A

4%

1920—Jan. 6_
Jan. 20.
Jan. 23 _
Jan. 27_.
Feb. 27_
May 5_
May 13..
June 1..
Sept. 1_
1921—Jan. 3_
June 15.
July 21 _
Aug. 8_
Sept. 26.
Oct. 4_
Oct. 13_
Nov. 3_
Nov. 16_
Nov. 28_
Dec. 8_
Dec. 27_

4%

"in

1922—Feb. 6—
Feb. 16..
Mar. 6...
Mar. 13..
Mar. 21..
Mar. 27..
Apr. 10..
Apr. 14. _
May 5-__
May 18_.
June 2...
June 19..
June 26..
July 5__.
July 15_.
July 25 . .
Sept. 21..
Sept. 25.
Sept. 27..
Oct. 2 . . .
Oct. 6 . . .
Oct. 13-_
Oct. 18.Oct. 19.,
Oct. 24..
Oct. 27..
1923—Apr. 17..
May 23..
July7-_.

"3M
3M
"4
4

I

1924—Apr. 24..
May 1...
3%
May 16..
33/2!
&A
May 22..
3K
June2._.
June 17..
June 26..
Aug. 8...
Nov. 17..
Nov. 28..
Dec. 3 . . .
Dec. 5...
Dec.8._.
Dec. 22..
1 Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills.




91

DISCOUNT RATES AND MONEY RATES
No.

24.—FEDERAL RESERVE BANK BUYING
RATES ON ACCEPTANCES—
CHANGES FROM JANUARY 1, 1919, TO DECEMBER 31, 1927—Continued
[Buying rates at the Federal Reserve Bank of New York. Per cent]
Itol5
days

Changes effective—Continued.
1925—Feb. 6 . .
Feb. 27
June 12
Aug. 31.
Sept. 22..._
1926—Jan. 8
Apr. 27
May 20
May 21
Aug. 16
Aug. 23
Sept. 1

3

31 to 45
days

46 to 60
days

61 to 90 91 to 120 121 to 180
days
days
days

3

3

3

3H
3M

3^

3H

$

3M

3M

SK

3H
334

3%

3K-

fi

4

35/
coco

3M

1927—July 29._
Aug. 5
Aug. 22

3M

3*

3

3

3M

3

3

In effect Dec. 31,1927

No.

16 to 30
days

fi

IP

3

3H
3M

44

3H
3^

3M

25.—AVERAGE RATES CHARGED BY FEDERAL RESERVE BANKS ON BILLS
DISCOUNTED AND BILLS BOUGHT, 1918-1927

[Per cent]
Month

1
i
I
1923 i 1924 | 1925 I 1926 1927

1918

1919

1920

1921

Bills discounted:
January.
February
March
April-__

4.02
4.02
4.08
4.23

4.18
4.14
4.15
4.18

4.90
5.52
5.64
5.67

6.36
6.36
6.43
6.33

4.84
4.77
4.70
4.60

4.25
4.28
4.49 i
4.50 |

4.50
4.50
4.50
4.50

3.53
3.44
3.68
3.73

3.97
4.00
4.00
3.96

4.00
4.00
4.00
4.00

May
June
July
August..

4.35
4.42
4.37
4.25

4.16
4.19
4.14
4.12

5.74
6.20
6.21
6.19

6.20
6.14
6.02
5.76

4.59
4.54
4.39
4.34

4.50
4.50
4.50
4.50

4.42
4.16
3.89
3.78

3.71
3.69
3.68
3.70

3.87
3.89
3.84
3.94

4.00
4.00
4.00
3.72

September.
October
November.
December..

4.24
4.21
4.20
4.18

4.18
4.19
4.53
4.67

6.39
6.40
6.45
6.49

5.75
5.62
5.03
4.91

4.36
4.34
4.29
4.30

4.50
4.50
4.50
4.50

3.69
3.65
3.63
3.56

3.70
3.69
3.77
3.86

4.00
4.00
4.00
4.00

3.53
3.50
3.50
3.50

4.26

4.26

6.02

6.01

4. 52 | 4. 47

4.20

3.70

3.96

3.81

4.28
4.24
4.24
4.24

5.10
5.53
5.80
5.82

6.05
6.01
6.01
5.94

4.28
4.21
3.92
3.48

4.09
4.08
4.09
4.12

4.18
4.16
4.16
4.14

3.01
3.08
3.18
3.16

3.60
3.64
3.61
3.60

3.65
3.64
3.63
3.61

May
June
July....
August.

4.24
4.24
4.25
4.25

5.96
6.07
6.06
6.04

5.88
5.88
5.70
5.31

3.28
3.22
3.13
3.10

4.16
4.18
4.20
4.20

3.48
3.15
2.35
2.25

3.16
3.19
3.24
3.26

3.37
3.35
3.39
3.47

3.61
3.63
3.60
3.22

September.
October
November.
December..

4.25
4.26
4.47
4.84

6.04
6.05
6.45
6.08

5.35
4.97
4.60
4.41

3.19
3.68
4.10
4.11

4.21
4.21
4.19
4.18

2.23
2.20
2.32
2.79

3.42
3.43
3.43
3.42

3.77
3.78
3.76
3.75

3.12
3.19
3.18
3.16

4.36

5. 85

5.49

3. 59 j 4.16

3.08

3.26

3.60

3.40

Year,
Bills bought:
January...
February.
March
April.

Year.




92

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 26.—AVERAGE RATES EARNED BY FEDERAL RESERVE BANKS ON BILLS AND
SECURITIES, 1916-1927

[Per cent]
Month

1927

1916

1917

1918

1919

1920

1921

1922

1923

1924

1925

1926

2.85
2.70
2.26
2.50

2.90
3.03
3.14
2.83

3.75
3.81
3.86
4.07

4.04
4.03
4.02
4.01

4.46
4.88
5.12
5.23

5.88
5.92
5.90
5.85

4.62
4.47
4.34
4.25

4.03
4.13
4.26
4.32

4.39
4.36
4.30
4.34

3.27
3.32
3.41
3.49

3.73
3.80
3.80
3.81

3.80
3.76
3.75
3.75

2.47
2.53
2.62
2.69

2.93
3.08
3.34
3.37

4.29
4.20
4.31
4.27

3.99
4.01
3.98
3.93

5.36
5.51
5.72
5.81

5.79
5.67
5.60
5.42

4.08
3.98
3.90
3.85

4.35
4.36
4.42
4.42

4.26
4.03
3.80
3.67

3.50
3.50
3.52
3.55

3.72
3.66
3.65
3.67

3.78
3.72
3.73
3.58

Total bills and securities:
January
February
March
April
May..
June
July...
August
September
October
November._
December
Year

2.78
2.79
2.72
2.83

3.41
3.37
3.37
3.53

4.21
4.13
4.19
4.14

3.91
3.95
4.16
4.29

5.81
5.94
5.98
5.98

5.35
5.25
4.99
4.74

3.84
3.88
4.00
4.06

4.41
4.44
4.40
4.38

3.45
3.30
3.21
3.17

3.56
3.59
3.61
3.68

3.77
3.83
3.84
3.83

3.45
3.39
3.33
3.34

2.67

3.29

4.12

4.04

5.50

5.61

4.11

4.33

3.83

3.51

3.76

3.60

Bills discounted:
January
February . .
March
April

4.18
4.15
4.21
4.17

4.01
4.02
4.14
3.92

3.94
4.02
3.94
4.14

4.21
4.18
4.16
4.16

4.71
5.20
5.47
5.58

6.30
6.37
6.36
6.32

4.99
4.90
4.83
4.75

4.26
4.24
4.45
4.49

4.50
4.50
4.50
4.50

3.55
3.42
3.60
3.66

3.91
3.99
4.00
3.98

4.00
4.00
4.00
4.00

4.24
4.36
4.24
4.31

3.82
3.49
3.82
3.77

4.38
4.31
4.40
4.35

4.15
4.20
4.15
4.13

5.66
5.89
6.13
6.19

6.29
6.20
6.09
5.91

4.68
4.61
4.50
4.47

4.50
4.50
4.50
4.50

4.45
4.35
4.11
3.99

3.69
3.69
3.68
3.68

3.87
3.88
3.85
3.91

4.00
4.00
4.00
3.83

4.43
4.35
4.08
3.81

3.79
3.47
3.42
3.65

4.27
4.22
4.27
4.29

4.17
4.15
4.40
4.55

6.22
6.35
6 41
6.42

5.85
5.69
5.39
5.11

4.42
4.36
4.29
4.29

4.50
4.50
4 50
4.50

3.85
3.75
3 69
3.59

3.66
3.66
3.71
3.84

3.99
4.00
4.00
4.00

3.62
3.52
3.51
3.51

4.20

3.61

4.24

4.23

5.88

6.07

4.63

4.46

4.25

3.67

3.95

3.83

2.09
2.07
2.04
2.04

2.80
3.02
3 19
3.10

3.64
3.79
3 92
4.18

4.29
4.25
4 26
4.23

4.79
5.06
5 47
5.70

6.14
5.99
6 01
5.97

4.44
4.25
4 06
3.83

4.01
4.09
4 10
4.08

4.20
4.18
4 17
4.17

2.70
2. 88
3 06
3.13

3.46
3.55
3 61
3.63

3.73
3.70
3 68
3.67

2.07
2.14
2.21
2.31

3.15
3.16
3.23
3.19

4.36
4.25
4.24
4.38

4.25
4.19
4.27
4.22

5.77
5.98
6.07
6.07

5.98
5.97
5.96
5.36

3.50
3.29
3.18
3.11

4.11
4.14
4.18
4.19

4.05
3.66
2.80
2.49

3.16
3.17
3.19
3.24

3.52
3.37
3.33
3.32

3.65
3.66
3.67
3.51

2.46
2.12
2.52
2.71

3.35
3.40
3.53
3.43

4.19
4.25
4.36
4.33

4.27
4.22
4.33
4.54

6.06
6.07
6.03
6.05

5.33
5.04
4.91
4.50

3.11
3.24
3.59
3.84

4.19
4.19
4.18
4.20

2.22
2.20
2.23
2.46

3.32
3.37
3.40
3.43

3.50
3.67
3.75
3.76

3.31
3.19
3.19
3.20

2.36

3.26

4.14

4.30

5.66

5.70

3.54

4.14

3.31

3.17

3.55

3.49

2.14
2.33
2.14
2.34

2.64
2.67
2.66
2.36

3.27
3.25
3.59
3.56

2.26
2.31
2.41
2.43

2.18
2.17
2.10
2.10

2.13
2.11
2.24
2.15

3.16
3.58
3.72
3.77

3.74
3.96
3.99
4.11

4.26
4.17
4.04
4.14

3.51
3.59
3.50
3.58

3.69
3.71
3.60
3.65

3.55
3.53
3.49
3.48

2.26
2.29
2.38
2.36

2.41
2.39
2.67
2.71

3.06
3.00
2.76
2.87

2.42
2.33
2.24
2.21

2.22
2.24
2.15
2.22

2.49
2.40
2.31
2.33

3.70
3.67
3.63
3.60

4.17
4.02
4.17
4.15

4.05
3.79
3.68
3.57

3.57
3.53
3.54
3.54

3.61
3.56
3.55
3.52

3.54
3.46
3.43
3.37

2.38
2.47
2.44
2.38

2.75
3.06
2.86
2.98

2.73
2.44
2.49
2.40

2.17
2.18
2.22
2.19

2.27
2.20
2.17
2.43

2.49
2.38
2.68
2.92

3.65
3.71
3.78
3.79

4.07
4.21
4.18
4.03

3.46
3.44
3.46
3.39

3.55
3.62
3.62
3.63

3.53
3.62
3.61
3.55

3.37
3.38
3.27
3.28

2.35

2.68

2.99

2.26

2.21

2.37

3.67

4.01

3.67

3.56

3.60

3.41

May
June._ . .
July
August
September
October
November
December
Year
Bills bought:
January... .
February
March
April... _
May...
June
July
August
September.. .
October
November
December
Year..
United States securities:
January..
February
March
April
May
June..
July
August
September
October.
November..
December
Year....




93

DISCOUNT RATES AND MONEY RATES
No.

2 7 , — A V E R A G E R A T E S C H A R G E D BY M E M B E R B A N K S ON C U S T O M E R S '
P A P E R REDISCOUNTED WITH F E D E R A L R E S E R V E BANKS, 1921-1927

[Per cent]

Month of rediscounting

Federal reserve district
All
disPhilSan
tricts Bos- New adel- Cleve- Rich- At- Chi- St. Min- Kan- Dal- Fransas
ton York phia land mond lanta cago Louis neap- City las cisco
olis
BANKS IN SMALL CITIES AND TOWNS (UNDER 15,000)

1921—December
1922—December
1923—March . . . .
June
September
December
1924—March
June
September
December
1925—March
June
SeptemberDecember
1926—March
June
September
December
1927—March
June
September
December

8.0
7.7
7.7
7.9
7.5
7.5
7.5
7.6
7.3
7.1
7.1
7.3
7.0
6.9
7.2
7.2
7.1
7.0
7.1
7.2
7.1
6.9

6.2
5.8
5.9
6.0
6.0
6.0
6.0
6.1
6.2
6.0
5.9
6.0
5.8
5.8
5.9
5.9
6.0
5.9
5.9
5.8
5.9
5.8

6.1
5.7
6.0
6.0
6.0
5.9
6.0
6.0
5.9
5.6
5.9
5.8
6.0
6.0
6.0
5.9
5.8
5.8
6.0
6.0
5.8
6.0

6.0
5.9
5.9
6.0
5.9
6.0
5.9
6.0
5.9
5.9
6.0
6.0
5.8
6.0
6.0
5.9
6.0
6.0
6.0
6.0
6.0
6.0

6.3
6.2
6.0
6.2
6.1
6.1
6.1
6.2
6.3
6.2
6.2
6.2
6.4
6.3
6.1
6.2
6.2
6.0
6.4
6.4
6.0
6.0

6.9
6.7
6.4
6.4
6.3
6.3
6.5
6.4
6.3
6.3
6.4
6.3
6.2
6.3
6.4
6.2
6.1
6.4
6.4
6.3
6.1
6.2

7.9
7.9
8.0
7.8
7.8

7.5
7.5
7.3
7.3
7.3

8.0
7.8
7.6
8.0
7.9

7.7
7.8
7.6

7.4
7.3
7.3

7.8
8.0
7.9

7.7
7.7
7.4
7.5
7.8
7.8
7.7
7.7
7.8
7.8
7.6
7.9

7.3
7.2
7.3
7.3
7.3
7.1
7.1
7.1
7.0
7.0
6.9
6.7

7.6
8.0
7.7
7.7
8.0
7.8
7.9
7.9
7.8
8.1
7.9
7.1

8.7
9.0
9.0
9.0
8.6
8.9
8.8
8.8
8.7
8.6
8.8
8.6
8.3
8.2
8.6
8.7
7.8
8.2
8.4
8.7
8.1
8.3

8.9
8.8
9.0
8.7
8.6
8.6
8.7
8.9
9.0
8.6
8.9
9.0
8.6
8.3
8.5
8.7
8.6
8.1
8.3
8.6
8.7
8.4

9.7
9.8
9.7
9.6
9.4
9.7
9.4
9.6
9.4
9.8
9.5
9.4
9.3
8.3
9.6
9.3
8.6
9.1
10.0
9.6
8.9
8.9

8.2
8.0
8.1
8.2
8.1
8.0
7.9
7.9
8.2
8.0
8.0
8.0
7.1
7.6
7.8
7.8
7.8
7.6
7.7
7.8
7.5
7.2

BANKS IN MEDIUM-SIZE CITIES (15,000 TO 100,000)
1921—December
1922—December

7.2
6.4

6.1
5,5

6.0
6.0

6.0
6.0

6.4
6.1

6.8
6.2

7.5
7.0

7.1
6.3

7.6
6.6

8.9
7.4

7.3
6.4

8.3
8.6

7.3
7.2

1923—March -. .
June
September
December

6.4
6.4
6.4
6.3

5.5
5.4
5.6
5.6

5.8
6.0
5.9
5.9

6.0
6.0
5.9
6.0

6.2
6.1
6.2
6.1

6.1
6.1
6.2
6.1

7.2
7.1
7.0
6.8

6.2
5.9
6.0
6.2

5.8
5.6
6.1
6.5

6.8 6.5
7.0 • 6.8
6.8
7.1
6.9

8.2
8.1
8.1
8.3

7.5
7.6
7.1
6.2

1924—March . .
June
September
December

6.4
6.3
6.4
6.2

5.6
5.7
5.8
5.1

6.0
5.8
5.6
5.7

6.0
6.0
6.0
6.0

6.1
6.0
6.1
6.1

6.3
6.1
6.1
6.1

7.1
6.9
7.1
6.6

6.3
6.2
6.5
6.2

6.4
6.4
6.4

7.0
7.0
7.1

8.4
7.5
7.3

6.8
7.3
7.6

1925—March
June
September
December

6.1
6.1
6.0
6.0

5.4
5.0
5.0
5.2

5.7
5.6
5.8
5.8

6.0
6.0
6.0
6.0

6.0
6.1
5.9
6.1

6.1
6.1
6.2
6.2

6.9
6.6
7.3
6.6

1926—March
June
September
December

6.1
6.2
6.2
6.0

5.3
5.6
5.5
5.7

5.7
5.9
5.6
5.8

6.0
6.0
5.9
6.0

6.0
6.1
6.1
6.1

6.2
6.0
6.0
6.1

6.8
7.0
6.9
6.6

6.0
5.9
6.1
5.8
5.9
6.0
6.1
6.0

6.4
6.4
6.5
6.5

6! 7

6.3
6.7
5.8

7.7
6.6
6.5
5.5

6.4
7.1
6.6
7.0

1927—March
June
September
December

6.1
6.1
6.3
5.8

5.3
5.6
5.4
5.6

5.9
5.8
5.9
5.8

6.0
6.0
5.9
6.0

6.0
6.0
6.1
6.0

6.3
6.2
6.0
6.0

6.9
6.7
7.3
6.7

5.9
5.8
6.0
5.0

7.0
7.7 - - - - 6.1
6.2

6.2
6.1
6.0
8.8

6.0
7.2
7.2
7.4

7.0
7.2
7.9
7.8




6.4
6.0

7.3
7.2
7.1
7.1
7.1

8.0
8.0
7.6

7.8
7.8
8.6

8.0
7.3
7.1

94

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Xo. 21.—AVERAGE
RATES CHARGED BY MEMBER BANKS ON CUSTOMERS'
PAPER REDISCOTJNTED WITH FEDERAL RESERVE BANKS, 1921-1927—Contd.
[Per cent]

Month of rediscounting

Federal reserve district
All
disPhilSan
tricts Bos- New adel- Cleve- Rich- At- Chi- St. Min- Kan- Dal- Fransas
ton York phia land mondj lanta cago Louis neap- City
olis
cisco
BANKS I N LARGE CITIES (100,000 AND OVER)

1921—December-.
1922—December- _

6.1
5.1

6.1
4.8

6.0
4.9

6.0
5.0

6.3
5.6

6.1
5.9

7.1
5.8

6.4
5.0

6.4
5.3

6.8
5.7

7.2
6. 3

7.6
6.3

1923—March
June
September..
December..

5.1
5.3
5.4
5.4

4.9
5.0
5.2
5.3

5.0
5.3
5.3
5.4

5.2
5.2
5.5
5.5

5.4
5.6
5.6
5.7

5.7
5.8
5.9
6.0

5.6
5.7
5.9
5.8

5.1
5.3
5.5
5.6

5.2
5.2
5.4
5.6

5.6
5.9
5.7
5.7

6. 3
6.6
6.3
6.3

6.5
6.6
6.4
6.4

1924—March
June
September...
December...

5.5
5.6
5.6

5.2
5.3
4.9

5.2
5.7
5.6
5.3

5.4
5.4
5.7
5.3

5.6
5.4
6.0
5.7

5.9
6.0
6.0
6.0

5.8
5.8
6.0
5.7

5.5
5.5
5.3
4.9

5.6
5.3

5.9
6.0
5.4

6.5
6.7

5.6
5.7
5.9

4.9

6.0

6.5
6.5
5.5
6.2

1925—March
June
September..
December..

5.1
5.2
5.1
5.1

4.8
4.9
4.9
4.9

5.5
5.2
4.5
5.3

5.2
5.4
5.6 , 5.5
5.4
5.3
5.5
6.0

6.0
6.0
5.9
5.9

5.7
6.2
6.3
5.6

4.9 4.3
4.5 5.0
4. 7 , 5.0
4. 7 5.0

6.0
6.0
5.6
5.5

5.7
5.5
5.9 ~~5.T

5.8
6.1
6.4
5.5

1926—March
June
September..
December..

5.1
5.3
5.2
5.2

5.6
5.1
5.6
5.2

5.9
5.9
4.8
5.8

5.4
5.5
5.2
5.5

5.6
5.3
5.3
5.6

6.0
6.0
6.0
6.0

5.8
6.0
5.9
5.9

4.7
4.9
4.9
4.9

4.8
4.9
5.0
4.9

5.6
5.6
5.4
5.5

6.4
6.9
6.4
7.2

5.6
5.5
5.6
6.2

1927—March
June
September..
December..

5.1
5.0
5.4
5.0

5.6
5.4
6.0
4.3

5.8
5.9
5.3
4.5

5.5
5.6
5.6
5.5

5.5
5.6
5.0
5.6

6.0
6.0
6.0
6.0

5.9
6.0
5.8
5.8

4.9
4.6
5.3
4.7

4.7
4.6
4.8
4.5

49




5*. 6

5.9
6.2
5.5
6.0

6.2
6.8

6.1
7.2
7.3

5.2

6.1
5.2
5.3
5.7
5.6
5.7

5.5
5.9
5.5
6.5

95

DISCOUNT EATES AND MONEY BATES
No, 28.—OPEN MARKET RATES IN N E W YORK CITY, BY MONTHS,

1919-1927

[Per cent]
Prevailing rate o n -

Average rate on*•
Call loans 3

Month

Prime
commercial
paper,
4-6
months

1919
January
February.
March
April...
May
June
July.
August.
September
.
October
November
December
1920

January
February
March
April
May.
June
July....
August..
September
October
November
December

Prime
bankers'
Time
acceptloans,
ances, 90 90 days 2
days

New

Prime
bankers'
acceptReances,
newal 90 days

Average yield on1—
U. S.
Treasury
notes Liberty
and b d 4
certificates,
3-6
months

4.79
5.20
5.03
5.38
5.24
7.06
6.92
'5.22
6.19
8.59
11.28
9.74

4.35
5.01
5.00
5.36
5.31
6.57
6.55
5.25
5.30
7.43
10.89
8.18

4.25
4.25
4.25
4.25
4.25
4.25
4.26
4.28
4.25
4.25
4.52
4.95

8.71
9.94
8.65
8.20
7.20
8.36
8.38
7.24
7.05
8.10
7.76
6.93

8.10
9.61
8.17
7.23
7.10
7.36
8.14
7.25
7.10
7.75
7.83
7.00

5.37
5.50
6.00
6.00
6.13
6.25
6.25
6.25
6.25
6.25
6.23
6.25

4.50
4.50
4.75
5.25
5.50
5.75
5.81
5.83
5.81
5.75
5.75
5.88

4.98
5.09
5.14
5.35
5.65
5.59
5.63
5.73
5.63
5.36
5.54
5.76

6.72
7.20
6.70
6.49
6.86
5.98
5.53
5.60
5.09
5.13
4.92
5.13

6.72
7.27
6.83
6.54
6.78
5.98
5.58
5.56
5.12
5.23
4.97
5.14

5.94
5.97
5.98
5.67
5.69
5.59
5.25
5.00
4.94
4.49
4.27
4.16

5.67
5.30
5.38
5.20
5.16
4.99
4.60
4.75
4.75
4.21
4.03
3.90

5.48
5.55
5.52
5.48
5.49
5.49
5.47
5.40
5.28
4.98
4.73
4.54

4.67
4.75
4.77
4.78
4.72
4.74
4.78
4.83
4.78
4.77
4.96

1921

January
February
March
April
May—
June—
July—
August
September
October
November
December

1922

January
4.52
4.50
4.54
3.90
3.95
February
4.90
4.96
4.58
3.81
4.00
March
4.22
4.29
4.44
3.55
3.73
April
3.97
4.02
4.30
3.21
3.32
May_
3.90
3.94
4.27
3.25
3.18
June
3.72
3.73
4.25
3.25
3.07
July
3.86
3.90
4.18
3.20
3.00
August
3.75
3.83
4.18
3.13
3.00
September
4.34
4.52
4.22
3.34
3.12
October
4.73
4.83
4.33
3.71
3.72
November
4.89
4.94
4.43
3.66
4.00
4.65
4.82
December
4.42
3.65
4.00
1
These rates are monthly averages of daily quotations for the month, except that yield on Treasury notes
and certificates during 1920 and 1921 is an average of daily quotations for the week nearest the 15th of the
month.
2 Stock exchange 90-day time loans.
3
Stock exchange call loans; new and renewal rates.
4
Second, third, and fourth 4*4 per cent Liberty bonds.
6
Three issues—3%, 4, and Qi per cent; yields calculated on basis of last redemption dates—1956,1954,
and 1952.




96
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
28.—OPEN MARKET RATES IN N E W YORK CITY, BY MONTHS, 1919-1927—

Continued
[Per cent]
Average rate on1—

Prevailing rate o n -

Call loans 3
Month

1923
January
February.
March
April...
May
June
July
August
September
October
November
December
1924
January
February
March
April
May
June .
July
August
Sentftmhp.r

October
November
December
1925
January
February
March
April
May
June
July..
August
September
October
November
December
1926
January
February
March
April
May
June__
July
August
September
October
November
December
1927
January
February .
March
April
May
June
July
August
September
October
November
December

Prime
commercial
paper,
4-6
months

Prime
bankers'
Time
acceptloans,
ances, 90 90 days 2
days

43^2

A%
5

5 -5}4
5
5
5

$M
$M
5
4^-5
$

4V£
4V-4V/
31/ 33/

314-33^

3<i/_4

3V-4
4-4 V
A*/
4V/-4V£
41/-4V
41/

See footnotes, p. 95.



4V£-4*M

&y
A-AV
4-4^
4-4^

41^

43^
43^
4H
4 -43^
4 -4H
3^-4
3 -3H
234-2^
2 -234
2}i-2}4
2H
2\i-2lA

3-3j^
3M
3H
3U-3M
3M
334
3M

%y2
v/2

%y2
36/

41/-45/
4}i-5
%Ay

A-AV

4-43/
AV
%>
4
4
4
4
4

4

VAr&A
3% i
VA
VA
tyi-VA

4J4
4^-4K
4^-43/
4K-5
5

WtrPA
Ay
b

Renewal

'
;

ZA
&/ j
Vy j
s
%*/
Wg-ty j
V/ 3
33/
3>f-33^
33^
3^1

m-4y

4^-43/
4^-43/
4V
43/

4^-4^
4-43/

4-4^

4.32
4.82
5.14
4.87
4.70
5.00
5.06
4.97
4.93
4.75
4.80
4.86

3.98
3.99
4.00
4.14
4.13
4.13
4.13
4.13
4.13
4.13
4.13
4.13

3.66
3.65
4.12
4.13
3.95
3.84
3.91
3.86
4.01
4.22
3.94
3.88

4.41
4.41
4.49
4.51
4.48
4.44
4.43
4.43
4.45
4.50
4.44
4.41

4.39
4.33
4.04
4.21
3.38
2.25
2.10
2.00
2 07
2.32
2.42
3.49

4.09
4.07
4.04
3.95
3.29
2.45
2.01
2.10
2.33
2.21
2.37
2.89

3.76
3.54
3.57
3.38
2.99
2.44
1.92
1.90
2.14
2.41
2.58
2.57

4.32
4.29
4.29
4.24
4.15
4.01
3.94
3.92
3.95
3.93
3.98
4.05

3.21
3.69
4.01
3.84
3.78
4.12
4.09
4.23
4.72
4.79
4 74
5.36

±v%

Ay8
Ay$

3^
4V-4V^
4
4
4-434

New

4 31
4.37
4.12
4 22
3.33
2.19
2 09
2.00
2 10
2 35
2.51
3.63

43^8
43^8

3
4
4

U. S.
Treasrime ury
bank- notes
iberty Treasand
4
ury
ers'
ccept- certifi- onds bonds 6
ances, cates,
Odays 3-6
months
D

4.30
4.94
5.24
4.98
4 68
5.06
5.08
4.93
4.92
4 69
4.77
4.88

4
4
4

2

3 -3%
3M
3 -3}|

Average yield on *
—

3.32
3.60
3.97
3.86
3.82
3.97
4.09
4.19
4.62
4.87
4 75
5.32

3.00
3.08
3.25
3.14
3.17
3.25
3.25
3.27
3.50
3.50
3.50
3.50

2.61
2.62
2.78
2.78
2.73
2.86
3.06
3.01
3.33
3.53
3.65
3.51

4.04
4.02
4.02
3.96
3.93
3.90
3.95
3.98
3.98
4.02
4.04
4.04

4 46
4.89
4.56
3.97
3.83
4.12
4.28
4.58
5.05
4.70
4.60
5:16

4.33
4.85
4.55
4.06
3.81
4.15
4.27
4.52
5.02
4.75
4.56
5.16

3.67
3.63
3.63
3.42
3.20
3.32
3.38
3.57
3.88
3.88
3.79
3.83

3.49
3.18
3.25
3.08
3.17
2.90
3.11
3.27
3.47
3.58
3.35
3.11

4.04
4.01
3.98
3.94
3.93
3.90
3.93
3.95
3.96
3.95
3.91
3.84

4.27
4.06
4.13
4.21
4.27
4.26
3.95
3.66
3.84
3.88
3.60
4.43

4.32
4.03
4.13
4.18
4.26
4.33
4.05
3.68
3.83
3.90
3.60
4.38

3.69
3.6£
3.63
3.63
3.63
3.63
3.50
3.13
3.13
3.25
3.25
3.25

3.23
3.29
3.21
3.39
3.33
3.09
2.96
2.70
2.81
3.08
3.04
3.17

3.80
3.80

3.75
3.741
3.73
3.68
3.64
3.6a
3.58
3.48
3.47
3.44
3.47
3.48
3.45
3.44
3.43
3.39
3.34

97

DISCOUNT RATES AND MONEY RATES
No.

29.—OPEN-MARKET RATES IN NEW YORK CITY, BY WEEKS
[Per cent]
Average yield
on—

Jan.
Jan.
Jan.
Jan.

8
15._.
22
29...

Feb.
Feb.
Feb.
Feb.

5
12
19
26

Mar.
Mar.
Mar.
Mar.

5.
12
19
26

Apr.
Apr.
Apr.
Apr.
Apr.

1927

2.
9_._
1623
30

May7
May 14
May 21
May 28

3.40
3.39
3.38
3.37

June
June
June
June

4
11
18
25

3.39
3.40
3.43
3.42

July
July
July
July
July

2
9
16—.
23
30

3.42
3.42
3.43
3.43
3.42

_.

Aug. 6
Aug. 13
Aug. 20
Aug. 27

3.40
3.40
3.39
3.39

Sept.
Sept.
Sept.
Sept.

3 38
3.39
3.39
3.38

Oct.
Oct.
Oct.
Oct.
Oct.

3...
10-_
17-.
24

18_
15
22.
29

Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3.—
Dec. 10
Dec. 17.
Dec. 24.—
Dec. 31
1
2
3

3.40
3.44
3.44
3.44
3.43

3.41
3.40
3.38
3.38
3.36
3.34
3.35
3.34
3.34

Stock exchange 90-day time loans.
Stock exchange call loans new and renewal rates.
Three issues, 3%, 4, and 4% per cent; yields calculated on basis of last redemption dates 1956, 1954,
and 1952.
* Change of issues on which yield is computed.
Back figures.—See annual reports for 1926 (Table 107) and 1925 (Table 106).




98

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 30.—MONEY RATES IN N E W YOKK CITY—PREVAILING RATES CHARGED
CUSTOMERS, 1919-1927
[Rates prevailing during period ending with 15th of month. Per cent]

Month

January. _.
February.
March
April
May
June
July
August
September.
October
November.
December..
January
February...
March
April.
May
June
_.
July
August
September.
October
November..
December..
January
February._
March
April
May
June
July
August
September.
October
November.
December..
January
February..
March
April
May
June
July
August
September.
October
November.
December..
January
February_.
March
April
May
June.
July
August
September.
October
November.
December..

I Prime
! coramerI cial
I loans

Interbank
loans

Loans secured by stocks and
bonds

1919
5

5
5
5
5

-5V2\

-5)4
-5H!
-5^1
-5H !

5

-Wi\
5 I
-5H!
5
5
5 -534!
5345HI

5

534-6^

5H-6

5 -5
5
434-5
434-5
5

-6

54
434-6
5 -5K
5 -5K2

1920
6
6
6
6
6
6
6 -7

5 -53^!

5

-6

6
5M-6
6
6
6
6
6

6 -7
1921

7 I

i

-7
6
6
7
6 -7
6«-7

6 -(

5

6
6
6
6
6
6
-6

-8
-7
7
7
-9
-7

6
6
-7

6 -7
7
7
6 -7
6H-7
6 -7
5 -7
534-7
5H6

6 -7
6 -7

5 -6

5

5

6 -7
6 -7

-6

-6

1922

5 -o\
0Y2

4)4-5
434-5
43/2-5
4H-5

535 -5>
5 -5>
4H-5
4^-5

5 -53>
5 -6
5 -6
5
434-5
434-5

5 -6
5 -6
4 -51
5
4 -5
334-6
4 4 -5

434-5
5

53/2-6
0K2-6

4

t

4)4-6
4 -6
434-5
43/2-5
5
5

1923




4M-5

5 -5*/.
5 -5
5

-h

5
5
5
5

5
-6
-53/
-5V
-53^

5 -53^
5 -5H
5 -5H

434-5
5
434-5
5
5
434-5
5 -5)
5 -5)
5 -5)
5 -5)

4 -5
434-5
5
434-514,
5 -5W

5 -5
5 -5

5
4M-5
5 -5
5 -6
-5H5K2S5M-6
5M-6i
5 -5^

99

DISCOUNT KATES AND MONEY RATES
No.

30.—MONEY RATES IN N E W YORK CITY—PREVAILING RATES CHARGED

CUSTOMERS, 1919-1927—Continued
fRates prevailing during period ending with 15th of month. Per cent]

Month

January
February
March
April
May
June
July.
August..
September.
October
November
December

_

Interbank
loans

Loans secured by stocks and
bonds
Time

5 ~hV2
5 -5H
5 -5H
5
5
4 -4%

1925
4 -5
__

4 -5
4 -5
4 -5
4 -5

2 -43,
2 -4>
2 -4^

3 -5
33^-4%
4^4%

4 -5

4
4k .
4M-5

4 -5
43^-5

4 -6

5 -52

1926

4^-5
43^-5

_

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

._

January
February..
March
_
April.
May..
June
July
August
September
October. __
November
December...

Loans
secured
by warehouse
receipts

2
3H-5'

_

January
February
March
April.
May.
June.
_
July
August
September
October.
November
December...
January
February
March
April
May..
June.
July.
August
September
October..
November
December

1924

Prime
commercial
loans

_

1927
4 -5
4 -5
43^-5
43^-5
4M5
4 -5
_

33^-5
4 -5
4 -5

NOTE.—For corresponding figures relating to cities other than New York, see the Federal Reserve Bulletin; also Annual Reports for 1926, Part II, Table 16, and 1925, Part II, Table 12. Quotations for
1919-1923 relate to 30-day period ending with 15th of month; thereafter to 7-day period. Certain other
changes in the reporting service were made in January, 1924. For discussion of figures see Federal Reserve
Bulletin for December, 1927, pp. 803-817: "Differentials in Rates Charged Customers."




100

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FOREIGN RATES

No. 31.—OPEN-MAKKET RATES IN FOREIGN COUNTRIES, BY MONTHS, 1924-1927 l
[Per cent]

I
England France
(London) (Paris)

Germany Italy
(Berlin) (Milan)

Japan
(Tokyo)

Nether- Switzerlands
land
(Amster- (Zurich)
dam)

Month
Bankers' Private Private Private
Private Private
acceptDiscounted discount discount
ances, 3 discount discount discount
bills
rate
rate
rate
rate
rate
months
1924

February
March
April.-

3.29
3.54
3.20
3.07

8.03-10.22
8.40-10.22
8.40-10.22
8.40-10.40

4.88
5.19
5.13
5.06

3.58
3.57
3.69
3.73

- -

3.05
3.03
3.59
3.79

8.40-10.40
8.03-10.22
7.67-10.22
7.67- 9.86

4.19
3.56
3.13
2.88

3.39
3.19
3.56
3.70

_

3.74
3.72
3.72
3.73

7.67- 9.86
7.67- 9.86
7.67- 9.86
8.03-10.04

3.25
4.63
4.44
4.00

3.69
3.59
3.32
3.01

-

May
June
July
August
September
October
November.
December

.

1925
January
February
. _March
April - . - -

__

_

1926
January
- February
March . . - April
May

June
July
August.

_

-

-

September
October
November
December
January
February
March
April- . . _
May
June
July
August

1927

.

September . . .
October-_
November
December. _
_

8.38
8.00
8.00
8.00

5.37
5.47
6.00
6.50

7.306.947.306.94-

9.86
9.13
9.13
9.13

2.63
2.14
2.34
3.23

2.69
2.25
2.44
2.50

4.59
4.44
4.35
3.94

_

6.40
6.31
6.31
6.37
6.30
6.00
5.47
5.22

8.00
7.83
7.88
7.78

6.50
6.94
7.50
7.50

6.216.216.216.57-

8.76
8.76
8.76
8.76

3.45
3.08
2.72
3.72

2.46
2.29
2.16
2.02

3.68
3.57
3.92
4.67

5.37
4.92
4.78
4.80

7.27
7.16
6.78
6.75

8.50
8.50
8.50
8.50

6.756.756.947.12-

8.76
8.76
9.13
9.13

3.63
3.47
3.34
3.43

2.00
2.00
2.22
2.29

4.76
4.31
4.37
4.33

4.57
4.27
4.25
4.25

6.28
5.46
5.00
4.88

8.18
8.00
8.00
8.00

6.756.576.576.75-

9.13
8.76
8.40
8.76

2.95
2.19
2.67
2.90

2.44
2.22
2.18
2.30

4.37
4.27
4.26
4.45

5.15
5.73
6.00
7.00

4.69
4.53
4.54
4.61

8.00
8.17
8.50
8.50

6.757.126.946.75-

8.76
8.76
8.76
8.40

2.95
2.83
2.74
2.63

2.38
2.38
2.37
2.34

4.54
4.69
4.57
4.53

May
June
July
August
September
October
November..
December

3.80
3.83
4.48
4.30

6.98
7.25
6.69
5.77

4.88
4.82
4.63
4.72

8.50
8.96
9.25
9.25

6.396.216.396.75-

8.40
8.40
8.40
8.76

2.78
2.83
3.21
3.39

2.52
2.80
2.96
3.35

4.17
4.19
4.33
4.04

4.99
4.45
3.89
3.17

4.20
4.23
4.59
4.61

9.25
9.25
9.25
9.25

6.39- 8.76
6.21- 8.03
5.84 7.67
5.84- 8.03

2.97
3.47
3.50
3.47

3.16
2.87
2.98
3.13

3.88
4.34
4.33
4.33

2.46
2.25
2.13
2.04

4.90
5.39
5.90
5.82

8.50
7.60
7.00
7.00

6.576.576.215.48-

7.67
8.76
8.40
8.03

3.46
3.57
3.53
3.45

3.19
3.42
3.47
3.44

4.32
4.32
4.33
4.31

2.01
1.82
2.75
2.95

5.90
6.69
6.76
6.87

6.81
6.50
6.27
6.00

5.114.755.115.48-

7.67
7.30
7.30
7.67

3.56
4.11
4.50
4.49

3.39
3.38
3.39
3.40

i All figures are monthly averages. For sources used and detailed explanation of methods of quotation,
see Federal Reserve Bulletin for November, 1926, and April, 1927. Rates for England, Germany, and
Netherlands in 1927 are revised.




101

DISCOUNT RATES AND MONEY RATES
No.

32.—DISCOUNT RATES AT CENTRAL BANKS IN FOREIGN
CHANGES FROM JANUARY 1, 1922, TO DECEMBER 31,

COUNTRIES—
1927

[Per cent]
Central bank of—
England France
In'effect Jan. 1, 1922
Changes effective—
1922—Feb. 16
Mar. 2
Mar 10
Mar. 11
Apr. 13
June 15
July 1
July 11
July 13
July 18
July 28
Aug. 17
. .
Aug. 28
Sept 21
Nov. 13
1923—Jan 18
Apr 23
July 5
July 14
Aug. 2
Sept 15
Oct. 8
Nov 9
Dec 13
Dec. 23
1924—Jan. 10
Jan 17
Jan. 24
Dec 11
Dec. 13
1925—Jan 16
Feb. 26
Mar. 5
Mar. 9
Apr 15
June 2
June 18
Julv9
i
July 24
Aug. 6
Oct. 1
Oct. 2
Oct. 9
Oct 22
Dec. 3
1926—Jan. 12
Mar. 27
June 7__
.
July 6
Aug. 2
Oct. 4
Dec. 16
. . .
1927—Jan. 11
Feb. 3
. .
Mar. 9
Apr. 14 .
Apr. 21
Apr. 22
June 10
Oct. 4
Oct. 10
Oct. 13
. .
Dec. 29
In effect Dec. 31, 1927
1

Stable value credits.




5

5H

Germany

Italy

Japan

5

6

8.03

Nether- Sweden Switzerlands
land
4

4H

4H
5

5

&A

4

3H

&A

&A

3

4
6

3

7
8
10
12
18

4

4

30
90
108
4H

UO

5H
6

5

7

4H
4
9

5

6

&A

7.30

6
5

4V£
4

3H
5

4M

• 3H

8
7
&A
6
W2
VA

&A

6.57
5
5.84

5

4K

4

6
7
4H

4
4

5.48
4M

7

7

5.48

4

33^

MEMBER AND NONMEMBER BANK
CREDIT

110390—28




8

103

ALL BANKS IN THE UNITED STATES
No. 33.—ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS OP
MEMBER AND NONMEMBER BANKS, 1914-1927
[In millions of dollars]
Loans and investments *
Date*

All
banks

Loans

Investments

NonMem- member
ber
banks banks

All
banks

NonMem- memAll
ber
banks
ber
banks banks

NonMem- member
ber
banks banks

3 8,313 < 12,475
8,764 12, 702
10, 315 14,271
12,453 15,833
18, 507 13,306

15,248
15,643
17,961
20, 510
22,392

3 6,443 *8,804
8,923
6,720
7,964
9,996
9,370 11,140
13,233
9,158

5,541
5,823
6,626
7,777
9,421

31,870
2,044
2,351
3,083
5,274

* 3,671
3,779
4,274
4 693
4,147

1914—June 30
1915—June 23
1916—June 30
1917—June 20 .
1918—June 29_

20,789
21,466
___ 24,587
28,287
31,813

1919—June 30
1920—June 30
1921—June 30
1922—June 30-_

36, 570
41,685
39,999
39, 956

22, 242
25, 559
24,121
24,182

14, 330
16,125
15,880
15, 774

24, 710
30,824
28,970
27, 732

15, 414
19,533
18,119
17,163

9,297
11,290
10,852
10,567

11,860
10,861
11, 029
12, 224

6,827
6,026
6,002
7,017

5,033
4,835
5,028
5,207

1923—June 30_Dec. 31

43, 738
44,003

26, 507
26,487

17,230
17, 516

30,378
30, 778

18, 750
18,842

11,627
11,936

13,360
13,225

7,757
7,645

5,603
5,580

1924—June 30
Dec. 3 1 -

45,180
47,182

27,167
28, 746

18,013
18, 437

31, 523
32, 440

19,204
19,933

12,320
12, 507

13, 657
14, 742

7,963
8,813

5,693
5,929

1925—June 30
Dec. 31

48,830
50, 603

29, 518
30,884

19,312
19, 720

33, 865
35, 640

20, 655
21,996

13, 210
13, 644

14, 965
14, 963

8,863
8,888

6,102
6,076

1926—June 30_ _
Dec. 31

51, 562
52,018

31,184
31, 642

20,378
20, 376

36,157
36, 759

22, 060
22,652

14,097
14,106

15,404
15,260

9,123
8,990

6,281
6 269

1927—June 30
Dec. 31

53, 723
55, 423

32, 756
34,247

20,967
21,176

37,338
38,385

22,938
23,886

14,399
14,499

16,385
17,038

9,818
10,361

6,568
6,678

1
Dates of reports of member banks;figuresfor nonmember banks are from reports of nearest available
date.
3
3 See notes 1, 2, 3, and 9, p. 107.
National banks.
4
Nonnational banks.

N o . 3 4 . — A L L B A N K S I N T H E U N I T E D S T A T E S — D E P O S I T S O P M E M B E R AND
N O N M E M B E R B A N K S (EXCLUSIVE OF I N T E R B A N K D E P O S I T S ) , 1914-1927

[In millions of dollars]
Date*

1914—June 30
1915—June 23
1916—June 30
1917—June 20
1918—June 29
1919—June 30
1920—June 30
1921—June 30
1922—June 30.

Member
banks

Nonmember
banks

18,566
19,131
22,759
26,352
. 28,765

2 6,374
6,678
8,295
10,301
15,670

312,192
12,453
14,364
16,052
13,095

33, 578
37, 692
35, 717
37, 585

19,146
21,886
20, 612
22,367

14,433
15,805
15,104
15, 219

An
banks

Datei

1923—June 30
Dec. 31
1924—June 30

Dec. 31
1925—June 30

Dec. 31
1926—June 30

Dec. 3 1 - . . _ _ .
1927—June 30
Dec. 31

All
banks

40,653
42,143
43,369
45,813
47, 575
49, 202
49,695
50,009
51,612
52,879

NonMember member
banks
banks
23,836
24,976
25,675
27,814
28,403
30,007
29, 743
30,454
31, 227
32,041

16,817
17,167
17,694
17,99c
19,172
19,195
19, 952
19, 555
20, 385
20,838

1 Dates of reports of member banks;figuresfor nonmember banks are from reports of nearest available
date.
2
National banks.
3
Nonnational banks.
NOTE.—Nonmember banks covered by Tables 33 and 34 include private banks subject to State
supervision.




105

ALL

MEMBER BANKS

No, 35.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927
[In millions of dollars]
Loans and investments
Capital, sur-

Investments 3
Call date
Total

Loans 1
Total

plus,
Due
and
from
U.S.
banks * undiOther
Gov- bonds,
vided
ern- stocks,
profits
ment and sesecuri- curities
ties

1914

1916
May 1
June 30
Sept. 12
Nov. 17
Dec. 27
1917
Mar. 5
May 1
June 20
Dec. 31
1918
_
_.
1919
Mar. 4
June 30
Nov. 17
Dec. 31

71

1,876

6,235

7,468

266

9,437
10,389
10, 636

5,092
5,367
5,278
5,491
6,152
6,334

1,264
1,320
1,352
1,416
1,463
1,506

58
46
48
44
40
35

2,252
2,234
2,216
2,486
2,734
2,761

6.622
6,735
6,811
7,145
7,879
7,971

7,886
8,055
8,163
8,561
9,342
9,477

295
295
31J
324
376
414

2,148
2,143
2,184
2,213
2,231

11,404
11,133
11,737
12,893
12, 661

6,661
6,581
6,892
7,522
7,340

1,686
1,775
1,853
1,940
1,983

34
39
34
34
35

3,022
2,738
2,958
3,397
3,303

8,336
8,226
8,804
9,567
9,502

10,022
10,001
10, 657
11, 750
11,485

438
490
554
674
733

64
69
95
80
95

7,605
7,606
7,618
7,614
7,614

2,056
1,897
1,695
2,129

2,218
2,258
2,307
2,807

13,
13,
13,
18,

396
651
397
628

7,503
7,915
7,856
11,180

2,125
2,263
2,304
3,156

34
35
141

3,734
3,438
3,096
3,643

10, 044
9,869
9,690
12,487

12,169
12,132
11, 993
15, 643

778
802
862
1,497

75
•95
»327

7,614
7,629
7,653
7,907

2,803
2,809
2,840
2,896

1,870
1,906
2,036
2,194

3,005
3,002
3,222
3,220

19. 210
18, 954
20,821
21, 419

11,051
10, 754
12,016
13,309

3,347
3,395
3,651
3,834

1,459
1,521
1,708
472

3,353
3,446
3,804

12,451
12,217
13, 279
14, 525

15, 797
15,612
16,930
18,359

1,536
1,565
1,520
1,655

1,043
1,022
1,912
1,876

8,132
8,213
8,596

2,955
3,024
3,271
3,306

2,137
2,125
2,575
2,519

3,280
3,350
3,587
3,542

21,493
22,808
25,169
26,122

12, 709
13,900
15,638
16,063

4,092
4,344
5,050
5,305

884
902

3,808
3,662
4,095
4,106

14,142
14,700
16,247
16, 559

18, 232
19, 044
21, 296
21,864

1,633
1,724
1,825
1,904

1,962
1,927
2,257
2,347

8,725
8,822
8,995
9,066

760

1,319

1,163

2,093

8,570
8,707
8,764
9,048
9,693
9,861

Mar. 4
May 1
June 23
Sept. 2
Nov. 10
Dec. 31

M a y 10
June 29
Nov. 1
Dec. 31

1,233

2,079

6,563
6, 705
6,720
6,965
7,483
7,622

2,007
2,002
2,044
2,083
2,210
2,239

747
750
749
747
745
742

1,260
1,252
1,295
1,336
1,465
1,497

1,353
1,322
1,282
1,443
1,637
1,563

2,098
2,097
2,124
2,129
2,146
2,126

10, 252
10,315
10, 732
11, 259
11, 275

7,898
7,964
8,263
8,712
8,714

2,354
2,351
2,469
2,547
2,561

710
703
703
697
690

1,644
1,648
1,766
1,850
1,871

1,767
1,564
1,748
2,057
1,874

9,096
11, 701
9 9,208
11,985
• 9,370
12,453
16,896 .1012,316

2,605
2,777
3,083
4,580

687
748
1,065
1,759

1,918
2,029
2,018
2,820

18, 673 MO 12, 667
18, 507 '."> 13, 233
20,981
«14, 550
20, 593 »14, 224

6,006
5,274
6,431

3,203
2,465
3,591
3,472

21, 484
22, 242
24,187
24, 778

7,607
6,827
6,765
6,630

4,652
3,803
3,494
3,324

1915




913,877
9 15,414
9 17,423
918,149

Reserve Bills
pay- Numwith
ber of
Federal able
and
reserve redis- banks
banks counts 2

5,125

6,419

Dec. 31

Net
United
Net
Total Demand5 Time States Due to demand demand
de- 6
plus
deposits deposits posits
debanks ' deposits
time
posits
depositsfi

8,305

8,967

648

133

106
104

7,582
7,607
7,614
7,615
7,630
7,640
7,631

May 4
June 30
Nov. 15
Dec. 29

1920

25, 418
25, 559
25, 769
25, 531

19,198
19, 533
19, 852
19, 555

6,220
6,026
5,917
5,976

2,958
2,811
2, 655
2,619

3, 262
3,215
3,262
3, 357

1,874
1,824
1,774
1,577

3,833
3,853
4,086
4,120

24, 835
25, 372
25, 088
24, 202

15, 352
15, 715
15, 494
14, 614

5,747
5,911
6,144
6,188

190
260
220
316

3,546
3,486
3,230
3,084

16, 390
16, 393
15, 906
15, 327

22,137
22, 304
22, 050
21, 515

1,866
1,839
1,827
1,763

2,755
2,701
3,080
3,036

9.291
9,399
9,567
9,606

24, 390
24,121
23,482

18,487
18,119
17, 394

5,903
6,002
6,088

2,496
2,561
2,581

3,407
3,441
3,507

1,325
1,354
1,450

4,156
4,133
4,093

22, 812
23,325
23, 231

13, 509
13,856
13, 614

6,343
6,367
6,451

273
390
306

2,687
2,713
2,860

14,371
14, 296
14,433

20, 714
20, 663
20, 884

1,654
1,625
1,758

2,313
2,022
1,364

9,698
9,745
9,779

23,278
24,182
25, 579

17, 080
17,165
17,930

6,198
7,017
7,649

2,701
3,205
3,754

3,497
3,812
3,896

1,614
1,647
1,806

4,185
4,214
4,364

23, 641
25, 517
27, 272

13,484
15,035
15, 673

6,662
7,175
7,645

330
156
462

3,165
3,150
3,492

14, 479
15, 509
16,187

21,141

22, 684
23, 832

1,723
1,835
1,939

758
592
727

9,816
9,892
9,859

26,141
26, 507
26, 319
26, 487

18, 419
18, 750
18, 719
18,842

7,722
7, 757
7,600
7, 645

3,849
3,835
3,685
3,603

3, 873
3,922
3,915
4,042

1, 774
4,356
1,596 I 4,367
1,640 j 4,436
1,824 ! 4,378

27,182
27,053
26, 915
28, 487

15,127
15,161
15,101
16, 087

8,143
8,378
8,466
8, 651

404
297
145
237

3,508
3,217
3,203
3,512

16,068
16, 031
15,892
16, 356

24, 211
24,409
24, 358
25,007

1,909
1,871
1,869
1,900

819
944
983
808

9,850
9,856
9,843
9,774

28, 663
27,167
28,311
28, 746

19, 045
19, 204
19, 713
19,933

7,618
7, 963
8,599
8,813

3,534
3,575
3,866
3,874

4,084
4,387
4, 733
4,939

1,644
1,940
2,430
2,339

4,468
4,486
4,594
4, 532

28, 248
29, 530
30, 772
32, 362

15, 587
16, 293
16, 383
17,766

8,890
9,204
9, 597
9,805

292
179
302
242

3,480
3,854
4,490
4,548

16,090
16, 802
17, 781
18,446

24, 980
26,006
27, 378
28, 251

1,893
1.965
2,121
2,228

614
443
325
408

9,681
9,650
9,635
9,587

29, 046
29, 518
30,176
30, 884

20,176
20, 655
21, 285
21, 996

8, 869
8, 863
8,890
8,888

3,894
3,780
3, 761
3,728

4,975
5,082
5,129
5,160

2,091
2,017
2,031
2,155

4,669
4,690
4,688
4,678

31, 227
.32,420
32,049
34, 228

16, 607
17,845
17, 426
19,050

10,127
10, 381
10,467
10, 653

412
177
278
304

4,081
4,018
3,878
4,221

17, 686
18, 240
18,233
19, 238

27, 813
28, 621
28, 700
29,891

2,092
2,191
2,147
2,238

486
559
712
733

9,531
9,538
9,539
9,489

30, 819
81,184
31,642

21, 785
22, 060
22, 652

9,034
9,123
8,990

3,805
3,745
3,389

5, 229
5,378
5, 601

1,934
1,980
2,066

4,826
4,832
4,944

32, 870
33, 724
34, 508

17,687 10, 955
18, 343 11,173
18, 780 11, 440

379
228
234

3,849
3,980
4,054

18, 369
18, 766
18,902

29, 324
29,939
30, 342

2,136
2,236
2,210

620
612
760

9,412
9,375
9,260

31 949
32, 756
33,186
34, 247

22 327
22, 938
23, 227
23, 886

9, 622
9,818
9, 959
10, 361

3, 835
3, 796
3,856
3, 978

5,787
6.022
6,103
6,383

1,968
2,077
2,210

5,086
5,147
5,295
5,341

33, 725
35, 351
35, 450
36, 635

17, 619
18, 800
18, 352
19, 010

407
218
435
267

3,881
4,124
4,203
4,594

18, 517
19, 208
19,144
20, 083

30, 335
31,418
31, 603
32, 848

2,321
2,280
2,320
2,514

548
541
528
663

9,144
9,099
9,087
9,034

1921
Apr 28
June 30
Dec. 2 1 . .
1922
Mar. 10
June 30
Dec. 29
1923
Apr. 3 . . .
June 30
Sept. 14
Dec. 31
1924
Mar. 31
June 30
Oct. 10
Dec. 31.
1925
Apr. 6
June 30
Sept. 28
Dec. 31
1926
Apr. 12
June 30
Dec. 31
1927
Mar
June
Oct.
Dec.

23
30
10-.
31

1
2
3
4
5
6
7
8
9
10

11,818
12, 210
12, 459
12, 765

Includes rediscounts and overdrafts.
Excludes acceptances of other banks and foreign bills of exchange sold with indorsement.
Excludes bonds borrowed.
Does not include items with Federal reserve banks in process of collection, or amounts due from foreign banks or own foreign branches.
Includes certified and cashiers' or treasurers' checks outstanding.
Includes postal-savings deposits, except that such deposits of State bank members prior to June 20, 1917, are included with demand deposits.
Includes amounts due to Federal reserve banks, foreign banks, and other banks, bankers, and trust companies; does not include due to own foreign branches.
Deposits subject to reserve requirements.
Includes small amounts of bills sold with indorsement.
Excludes customers' liability on letters of credit for State bank members.




tei

w

108

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 36.—ALL MEMBER BANKS—NET

DEMAND AND TIME DEPOSITS, BY SIZE

OF CITY, 1923-1927
[In millions of dollars]
Net demand deposits

T i m e deposits

Banks in cities and towns having a population of—

Date

Banks in cities and towns having a population o—
f

Total

Total
Less
than
5,000

Apr. 25
May 23
June 27
July 25
Aug. 29
Sept. 26
Oct. 24
Nov. 28
Dec. 26
Jan. 23
Feb. 27
Mar. 26
Apr. 23
May 28
June 25
July 23
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 24
Jan. 28
Feb. 25
Mar. 25
Apr. 22
May 27
June 24
July 29
Aug. 26
Sept. 23
Oct. 28
Nov. 25
Dec. 23

1923

5,000
to
15,000

15,000
to
100,000

Less

5,000

than
5,000

100,000
and
over

15,000

to

15,000
to
100,000

100,000
and
over

15,800
15,893
15, 756
15, 708
15, 529
15,627
15,906
15,897
15,830

1,600
1,600
1,585
1,576
1,598
1,651
1,686
1,687
1,666

2,084
2,060
2,054
2,042
2,010
2,020
2,036
2,023
2,054

11, 051
11,161
11,053
11,032
10,862
10, 877
11,096
11,101
11,020

8,251
8,291
8,388
8,343
8,436
8,473
8,526
8,568
8,576

1,472
1,480
1,526
1,529
1,538
1,545
1,549
1,556
1,553

913
919
929
943
•951
954
959
970
964

1,703
1,706
1,717
1,743
1,760
1,765
1,783
1,789
1,785

4,164
4,187
4,217
4,127
4,186
4,209
4,235
4,253
4,274

15,943
15,846
15,815
15,944
15, 987
16,397
16,710
17,040
17,360
17, 765
17,947
17, 957

1,626
1,601
1,582
1,555
1,524
1,512
1,513
1,550
1,615
1,678
1,699
1,690

2,046
2,037
2,030
2,041
2,021
2,007
2,017
2,034
2,053
2,093
2,132
2,144

11,197
11,153
11,155
11, 299
11,416
11, 856
12,167
12, 432
12, 647
12, 926
13, 039
13,042

8,694
8,805
8,896
8,975
9,041
9,148
9,269
9,368
9,517
9,675
9,796
9,727

1,569
1,575
1,581
1, 583
1,585
1,588
1,603
1,617
1,624
1,633
1,640
1,637

1,001
1,008
1,011
1,016
1,019
1,026
1,032
1,040
1,046
1,043

1,808
1,829
1,847
1,864
1,877
1,890
1,912
1,935
1,941
1,958
1,967
1,957

4,335
4,408
4,467
4,520
4,568
4,653
4,736
4,790
4,920
5,043
5,143
5,091

17, 927
17, 888
17,503
17, 715
17, 552
17, 671
17, 817
17, 840
18,005
18, 432
18,371
18, 443

1,673
1,682
1,663
1,638
1,614
1,614
1,624
1,669
1,742
1,779
1,774
1,756

,078
,078
,086
1,102
1,136
1,159
1,158
1,160

2,170
2,211
2, 225
2,240
2,247
2,265
2,295
2,322
2,376
2,393
2,407
2,420

13, 002
12, 907
12, 528
12, 749
12, 612
12, 713
12,812
12, 747
12, 752

10, 006
10, 094
10,187
10,325
10, 407
10,406
10, 475
10, 503
13,101 10, 629
13, 031 10, 692
13,107 10, 627

1,668
1, 678
1,685
1,691
1,693
1,702
1,722
1,728
1,736
1,738
1,735
1,734

1,063
1,073
1,080
1,082
1,083
1,091
1,096
1,105
1,113
1,116
1,119
1,114

1,997
2,021
2,048
2,044
2,076
2,082
2,097
2,117
2,126
2,143
2,150
2,136

5,157
5,233
5,281
5,370
5,473
5,532
5,491
5, 525
5,528
5,631
5,689
5,643

18,356
18,261
18, 009
18,064
18,138

1,721
1,724
1,697
1, 663
1,648
1,635
1,653
1,664
1,702
1,710
1,695
1,660

1,159
1,158
1,140
1,128
1,130
1,118
1,125
1, r 2 T
1,144
1,143
1,137
1,129

2,396
2,399
2, 367
2,355
2,348
2,363
2,370
2,343
2,365
2,357
2,342
2,343

13, 080
12,980
12, 805
12, 919
13, 013
12, 994
12, 963
12, 943
13, 022
13, 070
13, 042
13, 263

10, 803
10, 880
10, 970
11, 048
11,102
11,177
11, 281
11,313
11, 352
11, 402
11,438
11,430

1,762
1,775
1,782
1,783
1,782
1,789
1,803
1,807
1,802
1,809
1,803
1,802

1,130
1,138
1,147
1,151
1,157
1,158
1,164
1,175
1,180
1,181
1,185
1,182

2,169
2,173
2,192
2,202
2,203
2,217
2,225
2,225
2,244
2,261
2,263
2,238

5,742
5,794
5,849
5,912
5,959
6,014
6,088
6,106
6,125
6,151
6,187

1,633
1,644
1,628
1, 614
1,609
1,597
1,611
1,632
1,690
1,726
1,754
1,750

1,113
1,117
1,115
1,114
1,105
1,112
1,112
1,114
1,146
1,162
1,180
1,185

2,332
2,346
2,354
2,358
2,353
2,335
2,340
2,336
2,363
2,388
2,412
2,414

13,044
12, 997
13, 260
13, 260
13, 405
13, 490
13, 493
13,411
13, 468
13, 683
13,834
14,238

11,608
11, 795
11, 90Q
12, 002
12,124
12,159
12, 261
12, 334
12, 452
12, 527
12, 579
12, 677

1,821
1,823
1,844
1,840
1,857
1,855
1,875
1,873
1,872
1,887
1,894
1,901

1,196
1,202
1,211
1,220
1,222
1,233
1,243
1,253
1,258
1,266
1,272
1,282

2,274
2,295
2,316
2,338
2,358
2,363
2,390
2,411
2,436
2,450
2,453
2,456

6,316
6,475
6,529
6, 604
6,686
6,707
6,753
6,798
6,885
6,925
6,960
7,038

1924

1925

1926
Jan. 27
Feb. 24
Mar. 24
Apr. 28
May 26
June 23
July 28
Aug. 25
Sept. 22
Oct. 27
Nov. 24
Dec. 29
1927
Jan. 26-.....
Feb. 23
Mar. 23
Apr. 27
May 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26
Nov. 9
Dec. 7
_.

18,110
18,112
18,072

18, 234
18, 280
18,216
18,395
18,121
18,105
18,357

18, 346
18, 471
18, 534
18, 555
18, 493
18, 667
18,960
19,180
19, 586

,081
,087

NOTE —Certain of the figures for 1923-1926 have been revised.




109

ALL MEMBER BANKS

No. 37.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1914-1927
[Monthly averages of daily figures. In millions of dollars]
Month
January .
February
March _
April
May
June
_.__
July
August _
September
October
November
December

__

1915 1

1916 1

.. .
.___
-. _ .

......

1917

1918

1919

686
684
718
743
742
804
1,101
1,141
1,130
1,242
1,420
1,444

1914 1

1,467
1,468
1,466
1,504
1,482
1,512
1,448
1,459
1,507
1,539
1,520
1,586

1,635
1,612
1,652
1,656
1,686
1,696
1,719
1,740
1,769
1,793
1,837
1,820

1921

January
February
March
April
May
June
July
August September
October
November
December

. .

1923

1924

1925

1926

1,773
1,728
1,694
1,665
1,657
1,664
1,639
1,621
1,629
1,652
1,663
1,673

__

1922
1,707
1,689
1,711
1,733
1,783
1,820
1,812
1,799
1,811
1,836
1,825
1,840

1,918
1,901
1,873
1,869
1,874
1,867
1,867
1,835
1,848
1,864
1,875
1,882

1,911
1,892
1,915
1,905
1,922
2,001
2,046
2,072
2,120
2,141
2,164
2,182

2,194
2,159
2,137
2,123
2,132
2,141
2,160
2,151
2,161
2,203
2,221
2,219

2,236
2,208
2,198
2,183
2,199
2,206
2,212
2,201
2,211
2,219
2,214
2,218

1920
1,883
1,858
1.87&
,870
, 853
, 85^
840
,807
,817
,815
,782

.75fr
1927
2,243
2,212
2,2402,248
2,262
2,301
2,289
2,283
2,300
2,326
2,373
2,399

i Figures prior to 1917 not available.
No.

38.—ALL MEMBER

BANKS—BORROWINGS

AT FEDERAL RESERVE

BANKS,.

BY MONTHS, 1914-1927
[Monthly averages of daily figures. In millions of dollars]
Month
January
February..
March
April
May
June
.
July
August
September
October.
November .
December

1914

_. .

__ .
_

_

6
10
1921

January. _
February _ . _
March
April
May
June
July
_
August
September
October
November
December

_

_




_

2,536
2,409
2,302
2,140
1,967
1,818
1,725
1,555
1,446
1,377
1,233
1,185

1915
12
17
20
22
23
25
27
28
30
28
29
32
1922
969
772
640
577
482
439
428
396
417
484
624
664

1916
29
24
22
22
20
21
25
28
27
22
20
33
1923
549
611
629
660
708
744
837
811
848
875
801
775

1917
21
18
18
25
43
151
148
135
182
314
568
682
1924
580
516
479
495
435
375
318
270
263
241
229
302

1918

1919

611
532
567
769
902
938
1,166
1,338
1,603
1,710
1,769
1,749

1,735
1,763
1,862
1,919
1,974
1,842
1,868
1,802
1,777
2,073
2,146
2,157

1925

1926

267
338
392
404
398
438
482
545
594
622
596
691

526
525
559
540
515
476
549
556
642
666
618
672

1920
2,143
2,299
2,387
2,44a
2,538
2,461
2,519
2,605
2,677
2,782
2,776
2,730
1927
481
395
425
447
473
429
454
409
422
424
415
529

110
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
39.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS ON J U N E 30,

1926,

AND

1925,

1927

[In millions of dollars]
Loans on securities

Total
loans

Secured
by
U.S.
GovTotal
ernment
obligations

All other loans
Secured by real estate

Secured
by
other
stocks
and
bonds

Total
Total

Farm
lands

Other
real
estate

2, 338. 3
2, 649. 5
2,926.4

488.9
477.8

2,160.6
2,448. 6

2.7
2.6

148.3
177.5

Other- Numwise
ber of
sebanks
cured
and
unsecured 1

Total:
1925
1926
1927
Central reserve
city banks—
1925
1926...
1927___
Other reserve city
banks—
1925_
1926
1927
Country banks—
1925_
1926
1927__
National bank members:
1925
1926
1927
Central reserve
city banks—
1925
1926._
1927__
Other reserve city
banks—
1925_
1926.
1927.
Country banks—
1925
_.
1926
1927
State bank members:
1925
1926__
1927
Central
reserve
city banks—
1925
1926
1927
Other reserve city
banks—
1925
1926
1927
Country banks—
1925__
_.
1926
1927__

20,655
22,060
22, 938

6,718
7,321
8,156

243.3
206.7
180.8

5,382
5,753
6,267

2,857
2,985
3,398

80.2
64.5
56.5

2,777
2,920
3,342

2,525
2,769
2,868

117.9
151.0
180.1

7,443
7,987
8,291

2,275
2,557
2,824

87.7
74.5
61.4

2,187
2,483
2,763

5,168
5,430
5,467

1,184. 2
1, 323. 3
1,475. 9

122.0
154.2

7,831
8,320

1,586
1,779
1,934

75.5
67.8
62.9

1,510
1,711
1,871

6,245
6,540
6,446

1,036. 3
1,175. 2
1, 270. 4

12, 592
13, 322
13, 849

3,659
4,034
4,436

159.2
130.7
109.7

3,500
3,904
4,326

8,934
9,287
9,413

636.5
725.0
1, 062. 0

2,631
2,844
2,951

1,246
1,348
1,525

48.2
32.2
23.5

1,197
1,316
1,501

1,385
1,496
1,427

2.9
4.4
4.5

3,975
4,157
4,618

1,259
1,391
1,539

52.9
44.5
35.8

1,206
1,347
1,504

2,716
2,766
3,079

94.9
111.0
387.0

5,986
6,321
6,279

1,154
1,296
1,372

58.1
54.0
50.3

1,096
1,242
1,321

4,832
5,026
4,908

8,063
8,738

3,058
3,286
3,720

84.2
75.9
71.1

2,974
3,211
3,649

5,005
5,452
5,369

2,751
2,909
3,315

1,611
1,637
1,873

31.1
32.2
32.9

1,580
1,604
1,841

1,139 I
1,273 j
1,442 |i

3,468
3,830
3,673

1,016
1,166
1,285

34.8
30.0
25.6

1,136
1,259

1,845
1,999
2,101

432
484
562

17.4
13.8
12.6

6,474 | 13,937
7,114
14,740
7, 975 14, 782

11, 599
12,090
11, 856
2,407
2,618

9,538
9,375
9,099

79
84

1, 201. 3
1, 321. 6

3,984
4,107
3,991

553
544
522

364.2
321.0

811.0
949.4

5,209
5,365
5,176

8,752
8,493

255.9
252.1
305.0

380.7
472.9
757.0

8,297
8,562
8,351

8,066
7,972
7,790

2.6
4.1
4.3

1,382
1,492
1,422

47
36
35

23.4
19.9
77.8

71.5
91.2
309.2

2,621
2,655
2,692

369
365

538.7
609.6
670. 5

232.1
231.9
226.9

306.6
377.7
443.6

4,293
4,416
4,237

7,650
7,571
7,395

1,701. 8
1,924. 5
I) 864. 4

236.8
172.9

1, 687.7
1,691.6

3,303
3,527
3,505

1,472
1,403
1,309

115. 0
146.7
175.6

2.4
2.3

144.3
173.3

1,024
1,126
1,266

43
49

2, 452
2,664

1,089. 3
1, 212. 2
1, 088. 9

102.1
76.4

1,110.1
1, 012. 5

1,363
1,452
1,299

184
179
162

414 \ 1,414
470 • 1,516
550 i 1,539

497.6
565. 6
599.9

132.3
94.1

433.3
505.8

916
950
939

1,249
1,181
1,098

^Includes overdrafts; excludes acceptances of other banks and foreign bills of exchange sold with indorsement.




111

MEMBER BANKS

No. 40.—ALL MEMBER BANKS—CLASSIFICATION OF SECURITIES ON JUNE 30,
1925, 1926, AND 1927
[In millions of dollars]
Foreign securities

Domestic securities

Total
securities

Total:
1925
1926
1927
Central reserve
city banks—
1925..._
1926
1927.
Other
reserve
city banks—
1925
1926
1927..
Country banks—
1925_
1926...
1927
National bank members:
1925
1926
1927...
Central reserve I
city banks—
i
1925-..
!
1926

1927
— -1
Other
reserve
city banks—
1925.
1926
1927
Country banks—
1925
1926
1927
State bank members:
1925
1926
1927
Central reserve
city banks—
1925
1926.
1927...
Other
reserve
city banks—
1925...
1926
1927
Country banks—

1925
1926
1927

8,863
9,123
9,818

Total

U. S.
Government
securities
(total)

State,
coun- All
ty, and other
munic- bonds
ipal
bonds

8,362 3,781 1,029
8, 625 3, 744 1,149
9,246 3,796 1,277

Stock Stock
of Fed- of
eral re- other
serve corpobank rations

All
other
domestic Total
securities

Bonds
of foreign
governments

All
other
foreign
securities,
includ
ing
municipal

2,781
2,948
3,343

115.0
122.5
129.0

275.3
327.2
348.3

381.5
334.7
351.8

500.5
498.1
572.1

327.3
300.6
316.3

173.2
197.5
255.8

62.8
37.3
48.4

36.3
28.6
36.5

92.6 I

47.7
57.4
70.3

2,012 1,913
2, 053 1,987
2,195 2,110

1,066
1,066
1,080

233
250
287

476
478
547

28.0
31.6
34.1

73.8
91.0
83.2

36.3
69.8
78.7

99.2
66.1
84.8

2,855
2,932
3,191

2,715
2,793
3,050

1,331
1,325
1,408

343
406
461

702
776
885

38.9
41.0
43.3

134.0
149.9
163.1

165.9
94.4
89.3

140.4
139.3
141.7

3,996
4,138
4,432

3, 735 1,385
3, 845 1,353
4,087 1,308

453
493
530

1,603
1,693
1,911

47.8
49.7
51.5

67.3
86.2
101.9

179.1
170.3
183. S

260.7
292.5
345.6

171.7
181.3
196.6

89.0
111.2
149.0

5,700
5,837
6,388

5,338
5,465
5,961

2,513
2,466
2,593

594 1,863
647 1,948
743 2,215

74.4
78.7
81.9

78.7
90.5
92.5

215.3
234.1
236.0

362.8
372.3
426.7

240.7
225.8
237.8

122.1
146. 5
188.9

1,057
1,023
1,075

994
984
1,027

587
579
596

107
90
105

239
237
246

15.0
17.0
17.5

23.0
26.8
19.4

22.8
34.5
42.5

62.6
38.7
48.0

40.5
21.3
27.9

22.1
17.2
20.1

1,485
1,542
1,846

1,406
1,457
1,757

770
765
920

157
187
242

353
369
456

21.2
21.9
24.0

34.3
39.1
45.5

70.2
75.0
68.9

78.6
84.6
88.5

54.8
50. 3
47.2

23.8
34.3
41.3

3,158
3,273
3,468

2,937
3,024
3,178

1,156
1,122
1,077

329
370
395

1,270
1,343
1, 513

38.2
39.6
40.4

21.3
24.4
27.6

122.1
124.6
124.6

221.4
248.9
290.2

145.3
154.0
162.6

76.1
94.8
127.5

3,163
3,286
3,430

3,025
3,161
3,285

1,269
1,278
1, 203

435
503
535

918
999
1,128

40.4
43.7
47.1

196.5
236.6
255.7

166.1
100.6
115.8

137.6
125.7
145.4

86.5
74.7
78.6

51.0
50.9
66. 9

954
1,031
1,120

918
1,003
1,083

478
487
484

126
160
182

237
241
301

12.9
14.6
16.6

50.7
64.1
63.8

13.3
35.3
36.1

36.4
27.3
36.8

22.2
15.8
20.4

14.2
11.3
16.3

1,371
1,391
1,346

1,309
1,336
1,293

561
560
488

186
219
219

349
408
429

17.7
19.0
19.4

99.7
110.7
117.6

95.7
19.4
20.4

61.7
54.7
53.2

37.8
31.5
24.1

23. &
23.1
29.0

865
964

799
821
909

230
231
231

124
123
135

332
350
398

9.6
10.0
11.1

46.0
61.7
74.3

57.0
45.7
59.2

39.2
43.6
55.4

26.3
27.2
33.9

12.9
16.4
21.5




81.8
71.4|

112

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

REPORTING MEMBER BANKS IN LEADING CITIES
No. 41.—REPORTING
MEMBER BANKS—LOANS, INVESTMENTS,
DEPOSITS,
RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1919-1927
[Monthly averages of weekly figures. In millions of dollars]
Month
Loans and investments:
January
February
March
April
May
June
_
.July
August
September
October
November.
December
Total loans:
January
February
March.
April
•
_
May
-__
June..
July
August
September
OctoberNovember
December
;
Loans on securities:
January
February
March
April
May
June
July
August
_
September
October-.
November
__
December
All other loans:
January
February
March
April
May
June
--July
August
September..^
October
November
December
Investments:
January
February
March.
April
May__
June
July
August
September
October
_
November.
December

1919

1920

1921

1922

1923

1924

14,178
14, 257
14, 578
14, 559
14, 886
14, 969
14, 813
15,214
15, 577
15,961
16,143
16, 337

16,637
16,607
16, 808
16,938
16,947
16,926
16, 876
16,862
17,012
17,147
16,823
16, 692

16,402
16,131
16,021
15, 733
15,466
15,319
15,020
14, 876
14,857
14, 897
14, 792
14, 797

14,649
14,643
14, 572
14,643
14,923
15,197
15, 209
15, 328
15,401
15,687
15,771
15, 961

16, 291
16,284
16,427
16,506
16,549
16,491
16,468
16, 271
16, 378
16,472
16,395
16,438

16,430
16,408
16,513
16, 615
16, 645
16, 825
17,129
17,450
17, 768
18, 242
18,426
18, 577

18,629 19, 502
18, 557 19,450
18,636 19,529
18, 657 19,491
18, 615 19,601
18, 711 19, 692
18, 782- 19,662
18, 836 19, 703
19,040 19, 892
19,319 *19, 964
19,437 *19,880
19,547 *20,055

19,999
19, 853
20,267
20,340
20, 549
20,784
20,687
20,646
20,951
21,227
21,462
21, 728

19,837
19, 677
19, 736
19, 757
19,935
110, 565
110, 713
1
10, 880
111, 247
111, 806
112, 097
112, 316

112, 642
112, 786
113,140
113, 240
U3,248
113,321
113,400
113, 410
113, 583
113, 786
113,468
113,317

13,046
12,806
12, 661
12, 379
12,143
11,906
11, 723
11, 558
11, 540
11, 529
11,357
11,281

11,061
10,883
10,892
10, 856
10,898
10,875
10,806
10, 787
10, 910
11,181
11, 236
11,279

11,495
11, 530
11, 723
11, 841
11,916
11,818
11,821
11, 704
11,845
11,953
11,913
11,934

11,923
11,918
12,028
12,079
12,015
12,068
12,210
12,406
12, 543
12, 781
12,834
12,993

13,092 14,052
13,135 13,968
13,210 13,973
13,167 13, 920
13,139 13, 934
13,194 14,001
13,280 14,006
13,357 14,080
13,596 14, 269
13, 865 *14,377
14,006 *14,330
14,096 * 14,470

14,423
14, 213
14,388
14,406
14,508
14,689
14,621
14,671
14,917
15,112
15,198
15,332

(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
4,594

4,629
4,396
4,346
4,282
4,195
4,141
4,073
3,979
4,003
4,047
3,964
4,003

3,928
3,853
3,813
3,741
3,734
3,697
3,632
3,562
3,559
3,609
3,613
3,657

3,603
3,558
3,533
3,549
3,717
3,801
3,787
3,754
3,800
3,952
3,995
4,015

4,085
4,011
4,006
4,060
4,106
4,045
4,038
3,883
3,915
3,937
3,944
4,030

4,140
4,062
4,070
4,107
4,110
4,200
4,368
4,467
4,558
4,608
4,623
4,800

4,890
4,935
5,002
4,979
5,048
5,168
5,249
5,256
5,325
5,433
5,569
5,717

5,747
5,642
5,528
5,453
5,468
6,568
5,617
5,643
5,717
5,629
5,521
* 5,694

5,839
5,705
5,790
5,854
5,941
6,146
6,117
6,125
6,221
6,325
6,410
6,594

(2)
(2)
(2)

17,723

i 8,013
i 8,390
i 8, 794
i 8, 958
i 9, 054
i 9,180
i 9, 327
i 9, 431
i 9, 580
i 9, 739
i 9, 505
i 9, 314

9,118
8,953
8,848
8,638
8,409
8,210
8,091
7,995
7,981
7,920
7,744
7,624

7,458
7,325
7,359
7,307
7,181
7,074
7,019
7,033
7,110
7,229
7,241
7,264

7,410
7,518
7,717
7,781
7,809
7,773
7,782
7,821
7,930
8,016
7,970
7,904

7,783
7,856
7,957
7,972
7,905
7,868
7,842
7,939
7,984
8,173
8,211
8,193

8,305
8,201
8,326
8,200
8,446
8,208
8,467
8,188
8,466
8,091
8,432
8,025
8,389
8,030
8,437
8,101
8,553
8,271
8,433 * 8, 748
8,437 * 8,809
8,379 * 8, 776

8,585
8,509
8,598
8,552
8,567
8,543
8,504
8,545
8,696
8,787
8,787
8,739

i 4, 341
i 4, 580
i 4,842
i 4,802
4,951
i 4, 404
4,100
4,333
i 4, 330
i 4,155
1 4', 046
i 4, 021

i 3,995
i 3,821
i 3, 668
i 3, 698
i 3, 699
i 3, 606
i 3,476
i 3,453
i 3, 429
i 3,361
i 3, 355
i 3,374

3,356
3,324
3,360
3,355
3,322
3,413
3,298
3,318
3,316
3,368
3,435
3,515

3,588
3,760
3,680
3,787
4,025
4,322
4,403
4,541
4,490
4,506
4,535
4,682

4,796
4,754
4,704
4,664
4,633
4,672
4,647
4,567
4,533
4,519
4,482
4,504

4,507
4,490
4,486
4,535
4,630
4,757
4,919
5,043
5,225
5,461
5,593
5,584

5,537
5,421
5,427
5,491
5,476
5,517
5,502
5,478
5,444
5,453
5,432
5,451

5,576
5,639
5,879
5,934
6,041
6,095
6,066
5,976
6,033
6,115
6,265
6,396

82
(2)
()
(222)
)
(2)
()
(

i Partly estimated.




2

Not available.

1925

1927

5,450
5,481
5,556
5,571
5,667
5,692
5,656
5,623
5,623
5,586
* 5, 550
* 5, 585

" Revised^

113

KEPORTING MEMBER BANKS IN LEADING CITIES

No. 41.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, R E SERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1919-1927—Con.
[Monthly averages of weekly figures. In millions of dollars]
Month
Net demand plus time deposits:
January
February.
March
April
May
June
July_._
.--.
August.
September
October-_
November
December
Net demand deposits:
January
February...
March...
April
May...
—
June
July...
August
September
October-November
December
Time deposits:
January
February
March
April
May
June...
July
_.
August-.
September
.'
October __
November
_.
December
Reserve balances:
January
February
March
April..
May
June
July
A ugust
September
October--.
November
December
__.
Borrowings at Federal reserve banks:
January.
_
February
March
April
May
June
July
August
September. _ _
October
November
December
_

•Eevised.




1919

1920 1921 1922 1923 1924 1925

1927
1926

14,008
13,991
14,170
14,153
14,153
14,178
14,170
14,029
14, 063
14,070
13, 831
13, 636

13, 736
13,496
13,326
13,131
13,191
13,114
12,946
12, 827
12, 871
13, 063
13,206
13, 226

13,379
13,309
13,499
13, 736
14,140
14,457
14, 597
14, 572
14,649
14,822
14, 766
14, 836

15, 284
15,267
15,184
15,176
15, 202
15,169
15,175
14, 947
15, 000
15,128
15, 201
15,183

15,407
15,422
15,482
15, 550
15, 731
16,135
16, 573
16, 936
17, 231
17, 657
17,912
18,005

18, 060
17, 943
17, 839
17, 796
17,877
17, 973
18, 084
18, 015
18,088
18, 351
18, 523
18,494

18, 561
18,432
18,378
18, 356
18, 507
18, 678
18, 638
18, 602
18, 708
18, 740
18, 720
18, 910

19,032
18, 884
19,136
19,167
19,404
19, 687
19, 593
19, 616
19, 723
19, 870
20,217
20,395

10, 048 11, 576
9,908 11, 482
10,115 11, 600
10,135 11, 546
10,439 11, 506
10,393 11,499
10, 604 11,466
10, 800 11, 299
10,984 11, 286
11,140 11, 266
11, 330 11,025
11, 244 10, 823

10, 816
10, 583
10, 404
10,201
10,194
10,182
10,037
9,922
9,953
10,107
10, 210
10,242

10,362
10,275
10,386
10, 582
10,914
11,133
11,108
11,002
11, 071
11, 223
11,116
11,141

11, 556
11,517
11, 279
11,209
11,218
11,173
11,194
10, 965
10,989
11,105
11,168
11,125

11,296
11,270
11,278
11,295
11,420
11, 768
12,109
12,390
12, 624
12, 931
13,075
13,179

13,198
13,015
12, 862
12, 738
12, 737
12, 800
12,916
12, 825
12, 886
13, 080
13,180
13,168

13,190
13, 015
12,912
12, 825
12,947
13,068
12,958
12, 893
13,020
13,024
12, 950
*13, 070

13,104
12,919
13,069
13,069
13,215
13,449
13,340
13,309
13,374
13, 447
13, 734
13,904

11, 632
11, 538
11, 783
11,841
12,164
12,130
12,373
12, 693
12,940
13, 226
13, 582
13, 532

1,584
1,630
1,669
1,706
1,725
1,737
1,769
1,893
1,956
2,086
2,252
2,288

2,432
2,509
2,570
2,607
2,646
2,679
2,704
2,730
2,777
2,804
2,806
2,813

2,920
2,914
2,922
2,930
2,997
2,932
2,909
2,905
2,918
2,956
2,996
2, 984

3,017
3,034
3,113
3,154
3,226
3,324
3,489
3,570
3,579
3,599
3,650
3,695

3,728
3,750
3,905
3,967
3,984
3,996
3,981
3,981
4,011
4,023
4,033
4,058

4,111
4,153
4,204
4,255
4,311
4,367
4,464
4,546
4,607
4,726
4,837
4,826

4,862
5,371
4,928
5,417
4,977
5,466
5,058
5,531
5,140
5,560
5,173
5,610
5,168
5,680
5,190
5,709
5,202
5,688
5,271
5,717
5,343
5,770
5,326 * 5,840

5,928
5,965
6,067
6,097
6,190
6,239
6,253
6,307
6,349
6,424
6,483
6,491

1,295
1,240
1,260
1,271
1,295
1,288
1,306
1,336
1,327
1,383
1,426
1,368

1,431
1,406
1,411
1,420
1,402
1,402
1,405
1,375
1,384
1,370
1,334
1,330

1,330
1,305
1,273
1,254
1, 256
1,296
1,241
1,212
1,224
1,246
1,258
1,266

1,289
1,299
1,318
1,324
1,381
1,405
1, 414
1,370
1,357
1,412
1,379
1,383

1,450
1,437
1,407
1,400
1,411
1,403
1,405
1,369
1,363
1,384
1,385
1,385

1,436
1,410
1,438
1,442
1,452
1,542
1,561
1,598
1,648
1,647
1,641
1,694

1,666
1,659
1,630
1,611
1,615
1,625
1,630
1,643
1,642
1,655
1,670
1,688

1,675
1,655
1,652
1,642
1,650
1,666
1,651
1,643
1,677
1,632
1, 636
1,686

1,678
1,645
1,671
1,659
1,697
1,749
1,696
1,707
1,709
1,725
1,767
1,787

1,306
1,400
1,449
1,443
1,497
1,361
1,454
1,393
1,383
1,660
1,763
1,739

1,803
2,019
2,053
2,069
2,085
1,981
2,005
2,072
2,117
2,222
2,200
2,132

1,947
1,878
1,792
1,601
1,421
1,267
1,167
996
906
854
723

514
374
264
215
161
130
151
115
145
240
376
392

343
402
417
420
455
466
552
516
545
585
505
502

347
285
245
258
185
131
89
61
83
86

108
218
234
229
191
238
264
351
403
437
411
491

318
351
372
329
290
252
315
335
428
440
422
447

299
233
268
270
302
271
273
256
267
283
276

75

145

114
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
42.—REPORTING

MEMBER

BANKS—LOANS

AND

INVESTMENTS, BY W E E K S

[In millions of dollars]

Total loans
and investments

Loans
Investments

Total

il On securities

All other

1927
Jan. 5...
Jan.12__
Jan. 19__
Jan. 26_
Feb.2
Feb. 9_.
Feb. 16
Feb. 23.
Mar. 2
Mar. 9 . . . .
Mar. 16....
Mar. 23
Mar. 30
Apr. 6.
Apr. 13
Apr. 20.
Apr. 27
May 4
May 1 1 . —
May 18
May 2 5 . . .
June l._
June 8
June 15
June 22
June 29
July6
July 13
July 20
July 27
Aug. 3.
Aug. 10
Aug. 17
Aug. 2 4 . . . .
Aug. 31.
Sept. 7_
Sept. 14
Sept. 21
Sept. 28
Oct. 5__
Oct. 12__
Oct. 19__
Oct. 26.
Nov. 2.
Nov. 9.
Nov. 16
Nov. 23
Nov. 30

._.

_.

_.

_._

Dec. 7
Dec. 14.
Dec. 21
Dec. 28
Monthly average:
January
February
March
April.
May
June
July
August.
September
October
November
December




8,633

14, 643
14,475
14, 323
14, 252

6,010
5,856
5,765
5,724

14, 282
14, 200
14,175
14,197
14, 349
14,332
14,436
14,413
14,411

5,773
5,682
5,675
5,688

8,559
8,528
8,508
8,519
8,500
8,509

5,782
5,741
5,811
5,784
5,833
5, 857
5,815
5,841
5,902

8,567
8,591
8,625
8,629
8,577
8,595
8,583
8,527
8,504

14, 537
14, 502
14,512
14,481
14, 678
14, 632
14, 694
14, 670
14, 770
14, 762
14, 580
14, 574
14, 568
14, 637
14, 680
14, 674
14, 609
14, 753
14,752
14, 923
14, 973
15, 022
15,150
15,099
15,117
15,081

5,968
5,905
5,963
5,927

8,569
8,596
8,549
8,554
8,548
8,527
8,538
8,535
8,566
8,545
8,503
8,501
8,468
8,501
8, 554
8,545
8,527
8,600

21,634
21, 664
21, 792
21, 824

15,107
15,164
15,211
15, 210
15, 296
15,271
15, 285
15, 348
15, 425

6,339
6,340
6,446
6,425
6,503
6,498
6,539
6,622
6,715

19, 999
19, 853
20, 267
20,340
20, 549
20, 784
20, 687
20, 646
20, 951
21, 227
21, 462
21, 728

14,423
14, 213
14, 388
14,406
14, 508
14, 689
14, 621
14, 671
14,917
15,112
15,198
15,332

5,839
5,705
5,790
5,854
5,941
6,146
6,117
6,125
6,221
6,325
6,410
6,594

20,185
20,069
19,896
19, 846
19, 891
19, 823
19, 831
19, 867
20, 066
20, 056
20,450
20, 387
20, 377
385
307
289
379
519
509
592
574
707
641
920
782
869
20, 865
20, 651
20, 616
20, 616
20, 632
20,672
20,636 j
20,562 |
20,731 I
20, 722
20,911
21, 059
21,111
21, 252
21, 214
21, 247
21,193
21, 218
21, 299
21, 552
21, 571
21,671

14,451
14,398
14, 369
14, 406

6,130
6,105
6.156
6,136
6,204
6,216
6,077
6,073
6,100
6,136
6,125
6,129
6,081
6,153
6,133
6,239
6,224
6,290
6,380
6,297
6,303
6,322

8,620
8,684
8,748
8,732
8,771
8,814
8,759
8,768

5,542
5,594
5,572
5,594
5,609
5,623
5,656
5,669
5,717
5,724
6,013
5,974
5,966
5,934
5.908
5,919
5,973
5,982
6,007
6,080
6,094
6,029
6,010
6,227
6,111
6,099
6,103
6,072
6,042
6,048
5,995
5,992
5,962
5,953
5,978
5,970
5,988
6,086
6,089
6,102
6,114
6,130
6,112

8,765
8,785
8,794

6,111
6,136
6,341
6,361
6,375

8,773
8,746
8,726
8,709

6,363
6,379
6,444
6,399

8,585
8,509

5,576
5, 639
5,879
5,934
6,041
6,095
6,066
5,976
6,033
6,115
6,265
6,396

8,552
8,567
8,543
8,504
8,545
8,787
8,787
8,739

REPORTING MEMBER BANKS IN LEADING CITIES
No.

115

43,—REPORTING MEMBER BANKS—DEPOSITS, RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS
[In millions of dollars]

Net demand plus time deposits

Total
1927
Jan. 5
Jan. 12
_
_
Jan. 19...
Jan. 26
Feb.2
Feb. 9...
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 2 3 . . . .
Mar. 30
Apr. 6.
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7.
Sept. 14
Sept. 21..
Sept. 28
Oct. 5 Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9_._
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Monthly average:
January
February
March
April
May...
__
June
July
August
September
October
November
December




Net demand

Time

19,166
19,151
18,975
18,836
18,930
18,832
18,921
18,855
19,073
19,044
19,317
19,153
19,095
19,137
19,173
19,148
19,208
19,339
19, 399
19,459
19,420
19, 651
19,620
19,977
19,517
19, 671
19, 679
19, 624
19, 544
19, 525
19, 599
19,675
19, 612
19,496
19, 700
19,689
19,933
19, 614
19,656
19,856
19,869
19,904
19,851
19,920
20, 040
20, 293
20, 300
20, 531
20,431
20, 503
20,343
20, 302

13,248
13,213
13,051
12,902
12,994
12,881
12,961
12,841
12,999
12, 958
13,262
13,096
13,030
13, 070
13,085
13,057
13,065
13,182
13, 221
13, 239
13, 216
13,441
13,371
13, 751
13,277
13,404
13,422
13, 381
13,299
13,258
13,312
13,365
13,304
13,187
13, 381
13,362
13, 591
13, 266
13, 279
13,442
13,437
13,478
13,430
13, 508
13, 577
13,810
13, 774
14,001
13,959
14,031
13,840
13, 786

5,919
5,938
5,924
5,934
5,936
5,951
5,960
6,013
6,073
6,087
6,056
6,057
6,065
6,068
6,087
6,091
6,143
6,157
6,178
6,220
6,204
6,210
6,249
6,226
6,241
6,267
6,256
6,243
6,245
6,267
6,287
6,310

19, 032
18,884
19,136
19,167
19,404
19, 687
19, 593
19,616
19, 723
19,870
20,217
20, 395

13,104
12,919
13,069
13,069
13, 215
13,449
13, 340
13, 309
13,374
13,447
13,734
13,904

5,928
5,965
6,067
6,097
6,190
6,239
6,253
6,307
6,349
6,424
6,483
6,491

6,310
6,320
6,327
6,343
6,348
6,378
6,414
6,433
6,426
6,422
6,412
6,463
6,482
6,526
6,531
6,472
6,471
6,504
6,516

Reserves
Borrowings
with Federal at Federal
reserve bank reserve bank

1,750
1,683
1,672
1,606
1,652
1,637
1,701
1,589
1,641
1,635
1,682
1,711
1,685
1,629
1,676
1,652
1,679
1,723
1,675
1,701
1,687
1,725
1,736
1,816
1,718
1,751
1,692
1,710
1,704
1,677
1,745
1,714
1,668
1,714
1,697

1,704
1,705
1,705
1,723
1,713
1,705
1,754
1,729
1,733
1,756
1,826
1,759
1,760
1,769
1,786
1,780
1,813
1,678
1,645
1,671
1,659
1,697
1,749
1,696
1,707
1,709
1,725
1,767
1,787

447
305
248
197
223
223
242
243
279
266
190
309
296
252
280
263
286
356
288
305
260
330
243
200
273
309
345
265
247
234
285
261
236
257
240
295
224
270
278
320
286
271
254
232
310
233
274
331
304
353
432
463
299
233
268
270
302
271
273
256
267
283
276

116
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
44.—REPORTING MEMBER BANKS—BANKERS' BALANCES, BY WEEKS
[In millions of dollars]
Total
Date

1927
Jan. 5.
Jan.12
Jan.19
Jan. 26
Feb. 2
1....
Feb. 9
Feb. 16
Feb. 2 3 . . .
Mar. 2
Mar. 9.
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20.
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8.
June 15
June 22
A.
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7.
Sept. 14.
Sept. 21.
Sept. 28
Oct. 5 . . .
Oct. 12
Oct. 19..
Oct. 26
Nov. 2.
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28..
Monthly average:
January
February
March
April...
May
June
July...
August..
September . . .
October
November
December
* Figures not available.




New York City

Due to
banks

Due from
banks

0)
C1)
0)
0)

(0
0)
0)
0)

3,333
3,283
3,337
3,255
3,378
3,334
3,384
3,223
3,200
3,331
3,249
3,209
3,184
3,347
3,237
3,216
3,100
3,299
3,170
3,358
3,117
3,199
3,452
3,358
3,262
3,159
3,330
3,313
3,324
3,262
3,337
3,423
3,416
3,344
3,333
3,590
3,450
3,481
3,378
3,612
3,573
3,717
3,599
3,765
3,670
3,584
3,529
3,567

C1)

3,302
3,304
3,243
3,225
3,229
3,308
3,313
3,379
3,475
3,653
3,587

Due to
banks

1,183
1,134
1,072
1,041
1,100
1,047
1,108
1,106
1,127
1,122
1,153
1,084
1,106
1,136
1,073
1,098
1,111
1,168
1,104
1,115
1,081
1,211
1,100
1,272
1,114
1,157
1,234
1,175
1,153
1,094
1,164
1,152
1,165
1,125
1,191
1,174
1,182
1,181
1,171
1,262
1,168
1,224
1,182

Due from
banks

1,203
1,132
1,196
1,177
1,255
1,190
1,257
1,138
1,131
1,185
1,208
1,163
1,144
1,210
1,180
1,175
1,099
1,210
1,129
1,221
1,109
1,092
1,192
1,199
1,124
1,077
1,139
1,138
1,149
1,094
1,126
1,163
1,252
1,189
1,172
1,294
1,285
1,236
1,197
1,260
1,229
1,352
1,264
1,269
1,206
1,237
1,201
1,217

1,328
1,272
1,325
1,256
1,437
1,289
1,291
1,282
1,266

109
99
99
94
97
89
100
88
101
90
116
98
96
96
110
110
110
111
102
104
90
106
93
98
91
86
110
90
85
84
87
83
91
79
86
84
87
109
101
115
118
107
103
112
103
106
97
102
97
97
106
110

(l)
1,177
1,194
1,175
1,166
1,152
1,148
1,129
1,194
1,253
1,275
1,215

1,107
1,090
1,118
1,104
1,117
1,171
1,164
1,160
1,177
1,209
1,324
1,282

100
93
100
107
102
95
92
85
95
111
104
103

Other leading cities
Due to
banks

Due from
banks

0)
0)
0)
0)

0)
0)
0)
0)

(l)

2,233
2,236
2,229
2,149
2,251
2,212
2,231
2,140
2,094
2,195
2,176
2,111
2,074
2,179
2,134
2,101
2,019
2,0,88
2,070
2,086
2,003
2,043
2,218
2,183
2,108
2,066
2,166
2,161
2,159
2,137
2,146
2,249
2,234
2,163
2,163
2,328
2,282
2,257
2,196
2,285
2,300
2,392
2,342
2,328
2,381
2,293
2,247
2,301
2,212
2,186
2,139
2,108
2,058
2,144
2,154
2,202
2,266
2,330
2,306

1,106
1,042
1,097
1,089
1,154
1,100
1,141
1,040
1,035
1,089
1,097
1,053
1,034
1,099
1,079
1,071
1,009
1,104
1,036
1,123
1,019
1,006
1,082
1,109
1,039
994
1,052
1,055
1,058
1,015
1,039
1,079
1,165
1,080
1,071
1,178
1,167
1,129
1,094
1,148
1,126
1,246
1,167
1,168
1,110
1,140
1,095
1,107

0)

1,083
1,094
1,068
1,064
1,057
1,056
1,044
1,099
1,142
1,171
1,113

117

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

BROKERS' LOANS
No.

45.—STREET LOANS

PLACED

BY N E W

YORK

CITY

DAILY

REPORTING

BANKS, BY MONTHS, 1917-1926
[Monthly averages of weekly figures. In millions of dollars]
Loans on call and on
time
Month
Total

1917
October
November
December .

Time loans

Call loans

For
For
correown spondaccount ents

Total

For
For
correown spondaccount ents

Total

For
For
correown spondaccount ents

688
613
556

214
154
128

593
507
498

463
419
414

130
88
84

309
260
186

225
194
142

84
66
44

558
627
660
631

444
492
487
464

114
135
174
167

466
471
493
471

372
367
356
342

94
104
137
129

92
156
168
160

72
125
131
122

20
31
37
38

May.
June
July.
August

671
700
705
740

492
519
549
563

180
181
156
177

514
541
543
589

369
389
413
438

145
152
130
151

158
159
162
151

123
130
136
125

35
29
26
26

September
October..
November
December .

768
771
765
744

580
580
558
519

188
191
207
225

656
687
667
629

491
517
481
434

165
170
186
195

112
84
98
115

89
63
77
85

23
21
21
30

781
778
826
918

544
528
535
604

237
250
291
314

640
628
667
742

449
427
427
480

191
201
240
262

141
150
159
176

95
101
108
124

46
49
51
52

1,067
1,230
1,321
1,328

678
760
775
744

389
469
547
584

864
976
1,039
1,028

541
591
585
551

323
385
454
477

203
253
283
300

137
169
190

66
84
93
107

1,299
1,422
1,417
1,305

715
782
682
633

584
641
735
673

960
1,064
1,077
1,005

509
569
494
477

451
495
583
528

339
359
340
301

188
156

133
146
152
145

1,324
1,144
1,080
1,099

656
482
449
476

668
662
631
622

1,051
918
881
913

527
388
368
401

524
530
513
512

273
226
199
185

129
94
81
75

144
132
118
110

],015
943
928
873

429
425
405
347

585
518
522
525

842
786
800
757

353
347
345
297

489
439
455
460

172
157
127
115

76
78
60
50

96
79
67
65

868
939
906
835

341
399
344
358

528
540
561
477

755
828
797
728

291
349
298
309

464
479
499
419

114
111
108
107

50
50
46
49

64
61
62
58

785
778
778
752

345
326
320
316

441
452
458
436

683
682
682
661

291
275
265
265

392
407
417
396

103
96
96
91

54
51
55
51

49
45
41
40

May
June
July
August

773
773
734
719

317
338
338
348

456
437
396
371

685
690
640
613

271
292
281
281

414
398
359
332

88
85
94
106

46
46
57
67

42
39
37
39

October
November.
December

723
772
831
879

350
404
434
483

374
368
398
396

605
644
695
727

271
316
338
377

334
328
357
350

119
128
137
152

79
88
96
106

40
40
41
46

January
February
March
April.. __

January
February
March
April

1918

..

.

1919
_ .

May.
.
June
July
August.

.

.

January
February._
March
April .

1920

May
June _.
July
August
September. .
October
November.
December
January
February
March
April

1921




CO M

September
October _
November
December

CO

903
767
685

118
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
45.—STREET LOANS PLACED BY N E W YORK CITY DAILY
BANKS, BY MONTHS, 1917-1926—Continued

REPORTING

[Monthly averages of weekly figure0. In millions of dollars]
md
Loans on call < on
time
Month
Total

January
February
March
April . .

September
October...
November
December
January
February
March
April

For
For
correown spondaccount ents

424
478
491
509

785
824
828
869

405
390
388
422

380
434
440
447

172
172
201
274

128
128
150
212

44
44
51
62

1,312
1,404
1,396
1,417

750
823
804
786

562
581
592
631

957
1,002
994
988

465
505
492
462

492
497
502
526

355
402
402
429

285
318
312
324

70
84
90
105

824
866
816
770

649
721
728
703

1,039
1,131
1,056
990

505
542
474
436

534
589
582
554

434
456
488
483

319
324
342
334

115
132
146
148

1,572
1,636
1,636

827
817
816
803

745
800
819
833

1,079
1,168
1,200
1,207

495
516
521
519

584
652
679
688

493
449
435
429

332
301
295
284

161
148
140
145

1,603
1,480
1,338
1,226

806
752
687
565

799
727
651
659

1,163
1,034
929
872

512
446
395
315

651
588
534
557

441
445
409
354

294
306
292
250

147
139
117
104

1,213
1,186
1,159
1,203

560
547
529
571

652
639
629
632

904
879
839
882

360
358
334
367

544
521
505
515

308
307
319
321

200
189
195
204

108
118
124
117

1,350
1,389
1,416
1,414

669
643
696
680

681
746
721
734

1,011
1,031
1,041
1,037

453
413
452
435

558
618
589
602

339
358
376
377

216
230
244
245

123
128
132
132

1,390
1,448
1,542
1,649

666
796
917
1,015

724
651
626
633

1,010
1,045
1,116
1,181

418
520
598
661

592
525
518
520

380
402
427
467

248
276
319
354

132
126
108
113

1,688
1,685
1,706
1,863

1,014
963
993
1,074

675
722
713
789

1,203
1,188
1,179
1,299

650
588
603
674

553
600
576
625

486
497
527
564

364
375
390
400

122
122
137
164

2,022
2,086
2,119
2,071

1,086
1,047
1,005
998

935
1,039
1,113
1,073

1,400
1,423
1,449
1,392

654
597
560
565

746
826
889
827

621
663
669
679

432
450
445
433

189
213
224
246

2,154
2,239
2,288
2,304

1,010
1,039
1,062
993

1,145
1,200
1,225
1,311

1,484
1,548
1,568
1,535

581
592
605
526

903
956
963
1,009

671
691
719
769

429
447
457
467

242
244
262
302

2,370
2,550
2,717
2,800

_

987
1,006
1,064
1,152

1,382
1,544
1,653
1,648

1,605
1,769
1,872
1,908

555
592
640
722

1,050
1,177
1,232
1,186

764
781
845
892

432
414
424
431

332
367
421
462

2,891

1,221

1,670

1,937

755

1,182

954

466

488

__ _ 1,616
_

.
_
_ . . ._
1924

_

1925

... .
.

September
October
November
December
January

Total

533
518
538
634

1923

September
October
November
December

May . .
June
July
August _

For
For
correown spondaccount ents

1,474
1,586
1,545
1,473

_

May
June
July
August

January
February
March
April _.

Total

956
997
1,028
1,144

September
October
November
December

May
June.
July
August

For
For
correown spondaccount ents

Time loans

1922

May
June
July
August

January
February
March
April

Call loans

1926

NOTE.—These figures, on a weekly basis, with explanations, were published in the Federal Reserve
Bulletin for November, 1926.




119

BROKERS' LOANS

No. 46.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS,
MADE BY REPORTING MEMBER BANKS IN N E W YORK CITY, BY W E E K S , 1926
AND 1927
[In millions of dollars]
Demand loans

Demand and time loans

Total

1926
Jan 6
Jan 13
Jan 20
Jan. 27
Feb 3
Feb 10
Feb.17
Feb 24
Mar. 3
Mar 10
Mar. 17
Mar 24
Mar. 31
Apr. 7
Apr 14
Apr. 21
Apr 28
May 5
May 12
May 19
May 26
._
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
Aug 25
Sept. 1 -Sept. 8
Sept 15
Sept. 22 . . .
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Nov. 3
Nov. 10 .
Nov 17
Nov. 24
Dec. 1
Dec. 8
Dec. 15
Dec 22
Dec. 29
1927
Jan. 5
Jan. 12
Jan. 19
Jan 26
Feb. 2
Feb. 9
JFeb. 16
Feb. 23
Mar. 2
Mar. 9 .
Mar. 16
Mar. 23
Mar. 30

For
acFor
For
acown count count Total
of
acof
count out-of- others
town
banks

3,141
3,133
3,131
3,098
3,092
3,138
3,139
3,109
3,048
2,886
2,804
2,690
2,573
2,487
2,451
2,465
2,464
2,489
2,480
2,409
2,432
2,493
2,474
2,517
2,533
2,565
2,603
2,601
2,621
2,602
2,689
2,720
2,742
2,731
2,758
2,763
2,820
2,762
2,813
2,809
2,727
2,655
2,602
2,640
2,603
2,609
2,608
2,647
2,639
2,692
2,723
2,788

1,338
1,267
1,232
1,201
1,222
1,199
1,159
1,149
1,125
1,021
1,033
1,027
1,048
958
877
886
898
975
888
894
893
960
899
926
975
1,103
1,019
933
954
934
995
937
919
942
991
964
972
931
1,010
954
891
819
801
840
798
799
839
883
813
825
907
1,008

2,819
2,791
2,770
2,732
2,730
2,721
2,719
2,762
2,813
2,819
2,841
2,802
2,803

1,037
948
883
865
885
808
815
856
922
870
888
881
942


110390—28


1,026
1,063
1,075
1,037
1,022

564
573
593
610
590
598
626
617
602
598
596
565
519
511
523
535
542
507
536
551
573
588
607
609
615
579
632
652
648
653
669
694
719
717
669
665
685
699
691
711
715
727
751
753
746
754
739
737
762
792
779
758

1,049
1,100
1,141
1,126
1,124
1,155
1,123
],107
1,070
1,110
1,139
1,088
1,046

732
743
747
741
721
758
780
799
821
839
813
833
816

1,239
1,292
1,306
1,287
1,280
1,340
1,354
1,343
1,321
1,266
1,174
1,098
1,006
1,018
1,052
1,044
1,024
1,008
1,056
964
965
945
969
982
943
884
952
1,016
1,018
1,015
1,025
1,089
1,105
1,073
1,098
1,134
1,163
1,132
1,112
1,144
1,121
1,109
1,051
1,047
1,060
1,056
1,031

For
For
For
acFor acFor
acown count count Total own count
of
of
acacof
count out-ofcount out-of- others
town
town
banks
banks

2,223
2,197
2,185
2,135

872
796
755
706

2,139*
2,171
2,160
2,139
2,068
1,932
1,886
1,799
1,704

736
711
665
668
642
550
568
571
605
525
438
458
466
554
487
503
521
592
544
568
618
745
663
570
601
588
649
590
580
622
673
652
653
610
691
625
569
509
494
541
497
501
542
586
523
533
618
722

1,637
1,613
1,656
1,673
1,722
1,738
1, 689
1,728
1,800
1,799
1,843
1,860
1,890
1,940
1,925
1, 941
1,938
1,996
2,031
2,042
2,044
2,049
2,064
2,117
2,043
2, 095
2, 081
1,998
1, 940
1,883
1, 930
1,894
1,907
1,916
1,960
1,956
1,997
2,038
2,109
2,137
2,106
2,082
2 048
2,050
2,048
2,070
2,109
2,159
2,156
2,172
2,142
2,144

Time loans

748
653
587
566
581
511
533
567
634
585
606
596
656

852
893
903
887
881
934
945
925
896
854
792
734
651
667
714
721
717

918
935
946
963
953
966
979
970
980
953
918
891
869
851
838
809
791
767
743
720
703
692
675
674
673
675
663
676
680
664
693
689
701
688
709
699
703
720
718
728
729
715
719
711
709
702
693
686
682
696
686
679

467
471
476
495
486
489
493
482
483
472
465
455
443
434
439
427
432
421
401
391
372

721
759
762
728
714

500
508
527
542
522
526
549
546
531
529
526
493
449
445
461
477
489
458
481
491
515
528
545
546
550
509
573
589
586
589
588
621
644
646
591
594
618
629
621
643
645
657
669
668
660
669
653
653
674
702
692
673

742
794
837
823
832
864
847
831
792
823
844
805
760

647
659
658
659
637
673
690
711
733
747
722
742
728

681
685
688
684
680
673
649
653

289
295
296
299
304
297
282
289

654
664
669
660
659

288
285
282
286
286

710
769
694
692
680
710
729
691
636
704
766
754
761
759
820
818
776
785
818
846
804
783
813
785
775
721
720
737
737
721

368
355
358
357
358
356
363
354
346
345
347
339
319
319
312
319
321
319
328
322
310
307
298
300
298
296
297
290
293
289
287

388
399
404
400
399
406
409
417
426
412
382
364
356
351
338
324
307
298
287
269
273
265
259
252
251
248
247
250
264
254
266
269
287
297
313
317
318
329
329
331
336
334
330
327
323
319
310
305
304
313
309
307
307
307
304
303
291
291
277
276
279
287
295
283
285

For
account
of
others

63.4
64.7
66.3
68.0
68.4
71.4
76.4
71.0
71.5
69.4
69.7
72.0
70.2
66.2
61.6
57.9
52.7
49.1
54.3
59.7
58.1
59.8
61.4
63.3
65.1
69.7
59.0
63.0
62.4
64.1
81.7
73.8
74.9
71.4
77.5
70.6
66.8
69.6
70.4
68.8
70.6
70.3
81.7
85.4
85.1
84.9
86.0
84.4
88.4
90.4
87.1
84.9
84.5
83.7
88.8
82.2
84.4
85.2
89.8
88.9
87.5

Si' 7
91.8
87. A

120

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 46.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS'
MADE BY REPORTING MEMBER BANKS IN N E W YORK CITY, BY WEEKS, 1926

AND 1927—Continued

[In millions of dollars]
Demand and time loans

Total

1927
Apr. 6
Apr. 13
Apr. 20
Apr. 29
May 4
May 11
May 18._
May 25
June 1
June 8_
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31...
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 2 8 . . . .

2,840
2,863
2,878
2,883
2,920
2,915
2,931
2,965
3,062
3,118
3,160
3,116
3,118
3,126
3,059
3,059
3,141
3,172
3,190
3,189
3,168
3,184
3,206
3,249
3,284
3,306
3,395
3,394
3,434
3,344
3,372
3,385
3,456
3,481
3,511
3,563
3,558
3,644
3,718

For
own

1,073
1,157
1,151
1,143
1,182
1,217
1,192
1,173
1,076 1,134
1,035 1,217
1,234
1,071
1,170
1,074
1,132 1,144
1,106 1,156
991 1,204
982 1,203
1,048 1,187
1,110 1,190
1,064
1, 216
1,022
1,248
1,001
1,247
1,046
1,223
912
936
979
910
924
932

1,046
1,038
1,068
1,092
1,175
1,093
1,096
1,048
1,083
1,125
1,203
1,189
1,277

1,238
1,299
1,306
1,296
1,297
1,334
1,350
1,324
1,279
1,277
1,260
1,293
1,270

1,220
1,230
1,302
1,374

1,366
1,374
1,337
1,338

1,259
1,182
1,051
905
913
973
960
948
974
866
819
887
933
841
901
929
936
1,077
1,032
1,048
1,061
1,103
1,175
1,282

1,281
1,329
1,173
1,035
998
944
1,000
1,073
1,128
1,106
1,048
1,045
1,104
1,127
1,091
1,131
1,191
1,180
1,188
1,225
1,285
1,326
1,276
1,354

T i m e loans

Demand loans

For !
ac- I For
count | acof | count Total
out-of-! of
town I others
banks I
2,175
2,198
2,202
2,182
2,204
2,195
2,219
2,256
2,349
2,396
2,435
2,377
2,369
2,378
2,300
2,294
2,375
2,379
2,391
2,372
2,335
2,351
2,402
2,447
2,478
2,524
2,594
2,605
2,651
971 2,560
1,009 2,579
982 2,577
993 2,642
1,000 2,666
964 2,696
976 2,735
954 2,729
1,005 2,800
1,006 2,864
799
806
815
804
759
789
814
860
852
867
855
872
842
865
863
875
906
873
910
919
920
915
922
912
910
918
923

For
For
acacFor count For
For count For
acacown
own
of
of
ac- out-of- count Tota' ac- out-of- count
of
of
count town others
count town others
banks
banks
782
681
863
616
856
625
645
819
850
683
613
882
626
863
635
848
779
814
731
897
765
906
766
835
819
806
780
832
660
879
656
724
777
831
735
852
701
872
683
857
734
830
850
744
902
754
907
789
904
822
900
888
951
807
968
818
947
767
901
799
829
899
906
889
974
900
999
901 1,005
963
962
1,029

712
720
721
718
672
700
730
774
757
769
764
776
744
766
761
770
800
770
804
799
795
787
808
791
783
798
806
847
865
846
879
849
852
854
821
837
824
875
875
519
536
506
468
486
536
584
624
611
653
663
679
656
678
734
718
719
762
774
791
795
841
851
853

814
815
815
827
829
844
854

287
283
287
291
296
297
298
297
297
304
306
308
313
326
332
325
324
332
329
321
318
312
302
284
279
271
288
286
278
281
284
297
297
300
302
321
329
340
344

290
295
295
324
333
334
330
325
320
320
327
335
338
324
325
335
337
358
364
376
390
392
388
397
399
392
397
382
382
377
378
378
376
369
370
368
370
375
379

87.3
86.2
93.6
86.5
86.8
88.4
84.2
86.2
95.0
97.9
91.4
95.7
98.8
98.4
102.8
104.7
105.7
102.6
105.9
119.5
125.5
128.3
114.0
121.2
127.3
119.4
116.8
120.6
122.9
125.2
130.2
132.7
141.6
146.1
142.9
138.9
130.0
129.4
130.8

941
967
922
822
733
678
671
693
710
723
704
686
685
664
661
677
714
730
760
815
799
789
809
839

477
487
464
433
396
359
355
337
318
317
298
291
295
293
285
287
297
306
327
322
284
283
296
334

398
408
388
330
282
255
254
280
321
333
320
308
305
284
286
301
330
328
330
376
394
385
374
373

65.6
71.8
70.6
59.6
55.3
63.8
62.1
75.4
71.0
72.8
85.4
87.0
84.8
87.1
89.9
88.4
86.4
95.8
102.9
116.4
120.5
121.4
138.7
132.3

665
664
676
701
716
720
712
708
713
722
725
738
749
749
760
764
766
793
799
817
833
833
804
803
806
782
802
789
783
784

AVERAGES

1926—January
February
March
April
May
June
July
August
September...
October
November.._
December
1927—January
February
March
April
May
June
July
August
September...
October
November...
December

3,126
3,119
2,800
2,467
2,452
2,517
2,607
2,720
2,783
2,698
2,615
2,698
2,778
2,733
2,816
3,115
3,096
3,181
3,261
3,392
3,441
3,621

585
608
576
528
541
600
646
699
682
726
748
766
741
765
824
806
805
858
877
908
916
962
990

2,185
2,153
1,878
1,645
1,719
1,838
1,935
2,027
2,074
1,975
1,911
2,012
2,094
2,069
2,154
2,190
2,219
2,385
2,336
2,366
2,463
2,603
2,632
2,782

782
695
587
472
516
613
605
610
656
549
520
596
639
548
615
642
639
772
705
726
777
820
879

922
785
705
717
689
746
793
807
773
728
737
799
843
805
830
861
851
857
849
891
942
902
981

NOTE.—For explanation of figures see Federal Reserve Bulletin for February, 1926, pp. 97-99.




121

BROKERS' LOANS
No. 47.—BROKERS' BORROWINGS, 1918-1922 AND 1926-1927

[Net borrowings on collateral in New York City as reported by members of the New York Stock Exchange]
[First of month figures. In millions of dollars]
On d e m a n d and on
time

On time

On d e m a n d

From
From
New
private
York
banks,
brokers, Total | banks,
trust
foreign
combanking
panies,
agenetc.
cies, etc.

From
private
banks,
foreign
banking
agencies,
etc.

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

From
New
York
banks
and
trust
companies

879
924
854

697
740
658

182
184
196

130
148
172

114
131
156

16
17
16

130
138
146
153
177
218
252
267
303
339
338
300

15
17
18
19
18
17
17
17
18
18
19
19

239
223
189
163
160
161
156
135
134
135
130
135

17
16
19
18
18
16
16
14
16
14
14
14

Total

From
New
York
banks
and
trust
companies

1,009
1,072
1,026

811
871
814

1,001
970
985
1,058
1,174
1,367
1,513
1, 650
1,525
1,587
1,756
1,648

799
768
796
872
997
1,162
1,293
1,410
1,305
1,361
1,521
1,422

202
202
189.
186
177
205
220
240
220
226
235
226

856
815
821
886
979
1,132
1,224
1,366
1,204
1,230
1,399
1,329

669
630
650
719
820
944
1,041
1,143
1,002
1,022
1,183
1,122

187
185
171
167
159
188
203
223
202
208
216
207

145
155
164
172
195
235
269
284
321
357
357
319

1,613
1, 551
1,345
1,422
1,424
1,358
1,396
1,396
1,304
1,348
1,379
1,202

1,397
1,330
1,134
1,172
1,194
1,114
1,104
1,122
1,037
1,071
1,141
984

216
221
211
250
230
244
292
274
267
277
238
218

1,357
1,312
1,137
1,241
1,246
1,181
1,224
1,247
1,154
1,199
1,235
1,053

1,158
1,107
945
1,009
1,034
953
948
987
903
936
1,011
849

199
205
192
232
212
228
276
260
251
263
224
204

256
239
208
181
178
177
172
149
150
149
144
149

1,079
1,030
1,033
1,023
1,039
1,082
999
977
948
988
1,035
1,101

884
852
852
830
845
894
820
822
793
818
855
905

195
178
181
193
194
188
179
155
155
170
180
196

766
748
756
733
753
802
728
723
680
698
731
770

181
167
171
181
183
1.78
170
149
148
162
173
188

132
115
106
109
103
102
101
105
120
128
131
143

118
104
96
97
92
92
92
99
113
120
124
135

14
11
10
12
11
10
9
6
7
8
7
8

988
1,014
1,047
1,091
1,271
1,411
1,400
1,465
1,476
1,578
1,678
1,572

204
174
187
213
212
235
266
241
255
238
249
233

848
859
889
878
986
1,078
1,022
1,069
1,059
1,165
1,241
1,122

197
169
182
200
202
224
248
220
231
216
233
215

147
160
163
226
295
344
396
417
441
435
453
468

140
155
158
213
285
333
378
396
417
413
437
450

7
5

Month

October
November
December

1918
_.

1919
January
__
February
March__
April
May
June
July
___
AugustSeptember
October
November
December
January
February
March
April. _ .
May
June.
July
August
September

__

__.

198
201
212

1920

October
November
December

__....

_

|
|
j
1
!
1
|
i
1

1921
January
February
March .
April
May
June

July
August
September
October
November
December.
January
February
March
April
May. . .
June
July
August
September
October _.
November
December

___ _

_._ _

_ . -_

. . . _ __
. _ _
1922

_.

__________




1,192
1,188
1,234
1,304 !
1,483
1,646
1,666
1,706 i
1,731
1,816
1,927
1,805

947
915
927
914
936
980
898
872
828 ;
860 '
904
958 |
1,045
1,028
1,071
1,078
1,188
1,302
1,270
1,289
1, 290
1,381
1,474
1,337

I

i
i
I
i

13
10
11
18
21
24
22
16
IS

122

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 47.—BROKERS'

BORROWINGS, 1918-1922 AND 1926-1927—Continued

[Net borrowings on collateral in New York City as reported by members of the New York Stock Exchange]
[First of month figures. In millions of dollars]
On demand and on
time

On demand

On time

From
New
York
banks
and
trust
companies

From
New
York
banks
and
trust
companies

From
New
York
banks,
trust
companies,
etc.

From
private
banks,
foreign
banking
agencies,
etc.

920
958
875
770
690
657
665
713
724
743
704

76
83
92
96
90
43
50
65
76
78

676
707
673
679
719
713
749
802
840
801
814
844

76
104
108
107
81
70
63
76
89
96
108
113

Month
Total

January.._
February __
March
April
May
June
July
August
September.
October
November.
December..

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

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

1926

3,142
3,219
3.111
3,129

3,043
3,080
2,553
2,468
2 392
2,509
2,583
2,698
2,745
2,667
2,636

470
455
447
367
375
417
4?5
444
474
444
493

2,517
2,495
2,033
1,970
1,987
2,225
2,283
2,364
2,419
2,289
2,330

2,123
2,123
1,678
1,699
1.703
1,852
1,918
1,984
2,021
1,924
1,932

394
372
355
271
285
374
365
379
398
365
397

3,293
3,139
3,256
3.290
3,341
3,458
3,569
3,642
3.674
3.915
3,946
4,092

2,804
2,670
2,757
2,790
2,865
2,968
3,065
3,145
3,170
3,340
3,363
3,519

469
499
500
476
490
504
497
504
575
583
573

2,542
2,328
2,475
2,505
2,541
2.674
2,757
2,765
2,746
3,018
3,023
3,134

2,128
1,964
2,085
2.112
2,146
2,254
2,316
2,343
2,330
2,539
2,549
2,675

414
365
391
393
395
420
441
421
415
479
475
459

3,513
3,536
3,000
2,836
2,767
2,926

1,041
967
866
780
701
715
778
800
822
800

1927
January

February..
March
April
May
June
July
August
September.
October
November.
December..

751
810
781
785
800
784
812
877
928
897

NOTE.—Figures for Jan. l, 1923, to Jan. 1, 1926, inclusive, are not available; see Report of the President
of the New York Stock Exchange, M a y 1, 1926, to M a y 1, 1927, p p . 23 and 69-72.




ANNUAL REPORT OF THE FEDERAL RESERVE

BANKERS' ACCEPTANCES AND COMMERCIAL
OUTSTANDING
No.

48.—BANKERS' ACCEPTANCES AND COMMERCIAL PAPER

123.

BOARD

PAPER

OUTSTANDING,

BY MONTHS, 1922-1927
[End of month figures. In millions of dollars]
Bankers' acceptances outstanding 1
1922

January
February.
_
March. _ __ _.
April
_

1923

416

524

1924

618

MayJune
July

August
September. _
October.
November
December...

821

1925
835
808
800
757
680
608
569
555
607
674
690
774

Commercial paper outstanding 2

1927

1922

1923

1924

788
774
767
785
809
746
721
811
685
775
622
751
741
600
782
583
614
864
682
975
726 1,029
755 1,081

705
718
760
792
791
795
805
807
805
775
748
722

807
838
864
867
888
885
854
831
803
815
799
763

818
867
889
871
852
864
879
911

1926

915
925
888
798

1925
820
820
813
801
776
759
727
722
708
684
666
621

1927

1926
654
655
668
663
668
652
655
638
612
593
566
526

551
577
605
599
582
579
569
591
600
611
603
555

1
2

Figures collected and compiled by American Acceptance Council.
Paper maturing within 7 months. Figures reported by 26 dealers to the Federal Reserve Bank of New
York.
No.

49.—BANKERS' ACCEPTANCES OUTSTANDING, BY CLASSES, 1
[End of month figures. In thousands of dollars]
Imports and exports

Month

D omestic

Total
Total

1922—March
1923—March
1924—March
December...
1925—January.. _
February
March
April
May
June
July
August.September
October.
November
December
1926—January. _
February.
March
April
May.
June
July
August...
September...
October
November
December
1927—January
February
March.._
April
May
June
July
August
September
October
November
December
1

416, 422
523, 708
617, 581
821,418
834,825
808,359
800,137
757,074
680,346
607,942
569,386
_- 555,167
j 607,025
I 674,168
| 689,768
I 773,736
788,254
767,127
745,660
720,611
685,333
_. 621,949
600,487
-. 582,635
_. 614,151
! 681,647
\ 726,395
_.| 755,360
j 773,604
785,
809, 446
j 810,966
j 774,720
I 751,270
[ 741,258
I 782,055
| 863,823
975,167
.1,029,490
1,080,581

()

393, 311
464, 729
597, 710
570,079
605, 422
599, 282
584, 783
535, 789
474, 204
445,051
435, 677
487, 517
536,125
541, 674
608, 394

607, 050
605, 374
591,187
565, 531
540, 358
490, 709
468,836
448,481
466, 882
512, 017
540, 819
544, 300
565, 552
577, 592
605, 724
593,616
570,033
555, 314
542, 728
546, 689
587, 256
651, 652
679,783
703, 646

Imports Exports

()
259,048
250,882
292,252
272,637
297,408
297,259
296,413
274, 668
252,579
253,846
253,720
282, 739
290,022
285,432
311,443
323,566
325,839
333,773
330,355
316,203
281,962
272,861
262,040
272,181
276, 779
280,892
283, 587
293, 058
302, 362
320, 322
308, 603
298, 686
293, 902
292, 823
286,032
290, 296
308, 580
304,031
312, 717

()

134, 263
213,847
305,458

297,442
308,014
302,023
288, 370
261,121
221, 625
191, 205
181,957
204, 778
246,103
256, 242
296,951
283,484
279, 535
257, 414
235,176
224,155
208, 747
195,975
186,441
194, 701
235, 238
259,927
260,713
272,494
275, 230
285, 402
285,013
271, 347
261, 412
249, 905
260, 657
296, 960
343, 072
375, 752
390,929

()
107, 571
28,028
37,887
62, 054
27, 731
25,832
30,076
22,616
24, 851
18, 858
18, 713
15, 232
23,044
23, 794
25, 606
28,166
20, 519
19,176
18, 782
16, 208
15,074
16,803
16,851
14, 404
20,144
20, 261
28, 686
32, 621
24, 904
17, 926
21,161
16,134
19, 234

16, 581
16, 325
20,611
22,120
21,991
20,959

Figures collected and compiled by American Acceptance Council.




2

Warehouse
credits

99, 582
162,419
175, 750
146,875
142, 548
116,725
91,665
87, 201
78,926
75,021
74,444
86, 589
95,046
103, 494
102,904
90, 211
80, 500
83, 743
77, 327
68, 855
68, 207
69, 307
78, 862
90, 230
104,860
115,882
108,422
116, 481
108, 919
108,181
108, 407
100,066
99, 735
119, 356
146, 807
172, 303
186,048
196,784

1922-1927

Based
on goods
stored
Dollar
in or
exshipped
change between
foreign
countries
()
22,826
25, 241
23,402
26, 941
15,150
18,666
17,665
14,137
13, 295
13,431
15, 541
15,187
15, 591
19, 249
19,634
18, 743
16,897
17, 755
16, 088
14, 546
15, 610
15, 242
18,402
20, 785
20,954
26,179
24,016
22, 625
21,675
23, 790
19, 645
18, 685
23, 477
27, 287
30, 525
31,153
30,819
28, 316

13,181
13, 808
7,825
13, 388
7,548
13, 257
12, 324
14, 292
13, 223
13,664
16,993
30, 500
32, 280
37, 900
34,801
35, 352
32, 765
31,032
32, 754
35, 601
38,472
39, 500
40, 313
42, 994
43, 886
55, 202
64, 217
60, 502
57,972
58, 737
72, 397
78, 624
97,939
110,849
130,875

Figures not available.

124

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BANK DEBITS

No.

50.—DEBITS

TO INDIVIDUAL ACCOUNTS,

BY BANKS IN 141

PRINCIPAL

CITIES, BY MONTHS, 1920-1927
[In millions of dollars]
1921

Month

1922

1923

1924

19251

19261

1927

T O T A L , 141 C I T I E S

January
February. _
March
April

45,367
35,788
43,431
41,644

38,029
29,728
33,903
32, 235

34,944
30, 585
36,932
36,388

41, 753
35,925
42,185
39,294

41,498
37, 398
40,739
39, 517

49,982
41, 517
47, 623
44, 558

54,145
44, 915
56,464
51,837

54,714
48, 220
58, 518
55, 583

May
June
July
August

39,257
40, 347
39,868
36,275

32,512
33, 606
31,515
30,097

37,976
39, 236
36,056
34,136

40,072
40, 574
36, 504
33,496

40,044
40,230
40,131
38,692

46,596
48, 631
47, 037
43,134

48,020
50, 662
50,959
47,011

54,143
2 56,820
2 53,682
2 53,702

37, 378
41,028
39, 696
42,948

31, 625
34,323
33,441
38,020

35,768
40, 745
36,160
40,437

34,060
38, 911
38, 504
42,448

38,972
43,419
41,893
49,157

45,264
52, 955
48,367
54,399

46,954
52, 535
47,384
57,070

2 56,750
2 59,201
2 57,085
2 65,441

483,026

399,036

439,364

463,726

491,691

570,064

607,956

673, 861

.-

September.
October
November.
DecemberTotal

140 CITIES (EXCLUDING NEW YORK CITY)
January
February. _
March
April

21,731
17,996
17,734 i 14,599
21,146 i 16,550
20,324 | 15,886

15, 879
14,042
16, 535
15, 671

19, 666
16, 906
19,644
18,816

19,384
17, 512
19,193
18,865

22,301
18,593
21,240
20, 613

23, 607
20,102
23,458
22, 537

23,456
20, 781
24,026
23, 576

May
June
July
August
September .
October
November.
December..

19,676 I 15,342
20,541 i 15,852
20,805
15,175
18, 904
14, 911

16, 322
17,173
16, 343
15, 849

19,368
19,532
18,184
17, 307

18, 639
18, 304
18, 662
17,776

20,417
21, 702
21, 580
19, 869

21,449
22,466
23, 300
20, 778

2 22, 873
2 23, 812
2 22, 932
2 22,048

19, 779
20,891
19, 525
20, 540

15,523
16,713
15,949
17,446

16, 553
18,423
17,133
19, 586

17,
19,
18,
20,

261
759
521
367

18,238
20, 912
18,846
21, 830

20,895
24,039
21,357
24,085

21,336
23, 780
21, 593
24,493

2 23,381
2 25,111
2 23, 803
2 26, 503

241,596

191, 941

199, 509

225,330

228,161

256, 691

268,900

282,303

Total
1
2

Revised to include 8 banks in Houston, Tex. figures for which did not become available until 1927.
Includes debits of 10 banks in Wichita, Kans. ; not reporting prior to June 9, as follows: June, $6,040,000;
July, $8,159,000; August, $8,131,000; September, $8,512,000; October, $10,350,000; November, $11,031,000;
December, $12,027,000.
NOTE.—Debits on the books of reporting banks to accounts of individuals, firms, and corporations,
and of the United States Government, including war loan deposit accounts, also debits to savings accounts,
payments from trust accounts, and certificates of deposits paid. Figures do not include debits to the
accounts of other banks or in settlement of clearing-house balances, payment of cashiers' checks, charges
to expense and miscellaneous accounts, corrections, and similar charges. Monthly figures are derived
from weekly reports by prorating the figures for those weeks which do not fall entirely within a single
calendar month.
Back figures.—See annual report for 1925 (Table 100); series begins with 1919. For back figures by
Federal reserve districts see annual reports for 1926 (Pt. II, Table 15) and 1925 (Table 100). For individual cities see annual reports for 1926 (Pt. II, Table 15), 1925 (Pt. II, Table 11), 1924 (Pt. II, Table 10),
1923 (Pt. II, Table 10), 1922 (Pt. II, Table 9), and 1921 (pp. 278-297).




INDUSTRIAL AND TRADE
CONDITIONS




125

INDUSTRIAL AND TRADE CONDITIONS

.
.

1<

83
87
67
85
101
95
104
108
_ 106

84
87
67
87
101
94
105
108
106

77
89
70
74
105
96
99
108
107

82
81
78
79
78
84
88
91
87
86
89
87

79
70
66
71
74
76
81
78
85
87
63
77

16
30
37
57
70

94
94
93
87
90
90
88
89
86
83
76
71

96
96
94
88
91
91
88
88
86
81
73
68

modity

Wholesale Department Department
distribu- store sales store stocks
tion

g«

1

8^
•i

•s

If
a

PH

1919 = 100

64
63
57
81
84
95
122
130
128

82
79
76
78
78
83
87
89
87
86
85
85

a
.a

reight-car

pment
2
actory pa

1

1923-192^ = 100

1919
1920
1921
1922
1923
1924
1925
1926
1927

ft

actory en

t

Building

contracts
awarded

r

roduction
facti
roduction
al

Year and
month

"S ©

miner-

1

Ldustrial ]

I

manu-

No. 51.—INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES

B>
<

1

1
<

0

1923-1925 = 100

no

1926=
100

100
103
82
90
104
95
95
96
92

100
124
84
89
113
104
107
109
105

84
91
79
87
100
97
103
107
103

114
87
89
101
98
101
98
95

95
88
69
92
66
68

22
40
40
53
62
62
81
78
70
80
79
89

98
95
95
96
96
98
100
102
104
103
105
108

97
91
92
92
92
95
98
103
108
104
110
119

82
78
76
79
82
82
87
87
91
87
82
89

84
82
96
97
96
99
116
126
135
139
124
123

94
88
87
103
108
108
125
112
113
118
123
146

61
55
66
78
75
74
60
62
74
94
95
139

70
72
73
74
72
78
80
80
80
80
87
83

65
68
72
73
72
70
72
81
92
97
100
87

73
71
70
70
70
72
78
85
88
88
88
93

134
13C
131
133
135
136
141
144
141
142
145
151

86
84
87
82
85
88
88
91
85
91
94
94

68
60
91
91
74
78
61
61
53
53
39
30

94
82
94
80
64
58
53
54
54
49
46
39

110
109
111
109
107
106
103
103
101
99
94
87

124
122
130
127
130
131
125
128
126
122
113
104

92
88
92
83
90
94
93
94
92
91
89
88

122
112
142
121
115
112
116
125
126
109
93
75

137
119
129
126
126
121
125
111
106
92
92
88

84
69
95
92
100
97
75
74
85
104
109
145

96
89
98
92
100
98
99
95
92
92
95
87

86
96
107
110
107
103
102
108
117
119
113
90

97
101
103
106
105
106
110
113
113
108
100
96

158
157
159
166
167
167
166
161
155
144
133
121

81
77
72
72
73
71
68
69
67
71
68
69

33
30
49
66
70
66
62
64
71
65
56
58

47
41
50
55
58
52
55
58
72
62
66
71

80
82
82
82
82
81
80
81
83
84
85
84

78
78
75
78
80
80
81
76
80
84
77
77

76
83
103
86
80
81
78
97
99
102
86
69

83
88
94
90
88
89
84
87
85
86
85
81

81
71
92
89
88
87
63
66
73
97
95
138

96
92
91
89
89
88
88
83
79
86
83
82

78
82
88
90
89
85
84
89
96
100
101
83

87
86
85
87
87
88
90
93
93
91
89
88

114
105
102
99
96
93
93
94
93
94
94
93

139
154
98
97
101
98
104
100
95

79
105
89
88
98
101
101
103
102

78
94
87
88
98
99
103
106
106

1919

January...
February. .
March
April
May
June
July
August
September
October.-.
November.
December.
1920
January
February. .
March
April
May

June
July

August
September
October
November.
December.
1921

January... 67 65
February.. 66 64
64
63
March
64
63
April
66
64
May
64
65
June
64
65
July
67
67
August
67
67
September
October. __ 71 71
November- 71 71
December. 70 70
See footnotes, p. 129.




89
88
89
86 ,
84
83
79
81
81
81
80
82

127

128

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 51.—INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES—
Continued
Building
contracts
awarded

t Department
store stocks

Year and
month

1923-1925 = 100
1922
January-..
February..
March
April
May..
June..
July...
August
September
October
NovemberDecember.

73
76
80
77
81
86
86
84
88
94
97
100

73
75
78
81
86
90
91
87
89
94
98
100

77
85
92
53
54
59
57
62
81
90
94
100

48
52
85
102
105
100
102
93
79
73
71
62

84 i
81
86 I
87
86
88
90
87
90
81 93
71 96
82 i 99 i 102
77 j 100 105

1923
January...
February..
March
April
_
May..
June...
July...
August
September
October
November.
December.

100
100
103
107
107
105
103
102
100
99
97
96

100
100
103
107
106
104
102
100
101
98
96
96

101
100
103
109
108
108
111
110
98
104
105
99

61
71
94
101
109
93
79
75
73
91
80
76

85
97
87
79
89
81
76
72
76

1924
January.._
February. _
March
April
May__
June—
July...
August
September
October—
November.
December.

100 99 102
102 102 104
100 101 99
95 95 92
89 88 93
85 84 92
83 82 92
89 88 92
94 93 97
94 95 89
97 97 96
101 101 100

76
78
109
121
108
101
87
89
87
103
95
83

101 ! 100 108
101 ! 101 i 114 103
99 ! 101 ! 113
99 i 111
97
95 96 i 105
92
91 93 ! 100
92
84 89 92
95
85 89 96
99
90 91 99
100 93 103 99
103 92 101 99
94 94 106 100

1925
January
FebruaryMarch
April
May_.
June...
July...
August
September
October—
November.
December.

105
105
104
103
103
102
103
103
102
105
106
108

106
106
106
103
103
102
103
102
104
107
109
110

104
100
96
98
104
101
104
108
90
91
94
93

75
76
120
138
124
137
133
149
138
129
116
129

101
104
107
112
115
125
128
135
135
129
127
138

94
96
96
96
95
94
93
94
95
97
97
97

1926
January
February._
March
April
May
June
July
August
September
October. _
November.
December

106
107
107
107
106
107
107
111
112
111
108
105

109
108
108
107
107
107
107
111
112
110
106
103

92
96
106
106
104
106
107
109
111
115
118
119

111
106
146
139
134
133
126
148
137
126
119
131

146
145
128
120
125
125
124
131
130
126
130
136

96
97
97
96
96
95
93
94
96
96
95
94

See footnotes, p. 129.



;
!
!
!
|
|
!
\
j

1926 =
100

1923-1925 = 100

1919 = 100

101 ; 104
103 l: 107
105 ! 113
105 I 113
105 i 117
105 117
104 I 113
104 ! 113
104 114

96
100
105
105
103
102
101
99
88 I 104 117 97
90 I 103 115 99
90 101 113 95

79
81
85
83
89
91
86
91
91
93
97
97

114
97
94
92
92
115
115
123
100
82
94
87
82
86
105
118
118
97

71
65
81
89
90
87
63
70
84
103
105
150

102
100
104
100
103
102
101
103
99
103
100
95

80
72
99
94
102
101
71
79
89
117
113
161

91
93
99
97
98
102

103
102
94
99
95
91
93
95
101
99
99
101

87
82
91
104
100
94
72
74
93
111
111
168

99
101

91
93
93
93
96
96
99
99
99
100
101
101

100
85

100
100
99
100

97
100
96
95
100
95
101
100

83
89
98
100
99
93
90
96
105
111
114
94

93
94
95
97
97
96
97
100
101
100
101
100

102
103
105
104
102
100

90
97
105
107
104
97
93
96
105
111
113
94

101
102
102
103
102
100
100
100
101
101
100
100

100
100
99
97
96
95
96
97
97

100

102

!
i
I
|
I

103
109
110
107
107
105
| 102
105
104
111
112
112

103
103
100
104
105
101
101
105
102
100
104
105

93
97
109
98
90
91
94
113
117
124
99

102
101
100
100
99
100
102
101
100
105
100
98

86
80
95
106
100
99
75
78
95
129
114
178

90
96
103
103 104
102 106
101 102
97
100
94
100
101 j 98
102 106
110 111
104 115
97
106

102
101
101
101
100
100
101
102
102
101
102
103

103
104
104
102
102
103
104
104
103
104
105
103

107
112
113
110
109
109
104
108
108
112
I 109
i 108

102
104
105
107
108
109
108
108
109
109
108
106

94
97
107
94
91
91
91
107
117
111
97
84

102
101
100
97
99
97
97
100
94
98
95

89 106
81 104
102 101 107
103 107
103
107 107 103
98
101 102
94
78 104
83 107 | 97
101 109 107
124 110 114
121 106 117
96
184 110

105
103
104
103
101
101
101
101
103
103
104
102

104
102
100
100
101
101
100
99
100

i
!
!
i
|
!

129

INDUSTRIAL AND TRADE CONDITIONS
No. 91.—INDEX

NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE ; AND PRICES—

Continued
Building
contracts
awarded

Wholesale Department Department
distribustore sales store stocks
tion

Year and
month

1923-1925=100
1927
January
February,.
March
April
_
May
June
July
August
SeptemberOctober
November.
December.

107
109
111
108
111
108
106
107
105
103
99
99

105
107
110
109
111
109
107
107
106
102
99
99

116
118
118
104
108
104
100
106
105
105
101
103

94
96
151
147
135
154
130
135
127
137
114
116

1919 = 100

123
131
131
128
126
144
128
119
121
137
125
121

94

1926=
100

1923-1925 = 100

105
109
109
108
107
104
101
104
104
101
96
94

86
91
103
90
88
87
88
111
112
106
93
82

94
95
96
93
95
93
95
100
96
91
95
93

89
83
100
111
102
101
75
89
100
119
122
186

106
107
105
105
103
104
103
111
109
105
107
111

92
97
106
106
103
97
94
97
107
113
116
96

103
102
103
102
101
100
101
101
103
103
103
102

97
96
95
94
94
94
94
95
97
97
97
97

1 Adjusted to allow for seasonal variations.
2
Index of the U. S. Bureau of Labor Statistics; monthly average, 1926=100, base adopted by bureau.
A description of this index was given in the Bulletin of the U. S. Bureau of Labor Statistics, No. 453,'' Revised Index Numbers of Wholesale Prices, 1923-July, 1927," and in the Federal Reserve Bulletin for October, 1927.
NOTE.—All of the indexes given in the table (except that for prices) are those of the Federal Reserve
Board. Descriptions of these indexes have been published in the Federal Reserve Bulletin as follows:
Indexes of industrial production, production of manufactures, production of minerals, February and March,
1927; indexes of factory employment and factory payrolls, May, 1925 (certain revisions, September, 1925);
indexes of building contracts awarded and freight-car loadings, August, 1927; index of wholesale distribution,
December, 1927; indexes of department-store sales and department-store stocks, February, 1928.




130

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

52-—INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS
[Adjusted for seasonal variations. 1923-1925 average = 100]
Cement,
brick
and
glass

Paper I
and ;Lumprint-j ber

Year and month

ing !

1919,.
1920..
1921..
1922..
1923,
1924..
1925..
1926..
1927..
1924
January
February
March
.
April
Ai
May

June
July
August
September
October
November
December

1925
January
February
March
April
Ail
May
June
July
August
September
October
November
December
1926
January
February,..
March
April
May
June
July
August
September..
October
November. _
December...
1927
January
February
March
April
May
June
July
August
September. .
October
November..
December.__

76
87
70
85
95
99
106
115
114

I
\ 99
i 102
. __i 101
95
88
84
82
88
93
95
97
101

106
I 106
| 106

105
100
94

98
100
100 I
102 !
97
95
92
94
89
96
95
99
95
100
95
100
98
101
101

104

103
103
102
103
102
104
107
109
110

113
113
111
102
100
96
95
103
104
105
113
116

106 j 104
103
104 ! 106 I 105
95 | 106
107
106
94
106
105
93
104
103
96
103
106
105 ! 94
107
103 ! 95
106
100
101
109
99
104
110
93
106
111
103
107

109
108
108
107
107
107
107
111
112
110
106
103

115
113
114
116
114
112
113
120
117
115
104
102

104
104
104
100
98
101
99
105
109
110
110
110

105
107
110
109
111
109
107
107
106
102

106
114
115
116
117
105
103
102
98
94

108 !
108
114
112

121
118
119
118
113
112
105

101
95
95
94
94
98
98
102
103
102
98
96
95
93
99
93

102
96
97
93
94
94
95

108
105
104
102
101
103
104
106
108
108
107
108

51
56
42
66
102
91 j
107 I
109

120
117
107
93
79
71
76
87

101
107
110
111
113
78
100
133
135
123

120
112 j 100
121
113 ; 107
116
114 I 105
113
107
113
101
113
115
114
112
113
100 j 108
115
129
116
99 ! 125
117
97 i 107
116
95 ! 90
113
96
67

95 I

113
113
113
114
112
112
114
112
113
111
110
112

95
91
88
95
93
95
95
99
94
96
93

97
101
106
106
107
95
84
89
81
70
47
53

104
97
90
102
110
94
96
98
103

63
80
95
95
110
113
109

100
97
97
92
94
90
93
89
94
85
90
89
91
93
96
96 |
95 | 101
96 ; 102

!
!
!
!
j

I
!
!
|

67
78
39
69
94
99
107
112
109
95
101
98
97
103
100
98
97
101
100
98
100

54
64
64
74

77

86
99
115
125
136

86
98
116
116
121

105
112
118

92
95

97

102

97
101
101
99
95
QO
yo
99
99

102
104

95
95
93
93
97
101
101
105
106
99
100

99
102

100
105
113
112
113
108
97
96

111
111

81
QO
»O

111
123
116
112

96
102
100
99
101
99
97
90
104

126

116
117
117
116

117
109
113
118

108
109
108
115
115
107
110
110
112
112
119
118

116
117
119
123
125
126
126
128
128
129
133
135

116
114
108
109
108
116
117
128
132
126
108
112

108
110
115
112
111
113
110
113
113
116
115
111

116
112
108
112
111
108
106
108
107
106
106
111

135
134
135
134
132
134
136
136
139
142
140
137

118
117
123
131
127
131
124
119
113
116
117
110

114
113
116
122
122
116
109
119
123
121
122
113

101
107
119
109
108
109
111
115
113
108
107
105

112

96
96
90
83
80

82
87
85

120

117
112
108
107
112
123
118
118
117
114
107
95

111
108
109
110
110
109
112

55

105
104
102
103
104
105
106
105
105
105
106
110

106
110
112
108
104
105
107
104
108
108
106
109

106
110
110
112
115
121
120

no
no

97
99
95
98
96
91
96
99
98

'

Non- PetroTofer- leum Rub- bacco
rous refin- ber manumet- ing tires facals

110
114
109
110

117
118
132

Backfigures.—SeeFederal Reserve Bulletin for February, 1927. Figures for about 50 individual lines
of manufacture included in groups shown in this table have been published currently in the Bulletin
s ince May, 1927.




131

INDUSTRIAL AND TRADE CONDITIONS
No. 53.—INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS
[Adjusted for seasonal variations. 1923-1925 average=100]

Year and month

1919
1920....
1921
1922
1923
1924
1925
1926
1927....
January
February
March
April
May....
June
July
August.
September
October..
November
December
January..
February
March
April
May
June
July
August
September
October..
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December..

All
Bitu- Anthra- Crude Iron-ore
miner- minous cite
petro- ship- Copper Zinc
coal
leum ments
als
coal
77
89
70
74
105
96
99
108
107

109
79
78
108
92
100
110

109
110
112
65
115
108
77
105

52
61
64
75
100
97
103
104
121

91
113
36
82
114
82
104
113

81
85
30
62
93
100
106
110
105

Lead

Silver

84
87
102
100
98
95
92

97
107
116
111

66
77
88
102
111
114
111

99
100
100
103
106
105

94
96
96
101
100
98
97
95
93
93
100

94
96
96
103
105
105
106
116
105
105
104

111
110
108
106
105
105
105
102
106
106
105
108

100
103
104
104
105
105
109
111
110
111
110
112

106
103
111
110
110
111
110
110
110
117
111
118

106
109
109
110
109
107
111
108
113
113
116
112

112
117
109
114
113
111
111
120
121
121
120
119

115
116
117
111
116
108
113
116
117
118
116
122

93
94
94
98
90
96
96
93
93
107

114
111
100
106
107
105
101
101
104
102
106
105

113
113
114
110
108
114
109
114
111
110
107
109

113
112
115
120
113
112
116
112
111
105
110
109

97
95
90
90
90
93
94
94
90
91
100
95

1924
108
108
96
80
80
80
82
83
93
95
97

115
115
114
103
108
109
108
102
111
103
109
107

104
100

104
93

104
101
104
108
90
91
94
93

92
92
97
103
103
105
112
112

110
116
104
112
116
106
117
128
1
1
3
4

92
96
106
106
104
106
107
109
111
115
118
119

112
111
104
105
104
104
106
107
109
112
125
121

3
34
125
126
117
125
119
118
127
125
114
115

100
103
105
106
113
117
121

116
118
118
104
108
104
100
106
105
105
101
103

119
125
131
94
94
91
87
92
92
90
85
87

101
95
88
108
117
102
75
107
100
107
106
92

120
123
122
119
120
120
124
123
124
124
124
124

102
104

100

101
94
99

87
109
98
90
105
92
106
103
108
108

1925

__

100
101
108
108
106
106
106
104
103
102

129
95
94
100
88
95
109

103
97
87
105
97
103
104
108
93
85

1926
100
99
98
95
105
110
126
116
132
97

1927
_

Back figures.—See Federal Reserve Bulletin for February, 1927.




120
101
99
99
87
95
49

No. 54.—INDEX OF WHOLESALE DISTRIBUTION, BY INDIVIDUAL LINES OF TRADE

00

[1923-1925 average = 1001

to

With seasonal adjustment

Year and month

Without seasonal adjustment

WomWholeWomWholeDry Men's en's Boots Hard- Drugs Furni- sale
sale
GroDry Men's en's Boots HardGroFurniand
and
distri- ceries Meats goods cloth- cloth- shoes
ture distri- ceries Meats goods cloth cloth- shoes ware Drugs ture
ing
ing
ing
bution
bution
ing

1919.
1920.
1921..
1922 _
1923..
1924.
1925.
1926.
1927.

110
114
87
89
101
98
101
98
95

January
February...
March
April
May
June
July
August
September..
October
November..
December..
January
February. _.
March
April
May
June
July
August
September..
October
November..
December..

102
101
100
97
99
99
97
97
100
94
98
95
1927

94
95
96
93
95
93
95
100
96
91
95
93

09
98
90
99
97
99
98
97
100
95
96
96 |
93
93
96
95
97
98
91
97
94
90
94
93

145
121
80
83
94
96
110
115
108

100
107
91
89
103
97
100
94
89

78
106
72
80
99
98
103
95
96

93
95
84
90
109
97
94
70
67

140
125
99
97
104
98
98
101
104

96
116
80
86
102
97
101
100
95

91
95
86
87
97
99
104
107
108

73
85
102
93
105
102
100

117
115 |
114
117
118
117
110
114
117
110
116
113

104
105
102
89
91
93
88
101
97
83
82
87

112
111
94
94
99
96
118
108
103
90
99
94

103
105
102
98
100
98
100
99
101
97
102
100

108
105
110
109
105
106
105
106
109
108
111
107

108
101
99
98
101
100
106
102
104
101
107
101

97
107
94
91
91
91
107
117
111
97
84

91
85
97
94
94
102
99
98
109
107
102
94

117
109
109
110
118
120
112
116
125
123
112
106

91
99
100
80
85
81
83
117
122
104
98
71

79
132
138
89
57
47
75
163
148
105
61
44

74
99
131
68
43
34
28
62
101
111
45
42

92
88
108
99
100
91
95
119
126
113
104
76

92
92
106
100
103
102
98
100
109
109
100
93

105
97
121
111
98
99
100
103
116
125
112
100

87
104
117
121
112
95

113
112
108
111
109
104
102
109
109
109
105
109

97
101
87
87
90
90
101
92
81
86

112
108
97
94
110
90
134
111
104
91
105
101

92
93
98
94
91
92
92
97
99
94
100
97

104
103
106
106
104
106
105
112
114
111
112
106

98
101
96
98
102
102
109
103
99
100
89

91
103
90
88
87
88
111
112
106
93
82

86
81
94
90
95
101
92
97
102
102
100
90

113
107
104
104
109
.106
104
111
117
122
101
103

78
88
95
76
76
78
81
125
113
99
88
70

65
123
138
85
52
46
78
165
140
101
61
48

71
95
108
64
39
28
43
98
95
87
45
39

92
87
111
100
111
85
107
122
127
114
110
82

82
82
102
96
93
96
90
98
106
105
98
90

102
95
117
108
98
99
100
110
122
128
113
99

86
98
114
97
93
90
84
111
117
118
105
83

102
91
86
89
87

Back figures—See Federal Reserve Bulletin for December, 1927.




118
126
93
93
100
101
99
98
94

95
101
112

DETAILED BANKING STATISTICS
FOR THE UNITED STATES




133

CONDITION OF FEDERAL RESERVE BANKS
No.

55.—BILLS DISCOUNTED FOR MEMBER BANKS—HOLDINGS 1
FEDERAL RESERVE BANK, BY MONTHS, 1914-1927

OF EACH

[Monthly averages of daily figures. In millions of dollars]
Federal Reserve Bank
Month

1914
November
December
1915
January
February
March
April
May.
. ._
June
July
August
September
October
November
December.
1916
January
February
March.
April..
MayJune
July
August
September
October.
November..
December
1917
January
February
March
April
May
June _
July
August._ _. . .
September
October
November
December.

Boston

New Phila- Cleve- Rich- AtdelYork phia land mond lanta

Chicago

MinSt.
Louis neapolis

Kansas
City

Dallas

San
Francisco

0.08
.12

2.69
1.62

0.42
.49

0.02
.40

0.07
.90

0.02
.57

1.18
2.95

0.93
.98

0.14
.18

0.25
.27

0.08
.47

0.01
.56

.15
.14
.19

1.13
1.10
.35

.43
.41
.89

.47
.62
.83

.08
.18
.39

.77
.98
1.24
1.15
1.14
1.74
2.47
3.02

.48
.60
.54
.51
.56
.58
.74
.90
1.12
1.32
1.66
1.45

.26
.27
.38

.76

1.54
4.08
5.08
4.73
4.01
3.87
4.16
4.19
5.02
5.48
6.60
7.94

2.09
1.08
.91

.84

3.08
4.69
6.41
6.86
7.04
7.30
7.90
8.63
8.54
7.25
6.65
7.66

.40

.46

.83
1.12
1.19
1.32
1.71
1 77
1.91
1 54
1.31
.93
.64
.46

6.97
4.95
4.12
3.73
3.10
2.79
2.86
3.31
3.87
3.40
3.10
2.85

3.75
2.22
1.67
1.98
1.75
1.97
3.47
3.19
2.97
2.69
3.24
3.57

.42
.42
.49
.48
.43
.42
.54

.60
.37
.27
1.21

7.05
6.75
6.34
6.23
5.51
5.29
5.60
6.07
5.83
4.22
2.96
2.58

.6
1.3

3.9
3.8

2.9
2.2

3.2
1.5

.25

.34

.37
.35
.39
.24
.18
.16
.18
.22

.40
.49
.58
.48
.51
.41
.31
.26

.62
.69
.66
.55
.54
.26
.17
.15

.72
.78
.70
.54
.66
.60
.56
.60

.21
.19
.13
.30
.21
.31
1.56
2.16
.63
.62
2.02
6.44

.21
.18
.30
.41
.34
.41
.34
.57
.89
.97
1.07
6.45

.18
.22
.24
.48
.78
.55
.72

.42
.27
.25
.44
.28
.28
.42

.39

.28

1.6
1.8

3.8
1.7

2.3
4.1
3.8

13.3
16.0
16.5
16.9
12.4
24.9
96.6

1.0
1.0

2.2

74.5
31.2
14.9
42.3
148.4
310.0
287. 3

.18
.18
.71
4.44
.8
.9

1.4
1.2

1.8
2.5

6.3

2.0
5.2
7.8

12.4
13.9
10.5
12.7
10.0
15.8
33.3

8.2
8.7
11.0
21.2
43.1

3.7
5.0

2.1
2.2

8.6

2.8
3.5
4.5

10.2
13.1
14.2
15.7
12.5
13.1
24.3

5.3
6.7
9.7
12.6
15.3

.85

1.17
.88
.67
.57
.65
.65
.67
.91

1.31
2.25
2.14
1.82
.8
.6

1.7
1.4

.7
1.8

3.0
7.7

4.1

19.5
17.2
22.8
42.2
79.7
93.0

3.2

9.0

9.0
13.4
18.7
19.2
28.1

.52
.89
1.46
1.84
1.75
1.59
1.50
1.42

.62
.76
.89
1.13
1.67
2.21
3.05
3.25

1.21
2.33
3.20
4.31
5.80
6.25
6.51
6.68
7.24
6.40
5.45
5.08

1.13
.99
.88
.77
.70
.88
1.27
1.90
1.87
1.91
1.42
1.51

3.18
2.41
1.96
1.85
1.73
1.84
2.01
1.99
1.73
1.21
.77
.58

4.39
4.66
4.57
4.72
4.70
5.13
5.96
6.79
7.04
4.06
1.92
.91

1.8
2.2

.5
.5

.8
1.2

1.5
2.5

.5
.6

1.3
2.1

5.1
6.7

1.7
6.1
8.6

3.2
3.2
4.7

10.3
12.3
12.4
8.3
12.7
8.2

11.8
14.3
20.3
33.0
26.3

6.5
7.9
8.0
9.3
4.5

.51

.40
.27
.30
.28
.2
.2
.2
.5
.8
4.3
9.1
8.5

8.7
12.3
16.9
21.7

1918
29.1
7.9
26.4
27.7
4.8
12.3 97.9 27.6
January
88.1 216.0 32.0 41.4
9.1
9.9
7.4
22.2
84.9 25.5
31.6
26.5 39.6 32.8
65.3 176.9
February. .
6.0
March
58.1 236.3 26.5 33.2 31.3
11.2 68.9
23.3 13.4 33.4
25.8
17.0 75.5 38.7
10.2 38.7 24.0 32.3
55.9 357.1 29.4
50.4 40.1
April ._
43.9 413.6
39.0 55.7
54.0 23.7
60.4
88.0 35.8 21.4
27.8 38.9
May
64.4 33.4
98.2 48.2 33.7
38.4
45.5 395.6 50.5 45.2 57.1 28.2
June. _
67.2 33.7 175.5 71.8 52.3 75.7 39.0 59.5
68.5 66.3
71.7 384.4
July. . . . . .
74.8
67.0 44.9 215.8 61.1 72.4
68.5 53.2 77.6
August
68.6 449.3 82.7
62.8 93.1
67.0 87.1 64.7
79. l. 68.8 63.7 235.1
75.7 615.9 88.4
September
79.4 55.6
98.9 80.2
66.1 84.2 246.1
83.4 667.4
October
77.7 64.7 105.9
30.4
80.6 56.2 84.4
135.4 658.1 151.0 92.1 85.6 94.7 219.3 81.2
November
9.4
65.1 59.0 83.4
162.2 659.5 191.1 114.3 88.5 94.7 151.2 70.8
December
1
Adjusted to eliminate effect of interreserve bank rediscount transactions. Such rediscounts were
outstanding during the period December, 1917, to December, 1921 (with the exception of March and April,
1918).

110390—28




10

135

136

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 55.—BILLS DISCOUNTED FOR MEMBER BANKS—HOLDINGS OF EACH
FEDERAL RESERVE BANK, BY MONTHS, 1914-1927—Continued
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve Bank
Month
Boston

New Phila- Cleve- Rich- AtdelYork phia land mond lanta

Chicago

Min- KanSt.
sas
Louis neap- City
olis

Dallas

San
Francisco

1919
January
February
March
April
May
June
July
August
September. _
October
November. _
December...

145.8
146.7
145.1
157.1
152.2
147.2
144.8
125.6
121.5
127.4
147.3
170.5

684.7
734.5
745.5
683.1
752.9
652.9
739.8
685.5
651.1
788.5
829.8
759.7

191.4
194.6
206.2
224.6
221.1
234.1
224.1
216.9
212.2
218.3
224.8
230.2

94.3
97.4
104.1
106.9
109.4
102.6
112.2
118.2
122.7
142.7
150.2
162.5

91.2
101.8
113.7
119.2
128.8
141.1
138.1
138.1
114.1
110.8
98.8
107.9

89.9
76.1
77.8
81.2
84.2
84.6
83.3
90.2
102.9
113.7
107.0
95.3

144.0
127.8
148.1
168.7
164.6
164.1
158.2
161.4
148.4
184.5
224.5
279.3

64.6
51.1
65.9
79.5
65.3
56.1
53.7
52.0
70.4
82.5
68.1
71.5

9.2
8.0
9.0
29.8
35.6
22.7
13.0
16.7
27.0
51.8
55.0
65.1

66.6
64.6
68.7
68.7
78.1
73.5
95.5
78.8
87.5
81.6
86.6
75.9
84.4
59.3
71.7 | 59.1
72.8
64.4
99.3
74.4
100.8
49.7
95.3
35.6

89.0
87.7
94.5
94.7
90.8
74.3
56.9
66.4
69.9
79.5
89.7
84.1

1920
January
February-_.
March
April
May
June
July
August
September..
October
November. _
December...

158.9
176.1 845.4
164.3 835.9
145.4 752.0
138.0 769. 5
140.8 727.9
120. 2 799.6
110.8 873. 6
117.1 885.7
115.6 957.3
129.5 963.7
]52. 3 920.9

225.0
243.6
240.1
229.9
215.7
205.2
180.4
175.5
162.3
144. 5
150.2
148.3

140.2
148.4
146.7
140.0
134.0
121.0
115.7
106.1
92.7
84.5
89.4
108.7

110.8
102.9
109.1
115.8
120.7
123.5
126.1
128.7
131.3
130.7
124.3
123.3

82.9
82.1
97.8
104.5
120.4
121.9
126.0
146.3
159.0
167.5
181.9
173.3

252.0
300.3
366.6
442.6
443.4
441.6
457.1
436.8
457.1
482.4
467.3
466.1

82.7
100.8
110.8
135.7
154.7
140.6
135.5
139.4
145.9
155.5
140.8
118.6

67.1
66.7
54.6
72.6
89.7
91.8
92.1
96.4
104.4
109.3
110.4

86.0
98.1
114.4
122.9
120.8
125.9
129.0
138.7
152.9
150.1
143.1

40.1
45.1
49.5
66.4
81.3
78.9
89.3
103.4
113.6
110.7
104.9
100.6

84.8
101.7
113. 0
122. 7
147.2
144.5
151.2
159.1
169.4
170.9
164.1
175.2

1921
January
February-_
March
April
May
June
July
August
September.
October
Novernber.
December..

133.8
126.4
142.9
115. 3
96.2
91.9
66.1
63.7
68.5
57.2
57.4
62.9

872. 8
907.6
777.1
633.8
547.9
425.7
393.5
357.5
268. 8
252.8
212.6
221.1

141.7
148.7
152.2
140.1
145.2
141.5
121.8
113. 7
104.2
101.0
90.6
89.3

119.2 i
112.8
116.3 :
134.7
138.9
146.4
147. 1
129.0
121.7
125.2
121.5
112.2

117.3
107.8
110.2
119.0
121.8
122.3
123.4
121.8
123.5
113.6
104.2
96.2

153.5
130.5
122.4
117.4
108.7
103.5
102.5
106.8
115.1
114.2
104. 7
96.5

421.3
369.7
387.2
387.7
330.5
312.1
300.1
227.0
216.3
209.5
185.5
187.8

103.4
91.4
88.9
81.9
75.8
82.1
83.8
73.1
74.4
70.1
64.9
64.1

90.2
81.3
70.0
73.2
76.9
82.7
83.8
84.9
81.3
74.0
66.7
57.2

123.1
103.4
99.3
97.3
85.1
80.6
78.3
67.1
69.2
74.1
78.0
74.3

95.1
82.7
79.0
74.7
70.7
69.5
75.5
75.4
77.5
68.7
59.7
54.1

164.6
146.7
156.3
165.0
168.8
159.3
149.3
134.8
125.2
116.5
86.8
69.7

1922
January
February, _
March
April
May
_
June
July
_._.
August
September.
October
November.
December. .

42.2
42.1
40.9
32.9
22.1
21.8
24.9
24.7
25.4
30.0
62.8
67.3

160.8
114. 5
77,5
69.8
51.2
51.1
65.3
48.1
53.2
96.2
162.0
171.6

75.9
75.2
65.1
55.1
49.5
46.2
41.9
38.2
40.1
42.7
53.5
56.3

95.4
69.6
58.0
56.5
46.3
39.2
32.1
27.1
26.9
33.0
46.4
51.7

87.3
78.4
72.9
64.1
53.8
42.2
38.4
35.5
38.2
42.0
43.0
50.6

79.7
62.0
47.8
42.7
35.2
30.9
29.6
29.9
33.5
34.6
36.2
32.9

156.9
107.0
86.0
86.5
70.2
61.0
55.0
51.6
54.1
71.6
82.1
93.6

51.1
37.9
30.5
25.8
23.2
20.8
17.9
17.5
22.2
26.9
29.8

45.1
38.6
30.8
26.8
27.0
26.2
26.0
27.0
26.4
24.2
21.3
21.5

61.3
48.1
46.5
41.6
35.1
36.0
32.5 j 34.5
25.6
31.7
22.6
31.9
19.3
32.9
35.4
17.6
33.8
19.4
23.1
23.0
16.9
28.9
14.6
30.8

65.4
59.0
59.8
49.4
45.9
44.9
45.0
43.5
43.4
37.2
41.0
43.4

45.2
57.6
50.6
47.6
42.6
50.6
52.5
56.8
63.6
47.2
50.1
67.7

188.1
242.5
204.5
185.4
177.2
163.9
207.6
197.8
191.5
192.0
154.4
146.1

43.6
56.7
57.2
56.7
62.6
70.5
71.2
64.6
60.7
59.0
55.9
59.3

28.9
27.0
34.6
44.0
54.7
57.3
67.6
57.8
54.6
61.8
65.5
65.1

42.3
40.8
46.2
55.9
62.5
65.2
66.8
68.9
75.4
72.9
61.6
55.5

23.5
18.6
19.2
22.7
29.4
34.2
39.7
44.2
59.0.
79.2
83.9
76.0

65.3
58.0
86.2
91.0
89.8
88.2
85.6
75.6
81.2
108.9
101.7
99.1

17.6
15.8
22.8
27.7
32.6
42.3
46.8
51.3
65.9
72.3
69.8
58.5

19.4
18.1
17.9
20.2
24.8
27.0
29.3
28.4
29.3
29.1
23.4
21.7

23.0
17.7
22.1
27.3
39.3
47.2
48.2
40.9
41.6
52.9
59.7
56.8

16.1
16.3
18.2
21.5
26.8
31.9
40.0
47.3
38.7
24.1
17.4
12.9

35.9
41.8
49.0
60.0
66.2
65.9
81.7
77.8
86.3
75.8
58.2
56.1

1923

January
February..
March
April
May
June
July
August
September.
October....
November.
December..




137

FEDERAL RESERVE BANKS

No. 55.—BILLS DISCOUNTED FOR MEMBER BANKS—HOLDINGS OF EACH
FEDERAL RESERVE BANK, BY MONTHS, 1914-1927—Continued
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve Bank
Month

1924
January
February._
March
April
May
June
July
August
.September.
October
November..
December. _

Boston

New Phila- Cleve- Rich- AtdelYork phia land mond lanta

34.3 121.0
31.0 122.3
27.5 79.8
23.4 87.6
17.9 62.3
17.1 41.5
11.2 45.5
11.7 31.9
10.1 40.5
6.9 44.9
13.0
21.4 38.6
75.5

ChiSt. Min- Kansas
cago Louis neap- City
olis

Dallas

SanFrancisco

45.3
40.8
41.9
40.5
32.9
30.1
25.6
21.3
19.2
18.6
22.9
36.8

42.5
37.0
38.2
49.7
43.8
35.7
21.0
16.9
19.8
21.3
26.4
40.3

47.4
47.0
54.6
59.3
55.8
50.7
47.2
35.1
36.9
35.5
30.8
28.8

53.4
42.0
46.2
43.8
41.1
38.5
30.6
30.4
27.4
25.4
22.5
20.9

71.3
57.2
58.9
60.6
57.5
48.8
41.7
34.8
29.5
29.2
32.4
39.9

45.4
37.0
34.6
33.3
27.3
24.1
19.7
18.9
22.2
21.9
15.9
12.0

18.2
16.0
14.6
14.9
16.5
15.0
14.8
14.2
12.2
7.8
5.4
5.1

42.4
31.3
25.2
24.3
24.8
23.8
16.9
12.6
10.3
7.7
6.5
5.7

9.6
9.4
9.8
11.8
14.2
15.9
18.3
22.4
17.8
7.9
4.0
3.6

49.7
45.3
48.2
45.2
41.3
33.5
25.8
19.6
16.8
13.8
10.6
11.7

1925
January
February._
March
.April
May
June
July
August
September
October
November.
"December..

19.7
19.7
30.3
34.2
28.7
35.5
33.6
36.5
29.3
1 42.5
38.0
51.6

76.1
147.4
153.3
119 3
105.3
125.6
144.5
168.0
204.4
195.5
168.0
207.0

26.1
30.4
37.1
38.2
37.6
40.6
45.9
49.4
49.1
53.4
53.4
59.4

34.8
33.1
40.2
40.3
39.6
42.9
46.1
56.6
62.9
74.1
76.0
88.1

26.9
25.4
33,3
41.4
47.7
49.1
50.8
50.5
53.6
48.2
42.3
45.7

14.7
12.4
16.2
19.4
20.5
22.9
23.7
31.2
30.8
26.8
24.5
30.3

36.0
32.0
35.0
50.0
49.6
45.5
52.1
62.0
00.2
68.8
70.2
93.4

9.3
10.2
15.3
18.5
20.0
21.1
27.6
34.9
31.1
29.2
24.7

4.7
4.3
4.1
5.2
6.2
5.1
6.1
8.8
6.9
6.2
5.7
5.8

5.0
5.0
4.5
6.9
7.7
7.4
7.2
7.6
8.5
11.8
18.5
18.2

3.0
2.3
2.1
2.3
4.3
6.1
8.5
10.4
9.2
8.0
9.6
9.7

11.7
17.2
25.4
31.6
32.6
36.9
42.9
46.3
54.3
55.8
60.5
57.0

1926
January
February. .
March
April
May
June
July
August
September.
October
November.
December..

31.9
38.8
35.2
28.5
27.1
24.8
34.5
36.7
45.5
42.2
38.0
55.7

163.2
180.2
140.8
129.2
136.8
117.8
166.0
163.3
182.4
164.6
134.9
154.6

48.2
56.2
59.9
53.3
49.7
49.2
48.1
45.9
46.2
49.9
43.8
60.8

59.2
42.7
56.6
56.2
52.1
44.0
37.2
33.7
45.0
70.4
75.6
90.1

38.0
38.3
43.6
45.1
46.6
47.4
41.8
44.9
46.4
45.7
35.5
29.6

27.0 80.1
26.6 66.9
40.0 75.5
44.4 75.3
35.2 56.3
38.4 52.5
42.0 60.9
47.6 54.6
55. 3 67.7
55.7 89.2
50.5 105.7
47.6 119.2

19.7
20.8
26.1
28.2
26.7
28.5
30.6
35.2
43.5
42.2
37.5
37.8

4.7
6.4
6.7
6.4
6.9
5.3
7.6
13.1
11.2
11.1
8.6
5.1

15.5
17.1
17.5
19.0
20.1
18.5
16.2
12.7
13.5
12.5
16.9
13.7

7.5
5.8
6.6
7.4
9.8
11.9
16.1
20.1
25.0
19.5
17.2
10.3

31.1
25.3
50.3
46.7
47.2
37.7
48.0
48.2
60.0
62.7
54.1
47.3

1927
January...
February..
March
April
May
June
July
August....
September
October...
November.
December.

33.4
29.0
35.8
23.2
37.1
33.8
29.7
29.9
28.4
33.3
36.4
40.2

118.3
91.2
112.2
121.6
137.8
91.9
122.9
118.4
142.4
123.9
106. 5
171.1

43.7
35.7
41.0
43.7
45.8
45.2
46.8
39.6
38.2
38.4
38.1
47.9

61.5
38.9
31.7
53.9
43.6
41.8
35.4
27.8
34.8
43.7
46.8
58. 6

22.5
23.4
22.1
22.5
25.5
22.4
21.8
19.7
26.3
28.9
21.5
24.4

34.2
26.8
31.7
34.1
34.6
32.6
36.3
34.7
31.1
26.0
32.7
36.1

19.1
14.6
14.4
16.2
24.0
26.3
29.8
24.7
28.0
21.5
18.1
19.3

4.1
4.0
4.5
6.1
6.7
6.5
6.0
6.1
4.4
2.7
2.6
3.0

10.4
9.3
8.6
11.9
17.3
16.5
12.5
9.3
10.7
15.7
18.1
15.2

5.4
3.1
3.2
4.4
4.7
6.2
7.4
12.7
11.0
7.2
8.4
5.4

37.8
38.6
48.3
53.3
43.1
41.4
45.8
46.1
35.6
43.7
39.1
42.4




90.2
78.5
71.1
56.3
52.7
63.9
59.7
40.5
31.4
36.5
46.9
65.0

138
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

56.—DISCOUNTED
ON

B I L L S — H O L D I N G S OF E A C H F E D E R A L
D E C E M B E R 3 1 , 1927,
BY CLASSES

RESERVE

BANK

fin thousands of dollars]
Rediscounted bills

Federal reserve bank

Commercial and Demand
agricul- and sight
tural
drafts
paper
n. e. s.

Total
(all
classes)

Trade
acceptances

28, 598
281, 338
67,371
60,845

9,461
5,175
7,529
6,439

38
39
464

25,424
28,203
52,670
19,417

7,021
16,829
19,060
4,522

170
537
20
7

Minneapolis. .
Kansas City..
Dallas
San Francisco.

1,905
9,634
878
5,220

1,480
6,145
192
3,950

Total...

581, 503

87,803

Paper
secured
by U. S.
Government obligations

Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis

2
7
23
33
10
30

19, 007
230,800
50,040
51,991

45,325
9,761
1,944

9,552
8,020
30,966
12,040

8,658
2,752
2,614
2,676

1
2
1

1,400

328
3,227
610

163

49
182

Member
banks
collateral Collateral
notes
notes
secured
by U. S. otherwise
Govern- secured
ment
obligations

417, 566

No. 57.—DISCOUNTED BILLS—HOLDINGS OP EACH FEDERAL RESERVE
ON DECEMBER 28, 1927, BY MATURITIES

26067
236
74,3

BANK

[In thousands of dollars]
Maturity
Federal reserve bank

Boston
New York
PhiladelphiaCleveland

Total

Within
15 days

16 to 30
days

31 to 60
days

61 to 90 91 days to Over 6
days
6 months months

40,963
263, 487
55,829
70, 572

38, 794
257,935
49,859
62,951

683
1,147
1,667
2,043

1,004
2,463
2,399
3,128

470
1,921
1,891
2,331

12
21
13
110

Richmond.
Atlanta
Chicago
St. Louis...

28, 636
32, 685
61, 759
19, 585

24,225
19,132
43, 375
16,167

1,475
3,538
4,839
1,161

1,768
5,604
7,104
1,355

1,044
3,892
4,474
615

118
483
1,845
261

36
122
26

Minneapolis. _.
Kansas City...
Dallas
San Francisco..

2,234
15,920
2,581
14, 958

875
10, 499
2,271
11, 399

95
646
96
940

195
870
104

1,220
56
434

590
2,598
14
358

210
87
40
929

609,209

537, 482

18, 330

26, 892

18, 617

6,423

1,465

Total




139

FEDERAL RESERVE BANKS
No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL
BANK, BY WEEKS

RESERVE

BOSTON
[In thousands of dollars]

Bills bought in United States
open market
discounted I
for
mem- Bought

Member
bank
reserve
balances

35, 359 6,798
32, 216 6,485
29,131 10, 592
30, 078 11, 398
Feb. 2..
Feb.
Feb. 16
Feb. 23

74,051 26, 288 31, 564
71,965 23, 887 30,
71,002 22,495 29, 535
91,141 35, 261 37, 794

Mar.
Mar.
Mar.
Mar.
Mar.

2.
9.
16
23
30

85, 350
78, 832
69, 909
70, 358
87, 589i

Apr.
Apr.
Apr.
Apr.

212, 985
213,430
219, 271
217, 738

9,594
9,595
9,595
9,618

142, 600
144, 218
138, 668
146, 469

218, 338
215, 836
213,041
195,073

6,550
8,380
9,213
8,244

151,019
147,356
144,945
142, 795

2,307
2,049
3,261
2,662

154,316
141,253
135,172
129,866

148, 805
144, 360
142, 029
138,147

34,484
36,800
26, 717
32, 704
49, 887

30, 878
21, 543 10, 715
19, 457 8,459
18, 667 9,615
21, 423 6,150

204, 700
205, 215|
216, 784|
210,781;
202, 7271

148,390
143, 717
145,687
142,140
147,999

141,010 7,380 127,950
142, 822
895 126,581
144,429 1,258 125,253
963 125,248
141,177
146,311 1,688 127,367

6
13..
20..
27..

23,57
24,970
22, 215
14, 347

20, 254
16, 202
16, 841
18, 937

231, 097
234, 218
241, 391
242, 030

149, 533|
148,497
147, 217
149, 311

147, 718
146,491
144,455,
147,048

May
May
May
May

4
11 _
18.
25_

27, 640
33, 432
39, 266
44, 822

16, 209
14, 921
13, 256
16, 420

9,305
6,522
7,628!
10,174'

233, 213
226,097
221, 097
217,430

148,408'
149, 282i
147, 028
152, 388

June
June
June
June
June

1
8
15
22_
29

86, 858
71,149
67, 361
60, 789
81,170

49,925
28, 653
23, 302'
27,942
49, 965

12, 591
15, 579
10, 846
14,198
13, 700

12, 569|
18, 267
25,407;
14,241!
11,285;

211, 284
225,106
231, 456
241, 216
220, 541

149,025:
147, 589:
149, 7031
152, 059
150,

July
July
July
July

6..
13.
20.
27

62, 111
53, 478
63, 358
55,118

28, 662
22, 414
31, 670!
25, 863

15, 559
12, 500
12, 080
9,160

3,247
4,294
4,185
4,625

Aug.
Aug.
Aug.
Aug.
Aug.

3_
10.
17_
24.
31.

56,199
63, 381
62, 405
64, 294
77, 768

23, 873 8,951
33,122 6,309
27, 004 8,339
26, 999 8,953
36, 913 10, 512

6,265
5,806
7,497
7,695
7,934

17,110!
18,144!
19,5651
20,647!
22,409:

244,105
234,264
236, 457
239, 692
228, 374

149,090
148,994
150, 609
152, 3281
151, 339

148,040 1,050 139, 226
148,297j
697 137, 543
147, 591 3,018 137,162
150,189 2,139 138, 224
150, 537
802 139,005

Sept.
Sept.
:Sept.
Sept.

7.
14
21
28

68,123
74,366
75, 587
81, 783

25, 803
27,097
30, 743
33, 921

11, 070
17,183
14,404
18,112

7,554
7,582
7,129
6,207

23,696!
22,504
23,311!
23, 3141

243,
235,
229,
228,

706
683
763
700

153, 790
155, 394
151, 502
153,008

151,020
154,617
149, 220
151, 795

32, 062 18,923
89, 854 33, 932 21,855
85, 599 27, 641 23, 452
100, 336 38, 382 27, 215

8,544
7,018
6,914
5,373

24, 71l|
24, 757j
26, 557!
28, 0011

226, 897
225, 758
229, 766
212,065

154, 615
156, 321
158, 349
156, 397

152,
155,
156, 885
155, 347

2,276
1,207
1,464
1,050

142, 586
143, 513
143, 290
140, 224

30,
10, 273
33,
7,641
31, 794 3,450
35, 468 1,226
34, 903 4,118

30, 018'
30,792
46,457'
31,457|
32, 510!

216, 602
195,966
200,060
194, 829
189,

162,436
152,997
163, 601
154,
152, 738

161,485
150, 666
159,307
153, 208
151,491

951
2,331
4,294
1,678
1,247

139,832
138, 331
135,134
136, 029
134, 781

36, 098
43, 222
40, 625
42, 021

33,110
33, 638
33, 358,
33, 359!

196,143
183, 674
193, 693
195, 887

154, 537
159, 539
154, 976
156, 805

153, 289
158,428!
153,060
155,193!

1,248
1,111
1,916
1,612

141,968
145, 713
150,681
151,697

Oct.
Oct.
Oct.
Oct.

5..
12.
19
26.

Nov.
Nov.
Nov.
Nov.
Nov.

2.
9.
16
23
30

99,127
104,151
107, 307
109, 599
111,826

Dec.
Dec.
Dec.
Dec.

7
14_
21_
28.

114,195 36,158
133, 556 46, 724
122, 230 41,031
124, 817 40, 963

27, 955
32,116
23, 708
39, 723
38, 570

6,187
6,256
7,139
6,177
539
248

237, 240
247, 714
236, 904
240, 742

2,347
2,292
1, 035
1,365

Back figures.—See Annual Reports for 1920-1926 (Part II, Table 2).




1,815
2,006
2,762
2,263

1,499
1,236
1, 836
1,066
147,028!
144,906!
148,033!
147,115,
149, 591;

130,170
130, 370
133, 724
134,895

1,997
2,683
1,670
4,944
1,103

139, 533
139,473
140,085
138,122
139, 369

143, 883
151, 245!
151,109'
147,0311

143,087
138,096
137,421
136,894

142,977
140, 742
140, 543
141, 359

140

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
NEW YORK
[In thousands of dollars]

Date

1927
Jan.5
Jan. 12...
Jan. 19. _.
Jan. 26._.
Feb. 2—.
Feb. 9___.
Feb. 16...
Feb. 23—

Bills bought in ! United States
open market i securities
Bills
Total
disbills counted
Total
and
for
cash
Under
secu- mem- Bought
[Bought resale reserves
rities
ber
outbanks right
right agreement
ment

b

360,262 176, 059
264, 934 127, 219
243, 288 89,020
174,162 60,192

59,819
50,249
47, 214
46, 956

60,031
27, 728
43, 3811
12,8961

223, 667 76, 743
222,466 96, 932
253, 515 101, 605
89, 335

57, 586
40, 628
41, 933
36, 003

35,120!
30, 788
48, 359
17, 530j

Mar. 2 . . .
Mar. 9__.
Mar. 16..
Mar. 28..
Mar. 30..

252,170
243,580
263,110
273,499!
269,851

36,021
41,029
33, 935
27.194
22, 727

43,818'
35,311!
8, 737i
24, 939;
34, 548

Apr. 6—.
Apr. 13...
Apr. 20...
Apr. 27...

237,624 103,218
310,191 143,207
210, 841 87,106
226,869 116,114

30, 442
41,911
24, 296
25, 965j

26,442!
34,631!
31,452;
29,330!

54,472 23,050
54, 472i 35,970
54,472j 13,515
55,460

May
May
May
May

281,146
231, 024
219,158
231, 799

164,148
139,381
118, 374
93,165

37, 991
29. 948
21, 934
25,135

24, 444
23,178!
37,741j
49,188^

54, 563
37,317
41,109
49, 836

267, 202
242, 084
June 15... 290, 224
June 22... 192, 346
June 29... 230, 931
6_-_.
13...
20-.
27. _.

114,713
113,122
49,566
140,644
120,299

I

Deposits

Total

Federal
reserve
Memnotes
ber
bank Other n circudelation
reserve posits
balances

956, 111
897, 221
882,386
830, 699

22,007
17, 971
28, 359
16, 780

405,808391,838
394,145
395, 571

870,423* 845, 227
874,184 858,820
905, 871
838, 973 825,430
54,118 3,500 1, 064, 596 862, 870 846,802
54,118
1, 085, 561 874, 726! 849,194
170, 872
1,069, 718 877,369 865, 630
64, 522 16, 200 1,120, 986 i 934,986 922, 319
54,467 37, 810 1,147, 817 954,997| 927, 624

25,196
15, 364
18, 929
13, 543

406,
402,
405,
412,

16,068
25, 532
11, 739
12, 667
27,373

416, 331
414, 408
413, 986
413, 842
417,357

54,118 10, 235
54,118 5,620
54,118 9,555
54,118
54,118
54,118
54,118
54,118

7,500

1, 044,003
1, 070, 629
1,088, 736
1,105, 743

978,118
915,192
910, 745
847, 479|

1, 092,338
1, 092, 002
1,081,681
1,102,055

771
947
474
668

1, 060,444
1,061, 613
1,112, 866
1,141, 875

833,4io'
915, 8371
866, 951
912, 827

819.451 13, 959 421, 222
901,495 14, 342 415, 353
851, 378 15, 573 415, 398

1,120, 441
1,200 1,119,467
1,138, 822
14, 475 1,112, 308

959, 546j
916, 328!
934, 408!
910,393

917, 971
887, 255
903, 980
883, 030

41, 575
29, 073
30, 428
27, 363

411,237
403, 086
400, 476
402,360

117,127
88, 213
58, 944
95, 025
103,106

22, 357! 52, 945l 57, 973 16.800 1,147, 582 954, 933
22, 910 41, 579; 83, 796 5,586 1,153, 600 961,211!
1,165, 925 1032, 688!
,
26, 001 6,255 199,024
1.195, 555 J 951,195
i 65,100
32, 221
006,118
34,483 23, 779 65,113 4,450 1, 215, 070 ,1.

931, 794
936. 807
997, 932
925, 058
980,388

23,139
24, 404
34, 756
26,137
25, 730

421,326
408, 274
403, 807
401, 780
402, 226

253, 293
235, 498
185, 725
188, 995

144, 838
134, 490
87, 092
92, 534

33, 074
33, 691
33,823
30,337

9,018'
3, 586
262
-|

66,363
63, 731
64,548
66,124

Aug.3__.
Aug. 10._
Aug. 17. _
Aug. 24._
Aug. 31 —

254,320
274, 626
262, 914
283, 994
272,139

23, 986
27, 681
22,452
25, 005
29, 616

35,246J
45,030\\
47, 565
50,217
48,191

71,391
T 7,
~- " "
4,
78, 881
76, 721
87,144

Sept. 7 . . .
Sept. 14..
Sept. 2 1 . .
Sept. 28..

355, 937
310, 032
284, 575
327, 258

17, 060
22, 817
27, 663
32, 089

61, 784
64,311
42, 872
51, 922

92,295
87,493
90, 078
90, 087

Oct.
Oct.
Oct.
Oct.

379, 024
336,128
301, 742
311,124

123, 697!
124, 834!
108, 016!
129, 906|
106,1881
]
176,688!
111,360:
123,162 s
148, 383|
173, 4851
119, 787 i
.96, 873!
110, 424|

39.195
49, 905
61,127
57,123

94,162
94, 301
98. 351
101J 548

163,812
156,027
132.488J
128,825'

4...
11..
18...
25...

June 1
June 8

July
July
July
July

Nov.
Nov.
Nov.
Nov.
Nov.

2...
9...
16..
23..
30..

283, 938
353,452
377, 709
325, 862
366,240

154, 569
103, 2601
112, 852j
148,115j

61, 971
56,100
58, 973
49, 932

65, 333
61, 220
41, 716
42, 029
39, 806
29, 262
35, 984
25, 672
54,131

Dec.
Dec.
Dec.
Dec.

7..-.
14...
21...
28-.

424,310
393,193
423, 718
528, 097

132, 509!
128, 433!
192, 794!
263, 487!

51, 656
58, 609
38,127
40, 888

67,995
45,824j
38T769!
55,043;

5—.
12...
19...
26...

75, 8851 61, 843




12, 729 409, 752

1,101,346
1,112,068)
1,161, 3061
1,143, 887

921, 537J
941, 843
938,197
923, 503

895, 232
918, 980
917, 055
902, 581

26, 305
22, 863
21,142
20, 922

405,194
383, 985
380, 940
376, 676

1,105, 311
1, 077, 538
1, 032,173
1, 045,246
1, 056, 831

958,236
948, 9291
904, 4991
920, 528!
913,440
j

937,160
929, 622
882, 511
900. 74
892, 809

21, 076
19, 307
21, 988
19, 784
20, 631

378,
370,
368,
370,
374,

8,110
24, 051 998, 923
800 1, 037, 864
4,77' 1, 033,651

923, 4251
922, 552
920,207
952,145

904,180
898,203
893,405
929, 666

19,245
24,349
26, 802
22,479

374, 708
360, 768
360,130
363, 721

2,275
6,000
2,145
1,000

754
099
012
532
046

6,849 987,749! 965,365 924, 828 40, 537 366, 536
10, 915 971,1711 897,892 879,142 18, 750 365, 052
3,675 1, 055, 030 958, 937 936, 769 22,168 363,236
1,049,169 957,303: 933, 776 23, 527 361, 972

105,904 500 1,069,472 944,707 920,48i
1,061,234 981,655 957,694
107, 650
1,024,875 1,006,058 987, 84"
182, 3651
128,3651
1,065, 9011 980,977 964, 97(
113,562 500 989, 732 953, 725 939, 795
8,338
4,300
21,540
39,854

959,146
970, 767!
966, 213 S
884, 319;

968, 216,
964, 212
972,060
995, 652

955, 064
953, 24i
955, 77!
983, 66!

24, 22
23, 961
18,211
16, 001
23, 930

372,144
373, 629
366, 570
369,132
362, 735

13,1521
10,966
16,290
11,984

366,496
368,618
383,684
377,204

141

FEDERAL RESERVE BANKS

No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
PHILADELPHIA
[In thousands of dollars]

Date

Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.

1927
5
12...
19...
26-__
2....
9....
16...
23...

Bills
disTotal
bills counted
and
for
secu- memrities i
ber
banks

Bills bought in United States
open market
securities

Deposits

Total
cash
Bought Under reserves
outagree- right agreement
ment

Total

Federal
reserve
Memnotes
ber
circubank Other inlation
dereserve posits
balances

101, 235
85,096
84, 528
83, 209

53, 670
37, 763
37, 757
35,185

25, 637|.
25,405;.
24, 843;.
26,096;.

19,928
19, 928
19, 928
19, 928

190, 668
204,162
201, 446
198, 308

145,
142,
145,
135,

796
416
421
285

142, 362
140,516
142, 425
133, 489

3,434
1,900
2,996
1,796

125,100
122,104
117, 600
119, 353

36,199
34, 418
34, 329
33, 833

23, 996L
22,733.
22,863'L
20, 360|.

19, 928
19, 928
19, 928
19, 928

203, 620
203,136
203, 331
212, 095

142,
136,
138,
139,

741
703
415
043

140, 291
134, 548
136, 041
136, 357

2,450
2,155
2,374
2,686

117, 331
119, 253
119, 809
122, 273

34, 329
34, 005j
33, 613|
45, 267
49, 961

17,138:
13,981!
13,625
12,799!
13,080!

19,928
19, 928
17, 572!
19, —
19, <

211,
211,
217,
197,
187,

139,
137,
143,
135,
128,

465
888
252
895
875

135, 971 3,494 118,936
982 116, 192
136, 906
141, 997 1,255 114,145
736! 111,869
135,159
127, 521 1,354 116,558

218, 292!
219, 426!
215, 317|
204, 614

144, 796
135, 490
142, 685!
137, 501

143, 611
132, 662
139, 258
133, 665

1,185j
2,828
3,432
3,836

116, 395
127, 642
119, 937
120, 263

Mar.
Mar.
Mar.
Mar.
Mar.

2...
9...
16..
23..
30..

82,123
79, 079
79.120
76.121
73, 395
69, 914
66, 810
79, 752
85, 227

Apr.
Apr.
Apr.
Apr.

6__._
13...
20...
27...

68, 905
70, 446
72, 542
80,884

35, 775
36, 887!
39, 700i
47, 247j

10,943 L
11,372],
11,655.
12,450'.

19,
19,
19,
19,

May 4___
May 11..
May 18..
May 25..

74, 966
72, 051
82, 027
80,455

40, 268
38,888
47, 329
43, 624

13, 549J
13, 576!
13, 847
13, 071

19, 649
18, 087
19, 351
22,260!.

214, 336
207, 537
202, 998|
202, 957j

142, 050
134, 405!
139, 552|
136, 975

140, 194
132, 406
137,101
134, 840

1,856
1,999
2,451
2,135

120,769
124,763
124,066
124,821

June 1
June 8

93,127
83,102
83, 563
87, 981
99, 718

54, 269
38, 1131
39, 226J
46, 596
57, 808

12, 343
13, 009
13, 364
13, 625
14,148

25,015

June 15...
June 22...
June 29...

30, 480J
29, 973
26,760
26, 762

191,
207,
201,
192,
188,

136,
144,
139,
135,
136,

133, 720
140, 415
139, 020
133, 360
134,104

2,681
3,623
951
2,164
1,927

July 6....
July 1 3 - .
July 20...
July27._.

89, 907 i 47, 420! 14, 325
87, 001 43, 995! 15, 221
85, 559 41, 8581 14, 758
84, 730
12, 846

27,162
26, 785
27, 943
27, <

202, 330;
203, 488
202, 326;
201, 507)

137,160
137,321
138,628
132,340

1,201
1,102
1,513
2,069

Aug.
Aug.
Aug.
Aug.
Aug.

83,312
76, 573
75, 783
75,104
74, 791

42,916
37,402
37,153
38,058
36, 803

9,770
, |
6,567j
3,896
3,0791

29,626
30,660j__
32,0631
33,150
34,909

206,801!
212, 210i
219,3651
220,097!
223,923!

129, 425
125, 239
127, 054
123, 259
129, 899
133, 060
131, 308
126, 780
128, 491
129,015
129, 700
130, 683
129,927
131, 915

81,144
81,464
81,091
82, 615

38, 979
38,027
35,002
35,603

6,088
8,443
10, 712!
11, 633|

36,
34,
35,
35,

3...
10-_
1724. _
31.-

Sept.
Sept.
Sept.
Sept.

7—
14._
21..
28..

__

687
687
687
687

077
994
377
379

084
053
974
937
S42j

978J
050l
512i
195
052;

401
038
971
524
031

138, 361 !
138,423!
140,141!!
134, 409' I

2,537
1,605
140,083 138,180 3,903
139,415 137, 726 I f 1 " "
140,154 139,279
875
3,312
221,905 142,078 138,7
781
219,269 139, 537 138, 756
219, 768[ 141, 701 139,255 2,446
219,472 139, 767 137, 724 2,043
140,339'I 137,802
136,190jj 134,585

135, 202
137.353
131,331
134,487

Oct.
Oct.
Oct.
Oct.

5
12...
19...
26—

78,186
83, 566
89,436
95, 668

31,482
35,404
38, 563
40,286

10,
11,
12,
15,

510
940
601
537

36,194
36,222
38,172
39, 745

223,998|
221, 681!
207,184!
203, 537

144, 397
141,813
139,319
141,479

142, 205
140,252
137, 702
139,902

2,192
1,561
1,617
1,577

130,594
136,435
131,143
129,664

Nov.
Nov.
Nov.
Nov.
Nov.

2...
9...
16..
23..
30..

102, 391
109,104
123,891
114,249
117, 560

38,137
37, 982
34,567
34,358
40, 682

22,202|
28,2311
30, 730
32,297
32, 048

41,952
42, 791
58,494
47, 494!
44,730

191,224J
194, 764!
183,4641
189,369!
190,656|

138,803
134,892
151, 388
138, 679
142,811

137, 634
132,140
147, 958
137,059
141, 509

1,169
2,752
3,430
1,620
1,302

128,303
137, 679
131,473
137,137
137,835

Dec. 7.—
Dec. 14...
Dec. 21—
Dec. 28—

111,413
120,107
136, 554
143,872

33,329
41,408
49,129
55, 829

32, 554
32, 677
41,661
42,279

45,430
45,922|
45, 6641
45, 664!

195,235!
194, 511j
174,116
172, 514;

135,862
137,875
135,118
143, 614

135,047
815 142, 659
136,960
915 149,036
133, 865 1,253 150.354
141,483 2,131 146,469

1

Includes "other securities, Jan. 5 to Aug. 10 and Oct. 19 to Dec. 28."




142

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
CLEVELAND
[In thousands of dollars]

Date

1927
Jan.5
Jan. 12...
Jan. 19._.
Jan. 26...
Feb. 2____
Feb. 9....
Feb. 16...
Feb. 23...

Bills bought in United States
open market
securities
Bills
Total
disbills counted
Total
and
cash
for
secu- mem- Bought ~ " X Bought Under reserves
resale
rities
ber
out£™e | outbanks r i ^ h t i ment ! r i g h t agreement

Deposits

Total

Federal
reserve
Memnotes
ber
bank Other in circudelation
reserve
posits
balances

142,136
136, 554
122, 546
114,431

74,195
70, 581
58, 631
51,185

32,598:
30,6311
28,572;
27,903!

35,343
35, 342
35, 343
35,343

266,756
279, 000
277,438
287, 952

181, 921
184, 012
182, 965
180, 924

176,638
180,629
177, 983
178,497

5,283
3,383
4,982
2,427

213, 333
212,466
200,401
201,188

117,937
110, 719
108.169
110, 677

53, 639
48,630
43.6821
44, 228

28, 465
26, 257
26, 956
29,408

500 35, 333
500 35, 332
1,033 36,498
543 36,498
36, 598
36, 598
43, 916
36, 604
36, 604

309,086
297,438
297, 788
300,!

210,415
186,796
189, 891
182, 624

1,:
2,747
4,226
3,263

195,959
200, 044
198, 494
202, 028

331,156
323, 598
315, 322
324,431
327,961
316, 255
304,905
303, f '
316,202

207, 502
186, 302
200,026
194,207
191,753

208, 527
184, 049
185, 665
179, 361
203,028
184, 257
198,116
191,903
188,112

4,474
2,045
1,910
2,304
3,641

204,491
206,376
202, 707
203,147
204,908

194,273
177, 257
184,581
187, 541

191, 576
175,091
181,539
184,434

2,697
2,166
3,042
3,107

204,162
214,408
208, 881
213,716

325, 634
323,426
313 (
319^ 375

198, 833
189, 861
193, 071
195, 591

195, 709
187, 378
190,147
192, 708
186, 428
193, 754
197,152
187, 487
184, 324

3,124
2,483
2,924
2,883

210,456
214, 300
209, 698
212, 673

3,530
3,358
2,645
2,910
2,835

213,576
214, 052
211, 807
210,110
213, 535

194,428
189, 890
185, 694
191, 240

1,747
1,725
1,562
2,444

216,060
217, 758
211,164
213,094

197, 111 194,907
191, 266 189,030
190,661

209, 774
214,999
211, 644
215, 399
212,822

Mar.
Mar.
Mar.
Mar.
Mar.

2...
9...
16..
23 .
30..

100, 393
91,195
104,351
94, 886
91,163

36, 572
30, 977
37,981
37,459

27, 223
23, 620
22,454
20,823
20,6631

Apr.
Apr.
Apr.
Apr.

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

20,7341
20,209;
19,814
20,196

May
May
May
May

4...
11...
18__
25__

102,150
108, 353
108, 761
106, 796
104, 538
96, 627
103, 562
107, 580

18,330
17,721|
17,701
18,181
19,862

44,687!.
49,2591.
46,3511.
44,363i.
44, 622!_

18,966
19,445-..
18, 966!
16,536

45,393!.
44,999
45,681
45,743

189, 958
197,112
199, 797
190, 397
187,159
324, 667 196,175
319,366 191,615
320, 651 187, 256
193, 684

14,667
12,9641
11,2811
11,0231
11,436!

47,433i.
48,465!.
50,027!.
51,090j.
52,868|.

322, 795
329,111
334, 346
340,076
331,126

193,3361 190,848
188, 290 186,367

2,204
2,236
3, 457
2,488
1,923

54,608|.
I 53,317!.
54,278!

190, 329|
192, 6571
194, 779|
188, f "

187, 659
190, 228
191,850
185,061

2,670
2,429
2,929
3,519

214,401
216, 856
211,852
213,028

June 1
June 8
June 15...
June 22...
June 29...

109, 953
124, 874
123.170
93, 95^
108,405

44,811
51, 520
52, 295
49, 925
47, 538
43, 829
50,437
52, 117
46,936
57, 894
59,118
31,413
43,924

July 6
July 13. .
July 20.._
July 2 7 - .

107, 495
101, 729
92, 929
92, 441

43,136
37, 285
28,282
30,162

Aug.
Aug.
Aug.
Aug.
Aug.

102,147
96,411
89,190
90,824
92, 344

3__.
10-_
17. _
24. _
31. _

Sept.
Sept.
Sept.
Sept.

20,420!
20,402!
19,149
17,850

36, 605 i _
36,624!.
36,6521.
36,675:
36,580|
,
32,396!
| 33,976!
37, 613!

I

40, 047
34,982
27, 882
28, 711
28,0401
7... 96,049 28, 200
14.. 108, 232 40, 368
21.. 112, 594 42, 898
28.. 107, 768 36, 384

310, 696
303,425
302, 662
322, 333
310, 982

54, 381i.

329,887
318,874
316, 589
317,976

Oct. 5
Oct. 12...
Oct. 19._.
Oct. 26...

114, 366 42,7561 16,066!
126, 795 54, 590 ta con
16,620
CA znr\
119,266 43, 306 18, 757 .
107, 442 29, S
19, 530!

55,544!.
55,5851.
57,203;.
58,023'.

310, 582
306,169
298,028
308, 609

190,8
190,095!
189, 206j
179,414|

188, 49:
187,962
186, 687
176, 597

2,363
2,133
2,519
2,817

210, 829
216,124
210,379
211,820

Nov.
Nov.
Nov.
Nov.
Nov.

2..
9..
16.
23.
30.

122,509
134, 577
142, 402
129,972
117,942

43,419
55,126
49, 671
37,536
39,987

19,966
19,873
17, 663
16, 268
17,098

59,1241.
59,578|75,068| _
76,168! _
60,8571.

294,094
291, 007
301, 381
298, 200
311, 565

184,402J
185,968
214, 610
188, 219
193,290

1,851
3,374
8,345
4, 507
3,122

208, 484
213, 357
209,496
215,027
211, 635

7....
14...
21...
28...

122,820
137, 620
156,895
151, 877

44, 275
56,126
75, "
70, 572

17, 324
19,702
19,745
19,794

61, 22lL
61, 792
61,511
61,511

305, 073
302, 783
268,916
284, 902

186, 530
194,903
183,086
188,0621

182, 551
182, 594
206, 265
183, 712
190,168
183, 874
192, 513
180, 852
186,390

2,656
2,390
2,234
1,672

217,099
221, 624
227, 284
225, 939

Dec.
Dec.
Dec.
Dec.




13,24ll
14,547;
15,4181
17,003.

143

FEDEKAL RESERVE BANKS

No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
RICHMOND
[In thousands of dollars]

Date

Bills bought in United States
securities
open market
Bills
disTotal
Total
bills counted
cash
and
for
secu- mem- Bought Under Bought Under reserves
resale
resale
rities
ber
out- agreeoutbanks right
right ment
ment

Deposits

Total

Federal
reserve
Memnotes
ber
Other in circubank
lation
dereserve posits
balances

1927
Jan. 5
Jan. 12...
Jan. 19.._
Jan. 26...
Feb. 2 . . .
Feb. 9 . . .
Feb. 16 __
Feb. 23__

44,685
41, 635
40,832
40, 219

24,006
20, 656
21,096
21, 232

13, 620
13,920
12, 676
11,927

7,059
7,059
7,060
7,060

116,275
113,429
108,777
113, 389

74,689
71,449
70, 717
73,280

72, 885
69,309
67, 354
69,130

1,804 81,845
2,140 78, 842
3,363 76,951
4,150 75, 208-

41,013
39,351
42,362
40,549

22, 805
21, 660
25,121
22, 879

11,149
10, 631

7,059
7,060
7,060
7,060

113,212
114,273
113,980
109,964

71,122
69,974
72,118
67, 305

2,234
1,408
3,332
3,569

Mar.
Mar.
Mar.
Mar.
Mar.

2...
9...
16..
23..
30..

41, 320
39,891
36, 205
36, 424
35, 652

23, 597 10,664
23,187 9,645
19, 820 9,014
20,101 9, 2251
20,113 8,440

7,059
',371
7,098
7,099

110,867
112, 759
115,126
112, 623
113, 436

73,356
71, 382
75,450
70,874
71,275
71,026
72,086
69,816
70,801

69,1
70,312
71,300
68,801
69,096

1,391 73,346
714 73,376
786 71, 858
1,015 70,992
1,705 69,944

Apr.
Apr.
Apr.
Apr.

6...
13__
20. _
27..

36.882
36,025
43,958
38, 921

20,162 9,622
19, 580 9,346
26,376 10,483
22, 313 9,509

7,098
7,099]
7,099
7,099

113,611
112,086
102,030
104,035

73,450
70,825
72,066

71, 904
67, 937|
70,185
67,434

1,546
2,838
1,881
1,605

May
May
May
May

4
11..
18..
25..

41,992
37,280
40, 204|
40, 303

24, 621 10, 317
21,681 10,392
25, 759 8,448
23,638

7,054
5,207
5,997
7,816

105, 7461
103,319
99,448
98,612

74,611
70, 800
71, 395
70,480

797 67,130
73,814
67,850 2,950 66,199
69,478 1,917 65,346
67, 552 2,928 64,109-

June l . . .
June 8__.
June 15. .
June 22..
June 29.-

39, 916
41,277
38, 261
44,036
42,076

22, 248
19, 374
19,590
24, 637
22,121

9, 529
13,417
10, 342
10, 574
10, 576

101, 023
97,817
98, 738
92, 513
95,040

73,238
72, 765
71,353
71,437
70,422

68/
69, 548
70, r "
69,445
68,223

July 6-...
July 13...
July 20. _.
July 27...

49, 504
48,744
45, 685
46, 219

24, 753 8,926
23,929 9,221
19,429 9,510
18,982 10,442

87,189
88,416
90,272
91,079

Aug.
Aug.
Aug.
Aug.
Aug.

46, 728
45,464
51,381
53,381
59, 909

19,161
17, 324

81,819

71, 398 1,758 61, 017
827 59, 695
71, 715
7 0 , ~ " 1,376 59,043
2,290 57,789'
71, 552
75, 993 1,379 57, 774
72, 511 1,434 58, 356
75, 669 1,504 59,037
72, 655 2,233 59,225
70, 721 2,877 59, 201
2,287
1,240
1,184
3, 869

62,157
63,120
63,338
63, 676-

10,181
10,610

8,139
8,486
8,329
8,825
9,379

4,260
3,217
465
1,992
2,199

75, 34674, 801
74, 001
73,920

69, 44969, 335
69, 301
68, 297

64,054
62,874
61,880
60,749
60,374

21, 283
20, 659
21,890
66, 593 24,120
70,411 25,085
80, 671 29, 656
82, 783 28, 227

9,133
8,672
9,201
10, 034
12, 492

15, 825
15, 594
16, 746
16, 795
18,434
19,468
20,897
22,688
25, 52'

15, 509
19,694
23,557
27,101

26, 964
25, 632
27,458
27, 455

77, 228
74,082
63, 235
66, 285

73,156
72, 542
72, 259
73,842
77, 372
73,945
77,173'
74, f""
73, 598
74, 374
74,130
71, 760
74, 749

87,456
89,720
83.883
83, 265

29,749
29, 014
33, 37J~
27, 579

30, 252
33, 251
38,053
43, 247

27,455
27,455
12, 455
12,439

66,176
61, 997
68, 503
74,165

74,7
72,193
73, 340
76, 505

72,754 2,003
69,992 2, 201
72,555
785
73.010 3,495

66,895
69,478
70,800
71, 232

Nov 9 . . . .
Nov
Nov, 2 3 . . .
Nov, 3 0 . . .

83, 629i
83, 542J
82, 233
85, 027
81, 396

23,959
23, 301
18, 702
21,070
18, 953

47, 283
47,853
48,114
50, 041
50,026

12.387
12.388
15,417
13,916
12,417

74, 915
78, 558
83,675
78, 327
75,945

76, 665
77, 554
82, 337
77,167
72,498

76.011
74,918
79,002
75, 397
71,071

654
2,636
3,335
1,770
1,427

72, 752
75, 517
76, 602
77, 594
76,478-

Dec.
Dec.
Dec.
Dec.

81, 507
83,320
92,179
89, 440

19, 809
20, 840
28, 751
28, 636

49, 282
49,881
50,976
48,352

12,416
12, 599
12,452
12, 452

81, 767
78, 586
70, 328
71, 921

74, 667
74, 302
73, 621
74, 347

73, 648 1,019 78, 276
73, 511
791 77, 930
72, 208 1,413 81,122
73,190 1,157 80, 263

3__.
10 _.
17_ _
24_.
31_.

Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.

7-..
14..
21..
28..

5_._.
12...
19.. .
26...

Nov,

7__.
14...
21...
28—




93,530
91,863
90,397

72,087
72,890
70, 576
70,880

144

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
ATLANTA
[In thousands of dollars'

Date

1927
Jan.5
Jan. 12_._
Jan. 19___
Jan. 26...
Feb. 2....
Feb. 9....
Feb. 16—
Feb. 23—

Bills bought in United States
open market
securities
Bills I
dis- |Total
bills countedj
Total
for
and
cash
secu-l mem- Bought Under Bought Under reserves
resale
resale
rities
ber
outout- agreebanks right agree- right
ment
ment

Deposits

Total

Federal
reserve
Memnotes
ber
bank Other n circulation
dereserve
balances

73, 554 1,302 163, 953
1,612 160,595
71, 775 2,385 158, 650
69, 194 2r~" 157,191

63, 314
54, 329
51, 275
46,485

39, 625
33, 329
30, 885
28,071

21, 895
19,1931
18,565!
16, 61'

1,794
1,8C7
1,825
1,797

178,
179,
187,
188,

45, 594
41, 779
42,042
41,079

28,402
24, 832
25,118
25, 372

15, 380
14,932
14, 715!
13, 474

1,812
2,015
2,209
2,233

188, 944
194, 963
199, 365
202,050

68, 879 2,775 157, 538
67, 678
160, 702
73,183 2,114 160,904
69, 745 3,338 162,261

2...
9...
16..
23__
30_-

44, 338
41, 691
44, 087
45,656
43, 484

29, 887
27, 980
30.843
32, 474
30, 655J

12,230.
11, 3911
11,2841
10, 877^
10,397,

200, 909
203, 853
203, 690
203,101
205,101

69,135 4,661 164, 986
71, 909
382 168, 370
68, 604
662 171, 593
69, 010 1,311 173, 496
2,248 172, 201

Apr. 6
Apr. 13—
Apr. 20__.
Apr. 27—

44,114
42, 581
53,192
50, 294

30,
27,
36,
34,

093
686
767
383

11,152;
11,612!
12, 553i
11, 651

2,221
2,320
1,960
2,305
2, 432r
2,869.
3,283!!
.
3. 872 .

204, 749
208, 321
198, 742
201,800

533
2,957
4,623
4,169

173, 972
175,128
173,046
173, 267

May 4___
May 11 __
May 18__
May25__
June 1
June8_._
June 15_ _
June 22 _ _
June 29. _

49, 227
50. 3771
49, 798
48,605

33, 536
34, 338
33, 964
31,336

11, 336
11,457
10,162
9,577

193,624
191, 475
187, 697

69, 493
68, 518
69, 608
69, 219
67,114
69, 513
69, 047
65,002

1,163
1,290
2,502
3,356

172, 947
171, 268
169, 264
166, 644

49,130
52, 023
51, 225
52, 738
52,076

30, 968:
30, 736
31,474
32, 636
31, 917

8,655

186,020
184,187
180,199
178, 067
174, 575

69, 819! I 67, 305
70, 376 67, 670
68, 616 67,137
70,180] 67, 907
67, 447 64, 725

2,514
2,706
1,479
2,273
2,722

July 6 —
July 13.. .
July 20...
July27...

52,840
55, 622
57, 876
56, 593

32, 272 S 10, 43oL
34,832 10, 895!
37, 346
9, 862:
9,862
35, 861 10,049

177, 986
173, 927
166,032
163, 721

66, 401 1,422
69, 633 2,266
66,065 1,194
575
63, 518

Aug.
Aug.
Aug.
Aug.
Aug.

54,163
52,123
53, 272
54,660
55,647

33,633
32,168
33,160
33, 905
33,611

8,807
7,609
7,123

11,423?
12,046|
12,829j_
13,507L
14,613;.

172,983
169,231
173, 281

67, 823
71, 899:
67, 259|
64,093
68, 712
64, 756
67, 950
64,974
66, 742

165,081
163, 830
161, 384
159, 549
157, 544
160,183
156, 964
154, 424
152, 450

52,014
52.083
51,333
45, 898

29,003
29, 938
32,601
28,145

7,439
7,138
5,756
4,596

15,272:.
14, 707L
12,676).
12,857;.

183,493
182, 686
186,421
190, 523

69, 711
68, 321
69,958
68, 795

68,270 1,441 160.913
67,692
629 160.914
68, 702 1,256 161, 540
67,057 1,738 162,126

Mar.
Mar.
Mar.
Mar.
Mar.

3___
10.17-.
24 _ _
31_ _

Sept.
Sept.
Sept.
Sept.

7...
14_.
21..
28..

9,403
9,860
10, 2201.
10,1831.

4,055;.
4,282.
5, 372 .
7,392.
9,2071.
I

11, 584 _
9,5911.
9, 582 .
9, 676J-

9,838
9,595
10,368
10383
| 10,383
!

472
727
339
307

169,710
169,029

74, 856
70,420
74,160
72,074

67, 373
63,445
65, 708
62,861
65,900

152,881
153,252
153,697
154,006
842 156,189

1,339
1,311
2,242
2,113

Oct.
Oct.
Oct.
Oct.

5....
12...
19...
26...

43, 230
38,197
40, 913
38,484

26,818
22, 505
25,129
22,438

3,165
2,404
2,414
2,281

12,947i.
12,988;.
13,3701.
13,765';.

197,046
204, 560
194,076
192,336

71,478
78,480
68,361
68,156

69, 524
66, 595
66, 822
65, 926

Nov.
Nov.
Nov.
Nov.
Nov.

2...
9-_.
16..
23..
30..

42, 601
41, 391
47, 293

54, 607
57,618

26, 739
25,689
29,831
36,920
39, T "

2,033
1,849
2,617
2,723
2,546

13,829 ! .
13,853:.
14,845j_
14,964!.
14,913!.

189,960
185, 524
181,281
168,105
164,502

66,345
71,053
68,184
68, 333

868 156,005
67,800
64, 334 2,011 154, 992
69, 764 1,289 151,825
66,970 1,214 150,000
699 148,067
67,634

Dec.
Dec.
Dec.
Dec.

7....
14...
21...
28...

52,751
51, 366
52.084
48, 769

34,
33,
35,
32,

2,541
2,302
2,302|
2,251'

15,218'
15,198|
13,783
13,573

171,
169,209
170,351
175,177

69, 914
67,485
69, 942
72, 903

69,414
500 147,957
66,930
555 146,122
68, 207 1,735 149,379
3,283 147,230
69, 620

1

732
606
739
685

I

Includes "other securities," Apr. 27 to Oct. 12 and Nov. 3 to Dec. 28.




1,954
11,885
1,539
2,230

163,339
162, 898
160,551
156, 511

145

FEDERAL RESERVE BANKS

No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
CHICAGO

[In thousands of dollars]

Date

1927
Jan.5
Jan. 12.._
Jan.19...
Jan. 2 6 . Feb. 2____
Feb. 9._._
Feb. 16...
Feb. 23...

Bills bought in United States
securities
open market
Bills
disTotal
Total
bills counted
for
cash
and
secu- mem- Bought Under Bought Under reserves
resale
ber
rities
outoutbanks right agree- right agreement
ment

Deposits

Total

Federal
reserve
Memnotes
ber
Other in circubank
lation
dereserve posits
balances

215,001
176,498
178, 529
170,666

119,961
82,143
90, "
82,635

47,531
41,137
37, 621
38, 326

5,442
3,533
2,669

46,161
46,161
46,161
46,161

1,348
1,615
1,045
875

385, 775
401,234
396, 660
395,840

343,376
328,620
335, 038
327,059

336,832 6,544 245,440
322,525 6,095 233,805
323,973 11,065 225,295
319,403 7,656 216,873

165,473
158, 775
163, 251
149, 542

76,957
69, 056
78,871
65,295

36,921
36, 548
33,484
33, 506

3,!
4,815
4,705
4,380

46,161
46,161
46,161
46,161

1.440
2,195
30
200

393,222
401, 463
415, 778
396,943

325,505
322,321
344,713
300, 769

319,052
315, 590
340. 667
297,168

6,453
6,731
4,046
3,601

211,423
213, 538
210,803
214, 843

74,835
80, 528
61,983
60, 521
74, 608

Mar.
Mar.
Mar.
Mar.
Mar.

2...
9-_.
16.23.30.-

155, 712
159, 652
167, 353
141,105
153, 693

30,088
28, 681
27, 505
27, 236
26, 384

4,048
3,902
3 630
3,646
4,210

580
46,161
380
46,161
73, 064 1,171
46, 342 3,360
46, 343 2,148

406,466
410,413
414, 782
421, 383
398, 703

322,912
323,477
338,514
317, 280
306,327

317,365
321,414
336, 749
315,133
302,689

5,547
2,063
1,765
2,147
3,638

217, 752
221,497
218, 984
220,352
221, 710

Apr.
Apr.
Apr.
Apr.

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

143, 085 60, 729 26, 331
121,578 38, 579 27,060
140,637
27, 924
144,173 62, 907 27, 278

3,373
4,118
3,987
4,344

46, 346
46,345
46,345!
46, 346

6, 306
5,476
3,493
3,298

442, 741
459, 553
451, 903
434,057

338, 623
328,229
342.179
330.695

336, 038
325,354
338, 305
327,034

2,585
2,875
3,874
3,661

227, 526
229,357
228, 755
225,235

May 4__.
May 11__
Mayl8_.
May25_.

152, 290
118, 784
114,470
131,203

72, 377
47,928
44,890
54, 972

27, 584
28,468
24,195
24, 049

3,617
3,148
3,938
3.524

46,142
37,815
40,027
45,118

2,570
1,425
1,420
3,540

436, 679
454,823
458,487
445,380

341,954
337,659
336, 646
338,417

337,888
334,490
333, 264
334, 702

4,066
3,169
3,382
3,715

223, 662
222,871
222,362
221,040

June1
June 8
June 15. _
June 22. _
June 29. _

157.396
137, 725
148, 972
159, 791
159,615

78, 033
46,345
44, 521
75, 732
72. 244

22,172
23,438
24, 77'
26,357
28, 212

4,629
3,518
4,302
1,995
2,400

49,879
63, 679
73,815
53, 640
53, 647

2,683
745
1,557
2,067
3,112

423, 280
438, 653
436, 842
417,046
417,871

335,880
335,622
351, 799
337, 695
325, 926

333,425
330, 071
349, 072
334,347
319, 537

2,455
5,551
2,727
3,348
6,389

226,153
224,852
221, 503
225, 774
229,417

July
July
July
July

6
13.20. _.
27...

160, 559
128,404
141, 443
136, 248

24,488
26. 735
26, 524
25, 703

3,197
2,301
1,824
1,867

54, 397 2,822
53, 714 1,347
56,855 1.032
55, 964
357

438,484 337, 578
455, 500 331,109
435, 663
450,154 337, 732

335, 715
327, 698
322, 929
333,424

1,863
3.411
3,554
4,"-

244, 521
240,967
235,388
230, 709

Aug.
Aug.
Aug.
Aug.
Aug.

3__.
10_17. .
24.31_.

144, 065
129,442
124, 976
125,153
124,384

75, 655
44,307
55, 208
52, 357
58, 323
47, 407
39,131
37, 019
32, 762

20,425
16, 285
16,135
18, 233
17,098

1,503
2,636
4,469
3, 723
3,615

59, 539
61,974
63, 721
65, 723
69, 049

4,275
1,140
1,520
455
1,

454, 005
463,357
480, 622
482,819
486,217

344, 235
336,861
348,199
349, 063
350, 612

340, 960
334, 623
344,128
344,638
347,027

3,275
2,238
4,071
4,425
3,585

236,160
237,617
236,834
236,030
235,020

124,656
133, 947
129,458
137,800

30, 570
37, 638
32, 646
34, 589

17,098
18,833
21,082
20, 879

4,944
4,842
3,772
4,627

71,959
85
69, 264 3,370
69,915 2,043
72,419 5,286

494,183
480,135
483,13"
475, 489

349,483
348, 654
343,793
347,396

345, 399
346,142
340,335
341,880

4,084
2, 512
3,458
5,516

245,866
245,163
245,449
241, 369

134, 297
132, 284
156, 245
158, 363

37,874 19,014
33,043 19,380
51,129 26, 223
44,174 31,425

4,105
5,634
4,310
4,810

71, 314
71, 362 2,865
73,913
670
75,934 2,020

485,884
492,874
465, 671
446,101

353, 521
353, 814
363, 261
340, 721

350,130
351, 526
360, 274
337,474

3,391
2,288
2,987
3,247

239,425
241,182
239, 276
235,302

3,296
4,039
5,984
2,266
1,973

235, 654
236,447
232, 434
241,814
246, 426

Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.

7__.
14..
21..
28..

5....
12...
19...
26...

Nov
Nov.
Nov
Nov.
Nov

2
9.-..
16...
23...
30...

172, 907
175, 258
185,440
202,830
194, 858

53, 550
52,164
38,186
50, 521
60, 896

34, 910
39,075
42, 517
44,112
47,121

3,283
4,122
5,327
3,007
2,826

78, 709 2,455
79,807
90
97,365 2,045
104,865
325
83, 295
720

422, 782i
423, 780
399, 744
423,376

352,183
333,854
351,100
331, 700
344, 405

348,887
329, 815
345,116
329,434
342,432

Dec.
Dec.
Dec.
Dec.

7....
14...
21...
28..

198,
230,
220,
213,

59,473
83, 934
68,444
6.1,759

50,623
56, 671
63,195
62,062

3,120
3,652
3,008
2, 04"

84,646
935
85, 699' 840
85,143; 1,070
85,143! 2, 815

421,505
402,913
415, 612
438, 551

341.788
352, 570
356,363|
351, 926j

340,012 1,776 249,877
350,130 2,440 253,911
354, 294 2,069 265,110
346, 855 5,071 271, 754

797
796
860
826




146

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE.

BANK, BY WEEKS—Continued
ST. LOUIS
[In thousands of dollars]

Date

Bills bought in United States
open market
securities
Bills
disTotal
bills counted
Total
for
and
cash
secu- mem- Bought Under Bought Under reserves
resale
ber
outrities
outbanks right agree- right agreement
ment

Deposits

Total

Federal
reserve
Memnotes
ber
circubank Other inlation
dereserve
balances

1927
Jan. 5_.__
Jan. 12...
Jan. 19...
Jan. 26. . .

55, 617
51, 603
46,974
43, 446

26,314 9,025
20, 750 10,479
16,491 9,968
12, 380 10,301

20, 278
20, 374
20, 515
20, 765

83,224
84, 111
87, 774
91, 245

85, 694
83,361
83, 838
81,966

83, 879
81, 488
80,933
79,681

1,815 47, 719
1,873 46, 794
2,905 46,412
2,285 45,905

Feb. 2____
Feb. 9 —
Feb. 16—
Feb. 23—

45,175
44, 057
48, 251

13,104 11,306
11, 678 11, 262
15,602 9,830
16,390 9,857

20, 765
21,117
21,414
22, 004

90,304
89, 750
90, 621
86, 327

81,176
82, 293
84, 544
84, 019

79,
80,
82,
81,

1,752 46, 028
1,757 45, 359
1,758 45, 029
2,421 44, 894

Mar.
Mar.
Mar.
Mar.
Mar.

2...
9_._
16. _
23..
30.-

*47, 699
42, 337
55, 860j
60, 0741
65, 569

16, 507 8,658
10, 784 8,723
13,191 8, 843
14, 998 17,419
17,968 19,944

22, 534
22,830
33, 826
27, 657
27, 657

87, 016
91, 547
83, 938
73,811
70, 554

82, 701
82, 266
88, 345
81, 505
83, 737

79, 423
81, 316|
87, 252!

3,278
950
1,093
597
81, 706j 2,031

44, 749
44, 415
44, 244
43,435
43,559

Apr. 6....
Apr. 13—
Apr. 20—
Apr. 27—

59, 272
61, 543
62, 761
63, 857

10, 834
12, 831
12, 783
17,199

20, 779
21, 053|
22, 319
18,999

27, 659
27, 659| .
27,659.
27,659.

73,
73,
66,
69,

656
694
883
206

83, 038
84, 248
81, 263

81, 493;
82, 207 j
78, 809!
80, 567

1,545
2,041
2,454
2,259

May 4___
May 11__
May 18. _
May 25. _

61,308
54, 785
60, 311
62,659

17, 280
17,389
24, 545
24,191

16, 475
14,200
11, 780
12, 663

27, 5531
23,196i.
23,986
25, 805'

71,
75,
68,
69,

366
691
337
057

81, 798|
81, 401!
77, 764|
82, 398

1,364
1,639
2,511
2,212

42, 923
43, 324
43.130
42, 84&
43,203
42, 654
42,459
41, 675

June 1
June 8
June 15. _
June 22. _
June 29. _

72, 506
58, 578
57, 283
66, 672
75,101

33,107
20, 648
17, 026
26, 219
33, 370

11,908
12, 695
11,427
11,123
11, 898

27,491!.
25, 235 _
28,830.
29,330.
29,833:.

54,417
71, 816
77, 585
64, 652
55,912

84, 255

76,170
81,954|
88,194
81, 800)
81, 849j

2,478
1,907
1,022
2,398
2,406

41,878
41, 444
40, 922
40, 791
40,456

July 6
July 13—
July 20._.
July 27_._

64,858 33, 557 11, 468
64,120 23, 265 10, 991
32,662 9,758
61, 662 26,867 8,229

19, 833 _
29, 864^.
26,360:.
26, 566 .

64,
62, 833
61,185
68, 470

85, 502
82, 566
84, 073
84, 592

84, 661| 841
80, 655 1,911
82.179
82, 755 l)837

40, 406
39, 320
39,112
38,961

Aug. 3__.
Aug. 10__
Aug. 17—
Aug. 24—
Aug. 31...

57,182
55,698
60,918
62,114
66,395

23,097
20,431
25,430
26,198
28, 701

5,
4,987
3,913
3,827
4,577

28,3861.
30,280.
31,575L
32,089.
33,1171.

72,181
71,711
68,755
66,752
61,478

82,757
80,777
82,112
80,964
77,i

859
81,898
79,507 1,270
80,177
78, 891 2^073
76, 317 1,331

39,531
39,606
40,422
40,831
41,276

Sept.
Sept.
Sept.
Sept.

4,944
5,385
4,733
4,862

34,275'....
33,202
35,537
36,039:

69,875!
70,5831
62,642
66,155

83,207
81,583
79,528
80,798

81, 755 1,452
80,4001 1,183
78, 744
784
79,216 1,582

42,855
43,197
43,705
44,917'

Oct. 5 . .
..
Oct. 12...
Oct. 19...
Oct. 26...

64,151 24,932
62,580 23, 993
71,171 30,901
69,654 28,753
62,077 21,073
59,271 18,805
68,860 28,260
64, 202 22,910

4,416
3,866
3,700
4,174

36,588..
36,600.
36, 900 .
37,118.

80,155
87,369
79,068!
85,578'

84,359
96,033
86,182
86,601

82,193 2,166
79,816 16,217
84,092 2,090
84,713 1,888

47, 501
49,624
51,225
51, 537

Nov.2....
Nov. 9...
Nov. 16..
Nov. 23..
Nov. 30..

62,837 20,582
60,003 17,536
60,141 12,127
",519 19,119
61,061 18, 723

4,874
4,955
5,297
4,439;

37,381 !
37,512
42,717..
42,717
37,899;

87, 7481
98,449
86,618
89,321

84, 509
85,186
95,294|
90,239,
86,025

83,138 1,371
83,082 2,104
90,474 4,820
87,570 2,669
84,210 1,815

53,016
53,200
53, 208
53.131
53,420

Dec. 7 — .
Dec. 14...
Dec. 21...
Dec. 28__.

54,835
56,640
65,563
62, 707!

4,387
4,387!
4, 569J
4,959i

37,999 _
38,347.
38,163.
38,163.

97,746
92, 929
82, 938'
90, 111

89,360^
85,639
85,093
88, 528

88.180
84, 5461
83,356'
86,445!

54,409
55, 524
00,
57,300
57, 536

7...
14..
21..
28..

12,449
13,906
22,831
19, 585




:i

424J
536
786
598

1,180
1,093 ]
id
1,737
2,083

147

FEDERAL RESERVE BANKS

No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
MINNEAPOLIS
[In thousands of dollars]

Date

1927
Jan.5
Jan. 12...
Jan. 19...
Jan. 26...
Feb. 2_.._
Feb. 9—_
Feb. 16...
Feb. 23—

Bills b o u g h t in United States I
securities i
open m a r k e t
Bills
disTotal
I Total
bills counted
and
for
secu- mem- Bought Under Bought I J£™Jer reserves
nnt- resale
rities *
outber
banks right agree- n g n t agree "
rtaht ment
ment

52, 054
51, 388
52,128
51, 202

50, 484 1,570
49,435 1,953
49, 737 2,391
49, 596 1,606

68, 753
66, 685
65, 527
64, 344

83, 335
88, 930
86, 705
85, 227

46,493
51,171
49, 942
51, 002

1, I ' ll;

63, 986
64, 403
63, 771
63, 611

89, 55'
89, 048
87,469
92, 773
89, 241

50,401)
47, 295!
51, 6631
51,955
49, 827

45, 077
49, 684
48, 314
49, 609
48,674
46, 259
50, 788
50, 676
48, 521

'1,727
1,036
875
1,279
1,306

64, 092
64, 536
64,415
64, 038
63, 973

16,542|.
16,542!.
16,542.
16, 542!.

91, 879
87, 239
82, 671
81, 661

51,853!
48, 562
50,736|
49, 796;

50, 711
47,136
49, 340
48, 304

1,142
1,426
1,396
1,492

16,473'.
13,640.
14, 272L
15,726'.

82, 538
81, 515
81, 540
81, 338

50, 245
49,113
49,291
49, 436!

49, 073
47, 570
48, 061
47, 906

1,172
1,543
1,230
1,530

64,931
64, 357
64, 207
63,182
63, 397
63, 000
61, 926
60, 746

78, 371
78, 753
75,100|
78, 254|
81, 760

47, 060j
53,418
49, 552!
48, 863'
49, 785!

60, 729
59, 981
59, 757
59, 373

4,818
4,653
4,453
4,417
4,462

19,3671..
19,753;.
20,341L.
20,730.
21, 405

51, 576|
49, 866!
50, 499!
48, 461 j
50, 400 j
49,712!
50,991
48, 226
50, 257 j

1, 381!
1,412
1,462
1,340

5, 4911
4, 942
6,789!
7, 221!
7,324

81, 551
83, 491
82, 025
80, 546
82,302
80,490
80, 284
77,036
77, 679

45, 995
51, 372
47, 726
47, 800
50,195
48, 454
49, 037
47,121

1,065
2,046
965
1,137
1,985

7,060
6,532
5,919
5, 684

17, 081
21, 4081
23,015.
18, 280:.
18,282!.
I
18,482!.
18,303'.
18,721!.
18, 752|.

1,113
1,007
1,750
1,605
1, 67:

32,272J
31,913j
34,925|
34, 569;

4,982
3,965
4,897
3,376

5,045
6,463
7,473
8, 6361

81,106
82, 246
80,283
82,387

49, 287
48, 705
49, 241
46, 621
48, 579
49,994 48,418
51, 885 50,448
52,256 50, 762
52, 828 50,787

62, 052
60, 605
59,419
58, 754
58, 230
57, 558
57, 388
57, 065
56, 840

1,576
1,437
1,494
2,041

58, 530
58, 556
58,833
59, 438

85,150
86, 489
82, 584
79,145

54,017
62,717
55,096
56,078

1,470
7,158
1,467
1,641

62,992
62,175
62,467
62, 250

4,581
3,453
4,089
4,297

12, 611
11,875
10, 671
10, 585

16,491
16, 491
16,491
16, 491

32, 017
30,948
31, 013
30, 4431

3,926
3,829
4,432
4,191

11,110
10,138
10.100
9,771

16,481!
16,481|
16,4811
16,481!.

29,409,
28, 610
32,888
28, 783:
28,938:

3,309
3, 05l!
3, 512
5,966
5,773

9,619
9,078
7, 951
6,276
6,625

16, 4811.
16,481!.
21,425|_
16,5411.
16,540|.

Apr. 6
Apr. 13...
Apr. 20...
Apr. 27...

29,
29,
35,
35,

241
603
935
255i

7, 54!
7,680
12, 588
6, 748 j 11, 965

May
May
May
May

35,
32,
32,
30,

8131
360
385
948

7, 239:
6, 298!
8,215!
7, 0371

June I....
June 8....
June 15...
June 22...
June 29...

32,146i
36, 608
36,180
32, 651!
30, 050

7, 5741
7, 666 j
6,152
6, 873|
4, 274i

12.101
12, 422
9,898
8,185
7,491
7,534
7,01!
7,498
7,494

July
July
July
July

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

34, 720
29, 300;
30,447:
29, 8841

9,1781
4, 465!
5, 807!
5, 448!

Aug. 3_._
Aug. 10. _
Aug. 17._
Aug. 24._
Aug. 31. _

29,676:
29,348
31,583!
32,388'
33, 211j

Sept.
Sept.
Sept.
Sept.

2...
9...
16..
23..
30..

4
11..
18...
25...

Total

Federal
reserve
Memnotes
ber
bank Other in circudelation
reserve posits
balances

89, 264
88,439
90,189
87, 396

35, 3041
33, 319i
31,751!
31, 873

Mar.
Mar.
Mar.
Mar.
Mar.

Deposits

5,156
5, 381!
6, 805;

I
1
I

I

1,416
1,487

Oct.
Oct.
Oct.
Oct.

5....
12...
19...
26...

35, 581!
40,0791
38, 409
43, 343

2,794 9,415
6,493 10,1861
2,007 11,6521..
2,153 15,352i

22,225
21, 465
22, 035
22, 037
22,852,
22,880
24, 230
25, 318

Nov.
Nov.
Nov.
Nov.
Nov.

2...
9...
16..
23..
30..

48, 685
50, 437
53, 681
53, 625
48,144

2,108 19, 235
2,156 20,359
2,024 20,227
2,364 19,811
3,723 20, 590

26, 842
27,422
30, 915
30, 915
23, 276

75, 560
73, 533
74,329
69, 515
75, 623

55, 884
56, 997
62, 546
56, 229
57,628!

52, 547
55, 559
53, 629
54, 437
54,804.
55,707
60,445
55, 007
56,511

1,080
1,290
2,101
1,222
1,117

63, 804
62, 636
62, 681
61, 708
61, 664

Dec.
Dec.
Dec.
Dec.

7....
14...
21...
28...

47, 218
48,301
47,125!
44, 6261

2,552
3,542
3,571
2,234

23, 776
24, 040
23, 900
23, 900

77, 823
76,166
73,351
77, 985

60,168
58, 284
56, 397
57,228

59,391
777
57, 046 1,238
54, 822 1,575
55, 712 1,516

61, 234
61,264
62, 072
61, 526

1

7...
14..
21..
28..

20,335i
20,129
19, 034
17, 872.

Includes "other securities," Jan. 5 to Feb. 9 and Aug. 24 to Dec. 28.




148

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
KANSAS CITY
[In thousands of dollars]

Date

Bills bought in j United States
open market
securities
Bills
Total
disbills 3ounted
I Tota
and
for
secu- mem- Bought Under Bought U n d e r ' j reserves s
resale r e s e r v e
resale
rities
ber
outoutbanks right agree- right agree-1
ment
ment I

Deposits

Total

i
1927
Jan.5
Jan. 12—
Jan. 19__.
Jan. 26.. _
Feb. 2_._.
Feb. 9___.
Feb. 16—
Feb. 23—

61,432 14,644
57,800 10,764
55,859 10,854
54,838 10,988

18,170
18,418
17,537
16,282

53,902
51,371
52.308
51,585

10,248 15,586
8,035 15,768
9,584 15,156
10,416 13,601

27,468] 1,150|
27,468 1,150
27,468
27,568

101,317
103,361
102,933
106,531

91,720
89,749
89,007
90,232

500

108,942
104,405
111,254
116,375

92,028
85,933
92,851
92,7731

89,854 1,'
88,847
902
87,350 1,657
88,592 1,640
90,865 1,163
84,612 1,321
90,299 2,552
91,100 1,673

5001
500
750
250
400

111,181
111,966
110,518
111,162
110,033

89,428
88,5671
91,985
89,334
87,309

87,136 2,292 68,327
651 68,582
87,916
982 67,841
91,003
88,094 1,240 67,530
85,914 1, T
66,824

107,989
105,843
104,309
100,302

88,971
87,856
90,971
88,318

87,753
86,509
89,691
87,015

1,218
1,347
1,280
1,303

98,747
103, 288
99,952
96,568

89,094
90,267

86,460
87,166
89,222
84,339

349 65,006
1,928 64,734
1,045 64,323
2,049 63,511

86,995
86,845 87,215
91, 594
94,857!
.9,441
97, 799!

86,148
85,835
87,498
87,476

847 63,319
1,380 63,991
870 63,485
1,965 62,893
1,007 62,061

•• 27,568

' 27,568
.
27,568
! 27,568

Mar.
Mar.
Mar.
Mar.
Mar.

2...
9...
16.23 __
30.-

48,276
47,188
51,554
49,013
47,479

7,513 12,694
7,051 12,068
9,429 11,527
10,178 10,991
8,631 10,854

27,569
27,569
29,848
27,594
27.594

Apr.
Apr.
Apr.
Apr.

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

50,113
50,222
52,001
54,557

10,508
10,599
11,932
15,363

12,009
12,028
12,473
11,599

27,596
27.595
27, 596
27,595

May
May
May
May

4
ll.18__
25. _

54,861
49.309
52,084
53.310

15,313
15,834
19,124
18,189

11,592
11,230
9,784
9,364

27,456
21,745
22,926
25, 507

500
500
250
250

June 1
June 8___.
June 15__.
June 22...
June 29...

53,599
63,115
58,627
56,731
52,902

16,813
18,038
15,599
17,864
13,215

8,761
9,244
9,175
9,330
10,146

27,525
35,333
33,203
29,187
29,191

500
5001
6501
350
350

July
July
July
July

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

56,023 14,438
55,213 13, —
52,158 10,926
51,604 11,534

9,744
9,935

Aug. 3__.
Aug. 10__
Aug. 17..
Aug. 24_.
Aug. 31 __

47, 881 10, 362
44, 781 7,691
48, 484 11,150
47, 917 9,924
48,188 8,765

5,926
5,266
5,320
5,83^

29,491
29, 231
29,777
29, 831
30, 652
31,164
32, 068
32, 673
33,586.

Sept.
Sept.
Sept.
Sept.

49, 521 8,352 6,171
50,919 9,521 7,707
56, 470 13.177 9,057
55, 521 11.178 10,104

34,'
33, 691
34, 236|
34, 239
35, 054!
35, 082!
35, 832
36, 413

7...
14..
21..
28..

\ 105

7,889

Oct. 5....
Oct. 12...
Oct. 19...
Oct. 26...

57, 605
57, 420
68,195
64, 530

Nov. 2....
Nov 9
Nov.
Nov. 23.Nov. 30.-.

65, 508
66, 216
74, 264
69, 95"
66, 518

12,123 10, 428
12, 516 9,822
21, 707 10, 656
17, 480 10, —
17,046 11,279
17, 295 11, 213
20, 546 10, 838
16,917 10,160
19, 439 8,926

Dec.
Dec.
Dec.
Dec.

61, 678
63, 394
62, 916
62, 334

15, 066
16, 005
16, 599
15, 920

7...
14..
21..
28..




8,309
8,622
7,975
8,072

Federa
reserve
Memnotes
ber
bank Other •n circudelation
reserve posits
balances

37, 183
37, 508
42,880
42, 880
38,153
38, 303
38, 767
38, 342
38,342!.

2,350
2,350
2,350
2,350

99,501 91,638 91,135
96,837; 89,971 88,545
102, 860, 91, 566 88,436
101,1501

71,856
70,688
69,491
68,400
68,345
68, 683
67,928
68,532

67,155
66,368
65,938
64,948

503
1,426
3,130
2,972

64,177
63,953
63,867
63,361

108, 528
108, 843!
107, 699!
106, 663'
106, 216!

_
!

90, 297
88, 887
90, 825
89, 341
89, 145

2,257
1,096
1, 745|
1, 561!
1, 457!

63, 714
63, 892
63, 530
63,187

105, 956^
102, 601;
100, 325
97,651
!
95, 780!
100, 583
82, 401
91, 209;
200

92, 554
89,983
92, 570
90,902
90, 602
90, 741
89, 513
90,927
86, 951

89, 725
88, 406
90,008!
85, 212

1, 016
1,107
919
1, 739

64,187
64, 140
64, 268
63, 706

88,159

87,392
767
87, 616' 10,714
84, 126| 1, 171
87, 928 1, 414

64, 086
64,985
64, 308
64, 247

88,
3,
96,
95,
90,

1,761
7,602
3,960
2,522

64, 742
65, 683
65, 796
66, 033
65, 582

1, 723
1, 489
2, 129
i? 870

66, 979
67, 135
68, 447
68, 045

89, 813]
91, 5051
94, 603
98, 001
94,845!

85, 297
89, 342
88, 914
90, 940
103, 625
99, 921
92, 950

99, 275;
99, 2891
97, 694
101,817!

92, 447
92, 696
94,989!
93, 782;

051
179!
0231
961
428

90, 724
91, 207j
92, 860
91, 912!

149

FEDERAL RESERVE BANKS

No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
DALLAS
[In thousands of dollars]
Bills bought in United States
securities
open market

Date

Total
bills
and
secu-

rities

Bills
discounted
for
mem- Bought
outber
right
banks

1927
Jan. 5
Jan. 12...
Jan. 19...
Jan. 26-..
Feb. 2—.
Feb. 9—.
Feb. 16...
Feb. 23—

46.140
46.141
43,178
41, 531
41, 538
39, 796
39, 586
39,921

6,125
7,138
5,340
4,113

16,171
14,601
13, 609
13,214

3,954
2,822
2,829
3,541

Mar.
Mar.
Mar.
Mar.
Mar.

2...
9...
16..
23..
30..

36,928
36,330
35, 673
38,118
37, 746

Apr.
Apr.
Apr.
Apr.

6—.
13...
20—
27—

May
May
May
May

Under
resale
agreement

Deposits

Total
cash
Bought Under reserves
resale
out- agreeright ment

Total

Federal
reserve
Memnotes
ber
bank Other in circude- lation
reserve posits
balances

23,844
24,161
24,194
24,130

72,403
69,110
73,028

61,303
59,158
61,150
58,443

59,922
57, 744
59,049
57,223

1,381
1,414
2,101
1,220

48,267
46, 491
45.193
43,459

13,392
12, 759
12, 534
12,140

24,192
24,215
24,223
24,240

71,342
74, 668
77,995
76, 973

59,520
62,466
63,916

58,276
60,855
62, 570
61,222

1,244
1, 611
1,346
1,674

43, 646
43, 033
41, 857
42,165

2,804
2,709
3,611
3,357
3,537

9,853
9,189
9,193
8,489
8,371

625
714

24, 252
24,335
22,219
24, 697
24, 724

79,118
76, 213
79, 071
75,264
72, 566

64,300
61,159
62,691
62,779
60,984

37, 577
38,196
41,052
40,134

3,870
3,963
4,643
5,145

8,852
9,182
9,748
9,513

75 24, 780
24,783 200
24,833! 1,200
612 24,864

41, 887
41, 598
40,793
497 40,202
1,187 38, 960
973 39, 592
1,464 38, 539
2,353 38,237
1,873 37,154

4__.
11-.
18.25_.

39,511
34, 612
40,396
41,472

4,473
3,901
4,396
4,922

10,044
13, 734
13,275

607
224
623
623

24, 782
19,143
19,818
21,346

66, 352
69,131
64, 701
61,170

61, 026
62, 580
61,000
59, 383
59,903
60,351
59,452

62,642
60, 791
61,760
62,282
59, 797
60,014
59, 562
60,227
59,127

June 1—.
June 8—.
June 15—
June 22—
June 29—

42, 914
47,275
40, 787
40, 237
42, 658

6,209
6,149
5,742
6,015
5,918

12,316
10, 665
8,379
7,857
9,774

250
250
250
292
265

22, 703
29, 856
26,016
25.023
25, 351

60,105
56, 307
59, 371
63, 664
58,262

59, 647
58,232
58,008
61,164
58,109

July 6-._.
July 13...
July 20...
July 27...

43,734
43, 998
46,147
45, 746
45, 439
44,536
45, 667
48, 555
49, 656
51, 868
48,163
48, 043
47, 023

6,305
6,
7,537
8,737

9,811
9,120
8,958

421
518
118

25, 618
25, 509
25, 936
26,183

58,364
54, 641
53, 928
53,258

58, 571
59, 316
58, 676
57, 585

57, 764
56, 576
57, 490
58,097
56,473
57, 600
57, 851
57,193
56,109

11,690
11,287
31,
14, 058
14, 0771

6,537
5, """
4,933
5,048
5,028

60
25
717
1,020
1,370

26, 852
27, 296
28,018
28, 429!
29,181I

56, 823
57, 299
57,156
59, 354

58, 423
58, 462
59, 128
59, 696
60, 241

971 36, 609
57, 452
57, 086 1,376 37, 217
57, 714 1,414 37, 497
57, 823 1,873 38, 635
59, 283
958| 40, 292

14,
11,
8,
5,

299!
0641
2571
586|

5,794
6,767
8,680

10, 294

1,175 30, 600
750 29, 582
1,105 30, 001
1,091 30,052

61,019
64, 981
71, 245
72, 776

60, 475
60,170
63,108
63,161

59, 245 1,230 44, 043
608 44, 893
59, 562
61, 336 1,772 47, 241
60,892 2,269 47, 296

Oct. 5
Oct. 12...
Oct. 19...
Oct. 20...

47, 762
47,492
53, 487
59, 642

5,113^
4, 797i
7, 756^
9, 986;

11, 249
11,395
13,042
15, 312

425 30,975
277 31, 0231
462 32, 2271
1,155 33,189 j

74, 882
75, 974
69, 988
67, 821

64,317
67,469
65, 066
68, 349

Nov.
Nov.
Nov.
Nov.
Nov.

63,173 10, 6651 17,449
8,719! 18, 205
61,!"""
62, 378 5, 378J 17, 994
62, 336 7,120 18,097
62, 679 6,784 18, 269

552
25
475
475
145

34, 507
35, 031
38, 531
35, 649
36, 347

63,131
68, 493
66, 982
64, 595
62, 605

67,130
70,149
70,194
68, 233
68, 262

48, 507
48, 099
49, 001
49, 704
753 50,837
66, 37'
67, 760 2,389 51, 242
69, 067 1,127 50,274
752 49,718
67,481
380 48, 771
67, 882

21, 896
21, 859
21, 347

782
377
403
477

31, 350
31, 726!
31,644
31,693;

68, 305
64, 652
66, 634
68, 829

68, 933
69, 024
67, 585
69,840

373
68, 560
625
68, 399
66, 807
778
68, 312 1,528

Aug. 3__.
Aug. 10 _.
Aug. 17__
Aug. 24_.
Aug. 31 _.
Sept.
Sept.
Sept.
Sept.

7...
14_.
21..
28-.

2...
9...
16..
23..
30..

Dec. 7 . —
Dec. 14...
Dec. 21__
Dec. 28...

59, 549
59, 901
58, 272
56, 959

5,5211
5, 939!
4, 878!
2,581'




241
35
74

650
950
400

72,849
70,968
68, 852
66, 589

57,

•"" •

1,6

58,230 1,153
58,141 1,762
58,031 2,320
57,33" 2,115

37, 075
36, 615
36,196
35,352

1,883
1,656
518
3,067
1,636

35,395
35,994
34, 959
35, 097
34.194

971
1,465
1,483
1,476

35, 425
34, 634
35, 050
34, 931

63, 025
66, 226
63, 673
66,190

1,292
1,243
1,393
2,159

49, 245
48, 055
49, 650
48, 789

150

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

^fo. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
SAN FRANCISCO
[In thousands of dollars]
I
Bills bought in I United States
open market I securities

Date

1927
Jan. 5
Jan. 12...
Jan. 19. _.
Jan. 2 6 - .
Feb. 2___.
Feb. 9....
Feb. 16...
Feb. 23...

Deposits

Bills
disTotal
Total
bills counted
for
and
cash
secu- mem- Bought Under Bought Under reserves
resale
out- agreeoutber
rities
banks right agree- right ment
ment

Total

Federal
reserve
Memnotes
ber
bank Other in circulation
dereserve posits
balances

119,926
109, 729
100,766

51,
40,
32,
31,

483
735
482
560

23,662
24, 460
23, 494
21, 075

5,910
5, 662
5,918
5, 430|

38,
38,
38,
38,

871
872
872
873

257,117
264, 465
261,910
270, 445

174,935
181, 807
170, 697
178, 236

166, 832
172, 907
161, 796
169, 780

8,103
8,900
8,901
8,456

186, 308
178, 903
175, 082
171,127

106,
98,
96,
109,

332
442
064
031

41,006
33, 286
32, 802
47,188

6, 484!
6,323
5,809
4,567

38,
38,
38,
38,

873
874
874
875

255, 966
271, 394
266, 537
257,125

173, 881
176, 764
176, 508
175, 831

166, 401
170, 424
167, 974
168, 611

121, 651
110, 333!
114, 975>
102, 643]

56,094
45, 745
40, 256
53, 468
40,

69,"

6,811
5,835
6, 265]
5, 972
7, 032|

38,
38,
35,
39,
39,

875
876
420
069
069

247, 264
252, 054
270, 493
249, 028
256, 712

176, 541
172, 041
182,148
179,119
174,15,"

170, 201
168, 053
177, 67"
174, 992
168, 684

7,480
6,340
8,534
7, 220)
I
6,340
3,988
4,471
4, 127
5,471

171, 302
175, 486
172, 287
172, 473

Mar. 2 . . .
Mar. 9 . . .
Mar. 16..
Mar. 23..
Mar. 30..

19, 969
19, 959
18, 579
18, 401
19, 871
19, 877
16, 991
16, 466
15, 847

Apr.
Apr.
Apr.
Apr.

6__—
13__.
20—
27-.

116,
113,
117,
114,

7681
6321
501
308

53,
50,
54,
51,

213
564
933
862

17, 286
16, 922
16, 776
15, 943

7, 197|
7, 074
6, 720
7,431

39,
39,
39,
39,

072J
072
072
072

249, 874
253, 057
254, 367
244,987

176, 507
177, 965
184,146
171, 618

172, 189
171,750
176, 905
165, 568

4,318
6, 215
7,241
6,050

171, 909
171, 348
171, 795
170, 513

May
May
May
May

4
ll-_
18_ _
25__

114,
89,
91,
79,

527
711
159
3431

53,
39,
41,
30,

209
078
936
607

16, 301
16, 266
14,103
13, 468

6,170
4, 7851
4,274
1,512

38,
29,
30,
33,

847
582
846
756i

254, 971
276, 435
282, 309
285, 933

176, 018
175, 481
179, 557
173, 074

171, 06:
170, 275
173, 755
166, 626

4,956
5,206
5,802
6,448

175, 702
178, 485
181, 545
177, 978

June 15.June 22. _
June 29. _

85, 050j
102,971i
96, 3171
104, 613!
96, 425J

33,
37,
40,
47,
39,

298
454
248
732
449

2,676
4,563
4, 838!
4,110
3,291

36, 429
48,400
39, 050
39, 794
39, 801J

292, 040
266, 342
264, 374
253, 375
267, 945

184, 975
179, 028
174, 595
172, 625
175, 31

173,
172,
170,
167,
167,

385
552
160
238
823

11, 590
6,476
4,435
5,387
7,494

July
July
July
July

106,
95,
105,
104,

535 46, 554
405 37, 225
663 45, 505
591| 46,887

12, 647
12, 554
12,181
12, 977
13, 884
14, 863
15, 088
13, 684
11, 458

4,867
3,231
5,795
5,484

40, 251
39, 861

174, 407
179, 575
177, 402
174, 019

169, 589
173, 016
171, 377
167, 463

4,818
6,559
6,025
6,556

174,420
174, 259
179, 53r
179, 562
178,360

168, 729
168,843
172,488
173, 390
172,916

5, 691
5,416
7,049
6,172
5,444

179, 963
176, 775
171, 651
171, 850
174, 735
185, 868
176, 004
173, 803
169, 619
170, 862
168,649
168, 596
167, 770
167, 336

June1
Junes

174,109
172, 962
170, 408
167, 491
167, 976

Aug. 3 - _ .
Aug. 10_.
Aug. 17.Aug. 2 4 . .
Aug. 31 - -

110, 723
98,006
96, 680
99, 723
104,3.54

53,083
41, 515
41,496
41,499
45,450!

9, 663
9,281
7,513
6,73'
6,929

5,485
4,449
3,648
6,713
5, 829

42,492
42, 761
44,023
44, 774
46,146

267, 406
272, 557
257, 817
252, 610
246,184
258,448
267, 736
264,350
259, 438

Sept. 7 . . .
Sept. 14..
Sept. 2 1 . .
Sept. 2 8 -

104,251
77, 837
91,670
94, 960

43, 556
17, 278
30,625
36,167

6,919
8,279
9,051
6,059

5,47l|
5, 976!
6,196]
6,933;

48,305
46, 304
45, 798
45, 801

268,252
293, 978
282, 360
275,140

180,152
183,090
183,181
181, 590

171, 891
177, 645
176, 877
176,378

8, 261
5, 445
6,304
5,212

174, 876
171, 882
172, 292
170, 642

Oct.
Oct.
Oct.
Oct.

104,172
114,753
95,078
88,360

47,156
.59,363
41, 851
36, 697

3,716
2,453
2,723
1,416

7,499,
7,135'
4, 700
4,495

45,
45,
45,
45,

801
802
803
752

268, 259
269, 269
279, 681
283,110

180,482
189, 810
186, 684
183,606

174, 94'
184, 53.'
180, 497
176, 570

5,528
5,272
6,187
7,036

173, 759
174, 264
171,109
168, 536

179, 993
186, 7951
194,187
181,356
180, 505
184, 831
191,450
184,473
180, 589

175, 211
181,016
188, 710
175, 745
175,432

4,782
5,779
5,477
5,611
5,073

171, 543
171,983
170,943
171,340
169,180

179, 859
185, 656
178, 234
173,065

4,972
5,794
6,239
7,524

173, 596
171, 803
176, 249
176, 746

6.-_.
13...
20...
27...

5.....
12...
19...
26...

40, 679
40, 762

Nov.
Nov.
Nov.
Nov.
Nov.

2...
9...
16..
23..
30..

93,468
87, 753
89, 913
92, 289
94, 673

39,176
33. 988
29^ 436
39, 795
41, 254

2,545
3, 546
2,455
1,116
2,566

6,162;
4,631
2,225;
2,581
5,056

45, 585
45, 588
55, 797
48, 797
45, 797

277, 535
290,377
293, 756
279, 421
271,871

Dec.
Dec.
Dec.
Dec.

7—.
14...
21__.
28...

99,

48,034 3, 745
44,510 1, 537
38, 750i 5,424
14, 958 4,894

2,371
4,317
4, 215
5, 591

45,798
46,385
46,075
46,075

279, 561
282,487
277, 696
300,183

948

96, 749i
94, 464
71,518




FEDERAL RESERVE BANKS

151

VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS
No. 59.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1924-1927
1924

1925

1926

1927

NUMBER OF PIECES HANDLED

Bills discounted:
Applications
_.
Notes discounted
Bills purchased in open market for
own account
Currency received and counted
Coin received and counted
Checks handled
_
Collection items handled:
United States Government coupons paid
—
_
Allother
United States securities—issues, redemptions, and exchanges by fiscal
agency department
Transfers of funds
_

129,000
583,000

116,000
475,000

123,000
506,000

97,000
371,000

143, 000
1,838,279,000
2,186, 737,000
742,878,000

201,000
1,947,419,000
2,329,014,000
778, 686,000

232,000
2,099, 605,000
2, 590, 057,000
822,907,000

254,000
2,202,438,000
2, 691,184,000
862,275,000

50, 471,000
6,113,000

44,174,000
5,467,000

39,678,000
5,595,000

37,045,000
5,909,000

16,097,000
1, 503,000

7,116,000
1,566,000

4,691,000
1,710,000

7,201,000
1, 830,000

Bills discounted—
$15, 419,155,000 $32, 562, 620,000
Bills purchased in open market for
2,172,142,000
2,961,170,000
own account
Currency received and counted
10, 777, 306,000 11, 556, 980,000
Coin received and counted
_
293,924,000
467, 732,000
Checks handled
219, 832,179,000 258, 611,276,000
Collection items handled:
United States Government coupons paid
719, 784,000
680,921,000
Allother
_..
_-_ 5, 509,093,000
6,116, 958,000
United States securities—issues, redemptions, and exchanges by fiscal
5, 578,995,000
6, 708,272,000
agency department
98, 359,028,000 109,430,683,000
Transfers of funds

$37, 682,137,000

$31,934,607,000

3,353,326,000
12, 584, 960,000
609,359,000
272,945,160,000

4,050,867,000
13,013,094,000
791,049,000
278,399,627,000

644,273,000
6, 219, 361,000

553,703,000
6, 710,317,000

4,971,442,000
120,909,439,000

10,803,043,000
136, 383,899,000

AMOUNTS HANDLED

Back figures—See Annual Keport for 1926 (p. 20), 1925 (p. 26), 1924 (p. 14), 1923 (p. 41).

110390—28




11

No. 60,—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK,

1927

Or

to

Federal reserve bank
Total
Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

N U M B E R O F P I E C E S H A N D L E D : 1927

Bills discounted:
15,410
Applications
6,842
14,525
7,110
9,500
2,201
97,029
8,637
6,196
4,934
5,974
12, 811
2,5
Notes discounted
37,601
371,042
31,024
41,821
16,064
38,109
59,413
10,027
47,153
21,793
27,718
19,275
21,044
Bills purchased in open
99,238
8,845
253,920
market for own account--.
37,161
6,514
12,103
11,322
5,828
24,318
3,547
7,4
7,945
29,601
Currency received and
202,438,000 240,778,000 640,967,000 207, '01,000149,466,000103!, 555,0001121,378,000 354, 845,000 112,986,000 39,970,000 58,902,000 41
counted
[7,448,000 124,442,000
Coin received and counted.. , 691,184,000 181, 602,000 1 , 189,801,000 303,,015,000172,398,000151:, 480,000 61,761,000 263, 577,000 145,034,000 11,794,000166, 609,000 34,856,000109,251,000
.
862,275,000 81,334,000 168,724,000 70,267,000 78,831,000 52,859,000 31,904,000 119, 112,000 50,238,000 24,238,000 70,387, 000 36,986,000 77,395,000
Checks handled
Collection items handled:
United States Government coupons paid
9,932,000 3,467,000 4,620,000 1,190,000
37,045,000
3,000,000
827,000 6,084,000 2,088,000 1,010,000 1,732,000
598,000 2,497,000
415,000
2,260,000
158,000
5,909,000
Allother
547,000
381,000
323,000
221,000
599,000
265,000
264,000
123,000
353,000
United States securities, issues, redemptions, and exchanges
2,196,000
7,201,000
566,000
711,000
569,000
138,000 1,493,000
364,000
182,000
322,000
187,000
111.000
362,000
355,000
109,000
1,830,000
57,000
62,000
Transfers of funds
101,000
115,000
76,000
299,000
271,000
130,000
110.0001
145,000
AMOUNTS H A N D L E D : 1927 (in millions of dollars)
Bills discounted
Bills purchased in open market for own account
CurreDcy received and
counted
Coin received and counted.
Checks handled
Collection items handled:
United States Government coupons paid...
Allother
United States securities, issues, redemptions, and exchanges
Transfers of funds

31,934.6

2,119.3

13,854.2

1,990.1

3,872.4

1, 500.3

667.5

2, 778. 2

1,231.4

141.0

549.4

281.6

2,949.2

4,050.9

548.6

1.958.7

150. 9

159. 5

140.5

63.3

370.4

64.4

75.2

74.3

101.5

343.6

13,013.1
791.0
278,399.6

1,481.1
21.
20,931. 5

4.159.8
558.3
100,206.6

1,241.8
50.1
25,085.8

952.3
15.
29,756.9

528.3
15.1
13,502.1

538.5
8.3
12,360.4

1,979.8
36.1
27,069. 5

495.9
16.2
11,487. 7

213.3
3.9
4,277.2

279.1
12.5
11,559.6

215.4
7.1
7,851.5

927. 8
46.5
14,310.9

553.7
6,710.3

46.2
636.4

250.6
2,384.7

37.8
594. 2

58.9
532.1

11.7
278.2

6.7
166.9

64.2
989.

20.1
185.7

9.9
127.5

16.9
276.1

4.*8
194.9

25.8
343.8

10,803.0
136,383.9

711.0
7,637. 2

5,219.6
50,898.1

794.5
6,167.2

670.2
6,023.0

234.1
4,785. 5

173.1
2,281. 8

1,456.6
24,367.4

350. 5
6,094.0

170.7
2, 735.0

261.4
6,164. 7

200.6
4,231.7

560.8
14,998.3

Back figures—See Annual Report for 1924-1926 (Part II, Table 6).




153

FEDERAL RESERVE BANKS
No.

61.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS

Noncash collection items
handled
Bills
discount-

Federal reserve branch
and district number

Currency
received
and
counted

Coin
received
and
counted

NUMBER
No.
No.
No.
No.

No.
No.
No.
No.

No.
No.

Checks
handled
Government
coupons

OF PIECES HANDLED: 1927

3,709 43,266,000 22,091,000 12, 521, OOOi 190,000
30,327,000 47,078,000 18,256,0001 , 323,000
53,378,000| 35,831,000 26, 529.000 1 090,000
,
4,852 48,144, 000 119, 089, 000 19, 264, OOOi 652,000
604,000
623, 000
145, 000
2,000
13, 365, 000 9, 037,000 4, 618,000 54,000
21, 827, 000 11, 801, 000 6,181, 000 65,000
12, 252,000 , rw.o r,r,~ 5,862,000' 88,000
1, 998, 000
<T7
410, 000
12, 646 27, Ain r\r\n< 22,130,000 4, 219, 000 304, 000
8,291 65,720.000; 34,461,000 22, 023,000 542, 000
2,918l 9,135, 000 4,553, OOOi 4, 860,0001
65, 000
2,406 21, 904, 000 34, 745, 000 9, 339, 000 384, 000
3,672 21,452,000 12,332,000 3,660, 000! 109,000
1, 554 1, 398, 000
840,000 2, 322,000!
87,000
4,238 7, 512, 000 11, 254,000 8, 715,000 320,000

2—Buffalo
4—Cincinnati....
Pittsburgh....
5—Baltimore
Charlotte
6—BirminghamJacksonville-.
Nashville
New Orleans..
7—Detroit
8—Little Rock...
Louisville
Memphis
9—Helena
10—Denver
Oklahoma
City
Omaha
11—El Paso
Houston
San Antonio..
12—Los Angeles_Portland
Salt
Lake
City.Seattle
Spokane

All
other

139, 000
15,000
28, 000i 125,000
27, 000' 145,000
91, 000|
48,000
2,000.
15,000
1,000
43, 000
2, OOOi
26,000
4, 000|
27, 000!
42, OOOi
94, OOOi
20,0001
30,000
6,000!
25,000
23,0001
40,000
6,000
18,000
3,000
46,000
12,000

7. 539,000 5, 759, 000 19, 221,000
7,547 6, 205,000 3, 951, 000 l l , 8 5 1 , 0 0 0 |
349 4,368, 000 3,475, 000 2, 642,000
771 11,158, 000 11,320,000 6, 826,000
313 4, 248,000 2,382,000 2, 518,000
4,141 57, 209, 000 26, 787,000 33,955,000!
2,218 6,812, 000 7,144,000 7,312,000|

86,000
288,000
40,000!
141,000
32,000
615,000
297,000

79,000
45,000
13,000
35,000
8,000
88,000
29,000

4,401 3, 543, 000 2,120,000|
1,051 10,126, 000 9, 405,0001
3,419 1, 909,000 1,138,000

144,000
291,000
149,000

98,000
36,000
22,000

8,131,000
7, 032, 000'
4.861,000|

68,496!490, 828,000 440, 866,000 253, 322,000,7, 358,000 1,104,000

TotaL_.

Fiscal
agency
issues,
redemptions,
Transfers
and
of
exfunds
changes
ofU. S.
securities

8,OOo|
10,000!
1,000!
5,000!
3,000
30,000i
16,000J

16,000
21,000
16,000
33,000
2,000
5,000
14,000
6,000
12,000
37,000
15,000
26,000
28,000
8,000
17,000
8,000
28,000
9,000
25,000
6,000
39,000
13,000

6,000!

18, 000
17,000
10,000

559,000

429,000

8,000j
20, OOOl

A M O U N T S H A N D L E D : 1927 (in thousands of dollars)
No. 2—Buffalo..No. 4—Cincinnati
Pittsburgh
No. 5—Baltimore
Charlotte
No. 6—Birmingham.._!
Jacksonville- __|
Nashville
j
New Orleans-_!
No. 7—Detroit
•
No. 8—Little Rock
j
Louisville
|
Memphis
j
No. 9—Helena
|
No. 10—Denver. _
|
Oklahoma I
City
!,
Omaha
No. 11—El Paso
:
Houston
j
San Antonio..!
No. 1 — _ o Angeles__
2 J>s
Portland
Salt
Lake
City
Seattle
Spokane
Total

348
3,733
890
583
3,393

74, 832
60, 212
54,817
124,461
3,569
20,211
32,047
37, 532
36,416i
137,481
22,099
34, 545
49,039
7,909
43, 372

6, 350 1,319,904
56,995
588,937
111,035
949, 262
56,489 1, 397, 535
89, 663
1,270
136, 973
4
231,110
3
156, 741
522, 741
58, 505
33, 281 3, 540, 559
1,222
382, 051
9,382
651,456
3,580
755, 028
4
144, 541
881, 289
4,584
1,232
265, 023
2,305 1,198, 579
388
1,772 1, 541, 488
802
190,880
15, 002 4, 777, 763
6, 047
677, 544

374, 003
993, 353
43, 9831
432, 925j
42, 367
1, 903
130, 307
98,
11,
23,
7,
150,
51,

559
071
722
606!
599
363|

34,189
35, 514|
27, 3771
47,151
19, 341
288, 453
59, 302

1,506
1, 958
1, 251
1,261
767
7,135
1,862

2,498, 455
1, 581, 343
373, 854|
1, 732, 692
503, 271
5, 274, 772
1, 405, 834

960
1,841
331
1,008
272
6,588
2,465

46,014
63, 773
9,353
71, 779
8,036
69, 350
44, 648

84, 700i
169, 713
14, 217

28, 788
79, 553
15, 346

1,241
1,997
652

1, 063, 254
1,190,120

1,063
2,295
851

41, 764
41,407
15, 704

592, 393

4,053,549

2,7-

3,000 3,196, 493
6,354 6, 532, 231
4,230 12, 010,181
10,829 4, 464, 922
47
146, 604
1, 882,195
1,173
2, 290,432
1,595
361 1,975, 523
3,053 1, 845,170
5,060 6, 893, 619
729
939,949
2,199 2, 675, 280
2,029 1, 296, 707
687
428, 660
2,38S 1,921, 628

1,710
14,918
16, 557
7,081
9
325
712
514
2,554

250, 706
134, 702
404,960
267, 714
2,294
63,472
89, " "
44,758
109, 304
464,270
35,158
106, 808
76,177
14, 073
46, 882

830, 765

601,

206

63, 363 64,724,395

79,933|1,150,370

6,679
5,548
1,870

509,091
958, 745
185, 397

384, 349 22, 240,987

Back figures.—See Annual Reports for 1926 (Table 67), 1925 (Table 69), 1924 (Table 72), 1923 (Table 72),
1922 (Table 74), 1921 (p. 80), 1920 (p. 93), 1919 (p. 39).
NOTES.—Currency received and counted during 1927 b y agencies of the Federal Reserve Bank of Atlanta:
H a b a n a , Cuba, 4,590,000 pieces, amount $45,217,000; Savannah, Ga., 6,967,000 pieces, a m o u n t $55,188,000.
Coin received a n d counted b y Savannah, Ga., agency, 206,000 pieces, amount $87,000.




154
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
62.—DISCOUNT AND OPEN-MARKET

OPERATIONS

OF FEDERAL

RESERVE

BANKS—ANNUAL VOLUME, BY CLASSES, 1924-1927

[Amounts in thousands of dollars]
1924

Total volume of operations..

1925

1926

1927

19, 863,473

42, 355, 330

37, 682,137

31,934,607

15, 418, 055

32, 558, 214

37, 671, 636

31, 924, 781

1,100

4,406

10, 501

9,322

2, 961,170
2, 317, 082
8,900

3, 353, 326
2,608, 045
7,835

58
6,000

Bills bought in open market
United States securities bought in open market.
Federal intermediate credit bank debentures
Federal land bank bonds
Municipal warrants
Foreign loans on gold

43, 674, 574

32, 562, 620

2,172,142
2, 257,018
9,100

For member banks
For nonmember banks (secured by adjusted service
certificates)
For Federal intermediate credit banks (agricultural paper)

37,891, 421

15,419,155

Bills discounted, total-

64
41, 585

131
23,100

4,050, 868
6, 356,134
13,410
41
270

504

BILLS DISCOUNTED

Rediscounted bills:
Commercial and agricultural paper, n. e. s.
_ 2, 863, 058 1, 577, 631 1,938,435
Demand and sight drafts
_
_.
23, 850
46, 621
12, 676
Bankers' acceptances
_
_
56
175
507
Trade acceptances—.
_
23, 688
20, 316
38, 325
Secured by United States Government obligations.
8,931
13, 554
14,069
Member bank collateral notes:
Secured by United States Government obligations.. 11, 753,153 24, 702, 277 28,178, 295
Secured by eligible paper *
_
6, 226,187
703,422
7, 518, 686
Total-

1, 323, 977
9,076
214
15, 897
24,145, 934
8, 430, 523
31, 934, 607

15,419,155

32, 562, 620

37, 682,13'

4.20

Average rate (365-day basis), per cent
Average maturity (in days):
Rediscounted bills
Member bank collateral notes
Number of member banks at end of year
Number of banks accommodated during year.
Per cent accommodated

3.70

3.96

3.81

9,489
5,183
54.6

54.28
5:48
9,260
5,343
57.7

52.97
5.58
9,040
4,873
53.9

822,140

772, 512

707,683

870, 407
1, 268, 623

933, 749
1, 647, 065

1, 092,024
2, 251,161

2,961,170

3, 353, 326

4, 050, 868

12.39
9,682
6,060

BILLS BOUGHT IN OPEN MARKET

From member banks
From nonmember banks, banking corporations, etc.:
Bought outright...
Bought with resale agreement
Total

2,172,142

....I 2,172,142

Rates charged:
2 per cent
355,319
2H per cent
_
119, 593
1\i per cent
253, 258
47,445
2% per cent
2lA per cent...
95, 362
iy% per cent
22, 472
2% per cent
_
162,172
2Y% per cent..
15,488
3 per cent
107, 781
3K per cent
80,771
Qzi percent
4,557
3H per cent
702
4,682
3H per cent
3,180
ZbA per cent
12, 850
3% percent
V/% per cent
__ 12,356
565,307
4 per cent
219,616
4Hper cent
.._
60, 303
4 ^ per cent
3,771
4;Hs percent..
_
21, 080
4V6per cent
_
149
4% per c e n t . . .
100
4% percent
Average rate (365-day basis), per cent
3.08
Average maturity (in days):
Including bills bought under resale agreement
35.33
Excluding bills bought under resale agreement
1
Includes bills taken under resale contract.




56, 028
38,995
1, 051, 826
419,885
874,993
375,451
102,938
14, 211
11, 029
334
10,998

209, 723
343,375
59, 346
1, 515,382
210,315
953, 557
20,522
33, 217
1,046
34

577,710
31, 403
1, 273, 793
88,722
817,976
21, 524
1,184, 857
10, 513
11,744
48

3.26

3.60

3.45

39.41

34.42
51.17

27.50
41.51

155

FEDERAL RESERVE BANKS

No. 62.—DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE
BANKS—ANNUAL VOLUME, BY CLASSES, 1924-1927—Continued
[Amounts in thousands of dollars]
1924

1925

1926

1927

631,264
527, 057
335,476
25, 645

604,532
440, 577
306, 907
34, 764

476, 255
517, 958
386, 068
47, 734

154, 220
9,638

288,115
18,966

318,912
15,391

3 4,612
153
4,482

5,591

4,638
173
32, 578

2,172,142

1, 692, 547

1, 706, 261

1, 799,707

118,312
533, 920
1,378,172
226, 614

38,037
95, 625
1,479, 874
703, 546

137,162
200, 882
1, 850,309
419,692

2,257,018

2, 317, 082

2,608, 045

BILLS BOUGHT IN OPEN MARKET—continued

Class of bills: 2
Bills payable in dollars—
Bankers' acceptances based on—
Imports
_
_.
Exports.._
Domestic transactions..
__
Dollar exchange.
__
Shipments between or storage of goods in
foreign countries
All other
Trade acceptances:
Imports
i
Domestic transactions..
Bills payable in foreign currencies

Total.

1, 599,479
499, 273
61,110

8,452
~3,~828"

UNITED STATES SECURITIES BOUGHT IN OPEN MARKET
Bought outright:
United States bonds .
ites

Treasury notes..

Certificates of indebtedness «
Bought with resale agreement
Total

•

446,137
504,701
4, 664, 917
740,379
6, 356,134

2

Exclusive of bills bought under resale agreements.
Includes $15,000 of acceptances based on exports.
Includes special temporary certificates issued to Federal reserve banks b y the Secretary of the Treasury
as follows: 1927, $3,898,500,000; 1926, $1,532,000,000; 1925, $1,268,500,000: 1924, $1,020,500,000.
3

4

Back figures—See Annual Reports for 1926 (pp. 86-116), 1925 (pp. 75-106), 1924 (pp.76-99), 1923 (pp.
133-157), 1922 (pp. 116-141), 1921 (pp. 180-220), 1920 (pp. 173-205), 1919 (pp. 157-211), 1918 (pp. 154-192)
1917 (pp. 96-131), 1916 (pp. 84-104).




No. 63.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OF EACH FEDERAL RESERVE BANK,

1927

[Amounts in thousands of dollars]
I
Boston

Total volume of operations..

New
York

Philadelphia

Cleveland

Richmond

Atlanta Chicago

Min- Kansas
neCity Dallas
apolis

2,900, 879 19, 765, 354 2, 335, 720 4, 377, 792 1, 752, 279 799, 795 3, 983, 008 1, 514,076
2,119, 260 13, 854, 248 1, 990,108 3, 872, 3711, 500, 330 667, 521 2, 778,197

B ills discounted—total

St.
Louis

2,119, 260 13, 854, 248 1, 990,094 3, 872, 371 1, 500, 2
For member banks
14
For nonmember banks (secured by adjusted service certificates).
For Federal intermediate credit banks (agricultural paper)

San
Francisco

824,026; 555,007 3,496,328

231, 388 141,032 549, 406 281, 581 2, 949,165

667,431 2, 777, 860 1. 231, 254 141,031 549, 396 281, 580 2,
9
1
90
337
10
125

9,197

Bills bought—totaL.

553, 042 1, 978, 782 156, 919

165, 466

161,018

66, 216

374, 759

83, 85-

98,140|

89, 541 j 120,786

343,586

In open market
From other Federal reserve banks..
United States securities bought—total..

548, 592 1, 958, 670
4, 450,
20,112

159, 466
6,000

140, 517
20, 501

63, 316
2,900

370, 354
4,405

64, 352
19, 505

15, 202

101, 539
19, 24"

343, 586

22, 921

In open market
From other Federal reserve banks.
Federal intermediate credit bank debentures.
Federal land bank bonds
Municipal warrants

150, 918
6,001

228,577j 3,922,474

187, 052

339, 955 j

90,931

65, 498

830, 052

198, 831 139, 244 185, 079 152, 640

203, 577

219,236! 3,885,525
9, 3411
36,949

174, 869
12,183

316, 295
23, 660|

80, 779
10,152

62, 644
2,854

810, 243
19, 809

173,312 133,1
176, 498 144, 632
6,156
8,581
25, 519

179, 013
24, 564

9,850

1,500
41
100

560

1,500
""170

BILLS DISCOUNTED

Rediscounted bills:
Commercial and agricultural paper, n. e. s_.
Demand and sight drafts
Bankers' acceptances..
Trade acceptances
Secured by U. S. Government obligationsMember bank collateral notes:
Secured by U. S. Government obligations..
Secured by eligible paper
Total
Average rate (365-day basis), per cent
Average maturity (in days):
Rediscounted bills
Member bank collateral notes
Number of member banks at end of year
Number of banks accommodated during year.
Per cent accommodated




35, 762

76, 286

100
608
675

80
1,681

90,008
724
114

77,367

5,071
503

81, 438 239, 973
1,303
1,030
631

692

371,432
14
6
1,216
722

198, 572
5,577!

10, 621

729!

57,489
84
28
4
58

22, 861
1,814
4,7

62,188
284
772
86

1,179, 257 11, 013, 729 1. 503,933 3,, 366, 032 680, 861 185, 754 2, 289, 700 874,555 110,302 439,114 197, 029 2, 305,
,
1,668
' 902, 858 " 762,492 395, 329 423, 398 736, 370 235,411 115, 107 151, 577| 20,102 52, 629 55,083 580,167
—
2,119, 260 13, 854, 248 1, 990,108 3, 872, 371 1, 500, 330 667, 521 2, 778,197 1,231,3881 141,032 549, 406 281, 581 2, 949,165
3.78
3.84
3.81
3.81
3.86
3. 82
3.89
3.78
3.78
3.S
3.77
3. 86
46.96
6.70
414
261
63.0

53.32
4.29
934
602
64.5

49.60
8.13
111
552
71.0

49.90
3.99
836
430
51.4

55.58
3.20
564
383
67.9

53.79
12.89
466
300
64.4

49.20
10.72
1,291
746
57.8

43. 67j
7. 29!
594|
309
52. 0

111. 22
7. 95
739
275
37. 2

79.44
5.35
381
39.4

52.90
7.29
799
318
39.8

77.86
6.31
658
316
48.0

BILLS BOUGHT IN OPEN^MARKET
21, 306

80, 938

49, 942

37, 694

137, 470

18, 535

27,105

25, 581

26, 953

29, 204

129, 612

76,052
2,476

90, 575

25, 622

130, 297
102, 587

45,817

48,114

48, 758

51,160
23, 426

88, 758
225, 624

150, 918|

159,466

140, 517

63,316

370,354

4,352

75, 219

74,339 101, 539

343, 586

38, 713
1,115
30, 674
805
65, 985
2,377
8, 736
278

45, 540
2,449
9,470
697
75, 800
108
14, 039
1
81

39, 282
5,438
35, 800
13, 489
31, 587
3,760
7,346
2,555

3,112
1,499
2,220
85
39,158
120
9,195
129
6,843

33, 279
844
8,197
335
26, 766

6,235

5,092

21, 656 29, 270
584
1,207
4,076 23, 078
343
2, 642
38, 83'
27, 314
159
295
6, 878 17, 434
8
96|
99
225

3.39

3.43

3.36

3.64

114, 600
6,709
43, 592
17, 840
115,913
5,418
56, 087
6,554
420
8
3.45

10, 513
1,041
2,462
213
42,878

3.44

147, 549
4,211
845, 557
44, 902
188, 262
862
716,482
126
3,779
10
3.47

3.34

3.45

3.43

31, 649
2,944
99, 915
144
64, 691
7,455
134, 425
469
234
30
3.50

24.50
44.18

18.19
32.51

45.86
45.86

41.40
41.84

53.83
53.83

43.
43.89

49.00
41.61

40.66
40.66

41.78
41.78

41.29
41.29

39.05
46.58

22.72
41.77

53, 086
43, 070
59, 228
5, 242
48, '"
745

88, 799
126,149
71, 265
15, 085
80, 894
4,189

37,480
44, 302
37, 047
5,897
22, 309
1,648

45, 029
40, 583
29, 577
2,784
27, 248
478

41, 883
41, 376
28, 760
2,312
24,135
840

18,379
21, 280
16, 534
247[
5, 7461
175

69, 857
75, 067
67,032
6,690
44, 566
1, 342!

20, 465
15,97r
9,190
3,086
13, 783
854

24, 323
22, 886
10, 059
2,028
14, 658
566

26, 244
21, 730
9,870
1,788
13, 426
419

20, 681
23, 720
18, 057
1,278
12, 461
1,101

30,029
41,822
29,449
1,297
10, 701
3,034

1,746

4,628
173
6,930

. 2,235

11, 281

1,211

955

3, 213J

1,001

699

815

1,630

21, 068
147, 701
33, 295
123,910
88, 500 2, 908,000
234, 282
42, 899
471, 632
33, 474

19, 874
34, 434
71,000
49, 561

36,
44, 568
171, 000
64,642

16, 598
19, 962
12,000
32, 219

18, 264
14, 586
6,000
23,794

54, 672!
73, 435
384, 000!
93,959|
204,177

25, 892
30, 066
76, 500
40,854

14,14'
23,13'
67, 50C
28, 304

31, 877
33, r 16, 500
42, 591
20, 596

35, 726
41, 797
35, 000
66,490

219, 236 3,885, 525

Total .

132, 966

92,113
265,146
336,490 1, 560, 558
548, 592 1,958,670

From member banks
From nonmember banks, banking corporations, etc:
Bought outright
__
Bought with resale agreement

174,869

316,295

80,779

62,644

810,243

119, 989

Rates charged:
3 percent
3fi percent
3M percent
3jH$ percent
V/2 percent
Vy% per cent
3M percent..
W/% per cent
4 per cent
4K per cent
Average rate (365-day basis) per cent
Average maturity (in days):
Including bills bought under resale agreement
Excluding bills bought under resale agreement
Class of bills:*
Bills payable in dollarsBankers' acceptances based on—
Imports
Exports
Domestic transactions
Dollar exchange
Shipment between or storage of goods in foreign countries.
Allother
Trade acceptances:
Imports
Domestic transactions
Bills payable in foreign currencies

62, 547
3,362
168, 752
7,227
100, 785
970
202, 908
290

5

10

UNITED STATES SECURITIES BOUGHT IN OPEN MARKET

Bought outright:
United States bonds
Treasury notes
Special temporary certificates of indebtedness
Other certificates of indebtedness
Bought with resale agreement
Total
1 Bills discounted under a resale contract.




2

24, 233
32, 443
62, 500
46,822
10, 500

173,312 133,088 176,498 144,632 j

Exclusive of bills bought under resale agreements.

179,013

158

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 64.—DISCOUNT OPERATIONS OF FEDERAL RESERVE BANKS, BY STATES—
VOLUME OF PAPER DISCOUNTED, NUMBER OF MEMBER BANKS, AND NUMBER
ACCOMMODATED, 1926-1927

[Amounts in thousands of dollars]
Number of member Number accommo- Total amount of1paper
discounted
dated during—
b a n k s on D e c . 31—
State
1926

United States

_

New England:
Maine
New Hampshire _
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana _
__
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
. ..
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
.
.
Florida
East South Central:
Kentucky . . .
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
.
Louisiana
Oklahoma
-Texas
Mountain:
Montana
Idaho
...
Wyoming
Colorado
New Mexico
Arizona..
Utah
Nevada
Pacific:
Washington
Oregon .
. _
California

1927

1926

1927

1926

1927

9,260

-_.

37, 682,137

60
56
46
178
17
69

33
39
30
135
12
46

31
36
28
126
6
44

33, 826
41, 450
19, 566
2, 557, 919
21, 810
108,059

672
362
966

429
247
613

418
261
596

16, 288, 428
1,099, 779
4, 774, 943

13, 035,021
944, 487
4, 854, 527

430
257
577
291
179

419
247
569
287
175

276
141
321
174
68

251
135
286
182
71

1,099,125
148,441
1, 385,029
1,213,003
225, 568

823, 876
90, 515
1,457, 284
1, 041, 452
198, 716

307
371
199
148
109
167
262

-_

4,873

655
354
970

..

5,343

61
56
46
181
17
67

_.

9,034

296
345
197
143
106
163
263

91
230
108
53
59
112
95

85
190
124
66
52
110
88

203, 957
68,190
1, 079, 595
4,915
6,412
122, 761
23, 072

124, 494
45, 266
934,194
6,004
4,726
97, 866
23, 789

23
89
13
182
141
88
84
138
73

23
89
13
179
137
85
74
134
70

14
54
10
143
83
75
74
121
41

16
53
9
124
74
72
59
104
35

11, 550
517, 286
177,171
1, 079, 021
207,127
718, 093
72, 292
241, 522
45, 219

11 509
567, 082
67, 324
596, 760
157, 564
81,115
38. 589
98, 951
41, 290

147
112
123
41

148
112
121
40

60
65
88
31

52
56
79
32

539,936
231, 226
76,144
24,094

445,376
103,087
90,894
22, 815

109
44
361
763

101
42
344
737 !

74
28
167
417

59
29
101
290

111,101
324, 753
32,153
211,510

50,164
356,926
26, 260
267,310

102
74
34
131
32
18
45
10

95
68
32
128
31
18
44
10

48
38
9
67
14
8
33

45
38
11
60
10
6
33

2,107
12, 566
787
110, 579
1,619
4,098
42, 763

1,903
13, 250
693
129,651
2,030
3,337
71, 506

150
130
299

155
124
244

78
57
134

73
56
111

152,548
109, 758
2,099, 266

184,194
51,249
2, 628,010

31, 934, 607
33,
28,
14,
1, 915,
36,
114,

903
658
537
716
278
459

1
Includes $504,000 secured by adjusted service certificates discounted for nonmember banks in 1927, also
agricultural paper discounted for Federal intermediate credit banks as follows: 1927, $9,322,000; 1926,
$10,501,000.
Backfigures—SeeAnnual Reports for 1925 (p. 80), 1923 (p. 138), 1919 (p. 166), 1918 (p. 162), 1917 (p. 104).




159

FEDERAL KESERVE BANKS
No.

65.—BILLS BOUGHT IN OPEN MARKET BY FEDERAL RESERVE BANKS,
1927—CLASSIFIED ACCORDING TO UNDERLYING COMMODITIES

1925-

[In thousands of dollars]
Commodity

1925

1926

1927

631,264

604, 532

476,255

57, 992

59,738

60,006

Egg albumen
Egg yolk
Casings
_
Bristles
Hides and skins
_.
Leather and leather goods
-.
Furs_._
_
_
Fish
Animal and fish oils, fats, and greases..
Casein.
_
Feathers
Allother

1,928
882
1,980
3,821
36,285
1,417
6,788
560
636
569
756
2,370

1,371
• 574
2,320
3,700
33,221
1,715
11,173
505
1,192
1,209
462
2,296

801
608
1,914
2,402
34, 955
2,530
11,168
560
1,017
1,182
458
2,411

Vegetable food products and beverages, total.

227,964

216,977

181,467

115,100
3,225
1, 593

119,511
6,176
2,070

70, 744
9,236
2,090

1,172
1,496
1,860

1,065
1,547
1,653

442
1,149
1,995

2,952
1,169
522
478
685
5,590
84, 517

1,462
875
634
1,003
1,164
5,446
69,173

1,106
1,615
421
671
698
3,349
80,330

596
963
568

616
871

1,229
975
404

991
492
1,486
' 2,509

740
829
867

1,163
380
849
2,621

ACCEPTANCES BASED ON IMPORTS
Total..
Animals and animal products, except wool and hair, total.

Coffee
_
Cocoa
Cocoa beans
Fruits:
Figs
All other and not specified..
Grains
_.
Nuts:
Peanuts
Walnuts
Almonds
Coconuts
All other and not specified..
Tea
Sugar
_
Spices:
Pepper
All other and not specified..
Tapioca
Vegetables:
Beans
All other and not specified..
Olive oil
All other
Vegetable products, inedible, except fibers and wood, total.
Rubber
Tobacco.
Essential oils
Varnish gums:
Shellac
Copal
_
Damar
All other and not specified..
Vegetable oils:
Coconut
Wood...
All other
Oilseeds:
Castor
Copra
Cotton
Hemp
_
Flax...
All other and not specified..
All other
Textiles, total.
Braids:
Straw
Hemp
All other and not specified..
Cotton
Cotton manufactures
Carpets
Hair




55,861

81,702

58, 968

26,466
8,947
573

53,406
7,376
482

35,850
6,089
150

748
392
259

364
367
482
507

148
549
590
504

3,004
4,842
1,126

4,064
4,637
1,324

3,100
5,740
776

5,064
1,881
230
2,329

5,942
3
74
578
98
1,910

213,379

179,884

123, 794

809
372
266
14,055
1,851
2,363
1,670

1,057
1
465
8,035
1,672
2,151
2,268

493
348
352
11,942
715
1,959
1,318

74
3,110
9
100
524
1,655

160
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

65.—BILLS BOUGHT IN OPEN MARKET BY FEDERAL RESERVE BANKS, 19251927—CLASSIFIED ACCORDING TO UNDERLYING COMMODITIES—Continued
[In thousands of dollars]
Commodity

1925

1926

1927

3,357
1,899
1,992
136, 886
2,516
39, 563
679
627
505
3,969

3,700
2,879
2,311
118,442
3,312
27,455
996
1,035
196
3,909

1,708
2,529
2,186
71,358
2,057
20,266
962
1,184
171
4,246

28, 678

24,886

19, 033

1,434
1,887
14,740
2,607
4, 389
600
3,021

1,878
1,501
11,905
2,908
3,396
221
3,077

2,010
3,244
9,067
942
1,711
401
1,658

Nonmetallic minerals, total

5,551

6,519

4,314

Cement
Crude oil
Diamonds
Glass and glassware
Refined mineral oils
Pyrites
All other

1,892
926
325
326
309
315
1,458

1,361

641

480
542
1,422
304
2,410

805
384
1,011
122
1,351

17, 732

12, 601

6,385

1,004
6,721
4,424
4,485
1,098

1,893
4,149
3,396
1,240
1,923

567
958
2,624
1,616
620

ACCEPTANCES BASED ON IMPORTS—Continued
Textiles—Continued.
Hemp
Hats __.
.
Kapok
Silk .
Rugs
Wool._
Burlap
Linen
Rope
. _
All other

. .

._

..

Wood and paper, total
Logs
Lumber
Wood pulp
Paper
Rags
Pulpwood
Allother

.

_

_

.

.
.

.

.

...

_
_

Metals and manufactures, except machinery and vehicles, total... _
Antimony
Copper
Iron and steel
Tin
Allother

. . .

Machinery and vehicles, total

1,019

1,286

972

Chemicals and related products, tptal

6,126

5,537

7,619

_.

1,305
813
904
776
467
1,861

2,145
239
501
605
459
1,588

3,123
885
445
266
600
2,300

-

16, 962

15,402

13, 697

327
688
1,028
193
120
14,606

425
787
661
157
36
13, 336

254
847
770
242
35
11, 549

527,057

440,577

517, 958

21, 543

14, 524

11, 826

1,186
17,164
1,579
533
1,081

749
12,670
664
322
119

847
9,101
1,380
356
142

80, 367

60,087

97,057

2,975
4,386
7,987

1,209
3,600
3,514

861
3,564
3,060

1,888

2,251
1,058

3,394
1,584

Creosote oil
Potash
Fertilizers, except potash
Menthol
Fireworks
Another.
_
Miscellaneous, total.
Brushes .
.
Films
Matches
Toys
Optical goods
Allother

.

.

__

_
. .

ACCEPTANCES BASED ON EXPORTS
Total.
Animals and animal products, except wool and hair, total
Leather
Lard and meats
Hides and skins __
Furs
Allother

-

. _ . . . . -

_

Vegetable food products and beverages, total _

_

Coffee

Cnt.tnnsp.prl oflkP- find mp.^,1

Flour
Fruits:
Raisins
_.
_. _
All other and not specified




.

161

FEDERAL RESERVE BANKS

N o . 6 5 . — B I L L S B O U G H T I N O P E N M A R K E T BY F E D E R A L R E S E R V E B A N K S , 1 9 2 5 1 9 2 7 — C L A S S I F I E D ACCORDING TO U N D E R L Y I N G C O M M O D I T I E S — C o n t i n u e d

[In thousands of dollars]
1

Commodity

1925

1926

1927

ACCEPTANCES BASED ON EXPORTS—Continued
Vegetable food products and beverages—Continued.
Grains:
Wheat

20, 289
5,054
1,330
31, 542
3 086
681
1,149

Tobacco
- -Naval stores:
Rosin
_- _ _
Turpentine
All other and not specified _
_ _
Rubber and rubber products
Allother

-

6, 953

4,942

987

Vegetable products, inedible, except fibers and wood, total

1,241
17, 268
1,144
180
730

42,018
1,163
2,134
3 122
33,884
974
123
1,176

3,575

.-

27, 244
648

1,174

1,480

1, 353
143
469
475
148

Rye
Rice
-.
_
Barley
All other and not specified
Sugar
Linseed oil cake and meal.
_ _ _ _ _ _
Another.
_

2,169
270
29
3,132
179

2,067
239
18
455
683

303, 580

235,443

286, 661

299, 643
1,688
571
415
1,263

229,267
5,158
73
225
720

284, 240
1,089
198
280
854

9,164

10, 041

12,637

_-

7,201
500
805
658

8,344
334
397
966

10,429
815
364
1,029

Nonmetallic minerals, total

6,322

7,814

4,353

Coal
Refined mineral oils
Crude oil
Allother

_

2,302
3,037
714
269

1,622
4,842
871
479

505
3,340
43
465

43, 989

32,288

30,560

34, 669
976
3,179
873
4,292

25,064
591
2,186
1,098
3,349

24,053
150
1,448
370
4,539

14,916

24, 337

29,037

6,407
1,753
2,397
1,685
2,674

16,153
2,283
1,925
1,576
2,400

20, 594
2, 310
1,169
2,306
2,658

2,262

2,152

3,251

729
700
344
489

677
788
382
305

899
1,118
386
848

41,339

46,938

37, 634

3,234
661
447
450
36, 547

2,249
520
572
250
43, 347

1,018

Textiles, total

_

__

Cotton
Cotton manufactures
Silk
Wool
Allother___
_

-

_ __
- - -

Wood and paper, total
Lumber
Cooperage stock
Wood pulp
_
Another.-

_

_-

__

-

_

Metals and manufactures, except machinery and vehicles, total
Copper
Gold
Iron and steel
Zinc
Aiiother.-Machinery and vehicles, total
Automobiles
_ ._
Auto parts and accessories
Farm implements
Motor and motor parts
Allother

_

-

_.._

_

Chemicals and related products, total
Paints and varnishes
FertilizersBorax
Allother
Miscellaneous, total

.

_

_
_

_

Oil
Building supplies _
Films
Matches
All other




_

.
_

__._

38
36, 578

162
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

65.—BILLS BOUGHT IN OPEN MARKET BY FEDERAL RESERVE BANKS, 19251927—CLASSIFIED ACCORDING TO UNDERLYING COMMODITIES—Continued
[In thousands of dollars]
Commodity

1927

1925

1926

335,476

306, 907

386, 068

18,875

18, 873

21, 042

6,479
912
7,017
500
1,246

4,629
1,715
9,578
773
571

467
232
64
638

184
869
382
1,284

251
674
225
2, 626

75, 552

64,120

74, 762

2,031

1,623

2,623

1,823
434
1,969

5,450
159
2,296

9,568
111
1,709

not specified

58, 281

9,457
24,102

11,127
20, 846

not specified

862
330
279
2,740
820
722

625
368
359
10, 726
1,678
1,385

496
154
805
21, 483
343
1,016

2,477
1,052
1,732

591
2,963
1,017
1,321

960
1,643
376
1,502

37, 690

28, 653

50, 585

1,321
33,851
433

2,597
22,802
789

26,117
20, 089
1,245

1,122
362
191
410

350
170
611
1,334

987
73
1,585
489

163,070

140,333

202,432

136,945
1,937
1,278
2,275
17,320
467
2,848

111, 240
449
817
3,797
19, 766
420
3,844

182, 386
249
2,248
2,425
11, 987
263
2,874

ACCEPTANCES BASED ON DOMESTIC TRANSACTIONS
Total
Animals and animal products, except wool and hair, total..
Lard and meats
Eggs
Hides and skins
Casings
Furs
Fish:
Herring
Salmon
All other and not specified
All other

_

7,099
1,016
7,703
822
834

. __.

Vegetable food products and beverages, total
Coffee
Fruit:
Raisins
Peaches _
All other and
Grains:
Wheat
All other and
Nuts:
Peanuts
Walnuts
All other and
Sugar
Flour
Tea
Vegetables:
Beans..
All other and
Oocoa
All other

-

not specified

not specified

V e g e t a b l e p r o d u c t s , inedible, except fibers a n d wood, total ___
Rubber
Tobacco
N a v a l stores

_

_

Vegetable oils:
Cottonseed oil
_ . . .
Chinese wood oil
All other and not specified
All other _
_

___

_.
...

Textiles, t o t a l
Cotton
Cotton manufactures.

Mohair
Silk
Wool
Kapok
Allother

_

___
____

...

-.

Wood and paper, total

-

Lumber
Rags
Allother
Nonmetallic minerals, total—
Coal
.
Glass
Crude oil
Refined oil
Allother

. .

_

_

-

3,145

-

_
_

Metals and manufactures, except machinery and vehicles, total
Copper
-.-_
Iron and steel
Allother




5, 401

3,073

2,437
248
460

_

-_

,

5,168
128
105

2,711
64
298

12,735
2,632
1,691
5,402
2,021
989

14,105
2,873
379
5,095
4,659
1,099

13, 371
3,932
64
1,659
3,841
3,875

7,158
3,099
1,473
2,586

5,512
646
3,500
1, 366

1,168
171
606
391

253

573

236

163

FEDERAL RESERVE BANKS
No.

65.—BILLS BOUGHT IN OPEN MARKET BY FEDERAL RESERVE BANKS, 19251927—CLASSIFIED ACCORDING TO UNDERLYING COMMODITIES—Continued
[In thousands of dollars]
Commodity

1925

ACCEPTANCES BASED ON DOMESTIC
TIONS—Continued

1,498

.
_

Canned goods..
Oil
Provisions
Allother

_.

..

.

_.__

._.

GOODS STORED IN OR SHIPPED BETWEEN FOREIGN
COUNTRIES
Total...
. . ._

_

-

.

.

.
_

_.

869

1,804
160

691
178

27, 373

18, 530

3,913
1,361
2,844
7,382

6,353
2,926
3,307
14, 787

6,440
1,206
7,251
3,633

154, 220

288,115

318, 912

1,493
1,107
3,907
14,328
8,063
7,442
18, 906
971
3,005

6,813
1,309
3,261
15, 235
8,628
15, 035
128, 233
1,590
19,422

23,114
1.989
4,733
925
750
1,658
1,089

19, 750
1,210
3,348
150
5,043
2,065

7,656
3 066
705
15,144
9,480
22, 935
101, 777
301
15, 699
962
52,118
4 425
3,085

8,264
11, 905
5, 513

_ ..

1,964

1,104
394
15, 500

Fertilizers . .
All other.__

Lards and meats
Hides and skins
Leather and leather goods
Coffee
Flour
Grain
Sugar .
Vegetable oils._.
Tobacco
Rubber and rubber goods .
Cotton
Wool
,
Lumber
Pulp wood. __
Timber
Wood pulp. .
Wood and wood products
Diamonds
Gasoline.._
Copper
Iron ore
. .
Iron and steel products
Zinc.
_
Machinery and vehicles
Fertilizers
__. . .
Potash
Electrical material
_
Matches
Films
All other and unclassified

1927

TRANSAC-

Chemicals and related products, total

Miscellaneous, total

1926

250
8,969
1,325
5,819

1,559
5,866
725

. . _.
_

2,741

8,712
2 084
11, 392
1,925
9, 585
1 390

31, 890

5,591

4,811

1,154
666
1,158
719
136
932

1,262
348
1,053
559
331
2,038

475
1,899
700
773

25,645

34, 764

47, 734

4,482

___

4,233
2 712
30,424

4,765

.

731
1,104
5,488
942
26, 793

6,809

32, 578

550
6 431

TRADE ACCEPTANCES
Total
Coffee
Sugar
Hemp
Silk.
..
Copper
All other and unclassified

.

964

DOLLAR EXCHANGE BILLS

Total
STERLING BILLS

Total
UNCLASSIFIED
Total....
Total purchased outright
Taken under repurchase agreement (not classified)—.
Grand total—




9,638

18, 966

15, 391

1, 692, 547
1, 268,623

1, 706, 261
1,647,065

1, 799, 707
2,251,161

2, 961,170

3, 353, 326

4, 050,868

164

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
GOLD SETTLEMENT FUND

No. 66.—GOLD SETTLEMENT FUND—SUMMARY OF TRANSACTIONS THROUGH THE
FUND, 1923-1927

[In millions of dollars]

j Balance
i at beginj ning of
period

InterBalance
reserve
Withbank
drawals Deposits ofat end
period
transfers

Federal

Transit
clearing

554. 4 89, 614. 7
571.1 97, 698. 3
679.5 !108,289.5
689.2 1115, 455. 3
665.3 123,031.5

1923.
1924.
1925.
1926.
1927.

January..
February..
March

Daily settlements
between Federal
reserve banks
reserve
note
clearing
0)
0)
C1)
635.8
673.2

1, 039. 2
919.6
909.0
1,043. 4
1,436. 7

1, 764. 3
1, 921. 8
1, 779. 0
3,029. 2
3, 797. 3

1, 781.1
2,030.2
1, 788. 6
3,005. 3
3, 660. 3

571.1
679.5
689.2
665.3
528. 2

63.8
46.3
51.2

24.5
9.0
210.9

394.1
240.3
318.8

336.1
249. 4
263.8

607.5
616.5
561.5

1927
665.3
607.5
616.5

9,917.3
8, 856. 2
10,611.0 !

j

April

|

47.2 i

561. 5 ! 9, 797. 5
657.1 ! 9,906.5
579.0 j 10,653.2

56.1 I
53.9 !

34.0
60.0
267.9

341.2
255.7
320.8

436.6
177.6
334.7

657.1
579.0
592. 9

July
August
September.

592. 9 I 9, 743.1
599. 6
9, 689. 3
631. 5 10,366. 4

57.0 j
63.9 i
62.7 |

33.8
35.7
178.4

173.8
301.7
278.2

180.3
333.6
298.2

599.6
631.5
650.8

October
NovemberDecember..

650.8
623.3
631.9

57.0
58.8
55.4

65.3
328.9
188.3

299.8
416.0
456.7

272.1
424.7
353.1

623.3
631.9
528.2

May
June

1

I
}

10, 976. 9
11,107. 6
11,406.7

Included in transit clearing.

Back figures.—See Annual Report for 1926 (p. 117).

No. 67.—GOLD SETTLEMENT FUND—SUMMARY OF TRANSACTIONS THROUGH THE
FUND, BY DISTRICTS, 1927
[In millions of dollars]

Daily settlements between
Federal reserve banks

Interreserve
bank transfers
Balance in

Federal reserve
bank

Balance

Transit clearings

Jan. 1

Payments
1927
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Federal
reserve note
clearings

WithDedrawals posits

Payments

ReReceipts Pay- ceipts

39.3
223. 5
32.7

. .

11, 694. 9
39, 978. 3
9, 915. 7

11,937.5
39, 578. 8
10,045. 0

61.8
130.7
71.3

50.4
188.9
65.2

218.7
374.0
172.0

56.3
27.2
21.7

9,261. 9
7, 672. 3
4, 014.1

9, 328. 3
7, 675. 2
4,127. 4

107.9
34.0
48.2

50.0
45.9
42.1

95.5
111.5
115.0

131.5
33.2
20.5

16, 488. 0
7,215. 8
2, 255. 0

16, 530. 8
7,101.1
2, 216. 5

89.0
19.9
21.8

91.8
41.0
19.9

30.5
19.1
29.8

5, 497. 2
4,019. 8
5,018. 6

5, 371. 2
4,045. 7
5,074.1

30.0
19.1
39.4

28.7
18.9
30.2

665.3 123, 031. 5 123,031. 5

673.2




Receipts

fund at
close of
business,
Dec. 31

107.7
15.5
155.0
950.7 2,283. 3 1,983. 7
161.6
190.1
24.8

19.9
159.3
37.2

78.6
35.4
12.3

136.5
24.5
241.0

132.0
79.4
226.6

43.4
20.8
11.8

114.5
17.0
9.5

72.3
81.8
29.2

187.0
122.7
29.0

155.1
136.4
46.1

103.2
18.1
16.8

132.0
48.0
129.0

78.9
17.4
39.8

48.0
70.7
338.1

125.4
71.2
406.6

27.5
14.7
55.3

673.2 1,436. 7 1,436. 7 3,797. 3 3,660. 3

528.2

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

165

FEDERAL RESERVE AGENTS' GOLD FUND
No.

68.—SUMMARY OF TRANSACTIONS THROUGH THE FEDERAL RESERVE
AGENTS' FUND, 1923-1927
[In millions of dollars]
Balance
beginning
of period

Withdrawals

Deposits

1,681.0
1, 648. 9
1, 307. 9
960.2
963.4

755.0
626.0
559.8
568.2
454.2

148.5
149.5
126.0
112.3
63.3

January
February
March

963. 4
1,086. 9
1,083. 6

33.0
39.0
35.0

9.5
1.0
1.0

April
May
June

1,154. 9
1,109. 2
1,143. 9

25.0
44.0
33.9

5.0

July
August
September

1,119.1
1,139. 7
1,124. 4

October
November
December

1,122. 0
1, 099. 0
961.0

1923.
1924
1925.
1926.
1927__

_.

Transfers
to bank

565.7
1, 022. 8
975.6
1, 799. 4
2, 458. 4

Transfers
from bank I

1,140. 0
1,158. 3
1, 061. 7
2, 258. 5
2, 914. 3

1, 648.9
1, 307.9
960.2
963.4
1,028. 3

213.0
150.0
162.6

360.0
185.0
267.8

1,086. 9
1,083. 6
1,154. 9

~6~6"

334.2
85.8
235.2

308.4
164.5
238.1

1,109. 2
1,143. 9
1,119.1

41.3
36.5
31.0

12.8
12.0
1.0

80.0
238.9
199.1

129.2
248.1
226.9

1,139. 7
1,124.4
1,122. 0

66.8
38.0
30.8

2.0
7.0
6.0

164.2
326.1
269.0

206.1
219.1
361.1

1, 099. 0
961.0
1,028. 3

1927

Back figures—See Annual Report for 1926 (p. 119).
No. 69.—SUMMARY OF TRANSACTIONS THROUGH THE FEDERAL RESERVE AGENTS,
FUND, BY DISTRICTS,
1927
[In millions of dollars]

Federal reserve bank

Balance
Jan. 1

Withdrawals

Deposits

Transfers
to bank

Transfers
from bank

Balance at
close of
business
Dec. 31

45.0

60.0
1, 576.0
72.7

155.0
1,580.0
161.6

74.0
95.0
65.8

80.0
11.0
146.5

75.0
13.0
239.0

125.0

3.8

1.0

55.6
72.5
30.0

142.0
115.7
21.0

245.0
31.5
33.0

48.0
50.0
314.0

55.9
13.5
168.7

Boston.
New York .
Philadelphia

44.0
91.0
96.9

Cleveland
Richmond
Atlanta - _

130.0
35.0
116.0

40.8
87.5

Chicago
St. Louis
Minneapolis

160.6
10.3
46.0

2.0
23.0
4.0

Kansas City _ .
Dallas
San Francisco

60.3
16.0
157.3

40.0
13.0
14.0

13.5

26.0
39.5
288.6

963.4

454.2

63.3

2,458.4

Total




110.0
120.0

2,914. 3

121.0

1, 028.3

166

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

MEMBERSHIP IN PAR COLLECTION SYSTEM
No. 70.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, 1920-1927
[The figures for member banks, beginning with March, 1925, represent the number of banks in actual
operation; prior to that time the number of banks shown by capital-stock records of Federal reserve
banks]
1921 i

1920 i

End of month

Nonmember
Nonmember
banks
banks
MemMember
^
banks On par Not
0
]lst
list on par
list
i list

January
February
March
April

9,089
I 9,140
9,196
9,246

May
June
July.....
August..

9,303
9,366
9,421
9,472

September
October
November
December.

1922

9,506
9,544
9,574
| 9,612

16,985
17,429
18, 308
18, 492

9,637
9,668
9,696
9, 726

19,101 i (2)
19,023 j (2)
18,804 i (2)
18, 792 j (2)

18,
18,
18,
18,

502
614
605
605

9,747
9,775
9,779
9,792

18,781
18,716
18,599
18,550 |

18, 620
18, 675
19,188
19,172

9,795
9,803
9,805
9,827

Nonmember
Nonmember
banks
banks
MemMember
ber
banks On par Not banks On par| Not
list on par
list I on par
list
list
9,852
9,856
9,873
9,904

18,071
18,019
17,976
:17, 943

9,911
9,917
9,922
9,923

17, 777
17, 724
17, 692
17, 663

2,289
2,282
2,285
2,280

(2)
(2)
(2)
(2)

9,909
9,927
9,930
9,917

j 17, 918
117,889
j 17, 884
17,865

9,927
9,933
9,916
9,905

17, 643
17, 589
17, 565
17, 381

2,279
2,310
2,324
2,489

18,503 ! (2)
18,388 j (2)
18,319 ! (2)
IS, 217 ! (2)

9,917
9,918
9,916
9,916

17, 863
17, 851
17, 836
17, 822

17, 255
17,114
16, 919
9,896 16, 725

2,580
2,672
2,791
2,896

1925

End of month

January...
February.
March
April

1927

1926

Nonmember
Nonmember
J Nonmember
Nonmember
banks
banks
i
banks
banks
MemMemMemMember
ber
ber
ber
I banks On par Not banks On par Not banks i On par Not banks On par Not
on par
list on par
list on par
list on par
list
list
list
list
list
9,875 16,484
9,856 16, 337
9,820 16, 246
16,119

3,013 9,674
3,084 9,662
3,142 3 9,535
3,185 9,540

June....
July
August....

9,785 15, 981
I 9 > 7 6 3 15, 896
9,745 15, 820
9,733 15, 736

3,240
3,301
3,353
3,419

September
October
November
December

9,718 15, 662
, 9,708 15, 601
i 9,700 15, 524
9,682 15,445

3,496
3,550
3,612
3,647

May

1923

1

9,550
9,546
9.544
9,540
9.545
9,532
9,521
9,489

I 3,679
| 3,733
! 3, 757
i 3,824

9,459
9,437
9,425
9,410

14, 540
14,490
14,441
14, 382

3,986 9,206 13, 852
3,990 ;9,168 13, 781
3,981 9,143 13, 700
3,963 i 9,13013, 643

3,865
3,833
3,839
3,858

14,970 ! 3,869
114, 932 j 3,880
114,888 j 3,906
14,857 ; 3,940
14,786 j 3,963
14,742 j 3,968
(14,701 | 3,968
14,643 ; 3,970

9,400
9,384
9,377
9,377

14,325
14, 257
14, 207
14,164

3, 971
3,965
3,901
3,907

I 9,11013, 589
i 9,10613,556
! 9,105 13, 528
I 9,099 13, 486

3,867
3,863
3,857
3,858

9,360
9,336
9,301
9,260

14,130 3,924
13,430
\ 935 1,081
14,073 .,... .,___ 13,358
13, 991 3,925 ! 9,067 13,306
13,911 3,913 ' 9,034 13,247
.

15,361
15,268
15,193
15,079

3,877
3,890
3,913
3,910

Figures as of the 15th of the month.
Figures not available.
Reduction from preceding months due largely to exclusion of member banks carried on capital-stock
records, but not in actual operation; on this date (March 31, 1925) the number of such banks was 108.
NOTE.—Nonmember banks not on par list comprise all incorporated banks, other than mutual savings
banks, that have not agreed to pay, without deductions for exchange, such checks drawn upon them as are
presented for payment by the Federal reserve banks.
2
3




167

MEMBERSHIP IN PAR COLLECTION SYSTEM

No. 71.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY DISTRICTS,

1927

End of month

Nonmember
Nonmember
Nonmember
banks *
banksi
banksi
MemMemMember
ber
ber
banks On par Not on banks On par Not on banks On par Not on
list par list
list par list
list par list
Boston district

January
February...
March
April
May
June
July..
August
September..
October
November..
December..

415
416
416
416
416
415
414
414
414
414
413
413

245
245
244
245
244
245
245
245
246
247
248
248

917
921
926
932
928
928
927
929
930
935
935
937

853
848
846
845
842
841
839
837
836
838
837
835

1,066
1,061
1,035
1,034
1,034
1,030
1,030
1,031
1,030
1,030
1,029
1,027

1,326
1,323
1,317
1,312
1,312
1,308
1,307
1,304
1,301
1,294
1,291
1,290

3,763
3,771
3,761
3,752
3,738
3,737
3,737
3,728
3,717
3,706
3,701
3,695

980
976
972
972
975
975
974
972
971

2,512
2,498
2,493
2,474
2,468
2,461
2,448
2,433
2,417
2,406
2,395
2,369

408
408
410
411
414
412
411
410
408
409
411
411

769
771
771
770
770
775
774
774
773
777
779
777

679
674
672
666
663
665
664
661
658
657
659
657

614
611
610
607
604
602
602
602
601
587

187
177
179
179
181
184
185
186
187
183
188
190

216
213
213
226
229
229
231
233
234
235
239
256

608
606
602
602
601
599
597
597
597
596
596
594

],979

,978
L, 963
,953
L, 939
,934
,934
L,928
,913
1,904
1,893
1,891

423
424
431
433
436
435
435
435
442
448
454
452

Dallas district

817
817
818
818
817
815
817
818
818
811
805
799

692
683
681
679
681
682
682
682
683
679
675
667

510
510
510
515
515
502
503
503
503
500
497
501

Atlanta district
475
475
471
471
470
469
471
469
466
466
464
464

335
319
313
311
312
317
317
318
319
317
313
312

1,058
1,039
1,031
1,028
1,027
1,026
1,023
1, 018
1,018
1,016
1,019
1,016

Minneapolis district

St. Louis district

Kansas City district
January.,.
February..
March
April
May..
June
July
August
September,
October
November.
December.

i
1
!

574
572
570
569
569
569
568
568
568
568
564

Chicago district
January...
February..
March
April
May
June
July
August
September.
October
November
December.

!
!

Richmond district

Cleveland district
January
February...
March
April
May
June
July
August
SeptemberOctober
NovemberDecember-.

Philadelphia district

New York district

758
747
744
742
740
739
740
741
741
742
741
735

901
892
877
868
851
840
825
818
809
789
771
761

1,094
1,093
1,101
1,108
1,113
1,113
1,112
1,11C
1,12*
1,13S
1,144
1,13^

San Francisco district
200
204
204
205
201
198
197
198
198
198
200
204

700
686
680
676
673
676
675
673
670
668
667
658

762
742
741
735
730
731
732
729
727
714
714

i Incorporated banks other t h a n m u t u a l savings banks.
Back figures—See Annual Report for 1926 (p. 121), 1925 (p. 112), 1924 (p. 106), 1923 (p. 163), 1922 (p. 147)
1921 (p. 230), 1920 (p. 218), 1919 (p. 227), 1918 (p. 206).

110390—28


-12

168

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 12.—NUMBER

OF BANKS ON PAR LIST AND NOT ON PAR LIST, IN EACH
STATE, ON DECEMBER 31, 1926 AND 1927
1927

1926

Nonmember banks

State

New England:
Maine _
New Hampshire
Vermont
Massachusetts - _
Rhode Island
._
Connecticut
Middle Atlantic:
New York. .. _
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
_ __ . _
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
- _Missouri
_
North Dakota
South Dakota
_
Nebraska
Kansas
South AtlanticDelaware
Maryland
District of Columbia _ _
Virginia—
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee „
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado . _ ._
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
_
Oregon
_
_
C alifornia
Total

Member
banks

On par
list

Not on
par list l

On par
list

Not on
par list i

61
56
46
181
17
67

672
362
966

274
177
629

657
812
1,275
508
589

10
23
53
211

419
247
569
287
175

629
795
1,247
587
578

8
23
3
218

410
1,139
1,240
123
153
712
944

534
43
33
292
157
188
3

296
345
197
143
106
163
263

322
1,080
1,176
72
143
638
890

552
56
38
306
165
235
3

23
89
13
182
141
88
84
138
73

32
167
32
219
193
81
20
64
92

99
9
319
198
313
163

23
89
13
179
137
85
74
134
70

33
165
31
213
188
69
19
52
87

97
9
305
176
290
155

147
112
123
41

431
191
23
19

19
249
206
276

148
112
121
40

412
178
21
20

24
249
210
271

109
44
361
763

_ _
_ _

280
171
645

307
371
199
148
109
167
262

.

49
14
39
72
8
86

430
257
577
291
179

..

60
56
46
178
17
69

655
354
970

_.

48
14
39
71
8
86

231
29
356
664

127
175
6
112

101
42
344
737

209
25
336
629

138
167
4
122

102
74
34
131
32
18
45
10

101
80
54
169
28
26
67
24

11
1
8
5
2
4

95
68
32
128
31
18
44
10

99
75
51
162
27
26
64
25

12
1
5
6
1
4

150
130
299

170
105
319

36
28

155
124
244

159
100
267

36
21

9,260

13,911

3,913

9,034

13, 247

3,910

i Incorporated banks other than mutual savings banks.
Backfigures.—SeeAnnual Reports for 1925 (p. 114), 1924 (p. 105).




Nonmember banks
Member
banks

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

169

BANK PREMISES
No. 73.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES
TO DECEMBER 31, 1927
NEW

BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS

Federal reserve bank
or branch

Boston.
New York:
Main building
Annex building
Cleveland.
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Minneapolis
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
Salt Lake City
Total..

Cost of buildings
Cost of
land, including
Fixed
old
buildings machindemol- ery and All other
Total
equipished,
ment
net

Total
Book
cost of | value,
land and j
net
buildin

Date occupied

. 246, 726 $662,157 $3,542,603 $4,204, 760 $5,451,486 $3,824,032 March, 1922.
,
2, 819, 73311,885,837 14, 705, 570 19, 555,780 14, 166, 224 October, 1924.
194,344 1,472,644 1,666,988 2,259,667! 1, 644, 538 0).
1,423,366| 6,646,784 8,070,150 9,365,640j 6, 064,090 August, 1923.
770,248 October, 1921.
794,121
410,409 2,031,444 2,441,853
,
, ,
, ,
834, 244 ' 770, 901
90$0l!
492 956 2 583, 757 1,813, 766 ,269,716 October, 1918.
583
90,$0l!
492;
175,2791 1,355,4871 1,530,766
390,511 January, 1927.
475,122
46,788 J 304,1971
350,985
213,169 June, 1924.
286,110
25,956
214,312!
240,268 - 097,233
756,212 October, 1923.
157, 580! 738, 403!
895, 983
,
457, 232 . 953, 002 July, 1922.
1,276,579! 6,217,1051 7,493,684 10, 655, 868 , 655,868;December, 1927.
102,790!
903,078| "1,005,868! 1, 593,219 ; 169,889|
June, 1925.
,
1,058,979! 2,178,866; 3,237,845! 4, 421,694
348,244 March, 1925.
101,143!
235,544
336,687
,
537,320 ! 128,418 February, 1925.
520,054' 2,416,745 2,936,799; 3, 664, 341 ! 893, 209 i
November, 1921.
,
777,940! 3,391,1011 4,169,041 4, 606,836
472,899 November, 1925.
55,448
449,8761
505,324
401,782 April, 1923.
549,802
484,781,
74,891
409,890|
644, 852 540,070 December, 1925.
468, 425
70,487
397, 938
. 253,891 March, 1921.
,
325,002 1,169, 250 1,494,252s 1,
122,1931
10,374
111,819
16l| 196 122, 7251 August, 1920.
347,645!
332,860j February, 1922.
59, 5541
288,091]
413,958
307|
75,309 (5).
75,309
307;
,
412, 996
700,661 3,218,6541 3,919,315] 4, 332, 311 ! 865, 766 December, 1923.
507,9951 February, 1927.
114, 075
537,270
71,873 351,322
423,1951

,4, 850,210
592,679
I 1, 295,490
352, 288
| 250, 48"
283,000
124,137
45, 842:
201, 250
963, 548
650,000
355,374
85,007
600,521
495, 300
101,512
65,021
176,427
181,120
39,003
66,313
75,002

, , 1

, ,

16,623, 308 11,212,188i50,424,253161,636,441178,259, 749 54,591, 568

!

I

I

-

BUILDINGS PURCHASED BY FEDERAL RESERVE BANKS
[Amounts shown under "Cost of land" represent appraised value of land—remainder of actual cost included in "Cost of buildings"]
New York (No. 10 Gold
Street).
Buffalo..
Philadelphia
Pittsburgh
_.
Baltimore,.
Nashville
Louisville
Helena

Total
Grand total..

$50,612
450,000
799, 652
297, 000
120,000
48,000
131,177
5,000

$3,004
337, 477
138,994
25,101
33,650
16,109

$71,008

$74, 0121

$124,624

$71,061

600,000 7 600,000 ().
150,000
150,000
\, 044, 817 2, 382, 294 3,181, 946 1, 748, 940 December, 1917.
699,454
560,460
996,454
800,965 February, 1920.
81,023
81,023
201,023
180,000 March, 1918.
236, 717
211,616
284, 717
191,179 December, 1922.
261,319
227,f""
392, 496
272,642 June, 1919.
172, r
156,290
177,399
73,294 February, 1921.

1, 901, 441
554,335 3,502,883 4,057,218 5,958,659 3,938,081
18, 524, 749 11, 766,523 53, 927,136 65, 693, 659 84, 218, 408|58, 529,649

1
2

Occupied by tenants.
Estimated cost to complete, $951,000.
3 Building under construction.
4
Estimated cost to complete, $211,000.
5
Building plans in preparation.
6
Being remodeled for tenant occupancy.
7
$50,000 only paid on purchase price pending actual possession.
8
Possession early in 1928.
NOTE.—No bank buildings or sites therefor have been acquired for the following branches and agencies:
Branches—Charlotte, Portland, Seattle, Spokane; agencies—Savannah, Habana. The Cincinnati branch
on January 3, 1928, moved into its new quarters in the Chamber of Commerce building, erected on the
site leased to the Cincinnati Chamber of Commerce by the Federal Reserve Bank of Cleveland under a
99-year lease, and sites for the construction of buildings for the Memphis and Los Angeles branches were
purchased shortly after the close of the year.




170

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
No.

74.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, AND
DISPOSITION MADE OF N E T EARNINGS, 1914-1927
Disposition of net earnings

Earnings
Federal reserve bank
Gross

All Federal reserve banks:
1914-15
1916
1917
- 1918
_

Dividends
paid

Total
Boston:
1914-15 _
1916
1917
1918

_

1919
.
1920
1921
1922
1923
1924
1925
1926
1927_
Total
N e w York:
1914-15
1916 _
1917
3918

_

-

1919
1920
1921
1922
1923
1924
1925
1926
1927_

- -

—

_..
._
- .

Total

125,459
490,888
1, 285, 884
4, 475,195
7,497, 583
12, 273, 253
6,968, 662
3, 541,313

- 3 4 , 603
295, 935
740, 359
3, 305,180
5, 777, 381
10,272, 564
4, 281, 353
1,097, 402

3, 506, 683
2, 559, 016
3, 288, 546
3, 319, 077
2,975, 357

1, 252,135
470, 422
1,140, 581
1,156, 873
837,612

249, 735
601, 756
384,180
414,447
447, 266
473,109
481,951
480, 267
477, 798
502, 648
525, 023
550, 446

30, 593,194

5, 588, 626

345,035
971,026
4,929, 214
25, 314, 736
35, 332, 412
60, 525, 321
34, 710, 274
11,349, 279
11, 413,183
8, 569, 350
10,217,174
10, 600, 968
10, 647, 759

-123,887
414,064
3,078,481
21, 662, 917
27,959,619
53,128,130
26,093, 832
3, 721, 593
3, 043, 679
616, 852
3,103, 298
3, 749, 748
3, 720, 601

113,972
448,180
1, 095, 540
4,357, 740

- -

446, 691, 221

224, 925, 731

1923
1924
1925
1926
1927

$2,173, 252
5, 217, 998
16,128, 339
67, 584, 417
102, 380, 583
181,296,711
122, 865,866
50,498, 699
50, 708, 566
38, 340, 449
41,800, 706
47, 599, 595
43,024,484
769, 619, 665

52, 306, 916

1919
1920
1921
1922

Total
Philadelphia:
1914-15
1916
1917 .
1918
1919
1920
1921
1922
1923
1924
1925.
1926
1927_

Net

8, 609,880
11,848, 551
8,008, 095
4, 251,950

6,659,169
9,065,116
5, 339, 454
2, 236, 876
2,177,837
747, 092
1,078,120
1, 533, 733
1,176, 469
33, 958, 254

4, 592, 771
2, 915, 846
3,135, 550
3, 626, 648
3, 363, 626
56, 368, 349

Transferred to
surplus *

Profit (+)
Franchise
tax paid to or loss (—)
carried
U . S. Govforward
ernment i

-$141,459
2, 750, 998
9, 579, 607
52, 716, 310

$217,463
1, 742, 774
6, 801, 726
5, 540, 684

$1,134,234
48, 334,341

$1,134, 234

78, 367, 504
149, 294, 774
82, 087, 225
16, 497, 736
12, 711, 286
3, 718,180
9, 449, 066
16, 611, 745
13,048, 249

5,011, 832
5, 654, 018
6,119, 673
6, 307, 035

70, 651, 778
82,916, 014
15, 993, 086
- 6 5 9 , 904

2, 703, 894
60, 724,742
59, 974,466
10, 850, 605

6, 552, 747
6, 682, 496
6, 915, 958
7,329,169
7, 754, 539
72, 630, 084

2. 545, 513
- 3 , 077, 962
2, 473, 808
8,464, 426
5, 044,119

-$358,922
+ 1,008,224
+ 509,413
-1,158,715

3, 613, 056
113, 646
59, 300
818,150
249, 591
140,241,684

127,113
1, 942, 819
1,195, 026
1, 291, 047
1,477, 096
1, 608,721
1, 652,138

233, 819,453

75,100
2,921, 000
5, 362, 934
7, 351, 799
772, 324
-170,782
77,187
- 7 , 376
637, 933
585, 888
287,166
17,893,173

1, 749, 239
1, 796, 530
1, 888,196
2,100,191
2, 327, 355

649, 363
20,467,891
23, 964, 678
12, 332, 523
3, 782, 671
-1,397,603
129, 444
-1,179,678
1, 215,102
1, 649, 557
1, 393, 246

150,168, 927

19,155,471

63,007,194

- 3 1 , 517
249,941
753, 875
2, 972,089

128, 458
623, 603
583,983
380
679
663
552

6,196, 789
8, 204, 775
935, 239
803, 594

582, 292
615,135
673, 212
730, 598
781, 540
6, 737,095

1,178, 588
131,957
404,908
803,135
394, 929
21, 662, 258

-34, 603
+46, 200
-11,597

2, 473, 499
3, 035, 920
786, 233
694,681
45, 962
7, 111, 395

649, 363

2, 608, 344

462,
496,
517,
541,

75,100

-123,887
+286, 951
-163,064

2, 703,894
39, 318, 511
20, 702,440
3,467, 058
1,164,996

68,006, 262
-31,517
+121,483
+130, 272
-220, 238
363, 662
3, 886, 552
891, 730
416,957

5, 558, 901

i Amounts shown as transferred to surplus account for 1922 are net, i.e., after the deduction of amounts
charged to surplus account on Dec. 31, 1922, and paid to the United States Government as franchise tax.
For prior years as follows: For 1920—New York, $270,389; for 1921—Boston, $247,350; New York, $1,334,160;
Philadelphia, $36,366; Richmond, $20,459; Atlanta, $213,629; Chicago, $710,190; Minneapolis, $52,423;
Kansas City, $208,170; San Francisco, $306,926; total, $3,129,673.




EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS

171

IVo. 74.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, AND
DISPOSITION MADE OF N E T EARNINGS, 1914-1927—Continued
Earnings

Disposition of net earnings

Federal reserve bank
Net

Gross

'Cleveland:
1914-15
1916.
1917
1918 _.

$113,815
452,129
1, 367, 216
5, 226, 864

•

Dividends
paid

Transferred to
surplus i

- $ 5 5 , 774
293,808
753, 682
4,135, 796

$143, 237
716,168
716,107

Franchise
tax paid to

U. S. Government *

Profit (+)
or loss (—)
carried
forward

-$55, 774
+150, 571
+37, 514
-132,311

$3, 552,000

1919 .
1920
1921 .
1922

7, 800,829
14,458, 619
9, 390,863
4, 994, 282

6,093, 785
11,820,031
6, 284, 383
2, 268, 688

556, 785
604,194
660, 228
692,436

5, 537, 000
11, 215,837
2, 329, 442
861,264

1923
1924...
1925 .
1926
1927...

4, 655, 090
3, 770, 689
4,013,456
4, 517,884
4,197,836

921, 221
-473,153
1, 210, 576
1, 660, 762
1,108,190

725, 626
756,152
778, 811
808, 505
832, 583

195, 595
- 1 , 229, 305
431, 765
852, 257
275, 607

Total

64, 959, 572

36,021, 995

7, 990, 832

24, 021,462

4,009, 701

'Richmond:
1914-15
1916
1917
1918

319, 580
334,102
821,195
2, 979,048

174, 955
186, 571
462, 224
2, 312,030

151, 940
197,922
240, 944
232, 432

116,472
2,079, 598

116,472

1919
1920
1921..
1922

4, 775, 324
6, 902, 643
6, 729, 679
2,832, 944

3, 877, 266
5, 238, 506
4, 393, 627
867,448

252, 872
293, 052
322,203
333,321

3, 624, 394
4, 740,869
693, 792
32, 954

1923
1924 . .
1925....
1926
1927

2, 878, 896
2, 210, 240
2,182, 460
2,429,017
2,086, 303

1, 092,843
379,791
576,110
727, 645
497,711

342, 295
351, 251
358,162
363,957
372, 230

384, 404
28, 540
217, 948
279, 216
125,481

366,144

Total

37,481, 431

20, 786, 727

3, 812, 581

12,323, 668

4, 650,478

1914-15.
1916..
1917
1918

236,460
279, 520
589,789
2, 293,058

82, 532
129, 307
288, 083
1, 652,473

201, 719
218, 203
182,473

40,000
1,470, 000

40,000

1919
1920
1921
1922..

4,416,001
7,476, 431
7,406, 652
2,352, 736

3,382, 397
6,010, 324
5,496, 219
672, 730

197, 397
225, 571
245, 862
256, 618

3,185, 000
3,648, 465
770,106
-172,018

2,136, 288
4,480, 251
588,130

2, 682, 314
1, 907,121
2,072,378
3,045,867
2,067,839

352,179
272, 656
26,191
1, 228, 327
669, 904

264, 622
272, 656
276,488
296, 573
305, 817

8,756

78,801

- 2 5 0 , 297
931, 754
364,087

Total

36,826,166

20, 263, 322

2,943, 999

9,995,853

7, 323,470

Chicago:
1914-15
1916....
1917
1918

268,885
665, 937
2,083,164
8,481, 747

20,091
403, 206
1, 231, 879
6, 805, 081

361,319
862, 259
604,635

215, 799
6, 200,446

215, 799

12, 012.078
30, 303, 218
20, 382,170
6, 748,863

8, 576, 204
25,875, 749
14,505,117
1,405, 215

700,807
792, 769
853, 785
876,203

7, 875,397
14, 688,500
2,075, 323
- 6 5 7 , 289

10,394,480
11,576,009
1,186,301

6,511,359
5, 202,169
5,424,663
6, 567, 043
6,167, 352

1,178, 355
909,123
1,121,273
2, 253, 923
1, 927, 645

904,371
909,123
934,016
985, 959
1,029, 990

27, 398

246, 586

187, 257
1,267,964
897,655

110,818, 648

66, 212,861

9,815,236

32, 778,450

$3, 294, 713
714, 988

204, 585
3, 377, 632
501,173

84,472

Atlanta:

1923
1924
1925
1926
1927

1919
1920
1921..
1922

. .

.

. .

1923
1924
1925
1926
1927

Total.
See note
on p . 170.


+23,015
-11,351
-11,664

23, 619,175

+82, 532
-72,412
-10,120

+20,091
+41,887
-61,978

172

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 74.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, AND
DISPOSITION MADE OF N E T EARNINGS, 1914-1927—Continued
Disposition of net earnings

Earnings
Federal reserve bank
Gross

St. Louis:
1914-15
1916
1917....
1918

!
I
_

1919
1920
1921
1922
1923.
1924
1925
1926
1927.

j
I

-

;
...I

Total

:
!
I
-

,....
$31,100
284,566
404,838

Transferred to
surplus i

Franchise Profit (+)
tax paid to or loss (—)
U. S. Govcarried
ernment i
forward

-$97,169
+109,917
+217, 590
-230,338

-$97,169
141,017
502,156
1,777,810

3,884,478
7,180,117
5,166,315
2,456,447

2,355,154 l
4,875,566 :
2,951,926
647,572 !

234, 660
253, 711
270, 253
283,166

2,120. 494
4, 621, 855
1, 042, 564 $1, 639,109
276,450
87, 956

2,753,435
1, 688,143
2,055,637
2,511,509
2, 228, 079

1,182,163 !
I
203,937
-93,540 :
683,022
775,681

296, 810
304, 976
306, 753
314, 420
317, 727

407, 070
-101,039
-400, 293
368, 602
457, 954

$1, 603,310

3,302,980

100,112
255,177
672,799
2, 049, 954

-32, 341
134,603
394,353
1,545,847

57, 720
363,895
168,103

37, 500
1,377, 744

37, 500

3,007,041
5,307,381
4,966,311
1,969,248

2,333,943 '
4,131,053 i
3,151,154
782,695 :

180,186
195, 871
211,657
213,774

2,153, 757
3, 410, 948
488, 530
4,469

524, 234
2,450, 967
564, 452

253
070
341
333
031

212, 733
325,455
329,102 I 202,828
193, 560
234,954
448,033
187,609
296,077 | 180, 726

11, 272
12, 628
4,139
26, 043
11, 535

101, 450
113,646
37, 255
234, 381
103,816

I 26,137,051

14,074,928 ! 2,368,662

7, 538, 565

4,167, 701

-.
I
!
!
I

1,
1,
1,
1,
1,

!
I
I

1919
1920
1921
1922

I

1923..
1924..
1925..
1926..
1927..

I

!

Total .

749,
609,
438,
622,
390,

10,396, 967

478, 283

15,905,295

1923.
1924.
1925.
1926.
1927 _

Kansas City:
1914-15
1916.
1917
1918...

Dividends
paid

33,758,875

Total .

1919
1920
1921
1922

\

$86,833
297,948
773,106
2,676,828

Minneapolis:
1914-15
1916
1917
1918

Net

102,474
380,208
1,002,660
3,451,936

-66, 776
224,989 I
566,404
2,437,748 I

66, 707
364, 503
309, 729

3,923,362 j
5,540,681
3,056, 096
783, 036

228, 755
257, 672
268,620
275, 655

3,694, 607
3,042,781
486,918
-157,432

2,993,919
2, 262,910
2,309, 985
2,677,340
2,304,938

347,711
-253,182
282, 921
756,469
414, 726

275,313
265, 697
258,426
252,764
252, 753

7,240
-518,879
2,450
50,370
16,198

38,665,357 | 18,014,185

3,076, 594

9,045,679j

Dallas:
1914-15..
1916
1917
1918

244,666
326,372
621,970
2,089,526

75,388
166,046
352,067
1,240,175

65, 523
134,008
188, 234
261, 503

1,184, 408

1919.
1920.
1921..
1922.

3, 062,251
4,904, 522
4, 239, 574
2, 085, 775

2,041, 864
3,228, 231
1,613, 564
354,125

196, 335
225,424
252, 211
251, 915

1,845, 529
3,002,807
1,361, 353
102, 210

1923.
1924.
1925.

2,356,436
2,157,964
1, 813,626
2,127,049
1, 741,922

332,282
265,024
278,135
857, 211
568, 209

251,429
249, 789
255, 239
257, 502
256,310

80,853
15, 235
22,896
599, 709
311, 899

11,372,321

2,845,422

1927.

Total.
1
See note
on p. 170.


27,771,653

-32, 341
+76, 883
-44, 542

-66, 776
+158, 282
+201,901
-293, 407

2, 421,425

4,961,482
7,409,987
5,712,858
3, 094, 660

2, 205, 348

2,240, 228
2,300,558
664,813
65,158
22, 045
453,335
145, 775
5,891,912
+9,865
+32,038
+163,833
-205,736

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS

173

No. 74.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, AND
DISPOSITION MADE OF N E T EARNINGS, 1914-1927—Continued
Disposition of net earnings

Earnings
Federal reserve b a n k

Gross

San Francisco:
1914-15
1916
1917
1918
1919
1920
1921
1922.

Dividends
paid

Transferred to
surplus 1

115, 961
316,511
885,802
4,187,785
_

1923
1924
1925
1926
1927
Total
1

Net

See note on p . 170.




-52,358
111,511
456, 044
2,869,164

43,736
394, 776
497, 675

5, 387, 360
10,108, 823
4,920,500
1, 660, 356

296,161
384, 713
435,361
448, 306

5, 091,199
6, 654, 855
1, 254,824
-185,721

4,615, 227
3,487,931
3, 848, 890
4, 554, 860
3, 853, 442

505,426
250, 516
490, 447
1, 555,999
1, 055, 424

467,720
480, 561
490, 447
506, 068
547, 062

37,706
-230, 045
1,049,931
508, 362

59, 599,916

29,319, 212

4,992, 586

16, 629, 285

Profit ( + )
or loss (—)
carried
forward

-52,358
+67,775
+61, 268
- 7 6 , 685

2,448,174

7, 021, 224
12, 706, 668
9,184,413
4,821, 202

Franchise
tax paid to
U. S. Government !

3, 069, 255
3, 230,315
1, 397, 771

7, 697,341

No. 75.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING

1927

EARNINGS
Total
Discounted bills
_.
Purchased bills
United States securities...
Deficient reserve penalties.
Miscellaneous...
Total earnings

Boston NewYork

Philadelphia

Cleveland

$17,010, 778 $1, 242,463 $4, 614,110 $1,648, 548 $1. 665,018
.,
,i,
9, 206, 677 1,025,348 " 558,080
2,
603, 587 705, 423
14, 206,174
607, 374 2,960, 563
970, 386 1, 583, 632
273, 839
7,285
28, 680
6,516
18,883
92, 887
2, 327,016
134, 589
224, 880
486, 326
43, 024, 484

Richmond

Atlanta

Chicago

$897, 944 $1, 629 $2, 247,451
254,
664, 528 332, 593 1,188, 54C
418,946 290, 218 2, 215, 536
41, 628
63, 257

25,900
164,499

47, 971
467,848

St. Louis I Minneapolis

Kansas
City

Dallas

San Francisco

$815,950 $192, 216 $500,769 $254,984 $1, 676,696
,
331, 303 360, 293 375, 716 430, 354 630,906
999, 656 707, 599 1,106, 482 950, 111 1, 395,671
29,013
13, 405
16,189
17, 748
20, 621
121,156
64, 981 116,518 304, 223
85, 852

2,975,357 10, 647, 759 3, 363, 626 4,197, 836 2, 086, 303 2,067, 839 ;, 167,352 2,228,079 1,390,031 2, 301, 938 1, 741,922

3,853,442

CURRENT EXPENSES
Salaries:
$2,451, 504 $118,000 $458,492 $132, 999 $222, 025 $166,
Bank officers
_
$201,991 $296,811 $16Pf300 $129, 361 $161,633 $150,794 $243,906
11,704,298
865,008 3,043, 900 910, 650 1, 042, 540 566, 610 408, 533 1, 730, 516 57J, 647 357, 849 633,177 497, 504 1, 076, 364
Clerical staff
824,117
35, 969 180,982
47, 265 104, 214
Special officers and watchmen
46, 016
35, 219 112,209
28, 6221 64, Ml
47,959
36, 090
84, 727
1,803, 935
85, 259 481,04^
93, 427 231, 479
71,019
Allother
-..
39, 407 273, 340
76, 890
79, 064 165, 023
82, 075 125, 905
4,924
125
428
148
305
146
274
282
Governors' conferences
409
444
553
641
1,169
3,081
136
173
18'
188
21;
168
Federal reserve agents' conferences
136
434
210
205
252
775
531
13,146
613
741
45'
686
1,214
Federal Advisory Council
945
1,200
1,113
1,200
1,246
3,200
7,044
156,168
18, 955
7, 245
7,041
8,969
Directors' meetings
23, 243
12, 822
7,174
7,446
26, 433
6,928
22, 868
5,165
235, 680
23, 552
19, 673
13,607
25, 262
Traveling expenses '
17, 582
26,968
28, 058
10, 501
24, 026
11,861
29,425
Assessments for Federal Reserve Board
58,185 217,311
779,116
74, 621
82,080
40,173
32,177I 106, 972
33, 335
23,137
27, 354
expenses
54, 789
1,380
71,122
70"
2,741
9,144
4,269
3,199
479
27, 494
11, 243
Legal fees
_
10, 254
117
Insurance (other than on currency and
28, 223
399,196
59, 580
35,467
35, 300
21,843
21, 474
22, 799
36, 773
29,102
security shipments)
26, 611
44, 503
37, 521
Insurance on currency and security ship86,832 123, 454
623, 953
96, 793
72,876
37,'
33,167
68,179
14,130
13, 391
18,447
22,982
ments
35,704
1, 402, 384 127,890 387, 573
37, 559 138, 791
38,412
57,429 276, 000
55, 722
90, 968
Taxes on banking house.
85, 643
33, 650
72, 747
20, 534
323,186
78, 516
20, 314
34,904
8,664
13,949
26, 703
21,487
43, 886
Light, heat, and power
19, 562
19,178
15,489
162, 276
20, 899
51,884
15, 669
1, 649
7,013
21, 224
10, 706
13, 754
Repairs and alterations, banking house...
9,391
1,567
5,521
460
239,472
25,164
1,""
31,475
13, 292
38, 700
19, 474
5, 626
Rent
96, 712
6,943
23, 303
89, 475
23,318
34, 037
384,025
20,131
54,444
18, 019
20, 482
19,901
24, 794
Office and other supplies
38,563
17, 558
43,829
43, 229
42, 617
471, 508
72,008
29, 930
73, 073
21, 079
29, 354
25, 323
28,144
Printing and stationery
_
37,888
25,034
21,344
26, 290
13, 653
199, 945
55,680
6,195
21, 646
6,159
12, 292
5,304
7,577
16,560
7, 245
Telephone
6, 731 49,043
13,980
32,886
473,139
40, 929
23, 981
39,821
63, 635
19, 972
60,715
73,192
48, 254
Telegraph
_
1,833, 358 210,045 296,972 178,167 164, 302 123, 347
92,056
61, 876 137,995
99,785 243, 271
93, 526 132,016
Postage
—
41,066 111, 237
63,583
27, 577
437,692
32, 551
55,411
13, 017
31, 693
13, 852
21, 779
8,415
17,511
Expressage.
--40,061 159, 270
46, 594
49, 845
676, 378
85,365
44, 816
37,130
68,677
29, 548
32,468
36,966
45, 638
Miscellaneous expenses
Total, exclusive of cost of currency..I 25,673,603 1,830,119 5,955,031 1,920,364 2,408,431 1,299,573 1,195,391 3,600,652 1,320,010 1,013,146 1,624,440 1,203,850 2,302,596




Federal reserve currency, including shipping charges:
Original cost..
Cost of redemption
Total current expenses _

142,497
59, 675
267,131|
44,6491
34,118
46, 858
484, 626
187, 316
73, 552
59,860
1,709,491
135, 224
173,985
3,813
14, 509
5,917
8,905
11, 592
32,514
14, 727
6, 277
135,349
12, 333
19, 2751
4, 005 j
1, 482
27,518,443 1,976,935 6,472,171 2,106,682 2,610,474 1,379,402 1,264,156 3,887, 058J 1,368,664! 1,048,746 1, 677, 215 1, 267, 338 2, 459, 602
P R O F I T A N D LOSS A C C O U N T
1
$43,024,484 $2,975,357 $10,647,759 $3,363, 626 $4,197, 836 $2,086,303 $2 067,839 $6,167,352 $2, 228, 079 $1, 390,031 $2,304,938 $1, 741,922,$3, 853,442
27,518,443 1,976,935 6,472,171 2,106, 682 2, 610,474 1,379,402 1 264,156 3,887,058 1, 368, 664 1, 048, 746 1,677,215 1, 267,338 2, 459, 602
341,285
627, 7231 474, 584 1, 393,840
859,415
803, 683 2,280, 294
706,901
15,506,041
998,422 4,175,588 1, 256,944 1, 587,362

Earnings
Current expenses
Current net earnings.
Additions to current net earnings:
Withdrawn from reserve for probable
losses
Allother
_
_
Total additions.

313,343
210,657
524,000

Deductions from current net earnings:
1, 777,463
Bank premises—depreciation
799, 602
Furniture and equipment
102,879
Reserve for probable losses
140,000
Reserve for undetermined liabilities. _
100,012
Reserve for self-insurance All other
_
61,836
2,981, 792
Total deductions
Net deductions from current net earnings.

2,457, 792

Net earnings available for dividends, surplus, and franchise tax
_ 13,048,249
Dividends paid
Transferred to surplus account
Franchise tax paid United States Government

7,754,539
5,044,119

148,400
4,034
152,434

48, 509
48,509

4,9ll

164,943
1,327

1,408

4,911

166, 270

1,408

166, 745
28, 668

2 71,982
10, 784

168,188
48, 638

44,984
18,092

140,954
144,048
52, 070

755
236,168

10,951
93, 717

1,082
217, 908

9,569
72, 645

2,752
339,824

83, 734

45, 208

212, 997

3 93, 625

338,416

669, 904 1, 927, 645

775, 681

296, 077

414, 726

568, 209 1, 055,424

305, 817 1, 029, 990
364, 087
897, 655

317, 7271
457, 954

180, 726
11,535

252, 753
16,198

256, 310
311,899

547,062
508,362

103,816

145, 775

*$13,038
6,911
19,949

$22, 767
4,284
27, 051

$8,534
1,757

$7,122
4,518

10, 291

11, 640

126,074

2,646
2,646

2,138
2,138

1,884
1, 884|

957
957

13,061
13,061

122,048
41, 826

415,492
81,627

81,245

274, 823
83,411

122,042
82,083

85, 008
48,460

165,197
130, 720
50,809

644
164, 518

78,303
5,639
581,061

1,876
83,121

481,310

6, 949
211, 074

1,268
134, 736

18, 984
365, 710

160,810

454,987

80,475

479,172

209,190

133, 779

352, 649

837, 612 3,720,601 1,176,469 1,108,190

497, 711

832, 583
275, 607

372 2301
125,481

3,708
3,708

126,074

550,446 2,327,355
287,166 1,393,246

781,540
394, 929

100, 000
21, 709
1,367

40,000

249 591

R E I M B U R S A B L E E X P E N D I T U R E S OF ]FISCAL A G E N C Y DEPARTMENT
Salaries, employees
All other
_
Total

_

$190,526
165,274
355,800

$6,753
3,007
9,760

$12,765
99,012
111,777

$9,420
3,642
13,062

$16, 795
9, 872
26, 667

$11, 646
3,201
14, 847

$5, 220
2,886
8,106

$66,161
23, 373
89, 534

$10, 305
2,811
13,116

1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
* Exclusive of $500,000 charged directly against surplus to reduce book value of banking house at Minneapolis to approximate market value.
Back figures.—See Annual Report for 1925 (p. 115) and Part II (Table 5) and 1926 report (p. 126).




3 Net addition.
Includes $4,000 for official salaries.

4

C71

FEDERAL RESERVE NOTES
No.

76.—FEDERAL

RESERVE NOTES—FEDERAL RESERVE AGENTS'

ACCOUNTS

AT THE E N D OF EACH

MONTH

[In thousands of dollars]
1926
Dec. 31

1927
Jan. 31

Feb. 28

Mar. 31

Apr. 30

M a y 31

J u n e 30

J u l y 31

Aug. 31

Sept. 30

Oct. 31 I N o v . 30

Federal reserve notes received from the
comptroller
_
__
,030, 671 2, 955,853 2, 921,240 2, 926, 760 2, 971,905 2, 946,897 2, 932,188 2, 927, 771 2, 885,232 2, 918,290 2, 916, 728 2, 946, 574
Federal reserve notes held by Federal
824, 754
reserve agents, _
769, 849
849,017
840,443
854, 715
63,347
867, 509
868,190
845, 375
816,885
801, 335
819, 870
Federal reserve notes issued to Federal
reserve banks:
358,858
388,436
345,081
360, 451
356, 771
Held by issuin Federal reserve bank.. 409, 993
377, 933
371, 469
363, 415
365,060
381, 217
410,127
Held by other Federal reserve b a n k s . .
24, 796
16, 243
16.340
18, 231
12, 949
16, 899
18, 771
19, 037
17,030
18, 228
21, 707
20, 380
1,574
1,049
1,103
1, 346
1,000
960
Held by United States Treasury
1,421
1,298
2,107
3,044
1,242
1, 843
1,824,459 1, 683,878 1, 709,816 1, 706,684 1, 724, 368 1, 733, 647 1, 702, 843 1, 667, 777 1, 657, 305 1, 715, 073 1,711,227 1, 694, 354
In circulation 1
Total notes issued.

2, 260, 822 2,092, 506 2,072, 223 12,102,006 2,104, 396 |2,106, 454 2,077,473 j2,059,581 12,039,857 12,101,405 2,115,393 12,126,704

Dec. 31

3,030,152

d
O

796,055
444, 230
23, 504
3, 569
1, 762, 794

o

2, 234,097

Collateral held as security for Federal
reserve notes issued to Federal reserve
banks:
Gold and gold certificates—
In v a u l t Gold bullion
United States gold coin.
Gold certificates

66,045
181, 352

92, 656
76,345
181, 502

100,080
81,345
181, 527

125,103
86,345
190,156

125,103
94, 345
190,156

105,151
96,345
188,806

105,151
96, 345
191,086

105,150
96, 545
211,581

105,150
97,045
219, 681

105,150
97,045
209, 576

105,150
97, 045
198, 798

105,150
97,045
203,273

105,150
96,605
205, 995

Total in vault.

306, 095

350, 503

362, 952

401, 604

409,604

390,302

392, 582

413, 276

421,876

411, 771

400, 993

405,468

407, 750

97,371
102,553
105,434
98,050
112,344
94,010
100,123
95,376
97, 669
85, 962
105, 971
963,435 1,086,869 1,083,649 1,154,916 1,109,234 1,143,949 1,119,075 1,139, 734 1,124,374 1,122,035 1,099,007

109, 775
961,010

102,613
1,028,333

1, 381,874 1, 534, 743 1, 549,154 1, 661, 954 1, 616,888 1, 634, 374 1,607,033 1,650, 679 1, 640,260 1, 619, 768 1,605, 971 1,476, 253
719, 778
736, 599
658,806
689,045
968, 904
652, 627
607,011
553,416
652,088
718,114
801, 551
586, 275

1, 538,696
943, 553

2, 350, 778 2,254, 521 2,285, 753 2, 320, 760 2, 305,933 2,287,001 2, 214,044 2, 236, 954 2,193, 676 2, 271,856 2,324,085 2,277, 804
Total collateral held
Collateral required as security for Federal
2, 260,822 2,092,506 2,072,223 2,102,006 2,104, 396 2,106,454 2, 077,473 2,059, 581 2,039, 857 2,101,405 2,115, 393 2,126, 704
reserve notes.
Collateral pledged in excess of Federal
218, 754
162,015
201, 537
89, 956
180, 547
136, 571
213, 530
177,373
153,819
170,451
08, 692
reserve notes issued
_.
151,100

2,482,249

In gold redemption fund
In gold fund, Federal Reserve Board..
Total gold and gold certificates.
Eligible paper
_

2, 234,097
248,152

1
This figure corresponds w i t h t h a t given u n d e r same caption in Table 22. I t differs from t h a t given in Table 7, b y t h e a m o u n t of Federal reserve notes held b y other Federal
rvp. hanks nnri h v thft United States Treasurv.




i
W
O
>

177

CONDITION OF ALL BANKS

CONDITION OF ALL BANKS IN EACH DISTRICT
No.

77.—ALL

BANKS—TOTAL

LOANS

AND

INVESTMENTS 1

OF

MEMBER

All
banks

Member
banks

AND

NONMEMBEK BANKS, 1923-1927
[In millions of dollars]

All
banks

Date 2

Member
banks

Nonmember
banks

Member
banks

All
banks

Nonmember
backs

New York district

Boston district

Nonmember
banks

Philadelphia district

[
1923—June 30
Dec. 31

4,948
4,989

2,032
2,017

2,916
2,972

12, 235
12, 280

7, 497
7,494

4,738
4,786

3,195
3,224

1,963
1,969

1,232
1, 255

1924—June 30
Dec 31

5,139
5,285

2,052
2,134

3,087
3,151

13,187
14, 023

8,071
8, 667

5,116
5,356

3,334
3,506

2,031
2,163

1,303
1,343

1925—June 30
Dec. 31

5,523
5,705

2,234
2,362

3,289
3,343

14, 398
14,925

8,746
9,297

5,652
5,628

3,652
3,811

2,249
2,337

1,403
1,474

1926—June 30
Dec. 31

5,891
5,940

2,409
2,428

3,482
3,512

15, 364
15, 728

9,308
9,667

6,056
6,061

3,920
4,034

2,420
2,478

1,500
1,556

6,199
6,367

2,536
2,583

3,663
3,784

16,693
17, 502

10,126
10, 947

6,567
6,555

4,115
4,241

2,531
2, 588

1,584
1, 653

1927—June 30
Dec. 3 1 —

_

Cleveland district

Richmond district

Atlanta district

1923—June 3 0 Dec. 31

3,898
3,910

2,735
2,725

1.163
1,185

2,200
2,224

1,182
1,204

1,018
1,020

1,410
1,490

920
978

490
512

1924—June 30
Dec. 31

4,050
4,158

2,827
2,915

1,223
1,243

2,237
2,273

1,193
1,220

1,044
1,053

1,454
1,531

934
995

520
536

1925—June 30
Dec. 31

4,310
4,358

3,021
3,045

1,289
1,313

2,333
2,392

1,252
1,290

1,081
1,102

1,696
1,994

1,081
1,242

615
752

1926—June 30
Dec 31

4,487
4,481

3.161
3,133

1,326
1,348

2,401
2,395

1,281
1,275

1,120
1,120

1,849
1,787

1,172
1,158

677
629

1927—June 3 0 . .
Dec. 31—

4,633
4,686

3,267
3,296

1,368
1,390

2,423
2, 517

1,311
1,362

1,112
1,155

1,726
1,754

1,141
1,165

585
589

1923—June 30
Dec. 31
1924—June 30
Dec. 31
1925—June 30 . .
Dec. 31
1926—June 30 .
Dec. 31
1927—June 3 0 . . .
Dec. 31

6,174
6,190
6,324
6,562
6,834
6,999
7,186
7,174
7,407
7,495

1923—June 30. .
Dec. 31
1924—June 30.
Dec. 31
1925—June 30.
Dec. 31
1926—June 30
Dec. 31
1927—June 30
Dec. 31

1,880
1,825
1,737
1.781
1,823
1,847
1,848
1,828
1,832
1,868

St. Louis district

Chicago district
3,906
3,899
4,010
4,210
4,370
4,479
4,579
4,543
4,712
4,859

2,268
2,291
2,314
2,352
2,464
2,520
2,607
2,631
2,695
2,636

Kansas City district
1,145
1,096
1,038
1.079
1,115
1,131
1,157
1,136
1,154
1,191

735
729
699
702
708
716
691
692
678
677

1,883 :
1,907 !
1,878 1
1,937
1,984
2,067
2,086
2,059
2,071
2,103

1,155
1,182
1,157
1,223
1,228
1,310
1, 320
1,313
1,337
1,377

Minneapolis district
728
725
721
714
756
757
766
746
734
727

Dallas district
953
1,016
962
1,016
1,015
1,069
1,044
1,029
1,064
1,136

745
810
732
789
791
831
808
807
831
898

1,665
1,604
1,487
1,564
1,571
1,567
1,549
1,495
1,485
1,527

896
863
824
907
888
893
881
862
851
897

769
741
663
657
683
674
668
633
634
630

San Francisco district
208
206
230
227
224
238
236
222
233
238

3,296
3,342
3,389
3,546
3,693
3,872
3,937
4,068
4,077
4,227

2 331
2,248
2,296
2,444
2 545
2,669
2,688
2,842
2 961
3,084

965
1,094
1,093
1,102
1 148
1,203
1,249
1,226
1 116
1,143

1
Includes rediscounts and overdrafts; excludes bonds borrowed and acceptances of other banks and
foreign bills of exchange sold with indorsement.
2 Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date.

NOTE.-—Nonmember bank figures covered by Tables 77-80 include private banks subject to State
supervision.




178
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
78.—ALL BANKS—TOTAL LOANS l OF MEMBER AND NONMEMBER BANKS.,

1923-1927
[In millions of dollars]

All
banks

Date 2

Member
banks

Non-

mem- ; All
ber
banks
banks

Boston district

Member

banks

Nonmember
banks

New York district

All
banks

Member
banks

Nonmember
banks

Philadelphia district

1923—June 30
Dec. 31

3,064
3,115

1,444
1,440

1,620
1,675

7, 777
7,881

5,017
5,066

2,760
2,815

1,806
1,879

1,174
1,190

632
689

1924—June 30
Dec. 31

3,220
3,333

1,443
1,504

l' 829

8,492
8,938

5,404
5,720

3,088
3,218

1.939
2; 037

1,240
1,283

699
754

1925—June 30
Dec. 31

3,530
3,682

1,602
1,692

1,928
1,990

9,357
10, 036 !

5,848
6,511

3,509
3,525

2,158
2,364

1,381
1,485

777
879

1926—June 30
Dec. 31

3, 779
3,817

1,690
1,708

2,089
2.109

10,310 !
10,793 !

6,399
6,861

3,911
3,932

2,434
2,547

1,574
1,616

860
931

1927—June 30
Dec. 31

3,930
4,021

], 744
1,765

2,186
2,256

11,388
12,166

7,026
7,789

4,362
4,377

2, 504
2,592

1,604
1,616

900
976

Cleveland district
1923—June 30
Dec. 31

Richmond district

A t l a n t a district

2,594
2,621

1,838
1,842

756
779

1,675
1,713

923
948

752
765

1,165
1, 240

737
794

428
446

1924—June 30
Dec. 31

2,680
2,722

1,877
1,896

bO3
826

1,740
1. 745

952
957

788
788

1,221
1,281

764
813

457
468

1925—June 30
Dec. 31

2,874
2,959

2,011
2,060

863
899

1,803
1,863

990
1,030

813
833

1,412
1,647

877
995

535
652

1926—June 30
Dec. 31

3,037
3,067

2,135
2, 144

902
923

1,865
1,865

1,016
1,011

849
854

1,518
1,458

939
927

579
531

1927—June 30
Dec. 3 1 . . . .

3,097
3,100

2,179
2,162

918
938

1,841
1,871

1,014
1,028

827
843

1,373
1,369

885
888

488
481

_

-

Chicago district
1923—June 30
Dec. 31
1924—June 30
Dec. 31
1925—June 30
Dec 31
1926—June 30
Dec. 31
1927—June 30
Dec. 31

.

4,764
4,798
4,876
4,935
5,173
5,319
5,452
5,497
5,575
5,583

2,880
2,870
2,951
3,031
3,181
3,276
3,374
3,388
3,461
3,519

St. Louis district

1,885
1,928
1,925
1,904
1,992
2,043
2,077
2,109
2,114
2,064

Kansas City district
1923—June 30 .
Dec 31
1924—June 30
Dec. 31
1925—June 30
Dec. 31
1926—June 30
Dec. 31
1927—June 30
Dec. 31

1,428
1,463
1,455
1,475
1,494
1,563
1,575
1,541

819
853
843
884
877
950
952
946

1,516
1,524

930
953

Minneapolis district
609
610
612
591
617
613
623
595
586
571

691
656
611
630
597
586
568
554
531
547

642
609
539
508
509
492
471
441
425
408

San Francisco district

Dallas district

1,547
1,496

886
849

661
647

792
830

601
649

191
181

1,423
1,421
1,429
1,432
1,418
1,374
1,355
1,353

800
801
805
805
812
777
776
783

623
620
624
627
606
597
579
570

801
846
837
875
855
841
853
891

597
645
638
668

204
201
199
207
205
189
199
197

650
652
654
694

1,333
1,265
1,150
1,139
1,106
1,078
1,039
995
956
955

2,431
2,478
2,527
2,567
2,692
2,821
2,877
2,962
2,949
2,959

1,740
1,686
1,722
1,767
1,848
1,937
1,952
2,067
2,134
2,141

691
792
805
800
844
884
925
895
815
818

1
Includes rediscounts and overdrafts; excludes acceptances of other banks and foreign bills of exchange
sold with indorsement.
2 Dates of reports of member banks; figures for nonmember banks are from reports of nearest available
date.




179

CONDITION OF ALL BANKS
No.

79.—ALL BANKS—TOTAL INVESTMENTS 1 OF MEMBER AND NONMEMBER

BANKS, 1923-1927
[In millions of dollars]

All
banks
Date 2

NonNonMem- memmem- All
All
ber
ber
ber
banks i banks
banks banks
banks banks
Member

1923—June 30..
Dec. 31..

1,884
1,874

1924—June 30..
Dec. 31..

Philadelphia district

New York district

Boston district

NonMem- member
ber
banks banks

1,296
1,297

4,458
4,399

2,480
2,428

1,978
1,971

1,389
1,345

789
779

600
566

1,920
1,952

588
577
610
630

1,310
1,322

4, 695
5,084

2,667
2,946

2,028
2,138

1,395
1,469

791

604

1925—June 30..
Dec. 31_.

1,993
2,023

632
670

1,361
1,353

2,898
2,785

2,143
2,103

1,494
1,447

868
852

626
595

1926—June 30..
Dec. 31..

2,112
2,123

719
720

1,393
1,403

5,041
4,888
5,055
4,935

2,910
2,806

2,145
2,129

1,485
1,487

845
862

640
625

1927—June 30..
Dec. 31..

2,269
2,345

792
817

1,477
1,528

5,305
5,336

3,100
3,158

2,205
2,178

1,611
1,650

927
972

684
678

Cleveland district

Richmond district

1,304
1,290

897
884

407
406

525
512

1924—June 30..
Dec. 31..

1,370
1,436

950
1 019
,

420
417

1925—June 30..
Dec. 31..

1,436
1,399

426
414

1926—June 30..
Dec. 31..

1,449
1,414

1927—June 30_.
Dec. 31..

1,537
1,587

010
1,
985
1,025
989
1,089
1, 135

266
255

244
251

182
185

62
66

256
265

233
250

170
182

63

268

284
347

204
247

424
425

496
528
530
529
536
530

259
257
240
263
to to
o to

1923—June 30..
Dec. 3 1 -

Atlanta district

265
264

271
266

331
329

233
231

448
452

582
642

297
334

285

353
384

256
276

Chicago district

St. Louis district

1,026
1,028

383
363

455
444

336
329

119
115

333
340

1924—June 30..
Dec. 31..

1,448
1,627

389
448

109
123

1,661
1,679

472
477

423
462
489
503

314
339

1925—June 30..
Dec. 31..

1,059
1,179
1,189
1,202

350
359

139
144

337
424
465
489

1926—June 30..
Dec. 31..

1,735
1,676

1,205
1,154

530
522

511
517

368
366

143
151

1927—June 30..
Dec. 31_«

1,832
1,911

1,251
1,339

581
572

554
579

406
423

148
156

1
2

84

107

178
194

153
163
158
156

211
245

177
204

135
144

291
307

174
182

509
499

197
192

528
571

320
350

209
222

124
148

San Francisco district
866
864
coco

144
161

127
132

COOO

Dallas district
161
186
161
170

COCO

259
247
238
278
310
327
345
359
377
408

00 OO

333
329
314
361
394
416
430
454
476
515

206
208
213
276

coco
ooco

1,409
1,391

Kansas City district

97
108

M i n n e a p o l i s district

1923—June 30..
Dec. 31_.

1923—June 30..
Dec. 31..
1924—June 30..
Dec. 31..
1925—June 30..
Dec. 31..
1926—June 30..
Dec. 31..
1927—June 30..
Dec. 31..

100

1,001
1,051
1,060
1,107
1,128
1,267

592
562
575
677
697
732
736
776
827
943

274
302
288
302
304
319
324
331
301
325

Excludes bonds borrowed.
Dates of reports of member banks; figures for nonmember banks are from reports of nearest available
date.



180
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
80.—ALL

BANKS—DEPOSITS (EXCLUSIVE OF INTERBANK
MEMBER AND NONMEMBER BANKS, 1923-1927

DEPOSITS)

OF

[In millions of dollars]
All
banks

Date i

Mem- Nonber membe:
banks banks

Boston district

New York district

1923—June 30.
Dec. 31..

4,581
4,687

1924—Jane 30.
Dec. 31 _
1925—June 30.
Dec. 31.

4, 867
5, 032
5,218 | 2 112
,
5,402 I 2 245
II

3,106
3,157

1926—June 30.
Dec. 31.

5,579
5,593

2 296
2 285

3,283
3,308

1927—June 30
Dec. 31

5,810

2, 358
2, 443

3,452
3,565

1,830 I 2,751
1,879 I 2,808
2,982

Cleveland district
3,596
3,662

1923—June 30.
Dec. 31.

1,149
1,168
1,204
1, 218

1925—June 30
Dec. 31

3,808
3,855
I
I 4,042
I 4,078

2,447
2,494
2,604
2, 637
2,781
2,804

1,261
1,274

1926—June 30
Dec. 31
1927—June 30
Dec. 31

!
|
I
j

2,929
2,882
3,031
3,026

1,297
1,263

1924—June 30
Dec. 31

4,226
4,145
4,325
4,349

1,294
1,324

Chicago district
5,S62
5,951

1923—June 30..
Dec. 31..
1924—June 30
Dec. 31
1925—June 30
Dec. 31
1926—June 30
Dec. 31
1927—June 30_.
Dec. 31-.

6,119
! 6,446
6,737
_ . . J 6.855 j|
I 7,005
I 6,970
7,167
7,325

Mem- ! Nonber member
banks banks

11,393
11,971 ;
12.970 !
13,547 !
14,334 '
14, 398
14.971
15,153
16,233
16, 297

2, 083
2, 217
2, 170
2, 222
2, 244
2,378

2,300
2,333

1, 727 j
1,737 |

3,762
4,004 j

2,357
2,442

4,185 i 2,552
4,285 ! 2,570

Philadelphia district

1,319
1,374

9,177
9,686

5,794 | 3,479 i 2,094
5,467 j 3,602
2,166

1,385
1,436

9,971
10, 006

6,262 | 3,645 I 2,186
6,291 I 3,787 j 2,243

1,459
1, 543

1,214
1,272

Atlanta district

939
997

1 304
1 410

817
879

487
531

1,018
1,092

964
1,011

850
953

513
600

1,090
1,157

993
1,060

1 363
1 553
1,704
2,107

1,027
1,220

1,138
1,164

1,032
1,058

1, 805
1, 741

1,108
1,092

677
887
697
649

1,193
1,242

1,051
1,136

1, 674
1, 736

1,066
1,104

632

Minneapolis district

1,016

747
721

1,570
1,538

1,720 I

1,873 I

1,014
1,121

706
752

1,904
2,031

754
731

1,481
1,596

816
807
805
876

676
720

1,097
1,182

1,602
1,622

871
880

731
742

861
847

715
679

842

665
674

4,340
4,316

2, C65
2,654

1,985
1,965

1,171
1,186

814
779

II
1,576 1
1
1, 526 j|

4,462
4,647

2,705
2,679

1,970
2,047

1,187
1,250

783
797

1,507 !|
1,560 i!

Kansas City district

1,119
1,171

988
1,044

St. Louis district

3,562
3,618

Mem- Nonber member
banks banks

6,778 I 4,615 2,776 i 1, 657
1
7,418 4,553 2,898 I' 1, 727
j 1, 757
7,925 5, 015
2,971 ! 1,894
!
8,800 4,747
3,166 I
8,838 5,496 3,278 ' 1,959
'
9, 453 4,945
3,450
2, 076

Richmond district
1, 927
2, 041
1,982
2,103

banks

Dallas district

San Francisco district

645
779

206
280

3, 252
3,424

2, 271
2, 292

1,132

1,075

670
795

211
280

3,439 i 2,313
3,666 i 2,510

1,126
1,156

809
810

1,006
1,099

764
822

242
277

3,745
3,993

2, 566
2,743

1,179
1,250

766
776

1,008
1,053

7G1
800

247
253

3,971 ! 2,714
4,115 i 2,882

1,257
1,233

1923—June 30 ..
Dec. 31

1,814
1,765

1,046
1,021

768
744

1,059

1924—June 30
Dec 31

1,732
1,901

1,013
1,082

719
819

1925—June 30
Dec 31

1,922
1,950

1,113
1,140

1926—June 30
Dec. 31—

1,920
1,924

1,154
1,148

851
917

981

1,099
4,072
2,973
758
249
1,158
800
1,049
897
285
773
1,182
4,252
3,113
1,139
1,957 ! 1,185
i
i Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date.

1927—June 30
Dec. 3 1 . . .




1,916 1

CONDITION OF ALL BANKS

181

CONDITION OF ALL BANKS, BY STATES
No. 81.—ALL BANKS—TOTAL LOANS AND INVESTMENTS, 1 BY STATES, 1923-1927
[In millions of dollars]
1925

1924

1926

1927

State
June 30 Dec. 31 J u n e 30 Dec. 31 J u n e 30 Dec. 31 June 30 Dec. 311 June 30 Dec. 31
U n i t e d States
New England:
Maine
New HampshireVermont
Massachusetts..
R h o d e Island
Connecticut
M i d d l e Atlantic:
| q N e w York
£H N e w Jersey
Pennsylvania...
E a s t N o r t h Central:
Ohio
Indiana
Illinois
Michigan.
Wisconsin
West N o r t h Central:
Minnesota
Iowa.
Missouri
North D a k o t a South D a k o t a . . .
Nebraska
Kansas_.
South Atlantic:
Delaware
Maryland
District of Columbia.
Virginia
West V i r g i n i a . . .
N o r t h CarolinaSouth C a r o l i n a . .
Georgia
Florida
E a s t South Central:
Kentucky
Tennessee
Alabama
_.
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming. _
Colorado
N e w Mexico
Arizona...
Utah
Nevada..
PacificWashington
Oregon
California

j43, 737. 8J44, 003. 4 45,179. 8 47,182. 3 48, 830. 2 50, 603. 3 51, 561. 9;52, 018. 2 53, 723. 3J55, 423. 0
371.
389.2
363.8
394. 61 410. 0
347. 8
348. 6
352. 4J 356. 0
411.5
258.5
269.9
255.7
270. 4
282. 5
236. 3
236. 7
283.6
245. 3!
246. 8
219.8
227. 2] 227. 9
217 A
235. 5
195.1
198.4
239.3
205. 31 208. 4
). 7! 3,862.9 3, 959. 9
3,071.2 3,087.5 3,174. 7| 3, 275.1 3, 443. 3 3, 569. 3 3, 683. 9
468.5
479.1
495. 0
513. 5
407. 2
408. 3
525.1
426. 2
440. 2
456.2
905.8
938.1
970. 0 1, 009. 9 1, 052. 9 1, 088. 7 1,101.0 1,159.1 1, 224. 6
10, 799.110, 804. 6 11, 633. 8 12, 378. 5 12, 647. 13, 086. 113, 437. 5 13, 711. 614,581.1 15, 290. 4
1,538.8 1,586.0 1,652.61 1,756.7 1,867.0 1, 979. 8 2,073.11 2,175.5 2,255.4 2, 351. 5
4, 347. l| 4, 365. 7 4, 551. l| 4, 764. 9 4, 916. 85, 052. 5 5,181. 4 5, 284.1 5, 406. 5 5, 557. 2

I

2,126.6 2,123.8 2,190.2 2,225.5 2, 349. 2 2, 379.1 2, 466.01 2,451.9; 2,552.1 2, 562. 6
832.1
803.4
^79. 5
773. 6
869.3
868. 7i 880. 9
770. 81 780. 2
875.9
2, 977. 7 2, 976. 8 3, 079. 4 3, 261. 4 3, 348. 6 3, 444.1 3.515.1 3, 516.91 3,657.2 3, 710. 4
1, 302. 6 1,320. 0 1, 386.1 1,452.1 1, 599. 7 1, 659. 3 1.736.2 l,761.0| 1,835.2 1, 860. 9
753.3
874. 71 876. 3
904.9
813.9
777.6
753.1
773.0
834.9
905.9
934.2
919.1
902. 6| 896.1
940.1
923.1
943.9
910.9
875.3
922.4
886.6
956.
856.6
836.4
791.1
783. 3
889.8
911.0
955.0
786.8
1,150.1 1,163. 0 1,131. 3 1, 214. 3 1, 217. 7 1, 272. 3 1, 254. 3 1,237.7! 1,242.3 1, 269. 8
152.9
154.6
148. 0; 135. 01 129.1
147.9
184.1
149.9
164.2
128. 0
163.5
146.9
144.5
164. 7
227.6
163.8
123. Oi 120. 3
217.7
126.8
424.3
430.8
419.1
414.5
423.2
398.6
412. 7j
404. 6
422.3
411.0
401.5
409.1
389.4
411.9
378.5
404. 5
400. 7
400.6
95.0
638.0

104.4
650.2

109.0
680.2

112.2
719. 9

114.
745.5

119.0
749.9

123.8
769.8

788. 5

136.3
837.6

197.3
500.5
362.7
353.8
221.
358.0
219.3

199.2
506.1
368.3
367.5
224.3
368.1
231.2

195.4
506.
367.
368. 5
224.
353.3
252.3

209.7
507. 5
367.0
368.0
218.7
350.2
296.3

218.8
515.3
360.7
380.0
215.4
360.6
435.5

230.8
536.9
366.3
383.9
205.
367.8
652.1

232.2
532.5
366.2
397.4
201.1
374.2
501.7

232.8
531. 3
364.0
392.9
181.6
346.2
460.6

241.5
536.5
365.4
387.8
180. 8
352. 2
401.9

236.5
560.0
364.5
408.0
190.2
360.6
376.6

434.7
358.4
223.0
178.2

439.0
383.
237.4
182.1

430.2
370.5
233. 5
182.0

433.2
364.2
242.5
180.2

444.2
372.1
248.8
194.4

453.4
390.6
261.9
207.3

461.2
391.3
269.2
217.0

465.2
393.7
267. 3
206.0

477.0
383. 3l
272. 0;
212. 6|

486.6
400.5
289.7
225.1

190.4
351.8
352.6
805.5

.

100.7
634.

191.3
382.3
323.9
876.7

192.5
348.8
310.0
833.5

189.7
375.3
308.5
894.8

201.3
371.8
335. 3
891.3

207.9
422.3
348.7
935. 5

213.8
405.6
367.7
920.1

198.6
417.4
356.1
904. 6j

198. 8
199. 4
397. 4
413.1
370. 7| 379. 6
942.8J 1,008.0

146.6
75.3
68.5
280.0
50.4
60.6
118.2
30.

123.5
74.5
68.1
270.2
41.4
60.5
120.5
29.9

105.
70.0
61.8
260.2
30.9
58.7
122.3
30.4

113.2
69.6
48.3
272.6
27.
58.3
128.4
30.6

118.2
69.7
49.2
271. 21
27.2!
59.6j
129.2
32.2

122.4
73.6
51.4
258.7
26.8
56.7
137.5
34.0

123.9
73.3
50.3
256.6
29.0
57.
135.5
34.8

129.3
76.7
52.4;
262. 4
31.0
58.3
143.4
35.2

130. 2:
73.2
51. 8!
256.1
31.8
61.9J
140. 8
35.7

140.9
78.3
54.6
264.2
35.4
66.4
152. 2
35.9

360.7
379.51 388.6
398.4
401.1
406. 6
423.1
357. 3
357.1
350.3
243. 4|
249. 5
253.1 254. 0
236.4
253. 0
260. 7
241. 71 237. 5 238. 2
2, 445. 3 2,477.6| 2,533.5 2,681.2 2,799.5! 2,953.2 3,004.2 3,121.31 3,128.2 3,234.9

1
Includes rediscounts and overdrafts; excludes bonds borrowed and acceptances of other banks and
foreign bills of exchange sold with indorsement. Figures for member banks are for dates specified; for
nonmember banks, for nearest dates for which reports are available.
Nonmember bank figures covered by Tables 81-83 include private banks subject to State supervision.




182

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 82.—ALL BANKS—TOTAL

LOANS, 1 BY STATES, 1923-1927

[In millions of dollars]
1923

1925

1926

State
June 30 Dec. 31 June 30 Dec. 31

United States
NewIEngland:
Maine
New Hampshire
Vermont
Massachusetts. .
Rhode Island.__
Connecticut
Middle Atlantic:
N e w York
New Jersey
Pennsylvania. _.
East N o r t h Central:
Ohio
Indiana
Illinois
__..
Michigan
Wisconsin
West N o r t h Central:
Minnesota
Iowa
Missouri
N o r t h Dakota _ .
South Dakota... _
Nebraska
Kansas
South Atlantic:
Delaware
__
Maryland
District of Columbia
Virginia
West Virginia...
N o r t h Carolina .
South Carolina..
Georgia
Florida
E a s t South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana...
Idaho
_.
Wyoming
Colorado
N e w Mexico
Arizona
Utah.
Nevada
Pacific:
Washington
Oregon
California

June 30j Dec. 31 J u n e 30 Dec. 31 J u n e 30 Dec. 31

30, 377. 8 30, 778. 4 31, 523.1 32,440. 5 33,865. 4 35, 640. 0 36,157.4 36, 758. 8 37,337. 8 38,384. 9
167.4
176.1
168.7
159.1
155.3
187.6
179.8
196.2
183.8
194.5
120.
126. 4
121.1
113. 5
112.9
131.5
127.9
131.1
140.0
140.0
144.3
149.0
143.3
140.9
139.4
148.4
151.4
152.4
155.0
151.6
2,082.8 2,108.4 2,168. 0 2, 254. 2 2,399. 2 2, 501. 7 2, 560. 6 2, 581. 2 2, 637. 3 2, 691. 0
216.7
246.7
233.0
221.9
208.4
205.9
258.8
265.8
274.3
276.5
595.5
502.0
557.9
526.1
479.0
460.0
615.5
620.1
658.1
702.5
7,004.4 7, 066. 4 7, 620. 6 8, 022. 2 8,345.3 8,942. 6 9,146.1 9, 549. 2 10, 081. 10, 787. 7
),
913."
864.7
970.1 1,018. 9 1,130. 7 1, 232.9 1,315.6 1,412.8 1, 464.8 1, 535.8
2, 411. 3 2,471. 9 2, 549. 7 2, 661. 3 2, 785. 3 2, 994. 2 3, 068. 9 3,193. 8 3,136.4 3, 206. 7
1, 573. 2 1, 587. 7 1, 619. 7 1, 638. 5 1, 754.1 1,804. 9 1,857. 6 1, 857. 5 1,895. 8 1, 906. 2
588.0
590.6
618.0
594.5
594.0
676.2
641.0
676.1
658. 7
673.8
2, 217.4 2, 232.0 2, 281. 0 2, 356. 8 2,479. 6 2, 560.1 2, 606. 8 2, 651. 4 2, 694. 2 2, 714.3
948.0 1,001.0 1,023.1 1,115.3 1,177.3 1,248.0 1,279.7 1,328.4 1, 330.7
930.5
579.7
584.6
573.7
602.5
625.2
606.1
591.8
625.8
618.3
633. •
692.7
867.0
879. 9j
164.
213.0
377.1
354.5

679.3
871.9
884.1
145.1
202.8
382.4
340.3

646.7
832.6
870.9
132.1
148.8
358.8
325.0

665.7
800.2
924.1
117.4
143.2
366.7
321.2

630.5
784.3
901.3
117.8
137.0
367.6
325.9

622.4
761.8
949.2
114.5
123.1
371.7
328.8

589.9
733.9
921.4
113.0
114.7
360.5
331.

580.3
695. 5
906.5
103.0
94.3
351.0
318.4

546.6
676.0
891.1
99.9
91.0
338.7
311.5

549.9
678.2
902.9
93.3
93.3
335. 3
303.0

51.4
369.2

56.6
375.3

59.6
394.7

58.2
397.3

429.3

67.6
462.3

69.5
465.3

73.2
488.6

78.4
476.4

83.2
493.0

138.1
422.2
294.1
316. 0
192.1
320.8
160.9

141.7
428.9
304.1
330.9
191.2
329.8
173.2

140.1
435.9
303.6
331. 2
194.7
319.8
189.7

148.2
435.8
310.0
331.0
185.1
314.2
225.

157.7
446.1
301.5
344.9
184.4
320.1
335.2

169.8
465.6
309.2
348.2
170.5
324.5
509.8

171.3
457.9
305.5
357.2
169.
326.6
379.8

174.4
455. 9
306. 51
353.0
148.5
298.8
343.3

181.8
457.2
299.9
342.4
144.1
297.8
278.4

176.7
469. 8
299.9
348.6
144.4
295.3
252.0

328.5
304.7
182.3
141.3

348.
330.3
195.9
144.7

343.5
322.5
192.0
147.8

346.2
319.5
196.9
143.6

356.1
327.5
206.0
154.6

364.1
344.1
213.4
163.4

371.1
344.2
223. 5
173.3

371.8
345.6
219.2
160.9

370.0
334.2
221.7
163.1

373.3
344.7
231.7
172.3

163.5
295.6
282.2
665. 71

166.9
320.2
250.1
712.5

170.5
301.8
243.3
691.6

164.9
325.1
230.1
746.0

175.4
321.6
247.4
734.2

182.2
360.6
244.9
766.5

186.9
341.4
255.7
754.1

173.8
354.0
236.5
740.5

170.5
331.4
245.4
756.2

166.7
336.1
246.0
793.4

|
60.8
61.1
194. 5;
44.7
48.6!
93. 5!
24.6|

96.0
57.6
59.6
189.1
36.2
48.5
95.8
23.9

78.5
53.7
52.9
178.8
26.1
46.8
95.4
23.8

75.4
50.6
38.4
181.8
22.6
46.1
98.0
23.7

78.8
50.4
38.2
178.3
21.4
45.6
100.5
25.2

78.3
50.6
38.7
169.4
19.5
43.2
108.9

80.6
49.4
37.4
162.9
20.4
42.9
106.5
27.1

81.3
49.8
38.1
166.1
20.7
40.2
114.3
27.5

83.8
47.8
37.4
159.4
20.3
42.5
111.5
27.9

88.1
48.6
38.4
164.3
22.8
44.2
122.5
27.8

235.7
244. 7!
245. 2
247.1
251.2
257.
262.5
264. 5
260. 0
261.1
165.9
165. 9|
167.1
163.9
162.0
158.6
168.0
162.4
160.9
149.6
1,808.91 1,855.7 1,909. 1, 968. 9 2,071. 0 2,185. 6 2,232.51 2,321.7 2,312. 7 2,318. 6

I
Includes rediscounts and overdrafts; excludes acceptances of other banks and foreign bills of exchange
sold with indorsement. Figures for member banks are for dates specified; for nonmember banks, for nearest
dates for which reports are available.
1




183

CONDITION OF ALL BANKS
No. 83.—ALL BANKS—INVESTMENTS, 1 BY STATES, 1923-1927
[In millions of dollars]
1924

1923

1927

1926

1925

State
June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31

United States
New England:
Maine
New Hampshire
Vermont
Massachusetts..
Rhode Island. . .
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania...
JEast North Central:
Ohio
Indiana.
Illinois
Michigan
Wisconsin
West North Central:
Minnesota..
Iowa
Missouri
North Dakota...
South Dakota...
Nebraska
Kansas
South AtlanticDelaware
Maryland
District of ColumbiaVirginia
West Virginia...
North Carolina.
South Carolina..
Georgia
Florida
East South Central:
Kentucky..
Tennessee
Alabama
Mississippi
West South Central:
Arkansas. _
_
Louisiana
Oklahoma
Texas.,. .
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada.
Pacific:
Washington
Oregon
California

13,360.0 13,225.0 13,656.6 14,741.8 14,964.8 14,963.3 15,404. 5 15,259.5 16,385.5 17,038.1
187.7
187.3
205.4
213.8
189. 5
192.0
207.0
217.0
185.0
129.3
138. 9
142.5
125.7
123.2
130.6
143. 6
138.8
124.4
76.5
68.4
71.4
80.5
87.7
65.1
57.5
74.8
61.0
979.1 1,006. 7 1,020.9 1,044.1 1,067. 6 1,123.3 1,118.5 1,225. 6 1,268.9
229.2
218.3
221.8
223.2
239.2
248.6
209.5
199.9
220.3
480.9
443.9
457.4
436.1
522.1
426.8
452.0
473.2
501.0

192.5
123.4
55. 7
988.4
201.3
419.8

3,794. 7 3, 738. 2 4,013.2 4,356. 3 4,302. 5 4,143. 5 4,291. 4 4,162. 4 4,500.1 4, 502. 7
746.9
762.7
790.6
737.8
736.3
757.5
815.7
682.5
672.1
674.1
1, 935. 8 1, 893. 8 2,001. 4 2,103. 6 2,131. 5 2,058.3 2,112. 5 2,090.3 2,270.1 2,350. 5
553. 4
188.9
760.3
372.0
168.7

536.1
185.6
744.8
372.0
173.4

570.5
176.8
798.4
385.1
181.2

587.0
185.7
904.6
429.0
203.9

595.1
185.4
869.0
484.4
211.4

574.2
191.1
884.0
481.9
228.8

608.4
193.2
908.3
488.2
248.9

594.4
192.5
865.5
481.3
251.1

656.3
207.1
963.0
506.9
271.5

656.4
217.2
996.1
530.2
287. 6

226.4
89.8
270.2
19.3
14.6
46.1
57.4

231.6
83.1
278.9
19.1
14.9
39.9
59.5

228.6
78.4
260.4
17.8
15.0
39.8
53.5

278.2
89.6
290.2
30.5
21.5
47.8
68.2

303.7
102.3
316.4
35.1
26.5
56.7
75.6

317.7
94.8
323.1
40.1
23.8
59.1
80.3

333.2
102.5
332.9
35.0
29.8
58.6
76.8

322.3
95.6
331.2
32.0
28.7
61.7
86.1

349.5
107.3
351. 2
29; 2
29.3
65.9
89.2

372.5
108.6
366.9
34.7
33.5
75.7
97.6

43.6
268.8

44.1
259.4

44.8
255.5

50.8
282.9

48.4
290.6

47.2
283.2

49.5
284.6

50.6
281.2

53.2
312.1

53.1
344.6

59.2
78 3
68.6
37.8
29.7
37.2
58.4

57.5
77.2
64.2
36.6
33.1
38.3
58.0

55.3
70.7
64.2
37.3
30.2
33.5
62.6

61.5
71.7
57.0
37.0
33.6
36.0
70.7

61.1
69.2
59.2
35.1
31.0
40.5
100.3

61.0
71.3
57.1
35.7
35.2
43.3
142.3

60.9
74.6
60.7
40.2
31.4
47.6
121.9

58.4
75.4
57.5
39.9
33.1
47.4
117.3

59.7
79.3
65.5
45.4
36.7
54.4
123.5

59.8
90.2
64.6
59.4
45.8
65.3
124.6

106.2
53.7
40.7
36.9

90.4
53.3
41.5
37.4

86.7
48.0
41.5
34.2

87.0
44.7
45.6
36.6

88.1
44.6
42.8
39.8

89.3
46.5
48.5
43.9

90.1
47.1
45.7
43.7

93.4
48.1
48.1
45.1

107.0
49.1
50.3
49.5

113.2
56.0
57.9
52.8

26.9
56.2
70.4
139.8

24.4
62.1
73.8
164.2

22.0
47.0
66.7
141.9

24.8
50.2
78.4
148.8

25.9
50.2
87.9
157.1

25.7
61.7
103.8
169.0

26.9
64.2
112.0
166.0

24.8
63.4
119.6
164.1

28.3
66.0
125.3
186.6

32.7
77.0
133.6
214.6

26 9
14.5
7.4
85.5
5.7
12.0
24 7
5.8

27.5
16.9
8.5
81.1
5.2
12.0
24.7
6.0

27.1
16.3
8.9
81.4
4.8
11.9
26 9
6.6

37.8
19.0
9.9
90.8
5.3
12.2
30.4
6.9

39.4
19.3
11.0
92.9
5.8
14.0
28.7
7.0

44.1
23.0
12.7
89.3
7.3
13.5
28.6
7.1

43.3
23.9
12.9
93.7
8.6
14.7
29.0
7.7

48.0
26.9
14.3
96.3
10.3
18.1
29.1
7.7

46.4
25.4
14.4
96.7
11.5
19.4
29.3
7.8

52.8
29.7
16.2
99.9
12.6
22.2
29.7
8.1

105.6
70.5
636.4

112.1
74. 6
621.9

110.0
71.6
623.9

125.0
79.6
712.3

128.3
81.4
728.5

131.0
85.6
767.7

133.9
85.1
771.7

141.1
91.6
799.6

145.5
92.1
815.5

160.6
111.1
916.3

1
Excludes bonds borrowed. Figures for member banks are for dates specified; for nonmember banks,
for nearest dates for which reports are available.

110390—28




13

184

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

CONDITION OF ALL MEMBER BANKS, BY CLASSES
No.

84.—ALL MEMBER BANKS—RESOURCES AND LIABILITIES OF NATIONAL
AND STATE BANK MEMBERS, DECEMBER 31, 1926
AND
1927

[In thousands of dollars}
Total
Dec. 31,
1926

National banks

Dec. 31,
1927

Dec. 31,
1926

l

Dec. 31,
1927

State bank members
Dec. 31,
1926

Dec. 31,
1927

RESOURCES
Loans and discounts (including over22,652,044 123,886,393 13,481,965 14,641,073 9,170,079 9,245,320
drafts) 2
---2,279,427 2,744,827 1,109,536 1,232,730
United States Government securities. 3,388,963 3,977,557
Other bonds, stocks, and securities... 5, 600,708 6,382,962 3,505,850 4,149,498 2,094,858 2,233,464
1641715 4246912
31,641,715 34,246,912 19,267,242 51,535,398 12,374,473 12,711,514
Total loans and investments
Customers' liability on account of
369, 855
255,464
512,945 I 699,701
acceptances.
257,481
329,846Banking house, furniture, and fix699, 725
644,258
998,212 1,067,200
tures
353,954
367,475
114,100
122, 878
173,727
177,229
Other real estate owned
59,627
54,351
360,071 |
523,370
351,420
522,596
171,176
Cash in vault
163,299
2,514,465
850,662
Reserve with Federal reserve b a n k s . .
1,359,386 1,509,253 j
1,005,212
Items with Federal reserve banks in 2,210,048
784,391
process of collection..
_
266,982
520,399 |
543,268
810,250
263,992
Due from banks, bankers, and trust
2,209,831
519,549
companies
560,274
1,545,969 1,649,557 |
Exchanges for clearing house and 2,065,518
781,537
1,086,474
990,616
checks on other banks in same place- 2,077,090 1,508,418
726,881
200,159
72, 897
106,321
181,593 ;
108, 696
Outside checks and other cash items.
93,838
Redemption fund and due from
32,785 i
32,785
33,281
33,281
United States Treasurer.
Acceptances of other banks and foreign bills of exchange sold with
194,530
95,349
254,506 j 431,968
159,157
237,438
indorsement
24,193
26,986
44,345 I
35,212
17,359
11,019
Securities borrowed
241,559
273,471
504,314 I 456,003
230,843
214,444
Other assets
Total

42,029,644 |44,888,140

25,669,069 28,148,557 16,360,575 16, 739, 583

LIABILITIES
203,447
Capital stock paid in
955,349
Surplus fund
Undivided profits, less expenses and
785,517
taxes paid
Reserved for taxes, interest, etc.,
120,386
accrued
51,445
Due to Federal reserve banks
Due to banks, bankers, and trust
4,002,995
companies
Certified and cashiers' or treasurers' I
| 1,141,102
checks outstanding
il7,638,648
Demand deposits
Time deposits
i l l , 439,859
234,116
United States deposits
.
Total deposits
34. 508,165
Agreements to repurchase United (
States Government or other securi- I
ties sold
!
32,537
Bills payable (including all obligations represent ing money borrowed,
556,301
other t h a n rediscounts)
203,565
Notes and bills rediscounted
Acceptances of other banks and foreign bills of exchange sold with
254,506
indorsement
Letters of credit and travelers'
checks sold for cash and outstand20,499
ing
515, 046
Acceptances executed for customers.
Acceptances executed by other banks
35, 917
for account of reporting bank
645,956
National bank notes outstanding
44,345
Securities borrowed
148,108
Other liabilities
Total

I 2,337,780
2,124,020

1,409,923
1,216,141

1,527, 709
1,313,483

793, 524
739,208

810,071
810, 537

477,010

530,576

308, 507

348,904

128, 757
52,073

61,297
38,179

76,440
39,381

59,089
13,266

52,317
12, 692

4,541,516

2,799,580

3,154,684

1,203,415

1,386, 832

584,578
456,119
839, 556
556,524
383,437
18,170,140 10,762,262 1,223,602 6,876,386 6,946, 538
J12,764,
6,531,355 7,805,787 4,908, 504 4,959,011
i 266,981
135,713
167,314
98,403
99,667
136,635,064 20,851,667 22,846,887 13,656,498 .3, 788,177
32,785

18,485

12,843

14,052

19,942

562,095
101,380

391,593
138,716

410,149
71,233

164,708
64,849

151,946
30,147

431,968

95,349

194,530

159,157

237,438

21, 641
721, 473

7,778
250,361

9,218
374,852

12,721
264,685

12,423
346, 621

22,318
649,877
35,936
203,566

23, 268
645,956
26,986
54,539

14,506
649,877
24,417
91,837

12,649

7,812

17,359
93,569

11,519
111,729

|42,029,644 44, 888,140

25,669,069 28,148,557 16,360, 575

.6, 739, 583

1
Member banks only—i. e., exclusive of national banks in Alaska and Hawaii.
2
Excludes acceptances of other banks and foreign bills of exchange sold with indorsement, which are
shown separately.




185

CONDITION OF ALL MEMBEK BANKS
No.

85.—ALL . MEMBER BANKS—RESOURCES AND LIABILITIES OF RESERVE
CITY AND COUNTRY BANKS, DECEMBER 31, 1926 AND 1927

[In thousands of dollars]
Central reserve city
banks
Dec. 31,
1926

Dec. 31,
1927

6,181, 296
918, 603
1,000, 312
8,100,211

510, 342
163, 307
3,357
71, 917

834, 730

243, 693

Dec. 31,
1927

1, 036, 253

247,178

Dec. 31,
1926

7,014, 378
1,128, 979
1,126, 574

370,150
147, 072
2,640
72, 915

Other reserve city
banks

Country banks
Dec. 31,
1926

D e c . 31,
1927

RESOURCES

Loans and l discounts (including
overdrafts) ...
-,.
United States Government securities.
Other bonds, stocks, and securities...
Total loans and investments
Customers' liability on account of
acceptances
Banking house, furniture,and fixturesOther real estate owned.
Cash in vault
Reserve with Federal reserve banks...
Items with Federal reserve banks in
process of collection
Due from banks, bankers, and trust
companies
Exchanges for clearing house and
checks on other banks in same place.
Outside checks and other cash items. _
Redemption fund and due from
United States Treasurer
Acceptances of other banks and
foreign bills of exchange sold with
indorsement..
Securities borrowed
Other assets
Total-

8,165, 367
1,182, 691
1, 672,807
9,269,931 11,020,865

8, 461, 824 8, 305, 381 8,410,191
1, 546, 869 1, 287, 669 1,301, 709
1, 895, 487 2, 927, 589 3, 360, 901
11,904,180 12,520,639 13,072,801

128, 998
383, 856
52, 487
156, 442
749, 305

171, 959
405,151
57, 648
157, 666
814, 687

439, 255

420, 231

123, 817

120, 467

845, 946

899, 057

981, 424

1, 069, 939

412,154
82, 223

339, 708
104, 213

108, 941
32, 047

98, 221
32, 968

13,
467,
118,
293,
626,

797
284
6C0
239
013

17,
498,
116,
293,
663,

400
742
224
787
525

238,148
1, 555, 995
67, 323

240, 835
1, 070, 489
62, 978

1,723

1,881

7,460

7,969

23, 602

23, 431

191, 444
394
324, 989

359, 228
350
270, 411

61, 272
24, 714
135, 757

70, 910
21,524
135, 207

1,790
19, 237
43, 568

1,830
13,338
50, 385

12,154, 912 13, 304, 972

14, 500, 734 15, 510,110

115, 373, 998 [16, 073, 058

LIABILITIES

Capital stock paid in
Surplus fund
Undivided profits, less expenses and
taxes paid
Reserved for taxes, interest, etc.,
accrued
_
Due to Federal reserve banks
Due to banks, bankers, and trust
companies
Certified and cashiers' or treasurers'
checks outstanding.
Demand deposits
Time deposits
United States deposits
Total deposits
Agreements to repurchase United
States Government or other securities sold
Bills payable (including all obligations representing money borrowed
ot her than rediscounts)
Notes and bills rediscounted
Acceptances of other banks and
foreign bills of exchange sold with
indorsement
Letters of credit and travelers'checks
sold for cash and outstanding
Acceptances executed for customers. _
Acceptances executed byother banks
for account of reporting banks
National-bank notes outstanding
Securities borrowed
Other liabilities
Total.

501, 880
571, 290

573, 500
654, 796

745, 786
652,021

796, 530
698,044

955, 781
732, 038

967, 750
771,180

240,191

270,103

229, 428

273,141

315, 898

336, 236

45, 065
40

50, 265
14

44, 720
11, 556

43, 831
12, 822

30, 601
39, 849

34, 661
39, 237

1, 826, 349

2,141, 775

1, 912, 488

448, 055

487, 253

212, 824
223,190
5, 772, 857 5, 943,198
4,157, 526 4, 692, 468
132, 306
146, 518
12,026,026 12,920,318

107,115
5, 952, 782
5, 957, 104
42, 382
12,547,287

122, 858
6, 078, 080
6, 471, 517
50,161

13,249,106

810, 797
503, 874
5, 913, 009 6,148, 862
1, 325, 229 1, 600, 813
59, 428
70, 302
9,934,853 10,465,640

1, 728, 591

5,910

1,053

24, 467

29,428

2,160

2, 304

149, 590
3,891

250, 531
11, 702

242,178
100, 065

180, 769
30, 066

164, 533
99, 609

130, 795
59, 612

191, 444

359, 228

61, 272

70, 910

1,790

1.830

17, 045
369, 357

16, 795
525, 432

3,178
134, 442

4,642
180, 592

276
11, 247

204
15, 449

28, 578
33, 971
394
61, 454

15, 454
37,287
350
72,836

6,320
146, 679
24, 714
59, 438

5,287
155, 758
21, 524
99, 270

1,019
465, 306
19,237
27, 216

1,577
456, 832
14,062
31,460

12,154,912 13,304,972

.4,500,734 15,510,110

15, 373, 998 16,073,058

i Excludes acceptances of other banks and foreign bills of exchange sold with indorsement, which are
shown separately.




CONDITION OF ALL MEMBER BANKS IN EACH DISTRICT

00

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927
BOSTON DISTRICT
[In thousands of dollarsl
Loans and investments
Investments 3
Call date

Total

Loans 1.2
Total

1914
Dec. 3 1 . . .
1915
Mar. 4___
May 1
June 2 3 . .
Sept. 2. Nov. 10..
Dec. 3 1 . . .
1916
May 1
June 30—
Sept. 12..
Nov. 17..
Dec. 27. _
1917
Mar. 5—
M a y 1.-..
June 20..
Dec. 3 1 . .
1918
May 10June 29..
Nov. 1...
Dec. 3 1 . .
1919
Mar. 4 . . .
June 30-.
Nov. 1 7 Dec. 3 1 . -

Due
United Other
from
States bonds, banks *
Govern- stocks,
ment
and
securi- securities
ties

Capital, I
Net de- Reserve Bills
Net
surplus j
United
ma
with
payable N u m and
Total D e de- n d Time States Due to demand mand
de- 6
plus
Federal and re- ber of
7
undi- deposits posits
dedebanks
posits
time 5 reserve
disvided i
posits deposits banks counts 2 b a n k s
posits
profits

514, 767

179,579

63, 632

115,947

89,092

199, 795

622, 560

451,458

64,102

3,063

103, 937

13,917

4,738

441

695, 673
723, 368
722, 715
819, 038
889,413
895, 598

516,889
539, 447
536,924
619. 064
676,113
681, 551

178, 784
183, 921
185, 791
199, 974
213, 300
214, 047

63,199
63, 507
63, 008
62, 902
62, 412
61, 906

115,585
120, 414
122, 783
137, 072
150, 888
152,141

86, 699
94, 977
97, 566
128, 903
151, 643
118,100

200,188
198,887,
201, 510
214,""
212, 430
211, 396

620,417
668, 295
663, 593
781, 262
882,886
862,805

449, 084
478,864
486, 613
564, 241
651,212
640,754

68, 015
76, 859
74, 641
88, 487
91, 513
93, 537

2,922
2,438
2,606
2, 235j
2,173|
1,717

100, 396
110,134
99, 733
126, 289
137, 988
126, 797

16,404
16, 612
17, 233
18, 402
21,199
27, 860

4,048
3,970
4,284
3, 650
3,061
5,918

439
438
436
435
434
433

907, 317
932, 791
942, 637
975, 571
968,902

699, 044
725, 780
730,357
758,829
747, 540

208, 273
207,011
212, 280
216, 742
221,362

54, 500
54, 415
54, 307
53, 998
53, 797

153, 773
152, 596
157, 973
162, 744
167, 565

134, 585
97, 287
100, 949
98, 618
94, 557

204,134

926, 769
895, 595
904, 217
959,446
936,622

671, 609
649, 984
658, 019
693, 432

105. 068
119,029
118,182
126, 211
127, 700

1,811
1, 793 i
1,719
1,774
1,754

148, 281
124, 789
126, 327
138,029
117, 370

27, 299
36, 000
40, 639
54, 994
56, 380

7,410
7,65f
12, 954
17, 715
23,198

408
403
400
398
398

788,884
1, 014, 517
»771,839
1,004, 886
9 786, 235
,028,465
, 234,049 0.10947,544

225, 633
233, 047
242, 230
286, 505

53, 003
56, 269
67,183
89,004

172, 630 109,194
176, 778 112,313
175, 047 99,464
197,501 120, 387

207, 519 1,004, 288 705, 661
213, 786 1,019,611 731, 018
220, 248
969, 279 695, 326
237, 792 1,165, 062 803, 627

140, 997
143,863
148, 267
173, 062

1,746

155,884
142,864
120,966
133, 046

23, 697
60, 293
58,897 9 18,851
9
35, 729
54, 030
85, 707 9 116,423

395
391
392
403

418,044 9.101,047, 650
423, 673 9.101,060,909
648,499 " 1,183,023
576, 583 " 1,136, 247

370,394
362, 764
465, 476
440, 336

144,194
138, 501
239, 698
211,484

226, 200
224, 263
225, 778
228,852

132, 652
157, 201
134, 518
126, 754

265, 841
264,917
273, 384
274, 522

1, 390,163 903, 050
1, 412, 526 917, 514
1,590,"' '1, 024, 248
314 L,
1,480, 983 1 092, 569
L,

207,806 146, 835
201, 575 159,125
209, 965 218, 706
216, 078 32, 328

9 1,071, 513
91, 218, 541
91, 297, 053
«1, 337, 075

530, 257
450, 781
440, 487
442,141

298,034
200,160
182,133
186, 308

232, 223
250, 621
258,354
255, 833

115, 385
116,026
121,730
126, 340

278, 096
285,098
293, 008
290, 454

1, 468, 053 ,1020, 362
i,
1, 559, 742 ,1,
104,262
, 223, 751
1,666,
1, 689, 5121, 221, 564

232, 915
247, 012
269, 329
276,175

694,346

1, 601, 770
1, 669, 322
1, 737, 540
1, 779, 2161




206, 069
204, 966
206, 843

4^720
55, 327

80, 682
70, 743
28, 53942, 756!

()

01)
(»)

768,167
916, 434
828, 564 1, 001, 626

132,472 923, 245
134,312 937,979
137, 395 1 , 052,163
140, 008 1:, 103,866

1,131, 051
1,139, 554
1, 262,128
1, 319, 944

95, 349 9 56, 384
84, 349 9 53,931
96, 934 9 106, 701
9
101, 612 167, 895

414
416
420
423

134, 094 1 ,
137, 725 1 ,
144, 7101 ,
149, 017 1 ,

1, 274, 570
J, 356,119
1. 480, 454
1, 493, 297

9
100, 981 9 150,479
109,541 9 157, 780

423
429
430
432

041, 655
109,107
211,125
217,122

112, 546|
113, 837i

9

153, 072
193, 936

1920
M a y 4_._
June 30-.
Nov. 15—
Dec. 29..

1, 782, 213
1,816,066
1,847,968
1,828, 446

1,359, 758
1,404,568
1,437,863
1,421,871

1921
Apr. 28_ .
June 30-_
Dec. 31__

1, 747,870
1, 737, 724
1, 728,951

1,349,499 398, 371
1, 330, 910 406,814
1, 292,866 436,085

1922
Mar. 10..
June 30 —
Dec. 29..

1, 753,634
1,840,370
1, 940,910

1923
Apr. 3...
June30._.
Sept. 14..
Dec. 31.1924
Mar. 31..
June30...
Oct. 10...
Dec. 31...
1925
Apr. 6
June 30--.
Sept. 28. .
Dec. 31...
1926
Apr. 12._.
June 30...
Dec. 31...
1927
Mar. 23...
June 30._.
Oct. 10-..
Dec. 31._.

422,455
411,498
410,105
406, 575

253, 238
250,139
250, 329
250,371

145,156 1, 242, 776 1, 556,985
,
140,172 1, 259,861 1, 580,417
,
137,172 1, 247, 749 1,607, 781
,
128,146 1 163,883 1, 528, 991

120,039
117, 233
121,133
116, 407

132,108
142, 246
133, 368
174, 317

431
432
434
437

145,461 252, 910 69,371 334,051 1, 594,5851. 062, 790 390,828 23,262
,
146,039 260, 775 72,345 332, 910 1,611, 3681. 075, 452 393,492 30,223
,
159,646 276,439 90,049 328, 859 1, 667,
0311L, 093,405 408,778 25,445

117, 7051,,100,216 1,491,044
112, 201 1,087,506 1,480,998
139, 4031 ;,120,589 1, 529,367

107,373
103,919
110,440

104, 739
95,588
63,273

438
436
436

1,297,154 466,029
1,290,819 549,551
1,360, 707 580, 203

172,566 283,463 81,926 336,880 1,679, 1111., 077,957 429,645
:
222, 231 327,320 88,416 336, 676 1, 821,523 1, 185,139 480,337
L,
252, 241 327,962 85,972 341,189 1, 923,457 i 234, 538 510,961
L,

142, 310 r 118, 583 1, 548, 228 110, 244
!
,
1,
141, 684 , 197, 5381, 677,875 118,829
.
,
1
152,834 1 254,974 1, 765,935 129,027
,

37,155
33,601
59, 859

436
433
429

1, 969,736
2,031, 548
2,046,991
2,017,467

1,395,154
1,443,972
1,466,144
1,440,407

574, 582
587, 576
580,847
577,060

247, 503
257,459
253,106
249, 397

327,079
330,117
327, 741
327,663

83,864
79,175
79,873
92,943

341,830
343, 218
340, 726
335,621

551,328
1,929,611
574,
1,962,"" 1, 216, 567 781 38,182
055 .',
593,934 20,803
1,976, 189 1 227,
L,
2,022, 3221L, 256,092 599.437 23, 552

153, 3771, 223, 394 1, 774, 722
132, 525 1,233,447 1,808, 228
133, 643 1, 246,848 1, 840, 782
143, 241 1, 261,258 1,860,695

123,011
125, 773
122,910
124,243

63,903
71,377
80,249
74,200

427
427
424
424

2,008,342
2,052, 373
2,159,930
2,133, 539

1,441,409
1,442,660
1, 524,296
1, 503,933

566, 933
609, 713
635,634
629,606

237, 550
249, 332|
243, 543
243,009

329,383
360,381
392,091
386, 597

73, 729
102,631
102, 740
102, 551

340,304
341,710
347, 779
338, 921

1,989, 958 1,195, 338
2,101, 6921 , 255,367
2, 219, 597 1, 296, 221
2, 225, 584 1 328, 286
" :,

633, 558
657.438
702, 701
685,875

21, 555
25,119
41,814
36,150

139, 5071 , 212,164 1,845, 722
163, 7681,, 279,946 1,937,384
178, 861 1,339, 768 2,042,469
175, 273 1, 348,4552,034, 330
— '
.

121,920
130,161
136,458
140, 840

40,896
20,886
9,842
39, 777

421
421
419
419

2,174, 362
2, 233, 551
2,304,449
2, 361, 779

1, 547, 736
1, 601, 878
1,670,070
1,692, 247

626,626
631, 673
634, 379
669,532

239, 983
232, 736
232, 530
247,490

386,643
398, 937
401,849
422,042

84,469
88, 607
87,157
104,944

361,307
363, 459
359,046
357, 928

2,192,140 1
,253,968
2, 270, 3311, 340, 279
'
2, 302, 544 , 364, 726
1
2,410,994 1 433, 757
,

733,041
758, 742
762, 858
782, 875

35,902
12,913
19,656
27,916

169, 229 1, 293, 8702,026,911
.
158, 397 1, 350,456 2,108, 998
155, 304 1, 381,9362,144, 794
',
.
166, 446 1. 426,888 2, 209, 763
.
,

132, 902
141,042
141, 545
141,116

41,082
55,649
46, 249
71,910

420
420
420
420

2, 373,498
2,409, 270
2,428,155

1,668, 643 704, 855
1,690,063 719,207
1, 708, 281 719,874

53, 727 168, 218 1, 385,805 2,198, 266 143, 796
30,211 161, 810 1, 405,825 2,249, 895 145,607
.
22, 566 161, 864 1,403, 781 2, 261, 949 147, 755

31, 261
48, 321
83,467

418
416
416

2,436, 708
2, 535, 667
2, 597, Oil
2, 582, 622

1, 687,125
1, 743,948
1, 785,651
1, 765,143

171, 745 1,360, 544 2, 251, 507
194, 244 1,418,854 2, 351,197
189, 811 1 , 455,453 2,419,982
.
207, 8121. 479, 6012,453, 568
,

37, 821
60,484
37, 781
31,975

415
414
414
413

1
2

749, 583
791, 719
811, 360
817,479

169,217
161,359
159, 776
156,204

101,312
97,099
89,872
82,938

310,302
312, 490
321,339
328,820

1,701, 8131,, 225, 799
:
1, 734,4001L, 252,006
1, 761,18011,241,732
1, 664,8671L, 143,190

,
274, 757 430,098 90,542 368, 659 2, 395, 852 . 361,446 812,461
1
256,848 462, 359 93, 797 361, 503 2, 457, 656 •, 421, 565 844,070
1
1
237,182 482, 692 92,382 365,463 2,446, 968 : 404, 370 858,168
,
255, 739
254,097
250, 600
267,616

493,844
537, 622
560, 760
549, 863

84,994 379,172 2,432, 204 1,330,364
103,185 389,942 2, 552,834 1
,402,311
94,307 397, 255 2,614, 276 ,420, 667
,
1
119,993 394,661 2, 651, 0191; 447,663
,
.
,

Includes rediscounts and overdrafts.
Excludes acceptances of other banks and foreign bills of exchange sold with
indorsement.
3
Excludes brads borrowed.
4
Does not include items with Federal reserve banks in process of collection, or
amounts due from foreign banks or own foreign branches.
5
Includes certified and cashiers' or treasurers' checks outstanding.




314, 209
320, 556
360,032
365,108

890,963
932, 343
964,529
973, 967

16,649
21, 666
22, 244
28,423

29,199
14,363
25,124

39,132
23,936
39, 269
21, 577

142, 872
149, 723
148,087
155, 948

6
Includes postal-savings deposits, except that such deposits of State bank members
prior to June 20, 1917, are included with demand deposits.
7
Includes amounts due to Federal reserve banks, foreign banks, and other banks,
bankers, and trust companies; does not include due to own foreign branches.
8
Deposits subject to reserve requirements.
9
Includes small amounts of bills sold with indorsement.
io Excludes customers' liability on letters of credit for State bank members.
" Not available.

No.

86.—ALL

MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued

00
00

NEW YORK DISTRICT
[In thousands of dollars]
Loans and investments
Investments 3
Call date
Total

Loans1 - 2
Total

United
States
Government
securities

Other
bonds,
stocks,
and
securities

Capital,
Net
surplus
Demand Time United
Due
States Due to demand
and
Total
defrom
dedeposits
dedeundibanks ?
6
4
posits
posits
banks
posits
posits 8
vided
profits

1914
Dec. 31

1, 777, 617

i, 384,058

393, 559

83, 502

1915
Mar. 4
May 1
June 23. _
Sept. 2
Nov. 10
Dec. 3 1 . . . .

1,891,393
1, 959, 919
1,994,489
2,293, 621
2, 649, 966
2, 723,466

1,498, 931
1, 564,213
1, 580, 536
1, 806, 593
2, 098, 731
2,163, 527

392,462
395, 706
413,953
487, 028
551,235
559, 939

79,779 312, 683
82,227 313,479
81,919 332,034
94,462 392, 566
93, 679 457, 556
93, 379 466, 560

113,049
120,904
114,51l!
169,285!
193,407:
191,'

404,198
403,513
407,511
450,399
456, 853
450, 577

.,156,798
2,090, 099 1
2,337, 4591i, 359, 551
[,266,279
2,294, 517 1
I,478,451
2,729,
.,801, 826
3,175, 503 1
,
3,280, 3191L 904,153

93,058
105, 888
115,428
158, 533
169,041
179, 028

3,961 836,282
3,484 868, 536
3,800 909,010
,
3, 5661: 088, 622
3, 294 1, 201, 342
L,195,131
!, 007 1

1916
May 1
June 30
Sept. 12..
Nov. 17__
Dec. 27

2, 814,874
2, 759,273
2, 918, 671
3,040, 329
2, 941, 985

2,185, 903
2,140,081
2,240, 813
2, 353, 045
2,262,313

628, 971
619,192
677,858
687,284
679, 672

89, 748
87, 030
86,180
84,392

539, 223
532,162
591,678
602,892
598,683

225,464;
191,355;
200,988
236,8041
211,865

465, 350
465,195
486,736
496,994
498, 277

3,471,018 2,024,223
3,275,818 1, 962, 273
3,388,144 2,035, 361
3, 718, 932 2,247,435
3,507,059 2,056,116

208, 627
229,100
242, 935
252,581
258,459

2,000 1,236,168
2,5551,081,890
1,852 1,107,996
1, 938 1,216,978
1, 913 1,190,571

Mar.
May
June
Dec.

1917
5_._.
1
20
31

3,120,573
I 3,152,184
3,376,842
5,462,858

81, 760 599, 684
107, 819 623,431
247, 631 616,125
593, 264 1,019, 204

198,418
223,835
192,579
303, 633

500, 589
504,278
509,173
751, 534

3,735, 836 2,133,063
3,906,222|2,343,227
3,794, 929 2, 294,352
6,402,548 4,252,427

May
June
Nov.
Dec.

1918
10
29
1
31

6,275,174 9.103,957,491 2, 317, 683 1,330,262 987,421 332,426
785,975 985,554 364,792
6,052,850 9.104, 281, 321 1, 771, 529
9 4,674,8681,992,443 1,011,816 980, 6271 387,410
6,667,311
[,019,833; 403,009
94,510,68112,055,138 1,035,305 1
6,565,819

818,445
810,498
868, 385
863,231

6,633,368
6,545,
6,954,
7,285,723

537,066
538, 818
560, 326
562,115

2,439,129 681,444
92,420,934 731,250
9 2,513,086 863,756
0 3,850,3901,612,468




310, 057 147, 073 401,000 1,984,987 1,227,260

4,103, 965
1,882,417
•t 331, 592
. ,
,
5,045,
"'1,425

Net demand
plus .
time
deposits

Bills
Reserve
payable Numwith
Federal and re- ber of
disreserve
banks
banks counts 2

110,879

10,413

124,218
127, 601
143, 517
149,192
185,461
182, 265

9,226
7,441
7,300
6,189
4,938
6,234

479
479
478
614
614
613

193,414
188, 800
202,227
225, 624
229, 662

4,844:
4,909
16, 585,
13,438
18,976

629
623
624
622
622

275,136
1, 936 1,325,701 (»)
295,057
2,1311,265,807
(")
()
289,216 89,055 1,122,306 2, 938,156
510,486 305,2241,334,4114,792,855 3, 227, 372
5, 303, 341

253, 371
12,313
275,873 •17,7701
329,440 9 161, 255
671, 961 9 256, 398i

624
624
625

655, 914 1,336,423 4, 817,1205, 354,186
>.,
701,245 ! l,422,915 :, 760, 702 5, 299, 520
636,7371,425,425 :, 964, 615 5, 524, 941
191,2061,486,977 5, 544, 686 6,106,801

688,276 9 459, 998
757,199 9 280, 557
645, 674 9 632, 520
708, 505

687
718
723

76, 599

4,979

676,149
01)

()

()
01)
(»)
01)

()

1919
Mar. 4
June 30
Nov. 17__Dec. 31

6,792,311
7,039, 781
7,488, 871
7, 491,026

1920
May 4
June 30
Nov. 15_.__
Dec. 29.—

7, 377,565
7,491, 647
7,448,091
7,437,422

L
5, 537, 096 1 , 840,469
\
.,
5, 704, 993 1, 786, 654
[,
5,753, 710 1, 694, 381
5, 691, 541 '1, 745,881

808, 684 1, 031, 785219,
779,912 1,006,742 229,
1,
701,396 992,985 174,
702, 603 1,043, 278 181,
1.

1921
Apr. 2 8 . —
June 30
Dec. 3 1 . . . .

6,944, 263
6, 857,163
6, 745, 932

5, 219, 600 1,, 724, 663
5, 040, 264 t, 816, 899
4, 829, 296 li, 916, 636

,168 1 008, 775 5, 138,686 6,145, 382 631, 856 598, 604
1,
652, 055 L 072, 608 147,145 , 141,986 6, 896,438 4, 759, 799 006, 696 121,
1,
.,
,
7,
9,408 6, 250, 576 620, 510 358, 675
747, 396 1,069, 503 189, 756 , 136, 584 " 465, 7255,194,670 981,168 196, 591 1, 093, 296 5, 269,
1
1,
1,
1
811, 563 1,105, 073 153, 590 , 101,914 7,163, 0814, 895, 242 047,905 108, 464 ".,111,470 5 ,352,129 6, 400, 034 724, 373 212, 069
""
""'

1922
Mar. 10
June 3 0 . - Dec. 29

6, 584, 737
7,126.832

1,108, 473 112, 268 1,141, 366 5,179, 2016, 287, 674 683, 409
39, 643 1,, 065, 263 141, 435 140,107 7,141,394 4, 779, 287
.
4,648,831 1, 935, 906
7,
, 404
: 234, 858 162, 336 144, 688 8, 241,894 \ 685,185 1, 343, 726 45, 018 1,167, 965 5, 685, 714 029, 440 732, 04r
,
4, 721, 868 2, 404, 964 1,170,
,
5,
7,108, 611 756, 020
:
4,932,8012, 533, 807 1,339,197 1, 194,610 169, 438 , 185, 2808, 580,449 i 709,3931,438, 246 218,392 1, 214, 418 5, 670, 365

74,846
70, 956
167, 268

796
799
803

1923
Apr. 3
June 30
Sept.14.._
Dec. 31

7, 454, 089
7,497,451
7, 293,253
7, 494,010

,
4, 980, 882 2, 473,: 1, 323, 622.1 149, 579155, 347 ,
I, 201!
.
5, 017,. 444 2,480,007j 1,314,491 1,165, 516 153,136 ,
,
226 ,
4, 902,895 2, 390, 358S 1, 219,196 . 171,162 141, 226 1,
i;
,
' ~ " "'2
5, 066,154 , 4 2 7 , 8 5 6 1, 228,164 . 199, 692190, 096 ,

238, 334
203, 963
209, 207
166,190

813
821
827
835

June 3 0 . . .
Oct. 10__ _
Dec. 3 1 . - -

7, 590, 730
8,070,966
8,471, 246
8, 666, 683

,
1,
,
5,179,101 2,411, 629 1,172. 822 : 238, 807155, 082 1,
234, 431 8, 793,375 5, 606, 670 1, 744, 61074, 248 1,367, 847 5, 590, 7827,335,392
,
,922 1,
5, 404, 044 2, 666,922 226,982 . 439,940 189,
1
239, 667 9, 508,469 6,101,980 1, 786, 274 36, 472 1, 583, 74316,158, 0247,944, 298
927, 035
8,404,843
5, 544, 211 2927035 1,366, 7911 560, 244 190, 055 l267,110 9, 437, 284 5, 777, 664 1, 978, 009 615 1, 618, 996 6, 426, 834
,
62,
,
, ,
946371 1, 321, 606[ 624, 765203,212 1,267, 123 10,464,541 6, 737, 861 2, Oil, 599 50, 538 1, 664, 543 6, 743, 907 755, 506
5720 ,
8,
,
1
'"
5,720,312 2,946,371

616 107,153
506
948 471-157
556 100,152

843
840
845
855

1925
Apr. 6
June 30
Sept. 2 8 . - - .
Dec. 31

8, 499, 410
8, 745, 748
8, 833,166
9, 296, 598

1,
,322,771 9, 416,314 5, 827,960 2,082, 315 84, 799 1,421, 240 6,161,
. .
5, 634, 028 2, 865, 382 252,9411, 612,441 169,194 1,
,265 8, 243, 580 777,110
1,243,"" 1, 653, 643 207, 783,1339, 541 10, 391,134 6,
.
',
134 6,712,757 2,099,725 25, 851 1, 552, 801 6, 601, 8, 701, 349 848, 817
5, 848,148 2, 897, 600
,624
8,
1,
1,
422 6,167, 795 2, 111, 813 66,115 1, 332, 699 6, 332, 300 444,113 801, 882
5, 982, 394 2,850, 772 202, 517I, 648,255 178,141 1,343, 249 9, 678,
>,
1,
1,
^7,200,083 2,178,484 74, 352 1, 583, 638 6, 943, 833
9,122, 31"
1,
6, 511,496 2, 785,1021,186, 237 L, 598, 865 205, 724 ,367,649 11, 036, 557

168, 78C
138, 95C
231,187
258,133

857
866
874

1926
Apr. 1 2 . - J u n e 30
Dec. 3 1 . —

9, 039, 654
9, 308, 438

,
6,207,468 2,832,186 1,171,4141 660, 772 187,772 1, 431,45610, 046,142 6, 306,968 2, 253,128 71,03' 1,415, 009 6, 427, 968 8,681,096 781, 876
L,
2,312,027 42, 021 •1— - "
6,398,775 2, 909, 663 1,196, 774 L, 712, 889 202,914 1,432, 738 10, 743,387 6, 823,091
738 10, 743,387
-07>434 9,119, 461 864, 614
1,
6,861,"" \ 805, 663 1, 060,404 L, 745, 259 230,709 1,499, 73311, 248,839 7,179, 541 2,445,92J 60,03*- 1, 563,336 6,920,812 9, 366, 737 840, 895
1.
., 318 2,

156, 512
110,458
211, 854

885
896
913

1927
Mar. 2 3 —
J u n e 30
Oct. 10
Dec. 3 1 . —

9, 595,924
10,125, 804
10,135, 010
10, 946,991

6, 601,146 2, 994, 778 1,183, 807 1,810, 971 182,240 1,
7, 026, 078 3, 099, 726 1,176, 803 1, 922, 918227,765 1,
7, 111, 070 3,023,
023,940, 1,162,68311,861,257 198, 73" 1,
248,865 1,
7,788,539 3, 158, 452 1, 212, 650! 1, 945, 802
""

161, 51
112, 56C
185,495
314,25S

924
927

1924
Mar. 31...

,011,528 319, 827 885,200; 6,839,027 4,501,001 592,897
94,285,314 2, 506, 997 1,495,469 1,
9
,
1,052, 921 1, 029, 346 1, 023, 575 391,016 912, 338 7, 825, 773 5,284, 706 637, 772
4,986,860 2,
.
9 5,352,699 2,136,172 1,042, 562 1,, 093, 610436, 066 977,450 8,089,465| 5, 621,884 816, 349
.
»5, 554, 825 1,936, 201 868,158 1,, 068,043 458,293 963, 928 8,379,545 5, 851, 734 804, 785

For footnotes see p. 187.




,
072 057, 436 7, 520,417 i 263,463
,
096 057,196 8,065,242 i 653, 800
,
049 131, 245 7, 699,092 i 464, 241
,
351 , 139, 789 7,475, 971 i 208, 732

367,2981,377,8315,111,004 5,703,9011 668,942
452,158 1,451,137 5, 501, 390 6,139,162 747,185
176,016 1,475,216 5, 746,357 6, 562, 706 731,162
256, 828 1,466,198 5, 839,315 6, 644,100 752,355

784, 607
612, 387
821, 530
797, 232

861,105 99, 821 1 296,028 5, 771, 886 6,632,991 726, 596 803, 689
,
;
,
881, 858 122, 831 1,406, 7535,954,800 6,836,658 732, 871 738,047
i
950, 050 85,— 1, 199, 7431,558,150 6,508,200 717, 955 . 007, 782
058
,
965,107 143, 5381 , 158, 594
5,476,621 6,441,728
916, 350

1,
189, 3478, 010, 782 5, 066,466 578, 708 163, 621
.,905
192, 4257,994,994 5,085,"" 1, 610, 560 81,806
C " ' 954
217, 6947,748,4214, 971,954 1, 639, 550 31, 687
1,666,420 62, 666
208,144 8, 732,857 5, 689, 041
f

418, 827 6, 997, 535
, 201, 987 5,
.
,
. 216, 723 5 , \ 123 7,109, 683
,
'"
6,
: 105, 230 5, 294, 296 933, 846
,
7,
: 314, 730 5, 625, 363 291, 783
,

717, 53'
700, 431
682,911
713,14"
738,
756,
831,
885,

559, 062 10, 466,552 6, 411,148 2, 527,820
112, 072 1,415, 5126, 645,14' 9,172,964 929, 202
602, 008 11, 686,863 7, 283,437 2, 654, 557 922 \, lib, 94" 204,96: 9, 859, 518 918,169
32,
lj
7,
652, 653 11,182, 245 6, 686, 640 2, 748, 230
152,037 595; 338 6, 840,131 9, 588, 369' 901, 892
702, 548 11, 916, 527 7, 093, 200 2, 837, 085 808 1,910, 434
75,
—
"17,614,51 10,451,5961,037,883

724
734
746
753
769
771
780
784
791
793
795

937

00

No.

86.—ALL MEMBER BANKS—PRINCIPAL

RESOURCES AND LIABILITIES ON CALL DATES,

1914-1927—Continued

CO
O

PHILADELPHIA DISTRICT
[In thousands of dollars]
Loans and investments
Investments 3
Call date
Total

Loansl2
Total

Capital,
Net de- Reserve Bills
Net
with payable NumDue surplus Total Demand Time United Due to demand mand
and
plus
Federal and re- ber of
de- 5
de- 6 States banks 7
from 4 undi- deposits
dedeUnited Other banks
time 8 reserve
disposits
posits
vided
posits
posits deposits banks counts 2 banks
States bonds,
profits
Govern- stocks,
ment
and
securi- securities
ties

1914
Dec. 3 1 . . . .

931,919

630,321

301,598

75, 624

225,974 127,340

236,261

896, 795

609,417 147,026

2,711

137,641

18,512

7,464

758

1915
Mar. 4
May 1
June 23
Sept. 12....
Nov. 10...
Dec. 31

942,696
959,954
964,741
802,394
841, 774
846,066

630,720
642,409
638,557
532,961
561,783
562,242

311,976
317,545
326,184
269,433
279,991
283,824

75,029
74,874
74, 760
61,345
61, 214
60,685

236,947
242,671
251,424
208, 088
218, 777
223,139

134,491
140,340
144,702
128,284
130,888
111,059

235,795
236,502
237,315
196,498
197,905
197,456

909,869
926,888
942,556
790,570
834, 214
844,406

616,620
618, 901
632,132
501, 997
524,768

147,095
153,980
160,520
136, 293
143,634
146, 715

2,748
2,355
2,475
2,676
2,146

143, 406
151,652
147,429
149,604
163,666
162, 546

20,459
21,248
19,443
20, 238
27, 267

4,934
5,281
5,372
3,526
2,175
3,055

759
759
758
627
628

1916
May 1
June 30
Sept. 12.. _
Nov. 17
Dec. 27-

895,061
901,887
918,611
952,253
950,903

595,381
599,127

299, 680
302, 760
312,623
325,982
331,031

58, 752
58,135
58, 788
58, 510
58,494

240,928
244,625
253,835
267,472
272,537

121,810
107, 728
118,795
124,336
103,814

197,585
196,859
199,429
200,837
202,131

903,675
889, 560
926,907
979,440
966,514

564,388
552, 222
575,849
608,335

163,762
170, 262
182,925
190,801
195,259

1,150
1,650
1,207

26,712
34,108
41,294
47,443
62,114

2,638
2,585
4,714
10,101

633, 764 344, 726
• 644, 589 358,863
9 635, 850 370,004
489,500

58,380
63,337
76,377
109,323

286,346
295,526
293,627
380,177

121, 573
119,978
101,125
144,351

202,189
203,222
205, 052
259,946

1, Oil, 813 609, 971
1,047,173
1,001,291 619,288
1,281,261 804,423

208, 582 1,1P4
219,687 1, l b l
219, 268 1,213
248, 727 31,306

192,066
189,487
161, 522
196, 805

582,985
546,433
673,499
660,414

204,192
172,546
295,523
281,302

378, 793
373,887
377,976
379,112

109,359
119,031
112,617
114,334

267, 630
267,202
285,995
289,723

1,322, 717
1,275,816
1,434, 749
1,399,502

256,198
256, 728
264, 275
285,171

178,848
171, 604
167,127

626,271
619,872

1917
Mar. 5
May 1
June 20. __
Dec. 3 1 . . .

978,490
1, 003,452
1, 005, 854
1, 251, 667

1918
May 10
June 29
Nov. 1
Dec. 31.—

1, 351,592 9,10768, 607
1,327, 221 9,1078O, 788
1, 585,827 9 912, 328
1,542,496 »882,082




784,823
756, 766
836, 377
901,715

174,375
165,426
166,926
179,006
1^ 204 163,083

102, 848
90,718
166, 970
25,644

()
(")

59,877
6,212
63,578 9 7,104
64,553 9 21, 859
85,046 » 41, 822

631
629

1,107, 549 97,817 9 41,493
1, 070, 999 84,107 »64, 231
1,167,399 88,483 » 128,927
1,243? 863 97,867 »186,322

645
647
654
661

722,120 941, 388
858, 345 1,107, 072

851,351
814, 271
903,124
186,972 958,692

629
629
631
632
631

1919
Mar. 4
June 30
Nov. 17—.
Dec. 31....

1,647,659 9 876,921
1, 703, 868 6 981, 231
1,731,159 9 1, 049, 960
9
1, 746, i
1,067, 528

770,738
722,637
681,199
678,561

382,212
322,188
274,248
273,243

388,526
400,449
406,951
405,318

1920
May 4
June 30
Nov. 15—.
Dec. 29

1,758,602 1,097,605
1, 764,843 1,122,805
1,784, 911 1,147,158
1,763,811 1,123,114

660,997
642,038
637,753
640,697

260,381
239,885
224, 516
227, 540

400,616
402,153
413,237
413,157

1921
Apr. 28....
June 30..-.
Dec. 31....

1,760,967
1,743,982
1,691,345

1,103, 360
1,076,218
1,026, 609

657,607
667,764
664,736

231,045 426,562 62,781 346, 596 1, 538,490 920,663 447,223 28,178 142,426
235,302 432,462 82,496 343,454 1, 573, 206 919, 521 449, 637 41,043 163,005
223,694 441,042 91,794 347, 822 1, 567, 318 902,160 466,531 29,405 169,222

1922
Mar. 10-.June 30_...
Dec. 2 9 —

1,707,462
1,731,097
1,831, 634

1,028,830
1,020,011
1,075, 741

711,
755,893

354,309 1, 586, 652 899,032 486, 240 23, 635 177, 745 963, 506 1,449,746 104,001
229,104 449,528
231,886 479,200 93,557 359, 539 1,652,914 960,479 495,846 11,420 185,169 1, 020,818 1, 516, 664 113,460
262, 794 493,099 109,103 383,421 1, 775,653 1. 019,458 521,677 30,622 203,896 1, 066,468 1, 588,145 116,132
,

1923
Apr. 3
June 30
Sept. 14—.
Dec. 31.__.

1,913,640
1,963,141
1,968,196
1,969,009

1,134,757
1,173,858
1,193,908
1,189,753

778,883
789,283
774,288
779,256

279,312
281,681
269,162
262,763

499,571
507,602
505,126
516,493

108,467
97,850
97,357
113,505

387,467
390, 655
398, 264
400, 928

1,841,452 1 026,991
,
1,842,171 1 018, 581
,
1,860,908 1 026,217
,
1,940,1971, 063,082

575,226
613,728
628,441
645, 252

32, 597
24, 776
14, 018
18, 769

206,638 1,070,969 1,646,195
185,086 1,056, 747 1, 670,475
192, 232 1,072,727 1,701,168
'
213, 094 ,: 075,444 1,720,696
!
,
1

Oct. 1 0 . . . .
Dec. 3 1 - . .

1,
2,03i; 362
2,137,583
2,162,974

1,214,437
1,240,407
1,285,853
1,283,288

773,647
790,955
851,730
879/686

251,066
236,300
244,084
257,384

522, 581
554,655
607,646
622,302

98,310
132,372
160,512
119,997

410,062
425, 265
443,186
441, 738

1,897,416 985,651
1,986,912 1 030, 285
i,
2,110,127 1
1,063,316
2,137,074 1,
1,093,770

679, 593
705, 706
742,770
774,356

33,448
20,906
42,937
25, 549

1S8,724 1,033,494
230,015 1,079, 752
261,104 1,134,922
243,399 1,153,978

1925
Apr. 6
June 3 0 - . .
Sept. 28—.
Dec. 3 1 — .

2,229,641
2, 248,606
2, 307,840
2, 336,929

1, 350,269
1, 380,644
1,446,386
1,484, 944

879,372
867,962
861,454
851,985

254,828
233,020
225, 886
224,877

624,544
634,9*42
635, 568
627,108

122,145
108,951
109,112
126,891

454, 274
460, 206
463,378
467,109

2,144, 862 1
[, , 082, 539
2,178, 111 1 131,039
,
2,192,458 1 130, 778
,
2,299,978 1,197,807

782, 709
809, 256
829,146
849,918

49,749
18,917
26, 712
28,906

1926
Apr. 1 2 — .
J u n e 30-._.
Dec. 3 1 — .

2,404,477
2,419,615
2,478,121

1, 545,600
1,574,278
1,615, 701

858,877
862,420

244,189 614,688 118,656
213,342 631,995 117,493
205,786 656,634 122,531

2, 518, 269 1, 593,840
2, 531,080 1,604,480
2, 589,323 1,619, 599
2,588,373 1,616,325

924,429
926,600
969,724
972,048

247,173 677,256 105,424 516, 626
233, 691
112,284 520,155
248,642 721,082 105,960 543,528
233,553 738,495 130,785 542,259

1924
Mar. 31—.
June 30

Mar.
June
Oct.
Dec.

1927
23—.
30_...
10-...
31-...

For footnotes see p. 187.




97,450 295,452 1,450,491 900,639
105,713 300, 285 1,456,415 921,689
95,610 314,612 1, 516,163 991,575
,
108,689 311,032 1,568,350 1, Oil, 291
89,411
94,998
95,805
83,295

325,050
325,311
338,476
339,864

1,540, 559 992, 606
,
1,586,825 1, 013,254
,
1,645, 515 1. 034,308
1,605,976 992,992

305,533
308,174
330, 709
337,223

58,634
56,708
25,826
39,934

185,685 990,351 1, 295,884 104,490 1207,3031
169,844 967, 549 1, 275, 723 93,913 250, 706
168,053 1, 023,581 1,354,290 105,145 9 231,284
179,902 li 025,590 1,362,813 108,091 1 242,785
,

668
676
678

366,208
386,497
422,389
422,221

9,583
19,032
18,054
24,482

172,162 1,037,729
168,042 1,040,329
170,764 1,074,690
166,281 1,039,643

1,403,937 105,637 227,748
1,426,826 102, 596 202,725
1,497,079 108,938 151, 566
1,461,864 107,250 159,996

687
688
700

982,379 1,429, 602 101, 680 153,127
960, 758 1,410,395 105, 724 145, 923
941,317 1,407,848 104,413 93,971

700
699
704

486,082 2, 291,391 1,152,189 880, 283 47,298
488,052 2,318,062 1,168,840 897, 745 27,070
li
507,067 2,385,463 1,193,841 942,801 29,388
2,369,165 1, 141,447 975,913
,
2,395,378 1 160,079L, 000,432
,
1
2,442, 727 1, 162,715L, 025,994
,
1
2,468,564 lj 167,660L, 054,625
,
1

45, 592
25, 778
41,613
21,013

64,707
53,036
53, 701

710
712
716

116, 272
116,108
114,275
118,960

70, 502
86,022
64,331

717
720
722
722

1,713,087
1,785,458
1,877, 692
1,928, 334

114, 381
121,313
124, 297
129,361

51,173
32,632
23,099
42, 386

724
730
736
738

229, 8651,,143,462 1,926,171
218, 8991,, 179, 6361,988,892
205, 8221., 180, 7882,009, 934
223, 347 li 220,548 2,070,466
,

119, 790
139, 752
129, 518
139, 801

40,180
54, 793
54, 980
61, 698

740
749
753
751

211, 6211,, 191, 7852,072,068 131,910
224, 4071, 210,013 2,107, 758 135,378
219, 4331 , 219,195 2,161,996 139,754

65,059

756
760

206,213 1, 202,407 2,178,320
,
209,089 1, 197,805 2,198, 237
212,405 1, 224,410 2, 250,404
,
225,266 1 200,087 2, 254, 712
,

52,640
65, 731
39, 513
72,839

138,391
140,900
141,789
142,118

75,116
770
773
776
777

No.

86.—ALL MEMBER BANKS—PRINCIPAL

RESOURCES AND LIABILITIES ON CALL DATES,

1914-1927—Continued

to

CLEVELAND DISTRICT
[In thousands of dollars]

Loans and investments
Investments 3
Call date

Other

Loans», 2

1914
Dec. 31

875, 802

621, 646 254, 156i

1915
Mar. 4
May 1
June 23
Sept. 12
Nov. 10
Dec. 31

857, 946
856,324
861, 221
879, 239
902, 495
916,418

613, 680
613, 928
614, 875
627, 525
638, 248
646, 871

1916
May 1
June 30
Sept. 12
Nov. 17
Dec. 27

991,289
1,045,110
1,084,190
1,113,368

Capital,
Due surplus
Total
and
from
undibanks 4 vided deposits
profits

deposits 8

banks

counts 2

227, 832

789,323

492, 257 159,921

4,374

132, 771

(»)

16,892

9,375

762

153, 575
159, 615

226, 203
224,118
225, 200
225. 877
226, 617
226, 261

808, 350
807, 097
818, 629
850,401
886,120
922, 235

491, 591
492, 844
505, 074
511,959
532, 502
553, 447

159, 053
159, 236
162, 473
168, 509
176, 573
183, 592

4,401
3,413
3,384
3,196
3,053
2,659

153,305
151, 604
147, 698
166, 737
173, 992
182, 537

(")
(»)
(")
(u)
(»)
(»)

17,114
17,087
17, 542
17,970
19,495
26,074

5,434
4,555
4,706
4,567
5,085
3,942

761
760
759
763
761
760

216,815
221, 582
239,454
256,190
261, 724

191, 219
199,917
193, 690
202, 695
189, 817

229, 094
229,274
231, 826
233, 778
236, 038

1,002, 666
1, 050, 689
1,100, 256
1,166,085
1,187, 632

584,421
616, 466
639, 662
682,479
703,052

204, 971
212, 870
228, 287
240, 884
246, 789

2, 673
2,828
2,545
2,656
2,583

210, 601
218, 525
229, 762
240,066
235, 208

(»)
C 11 )

28,072
37, 502
42,917
56,645
63,884

3,179
2,667
3,317
2,972
4,413

758
759
757
754
753

79, 816
84, 583
115, 266
196, 334

274,932
312, 292
306,849
396,661

224, 386
199, 294
177, 590
212, 291

235, 811
242, 619
246,130
306,816

1, 268, 633
1, 324, 596
1, 325, 374
1,

721, 588
760, 565
785, 570
944,141

263, 097 2,691
304, 721 2,725
313, 319 3,542
443, 657 67, 699

67,085
71, 686
77,560
116, 998

2,415
95,923
912,825
"53,845

752
753
753
763

266, 279
231,999
356, 397
340, 559

405, 716
403, 845
396, 779
404,835

175, 594 332,801 1,731,108 912, 647
198, 230 335,735 1,768,646 941, 251
177,910 356,093 1,883,4871

114, 005
131,481
149, 038
32,326

114,087 9 63,486
115, 634 9 51,952
117,635 9101,064
126,328 9121,357

772
776
807
814

84, 695 169, 461

104,

244, 266
242, 396
246,346
251,714
264, 247
269, 547

83, 582
82, 792
83, 013
83,370
83, 722
82, 893

160, 684
159, 604
163, 333
168, 344
180, 525
186, 654

131, 825
129, 050
132, 428

668, 757
689,116
724, 779
747,626
770, 990

298,151
302,173
320,331
336, 564
342,378

81,336
80, 591
80, 877
80, 374
80, 654

1917
Mar. 5
May 1
June 20
Dec. 31

1,153, 541
798, 793
1, 234,145
8837, 270
1,266,360 10 9 844, 245
1, 633, 558 • 1,040, 563

354, 748
396, 875
422,115
592, 995

191S
May 10
June 29
Nov. 1
Dec. 31

1, 767,362
1, 764, 790
1, 950, 543
1, 953,010

»1,095, 367
io 1,128,946
»1,197, 367
U , 207, 616

671, 995
635, 844
753,176
745, 3941




Net de- Reserve Bills
Net
Demand Time United Due to demand mand
with payable Numdede- 6 States banks7
plus
Federal and re- ber of
dedeposits posits posits
time
reserve
disbanks
posits

754

472, 920
473, 401
510, 065
203,704| 358,3181 1,935,2141,090,512 552, 997

281,
256,
222,
243,

(")
(»>
(»)

257
(»)
585
(»)
943 936,410 1, 249, 729
352 ., 033, 030 1,476, 687

231, 536
222, 513
222, 021

259,379

013,
015,
108,
188,

448
373
325
324

1, 486, 368
1, 488, 774
1,618,390
1, 741,321

1919
Mar. 4—_.
June 30
Nov. 1 7 —
Dec. 31.-

2,071,817i
2,103,651
2,206,893;
2, 246,169

1920
May 4
June 30-.
Nov. 1 5 —
Dec. 29...

2,323,084
2,359,097
2,432, 646
2,478, 904

1, 586,318
1,625,211
1, 699, 305
1, 717,069

1921
Apr. 28...
June 30...
Dec. 31...

2,467,190
2,450,944
2, 323,519!

1922
Mar. 10—
June 30.. .
Dec. 29...
1923
Apr. 3
June 30...
Sept. 1 4 —
Dec. 31.. _
1924
Mar. 3 1 —
June 30
Oct. 10. ..
Dec. 31...
1925
Apr. 6
June 30.-.
Sept. 2 8 —
Dec. 31.._
1926
Apr. 12...
June 30
Dec. 31.-_
1927
Mar. 2 3 —
June 30.-Oct. 10.-.
Dec. 31-..

U,197,160
91,294,491
91,415,700
91,474,748

874,657
809,160
791,193
771,421

456,968
381, 610
338, 405
311,113

417,689
427, 550
452, 788
460,308

217,140
181,351
172,700
182,284

365, 280
368.196
386,176
383.197

2,046, 509 1,119,195 586,866
2,033,134 1,127,426 605,038
2,100,319 1,192,531 653, 510
2,167, 758 1, 202, 397 677,381

736, 766
733,886
733, 341
761,835

278,834
276, 690
271,198
280, 028

457,932
457,196
462,143
481,807

154,259
163,406
194, 553
177,122

406,106
409, 241
426,498
430, 796

2, 213, 697 , 254,094
1
2, 298,149 1, 312, 635
,
2, 431, 620 , 361,126
,
1,
2,413, 423. 307,584
,
!
,
1,

67,213
78, 889
27, 227
48,379

273,235 1 238,859 1,825,725
L,
221,, 7811 212, 706 1,817, 744
.
.
,
r
227, 051 . 256,362 1,909, 872
,
1
,
239, 6011, 267,017 1, 944, 398
L,
I,

132, 761
124,981
129, 511
134, 591

9115,845
9112,0301
»159,887j
9175,073;

820
824
840
843

719, 234 8,795
736, 296
785, 091 22, 583
809, 628 40,396

231, 5741,337,924 2,057,158
228, 252 1,376,903 2,113,199
262,820 1, 451,277 2, 236, 368
255,815 1, 403,190 2, 212, 818

142,329 144,826
145, 367 124,072
155, 371 95, 740:
150,899 133,1211

857
860
870
873

1, 699, 731 767,459
1, 680, 979 769, 965
1, 601, 537 721,982

273, 828 493, 631 130,246 443,912 2, 270, 857 . 215,195
1,
,
23,138 185, 5441. 279, 3122,126, 292 139, 658 149,871!
,
1
272, 894 497,071 120,335 439, 985 2, 232, 915 . 184,280 846, 779 34, 357 167, 4991. 227, 8942,074,673 135, 317 165,0211
,
,
1
,
,
256,831 465,151 120,055 443, 540 2,139, 429 . 108,622 829, 679 31, 965 169, 1631. 152, 2491,981, 928 132,128 128, 557i

877
879

O
O
O

2, 361,397
2,415, 212
2, 566, 545

1, 604,331 757,066
1, 623,155 792,057
1, 674, 543 892,002

282,186 474,880 136,594 458, 202 2, 237, 915 1,135, 251 886,964 31,023 184, 677 1, 197, 5382,084, 502 132, 516
1,
,
302, 612 489,445 143,735 464,965 2, 346, 559 L, 221,410 915,898 15, 308 193, 943 1 270, 627 2,186, 525 141, 369
1
,
368, 591 523,411 159,714 479,440 2, 531,920 L, 265, 296L, 005, 547 35, 701 225, 376 i; 367,897 2,373,444 153, 239
1,
1,
.
,

65, 240
46,637
56,797

883

o

2, 635,721
2, 735,101
2, 737,022
2, 725,468

1,735,661
1, 838, 266
1,829, 479
1,841, 586

389, 771
378, 219
374, 800
337, 937

510, 289
518, 616
532, 743
545, 945

165,469
153,032
153,484
147,088

482,034
484, 360
493,451
492, 586

2, 628,107 1, 340, 592L,1.
024, 774 28, 690 234,051 1,406, 792 2,431, 566
2, 655,074 1,359,4111 068, 268 18, 919 208,476 1
1
L,
1,414, 868 2,483,136!
2,693, '" '1 358, 2741,104, 348 7,608 222; 870 1,421,115 2, 525, 463
, 100L,
1
2, 697, 518L,1330, 795 L, 135,752 27, 205 203, 766 1, 358,061 2,493, 813
'
,
I,
1,

159, 367
151, 213
159,162
152,093

41,373
83,832
64,120
57,914

878
880
881
877

2, 785,473
2, 827, 379
2, 927, 572
2,915,147

1, 862, 522 922, 951
1, 877,061 950, 318
1,896, 777 [ 030, 795
1
,
1,896,063 1,019,084

364, 992
380, 895
446,091
426,795

557,959
569, 423
584, 704
592,289

159,580
178,200
202,198
169,935

501,837
504, 602
519.340
513.341

2, 747,084 : 329, : 172,043
1 ), 967 1,
,
,
2, 833,151 I, 351, 661I, 233, 441
1 ,
1
, L,
2,950, 941 L, 373, 8511, 252, 237
I,
1 !
2,917, 538 1366,691 L, 246,764
1
', L,

210, 5081 , 382,954 2, 554,997
228,920 1, 410, 704 2, 644,145
291, 6881 487, 798 2, 740,035
688 1,
281, 267 1,453, 578 2,700,342

156,029
158,172
168,858
163,593

46,290
31, 671
28,647
55,626

876
873
872
871

2, 990, 768
3,021, 365
3,082, 835
3,044, 613

1,969, 494 , 021, 274
,
1,
2,011,473 1,009,892
2,063, 815 1 019,020
,
2,059, 826 984, 787

423, 828
407,929
415,174
377,444

597,446
601,963
603,846
607, 343

169,015 525, 296
158,871 523,686
161,947 520, 333
170,764 516,112

2,997,165 1, 382, 690;l, 298,976 48, 567
1,479,488 2,778,464
L,
3,033,7911, 428,469 1,328,000 24,696 252,626 1, 503,669 2,831,669
'
.
L,
3,051, 594 L, 428, 66811,342,045 35, 393 245,
1,
.
,
1,488 1, 502, 3692,844,414
L,
3,052,003 1 437, 733 1, 338, 656 27, 751 247, 863 , 472,656 2,811,312
', .1

177,348
175,224
176, 535
172, 340

40,069
47,997
65, 761
76, 722

865

3,114,603
3,160, 748
3,132, 525

2,110, 503 : 004, loo 404,163 599,93: 161,630 527,090 3, 096,088 1, i, 482 L, 388,458 41, 796 240, 352 1, 477, 233 2,865, 691 177,825
1
,
,425,
1,
2,135, 311 : 025,437 402, 385 623,052 177,936 526,168 3,168, 849 1 ', 543 1426, 613 25,181 239, 512 1, 528, 780 2, 955, 393 179, 455
,477,
L,
,
2,143, 838
353,932 634, 755 170,647 529, 783 3,128, 389 lj 438, 238L, 423, 674 20,495 245,982 1, 470,002 2, 893, 676 179, 490
.
,
1,

65,634
58,821
91, 355

860
860
856

3, 232, 279
3, 267,065
3, 325, 300
3, 296, 433

2,159, 7341. 072, 545
,
2,178, 52i 1,
2, 200,739 1, 124, 561
.
2,161,7651, 134, 668
.
,

44,937
48, 511
60,721
68,372

841
836
835

For footnotes see p. 187.




900,060
896, 835
907, 543
883, 882

411, 282
398, 760
425,148
411, 708

661, 263
689,780
699,413
722,960

185,496 540, 208 3, 267, 829 1,492, 825L, 479, 320
1,
168,759 539, 565 3, 286,436 1,486,143 L, 523,854
1,
185,855 551, 294 3,331,
, 455,074L, 568, 627
1
184,196 549, 921 3, 300, 7121, 457, 304I, 544, 204
'
,
1

34, 566
19,129
33,165
22,816

30,294
21,243
31, 243
24,401

265, 390 1, 568,102 3,047,422
255,196 : 555,28i 3,079,135
i;
,
276,927 1, 545, 8303,114,457
.
3,064, 286
274,803 i;
, 520,082

194, 278
180,034
193, 891
180, 917

F
F

>

CO
GO

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES,

1914-1927—Continued

RICHMOND DISTRICT
[In thousands of dollars]
Loans and investments
Investments3
Call date
Total

Loans 1 , 2
Total

Capital,
Net de- Reserve Bills
Due surplus
Demand Time United
Net
mand
with payable Numfrom 4
dede- 8 States Due to demand
plus
Federal and re- ber of
and
Total
banks
posits
posits
time 8 reserve
dis- 2 banks
debanks 7
deUnited Other
undi- deposits
posits
posits deposits banks counts
States bonds,
vided
Govern- stocks,
profits
ment
and
securi- securities

1914
Dec. 3 1 . -

481,219

362,167

119,052

57, 842

61,210

58, 586

124,367

398,856

1915
Mar. 4
May 1_.__
June 2 3 . . .
Sept. 1 2 - .
Nov. 10—
Dec. 3 1 . . .

475,321'
474, 877
474,893
472,240
481,390
484, 700

366, 648
371, 614
371,436
369,013
375, 208
378,162

108,673
103,263
103,457,
103, 227
106,182!
106,538!

55, 448

53,225
47,300,
47,430
47,980
50, 807
51,485

60, 589
58, 214
54, 289
57, 305
72, 083
65,475

126, 251
128,041
129,421
126,172
128,254
125,700

401, 588
398, 623
392, 729
393,272

1916
May 1
June 30-__
Sept. 12—
Nov. 17—
Dec. 2 7 . . .

499,395
507, 550
519,475
543, 625
556, 907

392, 854
399, 307
406, 796
426,090
439,055

106, 541
108, 243
112,679,
117, 535
117, 852

53,082
53,011
52, 951
52, 929
51,184

53,459
55, 232
59, 728
64, 606

71,036
71, 553^
76,146
96, 674
88,957

128, 925
127,850
128,941
130, 782
131,877

1917
Mar. 5 — .
May 1 - June20.__
Dec. 3 1 . . .

569,130
447,366
9
583,346
456,188
593,371 • 461,063
736,247 9.10 550,631

121, 764
127,158
132, 308
185,616

50,924
51, 790:
57, 622^
97,880|

70,840 89,463
75,368 82,313
74, 686 81,079
87,736 112,124

1918
May 10-..
June 29-__
Nov. 1
Dec. 3 1 . . . .

800, 762 ».10 576,417
800,395 " 10 592,472
9
937, 746
655, 474
946, 072
9 661,196

224, 345
207, 923
282,272
284, 876

136,385
120,094
195, 388
196, 6641

81,982




55, 963

56, 027
55, 247
55, 375
55,053

87, 960
87,829

101,703
88,212 101,840

239,405

89,908

12,241

57,304

7,701

20,056

505

245, 612
242,729
238,330
234, 864
427,968, 254,826
436,250 259,268

87,035
89,391
91,222
92, 383
96, 241
98,957

9,294
5,897
7,776
6,405
5,733
4,928

59, 647
55,401
59, 620
71,168
73,097

8,204
8,229
8,340
9,403
11,872

17,760
18, 759
21,166
22, 837
16, 527
15,879

509
508
511
505
508
505

459,120
471, 265
488,383
548,124
555,330

259, 965
264,187
270,940
298, 627
304, 755

114,424
119,873
124,913
131,199
135,015

4,282
7,r~'
5,748
5,091
4,1"

80,449
79,819
86, 782
113, 207
110, 696

12, 770
15,880
20,485
27, 756
31,405

12, 541
12, 993
13,160
6,956
10, 923

511
517
520
520
519

130,987
132, 676
133,935
140, 428

562, 790
567, 611
564, 776
766,174

299,480
310, 233
309,673
415, 312

146,594 4,278
149,857 4,342
148,706
185, 599 24, 421

112,438
103.179
96,489
140,842

30, 602
30,984
31,461
52, 473

9
16,109
9
23,664
9

11, 772

518
520
520
532

149,275
147, 656
158, 724
156, 611

745, 059
721, 702
886,149
910,155J

408,843 185, 603
399,816 185, 948
490,125 204, 879
535,182 216, 756

()
366,

656

41,261 109,352 477, 677
37, 551 98, 387 426,120
69,900 121,245 518,282
19, 528 138, 689 578, 587

()
515, 362
652,427
633, 280
612, 068
723,161
795,343

46,044
44, 792
51, 866
56, 687

39, 774

9

65,890
9 85, 995
9 92,360

540
543
560
565

1919
Mar. 4
June 30
Nov. 1 7 —
Dec. 31...

986, 786
1,041,697
1,115,657
1,150,035

1920
M a y 4....
June 30...
Nov. 1 5 —
Dec. 29...

1,160,442
1,159,215
1,187, 505
1,175,804

894,274
902, 721
933, 276
920,177

1921
Apr. 28.._
June 30___
Dec. 31. „

1,149, 202
1,136, 755
1, 111, 299

891, 708 257,494
883,125 253,630
864, 938 246, 361

152, 797 104, 697 64, 292 212, 057
147, 642 105,988 62,107 208,965
141,942 104,419 71,059 209, 590

1922
Mar. 1 0 —
June 30...
Dec. 29...

1,094,817
1,090,441
1,147, 755

852,392 242,425
854,484 235,957
893, 543 254, 212

137,650 104,775 69,019 214,932 964, 733 479, 713 371,994 11,497
125, 241 110, 716 81, 798 218, 077 1, 022, 874 513,133 395, 235j 7,056
142, 681 111, 531 86,156 223,193 1, 089,046 543,146 399,175' 13,095

1923
Apr. 3.___
June 30. ..
Sept. 14...
Dec. 31. -

1,168,867
1,181,802
1,194,326
1, 204,445

910, 300
922,863
932,180
947, 604

258, 567
258, 939
262,146
256,841

147, 561
145, 510
147,139
141, 937

111, 006
113,429
115,007
114,904

90,335
80, 510
80,302
102,331

222, 836
222, 392
226, 592
222,481

1,116,052 552, 277
1,095,135 540,434
1,101,044 546,463
1,193,325 592,510

422, 732 14, 702
432,936 14,090
432, 629 8,775
441, 388 10,494

1924
Mar. 3 1 —
Jun
Oct. 10.. .
Dec. 31...

1,212, 007
1,192, 837
1, 215,112
1, 220, 33r

958,139
952,353!
957,002
957. 330

253,868
240,484
258,110
263,005

132,974
124, 328
132, 989
132, 612

120,894
116,156
125,121
130, 393

81,830
87,187
107,074
109,057

230, 271
229, 001
234,073
229, 014

1,141,613
1,141,557
1,192,796
1, 240,916

556,026
541, 025
551,462
596, 554

455, 391
466,110
479,437
483,072

1925
Apr. 6
June 30-..
Sept. 28...
Dec. 3 1 - .

1, 243,086 975, 772
1, 251, 624 989, 566
1, 275,481 1,016,936
1, 289, 955 1,030,047

267, 314
262,058
258, 545
259,908

138, 297
131, 765
129, 071
126, 227

129,017
130, 293 91,496
129,474 104,110
133, 681 112,063

235, 034
234,199
234,103
229, 688

1, 224,124
1, 212,905
1, 248,326
1, 316,122

566, 244
567, 304
582,968
630,877

494, 553
510, 542
507, 871
510, 316

1926
Apr. 12...
June 30—.
Dec. 31...

1, 292,990 1,028,153 264,837
1, 281, 068 1,016, 044 265,024
1, 274,867 1, Oil, 253 263, 614

1927
Mar. 23—
June 30....
Oct. 10....
Dec. 31—.

1,288, 676
1,310,826
1, 358,261
1,362, 094

s
9

657, 742
713,976
»826, 427
• 855,431

1,007,986
1,013,610
1,033,609
1,028, 354
I

For footnotes, see p. 187.




329, 044 236,005 93,039 96, 776
327, 721 230, 211 97,510 98,674
289,230 187, 224 102,006 145, 563
294,604 191,030 103, 574 125,410
266,168
256,494
254,229
255,627

280, 690
297, 216
324, 652
333, 740

166,725
159, 567
155,805
156,539

785,307
798,102
953, 791
977,342

9
55, 585 9122,376
55,654 9158,85C
65,357 9113,923
66,988 129,930

568
572
580
585

619,011
595,396
603, 587
586,482

943,238
921, 556
940,218
922, 603

64,400
61,028
57,992
59,888

144,14J
155,368
159, 064
157,621

594
603
607
609

507,331 353, 222 9,316
91,060 528, 055
954,354 501, 221 356, 258 10, 313 86, 562 511,467
978, 669 499,751 362,861 13, 235 102,822 518,048

881,277
867, 725
880,909

55,825 148, 746
55, 571 150, 742
58,024 114, 37b

614
619
625

874,059
925,766
972, 383

54,126
59,714
61,123

53, 494
64, 328

126,341
107, 675
113,177
148,933

576,158 998, 890
553, 903 986,839
559, 904 992,533
617,481 1,058, 869

61,395
59,493
60,94"
66, 378

61,853
83, 340
92,951
63, 393

632
629
626
627

14, 257
10, 635
20, 641
12,472

115, 939
123, 78"
141, 256
148,818

571,642
552, 504
576,101
614,090

1,027,033
1,018, 614
1,055, 538
1,097,162

61, 505
61,079
64,699
69, 632

72,649
67,596
51, 434
47, 745

626
624
820
617

22,934
12,088
13,87"
15, 543

140, 393 592,413 1,086,966
122,971 576, 684 1, 087, 226
1,111,863
143, 610
159, 386 650, 200 1,160, 516

65,060
62, 745
68, 41"
70,031

48,083
66, 78S
68, 642
55, 249

607
606
604

234,457 1, 274,914 597, 618 517, 887 21,124 138, 285 616,696 1,134, 583
232, 255 1, 267, 673 601, 370 522, 721 13, 775 129, 807 611,218 1,133,939
233, 269 1, 313,424 625, 729 526, 267 12,489 •148,939 643, 630 1,169, 897

66, 746
66, 977
71, 890

53, 065
58, 373
36,895

592
587
583

238,412
237, 349
243, 624
239,425

70, 751
73, 254
74,167
76,460

27, 45'
35,479
34, 572
31, 55"

571
569
568
564

99,443 102,801 190,023
96,927 89,677
98, 424 97, 940 206, 717
80,872 208, 094

132, 506 132, 331 94,614
126, 264 138, 760 99,617
120, 744 142, 870 111,896
131,424
132, 422
143, 394
139,141

125,225 543,390
112, 651 540,800
197,223
182, 677 674, 775

160, 541 901,070 504, 720
162.807 931,254 525, 995
174,493 1,120,692 613,223
171,135 1,132,855 625,267

149, 266
164, 794
181, 258
194, 599

102,055
104,877
120,437
124, 077

1,056,092
1,033,285
1, 062, 486
1,022,203

1, 299, 590
1,331,381
1, 396,243
1, 414,626

583,610
579, 531
585, 860
561,246

592, 852
613,455
627,853
626, 648

241, 917
257,302
291,462
302, 567

29,208
35,306
18, 784
22,344

324,227
326,160
336, 631
336,121

7,
6,967
6,459
9,806

538,140
566, 449
580,490
599, 094

21,906
12,922
24,059
16,416

140,391
120,627
133, 536
115,030

101, 529 502,065
107,450 530, 531
133, 630 573, 208

146, 692
138, 555
163, 841
172,468

620, 384
630, 778
655,489
654,079

1,158, 524
1,197, 227
1, 235,979
1,253,173

Qjl

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES,

1914-1927—Continued

CO

ATLANTA DISTRICT
[In thousands of dollars]
Loans and investments
Investments 3
Call date
Total

L o a n s i,2

Total

Capital,
Due surplus Total Demand Time
and
dedefrom
posits 6
United Other banks 4 undi- deposits posits
vided
States bonds,
profits
Govern- stocks,
ment
and
securi- securities
ties

Net de- Reserve Bills
Net
United
mand
with payable NumStates Due to demand
plus
Federal and re- ber of
dedebanks7
time 8 reserve
banks
disposits deposits banks counts2
posits

1914
Dec. 31

311, 231

226, 712

84,519

45,602

38,917

43, 729

88,476

237, 566

154, 701

47, 629

6,462

28, 774

4,609

20, 734

381

1915
Mar. 4.
May 1
June 23
Sept. 12.._.
Nov. 10....
Dec. 31

296,855
297,665
298,677
300, 736
314, 018
319. 803

226,420
231, 515
231,979
234,648
247,867
253, 510

70, 435
66,150
66,151
66, 293

45,103
44, 991
45,056
45, 030
44, r
44,928

25,332
21,159
21,642
21,058
21, 216
21,365

51,629
51,652
47,822
48,016
53,182
53, 369

89,442
91, 271
92,023
90, 909
90, 950
89, 225

247,159
248,455
244,316
246,453
268,367
281,177

161, 672
160, 794
157,565
159,348
173,624
181. 470

47, 659
51.877
52,818
54,435
55,190
55, 736

5,066
3,295
3,216
2,800
2,629
2,639

32,762
32,489
30,717
29,870
36,924
41, 332

5,346
5,506
5,433
5,634
6,240
8,327

13, 858
12, 757
13,989
16, 749
16,712
15,676

383
382
384
384
383

1916
May 1
June 30
Sept. 12.___
Nov. 17....
Dec. 2 7 . . . .

327, 970
330,011
345, 741
371,076
373,976

259, 836
259, 717
274,098
299,132
301, 552

68,134
70,294
71,643
71,944
72,424

44,932
44,902
44,414
43,922
43,039

23, 202
25,392
27, 229
28,022
29,385

73, 570
66, 748
64,880
78,432
76,136

93, 857
93,231
94, 298
93, 604

313,528 194, 720
310,799 192, 583
328,259 205,672
372,903 224,458
382,234 231, 796

66, 290
69, 522
71,191
76, 440
76,970

2.081
2,174
1,957
2,167
2,150

50,437
46, 520
49,439
69,838
71,318

8,966
11,133
15, 781

8,147
8,443
9,949
12,142
7,438

1917
Mar. 5
May 1
June 20
Dec. 3 1 . - . .

292, 430
366, 063
73,633
376, 507 9 297,923 78, 584
382, 850 » 299, 942 82,908
557, 945 8.10 431,943 126,002

42,768
44, 364
49, 629
75,172

30,865 87, 566
34, 220 76,652
33,279 74, 261
50,830 112, 683

91,002
92,016
93,181
108,025

389,898
385,522
387,963
622,023

232, 569
228, 794
232,219
361,272

83,955
87,153
124,600

2,024
2,111
2,638
4,958

128, 370
112,154
186, 526
171,189

49, 597 97,317
49,443 86,364
49, 763 92,136
49,885 111,923

115, 675
116, 385
123, 220
120,678

646,045
599,027
696,317
730,040

361,454
342,964
396, 208
446, 023

141, 605
142,873|
148,869
152, 915!

47,934
34,881
60, 586
22, 941

May
June
Nov.
Dec.

1918
10
29
1
31....

621, 544
601,935
751,169
743, 094

° 443, 57'
9 514' 881
9 522, 020




177, 967
161, 597
236, 289
221,074

(")•

01)

21,839

391
391
383

71,350
67,464
64,226 260,017
131,193 396, 701

348,897
521,301

21,198
20, 321
21, 618
38,396

9
5,378
9

380
380
37y

95,052
78,309
90, 654
108,1611

520, 393
501,136
560, 837
619, 492

9
40, 250 9 31, 658
38, 514 9 38,863
43, 599 9110, 012
46, 879 101, 512

399
407
418
426

378, 788
358, 263
411,968
466, 577

4,315

7, 574
9
21, 474

1919
Mar. 4
June 30
Nov. 17-—
Dec. 31

744,150
789, 587
881,631
925, 060

»504,102
»537, 34f
•663, 35:
• 690, 57(

240,048
252, 238
218, 280
234,484

190,012
198,808
156,922
167,787

50,036 103, 639 121,997
53,430
124,895
61,35S 151,824 133,894
149, 204 130, 264

1920
May 4
June 30
Nov. 1 5 —
Dec. 29

. 953,161
942,827
968,404
960,822

745, 781
749, 8 r
780,04'
775,707

207,38C
193,010
188, 357
185,115

139,266
125,454
120, 790
116,393

68,11'
67,556
67, 56"
68,722

1921
Apr. 2 8 . —
June 30
Dec. 31

876,074
859,164
847, 324

699,699 176,375
686, 678 172,486
162, 630

110,458
106,466
96, 933

65,917 75, 602 158,488
66,020 70, 555 157, 358
65,697 84, 367 157,632

742, 689 407,486 248,424
728, 518 394, 633 257,001
754, 642 416,463 246,313

1922
Mar. 10.. _.
June 30
Dec. 29

807,198
807, 453
882, 540

656,420 150, 778
654, 288 153,165
714,160 168,380

87,911
90,877
100, 228

62, 867 91,17' 162,34'
62, 288 93,224 163, 580
68,152 115, 426 168,360

1923
Apr. 3
June 30
Sept. 14.-..
Dec. 31

907,130
919,555
922,357
978, 266

730, 565
737, 488
739,312
793, 646

176, 565
182,067
183,045
184,620

106,877
106,432
104,242
101,638

69,688 119,606
75,635 96, 574
78,803 91,633
120,703

1924
Mar. 31_.._
June 30
Oct. 10
Dec. 3 1 . —

963, 919
934,134
950,287
995,156

784,499
764,146
778,419
813,079

179,420
169, 988
171,868
182,077

1, 080, 744
1,196, 653
1, 241,844

860, 245
877,181
962, 891
995, 262

196, 527 91,181 105,346
203, 563 90,891 112, 672
233, 762 106,200 127, 562
246, 582 106,137 140,445

1926
Apr. 12
June 30_ __
Dec. 31 — _

1, 235,196
1,171, 995
1,158,183

989,474 245, 722
938, 772 233, 223
927,002 231,181

108,152

1927
Mar. 23—
June 30. _ _
Oct. 10--.
Dec. 31 —

1,154,415
1,141, 096
1,159,731,
1,164,625;

902, 851 251, 564
885,482 255, 614
899, 505 260, 226
276, 419

113, 807
112,963
118,192
124,664

116, 577
100, 479
95, 547
87, 661

146,075
147, 804
155,419
156,960

448, 588
449,064
547, 644
602,820

617, 310
638, 500
750, 111
814,14"

45, 738 9 83, 971
48, 279 9 9 93, 655
51,378 120, 817
60, 342 9100,011

420
422
427
426

6,420 120,957 545,113
6,48: 102,473 507, 746
3,830 89,454 459,983
5,693 87,073 454,735

793,364
765,913
714, 021
703, 561

59,629 128,126
53,848 140, 373
46,973 210,608
51,706 208,916

436
440
452
460

420, 559
398,403
418,535

668,983
655,404
664, 848

42,623
42,654
44,357

139, 391
134, 858
121, 681

487
494
512

g
3
g

775,910 417, 234 247, 524 10, 749 100,403 435,241
97,893 448,065
802, 787 434,100 264,680 6,114
926,289 498, 754 281,241 13, 395 132,899 518,840

682,765
712,745
800,081

45, 210
45,301
55, 669

59, 856
38,116
39, 587

520
530

g
2

536

^

731,828 426,151
759,608 431,817
902, 670 526,679
571,277
911, 398
871,13'
808,120
792, 546

535,770
504,013
460, 798
450, 954

168,722 25,813
189,436 29,185
202,46" 7,963
211,327 28, 571
248,251
258,167
254,038
248,826

4,380
4,788
9,445

111, 142
109,170
165,561
174,109

82,399
72,096
82,421

i—i

1925
Apr. 6
June 30
Sept. 28
Dec. 31

. . 1, 056, 772

For footnotes see p. 187.




94,421 84, 999
80,497 89,491
78, 776 93,092
80,359 101, 718

106, 991
116,989
144,634
161,860

169, 795 963,247
170,178 925,362
173, 278 901, Oil
168,988 1,013,128

137,388
108, 758
100,225
134,015

527, 268
503, 640
485,164
552, 594

833,520
821, 587
801, 315
876,528

57, 037
53, 814
51,438
55>029

27,987
43, 721
69,232
64,44"

533
530
528
525

173,570 979, 399 512,007 334,010 8,964 124,418
175,148 964,421 489,244 353, 746 7,113 114,318
177,989 1,020,984 512,486 353,174 11,001 144, 323
172, 972 1,125,138 585,643 359, 373 7,904 172,218

529,693
500,164
530,406
607,047

863, 703
853,910
883, 580
966,420

55,143
56,482
57, 512
63,489

59, 592
46, 248
38, 723
26,809

519
518
515
510

200,718 642,364 1,024,472
180,676 649, 749 1,048,109 70, 528
244, 235 755, 631 1,163,056 77, 372
1, 234, 510 79, 311
228, 247

25, 254
31,015
37, 247
32,135

505
501
500
495

186,971 178,380
168,938 178,489
215,141 180, 729
210,957 177, 718

1, 204, 775
1, 207, 982
1, 371,128
1, 447,913

505,001
485, 236
476, 203
541,758

603, 761
617, 362
700,947
777, 877

306,252 14, 606
317, 947 13,421
316,151 8,432
323,934 13,421

382,108
398,360
407,425
425, 613

137, 570 172, 755 188,245 1,356, 277 714,997 432,954
95, 441 137, 782 154, 822 188,184 1, 266, 375 651, 812 443,009
87,187 143, 994 161, 285 187, 212 1, 266, 209 645,491 431,328
137, 757
142, 651
142, 034
151, 755

143, 649
136, 702
160,498
158, 654

191, 831
192, 237
195,180
192, 703

1, 235, 719
1, 216, 888
1, 269, 237
1, 287, 926

601,411
587, 606
596, 619
623,419

447,148
461, 993
454,642
462, 740

18,188
11, 584
18, 521
16,176

20, 542 187, 784 748, 509 1,181,463
12, 751 158,803 667, 597 1,110, 606
15, 471 173, 919 660,953 1,092, 281

77, 529
67,406
68,292

52,124
49, 667
52, 551

492
488
475

1,077,021
1,073, 694
1, 089, 796
1,113, 086

69,360
65, 820
67, 307
73, 215

47,029
42, 495
36, 781
34, 421

471
469
465
464

25,170
16,844
24, 357
17,330

161,990
150,445
193, 619
184,437

629, 873
611, 701
635,154
650, 346

No.

86.—ALL MEMBER

BANKS—PRINCIPAL

RESOURCES AND LIABILITIES ON CALL DATES,

1914-1927—Continued
00

CHICAGO DISTRICT
[In thousands of dollars]
Loans and investments

Investments3
Call date

Total

Loans

Total

1914
Dec. 3 1 - -

1,139,131

1915
M a r . 4____
M a y l..._
June 2 3 . . .
Sept. 12...
Nov. 10...
Dec. 3 1 . . -

United
States
ment
securities

Govern-

Capital,
Due surplus
and
from
Other banks« undivided
bonds,
profits
stocks,
and
securities

916,477

222, 654

93,026

129,628 186,727

1,164,386
1,188,055
1,182, 772
1,192, 038
1, 238, 308
1, 259,360!

949, 441
968,715
960, 666
967,865
1, 005, 988
1,023,791

214, 945
219,340
222,106
224,173
232, 320
235, 569

91, 693
92, 581
92, 769
92, 234
92, 392
92,216

123, 252
126,759
129, 337
131,939
139, 928
143,353

259, 452
221,894
201, 030
244, 009
239,533I
229,167

250, 230
250,778
253, 546
252, 088
253,390
252, 064

1916
Mayl____
J u n e 30. __
Sept. 12...
N o v . 17...
Dec. 27. _.

1, 338,108
1,343,876
1, 379,163
1,438,190
1, 442,957

1, 099. 937
1,112,687
1,141, 614
1,192, 554
1,198,166

238,171
231,189
237, 549
245, 636
244, 791

82, 848
81,173
81, 399
79, 348
78, 385

155, 323
150, 016
156,150
166, 288
166,406

261,782
229,455
274,184
283,400
278,377

1917
M a r . 5..._
May 1
J u n e 20.__
Dec. 3 1 . - .

1, 580,330 1,316,926 263,404
1, 590, 289 9 1,319,330 270, 959
1, 623, 062 9 1,314,316 308,746
2, 284, 005 .10 1,764,700 519,305

82, 499
87, 434
124, 036
196, 834

180, 905
183, 525
184,710
322,471

1918
M a y 10.. _
June29__.
N o v . l____
Dec. 3 1 - - .

2, 433, 548 MO 1,801,701'• 631, 847
2, 503, 794 9io 1,859, 577 644, 217
2, 965, 902 2,110,814 855, 088
2, 906, 2601 2,067,378,

319, 645
318, 661
495, 500
476,167

312, 202
325, 556
359, 588
362, 715




Net

Demand
deposits

Due to demand
debanks7

posits

Net demand
plus
time
deposits8

Reserve

with

Federal
reserve

banks

Bills
payable Numand re- ber of
disbanks
counts 2

651,158 203,782 11,929 301,468

40,583

17,803

972

1, 293, 537
1, 296, 020
1, 261,109
1, 324, 573
1, 354, 991
1,376,708

661, 820
694, 425
674, 3 r
693, 73'
723, 606
735, 055

208, 724 10, 288 412,705
216, 665 9,137 375, 793
222, 448 8,989 355,355
228, 997 • 8, 692 393,150
235,167 7,516 388,702
241,330
392,989

46,871
44,928
48,715
49, 796
54,325
57, 613

12,195
8,425
8,025
5,016
9,660
11, 654

975
979
981
986
990
990

254, 419
254,191
256, 938
259, 606
264,702

1, 534, 51
1, 483, 485
1, 579, 590
1, 658,463
1, 660, 47"

805, 211
792,990
825, 323
872, 758
865,105

261, 244
270,844

61, 239
67, 599
77,098
82,987
95, 852

5,653
6,433
6,321
7,266
8,496

991
990
992
992
991

372,278
328,079
288,894
317, 594

271,818
276,433
282,188
363,228

1, 909, 237 925, 840
1, 875, 590 960,438
1,835,438 940,427
2,470, 4001, 237, 058

349, 520 7,390
364,153 7,465 543,534
()
372,849 11,823 510,339 1,252,890 1,625,739
665,816
487,563 1,415,735 2,081, 551

105, 837
4,271
100,790
9 4, 475
101,905 915,154
174,293 3120,270

1,045
1,044
1,048
1,113

298,942
305, 072
315,343
364,812

383, 096
384, 870
442, 294
445,302

r
2,596,7109L, 274,354
2, 623,5291 ,259, 750
2, 913,2771 , 432,107
3, 095,1221, 560,066

705, 658
738,392
867, 038
920,701

115,358 501,3391,482,995 2,188,653
170,208 455,179 1,437,250 2,175,642
150,109 464,023 1,595, 681 2, 462, 719
60,860 553,495 1,776,613 2, 697,314

185,885 9 101, 255
181, 287| » 132,123
197, 709! 9 288, 693
224,878 9 160,61"

1,158
1,172
1,313
1,331

249, 761 1,168,337

294,260
301,113

7,676
7,298
7,004
7,215
7,660

460,386
412,353
463, 601
484, 230
486,599

()

Mar. 4. .
June 30..
Nov. 17..
Dec. 31..
©

3, 098, 764
3, 262,303
3,491, 611
3, 592,355

»2,055, 592 ., 043,172
2,257, 579 ., 004, 724
8 2,563, 681 927, 930
» 2,676,931 915,424

9

644, 846
615,867
501,791
479,178

428,931 452,857 3,331, 718 , 601,136 975,197 102, 793
$,857 399,673 459, 085 3, 430, 637 . 708, 595 043, 910 82,083
,
426,139 400,561 494, 510 3,654,351 1,914,869 136, 803 42, 517
436, 246 399,639 486, 936 3, 784,6901, 938,043 , 179,582 78,119

652, 592 , 862,417 2,837,614
596, 049 1,912, 281 2,956,191
560,162 " 049,858 3,186, 661
588,946 095, 609 3, 275,191

231, 664
231,407
251,760
260,495

»147, 659
»194,090
»251,412
»286, 817

1,341
1,351
1,369
1,374

325,384 522, 547 3,785,200 , 961, 725 267,391
1,
329,417 528,727 3,781,108 1, 962,8471, 295, 017
299,023 563, 915 3, 662,4581, 875,1021, 309, 096
267,696 568,312 3, 509, 5941, 723,895 ,310,866

544,987 152,795 3,420,186
506,984 105,177 3,400,194
455, 069 i; 983,907 3,293,003
448,943 1,869,911 3,180,777

264,709 485, 266
258, 033 502, 008
248,435 503,407
237,636 521,442

1,388
1,395
1,406
1,419

1920

g May 4.....

11, 097
16, 260
23,191
25,890

o June 30
I Nov. 15....
J~ Dec. 29

3, 919, 511
3,916,986
3,878,890
3,826, 070

3,075, 782
3,109,605
3,086, 940
3, 040,168

843, 729
807,381
791,950
785,902

409,761
381,951
351,160
334,899

433,968
425,430
440, 790
451, 003

1921
Apr. 2 8 . - J u n e 30
Dec. 3 1 . . . .

3, 687, 789
3,631,402
3, 481,917

2,923,186
2, 868, 308
2, 713, 580

764, 603
763,094
768,337

312,383
306,314
297, 435

452,220 248,207 573,954 3,412, 5181, 681, 712 277, 500 26, 219 427,,0087 , 839,064 3,116, 564 234, 263
1.
'
1,
456, 780 231,480 575, 518 3,402, 2501, 686, 8061, 281, 845 29, 688 403, 911 1, 826,397 3,108, 242 234,130
,815,004 3,10-j, 601 235, 593
470, 902 247,069 574, 517 3,414,125 1, 678,4101, 285, 597 37, 466 412, 652 1,

412, 633
373,392
228, 810

1,423
1,427
1,442

1922
Mnr. 1 0 - . . .
J u n e 30
Dec. 29

3,481,108
3, 542,924
3, 749,072

2, 701, 518
2, 671,998
2,751,216

779, 590
870, 926
997,856

1,
299,205 480,385 304,804 578, 532 3, 582,0521, 702, 874 297, 553 43, 887 537, 738 1, 938,330 3, 235, 883 250,924
f
372,845 498, 081 290,833 583, 672 3, 718,3871,873,385 ',336,364 18, 363 490, 275 2, 042,941 3, 379,305 266, 273
1
463,459 534,397 296, 525 608, 627 3,936,779 1,947, ' " . ; 433,100 49,121 507,402 2,106,626 3, 539,726 277,731
' 156 ,
, " 1

101, 633
79, 739
106,724

1,440
1,441
1,440

3, 875,140
3, 896,856
3,898, 506

2, 857, 546 1,017, 594
2, 880, 042 1,025,902
2, 885,975 1,010,881
2,870,074 1 028,432
'.,

464, 811
474,862
475, 597
457, 545

552, 783
551,040
535, 284
570, 887

323,115
306,254
300,297
299,879

603, 560
605, 630
615, 238
608, 381

,
4,042,706 1 954, 2 1, 483, 743
219
4,083,367 1,993,197 1,530,721
1
4,071,375 " """,7171, 535,188
1
.
4,121,180 f 020,416 1,572,311

39, 014
37,941
17,458
25,441

565, 730 156,223
521,508 2,170,650
535, 012 2,170, 310
1,758
503,012 2,150,

3, 639,966
3,701,371
3, 705,498
3, 723,069

269, 689
273,134
282,042
270, 698

123,996
89,375
92, 722
109, 317

1,437
1,434
1,432
1,427

1924
Mar. 31_...
J u n e 30
Oct. 10
Dec. 3 1 . . . -

3,935, 04'
4, 009, 954
4, 220,466
4, 209, 72,f

2,919, 5391 ,015,508
2. 950,863 1,059,091
978 1,145,488
3', 074,978 1
3, 031,120 1,17S, 605

466, 741
493,414
522, 874
523, 365

548, 767
565, 67"
622, 614
655, 240

295.935
372,892
400,150
365,987

617, 270
619, 066
633,161
617,03.F

,
4,114,009 1., 939,,513 1. 589. 791
4, 382, 5822, 093, 623 1. 645, 284
T
";
4, 569,433 2,166,414 1. 678,438
4, 628, 3892, 236, 447 1, 732, 371

38, 552
22, 73P
28, 753
35, 54 r

546,153 2,147,283
620,939 2, 284,334
695, 828 2,441,182
624,023 2,421,316

3, 737,074
3,929, 618
4,119, 620
4,153,687

261, 675
298, 035
308, 679
314, 698

70,960
51,190
35, 094
44,245

1,423
1,422
1,419
1,408

1925
Apr. 6
J u n e 30
Sept. 28
Dec.31

4, 263, 294
4,370,44^
4,433, 495
4,478, 729

3,058,062 1., 205, 232
3,181,236 ., 189, 211
3,245,976 1,187, 519
3, 276, 272 1,202,457

532,802
509, 219
496, 673
495, 286

672, 430
679, 992
690, 846
707,171

357,215
375, 695
334, 589
341,102

630, 730
630, 078
626,355
617, 289

4, 598, 5782,166,973 1, 761, 612
2,
4, 794, 593 320, 3151, 833, 638
4, 739, 2212, 297, 301 1, 837, 642
1
,
4,871,170 2, 366, 954 . 881, 042

56,497
29,852

613,496 2,387, 55' 4,149,169
610, 788 2,476, 744 4,310,382
572, 959 2,489, 929 4, 327, 571
!
586,106 2,, 532, 9964,414,03S

312, 949
322, 224
319,513
305,336

60, 618
71, 238
66, 770
93, 857

1,407
1,404
1,406
1,398

1926
Apr. 12
J u n e 30
_
Dec.31

4,490,062
4, 579, 409
4, 542, 539

3,286,195 1,203, 867
3, 374, 23 n 1, 205,177
3,388,470 1,154,069

481, 67' 722,190 337,713
496, 670 708, 507 368,451
414, 941 739,128 333,944

!
629, 089 4, 829, 502 2, 289, 619, 898, 341 35,324 606, 218 2,, 517,2454,415,586 321,071
1.
!
,
644, 846 4, 953, 2512, 384,374 1,935,044 20, 975 612, 858 2, 554, 7294,489, 773 342,157
653, 259 4, 884, 8352, 356,341 1, 935, 865 23,380 569, 249 2, 509, 707 4,445, 5"~ 310, 644

80,919
98, 965
108,289

1,379
1,366
1,335

1927
M a r . 23
J u n e 30
Oct. 10
Dec.31

4, 589, 907
4, 711, 934
4, 748, 809
4,858, 646

3,328, 215 1, 261, 692
3,460, 588'., 251,316
3,486. 417 1, 262,392
3, 519,373 1, 339,273

493,243
497, 669
489, 950
503,452

71, 693
68,414
34,196
67,714

1,319
1,308
1,300
1,290

1923
Apr. 3
J u n e 30
Sept. 1 4 . . . .
Dec. 31

For footnotes, see p. 187.




768,449
753, 677
772, 442
835,821

314,242
336,691
329,073
328, 559

668, 841
679,468
694, 979
709, 876

4, 842, 222 ! 270,935
2,
,
1,932, 931
5, 034, 6932,408,37f 2, 029, 289
:
5, 090, 62'2,407, 7552, 054, 586
5,210,642 2,481, 094 2,140,008

31,3K
37,068

42,309
23,968
42,100
24,823

596, 04' 2, 506,076 4,439, 007
573,061 2, 584,010 4, 613,299
-~~ ' "12, 610,331 4, 664,917
586,181
564,11" 2,640,075 4,780,083

316, 516
310, 885
339, 688
348, 638

CO
O

No.

80.—ALL

MEMBER

BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES,

to
o
o

1914-1927—Continued

ST. LOUIS DISTRICT
[In thousands of dollars]

Loans and investments
Investments3

Call date
Total

Loans *
Total

United
States
Government
securities

Other
bonds,
stocks,
and
securities

Due
from
banks 4

Capital,
surplus
and
undivided l
profits

Total

United
States
deposits

Demand Time
dedeposits
posits 6

Net de- Reserve
Bills
Net
with
payable NumDue to I demand mand
plus
Federal and re- ber of
banks 7 | detime
reserve
disbanks
posits
deposits 8 banks counts 2

__
1914
Dec. 3 1 . . . -

385, 351

286, 235

99,116

49,000

50,116

58,352

101,832

348,361

1915
Mar. 4
May«l
June 23
Sept. 12.—
Nov. 10—Dec. 31

381,138
380, 056
382,954
377, 652
392,985
394, 729

290, 523
288, 358
288, 372
286, 413
298, 754
299, 533

90,615
91, 698
94, 582
91, 239
94, 231
95,196

48, 597
48, 620
48, 858
48, 560
48, 586
48, 622

42,018
43,078
45, 724
42,679
45, 645
46,574

78,304
76, 629
72,431
79,950
85, 761
91,286

101,979
102,452
103,350
102,014
102,883
102, 553

370,795
370,938
366,134
366,439
386,856
403, 311

1916
May 1
June 30
Sept. 1 2 —
Nov. 1 7 —
Dec. 2 7 - . . .

413, 544
416,635
431, 615
464,300
479, 605

315, 981
316, 362
329, 588
362,231
376,108

97, 563
100, 273
102, 027
102,069
103, 49"

47, 579
48, 598
48, 453
48, 236
48,148

49,984
51,675
53,574
53, 833
55,349

94,866
84,506
78,245
112, 570
97,089

102, 782
102,503
103,155
104,419
104,852

1917
Mar. 5
May 1
June 20
Dec. 31

385,161
490,434
517,827 o 404, 789
562, 320 9 425,150
694, 716 9 1 528,054
.0

105, 273
113, 038
137,170
166,662

46,984
46,862
62,112
79,600

58,289
66,176
75, 058
87,062

114,141
95, 310
93, 991
114, 648

.o
757, 367 9 i 533,120 224, 247
759,179 Bio 550,825 208, 354
864, 487 9 595, 459 269, 028
825,652 9 583, 7921 241,860

138,129
123, 343
179, 070
155,188

86,118 101,909
85,011 84, 747
89,958 104,928
86,672 123,364

1918
May 10
June 29

Nov. 1
Dec. 31.—




66, 506

8,034

189,131
196, 513
193, 631
190, 208
205,802
217, 738

70,500
71,980
70,251
72,459
72,172
72, 747

5,834
3,854
3,647
3,255
2,898
2,655

105,330
98, 591

430,926
424,957
435, 205
506, 608
512,945

217,165
215,636
223, 209
246,935
253,396

79, 388
82, 758
83,825
85,904
86,451

2,57;
2,574
2,575
2,567
2,576

104,381
110, 582
123, 313
131,375

548,009
551, 513
579,060
728,534

262, 768 91,100
280,915 105, 597
296, 939 119, 668
374,801 142,648

136,461
138, 020
148, 349
147, "

754,135
714, 067
806,332
827,931

385, 861
375, 04"
424, 697
464,067

144,647
144,145
156, 842
162, 227

85,512 ( i
i)

(">

13,156

8,039

459

100, 517
105, 984
110,171

(u)
(n)
(")
(u)
(n)
(»)

16,149
14, 245
14, 522
14, 223
13,757
14, 797

4,128
3,627
3,809
4,542
7,072
6,202

460
460
461
463
467
470

131, 798
123,989
125, 596
171,202
170, 522

(n)
(")
(")
(")
(u)

16, 240
18, 577
24, 024
30,127
32, 662

1,932
1,809
3,719
3,642
2,909

467
469
469
469
468

2,611
2,592
2,654
10,917

191, 530
162,409
()
159, 799 397,874
200,168 460,376

(u)
(»)
517,542
603,024

37, 236
35,176
38, 460
51, 467

1,278
»4, 280
9 5, 640
» 39,930

466
467
470
479

67, 280
44, 432
73,443'
15, 855i

156, 347
150,443
151,350
185, 782

586,956
585,443
628, 011
687, 219

48,
51,
53,
53,

9 46, 563
9 71, 714
9
98, 789
9 77,883

486
487
512
514

442,309
441,298
471,169
524,992

631
641
735
650

1919
Mar. 4
June 30
Nov. 17—_
Dec. 31

868, 087 9 585,467 282, 620
9
870,854 9 605, 684 265,170
951, 847 9 715, 943 235, 904
1, 013, 647 769, 565 244, 082

191,354 91, 266 118,397 147,156 875,100
165, 077 100,093 99,376 151,427 845, 211
126, 633 109, 271 131,800 158, 519 989, 791
132,990 111, 092 119,530 155, 803 1, 037, 945

469, 747
469, 752
556, 530
582, 020

174,328 36,329
182,826 29,889
205, 296 8,284
211,177 27, 770

194, 696
162,744
219, 681
216,978

544, 696
527,018
618, 635
650, 690

719,024
709,844
823,931
861, 867

61,445 9 65,673
58,178 9 66,749
69,287j 9 7 5> 409
71,915 9 86, 666

510
519
534
538

1920
May 4
June 30
Nov. 15
Dec. 29

1, 081, 799 853, 028
1, 049,188 834, 847
1, 056, 498 844, 231
1, 030, 925 816, 310

114, 523
104, 536
105, 069
103, 710

567, 278
542, 442
536, 561
525, 674

233, 774
240, 461
252,874
255, 017

4,989
8,580
7,689
8,417

157, 810
146, 864
142, 817
139, 505

228, 771
214, 341
212, 267
214,615

114, 248
109, 805
107,198
110, 905

89,258
87,448
86,897
83, 514

165, 582
166, 975
173, 996
174, 572

963, 851
938, 347
939, 941
928, 613

612, 305
580, 582
567, 063
564, 024

848, 079
821, 043
819, 937
819, 041

71, 609
64, 416
69,107
66, 505

172, 655
154,715
167, 896
137, 940

557
562

176, 970
175, 818
178,117

903, 748 506, 028 269, 518 7,160 121, 042 549, 487
882, 056 484,897 271, 819 11, 524 113,816 525,124
935, 635 515, 859 284,143 8,106 127, 527 548, 738

819, 005
796, 943
832,881

64,122 96,122
59, 377 101, 620
65,171 74, 385

575
580
585

38, 469
26, 301
37, 073

589
605

571

1921
Apr. 28..._
June 30
Dec. 31

998, 311
989, 302
983,886

781,032 217, 279
773,160 216,142
764, 021 219, 865

99,990 117, 289 69,434
99, 064 117,078 67,482
97.610 122, 255 77,350

1922
Mar. 10....
June 30
Dec. 29

978, 769
999, 039
1,118, 350

750, 634 228,135
738, 395 260, 644
802, 437 315,913

102, 611 125, 524 90,208
114, 597 146, 047 98,241
153,365 162, 548 122,420

1923
Apr. 3.
June 30..
Sept. 14..
Dec. 31..

1,151,916
1,154,"""
1,171, 327
1,182,166

820,105
818, 861
843, 535
852,844

331,811
336,121
327, 792
329, 322

163, 357
164, 800
157, 718
153,325

168, 454
171, 321
170, 074
175,997

110,407
90,164
86,638
102,964

192, 375
193, 783
197, 612
194,054

1,182, 279
1,133, 366
1,123, 997
1,181, 212

620, 355
597, 718
595, 695
622, 407

362,186 13,977
367,882 14,196
381,404 3,823
384, 646 9,028

185, 761
153, 570
143,075
165,131

685, 623
652, 367
640, 410
663, 700

1, 047, 809
1, 020, 249
1, 021, 814
1,048, 346

75, 621
68, 782
65,053
70,058

34, 084
50, 220
70, 875
63,914

618
621
622
624

1924
Mar. 31....
June 30
Oct. 10
Dec. 31-...

1,175, 542
1,157, 068
1,182, 971
1, 223, 248

855, 217
843, 421
872, 907
884, 240

320, 325
313, 647
310,064
339, 008

139,818
130, 447
121, 502
133,431

180, 507
183, 200
188, 562
205, 577

87,826
117,085
139,485
153,630

196,445
197,101
199, 528
196,176

1,152,908
1,175, 475
1, 243,044
1,343, 784

586, 781
600, 670
618,097
676,074

408, 703 9,417
407,587 5,945
423,605 8,208
431, 261 13, 823

148, 007
161, 273
193,134
222, 626

638, 202
643, 848
664, 779
733, 523

1, 046, 905
1, 051,435
1,088, 384
1,164, 784

68, 304
63, 376
75, 346
80, 758

46, 967
31,460
36, 232
13, 912

628
627
625
624

1925
Apr. 6
June 30
Sept. 28....
Dec. 3 1 . —

1, 246,141
1, 227, 649
1, 280, 843
1, 309, 595

890, 838
877, 430
929, 520
950, 498

355, 303
350, 219
351, 323
359,097

148, 704
129, 769
130,817
136,193

206, 599
220, 450
220, 506
222,904

133,538
117,784 198, 454
126,163 198, 054
127,239 197, 456

1, 319, 332
1, 272, 089
1, 303, 438
1, 387, 050

660, 201
647,184
650,849
717, 534

434, 778 26,881
441,922 7,621
452,819 10,168
452,196 12, 590

197,472
175, 362
189, 602
204, 730

720, 281
697,990
708, 057
776, 891

1,155, 059
1,139,912
1,160,876
1, 229,087

78, 523
73,343
75,114
81,912

17, 531
24,160
48, 272
28, 786

624
621
629
628

1926
Apr. 12..._
June 30
Dec. 31--.

1, 331, 924
1, 320, 071
1, 312, 593

971,770 360,154
951, 830 368, 241
946, 432 366,161

139, 267 220, 887 114,311
135,854 232, 387 110,096
119, 929 246, 232 116,093

178,907 751, 256 1, 230, 390 82, 611
172, 212 740, 424 1, 216,993 76, 904
173,077 733, 936 1, 213, 526 83,017

30, 631
35,107
35,985

622
619
609

1927
Mar. 2 3 — .
June 30
Oct. 10
Dec. 3 1 . —

1, 331,123
1, 336, 751
1, 358, 406
1, 376, 531

932, 548
930, 367
948, 412
953, 365

146, 861
148, 543
146,142
146, 241

18, 809
38, 453
20, 272
20, 877

602
599
594

For footnotes, see p. 187,




398, 575
406, 384
409, 994
423,166

251, 714
257,841
263, 852
276,925

180, 603 963, 037 508, 897 295, 259 11,306 147, 575 558,554 853, 813 61, 769
185,964 1, 005,428 535, 703 313, 782 6,232 149, 711 579, 533 893,315 63, 491
190,985 1,166,384 616, 616 340,447 14, 731 194, 590 675,159 1, 015, 606 69, 732

203, 567 1,374, 691 700, 527 479,134 16,123
202,920 1, 343, 279 684, 633 476, 569 9,865
205, 057 1,358, 732 697, 505 479, 590 8,560

125,568 207, 018
111,535 205, 417
121,761 210, 769
129,113 209, 206

1, 381, 312
1, 358, 583
1, 416, 371
1,451,036

668, 529
670, 362
694, 001
715,853

513,973 14, 205 184, 605
509, 282 6,981 171, 958
521, 318 13, 980 187, 072
525, 641 8,885 200, 657

727, 357
723, 795
748,874
775, 773

1, 241, 330
1, 233, 077
1, 270,192
1, 301,414

80,965
77, 050
81,813
88, 517

o

No.

86.—ALL MEMBER BANKS—PRINCIPAL

RESOURCES AND LIABILITIES

ON CALL DATES,

fcO

1914-1927—Continued

MINNEAPOLIS DISTRICT
[In thousands of dollars]

Loans and investments
Investments 3

Capital,
Net de- Reserve Bills
surplus
United
Net
with payable Numand
Total Demand Time States Due to demand mand
dede- 6
plus
Federal and re- ber of
undi- deposits posits
debanks i
deUnited Other b a n k s '•
posits
time ! reserve
disvided
posits
posits deposits banks counts 2 banks
States bonds,
profits
Govern- stocks,
and
ment
securi- securities
ties
Due
from

Call date

Total

Loans i
Total

1914
Dec. 31 —

471,634

389,659

81,975

35,364

46,611

1915
Mar. 4____
May 1
June 23—
Sept. 12...
Nov. 10—
Dec. 31 —

463,340
462, 769
470,834
476,032
492,579
511,203

383, 613
383, 296
389,370
394,935
404,462
422,179

79, 727
79,473
81,464
81,097
88,117
89,024

35,180
34,368
34,361
34,355
34, 297
34,245

44, 547
45,105
47,103
46, 742
53,820
54,779

1916
May 1
June 30
Sept. 12...
Nov. 17—
Dec. 27—

546, 327
552,110
573,189
602,028
603,154

454,201 92,126
458,350 93,760
476,467 96,722
501, 828 100, 200
503, 337 99, 817

34, 219
34, 211
34,336
34, 492
34, 560

1917
Mar. 5
May 1
June 20—
Dec. 31 —

471, 567 85,517
557,084
572,152 9 486,125 86,027
582, 790 9 484,428 98,362
640,682 .» 531,137 109, 545

1918
May 10—
June 29...
Nov. 1____
Dec. 31. -.

693,172 .10 549,953
•!0 572,761
776, 585 9 611,172
740,984 9 570,627




143,219
135,307
165, 413
170,357

478, 560

240,181

171, 649

2,669

64,061

108,304 95,441
103, 772 90,604
90,592 98, 232
96,842 97, 741
150, 733 99,975
145,809 100,775

507, 377
503,119
492,896
504,020
579, 723
600,511

248,340
242,829
243,066
251,320
292,260
293,797

174,304
178,405
178,846
183,821
183,860
189, 733

2,664
2,429
2,462
2,201
2,120
1,738

82,069
79,456
68,522
66,678
101,483
115, 243

57,907
59,549
62,386
65, 708
65, 257

134,470
110,562
112,462
130, 650
120,269

100,160
100,131
101,694
104,326
106, 794

628, 567
610,638
635,347
690,193
678, 754

295,284
292,766
303,908
334, 471
320,015

209,822
214,"""
221, 625
226, 594
234,061

1,692
1,728
1,588
1,697
1,728

121,769
101, 249
108,226
127, 431
122,950

30, 369
31, 266
45, 203
51,613

55,148
54, 761
53,159
57,932

125, 733 94,897
114, 715 96,165
106, 531
123,179 105, 220

647,467
652,610
642, 492
717, 255

299,180
305, 506
310, 483
333, 578

218,131
223,862
224, 891
239,498

1,433
1,776
2,328
19,336

128, 723
121,466
104, 790
124,843

372,317
367,075

86,939

56,280 96, 519
55,321 93, 279
56, 592 139,887
56,528 160,246

722,849
693, 301
831,386
862, 442

325, 510
321, 934
387,963
396,785

250,862
248, 509
259, 947
277, 460

36,827
29,345
24, 764
13,061

109,640
93, 513
158, 712
175,136

364,875
348,924
444,419
453,136

108,821!
113,829!

70,555

96,665

108,979
109,125
115,324
118,097

8,781

3,271

709

8,780
8,874
8,823
8,751
10,015
13,832

2,616
2,602
4,100
6,506
4,694
3,595

715
719
723
728
731
733

15, 734
19, 357
21,047
28,329
29,088

1,619
2,622
3,865
2,966
3,405

746
749
757
759
764

597,208
606,573

28,849 9 3,393
28,956
5, 373
28,167 9 9, 852
39,518 913,338

721
728
736
780

615,737
597,433
704,366
730,596

42, 278 8 25,943
36, 510 9 55, 260
47,160 9 52, 7671
49, 741 9 10,048i

814
821
85S
867

C 11 )

(")

00

()

1919
Mar. 4
June 30. __
Nov. 17._.
Dec. 3 1 . . .

787, 702 »564, 938 222, 764
801,374 9 605, 791 195,583
923,320 9728,685 194, 635
933,288 » 751,185 182,103

164,510
133,157
123, 556
111,697

1920
May4
June 30
Nov. 15.__
Dec. 2 9 . . .

970,761
970, 026
971,304
943,522

805,671
811,108
814, 747
789,998

165,090
158,918
156, 557
153, 524

93,988
88, 619
80,145
77,007

1921
Apr. 2 8 . . .
June 30
Dec. 31.._

894,313
908, 927
862, 438

744, 744 149, 569
757,642 151, 285
712, 371 150,067

1922
Mar. 10_._
June 30..
Dec. 2 9 . . .

853, 404
859, 706
884,167

694,202
687,166
694,312

1923
Apr. 3
June 3 0 . . .
Sept. 14...
Dec. 3 1 . . .

899,193
896, 406
888,949
863,307

1924
Mar. 3 1 . . .
June 3 0 . . .
Oct. 1 0 . . .
Dec. 3 1 . . .

302,040 22,922
319,167 9,804
338,246 9,582
349,144 10,338

175,123
160,152
148, 592
146,523

455,132
452,773
511, 258
483, 845

757,172
771,940
849, 504
832,989

48,647 »8,794
50, 256 9
»21,427
53,426 58,082
54,947 9 82,094

872

373,348
378, 271
371, 276
371,802

3,996
2,865
5,070
5,650

131,329
107, 414
94,316
88,714

472,420
449,904
432, 797
400,198

845,768
828,175
804,073
772,000

50,734
49, 757
48, 291
44,185

104,189
119,226
135,388
126,801

960
980
999
999

139, 369
140, 254
140, 960

812,878 355,884 368,442
821, 802 362,677 372,937
818, 641 358,440 363,010

7,370
7,551
10,321

81,182 376, 218
78, 637 376, 323
86,870 376, 281

744, 660
749, 260
739, 291

43,019 97,071
43, 630 109, 903
43, 537 74, 017

1,008
1,014
1,017

78, 202 109,693
79,876 97,116
87,638 113,987

139, 863
139, 416
140. 995

853,470 364,134 364,168 11,616 113, 552 389,363
856, 213 373, 341 373, 566 6,568 102, 738 397, 978
923, 044 400, 371 390, 583 9,002 123,088 427,395

753, 531
771, 544
817, 978

43,316
45, 544
49,024

53, 658
50,920
38, 226

1,015
1,014
1,000

92,004
90,964
91,851
94,139

135,421
134,341
134, 939
132,022

944, 085
916,071
913,040
914, 775

118,427
119,928
128, 592
126, 537

886,830 386,745
893,063 403,940
967,380 470, 960
955,367 449,362

71,102 106,865
70,299 101,274
76,412 98,947
76, 517

131,
132,
141,
143,

942,357
917,043
899, 410
851, 964

74,861
72, 817
74,171

74, 708 73,477
78, 468 78,241
75,896 87,079

159,202
172, 540
189,855

81,000
92, 664
102, 217

696,161
690, 681
684,105
655, 670

203, 032
205, 725
204,844
207,637

111, 028
114, 761
112,993
113,498

853,424
824, 333
867, 582
906, 616

639,177
610, 944
629.480
630,474

214, 247
213,389
238,102
276,142

120, 890 93,357 106,392
116, 699 96, 690 123, 707
123,301 114,801 157,181
143, 677 132,465 151,229

1925
Apr. 6 . - . .
June30._.
Sept. 2 8 . . .
Dec. 3 1 . . .

906, 691
888, 227
895,430
893,181

611,861
596, 898
599,474
586,117

294,830
291,329
295,956
307, 064

149, 018
140, 961
140, 792
146,370

1926
Apr. 12. _.
June 30. _.
Dec. 3 1 . . .

889,722
880, 562
861, 998

575,372 314,350
567,763 312, 799
554,196 307,802

147,729 166, 621 104,869
142,334 • 170,465 101, 544
133,351 174,451 116,230

115,870
114, 627
114, 625

1927
Mar. 23....
June 3 0 . . .
Oct. 1 0 . . . .
Dec. 3 1 . . - .

862,142
851,382
881,950
896,998

540,495 321,647
531,054 320,328
552,992 328,958
547,075 349,923

134,337
129,820
131, 275
137,006

113, 260 938,016 389,355
112,367 940, 286 401,106
115,882 1,016,477 444,367
115,323 1, Oil, 265 428,930

For footnotes, see p. 187.




58,254
62,426
71,079
70,406

145,812
150,368
155,164
160,694

187,310
190, 508
197,683
212,917

143,951
143,050
133,156
127,844

108,539
97,236
97,195
105,461

122, 753
110,190;
112,913
127, 243

99,188
105, 616
140,198
127,025

083
575
202
946

433, 684
428,493
428, 748
385, 798

912
920

392, 969
392, 095
386,423
387, 695

408, 234
416,088
417,529
413, 926

9,611 133, 271
8,394 99,494
6,023 103,065
5,413 107, 741

440,497
411, 586
409,446
410, 554

848, 731
827, 674
826, 975
824,480

51, 805
46, 937
48, 065
46, 652

31, 833
43,100
41,838
26,978

977
940

126, 691
913, 801
123, 376
908,946
125, 202 1, 005, 053
125,050 1,044, 716

386, 065
395, 689
422, 331
439,006

404, 271
403, 578
412, 826
430,315

9,521 113, 944 418, 705
5,692 103, 987 404,464
6,903 162, 993 465, 631
6,321 169, 074 502, 703

822, 976
808, 042
878,457
933, 018

46, 235
47,410
53, 559
55, 513

17, 702
18,984
12,061
6,384

903
895
890
885

122,137 1,016,089
120,444
988, 414
118,414
995, 694
116,395 1, Oil, 532

424,325
430, 460
426, 309
435,345

441, 834
435, 281
433,906
437, 717

8,562
5,188
8,161
7,429

471,725
463.152
466,087
467,828

913, 559
898,433
899, 993
905, 545

54,172
54,175
53, 789
52,192

5,526
7,260
7,652
4,639

872
859

9,499 114,389 450,891
6,009 104, 511 444, 379
4,667 116,034 432,062

889,855
879,828
867,959

53, 592
48,457
50, 606

5,670
5,226
5,277

817
804
764

7,272
5,693
5,421
5,743

855,876
852, 553
904,0*72
911, 632

50, 717
47, 781
51, 261
54, 217

5,066
3,428
2,654

743
740
742
735

983, 280 420,428 438,964
965, 765 419, 796 435,449
962,614 406,016 435,897
430,377
434,987
435,139
451, 607

141,3681
117,485
127,318
131,041

111, 012
98,500
131, 550
124,985

425,499
417, 566
468,933
460,025

829

No.

86.—ALL

MEMBER

BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES,

1914-1927—Continued

KANSAS CITY DISTRICT
[In thousands of dollars]
Loans and investments
Investments 3
Call date
Total

Loans u
Total

United
States
Government
securities

Other
bonds,
stocks,
and
securi-

Due
from
banks *

Capital,
surplus
and
undivided
profits

Total
deposits

Demand Time
dedeposits 5 posits 6

United
States
deposits

Net
Due to demand
banks "> deposits

Net de- Reserve
Bills
mand
with
payable
plus
Federal and retime
reserve
disdeposits 8 banks counts 2

Number of
banks

1914
Dec. 3 1 . . _

481,512

386,746

94,766

52,519

42,247

122,647

106,241

526,677

291,566

82,477

6,985

145,649

(")

(")

11,837

3,604

836

1915
Mar. 4 . . . .
May 1
June 23___
Sept. 12.Nov. 10...
Dec. 3 1 . . .

485,003
484, 832
489,977
528,738
550,363
558,544

393,667
91,336
393, 831 91,001
397,702
92,275
428,907
99,831
449,618 100,745
455,586 102,958

51,861
51,325
51,175
54,324
53,909
53,645

39,475
39,676
41,100
45,507
46, 836
49,313

144,869
136,123
136,320
137,808
143,077
148,857

106,698
107,229
108,702
115,648
116,740
114,002

551,629
541,315
547,984
581,525
607,553
629,708

300,288
298,735
300,543
333,084
354,552
368,639

82,473
85,867
89,444
95,641
95,419
95,173

5,021
4,511
4,681
4,276
3,854
3,693

163,847
152,202
153,316
148,524
153,728
162,203

(»)
(»)
(u)
(")
(")
<")

(»)

00
(»)
(")
(»)
01)

11,960
11,833
12,606
12,982
13,546
16,494

3,325
3,049
3,193
5,077
9,943
9,129

832
832
951
951

1916
May 1 - - June 30—
Sept. 1 2 . . .
Nov. 17...
Dec. 27. . .

580,539
601,130
618,102
677,823
708,799

476,685
496,813
511,570
562,042
590,404

103,854
104,317
106,532
115, 781
118,395

52,000
50,773
50,719
50,858
50,643

51,854
53,544
55,813
64,923
67,752

196,036
172,341
246,248
298,641
263,167

116,338
115, 553
117,265
121,790
123,555

710,720
710,619
812,253
932,542
932,273

395, 725
399,436
433,390
480,411
488,819

107,536
115,087
119,289
125,815
126,757

4,134
4,292
3,876
3,863
4,018

203,325
191,804
255,698
322,453
312,679

(»)
(»)
(")
(»)
(")

C1)
(n)
(")
(»)
<")

18,966
24,568
27,230
39,287
44,102

3,329
4,474
3,412
1,797
1,778

937
939

1917
Mar. 5—_
May l - _ June20___
Dec. 3 1 . . .

619,606
739,613
766,514 9 638,527
820,949 9 668,287
929,397 ".10758,293

120,007
127,987
152, 662
171,104

50,457
53,564
75,180
92, 705

69,550
74,423
77,482
78,399

300,431
260,513
222,646
243,904

120,451 1,012,837
123,804
997,833
129,296 1,001,109
131,969 1,123,624

524,935
528,152
549,707
622,444

137,965
152,086
159,451
169,250

3,984
4,144
4,966
16,756

345,953
313,451
286,985
315,174

(")
(u)
735,852
743,101

895,303
912,351

(»)
(u)

50,701
51,450
51,374
73,305

1,184
« 2,199
• 10,158
• 34,843

938
940
946
957

995,085 9-10768,175
973,706 9 774,641
9
795,685
1,015,860 »787,064

226,910
199,065
250,556
228, 796

150,221
122,097
174,281
151,442

140,127
137,577
144,369
141,933

607,032
578,844
619,949
646,691

176, 298
179,996
178,741
179,813

43,129
45,519
65,441
23,550

271,837
225,016
245,027
287,016

706,850
659,589
689,547
751,749

883,148
839,585
868,288
931,562

68,827
66, 454
64,368
70,080

• 61,556
9
80,114
104,470
9
68,847

971
974

1918
May 10...
June 29—_
Nov. l.__.
Dec. 3 1 . . .

1,046,241




197,965
76,968 172,692
76,275 200,135
77,354 208,302

1,098,296
1,029,375
1,109,158
1.137,070

9

941
943

1919

Mar 4
June 30...
Nov. 17...
Dec. 3 1 . . .

1,057,984
1,098,704
1,211,916
1,248,418

9 802,441
»860,714
«972,168
8 999,474

255,543
237,990
239,748
248,944

179,661
161,357
155,085
161,381

75,882
76,633
84,663
87,563

229,173
188,128
296,232
260,446

146,529
147,534
162,393
158,128

1,192,864
1,165,407
1,401,616
1,416,112

1920
May 4
June 30___
Nov. 15...
Dec. 29...

1, 277,734
1, 259, 244
1,267,461
1,215, 747

1,061,707
1,045,846
1,058,125
1,006,522

216,027
213,398
209,336
209,225

130,503
127,932
121,403
119,197

85,524
85,466
87,933
90,028

226,415
216,263
202,747
170,940

171,260
170,380
179,004
177,964

1,345,020 813,495 243,853
1,321,467 794,348 252,124
248,434
1,266r 640
1,193,885 731,127 243,203

1921
Apr. 2 8 . . .
June 30...
Dec. 31.._

1,114, 528
1,099,449
1, 048,918

923, 503
907,415
858, 205

191,025
192,034
190,713

110,381
110,459
103,419

80,644 144,758

1922
Mar. 10...
June 30. __
Dec. 2 9 . . .

1,017,869
1,067,002
1,115, 378

827,379
842,236
866,655

190,490
224,766
248, 723

106,213 84,277 199,510 173,056 1,145,677 656,670 243,049 14,636 231,322 705,882 948,931
130,918 93,848 206,791 174,200 1,232, 560 727,987 262, 921 7,776 233,876 782,426 1,045,347
148,269 100,454 206,544 179,437 1,288,665 751, 111 273,040 12, 542 251,972 803,024 1,076,064

1923
Apr. 3
June 30.._
Sept. 14...
Dec. 3 1 . . .

1,133, 839
1,145,159
1,127, 800
1,096,091

876, 757
886,108
872,614
849,063

257,082
259,051
255,186
247,028

158,559
160,367
157,510

1924
Mar. 3 1 . . .
June 30.._
Oct. 10__Dec. 3 1 . . .

1,056, 702
1,037, 719
1,057,681
1,078, 924

822, 704
799,805
795,133
800, 838

233,998
237,914
262, 548
278,086

135,584
133,799
147,575
149,747

98,414
104,115
114,973
128,339

1925
Apr. 6
June 30
Sept. 28...
Dec. 3 1 . . .

1,115,184
1,114,620
1,135, 728
1,131,484

811, 588
804,929
817, 277
804, 948

303, 596
309,691
318,451
326,536

169,898
173,670
177,337
181,677

133,698
136,021
141,114
144,859

1926
Apr. 12...
June 30...
Dec. 31 —

1,137,826
1,157,139
1,135,968

794, 226
811,649
777,411

343,600
345,490
358,557

1927
Mar. 23...
June 30. __
Oct. 10--.
Dec. 31-.-

1,159,449
1,153, 509
1,167,923
1,191,491

786,494
776,100
776,398
783,062

372,955
377,409
391, 525
408,429

I
k For footnotes see p. 187,




667,760
695,918
830,511
846,351

184,072 30,055 310,977 760,158 944,230
202,697 21,613 245,179 765,397 968,094
219,643 11,660 333,802 891,019 1,110,662
221,979 18, 761 329,021 908,205 1,130,184

179,486 1,106,004 664,605 242,756
81, 575 146,997 176,339 1,105,101 656,457 247,633
87,294 156,266 170,917 1,092,154 649,615 242,616

5,712j
13,287
6,207
7,578

281,960
261,708
225,710
211,977

861,380
838,128
807,179
764,105

7,156 191,487 707,707
9,222 191, 789 700,947
8,834 191,089 687,219

69,371
75,638
81,132
95,327

'77,481
9 104,975
9112,575
" 128,624

996
1,003
1,029
1,038

1,105,233 • 83,293
1,090,252 80,174
1,055,613 76,477
1,007,308 72,987

160,378
150,605
196, 792
175,729

1,057
1,061
1,082
1,086

73,854 119,617
71, 781 110,043
72,322 94,963

1,087
1,087
1,092

72,508
79, 765
81,143

48, 722
31,238
35,840

1,112
1,147
1,142

950,463
948, 580
929,835

202,278 174,377 1, 308,823
173,949 172,908 1, 258,935
172,014 173,860 1,256,028
179,835 165, 727 1,234,642

759,407
735,871
734,720
722,172

285, 648 12, 864
300, 687 9,209
299, 566 6,652
291,930 6,764

250,904
213,168
215,090
213, 776

823, 766
787, 551
786,368
759,360

1,109,414
1,088, 238
1,085, 934
1,051,290

85,040
81,198
82,152
76,579

32, 564
58, 649
48, 862
53,396

1,145
1,145
1,142
1,122

168,733
201,079
306,566
313,260

165,666
162,393
163,859
158, 657

1,197, 626
1, 228, 859
1, 381,373
1,441,368

694, 718
708, 271
745,360
779, 724

293,850
298,607
297, 288
295,985

8,404
6,504
7,665
6,538

200, 654
215,477
331,060
359,121

745,621
747,710
812,230
876,033

1,039,471
1,046,317
1,109,518
1,172,018

74,998
78,241

24,914
22,815
10,232
6,256

1,098
1,087
1,082
1,066

240,836
231,461
197,240
229,406

159,361
159,643
158,118
154,037

1,386, 978
1,384, 582
1, 364, 292
1,408,448

772,401
793,815
795, 267
836,652

305,237 13,561
312,102 7,120
309, 748 7,965
294,962 8,330

295, 779 868,641 1,173,878
271, 545 863,660 1,175, 762
251,312 871,339 1,181,087
1,186, 769
268, 504

89,453
91,446
87, 775
92,986

6,959
8,753
10,896
16,858

1,056
1,048
1,038
1,027

198,072
187,698
182,962

145,528 188,641 156,055 1,348,970 794, 508 315,68; 15,808 222,969 845,366 1,161,051
157, 792 199, 704 153, 771 1, 391,499 818,273 323,494 11,509 238,223 871,088 1,194,582
175,595 218,763 152,389 1,403,449 822,157 317, 771 7,856 255,665 874,816 1,192,587

88,973
86,102

20,000
16,503
7,387

1,017
1,011
992

194,040
183,255
183,435
183,534

178,915
194,154
208,090
224,895

89,173
90,771
86,813
95,336

11,579
11,892
14, 757
10,292

984
972
972

98,523
98,684
97,676
141,171 105,857

199,661
200,021
206, 774
223, 608

156,146
155,302
158,872
156,841

1, 387,835
1,393,873
1,406,934
1,456,288

800,663
819, 751
815,885
837,061

330,719 10,033
331,110 7,038
340,449 9,844
338,815 8,718

246,420
235, 974
240, 756
271, 694

872,883
868,511
869, 216
907,313

1,203,602
1,199,621
1,209,665
1,246,128

No,

86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES,

to
o

1914-1927—Continued

DALLAS DISTRICT
[In thousands of dollars]
Loans and investments
Investments a
Call date
Total

Loans u
Total

Capital,
Net de- Reserve Bills
Net
United
mand
with payable NumDue surplus
and
Total Demand Time States Due to demand
plus
Federal and re- ber of
from 4 undi- deposits
de- 5
de- 6
debanks 7
deUnited Other banks
time 8 reserve
disposits
posits
posits deposits banks counts 2 banks
vided
posits
States bonds,
profits
Govern- stocks,
ment
and
securi- securities
ties

1914
Dec. 31. __

350,328

262, 708

87,620

1915
Mar. 4-__
May l - _ June23.__
Sept. 12..
Nov. 10...
Dec. 31,..

339,669
335,952
333,775
315,392
339,621
342,977

264,427
271,009
268, 742
254,972
278,936
281, 310

75, 242
64, 943
65,033
60,420
60,685
61, 667

48, 204
49, 293
49,339
46,188
45, 518
45,800

27, 038
15,650
15,694
14, 232
15,167
15,867

1916
May 1—.
June30__,
Sept. 12...
Nov. 17...
Dec. 27_._

328,088
328, 711
361,886
396,450
401, 008

272,097
272,920
305, 264
337, 638
341, 673

55,991
55,791
56, 622
58,812
59, 335

1917
Mar. 5..._
May 1
June 20. __
Dec. 3 1 . . .

395, 562 336, 678
402, 890 » 339,143
411, 888 « 334, 797
533,900 0.10443, 243

1918
May 10...
June 29
Nov. 1
Dec. 3 1 . . .

556,151 8.10417,687
531, 788! 9.10415, 318
620,914 »484,341
612,623 » 482,256




19,194 56,929 108,973

278,327

207, 651

26,874

3,149

40, 653

75,885
69, 581
65,890
55,040
74,141
68, 785

111, 007
112, 746
114,107
105,969
107, 771
104,833

301,157
290,067
281,810
257,046
315, 369
322, 291

219,940
213,897
208, 346
190,669
226, 519
233, 903

27, 550
29, 448
30, 749
29,011
32,020
32,024

2,615
1,612
1,620
1,394
1,569
1,381

51, 052
45,110
41,095
35,972
55, 261

43, 708
43, 780
43, 661
43, 828
44,184

12, 283 83,429
12,011 73,022
12,961 89,154
14, 984 170,016
15,151 153,200

103, 933
103, 737
105,043
107, 688
108,879

321, 298
311,247
363,684
502,453
490,929

229, 348
223, 523
257,865
329,129
323, 296

35, 878
37,225
37,439
39, 599
39,688

1,342
1,396
1,387
1,443
1,642

54, 730
49,103
66,993
132, 282
126, 303

58,884
63, 747
77, 091
90,057

44, 582
47,454
62, 467
73,924

14, 302
16,293
14, 624
16, 733

130, 546
105, 070
89,026
129, 281

105, 912
108, 227
109,992
108, 350

460, 796
434, 424
419, 391
613, 707

310, 895
302,167
294,410
409, 637

44, 382 1,560 103,959
83, 664 ()
47,149 1,444
47,118 3, 074 74, 789 334,853
47,467 10,136 146,467 465,539

138,464
116, 470
136, 573
130,367

123,246
100, 270
120, 319
112, 718

15, 218
16, 200
16,254
17,649

83,445
69, 254
84,000
77,981

117, 258
117, 374
124, 503
121, 636

532, 772
479, 496
552,646
541, 535

362,777
340, 255
381,164
396,377

54, 690
54,244
52,985
54,298

43,481
21,363
41,836
10,551

71, 824
63,634
76, 661
80,309

6,179

(»)•

(")

(JJ)
C 11 )

374,550
354,644
396,231
412,600

( )

381,971
513,006
429,020
408,888
449,216

759

6,867
7,126
6,676
6,593
7,926
10, 386

9,473
12,109
14,190
20,032
18, 759
13,490

765
769
768
645
645
644

10, 320
12,700
15,145
25, 529
28,156

()

17, 293

9,925
11,574
17, 258
4,593
2,009

617
619
621
620
619

26, 313 9 3,238
24, 319
6,054
23, 313 » 9, 987
43, 203 » 12, 515

627
628
630

38,430
35,700
35, 456
36, 217

717
727

• 41, 501
»49,297
o 85,128
9 91,903

1919
Mar. 4
June 30
Nov. 17
Dec. 31

630,607
645,533
785,454
821, 552

» 480, 403
» 493, 735
9 624,120
» 635,826

150,204
151, 798
161,334
185, 726

134,949
132,767
143,065
160,857

15, 255
19,031
18,269
24,869

91, 602
104,206
189,273
179, 015

124, 270
128,921
136,948
133,056

572, 302
616, 089
907,107
960, 322

413, 667
444,203
635, 567
671, 228

1920
May 4
June 30
Nov. 15
Dec. 29

867, 270
854,839
882, 848
844, 323

706, 353
710, 998
739, 696
709, 037

160,917
143,841
143,152
135,286

136,118
123, 591
118,678
110,012

24, 799
20,250
24,474
25, 274

122,447
102, 381
106, 235
87, 231

147, 083
152, 032
163, 755
162,414

860, 549
803, 711
811,626
746,624

646,127
605,459 96,908
596, 504 105, 578
552,063 104,026

1921
Apr. 28
June 30
Dec. 31

765,095
752,484
711,182

650, 528 114, 567
637,875 114,609
593, 536 117, 646

92, 716
90,394
87,667

1922
Mar. 10
June 30
Dec. 29

700, 308
706,745
749, 295

1923
Apr. 3
June 30
Sept. 14
Dec. 31

57, 749
65,400
70,099
73,278

18, 511 82, 375
13,359 93>127
14,106 187, 335
39,328 176,488
4,618
5,063
3,747
3,388

117,116
96,281
105, 797
87,147

420,970
455,912
658,453
694,077

478, 719
521, 312
728, 552
767, 355

37, 385
43, 527
60,372
63, 611

o 91, 245
» 78,941
»58,943
9 34,024

736
746
752
756

656, 003
611, 794
599, 574
555,631

748,691
708, 702
705,152
659,657

57,861 91,832
54, 249 105,059
51, 524 134,162
48,735 125, 691

781
811
844
840

21,851 79,228 162,697
24, 215 72,391 162, 226
29,979 84, 728 155,137

672,822 487,959
649,266 468,693
667, 669 476,653

105,184
108,700
104,835

3,595
6,124
8,325

76,084 494,359
65,749 472,036
77,856 474,493

599, 543
580,736
579, 328

45, 765
43,687
45, 305

98,995

849
862
851

585, 235 115, 073 90,028
587,036 119, 709 94,918
609, 481 139, 814 111, 502

25,045 105,033
24,791 99,262
28,312 130,690

158,491
157,974
161,749

688,374 480,311 109,919
692,932 488, 737 116,888
816,180 553,184 120,460

10,206
4,976
14,648

87,938 486,737
82, 331 495,025
127,888 573,315

596,656
611,913
693,77f

46,261
46,605
54,457

49,856
45, 753
20,000

854
857
855

769,406
745,119
780, 557
810,155

619,939
601,128
636, 701
648, 797

149,467
143,991
143, 856
161,358

123,063
117,288
112, 706
126,154

26,404
26,703
31,150
35, 204

108,337
81,491
129,188
162,898

157,933
158,084
159, 606
155, 715

798,903
719,861
818,813
947,409

1924
Mar. 31,___
June 30
Oct. 10
Dec. 31

776, 846
732, 301
765,113
789, 329

628,944
596, 881
625,135
645,115

147,902
135,420
139, 978
144, 214

114,436
103,975
101,834
100,578

33,466
31,445
38,144
43,636

119,535
105,145
198,361
214,390

1925
Apr. 6
June 30
Sept. 28.—
Dec. 31_._.

812, 534
790,668
821,844
830, 918

650, 719
637,954
664,145
667, 782

161, 815
152, 714
157, 699
163,136

120,284
112,608
113,439
114,026

41, 531
40,106
44,260
49,110

1926
Apr. 12
June 30
Dec. 31_.__

831,859
807,697
807, 291

1927
Mar. 2 3 . - .
June 30
Oct. 10
Dec. 31

841,697
830,856
876, 888
898, 228

538, 587
500,217
550,383
623,676

133,776 20, 228 106, 312
136,750 8,278 74,616
137, 250 5,886 125,294
143, 250 12,182 168,301

557,621
505,836
562,464
659,065

691,397
642,586
699, 714
802,315

51,077
48,288
52, 759
60,602

26,335
47,065
54, 754
12,121

855
857
858
849

157,950 835,935
156, 502
159,418 931, 646
153,452 1,004, 225

555,598
516,927
590, 368
637,

149,971 13,192 117,174
152,454 6,452 92,347
154, 713 9,084 177,481
150, 856 6,382 209,179

577,910
524,137
608,012
683,020

727,881
676, 591
762, 725
833,876

52,319
49, 293
55,895
65, 708

16,782
24, 316
15,168
6,094

835
837
838

179,811
133,823
163,817
152,668

160,130
159,968
161, 567
156, 760

966, 585
882,959!
951,362
980,486

616, 746
587,970
612,084
649, 624

163, 632 16, 230
167,305
164, 640 13,91
158, 382 14, 065

169,977
119,086
160, 721
158,415

658, 215
601,022
642,102
680,680

821,847
768,327
806, 742
839,062

62,061
57,174
59, 010
66,062

3,721
12, 684
15,926
5,878

824
847
854
852

667, 758 164,101 119, 757
649, 757 157,940 113,323
651, 583 155, 708 105,145

44,344 135,343
44,617 121,089
50,563 146,403

165,120
162, 495
158, 562

929, 064 623, 005 169,465 12,496 124,098 636, 389
871,272 5C0,128 163,897 7,372 109, 875 598,857
940, 293 631,305 160, 377 8,571 140, 040 641,836

805,854
762,754
802,213

58,172
57,342
64,423

12,220
25,359
9,721

850
843
827

668,338
654, 072
688,449
694,344

50,040
55,150
62,000
71, 986

162, 710
624,429
161,355 918, 067 608, 437
165,245 1,024,423 663, 573
160,040 1,067,995 699,140

647,850
622,896
689,918
732,126

823,513
803, 726
872, 291
916,158

62, 783
62,028
65, 538
73,133

7,829
11,513
8,725
1,404

817
815
816
799

For footnotes see p. 187.




173,359 123,319
176, 784 121, 634
188,439 126,439
203,884 131,898

143,791
130, 524
168,244
170, 732

175, 663
180, 830
182,373
184,032

15,049
10, 972
15, 823
13, 789

133,167
117,828
162, 654
171,034

No.

86.—ALL MEMBER

BANKS—PRINCIPAL

RESOURCES AND LIABILITIES ON CALL DATES,

1914-1927—Continued

SAN FRANCISCO DISTRICT
[In thousands of dollars]
Loans and investments
Investments 3
Call date

Total

Loans *2
Total

Capital,
Netde Reserve Bills
United
Net
Due surplus
with
payable NumStates Due to demand mand
and
Total Demand Time
7
from 4 undi- deposits
dedeplus
Federal and re- ber of
debanks
deUnited Other banks
disposits 6 posits 6 posits
time
vided
posits deposits 8 reserve counts 2 banks
States bonds,
banks
profits
Govern- stocks,
ment
and
securi- securities
ties

1914
Dec. 3 1 . . . .
1915
M a r . 4__-_
May 1
J u n e 23
Sept. 12—
Nov. 10—.
Dec. 3 1 - . 1916
Mayl
J u n e 30..-.
Sept. 12—
Nov. 17—.
Dec. 2 7 —
1917
Mar. 5
Mayl
J u n e 20
Dec. 3 1 . - - .

565,433
735,281
780,144 9 590,989
799,106
602,928
936,636 .10707,171

169,848
189,155
196,178
229,465

65,285
72,985
82,557
103,745

1918
10..-.
29--..
1
31.--.

1,003, 572 M0706,869
1,059,388 '•"775, 382
1,165, 514 9 814,206
1,164,194 «813,472

296,703
284,006
351,308
350,722

175,495
158,898
228,001
226, 567

May
June
Nov.
Dec.

598,118

437, 575 160,543

70,423

90,120

96,788

151,473

575,081

371,380

576, 228
582,826
587,091
590,953
599,950
609,125

428,367
436, 811
440, 555
441,806
446,997
454,211

69,078
69,077
68,997
69,056
68, 741

78,783
76,938
77, 539
80,091
84, 212
86,254

107,881
119,033
124,484
150,571
188,556
179,482

150,411
151,312
153,170
151,340
152,340
151,156

564,438
579,040
587,678
612,486
669, 704
675,885

350,832
366,830
371, 850
381,101
410, 727
411,413

634,201
650, 525
677,570
713, 320
733,744

477,467 156,734
494,037 156,488
515,418 162,152
544,976 168,344
562,776 170,968

67,345 89,389 178,787
66, 702 89, 786 159,176
66,504 95,648 192,479
102,176 223,909
66,067 104,901 197,082

151,618
151,362
152, 561
154,388
154,660

700,700
698,621
774,712
857,433
850,866

104, 563
116,170
113,621
125,720
121,208
125,108
123,307
124,155

161,598
174,305
185,077
197,503




147, 861
146,015
146, 536
149,147
152,953
154,914

4,180

102,713

12,489

10,110

521

98,541
100,325
102,857
108,072
112, 427
117,447

3,904
3,535
3,605
3,255
3,315
2,929

111,161
108,350
109,366
120,058
143, 235
144,096

12,511
12, 241
12,342
12,504
14,148
17, 535

8,947
8,122
8,351
7,392
5,393
4,335

525
528
526
529
527
526

419,325
419,316
462,478
503, 784
497,399

128,820
133,374
138,488
149,200
154,940

3,000 149,555
2,933 142,998
2,485 171, 261
2,699 201, 750
2,799 195,728

18,485
23, 543
26,509
35, 426
37, 730

2,656
2,846
1,955
1,417
1,124

521
518
520
521
523

182,359 151,854 843,916
178,928 154,142 888,300
168,207 156,185 875,820
194,481 162,375 1,038,590

477,583
527,844
528,082
620,956

165, 590 2,524
169, 712 2,918
172,099 4,663
205,431 23,370

198,219
187,826
170,976
188,833

604,403
658,580

()
776,502
864,011

37,337
1,253
40,176 81,924
40, 289 "13,118
65,275 9 32, 228

521
526
528
551

169,014
173,165
181,818
182,539

620,294
637,169
689, 517
733,891

213,475
230,752
237,011
253,789

43,792
55,535
50,097
23,782

158,577
167,972
186, 295
202,151

647,535 861,010
662,197 892,949
723,732 960, 743
761, 759 1,015, 548

70,422 9 47,274
68,960 9 58,012
77,032 9110,218
82, 288 »93, 583

583
599
631
644

1, 036,138
1,091,428
1,162,920
1,213,613

()
ll

( )

C 11 )
()

Mar. 4
June 30
Nov. 17 _..
Dec. 31....

1,196, 735
1, 214, 886
1,661,445
1,831,331

»795, 480
9 858,349
1, 213,198
1,335, 398

401,255
356,537
448, 256
495, 933

277,876
232, 713
262,091
280,019

123,379
123,824
186,1G5
215, 914

174,300 184,344 1,197, 496 697, 693
198,872 189, 412 1,291,187 781,118
300,841 226,733 1,853,007 1 053, 958
,
282,015 231, 607 2,043,881 1, 092,150
,

270, 241 44,822 184, 740 722, 679 992, 920 75,517| o 106,364
284, 648 22,602 202, 819 843,806 1,128,454
85,215! » 75,697
515, 580 15,805 267, 6641,, 070,349 1,585, 929 114,076 9 100,098
660,175 35,427 256, 129 1, 104,345 1, 764, 520 121.315 »89,333
,

700
723

1920
May 4
June 30
Nov. 15....
Dec. 29....

1, 946,174
1, 975, 226
2,042, 239
2,024,898

1, 474, 663
1,511,090
1,556,720
1, 543,632

471,511
464,136
485, 519
481, 266

250,013
241, 299
244, 964
234,845

221,498
222,837
240, 555
246,421

220,372 260, 584
212,503 261,463
232,711 284,348
187,794

703,244
738, 611
748, 575
755, 996

205, 436 , 080,132 1, 783, 376
,
1,
200,
,
1,128 1, 072, 778 1,811,;
212,995 1, 120,193 1, 868, 768
196,921 1,048,436 1, 804, 432

159, 570
166,862
184,478
197,818

774
796
825
830

1921
Apr. 28....
June 30.. _
Dec. 31....

1,984, 271 1, 500,01 484, 254
1,953,614 1,476,835 476, 779
1,945,470 1,452, 507 492,963

240,413 243, 841 160,445 286,095 1,900,258 940, 031 786, 670 11,619
225,967 250,812 159,429 283,094 1, 898, 290 926, 313 799, 363 8,486
229,959 263, 004 186, 231 284,002 2,032, 962 1, 019,838 808, 361 15,092

161,938 954, 615 1, 741, 285 114,291 193,793
164,128 939, 259 1, 738,622 108,362 177, r "
189,671 1,028,445 1,836,806 122, 678 87, 617

851
853
837

1,937,309 1,432, 613 504,696
1,995,347 1, 474,013 521, 334
2,127,852 1, 554, 357 573,495

243,007 261,689 195,201 287,605 2, 023, 093 982, 694 821, 610 19,481 199, 3081,, 004,450 1, 826,060 118, 353
255,454 265,880 191,404 285,168 2,122, 616 1, 036, 580 875, 762 12, 924 197, 3501 , 057,875 1, 933, 637 122, 723
309, 218 264,277 209,604 301,238 2,313, 938 1,133, 718 930,404 25,426 224, 390 1,
,149,713 2,080,117 135, 731

2, 262, 529
2, 331, 250
2, 291, 651
2,247,952

1, 661, 246
1, 739, 729
1, 731, 718
1,686,175

601,283
591, 521
559,933
561, 777

333,722
319,410
301, 289
289, 266

267,561
272, 111
258, 644
272,511

198,523
186,813
210, 971
206,645

298, 607
299,104
304,972
292,919

2,416,412 1, 171, 7541,009,967
1
1,
2,466, 811 1, 235, 827 L, 007, 863
2,450, 792 1, 242, 693 980,426
2,488,, 048 ,237, 087 L, 032,364
!
1. '
,
1

28, 214
27, 270
13, 313
22,007

206, 477 1,181,035 2,191,002
195,851 1, 240, 995 2, 248,858
214,
:, 243, 214 2, 223, 640
196, 590 i; 222, 741 2, 255,105
.
,

2, 317, 292
2, 296,222
2,355,433
2, 444,038

1, 739, 615
1, 721, 530
1, 728, 349
1, 766, 978

577, 67'
574, 692
627, 084
677,060

302, 675
298, 587
336, 531
361, 300

275, 002
276,105
290, 553
315, 760

189,796
213,363
321, 506
274,380

313, 857
312, 644
323,460
318, 247

2,484, 957 L, 238, 342 1, 024,132 25, 643
1.
2, 529, 317 L,208,227;l,093,320 12, 243
I,
I
L, 265, 369 1,122,197 29, 017
2, 709,
L,
2,788,
1,380 1, 288,605 1,202,911 18,441

2, 507, 7
2, 545,159
2, 607, 781
2, 668, 572

1, 815, 310
1,847,940
1, 886,381
1, 936,858

692, 398
697, 219
721,400
731, 714

372,486
374,161
390,497
386,395

319, 912
323, 058
330,903
345,319

226, 571
223,855
240, 799
246, 305

320, 789
321, 813
324,441
319, 792

2, 759, 585 ,248, 740L, 246,185
,
1 ,
1,
:
,
1. '
2,803, 587 ,267,, 599L, 286, 613
1
1
I,
2,850, 689 1, 268, 520L, 307, 324
, .
3,005, 948 1,366, 217L, 342,867
1,

29, 749
12, 225
26,407
34,005

1922
Mar. 10...
June 30
Dec. 29....
1923
Apr. 3
June 30
Sept. 14...
Dec. 31....
1924
Mar. 31....
June 30
Oct. 10
Dec. 31....
1925
Apr. 6
June 30....
Sept. 28...
Dec. 31....
1926
Apr. 12....
June 30..-.
Dec. 31....
1927
Mar. 23...
June 30....
Oct. 10....
Dec. 31....

,
1, 993, 385 1 074, 081
, 066, 705
2,021,
,
2,100,189 1, 122, 920
,
1,995,"882 1 030, 035
i,

10, 624
16,181
15, 699
12,930

118, 802
119,076
125, 254
119,418

652

75,600
62,479
47, 290

835
842
820

140, 735
145, 844
147, 212
145, 714

66,497
82, 929
93, 687
47, 395

806
803
804
802

,
196, 840 1 241,225 2,265,35:
>,
215, 527 , 216, 590 2, 309, 910
i,
1,
293,196 1,293, 726 2, 415, 923
2, 511,380
278,423 1,

142,17i
145, 385
158, 081
164, 529

59,027
33, 220
17, 700
18, T "

785
776
774
766

234, 9 1 1, 266, 351 2, 512, 536
[,
1
237, 150 , 275, 5472, 562,160
,
1
248,438 1, 298,014 2, 605, 338
262,859 1, 364, 503 2, 707, 370

153,194
154, 521
156, 641
168,461

28, 613
39, 511
57, 972

749
751
749
740

2, 677, 238 1,939,856 737,382
2,687, 583 1,951,713 735,870
2,842,494 2,066, 559 775,935

383, 784 353, 598 226, 665 320,376 2,944, 046 1,299, 8271, 367, 987 34, 676 241, 556 1 319, 539 2, 687, 526 156,830
L,
,
,
377,996 357,874 232, 588 324,646 2,976, 5041,,301, 3101L, 392,225 20,908 262,0611 , 326,009 2,718,234 162,902
,379, 2161L, 482,196 20,636 286, 902 1, 391,099 2,873,295 167,180
367,400 408,535 245,121 337,894 3»168, 950 li

46,473
38,139
41,969

724
725
721

2,938,375
2, 960, 511
2,987,169
3,083,880

400,119
406,685
430, 249
486,094

58, 287
40, 650
51,974
7,111

682
672
669
658

2,118,265 820,110
2,133,903
2,123,672 863,497
2,140,842 943,038

For footnotes see p. 187.




419,991
419,923
433,248
456,944

210, 075
230, 367
245, 597
264,224

352,694
352, 233
365,257
368,477

3,156,438
3,235,676
3,258,442
3,398,464

1, 295, 273 : 574,727
1,
,
,358, 787 L, 584,708
1
1,
,377,"" - I,
,
1, ' 321 . 582,871
,
,431,
1,431,124 1,652,980

43, 816
29,325
35,729
28, 478

242, 622 1, 310,430
1,371,883
262,856 1,
262,521 1,400,158
285,882 1,448,826

2,885,157
2,956,591
2,983,029
3,101,806

176,406
164,024
167,490
188,083

fcO

210

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

No. 87.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY MONTHS,.

1923-1927
[In millions of dollars]
Net deNet deNet demand Net de- Time mand Net de- Time mand Net de- Time
mand
plus
mand depos- plus
plus
mand
epoj
time
depos- depostime
depostime deposits
its
its
deposits
deposits
its
its
its
its

Date

New York district

Boston district
Apr. 25
May 23
June 27
July 25
Aug. 29
Sept. 26._
Oct. 24..
Nov. 28
Dec. 26
Jan. 23
Feb. 27..
Mar. 26-__.
Apr. 23..
May 28--.
June 25.__
July 23
Aug. 27
Sept. 2 4 . . . .
Oct. 29.
Nov. 26
Dec. 24....
Jan. 28
Feb. 25
Mar. 25
Apr. 22
May 27
June 24.__
July 29..
Aug. 26
Sept. 2 3 . . .
Oct. 2 8 . . . .
Nov. 25
Dec. 23
Jan. 27
Feb. 24
Mar. 24
Apr. 28
May 26.
June 23-__
July 28
Aug. 25
Sept. 22
Oct. 27
Nov. 24
Dec. 29
Jan. 26
Feb. 23
Mar. 23
Apr. 27
May 25__
June 22
July 27
Aug. 24__
Sept. 28
Oct. 26
Nov. 9
Dec. 7

1923

Philadelphia district

,796
823
807
839
813
833
890
837
,817

1,239
1,253
1,233
1,254
1,220
1,235
1,290
1,236
1.222

557
570
574
585
593
598
600
601
595

6,902
6,937
6,977
6,901
6,785
6,855
6,991
7,002
6,972

5,274
5,316
5,331
5,265
5,130
5,192
5,310
5,340
5, 303

1,628
1,621
1,646
1,636
1,655
1,663
1,681
1,662
1,669

1,661
1,667
1,666
1,691
1,693
1,697
1,711
1,702
1,697

1,088
1,078
1,061
1,079
1,075
1, 075
1,083
1,066
1,060

573
589
605
612
618
622
628
636
637

,840
,836
.,835
,860
,875
,907
,974
,980
2,015
2,091
2,021
1,985

1,234
1,212
1,198
1,224
1,228
1,250
1,295
1,286
1,312
1,386
1,327
1,300

624
637
636
647
657
679
694
703
705
694
685

7,084
7,091
7,158
7,326
7,405
7,795
7,970
8,103
8,272
8,375
8,563
8,547

5,384
5,391
5,407
5,546
5,623
5,983
6,127
6,220
6,306
6,349
6,497
6,528

1,700
1,700
1,751
1,780
1,782
1,812
1,843
1,883
1,966
2,026
2,066
2,019

1,701
1,709
1,713
1,722
1,743
1,762
1,8C4
1,832
1,862
1,897
1,917
1,889

1,037
1,032
1,036
1,035
1,054
1,067
1,096
1,107
1,125
1,144
1,152
1,129

664
677"
677
687
689*
695
708
725
737
753
765
760

2,033
2,029
1,992
2,029
2,059
2,099
2,136
2,121
2,135
2,224
2,190
2,186

1,331
1,311
1,270
1,299
1,314
1,337
1,368
1,350
1,370
1,446
1,395
1,390

702
718
722
730
745
762
768
771
765
778
795
796

8,424
8,353
8,173
8,456
8,391
8,417
8,425
8,392
8,384
8,628
8,591
8,677

6,383
6,290
6,110
6.335
6,237
6,276
6,302
6,234
6,223
6,464
6,408
6,496

2,041
2,063
2,063
2,121
2,154
2,141
2,123
2,158
2,161
2,164
2,183
2,181

1,917
1,925
1,912
1,943
1,956
1,967
1.967
1,995
2,001
2,027
2.026
2,027

1,139
1,135
1,128
1,156
1,159
1,159
1,154
1,170
1,175
1,186
1,182
1,183

778
790
784
787
797
808
8ia
825
826
841
844
844

2,175
2,163
2,158
2,199
2,209
2,228
2,236
2,217
2,271
2,319
2,290
2,240

1,374
1,350
1,337
1,364
1,361
1,376
1,381
1,353
1,399
1,443
1,412
1,374

801
813
821
835
848
852
855
864
872
876
878

8,686
8,624
8,654
8,733
8,764
8,793
8,730
8,691
8,711
8,739
8,794
9,090

6,456
6,372
6,370
6,416
6,451
6.443
6,346
6,294
6,341
6,339
6,363
6,634

2,230
2,252
2,284
2,317
2,313
2,350
2,384
2,397
2,370
2,400
2,431
2,456

2,060
2,046
2,046
2,082
2,089
2,082
2,098
2,107
2,137
2,156
2,159
2,148

1,191
1,170
1,170
1,195
1,197
1,188
1,188
1,191
1,209
1,218
1,214
1,211

876
876
887
892
894
910
916
928
938
945
937

2,256
2,235
2,248
2,284
2,301
2,312
2.358
2,360
2,397
2,437
2,447
2,441

1,384
1,359
1,357
1,389
1,395
1,397
1,416
1,412
1,425
1,473
1,477
1.468

872
876
891
895
906
915
942
948
972
964
970
973

8,926
8,835
9,130
9,209
9,341
9,454
9,493
9,329
9,441
9,598
9,737
9,954

6,405
6,281
6,537
6,593
6,712
6,772
6,776
6,603
6,686
6,796
6,897
7,126

2,521
2, 554
2,593
2,616
2,629
2,682
2,717
2,726
2,755
2.802
2,840
2,828

2,172
2,187
2.178
2,181
2,179
2,167
2,180
2,200
2,243
2,245
2,254
2,260

1,211
1, 215
1,201
1,195
1,191
1,177
1,173
1,194
1,220
1,215
1.220
1,225

1924
_

_

1925
_____•_

__
1926

:

_
1927

_

_




961
972
977
990
1,007
1,006
1,023
1,03a
1,034
1,035

211

CONDITION OF ALL MEMBER BANKS
IVo.

87.—ALL MEMBER B A N K S — N E T DEMAND AND TIME DEPOSITS, BY MONTHS,

1923-1927—Continued
[In millions of dollars]

Date

Net deNet deNet demand Net de- Time
mand Net de- Time
mand Net de- Time
plus
mand deposplus
mand deposplus
mand depostime
depostime
depostime
deposits
its
its
deposdeposits
its
deposits
its
its
its
Cleveland district

Richmond district

Atlanta district

1923
2,444
2,452
2,472
2,516
2,524
2,503
2,512
2,508
2,484

1,412
1,408
1,414
1,436
1,425
1,398
1,394
1,381
1,354

1,032
1,044
1,058
1,080
1,099
1,105
1,118
1,127
1,130

984
973
974
969
986
1,005
1,024
1,021

556
550
543
542
537
552
571
587
581

430
434
430
432
432
434
434
437
440

809
811
807
801
784
785
796
817
831

503
502
488
480
465
464
473
494
508

306
309
319
321
319
321
323
323
323

2,525
2,539
2,542
2.546
2,573
2,612
2,678
2,724
2,724
2,746
2,755
2,714

1,382
1,372
1,373
1,372
1,372
1,385
1,438
1 468
1 469
1 483
1 486
1 468

1,143
1,167
1,169
1,174
1,201
1,227
1,240
1,256
1,255
1,263
1,269
1,246

1,033
1,016
1,004
1,012
1,004
995
1,004
1,025
1,035
1,052
1,068
1,060

590
564
550
553
544
534
532
547
555
570
585
581

443
452
454
459
460
461
472
478
480
482
483
479

838
842
838
850
833
824
823
836
847
866
891
911

519
518
503
508
486
477
473
484
496
516
540
562

319
324
335
342
347
347
350
352
351
350
351
349

2,760
2,775
2,756
2,771
2,779
2,827
2,857
2,852
2,841
2,840
2,818
2,794

1
1
1
1
1
1
1
1
1
1
1
1

487
482
457
470
464
482
518
510
499
498
475
467

1,273
1,293
1,299
1,301
1,315
1,345
1,339
1,342
1,342
1,342
1,343
1,327

1,082
1,083
1,063
1,067
1,061
1,067
1,076
1,081
1,104
1,128
1,144
1,121

595
588
570
565
560
559
566
571
592
612
627
611

487
495
493
502
501
508
510
510
512
516
517
510

949
988
1,003
1,008
1,024
1,015
1,032
1,064
1,148
1,191
1,201
1,202

586
614
616
620
627
621
636
662
734
763
770
768

363
374
387
388
397
394
396
402
414
428
431
434

2,840
2,872
2,843
2,882
2,902
2,932
3,002
2,987
2,976
2,961
2,933
2,905

Apr. 25..
May 23.
J u n e 27..
July 25-.
Aug. 29..
Sept. 26.
Oct. 24...
Nov. 28.
Dec. 26

1, 485
1, 508
1, 463
1, 482
1, 495
1, 521
1, 566
1, 562
1, 549
1, 533
1, 504
1, 481

1,355
1,364
1,380
1,400
1,407
1,411
1,436
1,425
1,427
1,428
1,429
1,424

1,127
1,137
1,125
1,108
1,110
1,105
1,130
1,129
1,142
1,146
1,148
1,142

613
620
606
592
596
586
607
603
614
619
621
616

514
517
519
516
514
519
523
526
528
527
527
526

1,199
1,196
1,168
1,143
1,114
1,094
1,081
1,077
1,073
1,077
1,057
1,068

760
757
727
697
668
650
640
633
634
635
619
631

439
439
441
446
446
444
441
444
439
442
438
437

! 2,942
2,956
3,046
3,050
3,075
3,085
3,106
3,125
3,108
3,085
3,066
3,114

1, 500
1, 511
1, 565
1, 515
1, 521
1, 577
1, 574
1, 571
1, 536
1, 525
1, 528
1, 568

1,442
1,445
1,481
1,535
1,554
1,508
1,532
1,554
1,572
1,560
1,538
1,546

1,167
1,159
1,153
1,157
1,161
1,168
1,206
1,203
1,211
1,224
1,243
1,255

630
622
613
608
608
612
634
626
636
639
655

537
537
540
549
553
556
572
577
575
585
588
592

1,079
1,088
1,071
1,071
1,064
1,047
1,036
1,037
1,058
1,072
1,077
1,087

636
637
618
615
601
587
575
580
600
607
611
622

443
451
453
456
463
460
461
457
458
465
466
465

1924
J a n . 23__
Feb. 27 .
M a r . 26.
Apr. 23..
M a y 28.
J u n e 25..
July 2 3 Aug. 27..
;Sept. 24.
Oct. 29..
N o v . 26.
Dec. 24..
1925
Jan. 28...
Feb. 25...
Mar. 25..
Apr. 2 2 . . .
M a y 27...
June 24...
July 29...
Aug. 26._
Sept. 2 3 . .
Oct.28._.
Nov. 2 5 . . .
X)ec. 2 3 . . .
1926
J a n . 27..
Feb. 24
M a r . 24.
Apr. 28..
M a y 26..
June 2 3 . .
J u l y 28. _
Aug. 25..
•Sept. 22.
Oct. 27..
Nov. 24.
Dec. 29..
1927
J a n . 26
Feb. 23..
M a r . 23.
Apr. 27..
M a y 25..
J u n e 22. .
J u l y 27..
Aug. 24..
Sept.28.
Oct. 26..
Nov. 9
Dec. 7 . . .




212

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 87.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY MONTHS,,

1923-1927—Continued
[In millions of dollars]

Date

Net deNet deNet demand Net de- Time mand Net de- Time mand Net de- Time
plus
mand depos- plus
mand deposmand depos- plus
time depostime depostime
deposits
its
its
deposits
its
its
deposdeposits
its
its
Chicago District

1923

St. Louis District

Minneapolis District

3,633
3,696
3,653
3,623
3,669
3,630
3,644
3,622
3,652

2,146 |
2,185
2,130 !
2,130 j
2,137 l
2,095 j
2,094
2,055
2,092

1,487
1,511
1,523
1,493
1,532
1,535
1,550
1,567
1,560

1,016
1,025
1,021
1,028
1,014
995
1,004
1,021
1,028

656
664
651
646
630
613
617
629
642

360
361
370
382
384
382
387
392
386

825
818
816
815
811
820
823
835
816

416
411
406
400
394
407
411
423
407

409
407
410
415
417
41S
412
412
409

3,687
3,718
3,763
3,772
3,813
3,854
3,906
4,024
4,057
4,094
4,076
4,075

2,122
2,137
2,173
2,170
2,193
2,217
2,263
2,378
2,395
2,412
2,353
2,345

1,565
1,581
1,590
1,602
1,620
1,637
1,643
1,646
1,662
1,682
1,723
1,730

1,054
1,049
1,044
1,045
1,046
1,047
1,054
1,055
1,067
1,099
1,126
1,140

655
643
636
638
634
641
643
637
650
668
690
710

406
408
407
412
406
411
418
417
431
436
430

811
807
815
805
794
796
797
806
834
892
924
920

401
403
414
406
398
397
392
397
424
476
504
494

410
404
401
399
396
399
405
409
410
416
420
426

4,117
4,157
4,145
4,153
4,206
4,252
4,270
4,295
4,301
4,331
4,327
4,312

Apr. 25..
May 23..
June 27_.
July 25. _
Aug. 29..
Sept. 26Oct. 24..
Nov. 28.,
Dec. 26..

2,381
2,414
2,383
2,385
2,391
2,425
2,449
2,470
2,466
2,471
2,450
2,429

1,736
1,743
1,762
1,768
1,815
1,827
1,821
1,825
1,835
1,860
1,877
1,883

1,170
1,168
1,156
1,143
1,138
1,135
1,139
1,135
1,156
1,177
1,188
1,204

732
729
723
708
700
693
693
685
705
717
728
757

438
439
433
435
438
442
446
450
451
460
460
447

916
918
916
892
876
885
867
872
892
891
901
901

481
482
475
452
440
451
436
442
459
456
467
466

435
436
441
440
436
434
431
430
433
435
434
435

4,313
4,352
4,304
4,346
4,402
4,400
4,437
4,485
4,486
4,452
4,425
4,387

2,430
2,469
2,412
2,463
2,497
2,472
2,496
2,538
2,543
2,505
2,474
2,449

1,883
1,883
1,892
1,883
1,905
1,928
1,941
1,947
1,943
1,947
1,951
1,938

1,226
1,214
1,206
1,221
1,215
1,208
1,210
1,205
1,206
1,222
1,216
1,215

760
746
733
742
733
731
728
716
719
732
726
737

466
468
473
479
482
477
482
489
487
490
490
478

893
898
891
867
858
872
860
850
858
868
874
858

452
457
452
430
425
438
421
410
421
433
441
424

441
441
439
437
433
434
439
440
437
435
433
434

4,342
4,413
4,435
4,454
4,530
4,536
4,526
4,614
4,584
4,640
4,622
4,740

2,416
2,475
2,493
2,497
2,551
2,517
2,502
2,573
2,538
2, 574
2,556

1,926
1,938
1,942
1,957
1,979
2,019
2,024
2,041
2,046
2,066
2,066
2,132

1,228
1,239
1,241
1,245
1,245
1,236
1,237
1,233
1,236
1,258
1,276
1,301

729
730
727
730
724
727
722
713
717
736
754
781

499
509
514
515
521
509
515
520
519
522
522
520

851
860
855
837
831
843
840
840
879
906
933
930

419
425
425
406
400
410
409
406
446
466
490
481

432
435
430
431
431
433
431
434
433
440
443
449

1924

Jan. 2 3 . .
Feb. 27..
Mar. 26..
Apr. 23..
May 28..
June 25..
July 23..
Aug. 27..
Sept. 24.
Oct. 29_.
Nov. 26.
Dec. 24..
1925

Jan. 28..
Feb. 25..
Mar. 25.
Apr. 22..
May 27..
June 24..
July 29..
Aug. 26.
Sept. 23.
Oct, 28_.
Nov. 25.
Dec. 23 _.
1926

Jan. 27..
Feb. 24..
Mar. 24.
Apr. 28..
May 26..
June 23..
July 28..
Aug. 25..
Sept. 22.
Oct. 27_ .
Nov. 24.
Dec. 29..
1927

Jan. 26...
Feb. 23..
Mar. 23..
Apr. 27..
May 25..
June 22..
July 27..
Aug. 24..
Sept. 28.,
Oct. 26...
Nov. 9...
Dec. 7 . . .




2,6r

213

CONDITION OF ALL MEMBER BANKS

No. 87.—ALL MEMBER B A N K S — N E T DEMAND AND TIME DEPOSITS, BY MONTHS,

1923-1927—Continued
[In millions of dollars]

Date

Net deNet demand Net de- Time mand Net deplus
mand
plus
mand depostime
depostime
deposits
its
its
deposdeposits
its
Kansas City district

Apr. 25
May 23
June 27
July 25
Aug. 29
Sept. 26
Oct. 24
Nov. 28
Dec. 26

1923
__.

Time
epo:
its

Net demand Net deplus
mand Time
time
depos- deposits
its
its
San Francisco district

Dallas district

1,092
1, 078
1,084
1,076
1,084
1,070
1,053
1,039
1,039

800
783
784
772
779
769
752
741
748

292
295
300
304
305
301
301
298
291

665
654
637
626
640
713
770
798
792

527
514
496
486
501
574
630
654
647

138
140
141
140
139
139
140
144
145

2,223
2,238
2,230
2,162
2,178
2,212
2,232
2,261
2,258

1,183
1,228
1,219
1,219
1,236
1,251
1,279
1,291
1,266

1,04a
1,010
1,011
943
942
961
95a
970

1,033
1,031
1,032
1,013
1,018
1,026
1,028
1,057
1,086
1,129
1,148
1,155

739
739
739
719
721
728
730
757
786
830
848
859

294
292
293
294
297
298
298
300
300
299
300
296

776
751
724
706
677
670
661
670
722
770
801
828

625
594
569
54.9
523
513
503
510
562
610
642
670

151
157
155
157
154
157
158
160
160
160
159
158

2,255
2,262
2,243
2,262
2,251
2,258
2,280
2,296
2,353
2,427
2,451
2,462

1,254
1,242
1,217
1,223
1,212
1,206
1,218
1,248
1,278
1,321
1,323
1,311

1,001
1,020
1,026
1,039
1,039
1,052
1,062
1,048
1,075*
1,106
1,128
1,151

1,162
1,175
1,179
1,146
1,134
1,147
1,176
1,199
1,179
1,165
1,170
1,177

861
872
873
839
824
837
865
884
868
838
856
871

301
303
306
307
310
310
311
315
311
327
314
306

822
847
827
802
772
756
750
759
802
834
842
832

661
680
663
636
606
589
581
591
633
667
675
669

161
167
164
166
166
167
169
168
169
167
167
163

2,462
2,474
2,477
2,494
2,482
2,508
2,528
2, 550
2,566
2,625
2,667
2,637

1,291
1,290
1,236
1,251
1,230
1,240
1, 250
1,271
1,283
1,315
1,339
1,335

1,171
1,184
1, 24,1
1, 243
1, 252
1,268
1,278
1,27&
1, 283
1, 310
1,328
1, 302

1,176
1,178
1,161
1,148
1,175
1,173
1,212
1,215
1,203
1,202
1,187
1,185

862
863
842
827
853
852
890
891
878
875
864
869

314
315
319
321
322
321
322
324
325
327
323
316

827
825
806
772
763
755
755
749
779
792
802
794

660
654
637
606
598
588
590
584
613
627
636
632

167
171
169
166
165
167
165
165
166
165
166
162

2,635
2,635
2,616
2,610
2,640
2,645
2,642
2,673
2,744
2,750
2,769
2,792

1,312
1,295
1,259
1,250
1,264
1,266
1,259
1,297
1,315
1,322
1,343
1,336

1, 323
1,340
1,357
1, 3fi0
1,376
1, 379
1, 383
1,376
1,429
1,428
1,426
1,456

1,184
1,197
1,202
1,182
1,170
1,176
1,196
1,210
1,193
1,206
1,215
1,236

861
873
875
854
839
846
861
871
852
865
873
891

323
324
327
328
331
330
335
339
341
341
342
345

800
828
821
809
792
788
781
795
851
004
907
915

633
651
645
633
613
607
603
612
668
fiQQ
oyy
722
729

167
177
176
176
179
181
178
183
183
185
185
186

2,783
2,902
2,875
2,870
2,905
2,881
2,856
2,880
2,917
2, 932
2,982
3,031

1,298
1,326
1,299
1,312
1,315
1,304
1,310
1,330
1,343
1,366
1,398
1,425

1,485
1,576
1,576
1,558
1,590
1,577
1, 546
1,550
1,574
1,566
1,584
1,606

1924
Jan. 23
Feb. 27
Mar. 26
Apr. 23
May 28.
June 25
July 23.
Aug. 27..
Sept. 24
Oct. 29
Nov. 26.
Dec. 24
1925
Jan. 28
Feb. 25
Mar. 25
Apr. 22
May 27
June 24..
July 29.
Aug. 26
Sept. 23
Oct. 28
Nov. 2 5 . .
Dec. 23.

_.

1926
Jan. 27
Feb. 24
Mar. 24....
Apr. 28
May 25
June 23
July 28
Aug. 25
Sept. 22
Oct. 27
Nov. 24.
Dec. 29

_.
1927

Jan. 26.
Feb. 23
Mar. 23
Apr. 27
May 25
June 22
July 27
Aug. 24
Sept. 28.
Oct. 26
Nov. 9.
Dec. 7

NOTE.—Certain of the figures for 1923-1926 have been revised.




214

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 88.—ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, 1927
[In millions of dollars. For figures by States, see Bulletin for December, 1927]
Net demand plus time
deposits

"Federal reserve district and date

Boston:
Jan. 26.._
Feb. 23...
Mar. 23 _.
Apr. 2 7 - .
May25_.
June 22...
July 2 7 - .
Aug. 24..
Sept. 28..
Oct. 26—
Nov. 9 . . .
Dec. 7....
New York:
Jan. 26...
Feb. 23...
Mar. 23..
Apr. 27...
May25._
June 22_..
July 27...
Aug. 24..
Sept. 28..
Oct. 26__.
Nov. 9 . . .
Dec. 7-_.
Philadelphia:
Jan. 26...
Feb. 23._.
Mar. 23..
Apr. 27...
May 25..
June 22...
July 27...
Aug. 24..
Sept. 28_.
Oct. 26—
Nov. 9 . . .
Dec. 7—.
Cleveland:
Jan. 26.-.
Feb. 23...
Mar. 23..
Apr. 27—
May 25..
June 22...
July 27...
Aug. 24..
Sept. 28..
Oct. 26...
Nov. 9 . . .
Dec. 7 —
Hichmond:
Jan. 26—
Feb. 23...
Mar. 23..
Apr. 27...
May 25-.
June 22..
July 27...
Aug. 24. _
Sept. 28..
Oct. 26...
Nov. 9--.
Dec 7
Atlanta:
Jan. 26...
Feb. 23...
Mar. 23..
Apr. 27...
May 25..
June 22. _
July 27__.
Aug. 24..
Sept. 28_.
Oct. 2 6 - .
Nov. 9 . . .
Dec. 7—.

Time deposits

Net demand deposits

Un- 5,000 15,000 100,000 Un- 5,000 15,000 100,000 Un- 5,000 15,000 100,000
der
and
to
and
to
to
to
der
and
to
dr t
e
o
5,000 15,000 100,000 over 5,000 15,000 100,000 over 5,000 15,000 100,000 over
114
113
113
115
116
116
120
123
125
125
125
124

160
160
161
164
164
164
168
170
177
176
178
177

419
421
423
432
434
432
436
436
442
449
439
434

1,563
1,541
1,552
1,574
1,588
1,599
1,634
1,631
1,658
1,688
1,706
1,707

48
46
45
47
47
47
50
53
54
54
53
52

73
72
72
74
73
73
76
77
80
82
83
82

214
212
211
218
218
218
216
214
217
226
221
218

1,049
1,029
1,029
1,051
1,057
1,059
1,074
1,067
1,075
1,112
1,120
1,116

66
67
68
68
69
69
70
70
71
71
72
72

87
88
89
90
91
91
92
93
94
94
95
95

205
209
212
214
216
214
220
222
225
223
218
216

514
512
523
523
531
540
560
564
583
576
586
591

549
547
563
561
574
573
591
593
587
601
608
606

301
301
304
310
304
312
320
324
324
326
328
328

782
787
794
803
811
812
823
825
836
856
858
857

7,295
7,200
7,469
7,535
7,651
7,757
7,759
7,587
7,694
7,813
7,943
8,163

201
198
197
202
208
206
216
221
214
218
221
218

120
119
120
125
122
124
128
131
129
130
131
131

310
309
309
315
318
315
320
318
323
335
336
335

5,774
5,655
5,911
5,951
6,064
6,127
6,111
5,933
6,020
6,112
6,209
6,441

348
349
366
359
366
367
375
372
373
383
387
388

181
182
184
185
182
188
192
193
195
196
197
197

472
478
485
488
493
497
503
507
513
521
522
522

1,521
1,545
1,558
1,584
1,587
1,630
1,648
1,654
1,674
1,701
1,734
1,722

410
413
416
418
418
422
424
432
434
435
440
436

212
214
214
214
214
213
214
216
218
220
222
222

402
403
406
409
412
415
419
421
430
429
433
432

1,147
1,157
1,141
1,140
1,133
1,117
1,123
1,132
1,161
1,161
1,158
1,170

139
140
141
140
140
141
140
144
148
147
148
148

73
74
73
72
72
71
71
72
74
75
76
76

154
152
154
154
155
154
154
154
159
156
160
160

845
848
833
828
823
812
808
825
839
837
835
841

271
273
275
278
278
281
284
288
286
288
292
288

139
140
141
142
142
142
143
144
144
145
146
146

248
251
252
255
257
261
265
267
271
273
273
272

302
309
308
312
310
305
315
307
322
324
323
329

349
350
354
353
359
352
357
354
353
351
353
354

278
283
283
281
283
288
292
295
296
292
287
293

413
414
416
422
423
426
429
440
437
438
438
439

1,901
1,909
1,994
1,994
2,010
2,017
2,028
2,037
2,022
2,004
1,988
2,026

142
143
142
141
140
140
145
145
145
143
143
141

124
128
126
124
125
130
134
133
133
129
125
128

196
192
197
196
196
203
207
202
202
201
201

1,040
1,044
1,105
1,053
1,060
1,110
1,092
1,087
1,055
1,051
1,059
1,097

207
207
212
212
219
212
212
209
208
208
210
213

154
155
157
157
158
158
158
162
163
163
162
165

219
218
224
225
227
230
226
233
235
236
237
238

861
865
889
941
950
907
936
950
967
953
929
929

239
238
239
235
236
236
240
241
246
251
254
255

157
156
157
158
158
161
160
159
165
168
173
175

321
317
318
318
322
322
332
330
336
342
346
351

451
446
440
446
444
450
474
472
465
463
470
474

95
95
94
92
92
92
93
93
97
101
104
103

66
65
65
64
64
66
64
63
68
71
75
75

173
169
171
171
171
172
169
175
180
183
185

297
291
283
283
280
284
305
300
296
287
294
300

144
143
145
143
144
144
147
148
149
150
150
152

91
91
92
94
94
95
96
96
97
97
98
100

148
148
147
149
151
151
160
161
161
162
163
166

154
155
157
163
164
166
169
172
169
176
176
174

145
147
146
143
141
138
137
138
148
149
150
148

153
155
152
150
146
146
141
139
140
142
144
143

405
405
400
400
403
395
387
387
390
389
390
394

376
382
374
378
372
370
371
372
379
392
394
402

84
85
84
81
78
75
73
75
83
85
86
85

85
86
82
79
75
73
72
71
73
74
75
75

226
225
220
219
219
211
202
203
206
206
207
211

241
241
232
236
228
228
228
231
237
242
244
251

61
62
62
62
63
63
64
63
65
64
64
63

68
69
70
71
71
71
69
68
6
7
68
69
68

179
180
180
181
184
184
185
184
184
183
183
183

135
141
142
142
144
142
143
141
142
150
150
151




215

CONDITION OF ALL MEMBEK BANKS
No.

88.—ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, 1927—Continued
[In millions of dollars]

Net

demand plus time
deposits

Time deposits

Net demand deposits

Federal reserve disUntrict and date

5,000 15,000 100,00C Un- 5,000 15,000 100,00( Un- 5,000 15,000 100,000
der
and
der to
to
to
and
der
to
to
to
and
5,000 15,00C 100,00 over 5,000 15,00( 100,00C over 5,000 15,00( 100,00() over

Chicago:
Jan. 26
Feb. 23.
Mar. 23
Apr. 27
M a y 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26.
Nov. 9
Dec. 7
St. Louis:
Jan. 26
Feb. 23
Mar. 23
Apr. 27
M a y 25
June 22. .
July 27
Aug. 24
Sept. 28
Oct. 26
Nov. 9
Dec. 7
Minneapolis:
Jan. 26
Feb. 23...
Mar. 23
Apr. 27
M a y 25
June 22.
July 27
Aug. 24_ ..
Sept. 28
Oct. 26
Nov. 9
Dec. 7
Kansas City:
Jan. 26. .
Feb. 23
Mar. 23. .
Apr. 27
M a y 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26
Nov. 9.
Dec. 7
Dallas:
Jan. 26
Feb. 23.
Mar. 23
Apr. 27.. _
M a y 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26
Nov. 9
Dec. 7.
San Francisco:
Jan. 26
Feb. 23
Mar. 23
Apr. 27
M a y 25.
June 22
._
_
July 27.
Aug. 24
Sept. 28
Oct. 26
Nov. 9__

Dec. 7

435
439
439

299
301
306

439
440

311
311

442
440
443
442
439
436
438

313
314

196
197
197
198
200
192
190
190
193
194
195
198
258
263

257
254
249
250
248
248
257
260
262
260

294
296
295
290
285
286
290
291
291
302
307
312

314
316
316
318
320

124
128
129
131
131
129
127
125

834
832

2,871
2,947
2,947
2,943
3,024
2,987
3,042
848 3,020
844 3,139

191
191

834
829
833
838
844

191
187
189
188
184
183
181

731
739
738
738
733
732
735
734
735
751
763
783

106
106
106
107
108
102
100
100
103
104
105
107

177
177
178
177
182
182
185
184
181
185
186

132

187

183
183
183
180
178
182
182
182
186
190
195
196

145
146
147
146

181
179

179
180
177
179
178
180
181
186
186
189

124
124
123
126
134
139
141
141

266
258
255
256
256
259
261
263
268
273
277
i

184
191
191

127
129
132

201
205
198
193
190
188
187
190
219
234
241
243

137
131
131
129
135
136
135
137
143
144
149

278

149


110390—28


798 2,810
814 2,859
822 2,867

126
130

127
125

147
153
154
152
155
158
165
165
311
325
329
322
316
314
320
322
321
319
321
325
183
182
188
185
182
176
178
177
185
188
191
194

265
268
267
257
257
258
256
260
281
296
311
309

100
102
101
98
96

97
95
95
106
109

111
109

398

200

398
399
391
391
397
407

202
201
196
191
191
194
195
196
207
212
216

417
399
399
402
409
290
311
308
305

183

131
135
133
133
132
131
133
131
132
132

248
249

176
178

425
426

180
182
183
183
185
186
188

428
430
433
439
442
444
445

456
457
452
453
443
453
452
447
448
461
474
499

90
91
91
91
92
90
90
90
90
90
90
91

53
55
55

80
82
82
82
83
84

169
173

158
161
156

97
95
96

95
99
98
100
99
97
100
101
101

78
77
78
74
74
76
77
76
80
84
88
87 .

72
73
74
72
72
78
79
76
78

172
161
158
159
159
160
182
192

156
153
153
153
153
151
151
151

80
86
85

204
200

121
119
119
119
116
118
117
118
119
124
123
126

230
244
246
236
229
228
232
233
231
228
229
232

310

94

309
309
303
303
309
317
325
306
306
309
316

94
94
94
94
95
96
96
95
95
95
96

131
127
131
129
125
120
120
120
128
130
133
136

219
234
235
232

18
18
19
19

76
77
83
83
87

147
148
145
145
145
140
142
143
148
144
150

87

149

299
294
302
313
324
334
338

168
167
170
199
214
222
224

2,132
2,263
2,240
248 2,238
248 2,266
236 2,251
238 2,222
239 2,241
249 2,257
241 2,275
248 2,307
246 2,357

152
148
146

79
75
75

147

74
78
78

414
417
418

251
253
254
254
255
253
257

1,784
1,854
1,818
402 1,858
404 1,837
399 1,896

71
74
74

298

174
174
175

1,763
1,821

399
400
399

68
69

100
103
100
98
96
96
95
97
105
109
111
111

147
149
150
153
158
161
165
166

409
406

251
248
248

406 1,787

71
73
74
75
75
73
70

187
179
174
170

248
250
248

384 1,723
397 1,761
404 1,767

125
127

151

56
56
56
57
57
58
58
58
58
105

85
85

84
85
85
86

73
73
73
74
75
75
75
76
77
78
79

1,087
1,098
1.100
1,108
1,126
1,160
1,159
1,170
1.169
1,184
1,183
1,243

275
282
286
285
290
279
283
287
287
290
289
284
96
95
95
96
99
99
97
100
99
104

106
105
106
104
106
105
106
106
106
107
109

80

107
109

60
60
60
61
61
61
61
62
62
62
63
63

81
81
83
86
87
86
88
89
90
91
92
93

88
89
90
88
88
88
90
92
93
93
93
93

52
55

223

20

27
27
27
28

57

71
77
73
73
75

223
221
225
236
246
255
258

20
20
20
20
20
19
19

28
28
29
29
30
30
30

56
58
57
57
58
58
58

76
73
77
77
78
79
80

920
955
932

114
110
109

58
56
56

947
945
938

109
109

55
57
58

942
957
954
979
995
1,023

111
110
110
112
112

101
102
103
103
103
96
96
96
101
97
98

1.212
,308
,308
,291
,321
313
280
1,284
1,303
1,296
1.312
1 334

110

112

26

59
60
60
61
62
62

57
56

97

216

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 89.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1923-1927
fMonthly averages of daily figures. In millions of dollars]
Federal Reserve District

Month

New PhilaRich- AtBoston York del- Cleve- mond lanta
phia land

1923
January
February
March
April...
May
June
July
August.
September
October..
November
December

128.3
124.5
122.0
124.3
125.4
125.5
126.9
125.1
125.1
129.4
127.9
125.3

718.5
714.4
691.2
686.3
685.5

1924
January..
February
March
April
May._
June
July
August
September
October
November
December

127.7
125.0
123.8
125.9
127.4
130.6
136.3
135. 4
136.4
139.7
139.1
135.6

707.3
701.4
725.3
717.9
730.7
789.1
810.6
822.0
843.2
840.2
846.8
866.8

115.1
114.1
113.1
113.8
115.3
118.2
121.0
121.8
124.8
126.1
127.9
126.0

1925
January
February
March
April
May
June
July
August
September
October..
November
December

138.8
135.5
133.9
133.9
136.1
138.7
141.7
141.1
141.6
146.5
146.5
143.4

855.4
828.7
816.3
816.7
822.2
822.3
825.8
816.0
814.1
833.4
845.4
848.2

1926
January..
February
March
April
May..
June...
July
August
September
October. __
November
December

145.2
142.1
140.8
142.9
_ 143.9
144.4
146.2
143.6
145.1
149.8
150.2
145.5

1927
January.....
February
March
April
May
_.
June
July
August
September
October. _
November
December

Chicago

Min- KanSan
St.
sas
Louis neap- City Dallas Franolis
cisco

63.4
158.3
61.2
155.9
156. 0 . 61.5
59.9
158.5
60.1
159.1
58.6
159.2
59.7
160.2
59.2
160.3
59.5
160.6
61.3
159.1
62.7
156.7
62.8
156.3

57.4
56.6
56.1
55.4
55.5
54.9
53.9
52.4
51.4
51.6
53.4
54.8

276.4
277.6
276.6
276.3
281.3
277.0
277.3
274.5
275.3
271.1
271.7
272.6

74.3
72.6
72.4
71.7
71.5
70.2
69.1
68.8
67.0
66.0
66.9
69.4

50.3
49.1
49.4
48.9
47.1
47.0
46.5
45.6
46.3
47.1
48.2
47.9

83.6
84.0
84.2
82.9
80.7
80.2
80.2
80.5
79.8
77.6
76.1
77.0

54.2
54.2
52.9
50.5
49.2
47.3
45.3
44.9
50.2
55.9
59.2
60.7

139.5
139.0
138.1
139.5
144.2
145.2
143.4
143.7
144.6
146.7
149.4
149.1

159.7
158.9
160.0
157.6
159.9
162.8
168.1
171.9
173.7
174.1
174.5
173.0

65.0
62.7
61.1
61.0
59.9
60.8
61.4
61.9
62.5
63.3
64.4
64.7

57.1
56.3
56.6
56.7
55.6
55.3
54.9
54.6
56.6
57.7
59.6
61.6

275.9
276.7
280.5
280.1
286.9
295.7
300.5
309.2
315.8
315.4
310.1
309.6

70.7
70.6
70.1
70.5
70.2
71.0
71.8
70.8
72.1
73.3
76.0
77.3

47.4
46.8
48.4
47.7
45.7
47.4
46.5
46.6
48.9
53.0
57.6
57.5

76.8
76.2
77.3
75.9
75.1
75.2
77.9
79.3
81.1
84.0
87.5
87.9

59.1
57.7
54.7
52.6
50.4
49.4
48.1
47.5
51.7
55.9
60.0
61.5

148.9
145.9
144.4
145.4
145.0
145.0
149.1
150.9
153.3
158.1
161.1
160.2

128.5
126.2
126.1
127.3
128.4
128.9
129.6
129.2
130.4
132.7
132.2
132.8

174.9
175.2
173.3
172.6
171.9
174.8
178.1
177.1
175.7
176.4
174.7
172.2

66.0
64.4
63.7
63.7
62.8
64.7
64.3
65.5
67.4
68.4
67.8

64.9
64.9
66.5
67.2
67.4
68.0
68.3
71.7
76.0
79.6
81.1
79.7

314.3
313.2
311.3
307.9
316.8
317.7
322.0
323.3
322.8
324.6
324.0
320.6

80.3
80.6
79.4
77.0
76.6
76.4
76.0
75.2
76.1
78.7
79.6
81.5

56.5
55.4
55.9
53.2
50.9
52.7
51.7
50.8
52.6
52.5
53.8
53.9

89.4
89.5
90.2
87.4
85.5
86.7
89.3
90.3
88.7
87.6
87.5
89.4

64.3
65.2
64.4
61.3
58.6
57.6
56.3
55.6
59.0
61.7
62.9
63.2

160.2
158.3
155.9
155.0
153.9
154.7
156.8
157.0
158.7
162.0
165.4
165.7

854.3
837.7
843.2
834.4
839.1
848.6
841.2
830.4
835.9
835.2
835.2
850.8

135.3
131.6
131.0
133.9
134.8
134.3
135.0
133.8
134.7
136.0
136.2
135.7

174.2
177.6
175.5
175.3
178.5
179.2
182.1
184.9
184.3
182.4
179.8
176.5

68.2
68.0
66.7
66.0
66.3
65.5
67.8
67.0
67.0
67.8
68.7
67.9

80.4
78.8
78.4
75.1
73.2
71.7
70.9
70.1
68.9
70.1
68.7
67.9

322.8
322.4
322.1
318.5
326.7
326.7
330.3
334.5
334.3
331.3
326.7
323.8

84.0
81.9
80.7
80.6
81.5
80.3
81.1
79.7
79.4
80.9
80.1
80.4

53.6
52.5
52.5
51.3
50.4
50.7
49.9
48.1
48.8
50.0
51.3
50.7

89.1
87.4
86.2
86.9
87.4
90.7
91.7
90.8
89.6
89.1

63.2
62.8
60.9
59.4
58.0
56.6
56.2
55.9
56.5
59.0
59.6
60.8

165.1
163.8
158.5
159.7
160.2
160.7
160.3
161.2
165.5
166.8
168.8
169.2

146.1 864.3
144.5 838.3
144.1 856.6
145.6 863.3
146.2 I 875.3
147.9 913.3
151.1 894.8
150.2
151.0
155.0 895.9
157.4 922.5
155.1 944.9

139.0
136.7
136.9
137.4
136.1
135.8
136.4
136.8
138.6
139.4
139.8
138.7

178.6
179.9
185.7
184.7
185.2
187.2
187.1
189.3
187.4
187.4
188.5
186.3

70.1
69.3
68.8
68.3
68.8
69.5
71.6
72.0
72.1
71.8
74.1
73.5

70.5
69.8
69.5
69.4
68.4
67.1
66.7
65.6
67.6
68.5
68.6
69.3

324.6
324.6
325.1
328.0
335.1
334.5
333.9
341.2
339.7
343.0
342.5
347.2

81.4
81.2
81.4
81.6
81.1
80.8
81.0
80.0
80.1
82.5
85.3
86.3

50.6
49.2
50.3
48.9
47.7
48.5
49.1
48.3
51.0
54.0
56.3
55.2

88.9
89.1
89.6
89.0
87.4
87.2
88.8
89.9
88.9
88.8
91. 0
91.3

60.7
62.4
62.2
60.9
59.7
58.5
58.8
58.3
61.7
64.8
67.7
69.0

168.1
167.1
169.7
171.3
171.3
170.5
169.6
170.5
173.8
174.9
179.3
182.3

114.0
111.8
112.7
114.5
114.2
112.9
114.4
664.9 114.8
672. 6. 115.0
683.1 115.3
115.1
690.9 115.0




217

CONDITION OF ALL MEMBER BANKS
No. 90.—ALL MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE
BY MONTHS, 1923-1927

BANKS,

[Monthly averages of daily figures. In millions of dollars]
Federal Reserve District
Month

1923
January
February. _.
March
April
May
June
July
August
September
October
November
December
1924
January
February
March
April
-.
May
_
_
June
July
August
September
October
November
December
1925
January
February. _.
March
April
May
June
July
August
September
October
November
December
1926
January
February. _.
March
April
May
June
July
August
September
October
November
December
1927
January
February._.
March
April
May
June
July
August
September
October
November
December

Rich- AtNew PhilaBoston York del- Cleve- mond lanta
phia land

Chicago

San
St. Min- KanLouis neap- sas Dallas Franolis City

188.1
242.5
204.5
185.4
177.2
163.9
207.6
197.8
191.5
192.0
154.4
146.1

43.6
56.7
57.2
56.7
62.6
70.5
71.2
64.6
60.7
59.0
55.9
59.3

28.9
27.0
34.6
44.0
54.7
57.3
67.6
57.8
54.6
61.8
65.5
65.1

42.3
40.8
46.2
55.9
62.5
65.2
66.8
68.9
75.4
72.9
61.6
55.5

23.5
18.6
19.2
22.7
29.4
34.2
39.7
44.2
59.0
79.2
83.9
76.0

65.3
58.0
86.2
91.0
89.8
88.2
85.6
75.6
81.2
108.9
101.7
99.1

17.6
15.8
22.8
27.7
32.6
42.3
46.8
51.3
65.9
72.3
69.8
58.5

19.4
18.1
17.9
20.2
24.8
27.0
29.3
28.4
29.3
29.1
23.4
21.7

23.0
17.7
22.1
27.3
39.3
47.2
48.2
40.9
41.6
52.9
59.7
56.8

16.1
16.3
18.2
21.5
26.8
31.9
40.0
47.3
38.7
24.1
17.4
12.9

35.9
41.8
49.0
60.0
66.2
65.9
81.7
77.8
86.3
75.8
58.2
56.1

34.3 121.0
31.0 122.3
27.5 79.8
23.4 87.6
17.9 62.3
17.1 41.5
11.2 45.5
11.7 31.9
10.1 40.5
6.9 44.9
13.0 38.6
21.4 75.5

45.3
40.8
41.9
40.5
32.9
30.1
25.6
21.3
19.2
18.6
22.9

42.5
37.0
38.2
49.7
43.8
35.7
21.0
16.9
19.8
21.3
26.4
40.3

47.4
47.0
54.6
59.3
55.8
50.7
47.2
35.1
36.9
35.5
30.8

53.4
42.0
46.2
43.8
41.1
38.5
30.6
30.4
27.4
25.4
22.5
20.9

71.3
57.2
58.9
60.6
57.5
48.8
41.7
34.8
29.5
29.2
32.4

45.4
37.0
34.6
33.3
27.3
24.1
19.7
18.9
22.2
21.9
15.9
12.0

18.2
16.0
14.6
14.9
16.5
15.0
14.8
14.2
12.2

42.4
31.3
25.2
24.3
24.8
23.8
16.9
12.6
10.3

9.6
9.4
9.8

49.7
45.3
48.2
45.2
41.3
33.5
25.8
19.6
16.8
13.8
10.6
11.7

19.7
19.7
30.3
34.2
28.7
35.5
33.6
36.5
29.3
42.5
38.0
51.6

76.1
147.4
153.3
119.3
105.3
125.6
144.5
168.0
204.4
195.5
168.0
207.0

26.1
30.4
37.1
38. 2
37.6
40.6
45.9
49.4
49.1
53.4
53.4
59.4

34.8
33.1
40.2
40.3
39.6
42.9
46.1
56.6
62.9
74.1
76.0
88.1

26.9
25.4
33.3
41.4
47.7
49.1
50.8
50.5
53.6
48.2
42.3
45.7

14.7
12.4
16.2
19.4
20.5
22.9
23.7
31.2
30.8
26.8
24.5
30.3

36.0
32.0
35.0
50.0
49.6
45.5
52.1
52.0
50.2
68.8
70.2
93.4

8.8
9.3
10.2
15.3
18.5
20.0
21.1
27.6
34.9
31.1
29.2
24.7

4.7
4.3
4.1
5.2
6.2
5.1
6.1

5.0
5.0
4.5
6.9
7.7
7.4
7.2
7.6
8.5

31.9
38.8
35.2
28.5
27.1
24.8
34.5
36.7
45.5
42.2
38.0
55.7

163.2
180.2
140.8
129.2
136.8
117.8
166.0
163.3
182.4
164.6
134.9
154.6

48.2
56.2
59.9
53.3
49.7
49.2
48.1
45.9
46.2
49.9
43.8
60.8

59.2
42.7
56.6
56.2
52.1
44.0
37.2
33.7
45.0
70.4
75.6
90.1

38.0
38.3
43.6
45.1
46.6
47.4
41.8
44.9
46.4
45.7
35.5
29.6

27.0 80.1
26.6 66.9
40.0 75.5
44.4 75.3
35.2 56.3
38.4 52.5
42.0 60.9
47.6 54.6
55.3 67.7
55.7 89.2
50.5 105.7
47.6 119.2

19.7
20.8
26.1
28.2
26.7
28.5
30.6
35.2
43.5
42.2
37.5
37.8

4.7
6.4
6.7
6.4
6.9
5.3
7.6

33.4
29.0
35.8
23.2
37.1
33.8
29.7
29.9
28.4
-33.3
36. 4
40.2

118.3
91.2
112.2
121.6
137.8
91.9
122.9
118.4
142.4
126.9
106.5
171.1

43.7
35.7
41.0
43.7
45.8
45.2
46.8
39.6
38.2
38.4
38.1
47.9

61.5
38.9
31.7
53.9
43.6
41.8
35.4
27.8
34.8
43.7
46.8
58.6

22.5
23.4
22.1
22.5
25.5
22.4
21.8
19.7
26.3
28.9
21.5
24.4

34.2
26.8
31.7
34.1
34.6
32.6
36.3
34.7
31.1
26.0
32.7
36.1

19.1
14.6
14.4
16.2
24.0
26.3
29.8
24.7
28.0
21.5
18.1
19.3

45.2
57.6
50.6
47.6
42.6
50.6
52.5
56.8
63.6
47.2
50.1
67.7

Back figures—See Table 55, p. 135.




90.2
78.5
71.1
56.3
52.7
63.9
59.7
40.5
31.4
36.5
46.9
65.0

7.8
5.4
5.1

8.8

6.9
6.2
5.7
5.8

13.1
11.2
11.1
8.6
5.1

4.1
4.0
4.5
6.1
6.7
6.5
6.0
6.1
4.4

2.7
2.6
3.0

7.7
6.5
5.7

11.8
18.5
18.2
15.5
17.1
17.5
19.0
20.1
18.5
16.2
12.7
13.5
12.5
16.9
13.7
10.4
93
S.6

11.9
17.3
16.5
12.5
9.3

10.7
15.7
18.1
15.2

11.8
14.2
15.9
18.3
22.4
17.8
7.9
4.0
3.6

3.0
2.3
2.1
2.3
4.3
6.1
8.5

10.4
9.2
8.0
9.6
9.7

11.7
17.2
25.4
31.6
32.6
36.9
42.9
46.3
54.3
55.8
60.5
57.0

7.5
5.8
6.6
7.4
9.8

31.1
25.3
50.3
46.7
47.2
37.7
48.0
48.2
60.0
62.7
54.1
47.3

5.4
3.1
3.2
4.4
4.7
6.2
7.4

37.8
38.6
48.3
53.3
43.1
41.4
45.8
46.1
35.6
43.7
39.1
42.4

11.9
16.1
20.1
25.0
19.5
17.2
10.3

12.7
11.0
7.2
8.4
5.4

218

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

CONDITION OF ALL MEM
No.

91.—ALL MEMBER BANKS—TOTAL LOANS
[In millions

1923

1924

1925

State
Apr. 3 June 30 Sept. 14 Dec. 31 Mar. 31 June 30 Oct. 10 Dec. 31 Apr. 6 June 3C
United States

26,141.2 26, 507. 5 26,319. 3(26,486. 9 26, 663.4 27,166.

1,311.0 28,745.7 29,045.6 29,518.

New England:
142.
140.4
141.
139.4
140.
Maine
135.0
150.1
146.3
144.9
150.6
58.
59.:
58.3
58.9
58.8
57.6
New Hampshire
61.3
59.9
59.1
63.2
52.
52.2
50.1
51.5
Vermont
54.1
51.6
51.8
53.7
55.4
53.6
Massachusetts.. 1, 309. 6 1, 356.4 1, 365.1 1,336. 5 1, 317.8 1,353. 1, 440. 5 1, 418. 6 1,445. 5 1, 494. 6
Rhode Island... 242. 9j 247.3 252.0 249 3 254.0 259.
273.4 279.0
271.9
284.3
Connecticut
235.2 229.
230.2 228.7 231.
223.5
235.2 227.2 231. 2 232.8
Middle AtlanticNew York
6, 686. 2 6,694.8 6,484.8 6,668.1 6,749.7 7, 209. 6 7, 584. 0 7, 744.1 7,563.8 7,762.7
896.6 931. 51 947.3 969.3 977.4 1,006.1 1,035. 6 1,077. " 1,099. 3i 1,150.5
New Jersey
Pennsylvania. _. 2,700. 2,790.4 2,766.5 2,769.9 2,825.1 2,897.1 3, 027. 7 3, 073. 0 3,138.5 3,156.4
East North Central:
1, 510. 2 1,560.21! 1,577.7 1,556. 6 1, 586. 5 1, 601. 0 1. 667.1 1, 626.8 1,
Ohio
1, 720. 9
364.0 354.2 359. 9 354. £ 362.3 360.9
Indiana
371.4
358.5 370. 9
Illinois
..._ 2, 043. 5 2, 032. 2 2, 021. 5 2, 023.8 2,022. 5 2,094.9 2, 270.1 2, 233.0 2,211.3 2, 269. 0
Michigan
1,102.1 1,124. 1,175.1 1, 232. 5
975.41 1, 009.1 1, 016. 5 1, 015. 4 1,055.9 i,or
403.1 398.0 398.6 415."
Wisconsin
406.2
433.8
410.2 411.4 413.5 436.1
West North Central:
517.3 491.4
533.
533.2 560.2 546.6
512.8 510.2 515.0 506.0
Minnesota
415.3 427.8 413.6
428.6 428.9 429.5 430.6 428.3 416.2 419.
Iowa
755.0 761.
815.1
752.4
757.9
Missouri
749.4 739.2 781.8 821.5 838.5
79.2
78.8
77.3
75.9
North Dakota..
81.7
74.3
80.3!! 80.4
71. £
71.3
85,9)
94.0
South Dakota..
71.5
72.1
83.3
72.9
70.0
93. 2i
69.1
69.4
199. 9| 196.9
187.6
182.5
Nebraska
190."
184.4
198. 9| 201.1
17
180.9
175.2
176.3
Kansas
180.6
168.9
168.8
174.5
162.3
171.7
161.8
159.2
South Atlantic:
46.9
54.
49.
47.9
43.9
52.4
48.2
41.7
52.9
51.7
Delaware
255. 6 258.6 262.0 259.7 263.3 260.9 281.0
275.5 283.3 296.8
Maryland
104.3
104.9
101.7
102. 4 101. 9! 103.7
112.8
113.2
109.5
101.0
Dist. of Col
350.4 354.91 358.0 360.4 358.8 356.3 352.1 356.6 366.1 363.3
Virginia
198.7 202.
197.3
204.0 199.9
194.6
194.7
198.4
199.1
West Virginia _ _ j 192.4
188. 5 191.7
196.1
197.6
197.5 206.0 203.6
184.3
190.9
North Carolina. | 184.1
121.2
117.0
117.9
122.
116.51 117.6
115.4
115.3
118.0
117.9
South Carolina.!
239. 91 243. 2 243.6 254. 9 238.9 237.7 234.9 237.7 243.3 242.4
Georgia
138.4
131.
149.8
151.3 144.4
135. 9! 133.6
215.8
244.2
169.4
Florida
East South Central:
273.1
270.9 267.9 272.1 266.8 263.6 260.9
263.4
270.0 274.0
Kentucky
236. 7 235. 9
238.8 231.6
230.7 232.4
226.5 225. 6 235.2 245.4
Tennessee
180.2
174.1 170.6
181.4
180.3
166.1 176.1
174.1
166. 3i 164.9
Alabama
67.1
73.1
67.9
60.5
72.1
58.5
58.3
Mississippi
68.5
57.8
West South Central:
115.3
122.0
115.4
118.0
115.1 114.
121.0
121.6
119.7
112.7
Arkansas..
241.1
231.0 232.4 256.2 241.8 224.
Louisiana..
223.
234.5 244.9 248.9
273.8
281.9 284.5 275.0 263.5 255.5 253.
Oklahoma
254.7 254.4 269.7
743. 7 723.0
677.0 653.5 689.2 724.7 702.6 656.
Texas
690.2 721.5
Mountain:
86.9
80.5
102.1
77.0
78.1
103.7
86.1
83.9
90.7
104.4
Montana. _
49.9
54.3
53.7
48.1
57.9
57.7
58.9
57.
Idaho
51.1
53.4
31.9
45.7
43.6
31.2
47.9
50.0
47.9
48.9
Wyoming..
34.0
30.9
213.0
209.4
222.3 218. 6
213.7 217.1 218.1 216.2
Colorado..
216.1 221.5
20.2
21.1
21.8
20.7
30.5
34.7
35.3
35.3
New Mexico
20.9
19.9
28.7
29.1
27.7
28.3
29.1
28.4
28.1
28.5
Arizona
27.4
28.3
78.0
75.3
75.3
80.6
74.3
76.3
76.1
74.8
Utah
77.3
79.4
14.0
12.8
12.8
13.5
12.8
12.8
12.6
12.6
Nevada
13.1
13.1
Pacific:
271. 4
247.2 253.4
254.3 254.9 261.7 255. 9 252. 4 257. 6 272.4
Washington
189. 5 188. 5
184.3
189.
183.0 186.1
192. 0 190.3
Oregon.
187.4
185.3
1, 668.1 1, 725. 0 1, 678. 9 1,638.0 1, 703. 7 1, 695.1 1, 755. 5 1, 835. 5 1,883.6 1,922.9
California
* See notes 1, 2, and 3, Table 86.




219

CONDITION OF ALL MEMBER BANKS

BER BANKS, BY STATES
AND INVESTMENTS, 1 BY STATES, 1923-1927
of dollars]
1927

1926

1925

State
Sept. 28 Dec. 31 Apr. 12 June 30 Dec. 31 Mar. 23 June 30 Oct. 10 Dec. 31
30,175.5 30,884.2 30,819.0 31,183. 6 31,641. 7 31,949.0 32, 756. 533,185. 8 34,246. 9 United States.
157. 2 155.5 162.8
164.1 169.8
174.7
180.2 184.7
168.2
65.6
65.9
65.6
66.4
66.8
68.0
68.0
69.0
69.2
56.6
56.8
58.0
59.3
61.7
61.9
63.6
65.0
65.6
1, 538. 7 1, 582. 7 1, 579.9 1, 612. 3 1, 602. 8 1, 595. 0 1, 662. 4 1, 704.4 1, 700. 5
294.2 304.1 307.9 306.8 316.1 321.4 326.0 329.9 333.5
242.0 247.2 252.2 254.6 264.9 271.9 293.8 303.7 306.0
7,812. 7 8, 250. 5 7, 974. 7 8,220. 5 8, 512. 5 8,430.9 8,923.1 8,897.2 9,673.9
1,193. 4 1,228.1 1, 249. 8 1,277. 0 1, 347. 3 1, 356. 8 1, 392. 7 1,430. 8 1, 472.2
3, 219. 6 3,235. 5 3, 318. 2 3, 342. 2 3,398. 9 3, 502. 4 3,486.1 3, 538.6 3, 554. 8
1, 771. 5 1, 735.1 1, 780. 7 1,813.3 1, 780.6 1,810.0 1,868.8 1,926. 5 1,872.1
375.7 381.1 379.1 399.3 394.4 385.2 400.5 401.1 409.3
2, 319. 9 2, 352.1 2, 317.3 2, 389. 9 2, 383. 9 2,421.1 2,493. 5 2, 535. 8 2, 630. 5
1, 235. 6 1,254.1 1,278. 8 1,302. 7 1,305. 0 1, 313. 6 1,358.4 1,348. 0 1,350. 7
437.4 441.7 463.8 459.8 456.1 466.6 466.1 462.6 468.8
537.5
414.9
841.7
80.2
72.1
185.8
184.0

533.8
399.9
870.5
82.7
69.3
188.2
183.1

524.9
408.7
888.9
83.7
69.6
189.9
181.7

522.0
387.9
890.3
80.7
67.5
178.9
188.6

516.9
359.0
871.8
75.0
60.3
172.0
189.6

515.9
362.7
893.2
74.9
59.6
173.1
191.6

509.5
357.8
898.0
72.6
59.6
167.2
194.2

532.3
362.4
899.0
74.6
62.3
173.3
194.2

541.1
361.0
917.8
74.9
63.1
176.4
199.4

51.6
294.4
111.7
383.2
194.1
210.3
116.4
265.3
301.3

52.4
304.4
115.8
383.4
198.7
205.5
117.9
252.1
336.9

55.1
305.9
118.0
372.1
197.9
216.9
117.4
258.0
320.1

54.1
300.7
117.5
374.5
196.8
211.5
114.8
251.3
275.8

56.9
303.2
117.3
374.2
198.4
202.2
112.4
244.6
258.2

61.0
311.3
122.4
375.7
198.9
203.1
110.5
249.2
255.9

62.7
313.4
125.3
382.1
202.9
208.7
113.0
252.4
238.3

64.2
333.6
126.2
393.6
202.1
220.4
116.2
266.8
228.7

64.5
328.5
122.1
400.8
201.2
222.7
121.1
257.1
222.5

280.7
252.7
188.3
80.8

284.7
254.9
191.1
79.5

284.2
254.7
195.6
83.8

283.2
252.2
194.4
82.0

290.7
253.7
196.3
79.1

298.1
251.1
194.8
82.4

304.9
253.4
197.1
75.0

314.5
260.3
207.6
77.8

317.1
270.8
212.7
77.9

131.4
264.8
284.9
748.3

128.2
283.4
286.6
756.0

127.8
277.2
292.1
758.4

127.9
118.3
264.2 • 273. 4
299.8 291.3
741.5 741.2

114.3
264.5
304.9
778.0

116.5
260.7
305.4
767.5

120.5
262.8
307.8
811.2

120.5
273.2
313.5
830.1

88.3
48.7
32.8
222.0
20.4
28.2
78.1
14.1

90.8
53.2
33.4
213.5
20.2
28.1
82.3
14.7

90.0
52.4
32.9
218.4
21.3
29.7
80.1
14.1

90.9
51.6
32.7
216.6
21.8
30.0
79.1
15.0

94.1
54.2
34.3
222.7
23.4
29.9
79.4
15.4

93.5
52.4
32.7
226.4
23.5
30.9
78.0
14.9

93.6
51.2
33.2
215.8
23.7
32.7
75.5
15.3

98.2
51.4
32.9
225.1
24.0
32.7
76.7
15.6

102.5
53.4
35.1
224.0
27.2
35.6
83.1
15.2

273.1 275.2 284.7 278.0 275.1 281.5 282.8 299.3 302.7
194.2
194.9
197.4
198.0
198.3 194.2
196.1 202.0 205.8
1,979. 4 2,028. 2 2,026. 6 2, 043. 7 2,197. 7 2, 294. 0 2,315. 0 2, 317. 9 2, 397. 4




New England:
Maine.
New Hampshire.
Vermont.
Massachusetts.
Rhode Island.
Connecticut.
Middle Atlantic:
New York.
New Jersey.
Pennsylvania.
East North Central:
Ohio.
Indiana.
Illinois.
Michigan.
Wisconsin.
West North Central:
Minnesota.
Iowa.
Missouri.
North Dakota.
South Dakota.
Nebraska.
Kansas.
South Atlantic:
Delaware.
Maryland.
Dist. of Columbia.
Virginia.
West Virginia.
North Carolina.
South Carolina.
Georgia.
Florida.
-EifclSu OOLlbll UcXltldil*

Kentucky.
Tennessee.
Alabama.
Mississippi.
West South Central:
Arkansas.
Louisiana.
Oklahoma.
Texas.
] T ountain:
V
Montana.
Idaho.
Wyoming.
Colorado.
New Mexico.
Arizona.
Utah.
Nevada.
Pacific:
Washington.
Oregon.
California.

220

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Table 92.—ALL MEMBER BANKS—
[In millions
1923

1925

1924

State
Apr. 3

United States—
N e w England:
Maine
N e w Hampshire
Vermont
Massachusetts..
Rhode I s l a n d . . .
Connecticut
Middle Atlantic:
New York
N e w Jersey
Pennsylvania.E a s t N o r t h Central:
Ohio..Indiana
Illinois
Michigan
Wisconsin
W e s t N o r t h Central :
Minnesota
Iowa...
Missouri
North Dakota..
South D a k o t a . .
Nebraska..
Kansas
South Atlantic:
Delaware
Maryland
D i s t . of Columbia
Virginia
West Virginia. _
N o r t h CarolinaSouth Carolina .
Georgia
Florida
E a s t South Central:
Kentucky.
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming...
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon...
California

June 30 Sept. 14 Dec. 31 Mar. 31 J u n e 30 Oct. 10 Dec. 31

Apr. 6 June

18,419.1 18, 750.4 18, 718. 6 18, 841. 8 19, 045. 3 19, 204.119, 712. 5 19, 932. 8 20,175. 9 20,655.3J
74.4
77.3
79.0
78.8
81.4
85.5
83.3
79.5
86. 3
34.5
32.4
34.9
35.2
35.0
35.9
35.2
34.7
37.9'
35.0
30.8
30.
30.9
29.4
31.3
31.4
30.9
30.3
32. 7|
31.3
1,005. 5 1,038. 2 1, 053. 0 1, 027.
1, 023. 5 1,018. 6 1, 089. 0 1,076.4 1,108. 2 1,152. 6
139.7
142.8
146.0
156.9
152.7
144.4
143.2
160. 2
133.3
154.5
153.8
155.5
155.3
156.3
150.9
153.5
159.9
159. 6j
156.5
149.1
4, 563. 3 4, 574.1 4,454.1 4,601. 8 4,69i
4,913.6 5, 049. 6 5, 203. 2 5,108. 2 5, 281. 9|
491.5
519.7
531.6
551.2
586.8
630.5
612.8
584.7
676. 2|
568.1
1, 552. 7 1,626. 8 1,617.1 1, 615. 2 1,653. 5 1, 683. 6 1, 721.1 1, 732. 7 1,811.8 1, 844. 3
1,101. 6 1,159. 4 1,169. 2 1,171.
1,180. 0 1,186.
1, 217. 3 1,196. 7 1, 248. 0 1, 281. 7j
244.6
254.2
252.4
253.4
250.9
252.2
249.5
245.'
261. 6
249.'
1, 519. 4 1, 527. 6 1, 528. 2 1, 518. 0 1, 505. 5 1, 550. 6 1,683. 7 1, 623. 9 1,607. 4 1,694.1!
642.1
655.3
668.2
654."
709.8
756.9
801. 6'
733.9
707.6
712.8
307.7
306.0
301.4
298.6
314.5
315.9
312. 5|
295.0
298.3
306.5
393.8
357.2
546.3
66.1
81.3
166.3
137.3

386.7
353.9
540.2
66.9
82.1
165.9
141.0

392.1
350.9
549.2
66.2
74.1
166.6
137.

381.2
359.5
541.0
62.4
71.3
167.3
133.5

388.9
358.2
547.8
60.3
58.0
156.9
129.7

365.4
348.2
538.3
58.2
56.5
148.6
128.1

393.4
344.0
574.0
56.5
53.6
149.1
121.5

399.0
334.6
597.3
54.0
54.4
149. 5
126.4

376.4
337.1
594.1
54.1
53.6
152.4
128.6

363. 6i
324. 71
572. 6|
53. lj
52.3
150. 2
>
132.lj

25.0
175.9

27.2
178.4

31.5
179.4

29.9
179.1

30.9
186.3

32.4
188.9

29.5
191.0

28.8
182.4

32.7
188.6

32.3!
199. 2,

69.0
287.3
147.4
158.2
95.6
210.1
94.1

69.5
291.
153.7
159.3
95.4
213.5
89.5

70.7
294.9
153.1
162.8
95.4
214.0
87.

72.1
297.1
160.5
167.6
97.7
224.2
94.2

70.6
297.6
157.2
172.1
99.9
212.4
106.0

70.7
298.7
156.6
165.4
96.7
211.4
99.4

70.8
296.1
155.4
171.9
96.8
207.9
100.1

74.3
299.0
160.6
172.2
95.4
209.4
117.7

76.2
308.4
154.5
179.0
94.
213.4
152.1

307. 6i
155. lj
179. 3
94.2!
209. 81
172. 8

191.1
188.6
132.6
44.7

196.9
187.6
131.2
44.9

198.6
196.5
132.6
45.0

210.0
206.2
141.2
46.8

207.
202.6
140.1
52.4

203.2
198.0
135.3
52.6

202.2
197.8
138.3
54.2

209.1
200.2
142.1
51.8

213.0
204.0
144.1
53.0

211.3;
203. 1
145. 3'
54.5

93.1
183.2
217.7
542.4

94.6
187.3
224.1
523.8

95.
186.2
217.0
560.2

99.1
211.6
200.0
578.8

96.2
198.5
196.5
567.5

98.3
191.2
196.7
534. 4

104.7
202.8
196.1
563.7

99.9
210.3
188.3
590.2

99.6
215.6
194.3
594.7

101.9
208.0
199.8
582.6

83.0
47.4
41.4
144.0
30.6
22.4
57.5
9.1

82.4
48.2
42.3
145.
30.8
22.3
56.9
9.0

80.7
47.3
42.9
149.4
30.3
22.6
57.3
9.2

69.4
45.2
40.8
145.9
26.2
22.9
55.8
9.1

56.7
43.3
38.6
142.8
17.7
23.3
55.7
9.0

57.0
41.7
36.1
137.4
17.9
22.4
55.2

56.2
39.
26.
140.7
17.3
22.1
56.0

55.2
39.4
22.8
141.4
15.7
22.8
56.9
8.7

56.1
36.2
23.0
141.3
16.0
21.8
58.3
8.8

57.2
37.3
23.0
136.3
15.5
22.2
57.3
9.5

80. ll

170. 0
180. 2
176.0
171.1
180.0
171.8
177.
179.8
181.0
178.3
121. 0
122.1
121.9
134.8
130.5
131.1
127.4
124.7
127.4
129.4
1, 233.0 1,303.0 1,287. 7 1,253. 7 1,303. 2 1,294. 5 1,312. 9 1,354.9 1,394.2 1,426.1

1 See notes 1 and 2, Table 86.




221

CONDITION OF ALL MEMBER BANKS
TOTAL LOANS, 1 BY STATES, 1923-1927
of dollars]
1927

1926

1925

State
Sept. 28 Dec. 31 Apr. 12

June 30 Dec.

31 Mar. 23

June 30 Oct. 10 Dec. W

21, 285. 3 21,996. 3 21,785.0 22,060.2 22, 652. 0 22, 327. 0 22, 938. 2 23, 226. 5 23,886. 4
85.9
97.3
95.9
91.4
93.1
87.8
87.9
88.0
91.1
40.8
41.2
40.7
39.8
40.6
39.4
39.4
38.3
38.5
37.4
35.8
35.6
33.1
37.7
37.7
34.6
33.0
33.6
1, 200. 0 1,215.0 1,187. 5 1, 202.4 1, 203.0 1,173. 5 1, 208. 9 1, 237. 9 1, 228. 6
188.2
185.8
183.5
185.6
181.2
176.5
170.4
187.6
174.8
208.4
190.4
218.6
216.5
185.4
171.7
176.0
166.3
176.6
5, 388. 6 5,885.8 5, 565. 5 5, 739. 0 6,137. 9 5, 881. 3 6, 277. 5 6, 342.4 6, 984. 6
795.9
947.3
905.4
888.6
864.5
860.0
751.1
772.7
708.1
1,907.4 1,939. 3 2,023. 6 2,046.0 2,100.4 2,095. 0 2,083. 6 2,092.1 2,070. 0
1, 331. 0 1,319. 9 1,338. 2 1, 363. 5 1, 351. 8 1, 348. 3 1,384. 8 1,416. 7 1, 386.9
277.9
273.4
278.4
279.3
270.6
284.9
267.5
267.7
262.5
1, 749.0 1,765.1 1, 722. 3 1, 773. 7 1,810. 6 1,770.6 1,847. 7 1,904. 6 1,918. 5
935.4
958.2
915.2
897.0
911.4
825.7
861.1
807.4
950.7
315.1
317.5
323.1
319.7
326.1
322.5
311.3
329.9
312.8
367.0
325.0
597.4
54.3
51.5
149.0
131.3

358.1
315.9
622.5
53.5
48.4
148.8
132.5

346.9
317.3
635.2
54.2
46.6
148.4
133.4

341.2
295.4
627.0
54.1
45.3
144.3
139.3

341.4
270.9
620.4
49.9
39.4
135.3
135.1

329.4
269.1
615.4
50.1
38.8
130.9
138.0

322.6
259.8
620.9
49.3
38.2
128.3
137.6

341.6
258.3
621.1
50.1
39.3
132.2
135.2

337.4
258.3
630. 5
47.6
38.6
131.2
136.8

32.0
204.9

32.3
211.0

33.7
214.2

33.5
208.6

36.5
209.8

39.6
209.4

40.7
206.6

41.8
214.0

42.5
206.2

79.2
326. 2
154.7
183.3
93.9
229.6
212.7

83.4
325.7
160.8
181.6
94.5
217.0
242.0

85.2
314.3
157.4
187.2
95.6
218.7
229.0

85.3
314.2
156.7
184.0
92.6
213.8
193.7

86.6
313.0
160.6
177.7
88.0
206.9
179.8

91.9
314.3
156.6
174.0
85.7
203.9
172.6

92.9
317.4
158.9
177.4
85.2
208.1
153.9

94.3
322.6
157.6
183.3
85.7
218.2
143.1

90.1
328.4
158.4
181.5
88.2
202.8
139.4

218.1
218.6
150.1
62.0

222.8
220.0
150.6
58.7

222.2
218.1
156.8
62.7

219.6
217.5
156.4
62.4

223.3
218.8
155.9
58.3

220.7
215.4
153.3
59.7

223.0
216.1
154.6
53.2

224.9
222.4
162.9
57.2

227.1
229.4
164.6
56.1

112.5
225.3
207.4
603.7

108.3
240.6
199.1
608.4

107.2
235.8
198.1
609.9

107.2
222.6
205.4
596.4

99.2
233.6
190.1
599.0

95.1
220.9
201.3
618.4

94.8
214.9
198.4
604.1

96.9
218.3
198.3
637.8

95.5
218.9
199.9
643.8

58.1
36.3
23.6
139.9
15.4
21.7
57.7
9.5

57.7
37.7
23.4
133.8
14.3
21.1
61.9
10.1

57.3
37.5
22.9
135.6
14.7
22.1
59.7
9.5

58.6
35.9
22.4
131.8
14.8
22.0
58.5
10.3

58.3
36.4
23.2
135.8
15.1
19.6
61.2
10.7

57.1
35.3
21.8
137.7
15.0
20.3
59.8
10.2

58.1
34.4
22.3
128.4
14.6
21.2
57.4
10.5

61.3
33.8
21.8
136.0
15.6
21.2
58.0
10.8

62.8
34.3
22.7
134.3
17.2
22.6
64.8
10.3

184.2
186.2
179.0
179.1
183.8
181.1
183.7
185.7
187.8
112.1
121.2
127.1
122.3
118.6
126.2
124.2
127.4
120.5
1, 457.4 1, 504.1 1, 503.0 1, 519. 4 1, 642. 4 1,699. 7 1, 713. 6 1,695. 5 1, 716. 2




United States.
New England:
Maine.
New Hampshire.
Vermont.
Massachusetts.
Rhode Island.
Connecticut.
Middle Atlantic:
New York.
New Jersey.
Pennsylvania.
Ohio.
Indiana.
Illinois.
Michigan.
Wisconsin.
West North Central:
Minnesota.
Iowa.
Missouri.
North Dakota.
South Dakota.
Nebraska.
Kansas.
South AtlanticDelaware.
Maryland.
Dist. of Columbia.
Virginia.
West Virginia.
North Carolina.
South Carolina.
Georgia.
Florida.
East South Central:
Kentucky.
Tennessee.
Alabama.
Mississippi.
West South Central:
Arkansas.
Louisiana.
Oklahoma
Texas.
Mountain:
Montana.
Idaho.
Wyoming.
Colorado.
New Mexico.
Arizona.
Utah.
Nevada.
Pacific:
Washington.
Oregon.
California.

222

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 93.—ALL MEMBER B A N K S — I N [In millions
1923

1924

1925

State
Apr. 3

United States....

June 30 Sept. 14 Dec. 31 Mar. 31 June 30 Oct. 10 Dec. 31 Apr. 6 June 30

7, 722.1 7, 757.0 7,600.7 7,645.1 7,618.1 7,962.5 8, 598.4 8,812.9 8,869. 7

8,863.1

New England:
60.6
60.8
62.1
Maine
61.6
61.7
64.3
64.6
63.0
61.3
61.7
New Hampshire
25.4
24.7
24.1
23.3
23.6
24.6
23.8
24.0
25.2
25.3
22.8
21.6
20.7
20.7
Vermont
22.7
21.0
22.3
21.3
21.3
22.7
Massachusetts.,
337.3
342.2
351.5
334.6
308.9
294.3
318.2
312.1
304.1
342.0
Rhode Island...
117.4
113.2
107.6
109.6
122.1
107.6
120.7
106.5
110.8
124.1
Connecticut
74.9
76.3
78.7
74.4
76.3
76.4
75.2
74.4
75.3
73.2
Middle AtlanticNew York
_ 2,122.9 2,120. 7 2,030. 7 2,066. 3 2,053.1 2,296.0 2, 534.4 2,541.1 2,455.6 2,480. 8
New Jersey
468.8
464.4
448.8
421.4
418.1
409.3
411.8
415.7
405.1
474.3
Pennsylvania... 1,148.2 1,163.6 1,149.4 1,154. 7 1,171.6 1,213.5 1,306.6 1, 340. 3 1, 326. 7 1,312.1
East North Central:
408.6
400.8
414.4
439.2
450.2
Ohio
444.3
430.1
385.0
406.5
408.5
116.7
113.9
110.0
114.4
108.7
106.5
111.8
Indiana
113.0
104.7
109.8
Illinois
603.9
586.4
544.3
505.8
517.0
504.6
524.1
609.1
493.3
574.9
353.8
333.3
Michigan
358.8
418.2
360.5
390.6
389.3
346.1
348.3
430.9
Wisconsin
120.2
103.7
97.1
96.6
98.5
118.5
113.1
100.0
101.4
121.3
West North Central:
119.0
123.5
170.2
139.8
126.0
124.8
Minnesota
169.6
161.2
128.4
122.9
75.0
71.4
75.8
68.0
90.7
80.7
71.1
70.1
78.6
Iowa
88.9
Missouri
244.4
224.2
207.8
200.9
211.4
214.8
212.4
211.6
201.6
242.5
27.6
14.8
13.3
13.5
13.5
14.2
North Dakota. _
23.3
13.0
14.0
25.7
South Dakota..
19.3
17.7
15.8
12.6
12.0
12.0
11.9
11.8
11.9
19.2
Nebraska
37.9
33.0
31.8
27.9
29.6
27.5
35.2
33.3
32.6
37.4
45.9
33.7
35.3
34.4
Kansas...
42.5
37.7
35.3
32.6
37.6
48.5
South Atlantic:
16.7
20.6
16.7
Delaware.
21.5
22.9
22.9
17.3
17.0
16.4
17.3
Maryland
94.7
93.1
90.0
72.0
80.6
77.0
80.2
82.6
79.7
97.6
District of Co35.2
34.1
30.3
32.2
32.4
33.4
36.6
31.1
33.0
33.1
lumbia.
63.1
55.7
57.6
63.3
Virginia
57.7
57.6
56.0
63.3
61.2
63.1
West Virginia. .
40.1
37.8
41.9
43.3
42.2
46.8
45.4
45.6
45.0
39.6
North Carolina27.0
25.3
24.2
25.5
24.1
25.5
25.0
25.7
25.9
24.3
20.7
22.6
21.1
21.2
23.5
22.2
21.6
20.9
South Carolina.
22.3
21.1
29.9
26.3
29.7
29.8
28.3
27.0
30.7
Georgia.
26.5
29.6
32.6
Florida
63.7
51.7
49.7
45.0
44.2
45.3
44.1
43.7
41.8
71.4
East South Central:
72.3
61.8
61.0
74.0
Kentucky
60.9
58.7
60.4
62.1
69.3
59.2
Tennessee.
32.7
32.2
32.9
33.6
39.2
36.2
38.0
38.7
37.9
32.8
Alabama
37.3
38.2
35.8
35.3
34.9
34.0
33.7
33.5
33.7
34.9
Mississippi
19.1
14.3
15.2
13.4
13.5
13.1
13.7
14.7
16.1
18.6
West South Central:
20.1
19.6
21.4
20.7
16.9
19.8
Arkansas._
16.6
18.9
18.9
19.6
Louisiana
33.3
31.7
34.6
33.6
44.6
43.3
46.2
40.3
43.7
33.1
Oklahoma
75.4
58.6
66.1
56.9
63.5
59.0
58.0
64.2
60.4
74.0
149.0
134.6
129.7
Texas
126.5
131.3
122.5
145.9
135.1
129.0
140.4
Mountain:
21.4
29.7
30.0
21.4
21.3
24.3
21.1
Montana.
28.7
21.2
20.3
10.4
11.9
10.7
11.5
14.0
Idaho
12.0
12.5
10.6
11.0
12.6
Wyoming
8.2
8.9
7.4
6.5
6.6
8.1
7.1
7.1
7.1
7.5
69.7
81.0
75.4
71.5
Colorado
80.1
70.2
70.2
68.7
72.0
82.3
4.7
4.7
3.6
4.2
3.4
4.4
4.7
4.5
New Mexico
3.9
4.3
6.1
5.8
6.5
6.5
5.8
5.3
5.5
5.3
5.8
Arizona
6.2
22.3
17.3
19.2
Utah
21.3
22.5
20.1
19.0
18.5
19.6
20.7
4.7
4.5
4.3
4.4
4.0
3.7
3.8
3.6
3.5
3.6
Nevada
Pacific:
91.4
75.4
92.2
81.3
87.6
75.5
Washington
77.6
78.9
74.5
80.7
67.4
Oregon
62.7
64.3
57.2
55.6
56.7
56.9
59.8
58.5
66.6
489.4
442.8
480.6
384.3
391.2
435.1
422.0
California...
400.6
400.5
496.8
1

See note 3, Table 86.




223

CONDITION OF ALL MEMBER BANKS
VESTMENTS,1 BY STATES, 1923-1927
of dollars]
1925

1927

1926

State
Sept. 28 Dec. 31 Apr. 12 June 30 Dec. 31 Mar. 23 June 30 Oct. 10 Dec. 31
8,890. 3 8, 887. 9 9, 034.0 9,123.4 8,989. 7 9, 621. 9 9,818.3 9,959. 3 10,360. 5 United States.

New England:
Maine.
New Hampshire.
Vermont.
Massachusetts.
Rhode Island.
Connecticut.
Middle Atlantic:
2, 424.1 2, 364. 7 2,409. 2 2, 481. 5 2, 374. 6 2, 549. 6 2, 645. 6 2, 554. 8 2, 689. 3
New York.
524.9
485.3 477.0 477.1 481.1 482.8 496.8 504.1 525.4
New Jersey.
Pennsylvania.
1, 312. 2 1, 296. 2 1, 294. 6 1, 296. 2 1, 298. 5 1, 407.4 1,402. 5 1, 446. 5 1,484. 8
East North Central:
66.1
27.1
23.6
338.7
123.8
75.7

67.6
26.5
23.7
367.7
129.3
75.5

74.8
27.3
24.4
392.4
131.4
76.2

76.3
27.0
24.7
409.9
125.6
78.0

78.4
27.0
25.9
399.8
132.6
79.5

81.6
27.4
26.3
421.5
135.8
81.5

84.3
27.3
26.2
453.5
140.2
85.4

87.4
27.8
27.3
466.5
141.7
87.2

82.3
28.4
27.9
471.9
145.9
87.4

440.5
113.2
570.9
428.2
124.6

415.2
113.6
587.0
428.4
130.4

442.5
111.4
595.0
417.7
133.9

449.8
114.4
616.2
391.3
137.3

428.8
115.1
573.3
389.8
136.4

461.7
114.6
650.5
416.6
140.5

484.0
122.1
645.8
400.2
143.0

509.8
127.7
631.2
412.6
145.1

485.2
131.4
712.0
400.0
153.7

170.5
89.9
244.3
25.9
20.6
36.8
52.7

175.7
84.0
248.0
29.2
20.9
39.4
50.6

178.0
91.4
253.7
29.5
23.0
41.5
48.3

180.8
92.5
263.3
26.6
22.2
34.6
49.3

175.5
88.1
251.4
25.1
20.9
36.7
54.5

186.5
93.6
277.8
24.8
20.8
42.2
53.6

186.9
98.0
277.1
23.3
21.4
38.9
56.6

190.7
104.1
277.9
24.5
23.0
41.1
59.0

203.7
102.7
287.3
27.3
24.5
45.2
62.6

19.6
89.5
32.5

20.1
93.4
32.4

21.4
91.7
32.8

20.6
92.1
32.2

20.4
93.4
30.7

21.4
101.9
30.5

22.0
106.8
32.4

22.4
119.6
31.9

22.0
122.3
32.0

57.0
39.4
27.0
22.5
35.7
88.6

57.7
37.9
23.9
23.4
35.1
94.9

57.8
40.5
29.7
21.8
39.3
91.1

60.3
40.1
27.5
22.2
37.5
82.1

61.2
37.8
24.5
24.4
37.7
78.4

61.4
42.3
29.1
24.8
45.3
83.3

64.7
44.0
31.3
27.8
44.3
84.4

71.0
44.5
37.1
30.5
48.6
85.6

72.4
42.8
41.2
32.9
54.3
83.1

62.6
34.1
38.2
18.8

61.9
34.9
40.5
20.8

62.0
36.6
38.8
21.1

63.6
34.7
38.0
19.6

67.4
34.9
40.4
20.8

77.4
35.7
41.5
22.7

81.9
37.3
42.5
21.8

89.6
37.9
44.7
20.6

90.0
41.4
48.1
21.8

18.9
39.5
77.5
144.6

19.9
42.8
87.5
147.6

20.6
41.4
94.0
148.5

20.7
41.6
94.4
145.1

19.1
39.8
101.2
142.2

19.2
43.6
103.6
159.6

21.7
45.8
107.0
163.4

23.6
44.5
109.5
173.4

25.0
54.3
113.6
186.3

30.2
12.4
9.2
82.1
5.0

33.1
15.5
10.0
79.7

32.3
15.7
10.3
84.8

35.8
17.8
11.1
86.9

36.4
17.1
10.9
88.7

35.5
16.8
10.9
87.4

36.9
17.6
11.1
89.1

6.5

5.9
7.0

32.7
14.9
10.0
82.8

20.4

20.4

20.4

20.6

10.3
18.2

10.6
18.2

11.5
18.1

11.5
18.7

39.7
19.1
12.4
89.7
10.0
13.0
18.3

89.3
68.0
522. 0

91.5
70.7
524.1

98.5
70.0
523.6

93.8
70.9
524.3

96.1
76.0
555.3

102.4
75.6
594.3

101.7
75.6
601.4

111.5
80.8
622.4

117.0
93.7
681.2

4.6

4.6

6.6
7.6

4.6




7.0
8.0
4.7

8.3
4.7

8.5
4.7

9.1
4.8

8.4
4.8

4.9

Ohio.

Indiana.
Illinois.
Michigan.
Wisconsin.
West North Central:
Minnesota.
Iowa.
Missouri.
North Dakota.
South Dakota.
Nebraska.
Kansas.
South Atlantic:
Delaware.
Maryland.
District of Columbia.
Virginia.
West Virginia.
North Carolina.
South Carolina.
Georgia.
Florida.
East South Central:
Kentucky.
Tennessee.
Alabama.
Mississippi.
West South Central:
Arkansas.
Louisiana.
Oklahoma.
Texas.
Mountain:
Montana.
Idaho.
Wyoming.
Colorado.
New Mexico.
Arizona.
Utah.
Nevada.
racinc.
Washington.
Oregon.
California.

224

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

CONDITION OF REPORTING MEMBER BANKS IN EACH
DISTRICT
No.

94.—REPORTING MEMBER BANKS—TOTAL LOANS AND INVESTMENTS, BY
W E E K S , WITH MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District

Bos- New Philton York adelphia
1927
Jan. 5
Jan. 12
Jan.19
Jan. 26
Feb. 2
Feb. 9
Feb.16.
Feb. 23__
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4.
May 11__
May 18.
May 25
June1__
June8__
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3__
Aug. 10_
Aug. 17_
Aug. 24__
Aug. 31
Sept. 7
Sept. 14.
Sept. 21
Aug. 28
Oct. 5.
Oct. 12._
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30

Cleve- Richland mond

1,385
1,370
1,374
1,376

7,558
7,454
7,315
7,280

1,176
1,191
1,179
1,170

1,989
1,983
1,981
1,983

643
652
652
663

1,380
1,378
1,375
1,366

7,330
7,233
7,225
7,232

1,379
1,378
1,413
1,407
1,419

7,363
7,332
7,518
7,495
7,477

1,166
1,166
1,160
1,166
1,162
1,165
1,194
1,194
1,195

656
658
657
660
659
658
666
661
660

1,403
1,399
1,373
1,386
1,384
1,395
1,401
1,417

7,546
7,477
7,510
7,551

1,194
1,193
1,181
1,183

7,651
7,621
7,672
7,652

1,428
1,418
1,446
1,439
1,468
1,473
1,463
1,471
1,463

7,796
7,751

1,178
1,181
1,178
1,177
1,176
1,173
1,192
1,185
1,195
1,195
1,182
1,189
1,183

1,453
1,458
1,448
1,437
1,440

7,702
7,668
7,641
7,596
7,721

1,440
1,462
1,484
1,502

__.

1,506
1,503
1,518
1,521

7,725
7,807
7,849
7,867
7,969
7,891
7,910
7,908

_

1,536
1,533
1,545
1,536
1,532

7,948
8,014
8,138
8,131
8,265

1,213
1,202
1,221
1,214
1,220

1,529
1.536
1,526
1,539

8,219
8,214
8,332
8,404

1,204
1,207
1,207
1,227

1,963
1,980
1,974
1,982
2,004
2,026
2,061
2,063
2.086
2,086
2,038
2,036
2,071
2,080
2,081
2,090
2,090
2,098
2,089
2,100
2,087
2,061
2,050
2,063
2,079
2,092
2,082
2,086
2,094
2,091
2,087
2,082
2,091
2,116
2,124
2,117
2,123
2,124
2,099
2,077
2,083
2,092
2,100
2,095
2.100
2,099
2,113
2,097

1,376
1,375
1,399
1,390
1,399
1,440
1,467
1,447
1.472
1,512
1,536
1,533

7,402
7,255
7,437
7,521
7,649
7,806
7,711
7,666
7,812
7.920
8,099
8,292

1,179
1,165
1,182
1, "
1,178!
1,184
1,187
1,191
1, 211
1,227
1,214
l

1,984
1,975
2,048
2,058
2,085
2,087
2,071
2.088
2,103
2,116
2,089
2,102

_

_

_.

_

Dec. 7.___
Dec. 14__
Dec. 21
Dec. 28
Average:
January. _.
February..
March
April
May
June
July
August
September.
October
November.
December.

7,r "
7,775
7,r~
7,1
7,685
7, i " •

7,657




1,183
1,200
1,199
1,184
1,187
1,194
1,201
1,224
1,225
1,230
1,232
1,225
1,220

Atlanta

Chicago

2,990
2,984
2,977
2,963

St.
Louis

611
612
601
601
598
600
604
603
609
606
623
616
620
622
621
618
614

2,996
3,003
3,031
3,022
3,001
2,991
3,012
3,011
3,022

697
697
696

615
613
615
607

3,057
3,054
3,059
3,073

701
701
712
711

3,075
3,100
3,094
3,113
3,125
3,100
3,102

697
699
702
699
703
701

686
695
692
691

2,997
2,985
2,988
2,992

Minneapolis

357
356
355
356

Kansas

Dallas

City
611
613
616
618
615
624
627
624

386
387
389
384
390
400
407
405

1,791
1,773
1,765
1,763
1,748
1,751
1,760
1,787
1,803
1,794
1,825
1,814
1,818

370
373
376
381
392
394
394
394
392

630
628
638
638
634
624
633
633
632
627
632
630
627
623
628
636
628
630
629
638
630
635
627
638
644
640
638
638
642
634
629
631
634
638
631
632
635
640
642
642

358
356
358
358
363
366
365
363
366

3,146
3,157
3,187
3,197
3.173

700
698
700
701
700
703
707
710
712
716
716]
713
715
718
719
727
730

626!
6301
633!
635

3,173
3,175
3,150
3,123

732
7311
735!
728)

392
393
387
383

643
649
649
646

402
405
416
416
409
408
407
407
404
407
402
402
402
401
399
411
409
406
403
405
405
403
400
400
403
405
409
409
414.
421
423
424
423
431
432
435
438
446
440
438
438
443
448
444

6061
601
615
619
613
610
603
597
609
620
620
631

2,978
2,991
3,011
3,009
3,061
3,088
3,104
3,121
3.140
3,155
3; 172
3,155

691
191
6>92
697
i97l

356
358
364
357
349
355
353
350
362
375
393

614
623
633
630
629
629
633
637
636
634
638
647

386
400
410
406
403
405
404
403
417
428
440
443

664
663
661
661
660
659
663
660
660
662
666
669
670
668
677
676
680
686
690
679
685
683
686
692
700
698
703
707
700
695
692
695
701
703
700

620
616
616
615
625
623
622|

693
699
704
706
653
658
661
662
661
665
675
685
694
701
698
701

613
600
614
611
615
610
603
600
597
599
600
593
594
597
599
603
615
620

3,096
3,122
3,127
3,121
3,140
3,131
3,152
3,137
3,142
3,141
3,151
3,162
3,165

697
697
699
697

706
697
700
699
705
715
722
732

San
Francisco

361
362
355
352
347
350
350
348
354
353
358
356
354
356
353
353
349
348
352
349
349
353
353
360
366
368

1,790
1,805
1,806
1,807
1,814
1,820
1,819
1,810
1,800
1,805
1,832
1,829
1,817
1,788
1,781
1,773
1,771
1,758
1,758
1,760
1,760
1,773
1,765
1,784
1.806
1,805
1,830
1,836
1,828
1,811
1,816
1,814
1,844
1,865
1,864
1,885
1,889
1,907
1,891
1.773
1,762
1,811
1,802
1,816
1,817
1,778
1, 762
1,790
1,826
1,841
1,893

225

CONDITION OP REPOKTING MEMBER BANKS
No.

95,—REPORTING MEMBER BANKS—TOTAL LOANS, BY WEEKS,
MONTHLY AVERAGES OF WEEKLY FIGURES

WITH

[In millions of "dollars]
Federal Reserve District
Boston
1927
Jan. 5
__
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
...
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
.Apr. 20
Apr. 27
May 4
May 11
May 18_
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3__
Aug. 10__
Aug. 17.
Aug. 24_
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Average:
January
February..
March
April
May
June
July
August
September.
October
November.
December..

1,001
982
985
992
993
990
986
975

987
983
999
992
1,004
989
987
962
967
964
967
968
981

993
1.013
1,022
1,011
1.008
1,005

1,000
1.000
997
997
997
995
1,017
1,027
1,036
1,044
1,046
1,051
1,061
1,059
1,063
1,054
1,045
1,045

1, 048
1,054
1,051
1,058
990
976
970
998
1,012
998
1,019
1,050
1.053
1,053

Cleve
land

Richmond

Atlanta

Chicago

1,372
1,362
1,361
1,364
1,342
1,355
1.349
1,356
1,358
1,373
1,382
1,381
1,405

510
519
519
528
521
521
518
523

515
515
505
504
501
503
505
501
505
505
505
499
502
506
509
503
501
503
503
500
496
496
492
493
493
495
491
488
484
482
484
488
483
481
485
488
492
495
503
502
505
501
498
501
502
500
496
496
501
506
502
504

2.226
2,207
2,196
2,174

510
503
503
505
501
494
487
484
494
502
499
503

5,415
5,283
5,172
5,125
5,165
5,070
5,061
5,055
5,179
5,150
5,215
5.236
5,227
5,292
5 225
5,244
5,258
5,346
5,298
5,317
5,299
5,483
5,392
5,416
5,433
5,515
5.524
5,349
5,339
5,356
5,414
5,392
5,381
5,350
5,464
5,487
5,572
5,601
5,632
5,747
5,666
5,678
5,678
5,716
5,764
5,832
5,802
5,923
5, 867
5,861
5,975
6,061

820
832
817
808
804
801
792
797
793
795
796
794
793
798
801
788
790
787
790
790
788
792
803
802
793
802
806
794
796
791
796
815
814
798
802
813
816
817
817
814
811
809
806
803
796
795
793
800
792
789
778
798

1,392
1,394
1,395
1,380

518
517
519
518
517
519
520
516
515
514
513
516
514
516
521
520
522
520
517
524
522
525
528
532
522
525
522
524
529
532
532
533
536
530
526
524
523
524
529
530
525
527
529
532

5,249
5,088
5.201
5,255
5,315
5.448
5'. 392
5,400
5,573
5,692
5,807
5,941

819
798
794
794
789
799
797
805
815
810
798
789

1,365
1,350
1,380
1,402
1,429
1,417
1,395
1,409
1,418
1,413
1,377
1,390

519
521
518
518
514
520
522
526
529
531
526
528

1,416
1,385
1,387
1,419
1,426
1,427
1.433
1,431
1,430
1,431
1,422
1.415
1,386
1,377
1,392
1.407
1,405
1.410
1,406
1,414
1,411
1,406
1,406
1,415
1,427
1,423
1,413
1,417
1,417
1,404
1,375
1,378
1,372
1,384
1,378

San
St. Min- Kansas
Louis neap- City Dallas Franolis
cisco

2,277
2,303
2,312
2,292
2, 309
2,294
2,311
2,306
2,305
2,302
2,310
2,319
2,315
2,310
2,316
2,314
2,329
2.297
2,294
2,290
2,259
2,260

502
508
505
504
503
504
500
496
501
502
500
498
494
498
497
497
493
495
494
490
484
480
483
494
496
500
499
502
500
499
501
503
504
505
507
508
511
509
512
513
515
514
512
516
518
516
523
525
526
524
527
523

246
245
243
241
242
240
242
240
242
243
244
240
241
240
241
234
231
227
228
228
226
232
233
236
234
235
236
234
233
231
230
231
229
229
233
233
242
246
249
251
254
256
259
269
271
267
267
264
263
263
257
252

418
419
422
421
418
426
427
424
428
427
432
432
427
417
426
427
425
418
425
421
418
414
421
429
423
424
423
432
425
429
424
433
439
436
431
431
431
422
419
418
419
423
420
422
423
423
425
423
427
430
428
422

313
313
316
312
319
327
332
330
327
327
329
326
321
322
323
322
318
321
315
316
316
312
312
316
314
314
311
312
313
312
309
310
312
316
320
322
325
326
327
328
328
336
336
339
343
343
339
338
339
343
342
340

1,296
1,303
1,306
1,296

2,201
2,190
2,192
2,183
2,225
2,248
2,267
2,299
2,304
2,312
2,313
2,276

505
501
499
496
491
491
500
504
510
514
520
525

244
241
242
237
227
234
234
230
243
255
267
259

420
424
429
424
421
422
427
432
426
420
423
427

314
327
326
321
317
314
312
313
325
332
340
341

1,290
1,286
1,311
1,297
1,310
1,306
1,276
1,269
1,261
1,281
1,273
1,300

2,199
2,189
2,185
2,186
2,194
2,194
2.201
2,192
2,177
2,168
2,185
2,190
2,187
2,227
2,228
2,222
2,222
2,222
2,246
2.259
2,249
2,262
2,275
2,263
2,272
2,260

1,306
1,290
1,283
1,279
1,274
1,275
1,279
1,315
1,315
1,317
1,314
1,305
1.303
1,285
1,300
1,299
1,303
1,309
1,312
1,312
1,306
1,306
1,305
1.310
1,305
1,303
1,278
1,278
1,275
1.273
1,266
1,267
1,267
1,270
1,277
1,251
1,262
1,266
1,266
1.285
1,291
1,281
1,266
1,272
1,268
1,271
1,279
1,277

Back figures.—See Annual Report for 1926 (Part II, Table 13), for monthly averages corresponding to
those in Tables 94-103.




226

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 96.—REPORTING MEMBER BANKS—LOANS ON SECURITIES, BY W E E K S , WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions o dollars]
f
Federal Reserve District

Boston

1927
Jan. 5
Jan. 12
Jan 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31.
Sept. 7
- .
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct 12
Oct. 19
Oct. 26
Nov. 2
__
Nov. 9
Nov. 16
Nov 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec 28
Average:
January
February. _
March
April
May .
June_
July
August
SeptemberOctober
November.
December..

New
York

Philadelphia

361
345
353
351
351
347
341
338
344
342
350
348
357
349
354
337
338
337
331
336
342
350
356
355
351
375
383
362
361
363
358
358
361
363
366
366
386
388
394
398
392
395
401
406
398
388
378
378
386
386
384
392

2,608
2,488
2 411
2,376
2,419
2,324
2,340
2,348
2,419
2 390
2,437
2,420
2,472
2,521
2,450
2,481
2,510
2 574
2,505
2 543
2,514
2,679
2,603
2,632
2,647
2, 707
2, 713
2,567
2,554
2,589
2,629
2,587
2,575
2,550
2,604
2,581
2,649
2,625
2,667
2,767
2 678
2,671
2,676
2,717
2,738
2,827
2,798
2,913
2,859
2,887
2,998
3,091

455
452
440
430
428
424
422
427
421
416
416
410
410
412
412
404
406
405
400
402
402
406
417
412
405
414
416
4C1
405
396
399
420
414
404
409
422
423
422
428
425
418
415
412
414
411
411
406
417
423
422
420
438

352
344
348
345
336
357
367
361
384
396
390
387

2,471
2,358
2.428
2 490
2,534
2,654
2,606
2,589
2,631
2,698
2,799
2,959

444
426
415
408
402
411
404
409
424
417
412
426




Cleve- Richland mond

Atlanta

Chicago

St.
Louis

Minneapolis

583
573
575
578
572
582
562
573
579
592
603
598
602
604
602
608
637
639
637
643
643
644
644
641
639
609
598
618
621
609
607
603
610
613
607
612
616
630
626
617
620
617
632
604
608
600
615
609
619
624
631
619

157
159
156
162
160
156
157
157
157
156
158
158
157
158
157
162
156
156
156
161
161
160
162
164
159
158
159
160
160
161
166
164
159
159
159
160
159
160
162
163
164
163
160
160
161
164
165
166
166
167
167
169

114
116
114
114
114
115
116
115
115
116
114
115
116
117
115
111
111
111
111
110
108
115
111
112
111
112
113
115
114
114
117
118
115
116
116
116
119
121
125
124
119
122
123
123
119
122
119
118
124
124
122
121

931
926
922
915
938
933
931
917
932
926
929
927
915
901
914
927
936
937
944
953
949
966
994
1,003
1,000
1,001
1,004
1,016
1,033
1,036
1,042
1,046
1,071
1,054
1,069
1,046
1,046
1.048
1,055
1,045
1,062
1,076
1,080
1,067
1,057
1,073
1,081
1,043
1,048
1,046
1,020
1,019

199
200
195
198
193
194
191
192
195
195
194
196
196
197
199
199
198
199
200
197
193
194
195
198
199
204
207
210
207
210
211
210
207
208
208
212
212
210
209
212
212
212
212
213
214
212
215
215
217
218
218
213

75.8
79.3
80.0
80.7
84.3
83.3
84.4
83.6
82.4
82.6
79.9
79.2
80.1
78.2
79.6
78.0
79.7
79.8
80.5
79.9
77.7
79.6
79.0
79.5
77.6
79.3
79.6
78.6
79.1
81.1
81.0
82.3
77.5
78.0
76.8
74.8
75.7
78.4
80.6
82.4
86.5
85.3
84.0
88.2
89.5
93.9
95.2
93.2
94.0
95.2
91.3
87.9

115
116
119
121
116
121
119
116
120
120
117
120
116
112
118
119
117
112
118
118
118
118
123
134
127
128
132
140
131
136
126
134
137
136
132
135
138
129
128
124
127
128
126
125
123
126
124
124
126
128
127
122

74.5
74.0
75.6
75.8
76.8
79.0
82.6
81.1
77.6
76.7
79.8
81.3
80.6
81.3
81.7
82.2
81.1
83.8
84.6
83.9
84.3
83.1
83.4
84.9
82.9
81.5
79.0
79.1
79.9
78.8
78.5
79.5
77.5
79.5
7St. 6
81.8
82.0
82.0
83.6
85.7
84.7
83.7
84.8
85.9
87.2
87.2
84.6
85.7
87.9
89.7
89.4
88.1

336
330
323
323
321
324
329
340
340
328
333
332
333
328
332
334
332
335
337
337
335
335
337
341
337
336
332
329
328
327
323
324
325
321
327
325
332
330
332
337
336
335
332
335
335
341
343
340
348
352
355
355

577
572
595
613
641
635
612
608
621
622
607
623

158
157
157
158
159
161
160
161
160
162
163
167

115
115
115
114
110
112
114
116
120
122
120
123

924
930
926
920
946
993
1,022
1,057
1,049
1,066
1,064
1,033

198
192
195
198
197
198
208
209
211
212
214
217

78.9
83.9
80.8
78.9'
79.5
79.0
79.6
79.1
77.4
84.6
92.0
92.1

118
118
119
116
117
126
135
133
133
126
124
126

75.0
79.9
79.2
81.6
84.2
83.2
79.2
78.9
82.4
84.7
86.1
88.8

328
329
333
332
336
337
329
324
330
335
339
352

Kansas Dallas
City

San
Francisco

227

CONDITION OF REPORTING MEMBER BANKS

No. 97.—REPORTING MEMBER B A N K S — " A L L O T H E R " LOANS, BY WEEKS, WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
Boston

New
York

1927
640 2,806
Jan. 5._
637 2,795
Jan. 12
632 2,762
Jan.19.
641 2,749
Jan. 26
642 2,746
Feb. 2
' 643 2,746
Feb. 9.___
645 2,721
Feb. 16
638 2,708
Feb. 23
643 2,760
Mar. 2__
641 2,760
Mar. 9
649 2,778
Mar. 16
643 2,816
Mar 23
647 2,756
Mar. 30
640 2,771
Apr. 6
633 2,775
Apr. 13
625 2,763
Apr. 20
630 2,748
Apr. 27
May 4
627 2,772
636 2,793
May 11
632 2,774
May 18
639 2,784
May 25
645 2,804
June 1
637 2,789
June 8
643 2,783
June 15.
642 2,786
June 22
638 2,808
June 29. .
640 2,811
July 6
649 2,782
July 13
647 2,785
July 20_
642 2,768
July 27
642 2,785
Aug. 3_
642 2,805
Aug. 10
636 2,805
Aug. 17
635 2,800
Aug. 24
631 2,860
Aug. 31_
629 2,906
Sept. 7.
631 2,923
Sept. 14
639 2,976
Sept. 21 _
642 2,965
Sept. 28
646 2,980
Oct. 5
Oct. 12.. . . 654 2,989
656 3,007
Oct. 19.
660 3,002
Oct. 26
654 2,999
Nov. 2
665 3,026
Nov. 9_.
666 3,005
Nov. 16
Nov. 23
666 3,004
666 3,010
Nov. 30
662 3,009
Dec. 7
Dec. 14
669 2,974
667 2,977
Dec. 21
Dec. 28
666 2,971
Average:
January
638 2,778
February-642 2,730
March
645 2,774
April
632 2,764
634 2,781
May
641 2,794
June
644 2, 787
July
August
637 2,811
September.
635 2,942
October
654 2,995
November.
663 3,009
December..
666 2,983




PhilRich- Atadel- Cleve mond lanta
phia land

Chicago

394
394
394
389
385
384
387

771
770
772
769

373
367
366
364
362
359
364

383
368

770
774

364
359

367
358
360

771
764
761

360
362
363

377
382
380
382

1,246
1,243
1,240
1,240

302
308
309
306
311
310
308
304
306
307
306
301
298
302
298
298
296
296
294
293
291
285
288
296
297
296
293
292
293
289
291
294
296
296
299
296
299
298
303
302
303
302
300
303
304
303
308
310
309
306
309
309

375
373
379
386
387
388
392
396
391
393
386
363

787
778
785
789
789
782
784
801
797
791
770
767

361
363
361
359
356
359
362
365
369
369
363
361

395
388
388
391
391
382
372
368
374
380
379
380

1,277
1,260
1, 266
1, 263
1,279
1,255
1,245
1,242
1,255
1,246
1,249
1,242

307
308
304
298
293
292
292
295
299
302
306
308

365
380
377
378
375
377
370
370
372
379
380
384
383
386
389
384

789
789
786
786
770
773
787
782
779
780
780
783
803
812
783
780

384
382

782
787

390
388
385
387
386
391
388
389

353
361
363
366
361
365
361
366
361
361
361
361
361
362
363
354

359
358
357
355
354

390
393
391
395

790
791
788
786
787
780
776
778
779
773
785
796

397
396
400
395
393
390
393
394

803
803
804
798
799
795
799
797

358
364
362
364
362
368
364
366
364
364
370
372

388
389

797
795

370
371

797
800
772

356
359
357
362
362

401
398
391
389
387
388
389
386
390
389
390
385
386
389
394
392
389
392
392
391
388
381
381
381
381
383
378
373
370
368
367
370
368
366
369
372
373
373
378
378
386
379
375
378
383
378
377
378

1,290
1,284
1,269
1,273
1,256
1,252
1,256
1,250
1,261
1,270
1,247
1,239
1,224
1,235
1,257
1,241
1,237
1,240
1,248
1,265
1,258
1,250
1,257
1,249
1,244
1,235
1,243
1,260
1,241
1,248
1,253

St.
Louis

1,294
1,281
1,274
1,259
1,261
1,256
1, 254
1,269
1,262
1,267
1,272
1,265
1,262
1,267
1,271
1,264
1,251

Minneapolis

KanSan
sas Dallas FranCity
cisco

170
166
163
.160
158
157
157
156
160
161
164
161
161
162
161
156
151

303
303
303
300
303
305
308
308
308
308
314
312
311
306
308
308
308

239
239
241
236
242
248
249
249
249
250
249
245
241
240
241
240
237

147
148
148
148
153
154
157
156
155

306
306
303
300

157
156
154
150
149
149
151
151
156
159
166
168
169
168
168
170
175
181
181
173
171
170
169
168
166
164

298
299
302
300
299
296
293
293
292
294
292
296
294
297
300
297
301
299
301
301
301
300

237
231
232
231
229
228
231
231
233
232
233
233
233
230
230
235
236
240
240
243
244
244
242
243
252
251
253
256
256
254
252
252
254
252
252

957
968
965
971
974
976
974
971
970
967
969
968
967
945
949
947
946
942
942
942
948
950
926
930
936
934
948
955
946
934
937
933
930
936
937
948
951
951
940

165
157
161
158
148
155
154
151
165
170
175
167

302
306
311
307
304
296
293
299
294
294
299
301

239
247
247
239
233
231
233
234
243
247
254
252

962
957
978
965
974
968
947
945
931
94(>
935
948

296
297
295
296
296
292
292
294
294

971
961
959
957
953
951
950
974
975
989
981
973
970

228

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 98.—REPORTING MEMBER BANKS—INVESTMENTS, BY WEEKS, WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
Boston

New
York

1927
384 2,143
Jan. 5. _
Jan. 12
388 2,170
Jan. 19
388 2,142
384 2,155
Jan. 26
387 2,165
Feb. 2
Feb. 9
388 2,163
389 2,164
Feb. 16
391 2,177
Feb. 23
391 2,184
Mar. 2
Mar. 9
395 2,183
414 2,303
Mar. 1 6 . . . _ .
Mar. 23
415 2,259
Mar. 30 .
415 2,249
414 2,254
Apr. 6
Apr. 13
412 2,252
411 2,267
Apr. 20
419 2,293
Apr. 27
May 4
420 2,305
May 11
_
428 2,323
433 2,356
May 18
May 25.. . . ' 436 2,354
June 1
433 2,313
424 2,359
June 8
448 2,453
June 15..
446 2,342
June 22
455 2,323
June 29..
July 6
451 2,344
452 2,335
July 13
July 20
463 2,297
July 27
458 2,301
Aug. 3 . . . .
453 2,288
458 2,276
Aug. 10
451 2,260
^ug. 17
Aug. 24
440 2,247
443 2,257
Aug. 31
445 2,238
Sept. 7
Sept. 14
445 2,235
457 2,248
Sept. 21
466 2,235
Sept. 28
461 2,222
Oct. 5
457 2,225
Oct. 12.
467 2,232
Oct. 19
461 2,230
Oct. 26.
477 2,232
Nov. 2
Nov. 9
470 2,250
492 2,306
Nov. 16.
491 2,329
Nov. 23
Nov. 30
487 2,342
481 2,351
Dec. 7
482 2,353
Dec. 14
475 2,357
Dec. 21^.
482 2,343
Dec. 28
Average:
January
February._
March
April
May..
June
July
August
September.
October
November.
December. .

386
389
406
414
429
441
456
449
453
461
483
480

2,153
2,167
2,236
2,267
2,334
2,358
2,319
2,266
2,239
2,227
2,292
2,351




Philadelphia

Cleve- Richland mond

At-

lanta

412
418
428
429

673
672
672
687
673
680
681
680
681
676
676
689
701
705
707
706
695
702
704
720
716
716
708
704
718
717

134
96.5
97.6
133
134
95.9
135
96.7
96.5
135
96.7
138
98.8
139
138 101.9
141 104.0
141 100.5
147 118.7
143 116.7
143 117.8
145 115.6
143 112.8
145 114.6
145 113.3
146 112.2
146 109.7
147 114.9
146 110.8
144 116.8
141 107.8
146 121.0
147 118.1
150 119.7
151 118.6
153 114.9
154 116.2
155 114.8
158 114.9
158 111.9
157 110.0
160 112.5
160 112.2
162 110.6
163 111.5
168 120.0
166 116.8
170 118.0
170 119.8
170 118.4
169 118.2
168 114.9
173 113.1
177 125.5
174 127.3
170 125.6
169 124.9
172 123.6
175 131.8
175 131.0

360
366
388
394
389
385
391
386
395
417
416
422

619
625
668
656
656
670
676
679
686
703
712
712

134
137
143
145
146
146
153
159
165
170
172
172

356
359
362
362

617
621
620
619

363
365
369
369
369
370
398
401
402

621
625
625
627
646
653
679
682
681
670
653
649
653
654
654
657
659

396
392
393
393
390
391
388
389
384
370
390
392
392
389
388
394
392
387
385
385
386
385
381
386
407
408
417
420
415
414
410
407
425
420
419

668
657
678
672
674

96.7
98.5
111.5
114.0
111.9
116.7
116.1
112.3
114.7
118.6
121.3
127.8

Chicago

MinSt.
Louis neapolis

765
777
781
789

185
187
188
187

111
112
113
115

798
796
804
806
801
809
830
831
824

186
189
194
194
195
195
199
200
199

115
116
117
119

823
826
821
835
830
826
837
851

198
201
200
203
206
207
222
227

837
829
841
844
851
850
836
830
829
819
818
815
829
831
837
841
831
837
838
841
843
850
836
841
872
868
876
879
886
891
863

220
206
203
203
202
199
201
201
200
• 196
197
195
195
195
192
192
198
198
199
201
202
201
199
200
203
204
205
205
207
209
206

123
124
127
128
128
129
129
130
131

778
801
819
826
836
840
836
823
836
843
859
880

187
191
198
201
216
207
200
195
195
201
202
207

113
117
122
121
121
121
119
120
119
120
126
130

120
122
120
122
125
120
121
121
121
120
121
122
122
122
120
122
122
120
120
119
120
118
118
120
120
120
120
120
119
119
119
119
119
121
122

i

KanSan
sas Dallas FranCity

cisco

216
219
221
224

72.8
73.8
72.2
72.0
71.1
73.1
74.8
75.7
75.5
77.7
87.3
89.9
87.6
85.8
84.1
85.3
86.2
86.4
86.2
86.4
86.5
89.0
87.6
95.1
95.1
91.9
91.8
92.6
92.2
90.7
91.1
90.4
90.5
89.5
89.5
87.7
88.8
95.9
95.4
95.6
95.0
95.3
96.4
95.7
95.1
103.1
101.5
99.9
98.8
99.4
106.2
104.7

510
503
499
498
493
492
492
491
496
515
522
540
539
545
545
547
545
544
546
573
585
587
589
586
601
596

194
199
204
207
208
207
206
205
210
213
215
220

72.7
73.7
83.6
85.4
86.4
91.8
91.8
90.2
92.0
95.6
99.1
102.3

484
476
500
505
506
511
503
493
529
545
567
593

193
194
194
197
197
198
200
200
202
201
206
206
207
207
207
206
207
208
207
209
209
210
207
207
205
206
206
206
205
206
203
205
206
205
206
207
211
212
209
212
215
215
211
210
213
216
217
218

485
482
483
484
475
476
481
472
488
477
511
508
515
504
504
507
505
505
508
507
504
494
500
523
524
514

229

CONDITION OF REPORTING MEMBER BANKS
No.

99.—REPORTING MEMBER BANKS—NET DEMAND PLUS TIME DEPOSITS,
BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
Boston

1927
Jan. 5
Jan. 1 2 . . .
Jan.19.
Jan. 26—
Feb.2
Feb. 9
Feb. 16
Feb. 2 3 . . .
Mar. 2
Mar. 9 . . .
Mar. 16
Mar. 23
Mar. 30
Apr. 6—.
Apr. 13
Apr. 20...
Apr. 27—
May 4
May 11.
May 18
May 25._

New
York

Phil- Cleve- Rich- Atadel- land mond lanta
phia

June 8
June 15.
June22._
June 29..
July 6
July 13.
July 20.
July 27
Aug. 3
Aug. 1 0 . . .
Aug. 17..
Aug. 24..
Aug.f31
Sept. 7. .
Sept. 14 .
Sept. 21
Sept. 28.
Oct. 5..
Oct. 12 .
Oct. 19
Oct. 26
Nov. 2
Nov. 9 .
Nov. 16
Nov. 23
Nov. 30
Dec. 7...
Dec. 14
Dec. 21 . .
Dec. 28

7,217
7,137
7,004
6,911
6,985
6,881
6,897
6,823
6,974
6,949
7,124
7,072
7,083
7,038
7,050
7,081
7,125
7,178
1,335
1,341 7,166
1,331 7,234
1,346 7,223
1,358 7,456
1,341
7,392
1, 365 7,622
1,352
7, 359
1,358
7,483
1,389
7,411
7,284
1,405
1,394
7,266
7,269
1,385
1,402
7,311
1,395
7,298
1,393
7,230
1,382
7,161
1,389
7,305
1,396
7, 257
1,413
7,384
1,402
7, 230
1,405 7,254
1,439
7,354
1,420
7,309
1,436
7,386
1,428 7,361
1,465
7,406
1,450 7,479
1,463 7,624
1,445 7,616
1,462
7,780
1,454
7,695
1,464
7,727
1,445 7,733
7,708
1,452

1,031
1,059
1,046
1,030
1,025
1,022
1,023
1,031
1,023
1,033
1,035
1,021
1,015
1,041
1,038
1,034
1,029
1,031
1,039
1,031
1,023
1,018
1,035
1,029
1, 013
1,021
1,041
1,031
1,033
1,017
1,030
1,050
1,051
1,031
1,042
1,047
1,055
1,046
1,056
1,064
1,057
1,052
1,056
1,056
1, 051
1,079
1,079
1,089
1,062
1,065
1,038
1,060

Average:
January
February __
March
April
May
June.
July
August
September.
October i
November.
December..

1,333
1,328
1,325
1,330
1,338
1,355
1,393
1,392
1,404
1,431
1,457
1,454

7,067
6,896
7,040
7,073
7,200
7,463
7,308
7,261
7,281
7,352
7,581
7,716

1,042
1,025
1,025
1, 035
1,031
1,023
1,030
1,041
1,051
1,057
1,071
1,056

June 1.. .

1,338
1,328
1,333
1,332
1,340
1,329
1,333
1,309
1,327
1, 327
1,338
1,316
1,313
1,331
1,336
1,322
1,332




Chicago

1,912
1,915
1,932
1,936
1,955

594
605
605
608
597
604
602
598
600
594
599
593
593

1,946
1,891
1,893
1,934

599
598
596
595

1,959
1,953
1,962
1,959
1, 980
1, 956
1,978
1,956
1,912
1,922
1,941
1, 953
1,965
1,958
1, 965
1,974
1,971
1,969
1,968
1,979
1,964
1,965
1,947
1,960
1,959
1,947
1,912
1,926
1,947
1,966
1,972
1,965
1,967
1,932
1,922

598
603
597
599

639
638
629
631
635
640
634
627
630
634
637
629
630
636
644
643
643
648
645
647
634
631

589
596
587
588

2,898
2,907
2,882
2,852
2,899
2,897
2,922
2,895
2,906
2,900
2,926
2,924
2,845
2,895
2,934
2,919
2,921
2,966
2,975
2,993
2,991
2,963
2,996
3,036
2,970
2,999
3,026
3,035
3,012
3,013
3,022
3,048
3,069
3,059
3,081
3,082
3,104
3,038
3,042
3,061
3,087
3,080
3,078
3,067
3,075
3,091
3,092
3,099
3,088
3,089
3,070
3,045

1,838
1,857
1,930
1,916
1, 958
1,956
1,945
1,967
1,969
1,953
1,945
1,946

603
600
596
597
599
609
625
634
633
632
643
640

567
572
572
573
570
567
567
563
571
579
580
590

2,885
2,903
2,900
2,917
2,981
2,993
3,022
3,056
3,066
3,076
3,085
3,073

1,836
1,831
1,835
1,849
1,866
1,854
1,852
1,854

602
610
612
606
613
619
623
625
634

562
570
570
566
571
567
574
574
575
577
573
565
568
574
579
569
571
567
575
573
567
569
570
567
563
565
572
571
568
557
560
568
561
560
565
576
577
564
567
577
584
579
575
579
579
583
578
579

Min- KanSan
St.
sas
Louis neap- City Dallas Franolis
cisco

627
634
636
633

339
340
338
338
335
337
340
341

634
638
636
639
641
641
652
650
651
649
657
649
647

388
395
398
395
389

645
646
647
639

388
393
391
389

635
641
638
633
634
635
646
639
642

388
388
383
378

650
655
648
649

373
373
375
372

649
653
645
647
651
658
669
670
673

336
338
336
331
334
337
332
332
338
339
350
352
356
360
367
368
370
385
389
386
383
383

642
647
657
661
654

377
382
380
377
376
379
379
378
384
387
395
392
397
401
406
406
408
410
419
422
420
419

681
683
670
667

385
381
372
369

658
663
658
656

423
430
426
424

1,717
1,728
1,716
1,708
1,665
1,673
1,685
1,747
1,729
1,716
1,745
1,710
1,718
1,701
1,729
1,726
1,707
1,718
1,746
1,751
1,737
1,739
1,735
1,742
1,711
1,731
1,705
1,718
1,697
1,690
1,683
1,698
1,699
1,697
1,701
1,705
1,738
1,723
1,711
1,727
1,739
1,728
1,710
1,712
1,725
1,730
1,746
1,771
1,785
1,791
1,779
1,781

632
638
638
638
639
633
635
636
635
648
664
676

338
338
344
336
328
336
335
335
349
366
385
377

637
646
651
644
637
639
650
657
652
643
652
659

373
388
393
390
384
382
379
379
393
405
418
425

1,717
1,693
1,723
1,716
1,738
1,731
1,703
1,696
1,719
1,726
1,737
1,784

633
639
644
638
640
643
644
630
630
639
639
638
635
639
643
637
635
614
633
654
634
632
631
641
632
637
636
639
635
635
633
633
644
630
632

347
346
345
341
339
341
339
333
331
325
331
329
329
337
337
338
332
334

648
660
661
660
658
659
661
647
643
644
650
637
641

373
388
397
394

382
381
387
382
380

230

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No, 100.—REPORTING MEMBER B A N K S — N E T DEMAND DEPOSITS, BY WEEKS,
WITH MONTHLY AVERAGES OF WEEKLY FIGURES

[In millions of dollars]
Federal R e s srve Di strict

Phil- Cleve- Rich- Atadel- land m o n d lanta
phia

Boston
1927
Jan. 5
Jan. 12.
Jan. 19
Jan. 26
Feb. 2
Feb. 9 .
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Apr. 27. .
May 4
_ __
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6.
July 13
July 20
July 27.
Aug. 3 _
Aug. 10 _.
Aug. 17
Aug. 24 _
Aug. 31
Sept. 7_
Sept. 14
Sept. 21
Sept. 28_ _
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2 . .
Nov. 9
Nov. 16
Nov 23
Nov. 30 .
Dec. 7 .
Dec 14
Dec. 21
Dec. 28
Average:
January
February. _
March
April
May
June
July
„
August
September.
October
November.
December..

New
York

914
905
910
907
917
907
913
888
904
901
911
885
883
902
907
892
902

779
807
794
779
775
774
770
778
771
780
783
766
759
777
776
772
767
767
774
768
763
758
775
769
752
758
777
767
770
753
765
786
785
770
779
786
790

961
972
953
953

5,856
5,764
5,641
5,545
5,608
5,497
5,505
5,435
5,601
5,570
5,721
5,681
5,677
5,641
5,628
5,664
5,712
5,775
5,765
5,814
5,812
6,032
5,897
6,155
5,882
6,011
5,944
5,847
5,815
5,804
5,828
5,807
5,745
5,681
5,827
5,779
5,907
5,754
5,764
5,854
5,790
5,873
5,838
5,871
5,923
6,060
6,037
6,206
6,153
6,189
6,173
6,144

909
906
897
901
903
912
931
926
922
953
969
960

5,702
5,511
5,650
5,661
5,792
5,996
5,853
5,778
5,801
5,839
6,019
6,165

790
774
772
773

900
906
896
910
921
904
923
907
907
928
943
932
922
936
930
927
916
920
916
932
919
921
959
941
960
953
987
963
974
955
968




780

785
790
784
779

783
782
779
785
782

794
783
782
753
774

768
762
767

777
785
784
784
773

1,011
1,009
1,016
1,025
1,032
1,024
1,024
1,029
1,020
1,016
1,086
1,088
1,102
1,093
1,050
1,047
1,033
1,052
1,050
1,051
1,048
1,066
1,090
1,110
1,089
1,040
1,054
1,051
1,064
1,068
1,057
1.062
,068
1,062
1,059
1,055
1,053
038
L,040
1,026
,043
,041
1,035
032
1,037
053
1,070
1,078
,076
1,079
, 051
, 039
1,015
1,027
1,062
1,056
,050
1,079
,059
1,062
1,046
1,036
1,054
1,061

Chicago

St. MinLouis neapolis

384
393
392
393
385
385
388
384

342
347
345
341
342
339
344
342

1,784
1,794
1,770
1,747
1,783
1,776
1,805
1,782

406
409
409
406
401
407
412
404

386
380
384
378
377
382
381
376
373
377
381
374
375
377
384
386
379
383

341
344
339
329
333
339
342
335
335
329
337
334
327
332
328
328
325
325

1,796
1,794
1,818
1,807
1,751
1,779
1,818
1,798
1,795
1,833
1,840
1,851
1,851
1,819
1,843
1,880
1,809
1,839

405
408
408
394
396
406
405
402
400
404
407
399
395
380
402
423
403
402

390
394
394
401
404
402
393
395
396
401
398
393
395
395
395
386
387
393
395
399
398
404
403
403
391
388

331
330
329
317
320
325
322
322
331
337
339
328
329
336
343
337
332
334
336
338
333
334
344
352
342
345

1,860
1,872
1,848
1,848
1,860
1,879
1,893
1,882
1,900
1,901
1,930
1,866
1,869
1,876
1,903
1,888
1,886
1,883
1,885
1,897
1,897
1,905

400
409
400
403
402
403
398
399
396
397
409
394
395
410
415
407
409
415
421
430
432
434

1,896
1,889
1,860
1,845

391
386
381
378
377
382
395
398
397
391
398
396

344
342
337
338
332
328
327
324
333
337
335
346

1,774
1,786
1,793
1,798
1,844
1,838
1,857
1,883
1,891
1,888
1,893
1,873

215

KanSan
sas Dallas FranCity
cisco

490
492
490
492
494
494
504
502

271
271
272
270
270
279
288
285

795
807
800
786
775
785
790
797

216
212
207
205
200
204
203
202
210
210
211
205
205

503
500
508
500
497
498
499
498
489
484
490
486
481
483
483
495
487
490

281
288
292
287
281
281
287
283
282
281
280
275
270
273
272
278
272
270

769
755
792
765
761
757
781
783
771
779
786
788
781
789
782
793
767
773

498
501
495
495
496
505
505
504
502
503
504
489
484
486
492
479
483
481
488
497
501
493
497
502
496
496

268
272
270
268
266
269
270
269
273
276
284
282
287
291
296
296
296

763
784
773
773
769
785
792
783
785
797
819
797
779
783
793
794
787

447
449
430
426

209
209
207
206
209
211
205
206
214
214
225
227
231
235
241
238
240
254
256
253
249
249
250
248
237
235

297
306
309
307
306
309
316
311
310

779
789
816
814
830
839
849
840
832

407
406
402
403
401
402
403
400
399
410
426
438

213
215
218
210
202
208
208
209
224
238
252
242

491
498
502
496
485
488
497
502
495
485
492
498

271
280
286
283
276
273
269
269
282
295
305
312

797
787
768
773
784
781
773
783
798
789
806
840

215
211
212
212
214
217
217
221
221
219
216
214

231

CONDITION OF KEPORTING MEMBER BANKS
No.

101.—REPORTING MEMBER BANKS—TIME DEPOSITS, BY WEEKS,
MONTHLY AVERAGES OF WEEKLY FIGURES

WITH

[In millions of dollars]
Federal Reserve District
Boston
1927
Jan. 5
Jan 12
Jan.19
Jan 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar 30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18 . . .
May 25__
June 1
June 8
June 15
June 22
June 29
July 6..
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
...
Sept. 14
Sept. 21
Sept. 28
Oct. 5_.
Oct. 12
Oct. 19
Oct. 26.
Nov. 2 . . . .
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28 ...
Average:
January
February. _
March
April.
May
June
July
August
September.
October
November.
December..

New
York

Philadelphia

424
422
423
425
424
422
420
421

461
462
462
463
466
464
466
466
469
481
481
483
484
480
479
476
475
478
487
489
490
495

1,361
1,373
1,362
1,366
1,377
1,384
1,392
1,3S8
1,373
1,379
1,403
1,391
1,406
1,397
1,422
1,416
1,413
1,402
1,401
1,420
1,410
1,424
1,495
1,468
1,476
1,472
1,466
1,437
1,451
1,465
1,484
1,491
1,485
1,480
1,478
1,478
1,477
1,476
1,490
1,500
1,519
1,513
1,522
1,536
1,556
1,565
1,580
1,574

252
253
252
251
250
248
253
253
252
252
252
255
257
264
262
262
262
264
265
262
261
260
260
261
261
263
264
264
263
265

493
492
492
499

1,542
1,537
1,560
1,564

273
272
294
297
295
279
283
285
286

424
422
428
429
435
442
462
466
482
478
488
494

1,366
1,385
1,390
1,412
1,408
1,467
1,455
1,483
1,480
1,513
1,562
1,551

252
251
254
262
263
261
264
264
266
273
286
283

423
426
429
431
430
428
429
430
430
435
434
436
437
436
437
442
445
452

110390—28



265
264
266
261
263
261
264
266
271
273
274
273
273

MinSt.
Louis neapolis

Cleve- Rich- Atland m o n d lanta

Chicago

220
223
226
225
229
228
230
232
234
234
234
236
235
236
237
235
236
238
237
238
240
237
242
239
239
240
241
241
240
240

1,114
1,113
1,112
1,105
1,116
1,121
1,117
1,113
1,110
1,106
1,108
1,117
1,094
1,116
1,116
1,121
1,126
1,133
1,135
1,142
1,140
1,145
1,152
1,155
1,161
1,160

240
243
238
238
234

L, 162
,169
,177
,177
,181

1,185
1,184
1,192
1,192
1,184
1,190
1,194
1,196
1,194

889
888
881
882

243
249
244
245
245
242
244
243
243

239
238
236
237
240
240
242
243
245
243
245
245
245
245
244
244
243

J81

234
236
236
237
237
236
235
236
237
239
238
238
238
236
238
238
238
239

1,192
1,199
1,210
1,200

822
829
867
860
908
877
886
906
922
917
890
885

212
215
215
219
222
227
231
236
236
241
245
243

223
230
235
236
238
239
240
239
238
241
245
244

1,111
1,117
1,107
1,120
1,137
1,155
1,164
1,173
1,175
1,188
1,192
1,200

825
822
819
823
833
830
828
825
892
899
845
849
852
853
841
847
901
907
903
911
910
914
866
868
867
872
868
890
888
897
901
903
906
909
910
913
926
926
925
920
917
918
911
879
888
894
897
894

210
212
212
215
212
219
214
214
214
214
214
215
216
217
217
220
222
221
222
223
224
225
225
226
227
230
229
229
231
234
235
235
236
236
240
239
236
234
235
239
242
242
242

1.166
163
,164
,165

L, 174
,172
.173

KanSan
sas Dallas FranCity
cisco

124
125
126
125
123
123
123
125
125
126
125
125
125
126
127
126
126
125
126
126
127

145
145
146
147
147
147
148
148
149
149
149
149
150
148
148
149
150
151
151
151
152

127
127
127
127
129

151
152
152
152
152

127
128
128
125
125
126
126
125
125
125
126
125
125
126
130
131
131
133
133
135
134

152
-154
153
153
153
155
156
156
156
156
157
157
158
158
158
158
158
161
159
160
160
161

112
113
113
113
113

235
234
240
241

135
134
136
134

161
161
161
160

113
114
114
114

933
936
914
931
941
946
942
939
949

225
232
235
234
238
232
232
236
236
238
238
238

125
123
125
126
126
128
127
126
125
128
133
135

146
147
149
149
151
152
153
155
157
158
160
161

102
107
107
107
108
109
110
110
110
110
113
114

920
906
955
943
954
951
929
913
921
937
931
944

221
225
226
227
232
232
232
234
235
235
236
236
234
233
234
236
235
235
236
238
240
234
231
231
231
231
232
232
231
234

127

101
103
103
102
103
109
109
108
107
106
106
107
108
107
106
107
107
107
108
108
108
108
109
109
110
110
109
110
109
109
110
110
109
110
111
111
110
110
110
110
110
111
111

922
921
916
923
890
888
894
951
960
961
953
945
957
944
948
943
936
939
959
963
956
950
953
949
944
957
941
934
924
917
913
913
906
914
916
908
919
925
932
944
945
933
924

232

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 102.—REPORTING MEMBER BANKS—RESERVE BALANCES, BY WEEKS, WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
Boston
1927
Jan.5
Jan. 12
Jan.19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 2 3 ~ Mar. 2
Mar. 9
Mar. 1 6 . . .
Mar. 2 3 . . .
Mar. 3 0 . . .
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June.l
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3_
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12.
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14.
Dec. 21
Dec. 28.

92.9
94.5
90.4
98.8
101.3
97.0
95.1
90.6
94.1
97.2
94.7
95.6
99.4
98.2
98.8
95.0
99.2
97.5
98.2
96.7
102.0
99.7
96.4
100.1
98.4
98.9
94.2
101.8
102.0
95.9
98.9
97.4
96.4
100.4
101.5
99.7
103.7
98.8
101.8
101.0
103.9
104.3
104.3
105.4
100.7
104.7
101.6
103.2
103.0
i 108.0
102.7
103.9

Average:
January
February. _
March
April
May
June
July
August
September.
October
November.
December..

94.1
96.0
96.2
97.8
98.6
98.7
98.5
98.9
101.0
103.3
103.1
104.4

New
York

Phil- Cleve- Richadel- land mond
phia

840
786
774
718
733
748
778
720
739
742
755
814
816
702
789
738
783
803
771
793
768
819
823
881
810
865
776
801
802
784
816
811
742
784
772
786
777
776
810
778
757
814
811
798
839
856
839
816
821
820
836
856

85.9
86.0
87.2
78.9
84.8
81.3
81.2
82.9
80.2
82.6
83.0
80.2
72.6
88.4
82.3
84.3
78.8
85.5
78.6
82.4
81.4
78.6
86.1
84.7
79.2
80.9
82.9
82.5
83.8
78.1
82.1
80.6
84.0
83.7
83.7
84.5
82.7
84.0
82.1
84.3
85.5
81.9
83.9
80.7
78.8
89.2
82.1
86.4
79.5
80.8
80.4
84.9

745
773
753
784
840
791
785
787
790
830
833

84.5
82.6
79.7
83.5
82.0
81.9
81.8
82.8
83.3
83.9
83.4
81.4




120
126
125
126
152
131
127
126
147
129
140
137
133
136
120
126
130
140
132
133
138
131
138
141
133
129
137
133
127
128
137
131
132
133
129
120
131
134
126
130
132
127
119
125
127
144
125
133
138
134
124
129

Atlanta

43.9 44.0
41.4 39.2
41.1 43.7
42.0 40.4
43.2 40.5
39.4 38.4
44.2 44.6
42 2 41.5
42.4 41.1
41.8 42.8
42.4 40.2
41.7 39.9
41.5 38.4
43.0 40.4
40.5 39.1
42.0 41.1
40.5 40.9
45.1 39.7
40.8 40.7
41.5 40.1
39.7 37.5
41.8 40.0
41.7 39.7
42.5 37.9
41.7 40.2
40.9 37.5
44.4 40.2
42.5 41.6
43.5 39.1
43.3 37.0
46.9 41.4
44.6 36.6
47.1 39.1
44.4 37.0
43.6 39.2
45.4 41.6
44.3 39.3
43.0 40.9
42.0 38.9
43.3 40.8
42.2 39.1
43.2 38.9
42.6 37.8
45.3 40.3
44.2 37.3
45.5 40.9
43.9 40.1
41.6 I 39.6
44.3 41.1
44.5 40.4
41.5 40.9
44.3 42.6

124 42.1
134 42.2
137 , 42.0
128 41.5
135 ! 41.8
134 ! 41.7
131 43.4
132 ! 45.3
128 43.7
127 42.8
131 44.1
131 43.7

41.8
41.2
40.5
40.4
39.5
39.1
39.5
38.7
40.2
39.2
39.7
41.3

Chicago

Min- KanSan
St.
Louis neap- sas Dallas Francisco
olis City

255
240
244
238
238
235
257
216
234
238
251
234
222
251
244
256
245
248
251
250
253
252
247
262
252
235
252
243
240
250
258
252
258
263
265
263
262
256
257
267
266
275
254
265
248
255
244
260
255
266
271
265

49.4
47.6
47.1
46.4
44.1
47.5
49.9
48.5
46.0
48.2
51.9
47.5
47.2
47.7
48.0
45.5
47.2
47.9
47.7
44.2
48.4
42.6
47.8
52.0
47.5
48.6
48.8
46.7
48.3
48.6
47.5
45.1
46.2
46.9
44.1
48.6
46.8
46.7
45.9
48.1
46.7
48.6
51.3
48.8
50.1
52.8
51.8
49.9
52.1
50.9
49.3
50.7

24.6
23.9
25.3
23.9
20.5
24.7
23.6
25.1
23.9
21.4
24.9
26.3
23.6
25.9
22.1
25.0
23.4
24.2
22.9
23.5
23.9
21.6
26.3
24.3
22.8
23.1
24.6
23.5
23.8
22.0
24.5
23.6
24.7
22.0
24.6
23.5
25.1
24.8
25.3
26.2
28.9
26.7
27.7
28.2
28.3
30.0
27.4
29.0
31.1
30.1
27.8
29.2

55.4
54.8
53.3
55.1
57.1
51.6
56.8
58.5
53.6
54.3
56.5
54.4
52.9
54.3
52.0
57.0
53.9
53.7
54.0
56.0
51.8
53.8
53.6
53.9
55.0
53.9
58.0
55.7
55.5
54.0
57.0
55.9
57.3
56.5
55.9
56.5
54.9
56.8
52.2
53.7
53.8
51.2
53.5
53.8
54.7
58.6
60.2
55.4
55.5
55.8
57.6
56.6

29.9
29.5
29.8
27.9
28.7
30.9
31.7
31.4
32.7
30.9
31.9
32.9
31.3
31.2
30.5
31.4
30.6
29.9
29.2
29.6
29.3
30.1
29.1
29.1
30.4
28.9
29.9
29.6
29.9
29.0
29.6
28.6
30.1
30.2
30.9
30.3 |
29.1 |
30.8
29.9
31.8
34.2
31.9
33.9
33.0
33.9
33.6
33.3
33.9
33.3
33.8
33.4
34.0

108
114
110
111
108
111
111
106
108
106
110
108
108
110
109
111
106
109
110
111
114
115
107
108
108
109
105
110
109
107
107
108
111
112
108
105
108
112
111
107
116
112
110
109
114
115
111
112
115
122
115
117

244
237
236
249
251
250
246
259
260
266
254
264

47.6
47.5
48.2
47.1
47.0
47.7
48.1
45.9
47.0
48.7
50.7
50.7

24.4
23.5
24.0
24.1
23.6
23.6
23.5
23.9
24.7
27.4
28.6
29.6

54.7
56.0
54.3
54.3
53.9
54.0
55.8
56.5
55.1
53.1
56.5
56.4

29.3
30.7
31.9
30.9
29.5
29.5
29.6
29.9
30.1
33.0
33.5
33.6

111
109
108
109
111
109
108
109
109
111
112
117

233

CONDITION OF REPORTING MEMBER BANKS
No.

103.—REPORTING MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE
BANKS, BY W E E K S , WITH MONTHLY AVERAGES OP WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
Phil- Cleve- Rich- Atadel- land mond lanta
phia

Chicago

MinSt.
Louis neap
olis

Boston
1927
Jan. 5
Jan. 12
_..
Jan.19
Jan. 26
Feb.?2
Feb.16
Feb.|23
Mar. 2.
Mar. 9
Mar. 16
Mar. 23
Mar. 3O._
Apr. 6
Apr. 13
Apr. 20
Apr. 27.
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7_.
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7.
Dec. 14.
Dec. 21.
Dec. 28

_.

._

Average:
January...
February..
March
April
May.......
June
July
August
September.
October
November.
December..

New
York

24.3
17.6
5.9
9.2
11.8
10.4
9.5
19.0
19.1
21.1
12.6
17.4
32.1
9.6
12.4
10.2
3.8
17.3
22.5
28.2
30.4
33.6
15.0
9.8
14.0
33.1
15.9
10.5
21.7
14.7
12.2
22.0
17.4
16.0
24.7
14.8
17.2
21.7
23.0
20.3
21.0
17.7
29.2
19.4
20.1
11.4
24.5
23.9
21.6
30.4
23.8
23.8

148.2
104.4
69.0
37.1
52.6
76.1
77.7
64.0
88.3
89.7
25.8
115.2
91.8
78.4
120.8
65.2
90.8
141.9
115.6
94.0
63.1
89.0
60.6
33.3
66.3
73.5
118.0
108.8
64.1
65.6
98.3
100.1
82.4
102.0
76.1
147.7
81.5
95.3
114.8
143.1
88.7
67.2
77.8
44.6
123.1
79.5
85.2
119.0
104.4
101.4
164.1
233.9

19.6
23.3
10.7
11.0
13.4
19.3
11.5
11.6
20.9
17.0
27.8
13.9
14.6
20.0
29.5
20.4
17.5
15.7
17.2
18.4
14.7
15.4
16.3
14.7
18.1
17.4
14.5
14.8
12.2
15.2
16.7
16.9
14.0
13.4
13.6
12.2
18.0
12.8
20.1
26.2
31.8

14.3
12.7
20.5

89.7
67.6
82.1
88.8
103.6
64.5
89.1
91.8
109.8
94.2
90.3
151.0

14.1
13.6
15.3
21.2
17.7
15.9
16.2
15.3
14.2
22.7

9.0

24.6
21.1
15.7
18.5
19.2
22.0
19.9
24.9




24.9
9.5

10.4
7.9
9.4
9.1

10.5
8.4

9.2
8.4
9.8

13.2
9.4

52.6
51.1
40.6
34.7
36.9
33.6
29.0
29.9
22.7
17.7
25.4
24.6
21.3
32.5
37.9
39.0
36.1
34.8
32.2
38.5
40.7
36.7
48.3
47.0
21.6
33.3
33.6
28.6
20.0
22.0
30.8
25.1
18.5
19.6
19.4
20.0
30.8
33.6
26.3
32.8
43.5
31.8
18.9
31.3
42.8
38.6
25.9
28.7
33.8
45.4
63.0
58.0

10.3
6.3
6.2
8.1
9.7
9.7
13.1
10.7
11.9
10.8
8.0
8.5
8.0
7.3
7.3
13.3
8.6
9.7
7.0
10.2
6.1
7.3
4.3
4.8
9.8
7.6
10.2
9,8
5.9
4.3
4.8
3.0
6.6
5.2
5.7
7.6
9.0
13.4
12.3
15.6
15.7
19.8
14.7
12.2
13.2
9.5
11.3
10.1
11.9
13.4
20.7
20.5

23.3
16.0
14.3
11.6
11.4
9.0
10.5
10.7
14.9
13.5
17.6
17.5
15.6
15.5
14.0
16.6
19.5
18.6
19.4
19.1
15.6
15.6
14.9
15.8
15.7
15.3
16.6
14.1
20.3
17.6
16.3
15.3
15.4
15.6
14.3
10.9
13.6
16.1
11.6
11.5
9.5
11.7
9.4
13.9
13.0
17.0
23.1
26.1
20.7
20.3
22.7
21.2

88.6
46.3
61.5
54.9
49.7
42.6
55.2
45.5
51.0
58.0
43.1
41.6
55.0
41.4
20.5
41.3
44.2
52.8
28.8
27.1
36.1
57.8
27.5
24.3
55.5
52.3
54.8
23.9
35.6
33.6
39.4
32.0
22.4
21.5
18.8
15.8
23.5
19.9
21.2
24.7
18.3
33.9
27.1
33.7
31.6
18.4
31.6
40.4
39.4
61.1
48.4
41.7

14.6
10.8
6. 3
2.6
2.1
2.7
5.4
7.7
8.4
4.8
6.6
8.6
8.4
3.7
5.8
6.2
9.2
9.8
10.5
15.2
13.4
22.0
12.9
7.4
16.9
25.0
25.0
15.7
22.2
16.4
14.2
12.2
14.5
16.5
18.5
15.1
12.8
19.6
18.5
11.9
10.0
16.2
13.1
11.7
9.0
3.9
10.6
9.9
4.6
6.9
15.1
12.1

44.8
32.3
22.4
36.4
36.6
37.4
26.1
22.7
27.7
31.8
33.5
50.0

7.7
10.8
9.4
9.1
8.3

16.3
10.4
15.8
16.4
18.2
15.5
17.2
15.4
13.1
10.5
18.6
21.3

62.8
48.3
49.7
36.8
36.2
43.5
37.0
26.8
20.1
26.0
31.2
47.6

8.6
4.5
7.4
6.2
12.2
16.8
19.8
15.2
16.5
12.8
9.0
9.7

5.1
10.6
16.5
11.2
16.6

1.7
.5
1.2
1.3
1.1
1.1
1.6
1.2
.6
.4
.9
3. 6
3.4
2.4
2.3
3.7
3.4

3.8
2.
4.5
2.9
3.6
3.7
2.3
3.0
.5
5.3
.3
1.3
.7
.8
.3
1.9
2.2
2.6
1.5
.4
.3
4.2

1.0

1.3
1.3
1.2
1.2
1.8
2.9
3.5
2.6
1.9
1.6
.6
1.1
.2
.6

KanSan
sas Dallas FranCity
cisco

8.8
4.7
4.6
4.6

4.0
4.6
3.7
2.3
2.2
1.0
1.0
1.7
.9
.7
1.7
1.5
1.6
1.9
1.9
2.3
2.7
2.0
1.3
1.6
2.0
2.8
2.5
1.5
1.7
2. 1
2.2
1.9
2.5
3.1
6.1
5.5
5.9
7.9
7.8
7.8
5.6
3.3
1.5
2.0
1.9
5.7
7.6
9.1
7.5
4.3
6.2
5.9

1.9
1.6
3.9
4.7
3.4
5.2
5.1
6.3
9.2
9.0
9.6
13.0
11.7
10.3
11.3
8.7
10.8
6.4
7.9
7.5
4.3
4.7
3.9
1.4
5.0
3.5
2.4
2.1
3.6
7.3
5.4
6.3
6.3
14.8
9.7
9^2
8.8
11.8
9.1
11.9
7.4
8.6
9.3
9.1

5.2
4.2
1.9

45.3
33.4
24.2
22.7
31.4
25.5
24.9
39.5
49.8
39.4
34.3
46.6
32.5
43.3
41.5
45.6
39.2
44.3
26.5
32.6
20.7
23. <
27.7
30.5
37.4
30.1
34.7
26.1
33. 8
33.9
39.8
29.0
30. 5
31.0
35.6
35.0
9.1
23.5
28.7
39.3
52.1
35.3
30.0
32.8
27.9
24.5
34.4
35.7
42.9
39.3
33.2
9.0

5.7
3.9
3.1
6.4
10.8
9.5
6. 1
3.2
4.6
9.3
10.2
8.6

3.6
1.5
1.3
2.2
1.7
2.1
2.4
6.6
4.6
4.3
6.6
4.0

31.4
30.3
40.5
42.4
31.0
29.9
32.1
33.2
24.1
39.2
31.1
31.1

4.3
2.5
4.2
4.7

234

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

CONDITION OF REPORTING MEMBER BANKS IN
NEW YORK CITY
No. 104.—REPORTING MEMBER BANKS IN N E W YORK CITY—TOTAL LOANS AND
INVESTMENTS, BY WEEKS, WITH MONTHLY AVERAGES OP WEEKLY FIGURES
[In millions of dollars]
Total
loans and
investments

Jan. 5
Jan.12._
Jan.19..
Jan.26.Feb. 2..
Feb. 9__
Feb. 16.
Feb. 23.
Mar. 2
Mar. 9
Mar. 16.
Mar. 23.
Mar. 30.
Apr. 6
Apr. 13..
Apr. 20..
Apr. 27..
May 4
May 11._
May 18. _
May 25..
June 1
June 8
June 15. _
June 22..
June 29. _
July6_._
July 13. _
July 20__
July27.Aug. 3
Aug. 10..
Aug. 17...
Aug. 24..
Aug. 31..
Sept. 7._
Sept. 14.
Sept. 21.
Sept. 28.
Oct. 5
Oct. 12__
Oct. 19-Oct. 26..
Nov. 2.
Nov
Nov,
Nov,
Nov
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Average:
January
February...
March
April
May
June
July
August
September..
October
November..
December..

1927




Loans
Investments

On
securities

All other

2,307
2,189
2,102
2,073
2,113
2,015
2,026
2,036
2,096
2,061
2,095
2,087
2,146
2,189
2,114
2,147
2,176
2,244
2,176
2,203
2,178
2,356
2,274
2,305
2,323
2,371
2,382
2,249
2,228
2,267
2,314
2,280
2,260
2,228
2,295
2,270
2,330
2,306
2,348
2,448
2,352
2, 338
2,342
2,386
2,409
2,491
2,463
2,574
2, 518
2,538
2,642
2,724

2,454
2,441
2,410
2,397
2, 402
2,407
2,380
2,369
2,419
2,417
2,430
2,468
2,408
2,422
2,427
2,411
2,396
2,418
2,440
2,421
2,433
2,452
2,440
2,433
2,436
2,446
2,461
2,424
2,443
2,427
2,447
2,463
2,465
2,468
2,521
2,565
2,578

6,981
7,113
7,063
7,050
7,161
7,224

4,761
4,630
4,512
4,470
4,515
4,422
4,405
4,404
4,516
4,478
4,526
4,556
4,554
4,611
4, 540
4, 558
4,571
4,662
4,616
4,624
4,612
4,808
4,714
4,738
4,758
4,817
4,843
4, 673
4,671
4,694
4,761
4,743
4,725
4,696
4,816
4,835
4,908
4,936
4,965
5,073
4,9S5
4,990
4,990
5,028
5,078
5,137
5,108
5,224
5,165
5,152
5,258
5,334

2,616
2,625
2,634
2, 653
2,648
2,642
2,670
2,646
2,645
2,651
2,648
2,614
2,616
2,610

1,738
1,765
1,739
1,750
1,755
1,750
1,746
1,758
1,769
1,769
1,892
1,850
1,839
1,843
1,839
1.852
1,871
1,881
1,901
1,922
1,921
1,884
1,928
2,016
1,905
1,892
1,904
1,900
1,860
1,863
1,852
1,842
1, 827
1,814
1,818
1,799
1,794
1,798
1,785
1,768
1,774
1,775
1,775
1,782
1,797
1,850
1,873
1,889
1,897
1,898
1,903
1,889

6,341
6,189
6,350
6,421
6,535
6,692
6,602
6,579
6,705
6,783
6,954
7,124

4,593
4,437
4,526
4,570
4,629
4,767
4,720
4,748
4,911
5,010
5,115
5,228

2,168
2,047
2,097
2,156
2,201
2,326
2,281
2,275
2,313
2,370
2, 465
2, 605

2,426
2,389
2,429
2,414
2,428
2,441
2,439
2,473
2,598
2,640
2, 651
2,622

1,748
1, 752
1,824
1.851
1,906
1,925
1,882
1,831
1,794
1,773
1,838
1,897

6, 500
6,394
6,251
6,220
6,270
6,172
6,152
6,163
6,285
6,248
6,418
6,406
6,393
6,453
6,379
6,410
6,443
6,543
6,517
6,547
6, 533
6,692
6,643
6,754
6,663
6,710
6,747
6,572
6,531
6,557
6,613
6,585
6, 551
6,510
6,634
6,634
6,702
6,735
6,750
6,841
6,759
6,765
6,765
6,810
6,876

jiai

235

CONDITION OF REPORTING MEMBER BANKS

No. 105.—REPORTING MEMBER BANKS IN N E W YORK CITY—DEPOSITS'
RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANK, BY WEEKS, WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Net demand plus time deposits
Total

Jan.5
Jan.12..
Jan.19..
Jan.26..
Feb. 2...
Feb. 9...
Feb. 16..
Feb. 23..
Mar. 2__
Mar. 9__
Mar. 16.
Mar. 23.
Mar. 30.
Apr. 6___
Apr. 13..
Apr. 20..
Apr. 27..
May 4...
May 11..
May 18..
May 25..
June 1 . . .
June 8 . . .
June 15..
June 22..
June 29_.
July 6...
July 13..
July 20..
July 27..
Aug. 3 . . .
Aug. 10-.
Aug. 17..
Aug. 24_.
Aug. 31..
Sept. 7...
Sept. 14..
Sept. 21-.
Sept. 28..
Oct. 5_...
Oct. 12...
Oct. 19...
Oct. 26...
Nov. 2...
Nov. 9...
Nov
Nov
Nov
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Average:
January
February._
March
April.
May
June
July..
August
September .
October
November.
December..

1927

Net
demand

Time

6,197
6,114
5,979
5,891
5,957
5,857
5,855
5,788
5,934
5,902
6,069
6,030
6,052
5,996
5,996
6,017
6,056
6,123
6,104
6,165
6,150
6,385
6,333
6,545
6,306
6,430
6,354
6,230
6,218
6,226
6,273
6,264
6,187
6,129
6,265
6,212
6,327
6,176
6,196
6,277
6,222
6,297
6,281
6,320
6,386
6,519
6,521
6,679
6,590
6,618
6,621
6,589

5,275
5,191
5,067
4,976
5,032
4,930
4,920
4,858
5,019
4,982
5,129
5,102
5,109
5,060
5,036
5,062
5,107
5,172
5,154
5,197
5,193
5,415
5,292
5,535
5,288
5,419
5,348
5,255
5,230
5,225
5,261
5,246
5,175
5,122
5,263
5,209
5,325
5,177
5,185
5,269
5,203
5,286
5,261
5,286
5,336
5,462
5,452
5,614
5,563
5,596
5,578
5,544

922
923
912
914
926
927
935
931
915
920
940
928
943
936
960
954
950
951
950
968
957
971
1,040
1,010
1,018
1,011
1,006
975
988
1,000
1,013
1,018
1,013
1,007
1,002
1,003
1,002
999
1,011
1,008
1,019
1,011
1,020
1,035
1,050
1.057
l,[069
1,065
1,027
1,022
1,042
1,046

6,045
5,865
5,997
6,016
6,135
6,400
6,257
6,224
6,228
6,269
6,485
6,604

5,127
4,935
5,068
5,066
5,179
5,390
5,265
5,213
5,224
5,255
5,430
5,570

918
929
929
950
956
1,010
992
1,010
1,004
1,015
1,055
1,034

Back figures for Tables 104 and 105.—See Annual Report for 1926 (pp. 260-263).




Reserves
with
Federal
reserve

Borrowings
at Federal
reserve
bank

776
723
712
659
667
686
716
659
672
681
690
751
755
643
725
675
708
741
708
730
702

130.5
88.8
56.0
28.3
44.5
70.2
70.9
54.0
73.8
81.6
20.3
106.1
83.8
71.8
107.1
57.8
77.0
125.6
103.7
77.9
53.2
83.7
52.2
24.5
50.2
46.8
85.5
77.1
37.6
37.3
78.7
81.7
67.6
86.7
54.6
132.1
59.4
74.1
96.1
124.5
70.7
46.7
56.1
27.6
106.9
64.8
68.1
97.2
84.6
79.2
' 140.3
203.3

bank

758
761
815
745
800
716
736
741
721
753
752
682
726
708
727
714
716
748
715
694
751
752
737
780
792
777
755
756
757
777
786
717
682
710
688
720
776
728
724
726
728
768
769

75.9
59.9
73.1
78.5
90.2
51.5
59.4
73.9
90.4
74.5
72.9
126.9

236

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

CONDITION OF REPORTING MEMBER BANKS OUTSIDE
NEW YORK CITY
No. 106.—REPORTING MEMBER BANKS OUTSIDE N E W YORK CITY—TOTAL LOANS
AND INVESTMENTS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Loans

Total
loans and
investments

Total

1927

Jan. 5
Jan. 1 2 —
Jan. 19...
Jan. 2 6 —
Feb. 2...
Feb. 9...
Feb. 16..
Feb. 23..
Mar. 2...
Mar. 9...
Mar. 16Mar. 23..
Mar. 30Apr. 6...
Apr. 13-.
Apr. 20-.
Apr. 27..
M a y 4__.
M a y 11—
M a y 18..
M a y 25_.
June l._.
June8_._
June 15—
June 22..
June 29—
July6__.
July 13 __
July 20—
July 27_ .
Aug. 3__.
Aug. 1 0 Aug. 17_ _
Aug. 24..
Aug. 31..
Sept. 7___
Sept. 14..
Sept. 21..
Sept. 28..
Oct. 5 —
Oct. 12—
Oct. 19...
Oct. 26...
Nov.
Nov 9_.__
Nov, 16...
Nov 23—
Nov. 30—
Dec. 7
Dec. 14...
Dec. 21
Dec. 28
Average:
January
February. _.
March
April
May
June
July..
August
September..
October
November..
December..




13,685
13,675
13, 645
13, 626
13, 620
13, 651
13, 679
13,704
13, 781
13,808
14, 032
13,981
13,984
13, 932
13, 928
13,879
13,936
13, 976
13,991
14,046
14,042
14,015
13, 999
14,166
14,118
14,159
14,118
14, 079
14, 084
14, 060
14, 019
14, 087
14,084
14,052
14, 097
14,
14,
14,
14,

088
210
324
361

14,412
14,455
14,482
14, 428
14,408
14,423
14,564
14,590
14,558
14,572
14,614
14, 631
14, 600
13, 658
13,664
13,917
13, 919
14, 014
14, 092
14, 085
14,068
14,246:
14,444
14,509
14,604

!
;
I
i
|

9,881
9,846
9,812
9,781
9,766
9,779
9,769
9, 793
9,833
9,854
9,911
9,857
9,857
9,841
9,858
9,812
9,834
9,875
9,885
9,888
9,869
9,870
9,918
9,956
9,912
9,952
9,918
9,907
9,903
9,875
9,876
9,937
9,949
9,913
9,937
9,917
10, 015
10, 036
10, 057
10, 077
10,114
10,127
10, 091
10, 078
10, 085
10, 073
10,102
10,072
10,106
10,133
10, 090
10, 090
9,830
9,777
9,862
9,836
9,879
9,922
9,901
9,922
10,006
10,102
10,082
10,105

Investments

On
securities

All other

3,703
3,667
3,662
3,651
3,660
3,667
3,649
3,653

3,668
3,702
3,696
3,726
3,724
3,729
3,760
3,749
3,774
3,830
3,851
3,813
3,833
3,835
3,828
3,845
3,833
3,822
3,845
3,869
3,854
3,858
3,863
3,909
3,918
3,942
3,932
3,945
3,965
3,981
3,952
3,932
3,954
3,962
3,929
3,981
4,001
3,980
3,992

6,178
6,178
6,149
6,130
6,106
6,112
6,120
6,140
6,147
6,174
6,195
6,161
6,169
6,173
6,156
6,116
6,109
6,151
6,157
6,128
6,120
6,096
6,087
6,105
6,099
6,119
6,084
6,079
6,058
6,041
6,054
6,092
6,080
6,059
6,079
6,054
6,106
6,118
6,115
6,145
6,169
6,162
6,111
6,126
6,154
6,119
6,140
6,143
6,125
6,131
6,110
6,099

3,804
3,829
3,834
3,845
3,854
3, 873
3, 910
3,911
3,947
3,952
4,124
4,124
4,127
4,091
4,070
4,067
4,102
4,101
4,106
4,158
4,173
4,145
4,081
4,211
4,207
4,207
4,199
4,172
4,182
4,185
4,143
4,150
4,135
4,140
4,160
4,171
4,194
4,288
4,304
4,334
4,340
4,355
4,336
4,329
4,338
4,491
4,488
4,486
4,466
4,481
4,541
4,510

3,671
3,657
3,693
3,698
3,740
3,820
3,835
3,850

6,159
6,120
6,169
6,138
6,139
6,101
6,065
6,073

3,956
3,946
3,988

6,147
6,136
6,116

3,828
3,887
4,055
4,082
4,134
4,170
4,184
4,145
4,239
4,342
4,427
4,500

3,680
3,716
3,696

237

CONDITION OF REPORTING MEMBER BANKS

No. 107.—REPORTING MEMBER BANKS OUTSIDE N E W YORK CITY—DEPOSITS,
RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANK, BY W E E K S ,
WITH MONTHLY AVERAGES OF WEEKLY FIGURES.
[In millions of dollars]
Net demand, plus time deposits

Total
1927
Jan. 5
Jan. 12
Jan. 19
_
Jan. 26
Feb. 2
Feb. 9...
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
_.
Apr. 27
May 4
_
May 11
May 18
_
May 25
June 1
June 8___
June 15
June 22
June 29
July 6
July 13
July 20
July 27
_.
Aug. 3
Aug. 10
Aug. 17.
Aug. 24
_
Aug. 31
Sept. 7_._
Sept. 14
Sept. 2 1 . .
Sept. 28
_
Oct. 5.
_
Oct. 12
Oct. 19
-.
_.
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
_.
Dec. 7
Dec. 14
Dec. 21
Dec. 28....
_
Average:
January
February
March
April
___.
May
_._
June
July
August
September
October
November
_.
December

Net
demand

Time

Reserves
with
Federal
reserve
bank

Borrowings
at Federal
racorno
reserve
bank

12,970
13,038
12,996
12,945
12,972
12, 975
13,065
13,066
13,138
13,142
13,249
13,123
13, 043
13,141
13,177
13,132
13,152
13, 216
13, 295
13, 295
13, 270
13, 266
13, 288
13,431
13, 212
13, 241
13,325
13,394
13,326
13,300
13,325
13,411
13,424
13,368
13.435
13,477
13,606
13,438
13,460
13, 579
13, 648
13, 607
13,571
13, 600
13, 654
13, 774
13, 779
13,852
13,841
13,885
13, 723
13, 713

7,973
8,022
7,984
7,926
7,962
7,951
8,040
7,984
7,981
7,975
8,133
7,994
7,921
8,010
8,050
7,995
7,958
8,010
8,067
8,043
8,022
8,026
8,079
8,215
7,989
7,985
8,075
8,126
8,068
8,033
8,051
8,119
8,129
8,065
8,117
8,153
8,266
8,089
8,094
8,173
8,234
8,192
8,169
8,222
8,241
8,349
8,321
8,387
8,396
8,435
8,261
8,242

4,997
5,015
5,012
5,019
5,010
5,024
5,025
5,083
5,158
5,167
5,116
5,129
5,122
5,131
5,127
5,137
5,194
5,206
5,229
5,252
5,247
5,239
5,209
5,216
5,223
5,256
5,250
5,268
5,257
5,266
5,274
5,292
5,295
5,303
5,318
5,324
5,340
5,349
5,366
5,406
5,414
5,415
5,402
5,378
5,413
5,425
5,457
5,465
5,444
5,450
5,462
5,470

974
960
959
947
935
950
986
930
969
954
992
960
930
986
950
978
970
982
967
972
985
967
974
1,001
973
952
976
974
962
956
992
962
986
988
989
978
991
988
975
997
1,011
1,002
977
996
976
1,034
983
1,005
1,012
1,030
1,002
1,027

316
216
192
169
178
153
172
189
205
185
169
203
213
180
173
205
209
230
184
227
206
246
190
175
222
262
259
188
210
197
206
179
168
171
186
163
165
196
182
195
216
224
198
204
204
168
206
233
220
274
292
260

12,987
13,020
13,139
13,150
13, 269
13, 288
13,336
13, 393
13,495
13, 601
13, 732
13, 790

7,976
7,984
8,001
8,003
8,036
8,059
8,076
8,096
8,150
8,192
8,304
8,334

5,011
5,036
5,138
5,147
5,233
5,229
5,260
5,296
5,345
5,409
5,428
5,457

960
963
961
971
976
973
967
983
983
997
999
1,018

223
173
195
192
212
219
213
182
177
208
203
261

Bad figures for Tables 106 and 107.—See Annual Report for 1926 (p. 166) for monthly averages.




238

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

BANKERS' BALANCES OF REPORTING MEMBER
BY DISTRICTS

BANKS,

No. 108.—REPORTING MEMBER BANKS—DUE FROM BANKS, BY WEEKS, WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve Disstrict
Boston

New
York

Feb.
Feb.
Feb.
Feb.

1927
2
9
16
23 .

60.5
48.5
50.6
52.8

142

Mar.
Mar.
Mar.
Mar.
Mar.

2
9
16
23
30

54.8
61.7
54.1
50.2
46.8

149

Apr.
Apr.
Apr.
Apr.

6
13
20
27

May
May
May
May

Phil- Cleve- Rich- Atadel- land mond lanta
phia

Chicago

65.6
66.9
61.9
64.8

53.2
43.0
46.9
47.4

63.6
64.1
64.6
61.0
55.2

52.4
52.6
44.1
42.3
44.2

146

251
249
223

135
122
129

71.6
70.7
70.9
57.9
59.0

77.2
72.0
69.0
65.0

243
247
231
233

60.4
61.5
56.4
53.4

43.6
49.1
45.3
46.1

127
129
115
109

66.8
65.8
58.4
64.9

146
153
146
140

53.8
54.0
56.8
57.7

69.8
71.8
69.5
66.6

266
261
261
252

54.7
53.9
59.7
52.5

45.8
49.6
44.5
42.0

114
111
104
105

67.8
63.4
60.7
54.2

147
153
149
137

108.2
99.5
131.1
107.8
90.8

60.0
56.9
59.3
51.5
54.4

72.7
73.5
76.6
68.1
65.4

259
224

53.8
62.3
53.0
53.4
47.9

52.9
46.4
48.9
48.8
45.8

112
113

60.3
60.7
60.7
55.8
54.6

61.0
60.7
56.3
51.5

104.8
106.5
100.2
99.6

61.0
58.9
51.9
55.5

76.3
82.2
75.1
70.4

235

55.0
55.6
52.2
43.6

51.9
57.3
49.1
49.9

122

62.6
56.0
58.2
52.6
58.4

111.1
104.5
110.4
107.1
105.7

55.2
54.8
53.6
53.0
57.6

77.9
79.1
75.3
75.7
80.2

225

51.6
53.6
49.6
47.2
46.6

48.9
48.4
46.8
46.2
48.0

115

52.6
61.7
59.6
58.7

107.9
123.7
100.6
98.2

55.1
58.7
57.3
58.9

88.7
92.2
85.2
82.7

49.9
48.2
51.0
50.9

56.0
61.5
59.4
59.8

114.6
105.1
105.9
113.8

67.1
61.2
57.1
57.5

95.6
99.4
93.8
87.6

246

242
241
224

58.0
57.2
56.9
56.3

71.3
73.2
63.9
59.1

116

122
128
122

74.0
68.8
67.6
68.2

164
158
148

68.5
60.4
65.9
61.1

109.2
99.2
108.9
101.2

60.4
56.4
54.6
52.8

77.9
78.3
82.1
74.9

229

69.1
56.0
62.0
55.3
60.6

115.0
101.7
115.3
106.3
107.3

56.1
59.1
56.5
54.5
54.3

78.7
77.8
74.9
68.5
69.5

250

160
137
138

54.5
62.5
74.3
59.1

137
152
152
149

61.7
62.4
57.0
58.4

111.7
99.4
104.3
111.6

56.2
53.8
53.6
54.0

4
11
18
25

69.2
50.5
58.2
48.7

154
142
143
127

61.5
60.6
60.0
53.4

106.2
108.8
107.9
102.6

June 1
June 8
June 15
June 22
June 29

58.1
50.9
70.7
58.2
58.5

147
133

68.2
60.6
63.9
60.4
59.0

July 6
July 13
July 20
July 27

67.1
59.2
57.1
57.1

150

Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31

.

.
.
_..

65.4
56.2
55.8
51.3
64.0

126
140
128
129

142
129

125

130
128

121
125

123

130
118
123

Min- KanSan
St.
sas
Louis neap- City Dallas Franolis
cisco

209
239
232
233

253
220

235
250
239

219
233

239
225
224

135

135
139
135
135

114
112

112
122
114

114
117

113
112
111

73.4
69.1
68.4
64.6

60.5
58.3
53.6
55.2
57.4
55.7
56.1
54.4
55.5

127

141
140
162
148
150

170
134
144

157
149
147
145

144
148
158
148

141
144

157

160
151
150

Sept. 7 . . .Sept. 14
Sept. 21
Sept. 28

54.1
61.7
59.4
53.7

Oct. 5
Oct. 12
Oct. 19
Oct. 26.

75.6
73.3
58.5
65.1

154
161
146
140

59.7
58.0
58.4
55.6

Nov. 2 _
Nov. 9
Nov. 16
Nov. 23
Nov. 30

72.9
57.1
60.4
56.3
64.5

152
140
148
135
145

61.8
55.8
79.0
69.4
68.2

112.9
100.7
119.4
105.2
111.1

62.9
58.3
63.4
63.0
64.9

89.3
91.2
98.8
89.0
84.4

238
243
259
239
243

60.0
58.4
66.0
63.6
57.5

67.2
65.2
62.7
61.4
57.9

122
119
144
130
129

72.6
68.4
74.8
74.2
69.5

149
172
176
179
175

Dec.
Dec.
Dec.
Dec.

58.9
55.3
62.5
57.0

135
136
144
152

58.1
57.5
56.4
60.4

99.5
103.4
98.6
95.9

59.2
58.0
55.4
57.5

88.1
89.3
85.8
81.0

225
253
230
240

58.1
60.7
59.1
58.3

53.1
52.2
52.3
51.9

126
126
125
127

74.1
73.0
63.7
64.4

172
173
168
171

53.1
53.5
62.6
56.6
59.3
60.1
58.5
57.2
68.1
62.3
58.4

134
143
147

64.0
60.6
59.9
58.8
62.4
57.4
57.6
58.2
57.9
66.9
58.1

104.6
109.1
106.8
106.4
107.5
102.8
107.8
107.6
109.9
109.9
99.4

56.1
56.1
54.4
55.6
56.4
56.8
54.8
57.5
60.7
62.5
57.5

78.3
73.9
70.8
69.4
71.3
76.0
77.6
87.2
94.1
90.5
86.1

227
241
239

64.8
61.7
57.9
55.2
54.1
51.6
49.7
50.0
57.1
61.1
59.0

47.6
47.1
46.0
45.5
48.6
52.0
47.7
59.2
66.9
62.9
52.4

136
133
120

68.9
66.0
64.0
61.5
58.4
56.9
55.8
67.5
69.6
71.9
68.8

142
149
147

7
14
21
28

.

Average:
February __
March
April
May
June
July
August
September _
October
November.
December. _

121

127
149

138

142
135
132

124
134
150
144
142




239

268
234

227

260
238
236

229
242
238
244
237

120

115
108

115

108
113
118

114
115
122
129
126

65.2
69.7
64.9
70.3

153
165
161

159
162

147
148
149

152
160
158
170
171

BANKERS'

239

BALANCES

No. 109.—REPORTING MEMBER BANKS—DUE TO BANKS, BY WEEKS,
MONTHLY AVERAGES OF WEEKLY FIGURES

WITH

[In millions of dollars]
Federal Reserve District
St. MinLouis neapolis

San
Kansas Dallas Francisco
City

New
York

Philadelphia

155
143
145
137

1,157
1,108
1,173
1,165

188
174
181
171

249
256
260
239

115
116
114
111

119
127
118
120

510
500
510
503

153
153
146
148

94.8
94.0
94.9
93.4

232
232
232
221

110.7
115.5
114.6
109.0

249
265
249
238

Mar. 2.
Mar. 9.
Mar. 16.
Mar. 23.,
Mar. 30.

144
152
148
138
140

1,190
1,187
1,215
1,147
1,169

180
174
195
172
174

248
240
254
245
240

117
113
116
112
111

119
120
114
110
101

538
520
531
536
501

155
151
154
144
142

96.7
98.7
94.2
94.1
91.6

242
231
229
219
218

108.5
109.9
106.0
99.5

240
236
228
206
214

Apr.
Apr.
Apr.
Apr.

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

155'
152
158
147

1,200
1,135
1,160
1,179

179
180
179
171

254
251
243
244

117
114
114
109

111
114
112
107

531
521
497
496

151
147
141
137

96.2
91.7
88.4
85.7

220
218
207
202

99.3
98.0
94.4
94.6

217
226
215
211

May
May
May
May

4_.
11_.
18_.
25-.

157
148
145
137

1,234
1,165
1,175
1,141

181
173
178
172

252
247
240
235

117
115
113
110

110
115
113
105

529
523
516
501

144
141
137
133

83.5
81.2
78.4

207
204
197
190

101.8
98.6
94.1
90.0

227
224
226
208

June
June
June
June
June

1..
8..
15-.
22—
29..

151
142
169
152
154

1,275
1,164
1,337
1,176
1,220

179
171
174
165
166

244
237
245
231
236

115
116
113
113
109

105
112
103
102
101

499
499
492
479
501

137
128
138
133
130

82.8
86.2
85.3
80.9
81.1

201
204
202
192
196

91.8
95.3
90.8
86.7
85.5

219
213
208
206
221

July 6..
July 13...
July 20..
July 27._

178
173
172
159

1,304
1,242
1,220
1,158

183
175
178
168

254
246
249

121
118
118
113

112
113
107
101

542
518
488

140
139
133
132

87.7
83.8
79.8
77.4

217
217
209
214

94.3
89.4
83.8
81.1

228
236
227
218

Aug. 3_.
Aug. 10 _.
Aug. 17_.
Aug. 24 _.
Aug. 31 _.

166
163
164
157
157

1,231
1,216
1,228
1,187
1,255

181
171
175
174
172

256
260
262
256
259

121
121
119
118
119

114
113
109
110
116

512
518
515
511
514

131
130
134
130
124

82.3
79.6
77.9
77.3
82.8

230
230
225
224
222

87.6
85.5
85.3
88.4
92.5

217
226
230
230
225

Sept. 7..
Sept. 14..
Sept. 21..
Sept. 28..

156
159
147
143

1,240
1,248
1,245
1,231

169
186
178
171

267
268
246
244

122
126
122
123

130
128
126
128

552
519
512
509

136
131
132
135

90.7
93.8
99.5
103.9

232
219
210
202

106.7
110.7
110.5
122.1

219
226
214
222

Oct. 5...
Oct. 12. .
.
Oct. 19...
Oct. 26...

159
155
161
154

1,332
1,230
1,288
1,245

190
180
180
175

129
127
126
122

142
141
136
133

542
533
512

144
143
143
141

112.7
108.9
108.4
108.0

216
214
212
209

126.9
124.8
130.0
129.1

230
233
230
219

Nov.
Nov.
Nov.
Nov.
Nov.

2..
9_.
16..
23..
30..

173
164
167
164
165

1,393
1,339
1,393
1,322
1,506

179
175
187
179
182

266
261
256
247
253
245
270
272

132
134
142
135
138

135
138
141
131
128

507
505
527
516
509

152
153
159
156
157

115.9
112.5
111.1
107.2
104.8

207
210
230
221
223

135.6
136.3
135.1
133.5
131.7

229
261
254
260
252

Dec.
Dec.
Dec.
Dec.

7...
14...
21...
28...

167
160
155
161

1,359
1,360
1,348
1,335

178
175
172
175

269
262
247
259

137
133
129
129

134
132
128
130

517
486
511
520

167
156
150
154

110.1
102.8
103.5
104.9

231
226
226
231

136.2
131.7
123.3
127.1

264
259
235
241

Average:
February..
March
April
May
June
July
August
September.
October
November.
December.,

145
144
153
147
154
171
161
151
157
167
161

1,151
1,181
1,169
1,179
1,234
1,231
1,223
1,241
1,273
1,391
1,350

179
179
177
176
171
176
175
176
181
181
175

251
246
248
243
239
249
259
256
257

114
114
114
114
113
117
120
124
126
136
132

121
113
111
111
104
108
112
128
138
135
131

506
525
511
517
494
509
514
523
521
513
508

150
149
144
139
133
136
130
134
143
155
157

94.3
95.1
90.5
82.4
83.3
82.2
80.0
97.0
109.5
110.3
105.3

229
228
212
200
199
214
226
216
213
218
228

112.5
104.1
96.6
96.1
90.0
87.2
87.9
112.5
127.7
134.5
129.6

250
225
217
221
214
227
226
220
228
251
250

Bos-

Feb.
Feb.
Feb.
Feb.

1927
2.—
9_—
16....
23....




Cleve- Richland mond lanta

Chicago

240

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

BANK SUSPENSIONS
Figures for suspensions represent banks closed permanently or temporarily by
order of supervisory authorities or by the directors of the banks on account of
financial difficulties.
No. 110.—BANKS SUSPENDED AND REOPENED, 1921-1927
Banks suspended

Banks reopened

Class of bank and year
Number

Capital

Deposits

All banks:
1921
1922....
1923
1924
1925...
1926
1927_._

502 $22,902,000 $198, 354,000
354 13, 743,000 110, 721,000
650 21,978,000 188,805,000
777 28,373,000 213, 444,000
612 24,441,000 172,900,000
956 32, 804,000 272,488,000
662 24, 763,000 193,891,000

Member banks:
1921
1922
1923
1924
1925
1926
1927

70
57
124
159
146
160
124

5,369,000
3,956,000
6,845, 000
10,305,000
9, 920,000
8, 569,000
8,034,000

51
45
90
122
118
125
91

National banks—
1921_.
_..
1922
1923.-.1924.
1925
1926
1927..--

Capital

Deposits

432
297
526
618
466
796
538

$1,918,000
4,003, 000
1, 506, 000
2,815,000
1,994, 000
5, 099,000
3,906,000

$17,493,000
35, 565,000
11, 567,000
22, 462,000
16,616,000
60,180,000
35,729,000

42, 503,000
24, 243, 000
51,228,000
74,469, 000
67, 264,000
68,812, 000
66, 336,000

475, 000
1, 580, 000
685, 000
860,000
800,000
710,000
845,00Q

3,132,000
11, 618, 000
5,068,000
7,190,000
6, 779,000
8,179,000
8, 311,000

3, 060,000
3, 335,000
4, 610,000
7, 660,000
7,970,000
6,020,000
5,415, 000

21, 285, 000
19,092,000
32, 904,000
60, 889, 000
58, 537,000
47, 866,000
46, 581,000

325,000
1, 330, 000
570,000
785,000
700, 000
490,000
485,000

2,499,000
8,076,000
3,973, 000
6,895,000
6, 300,000
4, 665,000
5,073, 000

2, 309,000
621,000
2, 235,000
2, 645,000
1, 950, 000
2, 549,000
2, 619, 000

State banks—
1921
1922...
1923
1924
1925
1926
1927
Nonmember banks:
1921
1922
1923
1924
_
1925
1926
1927

Number

21, 218, 000
5,151, 000
18, 324,000
13, 580, 000
8, 727,000
20, 946, 000
19, 755, 000

150,000
250,000
115,000
75,000
100,000
220,000
360,000

633, 000
3, 542, 000
1,095,000
295,000
479,000
3, 514,000
3, 238,000

17, 533,000
9, 787,000
15,133,000
18,068,000
14, 521,000
24, 235,000
16, 729,000

155, 851,000
86,478,000
137, 577,000
138,975,000
105, 636,000
203,676,000
127, 555, 000

1,443, 000
2, 423, 000
821,000
1, 955,000
1,194,000
4,389,000
3,061,000

14, 361, 000
23, 947,000
6,499,000
15, 272,000
9, 837,000
52,001,000
27,418,000

65
36
94
62
147
95

50
41
22
74
48
133
84

Backfiguresfor Tables 110-114.—See Annual Reports for 1926 (pp. 190-196), 1925 (pp. 184-190).




BANK SUSPENSIONS
No.

241

111.—BANKS SUSPENDED AND REOPENED, BY DISTRICTS,

Banks reopened

Banks suspended
Class of bank and Federal reserve district

Deposits

95

$3,906, 000

$35,729,000

16, 923, 000
13, 220, 000
34, 265, 000
44, 380,000
15, 214,000
26, 598,000
20, 620,000
7,476, 000
13,915, 000

4
5
12
11
6
44
5
5
3

195,000
150,000
822,000
615, 000
150, 000
1, 379, 000
110,000
375,000
110,000

2,097,000
555,000
8,922,000
5,870,000
1,167,000
11,876, 000
1,146, 000
3, 298, 000
798, 000

8, 034, 000

66, 336, 000

11

845, 000

8, 311, 000

12
8
6
34
7
21
12
9
15

1, 285,000
669, 000
850,000
2,125,000
325,000
810,000
550,000
720,000
700,000

12, 726, 000
5, 629, 000
6, 906, 000
15, 787,000
2, 023,000
7, 750,000
4, 656, 000
4,201,000
6, 658, 000

2

135, 000

1,914, 000

3

200,000

1,794, 000

91

5,415,000

9
4
2
25
5
20
11
7
8

Member banks, total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis _
Kansas City
Dallas
San Francisco

National bank members,
total
Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
State bank members, total..
__ _
1
J
.

_

Nonmember banks, total
_




$24, 763,000

$193,891,000

1
2

60,000
30, 000

29
43
63
124
82
142
100
44
32

1,839, 000
2, 589, 000
3,308,000
5,679,000
2,261,000
3,357,000
2, 497,000
1, 678, 000
1,465, 000

Number

842,000
438, 000

Number

2

90, 000

765, 000

2

335, 000
85,000

3,100,000
738, 000

46, 581, 000

8

485,000

5,073, 000

1,125,000
225, 000
200, 000
1,495,000
180,000
785, 000
525,000
395,000
485,000

11, 337, 000
2,814, 000
1,814, 000
10, 463, 000
1,123,000
7,641,000
4,414, 000
1, 504,000
5,471,000

1

100,000

1, 543,000

3

200,000

1, 794,000

2

90, 000

765,000

1
1

35, 000
60,000

452, 000
519,000

33

2, 619, 000

19, 755, 000

3

360,000

3,238,000

3
4

160,000
444,000
650,000
630, 000
145, 000
25, 000
25,000
325,000
215,000

1, 389, 000
2,815, 000
5,092,000
5,324, 000
900, 000
109, 000
242, 000
2, 697,000
1,187,000

1

35,000

371, 000

4
9
2
1
1
2
7

i
l

300, 000
25, 000

2,648,000
219,000

538

._.

. ._

Deposits

124

Boston
New York
Philadelphia
Cleveland
Richmond
__ _ - . .
Atlanta
Chicago _ _
St Louis
Minneapolis
Kansas City
.._
Dallas
San Francisco
_

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco

Capital

Capital

662

All banks, total

Boston
_
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis...
Minneapolis
Kansas City
Dallas
San Francisco

1927

16,729,000

127,555,000

84

3,061,000

27,418,000

1
2

60,000
30,000

842,000
438,000

17
35
57
90
75
121
88
35
17

554,000
1,920,000
2,458,000
3,554,000
1,936,000
2,547,000
1,947,000
958,000
765,000

4,197,666
7,591,000
27,359,000
28,593,000
13,191,000
18,848,000
15,964,000
3,275,000
7,257,000

2
5
12
8
6
42
5
3
1

60,000
150,000
822,000
415,000
150,000
1,289,000
110,000
40,000
25,000

183,000
555,000
8,922,000
4,076,000
1,167,000
11,111,000
1,146,000
198,000
60,000

242

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 112.—BANKS SUSPENDED AND REOPENED, BY STATES,

1927

[Figures are for member and nonmember banks]
Banks suspended

Banks reopened

State
Number
United States
New England:
Maine
New Hampshire
_._
Vermont
Massachusetts
Rhode Island
Connecticut,
...
Middle AtlanticNew York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana..
Illinois
Michigan
_ .
Wisconsin
West North Central:
Minnesota
Iowa
_
Missouri
North Dakota
South Dakota
Nebraska
Kansas . . _ . . . _
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina. _
_
South Carolina
_
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
_
West South Central:
Arkansas
Louisiana
__
Oklahoma
Texas
y
Mountain:
Montana
Idaho
Wvomincr

Colorado
New Mexico
Arizona
Utah
Nevada
PacificWashington
Oregon
California




662
1

Capital

Deposits

$24,763,000 $193,891,000
60,000

Number
95

Capital

Deposits

$3,906,000

$35,729,000

842,000

2

30,000

438,000

8

925, 000

9, 594,000

1

50,000

53,000

16
25
29
7
14

768,000
1,322,000
1,653,000
340, 000
273, 000

5,634,000
11,182,000
11,403, 000
2,905, 000
2,821, 000

3
1
3
3
2

145,000
47,000
300,000
350, 000
50,000

2,044, 000
104,000
3,198, 000
584,000
774, 000

65
70
48
37
27
25
36

1, 579, 000
2, 637, 000
1,169,000
850,000
595,000
776,000
815,000

13, 832, 000
20, 577,000
5,883,000
5, 524,000
4,691, 000
8,359,000
5,444,000

9
4
5
5
27

205, 000
225, 000
140,000
120, 000
632, 000

1, 921, 000
2, 094, 000
1,140, 000
986, 000
7, 598, 000

4

95,000

1,028,000

4
5
14
21
18
31

55,000
400,000
796,000
1,388, 000
375, 000
2,231, 000

205,000
2,569,000
4,924, 000
6, 045, 000
949,000
28,383, 000

2

30,000

104,000

1
2
1
11

15,000
105,000
25,000
797,000

76,000
375,000
84,000
8,838,000

7
17
1
5

211,000
397,000
400,000
73,000

1,824,000
3, 272,000
3, 589,000
1,164,000

18
4
28
38

582,000
160,000
700,000
1, 553, 000

3, 659, 000
592, 000
5,905, 000
7, 056, 000

1
1
1
4

10,000
15,000
15,000
360,000

27,000
63,000
118,000
3,235,000

2
7
2
4
1
1
2

50,000
200,000
40,000
70,000
25,000
15,000
50,000

171,000
1,932,000
165,000
316,000
59,000
78,000
358, 000

1
1

65,000
25,000

487,000
219,000

4
12
6

350,000
• 450,000
400,000

4,208, 000
3, 382, 000
3, 957, 000

1

25, 000
60,000

60,000
519,000

1

243

BANK SUSPENSIONS
No,

113.—BANKS SUSPENDED, BY SIZE OF TOWN OR CITY,

1927

[Figures are for member and nonmember banks]
Number in places with a population of—
Total
number

Federal reserve district

All banks—total

662

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

No.

Less
than
500
266

1
2
29

_

43
63
124
82
142
100
44
32

500
to
1,000

1,500
to
2,500

1,000
to
1,500

142

61

65

1
8

6

8
22
46
40

6
11
34
16

5
8
10
5
8
11
6
3

35
12
11

27

20
11
10

53
1

5

84

2,500
to
5,000

5,000
to
10,000

10,000
to
25,000

22

30

23

1
3

2

25,000
and
over

1

3

3

1

9
6
11
8
7
14
4
3

7
5
11
6

3
3
1
2

4
1

2
1
7
4

6

3

4

3

8

3
2
3

7
2
1

2
2

1

1 1 4 . — B A N K S S U S P E N D E D , BY S I Z E OF B A N K ,

1927

[Figures are for member and nonmember banks]

Number having capi alstock of—
Total
number

Federal reserve district

All banks—total

662

247

165

60

122

47

13

1
2

_

_. .
.

_




_ .

1

1

29

5

9

4

7

2

2

10
29
18
43

3
10
41
12

12
7
33
15

11
10
12
3

1
4

74

38

6
3
14
8
12
5
"I
1

17

8

1

43
63
124
82
142
100
44
32

1

44
16
7

30
8
13

15
8
7

coco to

Boston -_
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis...
Minneapolis
Kansas City
Dallas
_
San Francisco

Less
$25,000 $50,000 $100,000 $200, 000 Not
to
availthan $25,000
to
to
to
$50, 000 $100, 000 $200, 000$600,000 able
$25,000

4

1
1

2
1
4
1

244

ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD

CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE
SYSTEM
No. 115.—SUMMARY OP CHANGES IN MEMBERSHIP DURING 1926 AND 1927
Number of banks
1926
Active member banks, first of year

1927

9,489

Banks joining the system
Banks withdrawing from the system.,

„.

_

9,260

i 174
2 125

_

Net accessions to membership
Banks lost to membership through mergers between member banks, suspensions, etc

154
3 101

49

Net decrease for the year

53

278

279

229

Active member banks, end of year

226

9,260

_

9,034

1 Does not include 2 banks which were temporarily lost to membership through liquidation toward the
end of 1925, but regained through reorganization in 1926.
2 Includes 44 withdrawals which were incidental to the absorption of member banks by existing nonmember banks.
3
Includes 55 withdrawals which were incidental to the absorption of member banks by existing nonmember banks.
No.

116.—CHANGES IN MEMBERSHIP DURING
MEMBER BANK

1926

AND 1927,

BY CLASS OF

Number of member banks
Procedure effecting change

Total

State

National

1926

Total additions

Losses to membership:
Merger between member banks—
Intraclass
Interclass
Voluntary liquidation (terminal) __
_
Suspension and insolvency
Absorption of member bank by nonmember bank.
Conversion of member bank to nonmember bank..
Withdrawal of State bank
Conversion within the system..

Net decrease
Active member banks, end of year

1926

9,260

8,048

7,906

1,441

82
32
29
10

104
22

82
32

9
18
24

1 8
31

32

1,354

29

4
17

2
1 3

I

176

154

147

131

44

34

80
27
10
160
44
25
59

110
36
9
124
55
20
26

5 68
20
7
124
40
23

96
19
8
91
49
12

12
7
3
36
4
2
6
59

14
17
1
33
6
8
7
26

i

405

-

8

1927

5

_

Total losses...

1927

104
22
32
13

Additions to membership:
Organization of national bank
Conversion of nonmember bank to national
Admission of State bank_
Resumption following suspension
Conversion within the system _.i_
Other additions

1926

9,489

Active member banks, first of year

1927

380

17

289

1

3

278

18

18

131

113

229

226

142

147

87

79

9,260

9,034

7,906

7,759

1,354

1,275

1 Succession between members of 1 class and members of the other without effect on the number of
banks in the system.
2 Includes 1 member bank succeeded by another of the same class prior to Dec. 31, 1925, the succeeding
bank not reporting until after Dec. 31, 1925, and 3 banks organized to succeed banks that had previously
suspended.
3 National bank organized to succeed a national bank that had previously suspended.
* 1 member bank succeeded by another of the same class prior to Dec. 31, 1925, the succeeding bank
not reporting until after Dec. 31, 1925.
6
Includes 2 instances in which 2 member banks were succeeded by a third organized for the purpose,
e Includes 3 compulsory withdrawals.
7 Includes 2 banks which were dropped from membership in the system at the expiration of their State
charters.




117.—CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING 1927,

131

34

2

2

110
36

96
19

14
17

3
1

3

9
124

8
91
49

6

20
26

12

8
26
8

14

14

1
7

1

85

1
33

55

684

3

9

7

I l

856

745

Ii

2

1

527

i

0

41

32

10

22

15

8

9

7

11
5

5
4

6
1

5
2

2

8
5

8
4

12

9

7

6

1

4




378

1

2

l

1

5
1

5
1

3

8

4

7

6

2

4

1

475

1

97

W

1

s

2

CO

1

1

1

1

6

8

2
3

2

4

4

1

1

3

3

i j

3
12

11

380

278

113

5

3

2

17

11

7

14

12

3

30

26

4

21

16

5

17

6

13

-226

-147

-79

-3

-1

-2

+24

+21

+3

+8

+3

+5

-21

-19

o

-19

-15

-4

-11

+2

-13

7,759

1,275

413

376

37

937

771

166

777

687

90

835

726

109

564

512

464

380

84

Succession between members of one class and members of the other without effect on the number of banks in the system.
Two national banks which together with a State member bank were succeeded by a single State member bank organized for the purpose.
Backfigures.—SeeAnnual Reports for 1926 (p. 188) and 1925 (pp. 175-183).

2

56

1

1

1

1

1

583
1

111

to

154

4

769

to

8
8
1

28

COtO

1

163

Nation- State
al

CO

32

10

28

CO

32
29

750

4
9

82

913

Nation- State Total
al

CO

2

39

Nation- State Total
al

CO

2

82

Active member banks, Dec. 31, 1927. 9,034"
1

377

Nation- State Total
al

CO

Total losses
Net change

416

State Total

CO

Total additions
Losses to membership:
Merger between members—
Intraclass
Interclass
. _.
Voluntary liquidation (terminal) . . Suspension and insolvency
Absorption of member by nonmember_._
Conversion of member to nonmember
Withdrawal of State bank__
Conversion within the system

1,354

7,906

National

Atlanta district

CO

Additions to membership:
Organization of national bank...
Conversion of nonmember bank
to national
Admission of State bank
Resumption following suspension
Conversion within the system
Other additions

Total

Cleveland district Richmond district

CO

Active member banks, Jan. 1, 1927.. 9,260

Nation- State Total
al

National State

BY DISTRICTS

CO

Total

Philadelphia
district

CO

Procedure effecting change

New York district

-i to

Boston district

All districts

toco

No.

52

to

No. 117.—CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING 1927, BY DISTRICTS—Continued
Chicago district
Procedure effecting change

Kansas City district

Dallas district

9

. .

Net change.. .
Active member banks, Dec. 31, 1927

692

1

5

5

1

1

1

8

8
2

9
1

9

2

6
3
1

6

6

8
4

1

72

992

965

827

1

5

i 1

i]

2

3

15

2

3
2
3
19
7

11

16

2

1
2

11

10

721

568

10

10
3

1
1

3
3
1

111

11

1

2
11

8

2
7
1

2
7

1
19

i

8

g

2

17

16

«=2 3

11
1
2
8

3
1
2

41
8
1
15

4 35
2
1
8

6
6

1

11
4
3
10

1

13
1
1

12

1

1
4
3

1
1
1
12

11

2
12

1
12

153

2

3

34

25

9

7

5

2

3
3
3
20

9
3
6

8
2

1
1
6

2
3
3

1
1

i

7

64

46

18

17

9

9

44

34

11

35

34

2

36

23

80

58

24

-45

-33

-12

-15

-6

—9

-29

-18

-11

-24

-24

0

-28

-15

-13

-63

-42

-21

1,290

982

308

594

483

111

735

674

61

968

941

27 |

799

701

98

658

526

132

2
3

8

i 1

1

4

12

i 1

I

Succession between members of one class and members of the other without effect on the number of banks in the system.
National bank organized to succeed a national bank that had previously suspended.
Includes 26 banks that were absorbed by nonmember banks which were in turn absorbed by a national bank.
Includes 2 banks which were dropped from membership in the system at the expiration of their State charters.




716

5

27

« 1
13

120

3

19

Total additions
Losses to membership:
Merger between members—
Intraclass .
. .
Interclass
.. . . . .
Voluntary liquidation (terminal)
Suspension and insolvency....
A bsorption of member by nonmember
Conversion of member to nonmember.
Withdrawal of State bank
Conversion within the system

764

489

1

9

320

CO OO

1,015

609

1

1,325

LIM

Active member banks, Jan. 1, 1927

1
3
4
5

San Francisco district

NaNaNaNaNaNaTotal tional State Total tional State Total tional State Total tional State Total tional State Total tional State

Additions to membership:
Organization of national bank.
.
Conversion of nonmember bank to
national
Admission of State bank
Resumption following suspension
Conversion within the svstem
Other additions
...

Total losses

Minneapolis district

I St. Louis district

1

- 15

7

w
o

ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD

247

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER
BANKS
No.

118.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, BY
FEDERAL RESERVE DISTRICTS, 1919-1927
[Amounts in thousands of dollars]

District and year ending June 30

All member banks:
1919...
1920..
1921
_.
1922
1923__
1924
.
1925.
1926
1927
Boston:
1919.
1920
1921
1922...
1923.
1924
1925
1926
1927
New York:
1919
1920
1921
1922
1923
1924
1925
1926
1927
Philadelphia:
1919
1920
1921
1922
1923
1924
1925
1926
1927
Cleveland:
1919
1920.,
1921..
1922
1923.
1924
1925
1926
1927
Richmond:
1919
1920.
1921.,
1922
1923
1924
1925
1928
1927

Ratio
of net
Net
addiNet ad- Divilosses
dends tion to
charged dition to declared profits
profits
off
to capital and
surplus

Capital
and
surplus
(as of
June 30)

Gross
earnings

Total
expenses

2,776,490
3,193, 337
3, 415, 722
3,496, 689
3, 629, 468
3, 699, 928
3, 836, 242
4, 069, 026
4, 304, 080

1,291,001
1,636,141
1,829, 671
1, 669, 429
1, 683, 512
1, 742,332
1, 843,908
1, 983, 217
2,068,870

876,613
1,097,471
1, 267, 705
1,156, 417
1,189, 732
1, 253, 983
1, 320, 965
1, 409,106
1, 475, 201

414,388
538, 670
561, 966
513, 012
493, 780
488, 349
522,943
574,111
593, 669

80,056
129,062
216, 309
213,863
148, 643
151, 234
144, 539
139, 703
154, 252

334, 332
409, 608
345, 657
299,149
345,137
337,115
378,404
434,408
439,417

191, 297
218,353
238,667
246,050
270, 862
256, 273
260,677
279, 358
292,066

Per cent
12.04
12.83
10.12
8.56
9.51
9.11
9.86
10.68
10.21

229, 922
254, 379
263, 512
269, 961
270, 377
266, 801
286, 263
291, 389
313,112

91, 248
109,194
127,160
115,159
114,908
120, 742
131,456
138, 040
148, 413

61,445
72, 970
83, 541
80, 700
83,740
87, 914
93, 492
100, 017
107, 527

29, 803
36, 224
43, 619
34,459
31,168
32, 828
37,964
38, 023
40,886

5,320
8,601
17, 520
19, 200
8,828
12,618
14, 704
9,850
15, 337

24,483
27, 623
26, 099
15, 259
22,340
20, 210
23, 260
28,173
25, 549

13,169
14,603
16, 048
18, 604
18,299
16, 651
17, 258
18, 641
20,145

10.65
10.86
9.90
5.65
8.26
7.57
8.13
9.67
8.16

715, 511
835, 536
897,474
914, 893
959, 646
984, 994
1, 042, 934
1,167, 846

394, 506
485,096
538,808
465, 257
460, 979
473, 333
514, 053
564, 605
607, 318

261, 038
315, 082
357, 369
301, 469
306, 033
324, 597
348, 252
380,170
409, 335

133, 468
170, 014
181,439
163, 788
154, 946
148, 736
165, 801
184, 435
197, 981

24, 847
54,554
77,897
69, 345
35, 005
32,302
31, 275
34, 914
29, 600

108, 621
115, 460
103, 542
94,443
119,941
116,434
134, 526
149, 521
168, 381

49, 356
49, 040
70, 629
74, 918
78, 897
78,198
81, 526
89,147
97, 859

15.18
13.82
11.54
10.32
12.50
11.82
12.90
12.80
12.97

256,677
278, 085
288, 891
301, 890
327, 046
353, 190
379, 987
409, 883
437, 827

88, 783
105, 929
113, 715
111, 213
116,311
124, 724
134, 631
148, 480
155,340

56, 957
66, 748
71, 326
68, 391
72, 965
80, 057
87, 878
196, 326
102, 921

31, 826
39,181
42, 389
42, 822
43, 346
44, 667
46, 753
52, 154
52, 419

7,012
13,181
17,169
11, 607
5,767
5,935
3,672
6,519
6,702

24,814
26, 000
25, 220
31, 215
37, 579
38, 732
43, 081
45, 635
45,717

13, 703
15, 389
16, 577
18,965
21, 461
20, 827
23, 004
24, 533
26, 493

9.67
9.35
8.73
10.34
11.49
10.97
11.34
11.13
10.44

309, 264
341, 073
371, 803
388, 417
405, 746
422, 699
434, 551
451,011
460,062

120, 246
147, 824
166, 663
165, 248
173, 902
183, 860
199,114
204, 532
213, 798

81,271
98, 248
115, 582
114, 322
119, 983
132, 544
142, 792
149, 059
155, 507

38,975
49, 576
51, 081
50, 926
53, 919
51,316
56, 322
55,473
58, 291

4,641
7,236
15, 221
11, 496
10, 760
10, 575
10, 956
12, 512
16,031

18,116
20, 672
22, 473
25, 023
26, 918
26, 529
26, 715
28, 416
27, 636

11.10
12.41
9.64
10.15
10.64
9.64
10.44
9.53
9.19

140, 864
164, 276
179,644
186, 248
190, 718
194, 888
198, 912
201, 643
205, 243

56, 683
72, 532
75,156
73, 491
73, 824
77, 685
79, 311
83, 082
84, 385

39, 212
48, 706
54, 227
51, 504
51,463
55,103
57, 659
59, 692
60, 973

17,471
23, 826
20,929
21, 987
22, 361
22, 582
21, 652
23, 390
23,412

2,378
3,937
6,434
5,631
5,610
5,649
5,804

34, 334
42, 340
35, 860
39, 430
43,159
40, 741
45, 366
42, 981
42, 260
15, 093
19, 889
14, 495
16, 356
16, 751
16, 933
15, 848
16, 781
16,196

9,914
10, 764
11, 383
11, 597
13, 671
13,151
12, 709
15, 618
13, 096

10.71
12.11
8.07
8.78
8.78
8.69
7.97
8.32

_.

110390—28




Total
net
earnings

7,216

248
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
118.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, BY
FEDERAL RESERVE DISTRICTS, 1919-1927—Continued
[Amounts in thousands of dollars]

District and year
ending June 30

Ratio
of net
Net
addiDivilosses Net ad- dends tion to
charged dition to declared profits
profits
off
to capital and
surplus

Capital
and
surplus
(as of
June 30)

Gross
earnings

Total
expenses

109,147
128,471
136, 757
142,231
146, 262
151,173
152, 560
164, 583
168,191

48, 886
66,189
75, 656
65,044
66,093
70,187
75, 091
89,091
83, 277

33, 705
44,123
55, 730
47, 589
47, 087
51, 305
53, 255
61, 743
60,993

15,181
22,066
19, 926
17, 455
19,006
18. 882
21, 836
27, 348
22, 284

3,254
3,150
7,478
6,541
5,278
6,349
7,894
7,793
9,225

11,927
18,916
12,448
10, 914
13, 728
12, 533
13, 942
19, 555
13, 059

7,392
10, 834
10, 817
9,276
13, 291
11,760
10, 746
11, 908
12, 208

Per cent
10.93
14.72
9.10
7.67
9.39
8.29
9.14
11.88
7.76

389, 369
444,085
475,310
481,416
496, 269
503, 721
516, 796
551,989
572, 954

185, 587
234, 765
271,165
251,170
245, 642
253,480
262,486
284,142
296,084

131,410
162,006
189,025
174, 842
179, 852
188,434
196, 220
209,295
218,617

54,177
72, 759
82,140
76,328
65, 790
65,046
66, 266
74, 847
77,467

11,513
13,750
21,697
28, 911
20,027
21,678
20,641
15, 684
18, 282

42, 664
59,009
60,443
47, 417
45, 763
43,368
45, 625
59,163
59,185

27,936
33,018
33, 362
33,167
34, 546
33,954
33, 380
35, 291
36,317

10.96
13 29
12.72
9.85
9.22
8.61
8.83
10.72
10. 33

127, 288
143,408
150,096
158,428
165,642
169,278
168, 819
174,933
175,847

51, 746
68, 352
74, 980
71, 305
75, 343
77,699
79, 986
85,605
86, 541

35,290
46, 396
52,355
50,298
53, 727
56, 477
58,090
62,372
64,488

16,456
21, 956
22, 625
21,007
21, 616
21, 222
21, 896
23, 233
22,053

2,503
3,286
7,890
7,766
6,258
8,119
9,707
6,165
6,842

13, 953
18,670
14, 735
13, 241
15, 358
13,103
12,189
17,068
15,211

9,164
11, 298
11,046
11,128
13,402
13, 732
11, 722
11,685
13,746

10.96
13.02
9.82
8.36
9. 27
7.74
7.22
9.76
8.65

100, 373
110,101
117,421
118, 732
116,513
107, 588
104,057
100,699
97,280

55, 298
66,157
74, 936
66, 278
61,994
58, 610
58, 236
56, 983
55,750

41,016
50,991
59, 288
53,465
51, 998
49,044
47,000
44,785
43, 063

14, 282
15,166
15,648
12,813
9,996
9,566
11,236
12,198
12, 687

2,434
2,644
5,021
7,222
6,693
7,719
7,443
5,635
6,506

11,848
12, 522
10,627
5,591
3,303
1,847
3,793
6,563
6,181

8,890
8,528
7,401
6,703
8,893
5,560
5,302
5,544
5,699

11.80
11.37
9.05
4.71
2.83
1.72
3.65
6.52
6.35

127, 218
145, 526
150, 324
151,169
151, 551
143, 306
139,808
135, 886
136, 535

73, 836
90,514
94, 349
83, 585
85,167
82,132
80,048
81,780
83,067

52, 298
65, 757
71,115
65,201
65, 701
63,913
62,103
62, 224
61,401

21, 538
24, 757
23,234
18,384
19,466
18, 219
17,945
19. 556
21,666

4,185
4,099
10, 282
12,993
13,430
15,653
12, 322
11, 899
13,063

17, 353
20,658
12,952
5,391
6,036
2,566
5,623
7,657
8,603

12, 296
14,255
11,562
10,299
11,511
8,738
8,157
8,031
8,347

13.64
14.20
8.62
3.57
3.98
1.794.02
5.63
6.30

110, 519
130,033
140,320
138, 758
138,674
136,341
138,808
140,211
138,814

46,918
64,643
70,501
58,974
58,630
60,244
59,362
63,193
61, 370

31,011
41,163
51,428
43,166
42, 540
42,945
42,131
43, 215
43, 872

15,907
23,480
19,073
15,808
16,090
17, 299
17,231
19, 978
17,498

3,893
3,445
11,612
14,254
12, 725
9,919
7,939
7,674
8,480

12,014
20,035
7,461
1,554
3,365
7,380
9, 292
12,304
9,018

9,084
11,631
9,010
9,391
9,870
8,148
10,318
9,467
8,289

10.87
15.41
5.32
1.12
2.43
5.41
6.69
8.78
6.50

160,338
218,364
244,170
244, 546
261,024
265,949
272,747
278,953
300,007

77, 264
124,946
146,582
142, 705
150,719
159, 636
170,134
183, 684
193, 529

51,960
85,281
106,719
105,470
114,643
121,650
132,093
140, 208
146,504

25, 304
39,665
39,863
37,235
36,076
37, 986
38,041
43,476
47,025

8,076
11,179
18,088
18,897
18,262
14,718
12,182
14,449
16,968

17,228
28,486
21, 775
18, 338
17, 814
23,268
25,859
29,027
30,057

12, 277
18,321
18,359
16,979
20,103
19,025
19,840
21,077
22,231

10.74
13.05
8.92
7.5Q
6.82
8.75.
9.48
10.41
10.02

Atlanta:
1919
1920
1921
1922.
1923
1924..
_
1925
1926
1927
Chicago:
1919
1920
1921
1922
1923...
1924 . ._
1925
1926
1927
St. Louis:
1919
_._
1920
1921...
1922
1923
1924
1925
1926
1927
Minneapolis:
1919
1920
1921
1922
1923
1924
1925
1926
1927
Kansas City:
1919
1920
1921
1922
1923
1924
1925
- . -.
1926
1927
Dallas:
1919
1920
1921
1922
1923
1924
1925
1926
1927
San Francisco:
1919
1920
1921
1922
1923
1924
1925
1926
1927




Total
net
earnings

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS 2 4 9
No.

119.—NATIONAL
BANKS 1—EARNINGS,
EXPENSES,
AND
FEDERAL RESERVE DISTRICTS, 1919-1927

DIVIDENDS,

BY

I Amounts in thousands of dollars]

Gross
earnings

Total
expenses

Total
net
earnings

1,983, 732
2, 205,140
2, 298, 352
2, 355,157
2, 398,051
2 413,184
2,486, 828
2 610,133
2, 729. 463

910, 355
1,108, 669
1, 201. 427
1,066, 842
1,048, 899
1,074, 013
1,123,483
1,191, 527
1, 242, 262

610, 526
736, 092
829, 599
732, 702
736, 254
765, 696
798,321
841, 227
881,872

299,829
372, 577
371, 828
334,140
312, 645
308,317
325,162
350, 300
360, 390

59, 583
90.620
155, 890
150, 579
109, 320
112, 794
101,404
101, 358
108, 314

240, 246
281,957
215,938
183, 561
203,325
195, 523
223, 758
248, 942
252,076

135, 532
147, 712
158, 070
165, 821
179,070
163, 587
164, 919
173, 635
180, 629

Per cent
12.11
12.79
9.40
7.79
8.48
8.10
9.00
9.5^
9.24

169,014
185, 429
188,150
190, 295
197, 997
193,918
209,120
209, 509
223,421

60, 525
72,018
82, 390
73, 536
74,105
80,837
88, 983
92, 214
98, 200

39,543
46, 272
52, 867
49,889
53,144
57,827
61, 839
65, 676
69,154

20, 982
25,746
29, 523
23,647
20, 961
23,010
27,144
26, 538
29,046

3, 844
6,402
13, 717
10, 982
5,037
9,650
11, 297
6,897
12, 716

17,138
19, 344
15,806
12, 665
15, 924
13, 360
15, 847
19, 641
16,330

9,557
10, 384
11, 269
13, 913
13, 803
12,073
12,472
13, 642
14, 243

10.14
10.43
8.40
6.66
8.04
6.89
7.58
9.37
7.31

417, 512
481,912
519,658
546,097
544,158
559,199
593,877
658,832
688,192

231, 531
279,118
302, 403
258, 578
245,531
246,192
269, 596
290,138
302, 553

149, 985
177,491
200,885
164,560
159,671
164, 308
180, 239
193, 722
201, 892

81, 546
101, 627
101,518
94, 018
85,860
81,884
89, 357
96,416
100,661

14,040
34,096
48,450
41, 207
23, 439
23,059
18,647
24,860
16, 510

67, 506
67, 531
53, 068
52, 811
62,421
58, 825
70, 710
71, 556
84,151

25, 595
21, 590
37, 745
43, 904
43,038
41, 871
43, 280
46,183
50, 438

16.17
14.01
10.21
9.67
11.47
10. 52
11. 90
10. b(>
12.23

188, 298
206,988
214,322
223, 392
236,020
244,499
260, 616
280,518
295, 715

69,152
83,036
88, 360
86, 681
87,458
91, 267
97,425
105,882
109,098

44, 932
53,140
55,835
,53,379
55,036
59,041
63, 771
68,117
72, 713

24, 220
29, 896
32, 525
33,302
32,422
32, 226
33, 654
37, 765
36,385

5,246
10, 317
15,149
10, 789
4,615
5,554
3,684
5,775
5,403

18, 974
19, 579
17, 376
22, 513
27,807
26, 672
29, 970
31,990
30, 982

9,483
10,954
11, 776
13, 970
15,940
14,188
15, 629
16,105
17,842

10.08
9.46
8.11
10.08
11.78
10.91
11.50
11.40
10.48

216,096
232,671
228, 010
234,167
241, 734
243,065
246, 345
256, 974
252, 009

86, 592
100, 504
107, 222
97, 335
100,283
102,867
109,002
110, 461
112, 423

57, 881
65, 669
71, 999
65, 792
68, 546
72,805
76, 661
79, 730
81,023

28, 711
34, 835
35,223
31, 543
31,737
30,062
32, 341
30, 731
31,400

4,685
6,027
12,850
9,310
6,930
6,306
6,697
6.953
11,049

24, 026
28, 808
22,373
22, 233
24, 807
23, 756
25, 644
23, 778
20, 351

12,449
14,055
14,149
15, 682
16,834
15, 861
15, 705
16, 744
15, 286

11.12
12 38
9.81
9.49
10 26
9.77
10.41
9 25
8.08

123, 963
141,917
154,685
158,851
161, 652
162,123
165, 619
167, 278
169, 358

50,327
63,146
64, 991
63,242
62,688
65,358
65, 897
68,353
68,658

34,979
42, 393
46, 383
44,392
43,582
46,200
47,869
48,801
49, 559

15, 348
20, 753
18,608
18,850
19,106
19,158
18,028
19, 552
19,099

2,147
3,481
5,974
4,913
4,821
4,841
5, 295
5,602
6,077

13. 201
17, 272
12, 634
13,937
14, 285
14, 317
12, 733
13, 950
13,022

8,705
9,492
9,861
9,999
11, 291
11, 388
10,816
13, 590
10,956

10.65
12.17
8 17
8.77
8 84
8.83
7 69
8.34
7.69

81, 751
88,544
92,460
94, 539
94, 982
100, 925
102, 865 •
113, 573
123, 568 1

36,238
44,081
49, 578
41, 971
42, 328
44, 581
48,757
59, 757
58,473

24, 686
28,914
36, 768
30, 383
29,621
32, 363
34,693
41,152
42, 919

11, 552
15,167
12, 812
11,588
12, 707
12, 218
14, 064
18, 605
15, 554

2,782
1,975
4,255
4,139
3,895
3,847
4,684
4,508
6,077

8,770
13,192
8,557
7,449
8,812
8,371
9,380
14,097
9,477

5,573
7,213
7,820
6, 253
9,390
8,041
7,110
8,388
8,819

10.70
14.90
9.25
7.88
9 28
8.29
9.12
12.41
7.67

District and year
ending June 30

All national banks:
1919
1920
.
1921
1922
1923
1924
1925
1926
1927
Boston:
1919
1920
_
1921
1922
.
1923
1924
1925
1926
1927 . .
N e w York:
1919
1920
1921
1922
1923
1924
1925
.
1926
1927
. . .
Philadelphia:
1919
1920
. .
1921
1922
1923
1924
1925
1926
1927
Cleveland:
1919
. _
1920
1921
1922
. .
1923
1924
1925
1926
1927
Richmond:
1919
1920 . . . .
1921
1922
1923
1924
1925
1926
1927
Atlanta:
1919 . .
1920
1921
1922
1923
1924
1925
1926
1927
1

Ratio
of net
addiDiviNet adtion to
dition to d e n d s
profits
profits declared
to capital and
surplus

Capital
and
surplus
(as of
J u n e 30)

Net
losses
charged
off

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




250
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
119.—NATIONAL BANKS—EARNINGS,
FEDERAL RESERVE DISTRICTS,

EXPENSES, AND DIVIDENDS,
1919-1927—Continued

BY

[Amounts in thousands of dollars]

District and year
ending June 30

Capital
and
surplus
(as of
June 30)

Gross
earnings

Total
net
Total
expenses earnings

Ratio
of net

Net
addition to
losses Net ad- Diviprofits
charged dition to dends
declared to capiprofits
off

tal and

surplus
Chicago:
1919
1920
1921
1922
1923
1924
1925
1926
1927
St. Louis:
1919
1920
1921
1922
1923
1924
1925
1926
1927
Minneapolis:
1919
1920
1921
1922
1923.-.
1924
1925
1926
1927
Kansas City:
1919
1920
1921
1922
1923
1924
1925
1926__.
1927
Dallas:
1919
_.
1920
1921
1922
1923.
1924
1925
1926
1927

San Francisco:
1919
1920
1921
1922
1923
1924
1925
1926
1927




246,473
268,991
289, 233
286,121
294, 576
301, 975
294,839
310, 497
314, 959

112,979
138, 267
156, 402
137, 764
130. 790
137, 243
136,776
143, 770
149,420

76, 541
94, 779
107, 736
95,159
96,026
101, 692
101,958
106, 111
109,604

36,438
43, 488
48, 666
42, 605
34, 764
35, 551
34,818
37, 659
39,816

8,154
9,018
14, 230
20,057
14,952
14, 342
14, 545
11,225
11,003

28, 284
34,470
34,436
22, 548
19,812
21, 209
20,273
25,434
28, 813

18,708
21,459
21,117
20, 228
20,965
20, 019
18, 731
19, 653
19,574

Per cent
11.48
12.81
11.91
7.88
6.73
7.02
6.88
8.51
9.15

85,670
95, 767
97,808
101, 336
104,579
104,660
105,001
1G8, 994
110,019

33,973
43, 737
47,250
42, 628
44,658
45,870
46, 783
49,459
51,376

23,192
29, 518
32,303
30,012
31, 862
33,069
33,408
35, 875
38, 863

10,781
14, 219
14,947
12, 616
12,796
12,801
13,375
13, 584
12, 513

1, 745
1,924
4,820
4,188
3,962
4,358
3,547
3,900
3,761

9,036
12, 295
10,127
8,428
8,834
8,443
9,828
9,684
8,752

6,099
7,662
7,582
7,272
7,728
8,955
7,835
7,537
9,394

10.55
12.84
10.35
8.32
8.45
8.07
9.36
8.88
7.95

91,261
97,989
102,680
104,042
104, 627
97, 933
95,471
93,171
91,190

50,304
59, 235
65, 764
57,458
54,647
52, 751
52, 998
52,128
51,711

37,080
45,499
51,775
45,986
45, 817
44,117
42, 645
40,961
39, 915

13, 224
13, 736
13, 989
11,472
8,830
8, 634
10,353
11,167
11, 796

2,296 10, 928
2,369 11,367
4,360 , 9,629
6,319 I 5,153
5,785
3,045
6,964
1,670
6,844
3,509
4, 862
6,3C5
5,766
6,030

8,280
7,779
6,680
6,136
8,393
5,151
4,915
5,183
5,379

11.96
11.60
9.38
4.95
2.91
1.71
3.68
6. 77
6.61

120,335
135, 993
132, 717
137, 739
137, 333
131,356
127, 750
123, 312
124, 523

68, 602
83, 270
84,984
74,056
74, 889
73, 769
72,047
73,280
74, 233

48,508
60,124
63, 853
57, 551
58,180
57,407
55, 805
55, 459
54, 815

20,094
23,146
21,131
16, 505
16, 709
16, 362
16, 242
17, 821
19,418

3,814
3,916
9,499
11, 896
12, 383
14, 761
11,465
11,315
11, 822

16, 280
19, 230
11, 632
4,609
4,326
1,601
4,777
6,506
7,596

11,617
13,126
10,358
9,259
10,468
7,768
7,212
7,058
7,397

13.53
14.14
8.76
3.35
3.15
1.22
3.74
5.28
6.10

99, 981
113,603
117, 322
119, 202
119,977
120,303
128, 516
131, 535
130,553

42, 705
57, 727
59, 763
50,173
50,855
52,849
53, 663
59,006
58,053

28, 208
36,847
43,701
36, 608
36, 837
37, 724
38,062
40,326
41,355

14, 497
20,880
16,062
13,565
14,018
15,125
15, 601
18, 680
16, 698

3,637
3,180
10,124
11,994
10, 495
8,407
6,614
6,799
7,863

10, 860
17,700
5,938
1,571
3,523
6,718
8,987
11,881
8, 835

8,423
10,675
7,792
8,699
9,142
7,325
9,815
9,123
8,022

10.86
15.58
5.06
1.32
2.94
5.58
6.99
9.03
6.77

143, 378
155, 336
161, 307
159, 376
160, 416
153, 228
156, 809
155,940
205, 956

67,427
84,530
92,320
83,420
80,667
80,429
81, 556
87,079
108,064

44,991
55,446
65,496
58,991
57, 932
59,143
61,371
65, 297
80,060

22, 438
29,084
26, 824
24,429
22, 735
21,286
20,185
21, 782
28,004

7,193
7,915
12,462
14, 785
13,006
10, 705
8,085
8,662
10, 267

15, 243
21,169
14, 362
9,644
9,729
10,581
12,100
13,120
17, 737

11,043
13,323
11,921
10,506
12,078
10,947
11, 399
10,429
13, 279

10.63
13.63
8.90
6.05
6.06
6.91
7.72
8.41
8.61

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS
No.

120.—STATE BANK MEMBERS—EARNINGS,

251

EXPENSES, AND DIVIDENDS, BY

FEDERAL RESERVE DISTRICTS, 1919-1927
[Amounts in thousands of dollars]

Capital
and
surplus
(as of
June 30)

District and year
ending June 30

All State bank members:
1919
1920
1921...
1922
1923
1924
1925
1926
1927
Boston:
1919.
1920
1921.
1922
1923
1924
1925
1926.
1927
New York:
1919_
1920.
1921
1922.
1923
1924.
1925.
1926
1927
Philadelphia:
1919..
1920
1921
1922...
1923
1924...
1925
1926
1927
Cleveland:
1919
1920.
1921.
1922
1923
1924.
1925
1926..
1927..
Richmond:
1919
1920....
1921
1922
1923..
1924
1925
1926.
1927

Atlanta:

1919
1920...
1921.
1922
1923
1924
1925.
1926
1927...

Gross
Total
earnings expenses earnings

I

Net adDividition to dends
profits declared

Ratio
of net
addition to
profits
to capital and
surplus

266,087
361,379
438,106
423, 715
453,478
488, 287
522, 644
567, 879
593, 329

114, 559
166, 093
190,138
178, 872
181,135
180, 032
197, 781
223, 811
233, 279

20,473
38,442
60.419
63,284
39, 323
38,440
43,135
38, 345
45, 938

94,086
127, 651
129, 719
115, 588
141,812
141, 592
154, 646
185, 466
187,341

55, 765
70, 641
80, 597
80, 229
91, 792
92, 686
95, 758
105, 723
111,437

Per cent
11. 87
12.92
11.61
10.13
11.52
11.00
11.46
12.71
11.90

30, 723
37,176
44, 770
41, 623
40, 803
39,905
42,473
45, 826
50, 213

21,902
26, 698
30, 674
30,811
30, 596
30, 087
31, 653
34, 341
38,373

8,821
10, 478
14,096
10, 812
10, 207
9,818
10,820
11,485
11,840

1,476
2,199
3,803
8,218
3,791
2,968
3,407
2,953
2,621

7,345
8,279
10, 293
2,594
6,416
6,850
7,413
8, 532
9,219

3,612
4,219
4,779
4,691
4,496
4,578
4,786
4,999
5,902

12.06
12.01
13.66
3.26
8.86
9.40
9.61
10.42
10.28

297, 999
353, 624
377,816
368, 796
415,488
425,795
449, 057
509,014
610, 016
.....

380, 646
527, 472
628, 244
602, 587
634,613
668, 319
720, 425
791, 690

60, 908
68, 950
75,362
79,666
72, 380
72,883
77,143
81,880
89, 691

.

792, 758
988,197
1,117,370
1,141, 532
1, 231, 417
1, 286, 744
1,349,414
1,458, 893
1, 574, 617

162, 975
205,978
236, 405
206, 679
215,448
227,141
244,457
274,467
304, 763

111,053
137, 591
156,484
136,909
146,362
160, 289
168, 013
186,448
207,443

51,922
68,387
79,921
69,770
69,086
66,852
76, 444
88,019
97, 320

10,807
20,458
29,447
28,138
11, 566
9,243
12, 628
10, 054
13,090

41,115
47,929
50,474
41, 632
57, 520
57, 609
63, 8J 6
77,965
84, 230

23, 761
27,450
32, 884
31, 014
35, 859
36, 327
38, 246
42,964*
47, 421

13. 80
13.55
13.36
11.29
13.84
13.53
14.21
15.32
13.81

68, 379
71, 097
74, 569
78, 498
91, 026
108, 691
119,371
129, 365
142,112

19,631
22, 893
25,355
24, 532
28, 853
33, 457
37, 206
42, 598
46, 242

12,025
13, 608
15,491
15,012
17,929
21, 016
24,107
28, 209
30, 208

7,606
9,285
9,864
9,520
10, 924
12,441
13,099
14, 389
16,034

1,766
2,864
2,020
818
1,152
381
-12
744
1,299

5,840
6,421
7,844
8,702
9,772

12, 060
13,111
13, 645
14, 735

4,220
4,435
4,801
4,995
5,521
6,639
7,375
8,428
8,651

8.54
9.03
10.52
11.09
10.74
11.10
10.98
10.55
10.37

93,168
108,402
143, 793
154, 250
164,012
179, 634
188, 206
194, 037
208, 053

33, 654
47,320
59,441
67, 913
73,619
80, 993
90,112
94,071
101,375

23,390
32, 579
43,583
48, 530
51,437
59,739
66,131
69,329
74,484

10, 264
14,741
15,858
19, 383
22,182
21,254
23,981
24, 742
26, 891

-44
1,209
2,371
2,186
3,830
4,269
4,259
5, 559
4,982

10, 308
13, 532
13,487
17,197
18, 352
16,985
19, 722
19,183
21, 909

5,667
6,617
8,324
9,341
10, 084
10, 668
11,010
11,672
12, 350

11.06
12.48
9.38
11.15
11.19
9.46
10.48
9.89
10. 53

16, 901
22, 359
24, 959
27, 397
29,066

32, 765
33, 293
34, 365
35, 885

6, 356
9,386
10,165
10, 249
11,136
12, 327
13,414
14, 729
15, 727

4,233
6,313
7,844
7,112
7,881
8,903
9,790
10,891
11,414

2,123
3,073
2,321
3,137
3,255
3,424
3,624
3,838
4,313

231
456
460
718
789
808
509
1,007
1,139

1,892
2,617
1, 861
2,419
2,466
2,616
3,115
2,831
3,174

1,209
1,272
1.522
l', 598
2,380
1,763
1,893
2,028
2,140

11.19
11.70
7.46
8.83
8.48
7.98
9.36
8.24
8.84

27, 396
39, 927
44,297
47, 692
51, 280
50, 248
49, 695
51,010
44, 623

12, 648
22,108
26, 078
23,073
23, 765
25, 606
26, 334
29, 334
24, 804

9,019
15, 209
18,964
17, 206
17,466
18, 942
18, 562
20,591
18, 074

3,629

472
1,175
3,223
2,402
1,383
2,502
3,210
3, 285
3,148

3,157
5,724
3,891
3, 465
4,916
4,162
4,562
5, 458
3,582

1,819
3,621
2,997
3,023
3,901
3,719
3,636
3,520
3,389

11.52
14.34
8.78
7.27
9.59
8.28
9.18
10.70
8.03




7,114
5, 867
6,299
6,664
7,772
8,743
6,730

252

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

No. 120.—STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS, BY

FEDERAL RESERVE DISTRICTS, 1919-1927—Continued
[Amounts in thousands of dollars]

District and year
ending June 30

Chicago:
1919
1920
-.
1921
1922
1923...
1924
1925
1926
1927
St. Louis:
1919.1920
1921
1922
1923
1924
1925
1926
1927
Minneapolis:
1919..
1920
1921
1922..
1923.
1924
1925
1926
1927.A
Kansas City:
1919
1920
1921
1922
1923
1924
1925
1926..
1927...
Dallas:
1919
1920
1921...
1922
.,_
1923..
_
1924
1925
1926
1927
San Francisco:
1919...
1920
1921._.
1922
1923
1924
1925
1926
_
1927...

Capital
and
surplus
(as of
June 30)

Gross
earnings

Net

Total
Total
net
expenses earnings

charged
off

Ratio
of net
addiNet adDivition to
dition to dends
profits
profits declared to capital and
surplus

142,896
175,094
186,077
195, 295
201,693
201, 746
221,957
241,492
257,995

72,608
96,498
114,763
113, 406
114,852
116,237
125, 710
140,372
146, 664

54,869
67,227
81,289
79, 683
83, 826
86, 742
94, 262
103,184
109,013

17, 739
29,271
33,474
33, 723
31,026
29,495
31,448
37,188
37, 651

3,359
4,732
7,467
8,854
5,075
7,336
6,096
4,459
7,279

14,380
24,539
26,007
24,869
25,951
22,159
25,352
32,729
30,372

9,228
11,559
12,245
12, 939
13, 581
13,935
14,649
15,638
16, 743

Per cent
10.06
14.01
13.97
12.73
12.87
10.98
11.42
13. 55
11.77

41, 618
47,641
52,288
57,092
61,063
64, 618
63,818
65,939
65,828

17,773
24, 615
27, 730
28,677
30,685
31,829
33,203
36,146
35,165

12,098
16, 878
20,052
20,286
21,865
23,408
24,682
26, 497
25,625

5,675
7,737
7,678
8,391
8,820
8,421
8,521
9,649
9,540

758
1,362
3,070
3,578
2,296
3,761
6,160
2,265
3,081

4,917
6,375
4,608
4,813
6,524
4,660
2,361
7,384
6,459

3,065
3,636
3,464
3,856
5,674
4,777
3,887
4,148
4,352

11.81
13.38
8.81
8.43
10.68
7.21
3.70
11.20
9.81

9,112
12,112
14, 741
14,690
11, 886
9,655
8,586
7,528
6,090

4,994
6,922
9,172
8,820
7,347
5,859
5,238
4,855
4,039

3,936
5,492
7,513
7,479
6,181
4,927
4,355
3,824
3,148

1,058
1,430
1,659
1,341
1,166
932
883
1,031
891

138
275
661
903
908
755
599
773
740

920
1,155
998
438
258
177
284
258
151

610
749
721
567
500
409
387
361
320

10.10
9.54
6.77
2.98
2.17
1.83
3.31
3.43
2.48

6,883
9,533
17, 607
13,430
14,218
11,950
12, 058
12, 574
12,012

5,234
7,244
9,365
9,529
10,278
8,363
8,001
8,500
8,834

3,790
5,633
7,262
7,650
7,521
6,506
6,298
6,765
6,586

1,444
1,611
2,103
1,879
2,757
1,857
1,703
1,735
2,248

371
183
783
1,097
1,047
892
857
584
1,241

1,073
1,428
1,320
782
1,710
965
846
1,151
1,007

679
1,129
1,204
1,040
1,043
970
945
973
950

15.59
14.98
7.50
5.82
12.03
8.08
7.02
9.15
8.38

10, 538
16,430
22,998
19, 556
18, 697
16,038
10,292
8,676
8,261

4,213
6,916
10, 738
8,801
7,775
7,395

1,410
2,600
3,011
2,243
2,072
2,174
1,630
1,298
800

256
265
1,488
2,260
2,230
1,512
1,325
875
617

1,154
2,335
1,523
i 17
i 158
662
305
423
183

661
956
1,218
692
728
823
503
344
267

10.95
14.21
6.62

4,187
3,317

2,803
4,316
7,727
6,558
5,703
5,221
4,069
2,889
2,517

16,960
63,028
82,863
85,170
100, 608
112,721
115,938
123, 013
94, 051

9,837
40,416
54,262
59, 285
70,052
79,207
88, 578
96, 605
85,465

29,835
41,223
46,479
56, 711
62,507
70, 722
74, 911
66,444

2,868
10,581
13,039
12, 806
13, 341
16,700
17, 856
21, 694
19,021

3,264
5,626
4,112
5,256
4,013
4,097
5,787
6,701

1,985
7,317
7,413
8,694
8,085
12, 687
13, 759
15,907
12,320

1,234
4,998
6,438
6,473
8,025
8,078
8,441
10, 648
8,952

11.70
11.61
8.95
10.21
8.04
11.26
11.87
12.93
13.10

i Net deduction.




4.13
2.96
4.88
2.22




APPENDIX

253

RECOMMENDATIONS OF THE FEDERAL ADVISORY
COUNCIL TO THE FEDERAL RESERVE BOARD
OFFICERS AND MEMBERS OF THE FEDERAL ADVISORY COUNCIL
FOR THE YEAR 1927
OFFICERS
President, F. O. WETMORE

Vice President, J. F. BRUTON
Secretary, WALTER LICHTENSTEIN

EXECUTIVE COMMITTEE
F. O. WETMORE.
J. F. BRUTON.
J. S. ALEXANDER.

HARRIS CREECH.
BRECKINRIDGE JONES.
L. L. R U E .

MEMBERS
A. M. HEARD, Federal Reserve District No. 1.
J. S. ALEXANDER, Federal Reserve District No. 2.
L. L. RUE, Federal Reserve District No. 3.
HARRIS CREECH, Federal Reserve District No. 4.
J. F. BRUTON, Federal Reserve District No. 5.
P. D. HOUSTON, Federal Reserve District No. 6.
F. O. WETMORE, Federal Reserve District No. 7.
BRECKINRIDGE JONES, Federal Reserve District No. 8.
THEODORE WOLD, Federal Reserve District No. 9.
P. W. GOEBEL, Federal Reserve District No. 10.
B. A. MCKINNEY, Federal Reserve District No. 11.
H. S. M C K E E , Federal Reserve District No. 12.

RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL
FEBRUARY 18, 1927
TOPIC NO. 1.—What is the view of the Federal Advisory Council
in respect to the future discount and open-market policies of the
Federal reserve banks?
Recommendation.—The Federal Advisory Council does not believe
that there is anything in the present business situation which would
warrant any reduction of existing discount rates or necessitating any
change in present open-market policy. The council feels, however,
that should interest rates continue to decline the Federal reserve
banks should reduce their holdings of bills bought in the open
market.
TOPIC NO. 2.—What aid should be rendered by a Federal reserve
bank to a member bank in weakened condition? Should consideration be given in the first place to the depositors of the bank or to
the ability of the bank to make further loans?
Recommendation.—The Federal Advisory Council believes that no
general rule can be laid down in regard to the assistance to be ren-




255

256

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

dered by a Federal reserve bank to a member bank in weakened
condition. The council is of the opinion that satisfactory management is of first importance in determining policy and that the
ultimate end to be achieved should be the conservation of the interest
of depositors.
TOPIC NO. 3.—What action, if any, is advisable in view of the
diminution of the number of par points?
Recommendation.—While there has been some diminution in the
number of par points, largely due to failures and mergers, there is
nothing in the present situation to warrant any action at this time.
MAY 20, 1927

1.—The question of the Cuban agency.
Recommendation.—The Federal Advisory Council recognizes that
it is not advisable to discontinue the Cuban agency at this time.
The council, however, wishes to reiterate the view to which it has
given expression on several occasions in the past, to wit, that it does
not believe it to be good policy for the Federal reserve banks to
establish agencies of the character of the Cuban agency outside of the
continental United States. The council, therefore, suggests to the
Federal Keserve Board that it study the whole problem to the end
that, if possible, some plan be devised which may be an effective
substitute for the present arrangement.
TOPIC NO. 2.—Open-market operations.
Recommendation.—The Federal Advisory Council approves of the
present policy of the Federal Reserve Board and the Open Market
Investment Committee in aiming to acquire from time to time, as
occasion requires, an amount of securities sufficient to enable the
system to exercise some control over the market whenever this seems
advisable. The council further approves the present method of
conducting operations through a committee of the governors.
TOPIC NO.

SEPTEMBER 16,1927
TOPIC NO. 1.—Should Federal reserve banks require audited
statements in connection with the paper which they discount for
member banks?
Recommendation.—The council would consider it impractical to
make a rule requiring audited statements in connection with bills
discounted for member banks.
TOPIC NO. 2.—Question of eligibility of notes indorsed by officers
of nonmember banks.
Recommendation.—The council does not consider the mere fact
that paper has been indorsed by an individual who happens to be an
officer of a nonmember bank as making such paper ineligible for
rediscount.
NOVEMBER 18, 1927
TOPIC NO. 1.—At present a tax of 1 3 ^ per cent is imposed upon the
discount received by any foreign corporation from American bankers'
acceptances.




RECOMMENDATIONS OF ADVISORY COUNCIL

257

Recommendation.—On September 17, 1926, the council made the
following recommendation: "The tax of 1 3 ^ per cent imposed
upon the discount received by any foreign corporation from American
bankers' acceptances restricts the market for American bankers'
acceptances. The Federal Advisory Council requests the Federal
Reserve Board to use its good offices to have the law and/or regulations of the present income-tax law amended, so that the income
derived from American bankers' acceptances by foreign holders may
not be subjected to an income tax.
In view of the recommendation by the Secretary of the Treasury
to the Congress that the discount received from American bankers7
acceptances by foreign banks of issue be exempted from, taxation by
our Government the Federal Advisory Council wishes to reiterate
the recommendation cited above.
TOPIC NO. 2.—New ruling in reference to acceptances.
Recommendation.—The Federal Advisory Council approves the
proposed new rulings in reference to acceptances submitted by the
Federal Reserve Board but suggests that the Federal Reserve Board
either amend the ruling or advise the Acceptance Committee so to
administer the ruling that due care be taken that no duplication of
financing occur and that a second acceptance be in effect merely an
extension of an alreadv existing: credit.




AMENDMENTS TO THE FEDERAL RESERVE ACT
[PUBLIC—No. 639—69TH CONGRESS]

[H. R. 2]
AN ACT To further amend the national banking laws and the Federal Reserve Act, and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That the Act entitled "An Act to provide for
the consolidation of national banking associations/' approved November 7, 1918,
be amended by adding at the end thereof a new section to read as follows:
" S E C . 3. That any bank incorporated under the laws of any State, or any
bank incorporated in the District of Columbia, may be consolidated with a
national banking association located in the same county, city, town, or village
under the charter of such national banking association on such terms and conditions as may be lawfully agreed upon by a majority of the board of directors
of each association or bank proposing to consolidate, and which agreement shall
be ratified and confirmed by the affirmative vote of the shareholders of each
such association or bank owning at least two-thirds of its capital stock outstanding, or by a greater proportion of such capital stock in the case of such State
bank if the laws of the State where the same is organized so require, at a meeting
to be held on the call of the directors after publishing notice of the time, place,
and object of the meeting for four consecutive weeks in some newspaper of
general circulation published in the place where the said association or bank is
situated, and in the legal newspaper for the publication of legal notices or advertisements, if any such paper has been designated by the rules of a court in
the county where such association or bank is situated, and if no newspaper is
published in the place, then in a paper of general circulation published nearest
thereto, unless such notice of meeting is waived in writing by all stockholders of
any such association or bank, and after sending such notice to each shareholder
of record by registered mail at least ten days prior to said meeting, but any
additional notice shall be given to the shareholders of such State bank which
may be required by the laws of the State where the same is organized. The
capital stock of such consolidated association shall not be less than that required
under existing law for the organization of a national banking association in the
place in which such consolidated association is located; and all the rights, franchises, and interests of such State or District bank so consolidated with a national
banking association in and to every species of property, real, personal, and
mixed, and choses in action thereto belonging, shall be deemed to be transferred
to and vested in such national banking association into which it is consolidated
without any deed or other transfer, and the said consolidated national banking
association shall hold and enjoy the same and all rights of property, franchises,
and interests including the right of succession as trustee, executor, or in any other
fiduciary capacity in the same manner and to the same extent as was held and
enjoyed by such State or District bank so consolidated with such national
banking association. When such consolidation shall have been effected and
approved by the comptroller any shareholder of either the association or of the
State or District bank so consolidated, who has not voted for such consolidation, may give notice to the directors of the consolidated association within
twenty days from the date of the certificate of approval of the comptroller that
he dissents from the plan of consolidation as adopted and approved, whereupon
he shall be entitled to receive the value of the shares so held by him, to be ascertained by an appraisal made by a committee of three persons, one to be selected
by the shareholder, one by the directors of the consolidated association, and the
third by the two so chosen; and in case the value so fixed shall not be satisfactory
to such shareholder he may within five days after being notified of the appraisal
appeal to the Comptroller of the Currency, who shall cause a reappraisal to be
made, which shall be final and binding; and the consolidated association shall
pay the expenses of reappraisal, and the value as ascertained by such appraisal
or reappraisal shall be deemed to be a debt due and shall be forthwith paid to
said shareholder by said consolidated association, and the shares so paid for
shall be surrendered and, after due notice, sold at public auction within thirty
days after the final appraisement provided for in this Act; and if the shares so
258




AMENDMENTS TO FEDERAL RESERVE ACT

259

sold at public auction shall be sold at a price greater than the final appraised
value, the excess in such sale price shall be paid to the said shareholder; and the
consolidated association shall have the right to purchase such shares at public
auction, if it is the highest bidder therefor, for the purpose of reselling such
shares within thirty days thereafter to such person or persons and at such price
as its board of directors by resolution may determine. The liquidation of such
shares of stock in any State bank shall be determined in the manner prescribed
by the law of the State in such cases if such provision is made in the State law;
otherwise as hereinbefore provided. No such consolidation shall be in contravention of the law of the State under which such bank is incorporated.
"The words 'State bank,' 'State banks/ 'bank/ or 'banks/ as used in this
section, shall be held to include trust companies, savings banks, or other such
corporations or institutions carrying on the banking business under the authority
of State laws."
SEC. 2. (a) That section 5136 of the Revised Statutes of the United States,
subsection "second" thereof as amended, be amended to read as follows:
"Second. To have succession from the date of the approval of this Act, or
from the date of its organization if organized after such date of approval until
such time as it be dissolved by the act of its shareholders owning two-thirds of
its stock, or until its franchise becomes forfeited by reason of violation of law,
or until terminated by either a general or a special Act of Congress or until
its affairs be placed in the hands of a receiver and finally wound up by him."
(b) That section 5136 of the Revised Statutes of the United States, subsection "seventh" thereof, be further amended by adding at the end of the
first paragraph thereof the following:
"Provided, That the business of buying and selling investment securities shall
hereafter be limited to buying and selling without recourse marketable obligations evidencing indebtedness of any person, copartnership, association, or
corporation, in the form of bonds, notes and/or debentures, commonly known
as investment securities, under such further definition of the term 'investment
securities' as may by regulation be prescribed by the Comptroller of the Currency, and the total amount of such investment securities of any one obligor
or maker held by such association shall at no time exceed 25 per centum of the
amount of the capital stock of such association actually paid in and unimpaired
and 25 per centum of its unimpaired surplus fund, but this limitation as to total
amount shall not apply to obligations of the United States, or general obligations of any State or of any political subdivision thereof, or obligations issued
under authority of the Federal Farm Loan Act: And provided further, That in
carrying on the business commonly known as the safe-deposit business no such
association shall invest in the capital stock of a corporation organized under
the law of any State to conduct a safe-deposit business in an amount in excess
of 15 per centum of the capital stock of such association actually paid in and
unimpaired and 15 per centum of its unimpaired surplus," so that the subsection as amended shall read as follows:
"Seventh. To exercise by its board of directors, or duly authorized officers
or agents, subject to law, all such incidental powers as shall be necessary to
carry on the business of banking; by discounting and negotiating promissory
notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits;
by buying and selling exchange, coin, and bullion; by loaning money on personal
security; and by obtaining, issuing, and circulating notes according to the
provisions of this title: Provided, That the business of buying and selling investment securities shall hereafter be limited to buying and selling without recourse
marketable obligations evidencing indebtedness of any person, copartnership,
association, or corporation, in the form of bonds, notes and/or debentures,
commonly known as investment securities, under such further definition of the
term 'investment securities' as may by regulation be prescribed by the Comptroller of the Currency, and the total amount of such investment securities of
any one obligor or maker held by such association shall at no time exceed 25
per centum of the amount of the capital stock of such association actually paid
in and unimpaired and 25 per centum of its unimpaired surplus fund, but this
limitation as to total amount shall not apply to obligations of the United States,
or general obligations of any State or of any political subdivision thereof, or
obligations issued under authority of the Federal Farm Loan Act: And provided
further, That in carrying on the business commonly known as the safe deposit
business no such association shall invest in the capital stock of a corporation
organized under the law of any State to conduct a safe deposit business in an
amount in excess of 15 per centum of the capital stock of such association actually
paid in and unimpaired and 15 per centum of its unimpaired surplus.



260

ANNUAL

REPORTJOF

THE FEDERAL RESERVE BOARD

"But no association shall transact any business except such as is incidental
and necessarily preliminary to its organization, until it has been authorized by
the Comptroller of the Currency to commence the business of banking."
SEC. 3. That section 5137 of the Revised Statutes of the United States, subsection "First" thereof, be amended to read as follows:
"First. Such as shall be necessary for its accommodation in the transaction of
its business."
SEC. 4. That section 5138 of the Revised Statutes of the United States, as
amended, be amended to read as follows:
"SEC. 5138. No national banking association shall be organized with a less
capital than $100,000, except that such associations with a capital of not less than
$50,000 may, with the approval of the Secretary of the Treasury, be organized in
any place the population of which does not exceed six thousand inhabitants, and
except that such associations with a capital of not less than $25,000 may, with the
sanction of the Secretary of the Treasury, be organized in any place the population of which does not exceed three thousand inhabitants. No such association
shall be organized in a city the population of which exceeds fifty thousand persons
with a capital of less than $200,000, except that in the outlying districts of such a
city where the State laws permit the organization of State banks with a capital
of $100,000 or less, national banking associations now organized or hereafter
organized may, with the approval of the Comptroller of the Currency, have a
capital of not less than $100,000."
SEC. 5. That section 5142 of the Revised Statutes of the United States, as
amended, be amended to read as follows:
"SEC. 5142. Any national banking association may, with the approval of the
Comptroller of the Currency, and by a vote of shareholders owning two-thirds of
the stock of such associations, increase its capital stock to any sum approved by
the said comptroller, but no increase in capital shall be valid until the whole
amount of such increase is paid in and notice thereof, duly acknowledged before
a notary public by the president, vice president, or cashier of said association,
has been transmitted to the Comptroller of the Currency and his certificate
obtained specifying the amount of such increase in capital stock and his approval
thereof, and that it has been duly paid in as part of the capital of such association: Provided, however, That a national banking association may, with the
approval of the Comptroller of the Currency, and by the vote of shareholders
owning two-thirds of the stock of such association, increase its capital stock by
the declaration of a stock dividend, provided that the surplus of said association,
after the approval of the increase, shall be at least equal to 20 per centum of the
capital stock as increased. Such increase shall not be effective until a certificate
certifying to such declaration of dividend, signed by the president, vice president,
or cashier of said association and duly acknowledged before a notary public, shall
have been forwarded to the Comptroller of the Currency and his certificate
obtained specifying the amount of such increase of capital stock by stock dividend, and his approval thereof."
SEC. 6. That section 5150 of the Revised Statutes of the United States be
amended to read as follows:
"SEC. 5150. The president of the bank shall be a member of the board and
shall be the chairman thereof, but the board may designate a director in lieu of
the president to be chairman of the board, who shall perform such duties as may
be designated b}r the board."
SEC. 7. That section 5155 of the Revised Statutes of the United States be
amended to read as follows:
"SEC. 5155. The conditions upon which a national banking association may
retain or establish and operate a branch or branches are the following:
" (a) A national banking association may retain and operate such branch or
branches as it may have in lawful operation at the date of the approval of this
Act, and any national banking association which has continuously maintained
and operated not more than one branch for a period of more than twenty-five years
immediately preceding the approval of this Act may continue to maintain and
operate such branch.
" (b) If a State bank is hereafter converted into or consolidated with a national
banking association, or if two or more national banking associations are consolidated, such converted or consolidated association may, with respect to any
of such banks, retain and operate any of their branches which may have been in
lawful operation by any bank at the date of the approval of the Act.
" (c) A national banking association may, after the date of the approval of this
Act, establish and operate new branches within the limits of the city, town, or



AMENDMENTS TO FEDERAL RESERVE ACT
village in which said association is situated if such establishment and operation
are at the time permitted to State banks by the law of the State in question.
" (d) No branch shall be established after the date of the approval of this Act
within the limits of any city, town, or village of which the population by the last
decennial census was less than twenty-five thousand. No more than one such
branch may be thus established where the population, so determined, of such
municipal unit does not exceed fifty thousand; and not more than two such
branches where the population does not exceed one hundred thousand. In any
such municipal unit where the population exceeds one hundred thousand the
determination of the number of branches shall be within the discretion of the
Comptroller of the Currency.
" (e) No branch of any national banking association shall be established or
moved from one location to another without first obtaining the consent and
approval of the Comptroller of the Currency.
"(f) The term 'branch 7 as used in this section shall be held to include any
branch bank, branch office, branch agency, additional office, or any branch
place of business located in any State or Territory of the United States or in the
District of Columbia at which deposits are received, or checks paid, or money
lent.
" (g) This section shall not be construed to amend or repeal section 25 of the
Federal Reserve Act, as amended, authorizing the establishment by national
banking associations of branches in foreign countries, or dependencies, or insular
possessions of the United States.
" (h) The words 'State bank/ 'State banks/ 'bank/ or 'banks/ as used in
this section, shall be held to include trust companies, savings banks, or other
such corporations or institutions carrying on the banking business under the
authority of State laws."
SEC. 8. That section 5190 of the Revised Statutes of the United States be
amended to read as follows:
"SEC. 5190. The general business of each national banking association shall
be transacted in the place specified in its organization certificate and in the
branch or branches, if any, established or maintained by it in accordance with
the provisions of section 5155 of the Revised Statutes, as amended by this Act."
SEC. 9. That the first paragraph of section 9 of the Federal Reserve Act, as
amended, be amended so as to read as follows:
"SEC. 9. Any bank incorporated by special law of any State, or organized
under the general laws of any State or of the United States, desiring to become
a member of the Federal reserve system, may make application to the Federal
Reserve Board, under such rules and regulations as it may prescribe, for the
right to subscribe to the stock of the Federal reserve bank organized within the
district in which the applying bank is located. Such application shall be for
the same amount of stock that the applying bank would be required to subscribe to as a national bank. The Federal Reserve Board, subject to the provisions of this Act and to such conditions as it may prescribe pursuant thereto
may permit the applying bank to become a stockholder of such Federal reserve
bank.
"Any such State bank which, at the date of the approval of this Act, has
established and is operating a branch or branches in conformity with the State
law, may retain and operate the same while remaining or upon becoming a stockholder of such Federal reserve bank; but no such State bank may retain or acquire
stock in a Federal reserve bank except upon relinquishment of any branch or
branches established after the date of the approval of this Act beyond the limits
of the city, town, or village in which the parent bank is situated."
SEC. 10. That section 5200 of the Revised Statutes of the United States, as
amended, be amended to read as follows:
" S E C . 5200. The total obligations to any national banking association of any
person, copartnership, association, or corporation shall at no time exceed 10 per
centum of the amount of the capital stock of such association actually paid in
and unimpaired and 10 per centum of its unimpaired surplus fund. The term
'obligations' shall mean the direct liability of the maker or acceptor of paper
discounted with or sold to such association and the liability of the indorser,
drawer, or guarantor who obtains a loan from or discounts paper with or sells
paper under his guaranty to such association and shall include in the case of
obligations of a copartnership or association the obligations of the several members thereof. Such limitation of 10 per centum shall be subject to the following
exceptions:



262

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

" (1) Obligations in the form of drafts or bills of exchange drawn in good
faith against actually existing values shall not be subject under this section to
any limitation based upon such capital and surplus.
" (2) Obligations arising out of the discount of commercial or business paper
actually owned by the person, copartnership, association, or corporation negotiating the same shall not be subject under this section to any limitation based upon
such capital and surplus.
"(3) Obligations drawn in good faith against actually existing values and
secured by goods or commodities in process of shipment shall not be subject
under this section to any limitation based upon such capital and surplus.
" (4) Obligations as indorser or guarantor of notes, other than commercial
or business paper excepted under (2) hereof, having a maturity of not more than
six months, and owned by the person, corporation, association, or copartnership
indorsing and negotiating the same, shall be subject under this section to a limitation of 15 per centum of such capital and surplus in addition to such 10 per
centum of such capital and surplus.
"(5) Obligations in the form of banker's acceptances of other banks of the
kind described in section 13 of the Federal Reserve Act shall not be subject under
this section to any limitation based upon such capital and surplus.
" (6) Obligations of any person, copartnership, association or corporation,
in the form of notes or drafts secured by shipping documents, warehouse receipts
or other such documents transferring or securing title covering readily marketable
nonperishable staples when such property is fully covered by insurance, if it
is customary to insure such staples, shall be subject under this section to a limitation of 15 per centum of such capital and surplus in addition to such 10 per
centum of such capital and surplus when the market value of such staples securing
such obligation is not at any time less than 115 per centum of the face amount
of such obligation, and to an additional increase of limitation of 5 per centum of
such capital and surplus in addition to such 25 per centum of such capital and
surplus when the market value of such staples securing such additional obligation
is not at any time less than 120 per centum of the face amount of such additional
obligation, and to a further additional increase of limitation of 5 per centum of
such capital and surplus in addition to such 30 per centum of such capital and
surplus when the market value of such staples securing such additional obligation
is not at any time less than 125 per centum of the face amount of such additional
obligation, and to a further additional increase of limitation of 5 per centum of
such capital and surplus in addition to such 35 per centum of such capital and
surplus when the market value of such staples securing such additional obligation
is not at any time less than 130 per centum of the face amount of such additional
obligation, and to a further additional increase of limitation of 5 per centum of
such capital and surplus in addition to such 40 per centum of such capital and
surplus when the market value of such staples securing such additional obligation
is not at any time less than 135 per centum of the face amount of such additional
obligation, and to a further additional increase of limitation of 5 per centum of
such capital and surplus in addition to such 45 per centum of such capital and
surplus when the market value of such staples securing such additional obligation
is not at any time less than 140 per centum of the face amount of such additional
obligation, but this exception shall not apply to obligations of any one person,
copartnership, association or corporation arising from the same transactions
and/or secured upon the identical staples for more than ten months.
"(7) Obligations of any person, copartnership, association, or corporation
in the form of notes or drafts secured by shipping documents or instruments
transferring or securing title covering livestock or giving a lien on livestock
when the market value of the livestock securing the obligation is not at any time
less than 115 per centum of the face amount of the notes covered by such documents shall be subject under this section to a limitation of 15 per centum of such
capital and surplus in addition to such 10 per centum of such capital and surplus.
"(8) Obligations of any person, copartnership, association, or corporation in
the form of notes secured by not less than a like amount of bonds or notes of
the United States issued since April 24, 1917, or certificates of indebtedness of
the United States, shall (except to the extent permitted by rules and regulations
prescribed by the Comptroller of the Currency, with the approval of the Secretary
of the Treasury) be subject under this section to a limitation of 15 per centum of
such capital and surplus in addition to such 10 per centum of such capital and
surplus."
SEC. 11. That section 5202 of the Revised Statutes of the United States as
amended be amended by adding at the end thereof a new paragraph to read as
follows:




AMENDMENTS TO FEDERAL RESERVE ACT

263

" Eighth. Liabilities incurred under the provisions of section 202 of Title
II of the Federal Farm Loan Act, approved July 17, 1916, as amended by the
Agricultural Credits Act of 1923."
SEC. 12. That section 5208 of the Revised Statutes of the United States as
amended be amended by striking out the words "or who shall certify a check
before the amount thereof shall have been regularly entered to the credit of the
drawer upon the books of the bank," and in lieu thereof inserting the following:
" or who shall certify a check before the amount thereof shall have been regularly
deposited in the bank by the drawer thereof/7 so that the section as amended
shall read as follows:
"SEC. 5208. It shall be unlawful for any officer, director, agent, or employee
of any Federal reserve bank, or any member bank as defined in the Act of December 23, 1913, known as the Federal Reserve Act, to certify any check drawn upon
such Federal reserve bank or member bank unless the person, firm, or corporation drawing the check has on deposit with such Federal reserve bank or member
bank, at the time such check is certified, an amount of money not less than the
amount specified in such check. Any check so certified by a duly authorized
officer, director, agent, or employee shall be a good and valid obligation against
such Federal reserve bank or member bank; but the act of any officer, director,
agent, or employee of any such Federal reserve bank or member bank in violation of this section shall, in the discretion of the Federal Reserve Board, subject
such Federal reserve bank to the penalties imposed by section 11, subsection (h)
of the Federal Reserve Act, and shall subject such member bank, if a national
bank, to the liabilities and proceedings on the part of the Comptroller of the
Currency provided for in section 5234, Revised Statutes, and shall, in the discretion of the Federal Reserve Board, subject any other member bank to the penalties
imposed by section 9 of said Federal Reserve Act for the violation of any of the
provisions of said Act. Any officer, director, agent, or employee of any Federal
reserve bank or member bank who shall willfully violate the provisions of this
section, or who shall resort to any device, or receive any fictitious obligation,
directly or collaterally, in order to evade the provisions thereof, or who shall
certify a check before the amount thereof shall have been regularly deposited in
the bank by the drawer thereof, shall be deemed guilty of a misdemeanor and
shall, on conviction thereof in any district court of the United States, be fined
not not more than $5,000, or shall be imprisoned for not more than five years,
or both, in the discretion of the court."
SEC. 13. That section 5211 of the Revised Statutes of the United States as
amended be amended to read as follows:
"SEC. 5211. Every association shall make to the Comptroller of the Currency
not less than three reports during each year, according to the form which may be
prescribed by him, verified by the oath or affirmation of the president, or of the
cashier, or of a vice president, or of an assistant cashier of the association designated by its board of directors to verify such reports in the absence of the president
and cashier, taken before a notary public properly authorized and commissioned
by the State in which such notary resides and the association is located, or any
other officer having an official seal, authorized in such State to administer oaths,
and attested by the signature of at least three of the directors. Each such
report shall exhibit, in detail and under appropriate heads, the resources and
liabilities of the association at the close of business on any past day by him specified, and shall be transmitted to the comptroller within five days after the receipt
of a request or requisition therefor from him; and the statement of resources and
liabilities, together with acknowledgment and attestation in the same form in
which it is made to the comptroller, shall be published in a newspaper published
in the place where such association is established, or if there is no newspaper in
the place, then in the one published nearest thereto in the same county, at the
expense of the association; and such proof of publication shall be furnished as
may be required by the comptroller. The comptroller shall also have power to
call for special reports from any particular association whenever in his judgment
the same are necessary in order to obtain a full and complete knowledge of its
condition."
SEC. 15. That section 22 of the Federal Reserve Act, subsection (a), paragraph
2 thereof, be amended to read as follows:
" (a) No member bank and no officer, director, or employee thereof shall
hereafter make any loan or grant any gratuity to any bank examiner. Any
bank officer, director, or employee violating this provision shall be deemed
guilty of a misdemeanor and shall be imprisoned not exceeding one year, or fined
110390—28
18



264

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

not more than $5,000, or both, and may be fined a further sum equal to the money
so loaned or gratuity given.
"Any examiner or assistant examiner who shall accept a loan or gratuity from
any bank examined by him, or from an officer, director, or employee thereof, or
who shall steal, or unlawfully take, or unlawfully conceal any money, note,
draft, bond, or security or any other property of value in the possession of any
member bank or from any safe deposit box in or adjacent to the premises of such
bank, shall be deemed guilty of a misdemeanor and shall, upon conviction thereof
in any district court of the United States, be imprisoned for not exceeding one
year, or fined not more than $5,000, or both, and may be fined a further sum
equal to the money so loaned, gratuity given, or property stolen, and shall forever
thereafter be disqualified from holding office as a national bank examiner."
SEC. 16. That section 24 of the Federal Reserve Act be amended to read as
follows:
" S E C . 24. Any national banking association may make loans secured by first
lien upon improved real estate, including improved farm land, situated within
its Federal reserve district or within a radius of one hundred miles of the place
in which such bank is located, irrespective of district lines. A loan secured by
real estate within the meaning of this section shall be in the form of an obligation
or obligations secured by mortgage, trust deed, or other such instrument upon
real estate when the entire amount of such obligation or obligations is made
or is sold to such association. The amount of any such loan shall not exceed 50
per centum of the actual value of the real estate offered for security, but no such
loan upon such security shall be made for a longer term than five years. Any
such bank may make such loans in an aggregate sum including in such aggregate
any such loans on which it is liable as indorser or guarantor or otherwise equal
to 25 per centum of the amount of the capital stock of such association actually
paid in and unimpaired and 25 per centum of its unimpaired surplus fund, or to
one-half of its savings deposits, at the election of the association, subject to the
general limitation contained in section 5200 of the Revised Statutes of the United
States. Such banks may continue hereafter as heretofore to receive time and
savings deposits and to pay interest on the same, but the rate of interest which
such banks may pay upon such time deposits or upon savings or other deposits
shall not exceed the maximum rate authorized by law to be paid upon such
deposits by State banks or trust companies organized under the laws of the State
wherein such national banking association is located."
SEC. 16. That section 5139 of the Revised Statutes of the United States be
amended by inserting in the first sentence thereof the following words: "or into
shares of such less amount as may be provided in the articles of association " so
that the section as amended shall read as follows:
" S E C . 5139. The capital stock of each association shall be divided into shares
of $100 each, or into shares of such less amount as may be provided in the articles
of association, and be deemed personal property, and transferable on the books
of the association in such manner as may be prescribed in the by-laws or articles
of association. Every person becoming a shareholder by such transfer shall,
in proportion to his shares, succeed to all rights and liabilities of the prior holder
of such shares; and no change shall be made in the articles of association by which
the rights, remedies, or security of the existing creditors of the association shall
be impaired."
SEC. 17. That section 5146 of the Revised Statutes of the United States as
amended be amended by inserting in lieu of the second sentence thereof the
following: "Every director must own in his own right shares of the capital stock
of the association of which he is a director the aggregate par value of which shall
not be less than $1,000, unless the capital of the bank shall not exceed $25,000 in
which case he must own in his own right shares of such capital stock the aggregate
value of which shall not be less than $500," so that the section as amended shall
read as follows:
" S E C . 5146. Every director must during his whole term of service, be a citizen
of the United States, and at least three-fourths of the directors must have resided
in the State, Territory, or District in which the association is located, or within
fifty miles of the location of the office of the association, for at least one year
immediately preceding their election, and must be residents of such State or
within a fifty-mile territory of the location of the association during their continuance in office. Every director must own in his own right shares of the capital
stock of the association of which he is a director the aggregate par value of which
shall not be less than $1,000, unless the capital of the bank shall not exceed
$25,000 in which case he must own in his own right shares of such capital stock
the aggregate par value of which shall not be less than $500. x\ny director who




AMENDMENTS TO FEDERAL RESERVE ACT

265

ceases to be the owner of the required number of shares of the stock, or who
becomes in any other manner disqualified, shall thereby vacate his place."
SEC. 18. That the second subdivision of the fourth paragraph of section 4 of
the Federal Reserve Act be amended to read as follows:
" Second. To have succession after the approval of this Act until dissolved by
Act of Congress or until forfeiture of franchise for violation of law."
SEC. 19. That section 3 of the Federal Reserve Act, as amended, is further
amended by adding at the end thereof the following:
"The Federal Reserve Board may at any time require any Federal Reserve
Bank to discontinue any branch of such Federal Reserve Bank established under
this section. The Federal Reserve Bank shall thereupon proceed to wind up the
business of such branch bank, subject to such rules and regulations as the Federal
Reserve Board may prescribe."
Approved, February 25, 1927.




REGULATIONS OF THE COMPTROLLER OF THE CURRENCY
FURTHER DEFINING THE TERM " INVESTMENT SECURITIES " AS USED IN THE ACT APPROVED FEBRUARY 25,
1927 (McFADDEN ACT)
By virtue of the authority vested in the Comptroller of the Currency by the
terms of section 2 (b) of the act approved February 25, 1927, the following regulations further denning the term "investment securities" are prescribed:
1. The business of buying and selling investment securities by national banks
is governed by section 5136 of the Revised Statutes of the United States as
amended by an act to further amend the national banking laws and the Federal
reserve act, and for other purposes, as approved February 25, 1927, as follows:
(b) That section 5136 of the Revised Statutes of the United States, subsection "seventh" thereof, be
further amended by adding at the end of the first paragraph thereof the following:
" Provided, That the business of buying and selling investment securities shall hereafter be limited to
buying and selling without recourse marketable obligations evidencing indebtedness of any person, copartnership, association, or corporation, in the form of bonds, notes, and/or debentures, commonly known
as investment securities, under such further definition of the term 'investment securities' as may by regulation be prescribed by the Comptroller of the Currency, and the total amount of such investment securities
of any one obligor or maker held by such association shall at no time exceed 25 per centum of the amount
of the capital stock of such association actually paid in and unimpaired and 25 per centum of its unimpaired
surplus fund, but this limitation as to total amount shall not apply to obligations of the United States, or
general obligations of any State or of any political subdivision thereof, or obligations issued under authority
of the Federal farm loan act."

2. An obligation of indebtedness which may be bought and sold by national
banks, in order to come within the classification of "investment securities"
within the meaning of the proviso of section 5136 above quoted, must be a marketable security as designated by the express language of said proviso. Under
ordinary circumstances, the term "marketable" means that the security in
question has such a market as to render sales at intrinsic values readily possible.
3. In classifying a given security as marketable, the Comptroller of the Currency
may in specific cases give consideration to various facts and circumstances, but
he will require in all cases the following:
(a) That the issue be of a sufficiently large total to make marketability possible.
(6) Such a public distribution of the securities must have been provided for
or made in a manner to protect or insure the marketability of the issue.
(c) That the trust agreement under which the security is issued provides for a
trustee independent of the obligor and in the case of securities issued under a
trust agreement executed and delivered after sixty days from the date of the
promulgation of these regulations, such a trustee must be a bank or trust company.
4. This series of regulations may be modified, amended, or withdrawn at any
time by the Comptroller of the Currency.
Signed and promulgated this thirtieth day of June, 1927.
J. W.

MCINTOSH,

Comptroller of the Currency.
266




LETTER OF COMPTROLLER OF THE CURRENCY RELATING
TO TRUST POWERS OF NATIONAL BANKS

Following is a copy of a letter written by the Comptroller of the
Currency discussing the question as to the right of a national bank
with which a State bank or trust company had been consolidated
under the provisions of the McFadden Act to exercise fiduciary powers
under will or other documents executed prior to the consolidation
and naming the trust company to act in such capacities:
TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,

Washington, March 22, 1927.
DEAR SIR: I understand that you desire an expression of my views on the
question whether a national bank resulting from the consolidation of a State
trust company with a national bank under the charter of the latter, pursuant to
the provisions of section 1 of the McFadden Act, approved February 25, 1927,
will have the legal right to continue to handle the fiduciary business previously
handled by the trust company or which would come to the trust company under
wills not yet admitted ito probate.
In my opinion, there is no doubt that when a trust company consolidates with
a national bank under the charter of the latter pursuant to the provisions of
section 1 of the McFadden Act, the corporate existence of the trust company is
not terminated but is continued and the consolidated bank is, in the eyes of the
law, the same institution as the trust company, though existing under a changed
jurisdiction. I am also of the opinion that, the consolidated national bank
being the same institution, there is no doubt of its legal right to continue to
handle the trust business already on the books of the trust company and to
continue to serve as trustee, executor, etc., in all cases in which the trust company
was acting at the time of the consolidation. Under the provisions of section 1
of the McFadden Act, I am also of the opinion that the national bank would be
legally entitled to be appointed as executor, trustee, etc., under all wills executed
prior to the consolidatign which named the trust company to act in such capacities, even though such wills are not probated until after the consolidation.
The reasons for the above conclusions may best be set forth in a chronological
discussion of the development of the law on this subject.
In the case of Casey v. Calli (94 U. S. 673), decided in 1876, the Supreme
Court of the United States held that no authority from the State is necessary
to enable a State bank to become a national bank and that it is as competent for
Congress to authorize the conversion of a State bank into a national bank as it
is for Congress to authorize the creation of national banks originally.
In Metropolitan National Bank v. Clagett (141 U. S. 520), the Supreme Court
of the United States held that the conversion of a New York State bank into a
national bank, "did not 'close its business of banking' nor destroy its identity
or its corporate existence, but simply resulted in a continuation of the same body
with the same officers and stockholders, the same property, assets, and banking
business under a changed jurisdiction; that it;; remained one and the same bank,
and went on doing business uninterruptedly;
In Michigan Insurance Bank v. Eldred (143 U. S. 293), the Supreme Court of
the United States held that the conversion of a State bank into a national bank,
with a change of name, under the provisions of the national bank act, "does not
affect its identity, or its right to sue upon obligations or liabilities incurred to it
by its former name."
In view of these decisions, there can be no doubt that if a State trust company converts into a national bank it does not lose its corporate identity, but
remains the same corporation and may, therefore, continue to handle all of the
business on the books of the trust company prior to the consolidation.
The above-mentioned cases were decided prior to the enactment of the Federal
reserve act, which gave to national banks obtaining a special permit from the
Federal Reserve Board the right to transact a trust business. That right, however, was given to national banks to enable them to continue to exist in competi-




267

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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

tion with State banks and trust companies exercising such powers; and the constitutionality of this grant of power to national banks was upheld by the Supreme
Court of the United States in the case of First National Bank v. Fellows (265
U. 11 19), wherein the Supreme Court of the United States said:
S.
* * * although a business was of a private nature and subject to State
regulation, if it was of such a character as to cause it to be incidental to the
successful discharge by a bank chartered by Congress of its public functions, it
was competent for Congress to give the bank the power to exercise such private
business in cooperation with or as part of its public authority. Manifestly this
excluded the power of the State in such case, although it might possess in a
general sense authority to regulate such business, to use that authority to prohibit such business from being united by Congress with the banking function
since to do so would be but the exertion of State authority to prohibit Congress
from exerting a power which under the Constitution it had a right to exercise.
From this it must also follow that even although a business be of such a character
that it is not inherently considered susceptible of being included by Congress in
the powers conferred on national banks, that rule would cease to apply if by
State law State banking corporations, trust companies, or others which by reason
of their business are rivals or quasi rivals of national banks are permitted to carry
on such business.'7
Subsequent to this decision, it was quite generally recognized by the State
courts that national banks may lawfully transact a trust business and that the
States can not directly or indirectly prevent them from doing so where they
permit the exercise of such powers by corporations competing with national banks.
In Hamilton v. State (110 Atl. 54), the Connecticut Supreme Court of Errors
held that, regardless of State legislation forbidding the exercise of such powers by
national banks or the absence of State legislation expressly sanctioning the exercise of such powers by them, national banks having the necessary permit from
the Federal Reserve Board may act in any fiduciary capacities in which competing State corporations are authorized to act by State law. See also Carpenter
v. Aquidneck Nat. Bk. (46 R. I. 152, 125 Atl. 358); In re Turners Estate (227 Pa.
110, 120 Atl. 701); Stanchfield's Estate (171 Wise. 553, 178 N. W. 310), Re MoUineaux (19 N. Y. Supp. 90); Fidelity Nat. Bk. & Tr. Co. v. Enright (264 Fed. 236).
In the case of Stale of Missouri ex rel. Burnes Nat. Bk. v. Duncan (265 U. S. 17),
the Burnes National Bank of St. Joseph, Mo., was appointed executor under the
will of a citizen of Missouri. The bank applied to the probate court for letters
testamentary, but was denied appointment on the ground that by the laws of
Missouri national banks were not authorized to act as executors. Thereupon
the national bank applied to the supreme court of the State for a writ of mandamus compelling the probate court to appoint the national bank as executor.
The Supreme Court of Missouri ruled that the probate court could not be compelled to appoint the national bank executor. An appeal was taken to the Supreme Court of the United States, which reversed the judgment of the Supreme
Court of Missouri and held that the national bank must be appointed executor,
regardless of the provisions of the Missouri law.
In so holding, the Supreme Court of the United States said:
"By the act of September 26, 1918. c. 177, sec. 2. 40 Stat. 967, 968, amending
sec. 11 (k) of the Federal reserve act, the Federal Reserve Board was empowered
'to grant by special permit to national banks applying therefor, when not in
contravention of State or local law, the right to act as trustee, executor, administrator * * * or in any other fiduciary capacity in which State banks,
trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located.' If the section stopped there the decision of the State
court might be final, but it adds the following paragraph, ' Whenever the laws of
such State authorize or permit the exercise of any or all of the foregoing powers
by State banks, trust companies, or other corporations which compete with
national banks, the granting to and the exercise of such powers by national banks
shall not be deemed to be in contravention of State or local law within the meaning of this act.' This says in a roundabout and polite but unmistakable way that
whatever may be the State law, national banks having the permit of the Federal
Reserve Board may act as executors if trust companies competing with them
have that power. The relator has the permit, competing trust companies can
act as executors in Missouri, the importance of the power to the sustaining of
competition in the banking business is so well known and has been explained so
fully heretofore that it does not need to be emphasized, and thus the naked question presented is whether Congress had the power to do what it tried to do.



TRUST POWERS OF NATIONAL BANKS

269

"The question is pretty nearly answered by the decision and fully answered
by the reasoning in First National Bank of Bay City v. Fellows (244 U. S. 416).
That case was decided before the amendment of the Federal reserve act that we
have quoted and came here on the single issue of the power of Congress when the
State lawT was not contravened. It was held that the power ' was to be tested by
the right to create the bank and the authority to attach to it that which was
relevant in the judgment of Congress to make the business of the bank successful.' (244 U. S. 420.) The power was asserted and it was added that 'this
excluded the power of the State in such case, although it might possess in a general
sense authority to regulate such business, to use that authority to prohibit such
business from being united by Congress with the banking function.' (244 U. S.
425.) Now that Congress has expressed its paramount will this language is
more apposite than ever. The States can not use their most characteristic
powers to reach unconstitutional results. Western Union Telegraph Co. v.
Kansas, (216 U. S. 1). Pullman Co. v. Kansas, (216 II. S. 56). Western Union
Telegraph Co. v. Foster (247 IT. S. 105, 114). There is nothing over which a State
has more exclusive authority than the jurisdiction of its courts, but it can not
escape its constitutional obligations by the device of denying jurisidiction to
courts otherwise competent. Kennedy v. Supreme Lodge of the World (252
U. S. 411, 415). So here the State can not lay hold of its general control of
administration to deprive national banks of their power to compete—that Congress is authorized to sustain.
"The fact that Missouri has regulations to secure the safety of trust funds in
the hands of its trust companies does not affect the case. The power given by
the act of Congress purports to be general and independent of that circumstance
and the act provides its own safeguards. The authority of Congress is equally
independent, as otherwise the State could make it nugatory. Since the decision
in First National Bank of Bay City v. Fellows (244 U. S. 416) it generally has been
recognized that the law now is as the relator contends. In re Turner's Estate
(277'Pa. 110, 116). Estate of Stanchfield (171 Wis. 553). Hamilton v. State (94
Conn. 648). People v. Russell (283 111. 520, 524). In re Mollineaux (179 N. Y.
Supp. 90). Fidelity National Bank & Trust Co. v. Enright (264 Fed. Rep 236)."
The case of In re Turner's Estate, supra, was a case involving the right of a
trust company which had been converted into a national bank and consolidated
with another national bank to act in a fiduciary capacity in which the trust company had been named to act. In that case the facts were as follows: In settling
the account of executors of the estate of Edna F. Turner a fund was awarded to
minor children, beneficiaries under the will of the decedent. The court appointed
the Rittenhouse Trust Company of Philadelphia guardian of their estate and,
before the account was called for audit, that bank was converted into a national
bank and consolidated with the Corn Exchange National Bank, which had received a permit from the Federal Reserve Board to act in fiduciary capacities. The
latter bank applied for and obtained a certificate from the State Banking Department authorizing it to do a fiduciary business in Pennsylvania and presented a
petition asking that funds belonging to the minors be paid to it. This the court
refused to do until the bank obtained the approval of the Orphans' Court of
Philadelphia County. Accordingly, a petition was presented for that purpose
setting forth the fact of beneficiary's incorporation under the national banking
Laws and its subsequent consolidation with the Rittenhouse National Bank,
formerly Rittenhouse Trust Company, stating that it was authorized by the
Federal Reserve Board to transact a fiduciary business and had complied with
the laws of Pennsylvania governing the transaction of such business, agreeing to
be subject to supervision and examination by the State Banking Department of
Pennsylvania in the same manner as corporations of Pennsylvania, and stipulating that securities and other property received by the corporation in fiduciary
capacities would be kept separate and apart from all moneys of the bank and not
taken out of the jurisdiction of the court and that trust funds received by said
bank as fiduciary would be deposited in a separate account in another bank or
trust company of good standing. This application was refused by the orphans'
court, whereupon the bank filed a petition as guardian of the minors asking
that, notwithstanding the refusal to approve its application to act as fiduciary,
the funds in question be awarded to it as guardian. This petition was also
dismissed and an appeal taken to the superior court, which reversed the court
below. From that decree of the superior court an appeal was taken to the
Supreme Court of Pennsylvania, which held that the national bank must be
appointed guardian notwithstanding the provisions of the State law and notwithstanding the fact that the Federal law permitted the commingling of trust



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

funds with those of the bank, which was in direct conflict with certain provisions
of the State law. Although the national bank had agreed to comply with the
provisions of the State law, the Supreme Court of Pennsylvania held that such
agreement was unnecessary and that the national bank would have been permitted to act even if it had not made such agreement.
Since the decision of the Supreme Court of Pennsylvania in the Turner case and,
in view of the decisions of the Supreme Court of the United States as to the effect
of the conversion of a State bank into a national bank, there is no doubt as to the
right of a national bank resulting from the conversion of a State trust company
to continue to handle the trust business already on the books of the trust company at the time of the conversion and to act in all fiduciary capacities in which
the trust company had been appointed to act prior to the conversion.
Even prior to the enactment of the McFadden bill, therefore, the only possible
doubt about the matter was with respect to the right of the national bank to be
appointed as executor, trustee, etc., under wills naming the trust company to
act in such capacities which were executed prior to the conversion and were not
admitted to probate until after the conversion. The only doubt on this question
was raised by the decision of the Supreme Court of Massachusetts, in the case
of the Petition of the Commonwealth-Atlantic National Bank (144 N. E., 443),
with which you are no doubt familiar. That case did not pass upon the right of a
national bank to act in fiduciary capacities or its right to continue to handle
trusts already vested in the trust company, but involved merely the right of a
national bank to act as executor under a will executed prior to the conversion
which named the trust company as executor. The Massachusetts court recognized the fact that, under the decisions of the Supreme Court of the United States,
the national bank was the same institution as the trust company and that the
corporate existence of the trust company was continued in the national bank;
but avoided holding that the national bank must be appointed executor by
making its decision turn upon a construction of the will. In construing the
will, the court held that the testator intended to have a trust company, organized
under State law and governed by the provisions of the State law, act as his
executor, and that it would not be carrying out the intention of the testator to
permit the national bank so to act.
In order to eliminate the doubt raised by the decision of the Supreme Court
of Massachusetts, there was inserted in section 1 of the McFadden bill a provision
to the effect that, where a State bank or trust company consolidates with a national
bank—
" All the rights, franchises, and interests of such State or district bank so consolidated with a national banking association in and to every species of property,
real, personal, and mixed, and choses in action thereto belonging, shall be deemed
to be transferred to and vested in such national banking association into which
it is consolidated without any deed or other transfer, and the said consolidated
national banking association shall hold and enjoy the same and all rights of
property, franchises, and interests, including the right of succession as trustee,
executor, or in any other fiduciary capacity in the same manner and to the same
extent as was held and enjoyedfc>ysuch State or district bank so consolidated
with such national banking association.'7
This provision was entirely unnecessary as to business already on the books
of the trust company; because under court decisions rendered prior to the enactment of the McFadden bill, it was held that the consolidated national bank
could continue to handle all such business. I have no doubt, therefore, that the
courts will take cognizance of this fact and will construe the above quoted provision of the McFadden bill to have the effect that it was intended to have, viz:
To prevent the State courts from refusing to appoint national banks as executors,
trustees, etc., under wills naming trust companies to act in such capacities,
where such trust companies have been converted into or consolidated writh
national banks before such wills are probated.
Nor have I any doubt as to the constitutionality of this provision of the McFadden bill. National banks are instrumentalities of the Federal Government
created by Congress to perform certain essential functions for the Federal Government, and the Supreme Court of the United States has repeatedly held that
Congress may enact whatever legislation is necessary to preserve their existence.
The decision of the Massachusetts court having raised doubts as to the rights of
converted or consolidated national banks which might cause persons seeking to
consolidate trust companies with national banks to prefer State charters, thereby
depriving the Federal Government of its instrumentalities, there can be no
doubt of the constitutional power of Congress to eliminate this doubt by enacting
the above-quoted provision of the McFadden bill. As said by the Supreme
the United States in First National Bank v. Fellows, supra:
Court of


TRUST POWERS OF NATIONAL BANKS

271

< * * * This must be since the State may not by legislation create a condi<
tion as to a particular business which would bring about actual or potential competition with the business of national banks and at the same time deny the power
of Congress to meet such created condition by legislation appropriate to avoid
the injury which otherwise would be suffered by the national agency."
If anyone has any doubt of the power of Congress thus to interfere with the
appointment of executors, trustees, etc., by the State courts, the answer is to be
found in the following language of the Supreme Court of the United States in
State of Missouri ex rel. Burnes National Bank v. Duncan, supra:
"The State can not lay hold of its general control of administration to deprive
national banks of their power to compete that Congress is authorized to sustain."
As stated above, therefore, I am of the opinion that where a State trust company consolidates with a national bank, such national bank may not only continue
to handle all the trust business actually on the books of the trust company at the
time of the consolidation but is also legally entitled to be appointed to act as
executor, trustee, etc., under wills executed prior to the consolidation naming
the trust company to act in such capacities, even where such wills were not
admitted to probate until after the consolidation.
Very truly yours,




J. W. MCINTOSH,

omptroller of the Currency.

REGULATIONS OF THE FEDERAL RESERVE BOARD
A new issue of the Board's regulations was published in December, 1927.
The letter of transmittal is given herewith and the regulations appear on pages
273-310.
WASHINGTON, December 22, 1927.

To All Member Banks:
The Federal Reserve Board transmits herewith a new issue of all of its regulations applicable to member banks. Since the issuance of the last edition of
the board's regulations under date of August 15, 1924, the Federal reserve act
has been amended by the act of February 25, 1927, and it has become necessary
to amend certain of the board's regulations to conform to the amendments
contained in that act. The board has also taken this occasion to make a number
of other amendments to its regulations which experience has proven to be necessary or desirable.
Regulation A has been amended in a number of minor details, and there has
been inserted in the regulation the substance of the board's rulings with regard
to the rediscount by Federal reserve banks of paper acquired from nonmenber
banks.
Regulation D has been amended in several particulars, the most important of
which is Section IV dealing with penalties for deficiencies in reserves, which has
been changed in such a way as to require member banks in cities where Federal
reserve banks or branches thereof are located and member banks in such other
cities as the Federal Reserve Board may designate from time to time to compute
their reserves on the basis of average daily net deposit balances covering semiweekly periods instead of weekly periods as heretofore. Provision has also been
made for the better enforcement of the provisions regarding the maintenance of
reserves.
Regulation F has been changed so as to regulate more completely the exercise
of trust powers by national banks, and a provision has been inserted to cover
the situation where a State bank, trust company, or savings bank having trust
business consolidates with a national bank under the provisions of the act of
November 7, 1918, as amended by the act of February 25, 1927.
Regulation G, which formerly regulated the making of loans by national
banks on farm land and other real estate, has been eliminated altogether in view
of the provisions of the act of February 25, 1927, conferring regulatory powers
upon the Comptroller of the Currency; and there has been inserted, in lieu of the
previous Regulation G, the regulation promulgated by the board under date of
December 9, 1926, governing the rediscount of notes secured by adjusted service
certificates, which was formerly designated as Regulation M, Series of 1926.
Regulation H has been amended so as to conform to the amendments made to
section 9 of the Federal reserve act by the act of February 25, 1927.
Regulation I has been amended in a few minor particulars, and the provision
regarding the surrender of Federal reserve bank stock by a member bank which
goes into voluntary liquidation has been simplified.
Regulation K was not amended except by the incorporation therein of amendments adopted from time to time during the year 1927, which have previously
been announced.
No material changes have been made in Regulations B, C, J, and L.
This issue of the board's regulations becomes effective on January 3, 1928.
The Federal reserve banks are requested to see that each member bank in their
respective districts receives at least one copy of this official edition of the board's
regulations.
Instructions which govern only Federal reserve agents or Federal reserve
banks will be covered in separate letters or regulations, as in the past.
By order of the Federal Reserve Board.
WALTER L. EDDY, Secretary.

272




REGULATIONS OF THE FEDERAL RESERVE BOARD

273

REGULATION A, SERIES OF 1928
(Superseding Regulation A of 1924)

DISCOUNTS UNDER SECTIONS 13 AND 13a
ARTICLE A—NOTES, DRAFTS, AND BILLS OF EXCHANGE
SECTION I. GENERAL STATUTORY PROVISIONS

Any Federal reserve bank may discount for any of its member banks any note,
draft, or bill of exchange: Provided—
(a) It has a definite maturity at the time of discount of not more than 90
days, exclusive of days of grace; except that (1) if drawn or issued for an agricultural purpose or based on livestock, it may have a maturity at the time of
discount of not more than nine months, exclusive of days of grace, and (2) certain
bills of exchange payable at sight or on demand are eligible even though they have
no definite maturity (see Section VII, below);
(b) It has been issued or drawn for an agricultural, industrial, or commercial
purpose, or the proceeds have been used or are to be used for such a purpose,
or it is a note, draft, or bill of exchange of a factor issued as such making advances
exclusively to producers of staple agricultural products in their raw state;
(c) It was not issued or drawn for the purpose of carrying or trading in stocks,
bonds, or other investment securities, except bonds and notes of the Government
of the United States;
(d) The aggregate of notes, drafts, and bills bearing the signature or indorsement of any one borrower, whether a person, company, firm, or corporation,
discounted for any one member bank, whether State or National, shall at no
time exceed 10 per cent of the unimpaired capital and surplus of such bank;
but this restriction shall not apply to the discount of bills of exchange drawn
in good faith against actually existing values;
(e) It is indorsed by a member bank; and
(/) It conforms to all applicable provisions of this regulation.
No Federal reserve bank may discount for any member State bank or trust
company any of the notes, drafts, or bills of exchange of any one borrower who
is liable for borrowed money to such State bank or trust company in an amount
greater than that which could be borrowed lawfully from such State bank or
trust company were it a national banking association.
Any Federal reserve bank may make advances to its member banks on their
promissory notes for a period not exceeding 15 days, provided that they are
secured by notes, drafts, bills of exchange, or bankers' acceptances which are
eligible for discount or for purchase by Federal reserve banks, or by the deposit
or pledge of bonds or notes of the United States.
SECTION II. GENERAL CHARACTER OF NOTES, DRAFTS, AND BILLS OF EXCHANGE
ELIGIBLE

The Federal Reserve Board, exercising its statutory right to define the character
of a note, draft, or bill of exchange eligible for discount at a Federal reserve bank
has determined that—
(a) It must be a negotiable note, draft, or bill of exchange which has been
issued or drawn, or the proceeds of which have been used or are to be used in the
first instance, in producing, purchasing, carrying, or marketing goods 1 in one
or more of the steps of the process of production, manufacture, or distribution,
or for the purpose of carrying or trading in bonds or notes of the United States,
and the name of a party to such transaction must appear upon it as maker,
drawer, acceptor, or indorser.
(b) It must not be a note, draft, or bill of exchange the proceeds of which have
been or are to be advanced or loaned to some other borrower, except as to paper
described below under Sections VI (b) and VIII.
(c) It must not be a note, draft, or bill of exchange the proceeds of which
have been used or are to be used for permanent or fixed investments of any
kind, such as land, buildings, or machinery, or for any other capital purpose.
(d) It must not be a note, draft, or bill of exchange the proceeds of which
have been used or are to be used for investments of a purely speculative character.
(e) It may be secured by the pledge of goods or collateral of any nature,
including paper which is ineligible for discount, provided it (the note, draft,
or bill of exchange) is otherwise eligible.
'When used in this regulation the word "goods " shall be construed to include goods, wares, merchandise,
 products, including livestock.
or agricultural


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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SECTION III. APPLICATIONS FOR DISCOUNT

Every application for the discount of notes, drafts, or bills of exchange must
contain a certificate of the member bank, in form to be prescribed by the Federal
reserve bank, that—
(1) To the best of its knowledge and belief, such notes, drafts, or bills of
exchange have been issued or drawn, or the proceeds thereof have been or are to
be used, for such a purpose as to render them eligible for discount under the
terms of this regulation, and
(2) That such notes, drafts, or bills of exchange have not been acquired from
a nonmember bank, or, if so acquired, that the applying member bank has
received permission from the Federal Reserve Board to discount with the Federal
reserve bank paper acquired from nonmember banks.
In the case of a member State bank or trust company, every such application
must contain a certificate or guaranty to the effect that the borrower is not
liable, and will not be permitted to become liable during the time his paper is
held by the Federal reserve bank, to such bank or trust company for borrowed
money in an amount greater than that which could be borrowed lawfully from
such State bank or trust company were it a national banking association.
SECTION IV. PROMISSORY NOTES

(a) Definition.—A promissory note, within the meaning of this regulation, is
defined as an unconditional promise, in writing, signed by the maker, to pay, in
the United States, at a fixed or determinable future time, a sum certain in dollars
to order or to bearer.
(5) Evidence of eligibility and requirement of statements.—A Federal reserve
bank must be satisfied by reference to the note or otherwise that it is eligible
for discount, and the member bank shall certify in its application whether a
financial statement of the borrower is on file with it.
A recent financial statement of the borrower must be on file with the member
bank if it has discounted the note for a nondepositor or a nonmember bank, and
in all other cases unless—
(1) It is secured by a warehouse, terminal, or other similar receipt covering
goods in storage, by a valid prior lien on livestock which is being marketed or
fattened for market, or by bonds or notes of the United States; or
(2) The aggregate of obligations of the borrower discounted and offered for
discount at the Federal reserve bank by the member bank is less than a sum
equal to 10 per cent of the paid-in capital of the member bank and is less than
$5,000.
Whenever the borrower has closely affiliated or subsidiary corporations or firms,
the borrower's financial statement shall be accompanied by separate financial
statements of such affiliated or subsidiary corporations or firms, unless the statement of the borrower clearly indicates that such note is both eligible from a
legal standpoint and acceptable from a credit standpoint or unless financial
statements of such affiliated or subsidiary corporations or firms are on file with the
Federal reserve bank.
A Federal reserve bank shall use its discretion in taking the steps necessary to
satisfy itself as to eligibility. Compliance of a note with Section II (c) may be
evidenced by a statement of the borrower showing a reasonable excess of quick
assets over current liabilities. A Federal reserve bank may, in any case, require
the financial statement of the borrower to be filed with it.
SECTION V. DRAFTS, BILLS OF EXCHANGE, AND TRADE ACCEPTANCES

(a) Definition.—A draft or bill of exchange, within the meaning of this regulation, is defined as an unconditional order in writing, addressed by one person to
another, signed by the person giving it, requiring the person to whom it is
addressed to pay in the United States, at a fixed or determinable future time, a
sum certain in dollars to the order of a specified person; and a trade acceptance
is defined as 2a draft or bill of exchange, drawn by the seller on the purchaser
of goods sold, and accepted by such purchaser.
(6) Evidence of eligibility and requirement of statements.—A Federal reserve
bank shall take such steps as it deems necessary to satisfy itself as to the eligi2
A consignment of goods or a conditional sale of goods can not be considered "goods sold" within the
meaning of this clause. The purchase price of goods plus the cost of labor in effecting their installation
may be included in the amount for which the trade acceptance is drawn.




REGULATIONS OF THE FEDERAL RESERVE BOARD

275

bility of the draft, bill, or trade acceptance offered for discount and may require
a recent financial statement of one or more parties to the instrument. The draft,
bill, or trade acceptance should be drawn so as to evidence the character of the
underlying transaction, but if it is not so drawn evidence of eligibility may
consist of a stamp or certificate affixed by the acceptor or drawer in a form
satisfactory to the Federal reserve bank.
SECTION VI. AGRICULTURAL PAPER

(a) Definition.—Agricultural paper, within the meaning of this regulation,
is defined as a negotiable note, draft, or bill of exchange issued or drawn, or the
proceeds of which have been or are to be used, for agricultural purposes, including
the production of agricultural products, the marketing of agricultural products
by the growers thereof, or the carrying of agricultural products by the growers
thereof pending orderly marketing, and the breeding, raising, fattening, or marketing of livestock, and which has a maturity at the time of discount of not more
than nine months, exclusive of days of grace.
(b) Paper of cooperative marketing associations.—Under the express terms
of section 13a, notes, drafts, bills of exchange, or acceptances issued or drawn by
cooperative marketing associations composed of producers of agricultural products are deemed to have been issued or drawn for an agricultural purpose, if the
proceeds thereof have been or are to be—
(1) Advanced by such association to any members thereof for an agricultural purpose; or
(2) Used by such association in making payments to any members thereof
on account of agricultural products delivered by such members to the association; or
(3) Used by such association to meet expenditures incurred or to be
incurred by the association in connection with the grading, processing,
packing, preparation for market, or marketing of any agricultural product
handled by such association for any of its members.
These are not the only classes of paper of such associations which are eligible
for discount, however, and any other paper of such associations which complies
with the applicable requirements of this regulation may be discounted on the
same terms and conditions as the paper of any other person or corporation.
Paper of cooperative marketing associations the proceeds of which have been
or are to be used (1) to defray the expenses of organizing such associations, or (2)
for the acquisition of warehouses, for the purchase or improvement of real estate,
or for any other permanent or fixed investment of any kind, are not eligible for
discount, even though such warehouses or other property are to be used exclusively in connection with the ordinary operations of the association.
(c) Eligibility.—To be eligible for discount, agricultural paper, whether a
note, draft, bill of exchange, or trade acceptance, must comply with the respective
sections of this regulation which would apply to it if its maturity were 90 days
or less.
(d) Discounts for Federal intermediate credit banks.—Any Federal reserve
bank may discount agricultural paper for any Federal intermediate credit bank;
but no Federal reserve bank shall discount for any Federal intermediate credit
bank any such paper which bears the indorsement of any nonmember State bank
or trust company which is eligible for membership in the Federal reserve system
under the terms of section 9 of the Federal reserve act as amended. In discounting such paper each Federal reserve bank shall give preference to the
demands of its own member banks and shall have due regard to the probable
future needs of its own member banks; and no Federal reserve bank shall discount
paper for any Federal intermediate credit bank when its own reserves amount
to less than 50 per cent of its own aggregate liabilities for deposits and Federal
reserve notes in actual circulation. The aggregate amount of paper discounted
by all Federal reserve banks for any one Federal intermediate credit bank shall
at no time exceed an amount equal to the paid-up and unimpaired capital and
surplus of such Federal intermediate credit bank.
(e) Limitations.—The Federal Reserve Board prescribes no limitation on the
aggregate amount of notes, drafts, bills of exchange, and acceptances with maturities in excess of three months, but not exceeding six months, exclusive of days
of grace, which may be discounted by any Federal reserve bank; but the aggregate amount of notes, drafts, bills of exchange, and acceptances with maturities
in excess of six months, but not exceeding nine months, which may be discounted
by any Federal reserve bank shall not exceed 10 per cent of its total assets.



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SECTION VII. SIGHT DRAFTS SECURED BY BILLS OF LADING

A Federal reserve bank may discount for any of its member banks bills of
exchange payable at sight or on demand which—
(a) Are drawn to finance the domestic shipment of nonperishable, readily
marketable, staple agricultural products; and.
(b) Are secured by bills of lading or other shipping documents conveying
or securing title to such staples.
All such bills of exchange shall be forwarded promptly for collection, and
demand for payment shall be made promptly, unless the drawer instructs that
they be held until arrival of car, in which event they must be presented for
payment within a reasonable time after notice of arrival of such staples at their
destination has been received. In no event shall any such bill be held by or for
the account of a Federal reserve bank for a period in excess of 90 days.
In discounting such bills Federal reserve banks may compute the interest to
be deducted on the basis of the estimated life of each bill and adjust the amount
thus deducted after payment of such bills to conform to the actual life thereof.
SECTION VIII. FACTORS' PAPER

Notes, drafts, and bills of exchange of factors issued as such for the purpose of
making advances exclusively to producers of staple agricultural products in
their raw state are eligible for discount with maturities not in excess of 90 days,
exclusive of days of grace, irrespective of the requirements of Sections II (a)
and II (6).
SECTION IX. PAPER ACQUIRED FROM NONMEMBER BANKS

(a) Except with the permission of the Federal Reserve Board, no Federal
rserve bank shall discount any paper acquired by a member bank from a nonmember bank or bearing the signature or indorsement of a nonmember bank;
except that Federal reserve banks may discount bankers' acceptances and other
eligible paper bearing the signature or indorsement of a nonmember bank, if
such paper was bought by the offering bank in good faith on the open market
from some party other than the nonmember bank.
(b) Applications for permission to rediscount paper acquired from nonmember
banks shall be made in writing by the member banks which desire to offer such
paper for rediscount and shall state fully the facts which gave rise to each application and the reasons why the applying member banks feel justified in seeking
such permission. Such applications shall be addressed to the Federal Reserve
Board, but shall be filed with the Federal reserve agent, who shall forward them
promptly to the Federal Reserve Board with his recommendations.
(c) The Federal Reserve Board hereby grants its permission for Federal
reserve banks to discount for member banks paper bearing the signature or
indorsement of Federal intermediate credit banks, if such paper is otherwise
eligible under the law and this regulation.
ARTICLE B—BANKERS' ACCEPTANCES

3

SECTION X. DEFINITION

A banker's acceptance within the meaning of this regulation is defined as a
draft or bill of exchange, whether payable in the United States or abroad and
whether payable in dollars or some other money, of which the acceptor is a bank
or trust company, or a firm, person, company, or corporation engaged generally
in the business of granting bankers' acceptance credits.
SECTION XI. ELIGIBILITY

A Federal reserve bank may discount any such bill bearing the indorsement of
a member bank and having a maturity at the time of discount not greater than
that prescribed by Section XII (a), which has been drawn under a credit opened
for the purpose of conducting or settling accounts resulting from a transaction
or transactions involving any one of the following:
• For regulations governing the acceptance by member banks of drafts and bills of exchange drawn on
them, see Regulation C, p. 279.




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277

(1) The shipment of goods between the United States and any foreign
country, or between the United States and any of its dependencies or insular
possessions, or between foreign countries, or between dependencies or insular
possessions and foreign countries;
(2) The shipment of goods within the United States, provided shipping
documents conveying security title are attached at the time of acceptance;
or
(3) The storage in the United States or in any foreign country of readily
marketable staples,4 provided that the bill is secured at the time of acceptance by a warehouse, terminal, or other similar receipt, conveying security
title to such staples, issued by a party independent of the customer, and
provided further that the acceptor remains secured throughout the life of
the acceptance. In the event that the goods must be withdrawn from
storage prior to the maturity of the acceptance or the retirement of the
credit, a trust receipt or other similar document covering the goods may be
substituted in lieu of the original document, provided that such substitution
is conditioned upon a reasonably prompt liquidation of the credit. In
order to insure compliance with this condition it should be required, when
the original document is released, either (a) that the proceeds of the goods
will be applied within a specified time toward a liquidation of the acceptance
credit or (b) that a new document, similar to the original one, will be resubstituted within a specified time.
Provided, That acceptances for any one customer in excess of 10 per cent of the
capital and surplus of the accepting bank must remain actually secured throughout the life of the acceptance, and in the case of the acceptances of member
banks this security must consist of shipping documents, warehouse receipts, or
other such documents, or some other actual security growing out of the same transaction as the acceptance, such as documentary drafts, trade acceptances, terminal
receipts, or trust receipts which have been issued under such circumstances, and
which cover goods of such a character, as to insure at all times a continuance of
an effective and lawful lien in favor of the accepting bank, other trust receipts
not being considered such actual security if they permit the customer to have
access to or control over the goods.
A Federal reserve bank may also discount any bill drawn by a bank or banker
in a foriegn country or dependency or insular possession of the United States for
the purpose of furnishing dollar exchange as provided in Regulation C, provided
that it has a maturity at the time of discount of not more than three months,
exclusive of days of grace.
SECTION XII. MATURITIES

(a) Legal requirements.—No such acceptance is eligible for discount which
has a maturity at the time of discount in excess of 90 days' sight, exclusive of
days of grace, except that acceptances drawn for agricultural purposes and
secured at the time of acceptance by warehouse receipts or other such documents
conveying or securing title covering readily marketable staples may be discounted
with maturities at the time of discount of not more than six months' sight,
exclusive of days of grace.
(6) General conditions as to maturity of domestic acceptances.—Although a
Federal reserve bank may legally discount an acceptance having a maturity at
the time of discount not greater than that prescribed under (a), it may decline
to discount any acceptance the maturity of which is in excess of the usual or
customary period of credit required to finance the underlying transaction or
which is in excess of that period reasonably necessary to finance such transaction.
Since the purpose of permitting the acceptance of drafts secured by warehouse
receipts or other such documents is to permit of the temporary holding of readily
marketable staples in storage pending a reasonably prompt sale, shipment, or
distribution, no such acceptance should have a maturity in excess of the ime
ordinarily necessary to effect a reasonably prompt sale, shipment, or distribution
into the process of manufacture or consumption.
SECTION XIII. EVIDENCE OF ELIGIBILITY

A Federal reserve bank must be satisfied, either by reference to the acceptance
itself or otherwise, that the acceptance is eligible for discount under the terms of
the law and the provisions of this regulation. The bill itself should be drawn
4
A readily marketable staple within the meaning of these regulations may be defined as an article of
commerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready
markets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable
and (6) the staple itself easy to realize upon by sale at any time.




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so as to evidence the character of the underlying transaction, but if it is not so
drawn evidence of eligibility may consist of a stamp or certificate affixed by the
acceptor in form satisfactory to the Federal reserve bank.

REGULATION B, SERIES OF 1928
(Superseding Regulation B of 1924)

OPEN MARKET PURCHASES OF BILLS OF EXCHANGE, TRADE ACCEPTANCES, AND BANKERS' ACCEPTANCES UNDER SECTION 14
SECTION I. GENERAL STATUORY PROVISIONS

Section 14 of the Federal reserve act provides that, under rules and regulations
to be prescribed by the Federal Reserve Board, Federal reserve banks may purchase and sell in the open market, at home or abroad, from or to domestic or
foreign banks, firms, corporations, or individuals, bills of exchange of the kinds
and maturities made eligible by the act for discount and bankers' acceptances,
with or without the indorsement of a member bank.
SECTION II. GENERAL CHARACTER OF BILLS AND ACCEPTANCES ELIGIBLE

The Federal Reserve Board, exercising its statutory right to regulate the purchase of bills of exchange and acceptances, prescribes that—
(a) Any banker's acceptance or bill of exchange which is eligible for discount under the terms of Regulation A is eligible for purchase by Federal
reserve banks in the open market, with or without the indorsement of a
member bank, if—
(1) It has been accepted by the drawee prior to purchase; or
(2) It is accompanied or secured by shipping documents or by warehouse, terminal, or other similar receipts conveying security title; or
(3) It bears a satisfactory bank indorsement;
(6) A banker's acceptance growing out of a transaction involving the
importation or exportation of goods may be purchased if it has a maturity
not in excess of six months, exclusive of days of grace, provided that it conforms in other respects to the applicable requirements of Regulation A; and
(c) A banker's acceptance growing out of a transaction involving the
storage within the United States of goods actually under contract for sale
and not yet delivered or paid for may be purchased, provided that the
acceptor is secured by the pledge of such goods, and provided further that
the acceptance conforms in other respects to the applicable requirements
of Regulation A.
SECTION III. STATEMENTS

A bill of exchange, unless indorsed by a member bank, is not eligible for purchase until a satisfactory statement has been furnished of the financial condition
of one or more of the parties thereto.
A banker's acceptance, unless accepted or indorsed by a member bank, is not
eligible for purchase until the acceptor has furnished a satisfactory statement of
its financial condition in form to be approved by the Federal reserve bank and
has agreed in writing with a Federal reserve bank to inform it upon request
concerning the transaction underlying the acceptance.




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279

REGULATION C, SERIES OF 1928
(Superseding Regulation C of 1924)

ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OF
EXCHANGE5
ARTICLE A—ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN AGAINST
DOMESTIC OR FOREIGN SHIPMENTS OF GOODS OR SECURED BY WAREHOUSE
RECEIPTS COVERING READILY MARKETABLE STAPLES
SECTION I. STATUTORY PROVISIONS

Under the provisions of the sixth paragraph of section 13 of the Federal reserve
act, as amended, any member bank may accept drafts or bills of exchange drawn
upon it, having not more than six months' sight to run, exclusive of days of
grace, which grow out of transactions involving the importation or exportation
of goods; or which grow out of transactions involving the domestic shipment of
goods, provided shipping documents conveying or securing title are attached at
the time of acceptance; or which are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily
marketable staples.6 This paragraph limits the amount which any bank shall
accept for any one person, company, firm, or corporation, whether in a foreign or
domestic transaction, to an amount not exceeding at any time, in the aggregate,
more than 10 per cent of its paid-up and unimpaired capital stock and surplus.
This limit, however, does not apply in any case where the accepting bank remains
secured either by attached documents or by some other actual security growing
out of the same transaction as the acceptance. A trust receipt which permits
the customer to have access to or control over the goods will not be considered by
Federal reserve banks to be "actual security" within the meaning of section 13.
A bill of lading draft, however, is "actual security" even after the documents
have been released, provided that the draft is accepted by the drawee upon or
before the surrender of the documents. The law also provides that any bank
may accept such bills up to an amount not exceeding at any time, in the aggregate,
more than one-half of its paid-up and unimpaired capital stock and surplus; or,
with the approval of the Federal Reserve Board, up to an amount not exceeding
at any time, in the aggregate, more than 100 per cent of its paid-up and unimpaired capital stock and surplus. In no event, however, shall the aggregate
amount of acceptances growing out of domestic transactions exceed 50 per cent of
such capital stock and surplus.
SECTION II. REGULATIONS

(1) Under the provisions of the law referred to above the Federal Reserve
Board has determined that any member bank, having an unimpaired surplus
equal to at least 20 per cent of its paid-up capital, which desires to accept drafts
or bills of exchange drawn for the purposes described above, up to an amount not
exceeding at any time, in the aggregate, 100 per cent of its paid-up and unimpaired capital stock and surplus, may file an application for that purpose with the
Federal Reserve Board. Such application must be forwarded through the Federal
reserve bank of the district in which the applying bank is located.
(2) The Federal reserve bank shall report to the Federal Reserve Board upon
the standing of the applying bank, stating whether the business and banking
conditions prevailing in its district warrant the granting of such application.
(3) The approval of any such application may be rescinded upon 90 days'
notice to the bank affected.
ARTICLE B—ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN FOR THE
PURPOSE OF CREATING DOLLAR EXCHANGE
SECTION I I I . STATUTORY PROVISIONS

Section 13 of the Federal reserve act also provides that any member bank may
accept drafts or bills of exchange drawn upon it having not more than three
months' sight to run, exclusive of days of grace, drawn, under regulations to be
5
For regulations governing the rediscount of bankers' acceptances by Federal reserve banks, see Regulation A, page 276.
6
A readily marketable staple within the meaning of these regulations may be denned as an article of
commerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready
markets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable
and (6) the staple itself easy to realize upon by sale at any time.

110390—2




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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

prescribed by the Federal Reserve Board, by banks or bankers in foreign countries
or dependencies or insular possessions of the United States for the purpose of
furnishing dollar exchange as required by the usages of trade in the respective
countries, dependencies, or insular possessions.
No member bank shall accept such drafts or bills of exchange for any one bank
to an amount exceeding in the aggregate 10 per cent of the paid-up and unimpaired
capital and surplus of the accepting bank unless the draft or bill of exchange is
accompanies by documents conveying or securing title or by some other adequate
security. No member bank shall accept such drafts or bills in an amount exceeding at any time in the aggregate one-half of its paid-up and unimpaired capital
and surplus. This 50 per cent limit is separate and distinct from and not included
in the limits placed upon the acceptance of drafts and bills of exchange as described
under Article A of this regulation.
SECTION IV. REGULATIONS

Any member bank desiring to accept drafts drawn by banks or banker in
foreign countries or dependencies or insular possessions of the United States for
the purpose of furnishing dollar exchange shall first make an application to the
federal Reserve Board setting forth the usages of trade in the respective
countries, dependencies, or insular possessions in which such banks or bankers are
located.
If the Federal Reserve Board should determine that the usages of trade in such
countries, dependencies, or possessions require the granting of the acceptance
facilities applied for, it will notify the applying bank of its approval and will also
publish in the Federal Reserve Bulletin the name or names of those countries,
dependencies, or possessions in which banks or bankers are authorized to draw on
member banks whose applications have been approved for the purpose of furnishing dollar exchange.
The Federal Reserve Board reserves the right to modify or on 90 days' notice
to revoke its approval either as to any particular member bank or as to any
foreign country or dependency or insular possession of the United States in which
it has authorized banks or bankers to draw on member banks for the purpose of
furnishing dollar exchange.
REGULATION D, SERIES OF 1928
(Superseding Regulation D of 1924)

RESERVES OF MEMBER BANKS
SECTION I. STATUTORY PROVISIONS

Section 19 of the Federal reserve act provides, in part as follows:
BANK RESERVES

SEC. 19. Demand deposits within the meaning of this act shall comprise all deposits payable within
thirty days, and time deposits shall comprise all deposits payable after thirty days, all savings accounts
and certificates of deposit which are subject to not less than thirty days' notice before payment, and all
postal savings deposits.
Every bank, banking association, or trust company which is or which becomes a member of any Federal
reserve bank shall establish and maintain reserve balances with its Federal reserve bank as follows:
(a) If not in a reserve or central reserve city, as now or hereafter denned, it shall hold and maintain
with the Federal reserve bank of its district an actual net balance equal to not less than seven per centum
of the aggregate amount of its demand deposits and three per centum of its time deposits.
(&) If in a reserve city, as now or hereafter denned, it shall hold and maintain with the Federal reserve
bank of its district an actual net balance equal to not less than ten per centum of the aggregate amount
of its demand deposits and three per centum of its time deposits: Provided, however, That if located in
the outlying districts of a reserve city or in territory added to such a city by the extension of its corporate
charter, it may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain the reserve balances specified in paragraph (a) hereof.
(c) If in a central reserve city, as now or hereafter denned, it shall hold and maintain with the Federal
reserve bank of its district an actual net balance equal to not less than thirteen per centum of the aggregate
amount of its demand deposits and three per centum of its time deposits: Provided, however, That if located
in the outlying districts of a central reserve city or in territory added to such city by the extension of its
corporate charter, it may, upon the affirmative vote of five members of the Federal Reserve Board, hold
and maintain the reserve balances specified in paragraphs (a) or (6) thereof.




REGULATIONS OF THE FEDERAL RESERVE BOARD

281

The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against,
and withdrawn by such member bank for the purpose of meeting existing liabilities: Provided, however,
That no bank shall at any time make new loans or shall pay any dividends unless and until the total
balance required by law is fully restored.
In estimating the balances required by this act, the net difference of amounts due to and from other
banks shall be taken as the basis for ascertaining the deposits against which required balances with Federal
reserve banks shall be determined.

The various Liberty bond acts (act of April 24, 1917, sec. 7; act of September
24, 1917, sec. 8; act of April 4, 1918, sec. 8) provide, in part, as follows:
That the provisions * * * with reference to the reserves required to be kept by national banking
associations and other member banks of the Federal reserve system, shall not apply to deposits of public
moneys by the United States in designated depositaries.
SECTION II. DEFINITIONS

(a) Demand deposits.—The term " demand deposits " shall include all deposits
which are payable within 30 days except "savings accounts," "time certificates
of deposit," and "postal savings deposits," as defined below.
(6) Time deposits.—The term "time deposits" shall include all "time dedeposits, open accounts," all "savings accounts," all "time certificates of deposit," and all "postal savings deposits," as defined below.
(c) Time deposits, open accounts.—The term "time deposits, open accounts"
shall mean deposits not evidenced by certificates of deposit or savings pass
books, in respect to which a written contract is entered into with the depositor
at the time the deposit is made that neither the whole nor any part of such
deposit may be withdrawn, by check or otherwise, except on a given date, not
less than 30 days after the date of the deposit, or on written notice which must
be given by the depositor a certain specified number of days in advance, in
no case less than 30 days.
(d) Savings accounts.—The term "savings accounts" shall mean those deposits in respect to which—
(1) The pass book, certificate, or other similar form of receipt must be
presented to the bank whenever a withdrawal is made,
(2) The depositor may at any time be required by the bank to give
notice of an intended withdrawal not less than 30 days before a withdrawal
is made, and
(3) The bank's printed regulations, accepted by the depositor at the
time the account is opened, include the above requirements.
(e) Time certificates of deposit.—A "time certificate of deposit" is defined
as an instrument evidencing the deposit with a bank, either with or without
interest, of a certain sum specified on the face of the certificate payable in whole
or in part to the depositor or on his order—
(1) On a certain date, specified on the certificate, not less than 30 days
after the date of the deposit, or
(2) After the lapse of a certain specified time subsequent to the date
of the certificate, in no case less than 30 days, or
(3) Upon written notice, which the bank may at its option require to
be given a certain specified number of days, not less than 30 days, before
the date of repayment, and
(4) In all cases only upon presentation of the certificate at each withdrawal for proper indorsement or surrender.
(/) Postal savings deposits.—The term "postal savings deposits" shall
mean deposits of postal savings funds in banks under the terms of the postal
savings act, approved June 25, 1910, as amended.
(g) Government deposits.—The term "Government deposits" shall mean
deposits of public moneys by the United States in designated depositaries.7
7
Deposits made by United States postmasters of Government funds, other than postal savings deposits,
received by them in their official capacity, constitute " Government deposits" within the meaning of this
regulation and, when made in designated depositaries, are exempt from the reserve requirements of section
19. The following classes of deposits, however, are not " Government deposits" within such meaning and
are not exempt from reserve requirements:
(1) Deposits of Philippine funds made by the Philippine Government and carried under the title,
"Treasurer of the Philippine Islands currency reserve fund account."
(2) Deposits of Porto Rican funds made by the Porto Rican Government.
(3) Deposits of Indian funds under the control of the Department of the Interior.
(4) Deposits of States, counties, or municipalities.
(5) Deposits of the United States Shipping Board and the Emergency Fleet Corporation.




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SECTION III. COMPUTATION OF RESERVES

(a) Amounts of reserves to be maintained.—Every member bank of the
Federal reserve system is required by law to maintain on deposit with the Federal
reserve bank of its district an actual net balance equal to 3 per cent of its time
deposits plus—
Seven per cent of its demand deposits if not in a reserve or central reserve
city.
Ten per cent of its demand deposits if in a reserve city, except that if
located in an outlying district 8 of a reserve city or in territory added to
such city by the extension of the city's corporate limits such bank may,
upon the affirmative vote of five members of the Federal Reserve Board,
be permitted to maintain 7 per cent reserves against its demand deposits.
Thirteen per cent of its demand deposits if located in a central reserve
city, except that if located in an outlying district 8 of a central reserve city
or in territory added to such city by the extension of the city's corporate
limits, such bank may, upon the affirmative vote of five members of the
Federal Reserve Board, be permitted to maintain 7 per cent or 10 per cent
reserves against its demand deposits.
No reserves are required to be maintained against Government deposits as
defined above.
A member bank exercising trust powers need not maintain reserves against
trust funds which it keeps segregated and apart from its general assets or which
it deposits in another institution to the credit of itself as trustee or other fiduciary.
If, however, such funds are mingled with the general assets of the bank, as
^ permitted to national banks under authority of section 11 (k) of the Federal
reserve act, a deposit liability thereby arises against which reserves must be
maintained. In computing reserve requirements, trust funds deposited in
a member bank by another bank to the credit of such other bank as trustee or
other fiduciary must be classified by the member bank as individual deposits
rather than bank deposits.
(6) Deductions allowed in computing reserves.—Member banks in determining the amount against which reserves must be carried may deduct:
(1) From gross demand deposits, all Government deposits as defined
above.
(2) From the amount of balances due to other banks, the amount of
balances due from other banks (except Federal reserve banks and foreign
banks), including in the amount due to other banks certified, cashiers',
and treasurers' checks outstanding, and including in the amount due from
other banks out of town items placed in the mail and charged to the account
of correspondent banks, items with a Federal reserve bank in process of
collection, checks drawn on banks located in the same city, and exchanges
for clearing houses.
(c) Availability of checks as reserve.—Checks forwarded to a Federal reserve
bank for collection or credit can not be counted as part of the minimum reserve
balance to be carried by a member bank with its Federal reserve bank until
such time as may be specified in the appropriate time schedule referred to in
Section IV of Regulation J. If a member bank draw against checks before such
time, the draft will be charged against its reserve balance if such balance be
sufficient in amount to pay it; but any resulting impairment of reserve balances
will be subject to all the penalties provided by the act and by this regulation.
SECTION IV. PENALTIES FOR DEFICIENCIES IN RESERVES

Inasmuch as it is essential that the law with respect to the maintenance by
member banks of the required minimum reserve balances be strictly complied
with, the Federal Reserve Board, under authority vested in it by section 19 of
the Federal reserve act, hereby prescribes the following rules governing penalties
for deficiencies in reserves:
(a) Basic penalty.
(1) Deficiencies in reserve balances of member banks in cities where Federal
reserve banks or branches thereof are located and in such other reserve cities as
the Federal Reserve Board may designate from time to time will be computed
on the basis of average daily net deposit balances covering semiweekly periods.
Deficiencies in reserve balances of member banks in all other reserve cities will
s The term "outlying district" is construed to mean that portion of a city which is located outside of,
and at a considerable distance from, the recognized business andfinancialcenter of such city, and includes
Digitized forall suburban districts within the corporate limits of such city.
FRASER


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OF THE FEDERAL RESERVE BOARD

283

be computed on the basis of average daily net deposit balances covering weekly
periods. Deficiencies in reserve balances of other member banks will be computed on the basis of average daily net deposit balances covering semimonthly
periods.
(2) Such computations shall be made as at the close of business on days to befixed by the Federal reserve banks with the approval of the Federal Reserve
Board.
(3) Penalties for such deficiencies will be assessed monthly on the basis of
average daily deficiencies during each of the reserve computation periods ending in the preceding calendar month.
(4) Such penalties shall be assessed at a basic rate of 2 per cent per annum
above the Federal reserve bank discount rate on 90-day commercial paper, in
effect on the first day of the calendar month in which the deficiencies occurred.
(b) Notice to directors of banks deficient in reserves.—Whenever it shall
appear that a bank is not paying due regard to the maintenance of its reserves,
the Federal reserve agent will address a letter to each director of such bank
calling attention to the situation and advising him of the requirements of the
law and of this regulation regarding the maintenance of reserves and the personal liability of the directors permitting violations of the law.
(c) Progressive penalty.—The Federal Reserve Board will also prescribe for
any Federal reserve district, upon the application of the Federal reserve bank of
that district, an additional progressive penalty for continued deficiencies in
reserves, in accordance with the following rules:
(1) When a member bank which is required to compute its reserves on a semiweekly basis has an average deficiency in reserves for twelve consecutive semiweekly periods, there shall be assessed, in addition to the penalty at the basic
rate, a progressive penalty on semi weekly deficiencies occurring thereafter until
such member bank has maintained the required average reserve for eight consecutive semiweekly periods.
(2) When a member bank which is required to compute its reserves on a
weekly basis has an average deficiency in reserves for six consecutive weekly
periods, there shall be assessed, in addition to the penalty at the basic rate, a
progressive penalty on weekly deficiencies occurring thereafter until such member bank has maintained the required average reserve for four consecutive
weekly periods.
(3) When any other member bank has an average deficiency in reserves for
three consecutive semimonthly periods, there shall be assessed, in addition to the
penalty at the basic rate, a progressive penalty on semimonthly deficiencies
occurring thereafter until such member bank has maintained the required
average reserve for two consecutive semimonthly periods.
(4) Such progressive penalty shall be at the rate of 1 per cent per annum for
the first calendar month in which same is effective and shall increase at the rate
of 1 per cent per annum for each consecutive calendar month thereafter in which
the bank's reserve deficiencies are subject to the progressive penalty; provided
that the maximum penalty charged shall not exceed 10 per cent per annum.
(d) Continued deficiencies.—Whenever any member bank has an average
deficiency in reserves for each reserve computation period during six consecutive
months, the Federal reserve agent shall promptly report the fact to the Federal
Reserve Board with a recommendation as to whether or not the board should:
(1) In the case of a national bank direct the Comptroller of the Currency to
bring suit to forfeit the charter of such national bank pursuant to section 2 of the
Federal reserve act; or
(2) In the case of a State member bank institute proceedings to require such
bank to surrender its stock in the Federal reserve bank and to forfeit all rights
and privileges of membership pursuant to section 9 of the Federal reserve act; or
(3) In either case take such other action as the Federal reserve agent may
recommend or the Federal Reserve Board may consider advisable.
SECTION V. LOANS AND DIVIDENDS WHILE RESERVES ARE DEFICIENT

It is unlawful for any member bank the reserves of which are at any time
deficient to make any new loans or pay any dividends unless and until the total
reserves required by law are fully restored, and the payment of penalties for
deficiencies in reserves does not exempt member banks from this prohibition of
law. As provided above, penalties for deficiencies in reserves are computed on
the basis of the average reserve balances for semiweekly, weekly, or semimonthly
periods; but this prohibition of law applies whenever the reserves are deficient
for one day or more, regardless of whether or not the average reserve balances
for the semiweekly, weekly, or semimonthly period are deficient.



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REGULATION E, SERIES OF 1928
(Superseding Regulation E of 1924)

PURCHASE OF WARRANTS
SECTION I. STATUTORY REQUIREMENTS

Section 14 of the Federal reserve act reads in part as follows:
Every Federal reserve bank shall have power—
(6) To buy and sell, at home or abroad, bonds and notes of the United States and bills, notes, revenue
bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county,
district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts, such purchases to be made in accordance with rules and regulations prescribed by the Federal Reserve Board.
SECTION II. DEFINITIONS

Within the meaning of this regulation—
The term "warrant" shall be construed to mean "bills, notes, revenue bonds,
and warrants with a maturity from date of purchase of not exceeding six months."
The term "municipality" shall be construed to mean "State, county, district,
political subdivision, or municipality in the continental United States, including
irrigation, drainage, and reclamation districts."
The term "net funded indebtedness" shall be construed to mean the legal
gross indebtedness of the municipality (including the amount of any school
district or other bonds which depend for their redemption upon taxes levied
upon property within the municipality) less the aggregate of the following items:
(1) The amount of outstanding bonds or other debt obligations made
payable from current revenues;
(2) The amount of outstanding bonds issued for the purpose of providing
the inhabitants of a municipality with public utilities, such as waterworks,
docks, electric plants, transportation facilities, etc.: Provided, That evidence
is submitted snowing that the income from such utilities is sufficient for
maintenance, for payment of interest on such bonds, and for the accumulation of a sinking fund sufficient for their redemption at maturity;
(3) The amount of outstanding improvement bonds issued under laws
which provide for the levying of special assessments against abutting property in amounts sufficient to insure the payment of interest on the bonds
and the redemption thereof at maturity: Provided, That such bonds are
direct obligations of the municipality and included in the gross indebtedness
of the municipality; and
(4) The total of all sinking funds accumulated for the redemption of the
gross indebtedness of the municipality, except sinking funds applicable to
bonds described in (1), (2), and (3) above.
SECTION III. CLASS OF WARRANTS ELIGIBLE FOR PURCHASE

Any Federal reserve bank may purchase warrants issued by a municipality
in anticipation of the collection of taxes or in anticipation of the receipt of
assured revenues, provided—
(a) They are the general obligations of the entire municipality, it being
intended to exclude as ineligible for purchase all such obligations as are
payable from "local benefit" and "special assessment" taxes when the
municipality at large is not directly or ultimately liable;
(b) They are issued in anticipation of taxes or revenues which are due
and payable on or before the date of maturity of such warrants; but the
Federal Reserve Board may waive this condition in specific cases. For
the purposes of this regulation taxes shall be considered as due and payable
on the last day on which they may be paid without penalty;
(c) They are issued by a municipality—
(1) Which has been in existence for a period of 10 years;
(2) Which for a period of 10 years previous to the purchase has not
defaulted for longer than 15 days in the payment of any part of either
principal or interest of any funded debt authorized to be contracted
by it;
(3) Whose net funded indebtedness does not exceed 10 per centum
of the valuation of its taxable property, to be ascertained by the last
preceding valuation of property for the assessment of taxes.




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285

SECTION IV. " EXISTENCE" AND " N O N D E F A U L T "

Warrants will be construed to comply with that part of Section III (c) relative
to term of existence and nondefault, under the following conditions:
(1) Warrants issued by or in behalf of any municipality which was, subsequent
to the issuance of such warrants, consolidated with or merged into an existing
political division which meets the requirements of these regulations, will be deemed
to be the warrants of such political division: Provided, That such warrants were
assumed by such political division under statutes and appropriate proceedings
the effect of which is to make such warrants general obligations of such assuming
political division and payable, either directly or ultimately, without limitation to
a special fund from the proceeds of taxes levied upon all the taxable real and
personal property within its territorial limits.
(2) Warrants issued by or in behalf of any municipality which was, subsequent
to the issuance of such warrants, wholly succeeded by a newly organized political
division whose term of existence, added to that of such original political division
or of any other political division so succeeded, is equal to a period of 10 years
will be deemed to be warrants of such succeeding political division: Provided,
That during such period none of such political divisions shall have defaulted for a
period exceeding 15 days in the payment of any part of either principal or interest
of any funded debt authorized to be contracted by it: And-providedfurther, That
such warrants were assumed by such new political division under statutes and
appropriate proceedings the effect of which is to make such warrants general
obligations of such assuming political division and payable, either directly or
ultimately, without limitation to a special fund from the proceeds of taxes levied
upon all the taxable real and personal property within its territorial limits.
(3) Warrants issued by or in behalf of any municipality which, prior to such
issuance, became the successor of one or more, or was formed by the consolidation or merger of two or more, preexisting political divisions, the term of existence
of one or more of which, added to that of such succeeding or consolidated political
division, is equal to a period of 10 years, will be deemed to be warrants of a
political division which has been in existence for a period of 10 years: Provided,
That during such period none of such original, succeeding, or consolidated
political divisions shall have defaulted for a period exceeding 15 days in the
payment of any part of either principal or interest of any funded debt authorized
to be contracted by it.
SECTION V.

LIMITATIONS

(a) Except with the approval of the Federal Reserve Board, no Federal reserve
bank shall purchase and hold an amount in excess of 25 per cent of the total
amount of warrants outstanding at any time and issued in conformity with provisions of section 14(6), above quoted, and actually sold by a municipality.
(6) Except with the approval of the Federal Reserve Board, the aggregate
amount invested by any Federal reserve bank in warrants of all kinds shall not
exceed at the time of purchase a sum equal to 10 per cent of the deposits kept
by its member banks with such Federal reserve bank.
(c) Except with the approval of the Federal Reserve Board, the maximum
amount which may be invested at the time of purchase by any Federal reserve
bank in warrants of any single municipality shall be limited to the following
percentages of the deposits kept in such Federal reserve bank by its member
banks :
Five per cent of such deposits in warrants of a municipality of 50,000
population or over;
Three per cent of such deposits in warrants of a municipality of over
30,000 population, but less than 50,000;
One per cent of such deposits in warrants of a municipality of over 10,000
population, but less than 30,000.
(d) Any Federal reserve bank may purchase from any of its member banks
warrants of any municipality, indorsed by such member bank, with waiver of
demand, notice, and protest if such warrants comply with Sections III and V (6)
of these regulations, except that where a period of 10 years is mentioned in III (c)
hereof a period of 5 years shall be substituted for the purposes of this clause.
SECTION VI. WAKRANTS OF SMALL MUNICIPALITIES

Warrants of a municipality of 10,000 population or less shall be purchased only
with the special approval of the Federal Reserve Board.



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

The population of a municipality shall be determined by the last Federal or
State census. Where it can not be exactly determined the Federal Reserve
Board will make special rulings.
SECTION VII.

OPINION OF COUNSEL

Opinion of recognized counsel on municipal issues or of the regularly appointed
counsel of the municipality as to the legality of the issue shall be secured and
approved in each case by counsel for the Federal reserve bank.
REGULATION F, SERIES OF 1928
(Superseding Regulation F of 1924)

TRUST POWERS OF NATIONAL BANKS
SECTION I. STATUTORY PROVISIONS

The Federal reserve act as amended by the act of September 26, 1918, provides in part:
SEC. 11. The Federal Reserve Board shall be authorized and empowered:
(k) To grant by special permit to national banks applying therefor, when not in contravention of State
or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of
estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which
State banks, trust companies, or other corporations which come into competition with national banks are
permitted to act under the laws of the State in which the national bank is located.
Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by
State banks, trust companies, or other corporations which compete with national banks, the granting to
and the exercise of such powers by national banks shall not be deemed to be in contravention of State or
local law within the meaning of this act.
National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets
held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books
and records showing in proper detail all transactions engaged in under authority of this subsection. Such
books and records shall be open to inspection by the State authorities to the same extent as the books and
records of corporations organized under State law which exercise fiduciary powers, but nothing in this
act shall be construed as authorizing the State authorities to examine the books, records, and assets of the
national bank which are not held in trust under authority of this subsection.
No national bank shall receive in its trust department deposits of current funds subject to check or the
deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Funds
deposited or held in trust by the bank awaiting investment shall be carried in a separate account and shall
not be used by the bank in the conduct of its business unless it shall first set aside in the trust department
United States bonds or other securities approved by the Federal Reserve Board.
In the event of the failure of such bank the owners of the funds held in trust for investment shall have a
lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank.
Whenever the laws of a State require corporations acting in a fiduciary capacity, to deposit securities
with the State authorities for the protection of private or court trusts, national banks so acting shall be
required to make similar deposits and securities so deposited shall be held for the protection of private or
court trusts, as provided by the State law.
National banks in such cases shall not be required to execute the bond usually required of individuals
if State corporations under similar circumstances are exempt from this requirement.
National banks shall have power to execute such bond when so required by the laws of the State.
In any case in which the laws of a State require that a corporation acting as trustee, executor, administrator, or in any capacity specified in this section, shall take an oath or make an affidavit, the president,
vice president, cashier, or trust officer of such national bank may take the necessary oath or execute the
necessary affidavit.
It shall be unlawful for any national banking association to lend any officer, director, or employee any
funds held in trust under the powers conferred by this section. Any officer, director, or employee making
such loan, or to whom such loan is made, may be fined not more than $5,000, or imprisoned not more than
five years, or may be both fined and imprisoned, in the discretion of the court.
In passing upon applications for permission to exercise the power enumerated in this subsection, the
Federal Reserve Board may take into consideration the amount of capital and surplus of the applying
bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs
of the community to be served, and any other facts and circumstances that seem to it proper, and may
grant or refuse the application accordingly: Provided, That no permit shall be issued to any national banking association having a capital and surplus less than the capital and surplus required by State law of
State banks, trust companies, and corporations exercising such powers.
SECTION II. APPLICATIONS

A national bank desiring to exercise any or all of the powers authorized by
section 11 (A;) of the Federal reserve act, as amended by the act of September
26, 1918, shall make application to the Federal Reserve Board, on a form approved by said board, for a special permit authorizing it to exercise such powers.
In the case of an original application—that is, where the applying bank has never
been granted the right to exercise any of the powers authorized by section 11 (ft)—
the application should be made on F. R. B. Form 61. In the case of a supplemental application—that is, where the applying bank has already been granted



REGULATIONS OF THE FEDERAL RESERVE BOARD

287

the right to exercise one or more of the powers authorized by section ll(k)—
the application should be made on F. R. B. Form 61-6. Both forms are made a
part of this regulation and may be obtained from the Federal Reserve Board or
any Federal reserve bank.
In the case of the organization of a new national bank, the conversion of a
State bank or trust company into a national bank, the consolidation of two
national banks, or the consolidation of a State bank or trust company with a
national bank under the charter of the latter, application for such a permit may
be made in advance on behalf of the new, converted, or consolidated national
bank, and the permit may be issued simultaneously with the consummation of
such organization, conversion, or consolidation. In the case of the organization
of a new national bank, the application may be made on behalf of the new
national bank by the organizers thereof. In the case of the conversion of a State
bank or trust company into a national bank, the application may be made by
the State bank or trust company on behalf of the national bank into which it is
to be converted. In the case of the consolidation of two or more national banks
or the consolidation of a State bank or trust company with a national bank
under the charter of the latter, the application may be made by the national
bank the charter of which is to be retained.
SECTION III. CONSOLIDATION OF TWO OR MORE NATIONAL BANKS

Where two or more national banks consolidate under the provisions of the act
of November 7, 1918, and any one of such banks has, prior to such consolidation,
received a permit from the Federal Reserve Board to act in fiduciary capacities,
the rights existing under such permit pass by operation of law to the consolidated
bank, and the consolidated bank may exercise such fiduciary powers in the same
manner and to the same extent as the bank to which such permit was originally
issued. In order that the consolidated bank's records may be complete and
its right to exercise such fiduciary powers may not be questioned, however, it is
advisable for the consolidated bank to obtain from the Federal Reserve Board a
permit to exercise fiduciary powers in its own name. Such a permit may be
applied for in advance of the consolidation and may be issued in the name of the
consolidated bank, effective when the consolidation is consummated.
SECTION IV. CONSOLIDATION OF STATE BANK WITH NATIONAL BANK

Section 3 of the act of November 7, 1918, as amended by section 1 of the act
of February 25, 1927, which authorizes any bank, trust company, savings bank,
or other banking institution incorporated under the laws of any State or of the
District of Columbia to be consolidated directly with a national bank located
in the same county, city, town, or village under the charter of such national
bank, provides in part that when such consolidation is effected—
* * * all the rights, franchises, and interests of such State or District bank so consolidated with a
national-banking association in and to every species of property, real, personal, and mixed, and choses in
action thereto belonging, shall be deemed to be transferred to and vested in such national-banking association into which it is consolidated without any deed or other transfer, and the said consolidated national
banking assoication shall hold and enjoy the same and all rights of property, franchises, and interests, including the right of succession as trustee, executor, or in any other fiduciary capacity in the same manner and to
the same extent as was held and enjoyed by such State or District bank so consolidated with such national-banking
association.
*
*
*
*
*
*
*
The words "State bank," "State banks," "bank," or "banks," as used in this section, shall be held to
include trust companies, savings banks, or other such corporations or institutions carrying on the banking
business under the authority of State laws.

The purpose of this provision is to make clear the right of such a consolidated
national bank to succeed to the specific trusteeships, executorships, and other
fiduciary appointments under which the State institution was acting prior to the
consolidation or in which it had been appointed or designated to act under wills
or other instruments which had not become effective at the time of consolidation
through the death of a testator, the probate of a will, or otherwise; but it does not
confer upon such national banks the right to act generally in fiduciary capacities
3r to undertake any new trust business. It is necessary for the consolidated
national bank to have a permit from the Federal Reserve Board to act in
fiduciary capacities, therefore, before undertaking to act generally in fiduciary
sapacities or to accept any new trust business. If the national bank does not
desire to act generally in fiduciary capacities or to accept any new trust business,
but desires merely to continue to execute the specific trusteeships, executorships,
and other fiduciary affairs which were actually being executed by the State insti


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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

tution at the time of the consolidation or which the State institution had been
designated to execute under wills or other instruments which had not yet become
effective through the death of the testator, the probate of the will, or otherwise, it
is not technically necessary for the national bank to have a permit from the Federal
Reserve Board in order to execute such specific trusts; but it is advisable for the
national bank to have such a permit, in order that its right to continue to execute
these trusts may not be questioned. In all cases involving the consolidation
of a State institution having a trust business with a national bank under the
provisions of the above-mentioned act, therefore, the national bank should
obtain from the Federal Reserve Board a permit to act in fiduciary capacities
before the consolidation becomes effective, unless such national bank already
has such a permit.
SECTION V. SEPARATE TRUST DEPARTMENTS

Every national bank which obtains from the Federal Reserve Board a permit
to act in fiduciary capacities shall establish a separate trust department. Such
department shall be established before such bank undertakes to act in any
fiduciary capacity and shall be placed under the management of an officer or
officers whose duties shall be prescribed by the board of directors of the bank,
either by an amendment to the by-laws of the bank or by a resolution duly
entered in the minutes of the board of directors.
SECTION VI. DEPOSIT OF SECURITIES WITH STATE AUTHORITIES

Whenever the laws of a State require corporations acting in a fiduciary capacity
to deposit securities with the State authorities for the protection of private or
court trusts, every national bank in such State which obtains a permit from the
Federal Reserve Board to act in fiduciary capacities shall, before undertaking
to act in such capacities, make a similar deposit of securities. Such securities
shall be deposited with the State authorities, unless the State authorities refuse
to accept them. If the State authorities refuse to accept such securities, they
shall be deposited with the Federal-reserve agent of the district in which such
national bank is located. Securities so deposited shall be held for the protection
of private or court trusts, as provided by the State law.
SECTION VII. CUSTODY OF TRUST SECURITIES AND INVESTMENTS

The securities and investments held in each trust shall be kept separate and
distinct from the securities owned by the bank and separate and distinct one
from another. Trust securities and investments shall be placed in the joint
custody of two or more officers or other employees designated by the board of
directors of the bank, and all such officers and employees shall be bonded.
SECTION VIII. FUNDS AWAITING INVESTMENT OR DISTRIBUTION

(a) In general.—Funds received or held in the trust department of a national
bank awaiting investment or distribution shall be invested or distributed as
soon as practicable and shall not be held uninvested by the bank any longer
than is reasonably necessary.
(b) Deposits in commercial or savings department of trustee bank.—Funds
received or held in the trust department of a national bank awaiting investment
or distribution may be deposited in the commercial department or savings
department of the bank to the credit of the trust department; provided that the
bank first delivers to the trust department, as collateral security—
(1) Bonds, notes or certificates of indebtedness of the United States; or
(2) Other readily marketable securities of the classes in which State
trust companies or State banks exercising trust powers are authorized or
permitted to invest trust funds under the laws of the State in which such
bank is located; or
(3) Other readily marketable securities of the classes defined as " investment securities" pursuant to section 5136 of the Revised Statutes of the
United States as amended by the act of February 25,. 192 7.




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289

The United States bonds or other securities so deposited as collateral shall be*
owned by the bank and shall at all times be at least equal in market value to
the amount of trust funds so deposited in the commercial department.9
SECTION IX. INVESTMENT OF TRUST FUNDS

(a) Private trusts.—Funds held in trust must be invested as soon as practicable
in strict accordance with the terms of the will, deed, or other instrument creating
the trust. Where the instrument creating the trust contains provisions authorizing the bank, its officers, or its directors to exercise their discretion in the matter
of investments, funds held in trust may be invested only in those classes of securities which are approved by the directors of the bank or a committee of directors
appointed for that purpose. Where the instrument creating the trust does not
specify the character or class of investments to be made and does not expressly
vest in the bank, its officers, or its directors a discretion in the matter of investments, funds held in trust shall be invested in any securities in which corporate
or individual fiduciaries in the State in which the bank is located may lawfully
invest.
(6) Court trusts.—Except as hereinafter provided, a national bank acting
as executor, administrator, or in any other fiduciary capacity, under appointment
by a court of competent jurisdiction, shall make all investments under an order
of that court, and copies of all such orders shall be filed and preserved with the
records of the trust department of the bank. If the court by general order
vests a discretion in the national bank to invest funds held in trust, or if under
the laws of the State in which the bank is located corporate fiduciaries appointed
by the court are permitted to exercise such discretion, the national bank so
appointed may invest such funds in any securities in which corporate or individual
fiduciaries in the State in which the bank is located may lawfully invest.
SECTION X. COMPENSATION OF BANK

A national bank acting in a fiduciary capacity is entitled to receive for its
services such fee or compensation as may be allowed by State law or provided
for in the will, deed, court order, or other instrument creating the trust. If
the amount of such fee or compensation is not regulated by State law or stipulated or provided for in the instrument creating the trust, the national bank
may charge or deduct not more than a reasonable fee or compensation. Where
the bank is acting in a fiduciary capacity under appointment by a court, it may
receive such fee or compensation as shall be allowed or approved by that court.
After the deduction of a proper fee or compensation, determined in the manner prescribed above, all income derived from the investment of the funds of a
trust shall be paid over to, or credited to the account of, such trust.
SECTION XI. BOOKS AND ACCOUNTS

All books and records of the trust department shall be kept separate and
distinct from other books and records of the bank. All accounts opened shall
be so kept as to enable the national bank at any time to furnish information or
reports required by the Federal or State authorities, and such books and records
shall be open to the inspection of such authorities.
SECTION XII. EXAMINATIONS

Examiners appointed by the Comptroller of the Currency or designated by
the Federal Reserve Board will be instructed to make thorough and complete
examinations of the cash, securities, accounts, and investments of the trust
department of the bank at the same time that examination is made of the banking department, and may make such examinations at any other time.
9
The act requires that the bank shall set aside in the trust department "United States bonds or other
securities approved by the Federal Reserve Board." This provision of the regulations is intended as a
general approval by the Federal Reserve Board of all securities which comply with the requirements thereof,
and specific approval by the Federal Reserve Board is unnecessary as to such securities. The board will
not approve any securities which do not comply with these requirements.




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ANNUAL REPORT OF THE FEDERA L RESERVE BOARD
SECTION XIII. INSOLVENCY OR VOLUNTARY LIQUIDATION

OF BANK

(a) Insolvency.—Whenever a national bank exercising fiduciary powers becomes insolvent and a receiver is appointed therefor by the Comptroller of the
Currency, such receiver will, pursuant to the instructions of the Comptroller of
the Currency and to the orders of the court or courts of appropriate jurisdiction, proceed to close such trusts and estates as can be closed promptly and
transfer to substitute fiduciaries all trusts and estates which can not be closed
promptly.
(b) Voluntary liquidation.—Whenever a national bank exercising fiduciary
powers is placed in voluntary liquidation, the liquidating agent shall, in accordance with the laws of the State in which such national bank is located, proceed
at once to liquidate the affairs of the trust department as follows:
1. All voluntary trusts which can be canceled shall be canceled as soon
as possible and all assets and papers thereof shall be delivered to the rightful
owner or owners.
2. All court trusts and estates under the jurisdiction of a court shall be
closed or disposed of as soon as possible in accordance with the orders or
instructions of the court having jurisdiction.
3. All other trusts which can be closed promptly shall be closed as soon
as possible and final accounting made therefor.
4. All other trusts which can not be closed promptly shall be transferred
by appropriate legal proceedings to substitute trustees or other fiduciaries.
SECTION XIV. CONFORMITY WITH STATE LAWS

Nothing in these regulations shall be construed to give a national bank exercising the powers permitted under the provisions of section 11 (k) of the Federal
reserve act, as amended, any rights or privileges in contravention of the laws of
the State in which the bank is located within the meaning of that act.
SECTION XV. CHANGES IN REGULATIONS

These regulations are subject to change by the Federal Reserve Board; provided, however, that no such change shall prejudice any obligation undertaken
in good faith under regulations in effect at the time the obligation was assumed.

REGULATION G, SERIES OF 1928
(Superseding Regulation M of 1926)

REDISCOUNT OF NOTES SECURED BY ADJUSTED SERVICE
CERTIFICATES
SECTION I. STATUTORY PROVISIONS

Under the terms of the World War adjusted compensation act as amended,
loans may lawfully be made to veterans upon their adjusted service certificates
only in accordance with the provisions of section 502 thereof.
Any national bank, or any bank or trust company incorporated under the laws
of any State, Territory, possession, or the District of Columbia, is authorized
after the expiration of two years after the date of the certificate, to loan to any
veteran upon his promissory note secured by his adjusted service certificate any
amount not in excess of the loan value of the certificate, which is stated on the
face of the certificate. The law provides that the rate of interest charged upon
the loan by the lending bank shall not exceed by more than 2 per cent per annum
the rate charged at the date of the loan for the discount of 90-day commercial
paper by the Federal reserve bank of the Federal reserve district in which the
lending bank is located.
Upon the indorsement of any bank, which shall be deemed a waiver of demand,
notice and protest by such bank as to its own indorsement exclusively, and subject to regulations to be prescribed by the Federal Reserve Board, any such note
secured by an adjusted service certificate and held by a bank is made eligible for
rediscount with the Federal reserve bank of the Federal reserve district in which
such bank is located, whether or not the bank offering the note for rediscount is
a member of the Federal reserve system and whether or not it acquired the note




REGULATIONS OF THE FEDERAL RESERVE BOARD

291

in the first instance from the veteran or acquired it by transfer upon the indorsement of any other bank; provided that at the time of rediscount such note has a
maturity not in excess of nine months, exclusive of days of grace, and complies
in all other respects with the provisions of the law, the regulations of the United
States Veterans' Bureau, and the regulations of the Federal Reserve Board.
SECTION II. DEFINITIONS

Within the meaning of this regulation—
(a) The term "the act" shall mean the World War adjusted compensation
act as amended;
(b) The term "director" shall mean the Director of the United States
Veterans' Bureau;
(c) The term "certificate" shall mean an adjusted service certificate
issued under the provisions of section 501 of the World War adjusted compensation act as amended;
(d) The term "veteran" shall mean any person to whom an adjusted
service certificate has been issued by the director under the provisions of the
World War adjusted compensation act as amended;
(e) The term " b a n k " shall mean any national bank or any bank or trust
company incorporated under the laws of any State, Territory, possession,
or the District of Columbia;
(/) The term " n o t e " shall mean a promissory note, negotiable in form,
secured by an adjusted service certificate, and evidencing a loan made by a
bank on the security of such certificate in full compliance with the provisions
of the World War adjusted compensation act as amended and the regulations
of the United States Veterans' Bureau.
SECTION III. ELIGIBILITY

In order to be eligible for rediscount at a Federal reserve bank, any such note
must—
(a) Arise out of a loan made by a bank to a veteran in full compliance
with the provisions of the act and of any regulation which the director may
prescribe;
(6) Be secured by the certificate issued to the maker, which certificate
must accompany the note;
(c) Be held by the offering bank in its own right at the time it is offered
for rediscount;
(d) Be negotiable in form and otherwise in the form approved by the
director;
(e) Have a maturity at the time of rediscount not in excess of nine months,
exclusive of days of grace;
(/) Evidence a loan the amount of which does not exceed the loan value
of the certificate for the year in which such loan was made;
(g) Be payable with interest accruing after the date of the note at a rate
stated in the face of the note, which rate must not exceed by more than 2
per cent per annum the rate charged at the date of the loan for the discount
of 90-day commercial paper by the Federal reserve bank of the Federal
reserve district in which the lending bank is located;
(h) Bear the indorsement of the bank offering it for rediscount, which
indorsement shall be deemed a waiver of demand, notice, and protest b}r
such bank as to its own indorsement exclusively;
(i) Be accompanied by the evidence of eligibility required by this regulation and such other evidence of eligibility as may be required by the Federal
reserve bank to which it is offered for rediscount; and
(j) Comply in all other respects with the requirements of the law and of
this regulation.
SECTION IV. EVIDENCE OP ELIGIBILITY

(a) General.—The Federal reserve bank to which a note is offered for rediscount must be satisfied either by reference to the note itself or otherwise that the
loan evidenced by the note or any sale, discount, or rediscount thereof complies
in all respects with the provisions of section 502 of the act and that the note is
eligible for rediscount by a Federal reserve bank under the terms of the law and
the provisions of this regulation.



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

(b) Affidavit of lending bank.—Any note offered to a Federal reserve bank for
rediscount must be accompanied by the affidavit required by section 502(h) of
the act and the regulations of the director, in form approved by the director,
made by an officer of the bank which made the loan, before a notary public or
other officer designated for the purpose by regulation of the director, stating
that—
(1) Such bank has not charged or collected, or attempted to charge or
collect, directly or indirectly, any fee or other compensation in respect of
any loan, made by such bank to any veteran under section 502 of the act,
except the interest authorized by such section;
(2) The person who obtained the loan evidenced by such note is known
to be the veteran named in the certificate securing such note;
(3) Such bank has notified the director that it has made a loan to the
veteran named in the certificate, as required by the regulations of the
director; and
(4) Such bank has notified the veteran by mail at his last known postoffice address of any sale, discount, or rediscount of such note by such bank,
as required by section 502 (b) of the act.
(c) Affidavit of other banks.—If such note is offered for rediscount by a bank
other than the bank which made the loan thereon, it must also be accompanied
by an affidavit of an officer of the offering bank and an affidavit of an officer of
each other bank which has sold, discounted, or rediscounted such note, which
affidavit shall be in form approved by the director and shall state that the bank of
which the affiant is an officer has promptly notified the veteran by mail at his
last known post-office address of the sale, discount, or rediscount of such note
by such bank, as required by section 502 (b) of the act.
SECTION V. APPLICATION FOR REDISCOUNT

Every application for the rediscount of such notes shall be made on a form
approved by the Federal reserve bank to which such note is offered and shall
contain a certificate of the offering bank to the effect that, to the best of its knowledge and belief, such note arose out of a loan made in full compliance with the
provisions of the act and the regulations of the director and is eligible for rediscount under the provisions of section 502 of the act and of this regulation.
SECTION VI. PROPER BANK FOR REDISCOUNT

No such note shall be rediscounted by any Federal reserve bank for any bank
not located in its own Federal reserve district, except that such notes may be
rediscounted by any Federal reserve bank for any other Federal reserve bank.
SECTION VII. RATE OF REDISCOUNT

The rate of interest charged by any Federal reserve bank on any such note
rediscounted by it shall be the same as that charged by it for the rediscount of
90-day notes drawn for a commercial purpose, except that when such notes are
rediscounted for another Federal reserve bank the rate shall be that fixed by the
Federal Reserve Board.
SECTION VIII. REDISCOUNTS FOR NONMEMBER BANKS

No Federal reserve bank shall rediscount such notes for any nonmember bank
until such bank has furnished to the Federal reserve bank such information as
it may request in order to satisfy itself as to the condition of such bank and the
advisability of making the rediscount for it.

REGULATION H, SERIES OF 1928
(Superseding Regulation H of 1924)

MEMBERSHIP OF STATE BANKS AND TRUST COMPANIES
SECTION I. BANKS ELIGIBLE FOR MEMBERSHIP

1. Incorporation.—In order to be eligible for membership in a Federal reserve
bank, a State bank or trust company must have been incorporated under a special
Digitized foror general law of the State or district in which it is located.
FRASER


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293

2. Capital stock.—Under the terms of section 9 of the Federal reserve act as
amended, no applying bank can be admitted to membership in a Federal reserve
bank unless—
(a) It possesses a paid-up, unimpaired capital sufficient to entitle it to
become a national banking association in the place where it is situated,
under the provisions of the national bank act; or
(b) It possesses a paid-up, unimpaired capital of at least 60 per cent of
such amount, and, under penalty of loss of membership, complies with the
rules and regulations herein prescribed by the Federal Reserve Board fixing
the time within which and the method by which the unimpaired capital of
such bank shall be increased out of net income to equal the capital required
under (a).
In order to become a member of the Federal reserve system, therefore, any
State bank or trust company must have a minimum paid-up capital stock at the
time it becomes a member, as follows:

If located in a city or town with a population-

Not exceeding 3,000 inhabitants
Exceeding 3,000 but not exceeding 6,000 inhabitants-__
_..
Exceeding 6,000 but not exceeding 50,000 inhabitants. _
Exceeding 50,000 inhabitants (except as stated below)
In an outlying district 10 of a city with a population exceeding 50,000 inhabitants;
provided State law permits organization of State banks in such location with a
capital of $100,000 or less
-

Minimum
capital if
admitted
under
clause (a)

Minimum
capital if
admitted
under
clause (6)

$25,000
50,000
100,000
200,000

$15,000
30,000
60,000
120,000

100,000

60,000

io The term "outlying district" is construed to mean that portion of a city which is located outside of
and at a considerable distance from, the recognized business and financial center of such city, and includes
all suburban districts within the corporate limits of such city.

Any bank admitted to membership under clause (b) must also, as a condition
of membership—the violation of which will subject it to expulsion from the
Federal reserve system—increase its paid-up and unimpaired capital within five
years after the approval of its application by the Federal Reserve Board to the
amount required under (a). For the purpose of providing for such increase,
every such bank shall set aside each year in a fund exclusively applicable to such
capital increase not less than 50 per cent of its net earnings for the preceding year
prior to the payment of dividends, and if such net earnings exceed 12 per cent of
the paid-up capital of such bank, then all net earnings in excess of 6 per cent
of the paid-up capital shall be carried to such fund, until such fund is large enough
to provide for the necessary increase in capital. Whenever such fund shall
be large enough to provide for the necessary increase in capital, or at such other
time as the Federal Reserve Board may require, such fund or as much thereof as
may be necessary shall be converted into capital by a stock dividend or used in
any other manner permitted by State law to increase the capital of such bank
to the amount required under (a): Provided, however, That such bank may be
excused in whole or in part from compliance with the terms of this paragraph if
it increases its capital through the sale of additional stock: Provided further,
That nothing herein contained shall be construed as requiring any such bank
to violate any provision of State law, and in any case in which the requirements
of this paragraph are inconsistent with the requirements of State law the requirements of this paragraph may be waived and the subject covered by a special
condition of membership to be prescribed by the Federal Reserve Board.
2. Branches.—In order to be eligible for membership in a Federal reserve bank,
a State bank or trust company must relinquish any branch or branches established by it after February 25, 1927, beyond the corporate limits of the city,
town, or village in which the parent bank is situated.
SECTION II. APPLICATION FOR MEMBERSHIP

Any eligible State bank or trust company may make application on F. R. B.
Form 83a, made a part of this regulation, to the Federal Reserve Board for an
amount of capital stock in the Federal reserve bank of its district equal, to 6
per cent of the paid-up capital stock and surplus of such State bank or trust
company. This application must be forwarded direct to the Federal reserve
agent of the district in which the applying bank or trust company is located
and must be accompanied by Exhibits I, II, and III, referred to on page 1 of
the application blank.



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SECTION III. APPROVAL OF APPLICATION

In passing upon an application the Federal Reserve Board will consider
especially—
(1) The financial condition of the applying bank or trust company and
the general character of its management;
(2) Whether the corporate powers exercised by the applying bank or
trust company are consistent with the purposes of the Federal reserve act;
and
(3) Whether the laws of the State or district in which the applying bank
or trust company is located contain provisions likely to prevent proper
compliance with the provisions of the Federal reserve act and the regulations of the Federal Reserve Board made in conformity therewith.
If, in the judgment of the Federal Reserve Board, an applying bank or trust
company conforms to all the requirements of the Federal reserve act and these
regulations, and is otherwise qualified for membership, the board will approve
the application subject to such conditions as it may prescribe pursuant to the
provisions of the Federal reserve act. When the conditions imposed by the board
have been accepted by the applying bank or trust company and the applying
bank or trust company has made a payment to the Federal reserve bank of its
district of one-half of the amount of its subscription, i. e., 3 per cent of the
amount of its paid-up capital and surplus, the appropriate certificate of stock
will be issued by the Federal reserve bank and a certificate of membership will
be issued by the Federal Reserve Board. The remaining half of its subscription
shall be subject to call when deemed necessary by the Federal Reserve Board.
SECTION IV. CONDITIONS OF MEMBERSHIP

Pursuant to the authority contained in the first paragraph of section 9 of the
Federal reserve act, which provides that the Federal Reserve Board may permit
applying banks to become members of the Federal reserve system ''subject to
the provisions of this act and to such conditions as it may prescribe pursuant
thereto," the Federal Reserve Board will prescribe the following conditions of
membership for each bank or trust company hereafter applying for admission
to the Federal reserve system, in addition to such other conditions as the board
may consider necessary or advisable in the particular case—
(1) Except with the permission of the Federal Reserve Board, such bank or
trust company shall not cause or permit any change to be made in the general
character of its business or in the scope of the corporate powers exercised by it
at the time of admission to membership.
(2) Such bank or trust company shall at all times conduct its business and
exercise its powers with due regard to the safety of its depositors.
(3) Except after applying for and receiving the permission of the Federal
Reserve Board, such bank or trust company shall not acquire an interest in any
other bank or trust company, through the purchase of stock in such other bank
or trust company.
(4) Such bank or trust company shall maintain its loans within the limits
prescribed by the laws of the State in which it is located.
(5) Such bank or trust company shall reduce to an amount equal to 10 per
cent of its capital and surplus all balances in excess thereof, if any, which are
carried with banks or trust companies which are not members of the Federal
reserve system, and shall at all times maintain such balances within such limits.
(6) Such bank or trust company may accept drafts and bills of exchange
drawn upon it of any character permitted by the laws of the State of its incorporation; but the aggregate amount of all acceptances outstanding at any one
time shall not exceed the limitations imposed by section 13 of the Federal reserve
act, that is, the aggregate amount of acceptances outstanding at any one time
which are drawn for the purpose of furnishing dollar exchange in countries
specified by the Federal Reserve Board shall not exceed 50 per cent of its capital
and surplus, and the aggregate amount of all other acceptances, whether domestic
or foreign, outstanding at any one time shall not exceed 50 per cent of its capital
and surplus, except that the Federal Reserve Board, upon the application of
such bank or trust company, may increase this limit from 50 per cent to 100 per
cent of its capital and surplus: Provided, however, That in no event shall the
aggregate amount of domestic acceptances outstanding at any one time exceed
50 percent of the capital and surplus of such bank or trust company.
(7) The board of directors of said bank or trust company shall adopt a resolution authorizing the interchange of reports and information between the
Federal reserve bank of the district in which such bank or trust company is locate.d
and the banking authorities of the State in which such bank is located.



REGULATIONS OF THE FEDERAL RESERVE BOARD

295

SECTION V. ESTABLISHMENT OR MAINTENANCE OF BRANCHES

Every State bank which is, or hereafter becomes, a member of the Federal
reserve system will be required to comply strictly with the following provision of
section 9 of the Federal reserve act as amended by the act of February 25, 1927:
Any such State bank which, at the date of the approval of this act, has established and is operating a
branch or branches in conformity with the State law, may retain and operate the same while remaining
or upon becoming a stockholder of such Federal reserve bank; but no such State bank may retain or acquire
stock in a Federal reserve bank except upon relinquishment of any branch or branches established after
the date of the approval of this act beyond the limits of the city, town, or village in which the parent bank
is situated.

This has been interpreted to mean that—
1. Any State member bank which, on February 25, 1927, had established
and was actually operating a branch or branches in conformity with the
State law is permitted to retain and operate the same while remaining a
member of the Federal reserve system, regardless of the location of such
branch or branches.
2. Any nonmember State bank which, on February 25, 1927, had established and was actually operating a branch or branches in conformity with
State law may, if otherwise eligible, become a member of the Federal reserve
system and retain and operate such branches, regardless of their location.
3. In order to remain a member of the Federal reserve system, every
State member bank must relinquish any branch or branches established after
February 25, 1927, beyond the corporate limits of the city, town, or village
in which the parent bank is situated.
4. Any State member bank which establishes any branch or branches
after February 25, 1927, beyond the corporate limits of the city, town, or
village in which the parent bank is situated must either (a) relinquish such
branch or branches or (b) forfeit all rights and privileges of membership and
surrender its stock in the Federal reserve bank.
5. No State bank which has established any branches subsequent to
February 25, 1927, beyond the corporate limits of the city, town, or village
in which the parent bank is situated may become a member of the Federal
reserve system except upon relinquishment of every such branch.
6. State member banks may establish branches within the corporate
limits of the city, town, or village in which the parent bank is situated without obtaining permission of the Federal Reserve Board.
SECTION VI. POWERS AND RESTRICTIONS

Every State bank or trust company while a member of the Federal reserve
system—
(1) Shall retain its full charter and statutory rights as a State bank or
trust company, subject to the provisions of the Federal reserve act, to the
regulations of the Federal Reserve Board, and to the conditions prescribed
by the Federal Reserve Board and agreed to by such State bank or trust
company prior to its admission;
(2) Shall enjoy all the privileges and observe all those requirements of the
Federal reserve act and of the regulations of the Federal Reserve Board
made in conformity therewith which are applicable to State banks and trust
companies which have become member banks; and
(3) Shall comply at all times with any and all conditions of membership
prescribed by the Federal Reserve Board at the time of the admission of
such member bank to the Federal reserve system.
SECTION VII. EXAMINATIONS AND REPORTS

Every State bank or trust company, while a member of the Federal reserve
system, shall be subject to examinations made by direction of the Federal Reserve
Board or of the Federal reserve bank by examiners selected or approved by the
Federal Reserve Board.
In order to avoid duplication, examinations of State banks and trust companies made by State authorities will be accepted in lieu of examinations by
examiners selected or approved by the board wherever these are satisfactory to
the directors of the Federal reserve bank, and examiners from the staff of the
board or of the Federal reserve banks will, whenever desirable, be designated by
the board to act with the examination staff of the State in order that uniformity
in the standard of examination may be assured.
110390—28
20



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ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

Every State bank or trust company, while a member of the Federal reserve
system, shall be required to make in each year not less than three reports of
condition on F. R. B. Form 105. Such reports shall be made to the Federal
reserve bank of its district on call of such bank, on dates to be fixed by the Federal
Reserve Board. They shall also make semiannual reports of earnings and dividends on F. R. B. Form 107. F. R. B. Forms 105 and 107 are made a part of
this regulation.
REGULATION I, SERIES OF 1928
(Superseding Regulation T of 1924)

INCREASE OR DECREASE OF CAPITAL STOCK OF FEDERAL RESERVE
BANKS AND CANCELLATION OF OLD AND ISSUE OF N E W STOCK
CERTIFICATES
SECTION I INCREASE OF CAPITAL STOCK
.

(a) New national banks.—Each new national bank, while in process of
organization (including each nonmember State bank) converting into a national
bank,11 while in process of such conversion) shall file with the Federal reserve
bank of its district an application to the Federal Reserve Board on F. R. B.
Form 30 (or as to a nonmember State bank converting into a national bank, on
F. R. B. Form 30a), made a part of this regulation, for an amount of capital
stock of the Federal reserve bank of its district equal to 6 per cent of the paid-up
capital stock and surplus of such new national bank. Such application shall be
forwarded promptly to the Federal Reserve Board, and if it is found to be in
proper form the Federal Reserve Board will grant its approval effective if and
when the Comptroller of the Currency issues to such bank his certificate of
authority to commence business. If its application is approved, the applying
bank shall thereupon make a payment to the Federal reserve bank of its district
of one-half of the amount of its subscription, i. e., 3 per cent of the amount of
its paid-up capital and surplus; and upon receipt of this payment the Federal
reserve bank will issue a receipt therefor, place the amount in a suspense account,
and notify the Federal Reserve Board that it has been received. When the
Comptroller of the Currency issues to such applying bank his certificate of
authority to commence business the Federal reserve bank shall issue a stock
certificate to the applying bank, arid the capital stock of the Federal reserve
bank represented by such certificate shall be considered as issued as of the date
upon which the Comptroller of the Currency issues his certificate of authority
to commence business. The remaining half of the subscription of the applying
bank shall be subject to call when deemed necessary by the Federal Reserve
Board.
(b) State banks becoming members.—Any State bank or trust company
desiring to become a member of the Federal reserve system shall make application as provided in Regulation H, and when such application has been approved
by the Federal Reserve Board and all requirements of Regulation H have been
complied with the Federal reserve bank shall issue an appropriate certificate of
stock as provided in Regulation H.
(c) Increase of capital or surplus by member banks.—Whenever any member
bank shall increase the aggregate amount of its paid-up capital stock and surplus
it shall file with the Federal reserve bank of which it is a member an application
on F. R. B. Form 56, made a part of this regulation, for an additional amount
of the capital stock of the Federal reserve bank of its district equal to 6 per
cent of such increase. After such application has been approved by the Federal
reserve agent and by the Federal Reserve Board, the applying member bank
shall pay to the Federal reserve bank of its district one-half of the amount of
its additional subscription, and when this amount has been paid the appropriate
certificate of stock shall be issued by the Federal reserve bank. The remaining
half of such additional subscription shall be subject to call when deemed necessary by the Federal Reserve Board.
" Whenever any State member bank is converted into a national bank under sec. 5154 of the Revised
Statutes, as amended by sec. 8 of the Federal reserve act, it may continue to hold as a national bank its
shares of Federal reserve bank stock previously held as a State bank, and need not file any application
for Federal reserve bank stock, unless the aggregate amount of its capital and surplus is increased, in which
event it should file an application for additional stock, as provided in Section I (c). The certificate
of stock issued in the old name of the member bank, however, should be surrendered and canceled, and
a new certificate should be issued in lieu thereof, in the new name of the member bank, as provided in
Section III.



REGULATIONS OF THE FEDERAL RESERVE BOARD

297

{d) Consolidation of member banks.—Whenever two or more member banks
consolidate and such consolidation results in the consolidated bank acquiring
by operation of law 12 the Federal reserve bank stock owned by the other consolidating bank or banks, and which also results in the consolidated bank having
an aggregate capital and surplus in excess of the aggregate capital and surplus
of the consolidating member banks, such consolidated bank shall file an application for additional stock, as provided in Section I (c).
(e) Certifying increases of Federal reserve bank stock.—Whenever the
capital stock of any Federal reserve bank shall be increased, the board of directors
of such Federal reserve bank shall certify such increase to the Comptroller of
the Currency on F. R. B. Form 58, which is made a part of this regulation. Such
certifications shall be made as of the last days of June and December of each year.
A duplicate copy of each certificate shall be forwarded to the Federal Reserve
Board.
SECTION II. DECREASE OF CAPITAL STOCK

(a) Reduction of capital or surplus by member bank.—Whenever a member
bank reduces the amount of its paid-up capital stock and, in the case of reduction
of the paid-up capital of a national bank, such reduction has been approved by
the Comptroller of the Currency and by the Federal Reserve Board in accordance
with the provisions of section 28 of the Federal reserve act, it shall file with the
Federal reserve bank of which it is a member an application for the surrender and
cancellation of stock on F. R. B. Form 60, which is made a part of this regulation.
When a member bank reduces the amount of its surplus, it is not required to, but
may at its option, file with the Federal reserve bank of which it is a member an
application for the surrender and cancellation of stock on said F. R. B. Form 60.
When an application so filed as the result of a reduction in a member bank's
paid-up capital stock or surplus has been approved by the Federal reserve agent
and the Federal Reserve Board, the Federal reserve bank shall accept and cancel
the stock which the applying bank is entitled to surrender and shall refund to the
member bank the proportionate amount due such bank on account of the stock
canceled.
(b) Insolvency of member bank.—Whenever a member bank shall be declared insolvent and a receiver appointed by the proper authorities, such receiver shall, within six months from the date of his appointment, file with the
Federal reserve bank of which the insolvent bank is a member an application on
F. R. B. Form 87, which is made a part of this regulation, for the surrender and
cancellation of the stock held by such insolvent member bank, and for the refund
of all balances due to it. If the receiver shall fail to make such application
within the time specified, the Federal reserve agent shall report the facts to the
Federal Reserve Board with a recommendation as to the action to be taken,
whereupon the Federal Reserve Board will either issue an order to cancel such stock
or, if the circumstances warrant it, grant the receiver additional time in which to
file such an application. Upon approval of such an application by the Federal
reserve agent and the Federal Reserve Board, or upon the issuance of such an
order by the Federal Reserve Board, the Federal reserve bank shall cancel such
stock and shall adjust accounts between the member bank and the Federal
reserve bank by applying to any indebtedness of the insolvent member bank to
such Federal reserve bank all cash-paid subscriptions made by it on the stock
canceled with one-half of 1 per cent per month from the period of last dividend, not
to exceed the book value thereof, and the balance, if any, shall be paid to the
duly authorized receiver of such insolvent member bank.
(c) Voluntary liquidation of member bank.—Whenever a member bank goes
into voluntary liquidation, the liquidating agent or some other person duly
1 Sec. 5 of the Federal reserve act provides that "Shares of the capital stock of Federal reserve banks
2
owned by member banks shall not be transferred or hypothecated." This provision prevents a transfer
of Federal reserve bank stock by purchase, but does not prevent a transfer by operation of law. When
there is a merger of member banks involving the liquidation of one of such banks and the purchasing of
the assets of the liquidating bank by the continuing in existence, it is necessary for the liquidating bank
to surrender its Federal reserve bank stock and for the purchasing bank to apply for new stock. On the
other hand, if member banks consolidate, under a statute which does not require the liquidation of any
of the consolidating banks, and the assets and obligations of the consolidating banks are transferred to
the consolidated bank by operation of law, the consolidated bank becomes the owner of the Federal reserve
bank stock of the consolidating banks as soon as the consolidation takes effect and such stock technically
need not be surrendered. The certificates of stock issued in the names of the consolidating banks, however, should be surrendered and canceled, and a new certificate should be issued in lieu thereof, in the
new name of the consolidated bank, as provided in Sec. III. A consolidation of national banks under
the act of Congress entitled " A n act to provide for the consolidation of national banking associations,"
approved Nov. 7, 1918, meets all of these conditions.




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authorized by the stockholders or board of directors to act on behalf of such
bank shall, within six months from the date of the vote to place such bank in
voluntary liquidation, file with the Federal reserve bank of which the liquidating
bank is a member an application on F. R. B. Form 86, if a national bank, and on
F. R. B. Form 143, if a State bank, which forms are made a part of this regulation,
for the surrender and cancellation of the stock held by it and for the refund of all
balances due to such liquidating member bank. If such application is not filed
within the time specified, the Federal reserve agent shall report the facts to the
Federal Reserve Board with a recommendation as to the action to be taken, whereupon the Federal Reserve Board will either issue an order to cancel such stock, or,
if the circumstances warrant it, grant additional time in which to file such an
application. Upon approval of such an application by the Federal reserve agent
and the Federal Reserve Board, or upon the issuance of such an order by the
Federal Reserve Board, the Federal reserve bank shall cancel such stock and
shall adjust accounts between the liquidating member bank and the Federal
reserve bank by applying to the indebtedness of the liquidating member bank to
such Federal reserve bank all cash-paid subscriptions made by it on the stock
canceled with one-half of 1 per cent per month from the period of last dividend,
not to exceed the book value thereof, and the balance, if any, shall be paid to the
duly authorized liquidating agent of such liquidating member bank.
(d) Consolidation of member banks.—Whenever there is a consolidation of
two or more member banks which results in the consolidated bank acquiring by
operation of law (see note 12 on p. 45) the Federal reserve bank stock owned by
the other consolidating banks, and which also results in the consolidated bank
having a paid-up capital less than the aggregate paid-up capital of the consolidating member banks, the consolidated bank shall file with the Federal reserve
bank of which it is a member an application for the surrender and cancellation
of stock on F. R. B. Form 60a, which is made a part of this regulation. Upon
the approval of this application by the Federal reserve agent and the Federal
Reserve Board, the Federal reserve bank shall accept and cancel the stock which
the applying bank is entitled to surrender, and shall refund to the applying bank
the proportionate amount due such bank on account of the stock canceled.
(e) Certifying reductions of Federal reserve bank stock.—All reductions of
the capital stock of a Federal reserve bank shall, in accordance with the provisions of section 6 of the Federal reserve act, be certified to the Comptroller of
the Currency by the board of directors of such Federal reserve bank on F. R. B.
Form 59, which is made a part of this regulation. Such certifications shall be
made as of the last days of June and December of each year. A duplicate copy
of each certificate shall be forwarded to the Federal Reserve Board.
SECTION I I I . CANCELLATION OF OLD AND ISSUE OF NEW STOCK CERTIFICATES

Whenever a member bank changes its name or, by consolidation with another
member bank, acquires by operation of law (see note 12 on p. 45) the Federal
reserve bank stock previously held by such other member bank, it shall surrender to the Federal reserve bank the certificate of Federal reserve bank stock
which was issued to it under its old name, or which was issued to such other
member bank. The certificate so surrendered shall be indorsed by the member
bank surrendering it or by the member bank to which it was originally issued
and shall be accompanied by proper proof of the change of name or consolidation. Upon receipt of such certificate of stock so indorsed, together with such
proof, the Federal reserve bank shall cancel the certificate so surrendered and
shall issue in lieu thereof to and in the name of the member bank surrendering
it a new certificate for the number of shares represented by the certificate so
surrendered, or if the member bank is entitled to surrender some of the stock
which is represented by the surrendered certificate, and an application for the
surrender and cancellation of such stock is at the same time made in accordance
with this regulation, the new certificate shall be for the number of shares represented by the surrendered certificate less the number of shares canceled pursuant
to such application. All cases where certificates of stock are surrendered and
new certificates issued in lieu thereof and in a different name shall be reported to
the Federal Reserve Board by the Federal reserve agent.




REGULATIONS OF THE FEDERAL RESERVE BOARD

299

REGULATION J, SERIES OF 1928
(Superseding Regulation J of 1924)

CHECK CLEARING AND COLLECTION
SECTION I. STATUTORY PROVISIONS

Section 16 of the Federal reserve act authorizes the Federal Reserve Board
to require each Federal reserve bank to exercise the function of a clearing house
for its member banks, and section 13 of the Federal reserve act, as amended by
the act approved June 21, 1917, authorizes each Federal reserve bank to receive
from any nonmember bank or trust company, solely for the purposes of exchange
or of collection, deposits of current funds in lawful money, national-bank notes,
Federal reserve notes, checks and drafts payable upon presentation, or maturing
notes and bills, provided such nonmember bank or trust company maintains with
its Federal reserve bank a balance sufficient to offset the items in transit held
for its account by the Federal reserve bank.
SECTION I I . GENERAL REQUIREMENTS

In pursuance of the authority vested in it under these provisions of law, the
Federal Reserve Board, desiring to afford both to the public and to the various
banks of the country a direct, expeditious, and economical system of check
collection and settlement of balances, has arranged to have each Federal reserve
bank exercise the functions of a clearing house and collect checks for such of its
member banks as desire to avail themselves of its privileges and for such nonmember State banks and trust companies as may maintain with the Federal
reserve bank balances sufficient to qualify them under the provisions of section
13 to send items to Federal reserve banks for purposes of exchange or of collection.
Such nonmember State banks and trust companies will hereinafter be referred to
as nonmember clearing banks.
Each Federal reserve bank shall exercise the functions of a clearing house and
collect checks under the general terms and conditions hereinafter set forth, and
each member bank and nonmember clearing banks shall cooperate fully in the
system of check clearance and collection for which provision is herein made.
SECTION I I I . CHECKS RECEIVED FOR COLLECTION

(1) Each Federal reserve bank will receive at par from its member banks and
from nonmember clearing banks in its district, checks 13 drawn on all member and
nonmember clearing banks, and checks drawn on all other nonmember banks
which are collectible at par in funds acceptable to the Federal reserve bank of the
district in which such nonmember banks are located.
(2) Each Federal reserve bank will receive at par from other Federal reserve
banks, and from all member and nonmember clearing banks in other Federal
reserve districts which are authorized to route direct for the credit of their
respective Federal reserve banks, checks drawn on all member and nonmember
clearing banks of its district, and checks drawn on all other nonmember banks
of its district which are collectible at par in funds acceptable to the collecting
Federal reserve bank.
(3) No Federal reserve bank shall receive on deposit or for collection any
check drawn on any nonmember bank which can not be collected at par in funds
acceptable to the Federal reserve bank of the district in which such nonmember
bank is located.
SECTION IV. TIME SCHEDULE AND AVAILABILITY OF CREDITS

(1) Each Federal reserve bank will publish a time schedule showing the time
at which any item sent to it will be counted as reserve and become available for
withdrawal or other use by the sending bank. For all checks received, the
sending bank will be given immediate credit, or deferred credit, in accordance
with such time schedule, and as provided below.
(2) For all such checks as are received for immediate credit in accordance with
such time schedule, immediate credit, subject to final payment, will be given
13
A check is generally defined as a draft or order upon a bank or banking house, purporting to be drawn
upon a deposit of funds, for the payment at all events of a certain sum of money to the order of a certain
person therein named, or to him or his order, or to bearer, and payable on demand.




300

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

upon the books of the Federal reserve bank at full face value in the reserve
account or clearing account upon day of receipt, and the proceeds will at once
be counted as reserve and become available for withdrawal or other use by the
sending bank.
(3) For all such checks as are received for deferred credit in accordance with
such time schedule, deferred credit, subject to final payment, will be entered
upon the books of the Federal reserve bank at full face value, but the proceedswill not be counted as reserve nor become available for withdrawal or other use
by the sending bank until such time as may be specified in such time schedule,14
at which time credit will be transferred from the deferred account to the reserve
account or clearing account subject to final payment and will then be counted
as reserve and become available for withdrawal or other use by the sending bank.
SECTION V. TERMS OF COLLECTION

The Federal Reserve Board hereby authorizes the Federal reserve banks to
handle such checks subject to the following terms and conditions; and each
member and nonmember clearing bank which sends checks to any Federal reserve
bank for deposit or collection shall by such action be deemed (a) to authorize
the Federal reserve banks to handle such checks subject to the following terms and
conditions, (6) to warrant its own authority to give the Federal reserve banks;
such authority, and (c) to agree to indemnify any Federal reserve bank for any
loss resulting from the failure of such sending bank to have such authority.
(1) A Federal reserve bank will act only as agent of the bank from which it
receives such checks and will assume no liability except for its own negligence and
its guaranty of prior indorsements.
(2) A Federal reserve bank may present such checks for payment or send
such checks for collection direct to the bank on which they are drawn or at which
they are payable, or in its discretion may forward them to another agent
with authority to present them for payment or send them for collection direct
to the bank on which they are drawn or at which they are payable.
(3) A Federal reserve bank may in its discretion and at its option, either directly
or through an agent, accept either cash or bank drafts in payment of or in remittance for such checks and shall not be held liable for any loss resulting from the
acceptance of bank drafts in lieu of cash, nor for the failure of the drawee bank
or any agent to remit for such checks, nor for the nonpayment of any bank draft
accepted in payment or as a remittance from the drawee bank or any agent.
(4) Checks received by a Federal reserve bank on its member or nonmember
clearing banks will ordinarily be forwarded or presented direct to such banks,,
and such banks will be required to remit or pay therefor at par in cash or bank
draft acceptable to the collecting Federal reserve bank, or at the option of such
Federal reserve bank to authorize such Federal reserve bank to charge their
reserve accounts or clearing accounts; provided, however, that any Federal
reserve bank may reserve the right in its check-collection circular to charge
such items to the reserve account or clearing account of any such bank at any
time when in any particular case the Federal reserve bank deems it necessary
to do so.
(5) Checks received by a Federal reserve bank payable in other districts
will be forwarded for collection upon the terms and conditions herein provided to
the Federal reserve bank of the district in which such checks are payable.
(6) The amount of any check for which payment in actually and finally collected funds is not received shall be charged back to the forwarding bank, regardless of whether or not the check itself can be returned.
SECTION VI. OTHER RULES AND REGULATIONS

Each Federal reserve bank shall also promulgate rules and regulations not
inconsistent with the terms of the law or of this regulation, governing the details;
of its check clearing and collection operations. Such rules and regulations shall
be set forth by the Federal reserve banks in their letters of instruction to their
member and nonmember clearing banks and shall be binding upon any member
or nonmember clearing bank which sends any check to such Federal reserve
bank for collection or to any other Federal reserve bank for the account of such
Federal reserve bank for collection.
" For rules for computation of reserves and penalties for deficiencies in reserves, see Regulation D, Sees.
I l l and IV, pp. 282-283.




REGULATIONS OF THE FEDERAL RESERVE BOARD

301

REGULATION K, SERIES OF 1928
(Superseding Regulation K of 1927)

BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING
BUSINESS UNDER THE TERMS OF SECTION 25 (a) OF THE FEDERAL
RESERVE ACT
SECTION I . ORGANIZATION

Any number of natural persons, not less in any case than five, may form a
Corporation 15 under the provisions of section 25 (a) for the purpose of engaging
in international or foreign banking or other international or foreign financial
operations or in banking or other financial operations in a dependency or insular
possession of the United States either directly or through the agency, ownership,
or control of local institutions in foreign countries or in such dependencies or
insular possessions.
SECTION I I . ARTICLES OF ASSOCIATION

Any persons desiring to organize a corporation for any of the purposes defined
in section 25(a) shall enter into articles of association (see F. R. B. Form 151,
which is suggested as a satisfactory form of articles of association) which shall
specify in general terms the objects for which the Corporation is formed, and may
contain any other provisions not inconsistent with law which the Corporation
may see fit to adopt for the regulation of its business and the conduct of its affairs.
The articles of association shall be signed by each person intending to participate
in the organization of the Corporation and when signed shall be forwarded to the
Federal Reserve Board in whose office they shall be filed.
SECTION I I I . ORGANIZATION CERTIFICATE

All of the persons signing the articles of association shall under their hands
make an organization certificate on F. R. B. Form 152, which is made a part of
this regulation, and which shall state specifically:
First. The name assumed by the Corporation.
Second. The place or places where its operations are to be carried on.
Thiud. The place in the United States where its home office is to be located.
Fourth. The amount of its capital stock and the number of shares into which it
shall be divided.
Fifth. The names and places of business or residences of persons executing
the organization certificate and the number of shares to which each has subscribed.
Sixth. The fact that the certificate is made to enable the persons subscribing
the same and all other persons, firms, companies, and corporations who or which
may thereafter subscribe to or purchase shares of the capital stock of such
Corporation to avail themselves of the advantages of this section.
The persons signing the organization certificate shall acknowledge the execution thereof before a judge of some court of record or notary public who shall
certify thereto under the seal of such court or notary. Thereafter the certificate
shall be forwarded to the Federal Reserve Board to be filed in its office.
SECTION IV. TITLE

Inasmuch as the name of the Corporation is subject to the approval of the
Federal Reserve Board, a preliminary application for that approval should be
filed with the Federal Reserve Board on F. R. B. Form 150, which is made a part
of this regulation. This application should state merely that the organization
of a Corporation under the proposed name is contemplated and may request the
approval of that name and its reservation for a period of 30 days. No Corporation which issues its own bonds, debentures, or other such obligations will be
permitted to have the word "bank" as a part of its title. No Corporation
which has the word "Federal" in its title will be permitted also to have the word
"bank" as a part of its title. So far as possible the title of the Corporation
should indicate