Full text of Federal Reserve Bulletin : April 1928

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FEDERAL RESERVE
BULLETIN




APRIL, 1928

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Gold Exports and the Banking Situation
Gold Holdings of Principal Countries
Condition of All Banks in the United States

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON
1928

FEDERAL RESERVE BOARD
Ex officio members:

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

A. W. MELLON,

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

Comptroller of the Currency.

WALTER WYATT, General Counsel.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.

WALTER L. EDDY, Secretary.
J. C. NOELL. Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.

CARL E. PARRY, Assistant Director, Division of Re-

J. F. HERSON,




search and Statistics.
Chief\ Division of Examination, and Chief Federal
E. L. SMEAD, Chief, Division of Bank Operations.
Reserve Examiner.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 (NEW YORK)
District No. 3 (PHILADELPHIA)
District No. 4 (CLEVELAND)
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)
District No. 7 (CHICAGO)

.

ARTHUR M. HEARD.
JAMES S. ALEXANDER.
L. L. RUE.
HARRIS CREECH.
JOHN F. BRUTON, Vice President.
P. D. HOUSTON.
FRANK O. WETMORE, President.

District No. 8 (ST. LOUIS)

W. W. SMITH.

District No. 9 (MINNEAPOLIS)

THEODORE WOLD.
P. W. GOEBEL.
B. A. MCKINNEY.

District No. 10 (Kansas City)
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)
II

_._ F. L. LIPMAN.

OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank of— I
Boston
New York..

Governor

Chairman

Philadelphia....
Cleveland

R. L. Austin
! George DeCamp

Geo. W. Norris...
E. R. Fancher

W. Willett.
J. W. Jones.i
Ray M. Gidney.1
J. E. Crane.*
W. B. Matteson.i
C. A. Mcllhenny.
W. G. McCreedy.'
H. F. Strater.

M. J. Fleming
Frank J. Zurlinden..
C. A. Peple
] R. H. Broaddus
Hugh Foster
I Creed Taylor. _
C. R. McKay
John H. Blair

Richmond-

Wm. W. Hoxton..

George J. Seay

Atlanta
Chicago

Oscar Newton
Wm. A. Heath

Eugene R. Black..
J. B. McDougal—

St. Louis.

Wm. McC. Martin.

D. C. Biggs-

0. M. Attebery.

Minneapolis..

John R. Mitchell_

Kansas CityDallas

M. L. McClure...
C. C. Walsh

W. B. Geery..
W. J. Bailey....
Lynn P. Talley.

San Francisco.

Isaac B. Newton.

J. U. Calkins

B. V. Moore
Harry Yaeger
C. A. Worthington..
R. R. Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk

l

Cashier

W. W. Paddock
J. H. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
A. W. Gilbart
L. R. Rounds
Wm. H. Hutt

W. P. G. Harding
Benj. Strong

Frederic H. Curtiss
G. W. McGarrah

Deputy governor

l

* Assistant deputy governor.

Geo. H. Keesee.
John S. Walden, jr.'
M. W. Bell.
W. C. Bachman.i
K. C. Childs.2
J. H. Dillard.2
D. A. Jones.*
O. J. Netterstrom.8
A. H. Haill.a
F. N. Hall.»
S. F. Gilmore.2
J. W. RinklenV
C. A. Schacht.*
Gray Warren.
Frank C. Dunlop.i
J. W. Helm.
Fred Harris.
W. D. Gentry.*
W. N. Ambrose.

Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch _
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch




Managing director

W. W. Schneckenburger.
C. F. McCombs.
_ J. C. Nevin.
A. n . Dudley.
Hugh Leach.
Marcus Walker.
W. S. McLarin, jr.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
W. H. Glasgow.
A. F. Bailey.

Managing director

Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch

R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
W. 0. Ford.
D. P. Reordan.
M. Cramp.
*

Wm. M. Hale.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN
THE FEDEHAL RESERVE BULLETIN is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. The BULLETIN will be sent to all member
banks without charge. To others the subscription price, which covers the cost of
paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the
United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25
cents
in

TABLE OF CONTENTS
Page

Review of the month—Gold exports and the banking situation
New indexes of sales of chain stores and mail-order houses
Seasonal variations in wholesale and retail trade
Gold holdings of principal countries at the end of 1927
Annual report of the Bank of Belgium
Annual report of the Bank of Switzerland
Condition of all banks in the United States
Changes in membership in the Federal reserve system

229
232
236
260
262
268
231,300-303
242

National summary of business conditions

244

Financial, industrial, and commercial statistics
Reserve bank credit (245)—Monetary gold stock of the United States (246)—United States
money in circulation (246)—Money rates: Federal reserve bank rates, Open-market rates,
Rates charged customers (247-248)—Member bank credit: All member banks, Reporting
member banks in leading cities (249)—Bankers' balances of reporting member banks
(250)—Bankers' acceptances and commercial paper outstanding (250)—Brokers' loans
(251)—Commodity prices, security prices, and security issues (252)—Production, employ*
ment, and trade (253)—Industrial production (254)—Factory employment and pay rolls
(255)—Building (256)—Commodity movements: Freight car loadings, Agricultural movements (257)—Wholesale trade (257)—Retail trade: Department stores, mail-order houses,
chain stores (258)—Bank suspensions and commercial failures (259).

245

Financial statistics for foreign countries
Condition of central banks (274)—Condition of commercial banks (276)—Discount rates of
central banks (276)—Money rates (277)—Gold exports and imports (278)—Foreign exchange
rates (279)—Price movements: Wholesale prices, retail food prices, cost of living (280-282).

274

Law department:
Amendment to law regarding interlocking bank directorates
Revision of board's regulation regarding interlocking bank directorates
Changes in national and State bank membership
Fiduciary powers granted to national banks

283
283
286
286

Detailed banking statistics for the United States

287




IV

FEDERAL RESERVE BULLETIN
VOL. 14

APRIL, 1928

REVIEW OF THE MONTH
During the month of March exports of gold
from the United States to foreign countries were
~ ,,
. larger than for any other month
&
J
Gold exports
and the bank- on record, while gold imports
ing situation
w e r e a i m o s t negligible in
amount. A substantial part of the gold outflow, however, represented nothing more than
the actual shipment of gold that had been
previously acquired by foreign countries and
held by them under earmark with the Federal
reserve banks. To a considerable extent, therefore, the recent gold exports involved no current
draft on the banking resources of the United
States, but after adjusting the figures for all
factors affecting during March the monetary
gold stock of the United States there was on
final reckoning a net loss of gold for the month
approximating $56,000,000. While loss in a
single month of an amount greater than this has
occurred several times during recent years,
namely, in November and December of last
year and in January and February of 1925, the
loss during March was nevertheless of exceptional volume. Provision of a given amount of
gold for export or earmark tends to deprive the
market of a like amount of reserve funds, or to
cause increased indebtedness of member banks
at the reserve banks, except to the extent that
this influence may be offset by coincident developments of opposite effect, notably purchases
of securities by the reserve banks—which did
not occur in March—or an inflow of currency
from circulation. While there was an inflow of
$20,000,000 currency in the first four weeks of
March, there was a subsequent outflow of
$80,000,000, with the consequence that by the
end of the month both gold exports and cur-




No. 4

rency demand had come to be factors making
for firmness in the current credit situation.
March was the seventh consecutive month in
which gold exports exceeded gold imports, net
Gold stock of e x P ° r t s f o r t h e Period approxithe U n i t e d mating $262,000,000. This figStates
ure does not, however, measure
the actual loss of gold for the period, chiefly
because there was at the same time a net
increase in gold held under earmark by the
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

5000

5000T

S
4000

4000
/
3000

3000

2000

2000

M()NETiARY GOLD>STO CK

1000

1000

C)F THE UNITEDS TATE S

1919

1920 1921 1922 1923

1924

1925 1926 1927 1928

Federal reserve banks for foreign account.
Measured by reduction in the gold stock of the
United States, the actual loss of gold for the
period from the first of September to the end of
March amounted to $283,000,000, of which
$74,000,000 represented gold lost in the first
quarter of the current year. This is in sharp
contrast with a gain, indicated by the chart, of
more than $100,000,000 during the first quarter
of 1927. The chart also brings out the fact
that the loss of gold in the last four months of
229

230

FEDERAL RESERVE BULLETIN

1927, amounting to $209,000,000, represented
to the extent of about one-half the transfer to
foreign ownership, by export or earmark, of
gold acquired by the United States during the
early months of the year. Notwithstanding
the large and continuous loss of gold from last
September to the end of March, the total gold
stock of the United States, at $4,306,000,000,
remained at a higher point than had been
reached previous to 1924.
At the end of 1927, the latest date for which
comprehensive figures are available, the total
Gold holdings S t o c k Of m o n e t a i T S° l d h e l d hy
of central insti- governments, central banks,
tutions
andsimilarinstitutions throughout the world, either in their own vaults or under earmark with correspondents, appears to
have been not less than $9,475,000,000 and to
have shown an increase for the year of at least
$300,000,000. While the net increase for the
year in monetary holdings of all countries combined, including the United States (which lost
about $100,000,000), is estimated at not less
than $300,000,000, the increase for foreign countries as a group was more than $400,000,000.
This increase was considerably greater than
that of other recent years, partly because of
smaller takings than usual by India, but also
because of the release at London during the
year, through action by the Bank of France, of
$90,000,000 that had previously been held by
the Bank of England as collateral security for
a French debt. This had the effect of adding a
substantial amount to the supply of gold made
available during the year by new production
from the mines. The new production, approximately $400,000,000, was about the same as in
other recent years.
In estimating the increase of more than
$400,000,000 in the monetary gold holdings of
foreign countries account is taken not only of
the increase of $160,000,000 in goJd holdings
during the year as actually reported by foreign
central banks and governments, which are
shown in detail in a table elsewhere in this
BULLETIN, 1 but also of the fact that the reported increase in gold earmarked in the United
i Page 260




APRIL. 19

States and elsewhere for foreign account was
reflected to but limited extent in the gold holdings separately reported by foreign institutions.
The holdings of the Banco de la Nacion of
Argentina, which increased by $54,000,000, are
also taken into account.
Analysis based on the figures of gold holdings
actually reported by individual foreign counGold nd *™s i n dicates that important
monetary re- increases during 1927 were as
construction follows: Argentina (conversion
fund and Banco de la Nacion), $79,000,000;
Brazil, $45,000,000; Poland, $31,000,000;
Italy, $18,000,000; and Belgium, $14,000,000.
All of these are among the countries which have
reestablished their currencies on a gold basis
within recent years or were engaged in 1927 in
making preparations to do so. While this
analysis does not take into account the full
growth of gold "held abroad" by foreign countries, it indicates nevertheless that in 1927 an
important source of the demand for additional
gold was the progressive movement toward the
general adoption of the gold standard. This
movement began in certain countries at least as
early as 1923, but it is since the end of 1924 that
it has been of special interest and importance.
During the three years from that time to the
end of 1927 the net increase in the total monetary holdings of foreign central banks and governments amounted altogether to not less than
$675,000,000, while the gold holdings of the
United States Treasury and Federal reserve
banks decreased by $113,000,000. When account is taken of developments since the first
of the year, it appears that the increase in the
monetary stock of foreign countries since the
end of 1924 has exceeded $775,000,000 and the
decrease in the gold stock of the United States
has been less than $200,000,000. Thus the
period in which the majority of the important
foreign currencies that were deranged by the
war have been again brought into definite relation with gold has been characterized by substantial growth in the gold holdings of foreign
countries without the accompaniment of much
reduction in the large holdings of gold that
accumulated in the United States in consequence of the war.

APRIL, 1928

231

FEDERAL RESERVE BULLETIN

Annual Report
bank loans fell off by about 2 per cent during
The text of the Annual Report of the Federal the first three months of the year.
Reserve Board, covering operations for 1927, LOANS AND INVESTMENTS OF ALL BANKS IN THE
was presented to Congress on March 26 and
UNITED STATES
released for publication March 27.
Lin millions of dollars]
All banks

Charts on Bank Credit, Money Rates, and Business
Activity

A collection of 24 charts illustrating changes
in bank credit, money rates, and business activity has been recently published by the Federal Reserve Board, including the principal
graphic material currently prepared by the
Division of Research and Statistics for presentation to the board. The charts are on a
weekly or monthly basis, illustrating figures
published currently in the FEDERAL RESERVE
BULLETIN. They are about 7 by 10 inches in
size and are ruled to provide for keeping them
currently up to date by extension of curves
through 1928 and 1929 as data become available. This collection, in pamphlet form, may
be obtained from the Federal Reserve Board
at a charge of 50 cents a copy, covering the
cost of paper and printing.
CONDITION OF ALL BANKS IN THE UNITED
STATES

Bank loans and investments in the United
States aggregated about $55,850,000,000 on
December 31, 1927, as shown by figures for
all banks in the country recently made available and given in the table below. The increase during the year of approximately
$3,580,000,000, or about 6 per cent, is divided
nearly equally between loans and investments.
About $1,400,000,000 of the combined increase of loans and investments of all banks
is accounted for in loans of member banks of
the Federal reserve system, although member




Dec. 31,1927:
Loans
Investments

._

Total
Change from Dec. 31, 1926:
Loans.. .
Investments.
_.
Total
Change from Oct. 10,1927:
Loans
Investments
Total..

__

Member
banks

Nonmember banks

38,395
17,455

24,318
10,361

14,076
7,095

55,850

34,679

21,171

+1,796
+1,783
+3,579

+1,412
+1,371

+383
+413

+2,783

+796

+760
+410

+826
+402

-67

+1,170

+1,228

-58

+9

The net increase of $1,170,000,000 in total
loans and investments during the last quarter
of the year, or more precisely as shown by the
table, between October 10 and December 31,
covers an increase of $1,228,000,000 for member banks and a decrease of $58,000,000 for
nonmember banks. Member-bank investments increased during this last quarter by
about 4 per cent and investments of nonmember banks by 0.1 per cent.
More detailed compilations of the principal resources and liabilities of these banks
are given on pages 300-303 of this BULLETIN.
The figures, compiled by the Federal Keserve
Board, reflect the condition of 26,431 member
and nonmember banks, including all national,
State, and private banks in the United States,
except certain nonreporting private banks not
under State supervision. Similar data are
available for each call date since June 30, 1923,
and are given for back years in Table 72 of
the board's 1926 annual report.

232

FEDERAL RESERVE BULLETIN

APRIL, 1928

NEW INDEXES OF SALES OF CHAIN STORES AND MAIL-ORDER HOUSES
Sales data for chain stores and mail-order
houses are included with other current information on business conditions assembled by
the Federal Reserve Board and the Federal
reserve banks and published in the form of
monthly index numbers. Heretofore the base
period for the sales indexes has been the year
1919. These indexes have now been put upon
a new base, making them more easily comparable with other similar series of index
numbers computed by the board. The new
base period (1923-1925 = 100) is broader and
more recent than the one which it supersedes.
The data, moreover, have been adjusted so as
to make systematic allowance for differences
in the number of business days in the month
as well as for customary seasonal variations.
These new indexes, covering the period from
1919 to the present time, are presented on
pages following, and a brief description of the
data upon which they are based and of the
method by which they have been computed is
given below.
Basic data for chain-store sales are reported
to the Federal reserve system by 81 firms now
operating approximately 39,000 stores in seven
different lines of retail trade—groceries, 5-and10-cent variety merchandise, wearing apparel,
drugs, cigars, shoes, and candy. The reporting
firms, including many of the larger companies
in each of these seven lines, operate stores in
many sections of the country, although from
firm to firm the number of stores operated
varies widely. Sales of mail-order houses are
furnished by four different companies, including
two of the largest in the United States. Table
I shows in detail for the years 1919-1927 the
number of reporting firms, their annual sales,
and, for reporting chain-store companies, the
number of stores operated.
TABLE I.—NUMBER OF REPORTING COMPANIES, NUMBER OF STORES AT END OF YEAR, AND ANNUAL

SALES, 1919-1927

Type of company and year

Grocery chains:
1919 _ .
1920
1921
19221923
1924
1925
1926 _
1927-_




.

Number
of report- Number
of stores Annual sales
ing com- operated
panies

28
28
28
28
37
37
37
34
34

7,801
8,945
9,942
13, 572
17, 533
20,394
25,001
27,337
29, 433

$338, 538,466
492. 928,972
438; 945,854
512,027,821
663,262,417
755,859, 519
925,395, 725
1,115,168,097
1,359,371,361

TABLE I.—NUMBER OF REPORTING COMPANIES, N U M BER OF STORES AT E N D OF YEAR, AND ANNUAL

SALES, 1919-1927—Continued
I

Type of company and year

Number
of report- Number
of stores Annual sales
ing com- operated
panies

5-and-10-cent chains:
1919.
1920
1921
1922
1923
1924__
1925
1926--.
1927-Apparel chains:
1919.1920
1921-19221923
1924
1925
1926
1927
D r u g chains:
1919
1920
1921-1922-1923
1924
1925
1926--.
1927--.
Cigar chains:
1919
1920
1921
1922
1923
1924
1925
1926
1927
Shoe chains:
1919
1920
1921
1922..
1923.
1924
1925
1926
1927
C a n d y chains:

_

1919
1920
1921
1922
1923
1924
1925..1926
1927
Mail-order houses:
1919
1920
1921
1922
1923
1924
1925...
.1926
1927

1,727
1,813
1,809
1,875
2,143
2,316
2,459
2,664
2,944

$209,276,659
250,883,834
260, 993,102
295,952,070
357,365,352
401, 700,389
457,858,867
506,142,684
560, 773,589

230
350
358
421
563
677
783
887

36, 505,98652,960,157
59,254,380
64,120, 272
86,600,322
102,849,341
125,108,269
155,986, 661
198,672,838

404
414
429
445
560
593
681
828
936

47,107,149
56, 687,996
57, 591,680
59, 977,626
78,169,174
82,686,121
92,101,645
106,465, 669
120,222, 701

2,173
2,196
2,241
2,767
2,730
2,867
3,282
3,455
3,471

71,102,170
94,225,063
93,605,746
91,457, 602
97, 714,607
99, 679, 585
101,857,061
110,391,749
110,119,595

281
285
293
322
366
454
523
578
625

28,043,591
33, 649, 781
31,807,549
31,952,353
35,166,416
37,971,954
39,878,328
42,414,837
43,183,331

54
72
82
102
170
179
234
249

11,385,142
15, 698,267
16,181,032
16,691,096
25, 591,413
27,679,484
28,991, 547
31,332,400
32, 717,017
452,321, 249
314,274,907
344,338, 946
433,176, 515
461,046, 766
518,043,348
541,325,885
562, 765, 581

Since complete data covering the total
volume of retail sales by all chain stores in the
United States are not available, it is impossible

APRIL, 1928

FEDERAL RESERVE BULLETIN

to determine accurately what proportion of
total chain-store sales is represented by the
figures reported to the Federal reserve system.
It has been estimated, however, by Paul H.
Nystrom that sales of all chain stores in the
United
States amounted to $4,800,000,000 in
1926.1 Of the total so estimated, sales of
companies reporting to the Federal reserve
system constitute about 40 per cent and provide a fairly representative sample of chainstore trade. A similar estimate of sales for
mail-order houses, as amounting to $1,600,000,000, indicates that firms reporting to the
Federal reserve system and having annual
sales of over $550,000,000 are also fairly representative of their particular branch of retail
trade.
Indexes without seasonal adjustment.—In
constructing the several series of index numbers
without seasonal adjustment, monthly totals
of dollar sales for reporting companies in each
line were obtained and these totals were converted into percentage relatives by dividing
the total for each month by the average
monthly sales of identical companies in the
base period; i. e., in the three years, 1923,
1924, and 1925. As the number of companies
reporting varied from year to year, it was
necessary to compute several separate averages
for the base period so that the indexes would
in each case express the relationship between
sales in the given month and average monthly
sales in the base period for identical companies.
Sales during 1923, 1924, and 1925 of the companies which did not report in the earlier years,
for example, were subtracted from total sales
of all companies reporting in the base period,
and the monthly average for the base period
of this reduced sales figure was used in computing relatives for the period in which the
particular companies were not reporting. Similar adjustments were made in the base for
firms which have discontinued reporting since
1925.
Relatives thus derived for each line of retail
trade represented by the chain-store reports
are the index numbers of sales without adjustment for seasonal variation. They are
shown in Table II, together with a similarly
computed series covering sales of mail-order
houses.
i Survey of Retail Trade in the United States, Journal of Commerce,
Jan. 28, 1928.




233

On examination of the sales indexes so computed, it became evident that the course of
sales of chain stores was affected (1) by rapid
expansion and growth, resulting partly from
increases in the number of stores operated by
individual companies, and (2) by fairly regular
fluctuations attributable to seasonal influences
or to conventions that characterize buying
at retail stores. The number of stores operated by chain-store companies has increased
at widely different rates in the several lines
of retail trade and as between individual companies in the same line. For mail-order
houses growth in sales is likewise attributable
in some measure to increase in the number of
branch houses and to the opening of retail stores,
but to a smaller degree than in the case of
chain-store systems. In computing the indexes,
no adjustment has been made to eliminate the
influence of increase in the number of stores,
and the full growth of the business of these
companies is reflected in the indexes.
Adjustment for seasonal variations.—In adjusting the indexes to eliminate the influence
of typical seasonal variations, average daily
sales were computed by dividing the total sales
for each month by the number of actual business days in the month, making allowance for
Sundays and for six national holidays. An index of average daily sales was then constructed
by a process similar to that used in computing
the unadjusted index, and this index was adjusted for seasonal variations according to the
ratio-to-moving-average method. This method
which has been used in preparing other Federal
Reserve Board indexes of trade and industry,
is described in detail on pages 236-242 of this
BULLETIN. The adjustment factors developed
by this method and used in adjusting the
indexes of chain-store and mail-order-house
sales are given in Table III. In the case of
mail-order houses, 5-and-10-cent chains, apparel chains, and shoe chains, special adjustments similar to those made in the index of
department-store sales were made in order to
eliminate the effects of variation in the date of
the Easter trading season. The seasonal adjustment factors for March and April, which are
given in Table III, are the average monthly
quotas which form the basis for the sliding
scale of adjustment factors,
varying according
to the date of Easter.2
2

See pp. 240-241 of this issue.

234

FEDERAL RESERVE BULLETIN

APRIL, 1928

TABLE II.—SALES OP MAIL-ORDER HOUSES AND CHAIN STORES
[Index numbers. Monthly average 1923-1925=100]
Index with seasonal adjustment

Index without seasonal adjustment
Chain stores

Year and month

Mailorder
houses

Wear5-and- ing
ap10-cent
parel

Drug

Cigar

113
125
138

52
59
64
83
98
119
149
189

64
78
79
82
93
98
109
126
143

72
96
95
93
98
100
102
111
110

80
68
77
85
76
69
71
77
95
145
138
136

37
38
48
50
51
46
47
50
49
58
61
104

20
20
29
34
37
34
30
34
41
53
48
55

54
56
68
66
74
67
71
72
69
80
83
108

112
114
122
100
84
81
75
75
84
97
117
91

46
44
60
60
61
59
60
60
60
70
68
117

26
25
37
44
55
53
48
49
64
78
70
81

77
77
87
94
99
93
99
109
97
130

64
60
89
72
56
58
46
53

40
41
55
57
58
59
51
50
61
78
71
84

87
84
95
97
93
92
93
92
92
100
90
125

67
63
104
104
100
94
72
62
74

78
75

46
49
64
59
60
58
58
61
60
75
71
129

108

64
62
83
71
71
72
75
76
74
74
68
107

61
55
78
72
65
64
54
53
70
101
103
100

50
53
63
72
69
67
67
69
72
83
81
149

35
37
49
61
62
61
50
52
70
88
87
110

105

80
79
90
90
93
89
92
92
98
92
92
129

62
61
75
115
94
90
79
64
88
92
93
123

61
63
71
79
75
72
74
79
81
79
76
116

83
78
105
96
91
80

61
62
86
75
82
83
77
82
81
96
94
179

47
48
72
72
81
83
62
67
90
115
110
145

90
120

83
79
97
90
99
99
92
98
101
100
97
140

65
55
110
95
108
109
78
72
96
105
99
129

73
102
82
89
90
90
94
93
99
95
143

Grocery

Shoe Candy

Chain stores
MailWearorder
5-and- ing
houses Grocery 10-centi ap- Drug Cigar
parel

Shoe Candy

ANNUAL INDEXES
1919
1920
1921
^
1922
1923
1924
1925
_..
1926
1927
MONTHLY INDEXES

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

_.

!

'_"_'_[
311!

inirr

June
July__
IIIIIIII"
August...
September..
October
'..VI. "
November
December
I3I3II!
1922
January
February. _
March..
April
3III3
May
June
August
September
October
November
December

lllllllll'"

~
3II3III!
"I"!
1923

January...
February
March
Ap^
:::::::;
May
June
July..
-------August
September
October
I
November
December...
III""




74

76
91
86
86
93
101
106
113
115

53
73
75
77
93
101
106
114
119

83
76
74
81
87
82
93
101
98

80
72
67
77
81
95
96
103

67

73

1U

85
95
75

115
104

48
48
45
47
46
47
49
55
53
55
62

1920

1921
January
February
March...
April
I"

July

45
66
59
69
85
97
118
143
174

1919

December.

May

67
73
92
98
110
115
120

85
125
114
110

68
58
92
102
109
95
92
71
83
107
101
114

70

116
127
112
100
100
92

89
84
94
84
98
87
101

74
73
74
80
72
112

100
107
100

101
98
97
99
93
95
96
93
94
93
93

67

100
96
83

70
68
72
65
72
70
76
76
74
78
71
79

90
91
101
86
91
85
82
74
79
91
84
79

81
73
84
66
74
76
80
76
73
73
68
75

84
87
81
93
82
82
91
77
94

78
74
71
77
75
76
79
79
81
78
76
85

93

87
93
99
105
91
94
86
92
96
91
87

83
87
90
91
90
97
93
93
99
95
95
101

93
92
99
96
95
101
96
99
107
95
100
104

85
79
109
82
95
87
107
94
94

85
85
103
79
90
96
96
94
97
94
95
105

235

FEDERAL RESERVE BULLETIN

APRIL, 1928

TABLE II.—SALES OF MAIL-ORDER HOUSES AND CHAIN STORES—Continued
Index without seasonal adjustment

Index with seasonal adjustment

Chain stores
Year and month

Chain stores

MailMailorder
Wearorder
Wearhouses Gro- 5-and- ing Drug Cigar Shoe Candy houses Gro- 5-and- ing
cery 10-cent apcery 10-cent ap- Drug Cigar
parel
parel

Shoe C a n d y

MONTHLY INDEXES—eon.
January
February
March
April
May
June
July
August
September
October
November
December
January.
February
March
April
May
June
July
August
September
October
November
December.
January
February
March
April
May
June
July...
August
September
October
November
December
January.
February
March
April
May
June
July
August
September
October
November
December
January
February

1924

._

132
122
138

92
91
91
95
97
90
93
91
94
108
105
115

67
74
87
95
93
87
87
92
91
109
107
199

58
62
77
94
96
88
74
81
101
130
142
173

91
92
97
95
98
94
96
99
95
103
94
122

89
98
94
104
95
93
100
99
104
100
138

75
70
89
135
114
106
86
83
94
105
110
141

100
98
111
109
88
95
81
83
106
158
135
156

113
105
114
116
115
114
116
109
114
136
125
144

80
83
95
105
102
101
98
105
103
128
119
235

69
72
96
114
112
111
91
100
123
182
151
211

100
95
104
103
106
107
107
111
109
116
108
146

95
96
103
96
98
102
102
109
98
152

82
76
96
134
113
115
93
92
99
124
104
143

103
121
112
98
105
91
91
113
140
143
155

131
129
144
147
140
143
143
131
133
150
155
167

89
92
107
110
116
111
112
111
115
140
135
258

84
88
122
134
150
138
127
122
157
201
200
263

114
111
124
122
122
119
126
123
124
133
128
169

92
92
102
108
115
109
112
106
109
116
107
159

103
101
125
120
99
107
93
105
118
147
149
167

155
148
174
172
171
178
167
170
171
190
189
202

96
104
116
135
123
123
121
130
128
153
146
279

100
114
148
199
171
172
157
165
198
250
250
350

134
129
143
144
134
136
141
140
137
151
144
182

97
99
111
113
113
109
111
106
106
111
105
156

105
108

188
194

104
115

121
137

146
148

90
96

92
106
84
64

1925

1926

1927

.
1928

95
95
95
100
96
97
84
91
102
101
102
105

90
91
89
91
93
94
94
99
101
102
107
106

87
92
100
97
97
99
97
103
100
98
107
102

107
107
114
104
149

104
109
106
104
105
107
107
109
109
121
112
119

110
110
111
112
115
115
118
120
122
129
128
133

83
75
109
126
132
116
111
93
108
120
114
163

92
110
120
117
108
112
103
116
121
123
161

82
84
96
150
109
118
109
101
108
121
118
178

82

95
118
107

91
96
98
95
97
99
95
103
98
100
104
99

96
100
104
96
99
101
92
105
101
99
107
99

97
98
100
105
100
101
95
104
101
94
109
103

100
100
102
102
100
99
97
99
100
101
102
106

104
107
107
108
110
110
109
117
113
116
119
121

107
110
115
112
112
113
111
122
119
134
125
130

101
102
104
104
108
109
105
115
113
112
119
119

99
99
100
98
102
99
97
107
104
104
106
109

106
110
106
106
102
105
102
115
105
111
103
105

105
109
105
104
108
104
99
111
107
108
108
105

116 | 133
115
135
107
135
112
142
140
117
143
119
145
119
143
120
142
111
148
116
153
114
154
118

103
118
112
117
125
121
124
124
127
132
130
133

136
134
131
140
151
140
154
149
152
153
159
162

119
119
120
123
125
121
124
128
128
134
135
137

107
106
104
109
114
112
111
111
111
115
111
114

112
108
108
104
120
106
121
116
115
112
108
119

112
108
111
112
122
115
114
107
115
119»
123
113

95
103
115
136
115
114
112
110
119
124
125
164

111
112
117
113
118
121
127
133
122
117
119
128

157
155
163
166
172
179
176
179
183
187
186
186

130
133
128
137
132
135
139
140
141
144
140
147

163
173
175
192
172
175
199
193
192
191
198
215

140
139
139
144
137
138
144
139
141
152
152
148

113
115
113
115
113
112
114
107
107
109
107
111

111
121
104
117
99
108
124
121
115
112
112
130

120)
12.1
116
127
120
121

100
106

113
116

191
195

140
142

197
201

153
153

105
107

117
120

126
120

109
99
90
94
95
101
106
99
150

93
100
111
104

122
124
115

TABLE III.—SEASONAL ADJUSTMENT FACTORS USED IN INDEX OF SALES OF CHAIN STORES AND MAIL-ORDER
HOUSES
January
Chain stores:
Grocery
5-and-10
Apparel
Drugs
Cigars
ShoesCandy
Mail-order houses.




Febru- M a r c h
ary

April
102
94
97

101
76
63

102
83
70

101
89
85

Qfi

OQ

QO

Qfi

88
76
81
95

92
74
91
96

93
93
94
105

97
122
106
101

May
102 !
95 I
102
100
103
113
98
86

June
98
90
97
97
96
108
93
87

July
97
89
81
100
99
90
96
75

SepAugust tember
90
88
81
95
94
79
95
75

96
93
106
99
101
96
103
99

NoOctober vember
100
105
129
98
100
106
100
124

104
107
129
97
99
108
103
128

De-

107
191
160
121
138
135
140
129

236

FEDERAL RESERVE BULLETIN

APRIL, 1928

SEASONAL VARIATIONS IN WHOLESALE AND RETAIL TRADE
A wide seasonal swing exists when the busiMany of the Federal Reserve Board's indexes of production and trade are presented ness of the year is concentrated within a few
in the FEDERAL RESERVE BULLETIN in two months and other months are very dull in
contrast. Lines of industry differ materially
forms, as "adjusted for seasonal variations"
and "without seasonal adjustment." 1 The in the magnitude of their characteristic sea"unadjusted" indexes reflect the net composite sonal fluctuation. Production and wholesale
effect upon industry and trade of seasonal sales of men's and women's clothing, for
variations, changes in general business condi- example, are commonly described as " highly
tions, long-time growth, and temporary acci- seasonal/' while wholesale sales of such proddental changes such as those occasioned by ucts as meats, groceries, drugs, and hardware
strikes. In the " adjusted " index the influence are found to be more evenly distributed
of regular seasonal variations is eliminated. throughout the year.
The present article deals in some detail with
Kecognition of these seasonal variations has
the simple mathematical processes by which impelled those who interpret the current state
adjustments have been effected for eliminating of business activity by the use of figures for
the particular effects of seasonal influences upon actual sales, or of index numbers based upon
the volume of wholesale and retail sales. In those figures, to take into account the customany such account descriptive of mathematical ary seasonal change. But such interpretaprocesses it is difficult to avoid a somewhat tions made without reference to some mathefictitious implication of perfect regularity of matical measure of the share of the year's
incidence and variation in seasonal changes and business usually done in the given month are
a further implication of complete adequacy of at best of uncertain and unverifiable value.
data for measuring these effects. No such In interpreting the unadjusted index number
implications are here intended. The adjusted of 184 for department-store sales in December,
index for sales is presented as being only an 1926, to take a specific instance, it is necessary
approximation in which the margin of error is to know not simply that sales in December are
too small to invalidate the index as a measure usually above the average for the year, but
of nonseasonal fluctuations and trends in the that sales in this month usually exceed the
volume of trade.
average by approximately a given percentage.
Seasonal variations may be described as An index number from which the regular seathose fluctuations in the volume of industry— sonal peaks have been eliminated reveals the
whether agriculture, manufacture, trade, or direction and measures the extent of nonseatransportation—which recur regularly at an- sonal monthly changes and of long-time trends.
nual intervals, with a periodicity determined In constructing the Federal Reserve Board's
by climatic or other seasonal influences or by new indexes of wholesale and retail trade such
social conventions. The custom of purchasing a mathematicl measurement in the form of a
new spring wardrobes at Easter time, for in- percentage is substituted for an informal
stance, regularly occasions during the weeks allowance made for months considered "slack"
immediately preceding greater activity in the or "busy," and is used as a near approximation
manufacture and sale of clothing year after to a typical quota of business done in each
year. In the months of February and March month in the year. These monthly quotas are
the factory output of fabrics, of shoes, and of used as divisors of current volume index nummillinery increases and sales of wholesale cloth- bers for appropriate months, and the resulting
ing firms also are greater. Somewhat later— index numbers are "adjusted for seasonal
in March and April, according to the date of variations."
Original data.—The original data from which
Easter—sales of department and apparel stores,
mail-order houses, and 5-and-10-cent stores current volume index numbers and their seaincrease in volume. Summer brings some sonal-adjustment quotas were prepared appear
recession in almost all lines of business, followed in the FEDERAL RESERVE BULLETIN for Deby an expansion of production and trade in the cember, 1927, February, 1928, and April, 1928.
autumn, and by a great increase of retail sales For the purpose of deriving mathematical
in December, particularly at Christmas time. measures of seasonal variations these data are
in two respects somewhat deficient: (1) The
i Descriptions of these index numbers are to be found in the following
issues of the FEDERAL RESERVE BULLETIN: Industrial production, period for which they are available is relatively
February, 1927, pp. 100-103, and March, 1927, pp. 170-177; building short, and (2) the dollar values upon which
contracts, freight-car loadings, and revised index of automobile production, August, 1927, pp. 562-563; wholesale distribution, December, 1927, they are based are subject to wide price flucpp. 817-828; department-store sales and stocks, February, 1928, pp. 114For lines of wholesale distribution
124; revised indexes of chain-store and mail-order house sales, this issue. tuations.




237

FEDERAL RESERVE BULLETIN

APRIL, 1928

and retail trade data were generally available
for about nine years, from 1919 to June, 1927.
Sales in three of the nine lines represented by
the index of wholesale distribution—meats,
furniture, and drugs—had been reported to the
Federal reserve banks for a somewhat shorter
period—about six or seven years. Computations from the dollar volume of sales at wholesale
were complicated by the rise in wholesale prices
throughout 1919 and the spring of 1920 and their
fall from May of 1920 to 1921. Because of the
highly accidental character of changes from
month to month during this period, data for

plication to index numbers of wholesale distribution, department-store sales and stocks, chainstore and mail-order house sales are described
below and illustrated by the computations for
department-store sales for the United States.
"Average daily" and "monthly total" figures.—A distinctive feature of the new " adjusted " indexes of department and chain store
and mail-order-house sales is that they are
based on average daily sales, instead of total
sales during the calendar month, and are, therefore, not influenced by differences in the number
of days in the month or by the occurrence of

CHART I

INDEXES OF DEPARTMENT STORE SALES
1923-25=100

PER CENT

175

150

I

I

1. — Total monthly safes
2. ~~+ Average do/'Jy sa/es
3. — • J2-monfh moving average otcurve 2
( Centered at 7$ monfh )

125

100

75

50
1919

1920

1921

1922

1923

these early years were given little weight in
determining seasonal adjustment factors.
Method of deriving adjustment factors.—
Various statistical devices are employed in deriving measures of seasonal variations, each
device furnishing a mere approximation, which
must be revised occasionally to take account
of gradual changes, evidently in progress in
many lines of trade, which affect their seasonal
variations.
The device adopted by the Federal Reserve
Board for use in computing its
revised indexes
is the ratio to moving average.2 Details of its ap• See FEDERAL RESERVE BULLETIN for December, 1922, p. 1416,

and

March, 1927, p. 172, for descriptions of the use of this device in computing
indexes of industrial production.




1924

1925

1926

1927

Sundays or holidays. An unadjusted index of
monthly sales reflects a lower volume of business
for February than is justified by the actual
state of trade, largely because February is two
or three days shorter than the other months.
A survey made by the Federal Reserve
Board to determine the days on which department stores are ordinarily closed indicated
that Sundays and the six national holidays—
January 1, May 30, July 4, Labor Day,
Thanksgiving Day, and December 25—should
be deducted from the total number of days in
the month. The observance of other holidays
was not sufficiently uniform throughout the
United States to make it practicable to take
them into account. The adjustment effected

238

FEDERAL RESERVE BULLETIN

by dividing monthly total sales by the number
of business days is shown by a comparison of
the indexes of monthly sales and average daily
sales. (Chart I, curves 1 and 2.)
In the indexes of wholesale distribution no
adjustment was made for number of selling
days, since variation in the number of business
days in different months has a less pronounced
effect on the volume of sales than in the case
of retail trade. Seasonal adjustments for
wholesale trade are therefore computed directly
from the unadjusted index, as are also, for
obvious reasons, adjustments for departmentstore stocks, for which end-of-month figures
only are reported.
The ratio to moving average.—(1) In estimating the proportion of yearly sales which is
customarily made in each month, the simplest
method is to obtain an average of sales in
each month in the years from 1919 to 1927 and
to compute the percentage which each average
formed of the average for the 12. Inaccuracy
would result from such a procedure because,
for example, the upward trend in departmentstore sales subsequent to 1922 (see Chart I)
would result in a higher average for each of
the late months of the year—December,
for instance—than would be warranted by the
true seasonal movement. It has therefore
been necessary to construct a curve roughly
describing this year-to-year growth and other
important nonseasonal factors, such as the
effect of short-time fluctuations in the industry,
in order to obtain a more correct average
measure for each month. The device used
is a 12-month moving average placed opposite
the seventh month of its set of 12. The
method of computation is shown in Table 1.
The index figures of average daily sales of
department stores for the 12 months of 1926,
for example, were added and averaged and the
average placed opposite July; the next average,
for the 12 months from February, 1926, through
January, 1927, was placed opposite August of

APRIL, 1928

1926, and thus the average moved on throughout the series. Accurate values for the six
months at either end of the series were, of
necessity, lacking, but approximate figures
were estimated.
TABLE

1.—METHOD OF SEASONAL ADJUSTMENT OF
DEPARTMENT-STORE SALES
1
Index
of average
daily sales
(1923-25=
100)l

Year and month

1926
January
February
March
April
May..
June
July
August
September
October.
November
December

91.0
86.7
96.2
101.6
109.4
99.3
76.9
81.4
103.6
121.8
124.1
181.3

4
2
3
Ratio of
12-month 12-month
index
of
moving
moving
average
total cenaverage daily
sales
tered at centered at to moving
seventh
seventh
average
month
month
[(1-^3)1001
104.3
104.5
104.9
105.5
105.4
105.6
106.1
106.1
106.3
106.1
106.8
106.4

1,251.0
1,254.0
1, 258.8
L, 265.6
L, 264.9
L, 267.6
L, 273.3
L, 273. 5
L, 275.0
L, 273.4
L, 281. 2
L, 276. 5

87.2
82.9
91.7
96.3
103.8
94.0
72.5
76.7
97.5
114.8
116.2
170.4

i The figures for July through December, 1925, and January through
June, 1927, which were necessary to compute the moving totals and
averages are as follows: 1925—July, 73.9; August, 76.6; September, 96.8;
October, 122.5; November, 121.4; and December, 175.6. 1927—January,
91.2; February, 88.2; March, 94.6; April, 109.4; May, 104.7; and June,
99.8.

The resulting curve (Chart I, curve 3) is a
relatively smooth one, which reflects the more
important nonseasonal fluctuations in department-store sales—the depression of 1921 and
the first half of 1922 and the gradual rise which
took place in the succeeding four years.
(2) The influence of the nonseasonal fluctuations measured in this manner was then eliminated by dividing each monthly figure in the
index of average daily sales by the moving
average placed opposite it (and multiplying
by 100 to remove decimals). (See Table 1,
column 4.) The ratios derived by this procedure reflect all the seasonal fluctuations, but
none of the nonseasonal elements measured by
the moving average. These ratios are arranged
by months, chronologically, in Table 2.

TABLE 2.—SEASONAL ADJUSTMENT FACTORS—DEPARTMENT-STORES SALES
January February

Years
1919
1920
1921
1922
1923
1924
1925
1926

.
—

--.--

---

Total 2 or 3 middle items.
Average 2 or 3 middle items
Final seasonal adjustment factors.—
---

93.2
90.3
86.6
84.1
85.5
84.8
87.2
259.3
86.4

83.6
81.4
81.6
87.6
85.5
82.9
248.6
82.9

86

83

i Middle ratios are in bold-face type.




82.1

Ratios of index of average daily sales to moving average, monthly i
DecemJune
July
May
August SeptemApril
October November
ber
ber
i
76.1
76.4
94.2
106.9
120.4
158.0
102.9
99.2
110.3
101.8
78.3
77.0
92.8
109.4
119.2
154.9
96.9
98.3
102.3
97.9
74.7
73.1
87.6
113.3
114.3
160.8
90.2
106.5
103.1
97.8
72.9
74.1
95.3
111.5
117.0
166.2
98.6
100.5
103.4
101.8
73.7
75.9
95.5
111.6
116.1
165.6
90.0
103.5
100.0
97.7
71.9
73.3
96.6
106.1
119.2
165.8
93.1
104.4
100.9
95.4
71.8
74.0
93.4
118.0
117.3
168.7
91.7
96.3
103.8
94.0
72.5
76.7
97.5
114.8
116.2
170.4
293.4
303.2
146.6
282.0
308.8
150.0
189.5
223.1
234.3
331.4
94.0
101.1
102.9
97.8
73.3
75.0
94.8
111.6
117.2
165.7

March

93

101

102

97

74

76

95

111

117

165

APRIL, 1928

(3) The ratios were next arranged in monthlygroups in order of size, without regard to
chronology. The clustering of the ratios within
a narrow range of values in each monthly
group (Chart II) indicates that sales in each
month approximate the same proportion, year
after year, of the annual total.
(4) An average figure was obtained for each
month by computing averages of the two or
three middle items of these arrays. (See
Table 2.) The number of items composing
the average varied according to whether ratios
were available for an odd or an even number
of years. This average is believed to be a
more accurate one for obtaining a typical
figure than either a median, which in so small
an array of items is likely to be erratic, or a
simple arithmetic average, in which large
items have an undue influence. In the month
of May, for example, a ratio of 110.3 in 1920,
when retail prices were at their peak, and a low
ratio of 100 during the period of business
recession in 1924 were not included in the
average. The middle items in each series are
shown in bold-face type in Table 2 and indicated on Chart II by dots surrounded by circles.
The averages are shown on the chart by cross
marks (x).
(5) The 12 average ratios were then rounded
off to whole numbers and adjusted to total
1,200 in order that each monthly measure
might express the proportionate volume of
sales in that month to 100 as the average for
the year. (See Table 2.) This adjustment to
1,200 was based in part on the evident tendency of a particular month to increase or decrease in relation to the other months in recent
years, or, in other words, to some extent the
known change in seasons was taken into
account.
(6) After the averages of the middle items
for each of the 12 months had been adjusted
to total 1,200, the resultant figures were inspected to determine whether they measured
the typical seasonal movement or gave evidence
of accidental variations of a nonseasonal
character. To test their accuracy a provisional
index adjusted for seasonal variations by
dividing each monthly relative by the appropriate provisional seasonal factor was constructed. Occasionally the "adjusted" figures
so derived showed an increase or decrease
between certain consecutive months in nearly
every year, indicating a fixed error. When
this occurred the seasonal factor in question
was raised or lowered by one or two points to
correct the error, which usually arose from




239

FEDERAL RESERVE BULLETIN

accidents in selection of the two or three middle
items in the original small array.
(7) After a satisfactory set of seasonal adjustment factors had been derived, an index
finally adjusted for seasonal variations was
obtained by dividing each monthly relative in
the index of average daily sales (Table 1, column 1) by the ratio figures representing seasonal variation for the given month. Thus
the relative of average daily sales of department
stores for January, 1927, 91.2, was divided by
CHART II *
PER CENT
175

' SEASONAL VARIATIONS I
IN DEPARTMENT STORE SALES
150

150
• Ratios to moving averages
® Two or three middle rafios
X Average of middle ratios

125

125

100

-i

!ioo

J

-T

k

75

JAN. FEB. MAR APR. MAY JUNE JULY AUG. SEPT. OCT N0V

75

DEC.

i Figures are given in Table 2.

86, the seasonal adjustment factor for January (and multiplied by 100 to remove decimals),
to obtain an adjusted relative of 106 percent,
and so on for each month of the year.
For most lines of trade this method gave
fair measures of seasonal variations,
and adjusted the indexes satisfactorily.3 It was
necessary to modify this basic formula in the
case of department stores and 5-and-10-cent
chain stores and mail-order houses because of
Easter fluctuations, and in the case of wholesale sales of men's and women's clothing because
of changes in seasonal fluctuations.
Adjustment for Easter fluctuations in retail
sales.—After the adjustments just described
were made, sharp peaks in March and April
remained in the provisionally adjusted curve
of department-store sales, these peaks representing the seasonal increase in sales because
of Easter purchases. The fact that Easter,
which is second only to Christmas in increasing
3
Seasonal adjustment factors for the various indexes are given in the
articles referred to in footnote 1.

240

FEDERAL RESERVE BULLETIN

the volume of retail trade, may occur as early
as March 22 or as late as April 25 makes
adjustment by means of a single set of 12
adjustment factors unsatisfactory. When
Easter comes in March, retail sales are much
greater in that month than they would otherwise be, and if it comes later than the middle
of April, April sales are large and those of
March proportionately small.
For the sake of accurate comparisons of
sales in the spring months, a sliding scale of
adjustment factors, varying with the date of
Easter, was devised for removing the seasonal
influence of Easter from the sales figures. Five
different sets of these seasonal factors were
derived for the months of March and April
and used with constant seasonal adjustment
factors for the other 10 months given in Table 2,
so that the total was always 1,200. The Easter
adjustment factors for department-store sales
for the United States are shown in the following table. The figures in parentheses indicate
the sliding scale of differences between the
adjustment factors used for March and April
when Easter falls in the respective periods
shown and the average adjustment factors for
those two months-—i. e., those which are used
when Easter comes in the middle period, April
5 to April 8.

APRIL,

1928

(2) The provisionally adjusted curve was
then studied and the differences between the
relatives for March and April in each year
were calculated and arranged in order according to the date of Easter. For example, in
1924, when Easter was on April 20, the preliminary adjusted relative of department-store
sales for March was approximately 96 and for
April 102, a difference of 8 points.
(3) From a study of these differences, the
amount by which the average adjustment factors (see paragraph (6) above) must be raised
or lowered to smooth the provisionally adjusted
curve was determined. Within the period
under review, for example, Easter has occurred
after the 15th of April in four years—1919,
1922, 1924, and 1927. To adjust this group
CHART III
DEPARTMENT STORE SALES FOR SELECTED MONTHS
INDEX NUMBERS ADJUSTED FOR SEASONAL VARIATIONS, 1923-25-100
_ _ _ With constant seasonaladjustments
_
With changing seasonal adjustments
CENT

too

PERCENT

(

\

1923

\

1921

TABLE 3.—EASTER SEASONAL ADJUSTMENT FACTORS
FOR DEPARTMENT-STORE SALES
Adjustment factors
Date of Easter
April

March
Before Mar. 31
.._
Apr. 1-Apr. 4
Apr. 5-Apr. 8 (average) __
Apr. 9-Apr. 14.__
After Apr. 15
_

_ 96 (average+3)
95 (average-}-2)
93 (average).
91 (average—2)
90 (average-3)

98
99
101
103
104

(average—3).
(average-2).
(average).
(average+2).
(average+3).

This scale of adjustment factors was derived
in the following manner:
(1) One set of 12 monthly seasonal adjustment factors was obtained by the ratio to
moving average method described above. The
preliminary adjusted curve resulting from the
application of these 12 adjustment factors to
the index of average daily sales contained, as
has been noted, a March or April peak in
every year, directly attributable to Easter
sales and varying in intensity according to
the date of Easter. This is shown on Chart III
by the broken-line curves representing the
index adjusted by means of constant seasonal
factors.




X
MAR

>
APR. MAY

FEB.

MAR.

APR.

MAY

FEB.

MAFl.

APR.

MAY

of March and April relatives it was necessary
to lower the average March adjustment factor
(93) to 90 and raise the average April factor
(101) by the same amount to 104. In a similar
experimental fashion adjustment factors for the
other periods shown in Table 3 were derived.
The length of the periods chosen and changes
in the sliding scale are not uniform, since they
have been determined with reference to the
actual distribution of sales between the two
months as affected by the incidence of Easter
in different years. For example, if Easter falls
in March, all of the Easter trading will presumably be in that month; hence all dates in
March are grouped in one period; if in the first
four days of April, most of the Easter sales
will be in March, and therefore April 1 to
April 4 was considered as one period; if between April 5 and April 8, selected as the average
period, there are sufficient days in April before

FEDERAL RESERVE BULLETIN

APRIL, 1928

Easter to permit some Easter trading in that
month. If Easter is later than April 8, a considerably larger portion of the sales is made in
April, but the variation of the date by a few
days causes a much smaller relative variation
in sales than earlier in the month; therefore,
the period is made longer, extending to April
14. If Easter comes at any time after April
14, the exact date has practically no significance in respect to the distribution of sales
between March and April. Therefore, one set
of factors was applied to this period.
(4) Finally, the relatives of average daily
sales for March and April were divided by
appropriate adjustment factors to obtain the
adjusted index.
The dates of Easter for the years 1919-1930
and the scale of differences to be applied to
the average adjustment factors (those used for
the period April 5-April 8 and shown for
March and April in Table 2) in order to adjust
for Easter variations are shown in Table 4,
and the newly adjusted indexes are shown by
the heavy lines on Chart III.
TABLE 4

Year

Date of
Easter

Difference from average adjustment factor
March

1919.
1920.
1921.
1922_
1923.
1924..
1925.
1926.
1927.
1928.
1929_
1930-

| Apr.
Apr.
! Mar.
! Apr.
i Apr.
! Apr.
Apr.
I Apr.
Apr.
Apr.
Mar.
Apr.

+2
+3

April

-2
-3

-3

+3

-3
-2

+3
+2

+2
+2

-3
Average.

+3
-3

-2

-2

+3

Average.
-3
+3

This sliding scale of adjustment factors is
reasonably effective in the elimination of
Easter variations in the indexes of departmentstore sales and 5-and-10-cent-chain store and
mail-order-house sales for the years 1919-1927,
but a wider scale of differences from the average
is necessary in the case of sales of shoes and
other wearing apparel by chain stores, owing
to the fact that Easter purchases are of greater
importance in shops whose specialty is clothing.4
Changing seasonal variations in wholesale
sales of men's and women's clothing.—In
most lines of production and trade there is
evidence that the seasos nare shifting, and the
* These seasonal adjustment factors are available at the Division of
Research and Statistics and may be obtained upon request.




241

distribution of business among the 12 months
of the year is changing. As the Christmas
trade|has grown, for example, the proportion
of annual department-store sales made in
December has increased year after year. (See
Table 2.) In this instance, as in most lines of
wholesale and retail trade, the changes have
been of such small magnitude from 1919 to 1927
that one fairly typical set of 12 seasonal faptors could be derived. In wholesale sales in
the clothing trade, however, the changes were
so marked during the period that it was necessary to derive changing seasonal adjustment
factors, by an adaptation of the ratio to
moving average method.
The first two steps in the procedure described
above—computation of a 12-month moving
average and of ratios of the original index to
the corresponding moving average were identical. These ratios were than tabulated and
charted in chronological order, in monthly
groups, in the manner shown in Table 2.
Instead of obtaining one typical figure for each
month for all years, a complete set of 12 factors
was derived for each year in the following
manner:
(a) A three-year-period moving average of
the ratios was computed and tabulated opposite the central year.
(6) The curves obtained by the use of this
moving average were then smoothed, free-hand,
and projected for the first and last years of
each monthly group, and the resulting figures
were read off the chart. Each yearly group
was adjusted to total 1,200 in the manner described above. Thus the set of 12 adjustment
factors was obtained for each year.5 These
computations are extended annually in order to
obtain seasonal factors for the current year.
(c) Adjusted indexes of sales of men's and
women's clothing were computed by dividing
each unadjusted relative of monthly sales by
the seasonal adjustment factor for that particular month.6
The resulting adjusted indexes of men's
and women's clothing appeared to be much
more satisfactory than any obtained by other
methods. The fact that the period used was
so short and that the years of violent price
changes (1919-1921) were necessarily given
little weight may somewhat invalidate the
results, which are accordingly subject to
revision as more data accumulate. There can
5

See FEDERAL RESEBVE BULLETIN, December, 1927, p. 828.

• Adjustments for changing seasonal variations have been made for
several series in the index of industrial production. A detailed description of the method used, together with illustrations, may be obtained
from the Division of Research and Statistics.

242

FEDERAL RESERVE BULLETIN

be little doubt, however, that seasonal variations have changed for the firms reporting
sales of men's and women's clothing and that
the business of these firms is more unevenly
distributed throughout the year now than formerly. Sales in the late winter and early spring
buying season, as well as that in late summer and

APRIL, 1928

early fall, have been increased, and the early
summer months, when trade is usually dull,
have had an ever smaller proportion of yearly
sales. Owing to the fact that these clothing
firms are all located in the New York Federal
reserve district, generalizations for the clothing
trade as a whole can not be drawn from them.

CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM
Between October 10 and December 31, 1927, chiefly of mergers between member banks and
there was a further decline of 53 in the number of suspensions is shown in the following table:
of member banks in active operation in the
Federal reserve system, as indicated by the CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE
SYSTEM, JANUARY 1, 1927, TO DECEMBER 31, 1927
number of banks submitting the required reports of condition on the two dates. The
Number
decline in membership represented decreases of
Class of change
of banks
39 in the number of national banks and of 14
in the number of member State banks, and was Active member banks, Jan. 1, 1927
|
9,260
the result largely of mergers between member
Banks joining the system..
__|
164
banks, suspensions, and insolvencies, and the Banks withdrawing from the system
1101
j
absorption of member banks by existing nonNet increase from banks joining and withdrawing
!
55
member banks. Changes in membership dur- Decrease in membership through mergers between member |
banks, suspensions, and voluntary liquidations
279
ing the last quarter of the year are summarized
Net decrease for the year__
..!
22&
in the following table:
Active member banks, Dec. 31, 1927
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE
SYSTEM, OCTOBER 11, 1927, TO DECEMBER 31, 1927

Class of change

i Number
of banks

Active member banks, Oct. 11, 1927
Banks joining the system...
Banks withdrawing from the system
Net decrease from banks joining and withdrawing
Decrease in membership through mergers between member
banks, suspensions, and voluntary liquidations
Net decrease for the period
Active member banks, Dec. 31,1927
1
Includes 21 withdrawals which were incidental to the absorption of
member banks by existing nonmember banks.

On December 31, 1927, there were 7,759
member national banks and 1,275 member
State banks in active operation, making a total
of 9,034 member banks in the system. This
represents a decline during the year of 147 in
the number of member national banks and of
79 in the number of member State banks.
That the total decline of 226 in the number of
member banks in operation was the result




9,034

1

Includes 55 withdrawals which were incidental to the absorption of
member banks by existing nonmember banks.

During the year 154 banks joined the system and 101 banks withdrew, with the net
result that there was a net voluntary accession
of 53 member banks to membership in the system. Of the banks that joined, 83 were newly
organized national banks (including one bank
organized to succeed a member bank that had
previously suspended) and 61 were State
banks that entered the system, 32 becoming
national banks and 29 being admitted with
the status of State institutions. Ten banks,
which had previously suspended, resumed
operations again. Of the member banks that
withdrew from the system, 24 were State
banks that withdrew after advance notice to
the Federal Reserve Board, two were banks
that were dropped from membership in the
system at the expiration of their State charters, 20 were banks succeeded by nonmember
banks organized for the purpose, 55 were
absorbed by existing nonmember banks; the
latter, losses to membership through the

APRIL, 1928

FEDERAL RESERVE BULLETIN

243

In the following table changes in memberabsorption of member by nonmember banks,
may or may not have reflected the exercise of ship are summarized, by class of member bank,
the banks' option in regard to membership in for the year ending December 31, 1927:
the system.
CHANGES IN THE NUMBER OP MEMBER BANKS IN THE
The excess of banks joining the system over
FEDERAL RESERVE SYSTEM, BY CLASS OF MEMBER,
banks withdrawing was offset by losses inciJANUARY 1 TO DECEMBER 31, 1927
dental to mergers and suspensions. Merger
Number of member
between member banks accounted for the loss
banks
of 146 banks (as against 107 in 1926), and susClass of change
pensions for the loss of 124 (as against 160 in
NaState
Total tional
1926). In addition there were 9 instances in
which the existence of banks was terminated
1,354
9,260 7,906
Active member banks, Jan. 1,1927
by voluntary liquidation.
Mergers between member banks, which ac- Additions to membership:
82
Organization of national bank
82
counted for the loss of 115 national bank
Conversion of nonmember bank to na32
32
tional
members and 31 State bank members, were
29
29
Admission of State bank
8
3
10
Resumption following suspension
more numerous in 1927 than in any year since
18
12
Conversion within the system
the beginning of the system. The larger num1
«1
Other additions
ber of bank consolidations and absorptions
154
34
Total additions
131
which occurred last year may be in part acLosses to membership:
counted for as an effect of the act of February
Merger between member banks—
Intraclass
110
>96
14
25, 1927, which amended the Federal banking
Interclass
36
<19
17
Voluntary liquidation (terminal)
9
8
laws with reference particularly to the charter
1
Suspension and insolvency
124
91
33
powers of national banks and to the authority
Absorption of member bank by nonmember bank__
55
49
6
for direct consolidations of State banks and
Conversion of member bank to nonmember bank
trust companies with national banks. Losses
12
20
8
Withdrawal of State bank
•26
26
to membership resulting from mergers between
Conversion within the system
13
18
member banks occurred in all Federal reserve
380
Total losses
113
278
districts. Such mergers were most numerous
Net
change
-147
-79
-266
in the San Francisco district, where the total Active member banks, Dec. 31,1927.-_
1,275
9,034 7,759
of 49 for the year reflected largely mergers 1
Succession between members of one class and members of the other
consummated early in the year by branch without
effect on the number of banks in the system.
banking systems in the State of California. Of 2 National bank organized to succeed a national bank that previously
suspended.
the total number of mergers between member *Includes 26 banks that were absorbed by nonmember banks which
in turn absorbed by a national bank.
banks, 116 were in the New York, Cleveland, were
* Includes 2 national banks which together with a member State bank
Chicago, Kansas City, Dallas, and San Fran- were succeeded by a single member State bank organized for the purpose.
* Includes 2 banks which were dropped from membership in the syscisco districts.
tem at the expiration of their State charters.




244

FEDERAL RESERVE BULLETIN

APRIL, 1928

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Production and distribution of commodities
increased further in February, while wholesale
commodity prices remained practically unchanged. Commercial loans of member banks
showed a larger increase in February and the
first half of March than at the same season in
other recent years.
Production.—Production of manufactures in
February, as indicated by the Federal Reserve
Board's index, increased 4 per cent over January and was 3 per cent larger than a year ago,
while production of minerals declined slightly
and continued to be substantially smaller than
last year. Factory employment and pay rolls
showed a seasonal increase in February, but
continued at a lower level than a year ago.
Output of iron and steel, automobiles, and
agricultural machinery has increased considerably since the first of the year. Daily
average production of steel ingots in February
was larger than in any other month since last
March, and current reports indicate that output was sustained in the first three weeks in
March* Production of nonferrous metals also
increased in February. Activity in the textile
industries has shown little change since the
first of the year. Production of bituminous
coal and crude petroleum, which decreased in
February, increased slightly in the first half
of March.
Building contracts awarded were larger in
February than in the corresponding month of
any previous year, reflecting chiefly a large volume of awards for residential construction in
the New York and Chicago districts. Contracts let in the first two weeks of March were
in approximately the same volume as in the
corresponding period of last year.
Trade.—Sales of wholesale firms in leading
lines increased in February and were slightly
larger than a year ago, while sales of department stores, after allowance for the customary
seasonal changes, were in about the same volume as in January and somewhat smaller than




a year ago. Stocks oi merchandise carried
both by wholesale firms and by department
stores showed a seasonal increase in February.
Freight-car loadings have shown somewhat
more than the usual seasonal increase since the
beginning of the year, but have continued to
be in smaller volume than in the corresponding
period of last year, owing chiefly to much
smaller shipments of coal. Loadings of merchandise in less than carload lots and of miscellaneous commodities have been less than in
corresponding period of the last two years,
while loadings of livestock and grain products
have been larger.
Prices.—The general level of wholesale commodity prices, as indicated by the Bureau of
Labor Statistics index, remained practically unchanged in February at approximately 96 per
cent of the 1926 average. There were decreases
in the prices of cotton, sugar, nonferrous metals,
chemicals, and rubber, as well as a seasonal decline in dairy products. Increases occurred in
prices of grains, metals, hides and leather
products, and steel. In the first two weeks in
March, prices of grains, hogs, and cotton advanced while those of cattle and rubber showed
further declines.
Bank credit.—From the middle of February
to the middle of March the loans and investments of member banks in leading cities increased by $200,000,000, reflecting a growth in
the banks' commercial loans. The banks'
loans on securities and investments showed
little change for the period.
The volume of reserve bank credit outstanding increased somewhat from February to
March, chiefly in consequence of increased borrowings by member banks, which in part reflected further withdrawals of gold for export.
During the four weeks ending March 21
conditions in the money market were firmer;
the rate on prime commercial paper increased
from 4 to 4-4 34 per cent and there were advances in time rates on security loans.

245

FEDERAL RESERVE BULLETIN

APRIL, 1928

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
RESERVE BANK CREDIT
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

CURVES 1 AND 4

2500

2500

3000

2000

2000

2500

1500

6000

£^

/
/

1500

CURVES 2 , 3 AND 5

MILLIONS OF DOLLARS

Reserve Bank Credii
plus Gold Stock A

A\

2000

5500

V

Member Bank
Reserve Balances

5000

yf
Money in Circulation

y
1000

1000

Gold

\

500

4500

k

i

U

1000

Ji

IM
4000

Reserve Bank Credit

500

1927
1928
19241926
1925
Monthly averages of daily figures for the 12 Federal reserve banks.
Latest figures are averages for March

Stocky^'^"-K

1500

3500
1926
1927
1928
Gold stock and money in circulation are averages of end-of-month
figures.
MM.

1924

1925

RESERVE BANK CREDIT IN USE
[Monthly averages of daily figures. In thousands of dollars]
Deposits of Federal reserve banks

Reserve bank credit in use
Month
Total i

1926—April
May
June
July.
August
September
October
November
December

Discounts
United
Acceptfor
States
(bills
member ances
securities
bought)
banks

Total

Member
bank reserve balances

Government
deposits

Other
deposits

1,158,891
1,155,191
1,139,808
1,166,564
1,158,264
1,225,236
1,269,356
1,270,057
1,380,571

539,594
514,559
476,044
548,966
555,799
641,797
665,566
618,367
671,722

235,956
230,555
244,038
231,132
245,094
263,992
294,296
346,859
384,826

369,779
398,249
408,776
379,745
353,903
315,747
306,413
302,309
321,446

2,251,846
2,253,294
2,241,415
2,262,420
2,253,350
2,273,205
2,280,180
2,279,135
2,289,632

2,183,479
2,199,229
2,205,974
2, 211, 545
2,200,909
2,211,367
2,219,023
2, 214,441
2, 218,186

42,143
27,671
12,193
26,246

1927—January
February
March
April.
May.
June.
July..
August
September
October...
November
December...

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

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

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

310,486
306,606
344,922
341,081
291,495
397,754
381,081
438, 511
500,637
506,177
579,238
605,841

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

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

24,132
28,132
21,823
29,622
25,374
20,660
17,420
17,890
20,324
20,426
12,812
9,976

33,218
26,122
23,034
23,196
39,045
33,871
33,110
30,460
30,101
34,421
44,210
26,826

1928—January
February
March

I 1,350,322
*1,236,649
! 1, 271,525

465,275
'470,680
513,233

372,538
359,883
342,790

511,852
405, 551
414,681

2,472,428
2,419,482
2,411,714

2,426,360
2,368,092
2,365,030

19,438
25,606
23,018

26,630
25,784
23,666

„
_

31,723
34,264
28,229
39,758

* Total holdings of bills and securities by all Federal reserve banks, including "other securities " and foreign loans on gold




26,224
26,394
23,248
24,629
27,343
30,115
36,465
31,688

* Revised.

246

FEDEEAL KESERVE BULLETIN

APRIL, 192

MONETARY GOLD STOCK AND MONEY IN CIRCULATION
MONETARY GOLD STOCK OP THE UNITED STATES

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

1 oo

CHANGES, IN
MONETARY GOLD STOCK

[In millions of dollars]

80

End of month figures
Month

January...
February..
March
April
May
June
July
August
September.
October....
November.
December.
1

3,723
3,760
3,764
3,771
3,785
3,829
3,855
3,873
3,888
3,906
3,929

3,970
3,982
4,028
4,050
4,079
4,111
4,136
4,167
4,207
4,244

4,289
4,323
4,364
4,411
4,455
4,488
4,511
4,521
4,511
4,509
4,527
4,499

4,423
4,369
4,346
4,350
4,361
4,365
4,370
4,383
4,382
4,407
4,397
4,399

1926

1927

4,412
4,423
4,442
4,438
4,433
4,447
4,471
4,473
4,466
4,473
4,477
4,492

4,564
4,586
4,597
4,610
4,608
4,587
4,580
4,588
4,571
4,541
4,451
4,379

4,373
4,362
14,306

Preliminary.
UNITED STATES MONEY IN CIRCULATION
[In millions of dollars]
End of month figures

1921

1922

1923

1924-

1925

1926

1927

Month

1928

1922

1923

1924

1925

1926

1927

4,441
4,491
4,497
4,468
4,455
4,463
4,424
4,480
4,608
4,646
4,704
4,817

4,614
4,703
4,747
4,759
4,797
4,823
4,787
4,876
4,945
4,925
5,018
5,044

4,777
4,887
4,899
4,853
4,905
4,849
4,756
4,859
4,863
4,942
5,052
5,047

4,802
4,853
4,818
4,789
4,841
4,815
4,795
4,867
4,916
4,969
5,044
5,104

4,841
4,904
4,860
4,907
4,923
4 885
4,909
4,930
4,978
5,021
5 037
5,095

4,846
4,885
4,862
4 891
4,893
4 851
4 846
4,854
4,948
4,946
4 952
5,003

1928

NET IMPORTS OR NET EXPORTS ( - ) OP GOLD
[In thousands of dollars]

Month

1923

1924

25,708
27,007
32, 525
10,665
5,587
11,376
42, 343
18,136
23,066
3,275
14,877
23, 730

24,348 44,855
6,984 34,606
5,559 33, 505
8,533 44,027
45, 332 40,481
18,885 24,913
27,407 18, 507
30, 655 15, 752
2,076
26,941
28,488 15, 577
39,010 13,173
31,930 -29,401

1925

1926

-68,488
-46,997
-17,768
-12,734
-1,997
-2,287
5,787
2,726
-2,656
22, 702
-13,904
1,248

16,264
21, 565
39,188
-4,768
-6,408
15, 544
14,751
-17,764
-7,094
7,701
9,011
9,808

Total. . 238,295 294,073 258,073 -134,367

97,796

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

1

1922

1927

1928

44,465 -13,766
19,895 - 1 1 , 090
10, 757 !-96,235
11,911
31,702
12, 771
8,935
6,353
-11,465
-8,642
-53,184
-67,418

January . . .
February
March..
April
May
June
July
August
_
September
October..
November..
December
1

1

4,677
4,690
4,750

Preliminary.
KINDS OF MONEY IN CIRCULATION
[End of month figures]
[In millions of dollarsl

6,080

Preliminary.
INCREASE OR DECREASE ( - ) IN GOLD STOCK
THROUGH CHANGES IN GOLD UNDER EARMARK FOR FOREIGN ACCOUNT

Month

Total

Gold
coin

1927—January
February _>.
March
April
May
June
July
August
SeptemberOctober
November..
December. _
1928—January
February., .
March 1

4,846
4,885
4,862
4,891
4,893
4,851
4,846
4,854
4,948
4,946
4,952
5,003
4,677
4,690
4,750

396
393
390
389
387
385
383
382
380
381
383
402
389
386
385

Gold Federal Nacertifi- reserve tional
bank
cates
notes
notes

U. S.
notes,
silver certificates,
a n d all
other
money

[In thousands of dollars]

Month

1922

1923

1924

1925

1926

1927

-1,
January
-810! - 6 , 0 4 3 ;
19,487
593 - 1 , 3 6 6 - 1 1 , 0 0 0
3,180
4,329;
February
-2,452 -6,825-22,988 -1,502
March
- 5 5 8 14,850i.
April
. . ! -1,000
1,000 12,725
! -95,000
May
-500
2,000
5,075
-5801
June
184
4,000
July
- 1 , 5 0 0 - 2 , 583 - 3 , 9 0 1
-7,984
8,725; 19, 200 - 2 , 501
August
9
,
0
00
901 - 2 , 400
September...
500 -13,229
2,870
4 -25,001
October
- 1 , 5 0 0 -2,000 -17,000
-40,000
November... - 2 0 0
-500
2,000; - 7 , 4 9 8
December... - 2 , 0 0 0
- 1 , 5 0 0 - 2 , 000!
1,008! - 8 , 5 0 0

T666|

Total.. - 3 , 7 0 0




+700 - 4 2 , 2 1 3 +32,244 - 2 6 , 297-160,153

1928
5,500
2,868
35,800

1,037
1,035
1,019
1,019
,004
,007
L, 031
L, 045
1,061
L,068
1,095
1,074
1,016
1,004
1,025

1,684
1,710
1,707
L, 724
,734
1,703
1,668
L, 657
L, 715
L, 711
L,694
L, 763
1,561
1,570
,588

631
645
648
654
660
650
652
651
653
648
639
619
617
639
654

1.097
L, 102
1,097
, 104
,10S
$ IOC
,115
L, 119
1,138
t, 137
1,141
1,145
1,094
,091
1,098

c l Preliminary.
i For back figures see FEDERAL RESERVE BULLETIN, March, 1928, p
176.

247

FEDERAL RESERVE BULLETIN

APBIL, 1928

MONEY RATES IN NEW YORK CITY
PER
CENT

CENT

5

3

-

3

192**

1923

1925

1926

1927

1928

FEDERAL RESERVE BANK RATES

OPEN-MARKET RATES

DISCOUNT RATES

RATES IN NEW YORK CITY

[Hates on all classes and maturities of eligible paper]
Prevailing rate o n Rate in
effect on
Apr. 1

Federal reserve bank

Date established

jAveragerate Averageyield

Previous
rate
Month or week

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

Feb. 8,1928...
Feb. 3, 1928...
Feb. 16, 1928..
Mar., 1, 1928..
Jan. 27, 1928...
Feb. 11, 1928.
Jan. 25, 1928...
Feb. 21, 1928..
Feb. 7, 1928.
Feb. 10, 1928..
Feb. 8, 1928...
Feb. 4, 1928...

.

1927

BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]

Maturity

1-15 days...
16-30 days__.
31-45 days..
46-60 days..
61-90 days..
91-120 days..
121-180 days

Rate in
effect on
Apr. 1

Date established

li1 Mar. 30, 1928..
do
I!
do
do
do
;i
do_
...do

NOTE.—Rates on prime bankers' acceptances.
charged for other classes of bills.




Previous
rate

Higher rates may be

January
February
March
April
May
June
July
August
September—..
October
November
December—
1928
January
February
March
Week endingMar. 3_._.
Mar. 10...
Mar. 17...
Mar. 24...
Mar. 31..

3.60
3.68
3.48
3.47
3.44
3.47
3.44
3.48
3.45
3.43
3.30
3.34

3.30
3.28
3.29

» Stock exchange call loans; new and renewal rates.
* Stock exchange
90-day time loans.
1
3 issues—3si, 4, and ±V< per cent; yields calculated on basis of last
redemption dates—1956,1954, and 1952.
* Change of issues on which vield is com

248

FEDERAL RESERVE BULLETIN

APRIL, 1928

PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
The rates shown are those at which the bulk of the loans of each class were made by representative banks
during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding
$7,500,000,000.
FEDERAL RESERVE BANK CITIES
Month

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago St. Louis Minneapolis

Kansas
City

Fran*
Dallas SanCisco

Prime commercial loans
1927—March
April
May
June
July
August
September..
October
November..
December..
1928—January
February...
March

4 -A\
4 -A\
4 -4J>
4

Loans secured by prime stock exchange collateral
1927—September..,
October
November
December...
1928—January
February
March

5
5
5
5
5
5
5

5 -6
4^-6
4^-6
5 -6

-6
-6
-6
-6
-6
-6
-6

5 -6
5 -6
5 -6
-6
-6
5
5

5
5
5
5
5
5
5

-6
-7
-7
-7
-7
-7
-7

5
5
5
5
5
5
5

-6
-4
-I
-6
-6
-6
-6

5
5
5
15
5
5
5

-6
-6
-6
-6
-6
-6
-6

5
5
5
5
5
5
5

-6
-6
-6
-6
-6
-6
-6

5

5
5
5
5
5
5
5

-6
-6
-6
-6
-6
-6
-6

Loans secured by warehouse receipts
1927—September...
October
November..,
December...
1928—January
February
March

4^-5
5
5
5 -5H
5
5
5

5
5
4^-5
4H-6
H5

5
5
5
5
5
5

-6
-6
-6
-6
-6
-6

5 -6
5}
6
6
6

5
5
5
5
5
5
5

5
5
5
5
5
5
5

-6
-6
-6
-6
-6
-6
-6

-6
-6
-6
-6
-6
-6
-6

Interbank loans
1927—September.
October
November.
December..
1928—January
February...
March

4^-4K

4 -4i/£
4 -4}/£
4 -41^
4j^

4^_4j^

4X-4H

5

4K-5
4V^

4^-5

41^-5
4)^-5
4^-5

4 -5

41^

4V6-5
5
5

4H-5

5
5

4^-5
45^
5 -6
5

5
5
5
5
5
5
5

-6
-6
-6
-6
-6
-6
-6

5 - 5 H 5 -6
5 -6
45^-5^
4 -5M 5 -6
41^-51^ 4^-6
4 ^ - 5 ^ »5 -5H
43^~5/^
5 -6
5 -5^ 5 -5^

5
5
5
5
5
5

4M-5

6
6
6
6
6
6
6

5 -6
5
5
5
5

5 -6

FEDERAL RESERVE BRANCH CITIES

i Revised.




5 -6

5 -6
4J^-6

5 2 -6
4 -&A
5 -6
5 -6
6
4H-6
5 -6
5 -6

5
5
5
5

-5M
-6
-6
-6
6
5 -6
5 -6
5 -6

March,
1928
5 -6
4^-6
4^-6
5 -5%
5 -6
5 -6
5 -6
6
5 -6
4^-6
5 -6
5^-6

8
6

8
6

8
6

5 -6
4^-6
8
5 -6
4J4-6
6 -7

5 -6
5 -6
5 -7
6 -7

5 -6
4^-6
8
5 -6
4^-6
6 -7

6

6

6

6
6
6

6
6
6

6
6
6

January, February, 1928
1928

March,
1928

January, Febru1928

ary, 1928

March,
1928

5 -6
4^-6
5 -6
5 -6

5 -6
4^-6
5 -6

5 -6
4^-6
5 -6

5 -6

5 -6

5 -6

6 -7
6
6
5 -6

6

6

6

6

6

6

5 -8
6
5^-6
5 -6
5 -7
5 -6

5 -8
6

5 -8
6
5H-6
5^-6
5 -6
5^-6

4^-7

5 -7
5H-6
5 -6

5 -6
5 -7
5 -6

8

8
6

5 -6
6 -8
6 -7

6
5^-6
6 -8
5 -6
6 -8
6 -7

6

6

6
6 -7
6

6
6 -7
6

8

5 -6
6
6
5
6
6

-8
-6
-8
-7
6

6
6 -7
6

6
6 -7
6

51^-6
5 -6
5 -7
6
6 -8
BU-fi

5
6
6
6

-7
-8
-7
-7
7
6^-7

6

6—7
6

6 -7
6

6 -8
5H-6
6
6 -6H
7 -8
5 -7
6 -8
6 -7
6 -7
7
7

6

5 -6
5^-6
2
6
6 -8

5K-8
6

5
6
6
6

-7
-8
-7
-7
7
6 -7
6 -8

Interbank loans
January,
1928

February, 1928

45/-5
5 -6
5 -6

5

5

5 -6
5 -6

5 -6
5 -6

5

5

-hy2

-hy2

5 -6

5 -6

6

6

5 -6
5 -6
6
5

6 -8
6 -fiV^
OSOSOS^

February, 1928

do os os

1928

DO OS OS

Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham _ .
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Helena
Denver
Oklahoma City
Omaha
El Paso
Houston
San Antonio
Los Angeles
Portland
Salt Lake City
Seattle
Spokane

January,

rs

City

Loans secured by warehouse
receipts

Loans secured by prime
stock-exchange collateral

Prime commercial loans

5 -6
5 -5A
6
5

6 -8

6 -6H

5
5 -6

6
5^-6
6
4^-5
5 -6

6
6

6
6

6
6
6

6
6
6

March,
1928

5 -6
5 -6
6

5 -6
5 -6
6

5
6 -8
6
5M-6
5

5 -6
6

5 -6
6
6
6

249

FEDEKAL RESERVE BULLETIN

APBIL,1928

MEMBER BANK CREDIT
ALL MEMBER BANES

Month

Borrowings at Federal
reserve bank:
1927-March
April
May
June
July
August
September
October
November....
December
1928—January
February
March
Reserve balances:
1927-March
April
May
June
July
August
September.—
October
November
December
1928—January
February
March
Net d e m a n d p l u s
time deposits:
1927—March
j
April....
May
June
July
August
September
October
November
December
1928—January
February
March
Net demand deposits:
1927—March
April
May
June
July
August
September
October
November
December
1928—January
February
March
Time deposits:
1927—March
April
May
June
July
August
September
October
November
December
1928—January
February
March

All
member
banks

419
421
459
435
434
413
417
428
421
532
439
463
489
2,265
2,254
2.290
2,342
2,299
2,313
2,323
2,355
2,400
2,410
2,436
2,384
2,351

Reporting member banks in Mem«
leading cities
ber
banks
outOther leading side
cities
New
leadTotal York
ing
City Total Chi- cities
cago

270
302
271
273
256
267
283
276
388
315

73
78
90
51
59
74
90
75
73
127
94
78
75

195
192
212
220
214
182
177
208
203
261
221
260
287

10
11
21
23
13
25

151
151
157
164
161
157
150
145
145
143
124
125
127

1,671
1,659
1,697
1,749
1,696
1,707
1,709
1,725
1,767
1,787
1,805
1,764
1,733

710
689
720
776
728
724
726
728
768
769
781
754
738

961
970
977
973
968
983
983
997
999
1,018
1,024
1,010
995

162
169
175
173
167
182
182
186
180
189
193
186
D81

593
595
594
593
603
605
614
630
634
623
631
620
618

6,485
6,604
6,732
6,564
6,547

13,139
13,150
13,270
13,288
13,336
13,392
13,495
13,602
13,732
13,791
13,916
13,785
13,776

1,779
1,777
1,833
1,839
1,864
1,908
1,914
1,929
1,939
1,931
1,964
1,919
1,923

11,192
11,218
11, 253
11,252
11,405
11,409
11,567
11,721
11,823
11,832
11,909
11,811
11,845

13,069
13,069
13, 215
13,449
13,340
13, 309
13,374
13,447
13, 734
13,904
14,014
13,695
13,597

5,068
5,066
5,179
5,390
5,265
5,213
5,224
5,255
5,430
5,570
5,633
5,471
5,467

8,001
8,003
8,036
8,059
8,075
8,096
8,150
8,192
8,304
8,334
8,381
8,224
8,130

1,208
1,203
1,249
1,245
1,260
1,291
1,301
1,304
1,317
1,298
1,326
1,272
1,262

5,'294
5,305
5,279
5,280
5,355
5,329
5,437
5,558
5,650
5,627
5,609
5,487
5,466

6,067
6,097
6,190
6,239
6,253
6,307
6,349
6,424
6,483
6,491
6,634
6,653
6,726

929
950
956
1,010
992
1,010
1,004
1,015
1,055
1,034
1,099
1,093
1,080

5,138
5,147
5,234
5,229
5,261
5,297
5,345
5,409
5,428
5,457
5,535
5,560
5,646

571
574
584
594
604
617
613
625
622
633
638
647
661

5,899
5,914
5,974
5,973
5,051
5,081
5,130
5,163
5,174
5,205
6,300
6,324
6,379

30,257
30,348
30,595
30,693
30,816
30,827
31,119
31,487
31,759
32,263
32,647
32,152
32,159

19,136
19,166
19,405
19, 688
19,593
19,616
19,723
19,871
20,217
20,395
20,648
20,349
20,323

5,997
6,016
6,135
6,400
6,257
6,224
6,228

18,357
18,346
18,471
18, 534
18,555
18,493
18,667
18,960
19,180
19, 586
19,719
19,162
19,104

11,900
12,002
12,124
12,159
12,261
12,384
12,452
12,527
12,579
12, 677
12,928
12,990
13,055

NOTE.—All figures in this table are monthly averages of weekly figures
except those for deposits of (1) all member banks, and (2) banks outside
leading cities; these are for a single date in the month. See BULLETIN
for December, 1927, p. 828.




MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

10000

[In millions of dollars]

10000

REPORTING MEMBER BANKS

8000

8000

.6000

6000

4000

4000

2000
1923

1924
1925
1926
1927
1928
REPORTING MEMBER BANES
[Monthly averages of weekly figures. In millions of dollars]
Month
Total:
1927—February
March
April
May
June
July
August
September
October
November
December
1928—January
February
March
New York City:
1927—February
March
April
May
June
July
August
September
October
November
December
1928—January
February
March
Other leading cities:
1927—February
March
April
May
June
July
August
September
October
November .
December
1928—January
February
March

Total
loans
and investments

Total

Loans
On securities

All
other

2000

Investments

14,208
14,382
14,401
14,502
14,685
14,616
14,666
14,913
15,108
15,193
15,328
15,394
15,142
15,290

5,705
5,790
5,854
5,941
6,146
6,116
6,125
6,221
6,325
6,410
6,594
6,726
6,520

8,503
8,592
8,547
8,562
8,539
8,500
8,541
8,692
8,782
8,783
8,735
8,668
8,622
8,792

5,639
5,878
5,933
6,040
6,094
6,066
5,975
6,033
6,114
6,264

4,432
4,526
4,570
4,629
4,767
4,720
4,748
4,911
5,009
5,115
5,228
5,312
5,111
5,143

2,047
2,097
2,156
2,201
2,326
2,281
2,275
2,313
2,370
2,465
2,605
2,692
2,509
2,429

2,389
2,429
2,414
2,428
2,441
2,439
2,473
2,598
2,640
2,651
2,622
2,619
2,602
2,714

1,752
1,824
1,851
1,906
1,925
1,882
1,831
1,794
1,773
1,838
1,897
1,965
1,992
2,005

9,771
13,657
9,857
13,911
9,831
13,912
9,874
- 14,008
9,918
14,087
9,896
— 14,080
9,918
14,063
14,241 10,002
10,098
_j 14,439
14, 504 10,078
14, 600 10,101
14, 639 10,082
14,584 10,031
14,725 10,147

3,657
3,693

6,114
6,163
6,133
6,134
6,097
6,063
6,068
6,094
6,142
6,132
6,112
6,048
6,020
6,078

4,054
4,082
4,134
4,169
4,184
4,145
4,239
4,341
4,426
4,499
4,557
4,553
4,578

19,847
20,261
20,333
20,542
20,779
20,682
20,641
: . _ 20,946
21,222
21,458
21,724
21,915
21,687
21,873
6,189
6,349
6,421
6,535
6,692
6,602
6,579
6,705 ]
6,783
6,954
7,124
7,277
_ 7,103
7,148

3,740
3,820
3,850
3,908
3,956
3,946
4,034
4,011
4,069

6,522
6,545
6,583

250

FEDERAL RESERVE BULLETIN

APRIL, 1928

BANKERS' BALANCES OF REPORTING MEMBER BANES IN LEADING CITIES
[Monthly averages of weekly figures. In millions of dollars]
Other leading cities

Total

Due to banks:
1926—February
March
April
May
June
July
August
September
October
November
December
1927—January..
February
March
April
May
June
July
August
September
October
November
December
1928—January
February.
March
Due from banks:
1926—February
March
April
May
June
July
August
September
October
November
December
1927—January
February.
March
April
May
June
July
August
September
October
November
December
1928—January
February
March

3,225
3,229
3,308
3,313
3,379
3,475
3,653
3,587
3,720
3,610
3,524

1,084
1,116
1,086
1,072
1,098
1,067
1,040
1,062
1,067
1,052
1,078
1,107
1,090
1,118
1,104
1,117
1,171
1,164
1,160
1,177
1,209
1,324
1,2821,373
1,331
1,318

1,177
1,194
1,175
1,166
1,152
1,148
1,129
1,194
1,253
1,275
1,215
1,267
1,185
1,163

97
97
108
101
108
105
92
102
111
103
97
100
93
100
107
102
95
92
85
95
111
104
103
112
105
110

_.

3,302
3,304

._

.__._
.

New
York
City

Total

Phila- PittsBoston delphia burgh

2,212
2,186
2,139
2,108
2,058
2,144
2,154
2,202
2,266
2,330
2,306
2,347
2,280
2,206

127.2
130.3
135.1
131.2
126.4
130.2
119.9
119.5
125.8
128.3
126.5
136.8
135.8
134.6
142.2
137,3
143.1
160.7
152.1
141.4
146.8
156.5
150.7
167.5
148.9
141.3

179.1
178.2
180.9
180.0
179.4
174.7
167.8
170.0
170.8
165.6
163.1
173.0
173.1
172.5
170.6
169.1
164.2
169.1
167.9
168.6
172.9
173.5
168.0
179.6
169.2
164.7
62.7
67.9

1,083
1,094
1,068
1,064
1,057
1,056
1,044
1,099
1,142
1,171
1,113
1,155
1,080
1,053

35.2
37.9
44.5
42.6
44.3
39.5
38.7
40.3
37.0
41.0
37.8
40.2
39.1
41.0
48.2
42.8
45.8
45.9
44.1
43.1
52.6
45.7
42.2
52.3
41.2
36.7

63.7
65.9
58.8
53.4
59.3
53.4
56.8
55.1
55.2
58.0
55.4
54.4
53.4
56.4
50.7
52.3
51.2
52.3
60.9
52.6
56.7
52.1
50.3

San
Min
Kansas FranSt.
Louis neapolis City
cisco

Cleveland

Chicago

134.5
128.8
128.8
124.3
121.3
125.0
128.5
127.3
130.8
132.9
131.2
131.3
132.2
118.4

46.9
45.9
47.5
45.0
46.3
49.5
48.9
49.9
48.2
46.6
45.1
48.8
53.6
54.0
55.6
55.1
56.1
60.3
60.4
61.4
61.2
63.1
59.6
62.0
62.9
61.2

377.3
387.5
383.2
379.9
381.5
373.3
371.7
374.6
359.7
349.2
349.1
372.4
364.5
374.1
364.8
374.4
347.9
363.4
363.9
372.0
376.8
368.1
370.0
379.8
375.0
378.6

92.0
84.9
84.3
83.7
81.4
83.9
82.7
80.3
79.3
78.9
79.5
88.5
88.3
87.0
86.1
81.8
81.4
81.9
78.6
78.7
78.9
85.3
86.4
88.5
85.9
77.9

55.8
54.8
47.3
50.4
48.6
46.7
43.1
45.6
50.4
52.7
50.8
53.1
55.5
53.6
50.9
47.5
47.5
46.5
45.5
57.6
63.8
62.3
58.4
57.1
58.1
61.8

103.0 !
94.0 I
91.0
91.6
93.7 |
108.8 I
110. 5 !
103.7 !
98.4 I
97.0 I
96.7 !
101.2 |
95.3 ;
90.3 |
86.7 I
82.6
82.7
91.8
91.2
87.9
83.8
83.8
88.1
92.2
92.9
89.4

102.4
94.4
89.0
87.8
94.8
101.2
106.5
109.0
107.2
105.8
107.6
105.9
127.1
104.1
94.9
98.4
99.9
108.4
107.4
105.7
110.1
127.9
126.3
117.7
114.5
117.1

958.2
1.001.5
1.040.8
1,076.1
1.066.9
1.071.6
1,040.3
995.6

35.5
43.2
36.8
38.4
40.9
36.1
39.7
38.3
41.0
37.3
33.3
36.7
34.6
32.7

25.8
27.4
28.6
27.1
30.0
27.1
25.6
25.1
27.6
27.1
24.3
27.5
23.3
22.3
22.9
22.7
24.5
22.9
24.2
26.4
24.9
24.3
22.3
23.6
24.9
23.1

149.3
150.1
153.2
165.4
168.3
157.1
148.9
151.7
155.6
154.6
161.8
154.2
144.5
154.9
151.8
173.9
150.6
148.3
146.8
152.2
152.7
158.1
150.4
147.7
145.9
150.8

30.5
28.2
28.6
30.2
29.3
27.9
26.2
25.6
28.0
29.5
28.4
31.7
29.9
29.9
28.2
27.3
26.5
25.6
27.0
25.6
28.0
30.6
33.1
36.6
32.9

19.0
20.6
21.8
21.6
21.6
22.6
19.3
20.3
22.3
22.8
22.2
21.5
20.0
19.8
19.8
19.6
19.9
21.7
19.8
27.7
29.3
24.5
20.5
21.0
18.8
19.7

41.7
39.9
38.4
39.5
37.8
47.0
46.9
44.9
43.7
50.5
43.7
44.6
41.9
40.6
38.6
33.5
33.4
36.0
33.1
32.9
36.1
35.1
36.0
35.2
33.1
31.8

52.1
50.1
50.1
48.4
51.3
54.0
50.3
53.9
53.0
50.6
54.4
50.8
52.1
54.4
50.8
51.3
53.5
52.3
53..3
58.8
56.8
66.8
70.5
68.8
64.7
61.8

639.2
632.5
616.7
601.4
605.9
616.1
603.5
642.6
668.4
687.7
651.9
676.5
631.6
616.2

All
other

986.7
958.2
937.8
913.8

BANKERS* ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING
[In millions of dollars]
Bankers' acceptances outstanding*

Commercial paper outstanding»

End of—
1925
January
February.
March....
April
May
June
July
August....
September
October...
November
December.

835
808
800
757
680
608
569
555
607
674
690
774

1926
788
767
746
721
685
622
600
583
614
682
726
755

1927
774
785
809
811
775
751
741
782
864
975
1,029
1,081

1928
1,058
1,056

1922
705
718
760
792
791
795
805
807
805
775
748
722

1923
807
838
864
867
888
885
854
831
803
815
799
763

1924
818
867
889
871
852
864
879
911
915
925
888
798

1925
820
820
813
801
776
759
727
722
708
684
666
621

1926
654
655
^668
'663
668
652
655
638
612
593
566
526

1927
551
577
3 606
599
582
579
569
591
600
611
603
555

1928
577
567

i Figures collected and compiled by American Acceptance Council.
> Paper maturing within 7 months. Figures reported by 25 dealers to the Federal Reserve Bank of New York; prior to January, 1928,26 dealers
reported.
»Revised.




251

FEDEKAL RESERVE BULLETIN

APRIL, 1928

BROKERS' LOANS
BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings. In millions of dollars)
On demand and on time

From
New York
banks and
trust com-

Date
Total

3,513
3,536
3,000
2,836
2,767
2,926
2,998
3,142
3,219
3,111
3,129
3,293
3,139
3,256
3,290
3,341
3,458
3,569
3,642
3,674
3,915
3,946
4,092
4,433
4,420
4,323
4,640

1926—Jan. 30..
Feb. 27.
Mar. 31.
Apr. 30May 31.
June 30July 31.
Aug. 31.
Sept. 30.
Oct. 30.
Nov. 30.
Dec. 31.
1927—Jan. 31..
Feb. 28.
Mar. 31.
Apr. 30May 31.
June 30July 30,
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1928—Jan. 31..
Feb. 29.
Mar. 31.

From
private
banks,
brokers,
foreign
banking
agencies,
etc.

3,043
3,081
2,553
2,469
2,393
2,509
2,583
2,697
2,745
2,667
2,636
2,804
2,671
2,758
2,791
2,865
2,967
3,065
3,145
3,170
3,340
3,363
3,519
3,812
3,805
3,737
3,947

On time

On demand

470
455
447
367
375
417
415
444
474
444
493
489
469
499
500
476
490
504
497
504
575
583
573
621
615
585

From
New York
banks and
trust companies

Total

2,517
2,495
2,033
1,970
1,987
2,225
2,283
2,364
2,419
2,289
2,330
2,542
2,328
2,475
2,505
2,541
2,674
2,757
2,765
2,746
3,018
3,023
3,134
3,481
3,393
3,294
3,580

From
private
banks,
brokers,
foreign
banking
agencies,
etc.

2,123
2,123
1,678
1,699
1,703
1,852
1,918
1,984
2,021
1,924
1,932
2,128
1,964
2,085
2,112
2,146
2,254
2,316
2,343
2,330
2,539
2,549
2,675
2,963
2,882
2,807
3,016

From
New York
banks and
trust companies

Total

From
private
banks,
brokers,
foreign
banking
agencies,

etc.

996
1,041
967
866
780
701
715
778
800
822
800
751
810
781
785
800
784
812
877
928
897
923
958
952
1,027
1,028
1,060

372
355
271
285
374
365
379
398
365
397
414
365
391
393
395
420
441
421
415
479
475
459
518
511
488
564

76.1
83.0
91.6
96.1
90.4
43.4
50.2
65.0
75.8
78.5
95.0
75.0
103.9
108.4
106.6
81.4
70.5
63.5
75.5
88.8
95.8
108.5
113.4
103.4
104.2
97.7
128.8

920
958
875
770
690
657
665
713
724
743
704
676
707
673
679
719
713
749
802
840
801
814
844
849
923
931
931

LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY
[In millions of dollars. Monthly data are averages of weekly figures]
Demand and time loans
Month or date

1926—January
February
March _
April
..
May.
June
July. . . .
August
September...
October
November.. _
December
1927—January
February
March
April
May
June.. .
July_
August
September. . .
October
November...
December
1928—January
February
March.
Mar.
Mar.
Mar.
Mar.

7. .
14 .
21
28




a or own
account

For account of
out-oftown
banks

3,126
3,119
2,800
2,467
2,452
2,517
2,607
2,720
2,783
2,698
2,615
2,698
2,778
2,733
2,816
2,866
2,933
3,115
3,096
3,181
3,261
3,392
3,441
3,621
3,802
3,784
3,761

1,259
1,182
1,051

1,281
1,329
1,173
1,035

3,696
3,746
3,779
3,825

Total

For account of
others

585

Total

1,077
1,032
1,048
1,061
1,103
1,175
1,282
1,342
1,167
1,064

1,000
1,073
1,128
1,106
1,048
1,045
1,104
1,127
1,091
1,131
1,191
1,180
1,188
1,225
1,285
1,326
1,276
1,354
1,470
1,500
1,450

1,117
1,247

2,185
2,153
1,878
1,645
1,719
1,838
1,935
2,027
2,074
1,975
1,911
2,012
2,094
2,069
2,154
2,190
2,219
2,385
2,336
2,366
2,463
2,603
2,632
2,782
2,938
2,871
2,861

1,019
1,090
1,027
1,121

1,462
1,446
1,467
1,427

1,215
1,210
1,285
1,277

2,790
2,847
2,884
2,925

905
913
973
960
948
974
866
819
887
933
841
901
929
936

998
944

Time loans

Demand loans

608
576
528
541
600
646
699
682
726
748
766
741
765
824
806
805
858
877
908
916
962
990
985
990

For own
account

For account of
out-oftown
banks

782

884

695
587
472
516
613
605
610
656
549
520
596
639
548
615
642
639
772
705
726
777
820
879
948
992
820
741

922
785
705
717
689
746
793
807
773
728
737
799
843
805
830
861
851
857
849
891
942
902
981

690
766
706
802

For account of
others

Total

519
536
506
468
486
536
584
624
611
653
663
679
656
678
734
718
719
762

941
967
922
822
733
678
671
693
710
723
704
686
685
664
661
677
714
730

1,083
1,084
1,036

774
791
795
841
851
853
863
967
1,084

760
815
799
789
809
839
863
913
900

1,044
1,031
1,055
1,017

1,056
1,050
1,123
1,106

906
899
895
900

J? or

own

account

477
487
464
433
396
359
355
337
318
317
298
291
295
293
285
287
297
306
327
322
284
283
296
334
350
347

323
329
324
321
319

For account of For acout-of- count of
others
town
banks
398
408
388
330
282
255
254
280
321
333
320
308
305
284
286
301
330
328
330
376
394
385
374
373

387
416
414
418
416
412
410

65.6
71.8
70.6
59.0
55.3
63.8
62.1
75.4
71.0
72.8
85.4
87.0
84.8
87.1
89.9
88.4
86.4
95.8
102.9
116.4
120.5
121.4
138.7
132.3
126.8
150.0
162.9
158.7
159.8
161.9
171.1

252

FEDERAL RESERVE BULLETIN

APRIL, 1928

COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES
WHOLESALE PRICES, BY COMMODITY GROUPS »
[1926=* 100]
All com- Farm
modities products

Month

96.5
95.4
94.2
94.3
96.3
96.5
97.6
102.2
105.9
105.0
104.3
104.4
106.1
104.5

96.6
95.9
94.5
93.7
93.7
93.8
94.1
95.2
96.5
97.0
96.7
96.8
96.3
96.4

1927—January
F e b r u a r y . . . * . . * .-_.
March
»
April
May
June
._.._-_
July
August ....
September
October
._
November__
December .
.
1928—January
February

Hides
Metals
House- MiscelBuilding Chemiand
Textile Fuel and
and
and furnish- laneous
leather products lighting
metal materials cals
drugs
ing
goods
products
products

Foods

96.9
95.9
04.5
94.6
94.4
94.4
93.9
94.2
96.5
100.0
101.5
100.7
98.5
98.7

101.0
100.2
100.5
101.7
103.7
107.3
111.7
111.7
112.5
113.0
114.3
116.9
121.0
124.1

94.3
94.6
94.0
94.2
93.9
94.3
94.3
96.2
98.5
98.4
97.5
97.2
96.7
96.6

97.7
95.8
90.0
84.9
83.9
84.2
84.2
84.1
84.2
83.8
82.9
82.5
80.8
81.2

97.5
96.2
95.3
95.0
95.1
94.6
93.7
92.9
92.1
91.6
90.2
90.4
90.8
91.0

98.8
98.0
98.2
97.8
98.6
98.2
97.7
98.0
97.6
97.1
97.0
98.4
98.1
98.3

97.6
97.6
97.1
97.8
95.4
95.8
95.3
95.4
96.4
97.1
97.4
97.2
96.3
95.8

97.9
97.9
97.8
97.8
97.8
98.0
98.0
98.6
98.6
98.5
98.9
98.8
98.6
98.4

90.3
90.6
90.9
91.3
91.3
90.2
89.3
89.0
89.2
88.3
88.3
89.0
89.0
87.3

i New index of Bureau of Labor Statistics. See BULLETIN for October, 1927, pp. 696-699.
PRICES OF FARM PRODUCTS AT T H E FARM i

SECURITY PRICES

[August, 1909-July, 1914*100]

Month

Common stocks *

Dairy Cotton
Fruit
and
Unand
30 comMeat poultry
and
classimod- Grains vege- animals
prod- cottonfied
tables
ities
seed
ucts

1827
January
February—_
March...
April
May
June
July
August
September.
October
NovemberDecember,.

126
127
126
125
126
130
130
132
140
139
137
137

120
122
121
119
127
140
139
138
134
128
120
123

140
142
140
147
158
201
195
172
145
138
136
141

140
143
144
143
137
129
131
136
142
145
141
138

152
142
133
133
130
124
125
127
137
146
153
158

85
94
102
101
113
119
124
136
179
169
162
153

87
84
81
80
79
82
81
81
87
83
86
90

1928
January
FebruaryMarch

137
135
137

125
128
136

144
153
174

138
139
139

154
144
137

152
141
147

91
90
89

1

Month or week

1927—March
April
May
June
July
August
September
October...
November.
December.
1928—January __.
February..
March
Week e n d i n g Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31

Bonds:
Average
197
31
price
of
228 40 issues
industrial railroad Total
stocks * stocks * stocks
165.7
165.1
174.5
175.4
179.0
189.0
197.0
197.5
202.1
208.7
210.4
207.6
221.0

143.1
147.4
150.5
151.9
153.9
156.0
157.1
158.9
158.6
160.6
158.2
153.7
159.0

159.0
166.2
167.5
168.5
171.7
179.3
191.1
186.2
189.4
194.6
195.2
191.9
202.9

96.63
97.24
97.55
97.06
97.03
97.76
98.00
98.62
98.98
99.25
99.35
99.31
99.20

209.9
215.4
220.6
227.6
231.7

154.8
155.8
161.8
160.4
162.1

193.8
198.0
203.4
208.0
211.4

99.07
99.08
99.25
99.32
99.29

1
Index numbers of Standard Statistics Co.
*1 Average of 1917-1921 prices-100.
Average of yearly high and low prices, 1913-1922=100.

Index numbers of Department of Agriculture.
D O M E S T I C CAPITAL ISSUES

FOREIGN CAPITAL ISSUES
[In millions of dollars]

[In millions of dollars]
January-February
February,
1928

1928

Class of issue
Re-

New funding

New

February,
1928

1927

Refunding

Class of issue

New

Refunding

Corpora te issues
Bonds and n o t e s Long-term...
Short-term..,
Stocks
Farm-loan issues
Municipal issues




Total new and
refunding

509.2

193.2

941.6

350.0

1,235.2

352.2

376.1

191.7

709.3

346.7

966.5

347.6

240.6
20.8
114.7
2.3
130.8

160.3
19.3
12.1

448.1
37.3
223.9
3.8
228.5

289.8
19.8
37.1

590.7
23.6
352.2
28.7
240.0

308.1
6.5
33.0

702.4

1.5

1,291.6

3.3

""Te

1,587.4

1928

1927

Gov- Cor- Gov- Cor- Govern- po- ernernment rate ment porate ment
Total.

Total

January-February

New issues Europe
Canada and Newfoundland
Latin America
United States insular
possessions
Miscellaneous
Refunding issues
Total, Government and
corporate. . .

Corporate

103.8

31.9

212.1

95.9

155.7

97.8

72.5
19.0

25.1
11.3

168.4
52.8

85.1
50.0

118.7
2.1

86.2
42.8

15.3
92.8

18.8
2.5

30.1
62.1

5.8
8.0

1.0
6.5
43.7

13.9
10.7

1.4
23.0
37.0

4.6
25.0
11.7

7.0
40.0
6.5
31.2

13.9
6.8

135.6

308.0

253 5

253

FEDEKAL RESERVE BULLETIN

APRIL, 1928

PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers of the Federal Reserve Board]
Industrial
producYear and month tion i

Produc- Production of tion of Factory Factory
manu- miner- employpay
facrolls
ment
tures *

Mo, av. 1923-1925=100

Building contracts
Wholesale distribution
awarded1
Freight
car
load-1
ings Unad- AdAdUnadjusted justed
justed justed

1922lI"II"IIII
1923
1924__
1925__
1926__
1927

Unadjusted

Adjusted

Departmentstore stocks *
Unadjusted

Adjusted

Monthly average 1923-1925«100

Mo. av. 1919=100

I

ANNUAL INDEX

1920-

Departmentstore sales *

83
87
67
85
101
95
104
108
106

84
87
67
87
101
94
105
108
106

77
89
70
74
105
96
99
107
107

100
103
82
90
104
95
95
96
92

100
124
84
89
113
104
107
109
105

64
63
57
81
84
95
122
129
128

103
102
100

102
100
101
98
96
96

111
110

104
104
104
104
103
101

113
113
114
117
115
113

79
75
73
91
80
76

76
72
76
88
90
90

100
101
101

108
114
113
111
105
100
92
96
99
103
101
106

76
78
109
121
108
101
87
89
87
103
95
83

101
101
99
96
95
91
84
85
90
100
103
94

84
91
79
86
100
98
103
107
103

110
114
87
89
101
98
101
98
95

102
101
99
97
99
95

92
115
115
123
100
82

101
103
99
103
100
95

71
79
89
117
113
161

98
99
100
100
99
100

90
96
105
111
114
94

97
100
101
100
101
100

99
100

94
98
102
96
87
82
86
105
118
118
97
88

103
102
94
99
95
91
93
95
101
99
99
101

87
82
91
104
100
94
72
74
93
111
111
168

99
105
99
99
97
100
96
95
100
95
101
100

90
97
105
107
104
97
93
96
105
111
113
94

101
102
102
103
102
100
100
100
101
101
100
100

78
94
87
88
98
99
103
106
106

79
105
89
88
98
101
101
103
102

MONTHLY INDEX

1923
July
August
September
October..
November
December
1924
January
February
March
April
May
June
July
August
September
October.November
December
1925
January
February
March.
April
May
_
June
July..
August
September
October
November
December
1926
January
February.._
March
April
May
June
July
August
September..
October
November..
December,.
1927
January
February...
March
April
May
June
July
August
September..
October
NovemberDecember-.
1928
January
February-

104
105

100
102
100
95
89
85
83
89
94
94
97
101

95
97
101

102
104
99
92
93
92
92
92
97
89
96
100

105
105
104
103
103
102
103
103
102
105
106
108

106
106
106
103
103
102
103
102
104
107
109
110

104
100
96
98
104
101
104
108
90
91
94
93

103
109
110
107
107
105
102
105
104
111
112
112

75
76
120
138
124
137
133
149
138
129
116
129

101
104
107
112
115
125
128
135
135
129
127
138

103
103
100
104
105
101
101
105
102
100
104
105

93
97
109
98
90
91
94
113
117
124
99
89

102
101
100
100
99
100
102
101
100
105
100
98

86
80
95
106
100
99
75
78
95
129
114
178

98
103
103
102
101
100
100
101
102
110
104
106

90
96
104
106
103
97
94
98
106
111
115
97

102
101
101
101
100
100
101
102
102
101
102
103

106
107
107
107
106
107
107
111
112
111
108
105

109
108
108
107
107
107
107
111
112
110
106
103

92
96
106
106
104
106
107
109
111
115
118
119

107
112
113
110
109
109
104
108
108
112
109
108

111
99
146
139
134
133
126
146
137
126
119
131

146
136
128
120
125
125
124
129
130
126
130
136

102
104
105
107
108
109
108
108
109
109
108
106

94
97
107
94
91
91
91
107
117
111
97
84

102
101
100
97
99
99
97
97
100
94
98
95

89
81
102
103
107
101
78
83
101
124
121
184

106
104
101
103
107
102
104
107
109
110
106
110

93
98
107
107
103
98
94
97
107
114
117
96

105
103
104

107
109
111
108
111
108
106
107
105
103

105
107
110
109
111
108
106
107
105
102
98
99

116
118
118
104
108
104
100
106
105
105
101
103

102
109
110
108
108
106
101
104
104
105
101
102

94
96
151
147
135
154
130
135
127
137
114
116

123
131
131
128
126
144
128
119
121
137
125
121

105
109
109
108
107
104
101
104
104
101
96
• 94

87
91
103
90
87
87
88
111
112
106
93
82

94
95
95
93
95
93
95
100
96
91
95
93

89
83
100
111
102
101
75
89
100
119
122
186

106
106
105
105
103
103
103
111
108
105
107
111

92
97
106
106
103
97
94
97
107
113
116
96

103
102
103
102
101
100
101
101
103
103
103
102

106
110

107
111

103
103

104
113

137
155

100
102

87
92

95
97

88
85

105
105

PI

104

97

103
102

99
102
101
95
88
84
82

103
99
98
97
92
92
95

ioa
101
101
101
101
103
103
1C4
102

i The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts, wholesale distribution, and department-store sales and stocks are shown both with and without seasonal adjustments.




254

FEDERAL RESERVE BULLETIN

APRIL, 1928

INDUSTRIAL PRODUCTION
INDEX OF INDUSTRIAL PRODUCTION
[Index numbers, adjusted for seasonal variations.
1923-1925 average=100]
Month

1922

1923

73
76
80
77
81
86
86
84
88
94
97
100

100
100
103
107
107
105
103
102
100
99
97
96

85

101

January

February
March
April
May

June
July
August
September
October
November
Annual index.

1924-

1927

1926

1925

1928

INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS

Iron
and
steel

Total

Year and month

Textiles

I Paper

Cement, Non- I PetroAuto- Leather
and
brick, ferrous | leum
and \ Lumber mobiles
shoes and glass metals i refining
printing i

Food
prod-

Tobacco
manufactures

MONTHLY INDEX

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

,

...

105
107
110
109
111
108
106
107
105
102

105
113
114
115
116
104
102
101
97
93
87
92

108
108
114
112
116
121
118
119
118
113
112
105

»107
111

110
114

1106
107

1928
January

February

93
99
98
103
102
96
97
93
94
94
95

113
113
114
112
112
114
112
113
111
110
112

95
91
88
95
93
95
95
99
94
96
93

95
99
104
104
105
93
83
88
81
71
47
53

102

117
118

97
98

91
102

95

no

100
105
113
112
113
108
97
96

101
107
119
109
108
109
111
115
113
108
107
105

116
112
108
112
111
108
106
108
107
106
106
111

135
134
135
134
132
134
136
136
139
142
140
137

118
117
123
131
127
131
124
119
113
116
117
110

114
113
116
122
122
116
109
119
123
121
122
112

100

111
115

101
109

135
139

126
136

118
118

102

INDE3: OF PRODUCTION OF MINERALS, BY PRODUCTS
Bituminous coal

Anthracite
coal

Crude petroleum

116
118
118
104
108
104
100
106
105
105
101

119
125
131
87
94
91
87
92
92
90
85

101
95
88
108
117
102
75
107
100
107
106

120
123
123
119
120
120
124
123
124
124
124

103

87

92

103

92

103

94

Total

Year and month

Iron-ore
shipments

Copper

Zinc

Lead

Silver

MONTHLY INDEX

1927
January
„
.
February
..
. .
March
April
May
June....
.
July
August.
.
September
October .
November.. . . . . . . . . .
December
January...
February

1928
.

.. ..

...

__
...

114
111
100
106
107
105
101
101
104
102
106

113
113
114
110
108
114
109
114
111
110
107

113
112
115
120
113
112
116
112
111
105
110

90
93
94
94
90
01
100

124

105

109

109

05

88

121

102

104

104

93

88

119

104

107

111

83

120
101
99
99
87
95
49

07
95
90

00

i Revised.
NOTE.—These tables contain, 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 BULLETIN for February and March, 1927.




255

FEDERAL RESERVE BULLETIN

APBIL, 1928

PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES
February, January, February.
1927
1928
1928

February, January, February,
1928
1928
1927
Iron and steel:
Pig iron
Steel ingots
Textiles:
Cotton consumption
__. _
WoolConsumption _. _ i
Machinery activity
Carpet and rug loom activity l .
Silk—
Deliveries
Loom activity 1
_
Food products:
Slaughtering and meat packingHogs
_ _.
Cattle
Calves _
Sheep
Flour
Sugar meltings
Paper and printing:
Wood pulp and paper—
Newsprint
Book paper
Fine paper...
,
Wrapx>ing paper
Paper board
_.
Wood pulp, mechanical
Wood pulp, chemical
Paper boxes.. „
.
Newsprint consumption
Lumber, cut
Flooring
Transportation equipment:
Automobiles
Locomotives
Shipbuilding
1

_.

Leather and products:
Leather, t a n n i n g Sole leather*. .
Upper leatherCattle
Calf and kip
Goat and kid
Boots and shoes
Stone, clay, and glass:
Cement
BrickFace brick.
Plate glass
Nonferrous metals:
!
Copper

100
116

95
111

105
114

104

104

112

97
86
92

92
87
93

97
89
87

144
124

137
119

127
110

130
98
100
112
113
78

101
92
102
115
101
116

79
107 :
105
111
96
95

94
123
129
121
119
105
105
119
125

94
120
118
124
118
100
103
115
129

105
116
102
103
112
105
108
131
125

97
109

97
100

94
109

102
39

91
34
153

99
65
164

...

Zinc
Tini
Chemicals and allied products:
Petroleum refining—
Gasoline x
Kerosene
Fuel oil *
Lubricating oil *
Coke productionBy-products
Beehive .
Rubber tires and tubes:
Tires, pneumatic
Inner tubes .
Tobacco products:
Cigars
Cigarettes
Manufactured tobacco and snuff

98

92

100

68
103
122
102

68
102
131
99

90
93
120
102

111

129

96

109
122

100
101

119
123

112
111
107
96

102
104
104
85

113
112
113
105

155
101
120
122

151
100
117
111

150
97
122
109

122
29

121
29

117
59

139
113

130
97

119
99

90
140
94

85
143
95

Q4
129
97

Without seasonal adjustment.

FACTORY EMPLOYMENT AND PAY ROLLS
[Index numbers without seasonal adjustment.
Metals and
products
Month

Total
Group

Iron
and
steel

Textiles and products
Group Fabrics Products

Monthly average, 1919=100]
Chemicals
and
products

Lumber
and
products

Railroad
vehicles

79.8
79.2
78.0
78.4
78.5
78.9
78.2
76.7
76.1
75.5
73.4
72.0
70.5
70.4

104.2
117.3
122.4
123.4
123.7
117.2
109.9
114.3
111.0
109.9
100.7
105.0
114.0
124.8

108.8
109.0
109.0
108.1
107.3
106.9
106.3
106.9
107.8
108.6
109.7
110.1
108.6
108.1

85.1
84.9
84.1
83.1
83.7
87.6
86.7
85.8
88.7
89.2
87.7
86.7
83.8
84.8

88.5
88.9
88.6
84.2
82.6
82.2
85.3
88.2
88.5
86.5
81.5
79.8
83.2
84.6

109.6
110.1
115.9
121.5
124.0
124.2
119.5
120.2
119.3
116.2
114.7
109.0
101.6
101.9

73.5
79.0
78.9
77.3
78.2
80.3
80.3
74.4
83.5
85.3
84.6
80.3
73.8
77.1

77.6
77.8
78.2
78.1
75.3
75.9
75.0
75.3
76.9
77.8
78.5
77.2
75.1
77.2

84.6
89.3
87.0
88.0
89.8
87.9
83.0
85.4
81.3
83.6
82.2
80.2
75.1
78.2

94.0
140.2
153.4
157.7
158.7
131.4
125.2
136.3
128.7
133.6
117.6
127.8
127.2
160.0

150.3
150.8
152.2
150.7
150.3
148.2
145.4
147.2
148.9
151.0
149.0
152.7
148.8
147.5

99.3
99.3
99.1
98.0
100.7
104.6
103.1
101.7
104.4
104.8
103.0
102.2
99.0
100.8

90.0
95.6
93.2
87.0
84.4
85.1
90.2
97.5
95.2
88.5
76.8
77.8
83.5
88.9

129.5
136.8
144.9
151.6
157.6
154.5
143.7
149.0
145.7
145.0
140.8
133.6
122.1
123.8

76.2
79.2
80.9
77.9
83.6
86.7
85.7
79.7
90.5
91.3
90.5
87.0
78.1
78.1

107.0
108.9
111.7
109.9
107.0
109.1
10S.6
105.2
105.7
110.0
109.7
112.4
106.3
109.3

Employment:
1927—January. __
February..
March
April
May
June
JulyAugust
September
October
November.
December.
1928—January.._
February..

92.4
93.6
93.9
93.2
92.6
92.4
90.7
91.2
91.9
91.7
90.1
89.0
87.9
89.4

88.9
90.1
90.6
89.9
88.7
87.8
85.7
85.4
85.1
84.4
82.8
81.8
80.9
83.1

88.7
90.1
90.3
89.6
88.4
87.5
85.4
85.0
84.7
84.0
82.3
81.4
80.7
82.7

95.2
96.9
96.6
95.1
93.6
93.1
91.0
92.3
93.9
94.5
94.2
93.6
92.9
93.8

97.6
98.5
98.3
97.5
96.5
96.3
94.8
95.6
96.5
97.0
97.2
96.4
95.1
95.1

92.2
94.7
94.5
92.0
89.9
88.9
86.2
88.2
90.5
91.4
90.3
89.9
92.3

92.9
91.8
91.2
91.0
91.6
91.8
91.2
92.4
93.0
92.4
91.2
88.0
84.5
84.7

Pay rolls:
1927—January...
FebruaryMarch
April
May
June.
July
August
September.
October.. _
November.
December.
1928—January...
February..

102.0
108.6
110.0
108.5
108.1
105.8
101.1
104.4
103.8
105.1
101.0
101.8
97.7
103.5

94.1
99.1
100.7
99.5
96.8
95.2
87.4
90.4
87.9
88.9
86.0
87.6
84.8
92.1

93.8
98.7
100.1
99.1
96.2
94.7
86.7
89.8
87.3
88.2
85.2
86.6
84.1
91.2

105.3
111.0
110.8
105.1
103.3
102.8
99.1
102.7
104.8
106.9
101.6
103.6
100.2
103.5

107.6
111.7
111.3
108.1
107.6
107.0
102.8
105.8
107.3
108.9
104.5
106.1
100.3
102.4

102.6
110.3
110.3
101.4
9a i
97.6
94.6
98.9
101.9
104.3
98.1
100.6
100.0
104.8

101.6
103.4
104.6
103.2
105.3
104.8
101.1
105.8
107.3
109.1
106.3
102.5
91.2
95.4

Paper
Autoand
mobiles printing

Foods Leather Stone,
clay,
and
and
and
prod- prodglass
ucts
ucts

Tobacco
products

NOTE .—This table contains for certain months general index numbers of employment and y_w
,..„..___
.
industrial components. The general index is a weighted average of relatives for 34 individual industries. Tbe method of construction was
described in detail and indexes for the above groups since January, 1919, were published in the BULLETIN for May, 1025. See also p. 668 of
BULLETIN for September, 1925, for certain revisions.




256

FEDERAL RESERVE BULLETIN

APRIL, 1928

BUILDING
BUILDING CONTRACTS AWARDED
[Index numbers based on value of contracts. Monthly average,
1923-1925*100]
With seasona I
adjustment

Without seasonal
adjustment
Month

January
February
March
April
May
June
July
August

.

October
November
December

1925

1926

1927

1928

1925

1926

1927

75
76
120
138
124
137
133
149
138
129
116
129

111
99
146
139
134
133
126
146
137
126
119
131

94
96
151
147
135
154
130
135
127
137
114
116

104
113
144

101
104
107
112
115
125
128
135
135
129
127
138

146
136
128
120
125
125
124
129
130
126
130
136

123
131
131
128
126
144
128
119
121
137
125
121

1928
137
155
125
50
BUILDING CONTRACTS AWARDED
• - • W/M Seasona/Ad/usf/nent
W/tnoutAdjustment
I
I

1925

1924-

1926

1927

1928

BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Value of contracts in thousands of dollars]
Federal Reserve District
Month

Total
Boston

1927
February....
March
April
May
June
July
August
September..
October
November..
December..
1928

January
February

620,738
604,391
552,349
632,478
534,390
552, 488
521, 611
562,816
466,393
477,364
427,169
465,331

20,298
42,807
40,649
39,023
33,569
29,658
37,461

New
York i

Philadelphia

l

28,269
60,141
52,652
37,724
54,644

27,486
40,070
29,407

105, 709
156,074
165,459
141,469
177,235
158,435
144,049
107,448
169,299
132,481
130,346

33,410
21,826

133,271
140,227

Cleveland i

Richmond

Chicago l St. Louis Minneapolis i

Atlanta

Kansas
City

Dallas

53,519
40,174
34,211
30,138
28,634

50,808
56,741
77,350
70,938
64,011
57,465
62,447
65,235
49,315
39,136
35,275

24,944
34,694
31,192
39,736
35,502
34,241
31,813
57,464
29, 553
24,811
37,285

31,928
45,921
31,004
31,100
31,188
28,093
28,176
30,917
26,023
39,151
24,816

70,905
124,235
114,013
105,089
140,608
107,480
109,646
106,296
141, 523
84,182
126,841

25,697
42, 704
34,888
31,344
44,171
32,205
34,134
32,573
41,405
27,793
33,352

4,342
13,298
12,001
11,136
11,712
13, 111
12,371
8,038
9,305
7,138
4,473

16,173
16,342
22,644
21,528
17, 598
17,203
19, 061
22,253
19,317
16,516
12,316

14, 510
27,781
22,539
23,262
22,240
22,517
19,811
18,350
15,379
24,977
14, 619

35, 765
34,980

26,403
37,841

27, 607
22,301

27,696
23,376

77,806
108,789

29,187
35,294

4,428
3,968

13,318
13,793

18,278
22,936

BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
BUILDING

[Value of contracts in thousands of dollars]

Month

Residential

1927
February..
March
April
May
June
July
August
September.
October
November.
December.

250,078
267,417
219,980
239,814
186,935
209,456
202,877
243,562
214,963
207,281

1928
January
February..

193,189
238,985

Indus- Comtrial
mercial

41,247
48,077
44,602
44,889
33,879

67,896
113,766
80,754
72,541
88,122
83,010
41,039 76,915
48,546 59,617
50,712 79,720
43,521
86,933

37,970
57,695

68,852
34,881

ISSUED, BY FEDERAL
DISTRICTS

RESERVE

[Value of permits in thousands of dollars]

Public
works Educaand
public tional
utilities

All
other

52,180
106,827
116,264
111,368
151,399
143,916
119,741
126,230
108,210
76,089
92,657

22,046
36,522
35,678
34,545
42,122
36,434
41,035
29,244
30,170
31,741
23,248

47,126
65,468
59,676
69,026
77,142
53,792
64,302
55,097
50,442
47,189
37,256

18,651

31,750
55,139

72,039
59,980

PERMITS

Federal reserve district

Number Febru- January, February, 1927
of cities ary, 1928
1928

United States.

168

271,771

207,760

244,696

Boston
New York....
PhiladelphiaCleveland

14
22
14
12

7,347
137,509
13,742
14,643

5,553
83,846
8,783
9,685

17,171
94,603
11,249
11,731

Richmond
Atlanta
Chicago
St. Louis

15
15
19
5

10,318
7,368
37, 226
6,223

14,014
7,810
38,151
5,385

10,004
9,808
57,291
7,435

Minneapolis..
Kansas City..
Dallas
San Francisco

9
14
9
20

2,028
6,502
5,981
22,884

2,056
4,663
6,856
20,958

1,476
5,272
5,778
22,878

i Figures for these districts have been revised. Information for earlier years will be furnished upon request.
NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation.
Adjusted indexes by months from 1910 to date given in the BULLETIN for August, 1927, p . 563.




257

FEDERAL RESERVE BULLETIN

A P R I L , 1928

COMMODITY MOVEMENTS
FREIGHT-CAR LOADINGS, BY LINES
[Index numbers, adjusted for seasonal variations. 1923-1925=100]

Month

Grain
and
grain
products

Total

1927—January
February
March
*ipril
May
June
July
August
September
October
November
December
1928—January
*M .; February

105
109
109
108
107
104
101
104
104
101
96
94
100
102

Livestock

96
102
98
97
100
105
97
98
108
106
94
94
102
108

!

1
i
!
!

MerchanForest 1.dise
c. 1.
prodand
ucts miscellaneous

Coal

88
87
92
92
95
93
89
91
87
94
87
82
91
101

114
121
122
107
103
96
89
102
102
94
91
93
94
96

108
109
110
110
108
108
107
109
108
106
102
99
106
106

94
95
91
90
93
91
94
95
95
93
87
82
90
93

AGRICULTURAL MOVEMENTS
[Index numbers, without seasonal adjustment.

1919-100]

AniLive- mal Grains Cot- Vege- Fruitf ToTotal stock
prodton tablts
bacco
ucts

Month

1927—January
February...
March
April
May
June
July
.
August
September..
October
November..
December..
1928—January
February...

99
81
91
82
95
91
79
93
87
111
105
95
110
103

115
104
103
85
94
94
"95
123
165
185
149
121
112
97

86
95
118
137
161
169
149
129
102
95
110
116
101
102

86
84
71
50
63
84
135
195
207
182
119
108
108
107

152
118
117
74
58
32
13
80
205
284
244
155
87
59

118
113
146
146
140
162
133
119
233
266
145
96
133
140

99
97
100
128
174
127
140
142
267
357
154
88
72
69

404
383
212
11
8
1
50
255
323
328
317
425
179

For description and early figures see BULLETIN for March, 1924, and
for certain revisions see p. 739 of the BULLETIN for October, 1925.

For description and early figures see p. 562 of August BULLETIN.

WHOLESALE TRADE
INDEX OF WHOLESALE DISTRIBUTION—NINE LINES OF TRADE
[1923-1925 average-100]
Sales with seasonal adjustment

Sales without seasonal adjustment

Month
1924

1923

_ ..

102
100
104.
100
103

. . .

103
102
94
99
05
91
93
95
101
99
09
101

222 s

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

*.

1925

103
100
95

1926

102
101
100
100
99
100
102
101
100
105
100
98

1027

102
101
100
97
99
99
97
97
100
04
98
05

1928

04
05
95
93
95
93
95
100
96
01
05
93

1924

1923
93
96
114

95
97

1925

04
98
102
96
87
82
86
105
118
118
97
88

£

02
92
115
115
123
100
82

1926

1927

04
07
107
04
91
01
91
107
117
111
97
84

03
07
109
98
90
91
94
113
117
124
99
89

1928

87

87
01
103
90
87
87
88
111
112
106
03
82

92

SALES IN INDIVIDUAL LINES OF TRADE
Without seasonal adjustment

With seasonal adjustment
Month

WomWomDry Men's en's Boots
FurDry Men's en's Boots
Fur- GroGroand Hardand Hardcloth- shoes
ware Drugs niture ceries Meats goods clothceries Meats goods clothware Drugs niture
ing
ing clothshoes
ing
ing

1927
January
February...
March
April
Mny
June
July.
August
September..
October
November.December..

03
03
96
05
97
98
91
C7
04
00
04
02

113
112
108
111
109
1G4
102
109
109
109
105
109

83
87
90
86
87
88
88
102
91
86
89
87

84
97
101
87
87
90
90
101
92
81
86
93

77
75
67
C8
69
65
79
72
66
54
67

1928
January
February...

93
98

106
114

89
88

101
101

ei

112
110
07
94
110
GO
134
111
104
01
105
101

92
93
&8
94
91
92
92
67
99
04
100
07

104
103
106
106
104
106
1C5
112
114
111
112
106

100
96
96
95
93
100
104
106
104
06
09
00

86
81
04
00
05
101
92
97
102
102
100
90

113
107
104
104
109
106
104
111
117
122
101
103

78
88
95
76
76
78
81
125
113
00
88
70

65
123
138
85
52
46
78
165
140
101
61
48

71
95
108
64
39
28
43
98
95
87
45
39

92
87
111
1C0
111
85
107
122
127
114
110
82

82
82
102
96
03
96
90
98
106
105
08
00

102
95
117
108
98
09
100
110
122
128
113
09

88
96
109
96
88
88
85
109
118
114
104
85

70
70

114
109

92
93

108
109

91
89

85
85

106
108

85
89

76
128

65
88

94
87

82
82

106
101

80
89

NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexes from
January, 1919, to October, 1927, were published in the BULLETIN for December, 1927, pp. 817-828.




258

FEDERAL RESERVE BULLETIN

APRIL, 1928

RETAIL TRADE
DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers.* Monthly average 1923-1925=100]
Federal Reserve District

United
States

Month

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Minne- Kansas
Louis apolis City»

Sales (unadjusted):
1927—January __
February
December
1928—January
February

89
83
186
88
85

103
78
182
98
78

96
85
201
94
88

80
78
174
74
71

85
82
176
85
85

84
78
195
81
82

85
88
191
85
91

84
90
185
85
89

79
83
177
82
85

81
76
155
76
75

Sales (adjusted):
1927—January
February.
December
1928—January
February

106
106
111
105
105

113
104
107
108
100

111
109
115
108
109

96
97
102
88
85

105
104
108
104
103

106
104
108
103
105

107
109
114
107
108

105
114
115
112
115

100
103
106
104
101

98
103
101
90
96

92
97
96
91
97

91
95
101
93
97

98
97
99
96
97

91
95
95
88
91

87
96
93
90
94

91
97
97
89
96

90
100
90
92
101

92
97
93
92
99

90
95
93
84
93

81
87
80
80
88

103
102
102
103
102

101
101
103
102
103

106
105
103
104
104

99
100
99
96
96

103
101
101
106
99

104
102
103
102
101

97
102
101
101
103

104
102
100
103
104

103
101
102
97
99

91
90
89
90
91

Stocks (unadjusted):
1927—January..
February
December.
1928—January...
February
Stocks (adjusted):
1927—January... . _ . .
February
December.
1928—January
February

. .

„

!

* For description of department store indexes given in this table see BULLETIN for February, 1928.

San
Francisco

Dallas

80
76
165
79
77

87
86
189
89
88

96
85
195
98
92

105
108

112
111
117
114
115

115
106
105

77

97
109
102
98
111

85
74
75
83

97
102
100
98
105

89
88
85
86
86

105
106
109
106
109

Monthly average in 1925=100.

SALES OF MAIL-ORDER HOUSES AND CHAIN STORES
[Index numbers of sales. Monthly average 1923-1925= 100]
Sales with seasonal adjustment

Sales without seasonal adjustment
Chains
Mailorder
houses Gro- 5-and Apcery 10-cent parel
(4)
(34)
(5)
(14)
1926-December
1927- January...
FebruaryMarch
December
1928- January...
February..

155
103
101
125
167
105
108

167
155
148
174
202
188
194

258
96
104
116
279
104
115

100
114
148
350
121
137

Chains

Drug
(13)

Cigar
(5)

169
134
129
143
182
146
148

159
97
99
111
156
90

Mailorder
Gro- 5-and ApShoe Candy houses
cery 10-cent parel
(4)
(7)
(4)
(34)
(14)
(5)

Drug
(13)

Cigar
(5)

162
163
173
175
215
197
201

137
140
139
139
148
153
153

114
113
115
113
111
105
107

163
82
84
96
178
87

161
95
103
115
164
100
106

118
111
112
117
128
113
116

154
157
155
163
186
191
195

133
130
133
128
147
140
142

Shoe Candy
(7)
(4)
119
111
121
104
130
117
120

NOTE.—For description of indexes given in this table and of the data upon which they are based, see pp. 232-235 of this BULLETIN.
indexes from 1919 to 1927 are given on pp. 234-235.




113
120
121
116
115
126
120

Monthly

259

FEDERAL RESERVE BULLETIN

APRIL, 1928

BANK SUSPENSIONS AND COMMERCIAL FAILURES
BANK SUSPENSIONS, BY CLASS OF BANK
[Amounts in thousands of dollars]
All banks

Member
banks

NumNum- Total
deber
ber posits

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

1926

13, 384
11, 763
10,249
12, 512
16,324
34,229
48, 618
10,001
12,050
18,209
45,983
39,166
956 272,488

160

32,038
25,157
31, 222
11, 750
13,198
10, 784
12,162
17, 364

27
16
16
10
11
9
2
5

65
52
51
56
68
77
140
52
37
88
154
116

.
_

1927
January
February
March
_
April
May
June
July
August
September
October
November
December
Total
1928
January
February

COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE i
[Amounts in thousands of dollars]

Nonmember
banks

Number

Total N u m Total
dedeposits ber posits
3,992
2,861
710
3,534
4,234
5,318
1,637
2,127
4,317
6,280
19,389
14,413
68,812

54
42
45
50
58
61
135
43
29
69
121
89
796

9,392
8,902
9,539
8,978
12,090
28,911
46,981
7,874
7,733
11,929
26, 594
24, 753
203,676

Manu- Trad ! A S e n t s »
Manu- Trad- Agents,
eg ibrokers- Total iactur- ing brokers,
ing
I etc.
ing
etc.

Total factur-

1926
January.._
February _
March
ApriL
May
June
July
August
September
October. __
November
December.

All banks
Federal reserve district

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

11, 555
8,744
7,700
5,462
6,434
5,521
2,638
8,881
1,257
3,729
3,105
1,310

Member
banks a

Nonmember
banks

. .
_.

4

530
9,623
1, 753
1,279
768
1, 931
1,616
3,169

1
2
4
1

292

3

50

20, 669

11

304
5,558
996

2,932

2
4
6
7
7
10
2
1

226
4,065
757
1,279
768
1, 639
1,616
237

10, 082

39

10, 587

1
Banks closed to the public by order of supervisory authorities or by
the directors of the banks on account of financial difficulties.
»Comprise 7 national banks with deposits of $3,809,000 and 4 State
member banks with deposits of $6,273,000.
* Figures represent deposits for the latest available date prior to the
suspensions and are subject to revision when information for the dates
of 4suspension becomes available.
Includes 3 banks for which deposit figures are not available.




5,395 15,268j

21,502
20,317
18, 623
19,094
15,710
15,525
14, 614
14,096
11, 243
15,874
14,158
20, 579

6,055
3,037
2,138
2,659
1,676
3,791

1,110 409,233 158,044 201,335

49,854

1,842!
1, 508|
1,468
1,342
1,292
1,310!!
1,187
1,174
1,083
1,170
1,276
1,430

501
411
569
492
444
427
448
438
389
488
478
597

5,682 16,082

122
116
106
134
116
96
121
96
101
129
110
135

43,651
34,176
30, 623 j
38,487
33,543
29,408
29,680
28,1301
29, 990
33, 231
32, 694
45, 620

51, 290
46, 941
57,891
53,156
37, 785
34,4651
43,150!
39,196
32, 786!
36,236!
36,147
51,062

1,382 520,105

16,094
10, 822
9,862
16, 734
16,157
10, 092
11,168
12, 516
10,093
11, 650
16, 097
16, 759

19,996
10, 518
22, 368
25,278
13,802
13, 587
16, 743
14,921
15, 349
17,134
12, 786
29,024

1,518
8,654
5,707
2,439
8,282

24,530 6,764
23,406 13,017
28,191
7,332
22,308 5,570
19,978 4,005
17, 856 3,022
16, 832 9,575
14, 702 9,573
12,052
5,385
14, 657 4,445
16,949
6,412
16, 733 5,305

211, 506 228,194 80,405

553
468

1, 946
1,581

144 47, 634 14, 870 26,446
127 45,071 12, 751 24,952

1,021

3,527

271 92, 705 27, 621 51, 398 13, 686

6,318
7,368

[Amounts in thousands of dollars]

Number
Federal reserve
district

3
6
10
7
7
11
2
4

90
72
91
85
77
113
87
73
105
108
105
104

1,696 i
1, 282'
1,424
1,378
1,216
1,160
1,122
1,071
9581
1, 2051
1,285!
1,4711

COMMERCIAL FAILURES, BY DISTRICTS i

Total
Num- Total
Num- Total
dede- J Numde- 3
ber posits
ber posits
ber posits
*

_

510
447
469
494
437
435
396
449
374
450
440
494

2,296
1,801
1,984
1,957
1,730
1,708
1,605
1,593
1,437
1,763
1,830
2,069

106 20, 483
Total. __ 21, 773
65 16,413
59 23, 522
1927
39
36 6,764 J a n u a r y - 2,465
32 5,263 February _ 2,035
2,143
35 9,524 March
1,968
22 8,483 April
1,852
30 7,731 May
1,833
35 7,813 June
11, 542
1,756
37 8,105 July
11, 210
1,708
42 7,166 August
8,476
September 1,573
1193,891
124 66, 336 538 127, 555 October. __ 1,787
November 1,864
53 12,535
3,456
9,079 December. 2,162
_. 50 20, 669
10, 082
39 10, 587
Total- — 23,146
Total, 2 months
103 33,204
19 13,538
84 19, 666
1928
I
January... 2,643
February _ 2,176
BANK SUSPENSIONS i IN FEBRUARY, 1928, BY DISTRICTS
Total, 2
[Amounts in thousands of dollars]
mos._ 4,819
133
81
75
49
47
41
37
27
36
44
43
49
662

Liabilities

Boston
New York
Philadelphia
Cleveland—
_
Richmond
Atlanta
Chicago
.
St. Louis
M inneapolis
Kansas City . . . Dallas
San Francisco
Total

Feb.,
1928

Jan.,
1928

Liabilities
Feb.,
1927

Feb.,
1928

Jan.,
1928

3,412
4,909
9,723
14,371
8,273
1,436
3,494
5,995
3,193
4,249
1.204
1,686
5,629 v 3,738
3,859
2,006
1,114
553
2,137
1,606
2,023
1,768
3,111
5,086

238
369
99
186
158
294
128
105
72
144
47
336

272
587
103
269
197
137
384
148
94
131
104
217

210
276
68
162
156
191
260
127
77
143
103
262

3,950
9,285
2,297
4,728
4,304
7,254
2,205
1, 853
384
2,284
1,637
4,890

2,176

2,643

2,035

45,071

> Figures furnished by R. Q. Dun & Co.

47,634

Feb.,
1927

46,941

260

FEDERAL RESERVE BULLETIN

APRIL, 1928

FOREIGN BANKING AND BUSINESS CONDITIONS
GOLD HOLDINGS OF PRINCIPAL COUNTRIES AT THE END OF 1927
A table is presented herewith showing for the
end of 1927, with comparative figures back to
1913, gold holdings of ail the countries for which
satisfactory figures are available. The figures
represent actual gold officially reported as held
by central banks and public treasuries, whether
held at home or held abroad. They do not
include gold technically known as "in circulation/' that is, gold held by commercial banks,
business concerns, and private individuals; no
items are included, furthermore, that are understood to represent, to any extent whatever,
holdings of any foreign assets other than earmarked gold. The exclusion of gold in circulation is unavoidable for the reason that satisfactory figures for
such gold are not available
for any country.1
Reported gold holdings of the 40 countries
included in the table amounted at the end of
1927 to about $9,200,000,000, of which the
United States Treasury and Federal reserve
banks held about 43 per cent. Holdings of
the United States Treasury and Federal
reserve banks decreased during the year by
$106,000,000, and reported holdings of foreign
countries increased by $161,000,000. Changes
during 1927 in the holdings of central banks
and governments, as indicated by the reported
figures,2 are shown in the table in the adjoining
column.
Holdings of commercial banks.—At the end
of 1927 the gold held by national banks in the
1 The table includes, for the United States as well as for foreign
countries, all metallic gold in central holdings and excludes all classes of
paper money (e. g., gold certificates). See BULLETIN for April, 1927,
p. 2276.
Changes occurred also in holdings not separately reported by individual countries; see Review of the Month, p. 230.




United States amounted to $17,000,000; by
Canadian banks, about $75,000,000; by the
commercial banks of Australia (September 30,
1927), $125,000,000 (including a small amount
of silver); and by Argentine banks, $79,000,000
(of which $68,000,000 was held by the Banco de
la Nacion, or $54,000,000 more than at the
end of 1926).
CHANGES

IN GOLD HOLDINGS OF CENTRAL
AND GOVERNMENTS

BANKS

[In millions of dollars]
Holdings at
end of year
Country

Countries in which holdings decreased:
United States
Japan
Java
_ _
Denmark
_.
Canada
_
_
Netherlands
6 other countries showing decrease

1926

1927

4,083
562
79
56
158
166
887

3,977
542
72
49
152
161
879

Total decreases
Countries in which holdings increased:
Brazil,
Poland, _
Argentina
Italy-_.
Belgium
Russia
India
SwitzerlandSpain
Germany
England
_.
Austria
28 other countries showing increase
Total increases

Changes
during
1927

106
20
7
7
g
5
8
159

.

56
27
436
221
86
85
109
91
493
436
735
7
374

101
58
461
239
100
97
119
100
502
444
742
12
396

45
31
25
18
14
12
10
9
9
g
7
5
22
214

APEIL,

261

FEDERAL RESERVE BULLETIN

1928

GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS 1913-1927
[In thousands of dollars, converted at par of exchange]
European countries (central banks)
End of year

United
States 2

Total i

Total i

4,771,492 1, 290,420 2, 830,900
5,283, 565 1,206,487 3,484,039
6,219,282 1,706,922 3,803,838
2,193, 531 3, 503,234
7,078,160 2, 520,156 3, 572, 259
6,756, 725 2,655,898 3,081,345
6,664,068 2, 524,679 2,890,703
7,117,049 2,434,168 3,033,982
7,930,981 3,221, 215 3,032,941
8, 290, 913 3,505, 551 3,043,400
8, 570,026 3,833,735 2,993,885
8,908,153 4,090,067 3,083,897
8,875,660 3,985,399 3,135,522
9,148,432 4,083,380 3,363,151
9, 203, 597 3,977,181 3,472, 605

1913.
1914
1915
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1925.
1926.
1927.

EngGerland 3 France many-

Italy

170, 245 678,856
428,221 802, 591
389, 205| 967,950
402,970 652,885
422, 594 639,682
523, 632 664,017
583, 211 694, 847
762, 912 689, 517
763, 719 690,141
751, 597 708,403
754,400 709,479
757,033 710, 394
703,482 710,968
735,421 711,106
741, 698 710,339

288,103
299,759
293, 453
255, 772
238, 931
243, 566
203,441
204, 362
210, 739
217,284
215, 699 1,313
218, 382 1,560
218,825 2,087
220, 732 7,388
239,180 11,883

278,687
498, 508
581,954
599,873
572,768
538,861
259, 519
260,028
237,102
227,436
111, 247
180,939
287,763
436,235
444,158

Austria

AustriaHungary

Belgium

Bul- Czech- Dengaria oslovakmark
ia 4

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
99,878

10,615
10, 615
11, 773
13,124
12,159
12,352
7,141
7,141
7,334
7,415
7, .""
7,792
7,981
8,464
9,250

251,421
213,757
138, 750
58, 759
53, 717
53,074
45,011
«11
5 16

19,666
24, 506
29,833
42,847
46, 611
52,159
60,807
60, 992
61,192
61,173
56,171
56,145
56,085
56,007
48, 780

4,053
12, 545
20,874
22, 574
31,745
30,575
30, 731
29, ~"

Estonia

1,384
1,279
1,312
2,722

I
European countries (central banks)—Continued
End of year

NetherLatvia Lithuania lands

Finland Greece1 Hungary

1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1925.
1926.
1927.

8,229
8,229
8,229
8,229
8,229
8,229
8,229
8,371
8,242
8,354
8,357
8,250
7,979

4,825
7,527
11,194
11, 580
12,159
10,248
10,750
10,769
10,769
5,944
7,180
7,527
7,833
8,729
9,890

7,460
10,365
29, 526
34,432

2,123
2,548
3,223
4,555
4,555
4,555
4,632

1,520
1,640
3,080
3,230
3,136
3,320

60,898
83,663
172, 530
236, 217
280, 689
277,155
256, 204
255,729
243, 600
233,880
233,876
202,854
178,080
166, 231
160, 796

Norway

Por-

Poland

12,846
11,18l|
11,028
33,027
31,214
32,691 i
39, 590
39,472
39,475
39,474!
39,472|
39,457|
39,456|
39,457!
39,458!

1,667
2,858
5,955
9,769
13,078
19,949
25, 793
26, 677
58, 041

8,760
9,261
9,261
9,261
1,261
9,263
9,266
9,266
9,267
9,267
9,267
9,267
9,267
9,267
9,267

Ru-

Russia

Spain

Sweden

Switz- Yugoerland slavia •

29,242
29, 714
36, 264
22

786,800
803,400
831, 200
758,396
667,041

92,490
110,444
166,414
241,424
379, 597
430,072
472,041
474, 228i
484,984!
487, 278
487,841|
489, 292|
489, 631
493,489 j
502,484!

27,372
29,088
33, 385
49,183
65, 513
76,532
75,350
75, 516
73, 631
73,428
72,853
63, 508
61, 647
60,162
61, 685

32, 801! 11,194
45, 922 11,034
48,275! 12, 381
66,585: 12, 321
69,025 12, 310
80,041 12,306
99,779 12,233
104,780 12,352
106,058 14,282
103, 283 12, 354
103,669 13, 286
97, 642 13,965
90,140 14,657
91,050 16,620
99, 785 17,133

2
200
329
329
7,585
24, 563
26, 020
26, 735
27, 787
29,006

(J)
2,607
45,043
73,050
93,876
84, 605
97,043

Other countries

E n d of year

1913_
1914_
1915_
1916_
1917_
19181919.
1920.
1921 _
1922_
1923 _
1924.
1925_
1926 _
1927,

Total

650,172 I
1 593,039
708, 522
790, 053
985, 745
1,019, 482
1,248,686
1, 648,899
1, 676, 825
1, 741, 962
1, 742,406
1, 734,189
1, 754, 739
'•1,701,901
1, 753,811

UruCan- Argentine
Cen- ColumNew India:
ada:
GovAusbia: Reserve guay:
tral
Bank
ZeaBank
Minis- Governerntralia:
Bank
Bank
Bank of the
ment
land: ment
of
of
the
ter of converof
Note
Reserve rupee
Brazil»
of
ReFi- 8
RePeru
reserves
banks reserve
sion
Chile io public
public
nance
fund
115, 894;

98, 817
126, 329
131, 092
139, 452
129, 436
129, 322
112, 648
94, 635
146,434
126, 882
151,208
156, 580
158,105!
151,978J

224,
213,906
228,939
251,158
252, 390;
269, 6281
299,119
450, 057
450, 057
450, 057
454, 035
435,880
435, 880
435, 880
460, 771

53, 202
26, 601
14, 598
14, 598
14, 598
15, 571
15, 571
19,464
25, 303
27, 401
48, 665
53,799
54, 300
56, 325
100, 735

1,330
1,330
1,330
9,039
23, 413
24, 384
32,893
34, 025
34, 025
19, 646
34,025
1,849 20, 736
34,025 6,910 19, 753
34, 025 14, 599 19,164
10, 301 16, 495 20, 084
7,411 19, 962 19,437

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
59,319

21,:
38,'
73,484
78,351
85, 650
104,143
116, 796
115,336
113,389
116, 499
121,088
121,200
127, 838
106,975
105,121

Domestic
holdings
of the
B a n k of Bank
of
Japan
and of the Java
Government

25,306 72, 780
27, 739 30, 202
33, 092 41,361
36,012 38, 636
39, 419 86,712
39, 419 63, 842
38, 932 96, 205
37,472 116, 249
37,472 118, 341
38, 367 118, 341
38,294
37,581 108,609
37,667 108,609
38,007 108,609
38,280iH19,097

64,963 10,027
64, 062 12,418
68,187 18,804
113,411 28, 984
229, 981 37, 051
225, 821 51, 600
349,947 69,817
551, 840 88, 214
610, 663 58, 728
605, 678 61, 306
600,194 62, 869
585,738 53, 726
575, 768 73, 394
561,810 i 79, 278
541, 739 71, 640

NaSouth
tional Africa:
Bank Reserve
of
Egypt Bank
10,381
21, 750
35, 096
29,164
19, 278
16,312
16, 312
16, 80:
16,807
16, 619
16, 510
16,510
16, 510
16, 510
18, 289

39,905
43, 799
44, 772
34, 666
30,172
33, 579
35, 525
50, 612
57,911
50, 782
51,838
52,441
43, 594
36, 703
40,032

12 Revised figures.
Treasury and Federal reserve banks; revised figures.
3
Gold held by Bank of England in both issue and banking departments; the latter ($4,576,525 in 1927) includes some silver. Figures include
currency
note reserve, which prior to 1925 was held by exchequer.
4
Prior
to 1926, Banking Office of Minister of Finance.
5
Austrian account only.
e7 Prior to 1920, National Bank of Serbia.
Figures not available.
8
Includes government reserve against Dominion notes, savings banks account, and such gold as is held in deposit by chartered banks in the
Central Reserve.
* Prior to 1923, guarantee oi currency fund.
i° Prior to 1926, Government conversion fund.
» Includes gold in gold standard reserve ($10,473,000).




262

FEDERAL RESERVE BULLETIN

APRIL, 1928

ANNUAL REPORT OF THE BANK OF BELGIUM FOR 1927

The annual report of the National Bank of
Belgium for 1927, presented to the meeting of
shareholders on February 27, 1928, contains
the following account of economic conditions
in Belgium and of the operations of the bank:
The important financial events, which were
the subject of our preceding report, have
acquired sufficient perspective to make possible to-day an appraisal of the influences
which they have exerted on the situation of
the country.
Stabilization and currency reform.—Currency stabilization, made effective on October
25, 1926, has been working out its effects
during the past 14 months without causing
any crisis in the national economy. The
belga has been remarkably stable, and at no
time has the ease of the money market been
disturbed. Abundance of short-time funds
has been evidenced by the moderate rates
charged for discounts in the open market and
for day-to-day loans.
The ratio of total reserves to aggregate
demand liabilities of the bank was constantly
above 50 per cent, rising gradually throughout
the year to 55 per cent, the proportion shown
on the last balance sheet for 1927. The bank
has not found any occasion to use its foreign
exchange reserve, the creation of which was
considered advisable at the time of stabilization. On the contrary, the influx of foreign
exchange following upon stabilization has made
these holdings still larger.
The methods adopted for monetary reform
were intended so far as possible to prevent a
too rapid adjustment of domestic prices to
prices abroad, such as might have caused a
serious crisis. No disturbance of this kind
was experienced. The index of wholesale
prices, reflecting changes in the great international markets for raw materials, declined
from, 865 in November, 1926, to 841 in December, 1927, a fall of 24 points. On the other
hand, the index of retail prices recorded a
moderate advance—from 730 on November 15,
1926, to 812 on December 15, 1927. Converted to a gold basis, this index rose during
the period under review from 105 to 117*^,
an increase of 11.9 per cent. The country
was the better able to support this increase
for the reason that it was very gradually
effected.
If, on the whole, short-term credit has been
inexpensive during the past year, long-term
credits have been less easily available. It is




true that the capital market has absorbed the
issues of shares floated by well-established or
by new enterprises. On the other hand, the
high rate charged has had a restrictive effect
upon bond issues and mortgage loans. This
condition of affairs has also been experienced
in other countries following monetary stabilization. It is only temporary and should pass as
the difficulties which Belgian finances have
known since the war are forgotten. It is, nevertheless, one w^hich has during the past year
weighed heavily on securities with fixed yield.
May one not fairly anticipate that the reasons
which led the public to reject these investment
opportunities while the currency was depreciating will disappear as soon as the monetary
unit, having again become firm and steady,
assures to such securities a continuance of their
full value?
Balance of payments.—It may be well to
emphasize the fact that this country, besides
having an abundance of funds available in the
domestic market, is a creditor for very considerable amounts in the more important foreign
markets.
The balance of payments is certainly favorable. The movement of our foreign commerce,
which constitutes the principal item in this balance, has been very satisfactory during the
year in spite of the steady disappearance of
those advantages, for the most part deceptive,
which our exporters formerly derived from
currency depreciation. When one remembers
that in 1913 the proportion of exports to imports was 73.6 per cent according to official
statistics, and that in 1927 it was in the neighborhood of 90 per cent, the success of our effort
at recovery is obvious.
Industrial conditions.—Examination of the
condition of our principal industries confirms
this impression. On the whole, the first year
following our currency stabilization has been
characterized by a measure of prosperity which
promises well for the future, and by great
activity. The export trades are almost all in
excellent condition. With respect to concerns
which produce exclusively for the domestic
market and for local trade, if they have experienced some difficulty, this has resulted chiefly
from decrease in expenditures and revival of a
spirit of economy, under the stimulus of restoration of the currency to a stable basis.
It is true that some serious problems, quite
independent of the monetary question, are
still to be solved. Coal mining, after the tern-

APRIL, 1928

porary advantage afforded by the English
strike, suffered again from difficulties which
certainly are not limited to our own country.
Stocks of coal have begun once more to accumulate at the mine heads, and international competition has made itself keenly felt. The
building industry also finds itself still in a difficult position. The struggle over prices, in
which a number of mill and factory owners
have engaged on foreign markets, is harmful
to the general welfare in that it causes a considerable lowering of our export profits. Consolidation and the abandonment of old-fashioned methods in favor of a policy of cooperation would strengthen the position of our manufacturers relative to that of their foreign
competitors by increasing appreciably their
range of activity and the margin of their profits.
Manufacturers of matches and chocolate
manufacturers have gone through a crisis
owing to lack of markets. The building industry, since the completion of reconstruction
in the devasted regions, has had a period of inactivity. Stone quarries have suffered from a
lack of orders. In a majority of the other
branches of our national industry, however,
the situation is satisfactory. The steel and
iron industries experienced a period of genuine
prosperity. Working conditions and prospects
in the zinc industry have improved. The construction of a great copper refinery, which is
ready to begin operations, promises to give to
Belgium, in this interesting field, the place to
which, in view of the rich deposits of Katanga,
she may fairly aspire. To strengthen its position and to enable it more effectively to meet
foreign competition, the chemical industry has
been extensively "rationalized." The glass
works continued during the year to enjoy a
satisfactory volume of business. In this industry establishments using machinery have
been very busy, although activit}" at oldfashioned factories for blown glass continued
to decline. In all branches of our textile industry, so important for this country, conditions are favorable. Artificial cement factories
and brick kilns, the output of which is for the
most part exported, have been in flourishing
condition. Business has been excellent also
for the marble works. The diamond-cutting
industry in Antwerp has continued to maintain
a leading position. The output of the Kongo
mines has further strengthened the position
which this industry holds on the international
market.
It is with satisfaction that we have observed the very apparent development which a




263

FEDERAL RESERVE BULLETIN

vigorous tendency toward concentration has
effected in our more important industries.
This movement, facilitated by the terms of the
law of July 23, 1927, has been particularly
evident in the metallurgical industries, in the
production of rolling stock, in bolt maldng, in
the automobile industry, in coal mining, in electrical undertakings, in the chemical industry,
and finally in the match industry.
Although unfavorable weather prevailed
during the summer, agriculture has on the
basis of results little reason to complain. With
unequaled activity, great ingenuity, and rare
adaptability, our agriculturists, our kitchen
gardeners, and our cattle breeders have developed their foreign markets and contributed
much to the improvement of our trade balance.
In this respect the business of exporting eggs
furnishes a characteristic example; it has been
of real benefit to the country.
As indications of satisfactory activity in
business, it may be noted that unemployment
has been exceedingly small and that labor
troubles have been few. Salaries have gradually come into line with the new economic
conditions. These changes have been made
with caution. Our working class is well aware
that the maintenance and development of exports are of the highest importance to them.
Increasing activity at our seaports is indicated by tonnage statistics, as shown by the
following figures for the port of Antwerp:
Number of
vessels
cleared

Year

1913
1926
1927

.
.

__

7,056
11,599
11,418

Tonnage

14,147,000
22,793,000
23,490,000

The cession by the Government to the city
of Antwerp of a considerable tract of land north
of the city is in line with the growth of our
shipping and guarantees its future.
Financial conditions.—The fiscal efforts of
the country, which are the essential basis of
financial recovery, have been nobly supported
by all classes 01 the people. Owing to the
favorable return of emergency taxes, the yield
of which was allocated to the amortization
fund, this fund was able to realize without
change the program which had been outlined
for it by the legislature. In 18 months, if we
include amortization payments charged to the
ordinary budget, the public debt was reduced
by 2,937,000,000 francs. These repayments
have restored large capital sums to the money

264

FEDERAL RESERVE BULLETIN

market. Public saving, by virtue of habits of
economy so firmly implanted in the country
that even currency disorders were not able to
destroy them completely, increased in a very
striking manner.
Average of monthly excess of deposits over
withdrawals at the General Savings and Pension Office:
1926
1927

Francs
7, 436, 000
48, 215, 000

The bourses of Antwerp and Brussels have
been very active. As might have been expected, part of the available funds accruing
from repatriation of capital and redemption
of treasury bonds found its way into the
market for speculative securities. A readjustment of security prices was sure to follow
the return to stable money; certain circumstances have even accelerated it. On the
one hand, foreigners wishing to profit by the
favorable level of security prices made large
purchases of Belgian securities. Among our
own people, on the other hand, the state of
mind created by the monetary troubles of
recent years has persisted since stabilization.
A speculative movement developed as a result
of the confusion wrought in properties by the
war and its financial consequences. Certain
classes of people, unfamiliar with this kind of
business, were drawn into stock-market speculation.
At the present time the security market has
not yet become normal. Although in all
countries on a stable money basis interest rates
on long-term investments have declined, permitting a higher valuation of securities with
fixed yield, we must admit that in Belgium, in
spite of the strength of the monetary situation,
government, municipal, industrial, and mortgage securities have not sufficiently regained
favor with the public, which is still too ready to
sacrifice safety and the certainty of a good return to the gambler's chances inherent in the
pursuit of supervalues.
The importance of the market for public
issues in our national economy can not be disregarded. Furthermore, the bank of issue is
only performing its duty in reestablishing the
sayings habit on the basis of sound financial
principles and wise traditions.
Having drawn for you in broad outline the
picture of our economic situation during the
first year following the monetary reform, we
may repeat that, by restoring sound monetary
conditions for our enterprises and by giving to
those directing these enterprises that peace of
mind which is indispensable to business and to




APRIL, 1928

the reforms which you have seen accomplished,
stabilization of the currency has fortified the
country for its economic struggle.
Policy of the bank in aid of exports.—It
seems fitting at this point to explain to you
what has been the policy adopted by our institution in regard to those serious questions which
it is the special duty of the bank to solve.
You realize, of course, that the monetary
problem is not a problem purely of technique.
The capacity for expansion of our industry and
commerce, the possibilities of development of
our agriculture, the ability and initiative of our
financial establishments determine in large
measure our balance of payments, and therefore
the condition of our exchanges and the ease of
our money market.
Shortly after the armistice the National
Bank, in its desire to encourage exports, brought
about the creation of the National Society for
Credits to Industry, which was organized
chiefly to obtain for establishments seeking
foreign markets intermediate or even long-term
credits similar to those enjoyed by their foreign
competitors, such credits being often a condition of success. In the beginning we gave the
new institution the benefit of our experience,
and the results obtained during the first years
have been excellent. We are happy to say that
the National Society, strengthened by the cooperation of our great institutions of credit, has no
further need today of such close collaboration
with us. It has been able to develop into an
independent organization, and at the end of the
past year it left our premises to establish itself
in its own offices. Our most cordial good
wishes go with it in the new course which it has
undertaken. The discount department of the
bank will continue business relations with the
society.
It goes without saying that our various
departments will in every way continue to
encourage the development of our export business, which is so essential for Belgium. We are
giving our utmost support at home and abroad
to the Belgian banks specializing along this line.
Our foreign commerce statistics indicate the
progress achieved in foreign markets since the
war by our more important industries. But
the smaller industries, too, and particularly
those which produce luxury commodities and
works of art, incorporating a great deal of
handwork, can contribute materially to this
progress. During recent times new and satisfactory developments in this connection, which
we have taken pains to assist, have been in
evidence. Hosiery, toilet articles, ready-made
clothing, lingerie, carpets, furniture, fabrics for

APRIL, 1928

FEDERAL RESERVE BULLETIN

covering furniture, articles of morocco leather,
gloves, embroidery, laces, and many other such
articles are entering in larger and larger volume
into our exports. This, however, is only a
beginning. On the occasion of his visit to the
United States the governor of the bank had
occasion to call the attention of interested
Americans to the great opportunities offered by
these industries of which we have just spoken.
Furthermore, in cooperation with the Minister of Foreign Affairs, we have organized a
mission to make a study in America of possible
outlets for these industries in that immense and
rich market. At our request the Chamber of
Commerce at Brussels has undertaken to
welcome and advise foreign agents and commercial travelers who visit Belgium for the
purpose of buying stocks of commodities for
their houses. Likewise, on our recommendations, closer relations have been established
between chambers of commerce throughout
the country and the National Department of
Commerce, whose organization has been greatly
extended of late and whose useful and practical
activity is not yet sufficiently known; also, a
consulting committee of the chambers of commerce has been appointed at the Department
of Commerce by the Minister of Foreign Affairs.
For our part we have compiled an interesting
amount of material concerning the smaller
industries not only in Belgium but in the principal countries of Europe. We expect to use
this material for publication. Our staff has
already prepared a pamphlet explaining concisely what every exporter ought to know about
financing the operations of foreign commerce.
I' Along the same line we have tried to reestablish at our institution those financing operations
of the bank which are connected with the control of imports. This business, which was
much in request before the war, has completely
died out in our country following the enemy
occupation and the serious difficulties from
whiph our currency suffered. Being convinced
of its importance, we have granted special
facilities to those banks, manufacturers, and
merchants who were in a position to resume
dealings of this character. Some results have
been obtained, but the development will be
slow and only by degrees will this type of business regain its former importance.
Credit policy of the bank.—After the monetary reform it was to be expected that there
might be an enormous influx of capital on our
market. This influx took place and brought
about a considerable increase in the fiduciary
0 irculation, while the rest of the circulation was




265

covered by a parallel increase in gold values.
We have applied various suitable means to
lessen the effects of this phenomenon and to
restrict it within the narrowest possible limits.
By maintaining its rates at a high level for
several months, the bank reduced the total of
its Belgian portfolio and of its advances.
These rates could be maintained for a considerable period because the abundance of
capital and the great prosperity of Belgian
industries enabled them to support the high
costs. When these costs began to be too heavy
the bank gradually reduced its discount rate
to 4 3/2 per cent. In order, however, not to
stimulate speculation, the rate on advances
secured by Government funds was not reduced below 6 per cent.
It is true that this restrictive policy would
not have been sufficient if the bank had not
been able at the same time to concentrate
under its management large capital sums belonging not only to the treasury but also to
various official or semiofficial organizations.
According to the principles of modern financial
science, it is essential that available funds of
public or semipublic institutions shall be deposited in the central bank, which finds its
position on the money market thereby strengthened. A large part of these available funds we
invested in foreign exchange bills. This permitted us at the same time to guard against an
excessive growth of the fiduciary circulation
and still to increase the gold reserve against
our notes; the bank, in fact, does not liquidate
these investments unless it is able at the same
time to substitute for the foreign exchange in
question other assets, and especially drafts on
Belgium and loans and advances.
The building up by the treasury, working in
cooperation with the bank, of a gold reserve
in the ratio of 50 per cent against the liabilities
of the postal check department, is also in line
with the policy which we have outlined. This
is a wise measure of security, which does credit
to the Government. Similar arrangements
have been made with regard to the small notes
of 5 and 20 francs, which are in circulation for
Government account under the terms of the
royal decree of October 26,1926. Following an
agreement made between the Government and
the bank, these small notes, which in the aggregate can not exceed 750,000,000, and which,
as you know, are to be replaced by metallic
currency, have a cover of 300,000,000 belgas in
gold exchanges and in silver reckoned at gold
value, an amount equal to 40 per cent of the
maximum circulation.

266

FEDERAL RESERVE BULLETIN

j»\"A very effective measure clearly recommended by the aims which we were following,
and one to which we have not failed to call the
Government's attention, would have been to
start, on the day after stabilization, the redemption of treasury bonds still held by the bank.
Having in mind the strength of the monetary
situation, however, we have had to admit that
it was necessary before everything else to pay
off those holders of 5 per cent bonds who had
not availed themselves of the privilege of converting their old securities into preferred shares
of the National Society of Belgian Railways.
It was not until the end of the past year
that a repayment of 30,000,000 francs was made
to the bank. Since the 1st of January, 1928,
these repayments have been continued at the
rate of 20,000,000 francs each month, which
will amount to almost a quarter of a billion
per annum. These funds will be invested in
Government obligations or in Belgian or foreign commercial securities, and the income accruing from them, added to the principal, will
reduce the debt of the State still further. If,
however, it should be necessary, the bank of
issue will dispose of a sufficient amount to maintain the fiduciary circulation within reasonable
limits and in accord with the needs of the national economy. No one is unaware how important it is to avoid any extreme rise in
prices—a danger more serious perhaps for us
than for others because it threatens our power
of competing in the world market.
Most certainly the policy followed along this
line has borne fruit. If in the period from the
22d of December, 1926, to the 22d of December, 1927, the total of our demand liabilities
rose from 10,036,739,000 to 10,783,294,000
francs, this increase has been in proportion to
the rise of domestic prices.
Gold policy of the bank.—While the bank
sought to keep the fiduciary circulation within
reasonable limits, it likewise pursued the policy
of progressively building up its gold reserve.
Thus we were led to conclude arrangements
with the Society of Gold Mines of Kilo-Moto
and with other Belgian colonial societies, which
secured for us practically all the gold produced
by them. However, as w^e were not satisfied
with these supplies, we made a strong demand
for gold in the world market. Since November
25, 1926, we have held the 30 per cent of gold
which the law requires. The amount of our
metallic reserve on that date was 3,100,923,459
francs. By December 22, 1927, the gold had
risen to 3,592,155,054 francs, an increase of
491,231,595 francs. This total has increased
since then, and the foreign exchange which the




APRIL, 1928

bank has at its disposal, especially in London
and in New York, will permit it to increase
the metallic part of its reserve whenever the
need may arise. Under these conditions the
National Bank is in a position to exchange its
notes for gold. Convertibility of the Belgian
fiduciary currency is thus assured.
But it is well to bear in mind that the bank
is not obligated to purchase gold except within
the limits of the metallic reserve prescribed by
law. Otherwise, the reserve would increase
enormously whether or not the monetary situation called for these additions. Experience
shows that this freedom of purchase is entirely
logical. The bank of issue has not hesitated to
import gold when the position of the exchanges
rendered that advisable, but it is always free to
choose its own time with regard to conditions
on the international market.
During the past year, and especially during
the second half, the far-sighted policy of the
Federal reserve banks of the United States has
helped in the reconstruction of gold reserves of
European central banks. By refraining from
expanding the volume of credit to the extent
made possible by accumulation of an enormous
metallic reserve, these American banks of issue
have not only helped to maintain extraordinary
economic stability in the United States since
1921 but have also been of great assistance in
effecting monetary recovery in Europe. The
Bank of England has been no less active in this
respect.
Recently certain distinguished experts have
been asking whether the world is not threatened
with a scarcity of gold, in the sense that it may
become more and more difficult to provide for
currency requirements. They believe that
they have discovered in the rate of production
at the mines premonitory signs of an approaching insufficiency and of a consequent general
decline in prices. Other authorities do not
hesitate to prophecy, on the contrary, a still
greater abundance of the precious metal. This
is not the place to analyze this problem. We
feel less called upon to do so because, in our
opinion, the banks of issue are able to meet
either one or the other of the eventualities
apprehended. On the one hand, experience
has shown how to neutralize the effects of any
actual superabundance of the yellow metal.
On the other hand, if it is true that the production of gold has not recovered its pre-war
level and the decline in the purchasing power
of gold has a proportionally depressing effect,
it would appear that central banks can bring
about further notable economics in the use of
the metal, both by general application of the

APRIL, 1928

FEDERAL RESERVE BULLETIN

principles of the "gold exchange standard"
and by intelligent cooperation for the best
interest of all nations.
Exchange policy of the bank.—It remains to
discuss the policy which we have adopted in
the exchange market. This policy has been
dictated by our statutes, which intrust to our
institution the task of maintaining currency
stability.
From this point of view, it is necessary to
the public welfare that the National Bank
shall exercise control over the money market
in a way to prevent either excess or stringency
of credit, and thus to assist in maintaining
equilibrium in the country's balance of payments. But it does not by any means follow
that the bank of issue shall restrain the free
action of economic forces; that is what it
would be doing if it were to fix the course of
the exchange in any rigid fashion or manage
it arbitrarily. It is, in fact, normal for exchanges to fluctuate between the gold points,
and we never intervene to prevent these
natural fluctuations. By following changes in
the exchange rates, the country should be able to
see for itself what influence its economic activity is exerting on the balance of payments; so it
maybe apprized in time, and often by very slight
fluctuations, of mistakes which it was about to
commit. The belga has been maintained constantly near, often rising above, gold par.
General policies of the bank.—On the eve of
financial reforms which a number of countries
are preparing, and in the presence of the extreme difficulties which still dominate the
economic life of many nations, the counsels of
moderation and prudence with which we closed
our report last year are still pertinent. It is
true that our monetary situation is firmly
established to-day and secure from danger.
The bank of issue holds a quantity of gold
values such as it has never before possessed in
the course of its history. Nevertheless, one
should not forget that mone}^ is in the last
analysis only an instrument. However important its part, it does not comprise the entirenational economy, and its stability alone is not




267

sufficient to make a country prosperous. For
years to come a vigorous policy of financial
wisdom wdll continue to be necessary for individuals as well as for public authorities.
Belgium can live only by exporting. Private
enterprises, therefore, should maintain that low
cost of production which even by the admission
of their competitors constitutes one of their
more valuable advantages. Therefore, economy and work are equally indispensable; by
aiding the development of capital and Tof
national equipment, by maintaining within the
country a cost of living below the level of other
countries, we shall be able to compete on advantageous terms in the world's markets.
j
The war left us a heavy domestic debt and
in addition a very large foreign debt. We must
decrease the former and repatriate the latter.
The Government is to be congratulated on
having abstained from floating any loan, even
for the execution of its program of public works.
Furthermore, it is absolutely necessary to continue the policy of amortization which was
courageously adopted at a very difficult time.
In other countries well-informed people are
following with sustained attention the progress,
painful but beneficial, which we are making
along the path of debt repayment.
.{
Participation of the bank in Polish and
Italian credits.—After having benefited now
for more than a year by the international agreement in aid of our currency stablization, it was
pleasant for us to be able in our turn, and in
collaboration
with the principal banks of issue
of the wrorld, to give our support to the monetary reforms undertaken under excellent auspices by Italy and by Poland. During the
course of the past year, moreover, the heads of
the central banks in neighboring countries
repaid the visits of courtesy which the governor
of our bank had made to them, thus strengthening the cordial relations which we have
entered into with these distinguished men.
The collaboration and the solidarity of the
central banks thus becomes closer all the time.
It is a development full of happy omens which
is more than ever to be commended.

268

FEDERAL RESERVE BULLETIN

APRIL, 1928

ANNUAL REPORT OF THE BANK OF SWITZERLAND

The annual report of the Bank of Switzerland for 1927, presented at the meeting of
stockholders on February 10, 1928, deals as
follows with the economic and financial situation of the country during the past year and
with the operations of the bank:
The year 1927 was not characterized to the
same degree as other recent years have been,
by great events in the domain of international
politics. It was, nevertheless, a year of important achievement in the long task of
economic recovery throughout the world and
in the establishment of peace.
Further progress in the way of strengthening the political, social, economic, and financial
situation was clearly registered by that very
sensitive barometer, the exchange market.
Additions to list of countries on gold basis.—
In the matter of monetary stabilization the
year just past was marked by new successes.
The economic conference at Geneva in 1922,
where the gold problem formed, as it were,
the pivot of the discussions, established a
program for a general return to the gold
standard. At that time the situation did not
permit an immediate return in all countries to
the complete gold standard. In fact, no
country has as yet fully returned to gold,
with exception of the United States, which
has always maintained the convertibility of
its bank notes into legal money. If in the
beginning the Geneva resolutions had on the
wohle only an academic value, they have
since acquired a practical influence, for a
series of countries have now adopted gold as
the basis for their monetary systems and the
list of European nations on a stable monetary
basis has been further extended during the
course of the year. We noted in our last report
that Hungary and Denmark had reorganized
their currency as from January 1, 1926 and
1927, respectively. With the assistance of
credits extended not only by banks of issue—
under the leadership of the Bank of England
and of the Federal Reserve Bank of New
York—but also by private banks, two other
European Governments, Poland and Italy,
have stabilized their currency on the basis
of a gold-exchange standard, following a plan
of reorganization similar to that carried out
so successfully by Belgium in 1926. In Poland
stabilization was made effective on the basis
of 1.72 zlotys for 1 gold franc; and in Italy on
the basis of 7.919 grams of fine gold for 100
paper lire, thereby establishing gold parity at




19 lire for $1, or 0.27277 Swiss franc for 1 lira.
The National Bank of Switzerland took part
in both these revaluation operations. In the
case of the Italian credit the participating
banks made our institution fiduciary agent for
administration of the exchange securities which
the Bank of Italy must furnish if it makes use
of the credit.
French exchange, which in 1926 was subject
to severe fluctuations, was this year as stable
as the exchanges based on gold. It remains
still to make legally effective this de facto
stabilization which was brought about by the
wise financial policy of the Government and
the bank of issue.
Outside of Europe another important country, the Argentine Republic, has reestablished
convertibility of its notes on the basis of the
pre-war parity of 1 paper peso equal to 0.44
gold peso, without by such procedure, in this
country any more than in other countries,
putting gold coins again into circulation.
India, likewise, has taken action of the highest
importance by adoption in March of the currency act, which is a first step in the way of
gradual introduction of the gold standard in
that country. This act fixes the legal value
of the rupee at Is. 6d. and definitely demonetizes silver.
International movements of capital.—Stability of the exchange market has been greatly
assisted by international movements of capital,
representing principally a flow of funds from
the United States to Europe, to the great advantage of both continents. This stability
helped in turn to reestablish relations between
the several financial markets which, under the
injurious influence of excessive exchange fluctuations, had been isolated from one another
since the war. Interest rates still show far
greater divergencies, comparing one country
with another, than in pre-war times. In this
respect equilibrium is reestablished slowly; it
would not be desirable to have it otherwise,
since a too rapid leveling might bring about disturbances in the money and capital market of
creditor countries and might create in those
countries which have need of capital a fictitious
and therefore unhealthy prosperity.
The necessity for international agreement and
cooperation both among nations as such and
in the business world is manifest. It finds
expression in resolutions voted by international
conferences looking toward the conclusion of
general agreements, the carrying out of which,

APRIL, 1928

FEDERAL RESERVE BULLETIN

unfortunately, is still too often effected in a
spirit of protectionism more extreme than that
of the war or postwar periods. It has even
happened on occasion that the proclamation of
free-trade principles has led to the paradoxical
result that customs barriers have been made
still higher. In this respect the commercial
treaty concluded last summer between France
and Germany, with its most-favored-nation
clause, is particularly important for our country. In itself the conclusion of this treaty is
certainly a happy event, in that it sets forth a
larger conception of international economic
relations. Its value, however, has been rendered illusory to some extent through the
simultaneous withdrawal by both contracting
parties of the right of entry of a whole series
of articles. Thus indirectly the agreement has
had an unfavorable effect on the commercial
relations of France with a number of other
countries, and particularly on those of France
with Switzerland. The negotiations entered
upon between these two latter countries, following an increase greatly prejudicial to our
commerce in French customs duties, are long
and difficult; the point which they had reached
at the end of the year, however, permits us to
hope that they will lead to an arrangement as
desired in harmony with Switzerland's essential
requirements. It is advisable at present not
to exaggerate the influence of the proclamation
of free-trade principles by the economic conference w^hich met at Geneva in May, since the
practical application of these principles is
blocked by great difficulties. Even the diplomatic conference held at Geneva in October
and November to study the problem of removing import and export prohibitions still in force
with respect to a number of products and raw
materials has only a moderate success to record.
One must nevertheless recognize the value of
these efforts as preparation for moral disarmament in the matter of international economic
relations.
Revival of economic activity.—The economic
activity of Switzerland revived during the past
year in an encouraging way, although, unfortunately, not all branches of industry participated
in the revival. Certain lines—for example, the
ribbon industry and to a less degree embroidery—continue to be depressed, and their
immediate prospects seem by no means favorable. Others, however, have transacted a
satisfactory business; among these are the
textile, the metallurgical, and the chemical
industries. In watchmaking no improvement
was felt until the second half of the year.
Agriculture has not yet emerged from its




269

period of crisis, and the unfavorable weather,
accompanied by hail storms and cyclones
which ravaged the entire country, seriously
injured the crops. Some slight progress, however, is to be recorded in exportation of dairy
products and in cattle breeding; an advance in
the price of milk, slight as it was, had nevertheless a favorable effect on the income from agricultural products. In spite of the variable
weather, and although hopes aroused in the
spring were not fully realized, it was a good
year for those who derive their principal income
from the tourist business. The revival of
economic activity has been well supported by
the stability of interest rates at a relatively
favorable level, and we can state with satisfaction that it has been possible to meet increased
demands for funds without any considerable
raising of the rates.
Financial situation.—The financial situation
of the country may be characterized as sound,
It is true that the budgets of the Confederation
and of the various Cantons are not yet wholly
in balance. But the deficits are exceedingly
small and in a majority of'cases are more
apparent than real, because as a rule the
budgets provide for regular amortization of the
debts. However that may be, the Confederation, the Cantons, and the communes will still
find it necessary to make prolonged efforts in
order that they may, by gradually paying off
their unproductive debts which have greatly
increased since the war, lighten the heavy
burden of imports and so remove one cause
working in the international market to weaken
the competitive power of Swiss ecomony.
The financial situation of the Federal railways, also, which since the war have experienced an era of deficits, is improving. The
auxiliary enterprise of the S. E. S. A. (Swiss
Express Joint Stock Co.) at Zurich, which was
organized last year, has contributed to this
improvement. If traffic develops favorably.,
and if the administration continues the wise
policy of economy which it has undertaken, it
may be hoped that the financial situation of
our greatest state enterprise will become normal
again.
Capital market.—Revival of economic activity brought about heavy demands on the
capital market. Thus the issues of Swiss
Government loans absorbed 205,200,000 francs
of new money as against only 45,000,000 francs
the year before, which year, it is true, showed
a particularly low figure. Public issues of
shares also were in a larger amount, reaching
212,600,000 francs as compared with 141,600,000 francs in 1926. The Confederation had

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FEDERAL RESERVE BULLETIN

occasion to place only one conversion loan, by
which in the spring itQrconverted
the 151,400,000
francs of 1923 4 ^ V c e n ^ treasury bonds into
a loan of the same character to mature in 15
years, issued at 97 per cent. In September
the Federal railways floated a loan of 100,000,000 francs for the purpose of funding their
floating debt and covering their current expenses. In spite of a rise in the price of
money during the interval, they succeeded in
obtaining capital at 4 ^ per cent interest,
although they made certain concessions as to
the price of issue, which was set at 95 per cent;
thus the yield of this loan, which is payable
in 18 years, comes to about 5 per cent. During
the course of the summer the great banks one
after another adopted a rate of 5 per cent for
their cash loans; a certain number of banks in
the cantons found themselves obliged nolens
volens to follow this example, although others
succeeded in maintaining a rate of 4 ^ or even
43^ per cent, or in bringing the rate down to
these levels. This increase in the rate on
loans occasioned, some apprehension of a rise
in mortgage rates, which, however, was fortunately avoided. On our mortgage market the
abnormal supply of short-term obligations,
which were exposed to constant fluctuations in
interest rates, clearly showed an unhealthy
situation in our capital market, for which there
was perhaps no remedy except in creating
mortgage bonds. The higher price of money
has affected only new loans and has not exercised any marked influence on general rates of
interest; the yield of gilt-edged securities,
moreover, remained at about 4% per cent
throughout the entire year.
Money market.—The Swiss money market
was influenced again by a vigorous international
circulation of capital. On the one hand, the
market was strongly supported by an influx of
foreign funds seeking a refuge either in Swiss
investments or in foreign securities quoted in
our currency or in operations on the stock exchange. On the other hand, the market continued to be drawn upon by the public issue of
foreign loans and by private investment in
securities of other countries. Under these conditions the problem of capital outflow was in the
highest degree one involving the public welfare;
it will continue to be such until in the application of the modus vivendi which is coming to be
established with the banks, sufficient account is
taken of the possible influence of operations of
this kind on our money market and on our rate
of exchange. There is no question here of
hindering the activity of the banks, but it is
highly important to control foreign issues. The




APRIL, 1928

directors of the bank are perfectly aware that
the active balance of revenue arising from
investments abroad is a necessary element in
the equilibrium of our general balance of payments, which is heavily burdened by the deficit
in our commercial balance properly so called;
the bank of issue, however, can not imagine
that anyone would, without consulting it, float
great loans abroad at the risk of thwarting its
policy, which aims to assure to the greatest
possible extent stability of exchange and of
interest rates. But it is good to record the fact
that the great financial establishments, almost
without exception, have formed the habit of
informing the bank regularly of whatever
operations they have under way; it is to be
hoped that in future this habit will become
universal.
The Swiss money market was greatly influenced also by the inflow and outflow of shortterm funds occasioned by differences of interest
rates in the various foreign money markets.
The abundance of funds which prevailed at the
beginning of the year increased as a result of
retiring from circulation gold coins of the Latin
Union minted in other countries, of which some
had been hoarded up to that time and now reappeared seeking investment. Foreseeing the
economic needs of the country, the bank of issue
tried to keep these available funds which were
not immediately invested, within the country
by rediscounting money orders for the banks
without charging interest, in order to give
opportunity for investment. In spite of everything, this measure proved ineffectual for preventing the exportation of funds, which began
to flow toward countries with higher interest
rates. By favor of the stability of her exchange
rates and of the extensive foreign relations of
her financial establishments, Switzerland in
larger measure than ever before functioned as
international collector and distributor of funds.
As the higher rates abroad attracted funds
thither and the possibility of investing capital
within the country remained very limited, important capital sums found their way abroad
particularly during the first half year, taking
with them a considerable proportion of Swiss
money. The consequent tightening of our
market was not slow in bringing about a higher
discount rate, which at times rose almost to the
level of the official rate. As a result and during
the second half of the year the private rate was
generally maintained at only a fraction below
the official rate.
Discount rates.—Switzerland has the lowest
private rate of any European country with exception of France, where an abnormal abund-

APRIL, 1928

FEDERAL RESERVE BULLETIN

ance of short-term money prevails in strong
contrast to the high rates for long-term capital.
This state of things is the more remarkable
because, as we have said before, the high rates
abroad were favorable to exportation of capital
from Switzerland and because the recent revival of economic activity in Switzerland called
for larger financial resources. The cautious
policy of the banks in the matter of new engagements abroad—-a caution dictated by the
attitude of the central bank in admitting to
discount bank acceptances in favor of foreign
customers—has checked the tendency of these
foreign discounts to increase to the same degree
as they have done on other markets where a
similar situation has sometimes brought about
increases in the official discount rates. The
National Bank has been able throughout the
year to maintain the discount rate at 3J4 P^r
cent, effective since October 19, 1925. Certain groups have indeed insisted, first in June
and then in September and October, upon an
increase in the rate. A measure of this kind
would not have been justified unless it had been
dictated by the situation in the domestic market. The close relation which the bank maintained with the market showed, however, that
the stringency which was making itself felt was
not caused by needs of Swiss economic enterprises for money. The bank was soon convinced that it could give up any idea of a rise
in the discount rate, especially since other
means still remained at its disposal. Thus an
increase in the price of money was avoided as
well as those unfavorable influences which
from the first might have retarded the revival
of activity already becoming manifest in commerce and industry. This decision was made
easier by the strong situation of the bank. The
rate of 4 ^ per cent for advances on securities,
which was lower than the yield of gilt-edged
securities, was maintained in spite of intense
activity on the stock exchange. For the rest,
the bank made use of an efficient measure of
defense against being drawn upon for Lombard
credit, which, like its discount credit, was short
term, and differed in this respect from business
of the same kind at the commercial banks; it
had only to refuse unjustifiable demands, in
particular those of a speculative character.
Accordingly advances granted this year have
scarcely exceeded those of the preceding years.
In this connection the bank has more and more
given preference to collateral consisting of
government obligations properly so called, as
offering greater security than shares of private
enterprises with higher yield.




271

The official discount rate in Switzerland
averaged 3}/% per cent in 1927, as also in 1926,
against 3.9 per cent in 1925. Tlfe average of
rates on advances on securities rose to 4 Y2
per cent, while in 1926 and 1925 it was /
and 4.9 per cent, respectively.
Movement of the exchanges.—During the
year the movement of the Swiss franc was
closely involved with fluctuations on the
national money and capital market. For
foreign bills the demand was already strong
in January and continued through the first
half year to the point of exerting at times a
slight pressure on the course of our exchange.
The Swiss franc, which at the beginning of the
year was slightly above par in comparison with
the dollar, weakened during January to a
fraction of a point below parity, while the
dollar was at a premium over our money—
of about 0.3 per cent—but without ever reaching the "gold point." During several months
the rate of exchange fluctuated around this
level. Even at the higher rates the market
was not always in a position to meet
the
demand for foreign bills. That is wrhy the
bank of issue, upon which rests among other
responsibilities that of stabilizing the franp to
the full measure possible, found itself obliged
from time to time to intervene with sales of
foreign exchange. During the course of the
second half year, the demand for foreign bills
having slackened somewhat, the discount in
comparison with the dollar declined gradually
and gave place toward the end of the year
to a slight premium of the Swiss franc over the
dollar. During the closing months of the
year the English pound, the Dutch florin,
and several other currencies showed a premium
over the Swiss franc and also over the dollar,
which resulted from the high level of interest
rates in these countries in comparison with
rates in effect in the United States and in
Switzerland. This development even caused
a flow of the yellow metal from America to
Europe in the form of exports of gold from
the United States to England and Holland—
a thing which had not happened since 1915.
Note circulation.—Note circulation during
the past year rose in comparison with that of
the previous year for the first time since 1920—
always excepting the year 1923, during which
the fiduciary circulation still showed the effects
of the disturbance caused the year before by
the suggestion of a capital levy. It reached at
that time an abnormal level not at all in accord
with the economic situation. The yearly
average of the circulation for 1927 exceeded by

272

FEDERAL RESERVE BULLETIN

30,000,000 francs that for 1926. This increase, already noticeable in February, was
accentuated Us a result of demonetizing gold
coins of other countries of the former Latin
Union, part of which were exchanged for notes.
The notes issued under these circumstances
found their way but slowly to the National
Bank; some of them were hoarded in place of
the gold against which they had been exchanged; some of them replaced gold in circulation; some of them were required to satisfy
the increasing need for currency consequent
upon the revival of economic activity.
Retirement of gold coins of the Latin Monetary Union.—The dissolution of the Latin
Monetary Union, of which we spoke in our last
annual report, has resulted in the retirement
from circulation in Switzerland of gold coins
of other countries belonging to the union.
This was decreed by the Federal Council on
February 8, 1927. The time for their withdrawal was extended from February 8 to the
end of March in order to permit the public,
without losing thereby, to convert into legaltender coins of the union minted in other countries, some of which had been circulating as
legal tender in Switzerland since 1860. After
the date agreed upon foreign coins were not
accepted by the National Bank or by the Federal treasuries except at only 99 per cent of
their face value. Conversion was made by
order of and for account of the Confederation,
through the good offices of the National Bank
assisted by the Federal treasuries. It was
made either in the form of an addition to
deposit accounts or by the delivery of bank
notes and specie. At the beginning of these
operations conversion into Swiss gold coins
was limited to a maximum of 500 francs for
deliveries not exceeding 2,000 francs and to a
quarter of any sum offered for conversion in
excess of the latter amount. To holders of
foreign gold pieces presented for conversion,
however, the privilege was extended of demanding a total equivalent in Swiss gold money
after making deduction of 1 per cent of the
face value of the delivery for wear and tear of
the coins and for the costs of reminting. In
fact, very moderate use was made of this
conversion privilege.
It does not seem to be understood in certain
quarters how great a sacrifice these conversion
operations represented both for the Confederation and for the bank of issue. According to
the terms of an agreement entered into before
the demonetization of foreign gold coins, the
National Bank absorbed charges for loss in




APRIL, 1928

weight and costs oi reminting for all the gold
pieces of this kind in its possession at the time
of their demonetization. To this charge a
further loss was added by the end of the year on
the 3,000,000 francs returned, by France in
exchange for French 5-franc pieces which had
been demonetized in Switzerland. The bank
was obligated, furthermore, to assume the costs
of reminting all coins turned in during the conversion period. On the other hand, the
Confederation charged to its own account the
loss of weight on these latter coins. It is still
further burdened with minting costs for an
amount of 100,000,000 francs which it turned
over the the National Bank. The total conversion of foreign gold pieces of the Latin Union
amounted to about 111,300,000 francs. Of this
amount 53,000,000 francs were simply added to
deposit accounts, while 26,500,000 francs were
exchanged for bank notes and 31,800,000 francs
for Swiss gold coins. The loss assumed on
these foreign coins by the Confederation,
including the minting costs on 100,000,000
francs mentioned above, amounted to 670,226.75
francs, and the loss suffered by the National
Bank amounted to 437,958.15 francs. The loss
resulting to the Federal treasury was met by
funds from the currency reserve.
It is true that during the course of the year
the National Bank succeeded in getting rid of
a small part of these coins without loss. It is
to be expected, however, that the bank will
receive other payments in coins of this character
and that it must undergo further losses until
these operations of repatriating foreign coin,
are finished, the time allowed being until the
beginning of 1932.
The amount of the losses mentioned above
shows that the withdrawal of gold coins of
other countries of the old Latin Monetary
Union, a measure which would not have been
legal before the dissolution of the union, was
necessary to insure the soundness of our own
monetary system. If the free circulation of
these gold coins had been continued they
would have come into Switzerland in large
amounts whenever our exchange reached or
passed the gold-import point—just as happened in 1920 with the 5-franc pieces of the
Latin Union—and we should have been compelled to accept them as Swiss money so long
as they were not abraded in excess of the legal
tolerance. If one estimates that the total of
these coins reached 12,800,000,000 Swiss francs
and that the margin of profit between their
intrinsic value and their nominal value might
have been as much as 1 per cent it is easy to

APRIL, 1928

FEDERAL RESERVE BULLETIN

see how large the business of importing these
coins might have become and what losses it
might have occasioned to the Federal treasury
and to the bank of issue. These coins would
in the end have been left in the Federal treasury
or in the vaults of the National Bank, which
could have done nothing with them except sell
them as bullion or remint them into Swiss
coins of full weight, as was done with some of
the coins which were left with us after their
withdrawal from circulation.
By the withdrawal of these gold coins from
circulation, following upon the withdrawal of
the silver coins, the Swiss monetary system has
been completely nationalized. Swiss gold coins
at the end of 1927 amounted to 379,573,560
francs (of which 180,794,270 francs are in the
vaults of the National Bank and 198,779,290
francs in circulation or in the commercial
banks), so that the country is thoroughly prepared for the adoption of gold monometalism;
the only thing left to do is to restore the 5-franc
pieces to the status of subsidiary currency. It
is estimated that before the war the total
amount of gold coins in circulation or in the
commercial banks reached a maximum of 100,000,000 francs; at the end of 1927 the circulation of 20-franc*notes amounted to 122,000,000
francs.
On many previous occasions the board of
directors and the authorities of the bank have
taken part in the reform of Swiss monetary
legislation. Reform has. again been made
necessary as a result of the dissolution of the
Latin Union. The bank has undertaken the
necessary studies in collaboration with the
Federal Department of Finance.




273

Metallic reserves.—The metallic cover for
notes in circulation fluctuated during the year
between 59.23 per cent and 72.12 per cent
(compared with 61.17 per cent and 73.07 per
cent in 1926), and has averaged 65.06 per cent
for the year (compared with 66.96 per cent
the year before). The gold cover alone
reached a maximum of 61.54 per cent, a
minimum of 51.55 per cent, and a yearly
average of 56.39 per cent (compared with 55.79
per cent in 1926). The slight decline in the
ratio between our metallic reserve and the
note circulation is explained by the increase
of the latter, for in actual figures the metallic
reserve has averaged higher than during 1926.
General condition of the bank.—The condition of the bank has been perfectly liquid
throughout the year. Its total liabilities have
been covered on the average in the ratio of
79.68 per cent by the metallic reserve and the
holdings of foreign exchange in gold currencies.
The note circulation has been covered in the
ratio of 90.74 per cent. The total cover (metal,
bill portfolio, holdings at sight, and advances
on security) has been maintained throughout
the year at a figure so high that, even without
including advances on security, it has always
stood at 100 per cent of the note circulation.
The demands on the National Bank made
by the Confederation and the State railways
have been limited to the discount of small
amounts for the temporary cover of shortterm needs. At the end of the year the bank
no longer held any Government bills in its
portfolio, with exception of those providing for
the withdrawal of foreign 5-franc coins.

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FEDERAL RESERVE BULLETIN

APRIL, 1928

FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1928
February
Bank of England (millions of
pounds sterling):
Issue d e p a r t m e n t Gold coin a n d bullion
Notes issued
Banking department—
Gold a n d silver coin
Bank n o t e s . . _
Government securities
Other securities
Public deposits
Other deposits
Ratio oi gold and note reserve to deposit liabilities
(per cent)
B a n k notes in circulation l
.
Currency notes a n d certificates..
Bank of France (millions of francs):
Gold reserve 2
Silver reserve
Gold, silver, and foreign exchange
Credits abroad
Loans a n d discounts
Advances to t h e Government
Miscellaneous assets
N o t e circulation
Total deposits
German Reichsbank (millions of
reichsmarks):
Gold reserve
Gold abroad
Reserves in foreign exchange
- Bills of exchange a n d checks
Miscellaneous assets
Deposits
Reichsmarks in circulation
R e n t e n m a r k s in circulation
Bank of Italy (millions of lire 3 ):
Gold at home
Credits and balances abroad
Loans and discounts..:
Advances to Treasury „ . _
Total note circulation
Public deposits
Other deposits
Bank of Japan (millions of yen):
Gold
Advances and discounts
Advances on foreign bills
Government bonds
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 belgas):
Gold
Foreign bills and balances in gold.
Domestic and foreign bills
Loans to State
Note circulation
Deposits




156.4
176.2
.9
40.8
30.7
54.6
10.1
98.5

1927

January

155.3
175.0

Decem- Februber
ary

151.5 |
171.2 I
I

• i
40.4 i
32.5
35.3
48.6
56.7
74.4
16.5
14.6
124.0
98.7

79.1
287.5

35.8
•78.4
288.0

3,680
343
2,424
55
3,408
22,400
26,365
57, 702
8,372

3,680
343
2,406
56
3,316
23,500
27,302
57,128
10,932

148.8
168.6
1.3

!
I
!
|

32.0
30.0
71.3
17.8
98.5

24.1 |
82.5 !
299.8 I

28.6
80.4
281.5

3,681
343
2,373
53
3,840
24,550
26,551
56, 551
10,507
I
1,783 !
81 I
282 !
3,129
499
779
4,564
740

1927

1928

3,684
342
1,827
86
5,195
29, 600
9,075
51,697
4,845

1,741
93
204
1,644
506
539
3,465
1,149

1,803
86
282
2,336
552
491
4,268
649

1,782
84
296
2,373
599
498
4,251
651

4,547
7,927
4,053

4,547
7,570
4,355

17,270
352
3,653

17,381
114
3,636

1,063
795
10
174
1,240
919

1,062
831
23
205
1,397
844

1,063
888
78
228
1,682
702

1,058
330
56
270
1,232

117
314
262
94
173
917
44

84
337
264
105
173
920
47

84
379
274
132
173
1,005
40

57
458
144
59
176
874
27

743
454
537
386
2,066
110

741
475
559
394
2,056
155

719
525
585
<394
2,043
214

624
425
481
400
L.823
146

* 4,197
3,031
7,604
4,229
17,816
248
2,332

1
Notes issued, less amounts held in banking department and
in currency note account.
* Not including gold held abroad.

February
National Bank of Bulgaria (millions of leva):
Gold
1,283
Foreign bills, e t c . .
j
513
Loans and discounts
i
788
Advances to S t a t e . .
I 4,471
N o t e circulation
3,494
Deposits
I 2, 723
Central Bank of Chile (millions of
pesos):
Gold at home
Gold a b r o a d . . .
Loans and discounts
Note circulation
Deposits
Bank of the Republic of Colombia
(thousands 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

January

Decem- Februber
ary

1,277
477
948
4,514
3,727
2,957

1,205
213
1,072
4,512
3,246
3,260

61
402
45
274
107

85
579
20
259

21, 009
25,613
15, 677
45, 510
8,612

20,510
23,711
18,237
46,370
7,109

19, 815
23,446
12, 591
40,508
8,735

1,118
1,108
1,963 i 2,052

1,108
2,424
126

1,048
2,021

61
471 |
36
276 i
173

21, 305
26, 724
14, 601
46,092
8,651

1,279 I
374
832
4,471
3,688 i
2,775 !

61
408
44
270
123

495
491
7,075 j 7,099
813 I

8,417

571
6,917
1,726

2,595
15,019
32,284
20,417
34,824
3,461

2,381
14,139
34,605
22,238
36,008
2,920

2,842
13,944
13,498
21,321
34,702
2,755

182
76
81

182
97
95
354
45

202
36
127
356
25

Bank of Danzig (thousands of Dan2,571
Balances with Bank of England- 14,485
30,452
Foreign bills, etc
21,267
Loans and discounts
Note circulation
Deposits
2,389
National Bank of Denmark (millions
of kroner):
Gold
Foreign bills, e t c . . .
Loans and discounts
Note circulation
Deposits

182
68
79
336
22

National Bank of Egypt (thousands
of Egyptian pounds sterling):
Gold
English Government securities...
Egyptian Government securities.
Note circulation
Government deposits
Other deposits
Bank of Estonia (thousands
krones):
Gold
Net foreign exchange
Loans and discounts
Note circulation
DepositsGovernment
Bankers
Other

3,613
24,005
26,136
27,086
20,817
8
16,194

of
10,281
29,822
38,529

10,286
30,843
29,281
37,106

5,060
5,674
57,884
19,620

13,102
2,048
6,715

15,237
2,111
7,094

39,147
8,543

8
New par.
< Not including 1,635 million lire of gold pledged abroad.
• Revised.

275

FEDERAL RESERVE BULLETIN

APRIL, 1928

CONDITION OF CENTRAL BANKS—Continued
1928

Jan- Decem- February
uary
ber

February
Bank of Finland (millions of Finnish marks):
Gold
Balances abroad and foreign
credits
Foreign bills
Domestic bills
State debts
Note circulation..Demand liabilities
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
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
„
Loans.
Note circulation
Government deposits
Other deposits
Bank of Lithuania (millions of litas):
Gold.
Foreign currency
Loans and discounts
Note circulation.
Deposits
Netherlands Bank (millions of florins):
Gold
Foreign bills
Loans and discounts
.
Note circulation
Deposits
lank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits.
Reserve Bank of Peru (thousands of
libras):
Gold
Gold against demand deposits
Foreign exchange reserve
Bills
Note circulation
Deposits
Bank of Poland (millions of zlotys):
Gold at home
Gold abroad
Foreign exchange, etc.—
Serving as note cover
All other.
Loans and discounts
Note circulation
Current account of the TreasuryOther current accounts




1928

1927

315

317

326

1,312 ' 1,360
43
48
692
640
107
122
1,514
1,503
634
665

1,127
63
533
124
1,447

316 !

1,202
46
753
1,593
428
197
105
304
106
218
442
314
149

197 !
106 I
313
111 I
217 •
467 i
295 !
159 !

197
114
332
111
244
487
309
179

169
110
190
122
262
416
260
149

174
29

176 !
30
109 !
315 i
44 i

178
24
128
320
54

195
19
85
305
57

309
38

24 |
61
80
47
39
100
65
34
57
78
100

24 i
50 !
79
53
37

24
49
79 ,
53 |
40
97
56

24
29
71
53
28
81
43

33
57
82
101
65

435
182
180
777

433
183
221
788
91

400
168
247
797

414
141
243
814
31

147
33
314
314
4
139

147
10
309
325
4
101

147
47
261
331
5
95

147
49
398
319
16
275

4,154
262
719
1,760
5,897
525

3,994
422
785
1,865
6,036
843

4,091
325
709
2,052
5,998
656

353
173

353
173

353
164

149

646
206
515
1,048
400
234

637
200
502
1,003
406
231

207
497
1,003
361
299

I
4,171
245
806
1,736
5,938
490

* Not including gold held abroad.

220

369
634
64
149

February
Bank of Portugal (millions of escudos):
Gold
Balances abroad
Bills
Note circulation
Deposits
National Bank of Rumania (millions of lei):
Goldi
Bills.
Advances to State.
Note circulation
Deposits
State Bank of Russia (note-issuing
department; thousands of chervontsi):
Gold.
Foreign currency
Loans and discounts
Bank notes...
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
South African Reserve Bank (thousands of pounds sterling):
Gold
Foreign bills
Domestic bills
Note circulation
DepositsGovernment
Bankers
Others
Bank of Spain (millions of pesetas):
Gold
Silver
Balances abroad
Loans and discounts
Note circulation
Deposits

1927
FebruDeeeme
ary
ber

January

175
226
1,834
79

161
213
1,832
96

186
213
1,783

152
8,966
16,803
21,026
10,171

151
8, 877
16,803
21,027
10,656

2150
2 8,878
U6,359
2 21,025
2 10,590

17,745

19,183 18,858 | 16,442
6,710
7,350
8,186
70,373 77,445
61,067
97,489 104,404
85,851

145

10,679
20,990
9,130
i

68,536
94,121

346
1,683
2,966
5,743
1,087

87
324
1,340
2,966
5,502
710

8,226
7,702
1,197
9,309

8,151
6,295
1,028
8,158

1,696
6,626
346

1,603
1,963
5,014 i 4,923
164
505 I

1,132
6,004
277

2,606
698
43
1,703
4,170
991

2,606 ;
695 !
41
1,673 i
4,157 i
1,077 |

2,582
691
38

295
1,570
5,397
950

89
316
1,613
2,966
5,382
1,198

8,638 ! 8,145
7,039
602
821
7,638
8,152 !

2,604
685
37
1,730
4,202
1,079

4,309
992

Bank of Sweden (millions of kronor):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits

233
217
274
478
179

234
240
260
473
195

230
264
374
526
268

223
184
254
485
103

Swiss National Bank (millions of
francs):
Gold
Funds on demand abroad
Loans and discounts
Note circulation
Deposits.

433
24
378
819
65

451
63
357
814
114

517
29
449
917
153

446
26
354
800

60,258
97,344
70,730
78,132

57,357

54,941
•100,907
68,918

Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Note circulation
Deposits
> Figures for Dec. 24,1927.

• Revised.

71,787
79,023

70,610

276

FEDERAL RESERVE BULLETIN

APRIL, 1928

CONDITION OF COMMERCIAL BANKS
[Figures are for the last report date of month except for London clearing banks, which are daily averages]
1928

NoJanu- DeJanuary cember vember ary

FebruFebru- Janu- Deary cember ary
ary
Nine London clearing banks (millions of pounds sterling):
143
Money at call and short notice...|
1,142
Advances and discounts
244
Investments...
1,698
Deposits
Tokyo banks (millions of yen): *
Cash on hand
282
Total loans
2,191
Total deposits
1,548
Total clearings.
2,210

1

146
1,179
245
1,747

155
1,149
234
1,729

117
1,122
243
1,653

2,262
1,932
2,407

273
2,292
1,932
2,943

123
2,628
1,975
2,807

1927

1928

NoJanuJanu- Deary cember vember ary
Chartered banks of Canada (millions
of dollars):
Gold coin and bullion »
Current loans and discounts
Money at call and short notice...
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion
notes
Dominion note circulation
Joint-stock banks of Denmark (millions of kroner):
Loans and discounts
Due from foreign banks.
Due to foreign banks
Deposits and current accounts...
Joint-stock banks of Finland (millions of Finnish marks):
Loans and discounts
Due from abroad
Due to abroad
Deposits

70
1,356
480
552
162
2,454

1,347
533
529
183
2,503

181
2,521

72
1,255
432
496
160
2,273

179

128
221

135
214

93
172

1,872
59
110
2,029

1,890
60
122
2,028

1,882
53
102
2,059

1,953
53
155
2,011

8,279
405
364
7,187

522

8,118
367
359
6,982

8,066
391
372

1927

1928

1927

7,199
372
317

Three commercial banks of France
(millions of francs):
Bills and national defense bonds.
Loans and advances
Demand deposits
Time deposits

15,473
5,682
25,543
409

Six Berlin banks (millions of reichsmarks):
Bills and treasury notes
Due from other banks
Miscellaneous loans
Deposits
Acceptances
Four private banks of Italy (millions
of lire):
Cash
Bills discounted
Due from correspondents
Due to correspondents
Deposits
Joint-stock banks of Norway (millions of kroner):
Loans and discounts
Due from foreign banks
Due to foreign banks
Rediscounts
Deposits

1,914
1,074
5,218
7,785
422

15,030
5,092
21,954
317

3 1,558
3 787
«4,024
3 5,967
•324

3 1,240
3 9,130
3 5,169
>13,007
3 2,401

Joint-stock banks of Sweden (millions of kronor):
Loans and discounts
_
Foreign bills and credits abroad..
Due to foreign banks
Rediscounts
.
Deposits
Swiss Cantonal banks (millions of
francs):
Loans and discounts
Mortgages
Foreign bills
Due from banks and correspondents
Commercial deposits
Savings deposits

14,863
5,527
24,642
432

1,599
79
174
133
1,706

1,723
76
227
159
1,925

4,096
303
133
111
3,541

4,044
321
144
186
3,484

4,116
303
147
70
3,553

4,260
170
132
91
3,534

1,808
2,908
22

1,803
2,885
23

1,789
2,867
21

1,731
2,787
25

324
755
1,621

295
738
1,567

313
738
1,562

263
687
1,532

iJ Beginning in November figures are included for 10 banks not previously covered by the reports.
Not including gold held abroad.
3 Figures are for December, 1926.

DISCOUNT RATES OF 33 CENTRAL BANKS
[Prevailing rates, with date of last change]
Country
Austria
Belgium
Bulgaria
Chile
Colombia.,
CzechoslovakiaDanzig
Denmark
England .

Kate

In effect
since—

6

Jan. 28,1928

Nov. 16,1927
4H Aug.
31,1924

10
5
6
5

Dec.
May
Mar.
June
June
Apr.

12,1927
15,1924
8,1927
21,1927
24,1926
21,1927

Country

Rate

H
Estonia...
Finland...
France
Germany .
Greece
10
Hungary. _ 6
India
7
Italy
6

l

In effect
since—
Jan.
Nov.
Jan.
Oct.
June
Aug.
Dec.
Apr.

2,1928
24,1927
19,1928
4,1927
6,1927
26,1926
22,1927
3,1928

Country
Japan
Java
Latvia
Lithuania...
Netherlands.
Norway
Peru
Poland

Rate
5.48
6
7
6
7
8

In effect
since—
Oct.
May
Jan.
Nov.
Oct.
Mar.
Jan.
May

10,1927
3,1925
1,1927
9,1927
13,1927
27,1928
31,1928
13,1927

Country

Rate

Portugal
Rumania
Russia
South Africa
Spain
Sweden
SwitzerlandYugoslavia..

Changes: Bank of Norway from 6 to 5>£ per cent on March 27,1928; Bank of Italy from 6M to 6 per cent on April 3,1928.




8

6
8
5

m
6

In effect
since—
July
Sept.
Mar.
Jan.
Mar.
Jan.
Oct.
June

27,1926
4,1920
22,1927
9,1928
23,1923
1,1928
22,1925
23,1922

277

PEDEKAL RESERVE BULUETIN

AFBIL.1928

MONEY KATES IN FOREIGN COUNTRIES
Netherlands (Amsterdam)

England (London)
Month

Bankers
acceptances, 3
months

Treasury
bills, 3
months

Day-to-day
money

Bankers
allowance on
deposits

Private
discount
rate

Private
discount
rate

1926
January
February
March
April
May
June
July
August
September
October
November
December...
1927
January
February
March
April
May
June
July
August
September
October
November...
December...

7.04
6.03
5.63
4.77
4.80
4.76
4.93
4.85
4.77
4.75
4.45
5.88
4.16
4.18
4.34
4.11
3.90
4.34
4.34
4.34
4.32
4.33
4.34
4.31

5.82
5.77
6.91
6.57
6.95
7.73
8.49
8.37
8.30
8.72
8.72
9.10

3.76
3.93
4.09
3.64
3.54
3.44
3.50
3.61
3.57
3.58
3.65
3.43

Money for
1 month

Switzerland
Private
discount
rate

2.95
2.19
2.67
2.90
2.95
2.83
2.74
2.63
2.78
2.83
3.21
3.39
2.97
3.46
3.48
3.46
3.45
3.57
3.52
3.45
3.55
4.08
4.47
4.50

2.92
3.66
3.53
3.78
3.78
3.87
3.25
3.40
3.82
4.29
4.72
4.84

3.16
2.87
2.98
3.13
3.19
3.42
3.47
3.44
3.39
3.38
3.39
3.40

1928
January
February

Private
discount
rate
1926
January
February
March
April
May..
June..
July
August
September
October
November. __
December...
1927
January
February
March
April
May
June.
July
August
September
October
November
December...

Private
discount
rate

4.57
4.27
4.25
4.25
5.15
5.73
6.00
7.00
6.98
7.25
6.69
5.77

Private
discount
rate

8.18
8.00
8.00
8.00
8.00
8.17
8.50
8.50
8.50
8.96
9.25
9.25

Private
discount
rate

Call
money
overnight

Loans up
Prime
commer- Day-to-day
to 3
money
cial paper
months

9 -10
8^-10
8^-10
7

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.
5.11-7.12
4. 75-7.48
5.11-8.03

6.39-8. 76
6.21-8.03
5.84-7.67
5.84-8.03
6. 57-7.67
6.57-8. 76
6. 21-8.40
5.48-8.03
5.11-7. 67
4.75-7. 30
5.11-7.30
5.48-7.67

4. 56-7.30
2.92-7. 30
4. 38-6. 21
4.38-5.29
4.38-4.75
4.38-5.11
3.65-5.11
3.65-4. 75
2.19-4.
2.19-4.38
2.74-4.02
2.19-5.84

1928
January
February
NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETINS for November, 1926, and April, 1927.




278

FEDERAL RESERVE BULLETIN

APRIL, 1928

GOLD MOVEMENTS
[In thousands of dollars]
Germany

United States
Month
Imports

1926
July
August
September
October
November
December

-

Net

Net
ImEx- imports
or
ex- ports
ports
P(orts

imports ImExor ex- ports
ports per*

621
634
702
869
902

14,751
19,820 5,069
11,979 29,743 - 1 7 , 764
15,987 23,081 - 7 , 0 9 4
7,701
8,857 1,156
9,011
16,738 7,727
17,004 7,196

10,631
23,608
36,343
16,462
18,407

97, 796

137,987

8,720

44,465
19,895
10, 757
11,911
31, 702
12, 771
8,935
6,353
-11,465
- 8 , 642
-53,184
-67,418

14,088
6,231
6,576
935
705
711
705
11,259
1,483
1,
1,627
1,635

525
659
840
666
673
662

6,080

47, 622

52,086 -13, 766
25,776 -11,090

1,113
6,074

Total (12 months) ~
1927
January
February
March
April
May
June
July
August
September..
_.
October
November
December

213, 504 115,708

Total
1928
January
February

207,535 201,455

59,355
16,382
14,503
34, 212
14, 611
10, 738
7,877
12, 979
2,056
2,082
10,431

38, 320
14,686

14,890
2,414
5,625
2,592
2,510
1,840
1,803
1, 5241
24,444'
10, 6981
55, 266
77,849

Great Britain

5
9,997|
22,906i
35,474'
15, 5601
17,549

Exports

876
975
925
9,135

H09
5,293

India
Net
imports
or exports

136
800
580
464
108

2,014
60
656
150
174
2,613

1, 684
76
144
430
290
2, 505

- 2 2 , 668!
-15,723 i
- 8 , 686
-29,082
-13,376
-10,553

4,104
4,404
4,839
4,004
3,466
3,530

55,468

11,174

6,483

4,691 -212,1521

83, 627

11,514 18,181 - 6 , 6 6 7
15, 742 15,480
262
632
7,526
24, 678 3,735 20,943
16,464 26, 580 -10,116
9,674 - 1 , 2 3 9
8,435
6,061
13,071
7,010
5,782 15,687
21,469
7,637
744
8,381
4,726 1,400
6,126
15, 012 21, 709 - 6 , 6 9 6
9,485 10, 546 - 1 , 0 6 0

1,303
411
488
281
46
2,653
202
103
125
189
433
4,264

74

-17,522
-14,079!
- 2 0 , 718!
-23,146)
-15,717!
-17,470^

154
331
4,262

2,518
6,543
10,041
4,941
4,890
7,122
5,936
2,860
3,315
2,685
4,408
3,916

137, 008

10,498

16,937 - 6 , 4 3 9

59,175

12, 716
-920

8,590

38,487, 157,905

17041
781

Net
Net
imports imports
Exor
exor
exports

Net
imports Imor ex
ports

19, 510 6,210 13,300
18,867 8,959 9,908
12,137 5,017 7,120
16,916 21,262 - 4 , 3 4 6
18, 561 24,590 - 6 , 0 2 9
14, 531 18, 609 - 4 , 0 7 8

129,267 187,608 132,140
13,563
5, 572
5, 736
269
32
49;
20
10,579':
607!
699;
652!
710!

South
Africa

Netherlands

20, 042
13,026

20,896

1,334
3,015
5,190
4,623
2,477
47
35
102
2

10,875 9,167! 12,725
227
19, 257 -6,23li

1,147

1,228
411
449
-1,053
-2,969
- 2 , 537
-4,421

1 Revised.

MOVEMENTS TO AND FROM GREAT BRITAIN
[In thousands of dollars]

M O V E M E N T S TO AND FROM UNITED STATES
[In thousands of dollars]
1928
Country of origin
or destination

February

JanuaryFebruary

Calendar year

Imports Exports Imports Exports Imports Exports
Belgium
2
2
England
France
1
7,500
Germany.
210
Netherlands
8,481
Canada
34 45,241
Central America
97
204
Mexico
312
602
909
Argentina
12,000
Brazil
Chile
14
75
62
Colombia
185
Ecuador
137
239
Peru
80
311
Uruguay
3,000
Venezuela .
19
1,200
56
Australia
British India
67
British Malaya
81
China and Hong
Kong.
1,014
Dutch East Indies..
111
215
Japan
62
Philippine Islands. _
68
190
All other countries.. 5,302
5
5,375
Total..




14,686

25, 776

53,005

1
39,396
15,000 21,048
1
315
4,000 15,075
75 63,653
1,224
1 019 6 001
23
31, 750

2,000

11, 800

6 000
1,900
1,408

1927

1928

1927

7,021
1 489
2,247
2 266
531
21,920

238

2 045 1 674
230 1,499
62 20 000
1,667
20
800

2,200
8,562
10,000
13,994
8,055
29,698
253
6 984
61,499
34,351
1 001
2 000
1,530
2,974
3 064
7 166
1,960
21
6,141

77,862 207,535 ! 201,455

Country of origin
or destination

February

JanuaryFebruary

Calendar year

1jnports Exports Imports Exports Imports Exports

France
Netherlands
88
Russia
. _ . .
Spain and Canaries. 1
Switzerland . . .
United States
1
South America
British India
British Malaya
i
Egypt
430
Rhodesia
'
Transvaal
i 12, 082
399
West Africa
24
All other countries. J
13,026
Total
l

15,064
226

32
5,483

81
762

15, 734
4,943

627
2,313
1,049

106
1,780

8,567
2,017

15
3
1,460
391
277

2,561
547
279

5
991

868
22, 255
703
3,708

5
4,177

5,958
124,348
4,705
8,320

19, 257

33, 067

30,132

157,905

4,718
6,486
7,732
7,445
6,213
28,042
6,959
12,462
3,452
3,799
20
49,680
137,008

279

FEDERAL RESERVE BULLETIN

APRIL, 1928

FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations- 1

In cents per unit of foreign currency]
EUROPE

Austria
(schilling)

Belgium
(belga)

Bulgaria
(lev)

19.30

Par value

14.07

13.90

1927—March
August
September...
October
November
December....
1928—January
February
March

14.0738
14.0629
14.0816
14.0820
14.0874
14.0946
14. 0936
14.0823
14.0728

13.9000
13.9107
13.9220
13.9260
13.9467
13.9885
13.9444
13.9232
13.9387

.7246
. 7230
.7246
.7229
.7230
.7235
.7234
.7214
.7218

Czechoslo- Denmark
vakia
(krone)
(crown)

2.9616
2.9627
2.9626
2.9627
2.9629
2. 9630
2.9628
2. 9625
2. 9622

England
(pound)

France
(franc)

19.30

26.80

486.65

2.52

26.6456
26.7785
26. 7680
26. 7932
26.7988
26.8192
26. 7829
26.7733
26. 7912

485.4025
486.0233
486.3528
486.9676
487.4012
488. 2542
487. 5330
487.4840
487. 9944

2.5205
2.5189
2.5189
2. 5187
2. 5191
2.5191
2.5187
2. 5179
2. 5176

Russia «
(chervonetz)

Italy
(lira)

Netherlands
(florin)

Norway
(krone)

Poland
(zloty)

Portugal
(escudo)

Rumania
(leu)

Par value

5.26

40.20

26.80

11.22

108.05

19.30

1927—March
August
September...
October
November...
December
1928—January
February
March

4.5059
5.4396
5.4432
5.4616
5.4458
5.3800
5. 2881
5. 2930
5.2822

40.0137
40.0719
40.0776
40.1920
40.3612
40.4381
40. 3334
40. 2550
40.2501

26.0474
25. 9374
26.3620
26. 3404
26.4871
26.6169
26. 5985
26. 6098
26. 6634

11.3703
11. 2240
11. 2168
11. 2096
11. 2063
11.2204
11. 2402
11. 2312
11.2255

NORTH

Finland
(markka)

5.1170
4.9574
4.9288
4. 9456
4.9396
4.9550
4.9285
4. 7573
4. 2572

.6128
.6163
.6181
.6193
.6155
.6188
.6177
.6145
.6185

514.60
3 515.0000
» 515.0000
• 515.0000
* 515. 0000
» 514.1700
»515.0000
» 515.0000
3 515.0000
3
515.0000

3.9126
3.9193
3.9200
3.9236
3.9288
3.9396
3.9308
3.9304
3. 9343

Spain
(peseta)

Germany
(reichsmark)

Hungary
Greece
(drachma) (pengo)

23.82

19.30

23.7137
23.7859
23.8004
23. 8624
23.8629
23.8904
23.8264
23. 8577
23.9047

1.2898
1.3083
1.3243
1.3262
1.3242
1.3294
1.3255
1.3229
1.3237

Switzerland
(franc)

Sweden
(krona)

19.30

26.80

17.4088
16.9000
17.1504
17.2540
16. 9400
16.6623
17. 0975
16.9782
16.8212

26.7452
26.8203
26.8752
26. 9236
26. 9246
27.0015
26.8780
26. 8371
26.8388

;

19.30
19.2359
19.2759
19. 2816
19.2868
19. 2850
19. 3150
19. 2695
19. 2389
19.2561

17.49
!
i
I
!
;

17.5074
17,4363
17.4688
17.4624
17.4658
17.4773
17.4748
17.4663
17.4685

Yugoslavia
(dinar)
19.30
1.7593
1.7596
1.7604
1. 7607
1. 7607
1. 7615
1. 7625
1. 7598
1.7596

SOUTH AMERICA

AMERICA

Colombia' Ecuador *
(sucre)
(peso)

Peru*
(libra)

Uruguay
(peso)

Canada
(dollar)

Cuba
(peso)

Par value

100.00

100.00

49.85

96.48

38.93

32.44

12.17

97.33

20.00

486.65

103.42

1927—March
August
September...
October
November
December
1928—January
February
March

99.9019
99.9404
100.0497
100.1099
100.1369
99.8974
99.8159
99.8126
99. 9963

100.0265
100. 0073
99.9524
99. 9387
99.9289
99. 9154
99.9157
100.0428
100.0644

47.0084
47.3931
47. 7219
47. 6667
47.9125
48. 4506
48. 6946
48.6710
48. 7436

95.9811
96.8448
97.1248
97.1572
97.0521
97. 2304
97.1136
97.1376
97.2547

34.0000
34. 7546
34. 8000
34.8000
34.8000
34.8000
34.8000
34.8000
34.8000

11.8452
11.8237
11.8596
11.9172
11.9333
11. 9677
11. 9977
12.0088
12.0265

12.0041
12. 0292
12.0736
12.1712
12.1763
12. 2062
12. 2098
12.2065
12.2115

«7.5663
98. 2798
97. 9872
97.4736
97.4950
97. 7381
98. 0036
98.0400
97. 7944

18.3125
19.3750
19.3750
19. 3750
19.3750
19.3750
19. 3750
19. 5870
19.9537

366. 5926
374. 9626
388. 5600
384.1600
376.1458
389.8500
390. 3400
390.1600
391. 0925

101.2763
100.1381
100.4052
101.8796
103.3658
103.8692
102. 7734
102. 9357
103. 6775

Mexico
(peso)

Argentina Bolivia *
(peso-gold) (boliviano)

SOUTH
AMERICA—

Brazil
(milreis)

Chile
(peso)

AFRICA

ASIA

continued
Venezuela *
(bolivar)

China«
(Mexican
dollar)

China <
(Shanghai
tael)

China «
(Yuan
dollar)

Hong
Kong<
(dollar)

India
(rupee)

Japan
(yen)

Java*
(florin)

Straits
Settlements
(Singapore
dollar)

Turkey
(Turkish
pound)

Egypt
(Egyptian
pound)

439. 65

494.31

Par value

19.30

48.11

66.85

47.50

47.77

36.50

49.85

40.20

56.78

1927—March
August
September..
October
November
December
1928—January
February
March

18.7500
19.1552
19.1700
19.1700
19.1700
19.1700
19.1700
19.1943
19.2500

44.1341
43.3807
43.9572
44. 7376
45. 5958
45.9092
45. 7410
45.3620
45. 6106

60.5048
60.3781
61.2068
61.8328
63.2663
63.7884
63. 7548
63.1137
63.0545

42.8956
42. 6259
43. 2164
44.0600
44. 8638
45.1877
45.1408
44.9818
45.3688

48. 6855
48.1600
48.4980
48.8552
49. 7917
50. 3085
50. 4096
49.8564
49.8008

36.3004
36.1252
36.3356
36.4092
36.4504
36.7369
36. 7224
36. 5189
36. 5280

49.1411
47.3322
46.8248
46.5664
45.9796
46.1881
46.8784
46.8740
47.1463

40.1702
40.1740
40.1675
40. 2618
40.4090
40. 5319
40.5596
40. 5243
40.3498

55.9556
55. 9711
55.9908
56. 0332
56.0687
56. 7269
56. 7650
56. 7038
56.3469

50.3122
49.9774
50.9640
52.9624
52. 4871
51.7846
51.5040
50. 4843

497.6670
498. 2844
499.2900
499. 6888
500. 5719
499. 8315
499.7511

i Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pursuance of the provisions of sec. 522 of the tariff act of 1921. For back figures see BULLETIN for January, 1928, pp. 56-62.
* Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
• Nominal.
« 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 $0.57557 for March, 1928, $0.57328 for
February, 1928, and $0.55620 for March, 1927. The corresponding London prices (converted at average rate of exchange) were $0.57875, $0.57522,
and $0.56096.




280

FEDERAL RESERVE BULLETIN

APRIL, 1928

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
EUROPE

United
States
(Bureau AusofLabor tria
Statis- (gold
tics) » basis)

Month

1926
August... _.
September
October
November
December
£1927
January
February
March
April ..

May
June..
July
August
September
October
November
December

-

__

.
„

1928
January
February
March

Belgium

GerFrance
many*
EngFin(Fedland
land
Bul- CzechoDen(Board (gold Statis- Federal eral
slogaria vakia
of
» mark >
tical Reserve StatistiBuTrade) basis) Bureau
Board cal
reau)

99
100
99
98
98

126
123
125
128
127

836
859
856
865
860

2,759
2,723
2,716
2,739
2,718

962
973
972
978
978

162
162
178
170
158

149
151
152
152
146

143
143
143
143
144

770

97
96
95
94
94
94
94
95
97
97
97
97

130
130
133
135
137
142
140
133
130
129
127
127

856
854
858
846
848
851
845
850
837
839
838
841

2,706
2,688
2,649
2,592
2,751
2,823
2,775
2,745
2,736
2,747

979
975
976
979
988
990
992
983
975
966
967

975

157
156
153
152
152
152
152
153
153
154
154
154

144
143
141
140
141
142
141
141
142
141
141
140

144
144
143
143
142
144
144
147
148
148
149
148

96
96

129
128

851
848

2,782

982

153

141
140

144
143

691
691
695
662
592

134
135
136
137
137

122
122
125
127
126

633
622
597
594
574

140
140
143
147
146

196
197
188
182
176

622
632
641
636
629
623
617
618
601
587
595

604

591
595
600
610
618
605
590
578
574
554
545
567

136
136
135
135
137
138
138
138
140
140
140
140

127
129
128
130
133
133
133
134
133
133
133
135

558
556
545
521
496
473
467
465
465
468
466
463

146
145
144
143
146
148
150
149
150
150
152
152

174
165
160
159
160
159
160
161
158
1ST
157
156

607
609

569
569

139
138

135

463
461

154
151

157
157

787
752
684
627

EUBOPE—continued
Month

Hungary Italy» Nether- Norway
(gold (Bachi) lands (Oslo)
basis)

ASIA AND OCEANIA

SwitzerPoland* Russia> Spain Sweden land)

Canada Peru

AFRICA

India Japan
Aus- China Dutch
East (Cal(Totralia (Shanghai) Indies cutta) kyo)

New Egypt South
Zealand (Cairo) Africa

1926

August
September
...
October
November
December
1927
January
*
February
March
.»..
April
May
June
July
August „
September
October
November . .
December

1928
January
February .
March

-

188
190
192
193
195

182
180
179
178
178

180
178
179
185
186

147
146
148
148
150

146
146
145
147
148

154
153
151
152
151

204
202
202
198
199

162
158
154
155
155

161
164
171
174
172

155
156
158
157
156

147
146
144
146
146

177
175
174
171
170

154
153
153
151
153

129
129
129
130
130

195
197
200
206
208
206
207
207
206
206
208
205

177
179
179
177
175
174
173
171
170
170
170
170

184
180
179
177
172
171
168
168
169
169
168
169

146
146
145
143
145
146
146
146
148
147
148
148

147
145
147
147
147
147
147
147
148
148
149
150

151
150
149
149
152
154
152
152
151
152
152
152

200
204
206
201
207
206
205
204
205
200
200
199

154
153
150
151
152
155
161
165
170
173
166
162

173
172
175
173
171
169
171
171
172
169
166
164

156
156
154
154
155
155
153
154
153
152
151

146
148
146
145
146
149
150
151
150
147
148
148

170
171
171
170 '
171
173
170
167
169
170
168
168

151
147
147
147
145
146
148
146
146
146
147
148

126
124
124
122
124
123
118
117
120
118
115
114

123

204
203

171
171
171

166

148
147

151
151

199
195
193

163
160

163
164

145
144

169
169

150

114
114

120

126

126
120
122

1
1
»New index—1926=100.
First of month figures.
New index.
NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Netherlands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1910-1910; October, 1900; 1909-1913;
1910) to a 1913 base. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and
Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the month
to which thefiguresrefer may be found on pages 769-770 of the November, 1927, BULLETIN.




APRIL,

281

FEDERAL RESERVE BULLETIN

1928

WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES
[Pre-war=100]
ENGLAND—BOARD OF T R A D E
1928

All commodities
Totalfood
—
Cereals
Meat and fish
Other foods
Industrial products
Iron and steel
Other minerals and
metals
.
Cotton ._
Other textiles
Miscellaneous

ITALY—CHAMBER OF COMMERQE OF MILAN

1927

1928

February

January

December

November

140
152
151
136
167
134
113

141
153
152
144
164
134
113

140
151
151
140
161
135
114

141
152
152
138
166
135
114

141
153
156
138
164
136
115

143
152
149
141
166
137
127

112
157
167
146

113
158
164
147

114
161
162
146

114
167
161
144

113
172
159
144

134
137
152
142

Octo- Febber ruary

609

577
548
575
C24
636
517
796
637

607
568
534
575
611
639
531

777
643

604
564
546
558
604
636
540
756
644

595
543
505
551
594
636
535

773
638

587
530
486
547

577
633
530
790
625

632
630
583
641
689
634
621
696
619

GERMANY—FEDERAL STATISTICAL BUREAU
All commodities
Total agricultural products
Vege table foods
Cattle
.Animal products
Fodder
_
Provisions
.
Total industrial raw materials and semi-finished
products
Coal
Iron...
Nonferrous metals
Textiles
Hides and leather
Chemicals
Artificial fertilizers
Technical oils and fats.
Rubber
Paper materials and
paper
Building material
Total industrial finished
products
Producers' goods
Consumers' goods

138
130
141
103
143
141
130

139
132
145
102
147
141
130

140
136
144
105
158
141
130

140
137
142
109
163
142
132

140
138
144
115
154
142
131

136
139
156
111
147
144
128

134
131
127
104
159
160
126
82
113
40

134
131
126
106
159
167
126
82
115
48

134
131
125
107
159
161
124
81
119
50

134
131
124
105
162
153
124
80
120
46

134
131
124
104
163
145
124
83
121
42

129
135
125
109
141
122
125
87
133
47

150
158

152
158

152
158

152
161

151
162

149
151

lst-of-month figures.




January

December

November

489
548
579
509
466
437
450
426
522

490
540
569
505
470
439
451
433
531

483
525
550
493
466
434
445
435
532

484
525
549
496
468
441
446
441
535

484
520
541
495
470
447
450
447
537

601
643
681
596
584
551
552
593
653

509
566

511
574

503
563

495
553

474
548

603
618

157
135
173

156
134
173

156
134
172

155
132
172

153
131
169

142
129
151

All commodities
Vegetable products
Animal products
Fuels and oils
Raw materials for manufacture in iron and metal
industry
Paper pulp and paper
Raw materials for manufacture in leather industry
Raw a n d manufactured
chemicals.
Raw materials. _
Semifinished materials
Finished materials
Producers' goods
Consumers' goods

150
162
128
143

149
160
126
144

Octo- Febber ruary

147
142
137
112

148
143
137
116

148
142
142
113

148
141
146
113

147
144
143
114

146
147
136
125

112
160

114
160

115
157

115
157

115
157

122
166

146

149

144

140

135

120

165
142
149
149
138
156

166
143
150
149
138
156

166
142
150
149
137
156

166
142
149
150
137
156

167
140
149
150
137
156

170
138
146
151
135
155

AUSTRALIA—BUREAU OF CENSUS AND STATISTICS
All commodities..
Metals and coal
Textiles
Agricultural products
Dairy products
Groceries and tobacco
Meat
Building materials
Chemicals

160
175
170
166
140
166
136
157
190

163
176
169
174
143
168
136
156
186

162
175
167
176
145
169
128
148
186

148
159
124
145

145
157
118
142

166
176
168
180
147
169
148
141
186

173
176
164
195
153
168
168
143
186

153
180
138
170
145
165
105
147
180

INDIA (CALCUTTA)-DEPARTMENT OF STATISTICS
1927

1928

SWITZERLAND I—DR. J. LORENZ

All commodities
Consumers' goods
Agricultural products
Industrial products

February

SWEDEN—BOARD OF TRADE

FRANCE—STATISTICAL BUREAU
All commodities
All foods
—
Animal foods
Vegetable foods
Sugar, coffee, cocoa..._
All industrial material
Minerals
Textiles
Sundries

All commodities._
Total food
Vegetable foods
Animal foods
All industrial products
Textiles
Chemicals
Minerals and metals..
Building materials
Other vegetable products
Sundries

1927

January
All commodities
Cereals
.
Pulses
Tea
Other foods
Oil seeds . Raw jute
Jute manufactures
Raw cotton.
Cotton manufactures
Other textiles
Hides and skins
Metals
Other articles

---

-..

145
135
149
175
165
139
89
143
170
158
131
153
125
136

December

November

148
137
155
185
166
141
91
151
170
157
123
152
127
149

148
139
154
192
167
138
86
146
180
158
127
141
126
148

October
147
333
155
180
172
142

87
146
180
161
127
121
129
148

September
150
136
155
181
170
145
92
156
201
163
123
109
133
152

January
146
143
155
140
165
141
93
139
127
156
122
117
138
149

282

FEDERAL RESERVE BULLETIN

A P R I L , 1928

RETAIL FOOD PRICES AND COST OF LIVING
RETAIL FOOD PRICES
[Pre-war* 100]
EUROPEAN COUNTRIES

OTHER COUNTRIES

9

Month

States AusNethAus- India New
(51 cit- tria Bel- Bul- Czecho- EngEs- France Ger- Greece Italy
Rus-3 Swit(Mi- er- Norzer- Can- tra- (Bom- Zea- South
ies)
(Vi- gium i garia slovakia land 2 tonia » (Paris) many (Athlan) lands way sia land ada^ lia bay) land Africa
ens)
enna)

1926
August
September.
October...
November.
December.

153
156
157
158
159

117
116
117
117
118

187
184
194
204
206

2,637
2,641
2,597
2,618
2,598

878
878
888
902
912

161
162
163
169
169 .

138
128
127
127
128

587
590
624
628
599

146
145
145
148
150

1,871
1,890
1,933
1,986
1,973

660
652
654
630
631

146
145
146
147
146

196
193
191
186
184

234
231
230
234
235

157
158
160
159
159

150
147
147
148
151

157
155
153
155
158

153
152
153
152
154

149
148
147
146
149

117
117
120
119

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

156
153
151
151
152
155
150
149
151
153
153
153

119
119
118
119
119
122
122
120
126
127
126
128

207
210
201
200
196
201
205
202
206
210
211
212

2,586
2,569
2,533
2,478
2,630
2,699
2,653
2,625
2,615
2,626

914
914
915
923
930
949
962
914
910
907
905
913

167
164
162
155
154
154
159
156
157
161
163
163

131
132
129
130
130
131
134
130
122
123
124
124

592
585
581
580
589
580
557
539
532
520
500
523

151
152
151
150
151
153
156
150
151
152
152
153

2,002
1,995
1,997
2,021
2,063
2,063
2,059
2,044
2,070
2,071
2,086
2,101

625
642
635
617
565
541
524
518
509
509
510
513

147
146
146
145
145
145
144
143
143
146
148
148

180
177
173
169
169
172
175
175
174
173
171
171

208
208
205
203
201
199
199
199
198
198
199
200

158
157
156
156
156
157
157
157
158
158
161
160

153
151
149
146
145
146
147
147
147
148
149
151

158
153
151
151
152
153
152
155
157
159
157
155

155
152
152
151
150
151
154
155
151
148
147
149

148
146
146
145
145
144
144
143
143
143
144
146

110
117
118
119
121
120
119
118
117
119
119
119

152
149

129

211
207

913

162
159
155

530

152
151
151

2,127

148
149

170
170

201
202
203

159

151
149

154
152

151
146
142

146

117
115

117

1928

January.
February.
March

COST OF LIVING
[Pre-war=100]
EUROPEAN COUNTRIES

Month

OTHER COUNTRIES

Massachu- Bel- Czecho- Eng- Fin- France Ger- Greece Hun- Italy Neth- Nor- PoSwit- Can- Aus- India South
(Mi- erSpain Swesetts gium^
zer- ada » tra- (Bom- Africa
den land
slovakia land2 land (Paris) many (Athens) gary lan) lands way land
lia bay)

1926

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

158
158
158
159
159

175
174
184
191
195

728
727
732
740
741

170
172
174
179
179

1,213
1,203
1,197
1,193
1,197

539
545

143
142
142
144
144

1,818
1,833
1,862
1,895
1,889

116
114
114
116
116

652
647
672
657
657

164

217
213

182
189
193
197
199

178
187
190 ~~171~
191
193

159
159
160
159
159

150
149 ""158"
149
150
151 ~"I57~

155
155
155
154
156

130
130
131
131
129

202
201
200
203
205
205
199*
201
202
205
210
205

196
171
190
194
196 ~"l70~
179
179
189 "l69~
221
226
227 ~~I72~
225
229

160
160
159
158
159
160
160
160
161
161
162
162

152
151
150 ~"l56~
148
148
149 " l 5 5 "
149
149
149
150
150
151

156
155
155
153
152
154
156
157
154
151
150
151

130
130
131
131
132
132
132
131
131
132
132
132

207
204

178

161

151
150

154
148
145

132

168
158
157
156
156
157
156
155
155
155
155
157
157

198
200
195
195
193
196
199
198
202
207
208
208

747
746
744
749
756
761
753
739
736
734
735
740

175
172
171
165
164
163
166
164
165
167
169
169

1,187
1,189
1,183
1,173
1,166
1,184
1,203
1,237
1,230
1,237
1,251
1,243

157
156

210
207

741

168
166
164

1,216
1,206

524
525
507
498

145
145
145
146
147
148
150
147
147
150
151
151

1,900
1,896
1,898
1,911
1,938
1,951
1,960
1,951
1,955
1,956
1,964
1,978

119
120
119
119
119
121
119
119
119
120
120
120

151
151
151

1,986

121

655
667
663
651
612
586
548
543
537
536
536
531

166

203

167

201

167

197

170

195

1928

January...
February..
March

171

11921=100. The cost of living Index for Belgium has been changed from an average of 7 provinces, on April, 1914, base, to a workingman's
budget
in 59 cities, on a 1921 base.
1
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,
1926, issue of the BULLETIN.




APRIL, 1928

FEDERAL RESERVE BULLETIN

283

LAW DEPARTMENT
Amendment to law regarding interlocking bank di- and to revoke any such permit whenever it finds, after
reasonable notice and opportunity to be heard, that
rectorates.

There is published below the text of an act
of Congress approved March 9, 1928, amending
section 8 of the Clayton Antitrust Act in such
a manner as to broaden the power of the
Federal Reserve Board to grant permits for
interlocking directorates between banks in the
classes affected by that section. Previous to
this amendment the board could grant such
permits only (1) if the banks were not in substantial competition, and (2) if a member bank
of the Federal reserve system was involved.
Under the amendment the board is authorized
to grant such permits if in the judgment of the
board the issuance of such a permit is not incompatible with the public interest, and such
permits may be granted even though no member bank of the Federal reserve system is
involved. As heretofore, the Federal Reserve
Board is authorized to grant permits to serve
not more than three banks in the prohibited
classes.
An Act To amend section 8 of the Act entitled "An Act to supplement
existing laws against unlawful restraints and monopolies, and for
other purposes," approved October 15,1914, as amended.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assem-

bled. That the last proviso of the second paragraph of
section 8 of the Act entitled "An Act to supplement
existing laws against unlawful restraints and monopolies, and for other purposes," found in title 15, chapter
1, section 19, United States Code, approved October 15,
1914, as amended, is amended to read as follows:
"And provided further, That nothing in this Act shall
prohibit any private banker from being an officer,
director, or employee of not more than two banks,
banking associations, or trust companies, or prohibit
any officer, director, or employee of any bank, banking
association, or trust company, or any class A director
of a Federal reserve bank, from being an officer, director,
or employee of not more than two other banks, banking
associations, or trust companies, whether organized
under the laws of the United States or any State, if in
any such case there is in force a permit therefor issued
by the Federal Reserve Board; and the Federal Reserve Board is authorized to issue such permit if in its
judgment it is not incompatible with the public interest,




the public interest requires its revocation."
Approved, March 9, 1928.
Revision of board's regulations regarding interlocking
bank directorates.

The Federal Reserve Board has revised its
Regulation L on the subject of interlocking
bank directorates under the Clayton Act so as
to conform to the change in the law made by
the amendment of March 9, 1928, which is set
out above. The text of the board's Regulation
L as revised is as follows:
REGULATION L, SECOND SERIES OF 1928
(Superseding Regulation L of 1928)

INTERLOCKING BANK DIRECTORATES UNDER THE
CLAYTON ACT

SECTION I.—Definitions

Within the meaning of this regulation—
The term "bank" shall include any bank, banking
association, or trust company organized or operating
under the laws of the United States or of any State
thereof.
The term "national bank" shall be construed to
apply not only to national banking associations but
also to banks, banking associations, and trust companies organized or operating under the laws of the United
States, including all banks and trust companies doing
business in the District of Columbia, regardless of the
sources of their charters.
The term "resources" shall be construed to mean an
amount equal to the sum of the deposits, capital, surplus, and undivided profits.
The term "State bank" shall include any bank,
banking association, or trust company incorporated
under State law.
The term "private banker" shall apply to any unincorporated individual engaging in one or more phases
of the banking business as that term is generally understood and to any member of an unincorporated firm
engaging in such business.
The term "Edge corporation" shall mean any corporation organized under the provisions of section 25 (a)
of the Federal reserve act, as amended.
The term "city of over 200,000 inhabitants" includes
any city, incorporated town, or village of more than
200,000 inhabitants, as shown by the last preceding

284

FEDERAL RESERVE BULLETIN

decennial census of the United States. Any bank
located anywhere within the corporate limits of such
city is located in a city of over 200,000 inhabitants
within the meaning of the Clayton Act, even though
it is located in a suburb or an outlying district at some
distance from the principal part of the city.

APRIL, 1928

Under section 8 of the Clayton Antitrust Act—
(1) No person who is a director or other officer or
employee of a national bank having resources aggregating more than $5,000,000, can legally serve at the
same time as director, officer, or employee of any other
national bank, regardless of its location.
(2) No person who is a director in a State bank or
trust company having resources aggregating more than
$5,000,000 or who is a private banker having resources
aggregating more than $5,000,000 can legally serve at
the same time as director of any national bank, regardless of its location.
(3) No person can legally be a director, officer, or
employee of a national bank located in a city of more
than 200,000 inhabitants who is at the same time a
private banker in the same city or a director, officer,
or employee of any other bank (State or national)
located in the same city, regardless of the size of such
bank.
The eligibility of a director, officer, or employee
under the foregoing provisions is determined by the
average amount of deposits, capital, surplus, and undivided profits as shown in the official statements of
such bank, banking association, or trust company filed
as provided by law during the fiscal year next preceding the date set for the annual election of directors,
and when a director, officer, or employee has been
elected or selected in accordance with the provisions
of the Clayton Act it is lawful for him to continue as
such for one year thereafter under said election or
employment.
When any person elected or chosen as a director,
officer, or employee of any bank is eligible at the time
of his election or selection to act for such bank in such
capacity his eligibility to act in such capacity is not
affected by reason of any change in the affairs of such
bank from whatsoever cause until the expiration of one
year from the date of his election or employment.

(3) Do not prohibit a person from being at the same
time a class A director of a Federal reserve bank and
also an officer or director, or both an officer and a director, in one member bank.
(4) Do not prohibit a person who is serving as director, officer, or employee of a national bank, even
though it has resources aggregating over $5,000,000,
from serving at the same time as director, officer, or
employee of any number of State banks and trust
companies, provided such State institutions are not
located in the same city of over 200,000 inhabitants as
the national bank and do not have resources aggregating
in the case of any one bank more than $5,000,000.
(5) Do not prohibit a person from serving at the
same time as director, officer, or employee of any
number of national banks, provided no two of them are
located in the same city of over 200,000 inhabitants and
no one of them has resources aggregating over
$5,000,000.
(6) Do not prohibit a person who is not a director,
officer, or employee of any national bank from serving
at the same time as officer, director, or employee of any
number of State banks or trust companies, regardless
of their locations and resources.
(7) Do not prohibit a person who is an officer or
employee but not a director of a State bank from serving
as director, officer, or employee of a national bank, even
though either or both of such banks have resources
aggregating over $5,000,000, provided both banks are
not located in the same city of over 200,000 inhabitants.
(8) Do not prohibit a person who is an officer or
employee but not a director of a national bank from
serving at the same time as director, officer, or employee
of a State bank, even though either or both of such banks
have resources aggregating over $5,000,000, provided
both banks are not located in the same city of over
200,000 inhabitants.
(9) Do not prohibit a private banker or an officer,
director, or employee of any bank or a class A director
of a Federal reserve bank from being at the same time
an officer, director, or employee of not more than two
other banks within the prohibitions of the Clayton Act,
if there is in force a permit therefor issued by the Federal
Reserve Board.
Exceptions cumulative.—The above exceptions are
cumulative.

SECTION III.—Exceptions

SECTION IV.—Permission of the Federal Reserve Board

The provisions of section 8 of the Clayton Act—
(1) Do not apply to mutual savings banks not having
a capital stock represented by shares.
(2) Do not prohibit a person from being at the same
time a director, officer, or employee of a national bank
and not more than one other national bank, State
bank, or trust company, where the entire capital stock
of one is owned by the stockholders of the other.

(a) In general.—Section 8 of the Clayton Antitrust
Act, as amended by the acts of May 15, 1916, May 26,
1920, and March 9, 1928, authorizes the Federal
Reserve Board to permit any private banker or any
officer, director, or employee of any bank, banking
association, or trust company, or any class A director
of a Federal reserve bank to serve as director, officer,
or employee of not more than two other banks, banking

SECTION II.—Prohibitions of Clayton Act




APRIL, 1928

FEDERAL RESERVE BULLETIN

associations, or trust companies coming within the
prohibitions of the Clayton Act, if in the judgment of
the Federal Reserve Board it is not incompatible with
the public interest.
(b) When obtained.—Inasmuch as this exception to
the prohibitions of the Clayton Act applies only when
"there is in force a permit therefor issued by the Federal
Reserve Board," it is a violation of the law to serve two
or more banks in the prohibited classes before such a
permit has been obtained. A permit should be obtained, therefore, before becoming an officer, director,
or employee of more than one bank in the prohibited
classes. It may be procured before the person applying
therefor has been elected as a director or appointed an
officer or employee of any bank in the prohibited classes.
(c) Applications for permission.—A person wishing
to obtain a permit from the Federal Reserve Board to
serve banks coming within the prohibitions of the
Clayton Act should—
(1) Make formal application on F. R. B. Form 94,
or, if a private banker, on F. R. B. Form 94d. Each of
these forms is made a part of this regulation.
(2) Obtain from each of the banks involved a statement on F. R. B. Form 94a, which is made a part of
this regulation, showing the character of its business,
together with a copy of its last published statement of
condition, and, if a private banker, make a statement
on F. R. B. Form 94e showing the character of his
or his firm's business.
(3) Forward all these papers to the Federal reserve
agent of his district, who will attach his recommendation on F. R. B. Form 94b, which is made a part of this
regulation, and forward them in due course to the
Federal Reserve Board.
(d) Compatibility with the public interest.—In determining whether the issuance of such a permit would
be compatible with the public interest, the Federal
Reserve Board will consider:
(1) Whether the banks involved are natural competitors;
(2) Whether their having the same directors, officers,
or employees would tend to lessen competiton or to
restrict credit; and
(3) Any other facts having a bearing upon the interest of the public in such banks as affected by their
having the same directors, officers, or employees.
(e) Approval or disapproval.—As soon as an application is acted upon by the board, the applicant will be
vised of the action taken.
If the board approves the application, a forma
permit to serve on the banks involved will be issued to
the applicant.




285

(f) Hearing.—If it appears to the board that it would
be incompatible with the public interest to grant such
permit the board will so notify the applicant and will
afford him every opportunity to present any additional
facts or arguments bearing on the subject before making
any final decision in the case.
(g) Effect of permits.—A permit once granted continues in force until revoked, and need not be renewed.
(h) Revocation.—All permits, however, are subject to
revocation whenever the Federal Reserve Board, after
giving reasonable notice to the persons to whom they
were issued and affording them an opportunity to be
heard, finds that the public interest requires their
revocation.
SECTION V.—Permits under section 25 of the Federal
reserve act
With the approval of the Federal Reserve Board,
any director, officer, or employee of a member bank
which has invested in the stock of any corporation
principally engaged in international or foreign banking
or financial operations or banking in a dependency or
insular possession of the United States, under the
provisions of section 25 of the Federal reserve act, may
serve as director, officer, or employee of any such
foreign bank or financial corporation.
Applications for approval.—The approval of the
Federal Reserve Board for such interlocking directorates may be obtained through an informal application in the form of a letter addressed to the Federal
Reserve Board either by the officer, director, or employee involved, or in his behalf by one of the banks
which he is serving. Such application should be sent
directly to the Federal Reserve Board.
SECTION VI.—Permits to serve Edge corporations
With the approval of the Federal Reserve Board—
(1) Any officer, director, or employee of any member
bank may serve at the same time as director, officer, or
employee of any Edge corporation in whose capital
stock the member bank shall have invested.
(2) Any officer, director, or employee of any Edge
corporation may serve at the same time as officer,
director, or employee of any other corporation in
whose capital stock such Edge corporation shall have
invested under the provisions of the Edge Act,
Applications for approval.—Such approval may be
obtained through an informal application in the form
of a letter addressed to the Federal Reserve Board
either by the director, officer, or employee involved,
or in his behalf by one of the banks or corporations
involved. Such applications should be sent directly
to the Federal Reserve Board.

286

FEDERAL RESERVE BULLETIN

Changes in State Bank Membership

APRIL, 1928

Fiduciary Powers Granted to National Banks

The following list shows the changes affecting
During the month ended March 21, 1928, the
State bank membership during the month ended Federal Reserve Board approved applications of the
March 21, 1928, on which date 1,267 State institutions national banks listed below for permission to exercise
were members of the system:
one or more of the fiduciary powers named in section 11
(k) of the Federal reserve act as amended, as follows:
(1) Trustee; (2) executor; (3) administrator; (4)
ADMISSIONS
registrar of stocks and bonds; (5) guardian of estates;
(6) assignee; (7) receiver; (8) committee of estates of
Total
lunatics; (9) in any other fiduciary capacity in which
Capital Surplus
State banks, trust companies, or other corporations
which come into competition with national banks are
District No. 8
permitted to act under the laws of the State in which
the national bank is located.
Wildwood Title & Trust Co., Wildwood, N. J
Lansdale Title & Trust Co., Lansdale,
Pa
—

$100,000
125,000

$150,000 $1,499, 784

128,893

Boston, Mass
Orange, Mass
South Norwalk, Conn.
Passaic, N. J__
Lynbrook, N. Y
White Plains, N . Y . . _
Berwick, Pa
Kennett Square, P a . . .
Philadelphia, Pa

1
1
2
2
2
2
3
3
3

Boston National Bank
Orange National Bank
City National B a n k . . .
Lincoln National Bank
Lynbrook National Bank...
Peoples National Bank
First National Bank
National Bank ofCity National Bank and

Strasburg, Va
._
Woodstock, 111
Kokomo, Ind
Lebanon,Ind...
Martinsville, Ind
_
$150,000 $4, 603,000 Vincennes,
Ind
_
Deer
Lodge.
Mont
125,000
375,000 Superior, Wis___
Independence, Mo

5
7
7
7
7
8
9
9
10

First National Bank
American National Bank
Citizens National Bank
First National Bank
Citizens National Bank
American National Bank
United States National Bank.
National Bank of Commerce.
First National Bank

25,000

District No. 12
First Security Bank, Pocatello, Idaho..

100,000

50,000

1, 701,146

CHANGES
District No. 2
East Orange Bank, East Orange, N. J.,
$250,000
member
Central Trust Co. of Essex County,
250,000
East Orange, N. J., nonmember
(Above banks merged into Savings Investment & Trust Co., East Orange,
N. J., a member.)

1

District No. 4
West Lafayette Bank Co., West Lafayette, Ohio (reopened).
Farmers & Merchants Bank Co., Metamora, Ohio (closed)
....

100,000

50,000

25,000

9,000

75,000

25,000

1,130,000

Name of bank

Changes in National Bank Membership

Number of
banks

8,500

287,648

50,000

3,500

356,494

Aggregate of new charters, banks restored to
solvency, and banks increasing capital

35

15,075,000

261,862

Liquidations
.. _
. Reducing capital
Total liquidations and reductions of capital..

19
1
20

1,475,000
50,000
1,525,000

2

5,050,000

3
5

215,000
5,265,000

25,000

4,500

50,000

461,361

District No. 11
First State Bank, Rice, Tex. (succeeded
by First State Bank, Rice, Tex., nonmember)

50,000

1,000




50,000

New charters issued
Restored to solvency
Increase of capital approved i

Consolidation of national banks under act of Nov.
7,1918
Consolidation of a national bank and a State bank
under act of Feb. 25,1927
Total consolidations

10 $1,060,000
0
0
25 14,015,000

286,464

Aggregate increased capital for period
...
Reduction of capital owing to liquidations, etc
Net increase..
. .

335,734

i Includes 3 increases in capital as negating $90,000 incident to consolidations of State banks under act c Feb. 25,1927.

District No. IB
Security State Bank, Ashton, Idaho
(closed)

Amount
of
capital

30,000

District No. 10
Farmers State Bank, St. Edward, Nebr.
(withdrawal)
Bank of Chelsea, Chelsea, Okla. (voluntary withdrawal)

1 to 9.
Ito9.
5 to 9.1
Ito9.
1 to 9.
1 to 9.
lto 5,7,8
Ito9.
lto 9.

567,208

District No. 9
Enderlin State Bank, Enderlin, N. Dak.
(consolidated with nonmember)

Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.

Supplemental.

District No. 7
Farmers Savings Bank, Lytton, Iowa
(closed)

Ito9.
Ito9.
5.i

The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from February 25
to March 23, 1928, inclusive:

District No. 6
Douglasville Banking Co., Douglasville, Ga. (closed)

Powers
granted

Location

District No. 11
First State Bank, Wolfe City, Tex

District
No.

162, 500

37,500

15,075,000
1,525,000
13,550,000

287

FEDERAL RESERVE BULLETIN

APRIL, 1928

DETAILED BANKING STATISTICS FOR THE UNITED STATES
FEDERAL RESERVE BANKS
BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve Bank

Total
Boston

Bills discounted:
1927—February
March
April
May
June
July
August
September
October.
November
December
1928—January
February
March.
Total deposits:
1927—February
March
|
April
I
May_
j
June
I
July
__i
August
I
September
i
October
November
j
December
!
1928—January
!
February
I
March
j
Member bank reserve bal- I
ances:
1927—February
_ _.!
March
\j
April
May
,.|
June
!
July
!
August
|
September
i
October.
|
November
I
December
I
1928—January
|
February
|
March...
j
Government deposits:
<
1927—February
March
I
April
May
June
.
July
August
September
October..
November
December
1928—January
February
March
All other deposits:
1927—February.
March
April
May
June
July
August
September
October. _
November.
December
1928—January
February
March




New
York

29.0
35.8
23.2
37.1
33.8
29.7
29.9
28.4
33.3
36.4
40.2
23.5
45.2
49.5

91.2
112.2
121.6
137.8
91.9
122.9
118.4
142.4
126.9
106.5
171.1
152.9
119.3
130.0

2,266. 5
2,284. 8
2,301.1
2,326.8
2,355. 4
2,339. 5
2,331. 5
2,350.9
2,380.9
2,430. 0
2,436.0
2,472.4
2,419. 5
2,411.7

149.1
146.2
148.4
148.0 i
149.8
152.6
152.0
153.4
157.2
161.7
156.8
158.4
154.1
153.7

856.1
878.3
882.4
908.2
941.9
918.9
902.1
911.1
921.3
946.3
959.1
974.4
942.7
948.8

2,212. 2
2, 240. 0
2, 248. 3
2.262.4
•2,300. 9
2,288.9
2,283.1
2.300.5
2,326.0
2.373.0
2,399. 2
2,426.4
2.368.1
2,365.0

144.5
144.1
145.6
146.2
147.9
151.1
150.2
151.0
155.0
157.4
155.1
155.9
151.0
151.2

838.3
856.6
863.3
875.3
913.3
894.8
880.9
888.7
895.9
922.5
944.9
957.9
924.4
931.6

393.0
424.5
447.3
473.0
428.6
454.0
409.4
422.2
424.4
415.2
528.6
465.3
470.7
513.2

28.1
21.8
29.6
25.4
20.7
17.4
17.9
20.3
20.4
12.8
10.0
19.4
25.6
23.0

2.9
1.4
2.3
1.3
1.2
.8
1.0
1.4
1.1
.9
.8
1.9
2.0
2.0

26.1
23.0
23.2
39.0
33.9
33.1
30.5
30.1
34.4
44.2
26.8
26.6
25.8
23.7

1.7
.7
.6
.6

.7
.7
.8
1.0
1.1
3.4
.9
.6
1.2
.5

5.2

10.4
7.8
4.7
5.9
2.4
2.0
4.2
5.4
2.9
2.2
2.6
6.8
5.9

12.5
11.3
11.3
28.2
22.7
21.7
19.3
18.2
20.0
20.9
12.1
13.9
11.5
11.3

Philadelphia

Cleveland

Richmond

Dallas

San
Francisco

38.9
31.7
53.9
43.6
41.8
35.4
27.8
34.8
43.7
46.8
58.6
51.0
50.8
57.0

23.4
22.1
22.5
25.5
22.4 I
21.8 I
19.7 !
26.3 |
28. 9 j
21.5
24.4 I
26.9 j
27.3 I
27.8 |

31.7
34.1
34.6
32.6
36.3
34.7
31.1
26.0
32.7
36.1
29.3
28.3
25.2

78.5
71.1
56.3
52.7
63.9
59.7
40.5
31.4
36.5
46.9
65.0
59.0
50.9
67.9

14.6
14.4
16.2
24.0
26.3
29.8
24.7
28.0
21.5
18.1
19.3
16.6
24.0
26.1

4.0
4.5
6.1
6.7
6.5
6.0
6.1
4.4
2.7
2.6
3.0
3.7
4.0
3.3

8.6
11.9
17.3
16.5
12.5
9.3
10.7
15.7
18.1
15.2
12.7
11.4
10.5

12.7
11.0
7.2
8.4
5.4
4.3
4.1
3.8

38.6
48.3
53.3
43.1
41.4
45.8
46.1
35.6
43.7
39.1
42.4
41.0
52.3
63.1

139.4
138.9
140.5
139.0
137.9
138.0
138.6
140.9
141.5
142.3
140.1
143.8
140.4
140.7

183.0
188.4
188.1
188.4
190.2
189.6
192.1
190.5
190.1
192.8
188.8
192.0
192.2
189.5

72.3 I
70.5
71.2
72.6
71.7
74.3
74.5
74.6
74.7
76.7
75.1
76.0
75.1
72.9

72.5
71.1
72.8
71.1
68.8
68.5
67.5
68.8
70.8
70.4
70.5
72.6
72.5
71.2

329.7
328.2
332.4
339.0
338.5
337.9
345.5
344.0
346.8
345.7
350.0
355.8
349.7
349.7

83.8
82.8
83.8
83.2
82.4
82.6
81.6
81.6
84.7
87.9
87.9
87.6
87.5
84.5

50.8
51.5
50.4
49.2
49.7
50.6
49.7
52.6
55.6
57.8
56.4
55.1
54.6
55.3

91.4
90.8
90.8
89.4
88.3
90.9
91.6
90.2
90.5
94.2
93.3
94.3
95.0
94.4

63.8
63.2
62.6
61.6
59.8
60.2
59.8
63.0
66.4
69.2
69.8
70.6
70.6
68.5

174.7
175.0
177.8
177.2
176.3
175.4
176.5
180.2
181.1
184.9
188.1
191.9
185.0
182.5

136.7
136.9
137.4
136.1
135.8
136.4
136.8
138.6
139.4
139.8
138.7
141.7
138.5
138.6

179.9
185.7
184.7
185.2
187.2
187.1
189.3
187.4
187.4
188.5
186.3
188.9
188.1
186.0

69.4
68.9
68.3
68.8
69.5
71.6
72.0
72.1
71.8
74.1
73.5
73.8
72.4
70.6

69.5
69.4
68.4
67.1
66.7
65.6
67.6
68.5
68.6
69.3
70.7
70.0
69.4

324.6
325.1
328.0
335.1
334.5
333.9
341.2
339.7
343.0
342.5
347.2
352.1
345.8
345.7

81.2
81.4
81.6
81.1
80.8
81.0
80.0
80.1
82.5
85.3
86.3
86.1
85.0
82.8

49.2
50.3
48.9
47.7
48.5
49.1
48.3
51.0
54.0
56.3
55.2
53.3
53.1
53.9

89.1
89.6
89.0
87.4
87.2
88.8
89.9
88.9
88.8
91.0
91.3
92.1
92.4
92.4

62.4
62.2
60.9
59.7
58.5
58.8
58.3
61.7
64.8
67.7
69.0
68.8
69.3
67.1

167.1
169.7
171.3
171.3
170.5
169.6
170.5
173.8
174.9
179.3
182.3
185.2
178.2
175.8

2.1
1.2
2.3
2.3
1.4
.9
1.2
1.6
1.3
1.2
.6
1.4
1.3
1.6

1.7
.9
1.5
1.6
1.2
.9
1.1
1.3
.9
.9
.7
1.4
2.2
1.9

2.6
1.2
2.5
3.4
1.8
2.3
2.2
2.1
2.4
1.3
1.0
1.8
2.3
2.0

2.2
1.2
3.0
2.1
1.4
1.4
1.6
.9
1.6
.8
.7
1.5
1.9
1.5

3.7
1.3
2.4
2.2
2.2
2.1
2.6
2.4
1.7
.9
.8
1.9
2.3
2.2

1.5
.8
1.7

1.6
.7
1.4
1.6
.8
1.7
1.3
.9
.9
1.3
1.4
1.1

1.2
.7
1.4
1.7
1.1
1.0
1.2
1.1
1.3
1.0
.5
1.4
1.0
1.2

2.4
1.2
2.3
1.8
1.8
1.6
1.6
2.1
1.7

.0
A
1.2

1.2
.8
1.1
1.1
.9
1.2
1.1
1.3
1.0
.7
.6
1.3
1.2
1.0

.5
.7
.8
.6
.6
.7
.6
.7
.9
1.4
.8
.7

1.4
1.8
1.9
1.6
1.9
1.6
1.7
1.8
1.8
3.4
1.9
1.8
1.9
1.6

.4
.4
.3
.3
.4
.3
.4
.5
1.3
.7
.5
.4
.3

1.4
1.8
2.0
1.6
1.8
1.8
1.7
1.8
2.0
2.3
2.0
1.8
1.7
1.8

1.1
.6
.6
.5
.6
.6
.5
.5
1.1
1.7
1.0
.6
1.0
.5

.3
.4
.4
.3
.3
.3
.3
.3
.6
.8
.6
.4
.3
.4

.7
.4
.4
.3
.4
.3
.4
.4
.8
2.6
1.3
1.0
1.2
.9

35.7
41.0
43.7
45.8
45.2
46.8
39.6
38.2
38.4 I
38.1
47.9
44.4
53.1
49.2

I
•4 '

.6 i
.3 |
.3 i
.3
.3
.7
1.0
.4
.3
.6
.3

3.1
3.2
4.4
4.7
6.2
7.4

2.0
1.8
1.5
5.2
4.1
4.2
4.2
4.1
4.2
4.4
4.3
4.5
4.8
4.9
4.7
5.0
5.2

288

FEDERAL RESERVE BULLETIN

A P R I L , 1928

FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES AT THE END OF EACH MONTH
[In millions of dollars]
1927

Janu- Feb- March April
ary ruary

May

June

1928

July

August

September

NoOcto- vember
ber

December

Janu- Febary ruary

RESOURCES

Total gold reserves
Reserves other than gold

2,957
160

2,976
154

3,010
157

3,029
157

2,982
156

2,998
158

3,002
149

2,998
148

2,964
131

2,922
131

2,805
135

2,733
134

2,797
169

2,808
166

Total reserves
3,117
Nonreserve cash
70
Federal reserve notes of other Federal
19
reserve banks

3,130
63

3,168
60

3,187
56

3,138
51

3,156
52

3,152
51

3,146
48

3,095
42

3,054
52

2,940
58

2,867
77

2,966
85

2,974
70

19

16

16

18

13

17

Bills discounted

425

470

451

477

459

443

Bills bought:
Outright
Under resale agreement

272
49

230
67

185
54

197
41

159
69

181
30

Total bills bought

17

18

22

20

24

20

17

401

437

412

477

582

423

493

153
19

118
67

174
76

266
76

288
66

310
82

333
46

303
41

321

296

239

238

228

211

172

185

250

342

355

392

379

344

United States securities:
Bought outright
Under resale agreement

303
1.2

305
10.8

317
31.0

322
4.5

336
7.5

367
3.1

385
7.5

470
2.9

487
19.5

519
2.9

544
4.1

560
56.6

431
6.1

399
8.5

Total United States securities
Other securities

304
2.5

316
2.0

348
2.5

327
1.8

343
1.8

370
1.3

392
1.3

473
.3

506
.8

522
.6

548
.9

617
.9

437
.5

408
1.0

Total bills and securities
Gold held abroadDue from foreign banks
Uncollected items *
*" ank premises
11 other resources
Total resources

1,053

1,084

1,040

1,044

1,032

1,025

1,008

1,059

1,194

1,276

1,381

1,591

1,240

1,245
—

60
.7
513
58
12

.7
580
58
14

.7
599
58
13

.7
600
59
13

.7
547
59
14

23
28.8
631
59
14

48.7
550
59
15

12.2
586
59
18

.8
641
60
13

.6
595
60
14

.6
672
60
14

.6
714
58
15

.6
577
59
10

.6
598
59
11

4,842

4,946

4,955

4,976

4,914

5,006

4,903

4,945

5,065

5,072

5,145

5,346

4,957

4,975

Federal reserve notes in actual circulation..
1,704

1,727

1,724

1,744

1,748

1,721

1,688

1,676

1,736

1,734

1,717

1,790

1,581

1,588

LIABILITIES

Deposits:
Member bank—reserve account
Government
_
Foreign bank.
Other deposits
Total deposits
Deferred availability items
Capital paid in .
Surplus
All other liabilities
Total liabilities
Contingent liability on bills purchased
for foreign correspondents

2,218 2,229 2,237 2,257 2,197 2,249 2,277 2,299 2,293 2,324 2,379 2,487 2,391 2,375
43.3
37.9
32.2
36.6
30.7
25 1
12.7
27 4
21.2
2.1
19 9
27 9
18 4
22.8
5.4
5.3
3.8
4.6
4.5
6.4
4.7
9.5
5.5
5.1
4.6
4.8
4.6
19
18
15
17
29
27
23
24
31
28
21
19
17
24
2,278
496
126
229
10.0

2,296
127
229
10.9

2,296
567
128
229
12.1

2,302
560
129
229
12.8

2,262
129
229
13.8

2,313
603
129
229
11.3

2,330
514
130
229
11.8

2,341
555
131
229
13.2

605
131
229
14.5

2,386
576
131
229
16.1

2,413
638
132
229
17.5

2,531
651
132
233
8.2

2,435
563
134
233
10.4

2,426
580
137
233
11.6

4,842

4,946

4,955

4,976

4,914

5,006

4,903

4,945

5,065

5,072

5,145

5,346

4,957

4,975

94

93

148

147

160

146

151

166

188

189

186

229

237

239

* Exclusive of Federal reserve notes of other Federal reserve banks, which are shown separately.




2,349

289

FEDERAL RESERVE BULLETIN

APRIL, 1928

FEDERAL RESERVE BANKS-AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN MARCH AND FEBRUARY, 192*
[In thousands of dollars]
Total cash reserves

Total deposits

Federal reserve notes
in circulation

Reserve percentages

Federal reserve bank
March
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas C i t y Dallas
San Francisco.

March

February

153,675
948, 778
140, 742
189, 480
72,942
71, 203
349, 665
84, 549
55, 308
94, 366
68, 536
182,470

154,128
942,739
140,367
192,224
75,069
72,537

83,171
103, 302
70, 656
228, 980

1,045,300
170,774
279,495
89,458
169,171
450,875
77,680
80,891
103,487
71,619
246,932

2, 940, 725

2,971,768

2,411, 714

2,419,482

174,812
1,026,295
182, 678
273, 731
93, 538
175,653
448,509
79,400

Total-

February

349, 723

87,461
54,608
95,010
70,597
185,019

March

February

March

February

60,680
38,658
151,953

79.1
68.1
71.3
69.1
82.0
76.2
57.8
74.5
67.6
67.4
68.6

67.1
80.8
64.4
72.0
63.1
79.1
77.»
55. a
73.1
66.5
65.6
73.3

1, 591, 615 1,597,043

73.5

74.0

121,056
349,408
127,469
194,176
62, 508
142, 976
239,140
52, 712
56, 340
58,447
36,305
151, 078

123,124
350,921
124,984
195,782
66,738
141,445
233,784
52,976

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars]
Federal Reserve Bank
Total
Boston

Gold with Federal reserve
agents:
Mar. 7
Mar. 14
Mar. 21__.
Mar. 28
Gold redemption fund with
United States Treasury:
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Gold held exclusively against
Federal reserve notes:
Mar. 7
Mar. 14
Mar. 21Mar. 28
Gold settlement fund with
Federal Reserve Board:
Mar. 7_.
Mar. 14
Mar. 21
Mar. 28
Gold and gold certificates held
by banks:
Mar. 7_
Mar. 14
Mar. 21
Mar. 28
Total gold reserves:
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Reserves other than gold:
Mar. 7 . . •
Mar. 14
Mar. 21
-..
Mar. 28
Total reserves:
Mar. 7

Mar. 1 4 —
Mar. 21
Mar. 28




1,345,440
1,369,178
1,393,893
1,331,263

84,482
82,025
80,254

49,778
58,576
48,560

6,704
8,151
4,797
5,869

50, 652

NewYork

Phila- Cleve- RichSt.
Minne- Kansas
delphia land mond Atlanta Chicago Louis apolis City Dallas

25, 720
298,887 91,723 160,062 47,502 138,054
159,128 45,966 142,600 226,629 26,802
298,813
328,813 106,555 160,026 44,656 142,575 226,566 28,732
248,722 102,548 161,549 47,003 135,451 226, 508 35,424

V

11,640 7,721
14,974 10,341
13,494 6,042
11,918 8,954

4,153
5,823
3,585
3,465

1,946
2,266
1,446

99,444
109,167
112,597
111, 502

164,215
164,951
163,611
165,014

48,990
47,912
46,922
48,449

1,947
1,877
1,879
2,082

4,460
3,282
5,176
4,140

140,001 231,089
144,477 229,911
144,454 231,742
137, 533 230,648

2,968
3,333
3,134
3,997

52,358
51,874
52,874
52,140

2,059
769
1,219

San
Fran-

51,664
135,260
51,736 30,471 151,851
50,906 29,865 140,300
50,107 29,021 162,536
2,008
2,528
2,968
3,390

1,152
1,325
1,268
1,509

3,568
2,937
3,182
2,663

28,688 54,327 53,672 32,085 138,82S
30,135 53,933 54,264 31,796 154,788
31,866 53,643 53,874 31,133 143,482
39,421 53,359 53,497 30,530 165,199

1,395,218
1,427,754
1,442,453
1,381,915

93,352
92,633
86,123

310,527
313,787
342,307
260,640

767,300
735,014
684,561
714,989

42,910
40,626
52,744
36,286

291,717
297,027
276,797
290,510

46,221 50,110 26,132 10,371 150,083 25,797 23,919! 37,739 20,796 41,505
30,436 51,182 22,248 7,476 157,038 23,204 17,945 35,200 19,779 32,853
39,212 39,844 23,499 6,675 120,652 19,740 15,790 32,279 20,134 37,195
137,907 18,433 17,837 34,021 20,101 33,353
42,270 52,410 24,965

649,700
625,649
648,757
663,059

26,500
26,524
24,823
23,869

416,001
391,597
416,013
432,382

25,971
25,465
26,151
25,110

2,812,218
2,788,417
2,775,771
2,759,963

46,123
44,937
44,700
45,423

9,712
9,902
9,964
10,067

8,795 54,746
8,926 54,849
9,328 54,133
9,853 53,176

162,762 1,018,245 171,636 260,448 84,834 159,167
160,879
159,783 1,002,411 165,068 261,070
164,389 1,035,117 177,960 248,155 80,385 160,457
146,278 983,532 178,882 262,847 83,481 154,282

163,442
168,300
170,060
170,544

15,201
15,476
15,392
15,550

2,975,660
2,956,717
2,945,831
2,930,507

177,963
175,259
179,781
161,828

31,767
34,843
34,766
34,725

11,614
11,784
12,353
12,026

7,052
6,942
6,768
6,802

8,408 29,591
8,574 31,014
30,853
8,747 30, 752

98,463 61,289 209,924
435,918 66,099
441,798 65,123 77,013 96,406 60,149 218,655
92,921
63,959
59,930 211,530
74,441
406,527
76,048 94,320 59,378 229,304
421,731

8,772 13,853 10,793 15,139 20,163 14,493
8,141 14,854 10,635 15,039 20,597 14,825
8,709 15,382 11,151 15,547 20,787 14,541
8,488 14,019 11,450 16,085 21,297 14,559

1,050,012 180,408 274,301 95,627 174,306
1,037,254 173,209 275,924 90,697 175,918
1,069,883
263,537 91,536 176,004
1,018,257 187,370 276,866 94,931 170,367

5,187
5,135
5,008
4,852

456,081
462,395
427,314
443,028

4,661
4,461
4,201
3,885

7,147
7,357
7,573
7,796

10,021 11,432
10,071 12,001
10,216 11,795
10,541 12,149

80,592 88,094 105,610 71,310
79,948 81,474 103,763 70,220
78,500 78,642 100,494 70,146
84,439 79,933 102,116 69,919

221,356
230,656
223,325
241,453

290

FEDERAL RESERVE BULLETIN

APRIL, 1928

FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS-Continued
RESOURCES—Continued
[In thousands of dollars]
Federal Reserve Bank

Total
Boston

Nonreserve cash:
Mar. 7
Mar 14
Mar. 21-. .
Mar. 28
Bills discounted:
Secured by U. S. Government obligationsMar. 7
Mar 14
Mar. 21 . .
Mar. 28..
Other bills discounted—
Mar. 7
Mar. 14.
_..
Mar. 21 . . . .
Mar. 28
Total bills discounted:
Mar 7
Mar. 14
Mar. 21
Mar. 28
Bills bought in open market:
Mar. 7
Mar. 14
Mar 21
Mar. 28
U. S. Government securities:
Bonds—
Mar. 7-.
Mar. 14 .
Mar. 21
Mar. 28
Treasury notesMar. 7
Mar. 14
Mar. 21
Mar. 28
Certificates of indebtednessMar. 7
Mar. 14
Mar. 21 .
Mar. 28
Total U. S. Government securities:
Mar. 7
Mar. 14
Mar. 21___ Mar. 28
Other securities:
Mar. 7
Mar. 14—
Mar. 21..
Mar. 28
Total bills and securities:
Mar. 7 ._
Mar. 14
Mar. 21
Mar. 28
Due from foreign banks:
Mar. 7
Mar. 14
Mar. 21
Mar. 28 . . .
Uncollected items:
Mar. 7
Mar. 14
Mar. 21
Mar. 28 Bank premises:
Mar. 7
Mar. 14 .
Mar. 21
.
Mar. 28_




New
York

Philadelphia

Minne- Kansas
Cleve- Rich- Atlanta Chicago St.
Louis apolis City Dallas
land
mond

San
Francisco

70,084
70,013
68,045
67, 786

6,585
6,422
6,104
5,499

21,626
22,174
21,426
21,393

2,377
2,369
2,400
2,329

5,077
5,597
5,665
4,918

6,966
6,347
6,069
5,786

4,245
4,347
4,350
4,819

7,958
7,360
6,924
7,060

4,214
4,373
4,168
4,129

1,245
1,408
1,069
1,443

2,270
2,158
2,203
2,356

3,155
3,406
3,142
3,652

4,366
4,052
4,525
4,402

289, 784
285,255
285, 371
322,034

22,781
22,933
23,864
24,279

85,029
82,837
55, 250
113,422

27,876
35,081
30,432
29,484

28, 725
31,300
30,955
29,945

6,886
6,730
7,448
6,498

4,257
2,605
3,972
2,422

40, 263
35,908
63, 203
51,959

10, 268
10,123
12,240
12,924

236
482
4,090
2,533

2,184
4,505
5,198
4,868

1,490
539
367
807

59, 789
52,212
48,352
42,893

192, 324
187,041
191, 607
202,062

22,957
25, 249
22,149
34, 293

39,359
28,199
27,152
40, 596

14,485
16, 281
15,192
13,396

24,895
19, 888
25,901
23,051

17,489
21,115
19,810
19,114

22, 610
20, 209
18,361
20,930

20,694
15,150
20,554
22,001

14,508
15,646
16,450
10,841

1,355
1,386
1,351
1,309

5,660
6,557
6,794
6,961

1,952
3,215
2,786
3,508

6,360
14,146
15,107
6,062

482,108
472, 296
476, 978
524,096

45, 738
48,182
46,013
58, 572

124,388
111,036
82,402
154,018

42, 361
51, 362
45, 624
42,880

53, 620
51,188
56,856
52,996

24,375
27,845
27, 258
25,612

26,867
22,814
22,333
23,352

60,957
51,058
83,757
73,960

24, 776
25,769
28,690
23,765

1,591
1,868
5,441
3,842

7,844
11,062
11,992
11,829

3,442
3,754
3,153
4,315

66,149
66,358
63,459
48,955

338,495
343, 326
332, 728
346,103

42,183
46, 953
43, 641
49, 243

93, 240
100,815
92, 589
104,034

32,306
30, 596
27,504
24,408

30,154
28,691
29, 333
30,905

14, 726
14,929
13,942
12, 851

10, 247
9,803
9,754
15,223

41, 508
39,914
38, 672
39,033

10, 762
9,671
8,120
6,372

10,131
10,648
13, 767
13, 244.

12,290
12,098
12, 388
11,694

14,106
13, 677
13,344
12,860

26,842
25, 531
29,674
26,236

57,047
58,807
57, 330
55,711

708
708
767
707

3,384
4,384
1,384
1,384

585
585
585
585

754
755
755
505

1,153
1,153
1,153
1,153

80
19
62
47

19,977
20,297
21, 517
19,927

7,125
7,125
7,125
7,125

4,519
4,519
4,513
4,519

10,890
11,390
11, 590
11,890

7,819
7,819
7,819
7,815

53
53
54
54

205,633
193,421
171,767
163,612

11, 246
10,319
8,579
8,202

38, 678
35,492
29,502
26,847

17,892
17,028
15,403
14,683

37, 201
36,200
34,420
33,586

3,890
3,570
2,968
2,700

5,058
4,777
5,243
4,957

22,911
20,967
17,300
17,259

16,916
16,305
15,156
14,648

8,691
8,228
7,356
6,970

10, 786
9,972
8,441
7,763

10,197
9,428
8,204
7,661

22,167
21,135
19,195
18,336

140,032
148,659
156,164
166, 509

9,845
10,482
11,386
12,300

33,856
36,047
39,069
41, 783

16, 386
16,980
17,802
18, 538

11,784
12,472
12,912
13,765

3,405
3,626
3,929
4,203

4,788
4,974
3,478
3,720

20,107
21,845
22,914
24, 560

7,878
8,299
7,495
8,015

4,925
5,243
5,684
6,079

9,093
9,652
10,425
11,118

7,001
7,366
8,418
8,898

10,964
11,673
12,652
13, 530

402, 712
400,887
385, 261
385,832

21, 799
21, 509
20, 732
21,209

75,918
75,923
69,955
70,014

34,863
34, 593
33, 790
33, 806

49, 739
49,427
48, 087
47, 856

8,448
8,349
8,050
8,056

9,926
9,770
8,783
8,724

62,995
63,109
61, 731
61, 746

31,919
31,729
29, 776
29,788

18,135
17, 990
17, 559
17, 568

30, 769
31,014
30,456
30,771

25,017
24, 613
24,441
24,374

33,184
32,861
31,901
31,920

1,000
1,000
500
990

1,000
1,000
500
990

1, 224, 315
1, 217, 509
1,195,467
1,257,021

109,720
116,644
110,386
129,024

293,546
287,774
244,946
328,066

109,530
116, 551
106,918
101,094

133, 513
129,306
134,276
131,757

47, 549
51,123
49,250
46,519

47,040
42,387
40,870
47,299

165,460
154,081
184,160
174, 739

67,457
67,169
66, 586
59,925

30,857
31, 506
37,267
35,644

50,903
54,174
54,836
54,294

42, 565
42,044
40,938
41,549

126,175
124,750
125,034
107, 111

569
570
569
570

37
37
37
37

217
218
217
218

46
46
46
46

51
51
51
51

25
25
25
25

21
21
21
21

68
68
68
68

21
21
21
21

13
13
13
13

18
18
18
18

17
17
17
17

35
35
35
35

609,762
744,469
676, 209
595,975

58,923
71,436
63,740
59,356

150,962
204,314
182,144
154,175

52, 238
61,844
57,406
50,997

52,432
68,717
64,757
56,723

49,490
58,377
53,787
49,260

25,972
29,491
27,824
24,130

73,543
90,545
82, 277
71,130

30,050
34, 239
29,489
28,397

12,100
13,736
12,750
10,896

40,732
39,278
36,080
34,058

28,288
29,677
26,855
21,938

35,032
42,815
39,100
34,915

59,078
59,265
59,264
59,266

3,824
3,824
3,824
3.824

16,522
16, 543
16,543
16, 543

1,756
1,756
1,756
1,756

6,865
6,865
6,865
6,865

3,061
3,147
3,148
3,148

2,829
2,829
2,829
2,829

8,646
8,726
8,720
8,720

3,891
3,891
3,892
3,891

2,202
2,202
2,202
2,202

4,308
4,308
4,308
4,308

1,800
1,800
1,803
1,806

3,374
3,374
3,374
3,374

291

FEDERAL RESERVE BULLETIN

APRIL. 1928

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Federal Reserve Bank

Total
Boston

All other resources:
Mar. 7
Mar. 14.. ._
Mar. 21
Mar. 28
Total resources:
Mar 7
Mar 14
Mar. 21
Mar. 28

New
York

Philadelphia

Cleveland

RichSt.
mond Atlanta Chicago Louis

11,548
12,159
9,222
9,826

83
89
84
86

3,141
3,551
1,387
1,743

281
294
113
117

1,177
1,194
1,095
1,121

401
409
398
406

1,431
1,395
1,340
1,485

1,359
1,328
1,307
1,283

773
775
718
725

4, 951, 016
5, 060, 702
4,954.607
4,920,951

357,135
373,711
363,956
359,654

1,536,026
1, 571,828
1, 536, 546
1,540,395

346,636
356,069
355,308
343, 709

473,416
487, 654
476, 246
478,301

203,119
210,125
204,213
200,075

255,844
256,388
253,238
250,950

713,115
724,503
710, 770
706,028

186,998
190 416
183,374
181, 527

Minne- Kansas Dallas
apolis
City

1,009
1,301
973
970

San
Francisco

520
411
486
540

557
564
576
578

816
748
745
772

135,520 204,361
lai.fun 204,210
132.91 fi 198,425
131,101 197, 690

147,692
147,728
143,477
139,459

391,154
406,430
396,138
392,062

LIABILITIES
IFederal reserve notes in circulation:
Mar. 7
Mar. 14_
Mar. 21
Mar. 28.
Deposits:
Member bank—reserve accountMar. 7
Mar. 14
Mar. 21
Mar. 28
GovernmentMar. 7
Mar. 14
Mar. 21.
Mar. 28
Foreign b a n k Mar. 7
Mar. 14
Mar. 21
Mar. 28
Other deposits:
Mar. 7
Mar. 14
Mar. 2 1 Mar. 28.
Total deposits:
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Deferred availability items:
Mar. 7
—
Mar. 14
Mar. 21
Mar. 28
Capital paid in:
Mar. 7_
Mar. 14
Mar. 21
Mar. 28
Surplus:
Mar. 7
Mar. 14.
Mar. 21
Mar. 28
All other liabilities:
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Total liabilities:
Mar. 7
Mar. 14
Mar. 21
Mar. 28




1, 591,370
1, 574,114
1, 565,424
1, 567,052

120,933
119,223
119,021

62,788 143,426 238,772 52,886 56,950 59,186 37,175 153, 337
62,151 142,001 235,178 52,585 56,011 58,396 35,958 150, 274
142,291 236,246 52,194 56,087 58,119 35,812 148,430
60, 266 141,451 238,153 52,115 55, 654 56, 986 34,755 148,460

119,161

346, 519
342, 668
343,352
341,906

123,569
125,495!
124,043i
126,110

195,829
194,174
189,137
192,035

2, 361,464
2, 362,424
2,322, 237
2,357,143

147, 517
155, 337
153, 564
150,186

934,620
919,622
902, 604
943,494

136, 924
136,429
140,047
132,836

185, 586 71,855 70,535 347,110
184,436 69,964 69,538 348,290
183,446
68,016 340,607
185, 833 69,072 67,643 339,488

83,953
84,931
82,000
81,486

54,397
51, 734
53,125
52, 598

92, 759
94,440
91, 335
93,055

68,483
67,792
64, 520
65,993

167, 725
179,911
173,086
175,459

25,037
18,975
14,863
24, 757

2,160
28
227
3,012

7,515
12,990
10, 559
2,432

1,411
340
39
1,263

1,950
647
360
3,560

978
417
586
2,845

1,774
901
216
3,348

2,352
371
1,012
378

1,679
979
58
1,100

1,619
448
932
1,524

1,541
421
289
1,475

661
297
2,359

1,210
772
288
1,461

6,116
4, 305
4,502
5,007

323
323
338
338

3,027
1,216
1,271
1,774

409
409
427
428

447
447
468

219
219
229
230

181
181
189
189

626
626

185
185
194
194

116
116
122
121

155
155
162
162

151
151
158
158

305
305
318
319

18,121
17, 222!
18,102
17,308

81
91

8,370
9,099
8,380

102
168
191
67

951
1,165
1,171
1,203

115
155
72
87

176
84
72
75

1,145
1,108
1,122
1,317

353
267
270
346

393
270
255
277

686
900
724
728

65
31
28
28

5,071
4,613
5,014
4,702

2,410, 738
2,402,926
2, 359,704
2,404,215

150,081
155,779
154, 213
153,634

954,145
942,198
923, 533
956,080

138,846
137,346
140, 704
134, 594

188,934
186, 695
185,445
191,064

73,167
70, 755
70,774
72, 234

72,666
70, 704
68,493
71, 255

351, 205 86,170
350, 367
343, 367 82, 522
341,809 83,126

56, 525
52, 568
54,434
54, 520

95,141
95, 916
92, 510
95,420

69,547
68,635
65,003
68, 538

174, 311
185, 601
178, 706
181,941

566,760
701, 004
646,319
566,358

58,202
70, 718
62, 583
58, 526

127,006
178, 242
160,903
133, 556

11,150 36,227 27, 765
12,144 36,080 29,901
11,459 33,963 29,426
31,429 22,910

36, 998
44, 270
42,633
35, 248

136,605
136,456
136,642
136,150

9,468
9,468
9,586
9,586

42, 367
42,381
42,413
42,468

9,476
9,241
9,254
9,255

233,319
233,319
233, 319
233, 319

17,893
17,893
17,893
17,89a

12,224
12,883
13,199
13,857

558
630
660
854

4,951,016
5,060,702
4,954,607
4,920,951

357,135
373,711
363,956
359,654

48,355
57,308 67,033
54, 572 61,901
46,967 55,352

47, 714 24,169
57, 782
53, 283 26,855
48,123 22,577

14, 217
14,224
14,224
14, 223

6,249
6,251
6,251
6,251

5,166
5,166
5,166
5,166

63,007 21,662 24,021
63,007 21,662 24,021
63,007 21,662 24,021
63,007 21,662 24,021

12,324
12,324
12,324
12, 324

9,996

877
877

421
432
437
505

203,119
210,125
204,213
200,075

255,844
256,388
253, 238
250,950

2,982
3,332
3,338
3,378

13,641
13,690
13,700
13,700

563
568
627
676

1,536,026 346,636
1,571,828 356,069
1,536,546 355,308
1, 540, 395 343, 709

1,435
1,507
1,518
1,606

473,416
487,654
476, 246
478, 301

9,996

I

68, 775
84, 532
76, 654
71,997
!
19,104
19,118
19,122

18, 581
!
32,778
32,778
32,778
32,778
2,481
2,530
2,603
2,710
713,115
724,503
710,770
706,028

31,419
34,905
32,087
29,685
5,340
5,340
5,340
5,340

3,027
3,027
3,021
3,024

4,246
4,252
4,245

4,304
4,301
4,313
4,311

10,397
10,397
10, 397
10,397

7,039
7,'"~
7,
7,039

9,046
9,046
9,046
9,046

8,527
8,527
8,527
8,527

16, 629
16,629
16,629
16, 629

786
827
834
864

829
851
876
876

515
523
535
564

374
406
396
418

403
415
486
529

186,998
190,416
183,374
181,527

4 , ' •"

135,520 204,361 147,692 391,154
131,640 204,210 147,728 406,430
132,916 198,425' 143,477 396,138
131,101 197,690 139,459 392,062

292

FEDERAL RESERVE BULLETIN

APRIL,

1928

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES—Continued
[In thousands of dollars]
Federal Reserve Bank

Total

MEMORANDA
Ratio of total reserves to Federal reserve note and deposit
liabilities combined
(per
cent):
Mar. 7_.
Mar. 14.
Mar. 21
Mar. 28
._..
Contingent liability on bills
purchased for foreign correspondents:
Mar. 7
Mar. 14.
Mar. 2 1 . . . .
I
Mar. 28
Own Federal reserve notes
held by Federal reserve bank:
Mar. 7
Mar. 14
Mar. 21..._
Mar. 28

New
York

Boston

74.4
74.3
75.1
73.8

65.7
63.7
65.8
59.3

80.7
80.7
84.4
78.4

238,553
239,660
243,975
243,009

17,911
17,911
18,280
18,280

67,082
68,189
68,975

397,750
396,684
400,104
387,208

25,232
24, 776
23,121
21,210

124,049
123, 547
119,993
119,833

Phila- Clevedelphia land

RichSt.
mond Atlanta Chicago Louis

Minne- Kansas D#llas
apolis
City

San
Francisco

68.7
65.9
70.5
71.9

71.3
72.4
70.4
72.3

70.3
68.2
69.6
71.6

80.7
82.7
83.5
80.1

77.3
79.0
73.7
76.4

58.0
57.5
58.3
62.4

77.6
75.0
71.2
72.6

68.4
67.2
66.7
67.0

66.8
67.1
69.6
67.7

67.6
68.7
68.3
73.1

22,688
23,155
23,155

24,837
24,837
25,348
25,348

12,180
12,180
12.429
12.430

10,030
10,030
10,237
10, 237

33,196
33,196
33,879
33,879

10,269
10,269
10,481
10,481

6,448
6,448
6,581
6,581

8,597
8,597
8,774
8,774

8,359
8,359
8,531
8,531

16,956
16,956
17,305
17,305

36,153
32, 331
35,512
31,638

33,246
30,966
34,901

21,298
20,399
21,087
20,221

30, 788
32, 228
31,343
31,169

43,151
43, 714
44,384
43,126

6,449
6,972
7,993
8,064

5,035
5,730
5,629
5,528

7,905
7,767
7,214
7,848

8,177
8,933
8,473
8,685

56,267
59,321
60,454
60,060

F E D E R A L R E S E R V E NOTES—FEDERAL R E S E R V E A G E N T S ' ACCOUNTS, BY W E E K S

[In thousands of dollars]
Federal Reserve Bank
Total

Federal reserve notes received
from comptroller:
Mar. 7
Mar. 14
Mar. 21
Mar. 28.
Federal reserve notes held by
Federal reserve agent:
Mar. 7
Mar. 14
__
Mar. 21
Mar. 28
Federal reserve notes issued to
Federal reserve bank:
Mar. 7
Mar. 14
Mar. 21
Mar. 28.
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificates—
Mar. 7 Mar. 14
Mar. 21
_.
Mar. 28..
Gold redemption fund—
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Gold fundMar. 7
Mar. 14
_
Mar. 21
Mar. 28
Eligible paper—
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Total collateral:
Mar. 7
Mar. 14
Mar. 21
Mar. 28




Boston

New
York

Phila- Clevedelphia land

2,866,160
2,850,263
2,840,840
2,823, 560

232,935
230, 769
228,312
226, 541

755,928
751, 575
748,705
747,099

187,017 271,055 110,290
183,196' 267,120 108, 754
181,8551 266,018 107,845
177,848 262,841 106, 691

877,040
879,465
875,450
869,300

86, 770
86, 770
86,170
86,170

285,360
285,360
285,360
285,360

1,989,120
1,970, 798
1,965,390
1,954,260

146,165
143,999
142,142
140,371

414,841
414,840
414,140
414,140

35,300
35,300
35,300
35, 300

90, 736
88,454
91,366
99,152

13,348
11,182
18, 725
16, 954

839,863
888,387
817,971

38,000
38,000
28,000
28,000

792,404
778,352
780,579
839, 382

87,921
95,135
89, 654
107,815

2,137,844
2,147,530
2,174,472
2,170,645

174, 569
179,617
171, 679
188,069

497,931
491,389
489,563
490,281

27,295
25,370
22,300
20,100

RichSt.
mond Atlanta Chicago Louis

Minne- Kansas
apolis
City Dallas

San
Francisco

235,804
236,369
234, 544
234,820

449,623
447,692
443, 530
439,979

76, 545
76,507
77,897
78,349

81,024
80, 540
80, 540
79,806

106,101
105,173
104,343
103, 544

66, 734
66,273
65, 667
64,822

293,104
296,295
301,584
301,220

41,980
41,980
41, 980
40,980

26, 204
26,204
26,204
26,204

61,590
62,140
60,910
62,200

167, 700
168,800
162,900
158,700

17,210
16,950
17,710
18,170

19,039
18,799
18,824
18,624

39,010
39,010
39,010
38,710

21,382
21,382
21,382
21,382

83,500
86,700
92,700
92,700

470, 568
466,215
463,345
461,739

159,722i 229,075
157,826! 225,140
159,555 224,038
157,748 221,861

84,086
82, 550
81, 641
80,487

174,214
174,229
173,634
172,620

281,923
278,892
280,630
281, 279

59,335
59, 557
60,187
60,179

61,985
61,741
61,716
61,182

67,091
66,163
65,333
64,834

45,352
44,891
44,285
43,440

209,604
209, 595
208,884
208, 520

205,150
205,150
205,150
205,150

42,600
42,600
42, 600
42,600

31,021
31,020
31,020
31,020

20,000
20,000
20,000
20,000

9,300
9,300
8,600
8,600

14,167
14,167
14,167
14,167

12,462
11,528
12,426
13,949

2,481
3,946
2,636
6,483

7,054
6,400
4,575
8,951

1,920
1,002
2,632
1,324

1,191
707
1,707
973

18,737 10,941
18,663 12,119
18,663 8,778
18,572 9,771

1,629
1,629
1,566
1,508

17,303 40,000
17,303 40,000
17,303 40,000
17,303 40,000
2,804
3,876
3,046
4,247

3,630 14,539
3,168 14,234
2,562 14,050
2,718 13,702

75,000
105,000 14,000 111, 000 225,000 14,500
75,000 86,707 105,000 11,000 116,200 225,000 16,500
105,000 97,777 105,000 11,000 118,000 225,000 17, 500
25,000 92,777 105,000 9,500 106, 500 225,000 25,500

37,000
37,000
37,000
37,000

48,860 10,000 80,721
47,860 10,000 97,617
47,860 10,000 86,250
45,860 9,000 108,834

199,044
82,971
192, 576 71,890 78, 537
160,750 66,041 84,811
241, 559
82,618

38, 705
38,961
37,771
35,708

36,386
31, 756
31,201
37,482

102,333
90,821
122,277
112,849

34,990
34,809
36,170
29, 237

11,499
12,270
18,963
16,866

19,903 17,181 92,803
22,922 16,992 91,683
24,079 15,949 92,913
23,237 16,573 74,449

243,033
237,665
244,837
244,167

86,207
84,927
82,427
82,711

174,440
174,356
173, 776
172,933

328,962
317,450
348,843
339,357

60,710 63,857 71,567 48,114 228,063
61,611 64,144 74,658 47,463 243,534
64,902 71,837 74,985 45,814 233,213
64,661
73,344 45,594 236,985

160,391
170,716
172,596
163, 537

APRIL,

293

FEDERAL RESERVE BULLETIN

1928

[In thousands of dollars]

Total
Bills discounted:
Mar. 7—
.
Mar. 14
Mar. 21
_
Mar. 28
Bills bought in open market:
Mar. 7
Mar. 14 „
Mar. 21
Mar. 28
Certificates of indebtedness:
Mar. 7_
Mar. 14
Mar. 21____
Mar. 28

.
.
. .

Within 15
days

16 to 30
days

31 to 60
days

61 to 90
days

91 days to
6 months

482,108
472,296
476,978
524,928

405,499
399,259
400,982
442,096

18,266
18,104
17,721
18,829

31,045
31,442
32, 557
32,801

20,479
15,152
16,911
20,294

4,530
5,619
5,748
5,698

338,495
343, 326
332, 728
346,103

124,030
142, 960
151,818
167,981

91,920
89, 780
79,257
77,976

92,079
75,281
64,963
58,788

27,230
30, 661
31, 771
35,457

3,236
4,644
4,919
5,901

140,032
148, 659
156,164
166, 509

14, 630
10, 732
460
509

83,582
107,893
5,820
1.892

Over 6
months

2,289
2,720
3,059
3,546

41,820
30,034
149,884
164,108

GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM FEBRUARY 16 TO MARCH 21, 1928, INCLUSIVE
[In thousands of dollars]
Transfers for Government account

Transit clearing

Federal reserve note
clearing

Federal reserve bank
Debits
Boston
New York
Philadelphia. _.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . . .
Dallas
San Francisco.
Total 5 weeks e n d i n g Mar. 21, 1928
Feb. 15, 1928
Mar. 23, 1927. .
Feb. 16, 1927




24, 200
7,200
26,500
27,000
19,000
14,000
34, 500
2,000
2,000
2,000
3,000
21,000
182,400
26, 500
193, 500
14, 500

Credits

168, 700
2,000

3,000
3,500
2,700
1,000
500
1,000
182,400
26, 500
193,500
14, 500

Debits

Changes in ownership
of gold through transfers and clearings

Debits

Credits

1,196,932
4,162,878
913, 630
925, 721
855,454
399,997
1, 736, 069
683, 395
215,646
527,165
399, 321
641, 730

1, 217, 253
4,083,844
960,478
946, 524
869,432
416,837
1, 734,260
675,110
212, 398
520,154
396,920
624, 728

5,720
10,089
6,857
9,571
2,824
3,662
8,710
2,282
1,861
2,514
1,740
3,008

3,462
18,392
4,968
4,114
3,973
4,843
7,071
3,443
1,357
2,741
1,836
2,638

12,657,938
12, 616,160
11, 758, 216
11,175, 318

12, 657,938
12,616,160
11,758,216
11,175,318

58,838
71, 014
54, 253
70, 646

58,838 |
71,014
54, 253
70, 646

Credits

! Decrease

Increase

6,137
20,459
11,654
3,873
4,021
34,948
5,624
3,052
7,784
4,805
37,372
115,249

115, 249

Balance in
fund at
close of
period

52,744
276,797
39,212
39,844
23,499
6,674
120,652
19,741
15,790
32,280
20,134
37,195
684,562
763,846
608,962
616,853

294

FEDERAL RESERVE BULLETIN

APRIL, 192$

FEDERAL RESERVE BANKS—HOLDINGS OF BILLS DISCOUNTED, BY STATES IN WHICH BORROWING BANKS ARE
LOCATED
[End of month figures. In thousands of dollars]
1928

1927
State

United States

February

April

May

June

July

Decem- JanuAugust SeptemOctober Novemary
ber
ber
ber

469,558 451,183 476,647 459,086 443,450 442,158 400,524 437,425 411,525 477,025 581,503 423,310

New England:
1,969
Maine
1,779
New Hampshire
1,370
Vermont
33,330
Massachusetts
93
Rhode Island
4,004
Connecticut
Middle Atlantic:
120,431
New York
22,226
New Jersey
48,122
Pennsylvania
East North Central:
15,860
Ohio
7,890
Indiana
29,492
Illinois
31,267
Michigan
7,103
Wisconsin
West North Central:
Minnesota
6,532
Iowa
9,621
Missouri
826
North Dakota
929
South Dakota
3,252
Nebraska
1,312
Kansas
South Atlantic:
644
Delaware.
5,126
Maryland
438
District of Columbia.
Virginia
2,317
West Virginia
4,586
North Carolina
4,576
South Carolina
4,461
Georgia
Florida
East South Central:
3,112
Kentucky
5,537
Tennessee
5,507
Alabama
Mississippi
1,573
West South Central:
1,277
Arkansas
.__.
10,100
Louisiana
1,095
Oklahoma
2,827
Texas
Mountain:
115
Montana
540
Idaho
71
Wyoming
1,501
Colorado
105
New Mexico
323
Arizona
753
Utah
Nevada
Pacific:
2,304
Washington
4,957
Oregon
44,385
California




March

7181,305
698.
49,918.
396
3,260

83,170 129,769 266,687 103,025
22,225 22,140 19,150 19,923
46,622 57,920 104,217 59,006

69,063
19,642:
83, 277

12,783
3,587
15,356
17,884
2,735

34,4056,209
18,645
23,093:
12,932

722
2,375
6,870 4,023
11,837 11,475
312
319
695
640
9,119 4,705
2,980 1,246

2,408
4,586
16,228
472
619
4,182
1,199

2,895
3,772
20, 277
369
508
2,940
l,06L

783
7,098
500
5,877
1,631
2,429
1,671
6,575
3,502

474
5,498
920
11,894
5,363
1,998
1,425
3,582
2,619

620
11,744
320
9,297
3,367
4,738
2,172
4,013
1,799

719*
5,315,

6,911
3,096
5,380
1,563

6,663
2,845
2,411
1,239

2,177
1,842
4,641
1,225

2,332 2,001
210
11,156 21, 557 16,620
2,388 1,245
688
848
10, 323 6,436

2,688
13,853
1,325
4,960

1,155
1,225
1,248
16,966
30
3,443

1,319
2,113
1,041
45,293
4,263
3,005

2,300
2,231
1,375
35,360
487
4,354

733
1,366
1,078
33, 511
1,304
3,343

951
927
884
28,760
2,047
4,439

2,394
875
783
25,520
1,772
2,530

53,083
24,434
80,587

127,888
25,012
57,341

72,497
24,989
77,521

73,559
25,548
66,089

76,794
30,156
49,741

84,443
24,924
45,242

104,472
25,258
51,733

17.136
4,302
51,134
20,585
9,228

17,458
3,522
24,408
11,122
9,030

15,633
4,055
26,334
14,864
8,980

20,777
4,975
18,996
24,644
11,008

21,992
5,189
19,662
18,445
7,513

13,485
3,321
9,712
13,751
4,679

21,483
3,545
17,639
10,691
3,944

3,772
5,303
17.137
791
953
2,434
1,493

3,754
6,280
17,232
1,082
1,037
7,467
2,078

3,471
5,810
23,104
1,199
1,095
6, 745
2,927

876
3,463
27,646
1,171
1,262
2,289
2,314

1,547
3,509
17,141
1,554
1,479
1,674
1,794

3,461
2,913
17,850
1,761
1,283
1,310
1,338

16,947
830
794
1,697
1,417

1,033
4,555
9,913
427
570
5,167
3,639

857
2,545
1,070
5,167
2,134
5,758
4,612
5,332
3,448

813
3,163
1,020
6,491
2,984
6,484
4,242
5,374
2,441

949
4,342
704
7,349
2,954
7,447
2,636
5,505
1,955

2,030
6,571
1,817

646
2,742
485
5,002
2,281
6,802
2,800
5,882
2,504

532
1,477
115
7,520
2,455
7,856
2,607
6,457
3,445

317
5,150
1,315
11,267
3,227
6,977
1,529
5,467
4,142

711
5,547
1,465
11, 289
2,497
5,293
1,323
4,722
4,406

2,500
3,057
7,514
1,382

4,231
3,033
8,557
1,869

2,283
3,633
7,139
2,520

7,799
2,314
6,107
2,189

8,199
4,028
6,177
3,045

5,276
5,310
4,028

9,575
6,879
3,670
3,725

9,667
3,914
2,830
1,945

1,283
12,146
1,546
3,130

1,185
19,688
1,787
3,531

1,542
13,961
2,094
5,147

1,353
11,125
2,316
5,481

2,343
20,169
1,995
9,393

3,306
12,612
2,583

12, 574

4,550
8, 736
4,695
4,767

165
604
48
1,325
146
175
541

303
770
87
1,702
144
198
1,938

534
1,184
152
2,729
96
534
1,719

604
1,217
192
1,503
170
240
995

761
1,582
278
3,568
258
346
2,201

768
1,328
427
1,366
186
389
1,977

393
779
230
1,388
200
325
1,171

1,782
4, 254
35, 572

855
2,332
52,647

2,116
1,850
29,754

1,946
1,684
30, 470

3,271
1,811
44,064

2,421
672
38, 763

1,613
492
46, 218

8,629
81
5,278
3,441

492,568-

752
1,112
534
33,751
102
2,196

1,781
1,644
1,530
40,281
394

1,416

February

1,808
730
1,128

1,473
909
636
805
649
558
33,404 24,314
787
552
304
2,504 3,096

24,403 15,868 15,535
3,577 1,686 3,115
25,266 23,797 14,203
21,582 27,696 27,231
4,132 3,320 6,658

79
551
104
1,938
99
284
952

30
351
1,282
10
180
198

2,254 1,788
875
247
38,955 38,490

11,868.
2,710
7,602
2,61ft
5,229
1,946.
3,587
2,803
4,961
1,639
2,017
12,926
1,661
1,949
39

190
168

41
199
48
1,542
129
164
255

2,561
124
18a
368.

393
3,978

1,543
958
45,210

1,317
1,94&

21
161
48
1,018

234

295

FEDEKAL RESERVE BULLETIN

APRIL, 1928

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, MARCH 7, 1928
[In thousands of dollars]
Net demands deposits
Federal reserve district or
State

In places having a population of—
Less than
5,000

New England:
Maine
New Hampshire
Vermont.
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana.
_
Illinois.
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
_
Missouri
_
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia.
Virginia
West Virginia
_
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
._
Oklahoma.
Texas.
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California




5,000 to
15,000

15,000 to
100,000

100,000
and over

In places having a population of—
Total

1,148,259 2,362,893 13,902,990 19,103,811

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

Time deposits

46,213
206,629
139,773
139,899
95,009
88,127
195,294
102,597
104,982
213,250
210,675
147,221

73,341
124,256
72,561
129,022
69,302
79,133
134,002
73,873
86,154
121,326
107,243
78,046

205,087
318,938
151,663
193,451
172,653
207,353
412,739
98,151
81,241
239,532
137,085
145,000

11,105
8,440
6,588
11,803
1,011
9,594

6,399
12,041
8,284
34,295

26,439
16,919
2,333
118,154
3,494
47,639

153,283
76,815
163,315

1,082,797
6,352,701
829,877
1,066,574
277,234
246,435
1,866,315
467,108
189,594
324,836
255,429
944,090

Less than
5,000
1,948,655

5,000 to
15,000

15,000 to
100,000

100,000
and over

1,315,611 2,518,876 7,271,436

Total

13,054,578

1,407,438
7,002,524
1,193,874
1,528,946
614,198
621,048
2,608,350
741,729
461,971
898,944
710,432
1,314,357

74,347
399,524
299,658
216,982
154, 645
66,607
254,838
93,947
153,239
99,462
21,105
114,301

98,681
205,810
151,165
167, 609
101,630
70,469
187,378
60,286
112,930
64,613
32,593
62,447

43,943
37,400
17,205
861,048 1,025,300
130,775
126,270
178,760
109,205

36,592
6,606
17,946
7,785
6
8,456

28,339
6,979
18,701
35,198

62,398
80,309
108,289

194,505 6,067,791 6,477,977
131,230
321,383
609,737
206,518 1,200, 514 1, 678,636

293, 792
140,411
367,076

125,998
105,325
230, 789

62,099
30, 274
91,846
38,070
24, 227

63,295
27,829
61, 028
44,890
23,397

94,650
609,529
829,573
85, 736
205, 535
61, 696
154, 892 1, 310,053 1,617,819
93,008
516, 553
340, 585
63,926
232,206
120,656

77,176
30,182
94, 794
87,300
50,506

54,449
24, 758
70, 398
96,485
41,439

102,746
93,048
118, 215
148, 497
70,658

793,755
23,633
685,425
489, 711
69, 313

l,028,12&
171,621

36, 745
62,033
24,374
20,476
20,615
32,146
51, 714

23,936
22, 889
17,385
9,885
12,173
14,029
35, 256

31,853
70, 780
36,863
6,364
6,248
18,199
51, 894

282,128
189,027
591,102
36, 725
39,036
133, 367
146, 795

76, 235
62,618
16, 430
24, 768
17, 840
24,973
24,091

36,102
26, 319
10,491
10,973

107,693
9,832
235, 537

16, 983

31, 267
84,819
15, 294
6,463
2,345
3,690
15, 732

251,297
183, 588
277, 752
42,204
29,823
52, 242
59,964

3,330
16, 729

6,145

3,620

9,795
41,125

18,106

12,023

27,104
31, 247
16, 264
7,473
16,618
26, 022

15, 376
9,755
27, 894
10, 505
13,184
22,188

34,162
48,437
26,910
45, 401
75,324

39, 539
129,980
82, 745
167, 645
89, 439
112, 321
44,888
130,051
123, 534

53, 631
36, 679
18,987
10,129
11, 583
17,068

25,442
12,466
29,312
16, 623
13, 435
16,637

41, 754
44,639
43,492
39,208
39,410
71, 569

36, 526
19, 707
25,436
4,929

19,609
10,597
11,018
22,339

23, 701
36,032
36,846
14, 703

78,406
70, 652
45, 518

158, 242
136,988
118, 818
41,971

32,925
21,947
15, 064
3,049

13, 369
7,993
12, 368
17,448

23, 523
38, 654
22,130
14,042

52, 251
53,202
26, 233

122,068
121, 796'
75, 795
34, 539

22,412
5.798
86, 223
196,914

12,833
12, 739
37,826
96, 237

34,826
23,046
122,142
113, 722

117,814

70,071
159,397
246,191
662,302

15,808
3,776
24,807
16,906

7,359
8,164
15, 779
28,481

27, 842
9,051
54, 807
45,810

54, 445

51,009
75,436
95, 393
173,916>

15, 504
14,198
7,981
30,650
8,734
3,492
7,037
3,951

22, 787
11,514
13,293
14,456
8,147
2,956
3,607
4,268

25,189
8,773

63,480
34,485
21, 274
142, 245
22,342
29,655
49,376
8,219

10,148
7,488
5,353
17, 762
2,112
1,975
7,230
5,043

17, 598
6,858
9,693
11,373
2,203
2,079
4,517
2,639

24, 379
7,892
10, 391
3,759
11,135
1,814

30, 639
32,399
55, 779

14,888
18,287
25,482

189,182
116,147
893, 685

27,542
19,673
45,467

9,032
15,119
24, 282

24,514
1,498
55,808

12,322

189, 594
33,325
512,480
68,993
7,931
36,209
103,486
82, 745
91,003

54,848

"255*429"

15, 402
5,461
23,207
5,149

81, 737

26,887
2,577
81,569

116, 768
62,884
730,855

9,464

220,491
594,083
543,680 1,790,222
277,979
339,228
244,908
991,574
169,345
176,675
182,527
146,154
451,038 1,277,914
89,286
298,300
84,180
107,693
97,927
97,631
57,402
82,719
100,113 1,369,243

44,257
7,884
2,170
128,268
6,495
43,342

381,478
184,784
42,581

987,602
2,939,236
1,068,030
1,621,07a
602, 295
465,757
2,171,168
541,819
458,042
359,63a
193,819'
1, 646,104

109,188
21,469
38,817
552,729
191,285
103,843

330,893 1,538,735 2,289,418
220,472
277,820
744,028
373,177
491, 270 1, 462, 312

15,171
3,158
4,684
77, 536
44,647
54, 492

42, 237

"82,719

59,851
"l9," 638

821,99a
231,916

14,479
148, 790
44, 647
175, 319
93, 784
91, 791
65,960106, 665
105,274

52,125
22, 238
15,046
99,377
8,074
15,189
33,199
7,682

72,382
133, 470'
100,918.
64.628
1, 212; 595 1,338,152

296

FEDERAL RESERVE BULLETIN

APRIL, 1928

WEEKLY REPORTING MEMBER BANKS
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS
[In thousands of dollars]
Federal Reserve District
Total

Loans and investments—
total:
Mar. 7
21,682,243
Mar. 14
21,864,012
Mar. 21
21,924,746
Mar. 28
22,021,588
Loans and discounts—
totalMar. 7
15,153,148
Mar. 14
_
15,325,701
Mar. 21
15,270,210
Mar. 28
15,409,779
Secured by U. S. Government obligationsMar. 7
138,875
Mar. 14
143,630
Mar. 21
122,235
Mar. 28
143,840
Secured by stocks and
bondsMar. 7
__ 6,282,854
Mar. 14
6,382,688
Mar. 21
_
6,334,274
Mar. 28
6,443,710
All other loans and discountsMar. 7
8,731,419
Mar. 14
8,799,383
Mar. 21
8,813,701
Mar. 28
8,822,229
Investments—total:
Mar. 7
6,529,095
Mar. 14
6,538,311
Mar. 21
6,654,536
Mar. 28
6,611,809
United States Government securitiesMar. 7
2,922,206
Mar. 14
2,911,590
Mar. 21
3,016,681
Mar. 28.
2,972,853
Other bonds, stocks,
and securitiesMar. 7
3,606,889
Mar. 14
3,626,721
Mar. 21
3,637,855
Mar. 28
3,638,956
Reserve balances with Federal reserve bank:
Mar. 7
1,742,905
Mar. 14
1,735,951
Mar. 21
1,707,746
Mar. 28..
1,743,475
Cash in vault:
Mar. 7
247,671
Mar. 14
248,115
Mar. 21
242,261
Mar. 28
242,495
Net demand deposits:
Mar.
Mar.
Mar.
Mar.

7
14
21
28

Time deposits:
Mar. 7
Mar. 14
Mar. 2 1 .
Mar. 28
Government deposits:
Mar. 7
Mar. 14
Mar. 21
Mar. 28




13,637,592
13,793,512
13,448,683
13,509,686

6,675,744
6,700,584
6,750,524
6,777,752

I

10,342
10,343
281,446
280,793

New
York

San
Francisco

Richmond

Atlanta

1,521,138 8.249,
L9,1711,214,810 2,146,235
1, 554, 782 8,368,534
18,53411,216,119 2,142,623
"""
1,582, 582 8,307,289
17,289 1,222.226 2,174,967
1, 582,897 8,428, 656 1,226, 111 2,180, 602

685,479
687,037
689,707
688,403

605,1713,165,121 723,515
609,235 3,173. 688 723, 510
618,862 3,194, 704 724,022
623,117 3,174,507 719,552

382,205
385,682
388, 230
386,144

662,093
665,883
669,229
666,736

436,013 1,891,292
436,6801,900,239
446,6001,906,328
444, 569 1,900,294

1,052,632
1,086, 909
1,094,847
1,096,583

5,773.893
5,886,738
5,839,795
5,981,794

514.957
515,327
511,942
511,922

485.806 2,264, 662 506.897
490,368 2,277,222 506, 604
488,879 2,276,378 504,272
494,278 2,275,045 499,380

250,782
253,094
254,237
251,948

440,346
443,485
440,273
439, 521

336,3911,296,854
337,', 0211,, 298,748
337,\ 787 1,:, 284,684
336,5091L, 281,583

4.702
4,580
5,349
5,459

58.804
62, 606
42,432
64,857

Boston

Philadelphia

Cleveland

793,475 1,436,453
800.350 1 429,835
804,
432,162
810,370 1 430,846

St. Minne- Kansas
Chicago Louis
apolis City

8,211
8,851
8,212
8,142

15,369
15,004
15,237
15,151

3,068
3,158
3,298
3,124

5,583
5,463
5,437
5,458

25,038
26,148
24,344
23,876

4,224
4,183
4,126
4,081

2,364
2,179
2,451
2,469

3,582
3,540
3,603
3,581

3,383
3,440
3,434
3,481

4,547
4,478
4,312
4,161

392,989 2, 695,875
418,153 2, 766,492
424, 539 2, 708, 411
424,852 2,812,902

430,806
436,290
440,844
449,960

645,962
637,967
641,446
640,759

161,815
161, 555
159, 753
159,901

120,661
122,246
119,817
121, 750

992, 223
985,787
996,467
999,362

201,747
199, 246
199,156
196,282

75, 526
76,353
75, 774
73,749

131,622
135,031
135,134
133,877

87,692
88,683
86,448
85,657

345,936
354,885
346,485
344,659

654,9413.019.214
664.176 3,057, 640
664,959 3,088,952
666,272 3,104,035

354, 458
355,209
355,898
352,268

775,122
776,864
775,479
774,936

350,074
350, 614
348,891
348,897

359, 562 1, 247,401 300,926
362, 659 1,265, 287 303,175
363, 625 1, 255, 567300,990
367,070! 1,251,807 299,017

172,892
174, 562
176,012
175,730

468, 506 2,475, 278
467,873 2,481,
,796
r
487,735 2,467,
,494
486,314 2,446,862

421,335
415, 769
417,272
415,741

709, 782
712,788
742,805
749, 756

170, 522
171, 710
177, 765
176,481

119,365 900,459 216, 618 131,423 221,747
118,867 896,466 216,906 132.588 222,398
129,983 918,326 219,750 133,993 228,956
128,839
220,172 134,196 227,215

170,1611,
1,188.790
163, "" 1,187,463
182, 555 1,191,352
i;
182,085 1,172,200

112,922
107,797
108,202
108, 652

309,388
309, 682
323,454
333,031

298,345 1
308,413
303,885 i;, 294,333 307,972
305,180 1,
,276,142 309,070
304,2291:, 274, 662 307,089
99, 616
106,419
105,850
100,673

814, 382
797,487
781,704
821,310

18,920
18,967
18,784
18,873

66,236
65, 664
63,773
63,745

933,047 6,079,431
6,1
937, 396 6,187,'
7,725
935,785 5,963,;
.,-.3,586
926,507 6,044,862
493,242 1, 586,451
520,419 1,584,036
521,25011,612,872
531,2761,643,960
915
915
21,033
21,033'

3,482
3,482
94,436
94,436

72,564 53, 735
73,443 54,061
78, 233 63,974
78,019

400,394 97,958
403,106 98,267
419,351 99,532
416,725 98,4621

99,622
99, 659
108,813
108, 060

594,438
601,491
621,644
618, 711

69,348
69,284
70,465
70,218

104,968
105,290
109,345
106,040

70,104
70,055
78,492
77,398

319,448
324. 660
341,257
339, 269

132,929
132,891
133,601
134,256

62,075
63,304
63,528
63', 978

116,779
117,108
119,611
121,175

29, 518
29,604
30,321
30,662

274,990
276,831
280,387
279,442

367,089
361,852 84, 015
383,203 86,149
356,559 85,916

65, 630 533,370
64,806 534, 614
66,009 535,123
65,373 542,903

305.142 245,316 946,371
939,383
304,914
301, 536 247,905 933,887
302,063 247,371 932,763

81, 394
81, 209 125, 717|
84,162 127,138
78,987 129,385

I
42, 758!
42, 111!
41,447|
41,594

42, 544
41, 684!
40,4651
40,328

259,157
261,409
254,064
251,796

48,61
50,0901
47,847|
47,283|

26,957
25,075
25,778
26,157

57, 783
58, 796
57,051
58,902

34,660
35,037
31,950
34,022

106,159
110,917
110,290
113,038

13,973
14, 508
14, 674
14,280

30,000
29, 730
30,063
28,604

13,069
11,891
11,810
12,138

11,085
11, 510
10,985
11,302

39, 907
40,077
39,338
39,311

7,277
7,375
7,092
7,038

5,488
5,621
5,500
5,679

11,351
11,885
11,150
11,722

9,199
8,916
8,643
8,781

21,166
21,971
20,449
21,022

771... 892 1038,185
763,1, 430 1;032, 273
786,264 1 025,850
762,189 i; 032,036

371,723|
373, 280!
365,273|
365,912

340,0861,864,841
347,806 1, 874, 351
332,894 1,820,169
334,166 1,821,726

411, 578
414, 501
398,801
400,885

235,075
235,073
229,644
230,539

512,141
511,296
504,284
503,391

307,697
308,186
299,622
298,295

771,896
808,195
786,511
789,178

289, 666 947, 537
287,983 953,102
287,970 967,502
295,140 966,751

247,322|
246, 274
246,681
247,361

239,596 1,224,
238, 507 1, 227, 562
239,209 1,236,887
239,0621,224,381

247,994
248,354
249,115
248,799

133,473
133,433
133,590
133,707

168,076
168,090
168,089
169,062

117,393
117,409
118,343
118,225

980,725
975,415
966,016
960,028

195
195
7,159
7,159

67
65
3,456
2,"""

225
225
7,004
7,004

575
575
12,098
12,098

1,134
1,134
36,337
36,337

904
903
15,772
15,772

1,046
1,056
20,682
20,682

531
531
1,585! 21,234
1,5851 21,234
366i

902
902
32,650
32,650

297

FEDERAL RESERVE BULLETIN

APRIL, 1928

REPORTING MEMBER BANKS IN LEADING CITIES—Continued
PRINCIPAL R E S O U R C E S AND LIABILITIES BY WEEKS—Continued
[In thousands of dollars]
Federal Reserve District
Total
Boston

Due from banks:
Mar. 7
Mar. 14.
Mar. 21
Mar. 28
Due to banks:
Mar. 7.—
Mar. 14
Mar. 21
Mar. 28
Borrowings from Federal
reserve bank—total:
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Secured by U. S. Gove r n m e n t obligationsMar. 7
Mar. 14
Mar. 21
Mar. 28
All o t h e r Mar. 7
Mar. 14
Mar. 21
Mar. 28
Number of reporting banks:
Mar. 7
Mar. 14
Mar. 21
Mar. 28...




1,143,386
1,194,120
1,171,857
1,143,175

New
York

Philadelphia

Cleveland

Richmond

Atlanta

136,402
148,606
158,559
157,488

53,475
54,061
75,056
60,540

90,613
98,829
98,112
100,406

54,226
52, 741
50,468
51,850

3,630,959
3, 595,546
3,435,444
3,435,386

155,443 1,394,906
153, 795 1,424,604
151,9981,350,734
146,752 1,369,713

171, 083
174,318
175,347
172,231

251, 532
251,924
238,035
231,588

114,352
109, 753
109,164
104,351

359,854
351, 895
353,201
382,800

31, 959 101,303
34,435 88,115
30,674 60,109
40,282 129,227

22,603
31, 731
25,497
23,376

45,030
43,833
46,447
41,998

13, 654
17, 590
16,529
14,108

15,419
11,441
10,594
10,851

228,967
229,976
224,817
248,413

13,953
13,788
13,386
11,356

73,475
69, 525
41,975
98,341

13,961
21,145
16,341
15,920

25,409
26,074
22,536
22,830

2,670
3,075
3,560
2,714

130, 887
121,919
128,384
134,387

18,006
20,647
17,288
28,928

27,828
18, 590
18,134
30,886

8,642
10, 586
9,156
7,456

19, 621 10,984
17, 759 14,515
23,911
19,168 11,394

650
649
648i
649

36
36
36
36

50,191
57,902
47,779
50,032

50
50
50
51

71
71
71
71

76,089
77, 811
73,893
71,325

Chicago

I San
St. |Minne- Kansas
Louis apolis City Dallas Fran-

222,127 53, 736
253,441 53, 802
227,212 52,066
228,943 50,851

52, 539
52,316
45,889
42,649

126,015 551, 399 146, 776 112, 500
124,461 540, 228 138,206 110,170
119,225 520,176 130,699 107,979
117,972 520,998 129,890 104,901

125, 533!
126,469!
116,122
118,521

63,078 165,377
60, 224 157, 918
55,718 170,983
53,933 156,637

247,368 112, 217
236,704 104,031
219,754
217,303 93,957

247,368
227,352
213,498
225,730

44,685 16,987
35,704 17, 555
69,663 20,904
53,189 13,761

3,500j
2,354

3,104!
6,400!
7,495!
7,354|

2,028
2,206
1,459
2,226

63,082
62,885
60,330
44,074

2,807
1,308
3,074
1,504

32, 215
28, 388
57,258
39,335

6,140
6,213
8,343

3,500
2,300

1,100|
3,400:
4,345|
3,950!

1,25:
300
100
350

55,980
56, 760
50,399
41,945

12,612
10,133
7,520
9,347

12,470
7,316
12,405
13,854

10,847
11,342
12,561

2,0041
3,000
3,150
3,404!

771
1,906
1,359
1,876

7,102
6,125
9,931
2,129

33
33
33
33

92
92
92
92

7r "

30

65.
65!
65!
65!

56
56
56
56

298

FEDERAL RESERVE BULLETIN

APRIL, 1928

REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES1
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
City
Total

New
York

Boston
Loans and investments:
Mar.
Mar. 7
14
M a r . 21_.
Mar.
28
~"
""

Loans:

Mar. 7..
.Mar. 14..

San
St. Minne- Kansas
Phila- Cleve- Richdelphia land mond Atlanta Chicago Louis apolis City Dallas Francisco
791,554
788,421
791,089
790,175

115,877
115,544
115,512
115,714

92,3961,,978,803
97,346 li,981,602
101,33611,,992^329
104,59911,978,838

448,143
447,821
450,430
447,105

185,739
187,148
190,049
188,236

184,914
185,315
184,814
183,100

790,642 5,048,966
826,919 5,160,052
835,452 5,109,998
837,963 5,251,137

691,364 618,858
613,175
610,478
612,119

94, 052
93,945
92,335
92,685

64, 652 1,, 474,534
69, 678 1 ,483,929
67,534 1,482,574
71,203 1, 481,765

320,333
320,247
321,576
317,833

124,304
125,517
125,323
123,485

119,558 91,203 527, 785
119,740 93,291 522,772
117,498 94,759 511,368
119,065
509,747

283,254
309.246
316,554
318,110

382,870 232,879 23,703
224,805 23,025
390,213 223,528 23,513
392,777 223,301 24,086

17, 535
18,157
17,160
19,333

145,733
142,972
143,689
140, 535

34,248
34,673
34,870
33,282

36,141
36,247
36,051
36,826

21,417
21,519
21, 542
21,600

158,058
159,954
156, 598
154,411

507,388 2,666, 698
517,673 2,705,076
518,898'2, 734,531
519,853 2,747,623

308,494
308,308
309,675
305,883

385,979 70,349
388,370 70,920
386,950
388,818 68, 599

47,117 699,787 174, 600
51,521 718,363 177,275
50,374 712,800 177,887
51,870 707,744 177,298

90,056
90,8441
90,453
90,203i

83,417 69, 786
83,493 71,772
81,447 73,217
82,239 73,989

369,727
362,818
354,770
355,336

224,816 2,017,121
222,889 2,024,078
242,328 2,000,375
240, 677 1,979,603

350,025
344,610
344,912
343, 501

172, 696
175,246
180,611
178,056

7,066,0871, 041,389
13,777,132 ,015,468
, 049,808J7,184,1301, 041,555
|13,940,609
13,920,384 ,077,780 7,110,3731, 044,800
14,017,341 ,078,640 7,230,7401, 042,161

9,966,251i
10,126,210
Mar. 21
10,068,783
Mar. 28
-10,211,251
On securities—
Mar. 7
4,492,853
Mar. 14
4,579, 777
Mar. 21_.
4,508,959
Mar. 28.
4,641, 796
All o t h e r Mar. 7,_
5.473,398
Mar. 14
5,546,433
Mar. 21
5,559,824
Mar. 28—
5,569,455
Investments:
Mar. 7 . . .
3, 810, 881
Mar. 14
3.814,399
Mar. 21—
3,851,601
Mar. 28
3,806,090
JReserve with Federal reserve
bank:
Mar. 7_
1,243,567
Mar. 14
1,233,929
Mar. 21..
1,214,094
Mar. 28__
1,251,070
Cash in vault:
Mar. 7
113,234
Mar. 14..
114,998
Mar. 21
110,788
Mar. 28___
110,567
Net demand deposits:
Mar. 7
9,454,374
Mar. 14
9,554, 740
Mar. 21
9,259,988
Mar. 28
9,371,910
Time deposits:
Mar. 7
3,316. 666
Mar. 14
3,345,032
Mar. 21
3,373,442
Mar. 28
._
. . . 3,396,275
-Government deposits:
Mar. 7
7,4211'
Mar. 14 .
7.441
Mar. 21
\
201,259
Mar. 28..
200,606
Dues from banks:
Mar. 7
521,603
Mar. 14.
556,497
Mar. 21 . .
563,582
Mar. 28
550,020
Due to banks:
Mar. 7
2, 544, 700
Mar. 14
2,539, 260
Mar. 21
2,423,645
Mar. 28
2,430,747
Borrowings from Federal reserve bank:
Mar. 7 . .
240,691
Mar. 14 .
243,904
Mar. 21
236,951
Mar. 28..
260,866

2,382,268
2,454,976
2,375,467
2,503,514

774, 747
765, 566
769, 774
774,021

119,359
121.343
127,276
127,475

737,413
740,576
734,596
730, 558

21,825 27,744 504,269
21,599 27,668 497, 673
23,177 33,802 509,755
23,029 33,396 497,073

127,810
127,574
128,854J
129,272

61,435!
61,631 j
64,726
64,751

65,356
65,575
67,316
64,035

28,156
28,052
32, 517
31,886

209,628
217, 804
223,228
220,811

76,283
80,624
82,461
78,105

747,254
729,592
717,451
757,352

72,990
73,110
74,113
69,710

41,103
39,193
40,466
42,033

8,114
7,749
7,461
7,239

7,431
6,453
6,595

183,211
187,178
177,505
177,031

30,491
31,776
30,618
29,921

14,123!
12,423
13,037
13, 777

17,276
16,890
16,902
18,303

9,807
9,858
9,284
9,563

35,484
38,567
38,343
41,441

8,3291
8,318;
8,304
8,123

51,833
52,006
49,955
50,182

11,351
11,813
11,884
11, 567

8,710
9,349
8,546
8,444

801
747
745

1,101
1,168
1,107
1,142

17,057
16,864
16, 771
16,391

3,545
3,569
3,290
3,310

1,695
1,857
1,652
1,772

2,113
2,334
2,080
2,181

1,366
1,291
1,310
1,278

5,333
5,682
5,144
5,338

688, 668 5,481,802
694,355 5,576,679
697,2615,358,916
692,198 5,451,253

681,191
670,229
665,465
657,405

265,206
263, 778
258,218
268, 614

66, 644
64,326
63,026
64,744

53, 8781, 283,893 266,589
57, 0341,274,895 269,973
52,7 121 ,242,045 261,354
54,035 1,245,713 263,580

118, 709
118, 609
114, 682
116,377

258,6521, 061, 567
285,04311, 060,160
288, 682 1, 084,050
295,414^, 114,310

226,048
225,042
224,950
231,920

494,480
497,058
499,063
492, 592

33,860
33,908
33, 736
34,007

37,296
37.273
37,358
37,311

658, 414 140, 482
661,403 140, 525
140,028
656,125 140,036

60,305
60,234
60, 523
60, 567

20,124
19, 497
19,487
19,828

877i
877
20,145
20,145

3,161
3,161
84,855
84,855

870
869
15,345
15,345

348
369
6,222
6,222

45
45
1,947
1,947

125

125
6,176
6,176

26
26
2,909
2,256

157
157
4,872
4,872

35, 438
41,311
34,610
35, 581

98, 84,(:
100,087
120, 797
120,342

47,500 20,934
49,112 22, 943
49,933 24, 722
54,807 23,692

5,820
5,880
6,226
5,543

11,312
12,033
11,117
9,004

is:
15'
6,247
6,247
139, 514 30, 58'
161, 374 31,432
152,123 29, 632
150,327 27,857

20,172 31, 618
. , 61,825
22.420 33,008 17,340 59,557
18,953 31,030 17,371' 67,068
17,351 31,505 15,114 58, 897

60,296 30,650
63,336 28,124
61,385 28,745
59,612 26,497

17, 755
16,802
15,423
15,128

395, 934
382,949 78, 665
366, 556 75,682
369,080 74,355

63,671 96,150 32, 410 129, 636
62,055 93,307 30, 284 116,460
61,835 83,441 29, 699 110,408
59,755 84,602 27, 792 112,005

144,432 1i, 326, 879
142, 626 1,L, 357, 391
141,, 536 1,L, 283,237
136,L 797 L,
1 303,108

163,919
167, 261
165,698
162,016

30, 719 79, 625
32,900 66,685
29,257 44,300
37, 710 108,079

18,209
27,772
23, 438
20,473

17.984
13,909
17,009
10, 573

3,328
5,158
4,497
2,675

65:
920
2,475
398

516
516
21,934
21,934

14,80:
19, 704
37,965
27,825

13,962
12.763
14,913
8,723

3,500
1,400

167, 551 86,031 294,212
164,492 87,919 312,451
159,077 86,489 300,743
159,059 86,705 312,227

1,31J
3,217
3,197
2,660

21,057
20,972
20,761
20,733

304,381
303,917
296,145
293,432

345
794
345
794
7,377| 23,230
7,377 23,230

540
1,078

59, 550
59, 798
56,400
40,350

1
Total number of reporting member banks Mar. 28, 213; Boston, 17; New York, 17; Philadelphia, 39; Cleveland, 8; Richmond, 8; Atlanta. 5;
•Chicago, 43; St. Louis, 12; Minneapolis, 5; Kansas City, 13; Dallas, 7; San Francisco, 9. Changes since Feb. 29: New York City—decrease of 2
•banks, 1 in week ending Mar. 4,1 in week ending Mar. 21; Philadelphia—increase of l bank in week ending Mar. 28.




299

FEDERAL RESERVE BULLETIN

APRIL, 1928

LAND BANKS AND INTERMEDIATE CREDIT BANKS
LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS

BANK DEBITS

[In thousands of dollars]

DEBITS TO INDIVIDUAL ACCOUNT, BY FEDERAL RESERVE
DISTRICTS

Net amount of loans outstanding

Date
Total

May 31
June 30
July 31
Aug. 31
Sept. 30._
Oct. 31
Nov. 30
Dec 31

1926

., 632,413 1,
., 644,105 1,043,955
,653,902 1,048,184
,664,130
, 053,336
, 671,856 , 057,217
., 682, 273 , 063,056
, 068, 596
, 710,295 ., 077,819

594,028
600,150
605,718
610,794
614,639
619,217
624,230
632,476

Number of February,
cen1928
ters
New York City.
Outside New York City

., 724,821
., 745,404
., 765, 365
., 732,395
., 741,275
, 738,165
:, 742, 575
, 749,393
, 752,665
:, 757,185
, 758,834
, 765,121

., 085,170
., 097,642
., 109, 354
,117,914
., 124,055
., 130,648
., 134,896
., 139, 502
., 143,130
., 147,135
,150,943
., 155,644

Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
639,651
Chicago
647, 762
St. Louis
656,011
Minneapolis..
614,481
Kansas City
617,220
Dallas
607,517
San Francisco..
607,679
609,891
Total...
609,535
610,050
607,891
609,477

1, 767,515
1, 778, 338

1,158,717
1,168, 354

608, 798
609,984

1927

Jan. 31
Feb. 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug. 31
fiept. 30
Oct. 31
Nov. 30
Dec. 31

[In thousands of dollars]

Federal Joint-stock
land banks land banks
(12 banks) (54 banks)

February,
1927

1
140

32, 739,886
21, 756, 731

37,883, 574
25,006,992

27,439,403
20, 781,144

11
7
10
13
15
21
5
9
15
10
18

2, 399, 661
33, 532, 207
2, 042,399
2,375,108
682, 387
1,043, 215
5,461,309
1,154,840
604, 875
1,166,147
615.235
3, 419, 234

3,126, 582
38, 799,064
2, 458,387
2, 796,099
780, 278
1,184, 396
6, 279,842
1, 307,032
667, 275
1, 304, 893
688, 048
3,498, 670

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

141

54, 496, 617

62, 890, 566

48, 220 547

PAR COLLECTION SYSTEM1

1928

Jan. 31
Feb. 29

January,
1928

MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS
[Number of banks at end of February]

LOANS OF INTERMEDIATE CREDIT BANKS
Nonmember banks

[In thousands of dollars]
M e m b e r banks
1928

Class of loan

Mar.

Mar.
10

Federal reserve
district

1927

Mar. Mar. Mar. Mar.
24

Total

13,407 12,957 11,732 11,567 11, 266
3,414 3,227 3,196 3,080 3,057
1,942 1,785 1,578 1,440 1,364
835
5,766
133
1,571
811

788
5,863
131
1,562
673

_. 27,879

800
5,762
90
1,560
353

706
5,588
82
1,540
263

1,235
5,000
62
1,985
291

25,071 24, 275 23, 687

35,035

20




20

20

47, 276 48, 207 48,891 49, 953 50, 433

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

17,121
6,072
,3,269

630
5,549
43
1,515
263

B e discounts outstanding
for—
Agricultural credit corporations
25,014 25,915 26, 725 27, 690 28, 111
National banks
7
7
7
7
7
State banks..
415
418
406
350
367
Livestock loan companies.
21,821 21, 877
Savings banks and 21,885 21,898 21, 733
trust companies
20
20
Total

Not on par list
1927

1928

1927

1928

1927

1928

8,986

9,168

13,101

13, 781

3,905

3,833

413
934
779
834
562
460
1,276
593
732
960
794
649

416
921
771
848
574
475
1,323
606
747
984
817
686

247
407
501
1,030
648
308
3,673
1,874
733
2,327
652
701

245
408
510
1,061
674
319
3,771
1,978
892
2,498
683
742

10
575
1,011
191
447
1,136
271
205
59

10
611
1,039
177
424
1,093
213
204
62

26

United States
Direct loans outstanding
onCotton
Tobacco
Wheat
Canned fruits and
vegetables
Raisins
_
_.
Wool..
Rice...
All other..

On par list

1

24, 714
18
556
19,157
37
44,482

Incorporated banks other than mutual savings banks

300

FEDERAL RESERVE BULLETIN

APRIL, 1928

CONDITION OF ALL BANKS IN THE UNITED STATES
TABLE 1.—ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES, ON CALL DATES, BY FEDERAL
RESERVE DISTRICTS
[In millions of dollars. Figures are for the dates indicated or nearest dates thereto for which figures are available]
Total loans and investments
Federal reserve districts and call dates

All districts:
1926—Dec. 31
1927—Mar. 23
J u n e 30
Oct. 10
Dec. 31
Boston:
1926—Dec. 31
1927—Mar. 23
June 30
Oct. 10
Dec. 31
New York:
1926—Dec. 31
1927—Mar. 23
June 30
Oct. 10
Dec. 31
Philadelphia:
1926—Dec. 31
1927—Mar. 23
June 30
Oct. 10
Dec. 31
Cleveland:
1926—Dec. 31
1927—Mar. 23
June 30
Oct. 10
Dec. 31
Richmond:
1926—Dec. 3 1 . . . .
1927—Mar. 2 3 — .
J u n e 30
Oct. 10
Dec. 31
Atlanta:
1926—Dec. 31
1927—Mar. 23
June 30
Oct. 10
Dec. 31
Chicago:
1926—Dec. 31
1927—Mar. 23
J u n e 30
Oct. 10
Dec. 31
St. Louis:
1926—Dec. 31
1927—Mar. 23
J u n e 30
Oct. 10
Dec. 31
Minneapolis:
1926—Dec. 31
1927—Mar. 23
J u n e 30
Oct. 10
Dec. 31
Kansas City:
1926—Dec. 31
1927—Mar. 23
J u n e 30
Oct. 10
Dec. 31
Dallas:
1926—Dec. 31
1927—Mar. 23
J u n e 30
Oct. 10
Dec. 31
San Francisco:
1926—Dec. 31
1927—Mar. 23
J u n e 30
Oct. 10
Dec. 31

All
banks

Member

Nonmember

52,272
52, 667
53,934
2
54,680
55,850

31,896
32,154
32,967
33,451
34, 679

20,376
20, 513
20,967
2 21,229
21,171

5,970
6,003
6,220
2 6,366
6,402

2,458
2,460
2,557
2,621
2,618

Loans
All
banks

Member

Nonmember

36, 599 22,906 13, 693
36,304 22, 532 13, 772
37,131 23,149 13,982
2 37,635 23,492 !14,143
38, 395 24,318 14,077

3,512 3,847
3,544 3,834
3,663 3,951
2 3, 745 2 4,044
3,784 4,057

Deposits, exclusive of
bank deposits

Investments
All
banks

NonMem- member
ber

15, 672 8,990 6,682
16,363 9,622 6,741
16,803 9,818 6,985
17,045 9,959 2 7,086
17,455 10, 361 7,094

Rediscounts and
bills payable

NonNonAll Mem- mem
mem- banks
ber ber
ber

All
banks

Member

50,009
49, 777
51,612
' 52,117
52,872

30,454 19, 555 L,084
29,844 19,933 805
31,227 20, 385 816
31,247 20,870 2 804
32,041 20,830 893

1,738
1,710
1,765
1,810
1,801

2,109
2,124
2,186
2
2,234
2,256

2,123
2,169
2,269
2,322
2,345

720
750
792
811
817

3,932 4,934
4,180 5,136
4,362 5,305
2
4,416 2 5,258
4,377 5,336

2,805
2,995
3,100
3,024
3,158

2,129
2,141
2,205
2 2,234
2,178

15,153
15,071
16,233
1
16,081
16,297

1,487
1,567
1,611
1,633
1,650

862
924
927
970
972

625
642
684
663
678

3,602
3,587
3,645
3,713
3,787

2,166
2,163
2,186
2,230
2,243

1,073
1,088
1,125
1,135

425 4,145
434 4,281
448 4,325
2 443 2 4,371
452 4,349

1,403 5,593
1,420 5,583
1,477 5,810
1,511 2 5,958
1,528 6,008

2,285
2,260 3,322
2,358 3,452
2,425 2 3, 534
2,443 3,565

760
546
541
528

324
259
275
2 276
230

91
47
70
45
40

84
38
60
38
32

10
7
8

5,467 253
6,020 176
9,051
6,262 136
9,971
9,587 2 6,495 2 242
10,006 6,291 328

212
161
113
185
314

41
15
23
»57
14

1,436
1,424
1,459
1,483
1,543

111
83
93
58
101

75
53

36
30
27
19
29

2,882
3,002
3,031
3,055
3,026

1,263
1,279
1,294
2 1,316
1,324

120
70
69
2 70
93

1,058
1,041
1,051
1,069
1,129

73
56
67
2 62
47

37
27
35
35
31

29
32
2 27
16
22
27
»27
22

9,849 6,061
9,743 6,321
10,284 6,567
10,341 2 6,650
11,294 6,555

10,976
10, 928
11, 546
211,732
12,513

7,044
6,748
7,184
7,317
8,136

1,556
1,£69
1,584
1,613
1,653

2,551
2,523
2,509
2,573
2,595

1,620
1,596
1,609
1,623
1,620

931
927
900
950
976

4,487
4,601
4,640
2 4,704
4,693

3,139 1,348
3,243 1,358
3,274 1,366
3,333 21,371
1,390

3,074
3,094
3,104
3,137
3,106

2,151
2,170
2,186
2,208
2,168

1,413
924 1,507
1,536
918
929 2 1, 568
1,587
938

2,398
2,385
2,424
2 2,472
2,517

1,278
1,290
1,312
1,361
1,367

1,120 1,868
1,095 1,829
1,112 1,842
2
3,111 21,860
1,150 1,875

1,014
1,009
1,015
1,037
1,033

854
820
827
2 824
842

530
556
582
2 612
642

264
281
297
324
334

2,222
266
275 2,194
285 2,244
2 287 2 2,301
308 2,371

1,164
1,153
1,193
1,232
1,242

1,792
1,749
1,729
2 1,748
1,756

1,163
1,159
1,144
1,161
1,167

1,462
1,404
590
1,376
585
2 587 2 1,386
1,371

931
907
888
901
890

531
497
488
2 485
481

345
353
2 363
385

232
252
256
260
277

1,741
1,687
1,674
97
2
2 102 1, 701
1,736
108

1,092
1,074
1,066
1,076
1,104

649
613
608
2 625
632

2 64
56

53
47
42
37
34

7,183
7,241
7,415
7,486
7,507

4,552
4,597
4,720
4,757
4,871

5,102
5,043
5,174
5,211
5,183

3,335
3,469
3,495
3,532

1,704
1,708
1,705
1,716
1,650

2,081
2,198
2,241
2,275
2,324

1,154
1,262
1,251
1,262
1,339

927
936
990
1,013
985

4,316 2,654
4,246 2,660
4,462 2,705
4,504 2 2,741
4,647 2,679

182
133
131
89
123

108
72
68
34
68

74
61
63
55
55

2,060
2,066
2,071
2 2,090
2,104

1,314
1,332
1,337
1,359
1,377

1,543
746
734
1,518
734
1,517
2 731 2 1,529
727
1,525

948
934
931
949
954

595
584
586
2 580
571

517
548
554
2 561
579

366
398
406
410
423

1,186
1,197
1,187
1,229
1,250

779
782
783
2 768
797

67
49
63
2 57
47

36
19
38
20
21

31
30
25
»37
26

1,495
1,496
1,485
1,519
1,527

862
862
851
882
897

433
419
417
415
400

508
536
537
551
579

321
320
329
350

5
7
5

947

554
541
531
553
547

14
10
13
10
9

1,828
1,838
1,832
1,856
1,868

1,136
1,160
1,154
1,168
1,192

678
678
688
677

1,374
1,372
1,355
1,359
1,353

777
787
776
776
783

597
585
579
583
570

454
466
477
497
515

359
373
378
392
408

105
107

1,030
1,075
1,064
1,117
1,137

222
233
233
2 240
238

841
866
853
2 890
892

652

842
831
877

189
197
199
2 202
197

189
209
211
2 227
245

156
173
177
188
204

33
1,053
36
1,069
34
1,049
2 38 2 1,134
41
1,182

4,081
4,059
4,083
4,124
4,244

2,855
2,946
2,967
2,998
3,102

1,226
1,113
1,116
1,126
1,143

2,974
2,933
2,956
2,945
2,976

2,079
2,126
2,141
2,134
2,159

776

331
306
301
315
325

15,910
16,064
16,851
216,991
17,849
4,038
4,090
4,120
4,206
4,245

2

2,482
2,520
2,536
2,593
2,592

2,631
2,644
2,695
2,729
2,636

633
634
634
637

987
960

695

895
807
815
811
818

1,107
1,126
1,127
1,179
1,267

864
943

6,970
6,906
7,167
7,246
7,325

1,965
151
1,979
150
1,970
148
2 151 2 1,997
156 2,047

2

29
25
20
29
25

200
215
217
222
230

1,526
1,504
1,507
1,571
1,560

847
827
842
885

679
677
665
686
674

19
17
18
13
12

95

1,924
1,916
1,916
1,940
1,957

1,148
1,142
1,158
1,166
1,185

776
775
758
774
773

21
22
27
28
22

14
11
15
13
12

800
815
800
862
897

253
254
249
2 272
285

15
13
19
13
4

5
5
7
4
2

1,233
1,086
1,099
1,109
1,139

43
70
54
63
20

1
12
13
11

4,115
4,000
4,072
4,105
4,252

2,882
2,914
2,973
2,996
3,113

ia

i Includes all National, State, and private banks in the United States except a certain number of nonreporting private banks not under State
supervision.
»Revised figures.




301

FEDEKAL RESERVE BULLETIN

APRIL, 1928

TABLE 2.—ALL BANKS IN T H E UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31 AND
OCTOBER 10, 1927,2 BY STATES
[In thousands of dollars]
Loans and in\ estments
State

Total
December

October

Loans J
December

October

Deposits, exclusive Rediscounts and Number of reof bank deposits
bills payable
porting banks
Investments
December

October

December

Octo- Decem- OctoOctober December
ber
ber
ber

New England:
Maine
411,483 416,619
194,472
198,793
217, 011 217,826 389,293
390,009 3,193
4,497
New Hampshire
283,645 283,385
140,032
140,381
143,613
143,004 259,692 258,367
1,285
1,681
Vermont
j 239,269
151, 551
153,401
237,249
87,718
83,848 230,768! 223,950 1,468
2,107
Massachusetts
I 3,995,348 3,984,880 2,726,468 2,720, 488j 1,268, C~~ 1, 264, 392 3,728,654 3,715,098 29,697 30,720
Rhode Island
I 525,113 516,278
276,500
275,193
248, 613 4 241,085 508,521! 497,617
303
563!
Connecticut.
702, 529 4 688,210
522. Ill
1,224,640 4 1,201,782
513,572 1,151,485/1,136,294
7,001
5,717
Middle Atlantic:
New York
15,637,524 14,838,681 11,134,813 10,410,
•, 110,4,502,711 4,428, 57114,173, 096 14,034, 053 302,957 214, 335
New Jersey
2, 351,712 2,286,849 1,535,990 '
815, 722 813,997 2,257,378 2,165,270! 33,705 * 35,752|
1,472,852;
—
Pennsylvania
5, 560, 632 5, 501, 594 3, 210,106 3, 209, 339i 2,350, 526 2,292, 255 4,912,989! 4,833,485 137,889 74,579
East North Central:
Ohio
656,372 675,727 2,466,975 2, 511,444 40,014 1 Ml, 392
2,569,130 2,611,593 1,912,758 1,935,866
Indiana
876,353
882,155
659,132 669,866
217, 221 212, 289 839, 958 833, 268 44,009 47,087
Illinois...
3,722, 589 3,712,360 2,726,476 2,758,177
996,113
954,183 3, 578,417 3,519, 509 34, 736 21,954
Michigan
1,860,942 1,849,604
909,677 895,513
951, 265 954,091 1,816, 683 1,804,911 36,832 18,573
Wisconsin
905,921
9,752 6,335
618,352
622,487
898,220
287, 569 275, 733 905,044
901,933
West North Central:
Minnesota
372, 504 354,916
922,434
895,075
7,872 7,999
917,644
549,930 562,728
895, 416
Iowa
786,805
792, 562
680, 326 108, 620 112, 236 1 6 825,439 6 825,143 10,150 7,482
678,185
Missouri
1, 269,820 1, 246,584
894,638 366,922 351,946 1, 225,857 ' 1,181,726 22, 290 24,287
902,898
North D a k o t a 34, 688
127,950,
30,835
132,770
101,935
144,105
93,262
157,132
991 2,117
South D a k o t a 33, 470
126,786
31, 750 142, 055
125, 237
93,487
1,845
93,316
144, 578
1,621
Nebraska
75, 711
410,974
74,827 421,880
413,848
7,064
335, 263 339, 021
428,857
9,065
97,573
400, 574
93,890 6 416,499 6 417,099 5,7"
Kansas
399,043
303, 001 305,153
South Atlantic:
Delaware
53,054
136,212
135,981
55,47:
120, 371
118, 380
1,179
1,073
83,158
80, 508
Maryland
839, 739 4 804,624
794, 531
750, 272
10, 709
495,135 * 480, 705 344, 604 323,919
District of Columbia. —
59,800 4 59,634 232,115
236,472
241,269
240, 547
176,672
181,635
1,144
2,466
Virginia
86, 234
557,361 * 552,097
87,491 465, 255 4 460,929 18,404 * 20,048
471,127 < 464,606
West Virginia
64,634
364,562
336,199
342,075
364,737
299,928 298,173
66,564
13,267 9,168
59,448
North Carolina..
408,042
413,163
391,462
403,758
348,594 352,358
51,400
4,715 18,384
45, 783
South Carolina190,228
189, 723
184,322
144,445
143, 548
40, 774 201,495
1,967
2,898
65,285
Georgia
360, 602
346,789
366,892
295,317 308,461
58,431 342,081
9,555 10,145
376,564
383, 285 13,621 16,846
Florida
385,100
251,983
258,384 124, 581 126,716 385,927
East South Central:
Kentucky
487,269
484,528
422,340
374,064 371,984 113,205 4112, 544
10, 788 4 9,600
Tennessee
400, 649 * 394,203
53,485 «411,208 4 6 402,401
344,693 * 340, 718 55,956
7,852 9, 529|
57,880
Alabama
289, 569
53,325 6 298,149 6 293,235 4,468 5,052
231,689
284,803
231,478
52,768
Mississippi
225,090
49,
732
172,322
241,924 236,303
5,638 10, 753
226, 502
176,770
West South Central:
Arkansas.
32,679
199,331
30,605 212,665 205,328
203,914
166,652
2,276 9.886
173,309
77,045
65,577 406,038 376,548 21,506 23,167
400,049
338, 453 334,472
Louisiana
415,498
133,636 127,967 419,788 414,109
Oklahoma.
373,966
246,372 245,999
6,275
1,365
380,008
991,611
794,032 791,973 214,628 199,638 1,038,074 1,000,330 2,666 9,542
Texas
1,008,660
Mountain:
52, 785
160,433
157,196
145
48,561
Montana
140,848 135,510
88,063
86,949
29,675
91,700
331
27,336
1,116
Idaho
78,290
75,074
48,615
47,738
16,167
61,229
14,709
59,378
60
638
Wyoming...
54,609
51,768
38,442
37,059
99,870
98,528 289,672 4283,591
1,371
Colorado
3,376
164,285
166,676
264,155 265,204
4
12,643 * 10,821
42,493
35,579
12
New Mexico
503
22,783 * 21,494
35,426 * 32,315
22,179
20,021 «81,378 6 72,767
7 805 *1,512
Arizona
62,398
44,849
42,377
67,028
29,698
124, 544
29,804 136,691
748 2,585
Utah
122,521
114,199
152,219 144,003
8,07"
27,817
28,302
7,976
Nevada
36,278
38,416
426
35,894
Pacific:
160,
603
153,
894 439,404
2,543
Washington.
423,181
262,
578
265,884
1,156
419, 778
111, 050
99,046 275,472 276,620 1,466
Oregon
1,758
149,696
161, 5r
260,746 260, 563
850,16" 3,217,638 3,097,048 16,242 53,474
California...
3,251,848 3,149, 789 2,335,537 2,299,622 916,31
Total

55,849,744 54,679,973 38,394,533 37,634,862 17, 455,21117, 045, 111 52,871, 547 52,116,868 893,290 804,221

142
123
105
444
37
233

143
123
105
442
37
232

1,152
575
1,623

1,150
572
1,629

1,059
1,050
1,834
748
970

1,063
1,063
1,837
749
970

1,163
1,355
1,416
512
415
1,012
1,153

1,179
1,374
1,430
529
418
1,021
1,168

49
243
42
496
335
458
271
466
317

49
244
42
*496
338
465
279
469
322

602
51:
356
325

4

602
512
356
326

447
232
679
1,391

453
232
693
1,416

205
143
86
293
59
46
107
35

209
144
87
297
59
46
107
35

357
247
511

357
251
536

26,431

26,656

1
Includes all national, State, and private banks in the United States except a certain number of nonreporting private banks not under State
supervision.
* Figures for State institutions are taken from the table on p. 303 and represent in some cases the condition of banks as of dates other than Dec. 31
and Oct. 10.
*4 Includes acceptances of other banks and foreign bills of exchange sold with indorsement by member banks.
Revised figures.
* Includes fords borrowed.
* Includes due to banks.
* Includes other liabilities.




302

FEDERAL RESERVE BULLETIN

APRIL, 192a

TABLE 3.—NATIONAL BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31, 1927, AND OCTOBER 10, 1927
[In thouands of dollars]
Loans and investments
Total

State

December
New England:
Maine.--New Hampshire
Vermont
-Massachusetts
Rhode IslandConnecticut
Middle Atlantic:
New York__
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana..Illinois
Michigan
Wisconsin.West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska.Kansas--South Atlantic:
Delaware
Maryland. _
District of Columbia...
Virginia
West Virginia
North C arolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
AlabamaMississippi
West South Central:
Arkansas—
Louisiana
Oklahoma—
Texas
Mountain:
Montana.
Idaho
Wyoming..
Colorado
New Mexico
Arizona
Utah.
Nevada
Pacific:
Washington....
,
Oregon.
California
\




Total.

Loans

October

144,901 146,709
68,065
67,805
65,557
64,947
1,206,188 1,218,573
57,058
56,443
262,365 261,456

December

72,426
40,005
37,705
851,207
33,537
179,821

^of. bank
. S , deposits
exclusive1

S °"JU n t S

aan a

Investments

October

74,712
40,354
37,685
865,033
34,518
179,579

December

October

December

October December October

71,997 133,954
135,928
27,451
60,285
58,960
27,262
56,310
57,326
353,540 1,086,419 1,097,256
21,925
45,615
47,081
81,877 244, 665 240,63:

1,394
1,197
882
14,822
300
3,030

Number of reporting banks

De c e m
b e r

October

1,
1,593
1,000
19,935
563
2,701

57
55
46
153
13
05

57
55
46
153
13
15

5,089, 707 4,607,861 3,573,247 3,150,248 1,516,460 1,457,613 4,106,886 4,060,983 247,958 69,389
842,528 822,362
524,648 502,438 317, 880 319,924 806,978 782,664 18,337 14,653
2,573,091 2,587,188 1,516,829 1,547,860 1,056,262 1,039,328 2,230,429 2,222,190 65,322 40,955

563
295
867

560
294
867

717,977 727,181
470,621 476,376
352,123 343,521
237,118 232,219
1,626,050 1,414,088' 1,110,277 1,064, 740
434,882 442,962| 292,368 295,124
375,765 370,780
249,623 251,162

72,475
28,060
27,852
354,981
23,521
82,544

247,356
115,005
415,773
142,514
126,142

250,805 669,012 672,266 13,854 14,334
111,302 329,207 317,640 2,520 3,129
349, 348 1,377,896 1,263,672 16,432 8,369
147,838 433,644 432,200 10, 803 7,794
119,618 354,643 352,033 5,627 2,454

230
487
133
156

33a
231
489

133156

530,078
272,51"
534,187
74,537
58,650
174,388
194,967

520,662
277,804
506,762
74,254
57,882
171,286
191.277

329,337
187,3681
399,818!
47,3611
35,208:
129,354!
133, 507

332,903
190, 793
374,800
49,830
35,804
130,352;
132,938

200,741
85,147
134,369
27,176
23,44!~
45,034
61,460

187,759
87,011
131,962
24,424
22,078
40,934
58,339

495,863
260,942
446,919
79,397
61,731
154,907
199,359

492,758
263,838
422,086
84,545
63,011
154,239
191, 646

920
3,512
7,723
384
562
4,837
1,340

1,251
2,089
6,402
745
595
2,745
2,291

281
281
136
141
97
157
257

281
286
135
142
98154
258

22, 767
256,937
122,195
337,512
165,885
157,036
109,249
212,756
197,935

22,683
259,496
126.278
333,186
167,738
153,920
104,642
220,462
203,173

12,477
155,646
90,148
276,844
129,747
126,883
80,135
166,057
120,705

12,4021
160,004!
94,344
271,2611
129,591
129,566
77,497
180,913
123,803

10,290
101,291
32,047
60,668
36,138
30,153
29,114
46,699
77,230

10,281
99,492
31,934
61, 925
38,147
24,354
27,145
39,549
79,370

19,309
227,936
118,477
285,885
149,328
151,674
110,692
200,668
193,018

19,241
616
230,718 6,495
123, 994 1,670
281,559 10,334
154,380 5,830
141,238 1,783
102,816 1,377
204,445 2,836
193,205 5,479

501
5,315
1,017
11,978
3,406
7,201
1,102
2,364
6,567

19
84
13
167
120
76
62
83
62

19
84

167
122
76
65
83^
6a

256,797
206,484
186,301
75, 671

254,056
200,038
182,038
74,983

180,453
172,031
140, 662
54,290

178,373
168,056'
139,788!
54,635!

76,344
34,453
45, 639
21,381

215, 738
181,378
176,752
72,460

6,101
2,620
2,357
.1,878

4,913
4,297
2,305
3,714

141
104
106
37

141
104
10636

77,309
97,228
312,937
794, 675

79,358
94,320
774,758

57,560
81,639|
199, 523
612,440

60,399
81,092
197,562
604,959

19, 749
15,589
113,414
182,235

18, 9591
13,228
109,304
169,799

77,448
90, 757
334,308
781,388

74,960
86,364
332,136
753, 754

197
808
1,003
1,244

2,171
3,468
5,300
6,229

78
32
341
643

78.
32
349«
651

73, 801
44,785
32,858
206,424
26,307
22,057
46,796
15, 111

70,205
43,055
32,421
207,411
23,537
20,864
42,145
15,685

47,283
28,926
21,0741
124,717
16,884
13,943
34,578
10,250

45,438
28,216
21,388
126, 528
15,282
13, 617
30,073
10,854

26, 518
15,859
11,784
81,707
9,423
8,114
12,218
4,861

24,767
14,839!
11,033

81,623
51, 581
35,359
222,456
30,803
8,255;
7,247 j 27,460
43,135
12,072
15,563
4,831

80,651
48,053
36,144
220,574
25,754
24,275
38,372
15,262

41
114
48
1,057

211
677
245
2,438
306
668
497
426

71
52
29
124
29
15
20
10

74
52
30>
124
29
1520
10

256,627 254,218
154,283 156,141
176,886 175,708
93,987 104,100
1,683,023 1,612,388 1,181,053 1,160,215

102,344
82,899
501,970

576 1,342
464
818
4,014 32,331

111
95
227

110
95
239'

21,729,928 20,987,435 14,835,60314,375,565 6,894,325 6,611,870 19,652,822'19,268,247 481,382 316,33o|

7, 7591

7,798

75,683 220,097
31,982 190,185
42,250 181,471
20, 348:
76,958

98,077 265,164 262,673
71,608! 183,230 182,745
452,173 1,649,306 1,578,129|

311
19

la

303

FEDERAL RESERVE BULLETIN

APRIL, 1928

Table 4.—STATE BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31 AND OCTOBER 10, 1927,2 BY STATES
[In thousands of dollars]
Loans and investments
Total
December
New England:
Maine
_.
New Hampshire
Vermont
Massachusetts
Rhode Island...
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio...
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South AtlanticDelaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
_•__
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas...
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
* California
Total
1
2
3
4
6
6

Loans

October

December

Investments

October

December

October

Deposits, exclusive
of bank deposits

December

October

Rediscounts
and bills payable

Number
of reporting
banks

Decem-1 October Decem- October
ber
ber I

254,081
145, 829 255, 339
1,799
2,607
199, 407
115, 553 199, 407
88
88
167,640
56,586 173,442
586
1,107
910, 852 2, 642, 235 2,617,842 14, 875 10, 785
452,002
219,160 461,440
895,657 3,971
431,695 906, 820
3,016

85
68
59
291
24
168

59
28$
24
167

10,335,065 10,135,465 7, 348, 814 7,164, 507 2,986,251 2,970,958 10,066, 210 9,973,070 54,999 82, 576
970, 403 497,842
1, 509, 006 1, 464, 476 1,011,164
494,0731 1,450,400 1,382,606 15,368 21,099
2, 987, 241 2, 914,124 1, 692, 977 1, 661,197 1, 294, 264 1,252,927 2,682,560 2,611, 295 72,567 33,624

589
280
756

590
278
762

424, 922 1, 797,963 1, 839,178, « 26,160« 20, 014
100,987 510, 751
515,628, 41,489 43, 958
604,835 2, 200, 521 2, 255,837 18,304 13, 585
806,253; 1,383,039 1, 372, 711 26,029 10,779
3,881
156,115 550,401
549,900 4,125

721
820
1,347
615
814

725
832
1,348
616
814

882
1,074
1,280
371
318
855
896

89a
1,084
1,304
387
320
867
910

122,046
124,081
266, 582
269, 910
100, 027
100,027
215, 580
215, 580
113,846
115, 716
173, 712
172,302
1,869,
552
1,853,493
2, 783,451 2, 764,345
242,962
240,666
468,054
459,826
522, 708
962, 275
940,326

144, 536
115, 553
59,8661
913,899
225,092
439, 567

1,848,103 1,881,944 1,439,087 1, 457, 022 409,016
437, 647 102, 216
524, 230
538, 634 422,014
2,196, 539 2, 298, 272 1,616,199 1,693, 437 580, 340
600, 389 808, 751
1,426, 060 1,406, 642 617,309
368, 729
371,325 161,427
530,156
527,440
392, 356
514, 290
735, 590
53,413
68,136
236,586
205,607

514, 758
739, 822
58, 516
67, 355
242, 562
207, 766

220, 593
490,817
503,037
45,901
58,108
205,909
169,494

229, 825
489, 533
519, 838
52.105
57,683
208,669
172, 215

171, 763
23,473
232, 553
7,512
10,028
30,677
36,113

167,157 399, 212
402,658 6,952 6,748
25, 225 « 564, 497 s 561, 305 6,638 5,393
219,984 s 778, 938 s 759, 640 14, 567 17,885
6,411
607 1,372
64, 708
72, 587
9,672
1,250
80, 324
81, 567 1,059
33, 893 266,973
4,319
274, 618 4,""
35, 551 « 217,140 5 225, 453 4,053 3,098

113, 445
580, 730

113, 298
543, 649

70, 681
337,417

68.106
319, 222

42, 764
243,313

45,192
224,427

101,062
566, 595

99,139
519, 554

563
2,503

572
5,394

30
159

30
160

114, 277
218,183
198, 677
251,006
80, 979
147,846
178, 629

114, 991
218,183
196,999
249,838
79, 680
146, 430
181, 927

86, 524
192, 617
170,181
221, 711
64,310
129, 260
131, 278

87,291
192,617
168, 582
222, 792
66,051
127, 548
134, 581

27, 753
25, 566
28,496
29,295
16,669
18, 586
47,351

27,700
25, 566
28,417
27,046
13,629
18,882
47, 346

113, 638
179, 370
186, 871
261,489
90,803
141,413
192, 909

116, 553
179, 370
187, 695
250,224
86,907
142,344
190,080

796
8,070
7,437
2,932
590
6,719
8,142

127
8,070
5,762
11,183
1,796
7,781
10,279

29
329
215
382
209
383
255

29
329
216
389
214
386
259

230, 472
194,165
103,268
149,419

230, 472
194,165
102, 654
151, 519

193, 611
172, 662
91,027
118,032

193, 611
172, 662
91, 579
122,135

36,861
21, 503
12, 241
31, 387

36,861 206, 602
21, 503 »5 221, 023
11,075 116,678
29, 384 164,966

206, 602
s5 221,023
116,483
163, 843

4,687
5,232
2,111
3,760

4,
5,232
2,747
7,039

461
408!
250

461
408
250
290

122,022
316,656
67,071
213,985

124, 556'
305, 239,
67,100
216,853,

109,092
255, 200
46,849
181, 592

112, 910
252, 890
48,437
187, 014

12, 930
61,456
20, 222
32, 393

11,646
52, 349
18, 663
29,839

130,368 2,079
290,184 20,698
81,973
362
246, 576 1,422

7,715
19,699
975
3,313

200'
338'
748

375
200
344
765

67,047
33, 505
21, 751
57, 731
9,119
44, 292
105, 423
20, 783

65,305
32,019
19,347
57, 793
3 8, 778
41, 534
101, 858
20, 593

40, 780

41,511
19, 522
15,671
40,148
3 6, 212
28, 760
84,126
17,448

26,267
13,816
4,383
18,163
3,220
14,065
17,480
3,216

23, 794
78,810
12,497
40,119
3,676
25,870
17,645
67, 216
3 2, 566
11, 690
12, 774 « 53, 918
17,732
93, 556
3,145
24,329

104
217
12
314
12
«494
729

385
439
393
938
U97
«844
2,088

109, 743
108, 275
166,534
165,560
57,416
55, 670
83,821
84,854
1, 559, 510 1, 532, 712 1,145,169 1,134, 718

58, 259
28,151
414,341

174,240
173,555
55,817
580
92,242
27,438
93,875
648
397,994 1, 568,332 1, 518,919 12,228

1,201
1,294
21,143

17,368
39, 568
5,899
30, 227
87,943
17, 567

135, 217
315, 281
85,480
256, 686

76, 545
38,233
23,234
63,017
3 9,825
«48,492
86,172
23,154

134
91
5:
169
30
31
87
25
246
152
284

135
92
57
173
30
31
87
25
247
156
297

3
3
3
3
33,882,378 333, 584, 95323, 321,492 23,151, 712 10,560,886 10,433,241 33, 218, 725 32, 848, 621 411,905 418,477 18,672 3 18,858

Includes all State and private banks in the United States except a certain number of nonreporting private banks not under State supervision.
Or dates nearest thereto for which figures are available.
Revised figures.
Includes bonds borrowed.
Includes due to banks.
Includes all other liabilities.

NOTE.—All figures in the October columns are as of Oct. 10, except as follows: Maine, Sept. 24; New Hampshire, June 30; Massachusetts
savings banks, Oct. 31; Rhode Island, State banks, Sept. 7, savings banks, June 30; Connecticut, savings banks, Sept. 30; New York, State banks,
Sept. 30, savings banks, June 30; New Jersey, Sept. 30; Pennsylvania, Oct. 5; Ohio, Sept. 12; Indiana, June 30; Wisconsin, Oct. 3; Minnesota,
Nov. 7; Missouri, Aug. 25; Nebraska, Sept. 30; Kansas, Sept. 12; Maryland, June 30; Georgia, Oct. 3; Kentucky, June 30, 1926; Tennessee, Nov.
16; Alabama, Oct. 17; Louisiana, Sept. 28; Colorado, June 30; Utah, Sept. 30.
All figures in the December columns are as of Dec. 31 except as follows: New Hampshire, June 30; Massachusetts, savings banks, Oct. 31;
New York, State banks, Nov. 15; Kansas, Dec. 15; Virginia, Oct. 10; Kentucky, June 30, 1926; Tennessee, Nov. 16; Oklahoma, Dec. 27; Colorado, Dec. 10.







FEDERAL RESERVE DISTRICTS

•—BOUNDARIES OF FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY

O