Full text of Federal Reserve Bulletin : April 1927
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FEDERAL RESERVE
BULLETIN
APRIL, 1927
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Treasury Finance and the Federal Reserve Banks
Gold Holdings of Principal Countries
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON
1927
FEDERAL RESERVE BOARD
Ex officio members:
D. R. CRISSINGER, Governor,
EDMUND PLATT, Vice Governor.
A. W. MELLON,
ADOLPH C.
CHARLES S.
GEORGE R.
EDWARD H.
Secretary of the Treasury, Chairman.
J. W. MCINTOSH,
Comptroller of the Currency.
MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.
WALTER L. EDDY, Secretary.
WALTER WYATT, General Counsel.
J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Research and Statistics.
Chief, Division of Examination, and Chief Federal
Reserve Examiner.
E. L. SMEAD, Chief, Division of Bank Operations.
J. F. HERSON,
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 ( N E W YORK)
ARTHUR M. HEARD.
JAMES S. ALEXANDER.
District No. 3 (PHILADELPHIA)
L. L. R U E .
District No. 4 (CLEVELAND)
HARRIS CREECH.
District No. 5 (RICHMOND)
JOHN F. BRTTTON, Vice President
District No. 6 (ATLANTA)
P. D. HOUSTON.
District NO, 7 (CHICAGO)
District
District
District
District
District
No. 8 (ST. LOUIS)
No.- 9 (MINNEAPOLIS)
No. 10 (KANSAS CITY)
N O . 11 (DALLAS)
NO, 12 (SAN FRANCISCO)
FRANK O. WETMORE,
.
.
1
.
BRECKINRIDGE JONES.
THEODORE WOLD.
P. W. GOEBEL.
B. A. MCKINNEY.
HENRY S. M C K E E .
President.
OFFICERS OF FEDERAL RESERVE BANKS
Federal Keserve Bank of—
Chairman
Deputy governor
Governor
Boston
New York.
Frederic H. Curtiss.
W. P. G. Harding..
Benj., Strong—
W. W. Paddock..
J. H. Case__..__.
L. F. Sailer
G. L. Harrison...
Philadelphia-..
R. L. Austin
Geo. W. Norris
Wm. H. Hutt
Cleveland
George DeCamp..
E. R. Fancher
Richmond.—
__
Atlanta
Chicago
__
__
Wm. W. Hoxton_.
George J. Seay
Oscar Newton
M. B. Wellborn
Wm. A. Heath....
J. B. McDougal
St. L o u i s . . .
Minneapolis
_ Wm. McC. Martin.
I John R. Mitchell
Kansas City.
Dallas.
M. L. McClure..
C. C. Walsh.
San Francisco
1
D. C.
R. A. Young
W. J. Bailey....
Lynn-P. Talley.
J. U. Calkins....
•'Cashier
W. Willett.
A. W. Gilbart.i
J. W. Jones.i
Ray M. Gidney.i
L. R. Eounds.i
_ C. A. Mcllhenny.
W. G. MoCreedy.i
H. F. Strater.
M, J. Fleming
Frank J. Zurlinden.
C. A. Pep
R. H. Broaddus
Creed Taylor
Hugh Foster
C. R. McKay
J o h n H . Blair
Geo. EL Keesee.
John S. Walden, jr.i
M. W. Bell.
W. C. Bachman.*
K. C. Childs.i
J. H. Dillard.i
D.'A. Jones,i
O. J. Netterstrom.*
J. W. White.
Gray Warren.
Frank C. Dunlop. 1
O. M. Attebery
W. B. Geery
B. V. Moore 2
Harry Yaeger
C. A. Worthington_>
R. R. Gilbert
_
R. B. Coleman
Wm. A. Day
Ira Clerk
L. C. Pontious
J. W. Helm.
Fred Harris.
W. N. Ambrose.
' Assistant deputy governor.
Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
Managing director
New York:
Buffalo b r a n c h . . .
W. W. Schneckenburger.
Cleveland:
Cincinnati branch
C. F. McCombs.
Pittsburgh branch
___„ J. C. Nevin.
Richmond:
Baltimore branch._„
A. H. Dudley.
Atlanta:
New Orleans branch.
Marcus Walker.
Jacksonville branch_„._
Geo. R. DeSaussure.
Birmingham branch
_„_ A. E. Walker.
Nashville branch
. . . J. B. Fort, jr.
Chicago:
Detroit branch
W. R. Cation.
St. Louis:
Louisville branch.
W. P. Kincheloe.
Memphis branch
W. H. Glasgow.
Little Rock branch
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
„„
Kansas City:
Omaha branch
_
Denver branch
Oklahoma Citv branch
Dallas:
El Paso branch
Houston branch
_
San Francisco:
Los Angeles branch
Portland branch
Salt Lake Citv branch...
Seattle branch
Spokane branch
Managing director
__
R. E. Towle.
L. H. Earhart.
J. E, Olson.
C. E. Daniel.
___ M. Crump.
D P. Eeordan.
R. B. Motherwell.
_. E. B. West.
W. L. Partner.
C. R. Shaw.
_.._ D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
THE FEDERAL RESERVE BULLETIN is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. It. contains, in-addition to the regular
official announcements, the national review of business conditions, detailed
analyses of business conditions, research ^studies, review^ of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
banks. The BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2.
Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico,
and the insular possessions, $2.60; single copies, 25 cents.
TABLE OF CONTENTS
The month:
page
Review of the month—Treasury finance and the Federal reserve banks
i__
249
Business conditions in the United States
254
Gold holdings of principal countries
276
Annual report of the Bank of Belgium
279
Official:
Law department—
Joint-stock land banks as "banks" within the meaning of the Clayton Act—Opinion of Attorney
General
\
_•
"_ 288
Text of act authorizing Veterans' Bureau to make loans direct to veterans
269
Changes in State bank membership
270
:
Changes in national bank membership
270
Fiduciary powers granted to national banks
270
Business statistics for the United States:
Indexes of production
271
Indexes of employment and pay rolls
272
Commodity movements
273
Wholesale and retail trade
274
Foreign banking and business conditions:
Financial statistics for foreign countries
286
Condition of central banks
286
Condition of commercial banks
288
Discount rates of central banks
288
Money rates in foreign countries
289
Gold movements
290
Silver movements
291
Foreign exchange rates
292
Price movements in principal countries—
Wholesale prices in principal countries
293
Retail prices and cost of living in principal countries
295
Banking and financial statistics:
Federal reserve banks—
Condition of Federal reserve banks
296
Federal reserve note account
300
Holdings of bills and securities and earnings thereon
,
301
Discount and open-market operations
302
Gold settlement fund
310
Discount rates of Federal reserve bank
310
Member banks—
Reporting member banks—
Condition of reporting banks in leading cities
303
Condition of reporting banks in Federal reserve bank cities
304
Loans to brokers and dealers
305
All member banks—
Deposits, by size of city
306
Bank debits
1
.
307
Money rates in principal cities
?
^
308
Member banks and nonmember banks on par list and not on par list
309
Money in circulation
309
IV
FEDERAL RESERVE BULLETIN
VOL. 13
APRIL, 1927
REVIEW OF THE MONTH
Operations of the United States Treasury in
March, in connection with the refunding of
the public debt and with the
Treasury oper- r e g r Ute i a r quarterly
income-tax
x
J
ations in March
receipts, were the most important influence on the condition of the money
market during the month. These operations,
which resulted in a net reduction in the public
debt of nearly $200,000,000, involved a large
volume of transactions by the Federal reserve
banks for Treasury account, the total volume
of transactions of all kinds at the New Yosk
bank on March 15 amounting to nearly
$2,000,000,000. In
these
circumstances
changes in the position of the reserve banks
during the period reflected mainly the influence
of Treasury operations, and it was through the
cooperation between the reserve banks and
the Treasury that the large turnover of funds
was so handled as to occasion little disturbance in the money market and little fluctuation
in . open-market money rates. A brief summary of the recent Treasury operations, with
special reference to the cooperation of the
reserve banks, will be presented in this review,
which is followed by a special article with
retrospective tables giving a detailed account
of Treasury operations in March.
Disbursements of the Treasury on March
15 included the redemption of more than
$600,000,000 of Treasury notes
Refunding and w hich matured on that day and
reduction of pub- ^ p a y m e n t o f $90>000,000 of
interest on the public debt.
To meet these payments the Treasury expected
to receive over $500,000,000 in income taxes
and to call about $180,000,000 from depositary
banks. Two new issues of Treasury certificates, aggregating $485,000,000, were also issued
to provide for the regular expenses of the next
No. 4
quarter. In addition there was a considerable
change in the maturities and interest rates- of
the outstanding debt. The Treasury notes,
which matured on March 15, were four-year
notes paying 4% per cent, while the certificates of indebtedness which were issued
on that date had maturities of 6 and 12
months and bore interest, respectively, at 3 ^
and 3}4 per cent. At. the same time the
Treasury proposed to holders of second Liberty
bonds, maturing in 1942 and bearing a rate of
434 per cent, to exchange for these bonds new
five-year 33^ per cent Treasury notes, interest
to begin onfMarch 15. In view of the fact
that the second Liberty bonds are callable
after November 15 of this year and of the
Treasury's offer to continue the payment of
interest on the bonds until May 15, the volume
of Liberty bonds offered for exchange was
large, exceeding $1,350,000,000 out of a total
of about $3,000,000,000 outstanding. The net
result of these transactions was to readjust
debt maturities on a more convenient basis
and to reduce the public debt by about
$185,000,000 and annual interest charges by
about $26,000,000. The recent reduction in
the public debt brings the total to a level more
than $6,300,000,000 below the maximum of
$25,500,000,000 reached about eight years ago.
Immediate payment of maturing obligations
on March 15 resulted, in view of unavoidable
!*#
delay in the collection of tax
Reserve bank
-. -.
v ,
cooperation
checks, in mireasury disbursements on March 15 greatly in
excess of receipts, and to cover the overdraft
at the reserve banks the Treasury issued
temporary certificates of indebtedness of $311,500,000 to the Federal reserve banks, of which
$238,000,000 was taken by the Federal Reserve
Bank of New York. This large Treasury
overdraft at the New York bank would
have occasioned a corresponding addition of
249
250
FEDEKAL RESERVE BULLETIN
temporary funds to the New York money market and an unnecessary disturbance of the rate
structure had the New York reserve bank not
undertaken certain measures to offset this
influence. Maturing Government securities
held by the reserve banks were presented for'
redemption but not immediately replaced, and
over $60,000,000 of participations in the
Treasury's one-day certificate were sold to
member banks.. There was at the same time a
considerable reduction in the reserve banks'
holdings of discounts, acceptances, and securities held under sales contracts. The sale of
participations in the Treasury overdraft certificate is a new method of withdrawing funds
from the market, which avoids many bookkeeping complications involved in a temporary
sale of securities from the system's investment
account and appears to be a simple and direct way
of offsetting surplus Treasury disbursements.
As the result of the absorption by the reserve
banks of the surplus funds arising from Treasury disbursements, the period passed with but
little decline in the level of open-market money
rates, as is indicated by the chart. After
APRIL, 1927
money rates, which thus remained throughout
the tax-payment period at a fairly constant
level. The handling of a large volume of
Treasury transactions with so little disturbance to money rates marks a further step in
the development of the Federal reserve system's
operating technique.
The Treasury's ability-to issue its new certificates and notes at considerably lower rates
than those borne by obligaMoney
rates
,.
tlOnS
.
•,
. i
n
,
P r e ™^sly lss ™d reflects
the general decline of longterm money rates to the lowest level in more
than 10 years. Short-time money rates, on
the other hand, though somewhat lower than
a year ago, have shown relatively slight fluctuations during the past 18 months, and are
now considerably higher than at the low point
of 1924. The rate for commercial paper, for
example, is 1 per cent higher than in the summer of 1924, and the rate on bankers' acceptances, which fell to 2 per cent at that time,
is above 3J^ per cent in March of this year.
This rate for bankers' bills, though it is at
nearly the highest level in this country for
the past three years, is considerably below the
rate prevailing for the same class of paper in
London, as is shown by the chart. Furtherhere and abroad
MONEY RATES JN INTERNATIONAL CENTERS
1S25
1326
1927
March 15 the Treasury gradually repaid its
temporary certificates from the proceeds of tax
payments, and as the tax checks were charged
J. F. M. A. M. . J .
F. M. A. M. J
against depositors' accounts the member banks
1926
'
1927
once more increased their borrowings at the
Open-market rates for short-term bankers' acceptances
reserve banks. This was not accompanied, more, while the rate in New York has tended
however by any considerable tightening of slightly downward in recent weeks, the rate in
APRIL,
1927
251
FEDERAL RESERVE BULLETIN
Holders of Treasury notes maturing March
15, 1927, might tender these notes at par in
payment for subscriptions to the new issues
to the amount of 50 per cent of their holdings.
Subscription books were opened on March 7
and closed at the. close of business on March 8.
For the two issues combined, as shown in
Table 1, subscriptions received amounted to
$1,255,082,500, of which $449,670,500 represented subscriptions for the 3J^ per cent sixmonths' certificates, and $805,412,000 subscriptions for the 3 j i per cent one-year certificates.
Allotments, made in the amount of $484,296,000, included $24,416,000 exchange subscriptions of maturing 4 ^ per cent Treasury notes.
Cash subscriptions were allotted on a graduated
scale: 50 per cent, or a minimum of $500, on
individual subscriptions of $1,000 or less; 40
TREASURY FINANCE
per cent, or a minimum of $500, on larger subTreasury financing and refunding operations scriptions not in excess of $1,000,000; and 30
during March, including two offerings of Treas- per cent, or a minimum of $400,000, on indiury certificates and an issue of Treasury notes vidual subscriptions exceeding $1,000,000.
in exchange for second Liberty loan bonds, were
1.—SUBSCRIPTIONS RECEIVED AND ALLOTED
undertaken in furtherance of the Treasury's TABLE
FOR TREASURY CERTIFICATES OF INDEBTEDNESS
ISSUED MARCH 15, BY FEDERAL RESERVE D I S program of debt reduction. This program
TRICTS
contemplates continuous arrangement of debt
[In thousands of dollars]
maturities and of optional redemption periods
Series TS2-19271 Series TM-1928 3
Total
with reference to the convenience of the Treasury in applying funds that become available for Federal reserve
SubSubdistrict
Sub- AllotAllot- scripAllotscripthe debt service. Operations during March
ments scriptions ments tions ments
tions
effected, a reduction in the amount of the debt
and in the amount and rate of the annual
1,255,082 484,296 449,670 169,888 805,412 314,408
TotaL___,
interest charge.
113,762 44,746
Boston
24,292
51,102 20,454 62,660
436,284 145, 225 164,334 52,426 271,960
New York
92, 799
March quarterly financing.—On March 15 Philadelphia
46,939 20,503 104 930
151,870 67,311
Cleveland
25,075 9,570 54, 585 21, 622
79, 660 31,192
Treasury notes in the amount of $668,201,400
18,148 7,186 35,093
53,241 20,888
Richmond..
13,702
became due, and the Treasury expected to re- Atlanta
63,787 27,066
28,763 12,186 35,024
14,-880
135,643 55,546
Chicago.—.
41,323 16, 667 94,320
38,879
35,138 .16,167
tire them out of funds held with depositary St. Louis...
11,647 4,999 23,491
11,168
7,302 3,135 7,785
15,087
6,436
3,300
banks and out of income tax receipts. .To pro- Minneapolis
2,464 1,067 14,101
Kansas City
16, 566
7,212
6,144
37,000 15,427
11,244 4,656 25,756
10,770
vide for further cash requirements of the Treas- Dallas
117,041 47,078
San Francisco
41,326 17,037 75,715
30,041
ury during the last quarter of the fiscal year to
Mar. 15, 1927, maturing Sept. 15, 1927, bearing interest at
June 15, an offering of Treasury certificates in S}41 Dated
per cent.
Mar. 15, 1927, maturing Mar. 15, 1928, bearing interest at 3M
two series, dated March 15, was announced on per2 Dated
cent.
March 7; one series (TS2-1927) for $150,000,000, or thereabouts, at 3 ^ per cent to mature
Debt reduction.—During the fiscal year
in six months on September 15; and one (TM- 1927 to February 28, debt reduction in the
1923) for $300,000,000, or thereabouts, at 3 ^ amount of some $490,000,000 was effected by
per cent to mature in one year on March 15, application of the sinking fund, by purchases
1928.
and retirements on account of principal and
European centers has been rising. The chart
shows advances since January in the bill rate
not only in Zurich and Amsterdam, where
lower rates than in New York prevail, but also
in Berlin and London, where rates are higher
than in this country. •
The increasing difference between the bill
rates in New York and London at this season
of the year, when heavy payments on merchandise trade account are customarily made
by Americans in England, has apparently resulted in a continued movement of bank balances and other liquid funds from the New
York to the London money market and has
been an important factor in diminishing in
March the flow of gold to the United States
from abroad.
5
252
FEDERAL KESEKVE BULLETIN
A P R I L . 1927
interest payments received from foreign governments, and by utilization of surplus revenue,
of cash in the general fund, and of other
receipts, as shown in Table 2. The net reduction of some $184,000,000 effected through
the March quarterly financing operations
brings the total for debt retirement during
the present fiscal year approximately to
$675,000,000.
Reductions from the several sources, indicated in the table, during the period from
July 1, 1919, when the debt was near its
maximum, to February 28, 1927, amounted
to $6,331,951,000. One-third of this reduction was effected by application of the sinking
fund as a charge upon the ordinary receipts
of the Government, and one-third by utilization of surplus revenue in excess of expenditures
chargeable against ordinary receipts—including among these charges certain expenditures
for debt retirement, as indicated in the table.
Reduction of the net cash balance in the
general fund of the Treasury provided for
further debt retirements during this period
in the amount of $1,072,975,000.
$291,522,000. Net decreases in these general
classes of securities were partially offset by a
net increase of $156,560,000 in the amount of
Treasury certificates outstanding. Changes in
the composition of the debt effected through
the quarterly financing in March included
reduction in-the amount of Treasury notes, as
given in Table 3, by payment of notes maturing
on March 15, and increase in the amount of
certificates, shown in the table, by the issue of
two new series dated March 15 and allotted in
the amounts specified in Table 1.
19,152. 555
-490,661
Bearing no interest
Matured on which interest had ceased _
Interest bearing
238, 620
8, 785
18, 905,150
-7,465
- 4 , 575
-478, 621
T A B L E 2 . — D E B T REDUCTION, BY SOUECE OF F U N D S
U T I L I Z E D , FROM J U L Y 1, 1919, TO F E B R U A R Y 28,
1927
[In thousands of dollars]
Bonds, total.
16, 600, 684
-327, 595
766, 550
1,939,209
3,104,520
2,160,007
6, 324,464
763,948
_ 1,047,087
I
494,898
+690
-3
Source
Total
Fiscal
July 1,
years
1926, to
Feb. 28 i 1920-1926
TABLE 3 . — D E B T REDUCTION, BY CLASS OF SECURITY,
JULY 1, 1926, TO FEBRUARY 28, 1927
[In thousands of dollars]
Amount of debt
outstanding
Class of debt
Feb. 28,
19271
Total gross debt..
Pre-war.
First Liberty loan of 1932-1947
Second Liberty loan of 1927-1942
Third Liberty loan of 1928
Fourth Liberty loan of 1933-1938
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1956
Treasury notes, t o t a l . . .
6, 331,951
490, 661
5, 841, 290
Chargeable against ordinary receipts._ 3, 111, 840
Sinking fund
2,013, 862
Foreign repayments (purchases) _ _
287,870
Received from foreign governments
Received for estate taxes
Franchise tax
141,024
Forfeitures, gifts, etc
6,360
368, 511
273,310
995
2, 743,329
1, 740, 552
286,875
1,232
24
139, 792
6,336
2,147,136
1,072, 975
90, 838
31, 312
2, 056, 298
1, 041, 663
TotaL
Surplus
General fund in the Treasury.
92,950
503, 686
Matured Sept. 15,1926
Maturing Mar. 35, 1927
Maturing Dec. 15, 1927
Adjusted service series
| 1,320,881
Treasury savings certificates..
-328, 2
- 2 9 1 , 522
-414, 922
_.J
668, 201
355, 780
296,900
"+123," 400
378, 669
229, 269
22, 300
9, 600
-452,879
+378, 669
+229, 269
-8,100
+9, 600
343,745
-16,064
156, 560
Treasury certificates, total
Matured Dec. 15,1926
___.
Maturing June 15, 1927
Maturing Sept. 15, 1927
Adjusted service series
Civil service retirement fund series..
Increase or
decrease
between
July, 1926,
and Feb.
28,1927
1
According to the preliminary statement of the public debt for Feb.
28, 1927.
Detail of debt reduction during the present
fiscal year to February 28 is shown in Table 3
for the several classes of obligations. The aggregate bonded debt of the Government was
reduced during these eight months by $327,595,000, and the amount of the several series
of Treasury notes outstanding was reduced by
1
According to the preliminary* statement of the public debt for Feb. 28,
1927.
Reduction in the bonded indebtedness of
the Government during the present fiscal year
has resulted from purchases and retirements
of the third Liberty 43^ per cent loan, which
matures September 15, 1928. This loan,
originally issued in the amount of $4,175,-
APRIL, 1927
650,050, has been steadily reduced by purchases and retirements from year to y e a r reductions in the fiscal years 1918-1926 aggregating $1,687,377,600. Further retirements
of this loan during the present fiscal year to
the end of February, amounting to approximately $328,000,000, reduced the amount
outstanding to some $2,160,000,000, or about
half of the original issue. Of other Liberty
loan bonds, as of the pre-war debt and the
debt in the form of Treasury bonds, amounts
outstanding were not materially changed during the fiscal year to the end of February.
Offering of notes in exchange for second
Liberty Lean bonds.—Material changes in the
composition of -the debt, as shown in Table 3,
and reduction in the rate and amount of the
annual interest charge, but not in the principal
amount of the debt outstanding, were effected
through the refunding operation announced by
the Secretary of the Treasury on March 8.
On this date the Secretary announced an offering of 3 J/2 P e r cent Treasury notes, dated March
15, 1927, maturing March 15, 1932, and redeemable in whole or in part, at the option of
the United States, on six months' notice, on
and after March 15, 1930. These notes were
offered only in exchange at par for second
Liberty loan 4 ^ per cent bonds surrendered
in equal principal amount, interest on the bonds
surrendered to be paid in full to May 15, 1927.
The second 4J4 per cent bonds represent a
conversion of the second Liberty 4 per cent
bonds, issued originally in the amount of
$3,807,865,000. Of this original issue some
$79,000,000 were retired, and of the balance
some $3,708,000,000 were exchanged for the
second Liberty 4j^t P e r cent bonds, leaving less
than $21,000,000 of the original 4 per cents
outstanding at the beginning of the present
fiscal year. Retirements of the second Liberty
loan 4}4 per cent converted bonds during
the fiscal years 1919-1926 amounted to $624,256,000, bringing the amount of these bonds
outstanding down to $3,083,678,100 on June
30, 1926. The bonds were outstanding in very
nearly this amount when the Secretary an39280—27—2
253
FEDEKAL RESERVE BULLETIN
nounced his exchange offer early in March
It may be noted that the amount given in
Table 3 for the second Liberty loan includes
the relatively small amount of the original
second Liberty loan 4's outstanding at the end
of February.
Tenders of second Liberty loan 4J^ per cent
bonds in exchange for 3^2 P e r cent notes, received to the close of business on March 22,
exceeded $1,350,000,000, amounting nearly to
44 per cent of the bonds outstanding on March'
8. Bonds of this issue which were not exchanged, left outstanding in the amount
approximately of $1,729,000,000, are callable
for redemption in whole or in part on and after
November 15, 1927. In effect, holders of the
second Liberty loan 434 P e r cent bonds were
given an opportunity to exchange a security
maturing in 1942, but callable in November of
the present year, for a security of earlier
maturity running at a lower interest rate but
not callable for redemption until March 15,
1930.
Reduction in annual interest charge,—March
financing and exchange operations effected a
reduction in the annual interest charge of
approximately $26,000,000, this saving representing reduction in the amount of the debt
outstanding and in annual interest rates, as
shown in Table 4.
TABLE 4.—ANNUAL INTEREST CHARGE ON SECURITIES RETIRED AND ISSUED DURING MARCH
[Amounts in thousands of dollars]
Annual interest
charge
Class of debt
Principal
amount
Per
"
cen f
Treasury notes matured and paid
Second Liberty bonds retired in exchange.
Debt retired, total
Treasury certificates issued:
Maturing Sept. 15, 1927
Maturing Mar. 15, 1928
Treasury notes issued in exchange
New issues, total
Reduction
668, 201
1, 354, 612
4%
Amount
(annual
basis)
31, 740
57, 571
2,022,813
19, 311
169, 888
314, 408
1, 354, 612
5, 309
10, 218
47, 411
62, 938
183, 905
26, 373
254
FEDEKAL KESEKVE BULLETIN
APEIL,
1927
BUSINESS CONDITIONS IN THE UNITED STATES
NATIONAL SUMMARY
Industrial output increased further in February and was slightly larger than a year ago,
and distribution of commodities by the railroads was larger than for the corresponding
period of any previous year. The general level
of wholesale prices continued to decline and was
in February at the lowest level since the summer of 1924.
Production.—Production of manufactures
increased in February for the second consecu-
than in the same month of last year, but awards
for the first three weeks in March were in approximately the same volume as in 1926.
Tra.de.—Retail trade showed less than the
usual seasonal decline between January and
February. Sales of department/ stores and
chain stores were larger than in February of
last year, while those of mail-order houses were
smaller. Wholesale firms reported a smaller
volume of business in February than a year ago,
and this decline occurred in nearly all leading
lines. Inventories of department stores increased in February in anticipation of the usual
expansion in spring trade, but the growth was
less than is customary at this season and at the
end of the month stocks were slightly smaller
than a year ago. Stocks of merchandise carried
by wholesale firms also increased in Februarj^
but they were generally smaller than in the
corresponding month of last year.
Railroad shipments of commodities have increased steadily since January by more than
PRODUCT10N-OF
MANUFACTURES AMD MINERALS
1925
1928
1927
Index of production of manufactures and minerals. (1923-1925 average =100.) Latest figures, February
tive month, and the output of minerals, after
declining in January, advanced once more in
February to the record level reached last December. Factory production and employment, however, continued smaller .than during
the corresponding month of last year. Production of iron and steel has increased steadily
since December, and reports indicate that operations of steel mills in March were at almost the
same high rate as in March, 1926. Automobile
production increased in February, and weekly
figures of employment in Detroit factories indicate some further additions to production in
March,1 but output has continued much smaller
than a year ago. Daily average consumption
of cotton by mills in February was larger than in
an}^ previous month on record, but activity of
woolen and silk mills decreased as compared
with January. Production of bituminous coal
has been maintained in large volume, while
that of anthracite has been considerably
reduced. The value of building contracts
awarded in February was 3 per cent smaller
50
FACTORY EMPLOYMENT
FAY ROLLS
Federal Reserve Board's indexes of factory employment and pay rolls.
(1919 = 100.) Latest figures, February
the usual seasonal amount and have exceeded
those for the same period last year, owing to
larger shipments of coal, of miscellaneous
commodities, and of merchandise in less-thancarload lots.
Prices.—Wholesale prices, according to the
index of the Bureau of Labor Statistics, continued to decline in February. Among nonagricultural products decreases occurred in the
prices of coal, petroleum, iron and steel, nonferrous metals, and lumber, and the index for
nonagricultural prices as a group was at the
lowest post-war level. Prices of livestock and
255
FEDEKAL EESEEVE BULLETIN
APRIL. 1927
livestock products and of clothing materials
advanced in February. During the first three
weeks of March there were decreases in prices
of grains, livestock, "silk,-wool, coal, petroleum,
and gasoline, while prices of pig iron, hides, and
rubber advanced.
March, with disbursements temporarily in
excess of receipts, resulted in a temporary
abundance of funds, which was reflected at
member banks in leading cities in a growth of
deposits, in reduced indebtedness at the reserve
banks, and in increased holdings of securities.
PERCENT
200
ft
-xT
\
150
/
—i
2
WHOLESALE PRICES
trc^ A// Commodities
»«.« Agnculiuraf
*++-» Non-Agn'culiuraf
: Cory'imercicu' PaperRafe
• A'.)(Reserve Bank Discount f^rfs
1
Accepfanca ficfe
100
100
1326
1925
1823
1927
Index of United States Bureau of Labor Statistics. (1913 = 100, base
adopted by bureau.) .Latest figures, February-
Weekly rates in New York money market. Commercial paper rate
on 4 to 6 months' paper and acceptance rate on 90-day paper.
Bank credit.—Demand for commercial credit
at member banks in leading cities increased
seasonally between the middle of February and
the middle of March. There was also growth
in the volume of funds used in the security
market as indicated by increases in loans to
brokers and dealers in securities. Consequently total loans of the reporting banks at
the end of the period were close to the level
of last autumn. Financial operations of the
United States Treasury around the middle of
At the reserve banks, following changes in
holdings of bills and securities accompanying
the financial operations of the Treasury, the
total volume of credit outstanding' on March
23 was somewhat larger than four weeks earlier.
Conditions in the money market in March,
were slightly firmer than in February. Rates
on prime commercial paper advanced from 4
per cent to 4 - 4 ^ per cent, and call money was
also higher, while rates on acceptances declined
somewhat.
3923
1827
1S25
1924
FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TEADE
Year and
month
Indus- ProducFactory Factory
tion of Production of employtrial
pay
minerproduc- manurolls
facment
als
i
tion i
tures i
Building contracts
awarded 1
Unadjusted
Railroad
car
loadings J
Adjusted
Monthly average
1923-1925 = 100
Wholesale
trade
Department-store Department-store
Bank
stocks i
debits
sales *
outside
of New
UnadUnadAdAdYork
justed
justed
justed
justed City *
Monthly average 1919=100
1926
January...
February..
March
April
May...
June
July
.
August
SepteinberOetober
NovemberDecember.
1G6
107
108
108
107
107
107
111
113
111
108
105
108
109
108
108
107
107
107
112
113
111
106
103
93
98
108
107
103
104
105
109
111
116
118
120
107
112
113
110
109
109
104
108
108
112
109
108
176
157
231
220
212
211
200
232
217
199
188
207
243 !
218
209 !
19.27
January
February.-.
106
108
104
106
117
120
102
109
148
152
204 I
210 |
170
164
169
178
221
233
204
235
281
i
J
|
;
!
j
|
118
127
126
132
126
127
130
126
128
127
132
132
122 i
132 |
78
76
85
80
82
84
82
87
97
94
86
78
114
104
130
133
137
130
99
105
131
158
156
234
130
135
130
130
132
130
133
134
144
139
138
146
125
131
142
143
138
131
125
130
142
153
156
128
141
140
141
139
138
138
133
130
132
137 I
138
138
126
128
131
131
124
127
136
126
126
126
123
126
114
106
130
138
123
131
139
139
125
132
i The indexes of production, car,loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of building contracts and department-store sales and stocks are shown both with and without seasonal adjustments.
256
FEDEEAL RESERVE BULLETIN
MONEY RATES
Open-market money rates in March remained at or near the relatively easy levels
which prevailed in February. The quotation
on prime commercial paper advanced to
4-4Si per cent after the first week in March,
with an increase in the relative volume of
paper offered at the higher rate, but the best
names were still sold at 4 per cent. The
supply continued limited, and the interior
demand, which slackened early in March, was
more active later in the month. Ninety-day
bankers' acceptances, which had been fluctuating between 3^g and 3 % per cent since
early in the year, were again offered at the
lower rate. Yields on Treasury certificates
and on Liberty bonds declined somewhat
with the new Government financing. Security loans, both time and call, were made at
about the same rates as in February. The
following table shows money rates prevailing
in the New York City open market during the
last three months. A table showing rates of
interest charged customers by representative
banks in various cities during the last four
months will be found on page 308 of this issue
February 17 to March 16, but later the supply
regained its former volume, consisting chiefly
of bills based on cotton, silk, coffee, and sugar.
The supply was small in Boston throughout the
period, with cotton,*sugar, wool, and rubber bills
in largest number. The demand was active
in both centers through February, and then7
fell off somewhat, but in New York dealers
sales reached an unusually large total during
the week ending March 16, largely on account
of foreign purchases. Dealers' offerings to the
reserve banks were light early in the period but
later increased, and their portfolios on March
16 were reduced to the smallest proportions reported since last October. Rates on 30 and 90
day bills were lowered by most dealers on
February 25 in the face of the limited supply,
and these lower rates prevailed during the remainder of the period. The following table
shows the market rates on bills of various
maturities at the beginning and end of the
period:
ACCEPTANCE RATES IN THE N E W YORK
Feb. 17
Bid
MONEY RATES IN N E W YORK CITY
Average yield
on—
Average rate
on—
Prime
bank- U . S.
Treasers'
accept- u r y
4M
paper, ances, notes
per cent Call
"' 4-6
and Liberty loans l
90
months days
certifi- bonds
cates,
Prime
commercial
Time
loans 2
MARKET
Mar. 16
Maturity
of the BULLETIN.
Month or week
APRIL, 1927
30 days...
60 davs...
90 da-vs...
120 days..
150 days..
180 days..
Offered
Bid
Offered
3%
3M
3M
3M
CAPITAL ISSUES
The volume of new domestic securities issued
in February, $604,000,000, was nearly as large
as the January total, according to the compilaY 3 3.03
} 3.98
4. 55
4. 72 tion of the Commercial and Financial Chronicle,
March, 1926
and the amount of those floated by corporations
3! 03 } 3.83
5.16
4. 70
SH-3% /\ *3.11
December, 1926
4.-4.1/2 35^-33^
3.23
3 80
4 52 alone, $526,000,000, was the largest on record.
January, 1927
4.32
3.80
4.42 In addition, there were unusually large issues
February, 1927
4.03
3^8-3M 5 3.29
1 3.18
March 1927
4.13
4.39 for refunding purposes.
4-4M
Municipalities offered
\ 3.21 } 3.80
Week ending—
only
one-half
the
new
securities
that they did
35^-334'
4
3.17
Mar. 5
3.78
4.20
4.43
3%
3.11
Mar. 12
4-4K
3.77
4.00
4. 39 in January, and farm-loan issues were negligible.
4-4>£
Mar. 19
4.00
4.38 Public utilities put out the largest volume of
3 /g /" s 3.3 5 } 3.80
3.29
Mar. 26
3. 83
4.20
4.38 new flotations, nearly one-half of the total
3K \ 3.16
4-4K
under this classification consisting of two stock
1
Renewal rate.
issues by the Consolidated Gas Co., of New
2 Weekly average of daily average rates on principal maturities.
31 Issues maturing Mar. 15, and Sept. 15,1926, respectively.
York. Industrial corporations sold a large
Issues maturing Mar. 15, and June 15, 1927, respectively.
s
Issues maturing June 15, 1927, and Sept. 15, 1928, respectively.
volume of securities, although less than in
January,
and railroad offerings were the largest
ACCEPTANCE MARKET
since January, 1922. The following table
There was a temporary scarcity of new bills shows the domestic securities, both new and
offered in the New York acceptance market refunding, issued in January and Februarv,
during the first week of the reporting period, 1927, and February, 1926,
3-6
months
.
05/
5
APRIL,
257
FEDERAL RESERVE BULLETIN
1927
DOMESTIC CAPITAL ISSUES
[In millions of doll ars]
February,
1927
Class of issue
Total-
Refunding
New
Refunding
603.4
245.6
631.8
106.6
474. 2
25.8
525.9
245.1 440.6
102.5
323. 7
25.0
335. 7
10.8
94.1
88.7
172.8
28.2
122.7
22.6
255. 0 219.4
12.8
6.5
258.1 19.2
Farm-loan issues
4 4
Municipal issues
73.1
Total, new and refunding
___ _j
February,
1926
Refunding
New
Corporate issues
Bonds and notes—
Long-term
Short-term __ ___
Stocks _
January,
1927
13.8
2.4
4.3
24 3
.5
New
166.9
4.1
146. 2
advance was much less rapid than in February,
however, and railroad stocks moved irregularly
somewhat below the high point of the preceding month. The total number of shares
sold, although unusually large, was less than
in February. Bond prices led by Government
issues advanced after the middle of March to
their highest postwar weekly average. The
following table gives the indexes of stock prices
computed by the Standard Statistics Co. of
New York, the average price of 40 bonds computed by Dow, Jones & Co., and the average
number of shares of stock sold daily on the
New York Stock Exchange for the last five
months and for March a year ago:
.8
INDEX NUMBERS OF SECURITY PRICES
849. 0
73£ . 4
500.0
Price indexes of *—
Foreign issues of securities in the United
States, on the other hand, were relatively
small in February, amounting to $92,000,000,
as compared with a monthly average of. over
$100,000,000 during the year, 1926." No new
offerings came from Europe and few from
Canada. South American Governments put
out more than half the total, and the rest is
accounted for largely by a $23,000,000 bond
issue of the State of New South Wales. The
table below shows the foreign issues in January and February, 1927, and February, 1926:
FOREIGN CAPITAL ISSUES
[In millons of dollars]
February,
1927
January,
1927
February,
1926
Gov- Corpo- Gov- Corpo- Gov- Corpoernernernment rate ment rate ment rate
Month or week
Average for*March, 1926
November, 1926December, 1926
January, 1927
February, 1927
March, 1927
Week endng—
Mar. 5_.
Mar, 12
Mar. 19.
Mar. 26_.
Average
number
of shares
; 198 in- I 31 railj dustrial road
• stocks stocks
144. 0
157.5
161.7
158.4
I 163.0
| 165.7
1,790
1,477
1,692
1,466
2,156
1,983
164. 5
165.
165.9
166.7
2,189
1,813
2,027
1, 927
!
i
1 For the industrial stocks, the average of 1917-1921 prices equals 100;
for the rails the average of the high and low prices made in the 10 years,
1913-1922, equals 100. The indexes are weighted by the number of
shares of each stock outstanding. Prices used are closing quotations on
Saturday.
2
Arithmetic average of daily average closing prices as published in
the Wall Street Journal. Weekly averages are for week ending with
Saturday.
3 Saturday omitted. Weekly averages are for 5 dayslending with
Friday preceding date given.
COMMODITY PRICES .
The general level of wholesale commodity
prices declined further in February, reflecting
New issues. _
56.3 73.3 41.8
70.2 11.0
20.4 substantial decreases in the prices of fuels,
Europe
2.1 41.3 39.8
1.5
14.0 metals, and
building materials. Prices of
Canada and Newfoundland— __27.4
2.2
2.0
6.4 grains, eggs, and hides and skins have also
6.0
2.0
Latin America _
41.2
.2
7.5 25.4
been reduced, while those of cattle, sheep,
United States insular
possessions
14
46
meats, butter, cotton, and clothing materials
23.0
25.0
Asia and Oceania
advanced. The all-commodities index of the
. 7 27.0
10.9 40.0
10.0
3.6
Refunding issues
Bureau of Labor Statistics for February was
Total, Government
at the lowest level since June, 1924, and that
167.5
and corporate
105.8
91.9
of nonagricultural commodities was lower than
at any time in the postwar period. Prices of
agricultural products, as a group, in February
SECURITY PRICES
rose slightly for the third consecutive month.
A very active stock market in March ac- Indexes for the principal groups of commodicompanied the advance of prices of representa- ties for certain months are shown in the
tive industrial stocks to new high levels. The accompanying table.
Total
80.2
11.7
83.3
84.2
81.8
24.0
258
FEDEKAL RESERVE BULLETIN
INDEX NUMBERS OF COMMODITY PRICES
[1913 = 100]
February,
1926
Commodity groups
All commodities.
Agricultural
Nonagri cultural _
Farm products
Foods
Clothing materials
Fuel and lighting
Metals
Building materials
Chemicals and drugs.
House furnishings
Miscellaneous _ _•
146.4
146. 9
155.0
143.8
148.3
143.4
149.6
151. 7
157.3
136.9
148. 2
137.2
149. 6
167.3 .
179.8
124.4
169.7
122.1
157. 4
117. 9
149.9
153.2
183.9
179.4
128. 4
177.1
132.3
163. 9
132.9
"J 68. 7
177.1
122. 2
167. 9
122. 0
157.5
118. 5
During March prices of grains, sugar, butter,
eggs, silk, wool, coal, petroleum, and gasoline
decreased, while those of potatoes, pig iron,
hides, and rubber advanced.
Prices received by farmers for their products,
after advancing slightly in February, declined
again in March to the January level, owing to
decreases in the prices of grains, fruits, and
vegetables, and dairy and poultry products
which more than offset increases in the prices of
meat animals and cotton. The index for
cotton and cottonseed, as a group, rose to the
highest level since last September. The accompanying table shows the Department of Agriculture index of these prices, by groups, for the
past 15 months.
INDEX NUMBERS OF FARM PRICES
[August, 1909-July, 1914=--100]
Month
1926
January
February. __
March
_
April.
May
June
July
August
September..
October
November. _
December. _
30
commodities
143
143
140
140
139
139
136
133
134
130
130
127
Grains
143
140
133
131
131
130
125
128
121
123
121
120
Fruit
and
vegetables
214
218
220
253
240
216
195
166
136
136
142
137
Meat
animals
140
146
147
146
148
154
152
144
148
148
142
140
Dairy Cotton
and
Unand
poultry cottonclassiprodfied
seed
ucts
153
144
137
133
131
130
131
130
' 139
144
157
161
138
142
133
135
130
132
126
130
134
94
88
81
87
87
85
83
82
81
85
81
93
97
97
91
APRIL, 1927
proximately $600,000, and during the first
two weeks of March showed an additional
increase of about $2,000,000. This increase
represents largely additional rediscounts for
agricultural credit corporations, which reached
their lowest level for the current crop year on
February 12, at which date they totaled
$20,519,000, about $6,000,000 greater than the
low point of the previous year. Direct loans
of the same group of banks were reduced
slightly more than $11,000,000 during the
month, and further repayments were made
during the first two weeks of March totaling
approximately $2,500,000. This liquidation
represents largely a reduction in loans based on •
the security of tobacco and cotton. All Federal land bank districts showed a reduction in
direct loans with the exception of the Wichita
and Houston districts, which remained unchanged, the largest reduction taking place in
the Louisville district. Loans based upon
eligible commodities and rediscounts for the
different financial institutions on the latest
available date in JVlarch are shown in the
accompanying table.
INTERMEDIATE
CREDIT
BANKS
[In thousands of dollars]
Class of loan or rediscount
Direct loans outstanding o n Cotton
Tobacco
__ _ _
Wheat
Canned fruits and vegetables
Raisins
Peanuts
_ _
Wool
Rice
All other
Total
Mar. 12, Feb. 12, Mar, 13,
1926
1927
1927
2,185
310
26,183
12, 627
3,400
1,365
5,000
57
346
2, 564
266
39, 216
51,808
26, 097
15, 902
2,056
502
3,600
87
217
870
447
49, 778
20, 519
27
398
19, 315
52
40,311
19,827
34
413
12,235
65
32, 574
20, 805
6,183
3,345
1,309
5,000
79
Rediscounts outstanding for—
Agricultural credit corporations
._ 22, 792
27
National banks
State banks
510
Livestock loan companies
_ _ 19,140
Savings banks and trust companies
37
Total
42, 506
Net farm mortgage loans outstanding at
the 12 Federal land banks increased about
1927
$12,500,000 during February, while the loans
152
85
87
140
140
120
126
January
122
142
143
143
94
84 of joint-stock land banks increased approxi127
February. -121
140
144
133
102
81
126
March
mately $8,000,000. The following table shows
the outstanding volume of net mortgage loans
at the end of November held by 12 Federal
AGRICULTURAL CREDIT
land banks, 54 joint-stock banks, and 41 lifeRediscounts at the 12 Federal intermediate insurance companies owning more than 82 per
credit banks during February increased ap- cent of the assets of all life insurance companies.
APRIL,
FEDEEAL EESEEVE BULLETIN
1927
N E T FARM MORTGAGE LOANS OUTSTANDING •
[In thousands of dollars]
Class of institution
Joint-stock land banks
Federal land banks
41 life-insurance companies
1
:
Feb. 28,
Feb. 28,
1927 I 1926
I
647,762 ! 587,544
1,097,642
1,019,486
j 1 ! , 592,000
1,533,000
Loans outstanding Jan. 31, 1927.
MANUFACTURING AND MINING
Industrial production increased further in
February, according to the board's index,
which is adjusted for number of working days
in the month and for seasonal variations, output of both manufactures and minerals showing
gains. The minerals index, which had declined
in January, reached again the high level
attained in December, reflecting a growth in
the production of crude petroleum to the
largest daily average on record and a rise in
the index for bituminous coal owing to a considerably less than seasonal decrease in the
volume mined. The output of anthracite continued the decline which began last November,
and daily average production of copper and
zinc did not show the increases which usually
occur between January and February. Production of automobiles continued to increase
but remained in much smaller volume than a
year ago. Output of iron and steel, which has
also been enlarged, likewise remains less than
in the corresponding period of last year.
Cotton consumption per working day in February exceeded that for any previous month on
record, but activity in woolen and silk mills
was somewhat reduced. Factory employment
and pay rolls, after a sharp decrease in January,
increased substantially in the following month
and were in practically the same volume as in
December, although smaller than in February
of last year.
Textiles.—Buying of cotton fabrics has been
maintained in unusually large volume since
early last autumn, and, according to reports of
the Association of Cotton Textile Merchants of
New York, unfilled orders for a group of reporting mills have increased since last June
from 160,000 yards to nearly 400,000 yards at
the end of February, equaling in volume production for nearly a 60-day period. At the
same time, stocks have decreased from over
260,000 yards to approximately 160,000 yards.
Mills in all sections of the country reported increased activity. Prices of cotton goods and
yarns have&been steady, and the Fairchild
price indexes have advanced since the first of
259
the }rear. Woolen-mill activity has decreased
since last October, but continued in February
at a higher level than a year ago. Prices of
foreign raw wool have advanced slightly since
early in February, while those of domestic wool
and of worsted yarns and of tops have decreased somewhat. Quotations on woolen
and worsted goods have remained practically
unchanged. Clothing manufacturers are now
supplying spring goods, and sales and employment and. pay rolls in men's and women's
clothing industries have shown substantial
seasonal increases since the first of the year.
Deliveries of raw silk to mills and loom activity
decreased somewhat in ^February, and although
deliveries were practically the same as those for
February, 1926, looms were less active than a
year ago. Prices of both raw silk and of silk
goods advanced during February, but since the
first of March those of raw silk have declined
again. Buying of hosiery and underwear has
improved considerably since the first of the
year, and reports indicate that stocks have
been reduced, but supplies of women's fullfashioned hosiery are still in large volume.
' Hides, leather, and shoes.—Daily average
production of sole leather in February was
larger than in any month in over three years,
and stocks in process were also increased, while
tanners' finished stocks were further reduced.
Leather markets, however, according to trade
reports, have been relatively dull. The hide
market, on the other hand, showed increased
activity in March, and prices advanced, following decreases in February. Daily average production of boots and shoes increased by slightly
more than the usual seasonal amount between
January and February and exceeded output for
February of last year. Sales of shoes at wholesale in February and stocks held by the same
dealers at the end of the month were reported
to be larger in volume than a year ago.
Metals.—Production and shipments of iron
and steel have increased substantially since the
low level of activity in December, and estimates indicate that steel-mill operations in
March were approaching the high level of those
of March, 1926. Although there has been an
increase in buying of steel products since the
first of the year, new orders are not as large in
volume as shipments, and unfilled orders outstanding have been reduced. Production of
pig iron has also increased, and a few additional
blast furnaces were blown in during March, in
addition to the increase of nine active furnaces
during February. Prices of both iron and steel
were considerably reduced during February,
260
FEDERAL RESERVE BULLETIN
but they have been stronger in March, and
some producers have increased pig-iron prices
by 50 cents a ton. Automobile producers
have been demanding a fairly large volume of
steel to take care of the seasonal increase during
recent weeks in the production of cars. The
demand for structural steel has continued
large, and railroads have recently been making inquiries for second-quarter steel requirements.
Daily average production of copper and zinc
decreased slightly in February, whereas generally
a seasonal increase occurs at that time. Production of copper, however, continued in larger
volume than in any February of previous postwar years, and that of zinc was approximately
the same as a year ago. Zinc stocks increased
further in February and were larger than at any
time since October, 1924. Refined copper
stocks were also further enlarged, but supplies
of blister copper in process were reduced.
Prices of copper, lead, and zinc rose somewhat
in the latter part of February and the early
part of March, but markets became quieter
about the middle of March and quotations
were slightly lowered.
Fuels.—Weekly production of bituminous
coal, after declining slightly in February, increased considerably in the first two weeks of
March, contrary to the usual seasonal tendency. This larger output was in anticipation
of a possible strike on April 1, when the
present contract between operators and miners
expires. Production for the year to date has
exceeded estimated consumption by some two
or three million tons a week, and stocks of
bituminous coal in consumers' hands are reported to be large. The decline in the price of
coal from the high level of last autumn has
continued slowly, and the Coal Age index of
spot prices for the week of March 21 was $2.05
a ton, the lowest for any week since early in
September. Anthracite markets have been
especially dull, and weekly production has
continued in the smallest volume, except during
strikes, since 1921. Prices of anthracite were
reduced on March 15, about 75 cents a ton by
some producers, and others announced similar
reductions to be made on April 1. Production
of coke was at a slightly larger daily rate in
February than in January, but smaller than a
year ago. Prices of Connellsville furnace coke
have fluctuated in recent weeks between $3.25
and $3.50 a ton.
Petroleum production reached another new
high record in February, and weekly output in
March, although slightly reduced, continued in
large volume. According to estimates of the
AmiL, 1927
American Petroleum Institute, pipeline and
tank-farm stocks of crude petroleum east of the
Eocky Mountains were considerably enlarged in
February. Stocks of crude oil and gasoline at
refineries east of California also showed substantial increases in volume during the month.
Reflecting the high level of production and the
accumulation of stocks, prices of crude petroleum and of petroleum products have been
sharply reduced during the past few weeks.
The average price of crude petroleum at wells,
as computed by the Oil, Paint, and Drug Reporter on March 25, was $1,585 per barrel, as
compared with $1,833 a month earlier and
$2,048 in the corresponding week of last year.
The present price of crude petroleum is the
lowest since January, 1925. The average price
of gasoline at refineries, according to averages
from the same source, on March 25 was about
8% cents per gallon as compared with about 11
cents a year ago. Gasoline prices at service
stations axe about 2 cents a gallon lower than
they were at this time last year.
Automobiles and tires.—Production of automobiles in the United States has increased
steadily since the sharp curtailment during the
latter part of 1926, and output in February
totaled 298,000 passenger cars and trucks, as
compared with 234,000 in January. Weekly
statistics of employment in Detroit factories
and unofficial reports from the industry indicate a further seasonal increase in output
during March. The level of production for
this year to date has been considerably smaller
than during 1924 and 1926, but somewhat
larger than in 1923 and 1925. Reports from
dealers in the Middle West to the Federal Reserve Bank of Chicago show^ a much smaller
volume of sales both at wholesale and retail in
February than in the same month of last year.
Dealers in the Philadelphia Federal reserve district, on the other hand, reported a gain in sales
over the volume of a year ago. Stocks held by
dealers ,at the end of February were smaller
than last year in the Chicago district and larger
in the Philadelphia district.
Production of automobile tires and tubes
was seasonally larger in February than in
January and likewise exceeded that of February, 1926. Shipments, however, which were
unusually large in January, did not show^ the
customary increase in the following month and
were smaller in volume than output. Stocks
on hand consequently were enlarged. The
crude-rubber market has been strong since
early in February, and the quoted price advanced from 38 cents a pound on February to
over 42 cents on March 18.
APRIL,
1927
Building materials.—Production of lumber
has shown a seasonal increase since the first
of the year. The output of softwoods has continued in smaller volume than a year ago,
while the amount of hardwoods cut has exceeded that of the corresponding period of
1926. Orders since the first of the year have
been in excess of production, and shipments,
which were seasonally small during January
and early February, have increased within
recent weeks and for the year to date have
exceeded output. The volume of unfilled
orders for oak and maple flooring at the end of
February was somewhat smaller than that on
the corresponding date of last year. Production and shipments of cement and paving brick
were not as large in February as in that month
of 1926, and shipments and orders for sanitary
ware likewise were in smaller volume than a
year ago.
Food products.—Flour production in February totaled 8,996,000 barrels, which was
slightly larger than the production of February of a year ago, but, owing to differences in
number of working days, smaller than in January. Mills in the southern arid southwestern
States and on the Pacific coast were operated
at a higher percentage of capacity than in
either the previous month or in February of a
3^ear ago, and those in the Northwest and at
Buffalo showed but little change in the same
comparisons. Buying b}^ domestic consumers
has been slow, although some improvement
was noted in the middle of March. Prices have
remained relatively stable, but, reflecting the
decline in wheat prices, fell slightly in the first
half of March.
Sugar meltings during February showed less
than the usual seasonal increase over the
previous month and were considerably smaller
than in February of last year, while stocks at
the end of the month, totaling 300,858 tons,
were 63 per cent larger than a year ago. Prices
of both raw and refined sugar were reduced
during the first half of March.
Meat production showed the usual seasonal
recession in February from the preceding
month, but the inspected slaughter of all types
of livestock was larger than in February of a
year'ago. Sales billed to domestic and foreign
customers by 38 meat-packing firms in the
United States reporting to the Chicago Federal Reserve Bank were 9 per cent smaller in
total value than in January and slightly less
than in February, 1926. Storage holdings of
pork and lard on March 1 showed an increase
for the month, while supplies of beef, lamb,
and miscellaneous meats declined. All items,
261
FEDERAL RESERVE BULLETIN
with the exception of dried salt pork, were
larger than a year ago.
BUILDING
Values reported for building and engineering
contracts awarded in February exceeded values
reported in January by a narrow margin of
2.4 per cent, and fell below values reported lastyear in February by 3.5 per cent. In their
review for the month, covering awards in 37
eastern States, the F. W. Dodge Corporation
summarize the record for February as indicating "moderate recovery from January's rather
abrupt drop in contract-letting." Last year in
each of these months contracts were reported in
record volume for the month, but values contracted for fell off last year in February in
comparison w^ith January by more than 10 per
cent, and the small margin of increase over
January shown in this year's record brought the
dollar volume of awards in February nearly to
the level recorded for February of 1926.
Although awards this year to the end of February fell below 1926 by 10 per cent, they
exceeded awards in these two months of 1925 by
25 per cent, and during March, to March 18,
the daily average for the value of awards
reported this year was somewhat in excess of
the daily average during March last year to
March 19. It is noted that the February
record for contemplated projects indicated that
demand for new construction work was developing "somewhat slowly." Valuations reported
for such projects in February, in fact, fell below
1926 by 25 per cent.
Increases in the dollar volume of construction
work brought under contract are shown in
comparison with February of last year for the
Boston, New York, Cleveland, Chicago, St.
Louis, and Kansas City districts, and decreases
for the Philadelphia, Richmond, Atlanta,
Minneapolis, and Dallas districts, the decrease
for the Atlanta district (from $64,000,000 to
$32,000,000) amounting to 50 per cent. Totals
for States show increases over 1926 for 22 and
decreases for 15 of the 37 States covered by the
reports.
Residential building contracted for during
February fell off in comparison with awards
during February of last year by 9 per cent.
Awards for commercial, for industrial, and for
educational building in February were in
nearly the same volume this year as in 1926,
and awards for public works and utilities in
smaller volume this year.
The valuation of building permits issued in
168 selected cities during February exceeded
262
FEDERAL KESEKVE BULLETIN
the valuation reported by these cities in January by 17 per cent, and exceeded the valuation
reported last year in February by 7 per cent—
the increase over 1926 for New York City
amounting to 35 per cent and for Chicago to
40 per cent. Of the 200 cities reporting valuations for building permits to the F. W. Dodge
Corporation, 99 cities reported larger valuations in February this year than last, and 101 of
these cities reported smaller valuations this
year.
As computed by the New York ReserveBank, the cost of building declined slightly in
February, this decline representing a decrease in
the cost of building materials as indicated by
the Bureau of Labor Statistics wholesale price
index for these materials, which decreased from
170 in January to 168 in February (prices in
1913 being taken as 100). Wages in the construction industries continued generally on the
level of the preceding month.
WHOLESALE AND RETAIL TRADE
Merchandise sales by firms engaged in wholesale and retail trade which made reports to the
Federal reserve system were seasonally smaller
in February than in January. The decline,
however, in sales by retail firms to consumers
was not as large as that which is customary
between January and February, and sales
of department stores and chain stores were
larger than a year ago. Sales of wholesale
firms, on the other hand, continued to decline
in February from the levels of the corresponding month of last year and were the smallest
for any February since 1922. Changes in the
level of prices are reflected more quickly in
wholesale trade than in sales of retail stores,
and a part of the decline in the value of wholesale trade in February of this year reflects the
much lower level of wholesale prices this year
than in the early part of 1926.
Inventories of merchandise carried by both
wholesale and retail firms were increased in
February in anticipation of the growth in
sales to consumers that occurs early in the
spring. This increase in stocks, however, was
no larger than that which is customary at this
season, and at the end of the month inventories
of department stores and of nearly all lines of
wholesale trade were smaller than at the
corresponding period in 1926.
Wholesale trade.—The volume of trade of
reporting wholesale firms continued to decline
in February from the corresponding month of
the previous year, and the Federal Reserve
Board's combined index ai sales in six leading
APRIL,
1927
lines reached the lowest level for emy February
since 1922. Declines from last year were
reported in all leading lines, except in wholesale sales of shoes, which were 5 per cent larger
than in February, 1926. Sales of groceries,
hardware, and drugs were from 4 to 5 per cent
smaller than a year ago, and those of dry goods
were 8 per cent smaller. Sales of cotton commission houses located in New York City were
about 18 per cent smaller, and those of silk
goods firms were 8 per cent less than a year ago.
Farm-implement and agricultural machinery
sales continued at a lower level in February
than in the corresponding month of last year.
Orders for machine tools placed with firms
reporting to the National Machine Tool
Builders' Association were also slightly smaller
than a year ago, but the decline in February
was not as large as that in January or in December. Smaller- sales than in February of last
year were reported from nearly all sections of
the country for groceries, dry goods, hardware,
and drugs.
Inventories carried by firms engaged in
leading lines of wholesale trade increased
slightly in February in anticipation of the
seasonal expansion that usually occurs in the
demand for merchandise in the early spring.
Compared with February a year ago, stocks of
groceries, dry. goods, and hardware were
smaller, while those- of meats, shoes, and
drugs were larger. Stocks of dry goods were
about 19 per cent less than in 1926, but a
large part of this decline reflects generally
lower prices of textile products. Accounts receivable of reporting grocery, dry goods,- and
hardware firms outstanding at the end of
February were generally smaller than at the
end of the corresponding* month of last year.
Retail trade.—Trade of retail stores was also
smaller in February than in January, but the
decline was less than that which usually occurs
between January and February. Compared
with the corresponding period of last year,
sales of department stores and chain stores
were larger, while those of mail-order houses
were smaller.
Department store sales, however, were not
larger in all sections of the country. In the
Philadelphia, St. Louis, and Dallas Federal
reserve districts sales were smaller than a year
ago, and in the Cleveland and Richmond districts they continued in about the same volume. Statistics reported from 45 separate departments at stores in seven Federal reserve
districts showed larger sales at 32 departments
and smaller sales at 13 departments. Increases
were largest in departments selling ribbons,
APRIL,
•silverware and jewelry, women's coats, .women's skirts, ready-to-wear, and women's and
•children's hosiery, while declines were largest
in woolen dress goods, men's and boys' shoes,
.and musical instrument and radio departments.
Inventories carried by department stores
'.showed about the usual seasonal increase in
February, preparatory to the expansion in
sales that is customary early in the spring, but
they continued slightly smaller for the country
as a whole than in the corresponding period of
last year. In the New York, Richmond,
Chicago, St. Louis, Minneapolis, and Dallas
Federal reserve districts stocks were smaller
than last year, but in the other Federal reserve districts they were slightly larger. Statistics from individual departments showed
smaller stocks than last year at 27 departments and larger stocks at 18 departments.
Declines were largest in departments carrying
woolen and cotton dress goods, laces, trimmings, and embroidery, and women's suits,
while increases were largest in women's skirt,
sweater, and fur departments, in the Dallas
Federal reserve district smaller inventories
than last year were reported from 38 of the
total of 45 departments, and the percentage
decreases in these departments were generally
larger than in other districts.
The rate at which inventories of department stores were turned over in February was
slightly lower for the country as a whole than
in February of last year. In the Boston, New
York, Chicago,Minneapolis, and Dallas Federal
reserve districts the rate of turnover was
higher, while in the other districts it was about
the same or slightly lower than in February,
1926.
TRANSPORTATION
Freight moved in record volume for the
month during February. Car loadings in this
month of all classes of freight combined, and
specifically of those classes representing shipments of manufactured products (miscellaneous
and less-than-car-lot merchandise), and of coal,
exceeded loadings recorded in February of any
earlier year. Grain and grain products and
ore, also, moved in greater volume this year
than last during February, although not in
record totals for the season. Considerable
decreases in comparison with February loadings last year are shown for two classes of
freight—forest products and coke—and a slight
decrease for livestock. Geographically, the
increase of February freight shipments this
year over 1926 was widely distributed, increases
being recorded for each of the seven transpor-
263
FEDEEAL EESEEVE BULLETIN
1927
tation districts excepting the northwestern, for
which loadings in February were in nearly the
same volume this year as in 1926. Loadings
during the early part of March to March 19
were in excess of loadings reported for corresponding weeks of 1-926, and in the 12 weeks
ended March 19 loadings this year ran 3 per
cent in excess of 1926, the excess representing
principally larger coal shipments this 37-ear.
Average freight car surplus, which increased
from month to month from 87,000 cars in
October to 295,000. cars in January, fell off to
266,000 cars in February. In the second quarter
of March the surplus amounted to 257,000 cars.
AGRICULTURE
With the approach of the spring planting
season reports indicate generally favorable soil
conditions throughout the country, with ample
moisture available in most sections. Planting
of early spring crops in the southern districts
is under way, although some sections report
dela}' as a result of cold weather and wet soil.
The condition of growing crops is reported to
be favorable, and pasture conditions have been
improved by recent rains.
Farm prices of agricultural products, as indicated by the index of the Department of
Agriculture, declined from 127 in February to
126 on March 15. This decrease represents
largely a seasonal decline in prices of dairy and
poultry products, although prices of grains and
of fruits and vegetables also were slightly lower.
Livestock prices advanced slightly, while cotton
and cottonseed rose 9 per cent.
Cotton.—Statistics recently published by
the Department of Commerce covering the
season to March 1 show that 17,910,000 bales
of cotton were ginned from the 1926 crop, compared with a final yield of 16,104,000 bales in
1925.. This was a slightly smaller figure than
the estimated yield of 18,618,000 bales by the
Department of Agriculture last autumn. Picking, however, is continuing in certain sections,
and the final yield will probably be somewhat
larger than that indicated by the ginning figures
up to March 1. Production was larger than
in 1925 in all of the principal growing States
except in Arkansas, Louisiana, Mississippi,
and Tennessee, but the greater part of the
increase was due to much larger yields in Texas
and Georgia.
Although the crop in 1926 in the United
States was nearly 2,000,000 bales larger than
in 1925, reports by the Department of Agriculture indicate that yields were smaller in
other principal growing countries, and the
264
FEDERAL EESERVE BULLETIN
world's production is expected to amount to
29,000,000 bales, compared with 27,700,000
bales in 1925. World consumption of cotton
has also been larger for the season to date than
in the corresponding period of last year. Statistics published by the International Federation of Cotton Spinners show that 12,934,000
bales were consumed by all spinners of the
world in the first six months of the season,
August through January, compared with 12,338,000 bales in the corresponding period last
year. Of this total 7,224,000 bales were
American cotton, approximately 250,000 bales
more than in the corresponding period of 1925.
Receipts at leading southern markets, takings by American spinners, and exports indicated that marketing of the crop in the United
States continued in large volume in February.
Receipts at southern markets amounted to
approximately 1,200,000 bales, compared with
752,000 bales in February of last year. Exports exceeded 1,010,500 bales, almost twice
as large as in February, 1926, and were the
largest for that month since 1915. Prices remained in February and early in March near
the levels reached early in the year, which were
from lj/2 to 2 cents higher than the low point
to which prices declined early in December.
The course of prices in recent weeks, as reflected in weekly quotations at 10 southern
markets, is shown in detail in the chart.
CENTS PER POUtfD
CEKTS PER POUHD
30
30
A*
20
20
\
10
COTTON PRICES
1925
1926
X9Z7
Reports indicate that weather conditions
late in February and early in March delayed
to some extent preparations for the new crop
in certain sections. Planting, however, was
begun early in March in the southernmost areas
of the belt. Acreage is reported to be slightly
smaller than last year in some sections, but it is
yet too early to know definitely to what extent
acreage will be reduced. Fertilizer sales for the
APRIL,
1927
three months, December through February, as
measured by sales of tags by State authorities,
were smaller than in the corresponding period
of last year in each of the cotton-growing
States, except Florida, averaging for 12 cottonproducing States 30 per cent smaller than a
year ago. In February alone sales of tags were
the smallest for that month since 1922.
Cottonseed products.—Activity in the cottonseed manufacturing industry continued
through February at a higher level than in the
corresponding period of the preceding year.
A total of 4,952,000 tons of cottonseed were
crushed in the seven months, August through
February, compared with 4,478,000 tons in the
corresponding period of last year. Approximately 1,472,000,000 pounds of crude oil were
produced during the period, compared with
1,289,000,000 pounds in 1925-26, and the
output of refined oil was also larger. Stocks of
crude oil and refined oil on hand at mills and
refining establishments at the end of February
were larger than last year, while those of nearly
all other products were smaller.
Grains.—Wheat prices declined during February and the first half of March, with soft
winter wheat showing the greatest weakness.
Spring-wheat prices were more stable, and
durum prices continued above those of last
year, owing to the apparent shortage of grain
of this type for export. The market situation
has been characterized by increased shipments
of Argentine and Australian grain to European
markets, resulting in a decline in exports of
wheat from this country from 12,619,000
bushels, of both grain and flour, in January to
8,822,000 bushels in February. Domestic mills
have also been less active in their buying.
Stocks of wheat held on the farms and in country mills and elevators on March 1, as estimated
by the Department of Agriculture, were about
40,000,000 bushels higher than a year ago.
These stocks, together with the visible supply
in the central markets, totaled approximately
277,000,000 bushels, compared with 224,000,000
bushels a year ago. The acreage which farmers
intend to plant to wheat, as reported to the
Department of Agriculture as of March 1, indicates an increase in all spring wheat of about
2 per cent over the acreage harvested in 1926.
An increase of 14 per cent is indicated for
durum, while other spring wheat shows a slight
reduction.
Visible supplies of corn in the central markets
have continued to increase from week to week
and on March 19 a total supply of 48,837,000
bushels was reported, the largest on record.
This increase in visible supply has been accom-
FEDERAL RESERVE BULLETIN
APRIL, 1927
panied by a lower demand both for consumption in the United States and for export.
Prices declined approximately 8 cents from the
middle of February to the end of the first week
of March, but since that time have made some
recovery, No. 3 yellow cash corn at Chicago
being quoted at 69-70 cents a bushel on March
18. Stocks on farms March 1 were 216,000,000
bushels less than a year ago. The decrease in
the Corn Belt States showed a greater decline
than for the country as a whole, inasmuch as
stocks on March 1 in these States were 708,000,000 bushels, compared with 1,051,000,000
bushels a year ago. The increased production
in consuming States is reflected in the estimates
of the corn shipped, or to be shipped, out of the
county where grown, which was placed at
16 per cent of the 1926 crop, compared with
20 per cent for the previous season.
Farmers' planting intentions for crops other
than wheat indicate an increased acreage of
about 2 per cent for corn, 3 per cent for oats,
14 per cent for barley, and a decrease of 11
per cent for flaxseed and 7 per cent for rice.
Stocks of corn, oats, barley, and rye were
smaller than a year ago, while stocks of wheat
showed an increase. Stocks of grain on farms
March 1,1927, as estimated by the Department
of Agriculture, are given in the table below.
STOCKS O F G R A I N S ON F A R M S M A R C H
1
[Estimates of the U. S. Department of Agriculture]
[In thousands of bushels]
Grains
Corn
Wheat
Oats ._
Barley
Rve
1
1927
1,113, 691
130,444
423, 957
40, 829
5,647
1926
1, 329, 581
100,137
571, 24.8
52, 915
6,544
1922-1926
(5-year
average)
1,128,037
128, 059
478, G98
44, 637
i 9, 016
Three-year average.
Livestock.—-Range conditions are reported
to be favorable, with ample moisture and soil
conditions giving promise of good spring ranging in most States, except in a few dry spots
in western sections of the Dakotas, Nebraska,
Kansas, and the eastern parts of Colorado
and Wyoming. Some scarcity of feed is reported in the central northern districts, but
the weather has permitted free ranging in the
northern Great Plains region. Hay and other
feed have been generally ample in all the western country, except in North Dakota, east
central Montana, western Kansas, and eastern
Colorado. According to the western range
265
report of the Department of Agriculture, cattle
and sheep have wintered well and are reported
to be in good condition.
Cattle prices in February were generally
higher than in the previous month and also
higher than in February of a year ago. The
demand for well finished cattle continued
strong, and this type of animal advanced in
price more than any other grade. Medium
and common steers were slightly lower than a
year ago, while an active demand for stocker
and feeder cattle maintained prices at a firm
level. The volume of livestock slaughtered
during the month showed the usual seasonal
recession from January, but was in approximately the same volume as in February, 1926.
The average price paid for cattle slaughtered
under Federal inspection during February was
$7.83 per hundredweight, which compares with
$7.54 in January and $7.39 in the second month
of a year ago.
The volume of inspected slaughter of hogs
during the month was slightly larger than a
year ago. Prices were at a lower level, the
average price of hogs slaughtered under
Federal inspection showing a decline of 17
cents per hundredweight compared with the
previous month and a decline of 64 cents per
hundredweight compared with the February
average of last year. The amount of pork
products going into domestic consumption
appears to be decreasing, as storage stocks
of pork on March 1 were 61,000,000 pounds
larger than on the comparable date in 1926.
The prices of most fresh and cured pork
products averaged slightly lower than in February of a year ago.
Lamb prices advanced rapidly during the
latter part of February and the first half of
March, reaching the highest point in several
months. The average price during February
for sheep and lambs slaughtered under Federal
inspection was $12.80 per hundredweight, which
compares with $12.05 in January and $12.66 in
February of 1926. The volume of inspected
slaughter during the month was less than 1 per
cent smaller than in February, 1926. The Department of Agriculture reports a decrease of
approximately 255,000 head in the number of
lambs on feed in Colorado and western Nebraska
feed lots on March 12 as compared with a year
ago. A considerable amount of wool contracting is reported in many of the Western States,
with prices ranging from 34 to 38 cents in
Texas and 28 to 33 cents in other States.
The average prices for livestock at the
Chicago market for February, with compari-
266
FEDEKAL
RESERVE
BULLETIN
APRIL, 1927
sons, are reported by the Chicago Federal approximately 20,000,000 bushels larger than
Reserve Bank as follows:
a 3^ear ago. Part of the gain was represented
by an increase in the holdings of seed potatoes,
AVERAGE PRICES OF LIVESTOCK
which were one-sixth greater than a year ago.
[Per hundred pounds at Chicago]
In spite of the large 1926 apple crop, total
Months of—
stocks in cold storage on March 1 were equivWeek
ended
Class of livestock
alent to about 5,000,000 barrels, slightly less
Mar. 12,
Febru- January,
Febru1927
ary, 1927
1927
ary, 1926
than they were a year ago and not greatly
the five-year average. Prices have
$10.85
$10. 50
$10. 20
$9. 65 above
Native beef steers (average) __
7.50
6. 75
6.40
6.60 been advancing slowly and are now at least
Fat cows and hei fers
11. 55
11.80
11.95
12.35
Hogs (bulk of sales)
. 12. 00
11.20
10. 25
11. 65 one-fourth higher than in early winter. The
Yearling sheep __ _ -__
14. 95
13.00
12. 55
13.50
Lambs (average)
average, however, is slightly lower than in
the spring of 1926, which is partly accounted
Dairy products.—Butter prices continued for by the poor condition of stocks in some
firm during February, with an average price sections or oversupply in certain markets.
for 92-score butter at New York of 51.5 cents, Foreign demand continues active, and the
which is 2.4 cents above January and 6.6 cents export trade has taken about 50 per cent more
above February of a year ago. During March, apples this season than a year ago.
however, increased imports of foreign butter
Shipments of oranges and lemons are moving
have been reflected in a decline of. approxi- in large volume, the total for February being
mately 4 cents from the February average, the 8,298 cars, compared with 6,461 cars in the
New York quotation for March 18 being 47.5 same month in 1926. Prices, however, are only
cents. Domestic production since January 1, on a slightly lower level than a year ago.
as indicatd by market receipts, has been apTobacco.—The season for marketing tobacco
proximately 4 per cent less than in the same ended in many growing areas late in February
period of a year ago. Stocks in cold storage and early in March and many tobacco markets
on March 1 were the lowest on record, being closed. Sales, however, continued in very
only 8,086,000 pounds, compared with a five- large volume through February in the markets
year average of 19,288,000 pounds.
that remained open and amounted to 118,"Cheese prices averaged 1 cent lower in Feb- 493,000 pounds, compared with 130,006,000
ruary as compared with the previous month, pounds in January and 83,462,000 pounds in
but were approximately 1 cent higher than a Februaiy of last season. A large part of the
year ago. Prices declined three-fourths of a increase in sales in February over last year
cent during the first half of March. As in the was due to the fact that sales this year incase of butter, the production, of cheese since cluded those made by one of the large tobacco
January showed a decrease as compared with cooperative marketing associations through
a year ago. Cold-storage holdings of cheese, the loose-leaf and auction markets. In other
however, which totaled 39,239,000 pounds on recent years sales by cooperative marketing
March 1, were larger than the five-year average associations were not included in the totals,
of 29,619,000 pounds. A decline of 3,000,000 Much of the tobacco that was marketed in
pounds, however, was shown in the comparison February was of a lower grade and quality
with a year ago.
than earlier in the season, and this was a
Fruits and vegetables,—An earlier season, factor accounting for the lower prices that
as well as increased acreage, has contributed were received by the growers. Prices in
to a heavier movement of fruits and vegetables, February averaged $12.38 per 100 pounds for
shipments being fully 10 per cent heavier this burley tobacco in Kentucky, compared with
season than a year ago. Shipments of south- 113.76 per 100 pounds in January.
ern berries and vegetables' have been expandReports from the St. Louis Federal reserve
ing rapidly, and prices have shown the usual district indicate that there has been very
seasonal decline. Prices of stored fruits and little preparation .for the new crop thus far,
vegetables, however, are higher than was the arid from present indications planting will be
case in late winter.
unusually late. There appears to be some
Improved demand for potatoes has been disposition among farmers in that district to
reflected in an advance in price of approxi- reduce acreage, particularly in certain darkmately 50 cents per 100 pounds from the low tobacco growing areas. I t is yet uncertain,
point of the winter. According to the estimate however, as to the extent to which acreage
of the Department of Agriculture, the amount will be reduced in these areas and in the other
of the 1926 potato crop on hand March 1 was dark-tobacco growing regions.
APRIL,
267
FEDEKAL RESERVE BULLETIN
1927
BANK SUSPENSIONS AND COMMERCIAL
FAILURES
Bank suspensions.—During February, 1927,
80 banks, with deposits of $32,381,000, were
reported to the Federal reserve banks as
having suspended operations on account of
financial difficulties. These totals were smaller
than the totals reported for the preceding
month, when 128 banks, with deposits of
$35,995,000, suspended, but were larger than
the figures reported for February, 1926, when
52 banks, with deposits of $11,763,000, suspended. Of the banks that suspended in
February of this year, 64, with deposits of
$23,486,000, were nonmember banks and 16,
with deposits of $8,895,000, were member
banks—-14 of them national and 2 member
State banks. Of the suspensions during the
month, 30 were in the States of Minnesota,
Oklahoma, and Kansas.
BANK SUSPENSIONS DURING FEBRUARY
All banks
Federal reserve
district
Number
Member 1
1927
Nonmember
Num- Total deNum- Total deTotal deber
posits 2
ber
posits 2
posits 2
or by the directors of the banks on account of
financial difficulties, and it is not known how
many of the institutions thus reported may
ultimately prove to be solvent.
During the first three weeks of March 48
banks, with deposits of $37,349,000, were reported as having suspended operations during
that period. Of these, 37 were nonmember
banks and 11 were member banks—9 of them
national banks and 2 member State banks.
Ten nonmember banks and 2 national banks
which had previously suspended were reported
to have resumed operations during the period.
Commercial failures.—As. usual after the
opening weeks0 of the year, the number of
commercial failures decreased seasonally and,
for the short month of February, 2,035 failures,
with liabilities of $46,940,716, were reported
by R. G. Dun & Co. These totals represented
declines of 17 and 9 per cent from the totals
reported for the preceding month, but were
both considerably larger than a year earlier,
comparing with 1,801 failures, with liabilities
of $34,176,348, in February,. 1926. Commercial failures during February, 1927, are shown
in the following table, by class of enterprise:
COMMERCIAL FAILURES DURING
All districts.
80
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis _ __ _ 3 10
Minneapolis
20
Kansas City
17
Dallas
San Francisco. __
S
I
$32, 381, 000
16
$8,895,000
64
IN1 umber
-
4, 042, 000
2, 238, 000
6, 631, 000
3, 482,000
228, 000
5. 058, 000
5; 539, 000
474, 000
4, 689, 000
i ___ _. .
4 j 2,956,000
2
620^000
3
1
4
1
2, 491,000
138, 000
1,771,000
400, 000
1
519,000
FEBRUARY
$23, 486,000
Liabilities
Class of enterprise
2
3
8
37
3
16
IS
6
3
1,086, 000
1,618,000
6, 631, 000
991,000
90, 000
3, 287, 000
5,139, 000
474, 000
4.170, 000
All classes
Manufactur in g
Trading _ _
Agents, brokers, e t c .
1927
1926
2 035
1, 801 $40,940,716
1
411
508
116
1927
1926
$34,176,34S
10, 518, 450 i 10, 822,319
23,405,612 | 20, 317, 275
13, 016, 654 j 3,036, 754
1
447
1,282
72
Comprises 14 national banks with deposits of $7,744,000 and 2 State
member banks with deposits of $1,151,000.
2 Figures represent deposits for the latest available date prior to the
suspensions, and are subject to revision when information for the dates
of 3suspension become available.
Includes 1 private bank for which deposits are not available.
The number and liabilities of commercial
failures during February, 1926 and 1927, are
presented in the following table, by Federal
reserve districts:
Thirteen banks that had previously suspended were reported to have resumed, operations again during February—in the Atlantadistrict, 1 nonmember bank in Florida; in the
Chicago district, 1 national bank in Iowa; in
the Minneapolis district, 1 nonmember bank
in Minnesota, 1 in North Dakota, and 7 in
South Dakota; and in the Dallas district,
1 member State bank in Texas, and 1 nonmember bank in Louisiana. All but two of
these banks were reopened within three months
of the d^tes on which operations had been suspended. The accompanying figures 'for suspended banks represent, so far as can be
determined, banks which havQ been closed to
the public by order of supervisory authorities
COMMERCIAL FAILURES DURING FEBRUARY, BY F E D . ERAL RESERVE DISTRICTS
1
Liabilities
Number
Federal reserve districts
Total_
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas City...
Dallas
.'___.
San Francisco..
1927
1926 |
2,035
1,801 !$40,940,718
210
276
68
162
156
191
260
127
77
143
103
262
170
308
93
188
118
100
252
100
85
87
62
238
I
i
!
!
i
i
I
i
1927
3, 412, 009
9, 722, 481
8,272,430
3, 494. 055
4, 248', 597
1, 686, 424
3, 738, 344
2, 006, 081
1,114, 000
2,137,188
2, 023,100
5, 086, 007
1926
$34,176,348
2, 338,036
6,174, 315
2,104,852
3,966, 625
L 845,307
1, 762,288
7, 729; 996
3,186,884
843,138
703,410
669.997
2, 85J; 500
268
FEDEKAL EESEKVE BULLETIN
APKIL,
1927
LAW DEPARTMENT
Joint-stock land banks as "banks" within the meaning v. Savings Institution (17 Wall., 109), the Supreme
Court said, at page 118 of the opinion:
of the Clayton Act.
Banks in the commercial sense are of three
kinds, to wit; 1, of deposit; 2, of discount;
3, of circulation. * * * Modern bankers
frequently exercise any two or even all three of
these functions, but it is still true that an insti. tution prohibited from exercising any more
than one of those functions is a bank in the
strictest commercial sense.
DEPARTMENT OF JUSTICE,
Washington, February 28, 1927.
See also Bank for Savings v. The Collector (3 Wall.
SIR: I have the honor to reply to your letter of 495; Auten v. United States National Bank (174 U. S.
December 7, 1926, transmitting a letter from the Farm
Loan Commissioner dated October 15, 1926, and subIn Selden v. iUquitable Trust Company (94 ll. S.
mitting for my consideration and opinion the question 419), it appeared that the plaintiff corporation was
whether a joint-stock land bank is a bank within the engaged solely in investing its own capital in real
purview of section 8 of the Clavton Act (act of October estate mortgages which it sold with its guaranty.
15, 1914, ch. 323, 38 Stat. 732, as amended).
The court held that this course of dealing did not conSection 8 of the Clayton Act provides that, subject stitute the. company a bank.
to certain exceptions, no person shall be a director,
I come then to test the powers of a joint-stock land
officer, or employee of more than one "bank, banking bank against the authorities above referred to. They
association, or trust company" organized or operating are corporations organized and operating under the
under the laws of the United States which has deposits, Federal farm loan act (act of July 17, 1916, ch. 245, 39
capital, surplus, and undivided profits aggregating Stat. 360, as amended) "for carrying on the business
more than $5,000,000; that no private banker or of lending on farm mortgage security and issuing farmperson who is a director in any "bank or trust com- loan bonds." They have two functions. Firstly,
pany" organized and operating under the laws of a they are authorized, subject to certain restrictions,
State which has deposits, capital, surplus, and undivided which are less onerous than in the case of Federal land
profits aggregating more than $5,000,000 shall be bank, to loan money (which in the first instance is
eligible to be a director in any bank or banking associa- private capital derived from the sale of the bank's
tion organized or operating under the laws of the shares) on first mortgages on farm land. Such mortgaUnited States; and that no "bank, banking association, ges may be deposited with a "registrar" as a revolving
or trtist company" organized or operating under the or floating security for farm-loan bonds which may be
laws of the United States in any community of more issued subject to the approval of the Federal Farm
than 200,000 inhabitants shall have as a director or Loan Board. With the proceeds of the sale of the
other officer or employee any private banker, or any bonds further loans are made on mortgages, which
director or other officer or employee of any other mortgages in their turn become the security for an
"bank, banking association, or trust company" additional issue of bonds. This process may be relocated in the same place.
peated so long as bonds are not outstanding in excess of
The intention of Congress in enacting section 8 is fifteen times the capital and surplus of the bank.
declared in the report of the Committee on the Judiciary Secondly, they are authorized to receive deposits of
recommending its passage. House Report No. 627, public money and to act as financial agents of the
Sixty-third Congress, second session, where it is stated United States, but are prohibited from investing
Government funds in mortgage loans or farm loan
(p. 19):
bonds (sec. 6). According to the better view it would
The purpose of this provision, which relates
seem that they are also authorized to accept deposits
exclusively to banks and banking associations,
payable upon demand from their own stockholders
is to prevent as far as possible control of great
(sec. 14). They are forbidden to transact any banking
aggregations of money and capital through
or other business not expressly authorized by the
the medium of common directors between
statute (sec. 16).
banks and banking associations, the object
The first power above referred to is so similar to the
being to prevent the concentration of money
course of dealing considered in Selden v. Equitable
or its distribution through a system of
Trust Company, supra, that in my opinion it would
interlocking directors,
not constitute a joint-stock land bank, a bank within
Turning now to the statute, it appears that its word- the meaning of section 8 of the Clayton Act.
ing is broad and that it is an act of general application
The authority to receive Government deposits and to
directed against the evil of concentrating control over act as the financial agent of the Government, however,
large sums of money in the hands of a few persons. empowers a joint-stock land bank to exercise a limited
There is, however, no restriction in the language of the control over the use of Government funds on deposit.
act relative to the kind of bank included or the nature The exercise of this power might, for example, involve
of the banking business done. The words "bank and the buying of authorized securities with these funds on
banking association" are not technical, but are well deposit, and banks possessing such powers would seem
understood and are to be construed according to their to fall within the intended meaning of the Clayton Act.
common and well-known meaning. Speaking gener- Reference is also made to the potential financial power
ally a bank is an institution which is engaged in the vested in joint-stock land banks in the case of funds
business of dealing in money and credits. In Oulton deposited by stockholders. The receiving of deposits,
There is published below a copy of an
opinion recently rendered by the Attorney
General holding that joint-stock land banks
are "banks" within the meaning of section 8
of. the Clayton Act.
—-wnn.
APRIL, 1927
FEDEKAL KESEEVE BULLETIN
269
moreover, is one of the three banking functions specified compensation act and the regulations prein Oulton v. Savings Institution, supra, and the other scribed by the Director of the United States
cases cited, and I am of opinion that this power,
whether exercised or not, constitutes a joint-stock land Veterans' Bureau. The text of the amendbank, a bank within the section of the Clayton Act in ment, approved March 3, 1927, is as follows:
question.
In State ex rel Compton v. Buder (308 Mo. 253), it
[PUBLIC—No. 762—69TH CONGRESS]
was held that joint-stock land banks, although not
taxable under a certain statute of the State of Missouri,
[II. R. 16886]
were "banks or institutions doing a banking business
in a limited way, it is true, but nevertheless banks An Act To authorize the Director of the United States Veterans' Bureau
to make loans to veterans upon the security of adjusted service certifiwithin approved definitions * * *."
cates
In Smith v. Kansas City Title Company (255 U. S.
180), the Supreme Court of the United States held that
Be it enacted by the Senate and House of Representathe establishment of Federal land banks and joint stock tives of the United States of America in Conor ess assemland banks was an exercise of the constitutional power bled, That section 502 of the World War Adjusted
of Congress. While this case did not assume to deter- Compensation Act is amended by adding at the end
mine whether these institutions were technically banks thereof the following new subdivisions:
or not, the reasoning of the court may be said to incline
"(i) The Director of the United States Veterans'
toward the view that they were technically banks.
Bureau is authorized, through such officers and at such
One other fact inclines me to the opinion expressed regional offices, suboffices, and hospitals of the United
above. Section 4 of the Federal farm loan act, as States Veterans' Bureau as he may designate, and out
amended March 4, 1923 (ch. 252, sec. 304, 42 Stat. of the United States Government life insurance fund
1476), to the provisions of which joint stock land banks established by section 17 of the World War Veterans'
are subject so far as the same may be applicable, Act, 1924, as amended, to make loans to veterans upon
provides in part:
their adjusted service certificates in the same amounts
and upon the same terms and conditions as are applicaNo district director of a Federal land bank
ble in the case of loans made under this section by a
shall, during his continuance in office, act as
bank, and the provisions of this section shall be applian officer, director, or employee of any other
cable to such loans; except that the rate of interest
institution, association, or partnership enshall be 2 per centum per annum more than the rate
gaged in banking or in the business of making
charged at the date of the loan for the discount of
or selling land mortgage loans.
•ninety-day commercial paper under section 13 of the
The word " district" was inserted in the above pas- Federal Reserve Act by the Federal reserve bank for
sage by the amendment referred to. Prior to March 4, the Federal reserve district in which is located the
1923, therefore, directors of joint-stock land banks were regional office, suboffice, or hospital of the United
subject to this provision of law, but since they have no States Veterans' Bureau at which the loan is made.
district directors it no longer applies to them. The
" (j) For the purpose of enabling the director to
inference to be drawn is that when section 4 was make such loans out of the United States Government
amended so as not to include directors of joint stock life insurance fund the Secretary of the Treasury is
land banks, it was not the intention of Congress that all authorized to loan not exceeding $25,000,000 to such
restrictions as to association with other banks should fund with interest at the rate of 4 per centum per annum
be removed, but that the less strigent provisions of (beginning on the date the check for each amount
section 8 of the Clayton law should attach as to them. loaned to a veteran is paid by the Treasurer of the
Respectfully,"
United States), compounded annually, on the security
(Signed)
JNO. G. SARGENT,
of bonds held in such fund.
Attorney General.
" (k) The disbursing officers of the United States
The Honorable the SECRETARY OF THE TREASURY.
Veterans' Bureau shall be allowed credit in their
accounts for all loans made in accordance with regulations and instructions of the director."
SEC. 2. That section 705 of the World War Adjusted
Act authorizing Veterans' Bureau to make loans Compensation Act, as amended, is amended by striking
direct to veterans.
out the period at the end thereof and inserting in lieu
a comma, and the following: "except that a
By* recent act of Congress the World War thereof
duplicate certificate shall be issued without the requireadjusted compensation • act was amended so asment
of a bond when it is shown to the satisfaction of
to authorize
the Director of the United States the director that the original certificate, before delivery
7
Veterans Bureau to make loans direct to to the veteran, has been lost, destroyed, wholly or in
or so defaced as to impair its value."
veterans upon security of their adjusted service part,
SEC. 3. That the last paragraph of paragraph (7) of.
certificates. This, however, does not prevent section
202 of the World War Veterans' Act, 1924, as
banks from making loans to veterans as pre- amended, is hereby repealed.
viously authorized by the World War adjusted
Approved, March 3, 1927.
270
FEDEEAL KESEKVE BULLETIN
APEIL, 1927
Fiduciary Powers Granted to National Banks
Changes In State Bank Membership
During the month ended March 21, 1927, the
The following list shows the changes affecting State
bank membership during the month ended March 21, Federal Reserve Board approved applications of the
1927, on which date 1,337 State institutions were mem- national baiiks listed below for permission to exercise
one or more of the fiduciary powers named in section 11
bers of the system:
(k) of the Federal reserve act as amended, as follows:
• ADMISSIONS
(1) Trustee; (2) executor; (3) administrator; (4)
Total
registrar of stocks and bonds; (5) guardian of estates;
Capital
Surplus
(6) assignee; (7) receiver; (8) committee of estates of
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
District No. 2
which come into competition with national banks are
Weequahic Trust Co., Newark, N. J. $200,000
$100,000 $3, 577,860
Merchants Trust Co., Newark, N . J_j 1,350,000 1,350,000 20, 710, 953 permitted to act under the laws of the State in which
the national bank is located.
District No. 7
Wheaton Trust & Savings Bank,
Wheaton, 111
Location
100,000
40,000 i
152,310
District
No.
Powers
granted
Name of bank
Hartford, Conn
New Briton, Conn
Springfield, Mass
i
1
1
Capitol National Bank
City National Bank
Third National Bank &
1 to 9.
1 to 8.
1 to 9.
District No. 2
Rutland, Vt
1
Rutland County National
Ito9.
Change of title: Mount Pleasant
Bank, Pleasantville, N. Y., to
Mount Pleasant Bank & Trust Co.
Newark, N. J
2
Broad & Market National 1 to 9.
Bank.
Hayes Circle National Bank 1 to 9.
& Trust.
Peoples National Bank______ 1 to 9.
Traders National Bank
1 to 9.
Merchants National Bank.. 8 and 9.1
National Bank of Westfield-_ 1 to 3,5 to 9.1
Beach Haven National 1 to 9.
Bank & Trust Co.
First National Bank
5 to 9.1
Central National Bank
1 to 9.
First National Bank_
1 to 9.
Denton National Bank
Ito9.
Commercial National Bank. 5to9.!1
Norfolk National Bank of 5 to 9.
Commerce and Trusts.
1.
First National Bank
Farmers National Bank
1 to 9.
American National Bank... 1 to 9.
First National Bank
• 1 to 9.1
Farmers & Merchants Na- 5 to 7.
CHANGES
•Rn-nlr
Do
District No. 3
Consolidated with and under title of
Colonial Trust Co., Philadelphia,
Pa.: Peoples Bank & Trust Co.,
Philadelphia, Pa
$1,000,000
$448, 540 $20,213, 040
District No. 4
Absorption of national bank: The
Union Trust Co., Cincinnati,
Ohio, has absorbed, the Fifth-Third
National Bank, Cincinnati, Ohio,
and changed its title to Fifth-Third
Union Trust Co
3,000,000
Change of title: Pearl-Market Bank,
Cincinnati, Ohio, to Pearl-Market
Bank & Trust Co.
2,702, £
53, 674, 070
District No. 8
Voluntary withdrawal: Merchants
& Farmers Bank, Dumas, Ark
Closed: Citizens Savings Bank,
Cabool, Mo
District No. 11
Reopened: American Trust & Savings Bank, El Paso, Tex
Voluntary withdrawal: Guaranty
Bond State Bank, North Zulch,
Tex
_
50,000
18,190
487,460
25,000
5,750
245, 750
300,000
72, 040
3, 843, 670
25,000
19,490
312, 720
District No. 12
Converted to national bank: Bank
of Italy, San Francisco, Calif
20,000,000 13,000,000 428,085,690
Absorbed by State member:
Mission Savings Bank, San
Francisco, Calif
500,000
317,000 | 9,791,930
Bank of Sausalito, Sausalito,
Calif
_________
100,000
1,154,880
40,000
Closed: Tillamook County Bank,
Tillamook, Oreg
40,000
10,000 I
495,000
Acceptances to 100 Per Cent
Since the publication of the March BULLETIN the following member institution has been authorized by the
Federal Reserve Board to accept drafts and bills of
exchange up to 100 per cent of its capital and surplus:
Franklin-Fourth Street National Bank, Philadelphia,
Pa,
2
2
2
2
3
Nanticoke, Pa
Philadelphia, Pa
Selinsgrove, Pa
Denton, Md
High Point, N. C
Norfolk, Va_
____
3
3
3
5
5
5
Fort Payne, Ala
Knoxville, 111
Pekin, 111
Huntington, Ind
Wabash, Ind
6
7
7
7
7
Bridgeport, 111
Lake Linden, Mich___
Muskogee, Okla
Casper, Wyo
Marshall, Tex
Los Angeles, Calif
San Francisco, Calif. _
District No. 6
Change of title: Brotherhood of
Locomotive Engineers Bank &
Trust Co., Birmingham, Ala., to
Engineers Bank & Trust Co.
2
Hackettstown, N. J___
Brooklyn, N. Y
Elmira, N. Y
Westfield, N. Y
Beach Haven, N. J
8
9
10
10
11
12
12
First National B ank
First National Bank
Commercial National Bank.
Wyoming National Bank _
First National Bank
Seaboard National Bank
Bank of Italy National
Trust & Savings Assn.
1 to 9.
2,3,5 and 8
1 to 8.
5 to 9.1
5,1
Ito9.
Ito9.
i Supplementary.
Changes in National Bank Membership
The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from February 26
to March 25, 1927, inclusive:
9
Number of
banks
New charters issued
__
Restored to solvency
Increase of capital approved
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Liquidations
Reducing capital i_
„
Total liquidations and reductions of capital _.
Consolidation of national banks under act of Nov.
7, 1918
.
Aggregate increased capital for period
Reduction of capita] owing to liquidations, etc. ___
Net increase
.
Amount
of
capital
9 $23, 245, 000
1
35, 000
18 12, 135, 000
28
35
5
40
2
35. 415, 000
4, 745, 000
760, 000
5, 505, 000
3.150, 000
35, 415, 000
5, 505, 000
29, 910, 000
1
Includes two reductions in capital aggregating $610,000 incident to
consolidations under act of Nov. 7, 1918.
271
FEDEHAL BESERVE BULLETIN
APBIL, 1927
INDEXES OF PRODUCTION
•
[Adjusted for seasonal variations. 1923-1925 average=100]
INDEX OF INDUSTRIAL PRODUCTION
Industrial production
Month
1922 1923
Minerals
Manufactures
1924 1925
1927
1922 1923 1924 1925
January
February
March
April
May
June
July
August
September—.
October
November
December
74
76
81
77
81
85
84
83
88
94
97
100
100
100
104
107
107
105
103
102
100
99
97
96
99
102
101
95
89
85
83
89
94
95
97
100
105
105
105
103
103
101
103
103
102
105
106
108
106
107
108
108
107
107
107
111
113
111
108
105
73
106
108 ! 75
78
81
86
90
89
87
89
94
98
100
100
100
103
106
107
104
102
101
101
98
96
Annual index.
85
101
95
104
108
87
101
19261927
102
101
95
88
83
82
89
93
95
97
101
105
106
106
103
103
101
103
103
104
107
108
110
1C8
109
108
108
107
107
107
112
113
111
106
103
94
105
108
104
106
1922 1923
1924 1925
1926
76
87
97
53
53
58
56
62
82
91
94
99
100
100
106
112
108
107
109
110
98
105
104
99
103
106
101
92
93
91
90
' 92
97
97
96
100
105
101
98
99
104
99
102
107
90
91
94
94
74
105
96
99
1927
117
120
108
107
103
104
105
109
111
116
118
120
!
_
j
!
j
J
107 !
INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS
Month
1926
January
_
February
March
April
__
May
June
July
August
September. __
October
November
December
January
February
All
manufactures
Iron
and
steel
Textiles
108
109
108
108
107
107
107
112
113'
111
106
103
116
113
115
115
116
113
113
120
117
114
105
102
103
104
104
101
99
101
99
105
110
110
110
109
104
106
106
111
107
107
Food
products
100
Paper
NonPetro- Rubber
Auto- Leather Cement, ferrous
and
Lumber
brick,
leum
and
tires
mobiles
printing
shoes and glass metals refining
Tobacco
manufactures
96
95
94
99
100
103
103
102
99
96
112
113
113
114
115
113
114
115
116
118
115
113
100
110
105
106
102
97
99
94
100
97
95
98
114
118
113
110
114
110
109
134
127
106
89
63
92
94
94
93
93
98
102
103
105
106
100
100
114
113
110
107
112
122
118
119
119
114
106
94
109
109
108
115
114
107
109
110
112
113
121
119
116
117
119
123
125
126
126
128
128
129
133
135
115
112
107
109
108
117
118
128
138
126
106
112
108
109
117
113
111
113
109
113
113
116
116
110
114.
92
114
93
95
92
99
96
98
99
108
117
113
135
135
117
115
114
113
94
1927
INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS
Month
January
February
March
April
May
June
July
August
September
October
November
December
January
February
Anthracite
coal
Crude petroleum
3
34
129
126
120
124
118
121
127
125
113
111
100
99
1926
98
99
103
106
106
112
117
121
Iron ore
shipments
95
103
109
128
116
134
97
Copper
Lead
Silver
107
109
109
109
108
106
112
108
114
113
116
112
114
119
109
113
112
110
107
119
124
122
121
119
114
118
117
112
116
111
113
110
122
119
118
125
99
99
95
93
92
98
90
93
93
93
93
109
115
110
116
114
117
119
100
97
1927
120
124
Zinc
i This table contains, for certain months, index numbers of industrial production, together with group indexes for important components. The
combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have
been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction
were described and monthly indexes for the above groups were published in the BULLETINS for February and March, 1927.
272
FEDEKAL EESEKVE BULLETIN
APRIL, 1927
INDEXES OF EMPLOYMENT AND PAY ROLLS
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES i
[Monthly average, 1919=100]
Metals and
products
Month
General
index Group
index
1926
January
February...
March
April
May
June
July
_.
August
September.
October
November.
December..
1927
January
February._
Month
Textiles and products
j
Iron
and
steel
,| ProdFabrics, ucts
Lumber
and
products
Railroad
vehicles
Paper
Autoand
mobiles printing
Foods Leather Stone,
and
and
clay,
prod- prodand
glass
ucts
ucts
Chemicals
and
products
96.3
97.0
97.3
96.4
95.5
95.1
93.5
94.4
95.8
96.3
95.2
94.1
92.6
94.2
94.6
94.3
93.1
92.7
91.4
91.9
92.9
93.3
91.7
90.5
91.9
93.5
93.8
93.7
92.8
92.5
91.1
91.7
92.7
93.0
91.5
90.4
97.3
97.4
97.1
94.9
92.6
91.0
87.0
88.4
91.3
93.7
93.6
95.0
99.1
97.6
97.1
95.8
93. 7
91.8
88.2
88.6
92.8
95.9
97.0
97.5
95.0
97.2
97.1
93.8
91.3
90.0
85.6
88.0
89.5
90.8
89.4
91.9
98.6
98.9
100.2
100.1
100.1
99.4
100.3
100.0
100.1
99.3
97.1
84.6
85.7
87.1
88.1
87.8
86.7
85.7
84.9
85.0
83.9
83.0
82.3
130.2
133.0
136.3
132.1
127.1
125.2
122.0
125.1
124.6
119.9
110.2
104.0
107.5
106.7
107.4
106.8
106.9
106.8
106.4
106.6
108.4
109.8
111.1
110.7
86.5
85.7
84.9
82.5
83.6
85.5
85.7
86.0
88.6
90.4
88.6
86.7
87.9
89.5
88.3
83.9
82.6
82.4
85.5
89.5
90.9
90.6
89.0
87.1
114.4
114.6
116.8
121.8
127.4
129.7
127.3
129.7
129.3
126.6
123.9
117.9
80.4
84.2
83.3
79.8
79.4
82.1
79.1
76.7
80.6
82.7
82.3
81.8
76.9
77.0
77.0
77.3
76.0
76.3
76.1
75.6
77.4
78.2
78.2
77.8
92.4
88.9
90.1
88.7
90.1
95.2
96.9
97.6
92.2
94.7
92.6
91.7
79.8
79.2
104.2
117.3
108.8
109.0
85.1
84.9
88.5
88.9
109.6
110.1
73.5
79.0
77.6
77.8
INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES i
[Monthly average 1919=100]
•
Metals and
Textiles
and
products Lumproducts
RailPaper Foods Leather Stone,
ber
AutoGenera]
road
and
and
and
clay,
and
vehi- mobiles print- prod- prodand
index Group Iron Group
prodProducts
ing
ucts
glass
Fabrics
cles
and
ucts
index steel
index
ucts
1926
January. .
February
March.
April
May._
June _.
July
August
September.
October.
November
December
1927
January
February,_
Tobacco
products
ChemTobacco icals
and
prod- products
ucts
107.0
111.5
113.0
110.4
108. 9
108.8
103.6
107.6
108.3
112.4
108.8
107.8
99.1
102.4
104.2
102.7
100. 5
100.6
94.8
97.0
98.4
102.6
99.3
99.3
98.3
101.7
103.4
102.0
100.1
100. 3
94.5
96.7
97.9
102.2
99.0
99.1
108.1
110.2
109.8
103.6
99.1
97.4
91.6
96.5
98.9
105.3
102.0
106.3
110.4
109.0
108 2
104.8
100.7
98.2
92.7
96.0
100. 7
108.2
107.3
109.8
105.3
111.5
111.8
102.0
97.2
96.4
90.2
97.0
96.7
101.7
95.5
102.0
105.8
111.0
111 9
111.7
111.8
112.9
107.5
112.6
113.7
117.0
115.5
111.8
85.8
91.9
94 5
95.6
95.1
96.2
89.6
93.1
88.9
93.4
92.1
91.9
136.0
166.3
170.7
165.4
157. 3
147.7
136. 7
152.7
148.9
151.3
131.3
111.5
145.5
144.9
147.9
147.0
147.1
146.9
144.0
144.4
146.8
151.0
152. 3
154.7
100.1
99.8
99.3
96.0
99.5
101. 6
100.8
100.5
103.6
105.6
102.9
102.1
89.7
94.2
93.2
84.2
81.2
85.4
90.3
97.6
97.4
97.3
90.4
88.5
136.9
140.1
144.3
347.6
158.3
162.9
152.9
162.3
157.0
159.5
154.6
147.6
86.0
84.0
88.4
82,3
81.7
87.1
83.6
82.8
87.6
91.3
90.6
88.4
102.2
102.8
104.5
105.0
103.7
105.0
101.7
101.1
102.3
109. 0
108.6
109.1
101.9
108.5
94.1
99.1
93.8
98.7
105.3
111.0
107. 6
111.7
102.6
110.3
100.6
102.6
84.6
89.3
94.0
140.2
150.3
150.8
99.3
99.3
90.0
95.6
129.5
136.8
76.2
79.2
107.0
108.9
i These tables contain for certain months index numbers of employment and pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail
and indexes for the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN
for September, 1925, for certain revisions.
273
FEDERAL RESERVE BULLETIN
APRIL, 1927
COMMODITY MOVEMENTS
The following statistics are secured from
various sources and compiled in the form given
below by the board's Division of Research and
Statistics. Earlier figures (in most cases since
1919) can be obtained from previous issues of
the BULLETIN or upon application to the Division of Research and Statistics, Federal Reserve
Board.
Febru- J a n u - February, 1927 ary, 1927 ary, 1926
Grain and Flour
Receipts at 17 interior centers (000 omitted):.1
Wheat (bushels)
20,838
Corn (bushels)
24,767
Oats (bushels)
10, 612
Rye (bushels)
2,156
Barley (bushels)
2,347
21, 543
24, 242
12, 631
1, 281
2, 663
17,165
28, 765
12, 244
1,082
2,588
60, 720
1,942
62, 360
2, 013
59, 844
1,728
69.458
71, 416
67, 622
Shipments at 14 interior centers (000 j
omitted) :
Wheat (bushels)
10, 336
Corn (bushels)
Oats (bushels)
8.160
Rye (bushels)
859
Barley (bushels)
1,073
11, 406
7,066
7,363
540
1, 215
9, 863
9,093
10, 887
530
1,332
27,090
2,937
27, 591
2,933
31, 704
2,803
40, 306
40, 788
44, 317
40, 525
38,311
34,694
12, 568
3,291
38, 599
32, 532
36, 527
11, 506
3,543
29, 395
28, 861
51, 028
12. 721
5, 576
129,389
122, 706
127, 581
Total grain (bushels).
Flour (barrels)
Total grain and flour (bushels)
Total grain (bushels) _
Flour (barrels)
Total grain and flour (bushels) _
Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)--.
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels) Receipts at 9 seaboard centers (000 omitted): T
W heat (bushels).....
Corn (bushels)
Oats (bushels)
Rye (bushels)
B arley (bushels)
Total grain (bushels) _
Flour (barrels)
Total grain and flour (bushels) _
Stocks at 8 seaboard centers at close of
month (000 omitted) :
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)___.
Barley (bushels)
18, 221
1,350
26, 517
1,432
14,481
1, 669
24, 297
32,£
21, 992
7,455
668
1,181
1,085
3,975
12, 781
4, 363
W heat flour production (barrels, 000 omitted)
8,996
9, 676
Tobacco sales at loose-leaf warehouses,
(pounds, 000 omitted):
Dark belt Virginia
Bright belt Virginia
North Carolina
Burley
Western dark__
15, 052
9,703
8,137
65, 619
19, 982
10, 767
14, 788
21,119
68, 443
14,889
T
Febru- JanuFebruary, 1927 ary, 1927 ary, 1926
Building permits issued in 168 cities,
grouped by Federal reserve districts:
Number of permits—
Boston (14 cities)
New York (22 cities)
Philadelphia (14 cities)
Cleveland (12 cities)
Richmond (15 cities)
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities)
Dallas (9 cities)
San Francisco (20 cities)
1,208
7,958
1,569
3,771
2, 725
3, 929
6,890
1,900
606
1,757
2,055
7,721
Total..
42, Q89
Value of permits (dollars, 000 omitted)—
Boston (14 cities)
New York (22 cities)
Philadelphia (14 cities)
Cleveland (12 cities)
Richmond (15 cities)
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas (14 cities)
Dallas (9 cities)
San Francisco (20 cities)
Total
.
Building contracts awarded, by Federal
reserve districts (dollars, 000 omitted):
Boston
NewT York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis---Kans asCity
Dallas
1
Total (11 districts) _
859
5,045
1, 206
3,560
5,474
1,205
2,690
2,115
3, 426
5,049
1,333
477
1, 223
2,000
7, 869
4,380
6,768
2,158
721
2,058
2, 392
33,858 j 40, 537
5,042
7,171
94,603 ! 89, 781
6, 333
11,249
11, 732 12, 022
7.499
10, 004
8) 928
9, 808
• 57,341 37, 428
5,044
7,435
1,846
1,476
3,782
5, 272
6, 388
5,778
22,877 24, 347
244, 746 208,440 I
5,457
76, 895
13,247
10, 259
10, 784
19,189
42,071
6,401
2, 743
6,514
7,680
26, 736
227, 956
20, 298 15,848
105,958 116, 973
33, 088 32,353
45, 741 48, 509
24,944 27, 775
31,928 32,454
69,698 56,372
25,697 21, 534
4, 337
5,548
16,173 11,419
14,510 16,881
393, 583 384, 455
18,494
104,568
43, 536
35,033
25, 969
63,558
53,848
23,551
6,893
12,736
19,714
407, 900
INDEX OF AGRICULTURAL MOVEMENTS i
8,879
1,209
1,876
396
2,121
12, 568
1,264
906
341
3,141
7,054
720
1,048
1,087
2,872
Total grain (bushels).
BUILDING STATISTICS
[No seasonal adjustment.
Monthly average 1919=100]
i
AniLive- mal
Total stock prod- Grains
ucts
Cot- Vege- Fruits Toton tables
bacco
1926
January _ _
February4, 593 March
1,756 April
1,412 May
295 June
2,349 July
August-__
10, 405 September
October-..
November
8,881 December
108
88
85
75
85
91
107
106
144
190
165
138
1927
3,978 January __
115
8,121 February.
104
12, 703
23, 937
34, 724
* For description and
and for certain revisions
99
81
91
83
87
88
80
88
102
113
107
95
96
93
116
119
137
168
152
118
104
96
117
126
92..
79
65
52
54
84
170
158
124
125
99
82
99
81
86
95
86
86
114 105
74
94
64 123
52
95
43 121
20 170
12 134
48 101
213 186
375 251
343 -135
251
98
152
118
118
113
80
77
92
89
173
115
177
204
295
435
204
104
344
273
88
58
16
30
2
99
97
404
383
66
192
261
286
344
early figures see BULLETIN for March, 1924,
see page 739 of the October, 1925, BULLETIN.
274
FEDERAL KESEKVE BULLETIN
APBIL,
1927
WHOLESALE AND RETAIL TRADE1
W H O L E S A L E T R A D E I N T H E U N I T E D S T A T E S , BY L I N E S
[Average monthly sales 1919=100]
Year and month
Gen- GroDry
Harderal
Meat goods Shoes ware Drugs
index ceries
1925
July
AugustSeptember...
October
November...
December-..
1926
January
February
March..
April
1
83
87
94
101
86
80
85
106
112
118
92
75
99
98
109
122
103
101
111
108
120
134
110
111
79
85
93
77
86
87
106
103
in
no
133
123
Year and month
Gen- Groeral
Meat
index ceries
1926
May..
June
July
August
SeptemberOctober
November—.
December. _.
1927
January
February---
97
94
80
86
84
82
92
91
87
Shoes Hardware Drugs
Dry
goods
to
81
82
77
81
86
85
76
73
78
77
78
102
114
102
91
71
74
68
77
73
72
79
i
I
|
i
|
60
59
52
73
84
76
67
60
107
105
99
99
112
114
104
99
111
116
113
115
124
133
117
110
45
53
80
82
112
104
For description of the wholesale trade index see Federal Reserve Bulletin for April, 1923.
CHANGS IN
CONDITION
Percentage change
in sales February, 1827, compared with—
January,
1927
Groceries:
United States
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district..
A tlanta district
Chicago district _ _
St Louis district
Minneapolis districtKansas City district
Dallas district
San Francisco district __.
D r y goods:
United States
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Cbicpgo district
St. Louis district.. -_
Minneapolis district
Kansas City district
Dallas district __
San Francisco district
Shoes:
United States
Boston district
jSTg-^r Vork district
Philadelphia districtCleveland district
Richmond district
Atlanta district
Chicago district.
St. Louis district
Minneapolis district
San Francisco district
Hardware:
United States
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district __ _
Chicago district
St. Louis district
___
Minneapolis district
Kansas City district
Dallas district
San Francisco district
Percentage change
in stocks i at end
of February, 1927,
compared with—
-4.1
-4.6
-6.0
-0.9
-5.8
-7.3
—18 3
1.0
-17.7
4.0
8.8
-7.3
0.9
10.1
7.7
7 6
21.2
4 7
17.9
9 0
18.5
5.0
8.4
35.6
-4.1
-7.8
7 5
-15.2
-10.1
_4 0
—10.1
—10 3
-18.0
-17. 0
—1.0
-14.2
-2.3
16.4
1 5
31 6
10.5
26.9
18.1
13. 2
31.4
-18.9
63.0
—5 1
5.2
—15.1
16 4
6.6
0.1
13.8
1.4
-4.2
1.3
-29.0
—9.5
-5.2
-0.3
-3.3
-3.0
5.2
-27.2
-5.3
-20. 6
-7.0
-3.8
-12.1
-5.5
1.7
-4.9
-0.3
-4.9
3.5
—0.1
3 9
1 0
2.5
— 1.0
5. 5
1 0
-5.5
-10.5
-6.5
-3.9
—19 0
-12.9
-22.3
1.0
-14. 5
-5.9
2 6
—18 9
8 1
3.2
7 4
—1.3
—9 2
-3.1
4.0
0.9
-2.6
—32 9
-22.2
13 9
-18.1
22 6
-14. 7
-8.0
-3.8
-11.3
2.7
10.5
17 4
-0.4
11.2
-1.4
6 0
-8.2
7.3
32.1
—1.2
—1.5
-4.0
0.6
-14. 8
-46.0
2.4
6.7
3.3
2.0
2.6
1.4
5.0
4.3
3.0
5.0
3.8
DISTRICTS
Percentage change
in sales February, 1927, compared with—
February, January, February,
1928
1927
1926
—7.5
-9.7
-9.3
-7.5
-3.7
-G. 3
—3 5
-3.9
. 10.9
-6.0
-7.0
-2.4
-6.9
2.3
11.4
-4.1
6.6
-7.5
-11.5
6.8
4.6
8.0
16.8
-5.4
-2.7
OF W H O L E S A L E T R A D E , BY L I N E S AND
Drugs:
United
States
New
York
district
Philadelphia district
Cleveland district.
Richmond district
Atlanta district
Chicago district
St. Louis district
Kansas City district
Dallas district
.
San Francisco district
Furniture:
Richmond district
Atlanta district
St. Louis district
Kansas Cit3^ district. __
San Francisco district
Agricultural implements:
United States 2
Minneapolis district __
Dallas district
Stationery and paper:
New York district
Philadelphia district
Atlanta district
San Francisco district
Automobile supplies:
San Francisco district
Clothing:
New York district
St. Louis
.
__
Cotton jobbers:
New York district
Silk goods:
New York district... __ .
Machine tools:
United States 3
Diamonds:
New York district
1.3 . Jewelry:
New York district
1.2 i
-2.8
Philadelphia district
-21.1
Electrical supplies:
-7.3
Philadelphia district._.
-10,8
Atlanta district
2.8
St. Louis district
-7.5
San Francisco district
-2.0
Stoves:
-8.5
St. Louis district
-7.7
Januarv,
1927'
Februarv,
1926 "
-7.5
—5 7
-10.1
-8 5
—13 8
5 4
4 6
—6 0
-8.9
-8.6
—4 9
-5.5
4 9
-3.5
2.9
—4 3
—5 4
9 6
4 2
-4.6
-13. 6
—0 4
17 3
4.2
19 8
21.9
5 8
Percentage change
in stocks l at end
of February, 1927,
compared with—
January, February,
1927
1926
1.3
1.6
0.6
18.6
2 4
—0 2
4.1
-1.4
-6.8
-2.4
—V 7
-22.4
6 5
-9.7
5 1
1.2
—2 6
6.8
-2.1
—4 9
-3.1
26 7
65 0
12* 9
9 2
27 0
49 6
2 0
3 3
0 0
2 0
—4- 3 !
-5. 0
5.5
—10 2
—6 8
5.7
-7.0
0 2
4.2
-4.5
4.9
-16. 7
—6 6
6 0
54 8
-20. 7
13 1
16.6
34.0
-6.0
3 8
—7 8
16.6
—1 8
—3 7
—2 9
21.9
28.7
-20. 6
-3.7
7.6
-7.7
4 6.2
-10.2
-5.0
1.1
3 8
—7.4
-17.2
-33. 7
15 9
6 9
0.3
-4.5
7 9
3.8
14.9
22 1
16.5
2.6
11.6
209. 2
1 Changes in total stocks for the United States are weighted averages computed on the basis of firms which have reported regularly to the
Federal reserve system since January, 1923.
2 Sales of agricultural implements for the United States are compiled by the Chicago Federal Reserve Bank from reports of leading manufacturers and include all of their domestic business.
43 Based upon indexes furnished by the National Machine Tool Builders' Association.
Includes diamonds.
FEDERAL RESERVE
AraiL, 1927
275
BULLETIN
RETAIL TRADE, BY REPORTING LINES
[Average monthly sales 1919=100]
Sales with seasonal adjustment
Year and month
January
February.
March
April
May
June
July
August
September
October
November
December
January.-„
February
1926
_
1927
12 For description of the retail trade indexes see FEDERAL RESERVE BULLETINS for January and March, 1924.
Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of
Research and Statistics, Federal Reserve Board.
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS
I Average monthly sales 1919=100]
Federal reserve district
United States__ _
Boston
New York 1
Philadelphia
Cleveland
Richmond
Atlanta..
Chicago....
IVTiniieapolis
Dallas
San Francisco
.
__
Sales without seasonal adjustment
Sales with seasonal adjustment
Number
of reporting
firms
Feb.
Jan,
T>ec.
Nov.
Oct.
Feb.
Jan.
Feb.
Jan.
Dec.
Nov.
359
106
114
234
156
158
104
114
138
130
146
24
63
22
54
23
35
63
23
21
31
98
111
100
105
90
91
127
78
89
123
140
128
105
106
101
87
115
84
91
138
235
254
228
223
235
.189
252
153
186
278
157
170
166
147
155
129
169
102
126
168
154
177
160
152
154
125
171
109
134
169
93
108
103
106
91
92
119
76
93
117
131
124
112
108
103
88
119
85
96
129
131
145
124
135
121
120
161
111
113
162
155
140
119
121
122
106
136
98
105
155
147
155
145
141
136
116
161
104
115
176
1926
1927
1927
1926
Oct.
Feb.
Jan.
138
139
135
130
143
147
128
135
133
112
153
95
110
166
139
148
139
138
135
104
156
96
114
155
125
341
128
136
122
121
150
108
118
154
145
136
127
124
125
J08
141
100
111
145
i Correction: Annual average sales of department stores in the New York Federal reserve district appearing on page 115 of the February,
1927, BULLETIN, should read as follows: 1920.120; 1921,115; 1922,118; 1923?127; 1924,132.
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly stocks 1919—100]
Feb.
... —
314
—
24
63
13
52
19
22
51
22
19
29
Federal reserve district
United States
Boston
New York
Philadelphia
Cleveland ._
^Richmond
Atlanta.
Chicago
jyiinneapolis
Pallas
San Francisco
- -
Stocks without seasonal adjustment
Number
of reporting
nrms
-
1927
Jan.
Dee.
Nov.
131
123
128
156
153
115
112
126
176
110
113
105
140
88
93
129
121
131
187
124
119
102
144
85
98
128
141
157
216
151
149
127
177
105
126
156
136
152
221
145
146
128
lib
105
129
151
127
189
122
120
117
151
92
103
136
Stocks with seasonal adjustment
1926
Oct.
1927
1926
Jan.
Feb.
Jan.
131
125
139
139
138
138
* 113
128
183
125
120
112
151
101
118
132
110
125
167
111
113
111
143
95
109
127
124
136
201
131
129
120
162
95
109
141
124
141
197
132
134
116
158
97
108
139
124
138
194
134
132
114
154
93
114
140
122
138
194
133
130
114
157
96
113
143
Feb.
Dec.
Nov.
Oct.
Feb.
Jan.
137
140
141
121
137
198
130
126
114
156
97
114
140
121
138
195
134
128
116
163
104
125
137
122
140'
387
133
135
123
160108
126
139
276
FEDERAL RESERVE BULLETIN
APRIL, 1927
FOREIGN BANKING AND BUSINESS CONDITIONS
GOLD HOLDINGS OF PRINCIPAL COUNTRIES AT THE END OF 1926
A table is presented herewith showing for the serve banks and Federal reserve agents. This
end of 1926, with comparative figures back to practice was based on the legal distinction
1913, gold holdings of all the countries for which between other forms of currency and gold
satisfactory figures are available. The figures certificates, which are in substance warehouse
represent gold holdings of public treasuries and receipts for the gold held against them by the
of central banks and do not include
gold techni- Treasury. In compiling this table, however,
cally known as "in circulation/7 that is, gold which is primarily for the purpose of making
held by commercial banks, business concerns, comparisons with foreign countries that have a
and private individuals. The exclusion of gold wide variety of laws relative to the cover rein circulation is unavoidable for the reason that quired for currency, it has been decided to
satisfactory figures for such gold are not avail- include in the central gold holdings for the
able for any country. No country, however, at United States, as well as for all other countries,
the present time has any considerable amount all metallic gold and to exclude all classes of
of gold outside the central institutions, except- paper money, regardless of their legal status.
ing India, the United States, Canada, and At the end of 1926 United States gold certifiAustralia. Gold held in India outside the rupee cates were outstanding in the amount of
reserve is known to be in large volume, but no $1,680,416,000, and the Treasury was holding
reliable estimate of its amount exists, and much this amount of gold against them; $588,355,000
of it is put to other than monetary uses. In of these gold certificates were held by the
the United States in June, 1926, in addition "to Federal reserve banks and the Federal reserve
gold in the hands of the general public, there agents and $1,092,061,000 were reported by
was about $40,000,000 of gold coin, not includ- the Treasury as being in circulation.
ing gold certificates, held by banks other than
Changes in gold holdings, 1924-1926.—The
Federal reserve banks, an amount which com- reestablishment of European currencies upon
pares with $225,000,000 in 1913. The Canadian a gold basis, which began in 1923 and 1924 and
chartered banks report gold holdings of about made marked headway thereafter, has been
$70,000,000 at the end of 1926; this does not accompanied by some changes in the gold
include $27,000,000 deposited in the Central holdings of different countries, but these
Reserve and included in the table as gold held changes have not been large except in a few
by the Minister of Finance. "The commercial instances. The following table shows the
banks of Australia in June, 1926, held gold (in- holdings of selected countries in 1926 and 1924
cluding a small amount of silver) aggregating and the changes during the two-year period.
about $160,000,000.
Gold holdings of the 40 countries included CHANGES IN GOLD HOLDINGS OF SELECTED COUNTRIES
[In millions 01 dollars]
in the table amounted at the end of 1926 to
nearly $9,180,000,000. Of this amount about
Holdings at end
Increase
of—
44 per cent was held in the United States, 37 per
or deCountry
crease
cent in 25. European countries, and 19 per cent
(-), 1926
1924
1926
over 1924
in 14 other countries.
Gold holdings for the United States, as
4, 080
-9
4,089
shown in the table, include all the gold coin United States.
<->o
England
735
757
and bullion held by the United States Treas- France
711
710
Germany
436
181
255
ury and bj the Federal reserve banks, in- Italy
221
218
3
cluding the gold held by the Treasury in trust Austria
7
2
5
Beglium
33
86
53
as cover for gold certificates outstanding, Hungary
7
23
30
203
-37
166
but not including gold held by the Federal Netherlands-.
7
27
20
reserve banks ear-marked for account of Poland
Russia
85
73
12
Spain
4
'
493
489
foreign institutions. The inclusion in the Sweden
-4
60
64
91
central gold holdings of the United States of Switzerland..
the gold held as cover for gold certificates is Japan
-24
562
586
13
144
131 j
a departure from earlier practice, which was Australia
2
Brazil
56
54 |
7
158
151 !
not to include the gold held against the certi- Canada
10
Chile.
-24
34 !
ficates, but to include the certificates them- Java
79
25
54 i
37
-15
52!
selves when they were held by the Federal re- South Africa.
APRIL, 1927
FEDERAL KESERVE BULLETIN
The increase of $255,000,000 for Germany
since the end of 1924 represents the continuation of a growth in gold holdings which began
in May, 1924, and has amounted since that
time to about $325,000,000. Other European
countries which increased their gold holdings
by relatively large amounts from 1924 to 1926
are Belgium and Hungary. All of the increase
in the gold holdings of the National Bank of
Belgium, $33,000,000, occurred during 1926,
and this was the largest annual increase for
that country since the outbreak of the war.
The gold holdings of the Bank of England
show a decrease of about $22,000,000 for the
two-year period, the net result of a loss of
$54,000,000 in 1925 and .a gain of $32,000,000
in 1926. In the case of a number of countries,
notably Austria and Hungary, the increase in
gold holdings during 1926 represented the
conversion into gold of a part of the central
banks' reserves that had previously been held
in foreign exchange under legislation permitting foreign exchange to be used as reserve.
39280—27—3
277
For the last few years there has been a
general tendency throughout Europe for countries in which gold stocks were relatively low
to build up their gold holdings, while countries
which had absorbed large quantities of gold
during the war have been shipping part of
their gold to other countries. The only
European country, however, to part with any
considerable amount of gold has been the
Netherlands, where the loss since the end of
1924 has amounted to about $37,000,000 and
since the end of 1917 to about $114,000,000.
The gold holdings of individual foreign
countries other than those of Europe show but
few appreciable changes during the past two
years. Those of Japan, which have declined
steadily since 1921, decreased by about
$10,000,000 in 1925 and about $14,000,000 in
1926, while those of the principal South American countries showed little net change over the
past two years, excepting for Chile, for which
the loss of gold during 1926 represented a conversion of gold into balances with foreign banks.
278
FEDERAL RESERVE BULLETIN
APRIL, 192 7
GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS, 1913-1926
[In thousands of dollars, converted at par of exchange]
European countries (central banks)
End of year-
Total
4,771,878
5,251,177
6,212,343
6,478,426
6,625,882
6,270,779
6,080,961
6,616,922
7,272,252
1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1925.
1926.
8,568,242
8,917,144
8,913,018
9,181,785
United
States i
Total
1,290,420 2,831,286
1,184,369 3,483,769
1,699,883 3,803,838
2,185,139 3,503,234
2,067,878 3,572,259
2,169,778 3,081,519!
1,941,321 2,890,954!
1,933,809 3,034,214
2, 562,447 3,032,980
3,504, - 3,043,514J
3,831,881 2,993,955i
4,089,201 3,084,050
3, 984, 659 3,136,630
4,079, 531 3,363,358:
England 2
GerFrance many
170,245
428,221
389,205
402,970
422,594
523,632
583,211
762,912
763, 719
751,597
754,400
757,033
703,482
735,421
678,856
802,591
967,950
652,885
639,682
664,017
694,847
689, 517
690,141
708,403
709,479
710,394
710,
711,106
AustriaHungary
Austria
Italy
278,687 288,103
498, 508 299,759
581, 954 293,453
599,873 255, 772
572,768 238,931
538, 861 243,566
259, 519 203,441
260,028 204,362
237,102 210,739
227,436 217,284
111,247 215,699 » 1,313
180,939 218,382 1,560
287, 763' 218,825 2,087
436,235! 220, 732 7,388
Belgium
Bulgaria
59,131
56,619
50, 759
50, 759
50,759
57,145
51,417
51,438
51,451
51,901
52,204
52,543
52,855
86,214
10, 615
10, 615
11, 773
13,124
12,159
12, 352
7,141
7,141
7,334
7,415
7,565
7,792
7,981
8,464
251,421
213,757
138, 750
58, 759
53,717
53,074
45,011
^ 11
4 16
Czechoslovakia s
4,053
12, 545
20, 874
22, 574
31,745
30, 575
30, 731
Denmark
Esto-; Finland
19, 666
24, 506
29,833
4 f ~'~"
46,611
52,159|
60,807
60, 992
61,192
61,173
56,171
56,145 1,384
56,085 1,279
56,007 1, 312
8,229
8,229
8,229
8,229
8,229
8,229
8,229
8,229
8,371
8,242
8,354
8,357
8,250
European countries (central banks)—Continued
End of year—
Greece
1913..
1914 _
19151916.
1917..
191819191920.
19211922.
19231924_
19251926-
Hungary
Latvia
Lithu- Netherania lands
5,211
7,257
11,194j
11, 5801
12,1591
10,422
11,001
11,001
10,808
6,058
7,250
7,
8,941
8,936
7,460
10, 365
29,526
2,123
2,548
3,223
4,555
4,555
4,555
1,520
1, f "
3,1
3,230
3,136
Norway
Portugal
Poland
12,846
11,181
11,028
33,027
31,214
32, 691
39, 590
39,472
39,475
39,474
39,472
39,457
39,456
39,457
Rumania Russia
8,760
1,66'
2,858
5,955
9,769
13,07~
19,949
25,793
26, 677
9,261
9,261
9,261
9,261
786,800
803,400
831,200
758,396
667,041
9,266
9,266
9,267
9,267
9,267
9,267
9,267
9,267
2,607
45,043
73,050
93,876
84, 605
Spain
Swit- I Yugo-8
Sweden zerland!
slavia
92,490
110,444
166,414
241,424
379, 597
430,072
472,041
474,228
484,984
487,278
487,841
489,292
489, 631
493,489
27,372
29,088
33,385
49,183
65, 513
76,532
75,350
75, 516
73,631
73,428
72, T 63, 508
61, 647
60,162
32,801
45, 922
48,275!
66,585
69,025'
80,041
99,779
104,780i
106,0581
103,2831
103,669|
97,642!
90,140!
91,050!
11,194
11,034
12,381
12,321
12,310
12,306
12,233
12, 352
14,282
12, 354
13,286
13,965
14,657
16, 620
Other countries
End of
year
1913....
1914.__
1915....
1916.._.
1917....
1918....
1919....
1920....
1921
1922....
1923___.
1924....
1925....
1926....
Total
Argentine
Cen- ColumCanada: Govbia:
Bank
erntral
MinisBank
ment
Bank
ter of
of
of
the
con- Brazil?
of
FiReverChile § public
nance 6
sion
fund
650,172 115,894
98,817
583,039
708, 522 , 126,329
790,053 131,092
985,745 ' 139,452
1,019,482 129,436
1,248,686 129,322
1,648,899 112,648
94,635
1,676,825
1,741,962 146,434
126,882
1,742,406
1,743,893 151,208
1, 791,729 156,580
1, 738,896 158,105
224,989
213,906
228,939
251,158
252,390
269,628
299,119
450,057
450, 057
450,057
454,035
53, 202
26,601
14, 598
14, 598
14,598
15, 571
15, 571
19,464
25,303
27,401
48, 665
53,799
435,880 54,300
435,880 56,325
1,330
1,330
1,330
9,039
23,413
24,384
32,893
34,025
34,0251
34.025
34,025
34,025
10,301
1,849
6,910
14, 599
16,4y5
Reserve
Bank
of
Peru
19,646
20,736
19, 753
19,164
20,084
Uruguay:
Bank
of the
Republic
10, 826
13,483
22, 530
33,251
42,003
46,718
56, 756
57,307
59,494
56,807
56, 812
56, 809
56,811
56,819
New
AusZeatralia: land:
Note
Rereserves serve
Banks
21,899
38, 932
73,484
78,351
85,650
104,143
116, 796
115,336
113,389
116,499
121, 088
130,904
164,828
143,966
Domestic
India: holdings
of the
GovBank
ernof
Japan Bank
ment
of
and
rupee
Java
the
reserve of
Government
25,306
27, 739
33,092;
36,012|
39,419!
39,419
38,932
37,472
37,472
38,367
38,29.4
37,581
37,667 j
37,920
72,780 64,963
30,202 64,062
41,361 68,187
38,636 113,411
86, 712 229,981
63,8421 225,821
96,205! 349,947
116,249! 551,840
118,341 610, 663
118,341 605, 678
108,609 600,194
108,609 585, 738
108, 609 i 575,768
108, 609 i 561,810
10,027
12,418
18,804
NaSouth
tional Africa:
Bank
Reof
Egypt serve
Bank
10,381
21,750
35,096
29,164
37,051 19, 278
51,600 16,312
69,817 16,312
88,214 16, 807
58, 728 16,807
61,306 16, 619
16, 510
53,726 16, 510
73,394 16, 510
79,3691 16, 510
39,905
43, 799
44,772
34,066
30,172
33,579
35, 525
50, 612
57, 911
50,782
51,838
52,441
43, 594
36, 703
1 Treasury and Federal reserve banks.
2 Gold held by Bank of England in both issue and banking departments; the latter ($6,142,584 in 1926) includes some silver. Figures include
currency note reserve, which prior to 1925 was held by exchequer.
3 Prior to 1926, Banking Office of Minister of Finance.
4 Austrian account only.
s Prior to 1920, National Bank of Serbia.
6 Includes government reserve against Dominion rates, savings banks account, and such gold as is held in deposit by chartered banks in the
Central Reserve.
7 Prior to 1923, guarantee of currency fund.
s Prior to 1926, Government conversion fund.
APRIL,
1927
FEDERAL RESERVE BULLETIN
279
ANNUAL REPORT OF THE. BANK OF BELGIUM
The annual report of the National Bank of
Belgium, presented to the meeting of stockholders on February 28, 1927, contains the
following account of the currency reform and of
economic developments:
The manifold events of the past year mark
a memorable turning point in our financial
history. They will be of great interest to you
because the National Bank was intimately
associated with them. At any other time the
third renewal of the issue privilege of our
institution would certainly have been the most
interesting point in our report. To-day, however, the renewal of the issue privilege is only
one part of a vast reform through which the
financial organization of the country, disturbed for the last 12 years, has finally found
stability and peace.
At the very time last year when you were
meeting in this same place to hear the reports
of the administration of the bank, a plan of
stabilization was under discussion in Parliament and was passed a few days later. Many
of the necessary preliminary conditions appeared to have been realized. The question of
reparations and that of inter-Ally debts had
been solved so far as Belgium was concerned.
The problem of the budget had been worked
out with full understanding of the expenses
which would have to be met. The equilibrium
of the public finances had been practically
assured by virtue of a fiscal measure which was
to furnish 600,000,000 francs from new taxes.
The legislation giving effect to these reforms
was under consideration.
But there were two other conditions essential to success, the funding of the floating debt
and the raising of a large foreign loan which
should be used to rebuild the reserves against
our note circulation. These two conditions
were inextricably involved each with the other.
Since the first was not fulfilled, the second
failed completely.
A large floating debt is in effect a mass of
circulation likely at any time to be thrown upon
the money market and finally to flow into the
Central Bank. The danger which this involves may be more or less imminent, according to economic conditions. It is, nevertheless, always formidable at a time of currency
reform. Of this fact Belgium had bitter experience during the year 1926. The repayment
of about one billion and a half of treasury
bonds was a serious burden on the prestabilization measures undertaken in October, 1925.
It gradually exhausted the provisional credits
which we had extended, and obliged the Government to meet these payments by treasury
loans raised in large part abroad. There is
no doubt that this dangerous situation had
an unfavorable influence on the negotiations
then being carried on in London for the
floating of a loan. Within the country the
uncertainty which prevailed and the possibility
that these payments might be suspended aggravated the difficulty. The result was a great
demand for foreign exchange during the early
part of March; and on the 15th the Government, having been unsuccessful in its
negotiations for a foreign loan, requested the
National Bank to suspend its support of the
exchange market. From a, rate of 107 francs
the pound sterling rose within a few hours to
121 francs. A formidable crisis was impending.
The disturbance was all the more keenly felt
because the country had begun to experience
the first beneficial results of exchange stability
and because a number of business enterprises,
being unable to cover their purchases, suffered
serious losses. Catastrophe was threatening
and immediate action was absolutely necessary.
It was in these circumstances and under the
pressure of dire necessity that the law of May
19, 1926, authorizing the National Bank to
make an advance of 1,500,000 francs to the
Government, was voted as an emergency measure by the two Houses of Parliament. On June
14 your assembly held a special meeting and
revised the statutes of the bank in conformity
with the emergency measure. The passage of
this law gained time for the Government of the
National Union, appointed on May 22 under
the presidency of Minister of State Jasper, and
gave it the breathing space necessary for the
formulation of a vast plan courageously conceived and efficiently worked out. Its execution, officially directed by Minister of State
Francqui, who had been appointed by the King
as head of the treasury, proved the remedy
for an almost desperate situation.
Five essential measures characterized the
plan: (1) The voting of 1,500,000 francs of
new taxes; (2) the creation of an amortization fund for the public debt, an autonomous
organization which was to be independent
of the Government treasury, and to which
280
EEDEEAL. EESEKVE BULLETIN
were assigned, besides the ordinary revenue provided in the Budget, the new taxes which were
voted as promptly as possible for a period of
four years, and which in their total amount—•
6,000,000,000 francs—balanced the amount of
the floating debt; (3) the organization of the
National Railway Co. with a capital of
11,000,000,000 francs, which made possible the
mobilization of the funds invested in the railway systems of the Government. Ten billion
francs in preferred shares of the National Railway Co. were placed at the disposal of the
amortization fund. These securities, which are
gilt-edged and yield an attractive return, were
well received both on the international and on
the domestic market; (4) the regulation and
the gradual repayment of the foreign floating
debt, which had been incurred through suspension of the first plan for monetary reform, and
which constituted a serious danger, inasmuch
as on March 15, 1926, it had risen to $69,000,000; (5) the passage of a law on July 16, 1926,
which gave the Government power to deal with
certain problems demanding prompt solution.
In working almost unanimously toward the
execution of a plan of this character Parliament
set the country an example of large vision at the
same time that it served the highest interests
of the nation. Thanks to the special powers
conferred upon it, the Council of Ministers was
enabled to act with that decision and promptness which were indispensable to financial
operations of such wide scope. The sequence
of events very soon showed the necessity for
this intervention. In spite of the firm policy
adopted by the new Government, the offering
of treasury bonds for redemption continued at
a very dangerous rate. Hesitation, therefore,
was no longer possible.
The consolidation of the floating debt was
decided upon and put into execution on July 31
by a method which was both highly ingenious
and well calculated to preserve the credit of the
Government. The holders of treasury bonds
were offered the choice of exchanging their
short-term debt securities either into preferred
shares of the National Railway Co. or into 5
per cent bonds to be repaid subsequently from
the amortization fund of the public debt, according to the amount of its available funds.
Furthermore, the position of those credit establishments which, in response to the appeal of
the Government, had invested part of the fund;
of their customers in treasury bonds was safeguarded by the issue of special bonds repayable
in 12 quarterly installments.
AFRIL,
1927
This difficult and courageous measure marked
the turning point of the crisis. Instead of
dealing a blow to the credit of the Government
it showed that the country was absolutely determined to insure its safety. A lull on the
sxchange market, a certain easing in the money
market, together with the cautious policy
adopted by the bank and the great financial
houses, contributed to lessen very greatly the
hardships of the debt consolidation.
The success of the measure was unquestionable, as the following figures show:
Treasury bonds converted into preFrancs
ferred shares of the railway
4, 200, 000, 000
Five per cent treasury bonds, _
330, 000, 000
Special bonds issued to the banks
1, 400, 000, 000
Although these measures were taken by the
National Bank in cooperation with other
organizations for the purpose of aiding those
holders of bonds who were most worthy of
consideration, credit privileges extended, with
5 per cent treasury bonds as security, or on
bonds exchangeable for preferred shares of the
railway, reached only a negligible amount.
On December 31, 1926, they had reached less
than 2 per cent of the total value of the outstanding issues. This proves unquestionably
that the measure was well supported by the
national economic situation.
The pound, which had risen on July 13 to
about 217 francs, declined to 180 francs at the
beginning of August. During the weeks which
followed, the exchanges stiffened and on the
whole improved. The situation of our industry, of our commerce, and our agriculture
became more satisfactory. Taxes, which were
being collected again as business revived, came
in in satisfactory amounts. The merchandise
trade balance became more favorable. Thereupon it became possible again to consider
monetary reform properly so called.
Under the plan of the Government, once the
preliminary conditions had been fulfilled within
the country itself by Parliament and by the
executive power, the actual work of stabilization was to be intrusted to the National Bank.
Accordingly, our institution was called upon to
cooperate intimately in the preparation of this
important measure.
First of all, an agreement was concluded on
October 5, 1926, between the National Bank
and the principal foreign banks of issue. The
Bank of England, the Bank of France, the
Federal Reserve Bank of New York, the Bank
of Italy, the Reichsbank, the Bank of Japan,
the Bank of Netherlands, the National Bank
APRIL,
1927
FEDEEAL KESEBVE BULLETIN
of Switzerland, the Swedish Kiksbank, the
National Bank of Austria, and the National
Bank of Hungary all signed the agreement.
This arrangement, by the terms of which the
signatory banks of issue undertook in case of
need to support the Belgian currency reform
b}^ means of credits, advances, or rediscounts,
had not only a material value; it also had
a very great moral value. It bore witness
in fact to a remarkable spirit of solidarity
which should continue to be developed, for it
can become a powerful element of security for
the international financial market. Beginning
under these happy auspices, the negotiations
were carried on under most favorable conditions.
The world situation was particularly propitious for the Belgian plans. For one thing,
the English coal strike brought about in Belgium a revival of activity, particularly in coal
mining and the metal industries. For another,
the fortunate steadiness of the French franc
lessened the danger to the proposed Belgian
currency reform that an exchange crisis in that
neighboring country might have created. Profiting by these circumstances, our institution
inaugurated a policy of purchasing foreign exchange, which, without depressing our exchange rate, furnished the treasury, which was
now in easier circumstances after the funding
of the domestic bonds, the means with which
to meet its payments on the foreign floating
debt. In a country which is obliged to make
its living from its exports and w^hich was
emerging from a severe and dangerous exchange
crisis, it would have been unpardonable not to
seize so favorable an opportunity for putting
into effect at last the currency reform so long
waited for and so indispensable to the financial
safety of the nation. To undertake again an
experimental stabilization would have been to
expose the country to new dangers. Thus it
was obvious that the time had come to act
immediately and definitely.
It was under these conditions that on October 23 a loan of $100,000,000 for 30 years was
arranged between the Belgian Government and
an important group of foreign banks, including
Baring Bros. & Co., J. P. Morgan & Co., the
Westminster Bank (Ltd.), the Guaranty Trust
Co., Hope & Co., the Swiss Banking Corporation, and the Enskilda Bank of Stockholm.
The loan was floated shortly afterwards with
great success in New York, London, Amsterdam, Zurich, and Stockholm. It formed, together with the agreement of October 5, 1926,
the financial basis of our reform.
281
In the meantime the principles and the
methods according to which this reform wTas to
be put into execution were decided upon after
profound study. There is no need here for
detailed explanations. As you know, the debt,
of the State to our institution was reduced to
2,000,000,000 francs by a vast refunding operation based on the yield of the foreign loan and
on the profit arising out of the revaluation of
our reserves. This operation has definitely
separated the credit of the Government from
the credit of the bank, has made impossible
any inflation in the future, and has checked
for the present its disastrous effect. Our
bank note is henceforward redeemable at sight
and possesses a solid cover composed of gold
and foreign exchange. We have agreed that
this cover should be fixed legally at not less
than 40 per cent of the aggregate amount of
our demand obligations, including both notes
and deposits. Under the law of February 26,
1926, this proportion was only 3 3 ^ per cent.
Furthermore, the quality of the reserves has
been strengthened in comparison with that
which obtained formerly. Gold must form
30 per cent of the reserve against demand
obligations; the rest may consist of foreign
exchange bills. As a matter of fact, the
reserves at the present moment are largely in
excess of the legal requirements. In the
weekly statement of February 3*, 1927, the
reserve was 57.49 per cent of the note circulation and 53.30 per cent of the aggregate demand
obligations. The repayment of the sum of
2,000,000,000 francs, which is the amount of
advances made to the State, has become a
legal obligation assumed by the amortization
fund, in addition to its chief obligation, which
is the service of the floating debt. This repayment will ultimately increase our ability to grant
commercial credits. It will also strengthen the
influence which the bank of issue will be able
to exert upon the money market in avoiding
crises and regulating the fiduciary circulation.
Owing to these measures, which reflect
honor upon the country, our financial situation underwent a radical change. But it was
still necessary that this fundamental reform
should be clearly appreciated abroad and that
at home it should not bring about a sudden and
disastrous fall in prices. The creation of the
belga answered this twofold purpose. The
belga made it possible to translate into exchange quotations the monetary reconstruction brought about in Belgium. It has been,
on all the exchange markets of the world, the
physical sign of the stabilization of our bank
282
FEDERAL RESERVE BULLETIN
note, which has thus emerged from the group
of currencies suffering from inflation. The
creation of this new monetary unit has for this
reason acquired great importance. The belga
maintains the invariable relation of 1 belga to 5
stabilized francs. It represents a weight of fine
gold of 0.209211 gram and forms the legal basis
of the convertibility of the bank note. If one
considers the general condition of the country,
still impoverished as a result of the war, the
belga, in respect to its content of fine gold, is
a monetary standard highly suitable for foreign
transactions and perfectly in accord with the
economic role of Belgium in world affairs.
We should point out here that the retention
of the franc in domestic circulation in deference to the general public opinion has avoided
abrupt changes in the scale of values and has
exercised a most excellent influence on the
movement of prices.
The belga, according to the currency law, is
actually a multiple of the franc. Closely
bound together, the one with the other, they
are both based on gold, are made an integral
part of the currency system, and enjoy the
same guarantees. There is scarcely need to
add that no question will be raised either of
modifying the proportion established between
the belga and the franc or of changing in any
other manner the technique of a reform which
by its very nature is unalterable. Bank notes
of 100 francs, carrying their denomination in
belgas, also have recently been put into circulation.
Among all the delicate questions involved in
monetary reconstruction, the most difficult,
without question, was the rate of stabilization.
Preliminary .to the choice of this rate, the
economic situation of the country, the attitude
of the various classes of people with respect to
the reform, the level of foreign and domestic
prices, that of wages and salaries, and finally
the condition of our export industries in respect
to competition, were made the object of a
thorough examination. In arriving at the
content of 0.209211 gram of fine gold per
belga, corresponding to the rate of 175 francs
for 1 pound sterling at par, we were guided
solely by the desire to serve the public welfare
and to assure the success and the permanency
of the reform. After the failure of the first
effort at monetary stabilization, it would have
been dangerous to choose any other method.
The rate adopted was in no sense arbitrary.
First of all, it represents the average of quotations of the pound and of the dollar during the
three and one-half months which preceded
stabilization, if we except speculative attacks
APRIL,
1927
and some occurrences which were accidental or
foreign to our domestic situation. In the
second place, the rate was clearly indicated by
the amount of gold resources placed at our
disposal and constituting the maximum we
could possibly obtain. The conversion of the
yield of the foreign loan and the revaluation of
our reserves on the basis of this rate furnished
a proportion of reserves which would give
complete security as well as supply an adequate
medium of exchange. This essential result
could not have been attained if the franc had
been stabilized at any higher level. Lastly, at
the time when the law went into effect, our per
capita circulation, estimated on the same
basis, corresponded almost exactly to that
which obtained before the war—that is to say,
during normal times. The rate of stabilization, therefore, is in harmony with the actual
situation on the exchange market at the time
when it went into effect, with the amount of
our resources in gold and foreign exchange, as
well as with the currency requirements of the
country.
Certain changes have been made in the internal organization of the bank by the new
charter which it has received from the legislature. These changes, without altering the
essential character of the bank, tend to
strengthen its power. Its independence of
Government control has been completely established. Thus the text of the law imposes
upon the State the formal obligation to repay
the entire amount of the State debt to the bank;
and the Minister of Finance no longer has
power to authorize the administration of the
bank to permit the proportion of the reserve
against demand obligations to fall below the
legal quota, nor to approve or reject the decisions of the council determining the amount
and conditions of advances against government securities. The Government is furthermore prohibited from increasing its debt to
our institution, and the limits within which
we are authorized to discount treasury bonds
or to purchase Government securities are
sharply defined. On the other hand, the enlargement of our board of directors, on which
the great economic and social interests will
henceforward be represented, will permit us
to understand more accurately the needs of
the country and to adapt our credit policy to
these. Our capital has been increased from
50,000,000 to 200,000,000 francs in order to
adjust it to the new value of the franc and to
the larger volume of our business transactions.
In respect to the distribution of the difference
arising from this revaluation, agreed upon be-
APRIL, 1927
FEDEEAL KESEKVE
BULLETIN
283
tween the Government and the bank, as we ments of the Latin Monetary Union, it was not
reported to you at the special meeting on to the interest of the treasury to continue its
December 13, 1926, in the course of which transactions in silver coins of foreign countries.
you revised the statutes of the bank, your
After this rapid review of the most important
interests in the matter have been fully events which have disturbed our economic life
safeguarded.
during 1926, it remains to survey the situation
It is upon our institution, its charter now as it is to-day and the prospects for the future.
extended to 1952, that the duty will fall The condition of our foreign commerce is
henceforward of safeguarding our restored greatly improved. In June the per cent of
currency. The bank intends to consecrate exports to imports was very low—only 56.61
itself with complete independence and without per cent. After that it rose steadily until
wavering to this high duty which has been November. In October and November our
intrusted to it by the public authorities. In merchandise balance even showed a slight
accomplishing this it will be guided solely by excess of exports. For these two months the
regard for the general welfare. This interest per cent of exports to imports was, respectively,
in the welfare of the whole country will not 107.25 and 103.43. It is true that during the
permit discrimination in favor of special second part of the year the strike of the British
interests. It will subordinate them all to the miners was of advantage to our mining and
twofold duty of assuring to our industrious metal industries. But for the 12 montfe of
people a stable currency, which alone is an 1926 the per cent is 84.79, as compared with
honest currency, and of contributing by a 73.6 in 1913. The coal market, very much
wise credit policy to the development of depressed at the beginning of the year, began
prosperity throughout the country.
to improve in March. Prices thereafter adDuring all the difficult period through vanced and the stocks on hand were very considwhich we have passed we have endeavored erably reduced. Within the last few weeks a
constantly to keep in touch with the directors decline in sales has set in. The market for
of the great financial houses, and have never metals has shown a similar development, alfailed to find cordial cooperation on their part though the high price of fuel depressed it someand the keenest desire to contribute to the what. The textile industry has been seriously
full extent of their power to the work of depressed by the fluctuations of exchange,
financial reconstruction. We shall endeavor to which have interfered with the purchase of raw
maintain this lofty spirit of cooperation and materials. Recently, however, it has benefited
solidarity, which is essential to the progress of from the stabilization of the currency, and at
present is generally prosperous. Industry and
the business of the country.
We shall complete this general explanation building have suffered all along for lack of
with discussion of certain specific matters. orders. Glass works, glazing, and cement
By virtue of a royal decree of October 26, 1926, works, on the contrary, have nothing of which
the circulation of small notes of 5 and of 20 to complain. Agriculture and cattle breeding,
francs was taken over by the Government by raising the scientific standard of their
until they can be replaced by the issue of frac- methods, have succeeded in increasing their
tional metallic currency. These small notes production. This has made possible the develwill be redeemed in part at least by means of opment of exports. This desirable trend conour silver reserve, which we turned over to the tinues, and we shall assist these industries with
Government on October 25, 1926, at the pur- credit as far as possible.
chase price of the metal. Gold and foreign
The business of the port of Antwerp conexchange exclusively will serve henceforward tinues to develop both in respect to the numas the basis of convertibility for the bank note. ber of ships entered and to the tonnage which
You know, of course, that for several weeks they represent.
past we have undertaken the redemption of
Number
the principal gold coins on the basis of the rate
of ships Tonnage
of stabilization, taking account, however, of
entered
the expenses which we should incur as a result
of these operations. We are redeeming like- 1925
.__
9,971
20,201,500
11,599 22, 793,000
----wise, for account of the treasury, domestic 1926
silver coins at a price which will furnish a suffiThe statistics of the labor market are recient guaranty against fluctuations of silver
prices on the market. As to the conditions markably favorable. Unemployment is inunder which we canceled the currency agree- considerable. It varies between 1 per cent
284
FEDERAL RESERVE BULLETIN
APRIL,
1927
and 2.7 per cent of the number of persons
Just as in the case of security prices, the
enrolled in the insurance bureaus, which in- development of savings has begun to show the
clude about 600,000 members.
favorable influence of stabilization. After the
The index of retail prices, which was 521 crisis at the beginning of 1926 deposits placed
in March, rose after the violent crisis in the in the general savings bureau decreased sharply.
exchanges. In November, at the time of In July the excess of withdrawals over deposits
stabilization, it was 730. In January, 1927, was more than 55,000,000 francs. In August
it had risen to 755. The index of wholesale this excess was still almost 39,000,000 francs.
prices, starting at 556 in February, 1926, rose Since then a notable improvement has come
to 865 in November, to decline again to 860 about. Beginning with October the increase
in December. It was 856 in January, 1927.
of deposits has been remarkable. The followThe money market, which experienced great ing figures, which 7represent only the deposits
stringency during the first half of the year, made on depositors books and exclude deposits
gradually became easier from August on, and made for other objects than saving, sufficiently
during the short period which has followed the indicate the trend.
reconstruction of the currency has become very
easy as the result of a large influx of Belgian
Excess of
deposits over
and foreign capital. On two occasions—Janwithdrawals
uary 12 and February 9, 1927—the abundance
of money on the market and our desire for the
Francs
22,902,213
1926___
welfare of industry and commerce led us to NOctober,
48, 691,713
o v e m b e r , 1926
reduce the official discount rate by one-half of D e c e m b e r , 1926 _
57,422,015
83, 554, 017
1 per cent, so that it is now 6 per cent for loans J a n u a r y , 1927_._
on collateral. The rate for loans on Govern- 1
Estimated.
ment securities has been fixed at 73^2 per cent.
These conservative decisions were inspired by
The currency reform has been well received
the wish to prevent public opinion from cheat- not only in Belgium but throughout the entire
ing itself with illusions and by the necessity of world. Everywhere it has received approval
discouraging unhealthy speculation, which from the most eminent authorities in the ecowould constitute a real danger.. For similar nomic field. Of course it can not accomplish
reasons we have pursued a restrictive policy the miracle of restoring the losses caused by
during the past year in regard to rediscount war and inflation. It can have no other purrates. We wish to remove these restrictions pose than to maintain the value of our curso far as prudence, which we must always rency and to furnish a new and solid point of
observe, and the good sense of the public make departure for our national business. The
it possible.
relief has been universal. At a stroke, indusApart from speculative influences, the secur- try and commerce found themselves free from
ity market reflected the fluctuations of the exchange risks and from the burdensome obligaexchange. During the first part of the year it tion of having exchange cover for all their
inclined toward the purchase of foreign secur- foreign transactions.
The inflow of foreign capital and the reities and industrial stocks to the neglect of
Government securities, but this tendency, as patriation of Belgian capital bear witness to
might have been expected, has been modified the confidence which stabilization has inspired.
since stabilization, and the price of Govern- These fortunate results made it possible for
ment securities at present is registering a the National Bank, shortly after the reform
considerable increase, as shown by the following went into effect, to demand the removal of
control over the exchanges before that measfigures:
ure had occasioned the slightest difficulty.
Is this saying that prudence and economy are
Rate at
Rate at
Rate at
no longer necessary? Assuredly no. Favorthe end the date the end
of May, of stabi- of Januable circumstances have helped us to pass
1926
lization ary, 1927
without a crisis through a period which otherwise would have been painful and difficult.
Gilt-edge domestic securities
285
333
435
National reconstruction - 52
82.60 These
62
circumstances will not last forever.
Consolidation 1921
92
55
71 50
The adjustment of prices to new conditions is
1
APRIL,
FEDERAL EESERVE BULLETIN
1927
proceeding gradually, but even though everything gives reason to hope that Belgium will
remain a country where the cost of living is
low, it is useless meanwhile to assume that the
adjustment has been completely made.
The banks, as well as all business enterprises,
are well advised to keep their assets in a highly
liquid form. It is important also that a policy
of strict economy be observed for a long time
to come, both in the conduct of private
finances and in those of the Government. If
we have succeeded in balancing our budget, if
an enormous amount of foreign and domestic
short-term debt has been regulated and funded,
this liability, it must not be forgotten, has not
been paid but simply deferred. Only a determined, patient, and prolonged effort to save
will bring about the reconstruction of national
capital, the place of which no temporary influx
of money from abroad can possibly take.
There would, indeed, be great danger in*
developing foreign loans. A false illusion of
wealth would thus be created, which would
weigh more and more heavily upon the balance
39280—27-
4
285
of international payments and would constantly increase the cost of living by multiplying the medium of payment. However painful
these facts may be after the mirage of inflation,
it is necessary to appreciate them fully and to
resolve without wavering to defer all expenditures which are not indispensable or directly
productive. Everywhere the authorities are
warning the country against the dangers of
improvident optimism. Realizing the necessities and the difficulties of the time, they have
outlined a policy of rational and coherent production with which we are entirely in accord.
Intensive development of exports in general,
and in particular of exports of luxuries and
works of art involving skilled workmanship;
reorganization of business with a view to
reducing production costs and net prices;
increasing the profitableness of our colony;
developing our mining resources—these are the
essential points of this extensive and fruitful
program, the execution of which will permit
the country to reap the full reward of its
efforts.
286
FEDERAL RESERVE BULLETIN
APRIL,
1927
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1927
1927
1926
Febru- Janu- Decem- February
ber
ary
ary
Febru- Janu- Decem- February
ary
ary
ber
Bank of England (millions of
pounds sterling):
Issue department—•
Gold coin and bullion
Notes issued
Banking departmentGold and silver coin
Bank notes
Government securities
Other securities
Public deposits
Other deposits
_
Ratio of gold and note reserve to deposit liabilities
(per cent)
Bank notes in circulation 1
„
Currency notes and certificates- _
Bank of France2 (millions of francs):
Gold reserve
Silver reserve
Gold, silver, and foreign exchange.
Credits abroad
_
_
Loans and discounts
_.__
Advances to the Government.
Note circulation.
___
Total d(
German Reichsbank (millions of
reichsmarks):
Gold at home
___
Gold abroad
Reserves in foreign exchange
Bills of exchange and checks
Miscellaneous assets
Deposits
Reichsmarks in circulation
Rentenmarks in circulation
Bank of Italy (millions of lire)':3
Gold reserve
Credit and balances abroad
Loans and discounts
Advances to the Government
Note circulation for commerce--.
Note circulation for the State
Total deposits
Bank of Japan (millions of yen):
Gold at home and abroad
Advances and discounts
Advances on foreign bills
Government bonds
Total note and deposit liabilities..
Notes issued
Total deposits
Austrian National Bank (millions
of schillings):
Gold
Foreign bills of the reserve
Other foreign bills
Domestic bills
Treasury bills
Note circulation
Deposits
National Bank of Belgium (millions of francs):
Foreign4 bills and balances in
gold
Domestic and foreign bills
Loans to State
...
Note circulation
Deposits
148.8
168.6
350.1
189.8
149.9
169.6
143.2
162.9
1.3
31.9
29.9
71.3
17.8
98.4
1.3
32.8
28.1
72.4
13.7
102.8
1.3
28.8
34.2
96.7
11.6
131.3
1.3
21.8
38.2
79.1
16.1
106.2
28.6
80.4
281.4
29.3
80.8
280.2
21.0
84.5
296.4
18.9
84.9
3,684 3,684
341
341
1,684 1,547
83
87
5,651 6,520
32, 550 36,000
52,172 52,907
5,966 5,908
3,684
329
3,684
342
1,827
86
5,195
29,600
51,697
4,845
1,741
93
204
1,644
506
539
3,465
1,149
1,706
128
421
1,415
570
575
3,410
.1,151
577
5,835
34, 500
50,991
3,013
1,661
170
519
1,829
473
648
3, 736
1,172
1,192
190
461
1,346
7S3
586
2,822
1,587
1,144 1,144
1,099 1,065
7,964 8,040
4,229 4,229
13, 768 14, 111
4,229 4,229
2,733 2,323
1,134
575
10,159
7, 066
11,131
7,066
2,278
1,058
330
56
270
1,892
1,232
660
1,058
398
66
276
1,990
1,390
600
1,058
420
59
277
2, 025
1,377
648
1,057
330
147
290
2,062
1,293
769
57
458
144
59
176
874
27
53
479
139
58
176
875
35
53
484
143
124
177
947
37
15
489
37
111
186
812
28
3,122
3,108
3,101
274
2,126
2, 406
2,050
9,115
732
2,114
2,389
2,050
9, 077
732
2,235
2,462
2.050
8,946
I', G94
30
984
5,680
7,415
162
1
Notes issued, less amounts held in banking department and in currency
note account.
2
3 Not including gold held abroad.
Figures previous to July, 1926, are for 3 banks of issue.
1926
National Bank of Bulgaria (millions of leva):
Golds
Foreign bills, etc
Loans and discounts
Advances to State-Note circulation
Deposits
Central Bank of Chile (millions of
pesos):
Gold at home
Gold abroad
Loans and discounts
Note circulation
_
Deposits
Czechoslovak National Bank
(millions of Czechoslovak crowns):
Gold and silver
.
Foreign balances and currency _._.
Loans and advances
Assets of banking office in liquidation
Note circulation
Deposits..
__.
1,205
213
1,072
4,512
3,246
3,260
1,198
217
1,109
4,562
3,224
3,266
44
490
1,796
5,327
3,485
3,286
75
579
20
259
236
85
562
60
242
225
85
465
43
372
144
1,048
2,021
133
1,038
2,075
178
1,037
2,083
261
571
6,917
1,726
573
6,969
1,868
585
8,203
882
Bank of Danzig (millions of Danzig gulden) :
Balances with Bank of England..
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
National Bank of Denmark (millions of kroner):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
42
441
1,216
5,500
3,410
2,947
16
19
15
32
4
202
36
127
356
25
202
31
133
361
29
209
27
328
386
39
209
78
110
399
42
National Bank of Egypt (thousands of Egyptian pounds sterling):
Gold..
English Government securities.—
Egyptian Government securities.
Note circulation
Government deposits
Other deposits
3,405
29,004
29, 239
35, 280
25, 200
14,842
Bank of Estonia (millions of Estonian marks):
Gold
Cash in foreign currency
Foreign correspondents' account.
Foreign bills
.
Loans and discounts
Note circulation
current accounts. _.
6495
31
229
191
5,831
1,907
745
[ (millions of Finnish marks):
Gold
Balances abroad and foreign
credits
Foreign bills
Domestic bills
State debts
Note circulation
Demand liabilities
54 Figures
326
327
327
332
1,127
63
533
124
1,447
408
1,048
90
524
124
1,330
484
1,082
115
538
136
1,346
547
1,227
80
509
262
1,350
644
previous to Oct. 25, 1926, carried at par.
Figures previous to 1927, carried at par.
6 Including gold held abroad.
APRIL,
287
FEDERAL EESEEVE BULLETIN
1U27
CONDITION OF CENTRAL BANKS—Continued
1926
Febru- Janu- Decem
ary
ary
ber
February
2,634
3,832
3,474
4,865
4,506
2,050
3,730
3,216
4,257
4,105
169
103
207
128
255
435
241
159
169
117
218
135
276
471
243
176
76
173
149
154
275
394
207
199
196
21
95
312
69
197
19
102
321
67
203
20
64
338
64
National Bank of Greece (millions
of drachmae):
.Gold and balances abroad
Government loans and securities.
Loans and discounts.
Note circulation..
Total deposits
_
._
National Bank of Hungary (millions of pengo):
Gold
Foreign bills, etc
Loans and discounts
___
Advances to treasury
Other assets
Note circulation
Deposits
Miscellaneous liabilities
.
Bank of Java (millions of florins):
Gold
„_.
Foreign bills
Loans and discounts
Note circulation
„
Deposits...
B a n k of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
Loans
Note circulation
Government deposits
Other deposits
B a n k of L i t h u a n i a (millions of
litas):
Gold
Foreign currency.
Loans and discounts
Note circulation
Deposits
N e t h e r l a n d s B a n k (millions of
florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
B a n k of N o r w a y (millions of kroner) :
Gold
•___•_
,
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits.__
Reserve B a n k of P e r u (thousands
of libras):
Gold
Gold against demand deposits
Foreign exchange reserve..
Bills
Note circulation
Deposits
B a n k of P o l a n d (millions of zloty):
Gold.
Foreign exchange, etc
Loans and discounts
Note circulation
Current accounts—
Private
Treasury
Liabilities in foreign currency
B a n k of Portugal (millions of escudos):
Gold
Balances abroad
_.
Bills
Note circulation.
Deposits..
_
9
193
211
,836
46
9
368
138
1,799
70
145
144
145
8,982 8,988 9,162
10,679 10,679 10,679
20,990 20,902 20,951
9,130 9,310 9,182
140
8,199
10,679
19,989
8,784
State Bank of Russia (note-issuing
department; thousands of chervontsi):
16,442 16,441 16,441
Gold8,186 7,582 6,060
Foreign currency...
61, 067 61,672 65,194
Loans and discounts
85,851 85,659 88,516
Bank notes
«,_
15,335
4,981
54,114
75,892
9
187
211
1,783
54
National Bank of Rumania (mil110
190
122
262
416
260
149
lions of lei):
Gold?
Bills
Advances to State
Note circulation
Deposits
„..
_
„
National Bank of the Kingdom
of Serbs, Croats, and Slovenes
(millions of dinars):
Gold
Foreign notes and credits
Loans and discounts
Advances to State
Note circulation
Deposits
414
141
243
814
31
414
178
216
819
30
414
187
187
817
22
147
49
398
319
16
275
147
54
446
318
36
303
147
63
466
337
32
304
4,091
325
709
2, 052
5,998
655
4,092
324
709
2,003
5,965
653
4,127
289
701
2,099
6,104
582
144
149
220 - 187
369
358
634
585
138
165
377
593
149
64
34
134
9
40
7 Not including gold held abroad.
Febru- Janu- iDecemFebruc
ary
ary
ary
ber
128
29
35
South African Reserve Bank
(thousands of pounds sterling):
Gold
Foreign bills
..
Domestic bills
Note circulation
Deposits
432 Bank of Spain (millions of pesetas):
203
Gold
203
Silver
818
Balances
abroad
77
Bills discounted
Checks and drafts
Note circulation
147
Deposits
90
286 Bank of Sweden (millions of kroner):
330
Gold
7
Foreign bills, etc
148
Loans and discounts
Note circulation
Deposits
4,047
376 Swiss National Bank (millions of
758
francs):
2,565
Gold.
6,473
Funds on demand abroad
754
Loans and discounts
_.
Note circulation
134
Deposits
60
367 Bank of the Republic of Uruguay
.(thousands of pesos):
377
Gold
88
Loans and discounts
Note circulation
Deposits
64
87
324
1,340
2,966
5,502
710
87
321
1,378
2,966
5,504
746
86
335
1,481
2,966
5,812
585
77
353
1,330
2,966
5,718
510
8,151
6,295
1,028
8.158
6, 280
7,779
5,023
2,560
7,995
4,962
7,542
6,277
1,667
8,575
6,234
8,116
5,587
1,825
8,194
6,121
2,582
691
38
582
1,487
4,309
992
2,563
688
35
656
1,601
4,311
965
2,557
675
35
610.
1,709
4,339
1,018
2,537
665
29
779
1,518
4,373
1,295
223
184
254
485
103
224
197
250
471
126
224
209
375
525
206
230
183
309
489
163
446
26
354
800
89
437
24
384
781
132
472
35
425
874
139
427
49
314
775
94
58,425
96,124
67, 611
66,203
54,936
84,413
63,175
57,570
288
FEDERAL EESEEVE BULLETIN
APRIL,
1927
CONDITION OF COMMERCIAL BANKS
[Figures are for the last report date of month except for London clearing banks, which are daily averages]
1927
February
1926
1927
Jan- Decem- Februber
uary
ruary
Chartered banks of Canada (milCurrent loans and discounts
Money at call and short notice
Public and railway securities. . .
Note circulation
Individual deposits
Gold reserve against Dominion
notes
_
______
D ominion notes circulation
72
1,255
432
496
160
2,273
71
1,240
424
484
175
2,316
61
1,123
396
564
164
2,168
93
172
128
210
121
197
1,953
53
155
2,011
1,973
57
157
2,057
2,208
82
168
2,260
125
1,142
252
1,694
129
1,119
251
1,688
110
1,073
255
1,606
7,091
271
322
6,101
6,693
116
342
5,587
Joint-stock banks of Denmark
Deposits and current accounts
Nine London clearing banks
117
1,122
243
1,653
Joint-stock banks of Finland
__
Due from abroad
Due to abroad
Deposits
Three commercial banks
_of
Decem- Februber
ary
lions of lire):
Cash
Bills discounted
Due from correspondents _
Due to correspondents
Deposits
1 nna
1 240
9,126 | 8,904
5 169
A 714
13,027
12,346
2,401
2,465
Tokyo b a n k s (millions of yen):
Cash on hand
123
2,628
1,975
2,807
Total loans
Total deposits
Total clearings
(millions of kroner):
Loans and discounts
Due from foreign banks_ _ _ _ __
Due to foreign banks
(millions of Finnish marks):
Loans and discounts
January
Four private banks of Italy (mil-
lions of dollars):
Gold coin and bullion !_
(millions of pounds sterling) :
Money at call and short notice
Advances and discounts _"
Investments
Deposits
February
1926
France (millions of francs):
Bills and national defense bonds _
Loans and advances
Demand deposits
Time deposits
14,779
5,102
21,699
310
Six Berlin banks (millions of reichsmarks) ;
Bills and treasury notes
Due from other banks
JVIiscellaneous loans
Deposits
Acceptances
14,202
4,483
20,162
297
134
2,647
1,973
3,122
105
2,618
1,944
4,193
116
2,449
1,959
3,246
1
Joint-stock banks of Norway (millions of kroner):
Loans and discounts
Due from foreign banks
Due to foreign banks
2,038
151
321
211
1, 919
Rediscounts
_ _
Deposits _
Joint-stock banks of Sweden (millions of kroner):
Loans and discounts
_
Foreign bills and credits abroad. _
Due to foreign banks
Rediscounts
4,260
170
132
91
3,534
4,230
164
132
188
3,453
4,319
193
146
147
3,598
Mortgages
Foreign bills
1,735
2,767
26
1,700
2,654
30
Savings deposits
249
675
1.475
252
651
1,431
Swiss Cantonal banks (millions of
francs):
Due from banks and correspondents
1,243
631
3,024
4,530
241
i
1
Not including gold held abroad.
DISCOUNT RATES OF 31 CENTRAL BANKS
[Prevailing rates, with date of last change]
Country
Rate
In effect
since—
Country
Rate
Austria
Belgium
Bulgaria
Czechoslovakia
Danzig
„_
Denmark
England
6
6
10
Feb. 5,1927
Feb. 9,1927
Aug. 31,1924
Estonia. . . . .
FinlandFrance
Germany
Greece
Hungary
India
Italy
8
5
5
5
Mar.
July
Juril
Dec.
8,1927
29,1926
24,1926
3,1925
5
11
6
7
7
In effect
since—
Oct.
Mar.
Feb.
Jan.
July
Aug.
Feb.
June
1,1926
22,1927
3,1927
11,1927
7,1926
26,1926
10,1927
18,1925
Country
Japan
Java
Latvia
Lithuania. ._
NetherlandsNorway
Peru
Poland.
Rate
5.84
6
7
7
3H
tA
m
In effect
since—
Mar.
May
Jan.
Feb.
Oct.
Oct.
Apr.
Mar.
9,1927
3,1925
1,1927
1,1925
2,1925
27,1926
1,1923
11,1927
Country
Rate
Portugal—..
Rumania
Russia
South Africa.
Spain........
Sweden
Switzerland.
Yugoslavia..
8
6
8
In effect
since—
July
Sept.
Apr.
Nov.
5 Mar.
4M Oct.
3M Oct.
6 June
27,1926
4,1920
—,1924
21,1924
23,1923
9,1925
22,1925
23,1922
Changes.—Czechoslovak National Bank from 5}4 to 5 per cent on March 8, 1927; Bank of Japan from 6.57 to 5.84 per cent on March 9, 1927;
Bank of Poland from 9 to %XA per cent on March 11, 1927; Bank of Finland from 11A to 7 per cent on March 22, 1927.
289
FEDERAL EESEEVE BULLETIN
APRIL, 1927
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month
1925
December. _.
Bankers'
acceptances, 3
months
Treasury
bills, 3
months
Day-to-day
money
Germany (Berlin)
Bankers'
allowance on
deposits
2-3
Private
discount
rate
4.67 I
4.90
3.51
January
February
March
April
May_._
June
July.
August
SeptemberOctober
November. _.
December
4.76
4.31
4.37
4.33
4.37
4.27
4.26
4.45
4.54
4.69
4.57
4.53
4.78
4.25
4.34
4.34
4.43
4.29
4.29
4.55
4.65
4.80
4.80
4.60
4.00
4.00
4.26
3.92
4.18
3.82
3.86
3.99
3.99
4.07
3.95
3.78
6.28
5.46
5.00
4.88
4.69
4.53
4.54
4.61
4.88
4.82
4.63
4.72
1927
January
February
4.16
4.18
4.21
4.32
3.76
3.93
4.21
4.28
1926
Month
1925
December
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
6.75
4.80
8.50
January
February
March
April....
May
June
July
August
September
October
November
December
6.71
6.59
6.75
6.75
6.65
6.65
6.70
6.75
6.72
6.64
5.77
4.34
4.57
4.27
4.25
4.25
5.15
5.73
6.00
7.00
6.98
7.25
6.69
5.77
8.18
8.00
8.00
8.00
8.00
8.17
8.50
8.50
8.50
8.96
9.25
9'. 25
1927
January.
February—...
3.90
3.99
4.99
4.45
9.25
9.25
1926
Money for Day-to-day
1 month
money
Austria (Vienna)
Private
discount
rate
Money
for 1
month
Private
discount
rate
Private
discount
rate
Money for
1 month
2.29
3.43
8.07
6.66
6.73
6.02
5.53
5.81
5.73 I
5.80
6.21
6.14
6.12
7.13
7.04
6.03
5.63
4.77
4.80
4.76
4.93
4.85
4.77
4.75
4.45
5.88
2.95
2.19
2.67
2.90
2.95
2.83
2.74
2.63
2.78
2.83
3.21
3.39
2.93
2.40
2.82
2.93
2.94
3.00
2.72
2.50
2.81
2.75
3.23
3.96
2.44
2.22
2.18
2.30
2.38
2.38
2.37
2.34
2.52
2.80
2.96
3.35
5.82
5.77
3.78
5.19
2.97
3.46
2.92
3.66
3.16
2.87
Sweden
(Stockholm)
Hungary
Prime
commercial paper
8^-12
(9)
io
- 3 ^
up
Day-to-day Loans
to 3
money
months
9 -10
8^-10
8^-10
7^
-
M
Discounted
bills
Call
money
overnight
7.12-9.13
4.56-8.94
7 ~ioy2
7 -11
6. 75-9.13
6.57-8. 76
6.57-8.40
6. 75-8. 76
6. 75-8. 76
7.12-8. 76
6. 94-8. 76
6. 75-8.40
6. 39-8. 40
6. 21-8.40
6.39-8.40
6. 75-8. 76
4. 56-8. 03
4.38-7.30
4. 75-7. 67
6.02-7.30
4. 75-7. 30
5.11-8.76
5.11-8.03
5. 84-7.48
4. 93-7. 30
5.11-7.12
4. 75-7.48
5.11-8.03
7
7
7
6 - 7
6 - 7
6 - 7
3^
7 -sy2
Japan (Tokyo)
7- «
io -ny2
9y2-wy2
7
Switzerland
8.07
10.29
6.75
Netherlands (Amsterdam)
6 ^ 7
6 - 71/
i For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1926. Rates for Belgium,
France, and Italy, added to this table in April, are from the same source as the figures for Switzerland—viz, Bulletin Mensuel, Banque National
Suisse—and are quoted in the same way.
290
FEDERAL EESEEVE BULLETIN
APIMI, 1927
GOLD MOVEMENTS
MOVEMENTS TO AND FROM THE UNITED STATES
[Amount in dollars]
Imports
Country of origin or destination
Exports
January-February
1927
1927
All countries
January-February
February,
February,
1927
1926
1927
1926
22, 308, 504
81, 663, 884
44, 766, 857
2,413,870
17,303, 735
6, 938, 244
6, 300,615
1,000
20,995, 872
1,000
70,940
353
1,065,559
13, 655,203
18,488
540, 857
7, 308,444
7, 308, 789
7,572
1,362,002
107, 613
415, 872
29, 352
39,336,813
217,964
997, 664
43, 242
27,665,038
319,842
824,598
30, 644
61,847
498,130
20,000
108, 899
501,130
643,123
93, 664
1,014, 491
1,013,215
54,049
76, 010
107,000
91,010
51,000
90,000
EUROPE.
France
Germany
Netherlands
Poland and Danzig
Spain
Sweden
„ _
United Kingdom
___
_.
_._
.
8. 9fin
2 420
i
NORTH AMERICA
Canada
Central America
Mexico
West Indies
--
..
---
SOUTH AMERICA
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
154
22,480
6,034
117, 062
77,326
234,003
2, 635, 386
278,093
181,490
413, 073
9, 789,949
187,309
193,499
789, 997
25, 085
75,225
55, 728
2,536
4,058
8,051
171,279
646, 696
171,279
- - - - -- - .
___
_.
995, 834
5,983
100,000
100,000
1,300,000
65,000
199,165
65,000
434,517
354, 510
1,317,749
110,000
218,159
110,000
492,019
290, 220
792, 253
ASIA AND OCEANIA
Australia
British India
British M!alava
China
Dutch Epst Indies
Hongkong
Japan
New Zealand
Philippine Islands
.
- -
.
-----
---
323, 634
6,000, 000
24,129
116,840
8,666,666
7,982
1,174
16,212
7,492
91,147
11,449
19, 894, 634
64, 360,149
37, 828, 613
42, 422
4,000,000
27, 494
361,353
1,765
AFRICA
Egypt
!VTo7aTTibiflue
All other countries
Net imports
-- -
-
-
---
-- - - -
MOVEMENTS TO AND FROM GREAT BRITAIN
[Amounts in pounds sterling]
Exports
Imports
Country of origin or
destination
All countries
Bplsium
T^pthprlands
Russia
Snain and Canaries
Switzprland
TTnitpd Statps
South AtrGrics,
February, January, February, January,
1927
1927
1927
1927
5,600, 690
51, 502
26,850
30,000
913
2,365,990
48,358
8,940
1,078
T^riti^Tl Tndifi
"Rritish "VCalQVEi
Egypt
Rhodpsiri
West Africa
_
All other countries
Net imports
Net exports
135,087
2,454,938
128,873
406,537
MOVEMENTS TO AND FROM INDIA
[Amounts in rupees]
111,454
2,138,900
54,108
3,152
3,180., 866
3, 736, 428
214,200
117,000
753,000
4,755
139,400
246, 500
1, 588, 820
119, 500
1,186,000
1,000
309,720
125,240
76, 070
10,000
138, 745
60,986
75,100
1,205
397,431
1, 352, 622
2,419,824
1,370,438
Imports
Country or origin or
destination
December,
1926
November, 1926
All countries
10, 046,197
England . _
2, 596, 666
France
United States
Aden and dependencies.__ 254, 247
27, 215
Arabia..
__
65, 764
Bahrein Islands
British Oceania
7,200
Ceylon
71,961
China
Java
_
Mesopotamia
__ . 441,804
16, 371
Straits Settlements._
East Africa
838,055
Egypt..
5, 726, 627
Natal
287
All other countries
9, 659, 529
9, 803,052
9, 626, 821
Net imports.
_
Exports
December,
1926
243,145
November, 1926
32, 708
1,747, 598
139,280
553,149
65, 516
129,480
40,430
20,150
108, 898
150
218,120
586, 847
78,058
67
1,157, 567
5,032,489
23, 608
1,417
32 558
291
FEDEBAL EESEEVE BULLETIN
APRIL, 1927
GOLD MOVEMENTS—Continued
UNITED STATES
GERMANY
GREAT BRITAIN
NETHERLANDS
SOUTH
AFRICA
(Tn thousands of dollars)
(In thousands of
reichsmarks)
(In thousands of
pounds sterling)
(In thousands of
guilders)
(In thousands
of pounds
sterling)
Month
1925
January
February
March
,.
April
May_
June
_..
July
...
August
September _.
October
November—.
December...
Total..
Imports
Exports
Net
imports
or exports
()
Imports
5,038
3,603
7,337
8,870
11,393
4,426
10, 204
4,862
4,128
50,741
10,456
7,216
73,526
50, 600
25,104
21, 604
13,390
6,713
4, 416
2,136
6,784
28,039
24,360
5,968
-46,997
-17,767
-12, 734
-1,997
-% 287
5,788
2,726
-2,656
22,702
-13,904
1,248
82,857
46,051
62, 602
68,087
78,755
54, 273
22,197
121, 644
30,441.
37,770
33, 542
3,050
128, 272 282, 640 -134,367
641,269
37,293
3,087
3,851
4,225
17,884
16, 264
21, 565
39,188
-4,768
-6,408
15, 544
14, 750
-17,764
-7,094
7,701
9,011
23,163
58,902
40,138
5,847
3,517
2,398
2,626
44,632
99,108
152, 572
69,110
77,277
3,454
3,108
3, 223
2,537
2,909
2,649
1926
Exports
2,476
2,775 43, 276
2,643 59, 959
2, 586 65, 501
2,764 75,991
2,824 51,449
2, 821 19.376
2,463 119', 181
3,760 26,681
4, 518 33, 252
4; 253 29, 289
3,410
-360
January
February
March
...
April—
May
June
July
August _-___,
September..
October....
November__
December..
19,351
25,416
43,413
13,116
2,935
18,890
19,820
11,979
15,987
8,857
16,738
17,004
5,070
29,743
23,081
1,156
7,727
7,196
Total..
213, 504
115, 708
97,796
579,290
36, 609
59.355
22; 309
14,890
2,414
44,466
19,895
59,142
2,203
1927
January
February...
9,343
3,346
Net
imports
or exports
()
2,662
3,649
3, 788
3,603
Imports
Net
Ex- imports
Imor
ex- ports
ports
4, 525
3,454
1,290
1,477
3,840
3,310
4,009
3,877
2,494
3,476
3,814
56,939
2,366
5,601
11,398
3, 736 -1,370
3,181 2,420
Production
Net
exports
3,508
3,208
3,499
3,337
3, 458
3,309
3,476
3,424
3,407
3,464
3,361
3,318
1,391
1,718
5,401
2,957
2,171
6,667
4,390
4,337
3,899
3,765
1,948
3,233
79, 991 105,710 -25,719
40,768
40,877
3,203
3,544
3,412
3,597
3,600
3,656
3,583
3,573
3,621
3,563
3,538
4,100
3,060
1,742
6,110
3,699
4,316
4,658
3,231
1,785
5,976
2,749
2,169
27,799 | 16,128 ! 11,671 42,285
43, 594
2,448 2,077 16,455
1,564 1,890
387 1,202
50
2,620 -1,330
1,539
70
717
760
216
497
1,408 2,432
672
126
1,003 2,307 2,512
1,276 2,733
822 5,009
1,841 2,036
338
149
1,031 1,463 1,990 ! 1,632
4,369 -893
1,443
372
5,053 -1,239
1,154 ! 433
3,824 -838
6,500
542, 6S1 38, 551 27,153
Net
imports
or ex-
5,679
907
2,682
6,365
-557
629
12, 560 -12,347
12,584 -12,572
24,131 -24,101
36,395
5,081 - 2 , 521
1,969
346
1,818 10,352
18 22,877
102 23,694
2,266 4, 799 - 2 , 533 6,586
591 9,047
4,414 3,823
1,863 3,015 -1,152
72
1,031 1,992 -961
213
2,650 2,634
12
16
5,620 1,616 4,004
30
8,932 3,271 5,661
296
2,803 2, 702
101 2,560
834 2,738 -1,904 2,315
5,412 10,175 - 4 , 763 12,170
3,506 8,542 -5,036 22,895.
2,179 4,368 -2,189 23,796
603? 976 41, 509 49, 675 -8,166
19,709
55,794
36,915
3,310
608
-251
18
41,970
96,162
348,923
65,322
73, 674
Exports
3,241
-815
1,489
146
175
-4,187
189
358
1,071
721
-6, 231
183 ! 3,058
SILVER MOVEMENTS
Imports to United
States
Country of origin or
destination
Exports from United
States
February,
1927
JanuaryFebruary,
1927
February,
1927
JanuaryFebruary,
1927
All countries._. $3, 849,346
$9,000,403
$6, 232, 872
$13, 621,067
France
._
Germany
Spain
United Kingdom
Canada
Central America
Mexico
West Indies
Bolivia
Chile
__
2,214
14, 230
362,045
119, 957
2, 070, 385
21,165
81, 778
8,369
109
3,981
15,158
717,161
242,023
5, 345, 777
34, 584
82, 634
326, 623
133, 265
283, 779
508,162
127, 558
820, 744
265,800
86, 505
1, 512
167, 604
2, 252
Imports to United
States
Country of origin or
destination
February,
1927
JanuaryFebruary,
1927
Colombia
$8,163
1,045,184
Peru
Venezuela
_
British India _
1
China
107.783
Dutch East Indies _
Mozambique
1
7.411
All other countries.__
9,031
$8,991
2,055,114
Net imports
Net exports
374
107,783
17,285
34,437
Exports from United
States
February,
1927
JanuaryFebruary,
1927
$5, 216
$2, 943, 351
2, 427, 984
6,349,961
5, 715, 658
4,535
10,053
2, 383, 526
4, 620, 664
292
FEDERAL RESERVE BULLETIN
A P R I L , 1927
FOREIGN EXCHANGE RATES
RATES PUBLISHED BY THE TREASURY
[In cents per unit of foreign currency1]
February, 1927,
average
March, 1927
Unit
Country
March, 1926,
average
Average
Par
Low
High
Rate
Per
cent
of par
Rate
100.03
100.00
3.75
14.0841
13.9023
.7242
2,9618
26. 6495
485. 0282
2. 5208
3. 9232
23. 6977
1.2979
17. 5314
4. 3182
Per
cent
of par
Rate
Per
cent
of par
EUROPE
Austria
Belgium
Bulgaria
Czechoslovakia
Denmark
Enizland
Finland...
France
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portugal
Rumania
Spain
Sweden
Switzerland
Yugoslavia
_.
._
_..
.
-
Schilling
_
Belga
Lev
_
Crown
Krone
Pound
Markka
Franc
Reichsmark
Drachma
Pengo
Lira
Florin
Krone
Zloty
Escudo
Leu
Peseta
Krona
Franc
Dinar
- .
14.07
13.90
19.30
14. 0640
14. 0890
13. 9000
13.9000
. 7230
.7271
2. 9613
2. 9619
26.6400
26.80
26. 6600
486. 65 485.0800 485. 6800
2. 5199
2. 5214
2.52
3.9100
19.30
3.9200
23.82
23.7000
23. 7300
1.
2872
1.2913
19.30
17.4800
17.49
17. 5400
4.
3600
4.
6000
19.30
40.0000
40. 0300
40.20
25. 9300
26.1600
26.80
11. 3000
11.4700
19.30
5.1100
5.1400
108. 05
.5924
.6826
19.30
16. 7700
18.0600
.- 19.30
26.7000
26. 7800
26.80
19. 2300
19. 2400
19.30
1. 7581
1. 7604
19.30
-
-
14.0738
13.9000
.7246
2.9616
26. 6456
485.4025
2. 5205
3.9126
23. 7137
1. 2898
17. 5074
4. 5059
40. 0137
26.0474
11.3703
5.1170
.6128
17. 4088
99.42
99.74
100.02
20.27
99.55
6.68
100.10
23.35
99.54
97.19
58.91
4.74
3.18
90.20
26. 7452
19. 2359
1. 7593
100.10
100.02
3.75
99.80
99.67
9.12
5.1155
. 5743
16. 7805
26. 6864
19. 2318
1. 7605
99.44
99.67
100. 03
20.33
99.49
6.72
100. 24
22.37
99.51
96.18
58.75
4.73
2.98
86.95
99.58
99. 659.12
40.0041
25. 7759
11.3391
14.0607
4. 2341
. 7204
2 9618
26.1130
486 0825
2. 5216
3. 5804
23. 8030
1 3744
17. 5552
4. 0156
40.0689
21.4670
12. 6888
2
99.93
21 94
3.73
97 44
99 88
100. 06
18.55
99.93
7 12
100.37
20.81
99 67
80.10
65.75
5.1330
.4234
14. 0933
4.75
2.19
73.02
26. 8125
19. 2518
1. 7611
100. 05
99.75
9.12
NORTH AMERICA
Canada
Cuba
Miexico
Dollar
Peso
100. 00
100. 00
49.85
99.8028
99.9531
46. 9667
100.1163
100.0875
47.0667
99.9019
100. 0265
47. 0084
99.90
100. 03
94.30
99. 8382
100. 0679
47.0737
99.84
100.07
94.43
99 6301
99.9542
48. 5585
99 63
99.95
97.41
96.48
32.44
12.17
103.42
95. 6100
11.8200
11. 9800
100.8800
96.3000
11.8700
12. 0500
101. 7700
95. 9811
11.8452
12.0041
101. 2763
99.48
36.51
98.64
97.93
94. 7186
11. 8382
12. 0005
101. 4623
98.17
36.49
98.61
98.11
90.3333
14.4893
12.0815
102.1818
93.63
44.66
99.27
98.80
2 48.11
3 66. 85
s 47. 77
48.66
49.85
56.78
43.0900
59.1300
47.9100
36.1900
48. 9300
55.9200
45. 0600
61.9100
49. 6100
36. 3700
49. 2500
55.9600
44.1341
60. 5048
48. 6855
36. 3004
49.1411
55. 9556
91.74
90. 51
101 92
74.60
98.58
98.55
46. 5273
63. 7764
50.3605
36.2968
48. 8350
55. 9623
96.71
95.40
105 42
74.59
97.96
98. 56
52. 8466
72. 7118
56 3130
36. 5756
45 3915
56. 6256
109. 85
108. 77
117. 88
75.17
91.06
99.73
_
do
SOUTH AMERICA
Peso (gold) . _
..
Milreis
_
Peso
. .
Argentina
Brazil .
Chile
Uruguay
do
ASIA
China
Do
Hongkong
India
Japan
Straits Settlements
Mexican dollar
Shanghai tael
Dollar
Rupee
Yen
Singapore dollar
OTHER RATES
[In cents per unit for foreign currency]
Recent
quotations *
Country
Bolivia
Columbia
Danzig
Ecuador
Egypt
Estonia
Java
Unit
Boliviano
Peso
Gulden
Sucre.
Egyptian pound
Estmark
Florin
Par
38.93
97.33
19.47
48.67
494. 31
40.20
Recent
quotations <
Country
Rate
Date
34.00
97.44
19.39
18.31
497. 36
.27
40.16
Mar. 25
Mar. 25
Dec. av.
Mar. 25
Feb. 28
Mar. 11
Mar. 25
Unit
Par
Rate
Latvia
Lithuania
Peru
Russia
South Africa
Venezuela. .
Lat
Litas
Libra
_. Chervonetz
- , Pound
Bolivar
19 22
19 30
10.00
9 90
486. 65 365.00
514. 60 515.00
486. 65 486.42
18.75
19.30
Date
Mar
Mar.
Mar.
Mar.
Mar.
Mar.
11
11
25
25
11
25
12 Noon buying rates for cable transfers in New York.
Rate on franc.
3 Silver currency. Parity represents gold value of unit in 1913, computed by multiplying silver content of unit by New York average price of
silver for 1913. This average price was $0.61241 per fine ounce, which compares with an average price of $0.55620 for March, 1927, $0.58210 for February , 1927, and $0.66223 for March, 1926. The corresponding London prices (converted at average rate of exchange) were $0.56096, $0.58765, and
$0.66340.
4
For these currencies, in the absence of Treasury quotations, rates are taken from the New York Journal of Commerce, except as follows:
Danzig, League of Nations Bulletin; Egypt, Federal Reserve Bank of New York; Estonia and Latvia, computed from rate published in London
Economist; Lithuania, U. S. Consular Reports; South Africa, London Economist
293
FEDERAL RESERVE BULLETIN
APRIL, 1927
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
[Pre-war=100]
Europe
I
Month
Austria
(gold
basis)
Bel-
Bulgaria
1925
October
November. ___
December—
„_
127
125
125
575
569
565
2,823
2,822
2,913
1926
January
February--.
March
April
May.
June
July.,.
August
September..
October
November..
December
122
120
119
119
118
124
126
126
123
125
128
127
560
556
583
621
692
761
876
836
859
856
865
860
2,901
2,899
2,844
2,774
1927
January
February...
March
130
130
856
854
England
Czecho- Den1 (Board
sloof
vakia * mark
Trade)
2,842
2,838
2,759
2,723
2,716
2,739
2,718
2,706
Russia
1925
October
November.
December—
1926
January
February
March
April
May.
June
July—.
August
September
October
November
December
_
—
..._
—
„
1927
January
February..
March
Germany 8 Hun(Federal gary
FederStatis- al Re- Statis- (gold
basis)
tical
tical
serve Bureau)
Bureau Board
Italy
Netherlands
(<££)
Poland *
977
977
163
158
160
154
153
152
1,121
., 118
,120
572
606
633
482
498
518
143
141
140
131
129
130
716
154
712 I 154
715 ! 155
221
217
218
128
137
155
950
938
923
928
926
948
963
973
972
978
978
157
151
145
141
141
140
141
143
141
145
150
145
151
149
144
144
145
146
149
149
151
152
152
146
,094 j
,091
,081
.,081
1,070
,079
,079
,093
,095
1,097
1,101
634
636
632
650
688
739
836
770
787
752
684
627
527
540
545
565
597
631
704
691
691
695
662
592
136
134
133
133
132
132
133
134
135
136
137
137
127
125
123
123
122
122
123
122
122
125
127
126
708
704
693
692
698
709
724
740
731
712
709
681
153
14S
V15
143
143
144
J41
139
140
143
147
147
214
211
204
198
196
195
196
196
197
188
182
176
154
158
158
178
197
191
181
188
190
192
193
195
979
975
141
140
139
144
143
1,103
1.103
622
591
595
136
103
127
661
658
145
144
170
165
195
197
L,092
North and South
America
Europe—Continued
Month
Finland
France
United
States
(Bureau
Switzer
Spain Sweden land* of Labor Canada
Statistics)
Asia and Oceania
Peru
China Dutch
AusEast
tralia (ShangIndies
hai)
Africa
India
(Calcutta)
Japan
(Tokyo)
New
Zealand
Egypt South
(Cairo) Africa
174
175
179
187
186
187
154
155
156
159
157
157
158
158
156
156
161
164
205
204
203
165
170
159
158
158
158
161
159
200
198
194
162
161
160
153
145
140
124
183
190
194
196
197
189
183
182
180
179
178
178
186
183
183
179
179
177
178
180
178
179
185
186
153
152
149
150
151
150
148
147
146
148
148
150
156
155
151
148
147
145
145
146
146
145
147
148
156
155
152
151
152
152
151
149
151
150
148
147
164
162
160
161
157
156
156
154
153
151
152
151
206
205
204
204
206
204
204
204
202
202
198
199
161
160
163
168
167
163
162
162
158
154
155
155
164
163
164
163
160
156
157
161
164
171
174
172
159
154
151
149
146
147
145
147
146
144
146
146
192
188
184
181
177
177
179
177
175
174
171
170
159
159
157
156
156
155
156
154
153
153
151
153
134
134
134
133
128
139
129
129
124
178
179
186
146
146
146
145
147
147
146
151
150
199
203
205
146
148
170
171
i First of month figures.
160
157
156
156
155
156
155
154
173
172
1
120
122
129
130
130
126
126
124
128
New index.
The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers
of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the Board, and may be
had upon request.
Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number
of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN.
294
FEDERAL RESERVE BULLETIN
APRIL, 1927
WHOLESALE PRICES—Continued
GROUPS OF C O M M O D I T I E S
(Pre-war=100)
U N I T E D STATES—BUREAU OF LABOR STATISTICS
All comFarm
modities products
Month
1926—February
March
April
May
June
July
August
September
October
November
December
1927—January
February
„
_
Foods
Clothing Fuel and
materials lighting
Metals
Building Chemiand
and
metal materials cals
drugs
products
House
furnishing
goods
NonAgriagricultural cultural
Miscellaneous
155
152
151
152
152
151
149
151
150
148
147
150
144
145
144
144
141
138
141
138
135
135
153
151
153
154
157
154
151
152
152
151
151
184
181
177
176
175
173
175
175
172
170
169
179
175
174
179
179
177
180
182
184
190
183
128
128
127
125
125
126
127
127
127
127
126
177
176
173
172
171
172
172
172
172
174
173
132
132
130
131
131
131
131
131
129
129
128
164
164
163
162
162
161
161
160
160
160
159
133
128
127
125
123
123
122
120
119
118
118
152
148
149
149
151
148
145
146
143
141
142
157
155
153
153
153
152
153
154
153
154
152
147
146
137
137
150
148
167
169
180
177
124
122
170
168
122
122
157
158
118
119
143
144
150
148
ENGLAND—BOARD OF T R A D E
[
Food
All commodities
Month
1926—February
September. _
October
November
_ ._ _ „
December
Total
149
151
152
152
148
1927—January
February.
144
143
Cereals
Meat
and fish
Other
foods
Total
159
153
157
157
155
148
148
152
156
151
155
153
153
163
161
161
154
152
149
147
163
149
141
166
156
152
Not food
170
158
Other
Iron and minerals
and
steel
metals
144
150
149
150
141
118
127
138
137
128
132
135
131
127
Other
textiles
Cotton
Miscellaneous
131
171
176
185
149
174
163
147
141
135
172
156
149
145
156
153
153
145
144
143
138
134
134
137
152
144
152
142
FRANCE—STATISTICAL BUREAU
Foods
All commodities
Month
1926—February
September
October
November • , _.
December-
•
_
_. _.
1927—January
February._
.
Animal Vegetafoods ble foods
Total
Sugar,
coffee,
cocoa
Minerals Textiles Sundries
Total
636
787
684
627
546
722
710
657
610
536
576
541
810
567
825
708
840
799
646
846
925
996
591
786
697
675
706
641
769
873
593
572
695
610
754
622
632
618
630
566
583
631
641
729
730
721
731
709
652
737
745
752
__
Industrial materials
643
768
763
748
664
693
631
780
815
682
.681
Animal
produ
Fodder
Total
Coal
Iron
N onferr ous
metal*3
Textiles
Hides ai
leathe
136
134
135
136
137
137
122
132
134
140
143
144
111
137
139
150
163
152
120
126
128
125
120
120
150
144
146
149
157
162
104
108
116
130
141
141
133
134
132
129
129
128
134
129
130
129
128
128
132
133
134
135
135
135
124
124
124
124
127
127
122
119
118
117
115
114
167
148
150
141
138
136
113
118
120
120
121
122
127
122
122
122
124
124
136
140
154
117
149
142
129
129
135
125
111
139
123
125
O
v
3
a
111
Total
I
—a
Buildinj
maten
i
_ ©
91
83
84
84
81
83
129
132
131
131
131
132
103
52
55
56
51
48
159
14H
147
147
147
149
148
144
147
147
147
148
158
145
144
144
144
142
137
130
130
130
130
130
174
157
155
155
154
152
86
132
49
149
150
142
129
151
Produce
goods
Consum
goods
Cattle
o
O
I
a
Rubber
o
o
Vegetab
foods
1926—January
August „
September..
October
November..
December..
1927—January
en
Total
Month
Industrial finished products
Industrial raw materials and semifinished products
Agricultural products
Artificia
fertiliz
Technic
oils an
fats
ties
GERMANY—FEDERAL STATISTICAL BUREAU
FEDEKAL RESERVE
APRIL, 1927
295
BULLETIN
RETAIL FOOD PRICES AND COST OF LIVING
RETAIL F O O D P R I C E S
[Pre-war=100]
European countries
United
States
(51
Austria
Belcities) (Vienna)» gium 2
1925
Oct . .
Nov...
<Dec
158
164
162
1926
Jan
Feb
Mar...
Apr
May. „
June
July...
Aug...
Sept...
Oct.—
Nov...
Dec...
161
158
157
159
158
157
154
153
155
157
158
159
1927
Jan..
Feb
Mar
156
]53
144
Other countries
Eng- France Ger- Greece Italy
Bul(Migaria land s (Paris) many (Athlan)
ens)
Netherlands
Norway
Eussia 3
Switzerland
Canada 3
Aus- India New
Zeatralia (Bombay) land
South
Africa
146
148
2,698
2,698
2,785
172
172
174
433
444
463
151
147
146
1,597
1,676
1,718
646
649
660
149
149
148
228
223
221
215
217
224
168
168
167
147
151
158
157
156
155
148
149
151
155
156
154
119
117
116
119
117
114
114
113
116
115
117
116
117
117
118
341
141
137
139
146
155
177
187
184
194
204
206
2,773
2,771
2,719
2,652
2,808
2,717
2,713
2,637
2,641
2,597
2,618
2,598
171
168
165
159
158
158
161
161
162
163
169
169
480
495
497
503
522
544
574
587
590
624
628
599
143
142
141
142
142
143
145
146
145
145
148
150
1,760
1,738
1,805
1,821
1,817
1,870
1,849
1,871
1,890
1,933
1,986
1,973
681
676
654
645
664
657
654
660
652
654
630
631
148
148
147
146
146
146
146
146
145
146
147
146
216
212
205
198
195
194
198
196
193
151
186
184
220
230
234
241
250
243
238
234
231
230
234
235
165
163
161
161
159
159
159
157
158
160
159
159
157
155
154
153
152
149
149
150
147
147
148
151
155
154
159
163
163
162
159
157
155
153
155
158
151
150
151
150
150
152
155
153
152
153
152
154
154
153
152
151
151
151
149
149
148
147
146
149
116
117
118
119
119
118
117
117
117
120
119
117
119
119
207
2,586
167
164
162
592
585
151
1/52
625
147
147
174
177
235
237
158
157
153
151
158
155
152
152
148
116
117
COST OF LIVING
[Pre-war=100]
European countries
Massachu- Bel- Czech- Eng- Estooslosetts gium
vakia Iand3 nia
1925
Oct
Nov..
Other countries
NethSwit- Can- Aus- India
Fin- France Ger- Greece Hun- Italy
South
(Mi- er- Nor- Po- Spain Swe- zer- ada
3 tra- (Bom- Africa
land (Paris) many (Athden land
ens) gary lan) lands way land
lia bay)
Dec.
162
165
533
.534
534
863
866
176
176
177
108
107
109
1,228
1,227
1,197
421
141
141
1,547
1,610
1,644
124
123
123
643
643
649
1926
Jan
Feb..
MarApr
MayJune .
July..
Aug..
Sept.
Oct.Nov
Dec.
164
163
161
161
159
159
159
158
158
158
159
159
527
526
521
529
558
579
637
681
684
705
730
741
854
845
832
832
837
861
876
878
878
888
902
912
175
173
172
168
167
168
170
170
172
174
179
179
130
110
110
111
110
110
111
110
108
107
1,166
1,175
1,172
451
1,163
1,159
1,175 ""485
1,183
1,213
1,203
539
1,197
1,193
1; 197
545
140
139
138
140
140
141
142
143
142
142
144
144
1,673
1,664
1,706
1,731
1,741
1,791
1,808
1,818
1,833
1,862
], 895
1,889
122
121
119
119
118
116
117
116
114
114
116
116
665
661
647
642
652
650
649
652
647
672
657
657
158
755
770
771
914
1,187
1,189
119
655
144
1927
Jan
Feb
Mar..
162
157
875
175
172
171
144
145
1 New index, on gold basis, July, 1914=100.
152
177
234
174
225
171
218
164
217
168
213
189
157
173
186
183
168
149
168
168
153
152
154 "l55"
153
155
155
154
154 "l57"
153
152
150 "l6l"
150
150
149 'IBs'
149
150
151
155
154
155
153
153
155
157
155
155
155
154
156
131
131
131
131
132
131
130
130
130
131
131
129
156
130
155
155
130
170
171
169
177
185
184
178
181
189
193
197
199
188 174
183
185
187 ~~173~
183
183
186 "172"
178
187
190 ~"l7i~
191
193
167
165
163
162
160
160
160
159
159
160
159
159
202
196
158
152
158
151
201
2 1921=100.
175
8
171
.
132
131
131
First of the month figures.
NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April,
1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible.
296
FEDEKAL EESEEVE BULLETIN
APRIL,
1927
BANKING AND FINANCIAL STATISTICS
FEDERAL RESERVE BANKS
AVERAGE DAILY CONDITION FOB FEBRUARY AND JANUARY, 1927
[Amounts in thousands of dollars]
Total bills and securities
Total cash reserves
Federal reserve notes Reserve percentages
in circulation
Total deposits
Federal reserve bank
February
Boston
New York
Philadelphia
Cleveland
Richmond
\tlanta
Chicago
-->
St Louis
Minneapolis
Kansas City_Dallas
San Francisco
. .-_
Total* 1927
1926
1925
1924 . .
1923
1922 .
1921
. .
January
February
January
February
January
February
February January
January
80,407
219,365
80,651
104, 532
41,190
43,376
164,631
46,484
31,310
52,021
40,169
103,488
85,892
268, 682
92,018
127,645
42,605
55,149
183,240
49,656
33,349
56,281
44,478
107,528
207,566
1,088,787
206,401
302,005
112,469
196, 703
402, 723
88,265
87,981
109,566
75,759
259,512
216,416
1,058, 831
197,655
282,751
113.008
183', 313
396, 871
85.315
89, 795
105,185
72,343
263,023
149.134
856,053
139,360
183,035'
72,276
72,531
329,680
83,754
50,759
91,425
63,763
174, 690
148,810
885, 641
141,195
182,290
73,335
72, 723
331,215
83,325
52,278
90,880
62,156
176,356
128,006
410,896
122,031
200,149
74, 635
161, 644
213,835
45,403
63,981
68,440
42,629
173,054
141,467
402,794
123, 896
207,877
78,623
160,297
230,689
47,004
66,346
70,191
45,960
178,655
74.9
85.9
79.0
78.8
76.6
84.0
74.1
68.3
76.7
68.5
71.2
74.6
74.6
82.2
74.6
72.5
74.4
78.7
70.6
65.5
75.7
65.3
66.9
74.1
1,007,624
1,176, 328
1,050,323
921,588
1,152, 862
1, 215,221
2, 869, 233
1,146,523
1,231,337
1, 072,077
1,000,668
1,191,191
1,304,165
3,034, 655
3,137, 737
2,925,529
3,041,913
3,239,282
3,208,682
3,070,045
2,343,537
3,064,506
2, 922,466
3, 072, 677
3,241,596
3,201,969
3,043, 984
2,287, 274
2,266,460
2.274, 728
2,233, 531
1,954,479
1, 969, 757
1, 814,446
1, 804,476
2,300,204
2,289,293
2, 276, 911
1,979,913
1, 981, 717
1,800, 989
• 1,822,600
1,704,703
1,675,586
1, 714,929
2.034, 540
2, 244. 733
2,176,529
3,068,578
1,753,799
1, 736,65'3
1, 754,356
2,112, 873
2,288,527
2,272,057
3,177, 656
79.0
74.1
77.0
81.2
76.1
76.9
149.6
75.6
72.5
76.2
79.2
75.0
74.7
147.5
i Calculated on basis of net deposits a n d Federal reserve notes in circulation.
FEDERAL RESERVE B A N K S — R E S O U R C E S AND LIABILITIES, BY W E E K S
RESOURCES
[In thousands of dollars]
Boston
New
York
Phila- Clevedelphia land
1,560,960
1,534,183
1,573,277
1,689,080
104,510
103,247
102,196
110,347
408,877
368,796
372,279
458,722
115,133
115, 822
120,216
123,903
38, 751
43,204
47,442
46,481
4,618
5,174
6.479
8,003
11,670
10,419
5,739
6,153
1,599,711
1,577,387
1,620, 719
1,735,561
108,406
107, 865
107,370
116,826
621,859
633,998
599,876
524,085
34,316
43,828
42, 729
43, 818
151,648 59,044 67,033 22,920 32,018
135,788 57,011 82,696 19,920 31,584
139,379 51,562 67,529 23,476; 27,972
62,795 54? 795 58,331 26,348! 27,822
761,528
770,201
792, 066
764,095
32,635
33,172
34,329
34,389
501,468
515,690
529, 669
506,429
27,921
27,449
27,913
27,541
2, 983,098
2, 981,586
3,012, 661
3, 023, 741
175,35'
184,865
184,428
195,033
1,069,996!
1,031,944
1,051,746
l,036,932 !
207,837
206,435
206,589
213,841
Total
Gold with Federal reserve
agents:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Gold redemption fund with
U. S. Treasury:
Feb. 23
Mar. 2-___
Mar. 9
Mar. 16—_
Gold held exclusively against
Federal reserve notes:
Feb. 23
—
Mar. 2
_„.
Mar. 9__
Mar. 16
Gold settlement fund with
Federal Reserve Board:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Gold and gold certificates held
by banks:
'Feb. 23.._
-.
Mar. 2_
Mar. 9
Mar. 16
Total gold reserves:
Feb.
Mar.
Mar.
Mar.
23
2
9.
16_-._
„-
7,602
416, 880
380,466
382,698
467,708
120, 872
121, 975
127,114
131,505
Richmond Atlanta
Chicago
St. M i n n e - Kansas
Louis apolis
City Dallas
San
Francisco
62,973
67,623
66,451
73,177
153,129
151,626
157,537
157,852
177,454
177,425
197,385
197,385
29,896
29,752
32,395
31, 707
60,406
60, 958
60,679
60,450
62,128
64,362
66,818
66,290
35,029
36, 485
37, 725
37,048
184,190
181,001
173,266
186,430
3,774! 1,383
4,9091
698
4,415
851
3,690
978
1,902
2,237
2,146
2,185
4,
4,107
8,202
7,168
1,541
1,204
1,094
1,316
1,224
1,462
1,517
1,492
2,696
3,108
3,261
3,422
1.130
1,252
1,211
1,250
2,465
1,786
2,254
1,913
31,437
30,956!
33,489|
33,023
61,630 64,824 36,159
62,420 67,470 37, 737
62,196 70,079 38,936
61,942 69,712 38,298
186,655
182,787
175,520
188,343
132,938
142,183
121,413
127,260
18,647!
21,709!
23,1181
15,842
12,978 38, 799
16,573 31,156
16,010 29,615
14,332 27,905
55,967
56,994
58,720
58,805
17, 216
15,536
15,902
15,912
371,357
380,709
385,720^!
390,618
67,300;
68,201!
72,509:
64,777!
167,235
177,086
186,330
185, 769
171,009
181,995
190,745
189,459
64,356
68,321
67,302
74,155
52,544 12,091
53,608 12,049
54,425 12,134'
55,207 4,490
290,586
318,299
312.699
302, r ^
99,367:
100,290'
102,912
104,993
155,031 182,452
153,863 181,532
159, 683 205,587
160,037 204,553
4,199
4,198
4,455
4,440
191,248
189,645
192,110
192,299
6,513
6,477
6,759
7,110
24,072
24,469
20, 703
24,231
7,633
7,523
7,306
7,715
8,762
8,796
81,121 111,256
85,470 106,149
84,965 107,000
83, 384 105,332
68, 889
70, 900
68,401
71,325
27,446
27,081
36,370
40,606
8,658 34, 683
28, 811
31, 692
33,261
248,784
238, 679
243, 582
262, 210
APRIL,
297
FEDEKAL BESERVE BULLETIN
1927
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Reserves other than gold:
Feb. 23_._.
Mar. 2
Mar. 9
Mar. 16
Total reserves:
Feb. 23
Mar. 2
Mar. 9
M a r . 16
Nonreserve cash:
Feb. 23
Mar. 2—
Mar. 9
M a r . 16
Bills discounted:
Secured b y U. S. Government obligations—
Feb. 23
~Mar. 2
Mar. 9
__..
M a r . 16
_.
Other bills discounted—
Feb. 2 3 . . .
M a r . 2_
Mar. 9
Mar. 16
Total bills discounted:
Feb. 23
,
Mar. 2
Mar. 9
M a r . 16
.—
!
Bills bought in open market:
Feb. 23
Mar. 2
Mar. 9
Mar. 16—_._
U. S. Government securities:
Bonds—
Feb. 2 3 —
-----Mar. 2
Mar. 9
_._
Mar. 16
Treasury notes—
Feb. 23
Mar. 2
Mar. 9.
M a r . 16
Certificates of indebtedness—
Feb. 23
Mar. 2
Mar. 9
M a r . 16
Total U. S. Government securities:
Feb. 23
Mar. 2
Mar. 9
M a r . 16
Other securities:
Feb. 23
M a r . 2_
Mar. 9_
Mar. 16
Total bills and securities:
Feb. 23
Mar. 2
Mar. 9
M a r . 16
—
Due from foreign banks:
Feb. 23
Mar. 2_
Mar. 9
M a r . 16
Uncollected items:
F e b . 23
Mar. 2
Mar. 9
M a r . 16
157, 938
162,328
160,619
161,144
Boston
19,716
19,"
20,787
21, 751
NewYork
Phila- Clevedelphia land
Rich- Atlanta
mond
Chicago
St.
Louis
apolis
Kansas
City Dallas
San
Francisco
32,059
32, 652
33,815
32, 786
4,258
4,649
4,464
4,133
10, 2431
12, 857
10, 899
12, 325
10,597
10, 577
9,847
10,133
10,802!
11, 264
11,743
11, 391
25, 086
25, 757
24,693
24,164
19,027
18, 815
19,038
19,161
4,106
4,087
4,083
4,085
5,119
5,032
4,966
5,186|
8, 218
7,812
7, 746
8,341
8, 585
8,472
8,283
3,141,036 195, 073 1,102, 055
3,143, 914 204, 700 1,064,, 596
3,173,280 205, 215 1,085,561
3,184, 885 216, 784 1,069, 718
212, 095
211, 084
211,053
217, 974
300,829
331,156
323, 598
315, 322
109, 964
110,867
112,759
115,126
202,050
200, 909
203,853
203, 690
396, 943
406,466
410,413
414,782
86, 327
87, 016
91, 547
83, 938
85, 227
89, 557
89,048
87,469
116,375
111, 181
111, 966
110,518
76, 973
79,118
76,213
79, 071
257,125
247, 264
252,054
270,493
3, 252
4, —
3,908
5.17"
5.878
5,794
5,807
4,420
3,918
4,446
3,
8,406
9,122
9,563
9,790
4,448
4,259
4,001
4.095
1,125
956
1,105
1, 201
1,863
1.896
2,437
2,337
2,421
2,298
2,507
2,493
3,678
3,443
3.917
3,780
21,368 1,958
20, 505 1, 908
21,026| 1. 871
19, 0731 1, 891
66,126
66, 755
68, 554
67, 896
7,309
7,773
7,966
7,979
210,357
240,074
175,457
14, 547
18, 824
18,892
18,405
62, 761
86,103
90,801
35, 532
19,139
20,696
19, 366
17, 588
27,965
23,782
19,184
26,193
6, 745
7,248
8,279
5,818
853
2,633
3,554
3,804
37,027
42, 556
49,011
35, 625
6,794
7, 915
3,643
6,081
423
394
292
647
4,857
2,207
1,681
2,641
1,418
677
597
1,492
27,828
35,448
24, 774
21, 631
187, 572
186,161
175,86(
155.065
20, 714
16,
17,
8,312
26,574
28, 610
22,321
14,034
14, 694
13,633
14,639
16,025
16, 263
12,790
11,793
11,788
16,134
16,349
14,908
14,002
24, 519
27, 254
24,426
27, 039
28,268
32,279
31, 517
26.358
9.596
8,592
7,141
7,110
3,768
2, 915
2,759
2,
5, 559
5,306
5,370
6,788
2,123
2,127
2,112
2,119
19,360
20, 646
20,971
18,625
397,929
434,644
415, 939
330, 522
35, 261
34,484
36, 800
26,717
89,335
114,713
113,122
49,566
33,833 44,228
34,329 36, 572
34,005 30.977
33,613 37,981
22,879
23, 597
23,187
19,820
25, 372
29,887
27, 980
30,843
65, 295
74,835
80, 528
61,983
16,390
16,507
10,784
13,191
4,191
3,309
3,051
3,512
10,416
7, 513
7.051
9,429
3,541
2,804
2,709
3,611
47,188
56,094
45,745
40,256
280,189
289,023
264,685
218,870
46,038
40,268
32,258
27, 916
53,533
79. 839
76,340
42,672
20,360
17,138
13,981
13,625
29, 951
27,223
23,620
22,454
10,610
10,664
9,645
9,014
13,474
12,230
11,391
11,284
37,886
34,136
32,583
31,135
9,857
8,658
8,723
8,843
9,771
9,619
9,078
7,951
13,601 12,140 22,968
12,694 9,87: 26,682
12,068 9,286 25,712
11,527 9,193 23,256
56, 788
58, 888
65,413
58,364
964
1,478
1,246
1,130
2,683
3,
4,595
4,859
708
708
887
911
2,665
2,665
3,143
3,191
1,338
1,337
1,548
1,577
277 20, 586
240 20,587
267 21, 538
28 21, 944
4,081
4,611
5,404
4,140
7,783
7,783
8,106
5,092
8,641
9,142
9,794
10,134
6,237
6,249
7,002
3,346
825
825
1,883
2,012
93,075
94, 687
80, 251
61,394
2, 741
2,754
2,139
1,169
14,489 15,723 11,845
15, 809 15, 723 11, 945
11,059 15,403 11,088
7,027 4,654 9,977
1,649
1,649
1,270
1,567
1,577
1,584
379
7,957
7,957
7,066
7,772
2,449
2, 449
1,869
4,246
5,366
5,366
4,197
2,578
5,071
5,071
3,870
6,277
16,859
16, 859
14,963
12,750
155, 345
157, 399
161,265
355,582
6,137
6,366
36,946
38, 546
38,464
3,497
3,497
21, 988
21, 988
22, 367
30, 748
4,073
4,073
4,241
4,968
389
404
469
1,553
13, 561
13, 561
14,078
17,886
12, 935
12, 932
13,463
13,246
21,191
21,191
22,030
20, 658
19, 928 36, 498
19, 928
19, 928 36, 598
17,572 43, 916
7,060
7,059
7,059
7,371
2,233 46,361
2,221 46, 741
2,320 46, 541
V
74, 235
27, 568 24, 240
28,069 24, 252
38, 875
38, 875
38, 876
35,420
305, 208
310, 974
475, 340
12, 977
9, 842
10, 598
9,774
15,276
12,007
54,118
57, 618
54,118
170, 872
2,0001
2,000
2,000
2,000
1,036, 641
989, 553
1,026, 732
6,249
18,416
18, 626 9,966 6,249
19, 260 10,360 6,506
48, 552 21. 914 12,087
22,004
22, 534
22, 830
33, 826
16,481
16,481
16, 481
21,425
24,335
30, 598 22, 869
2,0001
2,000|
2,000
2,000
91,141
85,350
78, 832
76,121 110, 677
252,170 73,395 100,393
243, 580 69,914 91,195
263,110 66, 810 104,351
36,205
41,079
44, 338
41, 691
44,087
149, 542
155, 712
159,652
167,353
48, 251
47, 699
42,337
55,860
30,443
29, 409
28, 610
32, 888
51, 585
48, 276
47,188
51, 554
50,234
54,280
49,871
69,671
27,419
26, 821
28,438
36,487
72, 071
93,372
82, 718
112,842
31,160
33,310
31, 436
39,993
13,566
12, 058
11,931
13,006
45, 246 29,386
43, 522 27,267
47,188 31,235
40, 549
41,320
39, 921 109,031
36, 928 121, 651
36,330 110,333
35, 673 98,932
659
659
658
659
659
659
658
659
610, 228
693, 213
616,499
844,454
7,359
7,528
5,743
3,739
55,955
64,083
54,419
72, 540
141,857
168,063
142,197
214,475
54,647
60, 320
51,255
80,325
60,838
67,820
54, 290
81, 260
26,929
37,163
38,454
39,155
45.432
298
FEDERAL RESERVE BULLETIN
APRIL,
1927
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Bank premises:
Feb. 23...
Mar. 2
Mar.9____
Mar. 16.__
All other resources
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Total resources:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Boston
New
York
Phila- Cleve- Rich- Atlanta Chidelphia land
mond
cago
58,351
58,381
58,460
58,464
3,946
3,946
3,946
3,946
16,276
16,276
16,276
16,276
1,711
1,711
1,714
1,714
12, 577
12,735
12, 730
11, 541
116
70
71
81
2,622
2,647
2,893
1,920
411
434
444
208
4,874,303
5, 012,298
4,919,734
5,194, 631
353, 540
365,922
350,449
371,239
1,481,823
1,524,916
1,512,191
1,585,231
346,943
348,852
336,251
368,922
St.
Louis
Minne- Kansas Dallas
City
apolis
San
Francisco
2,149
2,149
2,149
2,149
2,866
2,894
2,894
2,
7,900
7,900
7,972
7,972
3,957
3,956
3,957
3,957
2,774
2,774
2,774
2,774
4,459
4,459
4,459
4,459
1,752
1,752
1,752
1,752
3,443
3,446
3,449
3,452
1, 032
1,065
1,078
1,000
374
472
374
359
752
751
746
801
2,196
2,138
2,071
2,049
807
832
960
947
2,072
2,229
1,979
2,122
534
534
531
540
532
412
449
397
1,129
1,150
1,134
1,117
483, 746
512,435
481,187
514,228
209,148
214,882
210,851
229,596
278, 586
279,632
282,068
291,954
637, 058
674, 710
672,389
714,788
174,950
177,072
174, 238
188, 790
135, 207
136,983
135,447
139,460
213,205
211, 592
210,103
216, 596
148, 528
149,894
144,518
150,621
411, 569
415,408
410, 042
423,206
162, 261
164,986
168,370
171,593
214,843
217, 752
221,497
218,984
44,894
44,749
44,415
44, 244
63,611 68,532
64, 092 68,327
64, 536 68, 582
64,415 67,841
42,165
41,887
41, 598
40, 793
172,473
174,109
172,962
170,408
49,609
48,674
46,259
50,788
91,100
87,136
87,916
91,003
61,222
62,642
60, 791
61,760
168,611
170,201
168,053
177,677
1,121
1,404
710
192
1,444
1,030
370
437
1,470
1,291
130
623
3,061
2,183
83
268
113
161
161
161
140
199
199
199
132
188
188
188
376
376
376
7,118
7,118
7,118
7,118
LIABILITIES
Federal reserve notes in circulation:
Feb.23
Mar. 2
_..
Mar. 9____
Mar. 16
Deposits:
Member bank—reserve account—
Feb. 23.
Mar. 2
Mar. 9
Mar. 16
Government—
Feb. 23
Mar. 2
Mar. 9
Mar. 16_.._:
Foreign banks—
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Other deposits—
Feb. 23
Mar. 2
..
Mar. 9
Mar. 16
Total deposits:
Feb. 23
. Mar. 2
Mar. 9
Mar. 16
-.
Deferred availability items:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Capital paid in:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Surplus:
Feb. 23
Mar. 2
Mar. 9___.
Mar. 16
Ail other liabilities:
Feb. 23_-Mar. 3
Mar. 9
Mar. 16
Total liabilities:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
1,708,330 128,662
1,716,956 127,950
1, 718,893 126,581
1, 706, 227 125,253
412,668
416,331
414,408
413,986
122,273
118,936
116,192
114,145
202, 028
204,491
206,376
202, 707
2,165, 653 138,147
2, 231,271 141,010
2, 221,149 142,822
2,295,305 144,429
825,430
846, 802
849,194
865,630
136,357
135,971
136,906
141,997
179,361 67,305 69, 745
203, f " 69,884 69,135
184,257 70,312 71,909
198,116 71,300 68,604
73,920
73,346
73,376
71,858
297,168 81, 598
317,365 79,423
321,414 81,316
336,749 87,252
1,712
2,615
89
132
3,263
937
307]
3,
4,001
58
247
241
2,261
3,656
426
50
283
403
403
403
2,07;
1,'
5,894 2,791
315
11,838
50
202
1,980
362
1,047
515
768 [
515
936
515
400
569
569
569
196
279
279
279
155
220
220
220
520
741
741
741
I,'
2,632
480
211
162
231
231
231
58
151
109
678
9,632
9,127
12, 926
10, 601
1,151
1,290
1,387
1,209
110
175
128
260
440
104
201
820
1,150
896
974
271
415
239
651
159
162
165
522
89
1,063
82
346
72
179
50
120
3,781
3,529
3,827
2, 214, 682 142, 795
2,289,5811 148,390
2, 260, 755! 143, 717
2,323,032 145,687
838, 973
862, 870
874, 726
877, 369
139,043'1 182,624
139,465 207,502
137,888 186,302
143,252, 200,026
70, 874
71,275
71,026
72,086
73, 083
73, 796
72, 291
69,266
300, 769
322, 912
323,477
338, 514
84,019
82, 701
82,266
88,345
51,002
50,401
47, 29J
51, 663
92,773
89, 428
88, 567
91, 985
62, 896
64, 300
61,159
62, 691
175,831
176, 541
172,041
182,148
45. 226
51,162
47, 323
66, 540
28,147
25, 741
26.285
35,978
70,147
82,829
76, 026
105, 919
29,992 9,086
33, 616 10, 987
31, 519 12,102
40,154 11, 879!
38,176
40,121
39,166
42, 996
30, 517
30, 766
28, 815
34,209
37, 981
39,340
39, 576
45,190
6,169
6.178
6,178
5,031
5,029
5,029
16, 94:
16, 945
16,981
16, 986
5, 290
5,290
5, 290
5,288
3,018
3,021
3,017
3,017
4,161
4,157
4,20"
4,208
4,305!
4,304
4,294
4,275|
8,746
8,886
8,887
27, 727
35,265
15,189
2,830
4,307
6,826
383
177
4,707
4,929
4, 650
4, 818:
16, 595 j
18,116
19, 767
20, 079
249
183
152
584, 874!
639, 342
572,160
797, 302
55,172
62, 737
53. 272
73,443
128, 944
144, 350
120, 719
191,318
51,150|
55, 988
47,639:
76,963:
60,336
61, 705
49,718
72,713
126, 509
126, 788
127, 700
127, ""~
228, 775
228, 775
228, 775
228, 775
8,888
8,888
8,888
37, 208
37, 360
38,152
38,164
12, 883
12, 883
12, 917
12, 915
13, 854
13, 854
13, 860
13, 860
17, 606
17, 608
17, 606
17, 606
61, 614
61, 614
61, 614
61, 614
21, 267
21, 267
21, 267
21, 267
23, 746
23, 746
23, 746
23, 746
12,198
12,198
12,198
12,198
9,632
9,632
9,632
31, 881
31,881
31, 881
31,881
9,939
9,939
9,939
9,939
7,527
7,527
7,527
7,527
9,029
9.029
9,029
9,029
8, 215
8,215
8,215
8,215
16,121
16,121
16,121
16,121
11,133
10, 856
11,451
11, 603
41'
351
385
362
2,416
2,391
2,572
2,780
327
313
348
380
1,158
1,137
1,185
1,176
751
732
750
736
433
446
461
456
2,471
2,391
2,527
2,504
816
777
809
820
955
970
959
534
530
552
537
422
437
417
411
455
455
4,874,303
5,012, 298
4, 919, 734
5,194, 631
353, 546
365, 922
350,449
371, 239
1, 481,823 346, 943
1, 524, 916 348,852
1, 512,191 336, 251
1, 585, 231 368, 922
483, 746
512,435
481,187
514,228
637,058 174,950
674,710 177,072
672,389| 174,238
714,788 188,790
135, 207
136, 983
135, 447
139, 460
213,205
211, 592
210,103
216, 596
148, 528
149,894
144, 518
150, 621
411, 569
415, 408
410,042
423,206
6,179 i
209,148| 278,586
214,882 279, 632
210,851 282,068
229,596! 291,954
APRIL,
FEDERAL EESEEVE
1927
299
BULLETIN
FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES—Continued
[In thousands of dollars]
Total
Phila- Clevedelphia land
New
York
Boston
Minne- Kansas
St.
Dallas
City
Louis apolis
Richmond Atlanta
San
Francisco
MEMORANDA
Ratio of total reserves to Federal reserve note and deposit
liabilities combined (per
cent):
Feb. 23
Mar. 2
Mar. 9__
•&_.
Mar. 16
Contingent liability on bills
purchased for foreign correspondents:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Own Federal reserve notes
held by Federal reserve
bank:
Feb. 23
Mar. 2
Mar. 9
Mar. .16
80.1
78.5
79.7
79.0
71.9
74.1
75.9
80.0
88.0
83.2
84.2
82.8
81.2
81.7
83.1
84.7
78.2
80.4
82.4
78.3
75.9
76.7
78.1
80.0
92,002
95,834
96,480
145, 573
6,878
6,951
7,188
10,919
25,696
28,830
27,193
40, 315
8,804
8,897
9,200
13, 976
9,721
9, 823
10,158
15,432
4,769
4,819
4,983
7,570
3,7:60
3,800
3,929
5,f""
12, 656
12, 789
13, 225
20,091
3,944
3,985
4,121
6, 260
358,318
355, 285
378,862
385,982
26,735
26,184
28, 902
28,381
111, 431
107,804
118,599
117,965
39,860
43,886
48,024
48, 758
19.260
24,148
26, 647
31, 955
16, 322
15,946
15, 584
16,165
27,120
24, 232
26,159
25, 716
47,196
47,071
47,198
46,959
3,697
3,698
3,675
3,158
67.0
68.3
72.3
63.3
1
74.4
78.2
79.6
75.4
72.1
'70.5
71.2
69.1
73.3
74.5
74.2
76.4
73.8
70.5
73.1
2,751
2,780
2,875
4,368
3,393
3,429
3,546
5,387
3,210
3,244
3.354
5,095
6,420
6,487
6,708
10,191
4,579
4,610
4,787
4,779
11, 923
12,602
12,403
12,616
6,234
5,968
6,696
6,624
43, 961
39,136
40,188
42,906
76.7
FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS
[In thousands of dollars]
Within 15
days
Total
Bills discounted:
Feb. 23
Mar. 2
Mar. 9 ' .
Mar. 16
Bills bought in open market:
Feb. 23 _ _
Mar. 2
Mar. 9
.
_
_
__ . .
__
Mar. 16
_.._ .
Certificates of indebtedness:
Feb. 23
.
Mar 2
Mar. 9
Mar. 16
„
.
_
.
:
_
16 to 30
days
31 to 60
days
61 to 90
days
91 days to
6 months
397,929
434,644
415, 939
330, 522
309,200
347,065
325,347
241,049
26,246
24,462
24,047
24,948
35,922
35,088
35,699
33,445
17,628
18,368
20,976
21,640
6,906
7,584
7,529
6,451
280,189
289,023
264,685
218, 870
140,345
142,585
126,376
89, 509
61, 531
65,826
57,634
58,439
51, 939
55,236
54,832
52,369
23,234
21,815
22,587
15,563
3,140
3,561
3,256
2,990
155,345
157,399
161,265
355, 582
1,829
146
110,508
110,713
118, 999
159,310
177,500
I
650
Over 6
months
2,027
2,077
2,341
2,989
44,837
44,857
42,266
17,97$
300
FEDERAL RESERVE BULLETIN
APRIL, 1927
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Federal reserve notes received
from comptroller:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Federal reserve notes held by
Federal reserve agent:
Feb. 23
_"_
Mar. 2
Mar. 9
Mar. 16..
New Phila- CleveYork delphia land
2, 928, 346
2, 917, 319
2, 930, 573
2, 921,182
251, 397
250,134
249, 083
247, 234
816,179
816,215
825, 087
824,031
195, 633
194, 322
192, 916
191, 603
272, 228
272, 679
275, 963
274,002
116, 596
115, 246
114, 074
113,137
861, 698
845,078
832, 818
828, 973
96,000
96,000
93, 600
93, 600
292,080
292,080
292, 080
292,080
33, 500
31, 500
28, 700
28, 700
50, 940
44,040
42. 940
39, 340
26, 354
25, 9541
25,114
25,114
524, 099
524,135
533,007
531, 951
162,133
162, 822
164,216
162, 903
221, 288
228, 639
233, 023
234, 662
Federal reserve notes issued to
Federal reserve banks:
Feb. 23
_. 2,066, 648 155, 397
Mar. 2
.2, 072, 241 154,134
Mar. 9
'2, 097, 755 155, 483
Mar. 16
I
2,092, 209 153, 634
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificates—
Feb. 23
.
362, 953 35, 300
Mar. 2
367, 952 35,300
Mar. 9
..
371, 534 35, 300
Mar. 16
400, 640 35, 300
Gold redemption fund—
Feb. 23
_
101,470 15, 210
Mar. 2.
107, 685 13, 947
Mar. 9
99, 855 12, 896
Mar. 16
96,137 11,047
Gold {fund, Federal Reserve
Board—
Feb. 23.
1,096,537 54,000
Mar. 2.
1,058, 546 54,000
Mar. 9
".. 1,101, 888 54,000
Mar. 16
1,192, 303 64,000
Eligible paper—
Feb. 23
654, 539 81, 299
Mar. 2
_.. 700, 594 74,752
Mar. 9.
657, 734 69,058
Mar. 16
__. 532,184 54, 633
Total collateral:
Feb. 23
. .
Mar. 2
Mar. 9
Mar. 16 . __
Richmond Atlanta
Boston
Total
2, 215, 499
2, 234, 777
2, 231,011
2, 221, 264
185, 809
177, 999
171, 254
164, 980
210,080
210,080
213, 662
235,104
22, 797 8,256
22, 716 11,945
22, 617 10, 539
22, 618 9, 226
176,000
136,000
136,000
201,000
106,
103,
109,
114,
877
877
677
677
132,083 47, 532
179, 497 47, 627
176,453 45, 313
39, 787
540, 960
548, 293
548, 732
545, 355
162,
163,
165,
163,
665
449
529
690
Chicago
St. M i n n e - Kansas Dallas
Louis apolis
City
San
Francisco «
265, 934
262, 745
262, 650
261,814
423,139
420,023
424, 595
422, 843
71, 211
71,067
71,190
70, 502
87, 592
87,144
86, 865
86, 636
108, 465
107, i ""
107,155
106, 627
63, 445 161,100
64, 225 155, 200
60, 625 155, 900
60, 280 156, 900
22, 620
22, 620
23,100
23,100
19, 402
18, 442
1^542
17, 442
28,010
26, 770
26,170
26,170
18,
18,
17,
17,
747
747
547
747
49, 500
49, 500
49, 500
48, 500
90, 242 189. 381
89, 292 189, 218
194, 529
88,023 197, 309
262, 039
264, 823 48, 447
268, 695 48,090
265, 943 47, 402
s 190
i,702
',323
1,194
80, 455
80, 929
48,
47,
48,
47,
399
855
294
417
216, 434
213,245
213,150
213, 314
7,750
7,750
7,750
7,750
18,308
18,308
18, 308
18, 308
25,000
30,000
30,000
30,000
2,721
5,177
4,417
3, 740
15, 690
15,492
15, 215
14, 964
14,000
13,000
15,000
15,000
143, 500
135, 509
128,051
141,466
252, 826
253, 443
255,154
257, 589
80, 457
67,146
66, 602
65, 841
65,164
8,780
8,780
8,780
8, 780
28, 805
28, 805
28, 805
36, 469
15, 423
15, 422
15, 422
15, 422
13, 455
13, 306
12, 550
11, 989
6,168
4,818
3,646
5, 708
5, 706
9,204
8,115
6,430
2,454
2,425
2,385
2,385
2, 846
2,702
2,345
1,657
1,451
1,172
943
145,000
155,000
165,000
165,000
28,000
34,000
34,000
31,000
132,000
127,000
134,000
136,000
175,000
175,000
195,000
195,000
19,300
19, 300
22, 3001
22, 300
46,000
46,000
46,000
46,000
56,
59,
62,
60,
13, 617
12, 547
11,782
11,127
23, 861
19, 964
18, 846
20, 679
15,
12,
11,
12,
571
574
878
604
69, 212
82, 503
71, 222
63, 263
74,023
73, 505
72, 461
71,577
85, 989
84,326
85, 664
50, 600
49.059
49, 603
49, 652
253, 402
263, 504
244, 488
249, 693
72, 637
62,621!
53, 782
60, 423
31, 701
33,755
28, 729
27, 204
239,872
239,707
240,112
246,192
94, 674
101, 378
95,180
100, 381
38, 277 102, 837 25, 912
41, 574 108, 413 24, 767
38, 835 112, 758 19,078
21, 574
41, 559
191, 406
193, 200
196,372
199, 411
280, 291
285, 838
310,143
290,083
55, 808
54, 519
51,473
53, 281
13,
13,
13,
13,
507
507
507
507
5,268
4,502
3,958
5, 430
860
860
860
860
301
FEDEKAL KESEKVE BULLETIN
APRIL, 1927
HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, FEBRUARY 28, 1927
[In thousands of dollars]
New
Boston York
Total
HOLDINGS ON FEB. 28, 1927
Total bills and securities _
Bills discounted
Bills bought in open market
United States securities __
Other securities
Bills discounted
Rediscounted bills:
Commercial and agricultural paper,
n. e. s
Demand and sight drafts .
Bankers' acceptances
Trade acceptances _
Secured by United States Government obligations
Member bank collateral notes:
Secured by United States Government obligations
Otherwise secured
___
Total discounted bills
1,083,701
469, 558
296,098
316,045
2,000
Philadelphia
90,927 287,145
41, 605 135, 746
39,054 87, 521
10, 268 63, 878
79, 676
39,407
18,341
19, 928
2,000
122, 486
204
2
2,113
18,954
10, 487
1,155
275
47
7,948
320
San
Cleve- Rich- At- Chicago St. Minne- Kansas Dallas FranLouis apolis City
land mond lanta
cisco
98, 214 40,332 45,189 160,813 47,486 30, 681 48,448 37,699 117,091
34, 202 23, 297 30,410 79, 727 15,992 4,731 7,717 3,637 53, 087
27, 514 9,976 12, 557 34, 585 8,978 9,469 13,163 9,811 25,129
36,498 7,059 2,222 46, 501 22, 516 16,481 27, 568 24, 251 38,875
7,154 12, 257 21, 264
111
25,993
4, 775
93
5,392
2,482
5,025
755
3
7
1
233
187
239
356
2
655
56
240
153
163
210
46
1
6,092
4,556
2,368
6,148
48,469
4,398
7,494
3,557
463
1,785
2,329 1,500
360 ' 1,375
34, 526
13,119
27
49
278, 994
64,604
22,329 109,952
17, 526
22, 513
6,118
20,959
5,662
469,558
41,605 135,746
39,407
34,202 23,297 30,410
79,727 15,992
4,731
7,717
3,637
53,087
107,225
84,779
57,460
5,751
15,944
9,818
9,441
227
25,292
26, 903
13, 546
1,654
4,882
6,536
3,901
673
12,082
6,530
4,601
612
4,200
2,496
2,334
91
5,391
3,896
2,664
140
12, 663
10, 507
9,261
452
3,649
2,150
1,534
365
3,706
3,031
749
422
5,112
4,069
1,642
311
4,138
2,930
982
150
10,166
5,913
6,805
654
36,432
1,849
705
1,897
3,489
135
18,067
1,083
705
271
2,308
41
2,063
855
466
1,669
33
871
409
1, 561
2,029
1,611
1,443
148
296, 098
39,054
87, 521
18,341
27, 514
9,976 12, 557
34, 585
8,978
9,469 13,163
9,811
25,129
59, 712
99,171
157,162
1,349
2,754
6,165
4,733
20, 599
38, 546
708
15, 723
3,497
2,666
11, 845
21,987
1,337
1,649
4,073
241
1,577
404
20, 587
7,323
18, 591
4, 592
7,958
9,966
7,783 8,642 6, 249
2,449 5,365 5,070
6,249 13, 561 12,932
825
16,859
21,191
316,045
10, 268
63,878
19,928
36, 498
7,059
2,222
46, 501 22, 516 16,481 27, 568 24, 251
38,875
Bills Bought
Bills payable in dollars:
Bankers' acceptances based on—
Imports
Exports
D omestic transactions
Dollar exchange.
Shipments between or storage of
goods in foreign countries
Allother
_..
Trade acceptances based on imports.
Bills payable in foreign currencies
Total purchased bills
United States Securities
United States bonds
Treasury notes
Certificates of indebtedness
Total United States securities
DAILY AVERAGE HOLDINGS
DURING FEBRUARY
Total bills and securities _
Bills discounted
Bills bought
United States securities
Federal intermediate credit bank debentures
•
EARNINGS DURING FEBRUARY
Total bills and securities
Bills discounted
Bills bought
United States securities
Federal intermediate credit bank debentures
ANNUAL RATE OF EARNINGS
Total bills and securities _
Bills discounted
Bills bought
United States securities __
Federal intermediate credit bank debentures __
1,007, 624
393, 636
305,013
306,707
80,407 219,365
28, 669 90, 232
41, 880 73,098
, 9, 858 56,035
80,651 104, 532 41,190 43,376 164,631 46,484 31,310 52,021 40,169 103,488
36,158 39, 424 23,409 26, 738 78, 297 14, 531 4,324 9,437 3,215 39, 202
22, 575 29, 029 10, 722 14, 550 39, 459 10,460 10,237 14,925 12, 740 25,338
19, 918 36,079 7,059 2,088 46, 875 21,493 16, 481 27, 659 24, 214 38,948
2 000
2,268
1, 208
864
831
1,626
234
88
120
26
635
277
208
150
234
111
64
52
268
299
121
82
96
120
72
30
18
129
82
41
6
485
240
112
133
131
45
29
57
90
13
28
48
4.47
111
10
36
65
295
120
72
103
3 71
4.00
3.67
3 63
3 61
4.00
3.74
3 50
3 72
4.00
3.72
3 44
1
8
3. 77'
4.00
3.70
3.53
148
29
42
77
3 80
4.00
3.75
3 44
3 77
4.00
3.71
3 49
3 78
4.00
3.67
3 45
4.52
3 73
4.00
3.68
3.48
3 78
4.00
3.67
3 23
3 88
4.00
3.70
3 58
3 84
4.00
3.68
3 70
3 66
4.00
3.64
3 43
3 76
4.00
3.54
0
no
4.10
302
FEDERAL EESERVE BULLETIN
APRIL, 1927
FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING FEBRUARY, 1927
[Amounts in thousands of dollars]
Total
Total Volume of Operations
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Min- KanSt.
sas
Louis neapolis
City
Chicago
San
Francisco
Dallas
2,219,045 184,838 949,846 110,972 227,534 85,310 41,439 278,488 71,727 13,176 32, 543 16, 575 206,596
Bills discounted for member banks *
Bills bought:
*-^ In open market
_
ste- From other Federal reserve banks. _
United States securities bought:
In open market
From other Federal reserve banks--
6,655 21,588
8,233 176, 515
6,279
1,400
4,952
1,100
7,608
1,800
6,233 28, 544
600
1,970
503
143
326
888
659
834
676
460
1,068
575
2,029
648
2
4,433
60
4
56
1
1,823,090 124,037 774,292 97,993 200,253 77,532 31,829 242, 538 61, 575
335,814
11,900
34, 567
13,674
58,490 148,719 12,720 19, 067
4,300
6,972
500
1,377
6,837
93
213
1,940 20, 604
321 1,931
79
180
8,160 28,070
600 1,600
850
5,320
960
Bills Discounted
Rediscounted bills:
Commercial and agricultural paper, n. e. s_
99, 623 4,832 5,212 6,684 9,023 6,882 15,372 32,826 11,107
919
4
Demand and sight drafts
175
678
6
6
Bankers' acceptances._ _ _
9
62
Trade acceptances
41
191
229
907
76
150
93
54
Secured by U. S. Govt. obligations._____
573
" 61
,116
126
25
178
7
Member bank collateral notes:
Secured by U. S. Govt. obligations
1,288,801 55,279 600,085 66,246 150, 676 36, 550 2,821 188,322 35, 583
Secured by eligible paper 2
432,261 63,928 168,902 24, 933 40,237 33,889 13,116 21,140 14,173
Total
_
_
_._
_ 1,823,090 124,087 774, 292 97,993 200, 253 77, 532 31,829 242, 538 61, 575
Average rate (365-day basis), per cent
Average maturity (in days):
Member bank collateral notes
._
Rediscounted bills
Number of member banks on Feb. 28
Number of member banks accommodated
during month. _
Per cent accommodated
1
1,310 18,270
4,769 1,289
4,780 128, 879
2,799 43, 086
6,655 21, 588
8,233 176, 515
4.00
4.00
4.00
6.72
9.35
8.68
38.75 138. 38 107. 90
984
606
747
10.14
72.78
817
7.70
55.89
686
79
10.6
111
11.3
93
11.4
153
22.3
1,149
1,111
1,430
1,105
2,782
4,702 12,037
8,092
5,130
3,841
6,178
4,143 9,909
985 15,853
6,972
8,160 28,070
6,279
4,952
7,608
6,233 28, 544
4,687
799
894
587
5
5,802 17,032
404
1,666 7,883
2 2,620
690
123
5,050
4,059
6,153
1,229
886
7
1,409
3,296 7,555
128 3,164
2,791 17,782
8
29
10
14
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
6.06
53 91
9,168
7.12
41.89
416
4.03
53 05
921
9.93
49.97
771
4.80
51.73
848
4.31
57.81
574
13.11
57.61
475
10.06
54.33
1,323
2,566
28.0
162
38.9
337
36.6
357
46.3
255
30.1
•194
33.8
139
29.3
495
37.4
191
31.5
56,274
14,958
8 632
2,383
9,372
1,953
3,458
7,941
100, 658 9,651 21,992 10, 337
178,882 33, 881 118,095
7,719
1,976
5,019
58,490 148, 719 12, 720 19,067
9,311 14, 603
453
701
2,956 3,513
242
8
4.00
Bills Bought in Open Market
From member banks.
From nonmember banks, banking corporations, etc.:
Bought outright.
Bought with resale agreement
Total....
Rates charged:
3 ^ per cent _ _
3% per cent
_
3% per cent
3% per cent
4 per cent
4j^ per cent
335,814
_ _
._
_
Qi per cent
4 ^ per cent
^T§ per cent
4^- per c e n t . . . _
Average rate (365-day basis), per cent
Average m a t u r i t y (in days) 3__
Class of bills:
Bills payable in dollars 3 —
Bankers' acceptances based on—
Imports
Exports
_
Domestic transactions
Dollar exchange
Shipments between or storage of
goods in foreign countries
All other _
Trade acceptances based on imports.
Bills payable in foreign currencies
Total
125,144 20, 387 27,209
5,814
80
85
199, 999 37,953 121,037
3
3,568
70
1,147
251
36
36
55
47
8
8
18
18
25
25
3.74
3.70
3.68
40.61
43.79 32.40
46
8
1
3.66
42.32
3.62
39.61
3.67
39. 88
3.69
42.90
3.72
40.01
3.64
42.85
3.63
40.41
3.65
43.87
3.71
51.90
3.70
46.09
54, 821
40,474
31, 690
3,589
8,302
6,425
5,580
150
7,767
9,381
6,257
1,583
4,310
3,493
3,056
209
6,037
4,531
3,250
232
2,822
1,681
1, 651
73
3,401
1,764
1,917
68
7,140
4,247
4,653
410
2,344
1,330
663
105
1,993
1,220
393
265
2,963
2,248
669
145
2,273
1,367
795
50
5,469
2,787
2,806
299
24,098
981
205
1,076
4,075
77
5,137
161
205
133
1,652
2,087
11
745
557
453
3,468
60
1,782
55
1,031
50
1,583
763
1,216
114
8,160 19,978
6,279
4,952
7,608
1,970
143
288
100
1,970
143
156,932
943
24, 609 30, 624 12,720 17,091
6,972
5, 248 12, 691
U. S. Securities Bought in Open Market
Bought outright:
United States bonds
Treasury notes
Certificates of indebtedness
Bought with resale agreement
Total
_ _.
7,083
120
404
26, 960
1,800 19, 760
34, 567
1,940 20, 604
140
844
79
1,377
93
426
20
404
79
1,377
93
850
5,320
834
469
834
469
500
4,900
1 Includes $200,000 discounted for the Federal intermediate credit bank of Berkeley, Calif.
Includes bills taken under a resale contract.
Exclusive of acceptances bought under a resale contract.
2
3
420
888
APRIL,
303
FEDERAL KESEEVE BULLETIN
1927
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
fin thousands of dollars]
Federal Reserve District
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
N u m b e r of reporting b a n k s :
92
F e b . 23
675
Mar. 2
676
Mar. 9
675
92
M a r . 16
674
Loans a n d discounts:
Secured b y U . S. Government obligations—
10,292
5,342
F e b . 23
142,358
7,475 52,404
21,076
7,591
51,745
5,289
M a r . 2.
144,347
10,360
20,868
7,286 61,365
5,631
Mar. 9
155,647
21,169
10,333
7,512
M a r . 16
151,976
21,103
58,828
5,284
Secured b y stocks, and
bonds—
F e b . 23
5,443,939 330,347 2,230,788 416,894 552,311 151,789
Mar. 2
5, 546,123 336,657 2,313,998 411,040 557,955 151,536
Mar. 9
5,488,220
o34, 322
" " 1 ,2,
2 7 0 , 0 9 8 405,683 571,292 150,696
,
M a r . 16
5,561,408 342,
!,318,470
406,343 581,781 152, 690
290 2,
All other loans and
discounts—
F e b . 23
8,560,373
637, 5712,2,772,144 369,647 782,145 365, 605
Mar. 2
8,606,238 643, 119 2,
2,8i2,900 371,620 779,459 361,142
Mar. 9
8,636,916 641, 409 2,,818,357 378,885 780,056 360,602
M a r . 16
8,671,755 649, 006 2,,837, 755 379, 755 779,565 361,462
Total loans and discounts:
F e b . 23
14,146,670
975, 393 5,
5,055,336 796,833 1,355,532 522,736
Mar. 2
14,296,708 987, 367 55,178,643 793,02011,358,282 517,967
Mar. 9
14,280,783
983,017 5,149,820 794,90111,372,517 516,929
M a r . 16
_ 14,385,139
1,382,449 519,4 •
5,215,053 796,060 1,
U . S. Government securities:
F e b . 23____
2,360,165
134,656 953,396
86,953 262,446 65,337
M a r . 2.
_
2,376,755
134,482 956,740
86, 545 269, 590 68,552
Mar. 9
2,374,580
134,434 957, 509
86,909 271,237 68,353
M a r . 16
_.._ 2,641,986
154,129 1.., 075,459 110,391 287, 757 74,772
Other bonds, stocks, and
securities:
F e b . 23
3,254,419
256,0291,223,219 281,722 364,272 72,330
Mar. 2
3,285,467
256901
256,901 11,227,146 282,353 376,477 72,358
Mar. 9
3,293,966 260,694
,694 1,225,066 282, 789 382,054 72,246
M a r . 16
3,316,976 260,,047 1,227, 784 287,835 391,051 72,054
T o t a l investments:
F e b . 23
5,614,584
390,685 2,176, 615 368,675 626,718 137,667
Mar. 2™
5,662,222 391,383 2,1,183,886 368,898 646, 067 140,910
Mar. 9
5,668,546 395,128 2,182,575
1,182,575 369,698 653,291 140,599
M a r . 16
5,958,962 414,:, 176 2,
146, 826
1,303,243 398,226
T o t a l loans a n d investments:
F e b . 23
19,761,254 1,366,078 7,, 231,9511 ( 165,
,982,250 660,403
i, 508 1.
Mar. 2.
.
19,958,930 1,378,750 7,, 362,529 1,161,
658,877
., 9182,004,349
2,
\ 2,
025,808 657, 528
Mar. 9
19,949,329 1,378,145 7,, 332, 395 1,164, 599
,257
M a r . 16_
20,344,101 1,412,984 7,, 518,296 1,194,286 2,061
Reserve balances
with
Federal reserve bank:
82,899 126,173 42,156
90, 614 719,846
F e b . 23
1,588,751
80,192 147,478 42,400
94,116 738,666
Mar. 2
1,641,457
82,558 129,314 ,41,847
97,240 742,294
Mar. 9
1,634,826
82,991 140,222 42,443
94,721 755,414
M a r . 16
1,682,066
C a s h in v a u l t :
19,022
76,246
16,988
15,720
F e b . 23
....
282,826
69,632 15,296 28,121 12,829
18,470
Mar. 2
256,117
72,489
16,285 31,286 13,839
18, f~"
Mar. 9
269,757
67,129
14,893 28,805 13,121
18,208
M a r . 16
.
253,504
N e t d e m a n d deposits:
i
887,573 5,434,685 778,126 1,028,861 384,269
F e b . 23
12,818,360
904,468 5,601,297 770,932 1,019,539 386,459
Mar. 2
.
12,974,056
901,408 5,569,525 780,4211,016,380 379,938
Mar. 9
__
12,930.967
M a r . 16
13,236,193; 911,134 5,721,353 783,018:1,086,086 384,327
T i m e deposits:
F e b . 23
5,955,426! 421,226 1,387,893 253,216 825,348 214,114
Mar. 2
_. 6,015,832! 422,999 1,372, 613 252,273 892,028 213,948
Mar. 9
6,030,738 425,63l|l,379,156 252,219 898,931 214,489
M a r . 16
.
6,000,098 428,7721,403,033 252,038 845,435 214,288
Government deposits:
8,302 2,875
10.095 31,111 14, 759
F e b . 23
103,569
7,854' 3,201
10.096 31,116 14, 758
M a r . 2___
103,469
7,355 2,653
8,637 27,672 13,162
Mar. 9
91,831
34,938 106,118 39,740 27,442 12,265
M a r . 16-...-...,
.......
343,771
D u e from b a n k s :
52,752 128,280 61,085 101,170 52,824
F e b . 23
...
1,171,490
Mar. 2
1,246.862
54, 788 148,867 69,139 114,951 56,'
Mar. 9
1,182.221
61,696 128,726! 56,031 101, 683 59,134
M a r . 16
1,252,865
54,101 159, f"' 61,957 115,321 56,454
San
Francisco
Kansas
City
Atlanta Chicago
61
61
61
60
3,157
4,341
4,478
4,442
4,441
2,446
2,492
2,553
2,526
5,759
5,935
5,885
5,891
80,239
79,049
79,589
76,698
111, 661
115,215
115,284
113,028
78,679
75,076
74,177
77,234
334,620
334,011
322,115
327,285
386,,104 1,261,937 303,664 156,081 302,696 248,545
389,,999 1,254,736 306,259 160,056 302,419 249,290
160,707 301,942 250,498
388,87
872 1,259,713
390,455 1,264,357 306,411 164,489 308,722 248,764
974,234
975,239
989,069
981,014
5,626
5,632
5\562
5,531
19,'
21,712
24,026
23,462
4,*
4,863
4,413
4,279
109,735
109, 759
110,519
108,778
859,809
871,662
864,048
867,439
187,067
190, UB6
190,397
189,372
501,465 2,141,174
505,390 2,148,110
504,953 2,147, 787
504,764 2,155,258
495, 539
501,287
501, 616
500,062
3,361
a, 382
2,r~~
329,1,670 1,314,613
239,681
242,487 422,112 326,>,858 1,315,185
243,278 421,668 327,', 228 ,317,069
1
244,344 426,191 328, 524 1., 314,190
40,604
41,193
41,267
55, 637
284,411
284,123
286,321
308,161
72,323
72,958
73,227
76,567
65,285
65,306
65,331
63,744
102,664
103,717
103,552
107,712
52,189
51,563
52,879
239,901
241,986
233,561
265,168
61,254
62,770
59,281
63,050
467,495
462,660
468,350
468,352
122,120
122,344
121, 712
122, 761
53,336
54,999
56,914
56,468
96,605
97,347
96, 545
97,263
23,534
23,961
24,832
24,812
232,503
246,151
243,483
245,499
751,906 194,443
746,783| 195,302
754,671' 194,939
776,513 199,328
118,621
120,305
122,245
120,212
199,269 75,723
201,064 .75,524
200,097 77, 711
204,975 87,301
472,404
488,137
477,044
510,667
603,323 2,893,080
_ , _ 689,982
609,353 2,894,893| 696,589
605,501 2,902,458 696,555
623,4512, 931,771 699,390
358,302
362,792
365,523
364,556
617,967
623,176
621,765
631,166
58,460
53,578
54,252
56,497
101,85S
103, 963
100,548
118,687
405,393 1,., 787,017
402,5,382 1,803,322
404,t, 939 .1, 794,113
, 824,857
415,i, 825 .lj
31,369
32,702
30,927
31,859
106,059
107,612
106,438
110,264
12,987 11,357
11,490 9,331
12,678 1Q, 582
11,622 10,198
23,562
22,185
22,372
21,291
285,245
281,466
288,450
292,055
796,592
768,663
754,804
792,238
41,492
41,112
42,837
40,203
216,096
233,724
237,604
250,724
48,514
45,992
48,151
51,863
25,073
23,885
21,364!
24,865
12,370
11,994
12,321
11,259
47,119
8,067
7,424
7,311
7,314
6,519
5,327
5,645
5,384
403,851
,
405252
405,252
408,190
408,071
233,857
234,583
235,192
236,406
216,944
221,188
220,586
219,292
501,973
502,816
500,182
507,568
124,538
125,498
125,600
125,263
147,754 108,479 950,838
960,372
148,541
148, 797 106,357 960,706
149,129 106,347 952,621
533
533
471
471
1,447
1,447
1,283
4,656
3,312
3,332
2,880
11,410
12,206
12,206
11,034
41,916
47,446
52,364
52, 574
64,570! 44,146
134,891
146,252
134,646
134,514
64,575
71,641
70, 718
70,905
161, 597
148,129
149, 747
170,020
H018
,
,
46,340
44,280!
341,5521,758,689
"341,073
" " 1,770,903
343,5841,767,499
338,543 1,792,508
232,!, 448 1,055, 715
233,1,740 1, 052,541
233,i, 631 lj
, 050,029
234,453 1., 052,313
6,724
6,725
6,158
18,508
9,442
9,442
7,974
36,598
2,763
2,759
2,552
9,709
74,938
78, 657
77,847
74,852
227,116
242,463
225,359
246,343
64,816
63,553
64,060
304
FEDERAL RESERVE BULLETIN
APRIL, 1927
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Federal Reserve District
Total
Due to banks:
Feb. 23
Mar. 2
Mar.9
Mar. 16
Bills payable and rediscounts with Federal reserve bank:
Secured by II. S. Government obligations—
Feb. 23
Mar. 2
Mar. 9
Mar. 16
All other—
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Total borrowings from
Federal reserve bank:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Boston
3, 252,901
3,375,938;
3,332, 042!
3,382,237
New
York
Philadelphia
Cleveland
RichSt.
mond Atlanta Chicago Louis
110,934 120,431
116,968 119,287
112,568 120,476
116, 257 114,171
136,6411 , 164,654
143, 762 1,,189,688
152,:
,186,895
148,174 1, 215,069
170,995
180,297
174,248
195,359
238, 983
247,882
240,488
253, 731
147, 212
182, 784
174,904
113, 566
3,058
8,507
8,165
8,775
50, 005
72,495
78,980
20, 700
3,665
5,626
3,010
3,045
18,838
14,882
10, 750
17, 712
3,047
3,928
4,793
2,893
95, 767
96, 041
91, 233
76,177
15,925
10, 591
12,981
3,801
14, 010
15,853
10,704
5,052
4,781
3,561
5,345
6,730
11, 019
7,825
7,633
7,963
6,051
242,979
278, 825
266,137
189, 743
18,983
19, 098
21,146
12, 576
64, 015
88,348
89, 684
25, 752
8,446
9,187
8,355
9,775
29, 857
22, 707
17, 737
25,436
6,'~ —
7,724
Minne- Kansas D a l l a s
apolis
City
501,071 147, 797
535,674 154,899
518,113 151,326
154,118
San
Francisco
93,428
96, 724
98,737
94, 213
221,385
24.1,889
231,166
228, 645
109,020
108, 504
109,887
106, 008
237,562
240,364
235,902
227,994
35
35
400
3,647
1,197
697
1,601
925
295
200
1,180
33,128
37,826
26, 018
22,74]
74
1,073
2,071
2,939
28,335
33,285
39, 685
28,960
2,490|_
3,635:
500!
2,620
10, 653
13,859
11,437
5,248 14,668
17,176
17, 717
18, 297
14,137
5,175
4,800
4,274
4,000
1,1541
597
1, 010
706
3951
500|
!
2,272
813
571
479
473
6,418
11,998
13,394
11, 572
10, 727
14,932
13,508
17, 607
45,511
51,002
57,982
43, 097
7,665
8,435
4, 7741
l|
1,154
632
430
900
4,657
1,903
1,586
3,873
1,738
866
679
1,653
39, 546
49,824
39,412
34,313
10, 680
II,'"'
10,844
8,141
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
City
Boston
Number of-reporting banks:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Loans and discounts:
Secured by U. S. Government obligations—
Feb. 23
•Mar. 2
Mar. 9
...
Mar. 16
.
Secured by stocks and
bonds—
Feb. 23
Mar. 2
Mar.9
Mar. 16
All other loans and discounts—
Feb. 23
•__.
Mar. 2
Mar. 9
Mar. 16
Total loans and discounts:
Feb. 23
Mar. 2
Mar. 9
Mar. 16
U . S . Government.securities:
Feb.23
Mar. 2
Mar. 9
Mar. 16
Other bonds, stocks, and
securities:
Feb. 23
Mar. 2
Mar. 9
_..
Mar. 16
Total investments:
Feb. 23
_.
Mar. 2
Mar. 9
Mar. 16
New
York
36!
36
36
36
224|
224!
224
223
95, 293
96, 254
107, 617
104.679
Phila- Cleve- RichSt. Minne- Kansas
delphia land
mond Atlanta Chicago Louis apolis City Dallas
6,023
6,142
5,833
6,044
49, 623
48, 954
58, 597
56, 061
9, 578
9,647
9,627
9,260
Francisco
12
12
12
11
7,001
6,987
7,192
7,234
1,362
1,371
1,411
1,344
1,646
lr~
1.646
l|653
12,
13,
16,
16,
318
688
366
218
3,152
3, 204
2,786
2,658
l, 157
1,155
762
775
1,138
1,141
1,132
1,121
362
366
358
353
1,933
1, 941
1,907
1,958
I
3, 775,399 242,147 1,921, 600
3, 869,278 249, 619
" " :,
1 994,144
3, 792, 523 245, 278 1,943, 752
3,831.164 248, 7:101., 979,149
366,305
362, 048
357, 229
357, 635
186, 046
183, 202
185, 588
190.961
24, 508
24, 955
24, 999
24, 771
15,463
16, 060
16,193
15,40.9
646, 07
659,715
649, 549
649,927
136,864
139,616
139,988
138,838
39, 070
38,153
38, 465
35, 090
27,648
30, 627
27,168
26,424
17, 612
17, 882
17, 756
18,221
152, 058
153,257
146, 558
146, 029
5,256, 527
5, 295, 061
5,324, 681
5,340, 935
488, 001 2,432, 853
494, 306 2,472,441
492,33l|2,475,989
501,860 2,490,441
330,298
332, 60l|
339,822
340, 608
384,263
381,937
382,758
382, 355
70, 079
68, 913
68, 601
68, 312
52, 006
52,169
54, 076
54,223
701,220
691,507
698,477
697,145
174,266
175,500
176,016
175,472
86, 240
88, 572
87, 882
88, 580
81,811
81, 786
81, 702
83,423
76,356
74, 591
74,425
74, 3221
379,134
380, 738
392, 602
384,194
9,127, 219 736,171 4,404,076
9,260,593 750, 067 4, 515,539
9, 224,821 743,442 4,478,338
9,276,778 756, 614:4, 525, 651
706,1811
704,296i
706,678
707,503
577,310
572,126
575,538
580,550
95,949 69,115 1,359,616 314,282 126,467 110,597
95, 239
1,364,910 318,320 127, r' 113,554
95,011 7l)915 1,364,392 318.790 127,109 110, 002
94, 427 71,285 1.,363,290 316,168 124,445 110, 968
62,101
3,300 10,395 155, 583 46, 461 26, 516 32,825
61,991
3,301 10, 001 155,822 47,561 26, 672 33,762
62, 242
3,309 10, 001 156,067 47, 687 26,749 33,643
67,626
4,346 15,234 167,166 50, 703 28, 547! 36,728
94,330|
92,8391
92,539!
92,896
533,125
535,936
541,067
532,181
14, 751
15,017
15, 020
20, 746
94, 238
93,137
85,871
103,854
1,443, 643 ! 65,984
1,446,816 i 65,838
1,448,134 ! 65, 811
1,662,017
85,463
861, 540
864,217
871,871
988,454
69,949
69,497
69, 863
93,150
1, 789, 639
1,800,875
1, 799, 790
1,811,1671!
109,173
109,454
112, 704
112,047
904,911
897,436
903, 612
234,812
235, 323
235,356
238, 006
3,233,282|!
3,247, 691 i
3,247,924
3.473,184!
175,157ll, 758,429
175,292il,769,128
178,515J1,769,307
197, 5101, 892, 066
304,761
304,820
305,219i
331.156!
89,777 10, 001
88,470 10, 089
89, 005 9,847
91,411
9, 778
151,878
150,461
151,247
159,037
13.301
13,390
13,156
14,124
8,988 225, 092 75,456
9, 461 220, 237 77,256!
9, 626 225, 546 77, 026
9,446 224,945 76,399
19,383
19,462;
19,627|!
24,680
380,675
376,059
381, 613
392,111
121, 917
124,817
124,713
127,102!
23,227'
23, 693
23,856
24, 024
21,901
21, 768
21, 705
22,135
3,439
3,557
4,044
3,655
90,884
96, 656
93, 639
95, 709
49, 743
50,365
50,605
52,571
54. 726
55,530
55,348
58,863
18,190
18,574
19,064
24,401
185,122
189, 793
179,510
199,563
305
FEDEKAL EESEKVE BULLETIN
APRIL, 1927
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued.
[In thousands of dollars]
City
Total
New
York
Boston
T o t a l loans a n d i n v e s t m e n t s :
F e b . 23
Mar. 2
Mar. 9
M a r . 16
Reserve balances w i t h Federal reserve b a n k :
F e b . 23
Mar. 2
Mar. 9
M a r . 16
Cash in v a u l t :
F e b . 23
Mar. 2.
M a r . 9.
M a r . 16
N e t d e m a n d deposits:
F e b . 23
Mar. 2
Mar. 9
_
M a r . 16
T i m e deposits:
F e b . 23
Mar. 2
Mar. 9
_.
M a r . 16
G o v e r n m e n t deposits:
Feb. 2 3 . . .
.
Mar. 2
Mar. 9
M a r . 16
D u e from b a n k s :
F e b 23
Mar. 2
Mar. 9
M a r . 16..
D u e to b a n k s :
F e b . 23
Mar. 2
Mar. 9
M a r . 16
Bills payable a n d rediscounts
w i t h Federal reserve b a n k :
Secured b y IX. S. Governm e n t obligations—
F e b . 23
M a r . 2_._
.
Mar. 9
M a r . 16
All other—
F e b . 23
._..
Mar. 2
Mar. 9
M a r . 16
T o t a l borrowings from Federal reserve b a n k :
F e b . 23
.....
Mar. 2
Mar. 9
M a r . 16
12,360,501
12,508,2841
12,472, 745
12,749,962
i
Philadelphia
911,328 6,162,505 1.., 010,942
925,359 6,284, 667 1., 009,116
921,957 6,247,6451',011,897
954,124J6,417, 717 1,038,659
."
Cleveland
San
RichSt. Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas j Francisco
729,188
722,587
726, 785
739, 587
109,250
108,629
108,167
108,551
112,520
111,413
lll,603|
117,297
718,247
725,729
720,577
731,744
31,559 13,221 18,803
28, 928 11, 532 16.194
31, 460 8,943
32, 864 12, 724 17.195
17, 298
3, 638 1,921 2, 716
3,262 1,534 2,440
3,307 1,709 2, 637
1,589 2,399
3,163
7,489|
9, 3651
8,311
8,798
39,868
41,2.18
38,813
39, 622
1,429|
1,130j
1,287
1, 206
6,003
5,498
5,542
5,497
150,1
162, 309
158,323
172, 917
9,188
8,374
9,548
8,348
937
811
810
826
1,449
1,248
1,414
1,097
22,090
19,337
20,155
19,202
693,325
688,0321
697,093
695,6911
260,183
260,123
260,204
261,961
66,160
65, 643
65,358
64,574
53, 949 1,178,414 268,110
53, 906 1,188,429 269, 741
54, 942!l, 192, 758272,317
53, 585 1,188,280 269,304
112,986
110,889
108,552
108,070
157, 475
160,130
158,068
160,125
75, 880:
81,015!
80,2411
82,3211
312,250
300,273
291,191
308,696
930,547
915,464
919, "~~
939, 832
195,480
196,497
195, 761
195,359
458,205
457,571
459,326
461, 819
29,385
29,274
29,203
29,383
31, 691
32,109
32, 693
33, 026
527,583
521,327
518,231
518,084
135, 626
135,986
136,384
137,225
54,232
57,240
57,058
57,412
17,378
16, 658
16,529
16, 623
21,121!
17,206!
17,284!
17,235
329,225
332,497
327,545
327,054
28,791
28,793
25,642
100,153
13, 807
13,806
12,310
37, 720
3,335
3,219
3,103
5,267
250
250
233
1,036
1,183
1,183
1,063
4,928
4, 475
4,475
3,701
21, 638
2,650
2,646
2,468
8,429
358
358
321
321
1,232
1,232
1,082
3,"'
2,115
2,115j
9,697
9, 697
127,', 397 1,
, 106.
133,\, 4411,., 126, 765!
143,!, 494 1., 122,445
138,338 1,.,153,112
165,023
174, 058
168,413
189, 067
51,135
53,221
50, 564
57, 572
33,450
34,208
33,616
34,927
18,152
17, 596
19, 731
3.7, 614
359, 851
381,042
369, 018
373, 510|
84,960
89,726 i
88, 699
89,766
55,159
55,446
56,539
52,1821
87,785
94, 607
91,105
92,107
32,769
33,054!
33,962!
33,334
110,916
113,373
113,291
106,569
24,047
21,493
7,867
8,073
7,149
7,659
12, 072
13,144
12,624
11,:
143,551
152, 243
137,670
153, 921
31,310
31,441
.29,126
32,797
18,3611
22, 677
24, 841
18,493
41,091
42,891
40,997
41,118
19, 597
19, 598
21, 591
21,232
64.139
55, 645
53,275
63,777
658, 714
672,238
680,559
689,905
75,520
73,267
75, 691
76,177
39,508
39,157
39,360
39,782
132,491
119,440
125,316
117,154
8,281
7,769
7,810
7,567
60, 854
55, 541
57, 729
53,964
13, 987
12,496
13,;
12,296
8, 699,391
8,877, 971
8, 844,467
9, 007, 762
662, 712 4, 857, 947
680, 869:5,018, 921
681,308'4, 982,435
686,350 5,128,805
2,939,123
2,921,186
2,920,597
2,946,349
209,357
210,600
213,297
9,718
9,719
8,303
33,958
258,300
165,323
169,084
165,350
169,831
7,697
6,747
6,958
6,995
69,302
72, 927
75, 331
73, 471
2, 232, 686
2,306, 537
2,290, 877
2,338,098
176,210
178,245
177, 714
177, 016
7,106
7,404
7,50l|
7,365
1,119, 671
1,141,286!
1,148,445
1,177,918;
77,611
77,493
88,498 1,740,291 436,11
443,137
), 349 .,740,969
1
., 746; 005443,503
91, 542 1,
95,965 1, 755,401 444, 070
544, 557
570,106
539,078
586,638
38,033
39, 037
51, 551
38, 543
100, 576
90,065
116.196
56,403
63, 288
50,998
56,084
83, 516
120,361
117, 522
59, 885
1,941
7,290
7,015
7, 275
40,800
59, 875
72,075
16, 300
2,540
3,180
2,185
1,455
0
0
0
0
5,420
15, 755
10, 605
8,180
1,140
2, 585
a00
1,500
150
57, 676"!
53, 382
52,149!
40, 457
15,465
10,451
12, 666
3,511
13,154
13, 951
9,515
4,011
4,735
3,561
5,277
82
737
82
694
4,785
4, o45
3,905
5,260
4,650
4,r
4,174
4, 000
1,050
500
300
450
751
487
269
485
17,406
17, 741
19, 681
10, 786
53, 954
73, 826
81. 590
20.311
7, 275
6,741
7,482
8,153
82
737
82
694
10, 205
20,300
14, 510
13,440
5,790
7,385
4,674
5,500
1,050
500
300
600
1,751
487
485
141,192
173,743
169,671
100, 342
19,191
25, 532
1, 835! 8,823
7,763 33,423
1,000
""166
750 29,225
31,676
24,393
21,201
213
5,305
10, 527
12,180
10,362
34, 530
42,203
36, 573
31, 563
LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN
NEW YORK CITY
[In thousands of dollars]
Demand loans
Demand and time loans
Total
Feb. 23
Mar. 2
Mar. 9
Mar. 1 6 . . . . .
2,762,154
2,813,045
2,819,111
2,840, 769
For own
account
856, 066
922,050
869,677
888,271
For account of
out-oftown
banks
1,106,654
1,070,482
1,110,405
1,139,113
«
For account of
others
799,434
820,513
839, 029
813,385
Total
2,108,658
2,159,016
2,155,605
2,171,797
For acof
For own count
out-ofaccount
town
banks
567,212
634,380
584,982
606,119
830,915
791,582
823,342
843,910
Time loans
For account of
others
710,531
733,054
747,281
721,768
Total
653,496
654, 029
663,506
668,972
For aqof
For own count
account out-oftown
banks
288,854
287,670
284,695
282,152
275,739
278,900
287, 063
295,203
For account of
others
88,903
87,459
91,748
91,617
306
FEDERAL RESEEVE BULLETIN
APSIL,
1927
ALL MEMBER BANKS
DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY
[In thousands of dollars]
Time deposits
Net demand deposits
1926
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago __
St. Louis_
Minneapolis
Kansas City
Dallas
San Francisco..
._.
-...
Total
Banks in cities and
towns having a population of—
Less than 5,000...
5,000 to 14,999
15,000 to 99,999_._.
100,000 and over..
1927
1926
1926
Nov. 24
Dec. 29
Jan. 26
Feb. 23
Feb. 24
Nov. 24
Dec. 29
1,411,992
6,362,887
1, 213,823
1,503,663
621,446
619,409
2,473, 717
726, 420
440, 625
863, 527
635, 704
1,343, 213
1,373,855
6, 634,463
1, 211,199
1,481, 028
616,159
631,243
2,448, 535
736,752
424, 095
869,191
632,391
1,335,638
1,384,485
6,404,773
1, 210,538
1,499,814
629,631
635,846
2,415, 512
729,332
419,319
860, 742
633, 208
1,297, 793
1,359,421
6,280, 529
1,214,966
1, 510,744
621,568
637,019
2,475,340
730,377
424,958
873, 212
650, 879
1,326,138
1,350,075
6,371,738
1,170,180
1,507,999
620,320
756,985
2,469,183
745,970
457,021
862, 546
654, 003
1,294,977
878,068
2,430,864
945,184
1,429,311
527,102
438,476
1,951,275
489, 663
432,860
322,942
165, 713
1,426,094
2,455, 797
936,928
1,423,986
526,144
437,329
1,938,233
477,984
433,924
316,270
161, 503
1,455,551
18,216,426
18,394, 549 18,120,993
1,694, 704 1, 660,155
1,137,107 1,128,867
2,342,127 2,342,800
13, 042, 488 13, 262, 727
1,632, 886
1,112, 540
2,331, 763
13, 043, 804
18,105,151
18,260,997 11, 437, 552 11,430,134
1,644,353 1, 724,373 1,803,372
1,117,287 1,157,660 1,184, 709
2.346,124 2,399,216 2, 262,814
12; 997, 387 12, 979, 748 6,186, 657
1926
1927
Jan. 26
Feb. 23
Feb. 24
876,322
2, 553,959
972,364
1,445,162
536, 799
451,322
1, 937,889
509, 026
435,250
324,452
176, 503
1, 575,864
813,127
2,251,868
876,312
1,364,418
516, 626
446, 715
1,883,284
467, 704
440, 772
315,370
171, 024
1,340,365
11,607, 634 11,794,912
10,887, 585
872,087
2,521,350
960,946
1,441,508
537,368
443,142
1,925,800
498,640
431,998
322,865
166,919
1,485,011
1,801, 754 1,821,094
1,182,386 1,195,967
2,238,458 2,274,149
6, 207, 536 6,316,424
1,823,250 1, 774,543
1, 202, 251 1,138,299
2, 294,785 2,181,037
6,474,626 5, 793, 706
APRIL,
307
FEDERAL EESEEVE BULLETIN
1927
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
[In thousands of dollars]
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
Number
of
centers
Federal reserve district
December
January
February
December
January
2.808,774
33; 440,912
2, 500, 675
2, 786,306
875,117
1, 257, 765
6,085, 687
1, 306, 535
748, 641
1,330,689
1 707, 806
3, 220,814
2, 823,450
32,091,028
2,321,370
2, 785,096
801,458
1, 222,078
5, 702, 289
1,263,884
626, 844
1, 260, 245
1 668, 091
3,148, 751
2,400,783
28,167, 635
2,028, 504
2,440, 874
672, 295
1,074,168
5,031,903
1,104, 596
558,166
1,094,038
594, 894
3,052, 691
2,711,056
31,147,498
2,405, 369
2, 652,829
878,411
1,365, 832
5,850,726
1,386, 724
849, 658
1, 291,733
1 707, 857
3,150, 544
2,814, 568
31,406,762
2, 262, 212
2, 708,317
825,996
1,337, 786
5, 849, 786
1,342, 698
685, 686
1, 232,003
1 676,408
3,002, 325
2,175,114
25, 533, 666
1,892, 279
2,157,107
723,140
1,118,098
5,033,017
1,123, 586
599,145
1.048,243
1
572, 604
2, 934, 783
141
57,069,721 1 54,714,584
48, 220, 547
54,398, 237
54,144, 547
44, 910, 782
1
140
32, 576, 802
24,492, 919
31, 257, 884
23, 456, 700
27, 439,403
20, 781,144
30, 537,751
23, 860,486
30,313,358
23, 831,189
24, 812, 705
20,098,077
No. 1—Boston
No. 2—New York
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atl anta
7—Chicago
8—St. L o u i s . . . . . .
9—Minneapolis. __
10—Kansas C i t y . .
11—Dallas
12—San Francisco
Total
New York C i t y . _ - . . . .
Other selected cities. __
1925
1927
1926
February
1 Revised to include eight banks not previously reporting.
WEEKLY SUMMARY FOR BANKS IN 260 CENTERS
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
_
9—Minneapolis._.
10—Kansas City..
11—Dallas
12—San Francisco.
Total. _
.„
Number
of
centers
1927
Feb. 23
519, 761
6,151,841
511,920
623, 649
256, 379
252,466
1,184, 632
273, 382
141, 614
264, 705
164, 405
750, 391
260 11,095,145
Mar. 2
1926
Mar.
Mar. 16
716,187
645,152
734, 720
8, 612, 677 7,020,386 8,834, 730
632,097
528, 838
611,022
902, 716
661,159
721, 644
335, 345
292, 924
315,357
287,065
281, 564
301,387
1, 659, 869 1, 254, 238 1,426, 582
338, 504
298, 782
321, 799
193, 411
162,014
168, 490
346, 542
307, 751
315, 781
178, 768
188,718
900, 914
872, 956
894,067
15,104,095
Feb. 24
527, 861
5,424,869
457,171
Mar. 3
674,055
8,033, 554
572,184
724, 541
359, 835
344,368
1, 557, 721
350,045
205,382
339, 588
182, 410
999, 221
Mar. 10
584,665
7, 667, 609
550, 245
628,028
313, 231
314,116
1,307, 563
286,282
162,129
Mar. 17
179,438
721, 857
674, 843
7, 783,150
592, 863
689,937
326,418
327, 714
1,440,305
329,428
1.86,367
308, 560
185,448
810,399
12, 545, 363 14, 813,186 10,160, 787 14,342, 904 13,021,245
13, 655, 432
272,030
1,163, 939
274,157
141, 524
251, 715
155,208
629, 396
BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
Buffalo
3—Philadelphia.._
4—Cleveland
Cincinnati
Pittsburgh
5—Richmond
Baltimore
6—Atlanta
Birmingham
Jacksonville
Nashville
New Orleans. __
7—Chicago
Detroit
...
8—St. Louis
Little Rock
Louisville
Memphis
9—Minneapolis
Helena
____
10—Kansas C i t y . . .
Denver..
Oklahoma City
Omaha..
11—Dallas
El Paso..—
Houston
12—San Francisco. _
• Los Angeles
Portland
Salt Lake City
Seattle
Spokane
354, 274
i, 860, 606
62, 705
382,237
157, 485
77, 266
202, 708
26,177
78, 930
33,042
28,260
20,984
18, 735
68, 487
716, 692
171,154
147,100
18,095
40,420
31, 662
72, 359
1,460
71, 693
32, 887
19,815
40, 791
45,038
41,005
292,406
213, 769
31, 566
12, 812
40, 901
10, 230
507,278
8,194,196
90,437
486, 478
204, 292
92,881
362, 568
37,064
105, 730
39,149
31, 550
22,148
22,169
79, 572
1,062, 548
209, 669
188,300
18, 780
47, 246
40,011
93,089
3,031
89, 936
42, 743
23,031
49,412
47, 585
7,375
43, 659
320,192
277,257
40,406
17,054
54, 250
12,039
463, 620
67,005
399, 333
147,572
214, 268
26, 855
90, 901
35, 614
35,300
22,034
19, 622
79,922
759, 240
148, 758
158,900
18, 782
43,334
74, 388
1,838
79,133
40, 011
23, 258
47, 592
54, 631
45,140
351,318
254,084
34, 551
14,315
45,004
12,166
528,480
5,450, 374
84, 932
471, 657
180, 838
92, 903
226,382
29, 756
98, 682
40,457
33, 520
25, 503
22, 228
86, 776
898, 531
190, 616
178,900
18, 949
48, 659
35, 328
82,136
2,222
83,152
38, 200
24,137'
46,272
50,166
7,335
42, 362
308, 267
260,054
41,041
15, 672
56, 294
15,504
463,183
365, 455
5,147,857 7, 634, 927
92,450
68,606
429, 614
345, 685
175, 373
126,003
86,464
70, 581
245,185
218, 520
41,335
28,078
124, 807
84, 538
33,043
44, 730
28, 810
41,330
28, 899
31,950
18, 438
21, 548
70, 976
97, 673
684,397
976, 327
199,474
213,121
146, 500
190,200
17,209
19, 695
42, 820
60, 987
32, 374
37,938
67, 353
104,440
1,524
2,102
70, 627
88, 803
34,155
44, 479
17,072
24,346
42,014
54,176
48, 672
54,015
7,004
9,988
31,352
41,984
- 217, 725
408,004
177,461 • 280,640
35, 570
45,154
13,771
18,405
39, 765
49, 640
10, 810
12, 514
402, 993
7,351,070
76, 587
409, 834
142, 537
80, 818
204, 673
32, 672
101,038
52,733
31, 240
29,027
21,077
78,142
800,815
172, 285
149,800
18, 516
44,980
35, 510
79, 816
1,751
82, 502
41, 536
22,448
•48,056
47, 705
9,342
39,045
239, 652
211,355
37,424
15, 243
45, 868
11. 465
474, 663
7,442, 732
78, 790
449, 854
166,473
88,892
220, 207
33, 448
106, 276
43,823
39, 230
30, 287
23, 659
86, 793
874,334
216,129
184,200
19, 553
47, 618
40,050
93,258
2,983
83,753
39,024
21, 587
49,642
53, 670
8,389
41,173
271,296
238, 623
46,177
18,414
60,993
13, 725
308
FEDERAL BESEEVE BULLETIN
APRIL, 1927
MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES
The following table shows the prevailing rates charged customers on various classes of loans by representative banks in the cities indicated. These rates are not averages but are those rates at which the bulk of the
loans of each class are made by reporting banks.
[Prevailing rates charged customers during week ending with the 15th of the month]
Loans secured
Loans secured
by-
Month
City
Prime
commer- Interbank
cial
loans
loans
Prime
Warestock
exchange house
collat- receipts
eral
DISTRICT 2
New York
Buffalo
DISTRICT 3
Philadelphia
DISTRICT I
Cleveland
Cincinnati
Pittsburgh
DISTRICT 5
Month
loans
by-
Interbank
loans
Prime
stock
Wareexchange] house
collat- receipts
eral
DISTRICTS—COn.
DISTRICT 1
Boston
City
Prime
commercial
43/
1926—December.
1927—January...
434
February
434
434-414
JVEarch
1926—December.
1927—January. _ _
FebruaryMarch
1926—December.
1927—January. _.
February..
March
1926—December
1927—January...
FebruaryMarch
1926—December.
1927—January. _.
February. _
March
1926—December.
1927—January. . .
February..
March
1926—December.
1927—January...
FebruaryMarch
4
2
4H
434
434
5 -6
5 -6
5 -6
5 -6
41/-.43/
W2-h
434-4M
434
434-5
434
4M-5
5
5
434-5
434-5
534-6
534-6
534-6
5^-6
5 -6
5 -6
5 -6
5 -6
5
4M-53
4M
5
434-5
434-5
434-5
5 -6
5 -6
5 -6
5 -6
434-5
434-5
434-5
434-5
5
5
5
5
6
5 -6
5 -6
1926—D ecember _ 534-6
1927—January... 534-6
February- 5 -6
534-6
March
1926—December. 5 - 5 M
Baltimore
1927—January
February.. 534-5M
March....
DISTRICT 6
1928—December, 5 -6
Atlanta
1927—January.. _ 5 -6
February- 5 -6
March
434-6
Birmingham.. 1926—December. 5 -6
1927—January... 5 -6
February.. 5 -6
5 -6
March
Jacksonville.. . 1926—December.
1927—January— 434-6
FebruaryMarch
5 2 -6
1926—December.
Nashville
6
6
1927—January...
6
February6
March
New Orleans. _ 1926—December . 534-6
1927—January... 534-6
February- 5J4-6
534-6
March
DISTRICT 7
1926—December 4M-5
Chicago
1927—January... •434-5
February- 434-5 g
March
1926—December.
Detroit
1927—January. __ 434-6
February- 5 -6
March
434-6
DISTRICT 8
St. Louis
1926—December. 434-534
1927—January. __ 434-534
February.. 434-534
March.___ 4H-5
Richmond
434
434
434
434
4^-5
5 2-6
5 -6
6
6
6
6
6
5 -534
534-6
534-6
534-6
5
5
5
5
5
5
5
5
-6
-6
-6
-6
434-534
5 -534
5
534-534
5 -534
5 -6
5 -h}/2
5
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
6
6 -7
6 -7
6
534-6
534-6
534-6
5^-6
5 -6
5 -6
5 -6
5 -534
4
534-6
534-6
5 -6
5^-6
534-6
5M-6
534-5M
5
5
5
6
6
6
6
5 -534
5 -534
5 -534
534-6
5
5
5
5
6
6
6
6
-6
-6
-6
-6
-6
-8
-6
-6
-7
-7
-7
-7
6
6
6
6
534-6
6
6
534-6
534-6
5 -6
5
5
5
5
6
6
6
6
534-634
534-6
534-6
534-8
534-6
5V4-6
534-6
6 -7
6 -7
6 -7
5 -534
434-5
5 -6
5 -6
5 -6
5 -6
434-5
5
6
6
6
-6
-6
-6
-6
6
6
6
6
-6
-8
-8
-8
5 -6
5 -6
434-534
4^-5
434-53-^
434-5
5 -6
534-6
5 -6
5. -6
434-6
5 -6
5 -6
5
5
5
5
5
5
5
5
434-6
434-6
434-534
434-534
-534
-534
-534
-534
-534
-534
-5)4
-534
Little R o c k . . . 1926—December.
1927—January. __
FebruaryMarch
1926—December.
Louisville
1927—January...
February:'
March
6
534-6
534-6
534-6
5H-V
6
6
6
5
5
5
5
534-6
534-6
534-6
6 -7
6 -7
6 -7
6 -7
534-6
534-6
534-6
534-6
6
6
6
6
5 -6
5 -6
434-6
4M-6
434-5J4
434-5
434-534
434-534
-8
-8
-8
-8
6
6
DISTRICT 9
Minneapolis., _ 1926—December. 434-534
1927—January... 434-5^2
February434-5H
March
8
1926—December.
Helena
8
1927—January. __
8
February..
March
8
DISTRICT 10
Kansas City... 1926—December.
1927—January...
February..
Miarch
1926—December.
Denver
1927—January.. _
FebruaryMarch
Oklahoma City 1926—December.
1927—January _1_
FebruaryMarch
1926—December.
Omaha
1927—January...
FebruaryMarch
5
5
5
5
6
6
6
6
g
5 -6
5 -6
5 -6
5 -6
434-6
434-6
434-6
-6
-6
-6
-6
-8
-8
-8
-8
6
6
6*
6
6
5 -534
5 -534
5
6 -634
6 -634
6 -634
6
6
6
6
534-6
5^-6
8
8
8
8
5
5
5
5
-6
-6
-6
-6
534-6
5 -6
534-6
5M-6
6
6
6
6
-7
-7
-7
-7
534-6
534-6
6
6
6
6
-8
-8
-8
-8
5 -6
5 -6
5 -6
5 -6
5^-8
534-8
5^-8
534-8
6
6
6
6
5 -7.
6
6 -634
534-6
534-6
6 -Q}i
5
5
5
6 -7
5 -7
6 -7
5 -7
5 -6
5 -6
a0
—/7
0c
a
—D
5
5
5
5
8
8
8
8
-6
-6
-6
-6
7
7
7
7
5
5
5
5
-8
-8
-8
-8
-7
-6
-6
-6
5
5
5
5
6
-6
-6
-6
-6
-7
6
5 -6
5 -6
5 -6
7
7
7
7
6
6
6 -7
6 —7
7
7
7
DISTRICT 11
Dallas
1926—December _
1927—January... 4i|-6
February. _ 5 -6
El Paso
1926—December.
1927—January. _. 7
FebruaryMarch
7
1926—December. 5
1927—January. _ _ 5
February- 5
March
5
534-6
-6
-6
-6
-6
6
6
6
6
6
6 -8
6 -8
6 -8
5
5
5
5
5
5
5
5 -534
5 -534
5 -534
434-5
Houston
DISTRICT 12
San Francisco. 1926—December.
1927—January. _.
FebruaryMarch
Los Angeles
1926—December.
1927—January...
FebruaryMarch
Portland
1926—December.
1927—January...
February..
Salt Lake City. 1926—December.
1927—January...
February..
JVdEarch
1926—December.
1927—January...
February..
March
Spokane
1926—December.
1927—January. __
February.
March....
" 8
-8
8
-8
-6
-6
-6
-6
5 -534
5 -6
5 -6
5 -6
6 -7
6
6
6
5
5
5
5 -534
5 -534
5 -6
5 -6
5 -6
6
6
6
6
6
6
6
6
6
6
6
g
6 -7
6
6
6
6
6 -7
6 -7
6 -7
6
6
6
6
6
6
6
6
5
5
6
7
6 -7
6 -7
6
6
6
6
6
6
6
6
6
g
g
-634 6 -7
-634 6 -7
-634 6 -7
-634 6 -7
6
6
6
6
6
6
6
6
6
6
6
6
6
-7
-7
-7
-7
7
-7
7
7
309
FEDERAL RESERVE BtJLLETIN
AFBIX, 1927
MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST
NUMBER AT END OF FEBRUARY, 1927, AND 1926
Nonmember banks
Nonmember banks
Member
banks
1927
1927
Federal reserve district:
418
Boston
™
416
921
883
New York
753
Philadelphia
~ - _ — 771
861
848
Cleveland
574
599
Richmond
492
Atlanta
- .-- 475
1,323
1,389
Chicago
621
606
St Louis
Minneapolis
-_ 747
822
984 1,020
Kansas City
817
849
Dallas
San Francisco
730
686
245
408
510
1,061
674
319
3,771
1,978
892
2,498
683
742
Total
New England States:
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic States:
New York
N e w Jersey
Pennsylvania
„<.__
E a s t N o r t h Central States:
Ohio
—__
Indiana
Illinois
Michigan
„
„
Wisconsin
West North Central States:
Minnesota
Iowa
,
.
Missouri
North Dakota _
Not on
par list
On par list
1926
1926
Member
banks
1927
1926
245
394
513
1,072
10
611
704
362 1,039
177
3,790
424
2,076
1,093
1,136
213
2,645
761
204
62
792
10
678
1,107
260
412
1,076
202
181
64
9,168 9,437 13,781 14,490 3,833
3,990
61
56
46
180
17
68
62
55
46
180
20
66
48
14
39
71
8
85
49
14
39
70
8
84
660
357
969
638
334
958
276
172
646
276
155
657
424
256
576
288
176
439
263
586
291
185
652
809
1,271
'583
587
658
822
1,287
514
611
8
23
3
212
10
20
92
192
296
364
199
146
329
409
198
160
394
1,132
1,232
109
500
1,197
1,298
180
532
44
32
295
519
47
35
288
— —
Not on
par list
On par list
1927
1926
1927
1926
1927
108
164
262
123
179
265
156
705
925
205
739
998
155
194
3
167
175
3
23
89
13
180
141
86
79
138
22
89
13
191
141
90
90
148
74
32
167
32
213
193
76 ,
19
63
85
32
366
32
225
196
88
22
76
88
101
9
314
187
299
168
104
9
332
233
374
160
149
112
123
41
146
117
125
43
423
193
22
19
430
214
27
23
21
242
209
268
21
238
201
276
106
44
356
754
117
45
378
775
228
27
345
641
245
32
365
710
130
174
3
117
121
173
5
96
101
72
34
131
31
18
44
10
109
78
34
134
34
20
46
10
102
77
52
167
28
26
65
24
102
11
1
7
5
1
4
13
150
127
270
154
133
295
167
105
286
171
107
323
35
26
33
31
West North Central S t a t e s Continued.
South Dakota
Nebraska
Kansas
South Atlantic States:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina - —•_
South Carolina
_
Oeor&ia
Florida.
East South Central States:
Kentucky
Tennessee
Alabama
Mississippi
West South Central States:
Arkansas
Louisiana
Oklahoma
Texas
Mountain States:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific States:
Washington
Oregon
California
78
53
176
26
30
68
24
1926
9
6
3
4
MONEY IN CIRCULATION
[Source: United States Treasury Department circulation statements]
[In thousands of dollars]
Date
Total
1914—July l...._ 3,402,015
1917—Apr. l._... i 4,100,591
1920—Nov. l . . _ . 1 5,628,428
4,337,418
1922—Aug. 1
1926—Mar. 1 . . . . 4,814,217.
Apr. !„..„ 4,805,885
May !„„__ 4,854,173
June !_„_„- 4,870,885
July I . . . . . 4,834,711
Aug. 1_.__ 4,858,474
Sept. ! . „ . . 4,864,086
Oct. 1 . . . . . 4,906,198
Nov. 1_... 4,933,167
Dec. 1_..__ 4,949,247
1927—Jan. 1
5,001,322
Feb. 1
4,712,945
Mar.l~— 4,778,887
Gold
Standard
silver
coin and Gold cerdollars
bullion imcaxes
Silver
certificates
1,026,149
1,348,818
231,404
171,985
1,076,070
1,089,003
1,099,213
1,074,175
1,057,364
1,072,357
1,086,194
1,100,920
1,101,453
1,095,724
1,092,061
1,037,441
1,034,754
478,602
459,680
60,385
268,802
371,149
365,113
363,855
370,003
377,741
384,134
385,598
391,493
393,118
391,158
396,752
374,836
376,838
611,545
641,794
495,353
416,282
422,079
450,787
454,710
454,308
445,068
444,061
428,018
422,052
407,456
408,940
422,899
370,222
393,867
70,300
70,863
89,725
58,378
52,637
52,147
51,814
51, 607
51,906
51,766
51, 681
51,846
51,813
51,848
51, 581
49,842
49,193
Treasury Subsidinotes of
ary
1890
silver
2,428
1,997
1,628
1,508
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
159,966
191,351
261,556
229,956
265,853
267,244
267,089
268,219
270,046
270,218
271,516
275,332
276,828
279,865
281,579
272,126
271,288
United
States
notes
337,845
330,353
277,736
284,343
293,622
289,044
292,843
291,110
294,916
295,977
300,735
302,006
307,199
303,172
296,810
287,672
291,588
Federal
reserve
notes
356,448
3,310,225
2,115,350
1,672,027
1,639,211
1,662,620
1,693,834
1,679,384
1,679,379
1,684,428
1, 709,141
1,737,405
1,764,634
1,824,437
1,683,858
1,709,807
Federal
reserve
DanK
'HQTIV
notes
3,170
209,877
65,032
5,808
5,720
5,640
5,549
5,453
5,289
5,211
5,124
5,127
5,054
4,967
4,902
4,848
Total
National circulabank
tion per
notes capita (in
dollars)
715,180
697,160
715,023
725,782
653,603
646,249
655,025
660,721
651,477
653,939
649,353
646,935
651,421
647,508
628,896
630,710
645,369
34.35
39.54
52.36
39.47
41.84
41.73
42.11
42.21
41.85
42.01
42.02
42.34
42.53
42.62
43.03
40.51
41.03
i The figures for the several classes of money include mutilated currency forwarded to the Treasury for redemption and unassorted currency
held by the Federal reserve banks, and consequently do not add to the total, which is exclusive of such currency,
39280—27-—-5
310
FEDERAL EESEKVE BULLETIN
1927
DISCOUNT KATES OF FEDERAL RESERVE BANKS IN EFFECT APRIL 1, 1927
Paper maturingAfter SO days but
within 9 months
Within 90 days
Federal reserve bank
Commercial,
agricultural,
and livestock
paper, n. e. s.
Boston _J_... New York__
Philadelphia
Cleveland
Richmond,.
4
._ _
„
__
„ __
.
i
44
_ _ . . . . _
„„ . „ _
4
4
St. Louis •
Minneapolis__ ._ = „_
Kansas City _.
_
„
__.
Dallas
_.__
-__„_.._ ____„....-
4
4
4
4
4
Atlanta
Chicago. „
_„.„,.__„ „ „ „ .
___•, __•_•
San Francisco
Secured by
United States
Government
obligations
„_
„
.
Agricultural
and livestock 1
paper
Trade
acceptances
Bankers'
acceptances
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i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc,
GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS, FEBRUARY 17, 1927, TO MARCH 16, 1927
[In thousands of dollars]
Transfers for Government account
Transit clearing
Federal reserve
note clearing
Federal reserve bank
at close
of period
Feb. 16,1927..
Mar. 17,1926..
Feb. 17,1926-.
Debits
Credits
Debits
Credits
914,839
2,931,639
812,635
706,051
588,321
327,182
1,229,078
531,519
159,380
420,748
297,086
379,873
4,1 4
8,119
4,650
6,389
2,562
2,918
5,315
1,204
1,381
1,903
1,167
2,401
2,750
12,245
4,326
3,440
3,350
3,140
5,038
1,000
1,000
2,500
895,869
3,037,588
784,277
680,709
585,091
307,203
1,220,866
536,614
157,192
423,865
295,026
374,051
1,095
1,543
1,495
1,082
4,997
77, 800
77,800
9,298,351
9,298,351
42,113
42,113
54,287
7,509
144,700
6,500
7,500
144,700
6,500
8,719,450
8,274,910
8,898, 724
8,719,450
8,274,910
50,713
42,158
45,510
50,713
42,158
45, 510
Debits
Boston
New York
Philadelphia.
Cleveland. __„.
K h d
Atlanta
Chicago
St. Louis..——.
Minneapolis...
Kansas City.,.
Dallas
SanFrancisco.,
Total 4 weeks endingMar. 16,1927
Changes in ownership of gold
through trans- Balance
fers and clearings in fund
14,500
3,800
9,000
3,500
5,000
13,000
8,000
3,000
1,000
3,000
2,000
12,000
Credits
68,000
3,300
1,500
500
Decrease Increase
37,623
6,190
5,477
3,116
19,034
18,893
2,318
7,201
1,435
902
1,388
54,287
43,819
62,795
54,795
58,331
26,349
27,822
127,260
15,842
14,332
27,905
24,230
40,606
524,086
616,853
688,102
688,124
FEDERAL RESERVE DISTRICTS
! \/
>-.; \ r
.'
I
\—
-BOUNDARIES OF FEDERAL RESERVE DISTRICTS
-BOUNDARIES OF FEDERAL PXSERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
@FedFRASER