View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

DECEMBER, 1927

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Current Banking Developments
Gold Stock and Money in Circulation* 1922-1927
New Index of Wholesale Trade
Condition of-All Member Banks

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON
1927

FEDERAL RESERVE BOARD
Ex offieio members:

ROY A. YOUNG, Governor.
EDMUND PLATT, Vice Governor.

A. W. MELLON,

ADOLPH C.
CHARLES S.
GEORGE R.
EDWARD H.

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

Comptroller of the Currency.

MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.

WALTER L. EDDT, Secretary.

WALTER WYATT, General Counsel.

j . C. NOELL, Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.

E. A. GOLDENWEISER, Director, Division of Research
and Statistics
CARL E. PARRY, Assistant Director, Division of Re*
search and Statistics.
E. L. SMEAD, Chieft Division of Bank Operations.

J. F. HERSON,

Chiefy Division of Examination, and Chief Federal
Reserve Examiner,

FEDERAL ADVISORY COUNCIL
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.




1
2
3
4

(BOSTON).( N E W YORK)
(PHILADELPHIA)
(CLEVELAND)

„_„_
„
I.

„

5 (RICHMOND)
6 (ATLANTA)
7 (CHICAGO)
8 (ST. LOUIS)
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS)
12 (SAN FRANCISCO)

ARTHUR M. HEARD.
JAMES S. ALEXANDER.
L. L. R U E .
HARRIS CREECH.

JOHN F. BRUTON, Vice President.
__
-

_„
„

.
---

P. D. HOUSTON.
FRANK O. WETMORE, President.
BRECKINRIDGE JONES.
THEODORE WOLD.
P. W. GOEBEL.
B. A. M C K I N N E Y .
HENRY S. M C K E E .

OFFICERS OF FEDERAL RESERVE BANKS

Boston
New York

Frederic H. Curtiss
G. W. McGarrah.

Philadelphia..

R. L. Austin

Cleveland

George DeCainp

Richmond
Atlanta

W. P. G. Harding.
Benj. Strong

„— Geo. W. Norris

._..„„

M. J. Fleming
Frank J. Zurlinden
„ C. A Peple._.
R. H. Broaddus
__ M. B. Wellborn............ Hugh Foster
Creed Taylor
j . B. McDougal
..
C. R. McKay
John H. Blair
E. R. Fancher...

„ Oscar Newton

Chicago..*„

Wm. A. Heath

St. Louis
Minneapolis

Wm. McC. Martin..
John R. Mitchell

Kansas City
Dallas
San Francisco

M. L. McClure
C. C. Walsh..
. . . . . . Isaac B. Newton

D. C. Biggs........
W. B. Geery—
W. J. Bailey
Lynn P. Talley....

.

. . . J. U. Calkins

Cashier

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

George J. Seay_.

Wm W. Hoxton

„

Deputy governor

Governor

Chairman

Federal Reserve Bank o—
f

fc..

W. Willett,
A. W. Gilbart.i
J. W. Jones.i
Ray M. Gidney.*
L, R. Rounds. 1
C. A. Mcllhenny.
W. G. MeCreedy.i
H. F. Strater.
Geo. H. Keesee,
John S. Walden, jr.i
M. W. Bell.

W C. Bachman.»
K. C. Childs.i
J. H. Dillard.i
D. A. Jones.i
0. J. Netterstrom.*
0. M. Attebery
. . . . . . . . 0. M. Attebery.
Gray Warren.
B. V. Moore . .
Frank 0. Dunlop.1
Harry Yaeger
J. W. Helm.
C. A. Worthington
Fred Harris,
R. R. Gilbert
R. B. Coleman
Wm. A. Day.
W. N. Ambrose.
Ira Clerk
L. 0. Pontious

i Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f

Managing director

New York:
Buffalo branch
W. W. Schneckenburger.
Cleveland:
Cincinnati branch
C. F. McCombs.
Pittsburgh branch . . .
J. C. Nevin.
Richmond.*
Baltimore branch
.
A. H. Dudley.
Charlotte branch..
Hugh Leach.
Atlanta:
New Orleans branch..
Marcus Walker.
Jacksonville branch
Geo. R. DeSaussure.
Birmingham branch
A. E. Walker.
Nashville branch
_. J. B. Fort, jr.
Chicago:
Detroit branch.
W. R. Cation.
8t. Louis:
Louisville branch
.
W. P. Kincheloe.
Memphis branch
W. H. Glasgow.
Little Rock branch
A. F. Bailey.

Federal Reserve Bank o—
f
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

Managing director

R. E. Towle.
L. H. Earhart,
J E.Olson.
C. E. Daniel
W. 0 . Ford.
D. P. Reordan.
M. Crump.
Wm. M. Hale.
R. B. West.
_ W. L. Partner.
C. R. Shaw.
D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

THE FEDERAL RESERVE BULLETIN is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. 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—Current banking developments
Gold stock and money in circulation, 1922-1927
Differentials in interest rates charged customers
New index of wholesale distribution
Deposits of all member banks, 1923-1927
Condition of all member banks
Classification of loans and investments of all member banks
Earnings and expenses of member banks
Treasury
finance
National summary of business conditions

795
800
803
817
828, 886-925
829, 876-880
833, 881
830, 882-885
833
834

Financial, industrial, and commercial statistics:
Reserve bank credit—
Reserve bank credit in use
Discounts and deposits of Federal reserve banks
Gold imports and exports and money in circulation
Money rates in New York City
Federal reserve bank rates
Open-market rates
„
Rates charged customers by banks in principal cities
Member bank creditMember bank reserve balances and borrowings at Federal reserve banks
Loans, investments, and deposits of reporting member banks
Bankers' balances in Federal reserve bank and branch cities
.
Commodity prices, security prices, and security issues
Industrial production
„
Factory employment and pay rolls
Building
.
Commodity movements
„
Wholesale trade
._
.
Retail trade
Bank suspensions and commercial failures
Financial statistics for foreign countries:
Condition of central banks
Condition of commercial banks
__.
Discount rates of 33 central banks
Money rates in foreign countries
Gold exports and imports of principal countries.Foreign exchange rates
.
Price movements in principal countries—
Wholesale prices
Retail food prices and cost of living. „
Industrial statistics for England, France, Germany, and Canada

_

836
836
837
838
838
838
839
840
840
841
842
843
844
845
846
846
847
848

;

.

i

_

849
851
851
852
853
854

;

.
-

.
.
„__

855
857
858

Ruling of the Federal Reserve Board—Acceptances growing out of the sale of American goods abroad „
Charlotte branch bank opened for business .
„
.
Changes in national and State bank membership
.
Fiduciary powers granted to national banks._„
.
-_

860
860
861
861

Detailed banking statistics for the United States

862

IV




_---

„

FEDERAL RESERVE BULLETIN
VOL. 13

DECEMBER, 1927

No. 12

year.1 This decline in commercial loans reflects the somewhat smaller volume of producBanking developments during recent weeks tion and trade in 1927, compared with 1926, and
have been characterized by a continued the lower level of prices at which business has
Continued growth in the outstanding vol- been transacted.
growtli of bank ume of bank credit. Comm.ercredit
ALL MEMBER BANKS 1
cial loans have been declining
[In millions of dollars]
slightly since the middle of October, when they
reached their seasonal peak, but loans on securJune 30, June 30, Increase
ities and investments have continued to inor de1927
1926
crease(—)
crease. The total volume of loans and investments of member banks in leading cities reached Investments..;
9,123
9,818
695
7,321
8,156
835
$21,500,000,000 in November and was larger Security loans
Real estate loans
2,650
2,926
276
12,281
12,051
-230
than in any previous month. Since November of Other loans
Total loans and investments 2
32, 951
31, 375
1,576
last year this amount has increased by 7.4 per
cent, compared with an increase of about 2.2 1 Figures for national banks are from the Annual Report of the Comptroller
per cent in the year ending in November, 1926, to 2the of the Currency and for nonnational members from reports made
Federal Reserve Board.
Exclusive of overdrafts.
and 5.5 per cent a year earlier. Thus the
growth in the volume of member bank credit
The following table shows for member
in leading cities has been larger during the past banks in leading cities the classification of
year than in either of the two preceding years,
their loans and investments in
though not as large as in the year ending in cndtV°ToansfSe" November, 1926 and 1927, toNovember, 1924, when it was 12.4 per cent.
gether with the changes for
The rapid growth of member bank credit this the period.
year has not been due to an increase in soREPORTING MEMBER BANKS
called "all other loans/ 7 which
REVIEW OF THE MONTH

Composition of
,
.T
£
growth
comprise loans tor commercial,

Amounts in millions of dollars]
Increase or de-

crease (—)
agricultural, and industrial purNovem- November, 1926 ber, 1927
poses, as well as real estate loans. That loans
Amount Per cent
extended to trade and industry have actually
declined during the year is indicated by figures Loans and investments __ X9,874 21,335 1,461
7.4
of loans and investments for all member banks,
5, 521
Loans on securities.
6,317
796
14.4
—3
Other loans
8,800
8,803
which have recently become available for June
Investments
5,550
6,218
668
12.0
30, 1926 and 1927.
During the fiscal year ending June 30, 1927,
The growth in loans on securities during the
member banks of the Federal reserve system year amounted to $796,000,000, or about 14
showed a large increase in investments and in
per cent. That this increase in loans on seculoans on securities, and an increase of $276,rities has reflected largely the increased use of
000,000 in real estate loans. Other loans,
however, which are the closest available 1 A table showing a detailed classification of loans and investments of
all member banks on June 30,1926, and June 30,1927, appears elsewhere
measure of commercial demand for credit, in this BULLETIN.
showed a decrease of $230,000,000 for the
795




796

FEDERAL RESERVE BULLETIN

credit by the security markets is indicated by
the fact that loans to brokers and dealers in
securities placed by the weekly reporting
member banks in New York City increased by
$826,000,000 during the year ending in November. Loans by the New York banks for
their own account increased by $357,000,000
and their loans for account of their American
banking correspondents by $227,000,000. The
remainder of the growth was in loans for
account of others, which showed an increase
of about 32 per cent during the year, carrying
the total to $1,000,000,000 for the first time.
This large growth of loans for customers other
than domestic banks is not reflected in the
condition statement of any banks, since banks
act merely as agents in these transactions.
It does, however, reflect the large growth in the
use of funds by the security market. Funds
supplied by corporations with temporarily idle
resources at their disposal and funds of foreign
banks and industrial concerns in the New York
market are the sources from which these loans
for account of others are largely drawn. The
somewhat less active condition of business
during the year, reducing the current financial
requirements of trade and industry, and the
large amount of foreign funds seeking investment have been factors accounting for the
growth in brokers7 loans for account of corporate and foreign customers.
Another part of the open market which has
reflected the growth of available short-time
funds in New York has been
Large volume

^

.

of acceptances

,-,

,

i ,

A

the acceptance market. Aci

cording to the latest figures
collected by the acceptance council, the total
volume of outstanding acceptances in November of this year is about $1,000,000,000, a
larger figure than at any previous time. The
large volume of acceptances outstanding in
this country has been the result in part of
lower rates on bankers' bills in the New York
market, compared with the London market,
and the consequent increased proportion of




DECEMBEE, 1927

this country's exports, which was financed by
dollar acceptances rather than by sterling acceptances. Compared with last year the rise
l
n the price of cotton, which is the basis of a
large proportion of acceptance credit, has also
been a factor in increasing the dollar volume of
outstanding acceptances.2
The abundance of bank funds has been reflected also in a growth of bank investments.
Thus security holdings of memBank invest- ber banks in leading cities
ments
increased by about $670,000000, or about 12 per cent, between November,
1926 and 1927, the largest growth in investments of member banks since 1924. About
two-fifths of this growth in bank investments
was in Government securities, the larger increase being in bonds of corporations and of
municipalities, both domestic and foreign.
This growth of investments by the banks has
occurred during a period when the absorption
of securities by all classes of investors in the
United States has been in unusually large
volume. Security flotations, domestic and
foreign, during the year ending in October,
1927, were over $7,000,000,000, exclusive of
refunding issues, a larger amount than in any
previous year, excepting only the time of
war financing. The abundance of funds available for investment in private enterprises,
which has characterized the past year, has
been due chiefly to the large volume of the
national savings, but has been augmented
by the retirement of the public debt, which
has had the effect of placing funds collected
through taxation into the investment market.
The retirement of the debt of the United States
Government at the rate of about $1,000,000,000 a year has thus been a factor in making
funds, which otherwise might have been expended in part for consumption goods, available
for investment in securities of State and municipal governments and of private enterprises.
2
Tables giving figures for three of the elements in the open market:
Brokers' loans, commercial paper, and bankers acceptances, appear on
pp. 874-875 of this BULLETIN.

DECEMBER, 1927

The growth of loans and investments at the
reporting member banks during the past year
has been accompanied by an
d
increase of about $1,400,000,000
in the banks' combined net demand and time deposits, demand deposits
showing an increase of $738,000,000 and time
deposits an increase of $655,000,000 for the
year. The increase in demand deposits during
the current year has been in contrast with the
two preceding years, when the volume of demand deposits remained constant, while time
deposits increased steadily. The continuous
growth of time deposits in recent years, which
has considerably increased their proportion of
total deposits, has been an important factor in
enabling the member banks to increase their
loans and investments in the past five years by
about $8,600,000,000 on a basis of $445,000,000
added to their reserve balances. This expansion of bank credit during the past five
years at the rate of about $19 of credit to $1 of
reserves has reduced the average reserves held
by member banks from 8.1 to 7.3 per cent of
the deposits subject to reserve requirements.
To what extent the growth of time deposits
represents actual savings and to what extent it
merely reflects an increase in the practice of
carrying deposits not immediately required for
current operations under the caption "time
deposits/ 7 it is impossible to determine. Regardless of the character of the growth of time
deposits, the fact that the total of demand and
time deposits has increased reflects the growth
in the total volume of funds used by the banks
in extending credit for long or short periods to
the various enterprises of the country, and
since member bank investments have not increased nearly as rapidly as their time deposits,
it is clear that a considerable proportion of the
funds represented by time deposits have been
used in short-term credit operations.
The following table shows for member banks
in leading cities the growth of net demand and
of time deposits for the six years ending
November, 1927:




797

FEDERAL RESERVE BULLETIN
REPOKTING

MEMBER

BANKS

[Monthly averages of weekly figures. In millions of dollars]
Increase or decrease
(—) from previous year

Amount

Net
demand
deposits
November, 1922..
November, 1923-.
November, 1924,.
November, 1925_.
November, 1926_.
November, 1927..
Total change for 6 years.

Time
deposits

Net
demand
deposits

11,116
11,168
13,075
13,180
12,950
13, 688

3,65(i
4,038
4,837
5,343
5, 77(1
6,42,'l

906
52
1,907
105
-230
738

654
383
804
506
427
655

3,478

3,429

Time
deposits

For the six-year period the growth in time
and in demand deposits has been approximately
equal in amount, $3,400,000,000, but the
growth in time deposits has been continuous
from year to year, while the growth in demand
deposits has been largely concentrated in three
years, 1922,1924, and 1927. These three years,
it will be observed, were all years of relatively
easy money and of somewhat reduced business
activity. Thus the growth of demand deposits
appears to have occurred largely at times
when current credit demands of trade and
industry were fairly constant, rather than at
times when there was a growing demand for
bank loans from these sources. During the
present year the volume of industrial and
trade activity has been decreasing and there
has been a large growth both in demand and
time deposits.
The foregoing analysis of the growth of bank
credit during the past year indicates that the
demand for credit has been esBanksinNew sentially a money-market deYork City and
mand, and consequently much
Chicago
of the growth has occurred at
banks in the money centers, New York
and Chicago. The following table shows
changes in the principal items of the reporting
member banks in New York City, in Chicago,
and in other leading cities.

798

FEDERAL EESEEVE BULLETIN
REPORTING MEMBER

BANKS

[Increase or decrease (—) from November, 1926 to November, 1S27]
New York
City

Other leading
cities

Chicago

Per
Per
Per
Amount cent of Amount cent of Amount cent of
ihange
change
change
Loans and investments

779

12.6

103

5.8

579

4.8

Security loans. _.
Other loans
Investments

522
129
128

27.3
5.1
7.5

97
-36
42

14.1
—5.1
11.3

177
-96
498

6.0
-1.7
14.4

471
183

9.5
21.0

5.2
8.5

204
428

3.0
9.8

Net demand
posits
Time deposits

de-

Loans and investments of the banks in New
York City have increased by 12.6 per cent for
the year, those in Chicago by 5.8 per cent, and
those in other leading cities by 4.8 per cent.
More striking is the contrast between the
growth in security loans in the different groups
of banks—at banks in New York City, it w^as
27 per cent; at banks in Chicago, 14 per cent;
and at other reporting banks, 6 per cent. Commercial loans have increased 5 per cent in New
York and decreased 5 per cent in Chicago and
2 per cent in other leading cities. On the
other hand, the growth in investments was 7
per cent in New York, 11 per cent in Chicago,
and 14 per cent in other leading cities. This
indicates that the abundance of funds during
the year has given rise to a movement of surplus
funds to New York and to Chicago, where these
funds were placed largely as collateral loans on
the security market, while additional funds
were used by the banks outside of the financial centers in the purchase of investments. At
New York banks investments increased rapidly
during the first part of the year, but declined
after that time.
At the Federal reserve banks the recent
growth in member bank credit has been accompanied by an increase in
Reserve bank t h e t o t a l o f b i U s a n d securities,
credit
.
Earlier m the year the volume
of Federal reserve bank credit outstanding
was below the amount in 1926, as is indicated




DECEMBER, 1927

by the chart, but recently the total has been
above that of a year ago. The lower level of
reserve bank credit earlier in the year was due
to the importation of gold, which was flowing
into this country at a rapid rate in the first
half of the year, and also to the diminished
demand for money in circulation. The volume of money in circulation throughout this
year has been lower than the year before, reMILLIONS OF DOLLARS

MILLSOHS OF DOLLARS

1400

1400

1300

1300

1200

1200

1100

1100

1000

100Q

900

Jsoo

Jsn. Feb. Mar. Apr. May June July Aug. Sept. Get. Nov. Dec.

Monthly averages of daily figures of total bills and securities for the 12
Federal reserve banks combined

fleeting in part the somewhat reduced volume
of business activity and the lower level of
prices.3
During the past three months the movement
of gold has been reversed, and partly through
exports and partly through earmarking for
foreign account there has been a considerable
decrease in the country's monetary gold. This
loss of gold and the increased reserve requirements of member banks have been the principal
influence causing the increased demand for
reserve bank credit. The growth in member
bank reserve balances, which has been the
first substantial growth of these balances since
1924, reflects the growth in 1927 of demand
deposits of member banks, which did not occur
in the two preceding years, and also the growth
in the deposits of New York City banks, where
the reserve requirements are 13 per cent.
3
Revised figures of money in circulation with corrections for earmarked gold and including minor coin are shown for the first time on
p. 802 of this BULLETIN. There are also shown corrected figures for the
country's monetary gold stock.

DECEMBER, 1927

FEDERAL EESEEVE BULLETIN

79*

The following table shows the composition security holdings, which has been fairly con tin
of bills and securities of the Federal reserve nous since last May and has carried the tots
banks in November, 1926 and 1927:
to a higher level than at any time since the en<
of 1924 reflects for the most part purchases o
FEDERAL RESERVE BANKS
securities by the reserve banks to offset th
[Monthly averages of daily figures. In millions of dollars]
effect on the reserves of member banks of goL
Novem- Novem- Increase withdrawals for export or to be earmarked fo
or
ber, 1926 ber, 1927 decrease
foreign account. During the three month
1 270
1,319
Bills and securities
+49 ending in November net exports of gold, largely
Brazil, and Canada, totale(
Discounts.
401
fi18
-217 to Argentina,
Acceptances
347
335
-12
United States securities.
302
582
+280 about $75,000,000, and during the same perkx
gold withdrawn from the reserve banks am
Total volume of reserve bank credit in use earmarked for foreign account also amountec
has changed but little for the year, but there to about $75,000,000, with the consequence tha
has been a considerable shift from discounts to the country's stock of monetary gold decreasec
United States securities, while acceptance hold- by over $130,000,000, and on December 1 wai
ings have declined slightly. The growth in lower than at any time for more than a year
73628—27-




800

FEDERAL BESERVE BULLETIN

DECEMBER, 1927

REVISED FIGURES FOR GOLD STOCK AND MONEY IN CIRCULATION, 1922-1927
Of the factors that influence money-market able before the end of the month, and (2) soconditions, changes in the monetary gold called preliminary figures, somewhat less accustock of the United States and in money in cir- rate and detailed than these but still more acculation are among the most important. The curate than those which have been currently
importance of these items is due to the fact available in the past, will be published early in
that a change in either of them, by affecting the month. Since the new figures, while comfavorably or adversely the reserve position of parable from month to month with one another,
member and nonmember banks, exerts an in- will not be strictly comparable with those which
fluence upon the demand for reserve bank in the past have been carried in the monthly
credit and usually results in a change in the circulation statement of United States money
volume of indebtedness of member banks at issued by the Treasury and published in part
the reserve banks. An increase in the coun- in the FEDERAL RESERVE BULLETIN, it has
try's stock of monetary gold, such as arises been necessary to work up revised figures for
previous months, extending over a considerable
period of years. These revised figures have
5200
5200
now become available back to the beginning
of 1922 and they are shown on the chart and
given in the accompanying tables. They are
4800
4800
intended to be strictly comparable with the
final figures for each month that are henceforth to be published currently.
Both the current availability of the new
4400
figures and the preparation of these revised
figures have been made possible through the
cooperation of the Federal Reserve Board and
4000
banks, the United States Treasury, particularly
the Bureau of the Mint and the Division of
General Accounts, and the Department of
Commerce. Thus arrangements have recently
3600
3600
been made by the Bureau of the Mint to
1922
1923
19241925
1926
1927
receive telegraphic reports from certain customs
First of month figures. Latest figures are for November
houses with reference to movements of gold
from importation or from domestic production into and out of the country, instead of mailed
of gold, has the effect of bringing about a cor- reports as formerly, with the effect of putting
responding growth in the reserves of member the Treasury in a position to arrive early
banks, except to the extent that it may be off- in the month at preliminary figures for the first
set by the coincident influence of some other of the month that are fairly accurate. The
factor, such as an increase in the volume of reason why they are not so accurate as those
money in circulation or a sale of securities by which can be arrived at somewhat later is
the Federal reserve banks. The opposite effect that reports from most of the customs
follows from a decrease in the gold stock or an houses and from the outlying mints and
increase in the volume of money in circulation. assay offices are still being submitted by mail
Thus figures for monetary gold stock and for and are consequently several days late. Thus
money in circulation are of such fundamental the so-called preliminary figures must be based
current significance to the Federal reserve at present upon figures for Treasury holdings of
system and to member banks that their accuracy cash that are from one to five days out of date,
and promptness in their publication are of the and upon figures for gold coin that are not
greatest importance.
completely adjusted for all exports and imAs the result of arrangements that have been ports of United States gold coin. Steps are
made in recent months (1) detailed figures of in contemplation which are expected to regold stock and money in circulation for the move these difficulties in course of time, but
first of each month that are as accurate as the in the meantime the current release of the
basic records permit will hereafter become avail- final figures will be somewhat delayed.
MILLIONS OF DOLLARS




MILLIONS OF DOLLARS

DECEMBER, 1927

FEDERAL RESERVE BULLETIN

Up-to-date figures with reference to gold
coin have been among the most difficult to
obtain, and whatever inaccuracy has occurred
in this item has been reflected both in the figure
for the total monetary gold stock of the United
States and also for the total amount of United
States money in circulation. Such inaccuracy
has at times been of substantial magnitude,
as, for instance, on the 1st of February, 1927,
when the absence of up-to-date information
with reference to imports of gold coin resulted
in the failure to take account of gold imports
of $39,500,000 during January through the
San Francisco and St. Lawrence customs
districts, which at that time were not submitting telegraphic reports. Prompt reports are
now being received from both of these districts
and also from the New York district; it is
through these three districts that the largest
movements of gold coin occur, and prompt
information from them, which has been available since last June, has been of great value.
Inaccuracies of similar origin have also affected
certain other figures upon which the final
figures for gold stock and money in circulation
have been based, and these inaccuracies taken
together have often amounted during the past
six years to from $10,000,000 to $20,000,000.
In the revised figures presented in the accompanying tables, all of these inaccuracies have
been eliminated in so far as the basic records
permit, principally upon the basis of information compiled and furnished by the Bureau of
the Mint and the Division of General Accounts.
These tables, furthermore, in conformity with
what is henceforth to be the regular practice
of the FEDERAL RESERVE BULLETIN, reflect
some changes in the elements that enter* into
the total figures for monetary gold stock and
for money in circulation. These changes are:
(1) Inclusion in the monetary gold stock of
the United States of such gold as may at any
time be held abroad by the Federal reserve
banks; (2) exclusion from the gold stock (and
also from gold reported as in circulation) of
United States gold coin earmarked by the
Federal reserve banks for foreign account; and
(3) inclusion, for the first time, in the total
figure for money in circulation, of figures for
minor coin, i. e., nickels and cents.
Gold held abroad by the Federal reserve
banks—which means gold belonging to them
but in the custody of foreign correspondents,
under earmark and thus at the free disposal of




801

the Federal reserve banks—is included in the
total monetary gold stock of the United States,
because it is a part of the gold that is available
for the monetary use of the United States,
whether it be counted in practice as part of
the reserves of the Federal reserve banks (as
has at times been the case) or not so counted,
as has been the case since February 4, 1921.
During the larger part of the past six years no
gold has been held abroad, but for a time during 1927 the amount so held approximated
$60,000,000, and for several months in 1919
and 1920 it exceeded $100,000,000. Some gold
was also held abroad in other years.
The Federal reserve banks frequently hold
in trust, i. e., earmarked for foreign account,1
substantial amounts of gold, which may be
in the form of gold bars (bullion), foreign gold
coin, or United States gold coin. Such coin,
belonging as it does to those foreign correspondents for whom it is being held, accordingly represents a part of the monetary gold
stock of foreign countries and not a part of
the monetary gold stock of the United States.
The practice which has hitherto been followed
in arriving at the total monetary gold stock
of the United States, as published in the circulation statement, has automatically taken
account of earmarked bullion (and foreign
coin) but not of earmarked domestic coin;
this practice has now been modified in such a
way as to allow for a decrease in the gold stock
of this country whenever gold coin is placed
under earmark and for an addition to the gold
stock of the country whenever gold coin is
released from earmark. There has been a
certain amount of gold coin under earmark
almost continuously since 1916, which at times
has amounted to as much as $50,000,000,
and changes in the amount from one month
to the next have sometimes been as much as
$20,000,000. Thus the change in practice
with reference to the handling of this item is
of considerable quantitative importance.
The amount of minor coin in circulation has
heretofore never been included in the total
amount of money in circulation as reported by
the Treasury circulation statement and published in the FEDERAL RESERVE BULLETIN.
Its amount at the present time approximates
$110,000,000; at the beginning of 1922 it was
1
Some of the gold held under earmark is the property of member
banks, but inasmuch as the earmarking of this gold is commonly at the
instance of foreign correspondents of these banks, the amount is here
considered as part of the gold earmarked for foreign account.

802

FEDERAL RESERVE BULLETIN

about $90?000,000.2 These figures indicate the
extent to which the amount of money in circulation has been raised by the inclusion of minor
coin.
The preparation of revised figures for earlier
dates on a monthly basis is under way and the
complete results will be published as soon as
they become available.3
MONETAKY GOLD STOCK OF THE UNITED STATES,
JANUARY, 1922-NOVEMBER,
1927 (REVISED F I G URES)

[First of monthfigures.In thousands of dollars]
In Treasury and In circulaFederal
tion
reserve
banks

Month

1922

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

3,
3,
3,723,
3,760,
3,784,
3,771,
3, 784,
3,828,
3,854,
3,872,
3,887,
3,906,

1923

January
February...
March
April
May
,
June
July__
August
SeptemberOctober
November..
December..
January

,221,215
,253,812
295,446
334,475
341,896
352, 784
368,714
415,661
443,045
462, 566
478,329
494,180

439,086
431,178
427,932
425,610
422,367
418,650
415, 937
412, 957
411,668
410,235
409, 543
411,835

3,833,735
3,888,236
3,923,996
3,965,225
4,014,585
4,060,354
4,095,060
4,119, 583
4,130,209
4,121,278
4,118,795
4,133,089

410,135
401,106
399,139
398,407
396,373
394,809
393,330
391,769
390,754
389,986
390,501
393,570

4,243,869
4,289,342
4,323,136
4,363,632
4,410,959
4,455,162
4,488,390
4,511,352
4,520,963
4,511,263
4,509,297
4,526,659

October

November..
December. _
1925

MONETARY GOLD STOCK OF THE UNITED STATES,
JANUARY, 1922-NOVEMBER,
1927 (REVISED F I G -

URES)—Continued
[First of month figures. In thousands of dollars]

Month

May
June
July
August
September
October
November
December

4,349,762
4,361,234
4, 364, 632
4,370,119
4, 382,751
4,381, 538
4,407,476
4,397,440

3,941,310
3,958,854
3, 962,335
3, 969, 668
3,984,279
3,985,294
4, 012,786
4,001,072

408.451
402, 380
402,297
400.452
398,472
396,245
394, 690
396,367

4, 399,425
4,411,624
4,423,164
4,441, 550
4,438,158
4,433,389
4,447, 397
4, 471,115
4,473,123
4,465,760
4,473,447
4, 476, 628

_.

Money
in circulation

Month
1922
January...
February..
March
April
May

June
July

.

January...
4,499; 481
4,090,067 409,414 August
February.
4,422,889
4,020,282 402, 606 September.
March.___
4,369, 389
3, 961, 513 407,876 October...
April
4,346,144
3, 936,438 409, 705 November.
December.
2
These figures include but two of the types of minor coin as reported
1923
tutstanding by the Director of the Mint, the bronze 1-cent pieces and
ohe nickel 5-cent pieces. The other types have been disregarded—copper January...
cents and half cents, copper nickel cents, bronze 2-cent pieces, and nickel February..
3-cent pieces. The total amount of these obsolete types still reported as March
outstanding is approximately $3,600,000, and of this about two-thirds April
is composed of copper cents and copper nickel cents discontinued in May
1857 and 1864, respectively.
June
3
Tables 76 and 77 appearing in the Annual Eeport of the Secretary of July
the Treasury for 1927, and giving the amount of money in circulation and August
the monetary gold stock of the United States on the 1st of July of every September.
year for the years 1916-1927 are on the same basis, and are affected by the October. _.
same revisions, as the tables presented herewith—excepting only that November.
the amount of minor coin is not included in the amount of mone re- December.
'nor
ney
ported as being in circulation.




1925

1926

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

In Treas- I
ury and j In cirFederal
culareserve
tion
banks

Total

3,985,399
4,008,937
4,023, 302
4,044,621
4,043,126
4,040,067
4,055, 694
4, 080.200
4,083', 946
4, 077, 710
4, 084,243
4,087, 797

414,026
402, 687
399,862
396, 929
395,032
393,323
391, 703
390,915
389,177
388, 049
389,205
388, 831

1927
Januarjf
4,492,060 4,083,380 408, 681
February
4, 564, 328 4,167, 892 396, 436
March
4, 585,641 4,192, 324 393, 317
4, 596, 724 4,208, 798 389, 926
April
4,220,926 388,742
May
.
June
;,241 4,221,681 386, 560
3,928,816 3,505,551 423, 265 July
4', 587,298 4,202,342 384, 957
3,952,533 3,537,369 415,163 August
4, 579, 833 4,197,159 382, 674
3,963,397 3,550,644 412,753 September. ___
4, 588, 360
381, 551
4, 570, 840 4,190,364 380,476
3, 970, 269 3,560,104 410,166 October
4, 540, 681 4,159, 637 381, 045
3,981,850 3,573, 568
November
4, 027,835 3,621,685 406,150
4,049,554 3,645,373 404,181
4,078,804 3,677,153 401,651
4,111,443 3,712,542 398,901 UNITED STATES MONEY IN CIECULATION, JANUARY,
4,136,465 3,738,508 397,957
1922-NOVEMBER, 1927 (REVISED FIGURES)
4,167, 065 3, 772, 429 394, 637
4,207, 063 3,811,782 395, 281
First of month figures. In thousands of dollars]

1924

February. _
March
April
May
June.
July
August
September-

DECEMBER, 1927

4? 689,785
4,441,453
4, 490, 831
4,496, 845
4, 468,354
4,454,765
4,463,174
4,423, 728
4,479, 762
4, 607, 717
4, 645,957
4, 703, 630

Money
in circulation

Month
1924
January...

February._

March
April
May~_.—_

June
July

August
September.
October...
November.
December.

5,043,819
4,777,368
4,887,272
4,899, 375
4,853,195
4,904,842
4,849,309
4, 755, 558
4,858,907
4,863,185
4,941, 514
5, 051, 945

1925
4, 817,039
4, 614,248
4.703,366
4 746,834
4, 759,236
4,797, 068
4, 823,278
4,786,907
4,876,474
4,945,182
4, 924,900
5,017, 653

1926
January. _ _
February. _
March
April
May

June
__
July
August
September
October
November.
December.

Money
in circula
tion

5.104,116
4, 841,088
4,903,627
4, 859, 825
4,907,096
4, 923,181
4, 885, 268
4,909,186
4,930, 233
4, 978, 221
5,021, 411
5,036,980

1927

January. - _ 5,047, 463

February..

March
April
May
__

June

Month

_

July
August
September
October
November.
December.

4, 802, 358
4, 853, 229
4, 818, 339
4, 789,488
4, 841, 282
4, 815, 209
4, 795,304
4, 867,068
4,916,116
4, 968, 536
5,044, 345

January- - February..
March
April
May
_

June

July
.
August
SeptemberOctober
November-

5,095,154
4, 845, 765
4, 884, 768
4, 861, 706
4, 890,606
4,892,667
4, 851, 325
4, 845, 781
4, 853, 773
4,948,462
4, 945, 905

DECEMBER, 1927

803

FEDERAL EESEEVE BULLETIN

DIFFERENTIALS IN RATES CHARGED CUSTOMERS ]
Prior to 1918 comparable and consecutive
statistics on the level and range of interest rates
charged by banks on loans to customers were
almost completely lacking in this country, in
that year the Federal Reserve Board established a regular reporting service to supply such
information from selected cities where Federal
reserve banks or branches were located. This
service has since been expanded to cover all
cities in which there are banks or branches of
the Federal reserve system, and reports on rates
charged customers have been published regularly in the FEDERAL RESERVE BULLETIN.
The published data are based primarily upon
monthly reports submitted by a selected group
of leading banks in each city covering rates
wilich they have charged their customers on
various types and maturities of paper. On
account of the unorganized nature of the market, the problem of obtaining comparable and
accurate quotations has presented considerable
difficulty, and many of the published quotations, especially for earlier years, are still open
to question. Taken as a whole, however, these
data undoubtedly reflect the principal characteristics of the market for customers' loans in
the leading cities of the United States. This
is especially true with regard to differentials in
rates charged, which stand out as one of the
most distinctive characteristics of customers'
markets. In these differentials much of the
underlying structure of our banking system is
revealed.
The range of cities covered by this material
is broad. Starting with quotations from the
12 Federal reserve bank cities and a few of those
containing the more important branches, the list
has been expanded by the Federal Reserve
Board so that for most of the period there is a
consecutive record of customers' rates 2 reported from over 30 cities, ranging in size from
New York City to Helena, and in territorial
location from Boston to Jacksonville, Los
1
This study is a part of a monograph in preparation on money rates
and money markets in the United States by Winfield W. Eiefler, of
the Division of Research and Statistics.
2 Through 1923 these rates were reported on the 15th of each month
and represented the prevailing rate in the market during the previous
month. Since January, 3924, in the interest of greater accuracy, they
have represented the prevailing rate during the week ending the 15th.
As the dependability of these quotations is open to some question, the
series used in this study have been carefully scrutinized as to their reliability, and where doubt existed as to the validity of the quotations they
were excluded. In general, quotations were excluded (1) when the
series from a particular city was incomplete, due largely to the difficulty
of organizing a competent reporting service, and (2) when during the
period of very high money rates the existence of laws in certain States
limiting the legal rate of interest impaired the comparability of reported
rates from cities in such States with other cities where there were no
legal restrictions or where such restrictions as did exist were abov- the
range of rates quoted.




Angeles, and Seattle. The quotations for each
city are not limited to one type of loan but
embrace for each city the most important types
of paper on which banking funds are borrowed.
Table I, taken from the FEDERAL RESERVE
BULLETIN for. January, 1927, illustrates the
scope and nature of the additional data on the
structure of money rates that are now available
for analysis and study.
TABLE I.—MONEY RATES IN FEDERAL RESERVE BANK
AND BRANCH CITIES: PREVAILING RATES CHARGED
CUSTOMERS DURING WEEK ENDING
DECEMBER

15, 1926

I.
Prime
commercial
loans

Boston
New York___
Buffalo
Philadelphia.
Cleveland. __
CincinnatiPittsburgh..
Richmond—_
Baltimore...
Atlanta
Birmingham.
Jacksonville _
Nashville
New Orleans.
Chicago
Detroit
St. Louis
Little Rock..
Louisville
MinneapolisHelena
Kansas City.
Denver
Oklahoma
City
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles.
Portland
Salt L a k e
City
Seattle
Spokane

5

Interbank
loans

5 -6
5
6

-6
4
6

5 -6 5 -6
5M-8
5 -5%
5 -6
5 -6
4^-6
5M-6

4^5

Loans secured
by prime stock Loans
secured
exchange
by
collateral
warehouse
Demand Time receipts

5 -6
-6

': 5

5 -6
4%-5>
5 -6
5 -6
6
5 -6
5 -6

6

-7

6 -7
8
5 -6

5 -5

6 -6H

-7
8
5 -6

5 -6
6 -7
6 -7

8
5 -6

5 -6
6 -7

6

6
-7

5 -6
Mr?
' -6
4

5 -6

5 -6

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

5 5
5 -6 5 -6
5 -5\ 5 -fy
6 -7
5H-6

8
5 -5k
6

-7
6

5
5
5 -6
4M-5
6
6
-6

Cattle
loans

-6
-6
-6

II-5 - C

M3

414-6
4^-6

5 -6
-8
6
6 -8
5 -6

5H-8
5
5
7
5

-7
-7
-8
-7
6
7

-7
6

6 -8
6 -7
6 -8

6 ^-8
5 -7

7 -8 5 -8
7
6 -7
6 -10 8 -10
8 -8 5 -8
5 -6
6 -7
6 -7
7 -8 6. -8
-7
-8
5 -10

It may lead to a clearer understanding of the
meaning of these quotations to quote the
heading under which they are carried in the
FEDERAL RESERVE BULLETIN: "The

*

*

*

table shows the prevailing rates charged on
various classes of loans, as reported by representative banks in the cities indicated. These
rates are not averages but are those rates at
which the bulk of the loans of each class are

804

FEDEEAL RESERVE BULLETIN

made by reporting banks." The rates quoted
then do not necessarily indicate the highest
rate that was charged on any one loan nor the
lowest. They are gathered to represent the
rates borne by the bulk of the paper, i. e., the
rates charged on most of the money loaned to
customers during the period. Two items have
been added to the table presented here that
do not appear in the original, the last column
on the right and the line at the foot of the table
entitled "Range." The first gives the highest
and lowest rate quoted for each city for all
types of loans quoted for the week ended
December 15, 1926, while the second gives the
highest and lowest rate quoted for each
type of loan throughout the 34 cities for the
same period.
The most interesting fact is the range of
rates quoted, the seeming absence of a norm.
The lowest on the table is 4J^ per cent and the
highest 10 per cent. The price of money, then,
was twice as large for some loans in some places
as for other loans in other places during the
same week in these 34 cities. Nor are these
low and high quotations isolated on the table
under examination. Though they are the
lowest and highest rates reported, there is a
steady range of quotations in between. A
greater number are to be found at 5 and 6 per
cent than at any other rate, but 8 per cent
appears for every class of loan and in many
cities, and on the low side there are quotations
of 43^ and 424 per cent in fair quantities. The
series at the foot of the page shows the range
for each type of paper. Rates on customers'
prime commercial paper and interbank loans
both ranged from 4 Y2 to 8 per cent on that
date over different parts of the country. Loans
on stock exchange collateral, both demand and
time, and loans secured by warehouse receipts,
carried rates that ranged from 4% to 8 per
cent, while rates on cattle loans ranged from 5
to 10 per cent. In nearly every class the price
of money on the same type of paper was almost
double in some places what it was in others.
It is indicated, therefore, that the place where a
loan is made is fully as important as the type
of loan in determining the rate of interest that
will be paid.
Variations in risk do not appear to offer an
adequate explanation of the greater part of
these differentials. Fairly consistent differences are reported between the rates charged
customers in different cities, but they apply to
loans where the risk is constant as well as to
those where differentials in risk can be inferred. Banks in the city of Chicago, for




DECEMBER, 1927

example, consistently reported higher rates
for loans secured by Liberty bonds than did
banks in the city of New York, yet Liberty
bonds are just as secure for loans in Chicago
as in New York. The annual average rates
charged customers on the six most important
types of loans from 1919 to 1925 are shown in
Table II. These averages apply to rates reported as customarily charged and include in
each year all the cities from which satisfactory
reports were received throughout the year on
all six types of loans. Each year the highest
rates were charged on time loans secured by
stocks and bonds, a form of collateral probably
involving less risk on the average than loans
secured by a commercial customers' promissory note. Average rates on loans to other
banks, on the other hand, which represent
probably the best risk among the six types
included on the table, were only a trifle lower
than rates on customers' commercial paper.
TABLE II.—ANNUAL MONEY RATES CUSTOMARILY
CHARGED CUSTOMERS ON SIX MAJOR TYPES OF
LOANS, AVERAGED FOR ALL CITIES

Number of
cities

Year

1919
1920
1921._
1922
1923
1924
1925

_
_.

22
S3
23
27
28
30
30

Loans secured
Loans by other stock
and bends
Inter- secured
bank
by
loans Liberty
Debonds
4-6
30-90
mand Time
days months
Customers'
commercial
loans

6.16
6.85
7.04
6.31
6.16
5.70
5.52

6.18
6.88
7.08
6.36
6.16
5.73
5.52

5.85
6.53
6.78
6.20
5.85
5.61
5.50

5.77
6.73
7.04
6.33
6.13
5.74
5.62

6.17
7.01
7.13
6.40
6.19
5.82
5.71

6.26
7.01
7.19
6.51
6.33
5.95
5.76

So far as rates customarily charged on the
bulk of customers7 loans are concerned, therefore, differentials between cities and between
different types of. collateral security appear as
frequently and consistently in those cases
where there is no difference in risk involved as
in those cases where differentials in risk can be
inferred to exist. This same condition is also
shown by an examination of the highest and
the lowest rates charged in the various cities.
For several years the rates reported to the
Reserve Board included the highest and lowest
rates ruling in each city upon each type of loan
as well as the rate which was customarily
charged. These rates show a considerable
spread in each city between the highest and
lowest rates charged upon the same type of
loan, but again give little support to the theory
that varying degrees of risk account for the
difference. In Table III, the average high

DECEMBER,

1927

FEDERAL RESERVE BULLETIN

805

can be claimed for these quotations is that they
are roughly representative of the broader movements and relative levels of customers' rates.
The differentials in rates, however, which are
given in this discussion, both between different
types of loans and between rate levels in different cities, appear so consistently throughout
the whole of the reports that they require explanation on other grounds than inaccuracies
in the reporting service. These differentials
are not those that would be expected if they
TABLE
III.—AVERAGE
HIGH
AND LOW RATES were predominantly the result of differentials
REPORTED FROM 35 CITIES MONTHLY DURING 1923
ON LOANS SECURED BY CUSTOMERS' COMMERCIAL in risk, but do conform roughly to other money
market factors. The more significant of these
PAPER AND LIBERTY BONDS
differentials are analyzed in the following paragraphs.
Customers' commercial
L i b e r t y bonds
paper
Maturity and collateral as factors in cus1923
tomers' rate differentials.—In the open money
High
Low Spread markets,
Low Spread High
the largest differentials between
money rates accompany differences in col5.34
1.54
January
7.01
5.26
1.75
6.88
5.30
February
1.52 lateral and maturity of loans, and call loans,
6.92
5.19
L. 73
6.82
March...,
5.37
6.96
5.39
L. 57
6. 89
1.52 time loans on securities, acceptances, and comApril
6.93
5.25
L. 68
6:88
5.37
1.51
May
__
7.03
5.36
L. 67
6.92
5.31
1.61 mercial paper are quoted at times at widely
June
6.94
5.39
L. 55
7.00
5.43
1.57
In the customers' markets
July
6.94
5.37
L.57
6.86
5.44
1.42 differing levels.
August
__
6.97
5.42
I. 55
6.87
5.40
1.47 the same differentials appear to some extent,
September
5.45
L.45
6.92
5.43
1.49
6.ao
October
_
5.46
L. 43
6.96
5.46
1.50 but are overshadowed in their importance by
6.89
November
5.44
L.45
6.88
5.51
1.37
6.89
December
_
5.43
L. 42
6.87
5.42
1.45 much larger differentials of an entirely differ6.85
ent order such as differentials between cities
Year 1923
6.94
5.37
1.57
5.40
1.50
6.90
and differentials between different customers
in the same city and frequently in the same
The average difference between high and low bank. In the open markets, for example, the
is about l}/2 per cent for both types of loans. widest differentials between loans on.securities
Since a spread of 1.50 per cent between high and correspond strictly to their maturities, call
low rates on loans secured by Liberty bonds can loans usually taking a rate much lower than
not be explained in terms of risk, it would be time loans. In the customers' market for
inconsistent to explain in this manner the simi- security loans, on the other hand, the largest
lar spread of 1.57 per cent between high and differentials are those between different cities
low rates for loans secured by customers7 prom- and within cities between high rates and low
issory notes. In the reports there is frequently rates to different customers. There are at the
no difference whatever between the low rate same time small differentials according to
quoted for loans on Liberty bonds and cus- maturity between demand and time loans,
tomers' promissory notes, and the same is even but they are much smaller than in the open
more frequently true of the highs. Of the 415 market. The outstanding characteristic of
reports published during 1923 on low rates for the customers' market is the similarity of
both types of loans, 201 are identical and the the range of rates on all types and maturities
others vary so slightly that the monthly aver- of customers' loans within cities. The range
ages as shown in the table are at all times for each type is usually wide according to the
close, while of the 415 reports showing high bank or customer making the loan, but there is
rates for both types of loans an even greater little difference in the range according to its
number, 263, are identical.
maturity or collateral. Before proceeding
These comparisons are not altogether con- with the discussion of these wider and more
clusive, because the reliability of the data upon important differentials according to cities, such
which they are based is open to question. It variations as do occur according to maturity
is extremely difficult to isolate strictly com- and collateral will be discussed and contrasted
parable quotations for a market as loosely with similar variations in the open markets.
organized as that in which the majority of
Differences according to maturity in customc ustomers' loans are placed, and the most that ers' rates are illustrated by quotations on
and average low rate for each month during
1923 for the 35 cities reporting is shown; first,
for loans secured by commercial customers'
promissory notes, where the risk would conceivably vary greatly between the customer
enjoying the best financial position and the one
whose credit was poorest, and second, for
loans secured by Liberty bonds, where the
collateral was just as safe for the loan paying
the highest rate as for that paying the lowest:




806

FEDERAL EESEEVE BULLETIN

D E C E M B E E , 1927:

30-90 day and 4-6 month customers7 prime TABLE V.—ANNUAL AVERAGE CUSTOMERS' AND OPENMARKET RATES FOR DEMAND AND TIME LOANS,
commercial paper and by demand and time
ON STOCKS AND BONDS, 1919-1925
loans on stocks and bonds. In both the open
and customers' markets shorter maturities are
usually quoted at somewhat lower rates than
Customers' security Open-market security
loans, New York City
loans
longer maturities, but the difference according
Num7
ber
to maturity in customers rates is so small as to
Year
of
cities
be almost negligible. The contrast between
DeDethe two markets is illustrated by Tables IV
mand Time Spread mand Time Spread
and V, the first of which gives the spread between commercial-paper quotations for loans 1919
22
6.27
0.10
0.09
6.17
6.26
6.17
7.78
.00
8.26
23
1920
7.01
7 01
.48
under and over 90 days for both customers7 1921
5.99
.46
.06
6.45
7.13
23
7.19
4.30
.33
.11
4.63
6.40
27
6.51
and open market paper, while in the second a 1922
4.84
.33
6.19
28
14
5.17
1923
similar comparison is made for demand and 1924 _ _ 30 5.82 6 33 ..13 3.09 3.25
.16
5.95
30
4.16
.11
.05
5.71
1925 _
4.27
5.76
time loans on stocks and bonds. The contrast
between the customers7 market and the open
markets is more striking in the case of loans TABLE VI.—AVERAGE MONTHLY CUSTOMERS' AND
OPEN-MARKET RATES FOR DEMAND AND TIME
on securities than in the case of commercialLOANS ON STOCKS AND BONDS, 1919
paper loans, for in the open markets call and
time loans on securities have frequently been
Customers' security
Open-market security
quoted at rates differing by wide margins.
loans
loans
These characteristic differences are only partially shown in the annual averages given in
1919
Excess
Excess
Deof time Deof time
Table V. Table VI, however, gives monthly
mand Time over mand Time over
averages for 1919 of rates on demand and time
demand
demand
loans in both the open and customers7 markets.
These averages show that while the differences January...
4.87
6.22
6.29 +0. 07
5.51 +0. 64
6.10
6.20 +.10
5.02
5.61
+. 59
between call and time loan rates have been February..
March
6.18
6.22 +.04
5.05
5.76
+.71
considerable in the open market, only im- April
6.14
6.17 +.03
5.36
5.84
+.48,
May
6.15
6.19 +.04
5.34
5.70
+.36
material differences for the two types of loans June
6.12
6.14 +.02
6.30
5.94
-.36
6.16
6.21 +.05
6.45
6.25
-.20
are recorded for customers7 rates. The July
August
6.11
6.18 +.07
5.30
6.36 +1.06
monthly record for 1919 is particularly sig- September
6.10
6.24 +.14
5.62
6.03
+.41
October. _.
6.22
6.26 +.04
7.45
6.40 - 1 . 0 5
nificant for this comparison, because although November.
6.20
6.24 +.04 10.43
7.02 - 3 . 4 1
-.46
6.38
6.41 +.04
8.06
7.60
call-loan rates fluctuated widely above and December.
below time-loan rates in the open market, the
average of monthly rates for the year as shown
Time money on the stock exchange reprein Table V was nearly the same for both types sents bank loans for fixed periods and is diof loans.
rectly comparable with customers7 time loans
on securities except that it is divested of the
TABLE IV.—ANNUAL AVERAGE CUSTOMERS' AND OPEN- customer relationship; the bank does not gain
MARKET COMMERCIAL PAPER HATES, 1919-1924
the account of the borrower through extending
the loan, nor is it under any obligation to renew
[1919-19241
the loan at maturity should the borrower so
desire. Call money is equally divested of this,
Customers' commercial Open-market prime
paper
commercial paper
Numcustomer relationship and represents day-toYear
ber of
day loans. It furnishes employment at some
cities
60-90
4-6
30-90
4-6
rate of return for excess bank reserves, funds
days months Spread days months Spread
that might otherwise be kept idle in the vaults
of the lending bank until they were needed for
5.42
5.42
0.00
6.18
0.02
1919
22
6 16
.09 more permanent uses. Being affected by sud7.37
7.46
6.88
.03
1920
23
6.85
.03
6.53
6.56
1921_
7.08
.04
23
7.04
.06 den and extreme accretions and depletions in
4.42
4.48
6.36
.05
1922
27
6.31
.04 the supply of such funds, the rate fluctuates
4.97
5.01
6.16
.00
1923_
28
6.16
3.76
3.87
5.73
.03
.11
1924
30
5.70
widely, but usually averages considerably less




DECEMBER, 1927

FEDERAL RESERVE BULLETIN

than that on time loans on the same collateral,
thus reflecting the preference of bankers for
loans on terms that enable them to withdraw their funds at will.
In the customers' market this preferential
difference practically disappears. Rates reported on demand loans are usually close to
those on time and the difference in favor of
demand loans is so small as to be almost negligible. The reason for this disparity in rate
practice between loans in the open market and
to customers is probably to be found in the
customer relationship, which by its very nature
precludes the use of demand loans for the
temporary investment of liquid funds. Customers contracting demand loans have not
usually an open market to which they could
readily turn for accommodation should the
lending bank call the loan, and would, therefore, be seriously embarrassed were such a
situation to arise. This eventuality would be
anything but conducive to a cordial relationship between bank and customer. In actuality, most demand loans to customers are
probably similar only in form to demand loans
in the open market. They do not represent
day-to-day loans of surplus funds, so much as
well-secured but indeterminate loans by banks
to those customers who can not tell the period
for which they will need accommodation, and
desire to repay their obligations at will. It-is
not expected that they will be called at the
option of the bank. Such loans are similar
to time loans in that they definitely tie up
funds and, as the reports show, they pay nearly
the same rates.
In the customers' market, therefore, rate
differences according to maturity practically
disappear, the difference between rates on
three and on six months commercial paper,
or between rates on demand and on time loans
on stocks and bonds being inconsiderable.
What differences there are follow open-market
practice by favoring the shorter maturities,
but are much smaller than maturity differentials in the open markets. This divergence
between practice in the customers' markets
and the open markets is, as noted above, accounted for by the customer relationship. If
banks desire to keep customers they must be
ready to meet their legitimate credit demands.
Frequently when customers' loans mature
banks must be prepared to renew them if the
credit is still good and the customer so desires.
The decision to call a customer's demand loan
or terminate a time loan at maturity is not one
which the bank can make without regard to




807

further consequences, as it can in the case of
open-market loans.
Under these circumstances rates for varying maturities tend to
approach a parity.
Rate differences according to collateral also
tend to disappear in the market for customers'
loans. This is shown in Table VII, where the
spread between rates on four to six months commercial paper and time loans on stocks and bonds
in the customers' markets is compared with,
the same spread in the open markets from 1919
to 1925. In the customers' markets the spread
between quotations on commercial paper and
security loans averaged from one-eighth to
one-fourth of 1 per cent, while in the open
markets the spread averaged from one-eighth
to four-fifths of 1 per cent.
The comparison in Table VII also brings out
the fact that in all of the years from 1919 to
1925 rates on commercial paper were lower
than rates on security loans in the customers'
market, and also lower in the open marketsin five of the seven years. It has already been
shown that these differentials do not correspond with differences of risk. Loans secured
by stocks and bonds, where fluctuations in
the value of the collateral can be judged from
current market quotations and additional margins demanded, can be much more easily safeguarded than loans on commercial customers'
promissory notes. In some measure the differentials can be explained, however, by the provisions of the Federal reserve act which permit
member banks to rediscount customers' commercial paper, but forbid advances by the reserve banks on loans secured by stocks and
bonds. It is, of course, impossible to determine precisely the effect of these provisions in
depressing rates on commercial paper both in
the customers' and in the open market. Some
effect is indicated, however, by the fact that
in the open markets commercial paper was
quoted at a premium over security loans prior
to the inauguration of the reserve system.
This is shown in Table VIII, where five-year
averages of open-market rates on the two
types of loans are compared from 1891 to 1925.
From 1891 to 1915 the five-year averages of
commercial paper rates • were always above
similar averages for loans on securities. Following 1915, however, during the period of
the existence of the reserve banks with their
facilities for rediscounting commercial paper,
time loans on securities have averaged above
commercial paper.
The importance to customers' rates of the
rediscount provisions of the Federal reserve

808

FEDEKAL EESEEVE BULLETIN

act is further suggested by the quotations on
loans secured by Liberty bonds, which also
possess rediscount privileges at the reserve
banks. In 1919 and 1920 these commanded
discount rates at the reserve banks that were
lower than the discount rates on commercial
paper, while since that time discount rates on
loans secured by the two types of collateral
have generally been the same. The annual
averages of rates charged customers on these
two types of loans, as given in Table IX, show
that in 1919 and 1920 customers7 rates on
loans secured by Liberty bonds were also lower
than on loans secured by commercial paper,
while since that time rates on these two classes
of loans have been nearly the same.

DECEMBER, 1927

TABLE IX.—ANNUAL AVERAGE RATES CUSTOMARILY
CHARGED CUSTOMERS FOR LOANS ON LIBERTY
BONDS AND ON CUSTOMERS' FOUR TO S I X MONTHS
COMMERCIAL PAPER, 1919-1925

Year

1919
1920
1921
1922
1923
1924
1925_

:_.

Excess of
Loans on
rate on
Num- Loans on customers' commerber of Liberty 4-6 months cial paper
cities
bonds
commerover rate
cial paper on Liberty
bonds
22
23
23
27
28
30
30

5.77
6 73
7.04
6.33
6 13
5.74
5.62

6.18
6 88
7 08
6.36
6 16
5 73
5.52

+0.41
+ 15
+ 04

+.03
+ 03

— 01
-.10

There is reason to believe, therefore, that the
TABLE VII.—ANNUAL AVERAGE CUSTOMERS' AND discount provisions of the reserve act have had
OPEN-MARKET RATES ON TIME LOANS ON COM- some effect upon rates charged by banks to
MERCIAL PAPER AND ON SECURITIES OTHER THAN their customers, in that paper that can be redisLIBERTY BONDS, 1919-1925

counted has commanded a lower rate than
paper which can not, and that differentials in
Open market
Customers' market
discount rates at the reserve banks between
different types of rediscountable paper have
Excess
Time
Excess
4-6
been reflected in corresponding differentials in
loans on
Year Num- months' securities of rate on months' Time of rate on
security
security comrates charged customers. These differentials,
ber
comother
loans
loans on
loans
merover com- cial
of
than
securities over com- however, are relatively insignificant in comcial
mercial
cities
Liberty mercial
parison with the much wider differentials to be
paper
bonds
paper
paper
paper
discussed later that correspond to the geo6.17
+0.75 graphical location of the banks where cus1919.6.26
+0.08
22
6.18
5.42
1920 __
23
6.88
7.01
+.13
7.46
8.26
+.80 tomers borrow.
The outstanding fact of these
1921__
23
-.11
7
7.08
7.19
+.11
6.56
6.45
1922._
27
6. 36
6.51
+.15
4.48
4.63
+.15 quotations of customers rates within a given
-4-. 16
28
1923__
6. 16
6.33
+.17
5.01
5.17
city is not the minor differentiation according
1924__
30
-.62
5.73
5.95
+.22
3.87
3.25
1925__
30
5.52
5.76
4.03
4.27
+.24
+.24 to maturit:/ and collateral, but rather the
parity of rates on the different classes of loans.
This is most strikingly illustrated in rates
TABLE VIII.—FIVE-YEAR AVERAGES OF RATES IN
THE OPEN MARKET ON COMMERCIAL PAPER AND on interbank loans. The differential between
ON SECURITY LOANS, 1891-1925
rates on interbank loans and on other loans in
the customers' market is actually the widest
Open market rates
among the six types of loans under examination. The surprising fact, however, is that
Excess of
time loans it is so small, especially in view of the fact
Period
Time
Commer- loans on on securithat interbank loans are similar from the
cial paper securities ties over
point of view of the borrowing bank to loans
commercial paper from the reserve bank.
In Table X average
rates customarily charged in all cities for
3.76
1891-1895
4.57
-0.81 interbank loans are compared, first,
with
3.76
4.39
-.63
1896-1900
7
4.21
4.65
- . 4 4 rates on customers four to six months com1901-1905
_ . . .
4.55
5.08
-.53
1906-1910
3.85
4.52
- . 6 7 mercial paper, and, second, with average
1911-1915
5.64
5.38
+.26 annual rates charged by the Federal reserve
1916-1920
4.85
4.79
+.06
1921-1925banks to member banks on bills discounted.




FEDERAL RESERVE BULLETIN

DECEMBER, 1927

TABLE X.—AVERAGE RATES ON CUSTOMERS' COMMERCIAL LOANS, AND INTERBANK LOANS COMPARED
WITH AVERAGE RATES ON BILLS DISCOUNTED WITH
FEDERAL RESERVE BANKS
Average rates on cus- Average
tomers' loans reported
rate
by selected cities
charged
on discounted
CustomNum- ers' 4-6 Inter- bills by
month bank Federal
ber of
cities commer- loans reserve
banks
cial paper

Year

1919
1920
1921
1922
1923
1924
1925

-

22
23
23
27
28
30
30

6.18
6.88
7.08
6. 36
6.16
5.73
5.52

5.85
6.53
6.78
6.20
5.85
5.61
5.50

4.26
6.02
6.01
4.52
4.47
4.20
3.70

Excess of
customers'
commercial
paper rate
over interbank rate

Excess of
interbank
rate over
discount
rate

+0.33
+.35
+.30
+.16
+.31
4-. 12
+.02

+1.59
+.51
+.77
+1.68
+1.38
+1.41
+1.80

In view of the fact that the credit of a bank
is ordinarily considered far superior to that
of a commercial borrower, the concession in
rates on interbank loans appears small, while
in comparison with the much lower rate paid
on discounts by member banks of 3the reserve
system, it seems almost negligible. The rate
charged a bank for accommodation appears to
be very close in each market to the rates
charged other borrowers and governed by those
rates rather than by the rate for bank loans at
the reserve banks. The explanation is probably to be found in the fact that the group of
banks which contract loans from other banks
differs quite radically on the whole from the
group which borrows from the reserve banks.
When the banks in Atlanta, for example, report
the rate for interbank loans in that city, the
rate is not the one which they would pay. If
an Atlanta bank desired to borrow money it
could, if it were a member of the reserve system,
borrow on eligible collateral at the lower rate
charged by the Atlanta reserve bank, and if
it did not belong to the Federal reserve system
or did not possess eligible collateral, it could
still borrow from a bank in New York City, if
its credit was good. In that case it would pay
at the interbank rate ruling in New York, which
would probably be materially lower than the
interbank rate in Atlanta. The quotations for
rates on interbank loans represent in each city
3
The average rate on rediscounts is not strictly comparable statistically with the other averages as it is weighted by the volume of loans at
each rate, while the others are simple arithmetical averages of all rates
quoted as customary from all cities. That the difference in method is
not important in the result is shown by a comparison of similar rates
for commercial and interbank loans in New York City with the average
rate charged on rediscounts at the New York reserve bank. By using
one city in this manner most of the statistical objections are eliminated.
For the seven years, interbank loans were quoted 0.08 per cent under
customers' commercial 4-6 months loans and 0.77 per cent above the
average rate on rediscounts.




809

the rates at which banks in those cities lend to
other banks, probably in smaller communities
on the outside, and the rate which the borrowing bank must pay, if it is not a member of the
reserve system, is determined by the market
level of bank rates in the city in which it is
best able to borrow. If it has correspondent
connections in New York and its credit is good
there, it can take advantage of the lower levels
of money rates that usually prevail in that
ma.rket. If access to accommodation in New
York is not available, it must pay the higher
rate prevailing in those communities where it
has access to credit.
Geography as a factor in differentials between customers' rates.—Differentials in rates,
therefore, are the most striking characteristic
of rates charged customers, but they are not
characteristically differentials that can be
ascribed to risk, to maturity of the loan, or to
the type of collateral by which it is secured.
Differentials on the basis of these distinctions
do exist, but they are uniformly smaller than
comparable ones that appear in the open
markets. In the case of customers7 rates,
the differentials that are striking are, first,
the wide variations between rates charged in
the same city and frequently in the same
bank to different customers on the same type
of loan, and second, the wide variations that
appear between customers' rate levels in different cities. In the case of the first type of differentials, those that appear in the same bank and
on the same type of collateral to different
borrowers, the explanation is probably to be
found in the aggregate of those qualities which
make a customer desirable to a bank and determine his competitive standing in the banking
world. A bank is proud of its good custoriiers,
its good "risks," and tries to retain them.
These good "risks" are not distinguished so
much by the type of collateral upon which they
borrow as by their importance to the bank, the
size of their balances, the amount of business
which they bring it, and their ability to establish banking connections elsewhere. These are
the qualities which induce rate concessions, and
distinguish those borrowers who pay the highest
and the lowest rates at the same bank on the
same type of loan. Some of them can be defined perhaps in terms of risk, but their most
common characteristic is the general profitability of their account to the bank.
Differentials between cities, or according to
geographical location, which form the second
important distinction, are essentially differentials between different customers7 money

810

FEDERAL KESERVE BULLETIN

DECEMBER, 1927

markets. When the rates applying to the ing to the annual average of the rates reported
bulk of the loans in any given city are com- for the six types of loans, starting with the
pared, there is no great variation according to city having the lowest average and ending
the type of loan on which the rates are quoted. with that having the highest. The quartile
In other words, they conform in a sense to the cities and quartile rates on this list, as given
standards of a single competitive money mar- in Table XII, illustrate the diversity which
ket. Between cities the variations in these characterizes rate levels between all cities.
rate levels are marked.
In the following paragraphs, a series of com- TABLE XII.—QUARTILE CITIES WHEN CITIES ARE
ARRANGED ACCORDING TO ANNUAL AVERAGE RATES
parisons are given which tend to isolate some
FOR 6 TYPES OF LOANS
of the distinctive characteristics of these
separate money markets. In order to obtain
First quartile city
Median city
Third quartile city
a single figure for each city to represent
the level of customers7 rates there, annual Year
City
City
City
Rate
Rate
Rate
averages of the rates reported each year, 1919
to 1925, as customarily charged on the six
Per
Per
Per
cent
cent
cent
major types of loans have been computed. 1919 . Minneapolis 5.75 Detroit
5.91 Seattle
6.24
These loans are the ones upon which the 1920__ Birmingham. 6.59 Chicago
6.72 Spokane
7.09
Chicago
6.96
do-__
7.25
widest series of reports are available from the 1921__ SanFrancisco. 6.78 Houston
5.89 New Orleans 6.35 Seattle
1922 _
6. 87
Minneapolis.. 5.51 Kansas City _ 6.00 Jacksonville- 6.49
greatest number of cities and include customers7 1923__ Atlanta
6.14
commercial paper, 30-90 days and 4-6 months, 1924__ Detroit. _ 5.50 Cleveland _ 5.69 Seattle
5.39 Kansas City 5.56
1925._
do
5.99
interbank loans, loans secured by Liberty
bonds, and both time and demand loans secured
The quotations used for this comparison
by other stocks and bonds. Table XI shows apply to cities where there are either banks or
the wide spread in these annual average rates branches of the Federal reserve system. Banks
between the city or money market with the in the cities in which Federal reserve banks are
highest rates and that with the lowest.
located seem in general to have charged lower
rates for loans than those in cities where there
TABLE X I . — C I T I E S HAVING HIGHEST AND LOWEST
ANNUAL AVERAGE RATES ON SIX MAJOR TYPES OF are merely branches of the system. The number of cities selected for the study varies from
LOANS, BY YEARS, 1919-1925
year to year, because of inclusion of some cities
that were brought into the reporting system
Highest average rate Lowest average rate Differfor six types of
for six types of
late, and the exclusion of others where the
ence
loans
loans
between
quotations were incomplete or open to question
Year
lowest
and
on other grounds. There are left, however,
Rate highest
City
City
Rate
9 Federal reserve bank cities and 11 branch
cities which are included for every year from
Per cent
Per cent
2.37 1919 to 1925. The average rates charged by
El Paso
7.82 New York. _ 5.45
1919
6.22
do
do
7.99
1920
1.77
6.31
7.92
.do
1.61 these cities over the seven years on the six
1921
do _
5.05
7.97 Boston
1922
2.92 major types of loans are shown in Table XIII.
2.82
Helena
8.00 New York.. 5.18
1923-.
1924
1925

El Paso
do

7.74 Boston.
7 36 „. do

4.59
4.48

3.15
2.88

The spread between the highest and lowest
communities is from three to six times larger
than the largest differential in any year between the rates charged on the different types
of paper averaged for all communities. This
spread between cities, furthermore, is fairly
general throughout the list. The average annual rates for the six types of loans in the cities
between the two extremes exhibit a similar
diversity of level, though one that is necessarily
not so wide. To illustrate the general character of this diversity, the cities included in the
study have been arranged for each year accord-




TABLE XIII.—AVERAGE OF MONTHLY RATES R E PORTED ON Six MAJOR TYPES OF LOANS IN 20
CITIES OVER THE 7 YEARS, 1919-1925
Federal reserve bank cities
City
Atlanta
Boston
Cleveland
Dallas
Kansas City
New York
San Francisco
St. Louis

Federal reserve branch cities

Rate
Per cent
6.10
5.48
5.68
6.04
6.28
_. 6.14
5.33
5.89
5.78

City
Birmingham
Cincinnati
Denver.
Detroit
El Paso
Jacksonville
Little Rock
Portland
Salt Lake City
Spokane

Rate
Per cent
6.28
5.92
6.32
6.00
6.51
6.51
___
6.64
6.57
____
6.98
6.57
6.84

DECEMBER, 1927

FEDEKAL KESERVE BULLETIN

811

Of the 9 Federal reserve bank cities, the TABLE XIV.—AVERAGE RATES REPORTED ON SIX
MAJOR TYPES OF PAPER FOR RESERVE BANK AND
rates reported from 5 averaged under 6 per cent
BRANCH CITIES, ARRANGED BY VOLUME OF TOTAL
over the 7 years, while of the 11 branch cities
DEPOSITS
only 1 reported an average that was under 6.
The highest average for any reserve bank city
Seven- Average
year
of cities
was 6.28 per cent—the average for Dallas.
average grouped
Among the branch cities only two, Cincinnati
by twos
rate
and Detroit, reported averages under this figure,
while Birmingham exactly equaled it. Eight Federal reserve bank city:
5.33
New York
_.
of the 11 branch cities reported average rates
5.50
5.68
Chicago
5.48
charged over the 7 years that were higher than
Boston
5.68
5.89
San Francisco..
_.
the highest average reported for any of the
6.04
Cleveland
5.91
5.78
St. Louis
cities where Federal reserve banks are located.
6.14
Kansas City
6.12
6.10
This prevalence of lower money rates in cities
Atlanta
6.28
Dallas
closest to the reserve system is to be accounted Federal reserve branch city:
6.14
6.00
Detroit....
for in part by the character of the cities chosen
5.92
Cincinnati
6.12
for the location of reserve banks. When the
6.32
Denver
6.57
Seattle
cities were chosen in which reserve banks were
6.57
6.57
Portland
6.28
Birmingham
to be organized, the character of their financial
6.63
6.98
Salt Lake City._
_.
connections with other cities in their district
6.51
Jacksonville.
6.67
6.84
Spokane
was considered as well as the question of geo6.64 )
Little Rock
7.23
7.82
graphical accessibility to their member banks. • El Paso.
At the same time the influence of the reserve
system in stabilizing credit conditions has probThis table illustrates the extent to which the
ably been most marked in the cities with which size of a money market—the volume of funds
it has had the most intimate contact.
normally available for lending—affects the rates
Within this broad classification of Federal that are charged. While there are numerous
reserve bank cities and Federal reserve branch exceptions, such as Chicago, which stands
cities, which gives some clue to differences in second highest in the volume of deposits and
money rate levels, there is a second variation third in the lowness of rates, nevertheless, in
w^hich correlates rather closely with the size of general, the average rate charged does increase
the banking community in which the city is as the volume of deposits of the cities in queslocated. Money rates to customers in general tion decreases. This is strikingly brought out
averaged lower in cities where the money by the column on the right where the cities are
market was larger, and higher where the subdivided by twos and the average of the
market was smaller in size. To illustrate this rates in the two cities in each subdivision comthe 9 cities in the reserve bank group and the puted. These average rates grow steadily
11 cities in the branch group have been ar- higher as the volume of deposits decreases,
ranged according to the total volume of depos- and the only exception is where the two
its in each city at the middle of 1923. The major groups of bank and branch cities join.
separation between the two groups is main- Here the inclusion of the average rate for the
tained, but within each the city with the city with the smallest volume of deposits in
largest total deposits for all banks is placed the reserve bank group, 6.28 per cent for Dallas,
first, and that with the smallest last, while lifts the average for Dallas and Detroit tothose in between are arranged correspondingly. gether to 6.14 per cent, two one-hundredths of
The results of this classification with the aver- 1 per cent above that for the succeeding group,
age rate on the six major types of loans are jCincinnati and Denver, each of which cities has
shown in Table XIV.
1 a much larger volume of deposits than Dallas.




812

FEDEEAL EESEKVE BULLETIN

That differences in money rate levels between cities are partly the result of the character of their banking connections was indicated
by the differentials that appeared between
Federal reserve bank cities and Federal reserve branch cities. That they are also partly
the result of the volume of funds seeking employment is indicated by the general correlation of lower rates with cities having larger total
deposits and higher rates with cities having
smaller total deposits. That they are also to
be accounted for in the relative demand for loanable funds is indicated by a further grouping
according to geographical location. To bring
this out Table XV is presented, in which the
20 cities are grouped first into 4 geographical
groups comprising cities located in the industrial East, the industrial-agricultural Middle
West, the South, and the far West. Progressively for western and southern groups as
arranged in the table, the demand for credit
probably tends to exceed by a wider margin the
local available supply. Within these geographical groupings, the reserve bank and branch
cities are arranged by the total volume of
deposits. Group averages for the cities so
classified illustrate the differences of money
rate levels that exist between geographical
sections of the country, while within each
group the steady progression almost without
exception of lower rates in Federal reserve
bank cities having the largest volume of
deposits to Federal reserve branch cities
having the smallest volume of deposits illustrates the effectiveness of the two factors
treated above in accounting for rate levels
within a fairly homogeneous geographical
region.
This table illustrates the lower average
money rates in the East, where there is in
general a surplus of funds seeking investment,
and the higher rates in the far West, where
the demand for funds is still in excess of the
supply of local credit. The averages for the
regions are not strictly comparable because of
differences between cities representing the
regions in the other two factors already considered, accessibility to the reserve system and
total volume of deposits, but they do serve to
illustrate differences in general level between
them. These are also shown by other data
given below. Within the geographical groups
the type of city and the volume of deposits
correspond with differences from city to city
in money rate levels with only three exceptions.




DECEMBER, 1927

TABLE XV.—SEVEN-YEAR AVERAGE OF 6 MAJOR
TYPES OF RATES IN 20 CITIES GROUPED BY G E O GRAPHICAL SITUATION, SUBGROUPED AS FEDERAL
RESERVE BANK OR BRANCH CITIES, AND ARRANGED
BY VOLUME OF TOTAL DEPOSITS

Cities

East:
Federal reserve bank citiesNew York__
Boston
Cleveland
Federal reserve branch citiesDetroit
Cincinnati
Average for eastern cities
Middle West:
Federal reserve bank citiesChicago
.
St. Louis
Kansas City
Federal reserve branch citiesLittle Rock
Average for middle western cities..
South:
Federal reserve bank citiesAtlanta
Dallas
Federal reserve branch citiesBirmingham
.
Jacksonville
Average for southern cities
Far West:
Federal reserve bank citiesSan Francisco
Federal reserve branch cities—
Denver
Seattle
Portland
Salt Lake City
Spokane
El Paso
Average for far western cities

7-year
average
rates

Average
for geographical
group

5.33
5.48
6.04
6.00
5.92
5.75
5.68
5.78
6.14
6.64

6.06
6.10
6.28
6.28
6.51
6.29
5.89
6.32
6. 57
6.57
6.98
6.84
7.82
6.71

Statistics compiled by the Federal Reserve
Board from commercial paper rediscounted
with the reserve banks furnish material for a
separate approach to this problem of differences in money rate levels between geographical regions. For the month of December each
year, 1921-1925, the average rates charged by
member banks in cities under 15,000 population on customers' paper rediscounted with the
Federal reserve banks have been computed by
districts. This computation presents a fair
picture of rates in smaller communities that
are more or less homogeneous so far as size is
concerned, but differ mainly in geographical
location. The results are shown in Table XVI
for the four geographical regions corresponding
roughly to those defined above. The five-year
average of each district was first computed
and then weighted by the relative volume
of net demand deposits of member banks in
communities under 15,000 population in that
district before being combined into the four

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

geographical divisions. The eastern group
consists of the Boston, New York, Philadelphia, and Cleveland districts; the middle
western of the Chicago, St. Louis, Minneapolis,
and Kansas City districts; the southern of the
Richmond, Atlanta, and Dallas districts; and
the far western of the San Francisco district.
TABLE XVI.—AVEEAGE RATES CHARGED BY MEMBER BANKS (IN CITIES AND TOWNS UNDER 15,000)
ON CUSTOMERS' PAPER REDISCOUNTED WITH FEDERAL RESERVE BANKS, DECEMBER, 1921, " 1922,
1923, 1924, AND 1925, BY GEOGRAPHICAL REGIONS

East
Middle West
South
Far West

6. 00
8. 04
7. 21
7. 96

Large geographical differences in rate levels
even for communities homogeneous as to size,
and to some extent in accessibility to outside
resources, are clearly reflected in this table.
It is surprising, however, to find the middle
western group the highest of all, instead of the
second lowest, as was indicated by the reports
from the larger cities. This difference is really
due, first, to the difficulty of combining the
districts into groups that are similar to the
geographical grouping used for larger cities,
and second, to legal limitations on the rates of
interest that reduce the averages for some districts. In the above table the rate for the
southern group is relatively low because most
of the States in the most heavily weighted district, Richmond, have a legal maximum interest
rate of 6 per cent. The middle western group
is high, on the other hand, because of the inclusion of the whole of the Minneapolis and
Kansas City districts in that group instead of in
the far western group. The larger reporting
cities in these districts properly belong to the
middle western classification, but a great
proportion of the smaller communities under
15,000 in size WT>uld more properly be placed
in the far western group. If the Richmond
district were eliminated entirely on the ground
that rates borne on the face of rediscounted
paper from that district are not strictly comparable with rates from districts where the legal
maximum is not so low as 6 per cent, and, if the
Minneapolis and Kansas City districts w^ere
placed in the far western group, the relative
levels of the four geographical divisions would
then be:
East
.
Middle West
South..-.
Far West




'_
L

6. 00
7. 45
8. 25
8. 49

813

This result agrees with the levels reported
from larger cities.
Significant factors determining customers'
rates.—It is now possible to discuss in greater
detail the factors which express themselves in
differentials in rates charged customers. The
outstanding characteristic of the customers'
market throughout the banking system is the
personal relationship between banker and customer which takes precedence to a considerable
extent over the terms of the loan as embodied
in the contract and minimizes the importance of
maturity and collateral as affecting the rate that
is charged. This personal relationship between
banker and customer is not an ephemeral
affair, a chance business contact, but represents rather the product of a long and intimate
financial relationship which can not be shifted
without weighing the consequences. The local
banker is successful largely because of his
ability to attract and retain substantial
accounts of customers who are sometimes depositors and sometimes borrowers, and therefore increase both the source of his funds and
the outlet for his loans. To do this he must be
prepared to serve the needs of his customers,
to provide credit when it is demanded by the
requirements of his customers7 business and
not solely according to his own lending position.
Under these circumstances the maturity and
collateral of loans become matters of less importance than in the open markets. A demand
loan to a customer can not be called according
to the desires of the banker if the customer has
a legitimate need for the funds he has borrowed,
except at the cost of the customer relationship,
and a three months loan is not necessarily a
loan that will be paid at maturity, for the
welfare of the customer may require a renewal.
Neither can the collateral be sold to safeguard
a loan except as a measure of last resort. Collateral and maturity are important in the legal
rights which they give to the banker to safeguard his loans, but they are rights that can
not be exercised with impunity.
From the point of view of the customer, also,
the personal nature of his banking connection
is important. His banker is frequently his
financial adviser, thoroughly cognizant both
of the internal intricacies of his business and the
market in which he is dealing. This intimate
knowledge is the product of long contact. It
can not be achieved in a day. The full extent
of a customers7 credit can not be judged by
impersonal, objective standards alone. No
banker is in the position to judge his net worth

814

FEDERAL EESEEVE BULLETIN

and credit standing so well as the one with
whom he has built up this intimate contact.
When a customer shifts from one bank to
another, therefore, there is more involved than
the rate on a single loan. Competition between
banks, accordingly, is not solely a rate competition in which customers shift to the bank
offering the lowest rate. The banker-customer
relationship is a connection of long standing
that is not easily broken. Its strength is not
due to inertia alone, but rests on a whole circle
of reciprocal advantages that fall outside the
realm of rate competition.
Rate competition in customers' loans, therefore, is only partial competition, and in each
market rates that are quoted show a wide
range between customers. Some customers
are limited to one bank, others maintain a line
of credit with two or three in the same city,
while still others of a larger local or national
standing maintain customer relationships with
several banks in different cities and are also
able to enter the open market. Borrowers
having customer relationships with more than
one bank are able to make rate competition
effective among the banks with which they
maintain connections. To this type of borrower different banks will quote the same rate.
Practically all banks, however, have different
rates to different customers which reflect both
the competitive character of their banking
connections and their desirability to the bank
as customers. Reflecting this situation, also,
different banks in the same city w^ill frequently
have different ranges of rates corresponding to
the tj^pe and connections of the customers
constituting their clientele.
The market for customers' loans, therefore,
is in reality a series of overlapping competitive
markets, which are distinct in the sense that
rate differentials are present between different
types of customers, but at the same time loosely
connected into a national system in that
changes in rates in the most sensitive part of
the market, namely, that which competes with
the open market for commercial paper, are
transmitted to the more remote and higher rate
sections. Its most characteristic feature is the
personal relation between banker and customer
which includes, on the one hand, the obligation
on the part of the banker to advance funds,
not only in accordance with his own desires but
also according to the legitimate credit needs of
the customer, and on the other, the asset value
to the customer of maintaining fairly permanent banking connections.




DECEMBER, 1927

Differentials in customers7 rates as they are
found are all due in greater or less degree to
the personal character of this banker-customer
relationship. It furnishes the basis for the
separation of the customer market into its
various competing units w^hich are expressed
in different rates to different customers in the
same locality, and reduces competition between markets in different localities to the
point where local differences in the supply of
and demand for funds are made effective in
rates. These two types of rate differentials
are the most important in the customers' market and overshadow differentials corresponding to maturity, collateral, and risk. These
also exist, but are small in amount in comparison with differentials between customers and
between localities on the same type of loan.
These differentials according to city or locality, it has been shown, correspond first to
differences in banking connections, such as
those which distinguish reserve bank and
branch cities, second, to the size of the local
money market, as measured roughly by its
total deposits, and third, according to geographical location, the highly developed East
having low^er rates other things being equal
than the less developed West. It is not difficult to understand that the first and third of
these distinguishing factors should make themselves felt in rate differentials in as loosely
organized a market as that in which customers
borrow. Closer competition with the open
markets would be expected to produce lower
rate levels in the financial centers where reserve
banks are located, and the greater demand for
funds relative to the local supply in undeveloped regions would be expected to produce
higher rate levels in the West as compared
with the East. The close correspondence
between customers' rate differentials and differences in the total volume of deposits in the
various cities, on the other hand, is more
difficult to explain. A general agreement between higher money rates and smaller total
deposits, and lower money rates and higher
total deposits might be expected on the ground
of other characteristics which generally accompany large deposits, but these considerations
can hardly explain a correlation between differences in the total volume of deposits and customers' rate levels as close as that which is
brought out by these quotations. From the
point of view of supply and demand, rates
might be expected to express the relation between both of these factors and should not.

DECEMBER, 1927

vary with one factor alone, yet customers'
rate levels seem to be governed by the supply
of funds to a greater extent than by the
demand.
The mere fact that total deposits are smaller
in Kansas City than in St. Louis, for example,
is largely the result of the fact that Kansas
City is smaller than St. Louis. The total
supply of loanable funds, therefore, is smaller
in Kansas City, but so also, presumably, is
the demand. If both supply and demand are
smaller, the relation between them which is
expressed in rates might be expected to remain
fairty constant. As a matter of fact, however,
one of the most consistent characteristics of
customers7 rates appears to be that, other
things being equal, rate levels vary inversely
with the total volume of deposits, or with the
supply of funds alone. On the supply side
this arises in part from the fact that bankers'
balances are carried by smaller banks in
smaller communities with larger banks in
larger communities. In other words, the
larger the money market, the greater, frequently, is the addition to its supply of deposits in the form of bankers' balances from
smaller centers. This comes about because
of the desirability of having a larger bank as
correspondent to turn to for help in emergencies, as well as because of trade connections
which make it desirable for banks to clear
through the larger communities in each locality,
which act as middlemen and distributing points
for the surrounding region. The industrial
and banking structure is such, therefore, as to
divert from smaller banking communities to
larger ones a certain portion of the loanable
funds, and these are returned only through
indirect processes such as out-of-town deposits
and interbank loans at high money rates.
On the demand side there is also an element
which tends to make the demand for loans
heavier relative to supply in the smaller communities. If the proceeds of a loan made to a
local customer are expended locally, the funds
are apt to be redeposited with local banks and
remain available in part for further loans,
whereas, should they be used for the purchase
of supplies or equipment out of town, they are
cleared to other centers. It is probably true
that a greater portion of local loans are used
for making out-of-town payments in small
communities than in larger, thus tending to
raise the ratio of the local demand to the supply of funds. Access to outside funds, either
from correspondents or the reserve system, is
also less prompt in the case of smaller com-




815

FEDEKAL KESEKVE BULLETIN

munities as contrasted with larger. All of
these factors tend to decrease the local supply
of funds relative to demand in smaller communities and find their expression in higher
levels of money rates in communities where
total deposits are small.
Differentials in banking costs.—While these
differentials may be sufficiently accounted for
by such market factors as differences in competition and in the relation between the local
demand for and supply of funds, they are, at
the same time, probably influenced to a certain
extent by differences in the cost of conducting
the banking business. The fact that the western banker obtains a higher rate for his loans
than the banker in the East does not insure
him greater profits. His costs also are higher,
and bank profits, in actual fact, result on
the whole, not so much from high money
rates as from low costs and large turnover.
This is shown in Table XVII, where the ratios
of average annual expenses and earnings to
average loans and investments from June 30,
1919, to June 30,1925, are given for all member
banks of the reserve system, as well as the
percentage which net earnings bore to capital
and surplus. The figures are divided into four
geographical groups, the East, consisting of
the Boston, New York, Philadelphia, and
Cleveland districts; the Middle West, of the
Chicago, St. Louis, Minneapolis, and Kansas
City districts; the South, of the Richmond,
Atlanta, and Dallas districts; and the far West,
of the San Francisco district.
TABLE XVII.—PEECENTAGB OF VARIOUS ITEMS OF
COST AND EARNINGS TO TOTAL LOANS AND INVESTMENTS OF ALL MEMBER BANKS FROM JUNE 30, 1919,
TO JUNE 30, 1925, BY GEOGRAPHICAL GROUPS
Items

East

Middle South
West

Far
West

Costs to total loans and investments: Per cent Per cent Per cent Per cent
Net losses
0. 77
0.61
0.68
0.75
Interest on deposits and borrowed money
2.28
2.30
2.40
2.46
All other expenses
2.88
2.11
2.75
2,94
Total costs
_
6.03
5.89
5.00
6.01
Earnings to total loans and investments:
Gross
•
6.53
7.10
7.07
7.41
Net
1.53
1.07
1.18
1.40
Net profits to capital and surplus
10.99
8.07
8.82
8.36

These figures show that the rate of gross
earnings to total loans and investments was
lowest in the East, where money rates are
lowest. The ratio of costs to total loans and
investments was even lower in the East, however, with the result that the percentage of netearnings to loans and investments was the

816

FEDERAL RESERVE BULLETIN

highest for any section of the country. In
other words, even though the eastern banker
received the lowest rate of return on his loans
and investments, he made a net profit of about
13^ per cent on the funds he was handling
during this period, while the far western
banker, receiving a much higher rate of return,
made a net profit of only 1 per cent on account
of his larger costs. On the basis of present
costs, therefore, the higher money rate differentials which characterize the southern and
western sections of the country are more than
offset by the higher cost of banking in those
regions. Should the market for customers7
loans become sufficiently competitive to reduce
rates throughout the country to the levels
prevailing in the larger centers of the East,
without reducing costs to the level of the East,
many banks would be forced to suspend
operations.
That these differentials in costs are largely
the result of relatively higher operating expenses
in the South and West is also shown in Table
XVII, where the ratio of total costs to total
loans and investments has been subdivided
into three groups, to show ratios for, first, net
losses, expressing differences in risk; second,
interest on deposits and other borrowed money,
representing the average cost to the banker of
the funds which he loans; and third, all other
expenses, including mainly costs of operation.
In general, higher costs in the regions where
money rates are higher are the result of higher
operating expenses. Taken in the broad groups
into which these data are divided, there does
not appear to have been much difference in the
risk of lending in the various sections of the
country or in the amount paid on deposits and
other borrowed money over the period. Both
the ratio of losses and interest on deposits are
lowest in the East, but not greatly lower than in
other sections of the country. The ratio of net
losses to total loans and investments over the
six years, for example, varied between 0.61 per
cent among member banks in the eastern
districts and 0.77 per cent in the southern, an
extreme range of only one-sixth of 1 per cent.
The ratio of interest on deposits and other
borrowed money to total loans and investments
varied at the same time from 2.28 per cent in
the East to 2.46 per cent in the Middle West,
an extreme range of a trifle over one-sixth of 1
per cent. The ratio of all other expenses,
which include operating costs, to total loans
and investments, on the other hand, varied
between 2.11 per cent in the East and 2.94 per
cent in the South, a range of five-sixths of 1




DECEMBER,

1927

per cent. The most significant differences in
the cost of banking in different sections of the
country during this period, therefore, have not
originated in differences of risk or of interest
paid on deposits and other borrowed money,
but rather in different ratios of running
expenses.
The causes of these regional differentials in
operating expenses are quite similar to those
which account for differentials in customers'
rates. The higher ratio of expenses to total
loans and investments in the West and South
is to a great extent the product of the smaller
volume of funds which banks in those regions
have to invest. Total loans and investments
of eastern banks average larger on the whole
than do those of banks in the West and South,
with the result that their expenses per dollar
invested average lower, since a larger volume
of business can usually be handled at a lower
cost per dollar. Bank profits are highest in the
East, therefore, in spite of lower money rates,
partly because the lower ratio of costs to loans
and investments in the East more than compensates for the lower interest return. They
are also high in the East because in that section
banks handle a large volume of loans and investments per dollar of capital invested in the
banking business. This, too, is largely a corollary of differences in the local volume of loanable funds. In regions where funds are plentiful
and bank deposits large, banks are usually able
to maintain a larger gross volume of loans and
investments per dollar of capital invested, as
well as to cut the ratio of their operating expenses to dollar of loans and investments outstanding. Both factors customarily accompany
a large local supply of funds, both tend to increase bank profits per dollar of capital and surplus invested, and the two in the aggregate have
more than offset the lower rate of return on
loans and investments which has accompanied
the more plentiful supply of funds in the East.
The same differences in the local supply
of funds which contribute to local differences
in rates charged customers, therefore, also
contribute to local differences in banking
costs and banking profits. This has probably
had some effect in maintaining rate differentials
in the South and West. Banks as profitmaking institutions in any case can be expected
to seek the highest rate consistent with safety,
but the endeavor of banks in the South and
West to maintain differentials in rates charged
customers has probably been made more
effective by virtue of the fact that differentials
have been needed to balance differences in

FEDEKAL KESEKVE

DECEMBER, 1927

operating expenses. The predominant cause
of money-rate differentials, however, remains
in local differences in the supply and demand
for funds. The customers' market is not a
single unified national market, where competition between lenders drives all rates to a
it

817

BULLETIN

irrespective of local differences in the supply
and demand for funds, but a series of loosely
connected competitive markets in which such
differences express themselves in differentials
in rates that are charged.

NEW INDEX OF WHOLESALE DISTRIBUTION
For the past nine years statistics of wholesale trade in certain important lines have been
collected and published by the Federal Reserve
Board and the Federal reserve banks. This
reporting service constitutes a part of the
system's work in obtaining current information
on conditions in industry and trade with

In 1923 data available from about 650 firms
representing six different lines of trade were
used by the Federal Reserve Board to2 construct
an index of sales of wholesale firms, and this
index has been compiled and published monthly
since that time. In more recent years the
basic data have become more extensive and

INDEX OF WHOLESALE DISTRIBUTION
NINE LINES OF TRADE - MONTHLY AVERAGE, 1923-23=100

Adjusted for seasomf v&r/atioffs
Without seasonal adjusfmerrf

50

50
1919

1920

1921

1922

1923

reference to which the banks of the country
have to function. At the time the work was
begun no agency either public or private was
collecting satisfactory statistics of distribution
at wholesale and retail, and, because of the
importance of such information, the Federal
reserve system attempted to secure it through
the voluntary cooperation of representative
firms throughout the country. At first only
a small number of wholesale firms in a few
lines furnished statistics, but in the course
of time the number of cooperating firms has
increased substantially.
i Acknowledgment is due to Mr. William J. Carson, of the Division
of Research and Statistics, for special work in organizing the data upon
which this index is based and in planning the construction of the index.




192/*

1925

W26

1927

satisfactory, and on the basis of the data now
available the board has constructed the new
index which is presented in this article. It is
shown on the chart and in the accompanying
tables.
Among the characteristics of the new index
that distinguish it from the one which it
supersedes are (1) a more recent and broader
base period (1923-1925 = 100), (2) the inclusion
of several additional lines, (3) a number of
additional firms, and (4) the use of a, more
satisfactory set of weights in combining the
several lines into the composite index. The
new index, furthermore, is specially character2 FEDERAL RESERVE BULLETIN, April, 1923, p. 439.

818

FEDEEAL KESEBVE BULLETIN

ized by the fact that it is adjusted for seasonal
variations. Before analyzing in detail the
construction of the new index the statistical
data which the Federal reserve system receives
from wholesale firms and the procedure
involved in their collection and organization
will be described.
WHOLESALE STATISTICS AND THEIR

COLLECTION

Scope of data.—At the present time approximately 1,350 wholesale firms, representing
18 different lines of trade and having annual
sales of about $4,000,000,000, cooperate with
the Federal reserve system and furnish monthly

DECEMBER, 19-7

TABLE I.—STATISTICS OP WHOLESALE SALES

Line

Number of
reporting
firms

Lines included in the index:
Groceries..
__
Meats
Dry goods
Men's clothing
Women's clothing
Boots and shoes
Hardware
Drugs
_
Furniture
_
Total...
Lines not included in the index:
Agricultural implements
and farm machinery 1
Electrical supplies
_
Paper and stationery
Diamonds and jewelry
Automobile tires. _
_
_ _
Automobile equipment
Stoves
Cotton commission houses..
Millinery
Total
Total. 18 lines
1

statistics showing the amount of dollar sales.
These firms are located in about 350 cities distributed throughout the United States, as
shown by the accompanying map. Table I
shows in detail the 18 lines from which data are
received by the Federal reserve system, the
number of firms reporting in each line, the number of cities in which firms in each line are
located, and the amount of sales in each line.
Lack of satisfactory information regarding
the total volume of wholesale trade makes it
impossible to ascertain with any degree of
certainty the proportion of total wholesale
sales that is represented by the firms reporting
to the Federal reserve system. For the nine
lines of trade included in the index it is believed, however, on the basis of the manufactured value of the merchandise sold, that
the reported sales give a sample sufficiently
large to reflect fairly well changes in the total
amount of wholesale distribution in these lines.3
3
Total factory value of merchandise sold by wholesale firms in the
nine lines is estimated to be $19,800,000,000. Total annual sales of the
firms in these lines, as reported to the Federal reserve system, amount
to about $3,500,000,000. For further details, compare figures of sales as
given in Tables I and II with the estimated total factory values as given
in Table IV.




Number
of cities
in which
firms are
located

Amount of
sales in
1925

362
61
146
13
40
89
186
92
87

213
51
84
5
1
52
114
60
36

$646, 352, 000
1,422, 247, 000
442, 282, 000
54, 424,000
73, 598, 000
303, 798, 000
310,064, 000
181,178, 000
81,895, 000

1,076

303

3,515, 838,000

121
33
62
24
14
13
7
6
3

89
14
20
3
7
5
3
1
2

178,149,000
41, 582, 000
66,395,000
26, 862, 000
12, 511, 000
30,576,000
6, 592, 000
192, 780, 000
1, 521, 000

283

107

536, 968,000

1,359

349

4, 052,806, 000

See footnote to Table III, p. 821.

Types of firms reporting and method of collecting data.—In soliciting the cooperation of
wholesale firms at the inauguration of the
reporting service, efforts were made to obtain
data in the different lines of trade from the
larger and more representative wholesale dealers
in different sections of the country. In many
lines manufacturers sell directly to retailers and
effect distribution without the intervention of
wholesalers, but the extent of this practice
varies considerably in different industries and
even among individual manufacturers in a particular industry. The practice appears to be
extensive in certain lines, particularly meat
packing, agricultural machinery, shoe manufacturing, and furniture, and for these lines
statistics of sales are furnished to the reserve
system by manufacturers. In other lines most
of the reporting firms are wholesale dealers and
the sales reported by them, though including
some sales to consumers or other wholesalers,
are, for the most part, sales to retail firms.
The statistics are collected each month by
the Federal reserve banks on schedules furnished by them to the cooperating firms. At
the close of each month the data are sent by the
reporting firm to the Federal reserve bank in
the Federal reserve district in which the reporting firm is located. These district figures are

819

FEDERAL KESERVE BULLETIN

DECEMBER, 1927

WHOLESALE SALES
PER CENT

1919

INDEX NUMBERS, ADJUSTED FOR SEASONAL VARIATIONS — MONTHLY AVERAGE, 1923-25*100

1920 /1321




1922

1323 1324 192S 1326

1327

1919

PERCENT

1920 1921 1922 1923 1924 1925 1926 1927

820

FEDERAL RESERVE BULLETIN

forwarded by the reserve banks, usually between the 18th and 23d of the month, to the
Federal Reserve Board at Washington. There
they are organized and used in constructing
the indexes of wholesale distribution for the
country as a whole, which are usually ready for
publication between the 25th and 27th of the
month.
In the case of the meat-packing and agricultural-machinery manufacturing industries, in
which companies operate largely on a national
basis but have manufacturing establishments
principally in the Middle West, reports are
made directly to the Federal Reserve Bank of
Chicago, which in turn forwards the tabulated
results to the Federal Reserve Board. These
data are then organized and handled in a manner similar to that followed in the case of the
other lines. No attempt has been made to
obtain sales of meat-packing companies by
Federal reserve districts.. In a few districts—
Minneapolis, Dallas, and San Francisco—local
sales of agricultural machinery are reported to
the reserve bank, but since statistics reported
by manufacturers to the Federal Reserve Bank
of Chicago are for the country as a whole, data
reported from the other three districts are not
included in the national index.
Lines covered by the new index.—Data
selected for the new index includes sales of
firms dealing in groceries, meats, dry goods,
men's clothing, women's clothing, boots and
shoes, hardware, drugs, and furniture. In
choosing these data an attempt was made to
include in the index the lines handling such
goods as are purchased from wholesale dealers
by retail firms for sale directly to individual
consumers. Other criteria of selection were
the representativeness of the sample, the
period of time for which the figures are available, the geographical distribution of the
reporting firms, and the degree to which
important wholesale centers in individual
lines are represented.
It is believed that the merchandise sold by
the firms included in the index represents a
large part of all goods purchased directly by
the consumer from retail firms and also a
considerable portion of the products manufactured by "American industry. The firms
reporting in each of these lines are either distributed throughout the country or are concentrated in sections where certain lines of
wholesale trade are particularly important, so
that they are representative of their respective
branches of the wholesale industrv. In each




DECEMBER, 1927

of these lines there is a substantial number of
reporting firms with a substantial volume of
sales, when all reporting firms are considered.
From one Federal reserve district to another,
however, there is considerable variation in the
relative importance of the lines represented,
as well as in the extent to which the reporting
firms are properly representative of their
respective lines, and interdistrict comparisons
can be made only in a general way.
Statistics showing in detail the number of
firms reporting in each line and the amount
of sales by lines and by districts are given in
Table II.
TABLE II.—STATISTICS OF WHOLESALE SALES COVERED
BY THE N E W INDEX
[Based upon firms reporting in 1925]

Total

Dry goods:
New Y o r k Cotton jobbers
Silk firms
Total

15
38
43
51
38
37
43
13
46
7
11
20

6
23
24
26
28
14
27
7
37
5
8
8

$25, 938,000
92, 544,000
45,448,000
93, 575,000
30, 797,000
58,396,000
102, 576, 000
24, 011, 000
60,243,000
23, 899,000
28, 619,000
60,306,000

213

646,352,000

51

1,422,247,000

7
9

._

Meats:
United States

N u m b e r of
cities in
which
firms are
located

61

Groceries:
Boston
New York
Philadelphia
Cleveland.. __ ._ _
Richmond
Atlanta _
Chicago
St. Louis
Minneapolis
Kansas City ___ _
_
Dallas
San Francisco

N u m b e r of
reporting
firms

362

Line and Federal reserve
district

6
3

20, 947,000
88, 836,000

Total sales,
1925

16

109, 783, 000

10
9
9
13
9
7
2
4
7
6

12, 480,000
42, 434, 000
21, 075, 000
24, 256,000
39, 214,000
103, 091, 000
2, 755, 000
27,912, 000
24, 919,000
34, 363,000

146

Total

8

17
18
14
25
14
8
3
6
10
15

Philadelphia..Cleveland. _
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

84

442, 282, 000

Men's clothing:
New York
Women's clothing:
New York

13

5

54,424,000

40

1

73, 598, 000

Boots and shoes:
Boston _
New York.._
Philadelphia
Cleveland
.
Richmond
Atlanta
Chicago
St. Louis

18
8
11
6
11
7
8
5

8
4
6
4
7
6
6
3

24,211,000
83,893,000
4,136,000
4, 848,000
10, 516,000
5,758,000
3,841,000
152,940,000

>
_

FEDERAL RESEBVE BULLETIN

DECEMBER, 1927

TABLE II.—STATISTICS OF WHOLESALE SALES COVERED

BY THE N E W INDEX—Continued
Number of
reporting
firms

Number of
cities in
which
firms are
located

5
10

4
4

$8, 080,000
5, 575, 000

89

52

303, 798, 000

12
30
16
19
29
20
10
13
9
10
18

9
17
9
15
15
16
7
7
4
8
7

22,128,000
24,163, 000
25,474, 000
15,137, 000
47,845, 000
30, 658, 000
33, 403, 000
24, 723, 000
17, 674, 000
17, 588, 000
51, 271, 000

.

186

114

310, 064, 000

...

6
14
16
13
5
12
5
7
8
6

4
8
8
7
5
9
3
5
5
6

39, 030, 000
18,994, 000
21,171,000
13,496, 000
4, 524, 000
26,174, 000
10, 878, 000
12, 620, 000
13,849, 000
20,442, 000

92

60

181,178, 000

5
18
19
24
7
14

4
10
7
4
5
6

2,809,000
11, 442, 000
30, 499, 000
14, 383, 000
12, 531, 000
10, 231, 000

Line and Federal reserve
district

Boots and shoes—Continued.
Minneapolis.. _
_
_
San Francisco
Total
Hardware:
New York
Philadelphia.
Cleveland.
_:
Richmond
Atlanta
__
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
.
San Francisco.

Total
Drugs:
New York___
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Kansas City
Dallas
San Francisco

Total
Furniture:

Richmond
Atlanta
Chicago
St. Louis
Kansas City.
San Francisco __

Total
Total, 9 lines

_

87
1,076

Total sales,
1925

36

81, 895, 000

303

3, 515, 838, 000

Groceries and meats.—Wholesale grocery
sales statistics used in the national index are
reported by about 360 firms located in 12
Federal reserve districts. These firms are distributed in 213 cities, varying in number from
5 cities in the Kansas City Federal reserve district to 37 cities in the Minneapolis district.
For several districts the data are available to
January, 1919, but for others the firms did not
begin to report until more recent years; since
1924, however, data are available for all districts. Sales of these reporting firms in 1925
amounted to $646,350,000.
Sales of meats are reported by 61 meatpacking companies located in approximately 50
cities in 25 different States. The companies,
wherever located, report directly to the Federal Reserve Bank of Chicago but the data
relate to sales in all sections of the country.
Statistics from these companies, by months,
were reported as early as January, 1921, when




821

about 40 companies began to cooperate and
furnish data to the Federal reserve system;
since that time the number of companies reporting has increased and from 1923 to date, data
are available from 61 companies. Total annual
sales of the cooperating companies amounted
to nearly $1,500,000,000 in 1925.
Dry goods and clothing.—Approximately 150
dry-goods firms located in 84 cities in 11 Federal
reserve districts report monthly sales to the
Federal reserve sj^stem. Total sales of these
firms amounted to $442,280,000 in 1925, varying from $2,755,000 reported by 3 firms in the
Minneapolis district to nearly $110,000,000
reported by 16 firms in the New York district.
Statistics from a few firms in several districts
were received as early as January, 1919; in
more recent years the number of reporting firms
has increased and since 1924 data have been
received from nearly all of the firms that are
reporting at the present time. In the New
York district data are included from seven
jobbers selling cotton goods and from nine
wholesale firms selling silk goods.
Sales of clothing are reported from 13 firms
selling men's clothing and 40 firms selling
women's clothing in the New York Federal
reserve district. Of the 40 firms reporting
sales of women's clothing, 29 are dealers in
women's coats and suits and 11 in women's
dresses,, Sales of coats and suits amounted to
$47,716,000 in 1925, and those of dresses
totaled $25,882,000. Total sales of all clothing by these reporting firms amounted to about
$130,000,000 in 1925. This is a relatively
small sample for the clothing business of the
country as a whole, but owing to the fact that
it includes sales for representative dealers in
the New York district, where a large part of
the clothing industiy of the entire country is
located, the sample is believed to reflect fairly
satisfactorily the changes from month to
month in the wholesale clothing business.
Boots and shoes.—Sales of boots and shoes
are reported to the Federal reserve system by
89 wholesale shoe dealers and manufacturers.
Data are received from firms in 52 cities in 10
Federal reserve districts. Three large shoe
manufacturers that sell direct to retailers report
sales to the reserve banks, and the relatively
large sales shown for one or two districts are
due primarily to the fact that important shoe
manufacturing companies are included among
the reporting firms. Total sales in 1925 of all
reporting shoe firms amounted to $304,000,000.
As in the case of other lines, data from some
firms are available as early as January, 1919,

822

FEDBEAL KESEKVE BULLETIN

but it is only since 1925 that the data have
been available from all of the firms that are
reporting at the present time.
Hardware, drugs, and furniture.—Sales of
hardware by 186 wholesale firms, amounting to
$310,000,000 annually, are reported to the
reserve system. The firms are located in 114
cities in 11 Federal reserve districts, no firm
being located in the Boston district. In some
districts firms have been reporting since
January, 1919, but in others data were not
received until more recent years; since 1924,
however, data have been received from most
of the firms which are now cooperating with
the reserve system.
Wholesale sales of drugs are reported from
92firmslocated in 60 cities in 10 Federal reserve
districts. Annual sales of these firms in 1925
amounted to $181,000,000. Data for most of
the firms which are now reporting are available
since January, 1924.
Eighty-seven furniture firms, including
wholesale companies and manufacturers, furnish
monthly statistics of sales to the reserve system.
These firms are located in 36 cities in 7 Federal
reserve districts and have annual sales of approximately $82,000,000. Nineteen furniture
manufacturers in the Chicago district report
the value of their monthly shipments, which
are considered to represent monthly sales and
are accordingly combined with sales statistics
from wholesale firms in other districts.
Lines not covered by the index.—In addition
to the data for the nine lines which are included
in the board's new index, statistics for several
additional lines of trade are reported to the
reserve system. These are shown in Table
III.
Sales of agricultural implements and machinery are reported by about 90 manufacturers directly to the Federal Reserve Bank
of Chicago and are available since January,
1923. The companies are located in more
than 78 different cities and make sales throughout the United States. Their sales, amounting
to more than $150,000,000 annually, are
included in the index of sales of agricultural
implements and farm machinery for the
country as a whole, which is given in Table
VII at the end of this article. Several agricultural implement firms in the Minneapolis,
Dallas, and San Francisco Federal reserve
districts report to the reserve bank in each of
those districts, but in view of the fact that
some of these firms also report to the Federal
Reserve Bank of Chicago, the reports to their




DECEMBER, 1927

local banks are not included in the national
index. The data, however, are valuable for
local purposes and are published by the individual reserve banks. The index of agricultural implement and farm machinery sales for
the country as a whole was not included in
the combined index of wholesale distribution,
largely for the reason that these products
are producers, goods rather than consumers,
goods.
TABLE III.—STATISTICS OF Y/HOLESALE SALES NOT
COVERED BY THE N E W INDEX

[Based upon firms reporting in 1925]
Number
Number of cities
Line and Federal reserve district of report- in which Total sales,
1925
ing firms firms are
located
Agricultural implements and machinery:1
Chicago
Minneapolis
Dallas
San Francisco
Electrical supplies:
Philadelphia
Atlanta
St. Louis _ _ _
San Francisco

90
6
5
20

Diamonds and jewelry:
New York
Philadelphia
Total
Auto tires:
San Francisco
Automotive equipment:
San Francisco
Stoves:
St. Louis
Cotton commission houses:
New York
Millinery:
Kansas City.—
Total

14

41, 582,000

14
7
13
4
• 24

3
1
1
4
11

19, 266,000
4,015,000
12,804,000
3,111,000
27,199,000

20

66,395,000

13
11 J

2
1

21, 693,000
5,169,000

24

3

26, 862,000

14

7

17, 511,000

13

5

10, 576,000

7

3

6, 592,000

6

-

7, 560,000
17,410,000
7, 543,000
9, 063,000

62

_
_

1
6
3
4

33

-._

$154,743,000
5,140,0G0
4,201,000
14, 065,000

7
12
5
9

Total -._
Paper and stationery:
New YorkPaper
Stationery
Philadelphia
Atlanta. -_
San Francisco
Total

78
2
1
8

1

192,780,000

3

2

1, 521,000

107

536,968,000

283

1

Manufacturer's reports to the Federal Reserve Bank of Chicago cover
the country as a whole. Some of the firms which report sales to the
reserve banks in the other districts also report to the Federal Reserve
Bank of Chicago, and to prevent duplication their sales are not included
in the index of agricultural implements and farm machinery sales for
the country as a whole.

Data from several of the additional lines of
wholesale trade—electrical supplies, paper and
stationery, and diamonds and jewelry—have
been converted into individual indexes, which
may be obtained on request to the Division

DECEMBER, 1927

FEDEKAL EESEKVE BULLETIN

of Kesearch and Statistics of the Federal
Reserve Board. Statistics of sales of automobile tires and automobile equipment have
been organized and compiled in index number
form by the Federal Reserve Bank of San
Francisco. Sales of stoves in the St. Louis
Federal reserve district and of millinery in the
Kansas City Federal reserve district are
reported from such a small number of firms
that they have not been converted into indexes.
For several reasons, including the smallness of
the sample, the shortness of the period for
which data are available, and the special
character of the data, these additional lines
have not been Included in the new index of
wholesale distribution.4
CONSTRUCTION OF NEW INDEX OF WHOLESALE
DISTRIBUTION

Organization of data.—In organizing the
statistics of dollar sales of the nine lines into a
composite index, data from individual firms
in each line were tabulated and totaled for
each month, with subtotals by lines for each
Federal reserve district. The monthly data
were then converted into percentages to express
the relationship for identical firms between
sales in the given mpnth and average monthly
sales in the base period—the three years, 1923,
1924, and 1925—which is the 100 per cent of
the index.
Since the number of firms reporting to the
Federal Reserve system has increased from
year to year, it was necessary, in computing a series of percentages that would be
comparable from time to time, to make allowances in the total figures for variation in the
number of reporting firms. Starting with 1925,
the most recent year in the base period and the
year in which the number of reportingfirmswas
larger than for any previous year, all firms
reporting in each line in that year were included
in the total for the year. The monthly average of these total sales for 1925 was then computed and used in constructing a series of
relatives for each month in 1925. This was
done by reducing total sales for each month to
a percentage of the average monthly sales for
the year. In computing monthly relatives for
earlier years, adjustments for a firm that re4
In addition to data shown in Table III, statistics of sales of automobiles by whoiesale and retail dealers in the Middle West are collected
by the Federal Reserve Bank of Chicago, and the Federal Reserve Bank
-of Philadelphia collects similar data for its district.
Statistics of sales by lumber dealers—wholesale and retail—are compiled and published by the Federal reserve banks of Chicago, Minneapolis, and Kansas City.

73628—27—3




823

ported in 1925, but not in the other years, were
made by subtracting its monthly average sales
in 1925 from monthly average sales of all firms
in that line for that year; the reduced figure
was then used as a base for the period in which
reports from the particular firms were not included. Similar adjustments were made in the
base for firms which have discontinued reporting since 1925. By this process relatives were
derived by comparing sales reported for a given
month with average monthly sales of identical
firms for 1925.
After a series of relatives for each line was
thus constructed, the monthly average of these
relatives for the three years, 1923, 1924, 1925,
was used as a base to construct another series of
relatives. This was done by dividing each
of the monthly relatives, by lines, on the 1925
base by the average of these relatives for the
three years. As a result of this procedure
the new index for each line, b}^ months, was
first expressed as a percentage of monthly
sales to average sales in 1925 and then recomputed, using the average of these monthly
relatives for the three vears, 1923, 1924, and
1925 as 100.
Adjustment for seasonal variation.—Examination of the resulting series showed that sales
at wholesale in each of the individual lines of
trade w^ere characterized by a fairly regular
movement from month to month, arising from
seasonal influences on merchandising practices.
The extent of the influence of these seasonal
factors, however, and the particular months in
which they were most pronounced varied
widely in the different lines of trade. The
most pronounced seasonal changes occur in
sales of men's and women's clothing, the
greater part of which are made at two seasons of
the year—in the spring and in the autumn.
On the other hand, sales of such products as
meat, groceries, drugs, and hardware, at
wholesale are more evenly distributed throughout the year.
In order to make the indexes of the separate
lines, and the combined index derived from
these, serviceable for purposes of month-tomonth comparison, it was necessary to adjust
the data so that the influence of these typical
seasonal movements would be removed. This
was accomplished (1) by deriving figures
representing the proportion of yearly
which are customarily made in each month,
and (2) by dividing the monthly relatives by
these seasonal adjustment factors (and multiplying by 100).

824

FEDERAL RESERVE BULLETIN

The seasonal adjustment factors were derived
by the ratio-to-moving-average method, the
same as that used in the case of the board's
index of industrial production, with one minor
modification. In the indexes of wholesale
distribution by lines computations were made
directly from the unadjusted index of monthly
sales on a 1923, 1924, 1925 base, rather than
from the original dollar figures; this was necessary because frequent introduction of new
reporting firms made impossible the construction of a continuous comparable series of dollar
sales. The procedure of computing seasonal
adjustment factors by the method used was
described briefly in the FEDERAL RESERVE
BULLETIN for March, 1927, page 172, and more
fuUy in the BULLETIN for December, 1922,
pp/l416-1417. 5
In deriving the seasonal adjustment factors,
several limitations in the data made the problem somewhat difficult. It was realized, in the
first place, that at best records were avail
able for less than 9 years (1919-1927) and,
secondly, that many nonseasonal movements
have affected the data, notably some wide
fluctuations in prices. In the early years of the
data, 1919, 1920, and 1921, when prices were
changing rapidly, dollar sales were more directly
affected by fluctuations in prices than in more
recent years, and these early years were accordingly given very little weight in the determination of seasonal adjustment factors.
After the individual seasonal adjustment
factors had thus been computed for the various
lines, they were divided into the corresponding
unadjusted indexes for their respective months
in order to obtain indexes adjusted for seasonal
variations. The seasonal adjustment factors
are given in Table VIII and the adjusted indexes for each line are given in Table VI at
the end of this article.
Changes in seasonal fluctuations.—In practically all lines of wholesale trade there is evidence of slight changes in seasonal fluctuations.
Some months have increased in importance,
relative to other months of the year, while others
have declined. These changes, however, except
in men's clothing and women's clothing, were
not of sufficient importance to vitiate the use of
a fixed set of adjustment factors. In the case
of men's clothing and women's clothing, on the
other hand, the relative importance of the various months had altered so much since 1919
that it was practically impossible to adjust these

DECEMBER, 1927

indexes by the use of one set of adjustment
factors. Instead, therefore, of obtaining one
average figure for each month a series of typical
figures for the correction of each month in each
year was obtained. The unadjusted relative
for each month was then divided by the seasonal
adjustment factor for the corresponding month
to obtain the adjusted relative. The adjustment factors used for men's clothing and
women's clothing 6 for each month are shown
in Table VIII at the end of this article.
Derivation and application of weights.—
After relatives for each of the nine designated
lines had been computed and adjusted for
seasonal variations, they were combined into
a composite index designed to measure changes
in the combined sales of the nine lines. The
combination was made with a view to giving
each line influence in the composite index in
proportion to the relative importance of all
sales at wholesale in that line to total sales
at wholesale for the entire nine lines, including sales of nonreporting as well as those of
reporting firms. Information showing the
total value of sales of wholesale firms in all
of these lines is not available, and in order to
obtain a set of representative weights it was
consequently necessary to resort to data of
somewhat different character. This was done
by deriving from the reports of the Census of
Manufactures, which give the value of different lines of manufacture, a set of estimates
which show the value of all merchandise
manufactured of the kinds sold by wholesale
firms in each of the various lines included in
the index.
In order to derive the desired figures from
the Census reports it was first necessary to
prepare lists of the articles of merchandise
carried in each line. These were compiled
from information furnished by the reporting
firms, and the manufactured value of each
article in the years 1923 and 1925 was then
taken from the biennial census of manufactures. In the case of certain manufactured
articles which are exported an adjustment was
made in the total figure by deducting the
average value of exports for the two years, and
in the case of such imports as immediately
enter the channels of trade, the value of the
goods w^as added. The average value of each
of the lines for the two years was then computed and from the total of the average values
for all lines the percentage represented by each

6
Adjustment factors for changing seasonals were also computed sepa« Detailed records covering the steps involved in the computation of
the seasonal adjustment factors are in the files of the Division of Research rately for sales of women's coats and suits and women's dresses, the two
series included in women's clothing.
and Statistics and may be consulted there on request.




DECEMBER,

825

FEDERAL RESERVE BULLETIN

1927

line was determined. These percentages were
then assigned to their respective lines as
weights to indicate approximately the proportion of total sales represented by each line.
Calculated by this method the total figure
representing the manufactured value of the
merchandise sold by all firms in the nine lines
represented in the index averaged $19,807,000,000 for the two years, 1923 and 1925.
This amount was distributed among the several
lines as indicated in Table IV.
TABLE IV.—MANUFACTURED VALUE OF MERCHANDISE
SOLD BY WHOLESALE FIRMS IN NINE LINES
[Average for years 1923 and 1925]

TABLE V.—FINAL STEPS IN COMBINING RELATIVES OF
NINE LINES INTO THE INDEX OF WHOLESALE D I S TRIBUTION FOR JANUARY, 1925
Unadjusted index Adjusted index
Line

Groceries.
Meat
Dry goods
Men's clothing
Women's clothing
B oots and shoes
Hardware
_
Drugs
Furniture Total

Weight

Rela- Weighted Rela- Weighted
tive relative tive relative

29
13
18
6
7
6
11
5
5

95.3
105.9
93.1
73.5
90.1
82.2
90.9
102.2
85.7

2,763. 7
1,376.7
1,675.8
441.0
630.7
493.2
999.9
511.0
428.5

103.6
105.9
98.0
99.3
100.1
100.2
102.1
104.3
97.4

3,004.4
1,376.7
1,764.0
595.8
700.7
601.2
1,123.1
521.5
487.0

100

93 2

9,320. 5

101.7

10,174.4

Summary of steps in computation of index.—•
(1) Monthly sales, as reported in each line,
were totaled by Federal reserve districts and
the district totals were combined to obtain
Groceries
$5, 764, 494,000
29.10
2,699, 678,0G0
Meats
__
_
13. 63
for each line a total for the country as a whole.
3,673,816,000
Dry goods
18. 55
1,132,976; 000
Men's clothing
5.72
(2) Average monthly sales in each line were
1.350,195,000
Women's clothing _
6.82
computed for the year 1925 by districts and
2,161,722,000 |
Hardware
10. 91
1,102,490,000 !
Boots and shoes. _.
5.57
for the country as a whole.
Drugs
4.82
953,686,000 !
Furniture
(3) Monthly sales as reported for each
966,864.000 i
- 19,805,921, 000 ! 100.00
100 month of the period covered were divided
Totalby the average of monthly sales in 1925 for
identical firms to obtain a series of relatives
The percentage for each line was rounded off for each line of trade by districts and for the
to a whole number, as indicated in the table, country as a whole on 1925 as a base. For
and assigned as a weight to that line. Details early years, when the number of reporting
regarding each of the lines of trade in respect firms was smaller than in 1925, the base as
to types of merchandise sold, the manufac- originally computed was adjusted by subtured value of such merchandise, and the tracting the 1925 sales of firms not reporting
method of computing the weights for each line in the earlier years, leaving in the base the
are available in the files of the Division of identical firms that reported in 1925 and in
Research and Statistics and can be consulted the month for which the relative was computed.
there on request.
(4) Averages of these relatives, by lines, for
In combining the separate lines into the final each district and for the country as a whole*
index for each month the relative for each line for the three yeors, 1923-1925, were computed
was multiplied by its assigned weight. The and used as 100 for constructing the final
weighted relatives for the nine lines were then index by lines, which was done by dividing
totaled and divided by the sum of the weights the monthly relatives on the 1925 base by the
for all of the reporting lines. The quotient corresponding average of the relatives for the
obtained for each month was the final com- three years.
bined index number of wholesale distribution
(5) Relatives for each line, on the 1-923for the nine lines included in the index.7 Steps 1925 base, were adjusted for seasonal variations.
in the final process of combining the several
(6) These relatives by lines, unadjusted and
lines into the combined index are illustrated in adjusted for seasonal variations, computed by
the following example.
using 1923-1925 as 100, were multiplied by
their respective weights.
7
As a test to determine whether changes in the relative importance of
the various lines over a period of several years were sufficient to influence
(7) The weighted relatives for each line
fluctuations of the index, weights were also computed on the basis of corresponding figures derived from the Census of Manufactures for 1919, were totaled and their sum was divided by the
and were used in computing a similar index. The variation, however,
indicated in the indexes for the early years constructed by the two differ- sum of the weights, the quotient being the
ent sets of weights proved to be small and of little significance.
final index number of wholesale distribution.
Line




Manufactured
value of merchandise

Percentage distribution

Weight
in
index

826

FEDERAL RESERVE BULLETIN

DECEMBEE, 1927

TABLE VI.—WHOLESALE DISTRIBUTION
[Index numbers of sales of wholesale firms, by lines. 1923-25 average=100]
Index without seasonal adjustment

Index with seasonal adjustment

Total
ales,
9
lines

Wo- Boots
Total
Wo- Boots
Men's
Fur- sales, GroMen's
Hardmen's
Dry
Dry
nen's
HardGroDrugs
loth- loth- and
Meats
and
Drugs nilothMeats
ware
9
ceries
goods ing
;oods ing Noth- hoes ware
eries
ture lines
ing shoes
ing
i

Furniture

ANNUAL
INDEXES
1919
1920
1921
1922
1923
1924
1925
1926
MONTHLY
INDEXES
1919
January...

R7

103
108
108
125
July
August .. 112
September- 113
118
123
April
May

1920
January
Fpbniarv
Miarch
April

May

137
119
129
126
126
121
125
111

June
July
August
September. ' 106
Ortobpi*
92
November
92

88
1921
January...
February. _
March
April

78
106
72
80
99
98
103
95

93
95
84
90
109
97
94
70

140
125
99
97
104
98
98
101

96
116
80
86
102
97
101
100

108
97
99
111
118
112
131
117
119
120
134
145

71
64
67
87
98
111
126
105
98
111
118
158

107
85
61
57
69
66
79
67
72
79
94
154

68
76
81
126
116
103
103
97
98
98
96
102

103
115
103
133
121
122
159
153
178
177
136
158

99
84
97
105
115
115
132
118
130
136
142
142

68
65
70
77
85
99
116
128
123
128
117
126

73
84
77
66
61
53
60
92
97
102
87
80

63
104
149
90
35
27
78
153
151
134
81
50

84
91
118
141
122
115
127
168
217
221
143
128

76
73
86
91
94
99
102
103
109
119
106
112

122
112
142
121
115
112
116
125
126
109
93
75

85
82
83
89
91
95
104
102
101
108
108
120

141
119
136
139
146
141
141
117
115
108
110
96

157
124
132
130
110
113
127
105
85
68
66
76

124
95
107
108
138
108
104
109
129
92
74
73

115
98
95
86
93
93
96
92
100
87
88
88

153
175
179
154
133
108
126
125
106
83
83
91

121
116
128
124
124
125
123
120
114
102
104
94

91
107
97
91
94
98
97
98
99
92
87
85

130
104
134
132
142
146
142
118
126
122
117
95

149
125
138
115
96
101
117
129
107
78
65
61

85
94
135
123
121
84
79
152
177
122
69
37

105
133
178
63
29
23
69
142
153
123
79
42

125
138
206
163
135
101
101
137
129
104
87
74

107
102
133
126
128
130
121
122
123
114
102
87

90
98
107
93
88
92
92
96
106
106
88
80

61

118
126
93
93
100
101
99
98

84
82
96
97
98
99
116
126
135
139
124
123

r

94
88

91
95
86
87
97
99
104
107

100
107
91
89
103
97
100
94

110
114
87
89
101
98
101
98

145
121
80
83
94
96
110
115

78
87
103
93
104
101

95
100
105
94
92
91
92
98
90
89
88
84

87
86
79
82
78
77
84
83
80
80
71
70

81
87
104
102
95
98
85
85
91
92
86
86

54
62
74
67
71
74
71
66
71
86
86
78

91
87
87
88
93
83
81
86
75
80
87
75

74
97
113
99
94
105
100
99
98
98
106
91

81
80
88
89
80
82
73
77
76
78
80
74

86

88
94
90
88
89
84
87
85
86
85
81

87
85
85
88
89
84
91
84
81
82
84

50
65
67
75
86
92
65
74
83
84
86
81

76
83
103
86
80
81
78
97
99
102
86

87
87
103
89
89
94
93
99
98
101
94
83

87
82
76
77
78
78
85
84
85
89
68
66

77
88
109
91
82
87
79
104
113
107
85
69

37
61
93
75
61
57
53
94
100
115
80
40

78
118
164
68
32
19
51
133
112
120
83
34

77
130
105
95
99
80
109
119
122
111
74

72
71
92
91
83
85
72
78
82
87
78
69

84
80
94
87
82
84
80
89
90
94
83
79

44
65
76
76
82
81
53
76
94
99
90
76

December .

79
81
85
83
89
91
86
91
91
93
97
97

85
85
94
84
92
97
90
97
93
95
100
97

70
76
78
77
86
87
87
83
84
89
87
89

87
78
83
84
91
92
83
89
90
96
101
100

74
73
75
88
80
77
73
79
87
79
89
92

67
83
85
83
81
83
82
87
99
102
108
98

87
99
95
91
89
93
94
97
100
96
102
122

68
69
79
84
92
92
86
93
90
90
97
92

84
88
86
79
90
92
85
92
85
83
90
92

74
75
77
80
86
93
87
88
88
92
98
101

72
78
77
74
93
92
80
79
82 I 9 0
84
100
79
91
101
98
107
101
110
108
98
108
83
95

70
72
75
73
86
88
89
85
SO
99
83
84

82
79
87
75
79
82
76
108
113
111
100
80

51
76
96
98
67
51
54
117
122
105
79
48

54
112
159
70
28
21
47
128
148
162
102
46

72
78
109
97
89
87
75
107
122
120
107
99

61
61
82
86
94
95
84
94
97
101
95
86

82
81
95
81
85
86
81
90
91
96
90
86

65
75
87
81
82
82
71
90
99
110
103
95

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

102
100
104
100
103
102
101
103
99
103
100
95

97
99
99
100
101
303
97
104
100
104
104
94

90
92
97
95
93
88
91
96
99
97
96
96

115
102
112
104
104
103
101
101
102
105
99
93

91
98
102
94
101
94
105
107
96
104
96
84

117
110
107
97
96
105
126
112
100
117
108
110

116
114
113
98
114
108
104
104
97
99
92
97

99
96
106
108
112
107
101
104
95
102
102
95

101
100
95
91
101
99
97
101
93
96
97
93 I

105
104
108
110
117
116
109
103
90
99
96
91

93
96
114
97
94
92
92
115
115
123
100
82

89
86
97
95
98
106
98
105
109
118
110
92

90
87
93
90
93
90
93
98
106
108
93
90

109
103
117
92
90
91
93
123
128
122
98
74

64
111
132
100
80
55
80
169
138
137
80
43

97
146
188

95
90
130
104
116
102
83
114
118
123
97
79

88
84
110
110
115
111
99
105
103
114
100
88

99
92
104
93
95
93
92
99
99
110
98
88

92
104
122
111
111
103
89
105
101
117
100
86

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

May
June
July
August
SeDtember
October

November.

83




69

e
o
40
26
70
162
147
187
93
61

827

FEDEKAL EESERVE BULLETIN

DECEMBER, 1927

TABLE VI.—WHOLESALE DISTRIBUTION—Continued
[Index numbers of sales of wholesale firms, b y lines. 1923-25 average=100]
Index with seasonal adjustment
Total
Men's
sales, Gro- Meats Dry clothceries
9
goods ing
lines
MONTHLY
INDEXES—
continued
1924
January...
February...
March
April
May.
June
July
August
September
October
November.
December _

103
102
94
99
95
91
93
95
101
101

104
107
97
99
99
95
98
98
102
106
100
101

95
95
92
93
91
90
95
98
96
99
104
105

113
108
89
94
88
82
92
96
101
95
97
101

WoTotal
men's Boots Hard- Drugs Furnicloth- and ware
9
ture
ing
lines

99
86
92
91
94
105
102
105
107

103
103
101
104
109
105
105
103
104
99
106

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

102
101
100
100
99
100
102
101
100
105
100

104
101
97
95
95
95
99
98
101
103
100
101

106
108
111
106
110
113
112
111
110
110
111
112

98
100
99
100
97
98
100
101
98
108
99
100

1926
January---!
February.. I
March
April
May
June
_
July
August
September
October—j
November.
December.

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

99
98
99
99
97
99
98
97
100
95
96
96

117
115
114
117
118
117
110
114
117
110
116
113

%
98
95
90
97
91
90
96
97
90
99
89

1927
January.. _
February. _! 95
March
I
April
May
.June
95
July
August
100
September
October

93
93
96
95
97
98
91
97
94
90

113
112
108
111
109
104
102
109
109
111

83
87
90
86
87
88
88
102
91
85

Index without seasonal adjustment

104
101
93
112
104
93
110
92
93
91
100
99
100
101
97
101
115
91
78
88
81
85

104
105
102
89
91
93
88
101 j
97
83
82
87

102
114
100
94
92
73
103
102
106
101
100
100
100
109

107
91
100

112
111
94
94
118
108
103
90
99
94

102
102

102
103
100
101
96
97
101
98
99
106
102
107

104
101
99
103
102
103
104
101
108
109
107
110

100
104
101
102
107
107
108
109
104
108

103
105
102
98
100
98
100
99
101
97
102
100

108
105
110
109
105
106
105
106
109
108
111
107

107
100
98
97
100
99
105
102
103
101
106
100

92

104
103
106
106
104
106
105
112
114
111

100
96

112
108
97
94
110
90
134
111
104

101
105
90
90
94
94
105
96

94
98
102
96
87
82
86
105
118
118
97

103
103
97
100
97
89
92
93
96
95
95
103

101
97
103
98
96
97
97
105

100
104
106
104

WoGroDry Men's men's Boots Hard- Drugs Furand ware
niceries Meats goods clothing
ture

96
93
95
95
96
98
99
99
111
119
106
99

95
90
88
87
91
91
97
100
102
111
100
99

107
109
94
83
77
73
85
118
126
111

72
115
125
105
58
48
73
148
156
134
83
57

132
154
117
50
29
36
130
161
147
70
53

95
88
95
90
92
98
100
99
110
117
106
99

106
100
106
100
110
116
114
113
118
123
106
105

93
101
104
89
84
38
92
123
123
126

73
125
137
105
68
57
88
167
155
135
75
56

97
84

91
85
97
94
94
102
99
98
109
107
102
94

117
109
109
110
118
120
112
116
125
123
112
106

100
80
85
81
83
117
122
104
98
71

132
138
89
57
47
75
163
148
105
61
44

87
91
103
90
87
87
88
111
112
107

86
81
94
90
95
101
92
98
102
102

113
107
104
104
109
106
104
111
117
125

78
88
95
76
76
78
81
125
113
99

97
109
91
94
113
117
124
99

94
97
107
94
91
91
91

8?
Ill

128
144

172
146
105

83
68
111
121
101
88
74
80
126
128
112

92
100
91
94
101
101
102
100
100 | 95
92 I 91
98
91
96
94
103
103
111
107
93
95

90
127
164
105.
51
36
60
127
112
142
55
53

82
79
116
116
95
92
71
117
111
125
100
72

91
91
104
103
99
101

102
93
109
105

107
118
100
100

116
126
108

74
99
131
68
43
34
•28
62
101
111
45
42

92
88
108
99
100
91
95
119
126
113
104
76

92
92
106
100
103
102
98
100
309
109
100
93

105
97
121
111

108
64
39
27
43
98
95
87

02 j
85 ! 82
Ill
102
100
111
85
107
80
122
127 108
114 105

102
64
117
108
98
99
100
110
122
128

100
103
116
125
112
100

83
98
106
95
90
75
72
91
110
111

112
105
96
90
88
109
122
129
109
101
94
100
111
98
95
87
86
104
117
120
111
94

109

85
109
118
115

.
TABLE

V I I . — I N D E X O F S A L E S O P AGRICULTURAL
I M P L E M E N T S AND F A R M M A C H I N E R Y l
[Unadjusted for seasonal variations. Monthly average, 1923-1925=100]
1923
January
February
March
April .May
June
July
August
September
October
November
December
Total

.
~

_ _
_

82
87
118
107
109
119
113
103
76
77
59
61
92

1924
75
97
107
100
91
95
105
105
97
77
63
72
91

1.925
86
109
143
138
127
134
142
136
114
101
81
95
117

1926
119
147
177
148
156
191
163
142
112
82
68
80
132

1927
106
134
185
155
154
376
159
167
134
114

* Agricultural implements index compiled b y Federal Reserve Bank
of Chicago. Based on reports of domestic sales b y 90 manufacturers.




TABLE VIII.—SEASONAL ADJUSTMENT FACTORS USED
IN INDEX OF WHOLESALE DISTRIBUTION

Line

Boots and shoes..
Drugs.......
Dry goods
Furniture
_
Groceries.....
Hardware. _
Meats.
100

106 [101
89
101
95
102
94

87
i 95
| 97
!103
100

81
94
80
94
94

828

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

TABLE VIII.—SEASONAL ADJUSTMENT FACTORS USED IN INDEX OF WHOLESALE DISTRIBUTION—Continued

WOMEN'S CLOTHING

M E N ' S CLOTHING
1919 1920 1921 1922 1923 1924 1925 1926 1927
January
68
February
98
March
115
April
May
. .. . 89
June__.
_ 80
_
July
77
August
138
135
September.
October
129
93
November
December .
52

68
98
126
114
88
78
76
140
137
132
93
50

68
98
126
112
86
76
74
143
140
133
93
51

69
104
128
111
84
67
74
149
141
132
89
52

70
113
130
107
79
59
76
157
143
132
83
51

74
120
131
106
68
52
80
157
148
132
79
53

74
121
133
104
65
52
83
159
150
130
76
53

76
125
135
101
62
51
85
161
152
127
74
51

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

137
98
60
51
87
163
153

1919 1920 1921 1S22 1923 1924 1925 1926
92
137
18S
72
30
26
76
157
154
137
85
49

91
136
188
73
31
25
71
155
152
141
90
47

86
136
188
77
34
23
63
154
149
150
95
45

80
135
187
84
35
25
57
147
149
159
95
47

83
133
176
93
42
25
56
144
147
160
80
55

86
130
166
104
48
31
53
140
147
160
76
59

90
129
163
104
52
36
52
139
144
161
68
62

91
127
163
97
55
41
53
137
144
161
68
63

92
126
162
94
56
43
54
136
143
162
68
64

DEPOSITS OF MEMBER BANKS, BY STATES, 1923-1927
The member banks of the Federal reserve figures are in each case for a given date, which
system hold more than 60 per cent of the de- has heretofore been the last Wednesday
posits of all banks in the United States, and before the last Friday in the month and
current information with reference to changes which will hereafter be the last Wednesday
in the volume of these deposits is available in before the 14th of the month. These dates
considerable detail. For nearly five years the have been selected in order to avoid the
figures have been published by Federal reserve reflection in the figures of those developments
districts, as well as for the country as a whole, which are peculiar to the end of the month
and beginning with the current month they and to the middle of the month. The recent
will be published by States. This monthly change from a date in the last half of the month
record covers all member banks, and shows to a date in the first half has been made in
separately the deposits of banks in the smaller order to enable the compilations for a given
cities and towns—those having a population of month to be finished in time for publication
less than 5,000 and of between 5,000 and in the FEDERAL RESERVE BULLETIN for the
15,000. Figures for larger cities are also next month.
given, but it is the information for the smaller
The figures relate in general to all member
centers which are not represented in other banks in the State which are located in cities
tabulations that appears to be of most value. or towns of the designated class, and they
The figures for the month of November are reflect in general fluctuations in the deposits
given on page 873, and comparable monthly of groups of banks that are fairly comparable
figures for earlier years back to 1923 are given from month to month. They are at times
on pages 886-923.1
influenced, however, by bank suspensions,
The deposits shown are net demand deposits mergers, and consolidations, which result in
and time deposits, which taken together are gains or losses to one or another of the different
the deposits against which member banks are groups of reporting banks. • In certain States,
required by law to hold reserves in the form furthermore, notably the State of California,
of balances with the Federal reserve banks. where branch banking is prevalent and all
They are almost equivalent in amount, as a branches are subject to the same reserve rerule, to total deposits exclusive of interbank quirements as the head office, the deposits of
deposits. The figures are derived from the branches are not reported separately. In Calreports submitted by member banks to the ifornia, therefore, the deposits of member banks
reserve banks for the purpose of determining in the smaller centers are larger (and in the
the amount of reserve requirements; these larger centers smaller) than shown by the
reports, which are on a daily basis, are sub- table, and the changes shown from month to
mitted weekly by member banks in central month in the published figures reflect at times
reserve and reserve cities and semimonthly such developments as the absorption in a small
by so-called country banks. The published center of a unit bank whose deposits are thereafter classified with those of the head office of
1
the branch-operating bank.
District figures are given on pages 924 and 925.




829

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

CONDITION OF ALL MEMBER BANKS
Loans and investments of all member banks
increased by about $485,000,000 during the
third quarter of the year, according to the
member bank call report for October 10, and
amounted on that date to $33,450,788,000;
this represented an increase of about $1,500,000,000 since the first of the year. The
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

35

PRINCIPAL

RESOURCES AND LIABILITIES
MEMBER BANKS

OP

ALL

Net demand
plus
United All
time
Total Loans
States
Total securi- sother deposits
ecurities
ties

Accommodation ot
Federal
reserve
banks

[In millions of dollars]
Loans and investments
Investments

31,39l| 22, 267
June 30, 1926
Dec. 31, 1926...— 31,896' 22,907
32,154 22, 532
Mar. 23, 1927
32, 967, 23,149
June 30, 1927
33,451 23,492
Oct. 10, 1927
Change since—
June 30,1927.. +484 +343
Dec. 31, 1926.. +1, 555 +585

1919

1920

1921

1922

1923

1924

1S25

1926

1927

figures are published on pages 876-880 of this
issue of the BULLETIN, and in more detail, by
States and cities, in Member Bank Call Keport
No. 37. The course of member bank loans,
investments, and deposits since the beginning
of 1919 is shown in the accompanying chart.
Growth in the volume of member bank
credit during the last quarter reflected for the
most part increase in the banks' loans, which
on October 10 were about $345,000,000 larger
than on June 30, as against an increase during
the same period of about $140,000,000 in investments. Since the first of the year, however,
investments have increased by about $970,000,000, or by nearly two-thirds of the total increase in member bank credit during the period.
Net demand deposits declined slightly in the
third quarter, while time deposits continued to
advance. Total net demand and time deposits
have increased by about $1,260,000,000 since
the first of the year.
The following table shows principal resources
and liabilities of all member banks for recent
call dates and changes for the third quarter
and the first three quarters of the present
year:




9,124
8,990
9,622
9,818
9,959

3,745
3,389
3,835
3,796
3,856

5,379
5,601
5,787
6,022
6,103

29,939
30,342
30,334
31,418
31,603

516
640
464
441
458

+141
+969

+60
+467

+81 +185
+502 +1,261

-182

+17

Comparison between condition figures for
all member banks and for member banks in
leading cities shows that growth in member
bank credit during the third quarter and
since the first of the year represents in large
measure growth in loans and investments
of member banks in leading cities. Of the
$485,000,000 increase in all member bank
loans and investments between the end of
June and October 10, $340,000,000 was in
loans and investments of member banks
in leading cities and about $145,000,000 was
in loans and investments of banks in smaller
centers. Since the beginning of the year
loans and investments have increased by
nearly $1,000,000,000 at member banks in
leading cities, and by about $560,000,000 at
member banks outside these cities. Increases
since the first of the year in the volume of
borrowing at reserve banks by member banks
in small centers was more than offset by
decline in the volume of borrowing by banks
in leading cities, and total reserve bank
accommodation for member banks showed
a decline of about $180,000,000 for the period.
Changes in principal resources and liabilities
of member banks in leading cities and in small
centers are shown in the following table:
CHANGE IN VOLUME OF MEMBER BANK CREDIT OUTSTANDING, DECEMBER 31, 1926, TO OCTOBER 10, 1927
[In millions of dollars]
Member All other
All
member banks in member
leading
banks
banks
cities i
Loans and investments
_
Loans..
Investments, totaL.
United States securities
__
All other securities
Net demand plus time deposits
Net demand deposits
Time deposits
Federal reserve bank accommodation L .

+1,555
+585
+969
+467
+502
+1,261
+242
+1,019
-182

i Change between Dec. 29, 1926, and Oct. 11,1927.

+996
+470
+526
+286
+240
+910
+327
+583
-225

+559
+115
+443
+181
+262
+351
-83
+435
+46

830

FEDEKAL EESEKVE BULLETIN

DECEMBER, 1927

EARNINGS AND EXPENSES OF MEMBER BANKS
During the first six months of 1927 all member banks in the Federal reserve system had
combined net profits of $230,995,000. This
figure, which was nearly $23,000,000 larger
than for the preceding six months, represented
a return of 9.13 per cent on the banks' capital
funds,1 compared with 3.53 per cent for the
preceding six months and 9.34 per cent for the
first half of 1926.
Earnings and expenses of all member banks
during six-month periods since December 31,
1925, are summarized in the accompanying
table. These and other statistics of member
bank earnings and expenses presented in this
issue of the BULLETIN are based upon reports
which member banks are required to submit
semiannually, State bank members reporting
to the Federal Reserve Board and national
banks reporting to the Comptroller of the
Currency.2
EARNINGS AND EXPENSES OF ALL MEMBER BANKS,
DECEMBER 31, 1925, TO JUNE 30,
1927

A relatively small increase during the period
in gross earnings was in considerable measure
offset by increased expenses.
Year ending June 30, 1927.—During the
fiscal year 1927 net profits of all member
banks, amounting to $439,417,000, were about
$5,000,000 larger than in the preceding year
and represented a return of 8.78 per cent on
the banks' capital funds, which averaged
about $5,000,000,000a during the year.
EARNINGS AND EXPENSES OF MEMBER BANKS DURING
THE YEAR ENDING JUNE 30,
1927

[In thousands of dollars]
State
member
banks
Gross earnings:
Interest earned
Other earnings

[In thousands of dollars]
First 6 months of 1927
(9,099 banks)

i

Last 6
Increase or de- months
crease as com- of 1926
pared with—
(9,251
banks)
Amount
Last 6 First 6
months months
of 1926 of 1926
Gross earnings
Expenses
Net earnings
Total losses
Recoveries... __
„«.„_„_.
Net losses 1
Net a d d i t i o n to
profits.
,

First 6
months
of 1926
(9,372
banks)

298,129 +2,589 +7,662

110, 849
23, 731

67,134 -19,984

87,118 67,
==
208,4221 223,061

230,995+22,573 +7,934

National

295, 540 290, 467

91,425 -19,424! -5,256
24, 291 +560' -4,984
-272

12,366, 237
1,840,868

! 32,102,114
5,002,474

1,037,165 4-5, 460 +41,118 1,031, 705 996,047
739,036 +2,871 -f-33,456 736,165 705, 580
96, 681
29,275

The increase in profits during the first six
months of 1927 reflects, for the most part,
decline in amounts of losses charged off.
Capital funds include capital, surplus, and undivided profits exclusive of reserves for taxes, interest, etc., accrued.
2
Statistics tabulated from the reports of member State banks are
published from time to time in the FEDERAL RESERVE BULLETIN (see p.
794 of the issue for November, 1927); national bank figures are published
in the Annual Report of the Comptroller of the Currency (see pp. 42 to
54 and 527 to 544 of the report for 1926); and all member bank statistics,
together with some analytical material, have been published in previous
issues of the BULLETIN (see pp. 402-405 of the issue for June, 1925; pp.
869-873 of the issue for December, 1925; pp. 409-414 of the issue for June,
1926; pp. 22-28 of the issue for January, 1927; and pp. 460-463 and 549553 of the issue for July 1927).




_

j

Increase or decrease in fiscal year
1927 as compared with 1926

i Total losses charged off less recoveries on assets previously charged off.

1

Net addition to profits
Loans and investments 2
Capital funds 3

Gross earnings:
Interest earnedOther earnings_.

State
member
banks

+43, 660
+41, 993

+29, 650
+21,085

+14,010
+20,908

Total
Total expenses.
Net earnings.

+-85, 653
+66, 095

+50,735
+40, 645

+34,918
+25,450

+19, 558

+10,090

+9,468

Total losses.
Recoveries-.

-3,363
-17,912
+14, 549

- 3 , 710
-10, 666

+347
- 7 , 246

Net losses !__„_
Net addition to profits
Loans and investments 2_.
Capital funds 3

_J
'

+5,0
+1,355,716
+280,073

+6,9
+3,134 j
+738,924
+118,324

+7, 593
1,875
+616,792
+161, 749

1 Total losses charged off less recoveries on assets previously charged on\
2
Average of amounts from reports of condition for four call dates during
the year.
3
Capital, surplus and undivided profits, exclusive of reserves for taxes,
interest, etc, accrued.
a
Averages of amounts from condition reports for four call dates during
the year.

DECEMBER, 1927

FEDEEAL BESEKVE BULLETIN

831

Although the amount of profits was larger increase in the volume of earning assets which
than in any previous year, the rate of return the banks held. Other earnings, a considerwas somewhat smaller than in 1928, when able portion of which consisted of profits on
the banks had profits at the rate of 9.20 per securities sold, showed increase both in actual
cent on capital funds amounting to about amount and in amount per $100 of earning
$4,720,000,000. In the preceding table, mem- assets.
ber bank earnings and expenses for the year
EXPENSES
ending June 30, 1927, are summarized, by ANALYSIS OF MEMBER BANK EARNINGS AND 1926 AND
DURING THE YEARS ENDING JUNE 30,
class of member bank, and compared with
1927
similar figures for the preceding year.
Gross earnings of both national and State
All member banks
member banks showed considerable increase
in 1927 as against 1926. However, this growth
Total
National
State
in gross earnings, amounting to about $8&r
000,000 for all member banks, was largely
1927 1926 1927 1926 1927 1926
absorbed by increased expenses, and net earnings remaining after deduction of expenses
Amounts per $100 of earning assets
were only $20,000,000 larger than the year Gross earnings:
before, the increase being approximately equal
Interest earned .=.«__ 5.37 5.46 5.45 5.51 5.24 5.39
1.35
Other earnings „_„„
.„„_ 1.08 .99 .84 .76 1.45
for the two classes of member banks. Although
Total.---— — — — 6.44 6.45 6.29 6.27 6.68 6.74
there was some decline in the amount of losses
charged off by member banks, recoveries on Total e x p e n s e s . — — 4.60 4.58 4.47 4.43 4.80 4.83
Net earnings.—— 1.85 1.87 1.83 1.84 1.89
1.90
assets previously charged off declined by a
.49
considerably larger amount so that net losses T o t a l losses.,--..* » . « — =»„=„»„ .63 .67 ,72 .77 .12 .51
.19
(total losses less recoveries) charged off against Recoveries..——— .15 .21 .17 .23
Net losses i_—
— .43 .45 ,55 .53 .37
.33
net earnings showed an increase of nearly
$15,000,000, and net profits remaining after Net addition to p r o f i t s . — — 1.37 1.41 1.28 1.31 1.51 1.58
the absorption of expenses and net losses
Other ratios
showed an increase of about $5,000,000.
Analysis of earnings and expenses,—During Earning assets per $1 of capital
-funds.
the fiscal year 1927 loans and investments, the Net profits per- $100 of capital 6.42 6.51 6.24 6.24 6.72 7.00
—
— 8.78 9.20 7.97 8.18 10.18 11.05
principal earning assets of member banks, funds »._
were at a level nearly $1,500,000,000 above
i
that of the preceding year. In considerable off. Total losses charged off, less recoveries on assets previously charged
> Obtained
profits
measure, this growth in the volume of loans and product of theby dividing netratios. by"capital funds; equivalent to t h e
two preceding
investments, accompanied by similar increase
in deposits, accounts for changes in amounts
Amounts of gross earnings, of total expenses,
of earnings and expenses. In order to elimi- and of net losses per $100 of earning assets
nate the direct effect on member bank earnings showed but little change for the year, and the
and expenses of growth in the volume of the remaining net profits showed only a slight
banks' operations, as roughly measured by the decline—from $1.41 per $100 of earning assets
volume of their earning assets, earnings and in 1926 to $1.37 in 1927. Although there was
expenses are shown in the following table as marked growth in the volume of earning assets
amounts per $100 of earning assets.
during the year, this growth was proportionThis table shows that changes during the ately smaller than that which took place in the
year in amounts of earnings and expenses per volume of capital funds; as a result, in 1927
$100 of earning assets were for the most part member banks had only $6.42 of earning asrelatively unimportant. The amount of in- sets for each dollar of capital funds, as against
terest received per $100 of earning assets was, "".51 the year before. Since the margin of
however? somewhat smaller, in 1927 than in net profits per $100 of earning assets was also
1926, reflecting in part some decline in interest- slightly smaller in 1927 than in 1926, the rate
rates 7 in part changes in composition of the of return on the banks' capital funds declined
and
banks loans and investment holdings. De- from 9.20 per cent in 1926 to 8.78 per cent in
spite this decline in the amount of interest re- 1927. This represents a decline from 8.18
ceived per $100 of earning assets, the total per cent to 7.97 per cent for member national
amount of interest received by member banks banks and a decline from 11.05 per cent to
was larger in 1927 than in 1926, owing to the 10.18 per cent for State bank members.
73628—27—4




832

FEDERAL RESERVE BULLETIN

The form in which member-bank earnings
and expenses are at present reported provides a
classification of interest, discount, and dividends
received, showing separately amounts received
on loans, on investments, and on balances with
other banks, and a classification of interest paid
showing amounts paid on time deposits, on
demand deposits, and on balances due to other
banks. This information first became available
for the last half of 1926 and was summarized in
the July, 1927, issue of the BULLETIN (p. 461).
Reports for the first half of 1927 now render it
possible to present figures for the entire fiscal
year.
Interest received.—Of total interest, discount, and dividends received by member
banks during 1927, amounting to $1,723,000,000, about 98 per cent was fully classified, the
balance representing interest received by banks
that were unable to supply full information
because of the form in which their records had
been kept during the year. The distribution
of the classified portion of these earnings according to the sources from which they were derived
and the approximate income rates which they
represent are shown in the following table:
INTEREST RECEIVED BY MEMBER BANKS DURING THE
YEAR ENDING JUNE 30,
1927
Amounts! nD,l b,t n
•
| (in thou- bution
"
I sands of of total
I dollars)

Total fully classified in reports 2_ - 1 , €86,486

INTEREST PAID BY MEMBER BANKS DURING THE YEAR
ENDING JUNE 30,
1927

4.7

2.0

1.8

A mounts Distribu- Approximate
(in thou- tion of
rate
sands of
total
paid i
dollars)

Per cent
5.5

26.0
100. 0

1927

and dividends received on investment holdings;
and $35,000,000, or about 2 per cent, was
interest received on balances with other banks.
Comparison of these amounts of earnings with
the average volume of the banks' loans, investments, and balances with other banks indicates
the approximate rates at which income was
earned on these assets. This rate for loans
was about 5.5 per cent, for investments about
4.7 per cent, and for balances with other banks
about 1.8 per cent. It should be borne in
mind that the averages which have been used
in calculating these rates are merely averages
of figures from condition reports for four call
dates and so only approximate the volume of
the assets to which the earnings figures may
properly be attributed.
Interest paid on deposits.—Deposit interest
amounting to $632,000,000, or about 92 per
cent of all interest paid on deposits, was fully
classified in the banks7 reports of earnings and
expenses. The distribution of classified interest on deposits as between interest paid on
time, on demand, and on balances due to other
banks, together with the approximate rates
which these payments represented, are shown
in the following table:

Approximate
rate of
return l

72.0

Per cei

Interest and discount received on loans. Jl, 217,460
Interest and dividends received on in- j
vestments
! 434,147
Interest received on balances with other j
j
banks
---j 34,879)

DECEMBER,

Per cent
57.0
31.0

Per cent
3.3
1.2

72, 923

12.0

2.0

631, 953

100.0

2.1

Interest paid on time deposits
Interest paid on demand deposits.
Interest paid on balances due to other
banks

360,9G3
198,067

Total fully classified in reports 2-_

1

In calculating approximate rates of return, amounts of unclassified
interest, discount, and dividends were apportioned, in each half of the
year (for each class of member bank in each district separately), between the classes shown in the table, on the basis of the distribution
of the classified amounts. Approximate rates of return were estimated
by dividing the resulting totals for each class of earnings by averages
of the amounts of related assets from condition reports for four call
dates during the year.
2
Of total interest, discount, and dividends received amounting to
$1,723,487,000 for the year, $37,001,000, or 2.2 per cent, was not classified
in the banks' reports of earnings and expenses.

1
In calculating approximate rates paid, amounts of unclassified interest
were apportioned, in each half of the year (for each class of member
bank in each district separately), between the classes shown in the
table, on the basis of the distribution of the classified amounts. Approximate rates paid were estimated by dividing the resulting totals by
averages of the amounts of related deposits from condition reports for
four call dates during the year.
2 Of total interest paid on deposits, amounting to $687,021,000 for the
year, $55,068,000, or about 92 per cent, was not classified on the banks'
reports of earnings and expenses.

Of the total amount of interest received that
Additional statistics of member bank earnwas fully classified, $1,217,000,000, or about ings and expenses during the years ending June
72 per cent, was interest and discount on loans; 30, 1926 and 1927, are published on pages 882$434,000,000, or about 26 per cent, was interest 885 of this issue of the BULLETIN.




DECEMBER, 1927

FEDEEAL HESEKVE BULLETIN

833

during the last week of November at about
$11,000,000. fell off early in December to relaIn November, as a final operation for retire- tively small amounts.
ment of second Liberty loan bonds, the TreasSubscriptions for the refunding issue of cerury offered for subscription an issue of seven- tificates and allotments of subscriptions for
months 3 Y% per cent certificates. Subscripcash and in exchange are shown in the table
tions for this offering exceeded $1,100,000,000, following, by Federal reserve districts:
and, under the usual reservation of the right
to scale down subscriptions, allotments were T R E A S U R Y C E R T I F I C A T E S OF I N D E B T E D N E S S D A T E D
made for a total of $422,092,200, including
N O V E M B E R 15, 1927, M A T U R I N G J U N E 15,
1928,
B E A R I N G I N T E R E S T AT 3 3 ^ P E R C E N T
$2,345,200 of subscriptions tendering in payment second Liberty loan bonds.
[Series TJ-1928]
Of these bonds, outstanding early in March
[In thousands of dollars]
in the amount nearly of $3,105,000,000, some
$1,729,000,000 had been refunded into fiveAllotments
year 3 3^ per cent notes callable at the end of
SubscripFederal reserve district
three years—including conversions under the
Exchange
tions
Cash
Total
subscrip- subscripMarch exchange offering in the amount of
tions
tions l
$1,360,456,450, and under the September
exchange offering in the amount of $368,1,105,598 422,092
419,747
2,345
Total...
973,100—and $245,256,450 had been refunded
Boston
108,248
45,291
45,244
47
into 16-20-year 3^g per cent bonds under the New York
335,683
110,900
110,413
487
101,383
Philadelphia.
43,109
43,101
8
refunding offer of June.
72,064
Cleveland
27,487
26,949
537
35,902
15,231
14,832
Ketirements in exchange, together with pur- Richmond
400
59,705
27,996
27,970
25
chases for sinking fund account and from Atlanta
129,349
57,561
Chicago..
57,398
163
25,667
10,198
10,069
St. Louis
128
surplus totaling nearly $400,000,000, had Minneapolis. _
14,481
6,259
6,252
' 7
15,500
7,409
7,163
reduced the amount of second Liberty bonds Kansas City..
246
42,715
18,752
18,559
Dallas
193
outstanding to $732,115,650 on November 14. San Francisco
164,899
51,899
51,797
103
Final purchases of the bonds for sinking fund
account were made through the Federal reserve i Tenders of second Liberty loan bonds in exchange for the new issue
banks under Treasury authorizations at speci- of certificates were allotted in full.
fied prices and accrued interest.
Purchases in November to November 15
totaled in round numbers $25,000,000, and
CLASSIFICATION OF LOANS AND INVESTduring the five days November 15 to 19, as
MENTS OF ALL MEMBER BANKS
•shown by the daily statement of the Treasury,
bonds were presented for redemption in the
Member bank condition reports submitted
amount of some $464,000,000. Further re- for June 30, 1927, include a detailed classificademptions to the end of the month totaled tion of loans and investments. This informaabout $121,000,000, reducing the amount of tion has recently become available for all
the bonds left outstanding, on which interest member banks and is presented in summary
ceased on November 15, to $147,413,350. form on page 881, together with figures for
Daily redemptions, which had been continuing June 30, 1925 and 1926.




TREASURY FINANCE

834

FEDERAL EESERVE BULLETIN

DECEMBER,

1927

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Industry and trade were l^ss active in October than in the preceding month and were in
smaller volume than a year ago. The general
level of wholesale commodity prices showed a
further slight advance.
Production,—Production of manufactures declined in October, contrary to the usual seasonal tendency, while the output of minerals
remained in practically the same volume as in
September, In October and November activity
of iron and steel mills and of automobile plants
was smaller than at any previous period of the
year. There were also decreases during October
in cotton consumption and in the production of
building materials, crude petroleum, and boots
and shoes. The output of bituminous coal and
the number of hogs and cattle slaughtered
increased by less than the usual seasonal
amount. Production of flour, copper, and
anthracite coal showed increases in October.
Building contracts awarded increased considerably owing to unusually large awards in
New York and Chicago in the last week of the
month. The increases were largest in contracts for residential and commercial buildings.

Trade.—Trade at wholesale and retail
showed less than the usual seasonal increase in
October. Compared with October a year
ago, wholesale trade in all leading lines, except
meats and drugs, was smaller. Departmentstore sales were approximately 3 per cent
smaller than in October, 1926, while those of
mail-order houses and chain stores were somewhat larger. Inventories of merchandise
carried by wholesale firms were smaller in all
reporting lines at the end of the month than
in September. Compared with a year ago,
stocks were smaller in all lines except drugs.
Stocks of department stores increased in October
in anticipation of the growth in sales that usually
occurs in November and December, but at the
end of the month they were no larger than a
year ago.
Freight-car loadings declined in October and
the first part of November, and were smaller
than in the corresponding period of last year for
all classes of freight except grain and grain
products.
Prices.—Wholesale commodity prices increased slightly in October, continuing the
advance which began early in the summer, and
the Bureau of Labor Statistics index for
October was higher than for any previous
PER CENT
1150

PER CENT
1501

100

PRODUCTION OF
MANUFACTURES AND MINERALS
50

50

c
1923
192A1925
1926
Index of production of manufactures and minerals,
average =* 100.) Latest figures, October

Unusually favorable weather during October
in agricultural States resulted in increased
yield for late fall crops. The indicated production of corn, according to the November
crop report of the Department of Agriculture,
was placed at 2,753,000,000 bushels, an increase
of 150,000,000 bushels over the estimate of the
previous month and 106,000,000 bushels over
the yield a year ago. Larger yields, as compared with the previous month's estimate were
also indicated for cotton, tobacco? and potatoes.




WHOLESALE PRICES
1S2S
1927
1925
1S241323
Index of United States Bureau of Labor Statistics, (1926=100, base
adopted by bureau.) Latest figure, October

month of this year. The advance in the average for all commodities from September to
October reflected increases in the prices of
livestock, meats, and dairy products. Prices
of corn, cotton, coal, metals, paint materials,
and automobile tires, on the other hand,
declined. During the first three weeks in

DECEMBER,

835

EEDEBAL BBSEBVE BULLETIN

1927

November there were increases in the prices
of grains, cattle, copper, hides, and rubber,
and decreases in hogs, cotton, silk, coal,
petroleum, and iron and steel.
Bank credit.—Total loans and investments of
member banks in leading cities increased by
nearly $300,000,000 during the latter part of
October and the first half of November, and
on November 16 were the highest ever reported. Investments increased by more than
$200,000,000, reflecting in large part purchases
of Treasury certificates issued on November 15,
and loans on securities increased by about
$125,000,000. Loans chiefly for commercial
and agricultural purposes declined during the
period from the seasonal peak reached early in
October.
There was a continued increase in the demand for reserve bank credit between October
19 and November 23, arising chiefly out of
further exports of gold. Discounts from member banks declined somewhat, while acceptances
and holdings of United States Government
securities increased.

Conditions in the money market remained
moderately easy in November. Call-loan rates
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
10

10
8

u

2

1923
19241925
1926
1327
Monthly averages of weekly figures for banks in 101 leading cities.
Latest figures are for November

remained at the level reached in the latter part
of October, and rates on prime commercial
paper and banker?' acceptances were unchanged.

FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE

Year and
month

Industrial
production l

Produc- Produc- Building contracts
tion of tion of
awarded *
manu- minerfac- l
als i
UnadAdtures
justed justed

Bank
RailDepartment-store Department-store debits
road Factory Factory Wholestocks *
outside
car employ- pay
sale
of New
load- ment
rolls
trade UnadYork
AdAdUnadings i
justed justed justed justed City*
Monthly average 1919=100

Monthly average 1923-1925=100
1926
June...
July—.—
August
September..
October--—
November..
December. 1927
January
February...
March
April.
May
June..
July
—
August
September..
October.--.

107
107
111
112
111
108
105

107
107
111
112
110
106
103

106
107
109
111
115
118 I

119 I

133
126
146
137
126
119
131

125
124
129
130
126
130
136

109
108
108
109
109
108
106

109
104
108
108
112
109
108

130
99
105
131
158
156
234

130
133
134
144
139
138
146

131
125
130
142
153
156
128

107
109
111
108
111
108
106
107
105
103

105
107
110
109
111
108
106
107
105
102

116
118
118 j
104
108
104
100
106
105
105

94
96
151
147
135
154
ISO
135
127
137

123
131
131
128
126
144
128
119
121
137

105
109
109
108
107
104
101
104
104

102
109
110
108
108
106
101
104
104
105

114
107
129
143
132
130
97
113
130
151

130
139
129
140
127
130
130
144
143
133

124
131
142
143
138
129
125
130
143
152

•101

138
130
132
137
138
137

127
136
126
126
126
123
126

139
139
140
138
138
136
133
130
133
136

125
133
134
137
133
134
132
133
138
134

13
3

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




836

FEDERAL KESERVE BULLETIN

DECEMBER, 1927

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
RESERVE BANE CREDIT
BILLIONS OF DOLLARS

RESERVE BANE CREDIT IN USE
[Monthly averages of daily figures. In thousands of dollars]

BILLIONS OF DOLLARS

2

2

Reserve
bank
credit in
use »

Month

1923
1924
1925
1926
1327
Monthly averages of daily figures for 12 Federal reserve banks.
Latest figures are averages for November

1926—May
..._
June
--.JulyAugust
__.
September
October...
November
December
1927—January
February
March
_
April
May
„
June
July
August
September
October.
November

I
..!
|
j
__|
|
j

i
___!
j

Bills dls-1
counted i Bills
for
|
member i bought
banks |

514, 559
1, 155.191
1, 139,808 476,044
166, 564 548, 966
1,
1, 158, 264 555, 799
1, 225, 236 641, 797
1, 269, 356 665, 566
618, 367
1, 270,057
1, 380, 571 671, 722
146, 523 486, 875
1,
007, 624 393, 636
if 029, 319 427, 716
1, 038, 857 447,286
999, 504 472, 984
1, 033,123 428,563
1, 026,152 453,997
1, 021, 830 409, 439
1, 139, 342 422,192
213,191 2 424,413
»1,
1, 331,008 . 415, 216

United
securities

230, 555
244, 038
231,132
245,094
263, 992
294, 296
346,859
384, 826
345,448
305,013
254, 618
248, 429
233, 224
205,273
189,774
173,122
215,926
281,903
335, 908

398, 249
408, 776
379, 745
353, 903
315, 747
306, 413
302, 309
321, 446
310, 637
306, 707
344,921
341, 081
291, 495
397,754
381,081
438,511
500, 637
2 506,177
579, 238

* Total holdings of bills and securities by all Federal reserve banks
including "other securities" and foreign loans on gold.
2
Revised.

DISCOUNTS AND DEPOSITS OF FEDERAL RESERVE BANKS
[Monthly averages of daily figures. In thousands of dollars]
Federal Reserve Bank
Month

Total
Boston

Discounts:
1926—May
June
...
July
August
September,..
October
November...
December...
1027—January
February
March . . . .
April
May
June
July . . . . . . . .
August
SeptemberOctober
November...
Deposits:
1926-May
June
July
August
SeptemberOctober.-._
November...
December-..
UB27—January
February
March,
April
May
June
July
August
September _.
October
November..
i Revised.




New
York

Philadelphia

Cleveland

Richmond

Atlanta

Louis

Minne-I Kansas Dallas
apolis
City

26, 662 6,920
5,254
28,536
30,642 7,556
35,196 13,076
43,462 11,212
42,163 11,145
37, 548 8,613
37,844 5,101
19,072 4,146
4,324
14,531
14, 374 4,609
16,202 6,058
24,024 6,737
6,514
26,251
29,818 5,952
40, 470 24, 749 6,109
4,435
31, 414 27, 992 2, 672
21,484
36,483 18,135 2,603
46,887

20,149
18, 472
16,164
12,693
13,542
12,455
16,866
13,663
10,256
9,437
8,584
11,902
17, 333
16, 524
12,460
9,330
10, 698
15,730
18,116

9,832 47, 237
11,921
37, 743
16,138 47,958
20,1S9 48,161
25,000 60,006
19,451
§2,720
54,077
17,223
10,320 47.324
5,606 38,461
3,215 39,202
3,197 49,015
4,403 53, 331
4,670 43,107
6,172 41,390
7,374 45,831
12,742 46,055
10, 981 35. 597
7,151 143, 709
8,388 39,114

52, 934
51, 698
51, 538
49, 787
50, 099
51, 574
53,070
52, 550
52, 278
50,759
51,484
50,371
49,156
49,678
50, 607
49, 714
52, 57S
55,623
57, 823

88, 775
88, 155
92, 651
94,619
93, 706
92, 848
91, 393
91,127
90,880
91, 425
90,789
90,832
89, 378
88,342
90,916
91,611
90,155
90,542
94,240

59,399
57, 087
57, 478
57, 595
58, 913

49,722
49,243
48,135
45,851
46,224
49,918
43,826
60,785
44,184
36,158
41,819
43,744
45,841
45, 227
46,791
39, 566
38. 240
38,425
38,064

52,071
43,977
37,221
33,666
44,966
70,386
75,602
90,051
62,107
39,424
31, 888
53,890
43,624
41,801
35,393
27,804
34, 762
43. 720
46,833

46,637
47,366
41,775
44,918
46,359
45,664
35,516
29,620
22,498
23,409
22,221
22,506
25,450
22,374
21,839
19,671
26, 251
28,888
21,516

35,183
38,384
42, Oil
47,585
55,345
55,681
50,455
47,553
34,435
26,738 .
31,389 !
34,140 I
34,625 I
32,618
36,273
34,671
31. 085
25, 999
32,695

56, 311
52, 547
60,854
54,591
67,736
89,224
105,702
119,165
90,847
78,297
70,691
56,281
52,679
63,917

29, 854
28, 377
33,290
36,354

136,767
117,785
165,983
163,270
182,447
164,579
134,908
154,570
120,787
90,232
114,391
121,628
137,765
91.932
122,892
118,418
142.360
120,862
106, fill

146, 111
145,362
148,013
145,625
147,447
153, 231
155,409
150, 252
148, 810
149,134
146,177
148,394
148,045
149,846
152,568
151,977
153, 393
157,165
161, 702

856,697
865, 577
857,668
847,061
862,912
853,359
856,416
879, 596
885, 641
856,053
878,285
882,386
908,188
941,867
918,918
902,138
911,090
921,315
946,306

137,307
135,361
137,621
136, 502
137, 152
139, 637
139,260
139,419
141, 195
139, 360
138,894
140. 451
138,961
137,874
137,993
138,571
140, 911
141, 539
142,328

181, 553
181,333
185,981
188,314
188,048
185,945
184,749
181, 215
182, 290
183,035
188,427
188,122
188, 376
190, 247
189, 620
192,145
190, 489
190,085
192, 759

69, 314
66, 556
71,418
70, 054
70, 061
72, 240
72, 626
71,010
73, 335
72,276
70,484
71,211
72, 586
71.679
74, 262
74, 478
74, 618
74,666
76, 719

76.133
72,477
73,453
71,873
72, 718
74,640
72,938
71, 802
72, 723
72, 531

332,762
329,191
335,306
340,386
338,071
336, 643
332,040
329,801
331, 215
329,680
328,167
332,363
338,974
338,545
337, 875
345,465
343,955
346, 798
345, 669

514,559
476,044
548,966
555,799
641,797
665,566
618,367
671,722
486,875
393,636
427,716
447,286
472,984
428, 563
453,997
409, 439
422,192
1424,413
415,216

27,068
24,816
34,529
36,653
45,498
42,180
38,031
55,726
34,476
28,669
35,538
23,201
37,129

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, 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
12,380,856
2,429, 976

71.134
72, 766
71,126
68,810
68, 471
67, 482
68,848
70,827
70,412

San
Francisco

83,394
81, 270
82, 917
82,092
80,937
83,745
82,771
82,823
83,325
83,754
82,780
83,827
83,193
82.434
82, 622
81, 589
81, 575
84, 745
87, 920

61,148
62,902
62,156
63,763
63,170
62,587
61,645
59,765
60, 209
59, 759
63, 044
166,429
69,165

168,915
167,348
168, 376
169, 442
173, 141
175, 334
177,315
177,131
176, 356
174, 690
175,018
177, 810
177. 188
176, 341
175,417
176, 523
180, 219
181,122
184,933

837

FEDERAL EESEKVE BULLETIN

DECEMBER, 1927

MONETARY GOLD STOCK AND MONEY IN CIRCULATION
MILLIONS OF DOLLARS

100

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

100

CHANGES IN
I
MONETARY GOLD STOCK

GOLD IMPORTS AND EXPORTS

80

Bars above base line represent Imports
Bars below base line represent Exports
Black portions represent excess Imports or Exports

80
1921

1922

1923

1924-

1925

1926

1927

Based on following table; latest figure (November, decrease
$90,000,000) preliminary
MONETARY GOLD STOCK OF THE UNITED STATES »
[First of month figures. In millions of dollars]

Month
January...

1923

3, 660
3,685
3,723
3,760
3,764
3, 771
3,785
3,829
3,855
3,873

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

3,906

1924

1925

1926

3,929
3,953
3,963
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
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
4,587
4,580
4,588
4,571
4,541
2 4, 541

1921
1922
1923
1924
1925
132S
1927
Latest figures are for October—imports $2,000,000, exports
$11,000,000, and net exports $9,000,000; see table below

NOTE.—Changes from month to month in the
monetary gold stock of the United States, as shown by
the chart, represent primarily net imports or net
exports of gold; they reflect also (1) changes in the
amount of gold earmarked by the Federal reserve
banks for foreign account, (2) domestic production,
and (3) movement of gold into and out of use in
industry and the arts. Gold imports do not always
affect the monetary gold stock in the month in which
they occur, partly because some incoming gold is not
in monetary form, and gold exports do not always have
their effect in the month in which they occur because
the gold may have been withdrawn for export in the
preceding month or may be exported out of gold
previously earmarked for foreign account.
GOLD IMPORTS AND EXPORTS, BY COUNTRIES
[In thousands of dollars]
1927

1
2

Revised figures; for explanation see pages 800-802.
Preliminary.

Country of origin
or destination

UNITED STATES MONEY IN CIRCULATION i
[First of month figures. In millions of dollars]
Month
January....
February...
March
.April. _.
May
June
July..
August
September.
October
November.
December,.
1
2

1922
4, 690
4, 441
4, 491
4, 497
4, 468
4, 455
4, 463
4, 424
4, 480
4, 608
4,646
4, 704

1923
4, 817
4, 614
4, 703
4, 747
4, 759
4,797
4 823
4 787
4, 876
4 945
4 925
5,018

1924
5,044
4,777
4,887
4,899
4,853
4,905
4,849
4,756
4,859
4,863
4,942
5,052

1925
5, 047
4, 802
4, 853
4, 818
4, 789
4, 841
4, 815
4, 795
4, 867
4, 916
4, 969
5, 044

Revised figures; for explanation see pages 800-802.
Preliminary.




1926
5,104
4,841
4,904
4,860
4,907
4,923
4,885
4,909
4,930
4,978
5,021
5,037

1926

January-October

October

Calendar year

Imports Exports Imports Exports Imports Exports
England
2
4
France
Germany. __
Netherlands
Canada
696
1927
Central America
88
Mexico
540
Argentina
5,095 Chile
23
4,846 Colombia
96
_
4,885 Ecuador.105
4,862 Peru
155
4,891 Venezuela.
40
5
4,893 Australia..
_
4,851 British India
4,846 British Malaya
4,854 China a n d Hong
4, r ""
Kong
4,!
Dutch East Indies. _
148
2 4, 952 Japan
Philippine Islands. _
111
All other countries..
45
2,056
Total

5
1,087
663
8,400

50

39,393
21 020
1
15,075
53,648
1,040
5,265
23
6,970
1,229
2,030
2,045
451
21,917

14
13,994
5
5,598
253
5,835
31, 649

42,392
3,855
6,202
438

6,540
1,707
14,000
1,990
1,157
1,451
68,340 213, 504

4,495
2,231
60

1,001
380
194
2,316

389
20

4,692
959

1
6

18
47,550

82,543
1,516
23, 913
9
21,180
1,663
1,307
2,644
647
51,119
5

75
1,674
1,380
20,000
1,340
523
10,698 195,022

1,212
351
1

2,019
6
1, 700
578
3,332

832
115,708

838

FEDEKAL BESERVE BULLETIN

DECEMBER, 192?

MONEY RATES IN NEW YORK CITY
PER

PER
CENT

CENT

L

'1\

r

Commercial Pape
i

v

c
V

r—•

ER.BankDlsc.Rate

L-T" -

-

1/

3

1

- Open Market
Acceptance Rate

-

-

192*5-

1923

1322

1925

1926

1927

FEDERAL RESERVE BANK RATES

OPEN-MARKET RATES

DISCOUNT RATES

EATES IN NEW YORK CITY

[Rates on all classes and maturities of eligible paper]

Federal reserve bank

Rate in
effect on
Dec. 1

Date established

Previous
rate
Month or week

Aug. 5, 1927..
Aug. 5, 1927._
Sept. 8, 1927..
Aug. 6, 1927,.
Aug. 16, 1927.
Aug. 13, 1927.
Sept. 7, 1927.
Aug. 4, 1927..
Sept. 13, 1927.
July 29, 1927 _
Aug. 12, 1927.
Sept. 10,1927.

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

1926
September
October
November
December

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

Maturity

1-15 days
18-30 d a y s . .
31-45 d a y s . .
48-60 d a y s . .
81-80 d a y s . .
91-120 days .
121-180 days

Rate in
effect on
Dec. 1

Date established

Previous
rate

Aug. 5,1927..
Aug. 22, 1927.
do
Aug. 5, 1927..
do
..—do
July 29, 1927.

NOTE.—Rates on prims bankers' acceptances. Higher rates may be
eharged for other classes of bills.




Average yield
on—

_

1927
January
February
March
April
May
June
_
July..,.
August
September
October
November
Week ending—
Nov. 5 - . —
Nov. 12
Nov. 19
Nov. 26

3.41
3.40
3.38
3.38

1 Stock exchange call loans; new and renewal rates.
2
Stock exchange 90-day time loans.
8
Three issues—3M, 4, and \\i per cent; yields calculated on basis of=r
last redemption dates—1956, 1954, and 1952.
i
Change of issues on which yield is computed.

839

FEDERAL EESEEVE BULLETIN

DECEMBER, 1927

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.
Month

New
York

Boston

Philadelphia

FEDERAL RESERVE BANK CITIES
RichMinneClevemond Atlanta Chicago St. Louis apolis
land

Kansas
City

Dallas

San Francisco

Prime commercial loans
1926—November.,
December..
1927—January
February...
March
April
May....
June
:
July........
August
September.
October
November..

6
5
5
5
5
5
5
5
5
5

«£

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

4^-5

5 -6
434-6

4^-4|_
4M-6

4^-5 ^
4 -5H
4M-5; '

434-6
4M-5

4 -6
4^-6
4 -6

4M-6

4H

4

-4

Loans secured by prime stock exchange collateral
1927—May..
June....—.
July
,
August
September.
October
November.

143^-6
43-12-4% 14^-6

4H-5
4K4M

5 -6
5 -6

3^
5 -6

5
5
5
5
5
5
5

5
5
5
5
5
5
5

~6
-6
-6
-6
-6
-6
-G

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

5
5
5
5
5
5

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

5
5
5
5
5
5
5

-6
-6
-6
-6
-6
-6
-6 ,

5
5
5
5
5
5
5

-6

5
5
5
5
S
5
5

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

5
5
5
5
5
5
5

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

Loans secured hj warehouse receipts

4-5
4*4-5
4!4-5
4;4-5
4 A-h

1927—May..
June
July.......
August
September.
October.-.
November.

4./2-b

5

5 -bH
5 -8
5^-6
5 -6
4>_-6
5 -6
5 -6

15 -6
15 ~6
15 -6
15 -6
14^ £~Q
143/ i-Q
4?i-Q

5
5

-6
-6
6
6
-6
53^2

5

5 -6
5 -0
5 -6
-5
5 -8
5 -6
5 -6

_i^_5^
_i^_5i^

5
5
4^-5
43^-5

434-5

4>_-5

434-5
4^-6

4M~6
43^-8
41^-51,^

4^-53^_
4M-b

4K-5

-7

-6
-6
-6
-6
-6

Interbank loans
5
5
5
5
5

4^-5

,927—May..
June
July.......
August
September.
October...
November.

43J-5
4 -5
4 4 -4>_

43^

6
5
-5}
5
5
5

5

4H-5

5
5
5
5
5
5
5

-5H

-6
-6
-6
-8
-6
-8
-6

-5

-53^
4 -5

5
5
5
5
5
5
5

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

5

5
5
5
5
5
-6
5

•5 - 8
5 -3
5 -6
5 -6
5 -6
5 ~8
5 -6

FEDERAL RESERVE BRANCH CITIES
Prime commercial loans

Loans secured by prime
stock-exchange collateral

Loans secured by warehouse
receipts

Interbank loans

City
SeDtember

Buffalo
Cincinnati . . . . . .
Pittsburgh
Baltimore . .».

TtirnrJTighftm

'

1 Revised.




4 -6
5 -6

4M- f i
8
5 -fi
4K~6
8 -8
8
6
6
6

fi

2

November
5

b -6
4>i-by
5 -8 2
fi -fi

6

fi1 _-6
5' -fi

-6

IT
b

-6
6

5

-6
8

5 "-6
5 -6
5 -6
8

4
5
41

-6
-6

5 4-6

5M-6

8
5 -6
1

5

-7
fi

6

4
6

6
6
6

-6
-7
6
6
6
6

Septemfi -6
5
5 -6
5 -6
6
fi - 8
coco

Jacksonville .
Nashville
New Orleans
..
Detroit
Little Rock
Louisville
Helena
.
Denver
Oklahoma City
Omaha..
El Paso
Houston
San Antonio . .
Los Angeles
Portland
Salt Lake C i t y . . . . .
Seattle
Spokane

41
5}4-6
5 -6
5
5 -6
5 -6
6
fi - 6
fi - 8
5 -6
5 -6
8

October

bl
b -6
6 -7
ft -fi
8
5>4-6
6
fi -fi
6 -8
5 -fi
fi - 8
fi —
7

October
5 -fi
by2-e
5 -6
6
-8
6
-<-fi
fi*
414-0
6
fi -6
8
5

2

6
5
6
6

(}

6

6
-7
6

6

5M-8
-8
-6
-8
-7
6
6

6
6

November
5
5
5
5

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

43^-6
8 -7
5 -6
8
5 -6
6
6
5
6
6
6
6

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

September
fi

5 -7
6
5H-6
6
6 -8
6>i-Q
fi -fi
fi -fi
6 -7
fi
fi - 8
_-S
5>
6 -8
fi
7 -8
5 -7
6 -8
fi -7
fi -7
7
6 -7

7

October
6
-7
6
6
6
fi - 8
5} 4-6
fi -6
5i £-fi
6
6
6 -8
534-7
6
6 -6U
7 -8
5 -6
6 -8
6 -7
fi -7
6

6

7
-7
7

November

September

6

October

fi

53^-7
534-6
5H-6
6

5
5
5
5

5H-6

5>
fi
fi -fi
5 -6
fs
6 -8

bxA-§
5

-7
6
-8

6
2

7
5
6
6
6

6
-8
-7
-8
-7
-7

2

2

6
5M-6

6
fi

h -fi

6
7

-6
-6
-8
6

fi
fi
6
-6>_
6

5
P

5
5

5
-5H
-6
-5M
-6
fi

5^-6
5 -fi
5

-fiU

5H-6

fifi -8
6
6 2
4-fi
" 6
5
5 -6
6
6
6i
5

November
5

5
5 -6
5
5 -6
6

53>4 6

5 -6
5
6
5
6 -8
6
6
_-6
6
5
5 -6
6
6
6
6 -fiH
6

840

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

MEMBER BANK CREDIT
MEMBER BANK RESERVE BALANCES AND BORROWINGS AT FEDERAL RESERVE BANKS
[Monthly averages of weekly figures. In thousands of dollars]
Reserve balances

Borrowings at Federal reserve banks

Reporting member banks

Month

New York
City
1926—September
October
November
December
1927—January
February......
March
April..
_.
May
June
July
August
September
October
November

711,833
662, 329
672,948
725,298
717,310
682,026
709,853
687, 972
720, 255
775. 900
728,491
724, 240
726, 262
728, 171
768,193

Other
leading
cities
965, 294
969,406
963,186
960,263
960,239
962. 691
961,184
971. 108
976.346
973,318
967.062
983.241
982, 785
996, 927
998,659

Reporting member banks

Total

,677, 127
. 631, 735
,636, 134
, 685, 561
, 677, 549
,644,717
,671,037
. 659, 080
, 696, 601
.749.218
, 695,553
, 707,481
, 709, 047
. 725, 098
, 766,852

Other
member
banks

578,811
583, 111
580,514
579, 291
587, 647
584,612
593, 492
594, 900
593,528
592. 650
603, 200
605, 427
613,709
629, 976
633,627

Total
New York
City
2,255, 938
2,214,846
2,216,648
2, 264,852
2,265,196
2, 229, 329
2,264. 529
2, 253, 980
2, 200, 129
2.341,868
2, 298. 753
2. 312. 908
2. 322. 756
2, 355, 074
2,400,479

128,173
84,406
71,162
99,611
75, 894
59, 907
73,118
78,459
90,167
51, 485
59,383
73,865
90. 420
74, 502
72,923

Other
leading
cities
299,449
355, 892
350, 687
347, 515
223,259
172,986
195,001
191,883
213,476
219, 307
213, 252
182,027
176,509
208,435
203,001

Total

427, 622
440. 298
421,849
447,126
299,153
232,893
268,119
270, 342
303, 643
270, 792
272, 635
255,892
266,929
282, 937
275,924

Other
member
banks

209,261
196,211
191,127
200, 647
177,141
158, 791
150,734
151,086
155,476
163. 753
160, 970
156,838
150,495
145.245
144,600

Total

636, 883
636, 509
612, i'76
647,773
476,294
391, 684
418.S53
421,428
459, 119
434, 545
433, 605
412, 730
417,424
428, 1R2
420,524

LOANS, INVESTMENTS, AND DEPOSITS OF REPORTING MEMBER BANKS
[Monthly averages of weekly figures In thousands of dollars]
Net demand, time, and Government deposit5

Loans and investments
Loans

Month
Total

In New York City:
1926—October.....
November
._
December
1227—-January
--February
March
April
__May
June
July..
August
September
October
November
In other leading cities:
1926—October
November
December
1927—January
February
Mnrch
April
May
June
_—
July
_
August..
September...
October
November
Total:
1926—October
November
December
1927—January
February
March
April
May
June
July
August
September
October
November
Revised figure*.




6,179,229
6,174, 250
6. 308, 886
6.341,114
6,189,052
6, 349,701
6, 421,165
6, 534,882
6. 692, 243
6, 601, 841
6,578,660
6,705,170
6, 782, 502
6,953,615

Total

4, 472,159
4, 464, 416
4, 575, 021
4, 593,379
4, 436,661
4. 525, 865
4, 570,029
4,628, 567
4.767,162
4, 720,139
4,748,052
4.910.943
5. 009, 556
5,115,427

On securities
1,992,107
1, 912. 580
2,018, 731
2. 097, 907
1,981,261
2, 039, 033
2,100,079
2,140,562
2, 270, 984
2, 225, 781
2,228,610
2, 268, 660
2,331, 157
2, 434,515

All other

Investments

Total

2. 480, 052 1,707,070 ; 5, 863,058
2, 551, 836 1,709,834 5, 858, 635
2. 556,290 1, 733, 865 6,030,809
2. 495, 472 1, 747, 735 6,080, 894
2, 455, 400 1,752, 391 5, 894, 478
2, 486, 832 1, 823,836 6,063, 771
2, 469,950 1,851,136 6,079,869
2, 488,005 1,906,315 6,169, 518
2,496,178
1, 925,081 6, 421, 358
2, 494, 358 1, 881, 702 6. 268,844
2,519,442 1.830,608 6,229,475
2. 642, 283 1. 794, 227 6, 291,879
2, 678, 399 1, 772, 946 6,371, 720
2, 680, 912 1,838,188 6, 527,526

Net
I demand

4.97a, 784
4,959,046
5,093, 951
5,127, 308
4,935,006
5,068,281
5,066,081
5,179, 092
5,389, 740
5, 264,543
5,213,235
5, 224.056
5, 254, 646
5,429,851

Government

833,852
872,198
901,789
917, 608
929, 499
929,103
950,045
956, 334
1,009.999
992,370
1,010.441
1,003,913
1,014,507 j
1,055,123 :

50. 422
27,391
35. 069
35, 978
29, 973
66.387
63, 743
34. 092
21, 619
11,931
5, 799
63,910
102, 567
42, 552

13, 781, 837 9,902,614
13, 6S9,690 9,859, 666
13, 644,289 9,845,918
13.549, 741 9, 775, 401
13, 559,444 9, 725, 026
9,810, 819
13,816,867
9,782, 499
13,813,141
9, 826, 864
13,911,812
13, 990,132 9,870,964
13, 948, 103 9,820,407
9, 868,820
13.965,603
14. 118,660 9, 927, 355
14,336,762 10,042,416
14,381, 673 10,002,092

3, 637, 288 6, 265, 326
3, 608,031 6,251, 635
3, 639,043 6, 206, 875
3. 630, 189 6,145,212
3, 618, 665 6,106,361
3, 654, 953 6,155,866
3,657,805
6, 124 694
3, 701. 027 6,125, 837
3,781,252 6,089,712
i 3,772,074 16,048,333
i 3, 799, 286 i 6,069, 534
i 3, 845,801 i 6,081,554
3, 909, 278 6, 133, 138
6,119,373
3,882,719

3,879,223
3, 840,024
3, 798,371
3, 774,340
3, 834, 418
4,006,048
4,030, 642
4,084,948
4,119.168
4,127, 696
4,096, 783
4, 191,305
4,294, 346
4,379,581

4, 883. 138 ;
13,076. 639 8,044, 827
4,898,171 i
12,962.913
7,990, 791
4,881,382 |
12,922.009
7,948,148
4,951,288 |
12,995,274
7,951,323
13,015,911
7, 961, 606 4,977,558 j
5,082,378 i
13,220,909
7, 973,947
5,091,851
13,226,693
7,977.523
5,179, 428 |
13,274, 774 8,011,731
5,174,294 |
13, 324, 838 8.034,314
5,204,050 |
13,317,083
8,017,612
13,360,070 i 8,073,474 i 5,239,981 i
13, 507. 556 8, 102, 176
5, 289, 126 :
13,694,015
8, 165, 308 5,351,448
13,732,476
8,257,971 5,369,869 ;

148. 674
73 951
92.47;
92, 663
76, 747
164.584
157, 319
83,615
116,230
95, 421
46,615
116.254
177,259
104,636

14,374, 773
14,324,082
14, 420,939
14,368,780
14,161,687
14,336, 684
14,352,528
14,455, 431
14,638,126
14,540, 546
14,616,872
14,838, 298
15.051,972
15,117,519

5, 629,395 8,745,378
5,520,611
8,803,471
5, 657, 774 8,763,165
5,728,096 8,640,684
5,599,926 8, 561,761
5, 693,986 8, 642, 698
5, 757,885 8, 594, 643
5,841, 589 8, 613,842
6, 052, 236 8,585,890
« 5, 997,855 i 8, 542,691
' 6,027.896 » 8, 58S, 976
»6,114, 461 » 8, 723, 837
6, 240, 435 8. 811, 537
6,317,234 8,800,285

5,586,293
5,549,858
5,532,236
5,522,075

18, 939, 697
18,821,548
18, 952,818
19,076,168
18,910,389
19,284,680
19,306,562
19,444, 292
19, 746,196
19,585,927
19, 589,545
19, 799, 435
20, 065, 735
20,260,002

5,716,990 j
13,023,611
5,770,369 I
12.949, 837
5,783,171 !
13,042,099
13,078, 631 5,868,896 |
12,896,612
5,907,057 I
13,042,228
6,011,481
13,043,604
6,041,896
13,190, 823
6,135, 762
13,424.054
6,184, 293
13,282,155
6,196,420
113,286, 709 i 6,250, 422
13, 326, 232
6,293,039
13,419,954
6,365,955
13,687.822
6,424,992

199,096
101,342
127,548
128, 641
106, 720
230,971
221,062
117,707
137.849
107,352
52. 414
180, 164
279,826
147,188

19,961,066
19, 873, 940
19, 953,175
19,890,855
19, 748, 496
20,166, 568
20. 234,306
20,446,694
20, 682, 375
20, 549.944
20. 544, 263
20, 823, 830
21. 119,264
21,335,288

5,829,884
5,881.778
5,991,263
6.044, 249
6, 009,398
5,927,391
5,985, 532
6, 067, 292
6,217, 769

841

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

BANKERS' BALANCES IN FEDERAL RESERVE BANK AND BRANCH CITIES
FEDERAL RESERVE BANK CITIES
j Weekly reporting member banks.

Monthly averages of weekly figures]

fin thousands of dollars]
City
Month
Boston

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

NewYork

Philadelphia

Meveland

Kichmond

Atlanta

Chicago

Si. Louis

Minneapolis

Kansas
City

42,592
101,225
44,282
107,617
39,468
104,846
38,732
91,973
40,258 I 102,495
36,983
111,081
41,031
102,636
37, 755
96,640
40,246
100,303
39,050
93.479
40,963 i 100,235
48,198 i 106,574
42,815 ! 101,680
45,846 I
94, 870
45,947 ;
92.480
44,126 ! 85,330
43.066 I
95, 323
52, 594
110,715
45,687
104,024

63,658
65,922
58,791
53,441
59,256
53,385
56,828
55,079
55,212
58,036
55,362
54,430
53,447
58,374
50,668
52,333
51, 233
52,330
60,608

27,117
30,018
27,113
25,607
25,090
27,646
27,057
24,340
27,459
23.250
22,318
22,912
22, 674
24, 499
22,948
24,156
26, 380
24, 880
24,307

16,538
15,778
14,862
14,083
15,934
16,341
18,465
17,680
12,839
7,520
7,544
6,820
6,713
6,718
6,847
6,214
6.444
6, 237
7,017

14,037
12,226
12,826
11,833
12,274
14,420
12,688
12,082
14,923
13,323
11,744
11,658
11,407
10,511
11,675
10, 867
12, 578
12, 874
12, 706

165,357
168,279
157,130
148,873
151,706
155 581
154,580
152.680
148,857
139,348
143,846
147,663
169, 597
145, 323
143, 247
142, 140
147,293
145, 935
151,724

30,210
29,300
27,859
26,235
25,582
28,037
29,503
28,400
31,673
29, 850
29, 852
28, 208
27, 296
28, 503
25, 626
26,995
25. 581
27, 958
30, 629

21,579
21,620
22,558
19,252
20,264
22,264
22,794
22,239
21,532
20,017
19,822
19,836
19,602
19,932
21,744
19,844
27, 654
29, 302
24, 518

39,537
37,831 |
46,989
46,947 I
44,939 j
43,654 i
50,466 I
43,733
44,621
41,884
40,646

131,158 jl, 071,846
126,416 jl 097,672
130,199 1 066,912
119,858 1 040,250
119,490 jl 061, 770
125,816 |1 066,954
128,262 !l. 052,188
126,533 1 078,048
136,801 1 107,405
135,794 il 090,437
134,562 il 118,300
142,243 ,104,366
137. 294
116,781
143. 113
170,711
160, 660
164,095
152,083
159,580
141, 354
177, 091
146,826 ... 208, 959
156,487 |l. 323, 719

180,040
179,362
174,699
167,796
169, 984
170,767
165,589
163,054
173,041
173,142
172,512
170,573
169,109
164,173
169,079
167,855
168, 581
172, 928
173,491

45,049
46,344
49,529
48,949
49, 932
48,214
46,647
45,143
48,845
53,578
54,017
55,613
55, 089
56,135
60s 290
60,420
61, 395
61. 232
63,112

32,177
29,568
30,812
29,173
30,147
31,654
33,067
33,095
33, 256
33,585
33,460
31,223
29, 585
30, 340
30,359
31, 266
32, 428
33, 780
39, 679

16,315
15.505
15,438
14,802
16,554
17,927
18,363
18,257
19,413
18,623
17,063
15,427
15, 544
14,113
15,394
14,872
18, 682
20, 058
19,927

379,873
381,543
373,312
371,742
374,605
359,722
349,234
347,137
370.264
362,476
371, 986
362,808
372,351
346. 052
361, 439
361,809
369, 798
374, 500
365, 947

83,691
81,441
83,870
82,664
80,331
79,292
78, 936
79,495
88, 533
88,347
87,039
86,085
81,810
81,401
81,920
78, 039
78. 097
78, 930
85, 263

50,378
48,613
46,733
43,113
45,627
50,364
52,698
50,771
53.080
55,471
53,586
50, 934
47, 521
47.514
46. 463
45,525
57, 55s)
03. 751
62,327

Dallas

San Francisco

33,490
33, 445
36, 041
33,086
32, 942
36, 058
35,064

22,968
24,447
23,372
19,679
24,415
28,156
29,069
26,309
27,975
20,241
19,184
18, 768
16,613
15,795
15, 162
13, 406
IS, 152
19,211
20, 569

48,381
51,295
63,980
60,277
53.917
53,016
60,606
54. 380
50 798
52,112
54,371
50, 832
51, 325
53, 515
52, 269
53,313
58, 846
50.817
66, 798

91,626
93,669
108,780
110,499
103,734
98,413
97,038
96,657
101,170
95,337
90,268
86,741 !
82, 551
82.. 074
91,837
91, 238
87, 872
83. 780
83, 848

25,149
24,860
25,516
24,072
26,679
32,764
33,771
32,340
32,575
33,234
31,913
28, 624
27,036
24, 894
24,801
24, 222
32, 023
37, 433
40, C45

87,764
94,849
101,182
106,473
109,046
107,215
105, 774
107,583
105.868
127.068
104,055
94,916
98, 387
99.877
108, 422
107, 400
105. 736
110.056
127,897

I

FEDERAL R E S E R V E BRANCH
I Weekly reporting member banks

CITIES

M o n t h l y averages of weekly figures for 1927!

[In thousands of dollars]
Due from banks
City
July
Buffalo
Cincinnati.
Pittsburgh
Baltimore
Birmingham
Jacksonville
Nashville
New Orleans..
Detroit.....
Little Rock
Louisville
Memphis
Helena
Denver
Oklahoma City
Omaha.
El Paso
Houston
San Antonio
Los Angeles
Portland
Salt Lake City
Seattle
Spokane




12,893
14,042
36,096
14,333
9,988
11,238
5.753
15,363
34.705
3,450
7,410
13,208
1.891
14,074
12,219
17,978
2,742
15,951
7,137
54,264
10,131
4,959
16,638
3,912

August
14, 341
14,685
39.674
14,687
9,181
10, 836
4,337
15,489
33. 378
3,029
6, 534
11,392
1,878
14,436
10,161
17,396
2,397
16,286
8,082
54 476
10, 586
4,561
17,646
4,857

Due to banks

Septem- October November
12, 834
14,013
38, 310
13, 837
10,481
10, 632
5,287
18, 833
34, 237
3, 761
7,227
11,825
2, 172
15, 465
10.023
17, 526
2,275
19,105
8,077
52, 682
11, 108
4,909
18,514
4,840

13, 244
16. 307
41, 016
15,648
12,331
11, 377
6,977
21, 552
34,004
4.349
7. 425
15, 520
2. 468
10.411
13.2H3 |
19,482
3,024 I
17.0.54
7, 3/50
55.124
10. 643
5,457
18,243
4,037

13,056
17,196
37, 273
14,993
10, 203
10,948
9,229
19, 815
34,303
4,718
7,240
10,535
2,665
19,101
16,2C4
18, 026
4,043
16,(37
8,471
55,283
11,651
6,209
17,918
4,778

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

_„.

_.

August

25,380
34,803
125,049
38, 346
7.479
12. 942
12,507
37,384
41,897
10, 489
27,085
12, 303
2,381
13, 836
18, 039
33,298
2,173
22,059
7,017
59,987
15,863
10,007
10,790
7.783

24,510
38,047
128,467
40,449
7,224
18,559
10,851
36,782
41.88E
9,417
26, 450
10,870
2,406
16,792
16,29C
40,604
2,091
26,243
8,401
56,718
17,098
9,418
18.010
8,633

October
25,175 ! 24, 886
36,454 j 36, 298
127, 284 ! 130, 753
35,806
38, 644
11,800
9,123
17, 707
18,048
12, 872
11,114
46,041
42, 629
38, 847
43,650
9, 832 | 12, 589
27, 795 ! 28,286
12,888 I 18, 584
2, 868 I 3,862
17,958
20, 704
15,990
21,103
38,142 I 35,349
1,977 I 2,560
34,484
35, 757
9,086 ! 7, 801
44,688
48,061
20,467
18, 663
10,464
12,890
19, 464
19,094
10,124
10. 304

November
25,924
37,697
132,935
35, 819
10,359
17,169
13,362
45,207
41, 850
14,051
31,599
19, 870
4,136
25,513
25,559
31,771
3,480
34,899
8,523
49,856
19, 879
14,917
18,772
10,005

842

FEDERAL RESERVE BULLETIN

D E C E M B E R , 1927

COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES
W H O L E S A L E P R I C E S , BY C O M M O D I T Y G R O U P S *
[1926=100]
All comFarm
modities products

Month

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

1926

Hides
Metals
HouseBuilding Chemi- furnish- Misceland
Textile Fuel and
and
leather products lighting metal materials cals and ing goods laneous
drugs
products
products

Foods

99.0
99.7
99.4
98.4
97.9

97.2
99.3
97.9
94.7
94.9

97.5
99.8
100.8
100.5
100.7

99.7
98.8
101.0
100.4
100.4

98.5
98.9
97.7
96.3
95.2

100.6
101.5
101.3
102.5
99.4

101.0
101.2
101.0
100.8
100.4

99.5
99.5
99.5
100.1
99.2

99.8
100.2
99.1
98.6
98.8

99.8
99.5
99.4
99.1
98.8

95 4
94.2
93.4
90.8
89.9

96.6
95.9
94.5
93.7
93.7
93.8
94.1
95.2
96.5
97.0

96.5
95.4
94.2
94.3
96.3
96.5
97.6
102.2
105.9
105.0

96.9
95.9
94.5
94.6
94.4
94.4
93.9
94.2
96.5
100.0

101.0
100.2
100.5
101. 7
103.7
107.3
111.7
111.7
112.5
113.0

94.3
94.6
94.0
94.2
93.9
94.3
94.3
96.2
98.5
98.4

97.7
95.8
90.0
84.9
83.9
84.2
84.2
84.1
84.2
83.8

98.8
98.0
98.2
97.8
98.6
98.2
97.7
98.0
97.6
97.1

97.5
96.2
95.3
95.0
95.1
94.6
93.7
92.9
92.1
91.6

97.6
97.6
97.1
97.8
95.4
95.8
95.3
95.4
96.4
97.1

97.9
97.9
97.8
97.8
97.8
98.0
98.0
98.6
98.6
98.5

90.3
90.6
90.9
91.3
91.3
90.2
89.3
89.9
89.2
88.3

1927

» New index of Bureau of Labor Statistics. See BULLETIN for October, 1927, pp. 696-699.
PRICES OF FARM PRODUCTS AT THE FARM »
IAugust, 1909-JuIy, 1914=100]
Fruit
and
commod- Grains vegeities
tables
30

Month

SECURITY PRICES

Common stocks *

Dairy
Meat and Cotton Unand
ani- poultry cotton- classified
mals prod- seed
ucts

198

industrial

31
railroad
stocks«

Total,
229
stocks

Bonds:
Average
price
of 40
issues

1926—November.
December..

1926

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

M o n t h or week

133
134
130
130
127

128
121
123
121
120

166
136
136
142
137

144
148
148
142
140

130
139
144
157
161

130
134
94
88
81

81
93
97
97
91

126
127

120
122
121
119
127
140
139
138
134
128
120

140
142
140
147
158
201
195
172
145
138
145

140
143
144
143
137
129
131
136
142
145
141

152
142
133
133
130
124
125
127
137
146
153

85
102
101
113
119
124
136
179
169
162

87
84
81
80
79
82
81
81
87
83
86

126.
125
126
130
130
132
140
139
138

94

157.6
161.7

132.4
135.2

150.2
153.9

95.66
96. OS

1927—January
February._
March

158.4
163.0
165.7
165.1
174.5
175.4
179.0
189.0
197.0
197.5
202.1

136.7
142.1
143.1
147.4
150.5
151.9
153.9
156.0
157.1
158.9
158.6

153.5
156.9
159.0
166.2
167.5
168.5
171.7
179.3
191.1
186.2
189.4

96.43
96.44

198.0
201.4
204.5
204.3 |

157.2
158.4
158.9
159.7

186.1
188.8
191.2
191.3

98.73

April
May
June
July,.......
August
September.
October
November.
Week ending—
Nov. 5._
Nov. 12
Nov. 19
Nov. 26

F O R E I G N CAPITAL I S S U E S
[In millions of dollars]

January-October
October,
1927
1927

New

Total
Corporate issues
Bonds and n o t e s L o n g - t e r m . . . ._
Short-term
Stocks
Farm loan issues „.._
Municipal issues
___
Total new a n d
refunding... . .




Refunding

New

Refunding

1926

New

Refunding

592.0

134.3 5,104.3 1,497.8 4,384. 0 569.4

445.6

133.3 3,806.3 1,381.7 3,190. 3 514.0

324.5
25.7
95.4
31.8
114.6

70.1 2,490.5 1,087.3 2,059. 4 440.4
30.7
186.4
214.8
72.7
38.4
32.5 1,129. 2 221.8
916.0
35.2
86.4
92.8
87.5
40.2
1,211.7
23.2 1,106.4
15.1
1.6

726. 3

6, 602.1

99.14
99.18

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

i Index numbers of Department of Agriculture.
DOMESTIC CAPITAL ISSUES
[In millions of dollars]

Class of issue

97.24
97.55
97.06
97.03
97. 76
98.00
98.62

4, 953.5

October,
1927
Class of issue

Government

Corporate

161.7

New issues144.7
Europe
91.5
Canada a n d Newfoundland. _
45
Latin America. ._„
48.6
United States insular
possessions
.1
MiscellaneousRefunding issues
_ 17.0

Total

Total, Government
and corporate.___-

January-October
1927

1926

Government

Corporate

106.2

862.9

492.7

598.0

444.6

88.2
70.7

757.9
282.9

434.8
193.9

491.6
206.7

364.7
154.4

12 7 102 0
252 6

84 3
63 6

64 7
208 0

149 3
27 7

5.4
114.8
105.0

17.3
75.6
57. 9

12.2
106.4

1.3
31 9
79.9

4.8

18.0

267.9

1, 355. 5

Government

Corporate

1,042. 6

843

FEDEEAL EESEEVE BULLETIN

DECEMBEB, 1927

INDUSTRIAL PRODUCTION
flndex numbers, adjusted for seasonal variations. 1923-1925 average=100]
Index of Industrial Production

1922 1923 1924 1925 1926

1922

1923

1924

1925

1926

1927

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

100
100
103
107
107
105
103
102
100
99
97

100
102
100
95
89
85
94
94
97
101

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

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

107
109
111
108
111
J08
106
107
105
103

85

101

95

104

108

January
February..
March
ApriL.
May........
June.
July
August. ....
September.
October.. _„
November.
December..
Annual index.

Minerals

Manufactures

Total

Month

73
75
78
81
86
90
91
87
89
94
08
100

100
100
103
107
106
104
102
100
101
93

87

96

102
101
95
88
84
82
88
93
95
97
101

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

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

101

94

105

19271922 ! 1923
105
107
110
109
111
108
106
107
105
102

77
85
92
53
54
59
57
62
81
90
94
100 |

108

•96

101
100
103
109
108
108
111
110
98
104
105

1924 1925 1926
102
104

100
105

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

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

1927
116
118
118
104
108
104
100
106
105
105

107

96

Index © Production of Manufactures, by Groups
f
Month
Total

Iron
and
steel

Textiles

NonPaper
Auto- Leather Cement, ferrous Petro- Rubber Tobacco
and Lumber mobiles and
brick,
leum
manuprinting
shoes and glass metals refining tires factures

Food
products

August.....
September „
October....
November..
December..

111
112
110
106
103

120
117
115
104
102

105
109
110
110
110

102
103
102

115
116
117
116
113

1927
January
._,
February „.„„„.
March
...
Aprils......
May....__—.
June.........
July
..._.
August
...
September-...
October.

105
107
110
109
111
108
106
107
105
102

105
113
114
115
116
104
102
101
97
93

108
108
114
112
116
121
118
119
118
113

95
93
99
Q8
103
102
96
97
94
93

112
113
113
114
113
112
113
111
113
112

95

128
124
105
88
65
95
99
104
104
105

101
105
106
99
100

118
117
114
107
95

110
112
112
119
118

128
128
129
133
135

128
132
126
108
112

113
113
116
115
111

102
98
98
100
105
113
106
112
109

101
107
119
109
108
109
111
115
113
108

116
112
108
112
111
108
106
108
107
106

135
134
135
134
132
134
136
136
139
142

118
117
123
131
127
131
124
119
113
116

114
113
116
122
122
116
109
119
123
121

Index of Production of Minerals, by Products
Month

Bituminous coal

Total

Anthracite Crude pe- Iron ore
coal
troleum shipments

Copper

Zinc

Lead

Silver

1928
August-...._

September
October

.

November

_
„_ „

December _. „

109 !
Ill i
115
118 i
119

107
109
112
124
121

118
127
125
114
115

105
106
113
117
121

116
118
H8
104
108
104
100
106
105
105

119
125
131
87
94
91
87
92
92
90

101
95
88
108
117
102
75
107
100
107

120
123
123
119
120
120
124
123
124
124

126
116
132
97

108
113
113
116
112

120
121
121
120
119

116
117
118
116
122

96
96
93
93
107

114
111
100
106
107
105
101
101
104
102

113
113
114
110
108
114
109
114
111
110

123
112
115
120
113
112
116
112
111
106

97
95
90
90
90
93
94
94
90
90

1927
January. .

February
March ..
April........ . .
May....
June............
........... .
July....
-.._..... .
August
...... ...
September.
.. „
October.....

1
'
i
!
i
!
i

120
101
99
99
87
95

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 00 statistical series, 52 of manufactures, and 8 of minerals.
Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and
methods of construction were described and monthly indexes for the above groups were published in the BULLETINS for February and March, 1927.




844

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

PRODUCTION OF MANUFACTURES, BY INDIVIDUAL ONES
October,
1927

September, 1927
Iron and steel:
Pig iron
_
Steel ingots
_
Textiles:
Cotton consumption
WoolConsumption
_
Machinery activity *
Carpet and rug loom activity 1
SilkDeliveries
_
Loom activity 1
Food products:
Slaughtering and meat packingHogs
Cattle
Calves
_

110
115
120

111

95
100

95
94
87
140
107

142
104

139
107

81
93
96
115
96
118 |

91
109
93
111

81
104
104
112
99
147

91
107
115
105
117
94
107
127
123

96
107
117
103
114
87
112
121
129

114
110
112
107
116
130
117
141
125

102

97
112

95
118

81
70

Flour.
Sugar meltings
Paper and printing:
Wood pulp and p a p e r N e w s p r i n t . -_
Book paper
Fine paper
Wrapping paper
Paper board
.
Wood pulp, mechanical.
Wood pulp, chemical
Paper boxes
.
Newsprint consumption
Lumber:
Lumber, c u t .
Flooring.
Transportation equipment:
Automobiles
Locomotives..
Shipbuilding
1

129

105
85
116

i
I
I
j
!

Leather and products:
Leather, t a n n i n g Sole leather J
Upper l e a t h e r Cattle...
Calf and kip
Goat and kid
Boots and shoes
Stone, clay, and glass:
Cement.
_
BrickFace brick
Paving brick
fce glass
Nonferrous metals:
Copper
Lead
_
Zinc
Tin*
Chemicals and allied products:
Petroleum refining—
Gasoline 1
Kerosene
__•
Fuel oil i
Lubricating oil 1
Coke p r o d u c t i o n By-products
__,
Beehive
Rubber tires and tubes:
Tires, pneumatic
Inner tubes
Tobacco products:
Cigars
Cigarettes
Manufactured tobacco and snuff

Septem- j October,
ber, 1927 1926

99

101

92

81
114
127
112

85
107
134
116

114
92
111
109

115

120

111

107
96
106

110
96
112

100
78
136

106
106
110
104

104
111
111
112

110
118
121
101

162
94
124
115

155
95
122
120

140
98
118
116

122
40

120
52

121
90

120
85

113
88

129
104

108
135 !

105
140
95

105
127
97

Without seasonal a ijustmsnt.

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

Total
Group

Employment:
1926—September _
October
November..
Deeember..
1927—January
February.
March
April
May
June
_
July
August
September.
October . . .
Pay rolls:
1926—September
October
NovemberDecember—
1927—January...
FebruaryMarch
April
May
June
_.
July.August
September.
October

lion
and
steel

Lurn-

Textiles and product.

and

products

Group Fabrics Prod-

i

95.8
98.3
G5.2
94.1
92.4
93.6
93.9
93.2
92.6
92.4
90.7
91.2
91.9
91.7

92.9
93.3
91. 7
90.5
88.9
90,1
90.6
89.9
88.7
87.8
85.7
85.4
85.1
84.4

92.7
93.0
91.5
90.4
88,7
90.1
80.3
89.6
88.4
87.5
85.4
85.0
84.7
84.0

91.3
93.7
93.6
95.0
95,2
96.9
96.6
95. 1
93.6
93.1
91.0
92.3
93.9
94.5

108.3
112.4
108.8
107.8
101.9
108.5
109 9
108.4
108.1
105.8
101.0
104.4
103.8
105.1

98.4
102.6
99.3
99.3
94.1
99,1
100.7
99.5
96.8
95.2
87.4
90.4
87.9
88.9

97.9
102.2
99.0
99.1
93.8
98.7
100.1
99.1
96.2
94.7
86.7
89.8
87.3
88.2

98.9
105.3
102.0
106.3
105.3
111.0
110.8
105.1
103.3
102.8
99.1
102.7
104.8
106.9

92.8
95.9
97.0
97.5
97.6
98.5
98.3
97.5
96.5 I
96.3

RailPaper
road
Autoand
vehi- mobiles printing
cles

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

To- i Chemicals
bacco
and
prodprod'
ucts
ucts

!

95.6
96.5
97.0

89.5
90.8
89.4
91.9
92.2
94,7
94.5
92.0
89.9
88.9
86.2
88.2
90.5
91.4

100.7
108.2
107. 3
109.8
107.6
111.7
111.3
108.1
107.6
107.0
102.8
105.8
107.3
108.9

96.7
101.7
95.5
102.0
102.6
110.3
110.3
101.4
98.1
97.6
94.6
98.9
101.9
104.3

94.8 j

Monthly average, 1919 — 1001

!

100.0
100.2
99.4
97.3
92.9
91.8
91.2
91.0
91.6
91.8
91.2
92.4
93.0
92.4

85.0
83.9
83.0
82.3
79.8
79.2
78.0
78.4
78.5
78.9
78.2
76.7
76.1
75.5

124.6
119.9
110.2
104.0
104.2
117.3
122.4
123.4
123.7
117.2
109.9
114.3
111.0
109.9

108.4
109.8
111.1
110.7
108.8
109.0
109. 0
108.1
107.3
106.9
106.3
106.9
107.8
108.6

88.6 |
90.4
88.6
86. 7 !
85.1
84.9

113.7
117.8
116.4
112.9
101.6
103.4
104.6
103.2
105.3
104.8
101.1
105.8
107.3
109.1

88.9
93.4
92.1
91.9
84.6
89.3
87.0
88.0
89.8
87.9
83.0
85.4
81.3
83.6

148.9
151.3
131. 3
111.5
94.0
140. 2
153.4
157. 7
158.7
131.4
125.2
136.3
128.7
133. 6

146.8
151.0
152.3
154.7
150.3
150.8
152.2
150.7
150.3
148.2
145.4
147.2
148.9
151.0

103. 6
105.6 i
102. 9 !
102.1
99.3
99.3
99.1
98.0
100.7
104.6
103.1
101.7
104.4
104.8

84.1

83. I
83.7
87.6
86.7
85.8
88.7
89.2

90.9
90.6
89.0

129.3
126.6
123.9
117.9
87.1
88.6 , 109.6
88.9 I 110. 1
115.9
88.6
121.5
84.2
82.6
124.0
82.2
124.2
85. 3
119.5
88.2
120.2
88.5
119.3
116.2
86.5

80.6
82.7
82.3
81.8
73.5
79.0
78.9
77.3
78.2
80.3
80.3
74.4
83. 5
85.3

77 A
78.2'
78. 277.8
77.6
77. 8>
78.2
78.1
75. 3
75.9
75. 0*
75.3
76.9
77.8-

97.4
97.3
90.4
88.5
90.0
95.6

87.6
91.3
90 6
88,4
76 2
79.2
80.9
77.9
83.6
86. 7
85.7
79.7
90,5
91.3

102. 3
109.0'
108.6
109.1
107. 0<
108.9*
111 7
109.9
107.0>
109.1
103.6
105. 2
105. 7
110. O

157 0
159.5
154. 6
147.6
129. 5
136.8
144. 9
93.2
87.0 i 151.6
84.4 I 157.6
154.5
85.1
143.7
90.2
149.0
97.5
145.7
95.2
145.0
88.5

NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for important
industrial components. T h e general index is a weighted average of relatives for 34 individual industries. T h e method of construction was d e scribed in detail and indexes for the above groups since January, 1919. were published in the BULLETIN for May, 1925. See also p. 668 of BULLETIN?
for September, 1925, for certain revisions.




845

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

BUILDING
BUILDING CONTRACTS AWARDED »
[Index numbers based on value of contracts. Monthly average, 1923-1925=* 100]
Without seasonal adjustment

With seasonal adjustment

Month
1922

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

1924

1923

48
52
85
102
105
100
102
93
79
73
71
62

61
71
94
101
109
93
79
75
73
91
80
76

1925

1926
111
99
146
139
134
133
126
146
137
126
119
131

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

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

1922

1927

94
96
151
147
135
154
130
135
127
137
114

1924

1923

70
70
83
82
85
82
92
86
81
71
82
77

85
97
87
79
89
81
76
72
76
88
90
90

1925

1927

1926

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

Minneapolis

123
131
131
128
126
144
128
119
121
137
125

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

Kansas
City

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

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

Month

New
York

Boston

Philadelphia

Cleveland

Richnond

Atlanta

Chicago St. Louis

Dallas

1926
August
September..
October
November..
December...

600,809
562, 371
515, 727
487,013
537, 396

42,098
42,427
29, 297
34, 584
31, 570

158,608
151, 251
127,176
118,757
228,021

39,767
39,189
28, 843
28, 609
31,018

57,361
55, 226
55, 236
38, 733
41, 795

29,252
38, 704
35,250
44, 318
22, 596

31,656
37,194
34,979
40,084
28, 232

128.213
llOi 760
108,944
114,456
92,113

48,743
35,187
40,981
30, 586
22, 504

11.839
12.955
13,712
9, 752
8,588

23, 556
18, 445
22,935
11,979
11, 520

29, 716
21, 033
18, 374
15, 155
19,439

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

384, 455
393, 583
620, 738
! 604,391
552,349
632,478
534,390
552, 488
_ 521,611
'
562,816

15,848
20, 298
42,806
40/649
39,023
33,569
29, 658
37, 461
32, 863
27,486

116, 973
105,958
157,873
168,170
141,177
175,991
157, 597
143, 088
107, 969
168,641

32, 353
33,088
52,351
52, 925
36,172
47,632
37, 578
45, 433
43, 237
32,911

48, 509
45, 741
62, 733
74, 366
72,782
72,266
54,707
71, 494
61,651
51,273

27, 776
24,944
34,694
31,192
39, 736
35. 502
34, 241
31,813
57,464
29,553

32,454
31, 928
45,921
31,004
31,100
31,188
28, 093
28,176
30, 917
26,023

56,372
69, 698
121, 426
112,070
103,226
138,187
105, 070
107, 554
104, 015
138,662

21, 533
25,697
42, 704
34, 888
31,344
44,171
32,205
34,134
32, 573
41,405

4,337
5,548
16,107
13, 944
12,999
14,134
15, 521
14, 463
10, 319.
12,166

11,419
16,173
16, 342
22, 644
21,528
17,598
17,203
19, 061
22, 253
19,317

16,881
14, 510
27, 781
22, 539
23,262
22,240
22,517
19, 811
18, 350
15,379

BUILDING

CONTRACTS
AWARDED,
BUILDING i

BY

TYPES

OF

BUILDING

PERMITS

ISSUED, BY . FEDERAL
DISTRICTS

RESERVE

[Value of contracts in thousands of dollars]
Month

1926
August
September.
October
November.
December..
1927
January....
February..
March. „._.
April
May
June
July
August
September.
October

Residential

Indus- Comtrial mercial

[Value of permits in thousands of dollarsj

Public
works
and
public
utilities

Educa- All
tional other
Federal reserve district

223,292
225,516
226, 794
229,821
203, 966

68,279
49,113
46,465
64, 781
51,181

125,683
98,167
103, 757
50,129
120, 290

42,124
34, 531
23, 567
34, 572
22,178

60,088
57,666
51,543
48,053
64,585

167,866
163,088
250,078
267, 417
219,980
239,814
186,935
209,456
202,877
243,562

27,875
80,116
58,955
41, 247 67, 896
52,180
48,077 113, 766 106,827
44, 602 80, 754 116,264
44,889
72,541 111,368
33,879
88,122 151,399
30, 303 83,010 143,916
41,039
76, 915 119, 741
48,546
59,617 126,230
50, 712 79, 720 108,210

17,012
22,046
36, 522
35, 678
34,545
42,122
36,434
41,035
29,244
30,170

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

81,343
97,378
63, 601
59, 657
75,196

United States

October,
1927

September, 1927

232, 308

Number
of cities

236,071

October,
1926

344, 277

Boston
New York
Philadelphia..
Cleveland

14
22
14
12

8,318
84, 423
12,021 j
16,893

7,602
81,823
16,031
13, 402

15, 421
20,733

Richmond
Atlanta
Chicago.
St. Louis

\f
1

6,574 ! 7,570
8,401 I 10,496
48,348
52,496
5, 709
7,423

10,433
17,647
77,457
6,088

Minneapolis..
Kansas City..
Dallas
San Francisco.

9"
14

2,593
9,361
5,773
23,894

14,114

3.008
5,957
6,430
23,833

3,448
7,056
7,391
27,650

Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.
indexes by months from 1910 to date given in the BULLETIN for August, 1927, p. 563.

Adjusted

1




91
20

846

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

COMMODITY MOVEMENTS
FREIGHT-CAR LOADINGS, BY LINES 1
[Index numbers, adjusted for seasonal variations, 1923-1925=100]

Total

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

Grain
and
grain
products

109
109
108
106
105
109
109
108
107
104
101
104
104
101

Livestock

Coal

109
110
106
105
108
109
11C
110
108
108
107
109
108
106

100
100
94
90
94
95
91
90
93
91
°94
95
95
93

114
113
128
124
114
121
122
107
103
96
89
102
102
94

103
97
90
86
88
87
92
92
95
93
89
91
87
94

92
104
93
99
96
102
98
97
100
105
97
98
108
106

Merchandise
Forest l.cl.
prodand
ucts miscellaneous

AGRICULTURAL MOVEMENTS»
[Inde* numbers, without seasonal adjustment. 1919='100]
AniVegeLive- mal
ToTotal stock prod- Grains Cot- tables Fruits bacco
ton
ucts
1926—August
SeptemberOctober
NovemberDecember..
1927—January
February. _.
March
_
April
May
June
July
August
September..
October

8b
102
113
107
95
99
81
91
82
95
91
79
93
87
111

106
144
190
165
138
115
104
103
85
94
94
95
123
165
185

118
104
96
117
126
86
95
118
137
161
169
149
129
102
95

158
124
125
99
82
86
84
71
50
63
84
135
195
207
182

48
213
375
343
251
152
118
117
74
58
32
13
80
205
284

101
186
251
135
98
118
113
146
146
140
162
133
119
233
266

204
295
435
204
104
99
97
100
128

66

192
261

174

286
344
404
383
212
31
8

127
140
142
267
357

50
255
323

1

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

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

WHOLESALE TRADE
CHANGES IN SALES AND STOCKS—Continued

SALES, BY LINES
1

[Index numbers, without seasonal adjustment. Mo. av. 1919=100]
HardDry
GroTotal ceries Meat goods Shoes ware Drugs

Month
1926—September
October.....
November...
December „._
1927—April.........
May........
June
....
July
August
September. _
October

97
94
86
78
78
79
81
77
88
91
91

92
91
87
80
77
81
85
78
83
85

86
85
76
73
71
74
72
72
75
80
87

88

114
102
91
71
75
71
74
75
108
106
95

84
76
67
60
68
56
58
53
79
87
75

112
114
104
99
102
99
102
94
99
109
111

124
133
117
110
122
113
115
118
126
131
136

* For description of wholesale trade index see B U L L E T I N for April, 1923.
N e w index of wholesale distribution as described on p . 817 of this B U L LETIN will be published regularly in future issues of t h e B U L L E T I N . T h e
index of wholesale trade as now published will be discontinued.
C H A N G E S I N S A L E S A N D S T O C K S , BY L I N E S A N D D I S T R I C T S
[Increase or decrease (—), per cent]

Line and Federal reserve
district

Groceries:
United States
Boston »
New York
PhiladelDMs
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
. „
Kansas City
Dallas
San Francisco
Dry goods;
United States
New York
„.
Philadelphia
Cleveland
„




4.0

-4.7
-8.5
-7.8
-3.5
-7.3
-4.8
— 14 8
-5.7
-11.7
9.0
0.2
— 1.8
-0.1

-12.7
-5.7
0.5
-6.5

-5.1
-6.9
-16.3
-15.4

0.0
1.8

6.0
6.3
0.2
0.05
—5 5
—4.1
-2.4
-5.0
2.8
-9.4

64

5 6
6.6
9.2
61
10 3
18
58
19 9
80
3.6
88
18

Dry goods—Continued.
Richmond
_ « -... =-.
Chicago
St Louis

...

-.--

Dallas
San Francisco o - - _.--Shoes:
United States
. New York
Philadelphia . .__.. Richmond
Chicago

St Louis

..
».».-»»

»..
•. .

. . . .

San Francisco . . . . . .
Hardware:
United States.... . .
New York
Philadelphia,
.
Cleveland
Richmond
October,
Atlanta
Chicago
...
1926
St Louis
Minneapolis. „. «
Kansas City...
. „
Dallas
—6 3
San Francisco
0 4
Drugs:
-8.4
United States
-6.2
New York „
—3 4
Philadelphia . . . . „ - 1.2
Cleveland
-„._-.„
5 3
Richmond
_.-„„__„.
— 16 2
Atlanta . . . .
- ...
—6 1
Chicago
........
—6.0
St Louis
-3.0
Kansas City „ „
—1 4
Dallas. - . . . - — _ . . . . - _ .
—8 0
San Francisco.* „.

Sales: October, Stocks: October,
1927, compared
1927, compared
with—
with—
Septem- October, September, 1927
ber, 1927
1926

Line and Federal reserve
district

-5.6

—18.1

Stocks: (3ctober,
1927,
compared
with—

Septem- October, Septem- October,
ber, 1927
ber, 1927
1926
1926
-20.4
—18.0
-3.9
-17.4
-20.4
—20. 5
-14.4

-10.5
-7.1
— 11.
-0.8
-8.4
19.5
-2.1

-2.3
2 9
—6 6
-6.3
-5.0
—5 0
-3.9

9 6
—11 6
—10 5
—1 4
12.1
—6 4
-0.8

-10. 5
—8.1
-31.0
-12.6
-9.8
-18.3

0.9
—1.8
-11.0
-24.7
-19.7
0.7

0.8
2 4
2.5
-4.4
0.2
—4 6

3.1
—6 1
54.1
-17.7

6 6
1 3
8.0
3.8

17 6
—7 6
—19 0
-1.0
—3 6
-13.4
—2 1
-6.8
-6.4
— 12 2
09
-23.4
—3 0
4.1
—6 2
-9.3

1.2
— 13. 1
—0.8
-7.0
-13.9

1.5

— 13.9

5.3

-17.0
-3.0

—16*5

-0.9
2.4
7.0
7.7
-4.2
7.4
4.5

-3.2
-6.2
-7.6
-3.5
-3.0
-8.6
-7.7
-1.7
7.0
1.8
8.4
-4.0

—1 3
0.8
—1 5
—8. 7
-1.1
0 1
—2 3
-5.7
—2 0
2.8
—2 6
-0.3

5.1
19.3
1.6
-0 8
-2.4
—5 1
-4.5
—6 9
1.1
—6 0

2.7
3.3
-0.5
0.2

-2.2
-12.2
1.6

-4.4
-12.3
15.8

0.2

-1.9

-18.5
—1.0
6.7
10.4
-4.4

9.5

2.7
3.1

-3.1
—5 1
17.4
0.6
-4.8

2.6
0 7
-1.7

5.0
—9 8
-1.1

-5.3

-6.9
-4.

Sales: O c t o b e r ,
1927, compared
with—

-8.6

NOTE.—Changes in stocks are computed as of end of month; figures
for the United States are weighted averages computed on the basis of
firms which have reported regularly since January. 1923.

847

FEDEKAL RESERVE BULLETIN

DECEMBER, 1927

RETAIL TRADE
SALES OF DEPARTMENT STORES, MAIL-ORDER HOUSES, AND CHAIN STORES
[Index numbers. 1 Average monthly sales 1919—100]
Sales without seasonal adjustment

Month

1926
May
June
July
August......
SeptemberOctober-...
Novomber_
December .
1927
Tanuarjr...Febraary.,March
April _„
May
June_.^»>__
July
August
September.
October...

Chains

De- Mailpart- order
ment houses Gro- 5-andstores
cery 10-cent Drug
(4)
(359)
(9)
(27)
(5)

Cigar
(3)

Sales with seasonal adjustment

Depart- Mailorder
ment houses Gro- 5-andShoe Music Candy stores (4)
cery 10-cent Drug
(359)
(4)
(6)
(5)
(9)
(27)
(5)

Chains
Cigar
(3)

Shoe Music Candy
(6)
(4)
(5)

137
130
99
105
131
158
156
234

105
113
97
98
121
151
153
166

322
309
317
296
307
334
347
373

214
204
206
204
211
257
247
466

188
184
195
193
192
206
198
261

160
152
155
148
153
162
150
222

174
153
145
122
142
158
150
215

109
118
108
121
137
151
146
223

220
204
210
194
218
227
232
303

132
130
133
134
144
139
138
146

117
133
131
130
128
116
123
139

321
314
329
310
323
324
344
357

225
222
227
215
227
237
237
252

191
187
194
192
195
202
210
215

157
156
157
151
152
155
151
164

151
144
159
155
148
140
138
164

131
149
145
136
137
125
117
118

228
218
214
193
221
221
244
208

114
107
129
143
132
130
97
113
130
151

108
107
132
128
106
114
100
113
126
158

347
332
392
385
383
399
373
382
384
422

177
191
213
244
224
224
221
237
232
278

209
201
224
223
206
210
217
215
210
234

134
137
153
157
157
151
153
147
146
154

106
110
125
198
143
155
145
132
140
157

94
98
108
104
88
87
80
98
126
128

178
194
2.16
257
216
215
211
208
223
233

130
139
129
140
127
130
130
144
143
133

110
118
113
125
119
135
135
150
134
122

345
346
361
380
382
405
388
401
404
410

243
256
222
261
236
244
243
249
250
257

217
222
222
230
209
213
214
215
214
229

154
162
158
163
154
155
154
150
146
147

140
164
126
170
124
J45
159
168
146
139

114
119
120
122
106
109
107
110
125
106

212
230
213
257
224
229
215
207
226
227

* For description of retail trade indexes see BULLETINS for January and March, 1924. Index of sales of grocery chains revised in February, 1925;
comparable figures since January, 1919, obtainable from Division of Research and Statistics, Federal Reserve Board.
D E P A R T M E N T STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers. Monthly average 1919=100]
Federal Reserve District
United
States
Boston
Sales (unadjusted):
1926—August....
September.
October
1927—August
„
September .
October

105
131
158
113
130
151

97
122
154
106
• 124
145

Sales (adjusted):
1926—August
September.
October
1927—August
September.
October

134
144
139
144
143
133

Stocks (unadjusted):
1926—August
September.
October... __
1927—August. „
September.
October—.
Stocks (adjusted):
1928—August
September.
October
1927—August.....
September,
October

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

Minneapolis

Dallas

San
Francisco

136
177
106
138

116
160
92
110
146

108
123
152
116
118
142

93
110
154
97
109
141

82
92
125
87
101
129

121
164
171
138
160
165

84
103
109
89
97
109

91
114
134
83
109
131

151
158
169
160
161
171

129
135
139
141
137
131

145
155
148 i
156 I
157
140

123
143
139
127
136
128

132
133
133
141
133
129

130
129
135
135
128
123

105
103
104
112
113
108

148
172
158
167
169
150

93
102

128
114
114
117
109
112

155
168
155
164
172
157

130
142
153
130
143
152

111
125
136
114
127
136

128
142
152
128
142
151

175
180
221
175
194
209

122
136
144
122
134
140

118
135
148
117
132
143

109
122
128
113
126
132

152
163
175
152
165
176

97
103
105
92
99
103

117
126
129
106
115
118

134
143
151
141
146
156

130
132
137
130
133
136

116
118
121
120
120
121

132
133
137
132
133
136

177
168
198
178
181
188

122
126
129
122
125
126

120
122
126
119
119
123

109
111
114
113
116
118

147
152
156
146
154
157

111
.112
114
100
103
104

133
136
140
139
139
144

NOTE.—Number of reporting firms included in sales and stocks indexes, respectively, for department stores are as follows, by Federal reserve
districts: United States. 359-314; Boston, 24-24; New York, 63-63; Philadelphia, 22-13; Cleveland, 54-52; Richmond, 23-19; Atlanta, 35-22; Chicago,
63-51; Minneapolis, 23-22; Dallas, 21-19; San Francisco, 31-29,




848

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

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

Member
banks

COMMERCIAL FAILURES, BY CLASS OF ENTERPRISEi
[Amounts in thousands of dollars )

Nomnember
banks

Number

Num- Total Num- Total Num« Total
ber deposits ber deposits ber deposits
1926
January
February
.-,
March
April..
May
June
July.
August
September ..._October
November
December
Total-

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

13,384
11,763
30,249
12,512
18,324
34,229
48,618
10,001
12,050
18,209
45,983
39,166
956 272,488

3,992
2,861
710
3,534
4,234
5,318
1,637
2,127
4,317
6,280
19,389
14, 413
160 j 68,812

January-.
February..
March
April..
May
June.
July
August
September.
October
Total, 10 months

133

82
75
48
47
41
38
27
35
46

32,918
44,893
12, 492
14,185
12,072
14,012
20, 111

27 | 11,836
16 8, 895
16 ! 8,999
10 j 5,471 I

Manu- TradManuAgents,|
Total factur- Trad- brokers J Total factur- ing
ing
ing
ing
etc. I

9,392
54
8,902
42
9,539
45
50 | 8,978
12,090
58
28,911
61
46,981
135
7,874
43
7,733
29
11,929
69
26, 594
121
796

1927

106
66
59
38
36
32
36
22
29
37

1926
January
February
March
April
May
June
July
August...
24, 753 September.. .„.__..
October
.
„..
203, 676 November
December
26,462
24, 023
35, 894
7,021
7,013
6,551
11,374
10, 672
7,384
8,181

Total

2,296
1,801
1,984
1, 957;
1,730
1,708
1,605
1,593
1,437
1,763
1,830
2,069
21,773

1927
January
2,465
February
2,035
1 7,172
5,521
March
2,143
2,638
April..
1,968
9,439
1,852
May
2 1,315
June
1,833
12,103
5 3,922
July
1,756
572 209, 783
1,708
111 65,208 461 144, 575 August..
September
1,573
October
1,787
BANK SUSPENSIONS i IN OCTOBER, 1927, BY DISTRICTS
Total, 10 months. 19,120
[Amounts in thousands of dollars]
All banks

Federal reserve district
Boston
NewYork
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago _.
St. Louis _
_
Minneapolis
Kansas City
Dallas
San Francisco
Total

'I

Member
banks 2

Nonmember
banks

Num- Total Num- Total Num- Total
dededeber posits 3 ber posits 3 ber posits J

..

1 •

._

22fi
R 442
762
649
6
1,543
9
4
247
2 !
234
4
46 : 12,103
3
20

32
3,093

2
15
2
6
7
3
2
37

194
5,349
762
649
815
178
234

Boston
New York
Philadelphia
Cleveland
2
728
Richmond
69
1
Atlanta
Chicago
8,181
3,922
9
St Louis
Minneapolis
1
Banks closed to the public by order of supervisory authorities or by Kansas City
the directors of the banks on account offinancialdifficulties.
Dallas
2
Comprise 7 national banks with deposits of $2,294,000 and 2 State San Francisco
member banks with deposits of $1,628,000
8
Figures represent deposits for the latest available date prior to the
Total
suspensions and are subject to revision when information for the dates of
suspension becomes available
i Figures furnished
< Includes 3 banks for which depositfiguresare not available.




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

1,
1,282
1,424
1,378
1,216
1,160
1,122
1,071
958
1,205
1,285
1,471

43,651
34,178
30,623
" —
38,487
33, 543
29,408
29,680
28,130
29,990
33,231
32,694
45,620

16,094!
10,8221
9,862
16,734
16,157
10,092
11,167
12,518
10,093
11,650
16,097
16,758

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

1,110 409, 232 158,042 201, 335

5, 395J15, 268

122
116
106
134
116
96
121
96
101
129

1,842
1,""
1,468
1,342
1,292
1,310
1,187
1,174
1, """
488j 1,170
501
411
w^:
492J
444
427
448
438

51, 290|
46,9411
57,891|
53,1581
37, 785|
34,4651
43,150!
39,196
32, 786
36,236

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

24,530
23, 406
28,191
22, 308
19, 978
17,856
16,832
14,702
12,052
14, 657

1,137 432,896 169, 696 194, 512

4,607113,376

Liabilities

Number
Federal reserve
district

1
5

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

COMMERCIAL FAILURES, BY DISTRICTS *
[Amounts in thousands of dollars]

Oct.,

Sept.,
1927

175
276
51
175
104
101
264
63
88
99
38
353

157
281
73
149
104
65
242
53
81
82
58
228

1,787

1,573

1927

_

Liabilities

Oct.,
1927

Sept.,
1927

148
273
56
167
127
116
292
67
118
111
68
220

3,396
9,502
953
7,010
1,762
902
4,857
1,345
660
1,704
555
3,591

2,199
11,058
1,295
3,213
3,740
1,319
3,252
185
536
852
1,054
4,084

2,791
7,057
2,541
2,573
3,394
2,171
5,567
801
950
1,386
1,181
2,818

1,763

36, 236

32, 786

33,231

Oct.,
1926

by R. G. D u n & Co.

Oct.,
1926

849

FEDEKAL EESEBVB BULLETIN

DXCEMBIB, 1927

FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1927

October

Bank of England (millions of
pounds sterling) :
Issue departmentGold coin and bullion
Notes issued
__.
Banking department—
Gold and silver coin
Bank notes
Government securities
Other securities
Public deposits.,
Other deposits
Ratio of gold and note reserve to deposit liabilities
(percent)
__.
Bank notes in circulation * .__.
Currency notes and certificates. _
S a n k of France2(millions of francs):
Gold reserve .
_„
Silver reserve
Gold, silver, and foreign exchange
Credits abroad
Loans and discounts
Advances to the Government
M iscellaneous assets...
Note circulation
_
Total deposits
__
German Relefosbank (millions of
reichsmarks):
Gold at home
_.
Gold abroad...
Reserves in foreign exchange
Bills of exchange and checks
Miscellaneous assets.
_
Deposits
__.
Reichsmarks in circulation
Rentenmarks in circulation
Bank of Italy (millions of lire):
Gold reserve..Credit and balances abroad
_
Loans and discounts
Advances to the Government
Note circulation for commerce
Note circulation for the State
Total deposits
Bank of Japan (millions of yen):
Gold at home and abroad
Advances and discounts
Advances on foreign bills.
Government bonds
Total note and deposit liabilities..
Notes issued
_.
Total deposits
Austrian National Bank (millions
of schillings):
. Gold...1
Foreign bills of the reserve
Other foreign bills
Domestic bills
_
__.
Treasury bills
Note circulation
Deposits
_
___
National Bank of Belgium (millions ofbelgas):
Gold
Foreign bills and balances in
gold
Domestic and foreign bills..
Loans to State
Note circulation.._____
_
Deposits
__
_._.

150.3
170.0

tember

Au

149.7
169.4

151. 2
171.0

1.6
32.7
56.3
50.9
25.7
97.5

1.6
32.0
58.4
41.6
22.1
93.2

1.6
31.9
36.7
70.1
17.8
104.9

32.0
79.5
292.5

27.9
80.3
294. 8

29.0
81.2
295. 9

27.4
82.8
287.6

3,681
343
2,338
56
3,296
24,850
24,080
54, 700
10, 786

3,682
343
2,282
58
3,567
24, 400
23, 733
54,156
10, 439

3,682
343
2,245
53
3,357
25,050
23,965
52,672
12, 524

3,684
339
1,066
80
7,494
35, 750
5,062
54, 578
3,981

1,785
67
161
2,802
571
608
4,231
1,021

1,786
67
154
2,746
494
630
4,182
1,041

1,786
67
157
2, 662
480
724
3,935
1,042

1, 536
180
413
1,415
631
533
3,326
1,479

1,174 1,173 1,172
1,548 1, 478 1,474
5,623 5,931 6,132
4,227 4,227 4,227
13, 865 13, 796 13, 554
4,227 4,227 4,227
3,187 3,422 3,322

1,140
],029
8,114
4,229
13, 936
4,229
2,788

1,063
903
5
167
2,306
1,163
1,142

1,063
933
3
167
2,345
1,210
1,136

84
389
251
83
173
953
30

84
392
245
81
173
946
32

84
393
221
113
173
939
47

48
492
135
97
178
890
38

684

674

658

559

468
519
400
,998
112

466
505
400
1,996
97

445
471
400
,926
97

481
459
400
1,753
245

1,063
927
15
159
2,291
1,320
972

1,058
366
48
280
1, 935
1,288
647

1
Notes issued, less amounts held in banking deoartment and in curcency note account.
1
Not including gold held abroad.




1926

October

tember

August

October

1,272
550
1,037
4,514
4,039
2,781

1, 266
602
1,105
4, 516
4,104
2,719

1,258
526
1, 015
4,562
4,086
2,747

43
609
1,705
5,448
3,804
3,156

60
423
32
263
115

60
433
37
268
117

60
486
36
264
168

146
339
47
366
109

Bank of the Republic of Colombia (thousands of pesos):
i
Gold at home
„. „
| 20,223 20, 314 20,156
23,683 23, 077 23, 336
Gold abroad.
13,0S9 13,849 12, 992
Loans and discounts.,
40,671 40,182 40, 370
Note circulation-..,..
8,229 8,892 8,288
Deposits
-_

18,314
18,580
12,153
37,369
6,863

§ u s t October

149.5
169. 2

1.5
34.3
40.7
53.0 I
21.0
90.8

1927

1926

National Bank of Bulgaria (millions of leva):
Gold 3
Foreign bills, etc
Loans and discounts
Advances to State
Note circulation-.. _
Deposits
_Central Bank of Cnile (millions of
Gold at home
Gold abroad
Loans and discounts.
Note circulation
Deposits

Czechoslovak National Bank
(millions of Czechoslovak crowns):
Gold and silver
Foreign balances and currency.Loans and advances
Assets of banking office in liquidation
Note circulation
_
Deposits
_

1,058
2,133
94

1,057
2,132
142

1,056
1,895
105

1,027
1,591
212

519
7,662
659

522
7,650
699

529
7,215
791

643
7,543
1,015

Bank of Danzig (millions of Danzig gulden):
Balances with Bank of England..
Foreign bills, etc
Loans and discounts
Note circulation
Deposits..
National Bank of Denmark (millions of kroner):
Gold
..
Foreign bills, etc
Loans and discounts
Note circulation
Deposits

19
17
17
36
4

182
84
73
365
19

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 (millions of Estonian marks):
Gold
Cash in foreign currency
Foreign correspondents' account.
Foreign bills
Loans and discounts
Note circulation
Total deposits
_

182
78
85
351
19

182
67
96
343 |
19

209
41
118
395
21

3,676
27,105
21, 441
29, 602
17,332
17,529

512
39
843
58
5, 632
2 7 248
4,283

s Figures previous to 1927 carried at par.

3,676
21,105
22, 983
23, 840
16, 627
17,648

3,511
24, 404
27,861
27,397
21,421
14, 763

512
40
576
76

511
37
450
86
5,543
1,966
4,336

504
27
167
114
6,028
1,926
4,480

5,600
2,048
4,290

850

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

CONDITION OF CENTRAL BANKS—Continued
1927

1926

1927

1926

SepOctotember August
ber

October

OctoSeptember August
ber

October

B a n k of F i n l a n d (millions of Finnish marks):
Gold
.319
Balances abroad and foreign
credits....
1,325
Foreign bills
63
Domestic bills
_.
577
State debts
| 122
Note circulation
1,483
Demand liabilities.
685

321

322

328

1.231
69
592
124
1,476
491

1,095
70
628
124
1,414
426

901
109
551
154
1,327
45.1

National B a n k of Greece (millions
of drachmae):
Gold and balances abroad..,
Government loans and securities.
Loans and discounts.„.
.__.__
Note circulation
_
Total deposits..,
-

2,433
3,893
3,038
5,126
4,105

2,408
3, 913
2,938
4,843
4,064

2,087
3,782
3,236
4, 718
4,135

197
93
310
115
273
477
261
224

197
90
287
115
286
472
256
220

169
115
187
150
270
482
200

184
25
139
321
75

184
27
123
325

199

National Bank of Hungary (millions of pengd):
Gold
Foreign bills, e t c — . . . . . . . . . . .
Loans and discounts—-—.
Advances to treasury
I
Other assets..^.......
__.„ |
Note circulation.——.—.
|
Deposits.
...I
Miscellaneous liabilities..

197
103
329
115
260
508
267
203

B a n k of Java (millions of florins):
Gold._
Foreign bills.
Loans and discounts
i.
Note circulation....
Deposits
_..___

115
334

B a n k of Latvia (millions of lats):
Gold......
Foreign exchange reserve........
Bills
Loans
„
Note circulation
Government deposits
-_„
Other deposits....
B a n k of L i t h u a n i a (millions of
litas):
Gold........
Foreign currency
___
Loans and discounts..
Note circulation
.
_—_..
Deposits
-_.
N e t h e r l a n d s B a n k (millions of i
florins):
Gold....
Foreign bills
Loans and discounts.—_.
Note circulation
„__--.__
Deposits
„
B a n k of Norway (millions of kr@ner):
Gold
Foreign balances and bills
__.
Domestic credits
„.„
__.
Note circulation
„__.
Foreign deposits.„.
Total deposits.....
.
—.
Eeserve B a n k of Peril (thousands
of 21 bras):
Gold
— . .
Gold against demand deposits._.
Foreign exchange reserve...
.„
Bills
_.—._
Note circulation....—
Deposits
—.._._
Not including gold held abroad.




386
128
304
854
40

147
23
268
324
5

4,198
218
748
1,769
5,938
437

386
127
273
796
35

386
132
266
803
22

419
194
193
834
34

147
31
266
325
5
97

147
20
285
32S
5

430
328

4,199
217
750
1,724
5,949
435

4,197
219
782
1,651
6,046
438

147

278

4,786
360
684
1,811
6,397
720

Bank of Poland (millions of zlotys):
Gold
„
Foreign exchange, etc
Loans and discounts.---....
Note circulation
Current accountsPrivate..
Treasury..
......
Liabilities in foreign currency—
Bank ©f Portugal (millions of escudos):
Gold
_ . —
Balances abroad
----Bills
_
......
Note circulation
_
.-Deposits.
National Bank of R u m a n i a (millions of 4lei):
Gold
—
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 t h e 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
_
Total deposits
_
_
Bank of Spain (millions of pesetas):
Gold
Silver—-.
Balances abroad
....
Bills discountedChecks and drafts
„-.Note circulation
Deposits.
Bank of Sweden (millions of kronor):
Gold.._.—_—.
Foreign bills, etc
Loans and discounts
.......
Note circulation
Deposits.
—
Swiss National Bank (millions of
francs):
Gold
....
Funds on demand abroad.._
Loans and discounts.... „
Note circulation
_.._.—
Deposits„-.„_.
BSKIC of t h e Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Note circulation
Deposits.
......

327
441
488
929

182
243
470
844

174
236
456
794

135
114
39a
585

119

130
125
22

122
131
21

102
8
23

174
223
1,807
125

157
229
78

171
221
1,821
58

241
198
1,851
55

149
9,143
16.359
21,032
10,006

148
9,087
16,359
21, 022
10,183

148
8,783
16, 359
21,042
9.304

143
9,028
10, 679
21, 002
8,458

18,447 17,363
7,440
7.682
80, 532 76,838
107,654 102, 657

17,303
7,285
70,419
95,330

16,162
5,446
66,142
89,305

382
1,550
2,966
5,793
1,294

88
384
1, 543
2,966
5, 763
1,310

1,449
5,628
1,443

84
355
1,514
2,966
5,920
730

7,536
6,390
1,362
8, 446
6,308

7,992
6,186
1,646
8S586
7, 063

7,636
6,184
1,645
7,577
7, 218

7,040
6,313
536
8,192
5, 235

2,603
678
33
509
1,258
4,193
990

2,598
678
39
464
1,241
4,142
985

2,598
681
38
527
1,237
4,123
1,053

2,557
667
31
683
1,58&
4,393
1,018

231
228
225
522
95

231
216
285

221
204
268
505
119

161
264
516

462
46
362
861
101

471
26
374
877
84

444
47
394
843
104

442
21
370
824
74

55,421
98, 563
63,195
76,096

55,419
975 829
62, 738
77,566

54,943
94,479
62, 592
67,971

851

PEDBEAIi KESERVE BULLETIN

DECEMBER, 1927

CONDITION OF COMMERCIAL BANKS
[Figures are for the last report date of month except for London clearing banks, which are daily averages]
1927
SepOctotember August
ber
Nine L o n d o n clearing b a n k s
I, (millions of pounds sterling):
Money at call and short notice. _
Advances and discounts
„___.
Investments
Deposits..™.
T o k y o b a n k s (millions of yen):
Cash on hand
_____.__..__.
Total loans
—-.--„_....
Total deposits..
„.„„Total clearings
_„

October

142
1,150
238
1,710

134
1,131
234
1,668

116
1,110
250
1,649

195
1,925
1,837
1,856

272
1,923
1,879
1,794

138
1,123

1,931
1,807
1,647

1927

J o i n t - s t o c k b a n k s of D e n m a r k
(millions of kroner):
Loans and discounts
Due from foreign banks
Due to foreign banks
Deposits and current accounts...
J o i n t - s t o c k b a n k s of F i n l a n d
(millions of Finnish marks):
Loans and discounts
Due from abroad....
_
Due to abroad,.
Deposits
„.—_.

118
2,501
1,934
3, 156
1926

September August
C h a r t e r e d b a n k s of C a n a d a
(millions of dollars):
Gold coin and bullion L--._.___.
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...
„.

1927

1926

August

September

1926

July

tember

70
1,312
461
533
172
2,347

69
1,288
446
536
167
2,295

1,281
424
542
174
2,267

71
1,227
403
528
168
2,221

109
183

106
186

104
177

114
187

1,888
56
87
2,056

1,896
54
121
2,011

1,915
56

1,978
52
124
2,127

7,973
414
356
7,001

124
2,024

7, 955
437
326
7,116

7,952
378
321
7,033

7,067
189
343
5,908

tember
T h r e e commercial b a n k s of
F r a n c e (millions of francs):
Bills and national defense bonds Loans and advances.Demand deposits
Time deposits
--_-„-.
Six Berlin b a n k s (millions of reichsmarks):
Bills and treasury notes
Due from other banks
_._
Miscellaneous loans,..
Deposits...
„-„
._Acceptances
F o u r private b a n k s of Italy (millions of lire):
Cash
____•
-__
Bills discounted
__-_„
Due from correspondents
„„-„
Due to correspondents
Deposits..•_„
Joint-stock b a n k s of Norway
(millions of kroner):
Loans and discounts
-__
Due from foreign banks
.__
Due to foreign banks
Rediscounts
_
Deposits
„
Joint-stock b a n k s of Sweden
(millions of kroner):
Loans and discounts
Foreign bills and credits abroad..
Due to foreign banks
__..—_
Rediscounts
„
»
„__
Deposits
„
Swiss C a n t o n a l b a n k s (millions
of francs):
Loans and discounts
Mortgages
Foreign bills
__-____.
_.
Due from banks and correspondents
Commercial deposits.._„
Savings deposits..—_.
2

i Not including gold held abroad.

12,659 12,147
5,002
5,198
23, 523 25, 237
444
447

14,067
5,631
21,413

1,429
880
4,788
6,600

M,339
2 731
2
3,348
2 5,102
2 249

1,348
8,849

2 1,205
2 9, 386
2
5, 321
!
13, 759
2
2, 313

13,756
2,533
1,626
86
174
131
1,754

1,635
83
152
133
1,789

1,655
75
149
136
1,792

1,866
119
260
179
1,904

4,144
234
124
117
3,561

4,151
197
119
115
3,557

4,172
185
127
125
3,552

4,354
139
128
94
3,568

1,774
2,849
23

1,761
2,841
20

1,768
2,835
23

1, 715
2, 737
28

302
725
1,560

310
708
1,560

291
705
1, 554

254
643
1,462

Figures are for August, 1926.

DISCOUNT RATES OF 33 CENTRAL BANKS
[Prevailing rates, with date of last change]
Country
Austria
Belgium,
Bulgaria
Chile—
_
Colombia
Czechoslovakia .
Danzig
__
Denmark-.,England
...

Rate

In effect
since—

6K Aug.
Nov.
Aug.
Mar.
May
Mar.
June
June
Apr.

10
7
7
5
6
5
4M

25,1927
16,1927
31,1924
7,1927
15,1924
8,1927
21,1927
24,1926
21,1927

Country

Rate

Estonia
Finland. -.
France
Germany.
Greece
Hungary..
India

8
6
5
7
10
6
6
7

Italy—

In effect
since—
Oct.
Nov.
Apr.
Oct.
June
Aug.
Dec.
June

1,1926
24,1927
14,1927
4,1927
6,1927
26,1926
8,1927
18,1925

Country
Japan
Java
Latvia.
Lithuania. ._
Netherlands
Norway
Peru
Poland.

Rate
5.48
6
7
6
6
8

In effect
since—
Oct.
May
Jan.
Nov.
Oct.
Nov.
Apr.
May

10,1927
3,1925
1,1927
9,1927
13,1927
1,1927
1,1923
13,1927

Country
Portugal.--.
Rumania
Russia
South Africa
Spain
Sweden..—_
Switzerland.
Yugoslavia--

Rate
8
6
8
6
5
4
3H
6

In effect
since—July
Sept.
Apr.
Sept.
Mar,
Apr.
Oct.
June

27,1926
4,1920
—,1924
10,1927
23,1923
22,1927
22,1925
23,1922

Changes: National Bank of Belgium from 5 to 4 ^ per cent on November 16,1927; Bank of Finland from 6 ^ to 6 per cent on Nov. 24,1927;
Imperial Bank of India from 5 to 6 per cent on December 8,1927; Bank of Lithuania from 7 to 6 per cent on November 9,1927.




852

FEDERAL RESERVE BULLETIN

DECEMBER, 192?

MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month

Bankers'

acceptances, 3
months
4.76
4.31
4.37
4.33
4.37
4.27
4.26
4.45
4.54
4.69
L57
153

4.78
4.25
4.34
4.34
4.43
4 29
4.29
4. 55
4.65
4.80
4.80
4.60

4.16
4.18
4,34
4 11
3 90
4 34
4.34
4.34
4. 32
4.33

4.21
4.32
4.36
4.04
3.84
4.36
4. .tf
4 35
4. 33
4.33

3.76
3.93
4.09
3.64
3.54
3.44
3.50
3.61 i
3./VT
3.58

Bankers'
allowance on
deposits

4,00
4.00
4.26
3.92
4.18
3.82
3.86
3.99
3.99
4.07
3.95
3.78

Day-to-day;
money j

Private
discount
rate

Private
Money for Day-to-day discount
1 month
money
rate

Money for
1 month

Switzerland
Private
discount
rate

i

192n

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

Treasury
bills, 3
months

Netherlands (Amsterdam)

Germany (Berlin)

--.
--

1927

January _February.
March
April
May
June.
July
October,

6.28
5.46
5.00
4.88
4.69
4.53
4.54
4.61
4.88
4.82
4.63
4.72

8.07
6.66
6.73
6.02
5.53
5.81
5.73
5.80
6.21
6.14
6.12
7,13

7.04
6.03
5.63
4.77
4.80
4.76
4.93
4.85
4.77
4.75
4.45
5.88

4.21
4.28
4.59
4.59
4.90
5.39
5.90
5. 83
5. 00
6.74

5.82
5.77
6.91
6.57
6.95
7.73
8.49
8.37
S. 30
8.72

3.78
5.19
4.87
5.63
5.99
5.79
7.06
5.81
6.00
7.19

2.95
2.19
2.67
2.90
2.95
2,83
2-. 74
2.63
2.78
2.83
3.21
3.39

2.93
2.40
2.82
2.93
2.94
3.00
2.72
2.50
2.81
2.75
3.23
3.96

2.44
2,22
2.182.30
2.38
2.38
2.37
2.34
2.52
2.80
2.96
3.35

2.97
3.46
3.48
3.46
3.45 i
3.57
3.52
3.45
3.55
4.08

2.92
3.66
3.53
3.78
3.78
3.87
3.25
3.40
3.82
4.29

3.16
2.87
2.98
3.13
3.19
3.42
3.47
3.44
3.39
3.38

!

3 i

XI

2Kl

Japan (Tokyo)
VIonth

1926
January
February
March
April.May
June
/u]y~AUgUSt
September...
October
November...
December-..
1927
January
February
March...
April
May....
June
__
July
August..
September...
October. _.._

3.90
3.99
4.19
4.33
4.23
4.17
3.84
3.84
3. 75
3.87

* For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1026. Rates for Belgium,
France, and Italy, added to this table in April, are from the same source as the figures for Switzerland—viz ,Bulletin Mensuel, Banque Nationol.
Suisse—and are quoted in the same way.




853

FEDERAL BESEBVE BULLETIN

DECEMBER, 1927

GOLD MOVEMENTS
[In thousands of dollarsj

Net
imports
or exports

Net
Net
imports imports
or exor exports j ports

Net
imports
or exports

(-.) I (-)
January
February
March
April
May
June
July..
August
September
October
November
December
1927
January...
February
March....
April...
May
June
.
July....
August
September
October

10,108
9,198
-6,472j
3, 699!
11,835 !
11.222!
13,300:
9,908:
7,1201
-4,346i
-6,029^
—4,078:

16,264
21,565!
39,
- 4 , 768
-0,408
15,544
i 14,751
17, 764
- 7 . 094
7. 701i
9, Oil!
9.808

19,351

25,416
43,413
13,116
2. 935
18.890
18,820
11,979
15.987
8, 857
16,738
17,004

14,890!
22, 309| 2,414
116,3821 5. 625
14, 503! 2, 592
34,212; 2,610
14,
1,840
10,738i
1,803
j 7,877!
1, 524
12,979: 24,444
! 2,056! 10, 688

j
I
.!
I
!

44. 465i 14,088 !
19,895' 10. 329
10.758I
6. 576i
11.9111
935
31,702!
705
12, 77l|
711
8, 9351
705:
6, 353! 11,259'
11,465!
, 483:

-8,

11,514
15, 742
7,528
24, 678
16,464
8,435
13, 071
21,469
,381
6,126

J

35!
483:
20:
28;
200!
51!
2, 014|
60i
656
150
174
2,613

6,615;
156|
6191
87!
2701
1,010
330
136!
800!

18.181
15,480
6,894
3,735
26,580
,674
6,061
5,782
7,
4,72

6, 5801
-327!
599
59
70
959
3. 684
76
144
430
290
2, 505

- 1 7 , 522
-14,079
- 2 0 , 718
-23.146
-15,717
- 1 7 , 470

39,
1,334
3.015i
5,190
4,623
2.477
47j
35

2.518
6, 543
10,041
4,941
4.890
7.122
5, 936
2,860
3,315

1 Revised.

MOVEMENTS TO AND FROM INDIA
[In thousands of dollars]

MOVEMENTS TO AND FROM GREAT BRITAIN
[In thousands of dollars]
1927

Country of origin
or destination

JanuaryOctober

October

1927

1926

Calendar year

Country of origin
or destination

September

1926

JanuarySeptember

Calendar year

Im-

France
Netherlands
Russia
Spain and Canaries.
Switzerland.
United States
South America
British India.
British Malaya
Egypt
Rhodesia
Transvaal
West Africa
All other countries..
Total




Exports

Imports

Exports

Imports

Exports

371
141

Imports

583
2,291
907

4, 085
5,860
7,732
~, 315
4,283
28, 042
6, 959
10, 359
2,418
3,176

802
1,175
12,349

8,257
14, 704
5,144
2,099
4,242
1,138
1,543
12,818
7,752
1,199

985
23
588
265
200
439
5,333

6,126

.180
168

9,842
153, 240
19
6,293
3,557
24, 504

36
73,207

4,726 133, 407 104, 753 187, 607

132,138

5,333
109, 854
4,204
1
8,190
1,226

England.
France
United States
Aden and dependencies
Arabia
Bahrein Islands
British Oceania
Ceylon.
China
Mesopotamia
Straits Settlements
Java
_
Egypt
Natal
Mauritius and dependencies
All other countries..
Total.

Ex-

Im-

Ex-

ports

ports

ports

ports

Im- ! Exports j ports

469

9,888
39
77

12,833
1,032
552

121
140
87
391

849
801
622
2,004
966
168
1,068
347

1,133
358
485
11,565
155
217
2,737

704
1,333

6,461
24, 931

2,865
49, 837

10

14

3,324

48, 229

54

62

242
144
85
1
10
I

84,123

497

854

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations. 1

In cents per unit of foreign currency]
EUKOPE

Austria
(schilling)

Belgium
(belga)

Bulgaria
(lev)

Par value

14.07

13.90

14. 0845
14.0736
14.0674
14. 0625
14.0695
14.0629
14.0816
14.0820
14.0874

13. 9088
13.9000
13.8968
13.8900
13.8980
13.9107
13. 9220
13.9260
13.9467

.7271
.7249
.7238
.7218
.7232
.7230
.7246
.7229
.7230

Finland
(markka)

France
(franc)

Germany
(reichsmark)

26.80

19.30

1926—November.,.
1927—April
May
„June..July
August.
September.. .
October
November

England
(pound)

486.65

2.52

19.30

23.82

28. 6159
26. 6681
26.6784
26. 7207
26. 7276
26. 7785
26. 7680
26. 7932
26.7988

484. 8758
485.6546
485. 7020
485. 6088
485. 5056
486. 0233
486. 3528
486.9676
487.4012

2. 5208
2. 5206
2. 5201
2. 5194
2. 5196
2. 5189
2. 5189
2. 5187
2. 5191

Russia 2
(chervonetz)

Czechoslo- Denmark
vakia
(krone)
(crown)

2. 9620
2. 9616
2. 9615
. 2. 9616
2. 9626
2.9627
2. 9626
2. 9627
2.9629

Italy
(lira)

Norway
(krone)

Poland
(zloty)

Portugal
(escudo)

Rumania
(leu)

19.30

Par value

Netherlands
(florin)

40.20

26.80

11.22

108.05

19.30

39. 9850
40.0023
40.0196
40.0515
40. 0600
40. 0719
40.0776
40.1920
40.3612

25.3046
25.8592
25.8360
25.8896
25.8352
25.9374
26. 3620
26. 3404
26.4871

11. 2271
11.4226
11. 3816
11.3065
11.2500
11.2240
11. 2168
11. 2096
11. 2063

4. 2142
5. 0204
5.4016
5. 5819
5.4488
5.4396
5. 4432
5.4616
5. 4458

1926—November...
1927—April...
May
June...
July..August
September.—
October
November...

5.1063
5.1138
5.1220
5. 0419
5.0008
4. 9574
4. 9288
4.9456
4.9396

.5488
.6157
.6176
.5964
.6094
. 6163
.6181
.6193
.6155

514.60
3 515. 0000
3 515.0000
3 515. 0000
3 515. 0000
3 515. 0000
3 515. 0000
a 515. 0000
3 515.0000
3 514.1700

3.4167
3. 9188
3.9168
3.9169
3. 9112
3. 9193
3. 9200
3. 9236
3.9288

23. 7488
23.7011
23. 6924
23.6923
23.7428
23. 7859
23. 8004
23.8624
23.8629

Hungary
Greece
(drachma) (pengo)

19.30
1. 2343
1.3295
1. 3211
1. 3430
1.3232
1.3083
1. 3243
1. 3262
1.3242

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

19.30

26.80

19.30

15.1533
17. 6385
17. 5912
17.1988
17. 0856
16. 9000
17.1504
17. 2540
16. 9400

26. 6904
26.7788
26. 7480
26. 7792
26.7784
26.8203
26. 8752
26.9236
26. 9246

19. 2846
19.2323
19.2324
19. 2365
19. 2528
19.2759
19. 2818
19. 2868
19. 2850

17.49
17. 5642
17.4773
17.4556
17.4438
17.4376
17.4363
17.4688
17.4624
17.4658

Yugoslavia
(dinar)

19.30
1. 7659
1. 7581
1. 7579
1. 7577
1. 7585
1.7596
1. 7604
1. 7607
1. 7607

SOUTH AMERICA

NOETH AMERICA
Argentina Bolivia 2
(peso-gold) (boliviano)

Canada
(dollar)

Cuba
(peso)

Mexico
(peso)

Par value

100.00

100.00

49.85

96.48

1926—November...
1927—April..
May
June
July--.
August
September. __
October.
November. _ .

100.1331
100.0942
100. 0658
99.9360
99.8520
99. 9404
100.0497
100.1099
100.1369

99.9496
100. 0260
99. 9606
99.9150
99. 9288
100. 0073
99.9524
99. 9387
99.9289

47.1958
46.8681
46. 5867
46.4197
46. 5383
47. 3931
47. 7219
47. 6667
47. 9125

92. 3854
96.1738
96. 2008
96.4373
96. 5540
96.8448
97.1248
97.1572
97.0521

Colombia2 E c u a d o r 2
(peso)
(sucre)

Brazil
(milreis)

Chile
(peso)

38.93

32.44

12.17

97.33

20.00

486.65

103.42

33.7500
34.0000
34.0000
34.4231
34. 5950
34.7546
34. 8000
34.8000
34.8000

12.9696
11. 7965
11.8084
11.8050
11. 7916
11.8237
11. 8596
11. 9172
11.9333

12. 0517
12. 0327
12.0204
12.0235
12. 0224
12.0292
12.0736
12.1712
12.1763

97.3200
95.0181
97.4688
97.4196
97. 5345
98.2798
97.9872
97.4736
97.4950

18. 2135
18.3125
18.3125
19.6019
19. 5750
19.3750
19.3750
19. 3750
19.3750

359.3958
363.3077
364. 6400
374.4231
374.6000
374.9626
388. 5600
384.1600
376.1458

99.9004
101.9750
100. 7088
100.3708
99.1684
100.1381
100.4052
101.8796
103.3658

SOUTH
AMERICA—
continued

Peru 2
(libra)

ASIA

Uruguay
(peso)

AFRICA

Venezuela 2
(bolivar)

China *
(Mexican
dollar)

China *
(Shanghai
tael)

Hong
Kong*
(dollar)

India
(rupee)

Japan
(yen)

Java 2
(florin)

Persia
(kran)

Straits
Settlements
(Singapore
dollar)

Par value

19.30

48.11

66.85

47.77

36.50

49.85

40.20

9.46

56.78

1926—November...
1927—April
„
May
June.July
_
August
September . . . .
October
November

19.0000
18.7500
18.7500
18.7620
19.1280
19.1552
19.1700
19.1700
19.1700

43. 7688
45.5388
45.6136
45.5077
44.6004
43.3807
43.9572
44.7376
45. 5958

59.4254
62. 0138
62.1680
62.7362
62. 2760
60.3781
61.2068
61.8328
63. 2663

47.4567
49.6865
49.2716
49. 0742
48.9772
48.1600
48.4980
48.8552
49.7917

36.0267
36.1423
36.2332
36.1973
36.1108
36.1252
36. 3356
36.4092
36.4504

49. 0650
48.3738
47. 0832
46.6896
47.1312
47.3322
46.8248
46.5664
45. 9796

40. 2813
40.1503
40.1638
40.2079
40.1963
40.1740
40.1675
40. 2618
40.4090

9. 2096
9. 5946
9. 5692
9.6562
9. 6976
9.6375
9.6132

55. 9796
55. 9535
55.9896
55.9807
55. 9600
55. 9711
55.9908
56.0332
56.0687

Turkey
Egypt
(Turkish (Egyptian
pound)
pound)
439.65
50. 2033
50.9035
52.2232
51.9992
51. 0544
49.9774
50.9640
52.9624

494.31
497.1150
497.8981
497.9792
497.8950
497.7768
498.2844
499.2900

1 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 1922.
»Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
* Nominal.
4
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 $0.57787 for November, 1927, $0.56347
for October, 1927, and $0.54458 for November, 1926. The corresponding London prices (converted at average rate of exchange) were $0.58244,
$0.56533, and $0.55042.




855

FEDERAL EESEEVE BULLETIN

DECEMBER, 1927

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
Europe

Month

United
States
(Bureau
ofLabor

Belgium
basis)

February, _
March
April
May
June.
July
August
SeptemberOctober
NovemberDecember..

102
100
100
101
101
100
99
100

556
583
621
692
761
876
836
859
856

130
130
133
135
137
142
140
133
130
129

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

120
119
119
118
124
126
126
123
125
128
127

856
854
858
846
848
851
845
850
837

Bulgaria

2,844
2,774
2,938
2,842
2,838
2,759
2,723
2,716
2, 739
2, 718
2,706
2,688
2,649
2, 592
2,751
2,823
2,775
2,745
2,736
2,747

England
(Board
of
Trade)

Czecho- Denslo3
vakia 2 mark

950 |
938
923
948
962
973
972
978
978
979
975
976
979
992
983
975

France
GerHunmany
Fin(Federal gary
land
(gold
(gold Statis- Feder- Statisal Retical
basis)
basis) tical
serve
Bureau Board Bureau)

165
158
157
158
157
158
162
162
178
170
158

149
144
144
145
146
149
149
151
152
152
146

142
141
141
140
141
141
143
143
143
143
144

636
632
650
688
739
836
770
787
752
684
627

540
545
565
597
631
704
691
691
695
662
592

134
133
133
132
132
133
134
135
136
137
137

125
123
123
122
122
123
122
122
125
127
126

604
592
590
596
605
618
633
622
597
594
574

150
145
143
144
144
142
140
140
143
147
146

211
204
198
196
195
196
196
197
188
182
176

157
156
153
152
152
152
152
153
153
154

144
143
141
140
141
142
141
141
142
141

144
144
143
143
142
144
144
147
148
148

622
632
641
636
629
623
617
618
601
587

591
595
600
610
618
605
590
578
574
554

136
136
135
135
137
138
138
138
140
140
140

127
129
128
130
133
133
133
134
133

558
556
545
521
496
473
467
465
465
468

146
145
144
143
146
148
150
149
150
150

170
165
160
159
160
159
160
161
158
157

Europe—Continued
Month

Poland 3 Russia 2

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

158
158
178
197
191
181
190 !
192 !
193
195

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

195
197 !
200 :I
206
208
206
207
207 !
206 !
206

Asia and Oceania

Sweden Switzerland 2

Canada

Peru

Australia

China Dutch
(Shang- East
Indies
hai)

190
194
196
197
189
183
182
180
179
178
178

183
183
179
179
177
178
180
178
179
185
186

152
149
150
151
150
148
147
146
148
148
150

155
151
148
147
145
145
146
146
145
147
148

162
160
161
157
156
156
154
153
151
152
151

205
204
204
206
204
204
204
202
202
198
199

160
163
168
167
163
162
162
158
154
155
155

163
164
163
160
156
157
161
164
171
174
172

177
179
179
177
175
174
173
171
170
170
170

184
180
179
177
172
171
168
168
169
169

146
146
145
143
145
146
146
146
148
147

147
145
147
147
147
147
147
147
148
148
149

151
150
149
149
152
154
152
152
151
152

200
204
206
201
207
206
205
204
205
200
200

154
153
150
151
152
155
161
165
170
173

173
172
175
173
171
169
171
171
172
169
166

i New index—1926=100.

Italy 3 Nether- Norway
(Bachi) lands (Oslo)

2

First of month figures.

157
156
156
155
156
158
157
156
156
157
154
154
155
155
153

India
(Calcutta)

Africa

(Tokyo)

New
Zealand

Egypt South
(Cairo) Africa

154
151
149
146
147
145
147
146
144
146
146

188
184
181
177
177
179
177
175
174
171
170

159
157
156
156
155
156
154
153
153
151
153

134
134
133
123
129
129
129
129
129
130
130 !

146
148
146
145
146
149
150
151
150
147

170
171
171
170
171
173
170
167
169
170

151
147
147
147
145
146
146
146

126
124
124
122
124
123
118
117
120
118

120

126

128
126
"l20

s 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; 1901-1910; 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 the figures refer may bs found on pages 769-770 of the November, 1927, BULLETIN.

73628—27




5

856

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES
[Pre-war=100]
ENGLAND—BOARD OF TRADE

ITALY—CHAMBER OF C O M M E R C E OF MILAN

SepOctober tember August
All commodities..,..
Total food
Cereals
Meat and fish—.
Other f o o d s . . . . .
Total, not food
Iron and s t e e l . . .
Other minerals
and metals
Cotton__
Other textiles...
Miscellaneous...

July

141
153
156
138
164
136
115

142
153
157
142
160
136
116

141
151
157
135
162
136
117

141
154
156
134
171
135
118

142
156
157
137
175
134
120

152
157
152
155
163
149
132

113
172
159
144

114
178
159
142

115
168
158
142

115
160
157
142

117
155
154
141

176
147
156
145

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.

601
558
529
564

618
585
537
618

617
597
551
624

623
611
557
653

752
710
591
799

577

591

599

622

616

754

633
530
790
625

636
542
813
611

645
557
830
613

640
574
804
606

633
574
767
608

769
873
763

140

140

138

138

138

136

138
144
115

139
144
121

139
150
116

138
162
111

140
168
112

140
150
125

154
142
131

152
142
130

138
146
129

129
151
130

126
157
128

149
130
129

134
131
124

134
130
124

133
130
126

132
130
127

132
130
126

129
135
124

104
163

105
166

107
159

106
155

107

153 I

117
141

145
124

139
124

136
124

134
123

125
124

120
122

83

82

81

80

85

84

121
142

121
42

123
45

125
44

126
47

151

151

150

151

150

162

162

161

161

161

484
509
533
480

485
513
549
470

491
534
563
497

509
558
579
531

655
671
688
649

470
447
450

474
456
453

474
443
455

475
436
455

490
446
470

648
608
590

447

456

465

471

483

720

537

541

554

566

589

683

474
548

465
535

457
540

445
540

494
550

639
661

151
131

148
130

147
130

146
130

144
130

169

166

162

160

158

155

147
144
143
114

148
147
142
114

146
148
135
116

146
151
127
117

146
151
128
118

148
144
144
123

115

117

117

117

118

127

157

158

159

158

158

171

135

130

122

122

119

123

167
140

167
137

168
138

169
137

170
138

170
141

149
150
137
156

152
151
137
157

151
148
137
154

151
148
138
153

151
148
137
153

148
151
136
158

AUSTRALIA—BUREAU OF CENSUS A N D STATISTICS
All commodities.....
Metals and coal
Textiles
..._._.
Agricultural products
Dairy products
..
Groceries and tobacco
„
Meat
..-_.
Building materials..
Chemicals

173
176
164

170
178
168

165
178
155

161
179
150

155
178
142

154
176
131

195
153

181
157

174
157

167
161

162
160

135

168
168
143
186

168
164
144
183

169
153
153
183

168
139
152
183

167
124
152
179

168
155
180

147

153
131

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 and manufactured chemicals...
Raw materials
Semifinished materials
Finished materials..
Producers' goods
Consumers' goods—

147

148
159

148
157

147
157

147
156

147
155

145
158

124
145

123
146

125
144

126
144

126
146

114
142

First-of-month figures.




June October

484
520
541
495

131
56

S W I T Z E R L A N D i—DR. J. L O R E N Z
All commodities
Consumers' goods...
Agricultural products
Industrial products.

All commodities...,.Total food
Vegetable foods.
Animal foods.—
All industrial products
Textiles
Chemicals
Minerals and
metals
Building materials
Other vegetable
products.
Sundries

July

SWEDEN—BOARD OF T R A D E

587
530
486
547

GERMANY—FEDERAL STATISTICAL BUREAU
All commodities
Total agricultural
products
Vegetable foods.
Cattle
Animal
products
Fodder
Provisions
Total industrial raw

SepOctober tember August

June October

FRANCE—STATISTICAL BUREAU
All commodities
All foods..
Animal foods
Vegetable foods.
Sugar,
coSee,
cocoa
All industrial material
„
Minerals
_.
Textiles. _.
Sundries

1926

1927

1926

1927

I N D I A ( C A L C U T T A ) - D E P A R T M E N T OF STATISTICS
1927
September August
All commodities
Cereals
--..
Pulses
Tea
Other foods
Oil seeds
- ..
Raw jute
Jute manufactures...
Raw cotton
C o t t o n manufactures
..._
Other textiles
Hides and skins._...
Metals
Other articles

1926

July

September

June

May

150
136
155
181
170
145
114
156
201

151
142
158
182
171
145
114
161
181

150
138
152
188
169
151
108
152
185

149
140
155
179
171
155
90
139
169

146
140
154
138
165
141
86
132
160

146
141
159
162
163
131
88
138
157

163
123
109
133
153

158
124
102
130
160

155
127
102
130
161

154
129
110
132
155

158
126
112
137
154

168
124
107
141
142

857

FEDERAL KESERVE BULLETIN

DECEMBER, 1927

RETAIL FOOD PRICES AND COST OF LIVING
RETAIL FOOD PRICES
[Pre-war=100]
•

Other countries

European countries

United
States AusNew South
Swit(51
Aus- India
BelBul- Eng- Es- France Ger- Greece Italy Nethtria
cities) (Vien- gium* garia land s tonia8 (Paris) many (Ath- (Mi- er- Nor- Rus- zer- Can- tralia (Bom- Zea- Africa
bay) land
ens) lan) lands way sia a land ada*
na)

Month

1926
February
March.,...,
April
,
May
June «..._ .
July.....—. .
August
September. _„
October...
November...
December....

158
157
159
158
157
154
153
156
157
158
159

117
114
114
113
116
115
117
116
117
117
118

141
137
139
146
155
177
187
184
194
204
206

2,771
2,719
2,652
2,808
2,717
2,713
2,637
2,641
2,597
2,618
2,598

168
165
159
158
158
161
161
162
163
169
169

138
136
139
139
139
139
138
128
127
127
128

495
497
503
522
544
574
587
590
624
628
599

142
141
142
142
143
145
146
145
145
148
150

1,738
1,805
1,821
1,817
1,870
1,849
1,871
1,890
1,933
1,986
1,973

676
654
645
664
657
654
660
652
654
630
631

148
147
146
146
146
146
146
145
146
147
146

212
205
198
195
194
198
196
193
191
186
184

230
234
241
250
243
236
234
231
230
234
235

163
161
161
159
159
159
157
158
160
159
159

155
154
153
152
149
149
150
147
147
148
151

154
159
163
163
162
159
157
155
153
155
158

150
151
150
150
152
155
153
152
153
152
154

153
152
151
151
151
149
149
148
147
146
149

117

1927
January..
February
March..
April
»....
May
June
July . .„_____
August...
September._.
October
November.

156
153
151
151
152
155
150
149
151
153

119
119
118
119
119
122
122
119
126
127

207
210
201
200
196
201
205
202
206
210

2,586
2,569
2,533
2,478
2,630
2,699
2,653
2,625
2,615
2,626

167
164
162
155
154
154
159
156
157
161

131
132
129
130
130
131
134
130
122

692
585
581
580
589
580
557
539
532
520
500

151
152
151
150
151
153
156
150
151
152

1,975
1,975
1,975
1,975
1,975

625
642
635
617
565
541
524
518
509

147
146
146
145
145
145
144
143
143

180
177
173
169
169
172
175
175
174
173
171

208
208
205
203
201
199
199
199
198
198
199

158
157
166
156
156
157
157
157
158
158

153
151
149
146
145
146
147
147
147
148

158
153
151
151
152
153
152
155

155
152
152
151
150
151
154
155
151
148
147

148
146
146
145
145
144
144

116
117
118
119
121
120
119
118
117
119

118
119
119
118
117
117
117
120
119
117

COST OF LIVING
[Pre-war=100]

Month

1926
February..
March
.
April......
May
._

June
July

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

July

August
September.
October
November.

European countries
Other
Massachu- Bel- CzechoItaly NethSwitAusFinGer- Greece
setts gium1 slovakia Eng- land France many (Ath- Hun- (Mi- er- Nor- Po- Spain Swe- zer- Can- tra(Paris)
land*
den land ada « lia
ens) gary lan) lands way land

163
161
161
159
159
159
158
158
158
159
159

138
136
137
142
150
166
175
174
184
191
195

845
832
832
837
861
876
878
878
888
902
912

173
172
168
167
168
170
170
172
174
179
179

1,175
1,172
1,163
1,159
1,175
1,183
1,213
1,203
1,197
1,193
1,197

158
157
156
156
157
156
155
155
155
155

198
200
195
195
193
196
199
198
202
207

914
914
915
923
930
949
962
914
910

175
172
171
165
164
163
166
164
165
167
169

1,187
1,189
1,183
1,173
1,166
1,184
1,203
1,237
1,230

451
485
539
545

524
625

139
138
140
140
141
142
143
142
142
144
144

1,664
1,706
1,731
1,741
1,791
l s 808
1,818
1,833
1,862
1,895
1,889

121
119
119
118
116
117
116
114
114
116
116

661
647
642
652
650
649
652
647
672
657
657

145
145
145
146
147
148
150
147
147
150

1,896
1,896
1,898
1,911
1,915

119
120
119
119
119
121
119
119
119

655
667
663
651
612
586
548
543
537

174

225

171

218

164

217

168

213

166

203

167

201

167

197

countries

171
169
177
185
184
178
182
189
193
197
199

183
185
187 " l 7 § "
183
183
186 "1.72"
178
187
190
191
193

165
163
162
160
160
160
159
159
160
159
159

154 ""157"
153
152
150 "lei"
150
150
149 " 1 6 8 "
149
150
157
151

202
201
200
203
205
205
199
201
202
205

196
171
190
194
196 "~170"
179
179
189 "169"
221
226

160
160
159
158
159
160
160
160
161
161

152
151
150 "156"
148
148
149 ""155"
149
149
149
150

""m"

154

India South
(Bom- Africa
bay)

154
155
153
153
155
157
155
155
155
154
156

131
131
131
131
131
130
130
130
131
131
129

156
155
155
153
152
154
156
157
154
151
150

13©
130
131
131
132
132
132
131
131
132

11921=100. The cost of living index for Belgium has been changed from an average of seven provinces, on April, 1914, base, to a worklngman's
budget in 59 cities, on a 1921 base.
* 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 ths April,
1925, issue of the BULLETIN.




858

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA
ENGLAND

PRODUCTION

TRANSPORTATION

Raw
cotton Iron
Cot- Woolen
Steel Fin- visible and
Raw Raw Crude
ton
Pig ingots ished sup- steel Coal man- and
2
cotiron and steel ply
manufac- worsted ton wool rubber
ufaccasttures tissues
tures
ings

Coal

Thous.
bales

Thousand long tons

Mil- Thous.
Thous.
lion
long tons sq.yd. sq. yd.

Million
pounds

UnemBritish railways ployment
Ships
Raw cleared
among
w e t . with Freight- Freight- insured
cargo! train
train
receipts traffic

Thousand
pounds

Thous. Thous. Million
ster- tontons £ ling
miles

Per
cent

1926

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

539
89
42
18
14
13
13
13
98
124,577
21, 365
21,097
121,274
20,356
15.297
123/776
17,852
19,504

124,712

661
46
35
32
52
96
94
98
31'

498
124
184
141
146
184
175
191
370

1,089
1,133
1,107
1,072
1,034
1,021
1,186
1,452
1,65'

313
274
231
244
164
160
194
166
159

4,291
1,448
34
7
2,184
5,225
4

435
571
672
680
720
651
646
596
592
596

731
827
950
850
885
747
687
643
777
699

599
653
746
692
656
574
581
58'

1,718
1,763
1,792
1,759
1,713
1,625
1,467
1,350
1,241
1,190

219
252
353
335
422
366
390
342
385
385

2

* Five weeks.

1,6(

285
308
331
264
301
315
312
281
242

9,135
9,720
12,635
17,998
16,521
12,315
11,716
13,296
12,465

125
108
104
103
79
78
161
241
255

108
79
71
52
35
24
34
55
68

29,030
21,310
25,300
24,300
26,667
29,735
28,533
30,059
28,113

12,281
6,088
5,159
7,809
9,844
8,792
9,870
8,682
10,599

5,207
2,338
3,354
3,547
3,342
3,414
3,364
3,007
4,177

8,766
3,287
5,332
5,312
5,380
6,197
7,185
8,020
8,544

1,559
452
733
751
783
910
1,144
1,309
1,495

9.1
14.3
14.6
14.4
14.0
13.7
13.6
13.5
11.9

4,093
4,173
4,820
4,118
4,803
4,313
4,176
4,257
4,2*2
4,141

32i
301
397
319
417
333
339
366
349
316

15,907
14,982
13,27;
9,479
11,406
13,559
15,978
17,460
14,395
13, 061

237
168
190
189
132
104
67
57
72

118
107
119
98
75
64
44
25
27
33

30,760
27,492
30,910
35,577
25,249
21,537
26,059
22,534
28,806
28, 000

11,612
6,712
10,793
5,698
6,720
7,919
6,829
5,570
5,049
7,035

4,949 ' 9,043
4,682 9,027
5,383 10,197
5,202 8,702
5,516 9,537
5,371 8,766
5,610 8,854
5,642 8,997
5,715
5,444

1,654
1,570
1,745
1,494
1,597
1,402
1,448
1,525

12.1
10.9
9.8
9.4
8.8
8.9
9.3
9.4
9.3
9.5

End-of-month figures.

4

3 Includes Irish Free State.

Coal strike.

FRANCE
EXPORTS

PRODUCTION

Coali

Pig
iron

5,272
4,997
5,524
5,572
5,500
5,518
5,738
5,770
5,773

768
783
778
792
814
785
816
790
827

1927
January____
February..
March
April
__
May
June
July
August.
September .
October

5,821
5,662
6,112
5,427
5,462
5,388
5,382
5,499
5,343

805
716
801
774
794

747

769
773
761
749

Unemployed

Raw
Raw
Coal Ships Freight- Receipts
cotton
silk
car
Crude Cotton Cotton Total Total for con- for con- for con- cleared
of princicloth volume volume sump- sump- sump- with
loadyarn
pal railsteel
ings
tion
ways
cargo
tion
tion
Pieces
of 1,000
meters

Thousand metric tons

1926
April....
May
June
July
August
SeptemberOctober
November..
December..

TRANSPORTATION

10,505

667 9,824
694 11,075
718 10,522
704 10,772
706 10,783
742 11,215
714 10, 668
741 11,051
673 10,631
628 10,255
704 10,883
681 10,430
712
672 10,527
694 10,119
694 11,086
693 10, 306

Thousand
metric tons

Metric tons

Thous. Thous. Average
daily •
metric tons
number
tons

4,087
26,009 2,648
24,761 2,628
3,751
27,899 2,763
3,764
24,946 4 2,880 4 3, 576
26, 736 i 2,859 4 3,900
27,194 2,629
3,649
28,372 2,689
3,488
26,191 2,669
3,442
29,643 2,809
4,039

30,5;14
20,561
22,364
20,068
18,131
22,967
28,686
44,881
53,023

429
548
687
4 547
4 536
471
486
566
591

1,571
1,355
1,088
1,095
1,294
1,108
1,075
1,058
1,280

3,225
3,191
3,362
3,183
3,336
3,390

26,814
27,804
29,105
27,479
25,891
26,898
24,086

41,331
34,136
27,570
23,661
27, 796
24,596
14,859
17,155
18, 520

400
260
253
332
439
538
355
417
351

1,606
2,047
1,832
1,862
1,961
1,449
1,210
1,513
1,262

2,936
2,528
3,186
3,670
3,772
3,771
3,796
3,733
3,657

25,522

2,791
3,209
2,952
2,835
3,385
3,159
3,302
3,061
3,340

4,064
4,780
"4,363
4,333
4,610
3,906
3,654
4,215
3,620

Thous.
francs

63,193 51,081,. 574
62,075
904,876
64,856
947,997
61,478 « 1,268,949
1,082,127
5 1,453,913

______
64,600

3,462 ! 67,923 1,157,491
3,125 i 66,125
1,095,165
3,177 I 60,775 51,367,997
56,663
61, 967
61,881
58,817
60,858
59,495
57,391
57,386
60,798

866, 732
944,463
963,699
51,239,544
985,138
1,003,013
1,023,131
1,022,819
1,084, 700
1,074, 836

!
1 Coal and lignite, including Lorraine and the Saar.
2
End of month figures.
3
Number of failures in the Department of the Seine.




4

Revised,
c 5 weeks.

Busi

receiving | ness
munici- j failpal aid in ures 3
Paris* I

Number Number

117
81
62
47
45
49
59
138
7,737

94
132
149
127
97
75

25,576
36,951
30,185
23,719
15,924
9,355
7,531
6,401
6,094
6,860

194
185
187
125
152
159
176
141
81

165

859

FEDERAL RESERVE BULLETIN

D E C E M B E R , 1927

INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued
GERMANY

PRODUCTION

LigCoal nite

EXPORTS

MaIron chinery Dyes
and
and
Pig Crude Pot- iron
elec- and
iron I steel ash manu- trical dyefactures sup- stuffs
plies

Thousand metric tons

1926
April
668
10,08610,067
May..
10,678! .
736
June
ill,75611,202
720
J u l y . . . . . . . 13,07411,482
768
A u g u s t . . . . 12,87911,421
850
September 12, 78611, 713
880
October- _ _ll3,51713,223
935
N o v e m b e r . 13,496 12,754
983
December. 13,775 13,197 1,065

1,309
1,234
1,415
1,288
1,378
1,328
1,362
1,426
1,371
1,414

Coal

Raw Kaw Cotwool cop- ton
per

450,555
400, 645
423,094
466, 680
461,818
451, 908
509,762
472,656
478,260
122
132
140
92
93
94
99
104
109

UNEMPLOYMENT

ArrivUnemals of Freight Trade ployed
union persons
vesmemcar
sels
load- bers receivin
ing
ings unem- State
Hamployed
burg
aid

Iron
ore

Thous. Thous.
net
Per
wagreg.
ons
cent
tons

Metric tons

868
901
976
1,022
1,141
1,144
1,174
1,258
1,303

1927
January. _. 13,355 12,462 1,060
February.. 12,743 12,036 969
March
14,046 12,973 1,086
April
11,79411,386 1,052
12,297 12,011 1,130
y
11, 820 11, 782 1 068
June.-..
»
12,635 12,089 ], 109
July
12, 997 12,817 1,116
August
September 12,711 12,907 ], 105
13, 094 12,529 1,440
October

TRANSPORTATION

IMPORTS

47,620 13,53111,156,382 11,40110.995 17,632 777,368
40,882lll, 5601, 832,17210, 743! 9, 75714,467 779,977
38,043 12,525!2,517, 730'l5,91113,49116,224 793,857
38,342 12, 668 3,640,247J15, 769;i2, 624 13,256 830,810
38,059 10,946 3,973,743 12,83013,33016,695 784,465
44,35211,5313,729,008 9,23414,188 22,633 979,507
41,716 11,757 3, 690,267 8,068 14,468 37,195 1,123,666
.1,21312,423144,423
1,509 12,084 2,896,424 11,213 12,423 [44,423 985,659
40,815 9,434 % 244; 759 14,966 17,837 61,593 1,341,252

514,961 36,396 13,270 2,145,226 16,677 12,656 56,292 1, 256,755
!,
387,302 36,687 12,012 2,155,686 21.939 16,152J43,8811, 385,071
.,
418,947 40,69512,947 2,042,436 21
,174 18,843 ! 52,5951, 377,439
371,688 46,17413,4481,587,60817,
',698118,340:44,736|l, 407,035
r
380,827 49,165 14,512 2,655,321 27,
,585'20,91l'40,615jl, 394,279
335,210 45,478 13,20012,061, 747 19,
1,67619,54432,1191, 820,771
*^,
352,756 48,538 13,669J2,401,116 16,51l!l7,
1,51l!l7,687 31,51511, 831,819
344,981 42, 748 12,824 2,402,044 11 937124,778124,390 2, 056,052
...,
357,924 55,97113,435 2,076,169 7,329 23,876124,2531, 737,088

Business
failures

Number

1,343
1,317
1,461
1,714
1,675
1,586
1,529
1,531
1,436

2,789
3,023
3,261|
3,475i
3,464!
3,6371
3,950
3,934
3,'""

18. 6 1,781,152 1,302
18.11, 744,126 1,046
18.11,740,754
913
17. 71,652,281
701
16. 7 1,548,138
493
15.21,394,062
467

1,509
1,413

3,216
3,245

16.5
15.
11.
8.9
7.0
6.3
5.5
5.0
4.6

V"

1,593
1,694
1,696
1^604
1,661
1,764

tr"
3,790
3,709
3,905
4,059

14.2 1,369, 769

16. 7 1,
748,597
1
[,827,200
L, 695,515
L,121,150
870,378
649,274
540,717
452,007
403,845
339,982

43
,

485
471
435
493
473
557
421
464
427
428
407
360
445

CANADA

PRODUCTION

Index
of
industrial
production Coal News- Flour
print

19191924 =
100

Thousand
short tons

Receipts at
Receipts stockyards
in Toronto
of
Conand Winnistruc- wheat
peg
at
tion
Fort
conWiltracts
award- liam
and
Planks
ed
Wood Wheat
Port Cat- Hogs and
tle
Arboards p u l p
thur

Thous. Thous. Thous.
bushbarrels dollars
els

Number

Million
feet

Coal

Crude Raw
petro- cotton
leum

Machinery

Total Index
revBusiof
enue em- ness
car ploy- fail- 3
load- ment1 ures
ings

Thous. Thous. Thous. Thous. Thous. Thous. Num- Jan. 17, Numbushlbs.
ber 1920= ber
lbs.
tons
dollars
els
100

1926
Apr__._
May _.
June...
July...
Aug._.
Sept...
Oct....
Nov__.
Dec —

149.4
151. 4 1,137
153.4 1,395
147.5 1,350
139. 9 1,341
141.11,413
159. 6 1, 708
155. 6 1, 818
132.4 1,923

152
154
159
163
163
161
169
165
164

1,416
1,491
1,646
1,228
1,044
1,634
2,231
2,089
1,715

37,292
57,140
54,186
33, 865
31, 697
20,761
43,384
34,973
13,725

1,807 44,136 1,486
17,200 50,007 50,633
13,572 45,917 53,390
6,404 47,371 42,618
~
1, 52162,998 38,720
32, 797 68,930 38,990
56,098 78,729 50,171
60,440 83,755 '2,425
26,310 50,883 71,630

127
172
201
203
209
186
198
202
158

111, 959
138,532
181,236
180,639
135,171
214,148
183, 265
189,084
168,102

5,526
18,971
27,792
16,306
9,541
10, 575
30,573
43,947
44,879

1,102
1,238
1,284
1,474
1,449
1,398
1,576
1,460
1,462

3 28,668 7,380
s 51,393 9, 732
3 53,478 8,568
3 64,388 6,929
3 37,545 4,958
3 76,836 5, 536
3 82,331 12,697
3 66,628 16,882
3 69,802 16,517

2,939 238,045
3,4461261,514
3, 515 269,680
3,231 268,654
2,950'257,100
3,363J303, 798
3,729 355,181
3,429 336,964
3,362 279,422

91.4
94.3
101.0
103.7
104. 2
104.9
105.2
102.8
101.1

131
120
142
137
115
126
178
165
171

1927
Jan
Feb.Mar...
Apr__.
May_.
June ...
July....
Aug__.
Sept....
Oct.....

151.0 1,570
148. 0 1,384
172. 8 1,408
157.5 1,315
163.7 1,306
161.81,444
151.2 1,230
157. 0 1,317
147.6 1,339
152.1

162
151
174
166
172
171
163
180
179
191

1,496
1,231
1,454
1,154
1,455
1,314
1,019
1,158
1,528

16,772
19,517
17,466
38,582
46,759
52,229
50,881
29,881
32, 788
47,135

14,029 46,224 71,895
8,547 37,182 60,455
307 38,414 61,076
12,593 33,652 50,436
593 33652
;,
17,330 39, 50,550
1,056
\,
7,344 35,830 50,739
1,980
10,679 39, 37,157
2,399 70,34' 40,n:
.

119
122
193
119
202
227
215
204
188
182

125,750
114,927
153,123
93, 802
138,100
191,723
154,801
171,134
162,850
144,795

12,571
11,422
16,395
20,182
28 698
15,863
6,620
12,197
14,071
19,430

1,563
1,706
1,755
1,205
1,471
1,561
1,433
1,495
1,598
1,478

3 61,962
3 33,306
3 67,498
37,725
49,049
103,662
70,305
77,253
91,865
78,905

3,075 243,767
3,156 242,222
4,887 284,119
3,211 256,357
3,980 259,394
3,843 273,733
3,488 260,113
4,181282,807
4,137 304,295
4,185 360, 238

94.8
95.4
96.3
96.2
100.6
105.9
108.4
109.2
109.
109.0

191
142
152
123
126
138
143
143

1 First of month.




8,580 79,141 35,026
2

Total number of firms failing during the month.

21,278
12,278
13,041
10,375
10,129
10,697
8,484
7,267
4,814
6,684

3 Revised.

860

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

RULINGS OF THE FEDERAL RESERVE BOARD
Acceptances growing out of transactions involving the second acceptance arising out of the same transimportation or exportation of goods.
action or series of transactions involving the

In a number of rulings published heretofore,
the Federal Reserve Board has ruled in effect
that a bill can not be eligibile for acceptance
by a member bank or for rediscount or purchase
by a Federal reserve bank as a banker's acceptance growing out of the importation or exportation of goods if it is accepted after the goods
have reached their destination.
After careful reconsideration of this question,
the board is of the opinion that such rulings
contain an unnecessarily strict interpretation
of that provision of the Federal reserve act
which authorizes member banks to accept
drafts drawn upon them "which grow out of
transactions involving the importation or exportation of goods" and which authorizes
Federal reserve banks to rediscount such acceptances. The board is now of the opinion
that the broad language of this provision of the
act is clearly susceptible of a more liberal interpretation which would facilitate the financing
of our foreign trade and particularly the sale of
American goods abroad under circumstances
similar to those described in the ruling published
on page 638 of the FEDERAL RESERVE BULLETIN
for August, 1924.
The board, therefore, rules that bankers'
acceptances may properly be considered as
growing out of transactions involving the importation or exportation of goods when drawn
for the purpose of financing the sale and distribution on usual credit terms of imported or
exported goods into the channels of trade,
whether or not the bills are accepted after the
physical importation or exportation has been
completed.
Due care should be observed, however, to
prevent a duplication of financing; and a




same goods should be in effect merely an
extension of an already existing credit. Thus,
if one acceptance is issued to finance the shipment of goods to a foreign country and a
second acceptance is issued to finance the
distribution of such goods into the channels of
trade, the proceeds of the second acceptance
should be used to retire the first acceptance.
Under no circumstances should there be outstanding at any time more than one acceptance
against the same goods.
All previous rulings in conflict with this
ruling are hereby reversed in so far as h
conflict with this ruling.

Charlotte Branch of Federal Reserve Bank
The Charlotte branch of the Federal Reserve
Bank of Richmond, previously authorized by
the Federal Reserve Board, was opened for
business on December 1. The territory served
by this branch comprises the following counties
in North and South Carolina:
North Carolina—Alexander, Alleghany,
Ashe, Avery, Buncombe, Burke, Cabarrus,
Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Hay wood, Henderson,
Iredell, Jackson, Lincoln, Macon, Madison,
McDowell, Mecklenburg, Mitchell, Polk,
Rowan, Rutherford, Stanly, Swain, Transylvania, Union, Watauga, Wilkes, Yancey.
South Carolina-—Abbeville, Aiken, Anderson,
Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Lancaster, Laurens, Lexington, McCormick, Newberry, Oconee, Pickens,
Richland, Saluda, Spartanburg, Union, York.

861

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

Changes in State Bank Membership

Fiduciary Powers Granted to National Banks

The following list shows the changes affecting State
During the month ended November 21, 1927, the
bank membership during the month ended November Federal Reserve Board approved applications of the
21, 1927, on which date 1,287 State institutions were national banks listed below for permission to exercise
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:
ADMISSIONS
(1) Trustee; (2) executor; (3) administrator; (4)
registrar of stocks and bonds; (5) guardian of estates;
(6) assignee; (7) receiver; (8) committee of estates of
Total
Capital Surplus resources
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
which come into competition with national banks are
District No. 12
permitted to act under the laws of the State in which
the national bank is located.
American Exchange Bank, Portland,
$200,000

Greg......

$50,000 I $3, 234, 651

Location

CHANGES
District No. 1

Merrill Trust Co., Bangor, Me, (voluntary withdrawal)
_
=
...____. $500,000 $528,000 $13,858,000

500,000

500,000

District No. 4

2
•2
2
3
3

Waynesburg, Pa_——
Washington, D. C . . .
Chester, S. C_
459,000 Mishawaka, Ind......
Russiaville, Ind
;
Ludington, Mich....Marianna, Ark
2, 423,000 Jackson, Tenn
Ogden, Utah

4

Farmers State Bank, Eldorado, Ohio
(reopened)

35,000

9,000

District No. 7

County Savings Bank, Algona, Iowa
(insolvent)
.-_
First Trust & Savings Bank, Eock
Island, 111. (closed)..
...
Cicero Trust & Sayings Bank, Cicero,
111. (voluntary withdrawal) -

19,238,000

100,000

63,000

200,000

519,000
158,000

2,587,000

District No. 8

Bank of Maplewood, Maplewood, Mo.
(title changed to Bank of Maplewood
and Trust Co.).
Exchange Bank, Jefferson City, Mo.
(converted to national bank)_.

100,000

50,000

2,251,000

50, 000

32, 500
24,000

50,000

37,000

517,000

25,000

26,000

152,000

25,000

1,000

75,000

650,000

743,000

12,012,000

The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from October 22
to November 18, 1927, inclusive:
Number of
banks
New charters issued
Restored to solvency. _
Increase of capital approved.....

._._

Aggregate of new charters, banks restored to
solvency, and banks increasing capital
...
Li qui dati ons
Reducing capital

_

The following-named bank has been authorized by
the Federal Reserve Board to accept drafts and bills of
exchange up to 100 per cent of its capital and surplus:
Citizens National Bank, Los Angeles, Calif.

__..

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

19 9,280,000
14
0

1,175,000
0

14

1,175,000

0

0

Aggregate increased capital for period
„_...„_
Reduction of capital owing to liquidations, e t c . .
___.„____

0

0

0

Total consolidations..........

Net increase..

Amount
of
capital

12 $1,425,000
0
0
7 7,855,000

_

Total liquidations and reductions of capi ta . .

Acceptances to 100 Per Cent




Supplemental.

301,000

District No. 12
Security Trust Co., Bakersfield, Calif,
(succeeded by nonmember) __

1

682, 500

25,000

District No. 11

First State Bank & Trust Co., Hereford,
Tex. (absorbed by nonmember)
„.
First State Bank, Normangee, Tex.
(withdrawn on account of expiration
of charter)
_.
First State Bank, Trenton, Tex. (voluntary liquidation).
„
_.

1 to 5, 7
to 9.
Ito8.
1 to 9.
5 to 9.1
5 to 9.1
2, 3, 5, and
8.
8 Lee County National Bank. 5 to 9.1
8 Security National Bank..... 1 to 9.
1.
12 First National Bank.
5
5
7
7
7

Changes in National Bank Membership

District No. 9
State Bank of New Richland, New
Richland, Minn, (voluntary withdrawal)
Farmers State Bank, Hayfield, Minn,
(voluntary withdrawal) _____-.-_-

1, 2, 4, 6,
and 7.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.

Mattewan National Bank...
Central National Bank
..
First National Bank..-.„—_
National Security Bank
National Bank of Schwenksville.
First National Bank &
Trust Co.
Liberty National Bank
.
Peoples' National Bank.....
First National Bank...
First National Bank
First National Bank.. „.__.-

6,103,000

200,000

Powers
granted

Name of bank

1 Berlin National Bank.

Beacon, N. Y_._.
New Rochelle, N. Y_.
Northport, N. Y_.._.
Philadelphia, Pa
Schwenksville, Pa

District No. 2

Mutual Bank, New York, N. Y. (converted to national bank)_»-..-

Berlin, N. H

District
No.

0
9,280,000
1,175,000
8,105,000

862

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

DETAILED BANKING STATISTICS FOR THE UNITED STATES
FEDERAL RESERVE BANKS
RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
RESOURCES
Federal Reserve Bank
Total
Boston

Gold with Federal reserve
agents:
Nov. 2
Nov 9 .
Nov. 16
Nov. 23 . . .
Nov. 30
Gold redemption fund with
United States Treasury:
Nov 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Gold held exclusively against
Federal reserve notes:
Nov. 2
Nov. 9 . . _
Nov. 16
Nov. 23. .
Nov. 30
Gold settlement fund with
Federal Reserve Board:
Nov. 2 .
Nov. 9.
Nov. 16
Nov. 23
Nov. 30 . _
Gold and gold certificates held
by banks:
Nov. 2
Nov. 9
Nov. 16—. ._
Nov. 23
Nov. 3 0 —
Total gold reserves:
Nov. 2
Nov. 9
.
Nov. 16
Nov. 23..
__
Nov. 30 .
Reserves other than gold:
Nov. 2___
Nov. 9 _.
Nov. 16
Nov. 23
Nov. 30
Total reserves:
Nov. 2_
Nov. 9
Nov. 16
Nov. 23 —_ _
Nov. 30
Nonreserve cash:
Nov. 2 _._..-_ „_
Nov. 9
Nov. 16
Nov. 23
Nov. 30 .
Bills discounted:
Secured by U. S. Government obligations—
Nov. 2.
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Other bills discounted—
Nov. 2
Nov. 9
Nov. 16
Nov. 23
_ ___
Nov. 30
_




New
York

Phila- Clevedelphia land

Richmond

1,609,809 121,793
1, 503, 631 98, 752
1, 566,186 111, 699
1, 569,165 118,688
1,476,253 96,394

350, 312
280, 312
325, 067
335, 068
275,067

129,058
114,318
112, 545
109, 566
108,287

40,072
47,006
41,168
41, 594
49,238

4,898
-7,130
3,175
5,519
7,166

10, 051
13, 370
11, 503
9,878
13,678

5,786
7,272
7,914
4,161
5,898

2,925
3,236
3,853
3,229
4,255

2,715
2,938
2,695
2,812
2,920

1, 649, 881
1, 550, 637
1, 607, 354
1, 610, 759
1,525,491

126, 691
105, 882
114, 874
124,207
103,560

360, 363
293, 682
336, 570
344, 946
288,745

134, 844
121, 590
120,459
113,727
114,185

206, 965
205, 724
196,868
207, 714
206,877

19, 377
23,898
35, 302
39, 448
38, 913

603, 971
669,435
603,856
588,007
631,911

36, 998
36,099
33, 527
22,880
39,799

261, 784
312,556
227, 303
272, 356
261,204

19, 654
37,092
27,701
41, 264
42,791

36, 542
35,032
51,284
39,284
53,423

28, 506
30,140
35,164
26, 531
23,922

677,945
689,849
678,230
661,172
647,584

37,987
38, 741
37, 255
34,040
32,770

423, 580
432, 734
436,129
422,981
415,208

28, 332
27, 258
26, 786
26, 001
26,186

39, 402 21,869
41, 092 19,443
41,035 7,604
41, 507 7,204
6,881
40,517

2,931, 797
2, 909, 921
2,889,4401
2, 859, 938
2,804,986

201, 676
180. 722
185'. 656
181,127
176,129

1,045, 727
1, 038, 972
1,000,002
1,040,283
965,157

182, 830
185, 940
174, 946
180, 992
183,162

69, 752
73, 481
78,070
73,183
69,716

134,856
131, 570 I
137,195
132, 687
134,904

14,926
15,244
14,404
13, 702
13,720

3,066,653 216,602
3, 041, 491 195, 966
3, 026, 635 200,060
2,992, 625 ! 194,829
2, 939,890 i 189,849
55, 657
53, 029
58, 563
54,117
58,274

6,703
6,583
6,803
6,344
6,475

208, 723
276,454
226, 958
286,826
345,070

12, 534
15,142
14,187
22, 330
21,843

170,498
184,187
140,478
131,469
131,955

15,421
16,974
9,521
17, 393
16, 727

23,745 " 8,394
22, 262 8,824
24,873 8,518
25, 618 8,377
24, 575 7,494
1,069,472
1, 061,234
1, 024,875
1,065, 901
989,732
19,238
16, 986
18, 973
15, 234
17,200

191,224
194, 764
183, 464
189, 369
190,656
993

888
868
832

204,040 16,662 158,045
202,488 20,960 157,410
193, 015 32, 607 150, 345
204,485 36, 636 141,003
202,622 35,993 134,603

282, 809
281, 848
289,187
288, 505
300,817
11,185
9,159
12,194 !
9,695
10, 748

Chicago

St. Minne- Kansas
Louis apolis City Dallas

San
Francisco

257,979
257, 979
257,767
257, 767
257,767

38,556
39,188
42,480
35,834
41,641

51,632
49,020
47,158
45, S27
46,481

49, 683
49, 786
49, 111
49,387
50, 282

31,901
33,235
36,331
34,127
34,083

200,148
200,183
208, 061
200,677
193,033

1,573
1,676
1,833
2,469
2,115

3,605
2,495
1,447
4,376
3,572

1,499
1,277
1,615
1,730
1,400

1,578
1, 940
2,183
2,483
1,779

2,419
2,003
2,248
1,567
2,410

1,687
1,640
1,396
1,609
1,635

1,335
2,029
1,306
1,761
2,410

159, 618
159, 086
152,178
143,472
136,718

261, 584
260,474
259, 214
262,143
261,339

40, 055 53, 211 52,102 33, 588 201,483
40,465 50, 960 51, 789 34, 875 202,212
44,095 49, 341 51, 359 37, 727 209, 367
37, 564 48, 410 50, 954 35, 736 202,438
43,041 48, 260 52,692 35, 718 195,443

9,586 103,065
5,451 87,477
7,258 91,396
2,633 65, 827
5,329 91,541

21,268
22,747
29, 337
23, 384
22,186

11,074
10,733
11, 967
9,573
15,845

25,241
26, 624
30,304
33,994
28,911

7,815
7,958
8,065
8,239
8,173

55,919
56, 407
54, 420
55,200
53,422

10, 681
12,152
12,158
12,675
11,467

7,111
7,552
8, 669
7,153
7,071

7,005
7,370
7,530
7,251
6,839

177,019
172, 495
167, 501
154, 344
150,220

420, 568
404, 358
405, 030
383,170
406,302

72,004
75, 364
85, 590
73, 623
76,694

5,163 12,941
5,077 13, 029
5,605 13, 780
5,144 13, 761
6,229 14,282

19,414 12, 361
18, 424 12, 384
18, 750 12, 859
16, 574 12, 995
17, 074 12,627

14,175 36,078
18,201 47,283
13,448 45,167
12, 792 37,489
9,963 36,997
7,004
7,058
7,148
7,234
7,333

31,240
32,084
31, 430
31,687
31,717

71, 396 84, 348 54, 767 268, 801
69,245 85,783 60,134 281, 579
69, 977 89,193 58, 324 285,964
65,136 92,199 55, 762 271, 614
71,176 88,442 53, 014 264,157
4,164
4,288
4,352
4,378
4,447

84,365 75,560
87, 748 73,533
98, 449 74, 329
86, 618 69,515
89,321 75,623

5,465
5,722
5,410
5,802
6,403

8,364
8,359
8,658
8,833
9,591

8,734
8,798
7,792
7,807
7,714

89,813
91, 505
94, 6031
98,001 1
94,845

63,131
68,493
66,982
64,595
62,605

277,535
280, 377
283, 756
279, 421
271,871

2,209
1,815
2,667 1 2,162
2,131
2,455
2, 340
2,494
2,588
2,087

2,746
2,634
3,007
3,500
4,140

5,796
4,97^
2,320
3,802
2,688

24,494
28,112
23, 261
35,690
36,669

4,869
3,745
3,058
3,218
4,096

14, 682
5,876
6,175
4,105
4,585

294,094 1
291, 007
301, 381
298, 200
311,565

74,915
78, 558
83, 675
78, 327
75, 945

189,960
185, 524
181, 281
168,105
164,502

439,982
422, 782
423, 780
399,744
423,376

3,996
2,760
4,701
2,978
3,935

3,850
3,642
4,442
4,266
4,676

3,714
3,862
4,202
4,096
4,218

6,357
6,395
6,066
7,538
7,583

3,270
3,315
3,427
3, 527
3,327

5,657 35,409
2,760 33, 408
6,611 21,196
10,958 34,883
13, 027 43,494

13, 398
12,122
8,293
11,754
11,421

1,104

6,597
6,011
8,247
6,159
10,403

13, 521 16, 553 21,082 18,141
14, 204 15, 395 22, 929 18, 756
9,214 12, 325 23,220 16, 990
5,896 11,049 25,962 15, 638
6,528 8,354 26,872 17,402

7,184
5,414
3,834
7,365
7,302

1,758
1,816
1,802
1,950
2,619

10,449
11,284
12, 299
10, 758
9,036

43,803 23, 381 29, 898 7,406
101, 019 23, 738 40, 922 7,906
6,377
75,109 20, 678 40,457
98,259 20,816 31, 640 10,021
132,873 27,490 33,459 10,599
32,082 14,756
53, 550 14,244
28,151 13, 889
14, 593 13, 542
15,242 13,192

Atlanta

850

1,030
'921
1,213

350
340
222
414

863

FEDERAL EESEEVE BULLETIN

DECEMBER, 1927

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS-Continued
[In thousands of dollars]
RESOURCES-Continued
Federal Reserve Bank

Total
Boston
Total bills discounted:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Bills bought in open market:
Nov. 2
Nov. 9
Nov. 18
Nov. 23.
_.
Nov. 30
U. S. Government securities:
Bonds—
Nov. 2.
___
Nov. 9.
__.
Nov. 16
Nov. 23
.
Nov. 30-_
Treasury notes—
Nov. 2
Nov. 9
Nov. 16
Nov. 23
..
Nov. 30
Certificates of indebtedness—
Nov. 2__
_„_....
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Total U. S. Government securities:
Nov. 2
Nov. 9
Nov. 16
_.
Nov. 23
Nov. 30
__..
Other securities:
Nov. 2
Nov. 9
NoVil6
Nov. 23
.
Nov. 30
Total bills and securities:
Nov. 2
.
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Due from foreign banks:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Uncoilected items:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Bank premises:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
All other resources:
Nov. 2
Nov. 9__
Nov. 16
Nov. 23
Nov. 30
Total resources:
Nov. 2
_
.
Nov. 9
_
Nov. 16
Nov. 23
Nov. 30-

73628—27-




New
York

Phila- I Clevedelphiai land

Richmond

Atlanta

Chi-

St.

cago

Louis
20, 582
17, 536
12,127

379, 221 27,955
460, 641 32,116
367,436 23, 708
418, 295 39, 723
477,025 38, 570

75,885
154, 569
103, 260
112,852
148,115

38,137
37,982
34, 56"
34, 358
40,682

43,419
55,126
49, 871
37, 536
39,987

23,959
23, 301
18, 702
21, 070
18, 953j

26, 739
25, 689
29, 831
36,920
39,899

53, 550;
52,164|
38,186
50, 521
60,896

334,576
336, 413
333, 807
326, 710
354,740

41,154!
41, 243
35. 244
36; 694
39,021

101, 649
91, 233
92,084
.84,645
104,063

22, 202
28, 231
30, 730
32, 297
32,048

19, 966
19, 873
17, 66!
16, 268
17,098

47,283
47, 853
48,114
50, 041
50,026

2,033
1,849
2,61'
2,723
2,546

38,193
43,1971
47, 844|
47,119
49,947

277,478
281, 656
264, 800
264, "264,732

13,641!
14,134
13, 799j
14,054!

49,157
50, 430
47, 357
47,356
47,946

15,954
16,466
16, 04"
16, 047
16,346

35,176
35, 532
33, 793
33, 792
33,963

6,753
6, 800
5, 931
5,931

102, 852i
94, f "
52, 529
51,428
55,611

6,353
5, 894
2,944
2,185
2,654

22,024
19, 861
7,326
7,326
8,305

146,046
153, 754
387,465
305,116
227,492

10, 024
10, 764
31,612
17,198
17,527

35, 223
37, 359
127, 682
73, 683
57,811

16,343
17,085
36, 528
25, 527
21, 912

526,376
530, 210
704, 794
621, 232
547,835

30,018
30, 792
48,355
33,182
34,235

106,404
107, 650
182, 365
128, 365
114,062

13, 799J

1, 240, 773
1,327, 864
1,406,652
1, 366,872
1, 380, 515
565
564
564
565
566

59, 774
59, 844
59,942
59,945
60,001
13,847
14,187
14, 895
13, 707
13,991

4,874
4, 955
5, 29"

19, 235 11,279 18,001
20, 359 11, 213 18, 230
20,227 10, 838 18, 469
4, 683 19,811 10,160| 18, 572
4,439 20, 590 8,926 18,414

8,707
8,177
4,680
3,697
7,622

?>"*

6,845
6,911
5,733
5, 705
5,680

48, 205
48,142
48, 043
45, 892
46,489

19, 519
19, 669
18, 224
18, 224
18,267

12,979 21, 520 19,661 28,068
13,338 21, 990 20.025 28,219
13,173 20,349 19, 292 25.059
13,173 20, 349 19,361 25, 059
11,042 20,412 19,542 25.060

1,464
1,282
811
810
811

12, 702
2,
2, 668 10, 644
4, 532
2,419
2,429 4,132
5,379
2,413

9,588
9,252
7,431
7,431
7,516

11, 388
12, 013
32, 445
33, 546
17,764

4,170
4,306
8,675
7,175
5,675

4,142
4, 274
6, " "
'
6,830
6,820

20, 257
21,111
48,835
55,166
32,147

41,952 59,124
42, 791 59, 578
75, 068
47,494 76,168
44,730 60,857

12,
12, 388
15, 417
13, 916
12,417

13,829
13, 853
14, 845
14, 964
14,913

81,164
79, 897
99,410
105,190

9,655 12, 560
9, 240 12,033
5,919
8,830
5,920 8,830
6,472 9,130

84,015

102, 391
109,104
123, 891
114, 249
117, 560

122, 509
134,577
142,402
129,972
117,942

83, 629
83, 542
82, 23r
85, 027
81,396

42, 601
41, 391
47, 293
54, 607
57, 618

36
36
36
36
37

213
213
213
213
213

47
47
47
47
47

52
51
51
52
52

25
25
25
25
25

20
20
20
20
20

176, 553
186, 963
227, 252
177,400
179,716

63, 013
53, 683
79,420
64, 382
58,705

60, 465
62, 238
75, 215
60, 537
59,801

172,
175, 258
185,440
202,830
194, 858

7,477 ' 6, 201
7,176
5, 763
4,440 2,886
4,439 2, 886
4,44l! 3,013

6,291
5,878
2,526
2, 575
3,012

5,695
5,109
2,465
2,465

2,465

8,274
9,462
8,555 11, 822
8,591
6,908 9,955 9,128 12, 260
17,062 13,302 19, 645 16, 713 28,273
17, 062 13, 303 19, 645 i4, 708 21. 273
12,116
7,793 14,728 14,927 18,272
37,381

37, 512
42, 717
42, 717
37,899

26,842
27,422
30,915
30,915
23,276

34, 507
35,031
38, 531
38, 644
37,481

45,585
45, 588
55, 797
48, 797
45,797

. 65, 508 63,173
66, 216 61,980
74, 264 62, 37f
69,957 62,338
66, 518 62, 679

93,468
87, 753
89, 913
92, 289
94, 673

37,183
37, 708
42, 880
42, r38,153

62,837
60, 00<
60,141
66, 519
61, 061

50,437
53, 681
53,625
48,144

67
67
67

21
21
21
21
21

15
15
15
15
15

18
18
18
18
18

17
17
17
1'
17

34
34
34
34
34

25, 605
27, 649
34,825
28, 209

84, 956
77, r~107,
82, 283
76,998

34,840
36, 060
44,280
34, 392
33,826

16, 324
16, 088
19, 313
15, 306
15,204

43, 532
53, 294
41, 667
40,867

30, 714
31, 822
36, 357
28, 973
29,793

39, 333
39, 541
51,402
41, 516
42,352

2, 564
2, 591
2,689
2, 689
2,737

2,901
2,901
2,901
2,904
2,904

8,667
8,710
8,710
8,710
8,710

3, 957
3,957
3,957
3,957
3,957

2, 774
2,774
2,774
2,774
2,774

4.475
4,476
4.476
4,476
4,476

1,827
1,827
1,827
1,827
1,827

3,519
3.519
3; 519
3,519
3,519

507
48'
601
602
537

470
47
478
481
585

872
885
930
872
863

206, 228
208, 901
229, 71.6
217,215
209,849

161,147
166,580
170,170
160,569
159,593

417,507
424,743
442,561
421,151
417,452

3,'946

16, 276!
16, 276
16, 276
16, 276
16,284

1,749
I, 1 "'"
1,749
1,749
1,749

106
105
103
104
97

5,281
5,472
4, 722
4, 959|
5,Q71|

165
162
249
270
341

1,109
1,153
1,192
1, 210
1,229

468
462
456
461
502

1.407
1,395
1,391
1,415
1,384

1,357
1,474
1,374
1,364
1,360

1,570,9711 359,498
-. m n Cn* 360,502
1, 620, 596
1, 670,020 389, 708
1, 605, 845 370,934
1,574,456 369,890

490,179
489, 587
540, 273
505,097
502,671

225, 916
231,058
248, 735
231, 335
225,082

266,208
262,742
271,913
259,356
257,634

714,293
692,072
733,236
702,536
712,952

3,946

17,046
17,295
20, 546
16, 917
19,439

500
500
515
535
555

61, 300
52,921
83,428
65, 567
60,830
7,119
7,118
7,118
7,118
7,118

3,946

19,119
18, 723

260

283,
353,452
377,709
325,862
366, 240

404,84.3
373,068
405,086
5,194,642! 381,437
5,145,467: 379,380

5,152, 393
5,166,941!
5,466, 667i

39,176
33, 988
29,436
39, 795
41, 254

99,127
104,151
107,307
109, 599
111, 826

715,124 78,323
669,962 62, 281
899,416 86,831
706,811 66, 579
692,230! 67,150

2,108
2,156
2,024
2,364
3,723

San
Francisco

10, 665
8,719
5,378
7,120
6,784

100
100
100
100
100

600
600
615
635
915

M i nne- Kansas Dallas
apolis City

767 " 1,338
760
1,353
762 2,632
770
1,199
751
1,271
190,057
191, 864
211,037
195,804
192,264

145, 546
145,228
154,212
143,363
144,244

864

FEDERAL RESEIIVE BULLETIN

DECEMBER, 1927

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
LIABILITIES
Federal Reserve Bank

Total
Boston

Federal reserve notes in circulation:
Nov. 2__—._
Nov. 9___
Nov. 1 8 --.
Nov. 23.
Nov. 3O._
_-.
Deposits:
Member banks—reserve
account—
Nov. 2
.
...
Nov. 9.
Nov. 16-__--—_
Nov. 23
Nov. 3O.._
—.—
Government—
Nov. 2,_
...
NSv.9
Nov. 16
-.
Nov. 23
Nov. 30
Foreign bank—
Nov. 2___
__...
Nov. 9
Nov. 16...
_._.
Nov. 23..
Nov. 30
Other deposits—
Nov. 2
Nov. 9.-..
Nov. 16
Nov. 23
Nov. 30
_
Total deposits:
Nov. 2
_
Nov. 9
.
N o v . 16
_
N o v . 23
N o v . 30.
_
Deferred availability items:
Nov. 2
_
Nov. 9
N o v . 16.
N o v . 23
N o v . 30
Capital paid in:
N o v . 2.
Nov. 9
N o v . 16
N o v . 23
N o v . 30
Surplus:
Nov. 2
_...
Nov. 9...
N o v . 16
_.
N o v . 23
N o v . 30.
All other liabilities:
Nov. 2
_
N o v . 9__
_
N o v . 16
N o v . 23.
N o v . 30

Total liabilities:
Nov. 2
.
Nov. 9
Nov. 16
Nov. 23
Nov. 30.

New
York

1,717,116
1, 734, 696
1, 706,436
1, 728, 703
1,716,574

139,832
138, 331
135,134
136, 029
134,781

372,144
373, 629
366, 570
369,132
362, 735

2, 362, 429
2, 368, 905
2,499,978
2, 392, 520
2, 378,563

161,485
150, 666
159, 307
153, 208!
151,491

Phila- Clevedelphia land

920,480
957,r"
987, 847

St.
Minne- Kansas Dallas
Louis apolis
City

I

San
Francisco

76,478 148,067

235, 654
236,447
232,434
241, 814
246,426

53,016
53, 200
53, 208
53,131
53,420

63,804
62, 636
62, 681
61, 708
61,664

64,742
65,683
65, 796
68, 033
65, 582

50,837
51, 242
50, 274
49, 718
48,771

171,543
171,983
170,943
171.340
169', 180

76,011
74,918
79,002
75, 397
71,071

67, 800
64,334
69, 764
66,970
67, 634

348,8871
329,815|
345,116
329,434
342, 432

83,138
83,082
90, 474
87, 570
84,210

54, 804
55, 707
60,445
55,007
56, 511

88,051
89,179
96,023
95, 961!
90,428|

66,377
67, 760
69, 087
87, 481
67,882

175, 211
181,016
188, 710
175,745
175,432

159
2,1951
43
115!
124!

509
1, 706
11

765
939
380
189

398
1,292
141
143

386
2,162
78
52
13

429
1,294
521
784
114

583
583
583
583
583

286
286
286

226
226
226
225
226

165
165
185
165
165

204
203
203
203
203

192
191
19J
19;
191

385
385
385
385
385

1,
282
1,078
307
2, 868| 7,029
973j 3,093
2,181

209
155
3,006
1,369
1,017

133
79
1,052
956
378

26l!
266j
7,2581
3. 6141
2,220|

195
3£
856
507
174

3,968
4,100
4, 571
4,442
4,574

184,402
185,968
214, 610
188, 219
193, 290

76, 665
77, 554
82,337
77,167
72,498

68, 668
66, 345
71, 053
68,18'
68, 333

55,884
56, 997
62, 546
56, 229
57, 628

88,914|
90. 940;
103, 625!
99.9211
92,950|

67,130
70,149
70,194
68, 233
68,262

179,993
186, 795
194,187
181, 356
180,505

25,975 74,373! 35,963
25, * 69,571 36.894
33,46C 97,470 45,649
25, 563 76, 687 35, 790
25,62C 69,787 36,218!
i
5,323
17,377
5,14(
5,323
17, 367
5,13.
5, 324
17,362
5,136
5,324
17, 380
5,131
5,326
17,373|
5,13i

14, 290
13, 983
17,368
13, 707
13,311

38,509
38,182
46,198
37,132
37,210

128,303!
137,679|
131,4731
137,1771
137,835

208,484
213,357
209,496
215,027
211,635

72,
75,
76,
77,

137, 634
132,140
147, 958
137,059
939, 795 141,509

182, 551
182, 594
206, 265
183, 712
190,168
180
1,713
733
831
358

6,123
22,048
3,096
3S981
2,093

201
1,700
318
158
14.

539
3,484
27
585
783

359
1, 917
34
119

5,433
7,000
6, 63:
5,914
4,842

413
413
413
413
413

1.455
3, 023
2,659
1,
864

528
528|
528
528
528

30.309
25, 379
56, 282
33, 375
27,672

337i
218
3,563
1,107
820

22, 233
17, 454
15, 525
13,499
12,283

752
517
602
594

156,005
154, 992
151, 825
150,000

2,404, 294
2.423,332
2, 565, 993
2,435, 790
2,413,170

162,436
152,997
163, 601
154, 886
152, 738

654, 634
631, 752
816, 702
651. S39
637,726

74,935
54, 047
78, 683
62, 757
64,1271

148, 884
159,839
191. 560
149, 859
152,058

57. 223
52. 666
71, 564
59, 726
53,890

57,940
50, 837
76, 746
62, 368
58,270

56,932
58, 372
70,174
56, 916
56,476

131, 388
131, 381
131,623
131, 649
131,702

9,428
9,401
9,401
9,402

39,823
39, 823
40,070
40.134
40,167

13,245
13, 267
13,269
13, 269
13,269

13.953
13,956
13,956
13,956
13,952

6,248
6,249
6,249
6, 249
6,253

228, 775
228, 77f
228,775
228. 77£
228,775

17, 606j
17, 606J
17,606
17,606
17, 606

61, 6161, 61'
61, 614
61, 6161, 614

21, 267!
21, 267!
21, 2671
21, 267 i
21,2671

23,746
23, 746
23,746
23, 746
23,746

12,198
12,198
12,198
12,198
12,198

16,186
17,005
17,138
17, 786
17,524

661
757
720

3.799
4,036
4,148
4, 129
4,157

6571
731
747!
816
818

1,654
1,723
1,719
1,78:
1,778

1,121
1,168
1,175
1,211
1,183

81
80,
84
840

5,152,393
5,166,941
5,466,667
5,194,642
5,145,467

404,843
373,068
405,081"
381,43'
379,380

1,570,971
1,620,596
1,670,020
1,605,845
1, 574,456

359,498!
360,502j
389,708!
370,934
369,890

490,179
489,587
540,273
505,097
502,67:

225,916
231,058
248.735
231)335
225,082

266,208
262,742
271,913
259,356
257, 634

944.707 138,803
981, 655 134,892
1. 006, 058 151. 388
980,977 138. 679
953, 725 142,811

9,63!
9,63:
9,63:
9,63:
9,63:

1, 5251
2,119

1,527
478
757
10
237
237
237
237
237

1,012
441
150
1,161
340
186
4,893! 4,105 1,556
1, 272j 1, 675
868
1,050 1,568!
728
352,183
333,854
351,100
331, 700
344,405J

84, 509
85,186
95. 294
90, 239
86,025

31.881
31,881
31.881
31, 881
31,881

1,307
1,322

9,939

1,3231
3,094

714,:
692,072
733,236
702,536
712,952

1,381!
1, 336|

190,057
191,864
211,037
195,804
192,264

3,010
3. 014
3, 01.
3,012
3,011

4,231.1
4, 231!
4,23l|
4. 231|
4,231

4,276
4,276
4,273
4, 274
4,274

9,334
9,339
9,338
9,302
9,302

7,527
7,527
7,527
7, 527
7,527

9,939
9,939

2,825
2,952

30,053 39,557
32,018 39, 516
36,52: 51,009
29,409 42,025
29,387 41,366

9, 029
9,029
9.029
9', 029
9,029

8.21E
8,21£
S,21l
8, 215

16,121
16,121
16,121
16,121
16,121

1,03;
1,07
l,07i
1,18C
1,102
145,546
145,22<r
154,21:
143,363!
144,244!

836
837

821£
63'
68C
693
72C

847
206,228
208,901
229,716'
.
217,215 ,
209,849!

963
1,007
978

161,14*
166,58C
170,171
160,56!
159,595

417,507
424,743
442,561
421,151
417,452

53.5
56.4
55.6
54.8
53.5

78.9
80.9
80.5
79.2
77.7

MEMORANDA

Ratio of total reserves to Federal reserve note and deposit
liabilities combined (per
cent):
Nov. 2...
Nov. 9
._.__._.
Nov. 16
Nov. 23
_
Nov. 30




I

74.4
73.1
70.8
71.9

71.21

71.7
67.3
67.0
67.0
66.0

81.2
78.3
74.7
78.9
75.2

71.
71.5
64.9
68.
67.9

74.9
72.9
71.1
73.9
76.9

50.1
51.3
52.6
50.
51.0

84.5
83.
81.3
77.0
76.0

74.8
74.1
72.6
69.7
71.7

61.3
63.4
66.3
60.4
64.1

63.1
61.5
59.4
58.9!
63.4!

58.5
58.4
55.8
59.1
59.8

DECEMBER,

865

FEDERAL KESEEVE BULLETIN

1927

F E D E R A L R E S E R V E B A N K S — R E S O U R C E S AND LIABILITIES, BY W E E K S - C o n t i n u e d
[In thousands of dollars]
LI ABILITIES—Continued
Federal Reserve Bank

Total

Boston

New
York

Philadelph ia

Cleve- Richland mond

Atlanta

Chicago

San
St. Minne- Kansas
Louis apoiis City Dallas Francisco

MEMORANDA—continued
Contingent liability on bills
purchased for foreign correspondents:
Nov. 2
Nov. 9 . . . „ . . . . „ . . ,
Nov. 16.
Nov. 23
Nov. 30...
Own Federal reserve notes
held b y Federal reserve
banks:

Nov.
Nov.
Nov.
Nov.
Nov.

14,001
13, 727
13,727
13,727
14,009

51,628
50,465
51,923
54,451
51,142

404,179
369, 919
398, 754
385,420
410,131

2
9
16
23
30

186,595
182, 795
184,253
186, 781
186,186

29,448
27,908
29,852
31,846
30,800

127,380!
114,3431
121,118
122,364
128,743

17,921
17,571
17,571
17,571
17,931

1.9,788
19,401
19,401
19,401
19, 799

36,355 38,519
26,639 32,094
36,072 37,882
31,389 30,221
32,852 37,850

7,654
7,504
7,504
7,504
7,658

25,761
25,258
25,258
25,258
25, 776

8,027
7,870
7,870
7,870
8,032

5,600
5,491
5,491
5,491
5,603

6,907
6,772
6,772
6, 772
6,911

6,534
6,406
6,406
6,4.06
6,537

13,067
12,812
12,812
12,812
13,075

11,529 30,552
10,697 29, 720
12,519 30,747
10,556 30,400
16,804

51,366
49,968
52,548
46,729
47,798

6,485
6,733
6,217
5,648
5,926

5,
6,566
6,054
5,711
6,429

9,348
8,950
8,562
9,281
8,627

7,797
8,361
8,714
9,117

49,709
48,504
49,022
52,561
56,377

9,707
9,518
9,518
9,518
9,713

F E D E R A L R E S E R V E N O T E S — F E D E R A L R E S E R V E A G E N T S ' A C C O U N T S , BY W E E K S

[In thousands of -dollars]
Federal Reserve Bank
Total
New

Boston York
Federal reserve notes received
from comptroller:
Nov. 2
Nov. 9
N o v . 16
N o v . 23
Nov. 30
Federal reserve notes held by
Federal reserve agent:
Nov. 2
Nov 9
Nov. ]6
N o v 23
N o v . 30
_
Federal reserve notes issued to
Federal reserve bank:
Nov. 2
Nov. 9
N o v . 16
N o v . 23
N o v . 30.
.
Collateral held as security for
Federal reserve notes issued
to Federal reserve bank:
Gold and gold certificates—
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Gold redemption fund—
Nov. 2
Nov. 9
N o v . 16.
Nov. 23
Nov. 30
Gold fund—
N o v . 2_
Nov. 9
Nov. 16
Nov. 23
_.._
.__
Nov. 30
Eligible paper—
Nov. 2 . . . .
Nov. 9
N o v . 16
N o v . 23
._.
N o v . 30
-

Tot collateral:
Nov. 2....
Nov. 9.
Nov. 16
Nov. 23
Nov. 30
•„...




Philadelphia

Cleveland

274,833 113,515
272,081 118,468
279,008 117,
295,478) 116,704
297,715 120,461

2,921, 690': 236.280
2, 916,360! 233, 239
2, 919, 310; 231,186
2,934,163 231,175
2, 946, 575 238.281

782,604
771,052
770, 768
767,976
767,958

206, 058
209,318
207, 545
212, 5fi6
210,287

800,395
811, 745,
814,120
820, 040
819,870

67, 000
67; 000
66, 200
63,300
72, 700

283, 080
283,080
283. 080
276^ 480
276.480

41,400
45, 000
40, 000
44, 000
39, 600

27,830
26, 630
31,830
50, 230
48,230

2,121,295
2,104, 615
2,105,190
2,114.123
2,126, 705

169, 280
166, 239
164, 986
167,875
165, 581

499, 524 164, 658
487, 972 164, 318
487, r" " 167, 545
491,496 168, 566
491,478 170. 687

400,993
403,328
414, 574
415.467
405.468

3o, 300
35,300
35,300
35,300
35,300

215,150
215,150
215,150
215,150
205,150

106, 509
97, 318
101, 819
108,481
109, 775

17,493
14, 452
12, 399
19,388
17, 094

1,102,307
1,002, 985
1,049, 793
1,045, 217
961,010

Richmond

69,109
73,359
58, 952
76,417
77, 591

2,296,192
2,273,167
2, 245, 200
2,285, 58811
2,277,804

190,902
172, 111
170, 651
195,105
173,985

St.
Louis

MinSan
neap- Kansas Dallas Franolis
cisco
City

439,620
444,315
444,482
440, 743
446,924

79,121
80,033
79,125
78,479
78,286

87,518
87,626
87, .159
86, 533
86,087

111, 080
113,423
113,148
113,904
112,799

72,112
71,456
77, 052
76,349
75,805

279, 752
278,987
276,865
280,801
280,157

29, 234
32, 254
28, 554
28, 554
27,179

52, 640
51,650
52, 725
53, 055
54, 940

152, 600
157, 900
159,500
152, 200
152, 700

19,620
20,100
19, 700
19,700
18,940

18,234
18,424
18,424
19,114
17,994

36,990
38, 790
38,790
38, 590
38, 590

13, 267
12,417
18,417
17, 917
17,917

58, 500
58, 500
56,900
56,900
54, 600

247,003
245, 451
247.178
245,248
2-19,485

84, 281
86, 214
89,121
88,150
93,282

186, 557
184, 712
182, 572
180,400
176,875

287, 020
286,415
284,982
288, 543
294,224

59, 501
59, 933
59.425
58,779
59,346

69,202
68, 735
67,419
68,093

74, 090
74,633
74,358
75,314
74,209

58,845
59, 039
58, 635
58,432
57,888

221,252
220,487
219,965
223,901
225, 557

40,000
40, 000
40,000
40, 000
40,000

20,162 11,181
20,162 8,841
19, 917 12,068
19,918 9,089
19, 917 11,810

164,182 51,024
233,294 56,064
185,391 57,230
180,359 63,139
233,459 68, 048
514,494
513, 606
510, 458
515,427
508, 526

Chicago

239,197
236,362
235, 297
233,455
231,815

15,046
17,391
29,831
29, 830
29,830

18,117
18.117
18.118
18.117
18.118

7,800
7,800
7,500
7,500
7,500

12,267
12,267
11,372
12,267
12,267

17.313
17; 303
17,303
17,303
17, 303

40,000
40,000
40,000
40,000
40,000

14,040
12, 488
13,015
14,485
12, 622

1, 616
3, 569
2,776
6,806
6,163

6,228
3,393
8,127
6,286
9,285

2,979
2,979
2,767
2,767
2,767j

2,756
3,388
2,480
1,834
1, 641

2,365
1,753
1,286
'660
1,214

3,823
2, 926
4,251
3,527
4,422

3,932
3,528
4,824
4,280

19,778
19,435
19,205
18,897
18, 560

133, 700
135, 900
124,100
116, 600
107,200

255,000
255,000
255,000
255, 000
255,000

28,000
28,000
32,500
26,500
32,500

37,000 45,860
35,000 46,860
34,500 44,860
33,000 45,860
33,000 45,860

10, 500
12,000
15, 500
12,000
12, 500

140,370
140, 748
148,856
141,780
134,473

91, 638
27,
95, 232
32,347 85,880
39,483 97,481
42,334 110,633

25,355
22,394
17,332
23,719
23,085

21,097 28,230
22,280 28,414
21,970 31,291
21,890 26,978
24,033

28,620
26,904
23,802
25,646
25,152

47,824
42,124
34,077
43,254
48,085

63,911
61,582
59,812
59,553
64,726

72,729
71,300
69,128
67,817
70,514

60,521
60,139
60,133
59,773
59,235

247,972
242,307
242,138
243,931
241,118

69,000 115,000 117,877 150,000
49,000 45, 000 105,477 150,000
64,000 90,000 100,477 140,000
64,000 100,000 100,477 150,000
44,000 50,000 96,477 150,000

686,383
769, 536
679, 014
716,423
801,551

Atlanta

180,082
170,382
169,775
172,705
176,335

61,1
73,066
65,917
51,989
55, 394

69, 592
69,002
64,825
66,068
65,470

265,123
275,554
258,932
256,474
258,016

88,254
89,962
97,432
102, 704
101,463

186,674
184,813
182,692
180,486
176,937

349,617
353, 211
343,647
355,248
368,400

77,913
78,200
76,365
78, 549

866

FEDEEAL RESERVE BULLETIN

DECEMBER, 1927

MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY
FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Bills discounted:
Nov. 2
Nov. 9 _
Nov. 16...
Nov. 23
Nov. 30
Bills bought in open market:
Nov. 2
.„
Nov. 9
Nov. 16
Nov. 23
Nov 30
Certificates of indebtedness:
Nov. 2
Nov 9
Nov. 16
Nov. 23
._.
Nov. 30
Municipal warrants:
Nov. 2 .
Nov 9
Nov. 16
Nov. 23
Nov 30

W i t h i n 15

days

16 to 30
days

379,221
460,641
367,436
418,295
477, 025

301, 645
374, 863
301,989
354,146
412,153

20, 295
31, 230
19, 447
18, 668
19,893

334,
336,
333,
326,
354,

576
413
807
710
740

139,458
120, 217
117, 708
111, 725
137, 746

64,157
65,543
65, 940
64, 913
71, 372

146, 046
153 754
387,465
305,116
227,492

31 to 60
days

61 to 90
days

165, 540
83,122
5,064

91 days to
6 months

17,054
15,404
11,273
11,394
10,912

.5,727
6,180
6,416
6, 876
5,839

62,167
69, 864
76, 603
97, 576
108,980

.

34,175
32, 612
27, 885
26,525
27,224

66, 033
77, 645
70, 578
50,366
34, 501

Over 6
months

2, 761
3,144
2, 978
2,130
2,141

325
352
426
686
1,004

146,046
153,754
167,004
167, 068
166, 885

100
100
115
35
155

100

54, 921
54,928
55, 543

100
100
115
35
55

FEDERAL RESERVE BANKS-AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN NOVEMBER AND OCTOBER,
1927
[Amounts in thousands of dollars]
Total cash reserves

Total deposits

Federal reserve notes
in circulation

Reserve percentage

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

199,110
191, 792
298, 660
77,115
180,160
431, 038
88, 061
74, 782
93, 392
65, 477
283, 073

Total...

3, 011, 3

October

November

October

November

October

224,079
1,001, 225
212, 939
308, 831
66, 265
196, 780
474,171
82,147
84,121
93, 969
71, 476
273, 480

161, 702
946, 306
142, 328
192, 759
76, 719
70, 412
345, 669
87, 920
57, 823
94,240
69,165
184, 933

157,165
921,315
141, 539
190,085
74, 666
70, 827
346, 798
84, 745
55, 623
90, 542
1 66,429
181.122

137, 749
371,836
134,981
212, 307
76, 246
153,033
238, 934
53, 375
62, 458
65, 754
50,484
171, 921

143, 513
370,137
134, 393
213, 283
69,952
.161, 520
240, 380
50, 484
62, 504
64, 330
49,099
172, 601

3? 089, 483

2, 429,976

i 2, 380, 856

1, 729,078

1, 732,196

November

October

66.5
78.0
69.2
73.7
50.4
80.6
73.7
62.3
62.2
58.4
54.7
79.3

74.5
77.5
77.2
76.6
45.8
84.7
80.8
60.7
71.2
60.7
61.9
77.3

72.4

75.1

i Revised.
GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS, OCTOBER 20 TO NOVEMBER 16, 1927, INCLUSIVE
[In thousands of dollars]

Federal reserve bank

Transfers for Government account
Debits

Boston
New York
Philadelphia._
Cleveland
Richmond
Atlanta
Chicago
._
St. Louis
.Minneapolis...
Kansas City.,
Dallas
SanFrancisco,,
Total, 4 weeks ending—
Nov. 16, 1927
Oct. 19, 1927..
Nov. 17, 1926..
Oct. 20, 1926__.
1

Includes special bank transfer.




1

29, 500
79, 700
4,000
5,000
6,000
2,000
500

~2~5o6"
129, 200
56, 000
31,000
28, 000

Credits
1

3,300
34,000
29, 500
8,000
5,000
19, 000
4,500
21,400
1,000
3,500

129, 200
56,000
31,000
28,000

Transit clearing
Debits

Credits

1,022,036 1, 019, 513
3, 259, 264 3, 371, 668
795, 251
781, 623
732, 883
708,413
671, 994
683,115
334, 731
327, 246
1, 362, 202 1, 309, 837
613, 332
611, 905
215, 834
201, 486
460, 731
445,076
409, 766
445, 928
455, 388
10, 323, 952
9, 777, 563
9,166, 990
9, 320, 737

10, 323, 952
9, 777, 563
9,166, 990
9, 320, 737

Federal reserve note
clearing
Debits

Credits

5, 275
10, 605
6,195
9,096
2,557
3,365
7,742
1,671
1,661
2,301
1,291
3,242

4,461
15, 446
4,686
4,130
4,085
3,574
7,645
3,376
2,090
2,317
1,585
1,606

55, 001
55, 596

55,001
55, 596
53, 996
62, 450

62, 450

Changes in ownership

of gold through transfers and clearings
Decrease

Increase

29, 537
71, 545
19,137
64
15, 649
13, 276
49, 462
19, 278
9,919
5, 761
~2~290~
11, 324
123, 621

123, 621

Balance in
fund at
close of
period
33, 526
227,303
27, 701
51, 284
35,164
7,258
91,396
29, 337
11,968
30, 304
13, 447
45,167
603, 855
637,090
709, 239
745,617

867

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES, OCTOBER, 1927
[In thousands of dollars]
Federal Reserve Bank
Total

HOLDINGS ON OCT. 31,1927
Total bills and securities
__.„
Bills discounted.
Bills bought in open marketUnited States securities..
Other securities_-

New
Boston York

Philadelphia

Cleve- Rich- Atlanta
land mond

Chicag

San
St. Minne- Kansas
Louis apolis City Dallas Francisco

85, 382
27, 275
45, 730
12, 377

42,854 173,696
26, 787 56, 005
2,238 38,054
13,829 79,637

64,347
22,101
4,957
37,289

47,334
2,225
18,112
26,497
500

65,394
17,066
11,352
36, 976

62, 697
11,077
17,431
34,189

96,961
43,771
7,638
45,552

7,863

11,130

10,019
6
4

2,100
49

60

6,492
313
31

1,793

61

16,483
31
490

12, 662

622

3,903
10
58

1

34

59

76

61

40

2

11

1

1

1,276,082
411, 525
341, 620
522, 337
600

92,964
27,195
35,398
30,371

327, 574
100, 767
121,481
105, 326

99,945 116,934
39,053 38,203
19,338 19,891
41, 454 58,840
100

103,803
409
1,576

13,223

9,404

8,731

40

139

71

Bills Discounted
Rediscounted bills:
Commercial and agricultural
paper, n. e. s
Demand and sight drafts....
Trade acceptances
Secured by United States
Government obligations
Member bank collateral notes:
Secured by United States
Government obligations...
Otherwise secured

336

50

240,843
64,558

13,882

69,082
22,142

23,276
6,974

24,195
5,489

9,835
6,190

4,816
4,891

41,479
1,743

13, 700
1,525

334
96

5, 722
1,304

6,460
2,467

28,062
11,737

Total discounted bills ! „ „

411, 525

27,195 100, 767

39,053

38,203 | 27,275

26, 787

56,005

22,101

2,225

17,066

11, 077

43, 771

80, 230
105,485
71, 968
8,235

8,418
6,952
13, 253
530

21, 714
39, 034
22,456
3,393

2,508
6, 523
4,623
822

5,278
4,146
3,446
338

16,924
15, 314
6,416
1,330

713
682
698

9,645
12,105
8,383
695

1,378
1,525
811

3,884
8,069
2,670
632

2,905
3,464
2,062
360

6,047
5,311
3,610
135

816
2,360
3,540

66, 226
6,637

5,719
507

28,736
5,522

4,388
450

4,618
9

5,733

134

7,189
2

1,218
14

2,724
125

2,550
2

2,319

89S
6

432
124
2,283

19

432
124
70

24

2,056

13

11

35

11

8

9

9

IS

35, 398 121,481

19, 338

19, 891

45, 730

2,238

38, 054

4,957

18,112

11, 352

17, 431

7,638

13, 641
6,964
9, 766

49,157
21, 796
34,373

15,954
9,402
16,098

35,177
12, 538
11,125

6,754
1,532
4,091

6,834
2,906
4,089

47, 775
11, 666
20,196

19, 519
9,650
8,120

12,979
7,307
6,211

21, 521
6,207
9,248

19, 658
6,193
8,338

28,067
5,914
11,571

30, 371 105,326

41,454

58, 840

12,377

13,829

79, 637

37,289

26,497

36,976

34,189

45,552

90, 640 333, 503
33, 290 26,862
30, 086 103,444
27, 264 03,197

88, 733 118, 078
38,425 43, 720
12, 902 17, 950
37, 361 56,408
45

86,284
28,888
36, 582
20,814

42,069
25, 999
2,622
13,312
136

40,411
36,483
29, 286
74, 642

62,332
21,484
4,130
36, 718

38,766
2,672
11,937
23, 640
517

61, 659
15, 730
10,490
35,439

52,418
7,151
13, 598
31, 669

98,298
43,709
8,876
45,713

Bills Bought
Bills payable in dollars:
Bankers' acceptances based
on—
Imports
Exports
Domestic transactions...
Dollar exchange
Shipments between or
storage of goods in foreign countries...
Allother
Trade acceptances based on—
Imports
Domestic transactions.__
Bills payable in foreign currenciesTotal bills purchased

341, 620

United States Securities
277,036
United States bonds
102,075
Treasury notes
143, 226
Certificates of indebtedness
Total United States securi522, 337
ties
DAILY AVERAGE HOLDINGS DURING OCTOBER
Total bills and securities.
_ 1,213,191
BiUs discounted
424,413
281, 903
Bills bought.. _ _
506,177
United States securities
Other securities
_ _
_
698

i Includes $82,000 secured by adjusted-service certificates held under discount for nonmember banks.




868

FEDERAL. RESERVE BULLETIN

DECEMBER, 1927

FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MAEKET OPERATIONS DURING OCTOBER, 1927
[Amounts in thousands of dollars]

Total
Total Volume of Operations
BillsMiscounted for member banks *
Bills bought:
In open markets
_.
From other Federal reserve banks
United States securities bought:
In open market
„
From other Federal reserve banks
Municipal warrants bought

Philadelphia

New

Boston York

Atileve- Richland mond lanta

Chicago

Min- KanSan
St.
sas
Louis neap- City Dallas Franolis
cisco

266,962 270,482 1,441,179 174,

267,352 240,046 66, 254 253,110 115,797 32,847 86,300 77, 231 242, 291

579,262 .93,874 1,, 120,19

!41, 820 202, 661 60,766 172, 228 105,805J

455,688
24, 712

58,945

192,200
15,000
100

15,864
1,799

75, 547
4,050

95,128
2,335
1,757

2,462
56

193

58

239, 386 15,450 13,449 25,111
2,004
900 8,100

40,100
506

1,

4,002 37,725
2,551

8,110 67, 583 51,003 207, 707

2,611 11,365
1,800 5,401

9,060 10,133
1,950
1,050
100

4,174

5,281
300

6,621
1,350

7,222

6,651

6,198

103

779

7,509 21, 378 15,925 13,891
149
1,336
482 " " " 4 3
83
33

807

124

6,898 14,341 26, 546
3,401 2,600
8,087
1,200

8,038

2,096
767
25

750

2,050
45
25

Bills Discounted
Rediscounted bills:
Commercial and agricultural paper,
n. e. s
„___.
Demand and sight drafts....
„
Trade acceptances
Secured by U. S. Government obligations
._____„_____.,
Member bank collateral notes:
Secured by U. S Government obligations
„_
____„.
Secured by eligible paper 2
„„
TotalAverage rate (365-day basis), per cent—
Average maturity (in days):
•i.. Member bank collateral notes
£*? Rediscounted bills
„. _ _
Number of member banks on Oct. 31
Number of member banks accommodated
during month
_
_.
Per cent accommodated
„.„._„

817,861 .35, 758
661,988 55, 540

53

19

798,219 .07,
.86, 245 94,035 20,772 147,831 82,263
314, 627 32,866 48, 590 10i; 065 17,961 8,376 8,213

579, 262 .93,874 1,120,192 147, 513
3.50J

3.50

3.50

3.50

5.671
51.89
9,081

6.45
53. 62
414

4.30
57.28
935

2,377
26.2

135
32.6

315

82,428

17,883

766 172, 228 105, 805

16, 520

7,119 56,508 43,839 j 137,379
184 2,085 4,273| 68,208
8,110 67, 583 51,003 207, 707

3.50

3.50

3.50

3.50

8.18
52.29
777

5.26
48.68
838

2.96
49.78

12.28
45.71
466

12.34
53.28
1,294

345
44.4

219
26.1

196
34.5

140
30.0

391
30.2

191
32.0

66
8.9

185;
19.0

9

1,486 17,262

670

3,704

2,7111

3,787

1,941

7,661

4,187J

7,498 7,356
3,056 18, 645

3.50

3.50

6.58 11.56
35.03 104.25
742
596

3.50
4.86
77.56
972

3.50

3.50

7.32
4.39
46. 26 67. 36
8111
75!

i?i

119
17.5

Bills Bought in Open Market
From member banks..„..._
From nonmember banks, banking corporations, etc.:
Bought outright
„
Bought with resale agreement.
Total .
Bills payable in dollars:
Rates charged—
3 per cent___
.
33^ per cent
3J4 per cent
„
3% per cent.
%y2 per cent
__
_
.„
3^8 per cent
______-__3M Per cent
_
.
Average rate (365-day basis),8 per c e n t . . .
Average maturity (in days) .
Class of bills *—
Bankers' acceptances based on—
Imports
Exports
Domestic transactions
Dollar exchangeShipments between or storage of
goods -in foreign countries __ . _
All other
...
Trade acceptances based on—
Imports
„_.„.
Domestic transactions
Bills payable in foreign currencies

Total.
United States Securities Bought in Open
Market
Bought outright:
United States bonds
Treasury notes
Certificates of indebtedness.
Bought with resale agreement...
Total.

10, 295

130, 215
243,045

11, 507
29, 555

43,000 14, 583
179,866

455,688

58, 945

239,386 15,450 13,449

137,496
3,175
303,242
8,846

15,841
263
42, 580
261

49.45

3.22
56. 63

43,409
431
194,610
375
327
134
100
3.23
43.70

43,113
72, 693
43,450
5,225

6,595
6,834
9,037
780

45,027
2,186

5,639
505

203
100

6,751

14,8161....

10, 915
11,923

i, 111

1,486 40,100

7,200 10, 335 6,154
1,068
579
'% 351 14,178
3,550
36
102
59

23,184
675
108
22' 11,857
4,068
306
10

2,611 11, 365

1, 970!

7, 667

569
72

3,681
14

3.22
59.05

3.13
43.71

3.28
67.49

3. 45
42.51

3. 22
43. 43

3.15
47.79!

6,509
23, 346
10, 918
2,23C

2,011
5,840
3,024
702

3, 754
3,519
2,112
138

7,302
9,136
4,386
220

139
851
496

5,965
9,758
5,429
295

7531

15,915
380i

3,423
45C

3,190

4,017
50

6,363

558
14

3.1'
46.9i

3,47'
. 2,99:
4.17 i 1, 94!
54;
2,40C

14, 341 26, 546

5, 558 i 9, 334
17
8
26!
1,3141 4,789 19,604
210
71
11
3.12;
42.82s

3.15
41.62

3.18
43.17

2,226; 3,062] 1,323
2,192; 3,833 3,524
1,176! 1, 927 2, 579
185i
130..
1,111:
8!

2,083
250

322
153

11, 285

7,901

2,031
2,418
3,589

191
31

191
31
727

727

212,643

29, 39C

25,871
50,042
48,403
67,884

1,91:
4,48£
3,45*
6,00c

192,200

15,864

59, 520 15, 45C 13,449 25,111

1,486

\ 177J

6,518 1,761
13,296 4,081
14,173 3,21'
41, 560
75,547

2, 611 11, 36c

2,029
4,481
3,623

701
1,518
1,955

1,385
1,226
1,391

3, 662
7,149
6,599
20,315|

1, 220
1,892
2,169

1, 27
3,036
2,312

1,6631 1,715
3,040| 3,418
2,965| 2,954

9,06C 10,133

4,174

4,002 37, 725;

5, 281

6, 621

7,668

1 Includes $4,000 secured by adjusted service certificates discounted for nonmember banks.
2 Includes bills taken under a resale contract.
* Exclusive of bills bought under a resale contract.




545

I

869

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

WEEKLY REPORTING MEMBER BANKS
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
Federal Reserve District
Total
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chic

Minneap- Kansas Dallas
City
olis

« ° Louis

Loans^and investments—
L total:
21,093, 734 536, 292 7, 948, 018 1, 213,113 2, 077,155
691,990] 616, 049 3, 026, 041 715, 301391,665 626,898 434, 803
Nov. 2...
21,171, 883 1, 532,965 8, 013, 914 1, 202, 221 2,082, 668
695,377 615, 294'3, 034, 7121 717, 606
394,1811 630,534 438,427
Nov. 9__.
21,423, 702 J 545,345 8,138,443 1, 220, 569 2,092, 267
701,014 625, 346 3,063, 016 718, 64.3394,216! 634,829 446,151
Nov. 16..
1,
21,443,617 535, 749 8,131,150 1, 213, 746 2,099, 514
702,974 623,172 3,073, 874i 727,070 394,2761 637,324 440,153
Nov. 23..
21, 543, 507 531, 756 8, 264,835 1,219, 721 2,094, 630 309 621, 781 3, 050,054J 729, 591391, 937 637,133 437,967
700,
Nov. 30.
Loans and discountstotal:
Nov. 2
15,029,134 059,468!5, 715,985 802, 892 1,374,670 524,378| 501,198 2, 236,397 516,478 269,064 417,211 339,058
15,083, 582 062. 814^5, 764,091 795,5111,378,471 522, 774 502,16712, 240, 293517, 572 270,582 418,339 343,340
Nov. 9
.
15,130,322 053', 815:5,832,179 795,319 1,371, 875 523, 619 499,85312,238,098 515, 712 267,028! 419,190 343,080
Nov. 16
15,130,495 044, 778 5, 802,039 793, 357 1, 383, 584 529,003 495,85512,253,119 523,187 266, 5711 420,830 338, 680
Nov. 23____
Nov. 30
_. 15,214,066 044}662|5,922,779 800,497 1, 378, 341 530,163 496,16112, 218, 744 524,878 263,609! 419,266 338, 087
Secured by U. S. Government obligations—
17,359
42, 919
5,251
2,782
124, 944
8,200
Nov. 2
.
20,476
5,869
5, 34.5
4,835 2,382j 4,156
16,909
8,345
43, 391
19,059
4,782 2,394| 4,0481 2.802
125, 048
Nov. 9
_.
5,840
4, 859
7,316
16, 551
4,996 2,361
7,121
41, 649
18, 640
4,146!
2, 738
121,887
6,167
Nov. 16....
4,889
7,318
4,630 2,366
16, 394
6,761
39, i" "
17,689
115,381
5,892
3,886J
2. 715
4,939
5,293
Nov. 23
.....
15,443
7,147
46,310
4,647
121,706
6,078
18,4571 4,611 2,331
3, 8041 2, 750
5,090
Nov. 30.....__
Secured by stocks and
bonds—
6,122, 581 399, 733 2, 644,414 405,440 586,537J 155,08|lll8,042 985, 521 208,401 85,781! 120,761 83,111
Nov. 2.
974, 203 209,051 87,068| 118,608 84, 396
6,121, 880 392,022 2,664, 934 402, 643 591,228! 156,135
Nov. 9...
Nov. 16
... 6, 230, 316 381,8622, 755, 295 403,996 583,289! 159.603 114^ 216 991, 066 207,472 91,5651 121,931 84,492
372,559 2,728,809 399, 208 598,689 j 159; 645 113,982 999, 694 210,348 92,810 120,650 81,864
6, 216,435
Nov. 23
6,285,995 372,185,2, 836, 383 410, 322 593,127 161,389 113,266 959,825' 210,623 90,827 120.225 82,937
Nov. 30
I
All other loans and
discountsNo v. 2
8, 781, 609 653, 8663,028, 652 389, 252 770, 774 364,046! 377,8111,230,400 303, 242 180,9011 292,294 253,165
Nov. 9....
8, 836, 654 664,9523,055, 766 384,523 770,334 361,780 i382, 724 1, 247, 031 303, 739 181,120| 295,683 256,142
8, 778,119 665, 7863,035, 235 384, 202 772,035 359,1.27! 378,31911,228,392 303, 244 173,102 293,113 255,850
Nov. 16
Nov. 23_
_.. 8, 798, 679 666,327,3,033,540 387.388 768, 501 364,4191 376, 580! 1,235,736 308,209 171,395 296,334 254,101
666, 399 3,040,086 383, 028 769, 771 364,1271 377,805|l, 240,462 309,644 170,451! 295,237 252,400
Nov. 30....
i
I
In vestments—total:
Nov. 2
. . . . . . 6,064,600
410, 221 702,485 167, 612f 114,851! 789,644J 198,823 122, 601 209,687 95,745
4C6, 710 704,197 172, 603 113,127 794,419J 200,034 123,599 212,195 95,087
Nov. 9__
_. 6, 088, 301
6, 293,380 491, 530:2,306, 264 425, 250 720, 392 177, 395 125, ' " " 824, 918| 202, 931 127,188 215, 639 103,071
Nov. 16....
6, 313,122 490,971 2, 329, 111 420.389 715,930J 173,971 127,3171 820,755] 203,883 127, 705 216,494 101,473
Nov. 23
6, 329,441 487,094 2,342,056 419,224 716,:— 170,146 125, 620 831, 310 204,713 128, 328 217, 86" 99,880
Nov. 30
U. S. Government
securities—
Nov. 2
2,582,082 162,966 989,017 103,674
73,888 53,357 311,736 73,400 66,6731 94,438 64,
2,576,488 160, 9231 993,538
Nov. 9
97,556 307,3261 75, G99 51,877 311,585 73,461 65,5621 94,858 64,105
2, 770,789 180,686!l.037,552 114,518 324, ~~~! 82,241 64,116 345,249 76,515 68,423 100,032 72,044
Nov. 16
2, 788, 237 183,4331,063,849 110, 558 319; 554| 76,865 62,193 345,093 77,456 68,175 100,615 70,041
Nov. 23
102,406 68,465
2, 791,164 178,859il,0«\5,201 107, 702 318,986| 74,323 61,279j 353,28l| 77, 789
Nov. 30
Other bonds, stocks,
and securities—
3,482,518
313,85811,243,016 306,547 393,529 93,724| 61-, 494 477,908 125,423! 56,928 115,249 30.856
Nov. 2—_..__
3,511,813
309,2281,256,285 309,154 396,871 96, 904j 61,250 482,834 126,5731 58,037 117,337 30;982
Nov. 9
3, 522.591
310,844il,268,712 310,732 395,490 95,154 61, 377 479,669 126,416 58,765 115,607 31,027
Nov. 16
307,5381,265,262 309,831 396, 376 97,106| 65,124 475,662! 126,427 59,530 115,879 31,432
3, 524,'885
Nov. 23
308,235:1,276,855 311, 522 397, 303 95, 8231 64, 341 478, 0291 126,9241 5 9 , " 115,4.61 31,415
3, 538, 277
Nov. 30...
Reserve with Federal reserve bank:
1,732,771
40,332! 264,769! 48,849 28,198| 53,771 32,956
105,401! 798,409
80,670 125,120
Nov. 2
_.
1,756,218
100,666! 839,170
78, 773 127,380 45,344! 37,273; 247,8031 50,102
54,685 33,922
;
Nov. 9
„„___.
1,825,648
104,6641 856,450
89^ 154 143,736 44,159j 40,915i 254,9991 "" ~~~ 2 9 , ; 58,613 '33,565
12,793
Nov. 16
1, 759,392
101, 577 i 839, 3491
82, 097 125,425 45,469 40,133! 243, 564 51, 785 27,423 60,175 33. 304
Nov. 23
1,760,231
103,204 816, 333 j 86S 358 132, 647 43,912 39, 624 260,252| 49, 866 28, 950 55,423 33; 857
Nov. 30
L
41, 585
Cash in vault:
70,822J
15,679 29,9571 12,893 11,507
18,412
258,877!
43,792
7,740
5,735 11,503 10,057
Nov. 2
:
81,219!
19,667 33,064} 15,213 12,032
18,773
287,285
48,5o8|
8,053
6,093 12, 902 10,173
Nov. 9
71,009!
17,401 30,576 13', 939 11,180
18,854
263,509
43,984!
7,941
Nov. 16
5,8381 11,697
9,628
81,309!
19, 543 32,459 14,480 11,316
17,400
280,337
45, 522!
8,080
Nov.
5, """ 12,226 10,096
17,910 32,674 14,166 11, 729 48,2611 8,313
19,096!
12, 585 9,437
N o v . 30
|
276,835
5,




J

i

San
Francisco

816,409
813,984
843,863
864,615
863, 793
, 272,335
, 267, 628
, 270, 554
, 279,492
, 276,879
5,370
5,303
5,311
5,126
5, 038
329, 759
329,465
335, 529
338,217
334,886
937,206
832,860
929,714
936,149
936,955
544,074
546,356
573,309
585,123
586,914

279,998
304,511
310,405
314,439
263,986
266,358
268,798
274, 718
272,475
108,952
114,015
115,330
110, 648
112,132
20,780
21,538
21,462
22,218
22,920

870

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

REPORTING MEMBER BANKS IN LEADING CITIES—Continued
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS-Continued
[In thousands of dollars]
Federal Reserve District
Total
Boston

Net demand deposits:
Nov. 2
-_. 13,463,552
Nov. 9...
, 13,530,480
13,763,419
Nov. 16._
Nov. 23
__. 13, 727,496
13, 954,164
Nov. 30.
Time deposits:
6, 354, 969;
Nov. 2
6,405,155
Nov. 9_
6,424, 238
Nov. 16.....
6,467, 899
Nov. 23
6,472, 701
Nov. 30
Government deposits:
178, 505
Nov. 2
120,034
Nov. 9
315, 296
Nov. 16_._
110, 973
Nov. 23__
11,133
Nov. 30
Due from banks:
1,253, 955*
Nov. 2
1,223,822
Nov. 9
1,346,170
Nov. 16
1, 259,153
Nov. 23
1, 259,964
Nov. 30
Due to banks:
3, 610, 093
Nov. 2
3, 570, 213
Nov. 9
3,715,174;
Nov. 16
3, 596, 789'
Nov. 23
3, 763, 298;
Nov. 30
Borrowings from Federal
reserve bank—total:
232,011
Nov. 2
310, 438^
Nov. 9
_
232, 568^
Nov. 16
274,0811
Nov. 23
330, 525
Nov. 30
Secured by U. S. Government obligations—
142,150
Nov. 2
205,623
Nov. 9
161,856
Nov. 16—
212, 340
Nov. 23.
__.
265, 501
Nov. 30.
All other—
89,861
Nov. 2
104,815
Nov. 9
...
70,712
Nov. 16
61, 741
Nov. 23
...
65,024
Nov. 30
Number of reporting banks:
Nov. 2.
660
Nov. 9
659
Nov. 16
659
Nov. 23.
.
_
659
Nov. 30
_




New
York

Philadelphia

986,619 5,870,502
962,971 5,923,191
973, 695 6,059,827
~ 6,
955, 120 6, 036, 574
,
967, 684 6, 205,991
,

Cleveland

782,383 1 032,411
778,511 1 037,135
784,968 1 052,867
781,845 1 069,820
794, 090 1 078, 281

477, 967 [ 535, 604 273,450
'
,
1
,
486, 693 . 556, 056 272,180
,
I,
1.
488,
293,569
.
1,856 1, 564, 617 297, '""
489, 504 1 1, 652
494, 538 . 574, 075 295i 0811
1,
69,112
46,463
81,028
28, 368
2,879

17,927;
11,965 !
25,982
9, 7611
974

12, 777
8,617
24,997
9,0631
875

72, 877
57, 083
60,441
56, 344
64, 542

151, 629
140,265
148,191

61,816'
55,835|
78,989!
69, 438j
68, 205;

112,896
100, 749|
119, 390
105, 244
111, 142!

179,498 ;
175,311!
186,772'
179,432

253,250 !
244,942!
269,886!
272,304;

•

144, 596

172, 8111,, 393.484
.
163, 6301;, 339, 075
167,
,393,248
164, 0821,
,321,861
165, 4561. 505, ~~
,
1501

Atlanta

392,900
394,648
399,439
398, 045
403, 582

333,540 1,838,555
335,5221,838,418
337,955 1,849,956
332, 603 1,850, 574
334,297 1, 858,993

5,986 9,140
4, 0141 6,1371
6,789 19, 688
2, 370; 6, 888|
244|
681
62,936
58,322!
63,424i

89, 315
91,227
98,762
.4,417

64,8
131,506!
133,8691
142,211
134,788

135,046
138,232
141,467
131,190

182,030. 269,225j 138,396 127, r "
14,041!
13,43l!

St.
Chicago Louis

414,627
420,717
430,232
432,182
433, 958

Minneap- Kansas Dallas
City
olis

San
Francisco

254,058
°~« Qni
256,301
253,059
248, 775
248,825

779,318
788,901
816,197
814,173
829, 714

481,255
487, 968
496, 718
500, 973
493,131

17, 575
11, r "
43,122
15, 078
1,496
231,621
237,296
253, T"233, 605
233,155
505,092
502, 310
525,256
514, 375
506, 928

4,230
2,841
6,413
2,245
221

675!
523i
2.937]
I,' 026i

6,104
13,944
4,567

991

58, 417
66,021
63, 604
57, 545

67,220J
65,227
62,705
61,407
57, 888!

121,739j
119,192
144, 025
129, 826
129,113

152,186
152,805:
158, 979
156, 336
156,803

115,930
112,495;
111, 114!
107,203 i
104, 82f

206,814
209, 846
229,891
221, 247
222,907

9,100|
7,457!
4, 328:
6,155|
5,877

32, 813
27, 891
24. 524
34; 423
35, 713

4, 624|
3,712
5,754
4,017

5,455
4,715!
2, 0291
6,120!
2,337

24, 785
26, 225
23,050
33, 865
35, 060

4,598
5,051
6,084
5,066
3,566

3,645
2,742
2,299
35

8,028
1,666
1,474
558
653

31,322
12,179
42,801 13,1711
38,
9,499
25,872; 11, 321
28, 7251 10, 077

13,927
13, 029
17,007
23,116
2 6 , f" •

9,222
33,746 11,693
8,763
31, 609 9,040
18,401 3,909!
11,83S|
31,601 1 0 , 6 0 3 ! I
9,0831
40, 399 9,922
1, 000; 11, 8821

7, 595 29,720
8,005 87,620
5,625 62,09,r
11, 960 80,877
11, 725 113, 777

6,651
6,810
6,495
5,494
11,485

21, 684
32, 507
33,044
23, 569
25,412

3,800
4,480
3,280
5,815
6,825

3,956
1,397
4,943
8,454
10, 619

24,430
22,125
11, 636
24,919
32, 375

9,450 _
8,027 _
3,905*
7,250 j
" ->70!

14,867
35, 500
17,436
4,296
5,214

7,390
6,621
7,073
6, 730;

9,638
10, 294
5,564
2,303
3,313

8,3791
8,69l|
6, 219|
5,506
3,252

9,971
11,632
12,064
14, 662
15,465

9,316
9,484
6,765
6,682
8, 024

2,243
1,013
41
3, 353:
3, 3521

71
71
71
71
71

67
07

33
33
33
33
33

97
97
97
97
97

48!
48!

149,318
171,773
175, 523
178,848
174,992
228,861
261, 364
254,171
260, 092
251,682

13, 568!
12, 2241
17, 973

36|
36!
36
36
36

72, 620'
68,436
74, 814
74,193
69, 504

16, 006
10,759
48,329
16,880
1,691

615
334
097
505
728

19,381 44,587
20,126 123,120
11,355 79, 531
24,510 85,173
23, 882 118,991

11, 786
12,121
5,730
12,550|
12,157

297,384
306,197
308,506
306, 812
305,618

879,100 242, 742j 245, 386 1,127, 275 236,411 131,042 160,70 112,171 933,113
888,417 248,866; 243,4101,132,004 237,541 132,529; 158,924 112, 743 935, 792
893,772 243,887! 245,2821,135,822 238,360 132,755! 1 5 9 , ^ 113,087 914, 242
**„,*,.,,
896,632! 244,880, 244, 980J1,137, 641 237,7031 134,535j 160,295J 113,226 931, 383
894,167j 244, 510; 245, 029 1,136, 046 239,195 134,085' 161,148! 113,457 941} 370

16, 777
11,288
36,745
12, 864
1,300

134,

Richmond

i
!
1,000!

24|
24
24
24
24

65
65
65
65
65

135,
136,
135,
133,
131,

57
57
57
57
57

871

FEDEKAL RESEKVE BULLETIN

D E C E M B E R , 1927

REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES
PRINCIPAL R E S O U R C E S AND LIABILITIES, BY WEEKS
[In thousands of dollars]
City

Total
Boston

New
York

Philadelphia

Cleveland

St. Minne- Kansas
Eichmond Atlanta Chicago Louis apolis City

Loans and investmentstotal:
761,799 115,
Nov. 2
113,390,875 1, 046, 516 6, 810,332 1,042,
Nov. 9 . .
_____ 13,455,435 1,041, 866 6,875, 965 1 031,944 762,512 115,492
',
Nov. 16
!l3, 627,903 1,052,93916,987,762 1,050, 720 761,1371 116,736
Nov. 23
_..„
113,634,051 1,045,04316,980,798 1, 045,395 765,159' 121,258
Nov. 30
|l3,745,964 1,042,515 7,113,218 1,051,160 763,815j 123,861
Loans a n d discounts—total: I
Nov. 2, ! 9,948,225' 802,592|5,028,412 703,546 592,0231 95,419
Nov. 9.
10,003,749! 805, 97015, 078,478 696, 701 591,812! 95,096
10,040,446i 796,929 5,137,473 696,702 586,4911 95,721
Nov. 16
789,332 5,108, 290 695, 246 592, 981! 100,015
Nov. 23
__ 10, 033,410
792, 536 5, 224,483 702,367 591,5911 101,795
10,127,150
Nov. 30
Secured b y U. S. Government obligations—
4,384
4,479
7,553
605
Nov. 2
..„
81,661
4,360
41,183
4,265
7,700
Nov. 9
80,415
596
4,709
39,556
4,068
6,489
480
Nov. 16
77,482
4,443
3,951
37, 985
6,181
Oct. 23
73,623
4,186
3,963
44,489
6,567
Nov. 3 0 . 80,979
Secured b y stocks a n d
bonds—
293,858:2,315,640 355,142 205,022 23,383
Nov. 2 . . . .
__. 4,372,139
287,957|2,337,367 352,796 205,888 23,017
Nov.9..._
I 4.377,202
277,125|2,421, 646 354,215 202, 515! 24,304
Nov. 16
4,465,859
267,766 !2,394,992 349, 736 211, 242 25, 277
Nov. 2 3 . . .
__.| 4,449,738
270, 667|2, 499, 022 360, 776 208, 325 26, 510
Nov. 3
4,527,230
All other loans and discounts—
504,350 2, 672,076 340,851 382, 522 71,431
Nov. 2_
| 5,494,425
513, 653! 2,699,928 336, 205 381,659| 71,48r
Nov. 9
5, 546,132
Nov. 16.6,497,105 515, 095:2, 676, 271 335,998 379,908 70, 93'
517,123J2,675, 313 339, 329 377, 788i 74,241
Nov. 23
5,510,049
Nov. 30
5,518,941 517, 683 2, 680,972 335, 024 379, 303 74,812
Investments—total:
243, 924 . 781,920 338, 543 169, 776 20,384
1,
,
Nov. 2.
3,442,650
235,896 1,797,487 335,243 170, 700 20,396
Nov. 9
3,451,686
256,
, 850,289 354,018 174,646 21,015
Nov. 16
3,587,457
,
Nov. 23
__._ 3,600,641 255, 7111. 872, 508 350,149 172,178 21,243
348, 793 172,224 22, 066
249, 979 '., 888, 735
Nov. 30
3,618,814
>
,
1
IT. S. Government securities—
93,043 892,405
Nov. 2__
____ 1,581,899
86,226 77,430
4,908
90,884 900,090
Nov. 9
1, 578, 085
80, 490 76,281|
5,109
97,072 79,148| 5, 742
Nov. 16__
—- 1,701,741 109,589 943,202
112,838 969, 837 93, 614 77,103
5,393
Nov. 23
1,723,547
108, 740 970,963
90, 755 75, 900
5,347
Nov. 30
1,724,221
Other bonds, stocks, and
securities—
Nov.2_1,860,751 150,881 889, 515 252,317 92,346 15,476
!
145,012
254, 753 94,419 15, 287
Nov. 9
1,873,601
146,421 907,087 256, 946 95,498 15,273
Nov. 16__
— _ 1,885,716
142, 873 902,671 256,535 95, 075 15,850
Nov. 23—.
1,877,094
141, 239 917, 772 258,038 96, 324 16, 719
Nov. 30.
1,894,593
Reserve with Federal reserve
bank:
73,137 37, 961
7,607
81,479 737,190
Nov. 2
.
1,243,127
71,290 43,004
7,534
79,409 780,489
Nov. 9
1,275, 846
79, 746 791,8771 81,434 45, 540 8,419
Nov. 16
1,319,220
79, 359 776, 674! 74, 056 39,380
8,497
Nov. 23__._...
_
1,270,110
78, 702 754, 737! 79,947 41, 233
5,997
Nov. 30
1,274,174
Cash in vault:
57, 7311 12, 912 8,857
7,735
755
Nov. 2 - .
.—
120,800
65,113! 16,600
9,945
7,872
1,034
Nov. 9
„
136,354
58,038j
9,005
7,760
14,459
772
Nov. 16__
123,934
66,833
8,662
7,980
16,167
950
Nov. 23
.._.._„
135,441
59,961
8,358
14,941
932
9,578
Nov. 30
_.
131,596
N e t demand deposits:
Nov. 2
_
9,329,965 739,206 5,285,678 693,305 272,432
275, 903 68,523
Nov. 9
9,375,726| 723,196 5,336,050
725,310 5,461, 548 695,826 274,779 71,334
Nov. 1 6 _ . . . . . . .
_____ 9,538,174
Nov. 23
9,537,766 712,908 5,452,294 691,637 284,629 74,884
Nov. 30
9,743,5881 724, 786 5, 613, 683! 700, 793 288, 554 76,850




Dallas

San
Francisco

129,571
129,109
133, 769
127, 500
127,949

730,866
733,286
742,495
747, 204
748,831

98, 631 1,850,526
98,410 1,857,272
99,1511,873,804
99,09311,885,534
98,064J 1,864,447

441,417
442,691
442,367
450,0081
449,O9|

192,565
193,870
192, 248
192,403
189""~

170,760
173,018
174, 775
174, 656
173,099

72,60411,450,375
73,7951,455,939
72,9921,452,850
72, 89011,466,171
72,374 1, 436, 464

327,387!
327,742,
325,300:
333,717|
332,655

134,410
135,245
132,322
132,595
129,606

111,
101,106 528, 944
113, 220 101,746 528,005
111,797 100,236 531, 633
112, 433 96,321 533,419
111, 550 98,406 533,323

601
607
578
568
562

1,618
1,617
1,611
1,620
1,613

15, 720
14,321
13,992
12, 913
13,703

2,412
2,368i
2, 573j
2,144
2,150|

17, 560
17, 542
17,479
17,658
17,514

769,092
759,012
776,175
784, 862
746,988

148,203j
149,470
147,786!
152,1001
'
151,930|

1,039
945
969
967
955

486
488
450
449
440

2,068
1,965
2,007
1, 905
1,878

40,273 33,588 21,133
41,112 33,199 21,225
40,856 32, 075 21, 232
42,381 30,863 20, 917
40,631 31, 654 20,962

149,245
148, 617
150,451
151, 944
152, 251

53,426 665,563 176,772
54, 636 682,606 175,904
53,902 662,683 174,941
53, 612 668.396! 179,473
53,247 675)773 178,575

93,536
93, 526
90,888
89, 646
88,413

76,780 79,487 377,631
79, 076 80,033 377,423
78, 753 78, 554 379,175
80, 603 74, 955 379, 570
78,941 77, 004 379,194°

114,030
114,949!
117,067!
116,2911
116,454!

58,155
58,625
59,926
59, - "
60,290

59, 353 28,465 201,922
59,798 27,363 205,281
62, 978 33, 5331 210,862
62,223 31,179 213,785
61, 549 29,543 215,508

31, 979
31, 900
33,045
32,344
32, 328

28, 998 22, 499
28,731 21,567
32, 427 27,412
32,462 25,040
32,438 23,281

26,027 400,151
24, 615 401,333
26,159 420,954
26,203 419, 363
25, 690 427, 983
15,276
13,.""
15,344
15,344
15, 342

176,336 42,352
175,948 42,416
195, 901 44,427
195,845 44,173
202, 676 43, f"

10, 751
10, 716
10,815
10,859
10,348

223, 815
225, 385
225,053
223, 518
225, 307

26,176 30,355
' 3, 725 31,067
26,881 30,551
27,464 29, 761
27,962 29, 111

110,447
110,770
118,432
119, 554
122,463

5,966
5,796
6,121
6,139
6,262

91,475
94, 511
92,430
94,231
93, 045

5,892 187,367 30, 675i 14,226 16,692
9,785
9,477
5,756 169,163 32,447 15,379 17,272
7,117 183,826 32,739 16, 797 19. 027 10, 813
5,8521 171, 027 33,47" 14,036 18, 226 9,270
6,200} 188,1""" 31,854 16,199 17, 043 10, 511

41,116
44,626
41,885
40, 254
43, 091

71, 678
72,5331
72,640!
72,1181
72,466}

17,874
19, 528
18, 335
19,190
21,496

3,
3,586
3,613
3,504
3,949

54,096 1,261,294
55,0201,259,168
55,522 1,267,788
54,818 1,281,385
53,7301,283,995

272, 536
277,025
279,704
285,465
284,662|

1,139
1,285
1,208
1,244
1,321

1,673
1,885
1,680
1,690
1,686
126, 703
130,036
129, 712
125,085
125,393

2,315
2,630
2,448
2,459
2,491
153, 954
158,103
159, 830
160,156
157,197

1,370
1,478
1,304
1,445
1,332

5,137
5,400
5,312
5,317
5,551

89,493 312,220
90,680 313,760
92,844 323,977
325,597
90,442 343, 503

872

FEDEKAL EESEKVE BULLETIN

DECEMBER, 1927

REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
City
Total
Boston

Time deposits:
Nov. 2_._
„___._„_
Nov. 9_._
.
gj Nov. 16
t - Nov. 23
Nov. 30
Government deposits:
Nov. 2
Nov. 9
Nov. 16.,
Nov. 23
Nov. 30...
Due from banks:
Nov. 2
Nov. 9
Nov. 16
Nov. 2 3 . . - - . .
Nov. 30
Due to banks:
Nov. 2.._
Nov. 9___
Nov. 16
Nov. 23
Nov. 30
Borrowings from Federal
reserve bank—total:
Nov. 2
Nov. 9 . .
Nov. 16_.._
Nov. 23.
Nov. 30
Secured by U. S. Government obligations—
Nov. 2
„.
Nov. 9
Nov. 16
Nov. 23.__
__..
Nov. 30
All other—
Nov. 2
Nov. 9
_.._.
Nov. 16
....
Nov. 23
Nov. 30
Number of reporting banks:
Nov.
Nov.
Nov.
Nov.
Nov.

2
9
16..
23
30




„

.I
.
.
1

New
York

Philadelphia

Cleveland

Richmond

St..
Atlanta Chicago Louis Minneapolis

San
Francisco

Dallas

City

3,189, 517 262,7711,057,203
3, 209,069 263,2031,068,821
3,222, 339 266, 936 1,065,386

208,057i 459,047
207,370; 468, 871
228,3421 471,170
232, 284 i468, 565
236,143! 468,944

31,648
31, 727
32,190
32,421
32,365

36,490
36, 701
36,811
36,806
36,949

561,350
563, 726
565,427
564,806
565,201

133,399
133,776
133, 775
133, 911
135,165

59,406
59,190
58, 953
60, 753
60,194

19,136
18,769
18,713
19,079
19,140

18,597 319,847
18,878 326,895
19,417 304,745
19,512
19,697 316,219

17,2351 3,402
11,499! 2,253
24, 532j 4,694
9, 254 1, f "
163
924

701
492
706
249
25

1,957
1,318
2,521

11,462
7,712
27,252
9,526
949

3,711
2,493!
5, 243|
1,835!
180|

586
394
1,337
466
43

1,844
1,240
3,777
1,322
131

4,144 11,271
2,788 7,577
8,173 40, 975
2,862 14, 341
1,434
287

3,132,780
3,176,311

251,26011,034, 543
260,7451,049,663!

137,920
92, 639
229, 361
80,946
8,142 j

16,185
10,889
35, 570
12,452
1,259

65,422
43,984
74,5811
26,113
2,658

590,855
554,408

53,431
43,456
42, 925
41, 963
46, 660

112,21
102,960
105, 769
97,488 j
101,688

56, 564
50, 861
73,143
63, 201
60,769|

32, 054
18,070
25,024
21,316[
25,073j

7,106
7,277
7,401
6,397
6,903

12,425
12,822
13, 725
13, 677
10,880

147,451
152, 633
161, 730
148, 310
148,496

28, 792i
28,088!
34,727i
31, 281
30,258

28,965
23,948
25,395
22,257
22,026

33,667
32,487
38, 713
33, 797
36, 656

21,880
18,468
18,712
25, 614
18,173

56,305
63,338
69,204
69, 997
75,146

162, 619 1,327, 555
153,1661,272,217
156, 758 1,325,368
154, 752 1,256, 384
155,139 1,437,069J

171,963
168,372
179,703
172, 553
174,863

62, 919
66, 857
63,159
64,255|

35, 563
37, 789
42,266
40, 527!
42,250

19,212!
20, 6741
21, 059
20,019
18, 672

359, 317
355, 556
377,850
371, 248
365,765

83, 350
84, 037
88,252
85, 833
84,992i

67,152
63, 656
61,268
59, 789
59, 772

82,155
80, 768
89,314
82,217
84, 789

42,914
41,316
40,435
41,037
39, 021

116,672
138, 480
127, 773
128, 516
128,044

27, 57
106, 890
64, 818
68,130
97,199

31,396!
10, 786!
10,9881
10, 344
13,193

6, 974|
11,024|
14,7401
8,359
6,494

16, 647
6,107
8,486
9,866
16,197

2,800
2,180
800
3,900
3,550

1,000

3,770
2,780
3,197
2,441
4,714

6,100
4,725
2,839
5,350
4,975

27,066
24, 762
22, 559
32,822
33,999

14,291
3,360
5,686
7,949
12, 615

1,000
1,430
800
900.
1,250

1,000

1,66
820
910
7501
3,490

3,300
2,250
689
5,350
1,475

22, 735
24,300
22,200
32, 600
33, 750

2,356
2,747
2,800

1,800
750

2,110
1,960 2,475
2,287 2,150
1,691
1,224 "3,~ 500

4,331
462
352
226
249

7
7
7

10
10
10
10
10

575,298 j
582,728;
2, 531,391
2,474,399
2, 576, 903
2,476,034
2, 654, 631
123,484
189,940
140,386
165,933
205, 574

17, 270'
17, 5611
9,2151
22, 020
20,957

2,539
2,956
1,'"'
1,090

1,344!
169'
1,512J
1, 607!
3,227;

i
5,209

74,481
122. 894;
103', 145
135, 727:
170, 734,

6,470
6,250
4,375
9,950
9,000

14,450 i
73, 600|
49, 5501
66,175
93, 375;

4,056
4,215
3,945
3,644
6,785

13, 740;
7,109|..
4,944!

49,003
67, 046!
37,241
SO, 206
34,840:

10, 800
11,311
4,840
12,070
11,957

13,128
33, 290
15,268
1, 955!
3,824

7,340
6,571
7,043
6,700
6,408

1,765!
4,375
1, 000
1,250
1, 550!

219!
219i
219
219;
219'!

17
17
17
17
17

52
52
52
52
52

36|
36 j
36
36
36

1,2501
1,250
1,300
3,050
2,479
2,936
1,239}
1,090
69

94
169
262
307
177

3', 582
45
45
45
45
45

"376661
2,300

j

13!
13
13;
13

131

873

FEDEKAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, NOVEMBER 9, 1927
[In thousands of dollars]
Time deposits

Net demand deposits
Federal reserve district or
State

In places having a population of—
Less than
5,000

1,753,711

U n i t e d States i__
DISTRICT
Boston
New Y o r k . . .
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St.fLouis
Minneapolis
Kansas City
Dallas.
San Francisco

5,000 to
15,C00
1,180,271

Total

In places having a population of—

Total

15,000 to 100.000 and
over
100,000

Less than
5,000

5,000 to
15,000

15,000 to .00,000 and
100,000
over

2,412,467 13,833,678 19,180,127

1,894,114

1,271,757

2,452,572 6,960,491

12,578,934

71, 532
387,012
291,996
209,877
149,933
63,973
252,844
90,458
150,601
95,217

94,675
197,066
145,777
161,699
98,273
69,470
186,096
57,778
106,660
62,521
29,786
61,956

217,947
586,277
521,509 1,734,030
273,218
323,376
237,085
928,873
163,300
176,100
182,576
149,850
444,320 1,183,052
85,336
288,909
78,990
106,641
91,683
92, 792
58,137
78,796
98,471 1,311,795

970,431
2,839,617
1,034,367
1,537,534
587,606
465,869
2,066,312
522,481
442,892
342,213
185,415
1,584,197

1

___

._
._
___

___
_

_

53,276
220,824
148,275
142,681
103,934
85,518
182, 773
105,330
111,488
212,088
222,370
165,154

82,768
131,436
76,324
124,730
74,810
74,872
132,495
74,055
87,664
122,965
111, 209
86,943

12,778
9,083
7,793
14,477
1,127
11,157

7,162
13,471
8,747
40,563
~~12,~825"

164, 073
82,446
173,337

66, 643
84,680
111, 261

60,381
33,974
88,597
32,612
22,959

58,710
31,443
59; 234
42.933
22,133

38,247
55,872
23,424
24,134
20, 896
27,002
49, 362

26, 534
20,952
16,940
12,282
12,289

220,902 1,120,026 1,476,972
335,771 6,208,585 6,896,616
160,273
834,673 1,219, 545
201,300 1,059,022 1,527,733
183,014
293,553
655,311
207,085
243,664
611,139
403,878 1,836, 532 2, 555,678
101,481
473,511
754,377
204,270
309,314
255,049
995,479

489,870
873, 282
721,728
1,397,876

903,901
126,519
105,760

47,406
39,898
19,004
1,089,344
131,544
179,486

35,148
6,249
17,198
7,574
7
8,292

207, 567 5,910,699
326,924
136,042
219,565 I 1,200,914

6,348,982
630,102
1,705,077

285,202
134,819
357,650

614,028
95,492
828,611
217,625
93,988
58, 220
150,019 1,282,197 1,580,047
510,578
88,084
346,949
221,024
59, 845
116,087

75,338
28,932
92,438
85,015
49,771

51,784
25,025

204,270
33,079
513,452

308,054
175,913
586,260
42,982
39, 555
114, 973
138,939

74,926
64, 744
16,321
25,217
17,572
25,678
22,873

33,850
25, 666
10, 054
9,552

37,449
147,020
79, 893
176, 310
93,444
123, 717
48, 394
136, 390
111, 598

9,499
40, 061

75, 349
64, 997
47, 632

117, 675

228, 915
133,100
150,300

111, 975

STATE 2

New England:
Maine
New Hampshire
-_
Vermont
Massachusetts—
Rhode Island
Connecticut
._
Middle Atlantic:
N e w York
_
N e w Jersey
Pennsylvania...
East N o r t h Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West N o r t h Central:
Minnesota
Iowa
Missouri
N o r t h Dakota
South Dakota
.
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia. . .
Virginia
West Virginia
.
N o r t h Carolina
...
South Carolina.
Georgia
gi

orida
Florid
East South Central:
Elentucky
Tennessee
Alabama
_
Mississippi
West South Central:
Arkansas. __
Louisiana
Oklahoma.. _
Texas.
Mountain:
Montana
„___„
Idaho..
_„
Wyoming
Colorado...
New Mexico..__
Arizona
_
Utah
_
Nevada
PacificWashington __„
Oregon. _ 3
California

12.934
35,932

3, 888
18, 535

39, 003
66,010
32,444
6, 566
6,370 L
14,018
47,132 I
3,704

61,019 !
6,513

33, 561
118,285
79, 893
95, 375

381,552
178,543
39,794

317, 660 1,489, 931
212, 564
271,965
363, 837
449,268

109,842
20,497
37,184
546,875
184,78
2, 214, 982
718,238
1,394,715
984. 876
168,409
868,033
814,989
231,419

106,641
9,210
227,006

8,254
16, 566

31,184
81,264
15,125
5,919
2,133
4,093
14, 334

246,601
180,884
268, 506
40, 688
28,654
51, 702
56, 748

17,458

12, 043

50,105
35, 513
18, 624
11,330
11,168
16,189

24,072
11,925
27,154

17, 983
13, 309
15, 793

41,230
44, 013
41,149
36, 381
38,304
72,821

153, 821
129,193
125,436
40,261

30, 696
20, 793
14, 470
3,065

12, 618
7,428
12,039
17,152

22,218
38, 531
21,715
14,241

51,344
52,060
26, 356

74, 935
161, 834
254, 639
671,974

15, 360
4,025
22,434
14, 720

6,817
9,115
15,061
25, 647

26, 667
9,072
50,934
46,408

58,659

9,323
7,054
5,070

22,203
7,816

16,811
1,793
1,969
6,242
4,737

17,439
6,318
9,503
10. 855
2; 048
2,108
.4,229
2,500

25,985
18,927
47,187

8,815
15, 752
24, 342

76, 635
23,407
62, 537
1,478
56,961 1,154, 399

34, 718
50, 706
74, 691
28,103
46, 340
73,911 j.

34, 727
18, 813
27,110
5,438

19,059
9,460
12, 315
21,134

24, 686 I
35,923 I
38,379 I
13,689 j

24, 549
6S568
91, 605
207, 385

13, 331
13. 018
38; 673
100, 516

37,055
24, 573
124, 361
109, 024

17, 746
15, 562
8,902
30, 897
9,355 !
3,480 i
6,967 I
4,108

21,190
11,518
14, 655
14, 312
7,772
2, 596
3,561
4,548

24, 897
10,189
15, 728
5,688
20, 353
5,366

84,001
31,904

63, 833
37,269
23,557
144,938
22, 815
26,429
47, 798

31, 506
36,450
67, 354

16.043
22', 846
28,427

28,199
2,694
86,026

113,702
65,404
784,469

189,450
127, 394
966,276

255,049

122,189
223,960

47,512
7,775
1,862
123,737
6,236
41,938

757,167
23,690
589,310
487,351
73,491

16, 397
10,286
30,236
11, 737
14,412
18, 055

55, 851

27,182
6,473
18,124
34,012

100,587
90,762
117,299
147,898
67,005

29, 820
32,452 i
18, 790
8,554 1
19, 787
19, 632

1 For back figures see pages 924 and 925.
2 For back figures see this bulletin, pages 886 to 923.
s See footnote, page 888.




27,466
17,344
2,464
130,403
3,898
49,744

94,725
41,152

9,984
2,798
9,660
1,814

13, 677
2,975
4,336
80, 073
42,146
53,881

42,432

78, 796

57,042
18,224

13,835
149, 635
42,146
169,288
91,451
86, 927
65,694
105, 213
104, 803
116,876
118,812
74, 580
34,458
48,844
80, 871
88,429
165, 571
48,965
21,188
14, 573
94, 692
6,639
13, 737
30, 509
7,237
134,842

874

FEDERAL RESERVE BULLETIN

D E C E M B E R , 1927 S

BROKERS' LOANS
LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN
NEW YORK CITY
[In thousands of dollars]

Demand and time loans

For own
account

Total

Nov.
Nov.
Nov.
Nov.
Nov.

2
9
16
23
30

_ 3,371, 705
3, 384, 529

_ 3, 455,115
3, 481,286
3, 510,849

1,082,938
1,125,439
1, 202, 833
1,188,881
1,276,841

For
account
of outof-town
banks

Time loans

Demand loans

For
account
of others

1, 279,378 1, 009,389
1, 277,331
981, 759
1, 260, 215
993,067
1,292, 578
999, 827
1,270,032
963,976

For own
account

2,
2,
2,
2,
2,

579,173
576, 738
641, 797
666, 067
695,805

For
account
of outof-town
banks

For
account
of others

Total

For own
account

For
account
of outof-town
banks

798, 632
828,820
906, 049
888, 836
974, 34.9

Total

901,392
898,904
884, 246
923,474
900,420

879,149
849,014
851, 502
853, 757
821,036

792, 532
807, 791
814, 318
815, 219
815,044

284,306
296, 619
296, 784
' 300, 045
302,492

377,986
378,427
375, 969
369,104
369,612

For
account
of others

130,240
132,745
141, 560
146,70
142,940

BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings. In thousands of dollars]
Borrowings from—

Total

I New York banks and trust companies

Date
Total

On demand

Total
1926—Dec. 31.
1927—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 30.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.

3,292,860
3,138,786
3,256,459
3,289,781
3, 341,210
3,457,869
3, 568,967
3, 641, 695
3, 673,891
3, 914, 628
3, 946,137
4, 091,836

2,541,682
2, 328,340
2,475,498
2, 504, 688
2, 541, 306
2, 673, 993
2,756,969
2,764, 511
2, 745, 571
3,017, 675
3,023,238
3,134,027

Private banks, brokers, foreign
banking agencies, etc.

On time

751,178
810,446
780, 961
785, 093
799, 904
783, 876
811, 998
877,184
928, 320
896, 953
922, 899
957,809

On demand; On time

2,803, 585
2, 670,144
2, 757, 385
2,790,080 !
2,864,957 '
2, 967, 546
3, 064, 975
3,144,977 !!
3,169, 786
3, 339,649
3, 363, 010
3, 519,121

2,127,996
1, 963, 554
2, 084, 852
2, 111, 565
2,146,447
2, 254,153
2, 316, 440
2, 343,316
2,330,261
2, 538,526
2, 548, 572
2, 674, 722

Total
489,275
468. 642
499; 074
499,701
476, 253
490, 323
503,992
496,718
504,105
574,979
583.127
572, 715

675, 589
706, 590
672, 533
678, 515
718, 510
713, 393
748, 535
801, 661
839, 525
801,123
814,438
844, 399

On demand
413,686
364,786
390, 646
393,123
394,859
419,840
440, 529
421,195
415,310
479,148
474,666
459, 305

On time
75, 589
103,856
108, 428
106, 578
81,394
70,483
63.463
75; 523
88,795
95,831
108,461
113,410

COMMERCIAL PAPER OUTSTANDING3
[In thousands of dollars]
End of—
January. _.
February..
March
April
May
June
_.
July
August
September.
October
November.
December.

1922
704, 567
717,894
760, 315
792, 045
790, 558
795,443
805, 030
807,166
804, 615
774, 755
747,938
721, 688

1923
806,803
838, 041
863,845
867, 031
887,644
885, 216
854,156
830,743
802,676
815, 263
799,223
763,493

1924
817,880
866, 551
889, 053
870, 956
851, 551
863, 684
879, 060
910, 530
914, 687
925,379
888,256
797, 605

1925
819,868 I
819, 746
812, 690
801, 262
775,517
759, 091
727,199
721,817
708, 374
683, 903
665,953
621,312

Paper maturing within 7 months. Figures reported by 26 dealers to the Federal Reserve Bank of New York.




1926
654,171
654.943
668, 000
662,852
668,226
652,432
654.944
638,110
612, 058
593,288
566,194
525, 952

1927
550, 918
577, 047
605,415
598, 764
581,829
579,323
568, 618
591,158
599, 673
610,945

875

FEDEEAL EESBSVE BULLETIN

DECEMBER, 1927

BANKERS' ACCEPTANCES OUTSTANDING
[In thousands of dollars]
All reporting banks

l

Banks outside New York
City

Banks in New York City

End o—
f
1926

1925

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

834,825

800,137
757,074
680,346
607, 942
569,386
555.167
607,025
674.168
689, 768
773,736

788,254
767,127
745, 660
720, 611
685,333
621, 949
600,487
582, 635
614,151
681, 647
726,395
755, 360

1927
773,604
785,488
809,446
810,966
774, 720
751,270
741,258
782,055
863, 823
975,187

1926

1925

588,501
562,405
560,007
544, 603
499, 509
451,844
425,725
404,247
447,387
502, 810
507,592
579,836

1927

1925

1926

574,042
559,731
543,502
524, 608
506,012
461, 508
440, 797
420,545
442,999
500,186
532,166
560,964

567,554
574,202
598,536
604,052
579, 698
561,274
555,262
573,019
632,139
714, 098

246,324
245,954
240,130
212,471
180,837
156,098
143, 861
150,920
159, 638
171,358
182,176
193, 900

214,212
207,396
202,158
196,003
179,321
160,441
159, 690
162,090
171,152
181,461
194,229
194,396

1927
200,050
211,286
210,910
206,914
195,022
189,996
185,996
209,036
231, 684
261, 069

Figures collected and compiled by American Acceptance Council.

LAND BANKS AND INTERMEDIATE CREDIT BANKS
LOANS OF FEDEEAL AND JOINT-STOCK LAND BANKS
[In thousands of dollars]

LOANS OF INTERMEDIATE CREDIT BANKS
[In thousands of dollars]

Net amount of loans outstanding
Date

Jan. 31
Feb. 28
Mar. 3 1 . . . .
Apr. 30
May 31. „
June 3 0 . . . .
July 31
Aug. 31
Sept. 30
.
Oct. 31
Nov. 30
Dec. 31
Jan, 31..
Feb. 28.__._
Mar, 31..
Apr. 3 0 . . . .
May3K._
June30__
July 31
Aug. 31
Sept. 30
Oct. 31

Total

Federal
Joint-stock
land banks land banks
(12 banks) (54 banks)

1926
1,566,844
1,587,030
1, 606,818
1, 620,214
1,632,413
1,644,105
1,653,902
1,664,130
1,671,856
1,682,273
1, 692,826
1,710,295

_.
1927

555,756
567,544
579,457
587,169
594,028
600,150
605,718
610,794
614.639
619,217
624,230
632,476

1, 724,821
1,745,404
I; 765,365
1,732,395
1,741,275
1,738,165
1, 742, 575
1,749, 393
1, 752, 665
1,757,185

...

1,011,088
1,019,486
1,027,361
1,033,045
1,038,385
1,043,955
1,048,184
1,053,336
1,057,217
1,063,056
1,068,596
1,077,819
1,085.170
1,097,642
1,109,354
1,117,914
1,124,055
1,130, 648
1,134,896
1,139, 502
1.143,130
1,147,135

639, 651
647,762
656,011
614.481
617,220
607, 517
607,679
609,891
609, 535
610,050

1927

1926

Class of loan
Nov. 5 Nov. 12iNov. 19 Nov. 26 Nov. 27

Direct loans
onCotton
Tobacco

outstanding
_., 10,037
5,406
2,470

11,102
5,286
2,470

11,806
4,937
2,502

12,983
4,827
2,522

1,401
4,500
959
804
381

1, 394
5,100
797
1,016
393

1,362
5, 250
699
1,300
433

1,290
5,300
663
1,438
471

_.

25, 958

27, 558

28,289

29,494

47, 607

Rediscounts
outstanding
for—
Agricultural credit corporations
National banks
State banks
Livestock
loan
companies
Savings
banks
and
trust companies

24,166
24
218

24,137
23
201

23, 780
12
175

23,751
12
172

25, 724
26
252

17, 003

17,145

17, 795

17,953

13,652

32

32

32

32

92

41, 538 | 41, 794

41,920

39,746

Wheat
Canned
fruits
vegetables
Raisins
Wool
Rice
All other

20,446
14, 633
3,470

and
__

Total

Total

41,443

1, 560
4,200
1,368
1,738
192

BANK DEBITS

PAR COLLECTION SYSTEM

DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDEEAL RESERVE
DISTRICTS
[In thousands of dollars]

MEMBERSHIP", BY FEDERAL RESERVE DISTRICTS
[Number of banks at end of October]

Number of
centers
New York City
Outside New York City
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond
._ __
Atlanta...
--Chicago
.
St. Louis
Minneapolis
Kansas City
Dallas...
San Francisco
Total




Nonmember
October,
1927

September,
' 1927

October,
1926

1
140

$34, 0S0, 832
25,116,744

$33,368,870
23,387,316

15
21
5
9
15
10
18

3, 082, 754
34,992,766
2, 353,126
2,647,308
845, 513
1, 276. 939
6, 047, 944
1,332,108
1, 014,455
1,340, 962
756,320
3, 517,383

2, 620, 624
34,216, 604
2,223, 059
2, 521, 242
760, 441
1, 213,870
5, 852, 904
1,196,821
912, 323
1,263,071
701,194
3,274, 033

2, 970, 266
29, 606, 350
2,332,849
2, 637, 978
826,161
1,316,582
5, 664,161
1.329, 556
783, 082
1,314,732
716, 616
3, 036, 558

141.

59, 207, 576

56,756,186

52, 534,891

Federal reserve
district

$28, 754. 809
23, 780, 082

11
7
10
13

banks

Membe
O n p a r list

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

•

1927

1926

1927

9,336

9,081
41.4
935
777
838
568
466
1,294
596
742
972
811
668

1926

1926

1927

United States

N o t on p a r list

13,358

14, 073

3,890

3,935

415
908
765
857
584
485
1, 357
618
784
1,003
837
723

247
409
500
1,030
657
317
3, 706
1,904
789
2,406
679
714

244
410
511
1, 074
692
336
3,721
2,019
976
2,580
728
782

10
602
1,016
183
448
1,139
235
198
59

8
646
1,062
233
424
1,097
202
197
66

00

CONDITION OF ALL MEMBER BANKS
ALL MEMBER BANKS—CONDITION ON A SERIES OF CALL DATES ENDING WITH OCTOBER 10, 1927
[Amounts in thousands of dollars]
Oct. 10,
1924

Dec. 31,
1924

Apr. 6,
1925

June 30,
1925

Sept. 28, Dec. 31,
1925
1925

Apr. 12,
1926

June 30,
1926

Dec. 31,
1926

M a r . 23,
1927

June 30,
1927

Oct. 10,
1927

RESOURCES

Loans and discounts
19,801,388
Overdraft
18,510
United States Government securities 1
3,894,620
Other bonds, stocks, and securities i
4, 736,126
Total loans ancl investments
__.
28,450,644
Customers' liability on account of acceptances
__| 330, 716
Banking house, furniture, and
fixtures-j 843,077
Other real estate owned
| 158,641
Cash in vault
| 527,889
Reserve with Federal reserve banks
2,121,428
Items with Federal reserve banks in process of collection
613,494
Due from banks, bankers, and trust companies
2,430,462
Exchanges for clearing house and checks on other
banks in same place
1,091,300
Outside checks and other cash items
100,551
Redemption fund and due from United States Treasurer
36,701
United States securities borrowed *
18,060
Other securities borrowed 1
1,954
Other assets
_. 378,953

Total _

37,103.870

20,165,601 20.372,688 20,798, 714 21,427,247
17,014
15,708
23,126
15,466
3,902,793 3, 915, 997 3, 802,370 3, 785.412
4, 942,486 4. 979,240 5, 085, 975 5,133,273
29,026,588 29,284,939 29,702,525 30,369,058
477, 098
461, 736
375,163
383,873
879,401
860, 614
904, 755
919, 046
166,828
167,140
171,741
161,133
523,297
524,343
524,592
597,472
2,227, 569 2, 091, 545 2,190, 991 2,147, 111

22,257, 763 21, 989, 048 22,25J,374 22, 890, 655 22,514,115 23,1335123
18, 304
17, 522
17,260
15,895
15, 603
16,105
3. 761, 065 3,831,078 3, 744,929 3, 388, 963 3,835,151 3, 796, 347
5,163,166 5, 232, 617 5, 378, 479 5, 600, 708 5, 786, 776 6, 021, 927
31,199 516 31,070,003 31,390,887 31,896,221 32,154,346 32,967, 000
498,143
486, 259
502,024
512, 945
500,232
431,307
927, 357
955, 563
998,212 1, 012,103 1,036,731
969,380
170, 763
173, 906
178. 230
175, 829
172, 986
173,727
574,532
540, 261
538,305
537,856
534,120
522,596
2,238,233 2,135, 948 2,236,172 2,210, 048 2, 321,414 2,280,439

23,468, 512
23,008
3, 856,149
6,103,119
33,450,788
576,223
1, 059, 930
180,546
539,137
2, 319, 736

724,926
647,432
588,823
675,356
825, 543
722, 055
732,161
810,250
740, 816
739, 871
673, 512
2, 339,488 2, 090, 754 2, 017,454 2, 031,130 2,155, 306 1, 933, 501 1, 980, 051 2, 065, 518 1,896, 383 1, 968, 326 2, 077,441
1,935,114 1,211,094
133, 666
108,256
36,284
19,087
2, 541
460, 649

33,094
12,661
2,660
478, 815

1, 882,318 1, 268, 087 2,195,466
137,148
103, 369
159,000
32, 850
11,429
3,112
440, 524

32,982
11,152
2,160
435, 082

1,450,457 1,762, 736 2, 077, 090 1,222, 670 1, 912, 942
142, 939
137,866
101,676
177,771
181, 593
32,879
13, 770
1, 870
416, 029

32, 997
37, 593
7,038
419,895

1, 564,796
157,841

32,891
27, 243
6, 296
444, 028

33, 054
23,402
6, 062
426,891

38,986,867 37, 949,265 39,105, 025 39, 053, 354 41,425,295 40, 075,440 40,845,189 42, 029, 644 41,118,464 42,810,192

3,155,718

33, 013
11,636
1, 925
481,258

32, 785
37, 347
6, 998
504, 314

32,480
32,825
8, 696
445. 592

LIABILITIES

Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
_.
Reserved for taxes, interest, etc., accrued
Due to Federal reserve banks
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding
Demand deposits
Time deposits
United States deposits
Total deposits
Agreements to repurchase United States Government
or other securities sold2
Bills payable
Notes and bills rediscounted
Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement
Letters of credit and travelers' checks sold for cash and
outstanding
Acceptances executed for customers-„-Acceptances executed by other banks for account of
reporting banks
..
National-bank notes outstanding.
United States securities borrowed
Other securities borrowed
Other liabilities

TotalN u m b e r of banks _
1
2

2, 034,943 2,037,481 2, 077,502 2, 085,732 2,092, 909 2,105,308 2,162,434 2,169,484 2, 203, 447 2, 248,210 2, 273, 737
1, 682,646 1, 707,486 1, 732, 076 1, 750, 815 1, 760, 076 1, 832, 691 1, 880, 620 1, 899, 585 1, 955, 349 1, 992,174 2, 030, 342
739, 934
783, 012
845, 596
763,156
785, 517
843, 319
786, 759
859,461
[ 876,516
853,433 / 834,802
1 133,387
108, 903
132,688
139,315
124,484
120, 386
128,142
43,648
40, 124
49, 933
38, 508
39. 758
51,112
47, 893
47,221 ! 53, 043
45, 214
51,445
4,453,412 4, 504,315 4, 041,256 3, 978, 028 3, 827, 575 4,169.470 3, 801, 513 3, 935,113 4, 002, 995 3, 834,194 4. 070, 610
808, 756 1,225, 758
863,466
653,342 1, 082,431 756, 757 1,032,804
962,694 1,141,102
788, 522 1, 064,605
15,729, 597 16, 684,038 15. 849, 791 16, 811, 751 16, 617,456 17, 824, 702 16. 823,148 17,380, 041 17, 638, 648 16,830,709 !l7,735,244
9, 597, 395 9,804, 738 10,126, 980 10, 381, 486 10, 467, 237 10, 653, 028 10. 954, 747 11,172, 863 11,439,859 11.817,694 |l2.209,834
176,653
242,482
411,619
304,131
379,450
301,803
278,211
234,116
406,850 i '217,622
227, 647
30,772,057 32,361,653 319 220,527 32,420,480 32,049,168 34,228,201 32,870,217 33, ',23,572 34,508,185 33,725,190 35,350,958

977, 944
17, 374,426
12,459,248
435,475
35,449,768

167,483
157, 906

289, 253
118,951

311,183
175,233

6,450
360, 767
198, 031

5,081
489, 449
222,105

7,081
527, 898
204, 926

15,800
419,853
210,167

5,632
390, 839
220, 780

32,537
556, 301
203, 565

13,248 ! 17, Q67
415,296 i 381,133
131,137 ! 160,115

17, 845
414,311
113, 904

107, 358

248, 539

213, 780

158,903

165,108

278,988

210,838

207,292

254, 506

205,382 i

210,519

265,

22.514
328,526

21.709
460,383

22,158
474,500

37,403
365,671

25, 643
384,993

21, 965

23,266
470,292

38,415
425,751

20,499
515,046

25, 015
505, 586

41,696
503, 595

26,391
575, 636

28, 532
723, 039
46, 786
5, 535
150,029

37, 322
714,333
48, 017
5, 946
149, 036

43, 087
648. 959
34,408
6,481
123,910

42,144
647,994
33, 320
5,455
138,427

40, 334
648,719
35, 908
7,038
158, 634

647,951
43, 858
5,785
131,650

55, 002
648, 954
39, 381
5, 923
146,993

42, 054
650, 662
37, 593
7,038
138,872

35, 917
645, 958
37,34.7
6,998
148,108

29, 013
642, 067
32,850
8,696
159, 689

32, 042
650,445
27,268
6, 296
152, 618

26, 075
649,390
23,409
6, 062
140,851

37,103, 870 38, 986, 867 37, 949,265 39,105,025 39,053,354 41,425,295 40, 075,440 J40, 845,189 42, 029, 644 41,118,464 42,810,192

43,155, 718

9,635

9, 587

9,531

9,538 !

9,539

9,489

9,412

9,375

Securities borrowed by national banks included in securities owned prior to June 30,1926.
Prior to June 30, 1925, included in bills payable by national banks and reported only as a contingent liability by State bank members.




2,304,708
2, 049,325
940, 505
152, 531
54,402
4,148, 273

9,260

9,144

9,099

007

9,087

ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON OCTOBER 10, 1927, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All member banks

Total

RESOURCES
Loans and discounts
.
„
_
__ 23,468,512
Overdrafts
_
23,008
U. S. Government securities
:, 856,149
1,103,119
Other bonds, stocks, and securities
33,450,788
Total loans and investments
Customers' liability on account of acceptances
576,223
1,059,930
Banking house, furniture, and fixtures
180, 546
Other real estate owned
539,137
Cash in vault
2, 319,736
Reserve with Federal reserve banks
739,871
Items with Federal reserve banks in process of collection..
2,077,441
Due from banks, bankers, and trust companies
Exchanges for clearing house, and checks on other banks
1, 564,796
in same place
Outside checks and other cash items
157,841
33,054
Redemption fund and due from United States Treasurer..
United States securities borrowed
23,402
6,062
Other securities borrowed
Other assets
-

43,155,718

Total..

Central
reserve
city
banks

Other
reserve
city
banks

Country
banks

Total

Other
reserve
city
banks

6,604, 210 8,433, 688 8,430,614 14, 361, 073 3,167,916 4,874,402
3,583
890
14, 492
3,479
6,986
12, 543
989, 505
1,049, 698 1,482,115 1, 324, 336 2, 672,464 590, 843
975, 262
1, 002, 603 1, 832, 224 3, 268, 292 3, 939,406 448, 870
8,659,990 11, 755,013 13S 035,785 30,987,435 4,208,519 6,842,752
99, 938
177,926
283, 589
429, 554
135, 228
11,441
233, 380
403, 030
73, 380
697,898
160, 605
496, 295
28, 963
122,150
57, 740
378
2,865
119,941
97, 903
34,478
374,194
72, 814
161, 843
304,480
465, 519
905, 579
766,152
648,005 1,413, 792 449,424
292, 818
124,097
410,007
502, 036
209,001.
120,863
608,665
844, 294 1, 038, 217 1, 584, 237
194,930
1,187,805
49, 040
1,874
500
350
241, 064

293, 555
80, 826
7,870
12,424
2,311
142, 749

State bank members

National banks *
I
I Central
I reserve
I city
banks

83,436
27, 975
23, 310
10,478
3,401
43,078

876
16', 672
33, 054
14, 780
2,848
219, 730

628, 095
11, 915
1,874
500
350
114,047

52, 927
7, 870
7, 207
761
82. 972

Country
banks

Total

Central
reserve
city
banks

Other
reserve
city
banks

9,107,439 3,436, 294 3, 559, 286
2, 589
3,403
8,516
458, 855
492, 610
1,183. 685
553, 733'
856,962
2,163; 713
12,463,353 4,451,471 4,912,261
251, 628
35, 290
292,634
87, 225
169, 650
362,032
2,487
28, 777
58, 396
38, 336
63, 940
164, 943
456,155
300, 633
905, 944
84, 904
117,189
237,835
98, 604
493, 204
235, 629

6,318,755
10, 019
1,092,116
2, 515, 274
9,836,164
5,725
391,138
92,809
241, 813
498, 849
85,121
879,246

Country
banks

2, 111, 859
2,524
232, 220
753,018
3,099,621
5,716
105,157
27,132
62, 667
149,156
35, 742
158, 971

559, 710
37; 125

104,871
27,899

23, 339
6,145

127, 0.1.7

5, 217
1, 550
59, 777

3,405
1,664
20, 367

6,194, 662 6, 062, 683

3,699, 082

758,100
281, 750
806,124
312, 272
287, 776
588,247
777,151
324,470
158. 532
296, 633
369, 339
123, 303
29, 945
26,863
74, 021
27,188
28
29, 978
8,258
18, 295
675,452
391, 773 1,177,337
416. 573
469,419
396, 847
52; 255
56, 670
4, 641, 686 6,455, 862 2, 855,082 2,179, 792
943, 399 2, 342,406
4, 801, 309 4,870, 816
81, 247
182, 749
84, 518
46, 676
9, 988, m% 13,174,478 4,952,055 5,083,802

212,102
164, 905
87, 504
10, 009
85,312
20,317
1,420, 988
1, 585,011
16, 984
3,138,621

60,097
21,830
23,310
7,073
1,737
22, 711

I 687,920
i
71,169
|_
!
8,622
!
3,214
207,161

12,115, 971 15,073, 042 15, 966, 705 27,199, 291 5,921,309 9,010,359 12, 267, 623 15, 956,427

LIABILITIES
Capital stock paid in
Surplus fund
.
Undivided profits, less expenses and taxes paid
Reserved for taxes, interest, etc., accrued
Due to Federal reserve banks
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding..
Demand deposits
Time deposits
United States deposits
_
T o t a l deposits
.
Agreement to repurchase United States Government or
other securities sold
Bills payable
Notes and bills rediscounted
.
Acceptances of other banks and foreign bills of exchange
or drafts sold with indorsement...
Letters of credit and travelers' checks sold for cash and
outstanding.
Acceptances executed for customers.
Acceptances executed by other banks for account of reporting banks
National-bank notes outstanding
United States securities borrowed
__..
Other securities borrowed
.
Other liabilities.
Total........
Number of b a n k s . . , . .

2, 304,708
2,049,325
940,505
152,531
54,402
4,148,273
977,944
17, 374,426
12, 459,248
435,475
35,449,708

470,834
269, 650
783,106
970, 202 1,498, 584
551,400
366,072
690. 542
317, 855
753,152 1, 272,174
605, 631
156,857
571,166
280,160
117, 676
384,137
276, 208
34.470
78,510
61, 658
47,122
17,177
43, 751
36,107
14, 387
28
6,129
39, 987
477, 085 2, 970, 936 1,177, 230 1,401,933
1, 852, 682 1, 818, 506
367, 366
84,489
508, 525
136, 744
764,213
76, 987
5,468, 010 5, 843, 742 6, 062, 674 10, 918, 564 2, 612, 928 3, 663, 950
543,126 2,243, 997
.1, 486, 525 4, 586,403 6, 386, 320 7, 588, 432
73, 548
132, 502
217, 020
252, 726
63, 660
154, 795
12,816,802 13, log, in 22,275,290 4,774,198 7,533,000

83
82, 660
1, 797

14, 365
63, 295
15, 249

352
32, 597
16, 287

95,306

12,147

132

15, 714
296, 669

14,460
252, 356

1,172
39,832

82
4,481

31,364

5,217
1,550
37, 838

3,405
1,664
19,992

6,194, 662 6, 062, 683

1,699,082

83
136,933
4,091

16,165
157,930
36, 543

1,597
119,448
73,270

3,045
235, 759
80, 571

54,273
2,294

1, 800
94, 635
21,294

265,007

213, 560

50,888

559

157,422

118, 254

38, 741

26,391
575,636

20,013
423, 852

6,027
142, 711

351
9,073

10,677
278,967

5,553
171,496

4,855
102,879

269
4,592 I

26,075
649,390
23.409
6,062
140,851

20,122
36, 673
500
350
53,180

4,638
154,122
12,424
2,311
57, 015

1,315
458, 595
10,485
3,401
30, 656

18,444
649,390
14,787
2,848
51, 657

13, 544
36, 673
500
350
21,816

3, 655
154,122
7,207
761
19,177

1,245 !
458,595 i
7,080 '
1, 737
10, 664

8,622
3,214
89,194

43,155,718

7,631

12,115,971 15,073,042 15, 966, 705 27,199,291 5, 921, 309 9,010, 359 12, 267, 623 !15, 956,427

9,087

1 Member banks Jonly, i. e.t exclusive of national banksJinjjAlaska and Hawaii.




14, 800
178, 552
33, 333
107, 585

1, 245
86,851
56, 983

17,845
414,311
113,904

528

8,477

7,7

36

367

7,395 j

1,289

70

161

00
00

ALL MEMBER BANKS—CONDITION ON'OCTOBER 10, 1927, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal reserve district
Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Dallas

San
Francisco

774,841
552,119
1, 557
' 873
131,275
183,435
208,090
197,683
881,950 1,167,933
493
707
45,932
24,280
13,192
12,558
27,725
20,174
86,813
51,261

686,239
2,413
126,439
62,000
877,091
5,911
42,544
12,491
25,371
65,538

2,131,954
2,457
430,249
433,248
3,997,908
31,629
105,945
21, 571
45, 564
167,490

38, 730
206, 774

33, 718
168,244

40,640
245,597

13,214
20,420
120, 536
14,646
21,093
5,114
7,556
5,038
3,521
28,858
1,394
1,697
2,019
2,022
4,211
2,396
441
112
1,677
4,214
310
3,700
250
5
1,052
2,743
102
24
4,547
6,470
45,447
12,477
3,093
5,216
1, 575, 257 5, 999,861 1, 722,202 1,170,030 1, 620, 720 1, 256,493

57,154
37,487

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

RESOURCES

23,468,512
Loans and discounts
Overdrafts
23,008
United States Government securities
3,856,149
Other bonds, stocks, and securities
6,103,119
Total loans and investments
----- 33,450,788:
Customers' liability on account of acceptances
576,223
Banking house, furniture, and fixtures..,
. . . 1,059, 930
Other real estate owned
•_
_.
180, 546
Cash in vault
539,137
Reserve with Federal reserve banks
2,319, 736
Items with Federal reserve banks in process of collection
739, 871
Due from banks, bankers, and trust companies
2,077,441
Exchanges for clearing house, and checks on other
banks in same place
1, 564,796
Outside checks and other cash items
157, 841
Redemption fund and due from United States
Treasurer
33,054
United States securities borrowed
23,402
Other securities borrowed
6,062
Other assets
426,891
Total
43,155, 718

7,313,167 1, 623,042 2,206, 712 1,035,373
897,801 3,491,263
946,725
3,547
3,295
595
3,011
977
1,3.42
2,403
1,162,683
489, 950 146,142
248,642
425,148 143,394 118,192
1, 861,257
772,442 263,852
721,082
699,413 181,258 142,034
3,631,174 10,340,(154 3,593,361 ,333,615 1,361,003 1,161,038 4,756,950 1,359,133
53, 524
407,155
28,680
10,048
13,385
1,642
7,178
15,871
68,148
227, 655
59,291 162, 583
40, 975
62,360
84,180 136,037
7,438
16,089
20, 676
25, 780
13, 980
8,743
13, 976
14,052
42,672
117, 953
57, 602
82,031
26, 649
22, 751
29,251
41, 394
148,087
901,892 141, 789 193,891
67, 307 339,688
81, 813
74,167
1,809,276
538
250,600
560, 760

60,580 !
94,307
45,313
6,616

242,495
198, 737

55, 744
105,960

67,151
185,855

47,491
120,437 |

1,141,085
39, 933

47,282
2,775

37, 860
9,802

21,649 |
3,417 I

2,323
4,284
2,822
4,101
2,968
103
591
420
8,467
2,159
21
415
100
568
301
44,558
224,937
15,952
13,952
6,166
3,194, 864 13,863,875 3,121, 702 4,078,625 1, 752,522

29,620
160,498

69,067
329,073

42, 561
121, 761

12,074
140,198

24, 544
7,724

2,817
1,208
481
44,076
3, 799,567

LIABILITIES

Capital stock paid in
2,304, 708 165,432
646, 743 163, 553
Surplus fund
147,748
679,075 278,476
2,049,325
Undivided profits, less expenses and taxes paid
84,075
326, 835 101,499
940, 505
13, 295
Reserved for taxes, interest, etc., accrued
43, 669
152, 531
9, 698
5,957
Due to Federal reserve banks
18, 854
54, 402
8,037
Due to banks, bankers, and trust companies.. _
_
4,148, 273 183,854 1, 576,484 204, 368
Certified and cashiers' or treasurers' checks outstanding
22,032
977, 944
17, 709
756,140
Demand deposits
17, 374,426 1, 398, 635 5, 930, 500 1,145,006
Time deposits
12, 459, 248 964, 529 2, 748, 230 1,025, 994
United States deposits
39, 269
152,037
435,475
41, 613
Total deposits...
35,449,768 3,814,376 11,183,345 3,443, 737
Agreements to repurchase United States Government or other securities sold
500
11, 671
2,005
17, 845
Bills payable
23,450
414,311
172,445
30, 778
Notes and bills rediscounted
113, 904
14,331
13,050
8,735
Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement
24,163
205, 644
265, 007
4,038
Letters of credit and travelers' checks sold for cash
and outstanding
479
18, 001
26, 391
888
Acceptances executed for customers
54, 793
399,659
575, 636
12, 904
Acceptances executed by other banks for account
1,503
of reporting banks
20,482
26, 075
2,470
National-bank notes outstanding,
... 649, 390
83, 901
45,316
55, 262
United States securities borrowed
591
23,409
103
420
415
Other securities borrowed
6,062
21
100
59,449
Other liabilities. _
140, 851
5,379
8,149
Total...
43,155, 718 3,194, 864 13,863, 875 3,121, 702
Number of banks
9,087
414
933
776




321, 875
254,492
118, 612
29, 849
2,017
584,164

95, 677
43, 796
25, 772
2,829
1,551
161,103

201,402
106,465
57,390
14, 558
1,036
261, 485

8,583
47, 872
9,505
19,437
12,120
13,707
13, 703
10, 537
802,178
649,870
1,435, 637
432, 247
684,496
617, 216 588,036 2,359, 883
340,449
182, 373
435,139
1, 568, 627
580,490 454, 642 2,054, 586
521,318
9, 844
42,100
15,823
31, 243
5,421
24,059
24, 357
13, 980
3,331,871 1,396,143 1,369,337 5,090,633 1,416,371 1,016,477 1,406,934 1,034,433

46, 599
1,330, 722
1, 582, 871
35, 729
3,358,443

218, 505
244,874
87, 915
15, 594
3,176
273, 751

118,015
88,620
4,960
11,453
152, 388

100, 959
67,284
26, 937
5,350
1,884
191, 735

114,845
61, 866
34,058
4,717
214
186, 858

495
50, 711
10,010

616
22, 806
11, 766

19,304
17,477

846
22,436
11, 760

439
14,483
5,789

7,315

2, 741

1,307

8,141

61
6,759

191
19, 504

2,317
29, 364

110
564

93,832
42,823
22,217
3,340
174
240, 582

1,482
1, 946

38
751

95
715
67
199
83,417
27, 557
40,075
39,898
58,182
4,214
112
1,677
3,700
2,166
2, 743
5
1,052
24
301
1,041
4,808
18,458
24,622
2,198
4, 078, 625 1,752, 522 1, 575,257 5, 999, 861 1, 722,202 1,170,030
122
80, 785
8,467
568
7,627

836

568

465

1,300

596

742

216
4, 959
9,798

84

1,030
6,182
2,543

27
45, 275
6,699

203

716

3,313
10,453

63,870
33, 806
18, 206
4,672
49
131, 501

10, 739

70
6,121

34,276

417
55, 589
45, 767
1,208
310
481
102
5,760
1,668
1,620,720)1,256,493 3, 799,567
5
33,641
441
250
1,692

972

816

879

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—RESERVE POSITION ON OCTOBER 10, 1927
[In thousands of dollars]
Reserves with Federal reserve
banks

Net demand deposits

Class of bank and Federal reserve district

Demand
deposits,
exclusive
of bank
and
Government

Due to
banks net 2

Total

Time
deposits

Net
demand
plus time
deposits

Required

Held

Excess 3

Ratio of
required
reserve
to net
demand
plus time
deposits
(percent)

deposits i
17,374,426

1,769,479

19,143, 905

12,459,248

31,603,153

2,300,250

2,319,736

19,486

7.3

Central reserve city banks.
Reserve city banks
Country banks

5,468,010
5,843, 742
6,062,674

1,084,349
598,191
86,939

6,552, 359
6,441,933
6,149,613

1,486,525
4,586,403
6,388,320

8,038,884
11,028,336
12,535,933

866,402
781,785
622,063

905,579
766,152
648,005

9,177
-15,633
25,942

11.2
7.1
5.0

All member banks:
Boston.!
New York
Philadelphia
Cleveland—
Richmond
Atlanta
Chicago...
St. Louis
Minneapolis
Kansas City...
Dallas—..
San Francisco

1,398, 635
5,930,500
1,145,006
1,435,637
617, 216
588, 036
2,359,883
684,496
432,247
802,178
649,870
1, 330, 722

56,818
909,639
79,404
110,193
38, 273
47,118
250,448
64,378
36,686
67,038
40,048
69,436

1,455,453
6,840,139
1, 224,410
1, 545,830
655,489
635,154
2, 610,331
748,874
468,933
869, 216
689,918
1,400,158

964,529
2, 748, 230
1, 025,994
1,568,627
580,490
454, 642
2,054,586
521,318
435,139
340,449
182,373
1,582,871

2,419,982
9,588, 369
2,250,404
3,114,457
1, 235,979
1,089, 796
4, 664,917
1, 270,192
904, 072
1,209,665
872, 291
2,983,029

152,631
891,742
137,460
183,640
71,358
67, 901
338,654
81,601
51,833
85,809
62,256
175,365

148,087
901,892
141, 789
193,891
74,167
67, 307
339, 688
81,813
51,261
86,813
65, 538
167,490

-4,544
10,150
4,329
10,251
2,809
-594
1,034
212
-572
1,004
3,282
-7,875

6.S
9.3
6.1
5.9
5.8
6.2
7.3
6.4
5.7
7.1
7.1
5.9>

4,442,314
1, 025,696

885, 081
199,268

5,327,395
1, 224,964

1,034,451
452,074

6,361,846
1,677,038

723,595
172,807

734,574
171,005

10,979
-1,802

11.4
10. 3

676,191
342,481
623, 717
836,919
246,837
286,805
652,576
402, 776
166,461
430,033
247,195
931,751

50,926
18,880
75,315
108, 873
21,781
39,897
40, 605
48, 572
31,986
61,665
35,831
63,860

727,117
361,361
699,032
945,792
268,618
326, 702
693,181
451,348
198,447
491,698
283,026
995,611

277,950
291,456
215, 284
806,384
148,853
204,045
719,251
253,440
97,812
160,441
103,906
1,307,581

1,005, 067
652, 817
914,316
1,752,176
417,471
530,747
1,412,432
704, 788
296,259
652,139
386,932
2,303,192

81, 050
44,880
76,362
118,770
31,328
38,791
90,896
52, 738
22,779
53,983
31,420
138,788

75,556
44,226
76,747
126,923
31,482
35,748
89, 539
51,297
20,605
53, 077
32,216
128,736

-5,494
-654
385
8,153
154
-3,043
-1,357
-1,441
-2,174
-906
796
-10,052

8.1
6.9
8.4
6.8
7.5
7.3
6.4
7.5
7.7
8.3
8.1
6.0

722,444
1,145, 705
521,289
598, 718
370,379
301, 231
681,611
281, 720
265, 786
372,145
402, 675
398,971

5,892
5,678
4,089
1,320
16, 492
7,221
10, 575
15,806
4,700
5,373
4,217
5,576

728,336
1,151,383
525,378
600, 038
386, 871
308,452
692,186
297, 526
270,486
377,518
406,892
404, 547

686, 579
1,422,323
810,710
762,243
431, 637
250, 597
883, 261
267,878
337,327
180,008
78,467
275,290

1,414,915
2,573, 706
1,336,088
1,362, 281
818,508
559,049
1, 575,447
565, 404
607, 813
557, 526
485,359
679,837

71,581
123, 267
61,098
64,870
40, 030
29,110
74,951
28,863
29, 054
31,826
30.836
36, 577

72, 531
123,092
65,042
66,968
42, 685
31, 559
79,144
30, 516
30, 656
33,736
33,322
38,754

950
-175
3,944
2,098
2,655
2,449
4,193
1, 653
1,602
1,910
2,486
2,177

5.1
4.8
4.6
4.8
4.9
5.2
4.8
5.1
4.8
5.7

All member banks

-

...
..

.

Central reserve city banks:
New York
Chicago
Reserve city banks:
Boston..
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago..
_
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
Country banks:
Boston
New York..
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas.
San Francisco....

__..

6A

5.4

1 Exclusive also of certified and cashiers' or treasurers' checks outstanding.
2
Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank
amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are
computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from
banks. In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, and certified and cashiers'
or treasurers' checks outstanding, and amounts due from banks include items with Federal reserve banks in process of collection, amounts due
from banks, bankers, and trust companies, and exchanges for clearing house, also checks on other banks in same place.
3 Deficiencies in reserves indicated by a minus (—) sign.




00

ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, MARCH, 1922-OCTOBER, 1927
[Amounts in thousands of dollars]
Loans and investments
Investments
Date
Total

U.S.

Loans *
Total

Mar. 10
June 30
Dec. 29
Apr. 3 .
June 30
Sept. 14
Dec. 31
Mar. 31._
June 30..
Oct. 10_
Dec. 31
Apr. 6 . . .
June 30
Sept. 28
Dec. 31
Apr. 12
June 30
Dec. 31

1922

Capital,
surplus,
and
undivided
profits

Net
United
demand, Reserve Bills NumNet
with
ber of
Total 2 Demand3 Time States Due to demand time, and Federal payable reportand
Governdeposits deposits deposits de4
redising
posits banks deposits ment reserve counts banks
deposits banks

r
:,054 6, 662, 398 329, 503 3,165, 463 14,479, 460 21,471,361 1, 722, 637 838,979
23,418,982 17,161,135 6, 257,,847 754,846 3, 503, 0011,613,918 4,185, 017 23, 641,418 13, 484,
24,358,014 17,295,943 7, 062, 071 3, 246,824 3, 815, 247 1,646, 773 4, 213, 919 25, 516, 687 15, 035, 179 7,175, 005 156,118 3,150,385 15, 509, 073 22, 840,196 1, 835,116 722, 744
"'"
i,
25,768,503 18, 080, 787 7S 687,716 3, 788,377 3,899,339 1,805, 579 4,363,914 27, 271,804 15, 672, 741 7, 644,881 461, 799 3,492,383 16,186,983 24, 293, 663 1,939, 028 877,527
!,

_
1923

.
1924

1925

1926

1927
Mar. 23_______
June 30
Oct. 10..
_1

Govern- Other
ment securisecurities
ties

Due
from
banks

,
26,332,193 18, 571, 825 7, 760,368
,
__. 26,675, 005 18, 880, 058 7, 794, 947
,
26,497,552 18, 857, 100 7, 640, 452
19, 051, 686 7,
26,738,130

26,832, 034
..27,261,559
28,450,644
29,026,588

19,175, 713 7, 656,321
19, 264, 019 7,997, 540
19,819, 898 8, 630, 746
20,181,309 8,845, 279

29, 284, 939 20,389, 702 8, 895, 237
29, 702, 525 20, 814, 180 8, 888,345
30,369,058 21, 450, 373 8, 918, 685
SI, 199,516 22,275,285 8,924,231

3,883, 266 3, 877,102 1, 774, 287 4,355, 582 27,182,459 15,127,
',221 8,142,574 404,427 3, 508, 237 16, 068,17124,615,172 1, 908, 586 967,819
.,
.
.
!, "" 4
3,870, 232 3,924,715 1,596,184 4,367, 078 27,053, 202 15,161. 059 8, 378, 211296,482 3.. 217, 450 16, 030, 725 24, 705,418 1. 871,015 ., 073, 211
.„, xui,
.,
3, 722, 441 3, 918, 0111, 640,178 4, 436, 232 26, 914, 718 1,
'
!, 203,
.5,100,551 8,466,416 144; 478 3; 203; 2273 15, 892, 267 24, 503,161 ., 868,926 lj,121,362
1
1,900,153 1, 017, 644
3,641,132 4,045,312 1,824,348 4,377, 566 28; 486; 613 16, 086, 731 8, 650, 610 942 3, 512,330 16, 356,379 25,243, 931 :
236,
.,

9,850
9,856
9,843
9,774

3,
3,
3,
3,

9,681
9,650
9,635
9,587

569, 653 4, 086, 668 1,, 643, 739 4,468,444, 28, 248, 08115, 586, 676
,
,
,
,
,
607, 797 4,389, 743 1,940,197 4,486,475 29, 529, 561 16, 292,969
,940,197
,
894, 620 4, 736,126 2,430,462 4 594105 30 772, 057 16, 382,939
430462 4, 594,105 30,
902, 793 4, 942,486 2,339,488 4, 531,726 32,361, 652 17 766469
17, 766,469

8, 889, 923
9,203,545
9, 597,3951
9,804,7381

291, 767 3,479, 715 16, 089, 676 25, .271,366 1, 893,301
479,
,
,
. . . . .,
.
178,946 3 ,854,101 16,802,176 26,184, 667 1,,965,453
""
" "~ '
3 0 . , 803 4,
1 ' " 489, 920 17, " '
.7, 781,391 27, 680; 589 2,121, 428
,
242, 482 4, 547; 963 18,446,119 28,493, 339 2,227,569
!,
"

744, 515
502,907
432, 747
656, 743

3,915, 997 4, 979, 240 2,090, 754 4, 669, 039 31, 226, 527 16, 606, 548 10,126, 980 619 4, 081, 380 17, 685, 631 28, 224, 230 2, 091, 545 700,196
411,
9,531
176,
3, 802,370 5, 085, 975 2, 017,454 4, 689, 980 32,420,480 17, 844, 555 10,381,486 653 4, 017, 786 18, 239,939 28, 798, 078 2,190, 991 717, 701 9,538
986
3, 785,412 5,133, 273 2,031, 130 4, 687, 787 32, 049, 17,426', 212 10,467;
' ',237 278, 211 3, 877, 508 3, 232, 538 28, 977, <t2,047,111
, 168
18,
9,539
3, 761, 065 5,163,166 2,155, 306 4, 677,933 34, "~
,228,20119,050,46010, 653, 028 304,131 4, 220, 582 19, 237, 727 30,194; 886 2, 238; 233 1, Oil) 812 9,489
""
9,237,7
'

I
-____ 31,070,003 22, 006, 308 9, 063, 695 3,831, 078 5, 232, 617 1 933, 501 4,, 826, 066 32,870, 217 17, 686, 614 10,, 954, 747 379,450 3, 849,406 18, 368, 685 29, 702, 882 2,135, 948 840, 858
»,
:
'.
31,390,887 22, , 267,, 479 9, 123, 408 3,744,929 5,378,4791 980, 0514,832, 205 33', 723', 572 18; 342, 735 11, 172,863 227, 647 3, 980,327 18, 766, 357 30,166, 867 2, 236, 172 818, 911
>,
: ,832 :
31, 896, 221 22, 906, 550 8,989, 671 3, 388,963 5, 600, 708 2, 065,518 4, 944,313 34, 508,165 18, 779, 750 11,439, 859 234,116 4, 054,440 18, 901,829 30, 575, 804 2, 210, 048 1. 372
=,944,
., 014,
I,
__ 32,154,346 22, 532,419 9. 621, 9273, 835,151 5, 786, 776 1,896, 383 5,085,980 33, 725,190 17, I 619, 231111,817, 694 406, 850 3, 881,415 18, 516, 549 30, 741,2, 321,414
',
093
1,818, 274 3, 796, 347 6,021,927 1,968, 326 5, 147,398 35,350,958 18,, 799,849 12, 209,834 i 217, 622 4,123, 653 19, 208, 041 31, 635,497
32,967,000 23, 148, 726 Q[
!799,!
2, 280,439
"""1,268 3,856; 149 6; 103,119 2,077; 441 5, 294; 538 35,449; 768 18, 352,370 12,459, 248 435,475 4, 202, 675 19, 143, 905 32, 038, 628 736
33,450,788 23, 491, 520 9,959;
2, 319,

Including discounts, rediscounts, and overdrafts.

3 Includes demand deposits, certified and cashier's checks outstanding, time deposits, United States deposits, and due to banks.
4 Including certified and cashier's or treasurer's checks outstanding, but excluding United States deposits and due to banks

Including due to Federal reserve banks and due to foreign banks.




9,816
9,892

546, 433
541, 248
528, 215

9,412
9,375
9,260
9,144
9,099
9,087

881

PEDEKAL EESEEVE BULLETIN

DECEMBER, 1927

CLASSIFICATION OF LOANS AND INVESTMENTS OF ALL MEMBER BANKS
This table is based onfigurespublished in the annual report of the Comptroller of the Currency for national
banks, and on figures compiled from reports of member State banks to the Federal Reserve Board.
CLASSIFICATION OF LOANS, JUNE 30, 1925, 1926, AND 1927
[In thousands of dollars]
Loans on securities

Total loans
Total

Total:
1925
„.
~- 1926—
—.
m
1927
Central reserve city banks:
1925.__
_
m 1926
„.
W 1927
Other reserve city banks:
1925
1926
1927. —
Country banks:
1925—
1926
—
1927..

All other loans

Secured
by U. S. Secured
Govern- by other
ment stocks and
obligabonds
tions

Secured by real estate
Total

Other
real
estate

Farm

Total

Otherwise
secured
and unsecured

land

Number of
banks

2,184,807
2,448,580

11,742,881
12,280,961
12,050,486

9,538
9,375
9,099

2*710
2,589

148,331
177, 534

2, 533, 670
2, 785, 616
2,851,888

86
79
84

121,989
154, 249

1,201, 273
1,321, 634

4,006,897
4,137,587
4,028, 512

553
544
522

1,036,253
1,175,234 1340,031
1, 270,387 320,975

i 835, 203
949, 412

5,202,314
5,357, 758
5,170,086

8,752
8,493

20,798,714
22,251, 374
23,133,123

6,717,511
7,320,876
8,156, 244

243,343
206, 725
180, 817

6,474,168
7,114,151
7, 975,427

14,081,203
14,930,498
14, 976, 879

5, 508, 717
5,921,135
6,430,476

2,857,153
2, 984,478
3, 398,465

80,146
64, 430
56,457

2, 777,007
2,920,048
3,342,008

2, 651, 564
2,936, 657
3,032, 011

117,894
151,041
180,123

7,465, 741
8,018,090
8,328,327

2, 274, 669
2, 557,241
2,823,932

87,719
74,473
61,419

2,186, 950
2,482, 768
2, 762, 513

5,191,072
5,460,849
5, 504,395

1,184,175
1,323, 262
1,475,883

7, 824,256
8,312,149
8, 374,320

1, 585, 689
1, 779,157
1,933,847

75,478 1, 510, 211
67,822 1,711,335
62,941 I 1,870,906

6, 238, 567
6, 532,992
6,440,473

2, 338,322
2, 649, 537 1464,730
2,926,393 477,813

i Revised.
CLASSIFICATION OF S E C U R I T I E S , J U N E 30, 1925, 1926, AND 1927
[In thousands of dollars]
Foreign securities

Domestic securities

Total
securities
Total

Total:
1925_._
1926
,
1927
Central reserve city banks:
1925
_
1926
1927
Other reserve city banks:
1925-.
1926..
1927
Country banks:
1925
1926
1927
_

State,
U. S. Gov- county,
ernment and musecurities
nicipal
(total)
bonds

All other
bonds

8,888,345 8,387,838 3,802,370 1,028,906 2,784,762
9,123,408 8, 625, 326 3, 743, 925 1,149,329 2, 947, 530
9,818, 274 9, 246,136 3, 796, 347 1,277,436 3,343,305

Stock of Stock of All other
Federal other domestic
reserve corpora securi'
bank
tions
ties

Total

Bonds of
foreign
governments

All other
foreign
securities, including
municipal

114,967
122, 508
129,005

275,334
327, 253
348, 261

381,499
334, 781
351, 782

572,138

327,303
300, 590
316,343

173,204
197,492
255, 795

73,872
91,115

36,361
69,980
78, 654

99, 298
66,172
84, 831

62,914
37,416
48,358

36,384
28,756
36,473

500,507

2,013, 858 1, 914, 560 1,067,438
2,053,294 1,987,122 1,066, 254
2,194, 843 2,110,012 1,079,814

232,425
249, 853
286,878

476,353
478, 228
547, 329

28, 111
31, 692
34,134

2,866,386 2, 725,942 1,341,016
2,932, 434 2, 793,069 1,325,138
3,191,303 3,049, 596 1,408, 386

342,996
406,105
480, 714

702, 863
776,404
884, 730

41,030
43, 335

134,077
149, 923
163,135

165,992
94,469
89,296

140,444
139,365
141,707

92,663
81,874
71,420

47,781
57,491
70,287

4,008,101 3, 747,336 1,393,916
4,137, 680 3, 845,135 1, 352, 533
4, 432,128 4,086, 528 1,308,147

453,485 1, 605, 546
493, 371 1, 692,898
529, 844 1,911,246

47, 858
49, 786
51, 536

67,385
86,215
101,923

179,146
170, 332
183, 832

260,765
292, 545
345, 600

171,726
181,300
196, 565

89,039
111, 245
149,035

NOTE .—Of the total loans of all member banks on June 30,1927, about $4,770,000,000, or 14.5 per cent of their total loans and investments was
reported as eligible for rediscount at the reserve banks; this compares with about $4,920,000,000, or 15.7 per cent, reported for June 30,1926.




882

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

EARNINGS AND EXPENSES OF MEMBER BANKS
TABLE 1.—ALL MEMBER BANKS, BY CLASS OF BANK, YEARS ENDING JUNE 30, 1926 AND 1927

Amounts (in thousands of dollars)
Total

State

National

1927

1927

1926

1, 679,827
303,390

1,076,091
166,171

2,068,870

Gross earnings
Interest on deposits
Interest on borrowed money
Salaries and wages
Taxes
All other expenses _ _

1926

1,723,487
345,383

Interest earned
Other earnings

1, 983, 217

1,242,262

658,
29,
384,
106,
230,

687,021
29, 363
408, 048
109, 708
241, 061

Amounts per $100 of earning assets
National

Total

1

State

1927

1926

1927

1926

1927

1926

1927

1926

1,046,441
145, 086

647,396
179, 212

633,386
158, 304

$5.37
1.08

$5.46
.99

$5.45
.84

$5.51
.76

$5.24
•1.45

$5.39
1.35

1,191, 527

826, 608

791, 690

6.44

6.45

6.29

6.27

6.68

6.74

027
688
259
297
834

408,161
18, 342
243, 061
70, 304
142, 004

387,
19,
229,
68,
135,

797
361
688
537
844

278, 860
11, 021
164, 987
39,404
99, 057

270, 230
10, 327
154, 571
37, 760
94, 991

2.14
.09
1.27
.34
.75

2.14
.10
1.25
.35
.75

2.07
.09
1.23
.36
.72

2.04
.10
1.21
.36
.72

2.26
.09
1.33
.32
.80

2.30
.09
1.32
.32
.81

1,475, 201

1,409,106

881, 872

841, 227

593,329

567, 879

4.60

4.58

4.47

4.43

4.80

4.83

Net earnings

593, 669

574, 111

360,390

350, 300

233, 279

223,811

1.85

1.87

1.83

1.84

1.89

1.90

Losses on loans
Losses on investments
All other losses

1*20 676
37, 200
44,398

131, 227
35,963
38,447

86,497
27, 568
27, 577

93, 588
23, 775
27, 989

34,179
9,632
16,821

37 639
12,188
10,458

.38
.12
.14

43
.12
.13

.44
.14
.14

.49
.13
.15

.28
.08
.14

.32
.10
.09

202, 274
48,022

205, 637
65,934

141, 642
33,328

145, 352
43,994

60, 632
14,694

60, 285
21,940

.63
.15

.67
.21

.72
.17

.77
.23

.49
.12

.51
.19

154, 252

139, 703

108,314

101,358

45, 938

38,345

.48

.45

.55

.53

.37

.33

439,417
292, 066

434,408
279, 358

252, 076
180, 629

248, 942
173, 635

187, 341
111,437

185,466
105, 723

1.37

1.41

1.28

1.31

1.51

1.58

22, 713, 794 21,762, 725 13, 653, 645 13, 219, 438
9,388,320 8,983, 673 6, 082, 232 5, 777, 515

9,060,149
3,306,088

8, 543, 287
3, 206,158

Total expenses

_

Total olsses
Recoveries
Net losses

2

Net addition to profits
Dividends declared. _
Loans 3
Investments 3

_

Total earning assets
Capital funds

3

*

3

_

32,102,114 30,746,398 19,735,877 18,996,953 12, 366, 237 11,749,445
5, 002,474

4,722,401

3,161, 606

3, 043,282

1,840, 868

.......

1, 679,119
Other ratios 1

Earning assets per $1 of capital funds
Net profits per $100 of capital funds
Losses on loans per $100 of loans
Losses on investments per $100 of investments

$6.42
8.78

$6.51
9.20

$6.24
7.97

$6.24
8.18

$6.72
10.18

$7.00
11.05

.53
.40

.60
.40

.63
.45

.71
.41

.38
.29

.44
.38

1
These ratios are based upon data taken from the customary abstracts of reports of condition and of earnings, expenses, and dividends. I t
should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and
such ratios as are shown in the tables are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes
during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups t h a t
the results appear not to be appreciably affected by these changes.
2
Total losses charged off less recoveries on assets previously charged off.
3
Averages of amounts from reports of condition for five call dates in the fiscal year 1926 and for four call dates in the fiscal year 1927.
* Capital surplus and undivided profits exclusive of reserves for taxes, interest, etc., accrued.




883

FEDERAL KESEKVE BULLETIN

DECEMBER, 1927

TABLE 2.—ALL MEMBER BANKS BY FEDERAL RESERVE DISTRICTS YEARS ENDING JUNE 30, 1926 AND 1927
[In thousands of dollars]
Federal Reserve District
New York

Boston
1927

Interest earned.
Other earnings..

1926

1927

1926

Philadelphia

Richmond

1927

1926

1927

1926

1927

1926

74,330
10,005

74, 005
9,077

Atlanta
1927

1926

127,002
21,411

479,343
127,973

454,341
110.264

134,406
20,934

126, 760
21, 720

180, 555
33,243

174,401
30,131

138,040

607.316

564,605

155,340

148,480

213,798

204,532

84,385

83, 082

3,277

$9, 091

58,755
1,933
25,407|
6,004
15,428

Total expenses..

119,23\
18.803

148,413

Gross earnings..
Interest on deposits
_
Interest on borrowed money. _ .
Salaries and wages
Taxes
All other expenses. __

54, 013
1,850
23,867
14,405

196, 074
6,807
112,625
26, 596
67,233

182,457
6,771
101, 312
25, 671
63, 959

50,180
2,330
27,168
7,837
15,406

46,453
2,542
25, 076
7,662
14, 593

80, 904
2,611
38,769
11,872
21.351

76,518
2,815
35, 978
10, 994
21.754

27,361
2,096
16, 765
5,614
9,137

26,053
3,125
16,157
5,299
9,058

23, 589
2,730
17,707
5,843
11,124

25.064
2,102
17,060
5,682
11,835

409,335

380,170

102, 921

96,326

155, 507

149, 059

59, 692

60, 993

61,743

197, S

184,435

52,419

52,154

58,291

55,473

23, 390

22,284

27,348

5,479
4,214

9,567
4,149
2,718

6,149
820
1,582

6,196
619

8,785
674
1,841

7,102
670
2,172

19, 582
3,551

16,434;
3, 9221

8, 551
1,335

11,300
2, 075

9,944
2,151

5.r

107,527!

100,017

Net earnings

40,886

38,023

Losses on loans
Losses on investments_..
All other losses

10, 019
6,747
2,812

7,670
3,700
3,085

20.251
11, 554
9, 576

31, 744
15, 072
12,162

4, 093|
3,214
2, 5221

Total lossesRecoveries

19, 578
4,241

14,455
4,605

41, 381
11, 781

58, 978
24, Q:A

3', 127

N e t losses i

Loans *
Investments 2.

5, 956
3.353
11,006
4,487

1,474

71,058
12,219

74 730
14,361

_|

_

E a r n i n g assets

2

23

15,337

9, 850|

29,600

34, 914|

6, 702

6, 519|

16, 031

12.512J

7,216

6,609

9,225

7,793

_.|
j

25,549
20,145

28,173
18.641J

168, 381
97,859

149, 521
89,147

45,717
26,493

45, 635
24, 533

42,260
27, 636

42,!
28,416

16,196
13,

16,781
15, 618

13, 059
12,208

19, 555
11. 908

ji, 730,0411,685,
i, 885,980 6,349,42611, 600,635 1,490,101.12,162,107 . 081,796 1. 013,851 , 018,343
,
672, 070 2. "" 457 2,856,849 889,697 857, 768)1, 043, 802 ,016,108 276, 636 264, 484
952,
745, C

Net addition to profits.._
Dividends declared

C a p i t a l funds

Cleveland

916, 674
242, 895

954, 670
235, 364

J2.475,137 2,357,859 9, 838.437 9,206,275J2,490, 332 2,347, 869,3,205, 909 3, 097, 904 1,290,487 1, 282,827jl. 159. 569 1,190, 034
374,020

360,185 1, 523,385 1,376, 099

507, 975

471,857

533, 931

520,815

235, 321

232,081; 189,8

181, 953

Federal Reserve D i s t r i c t

Chicago
1927

Interest earned.
Other earnings..

1926

St. Louis

Minneapolis

Kansas City

Dallas

San Francisco

1927

1926

1927

1926

1927

1926

1927

1926

1927

1926

74, 783
11, 758

73,856
11, 749

49,371
6,379

50,924
6,059

71,295
11, 772

72, 111
9, 669

|
54,749j
6,621

56,495)
6,698

162,972
30,557

161, 633
22,051

243,573
52, 511

Gross earnings..
Interest on deposits
Interest on borrowed money.
Salaries and wages
Taxes
All other expenses

241, 334
42, 808

296, 084

284,142

18, 541

85, 605

55, 750

56, 983

83,067

81, 780

61,370j

63,1931

193,529

183, 684

97,753
3,497
60, 766
18,846
37, 755

96, 404
2,954
57,127
18, 000
34, 810

27,461
2,443
17, 689
6,4471
10,4481

26,518!
2,464
17,195
5,806
10,3891

20,569
444|
12, 293|
3,033
6,724

21,773
494
12, 507
3,174
6,837

24, 248
853
19-, 515

13, 888!
1,307!
15,489J
4,6111
8,577

13, 833
1,284
15, 279
4,442
8,377

66, 239
2,312
43,855
8,197
25,901

64, 014
2,301
42,413
8,576
22,904
140,208

11J977

24, 927
986
19, 288
5,109
11, 913

Total expenses..

218,617

209,295

64,488|

62,3721

43, 063

44, 785

61,401

62, 223

43, 872

43,2151

146,504

Net earnings...

77,467

74, 847

22,0531

23,233;

12,687

12,1981

21, 666

19, 557

17,498

19,978

47, 025

43,476

Losses on loans._-_
Losses on investments..
All other losses

14,651
3,492
6,176

16,908
2,771
3,771

6,000
822
2,685

6,717|
823!
1,452

6,433
871
1,133

6,514
466
1,035

12,389
1,426
3,311

11, 960
1,497
2,011

8,591
428
2,063

8,533!
296]
1, 797!

13,426
1,673
6,483

12,360
2,547
5,279

Total losses..
Recoveries

24,319

23,450|
7, 766^

9,507
2,665

8,992
2,827

8,437
•1,931

8,015!
2,380j

17,126
4,063

15,468
3, 569!

11, 082
2, 602

10, 626
2,952

21, 582
4,614

20,186
5,737

1

Net losses .

18,28S

15,684;

6,842

6,165

6,506J

5,635i

13,063

ll,899j

8,480[

7,674

16, 968

14,449

Net additions to profits..
Dividends declared

59,185
36, 317

59,163i
35,291!

15, 211
13, 746

17, 068

6,181
5,699

6,563
<,5,544|

8,603
8,347

7,658
8,031 !

9,018

12,304!
9,467

30, 057i
22, 2311

29, 027
21,077

Loans 2
Investments 2_.

3, 394, 614 3,, 279, 612| 941, 033
1, 218, 0711,, 200,608 384,840

936, 782
359,522

548,383
315, 644

585,137
304, 433

787,959
363, 603

806, 615
329, 815

656,280
165,948

657, 564:2, 076, 237 1, 916,890
160,1291 789,631! 726, 522

Earning assets 2_.
Capital funds 2 a

4,612, 685 4,
,480,2201, 325,873 1,, 296,304
661,604 626, 042 205,103 199,163

864, 027
113, 720

889, 570 1. 151, 562 1. 136,430
,
,
116,422 154,402 155,732

822,228
161,281

817, 693 2,865,
160,821 341,867,

1, r
1

1 Total losses charged off less recoveries on assets previously charged off.
Averages of amounts from reports of condition for five call dates in the fiscal year 1926 and for four call dates in the fiscal year 1927.
Capital, surplus, and undivided profits, exclusive of reserve for taxes, interest, etc., accrued.

2
3




1,412
321, 231

884

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

TABLE 3—RATIOS—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDING JUNE, 1926 AND 1927
Federal Reserve District
New York

Boston

Philadelphia

Cleveland

Richmond

Atlanta

1927

Gross earnings.

1927

1926

1927

1926

1927

1926

1927

1926

1927

_.„

$5.13
.87

$5.06
.80

$4.87
1.30

$4.94
1.20

$5.40
.84

$5.40
.93

$5.63
1.04

$5.63
.97

$5.76
.78

$5.77
.71

$6.13
1.05

_

Amount per $100 of earning assets:
Interest earned
Other earnings

1926

6.00

5.85

6.17

6.13

6.24

6.32

6.67

6.60

6.54

6.48

7.18

7.49

2.37
.08
1.03
.24
.62

2.29
.08
1.01
.25
.61

1.99
.07
1.14
.27
.68

1.98
.07
1.10
.28
.69

2.01
.09
1.09
.31
.62

1.98
.11
1.07
.33
.62

2.52
.08
1.21
.37
.67

2.47
.09
1.19
.35
.70

2.12
.16
1.30
.44
.71

2.03
.24
1.28
.41
.71

2.03
.24
1.53
.50
.96

2.11
.18
1.43
.48
.99

4.34

Interest on deposits
Interest on borrowed money ._
Salaries and wages
Taxes
All other expenses
_
Total expenses.

_

1926

$6.28
1.21

Total losses
Recoveries ______

. _ _ _

Net losses 1

4.24

4.16

4.13

4.13

4.10

4.85

4.81

4.72

4.65

5.26

5.19

__.

Net earnings

1.65

1.61

2.01

2.00

2.10

2.22

1.82

1.79

1.81

1.82

1.92

2.30

__

.79
.17

.61
.20

.42
.12

.64
.26

.39
.13

.47
.19

.61
.11

.53
.13

.66
.10

.63
.11

.97
.18

.84
.18

_

.62

Other ratios:
Earning assets per $1 of capital funds _ _,
Net profits per $100 of capital funds 2
Losses on loans per $100 of loans _
Losses on investments per $100 of investments
_

.42

.30

.38

.27

.28

.50

.40

.56

.52

.80

.65

1.03

Net addition to profits

1.19

1.71

1.62

1.84

1.94

1.32

1.39

1.26

1.31

1.13

1.64

6.62
6.83

6.55
7.82

6.46
11.05

6.69
10.87

4.90
9.00

4.98
9.67

6.00
7.91

5.95
8.25

5.48
6.88

5.53
7.23

6.11
6.88

6.54
10.75

.58

.45

.29

.50

.26

.40

.46

.46

.61

.61

.96

.74

.91

.55

.39

.53

.36

.39

.52

.41

.30

.23

.28

.28

Federal Reserve District
St. Louis

Chicago

Minneapolis

Kansas City

Dallas

San Francisco

1927

1926

1927

1926

1927

1926

1927

1926

1927

1926

1927

$5.28
1.14

$5.39
.96

$5.64
.89

$5.70
.91

$5. 71
.74

$5.72
.68

$6.19
1.02

$6.35
.85

$6.66
.81

$6.91
.82

$5.69
1.07

$6.11
.83

6.42

6.34

6.53

6.60

6.45

6.41

7.21

7.20

7.46

7.73

6.75

6.95

2.12
.08
1.32
.41
.82

2.15
.07
1.28
.40
.78

2.07
.18
1.33
.49
.79

2.05
.19
1.33
.45
.80

2.38
.05
1.42
.35
.78

2.45
.06
1.41
.36
.77

2.11
.07
1.69
.42
1.04

2.19
.09
1.70
.45
1.05

1.69
.16
1.88
.56
1.04

1.69
.16
1.87
.54
1.02

2.31
.08
1.53
.29
.90

2.42
.09
1.60
.32
.87

4.74

4.67

4.86

4.81

4.98

5.03

5.33

5.48

5.34

5.28

5.11

5.30

1.68

1.67

1.66

1.79

1.47

1.37

1.88

1.72

2.13

2.44

1.64

1.64

.53
.13

.52
.17

.72
.20

.69
.22

.98
.22

.90
.27

1.49
.35

1.36
.31

1.35
.32

1.30
.36

.75
.16

.76
.22

1926

Amount per $100 of earning assets:

Interest earned
Other earnings

Gross earnings

____

__.

Interest on deposits
Interest on borrowed money ___ __ __ _
Salaries and wages
Taxes
All other expenses
Total expenses...
Net earnings

_„__

Total losses
Recoveries
Net losses i

_

.40

.35

.52

.48

.75

.63

1.13

1.05

1.03

.94

.59

.55

...

1.28

1.32

1.15

1.32

.72

.74

.75

.67

1.10

1.50

1.05

1.10

Other ratios:
Earning assets per $1 of capital funds. __
Net profits per $100 of capital funds 2___

6.97
8.95

7.16
9.45

6.46
7.42

6.51
8.57

7.60
5.44

7.64
5.64

7.46
5.57

7.30
4.92

5.10
5.59

5.08
7.65

8.38
8.79

8.23
9.04

.43

.52

.64

.72

1.17

1.11

1.57

1.48

1.31

1.30

.65

.64

.29

.23

.21

.23

.28

.15

.39

.45

.26

.18

.21

.35

Net addition to profits

_

_

Losses on loans per $100 of loans
Losses on investments per $100 of investments

1 Total losses charged off less recoveries on assets previously charged off.
2 Obtained by dividing net profits by capital funds; equivalent to the product of the two preceding ratios.
NOTE.—These ratios are based upon data taken from the customary abstracts of reports of condition and of earnings, expenses, and dividends.
It should be borne in mind in using them that the statistics employed represent aggregates for banks reporting on the various dates and such ratios
as are included in the tables are therefore ratios of aggregates, in which figures for large banks have a statistical influence somewhat disproportionate
to their number, in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given
year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear
not to be appreciably affected by these changes.




885

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

TABLE 4.—NATIONAL BANKS, BY FEDERAL RESERVE DISTRICTS, DECEMBER 31, 1926, TO JUNE 30, 1927
NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports
submitted by national banks. A similar table relating to the last half of 1926 was published on page 552 of the July, 1927, issue of the FEDERAL
RESERVE BULLETIN; additional statistics for the fiscal year ending June 30.1927, will be found in the Annual Report of the Comptroller of the Currency for 1927. A similar table showing earnings, expenses, and dividends of State bank members of the Federal reserve system for the first half
of 1927 was published on p . 794 of the November, 1927, issue of the BULLETIN.
[In thousands of dollars]
Member national banks, by Federal reserve districts

Total

Boston

New
York

PhilRich- At
adel- Cleve- mond lanta
phia land

Gross earnings:
Interest received—
385,321 28,074 80,007 32,966 31,162
On loans 2_..__ 3
On investments ___. 139,859 12, 532 42,211 15, 726 15, 743
On balances with
13,525 1,062 2,479
537 1,165
other banks..
...
1,513
108
63
100
Unclassified..
_.
Domestic exchange and
254
258
274 1,659
collection charges
7,871
Foreign exchange depart365 3,840
443 * 160
ment
6,691
6
6
8
12
Commissions received . . .
468
584 2,377
316
5,633
276
Trust department.......
35,318 2,518 14.140 3,294 3,823
Profits on securities soldJ
Other earnings
..__> 34,165 3,137 8,285 1,348 2,599
Total earnings..

630,364

Expenses:
Salaries and wages
...
Interest paid—
On borrowed money 2 .
On deposits—
Time
..._.._
Demand ._.„._
Bank
.___„
Unclassified . . . . .
Taxes
O ther expenses
_
Total expenses

120, 733
8,012

Total net earnings and
i
recoveries
Losses charged off:
On loans and discounts..
On bonds, securities, etc..
On banking house, furniture, and fixtures
On trust department
operations
_.
On foreign exchange. _.._
All other losses.„_.____„_
Total losses charged off.
Net addition to profits..
Dividends declared
.

684
71
450
33
9
274
1,013
2,173

8,321 25,854
657

1,710

9,010
784

9,636 6,617
659

750

12,694 7,957
5,300 2,033
2,004 1,097
355
230
3,235 1,901
5,648 3, 680

9,662
3,398
3,190

111

1,306
464

763
143

648
244

1,478
82

1,178
164

1,287
18

1,126

348

775

565

646

687

7,902

939
51
1
114
318
177
623 1,706
1,6221 4,164

35
16
90
696
873

78
698
5
42
53
861
372 5,784
1,867 3,701

6,692
469
5,637
35,322
34,186

938
56
829

13
36
201
48
49
258
597
752
1,141 3,255

6,221 14,902

5,280

5,552

788

346

149

5,815 12, 257
1,771 7,929
1,031 3,687
455
49
1,133 6,900
3,817 9,626

5,061
2,233
1,459
80
3,120
2,876

7,054
1,363
976
135
1,881
3,175

632

8,674 7,124 13, 542
364

22

13,547
1,513

364

630,728

86

120,819

426

747

8,012

5,641 3,134
2,998 2,492
2,077 1,257
39
62
2,151 1,937
5,320 4,093

13, 252
3,672
2,150
26
2,931
9,305

117,414
61,045
27,336
1,844
33,926
74,316
239

444,712

8,759 17,451

5,142

3,722

9,922

9,576 16,098

125

186,016

1,434
324
531

372
74
256

638
91
118

1,510
314
261

1,157
46
180

9,404 19, 740

5,844

4,569 12,007 10,959 17,325

448 1,814
326! 781
127 514

328
754
446

442
402
141

283
118
147

202,141 15, 754 58,808 20,042 16, 796 10, 893

446
36
163

789
132
306

40, 4251 3,947
13, 247 2,752

5,107
3, 747

1,520
1,334

2,542
2,045

2,423
323

2,725
290

4,992
902

1,704
209

2,683
257

5,572
725

155

5,453

455

1,025

476

471

346

183

543

238

122

490

247

857

346
319
6,626

23
17
208

1
7
233

46
310

3
276

78
2
587

209
180
199

1

28
2,401

23
16
218

236

7,402

12,314

3,587

5, 299

3,448

3,477 7,104 2,739

3,299

8,352 46,494 16,455 11,497
7,610 25,752 9,273 7,239

7,445
5,450

5,927| 12,636 3,105
3, 743 9, 563 5,252

1,270
2,496

9,667
3,402
3,190
134

3,826
507

66,416

385,490
139,970

33,700 99,374 36,436 39,531 24, 265 20,469 56, 544 20,455 20, 285 27,287 20, 502 45,625
14,852| 55,699 18,514 15,811 10,345

135,725
90,641

Capital stock paid in «
Surplus fund *

25,143 21,077 50,875 17,129 14, 547 23,956 22,862 37,523
4,760 3,854 12,983 5,504 5,769 6,802 2,853 11,122

48,552155,073 54,950 55,342 34,610 29,228 73,995 25,597 24,007 37,209 30,078 61,723

117,370 10,280 22,488 11, 737
61,004 6,549 19,411 5,253
27,329 1,380 9,109 1,102
•1, 844
136
188
89
33,911 1,318 4,329 3,075
74, 270 5,059 16,384 5,287
444,473

Net earnings
Recoveries on charged-ofl
assets:
Loans and discounts
Bonds, securities, etc-._.
All o t h e r . . . .

Chicago

Nonmem- All national
Min- KanSan ber na- banks
St.
tional
sas
Louis neap- City Dallas Fran- banks 1
olis
cisco

13
938

202,275
40,435
13,254

10

5

5,463
346
319
6,627

473

7
547

7,738

4,265

5,744

28

66,444

4,269
3,491

6,694 11, 581
3,307 7,465

106
57

135,831
90,698

1,473,373 120,957 317, 774 108,994 124, 680 96,132 73,035190,387 73, 790 59,083 84,793 89,105 134,643
1, 256,090 102,464 370, 418 186,721127,329 73,226 50,533124,572 36,229 32,107 39, 730 41,448 71,313

,
8001, 474,173
,
8551; 256,945
Capital and surplus *_. 2,729,463 223,421 688,192 295, 715 252,009 169,358123, 568 314,959 110,019 91,190 124, 523 130, 553 205,956 1,655 2,731,118

N u m b e r of banks *____„._„„_




7,790

376

761

683

731

517

* Includes national banks of Alaska and Hawaii.
2 Including discount.

378

994

485
3

674

946

708

Including dividends*
* As on June 30,1927.

537

6

7, 796

886

FEDEEAL KESEKVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927
[In thousands of dollars]
Net demand deposits
State and date

Time deposits

In places having a population o—
f

In places having a population o—
f
Total

Less than
5,000

5,000 t o
15,000

Less than

15,000 t o 100,000 a n d
100,000
over

5,000

5,000 t o
15,000

15,000 t o
100,000

Total

and over

100,000

Alabama:

1923—Apr. 25. _
May 2 3 June 27_.
July 25..
Aug. 2 9 Sept. 26Oct. 24..
Nov. 28..
Dec. 26.-

21,094
19,057
18,211
17,859
17,084
18,670
20, 226
23,392
23,711

9,534
9,865
9,663
10, 519
10,163
11,060
11,687
12,444
11, 204

32,437
32, 582
31, 552
31,353
31,488
31,653
31, 546
31,626
33,202

34,412
35,403
34,945
34, 681
33, 262
32,612
33,859
34, 706
34,752

97,477
96, 907
94,371
94,412
91,997
93,995
97,318
102,168
102,869

8,520
9,023
8,857
8,898
8,895
8,829
9,396
9,490
9,417

7,490
8,176
8,445
9,788
8,496
9,814
9,813
9,903
8,682

16, 576
16,055
17,019
17,127
17,605
15,990
15,850
• 16,398
16,089

20,795
21,202
21,717
21,239
21, 259
21,412
21,351
21, 478
21, 519

53,381
54,456
56,038
57,052
56, 255
56,045
56,410
57,269
55,707

1924—Jan. 23...
Feb. 27..
Mar. 26Apr. 23.May 28..
June 25._
July 23._
Aug. 2 7 Sept. 24..
Oct. 29.Nov. 26Dec. 24..

23,129
21,961
20,802
19,458
18,374
17, 514
16,606
16,987
20,045
21,999
22,486
22,773

12,299
10,468
9,982
9,661
9,268
8,831
8,473
8,895
9, 767
10,462
10,771
10,982

33,991
33,023
32, 517
32, 243
32,040
31, 521
31,153
31,149
31,487
31,730
33,187
32,962

33,377
33,271
33,209
35, 293
34,077
33,255
33,417
34, 092
33,982
36,349
40,828
38,928

102,79698,723
96, 510
96,655
93, 759
91,121
89,649
91,123
95, 281
100, 540
107,072
105, 645

9,810
10,093
10,128
10,323
10,406
10, 362
10,397
10,264
9,948
10,179
10,063
10,179

8,990
9,040
9,256
9,567
9,613
9,705
9, 860
9,853
9,915
9,871
9,878
9,805

16, 202
16,400
16, 501
18,848
17,769
18,161
18,149
18,251
18,074
17,626
17,162
17, 225

21,449
21,437
21,752
22,917
23, 573
24,110
23, 566
23,456
23, 576
23, 634
23,763
23,818

56,451
56,970
57,637
61, 655
61,361
62, 338
61, 972
61, 824
61, 513
61,310
60,866
61,027

1925—Jan. 28—
Feb. 25..
Mar. 25Apr. 22. _
May 27..
June 24—
July 29..
Aug. 26Sept. 23..
Oct. 28..
Nov. 25Dec. 23..

23,468
23,684
23,135
21,190
19,856
19,415
18, 223
20,181
25, 995
27, 545
26,262
25,131

12,174
11. 081
l i ; 983
11, 273
10, 940
10,873
10, 813
11,336
13,090
14,195
13, 993
13,773

33,345
34,119
33,298
34,174
33,580
33,317
32,920
33,758
35,731
37, 641
36,860
37,632

37,300
36,577
36,393
36,337
35, 711
36,325
28, 617
29, 589
38, 221
41,468
42,015
40,986

106,287
105,461
104,809
102, 974
100,087
99,930
90, 573
94,864
113, 037
120,849
119,130
117, 522

10, 932
11, 231
11,345
11,364
11,350
11,414
11, 060
11,175
11,111
11,420
11,454
11,170

11, 289
9,805
11,416
11,372
11,348
11,487
11, 558
11, 579
11, 568
11, 656
11,490
11, 510

17,342
17, 546
17,737
18,045
18,347
18, 627
18,257
18, 247
18,372
18, 655
18,376
20, 918

23,263
23,661
23,340
23,009
23,111
23, 528
19, 934
20,315
23, 720
23, 795
23,877
23, 972

62,826
62, 243
63,838
63,790
64,156
65,056
60,809
61,316
64, 771
65, 526
65,197
67, 570

1926—Jan. 27—.
Feb. 24__.
Mar. 24__.
Apr. 28...
May26__.
June 23_ _.
July 28...
Aug. 25...
Sept. 22..
Oct. 27...
Nov. 24...
Dec. 29...

25, 920
25,285
23,978
22,434
21,029
20,118
19,026
18,182
23,238
22,204
21,526
21,514

13,808
13, 918
13,328
12, 824
12,276
11,227
11,438
10,548
11,469
11,613
11,321
11,457

38,239
38,602
38,026
36,296
34,078
33, 910
33,852
33,097
32,837
33,913
34,223
34, 575

41,324
41,969
45,601
. 43,741
42,003
40,304
42,017
41,665
42,589
42,668
43,682
44,899

119,291
119, 774
120,933
115,295
109,386
105,559
106,333
103,492
108,133
110,398
110, 752
112,445

12,145
12,110
12,219
12, 527
12,473
12,959
12,515
12, 308
12,040
12,293
12,171
12,170

11,686
11,699
11,301
11,714
11,625
11,136
11,765
12,400
12,462
12,390
12, 380
12,467

18,429
18,672
19,397
21,869
22,066
22,317
22,094
21,988
21, 982
21,993
21,644
21, 713

23,428
24,107
24,342
24,605
25,142
26,679
25,390
25,298
25,068
25,351
25,124
25,521

65,688
66, 588
67,259
70,715
71,306
72,091
71, 764
71, 994
71, 552
72,027
71,319
71, 871

1927—Jan. 26___
Feb. 23._
Mar. 23..
Apr. 27. _
May 25..
June 22_.
July 27..
Aug. 24..
Sept. 28...
Oct. 26..

21, 789
21, 925
21,281
20,414
19,292
19,023
18,411
19, 739
24,848
26, 623

11,361
11,108
11, 240
11,077
10,538
10,655
10,340
9, 533
10, 902
11,997

33,267
33,220
33,297
33, 573
33,294
31,799
33, 610
35,381
36,153
37, 889

42,192
42,294
41,516
44,519
41, 999
43,407
43,805
44,624
46,221

108, 609
108,547
107,334
109,583
105,123
104,884
106,166
109,277
118,124
124, 926

12,275
12,275
12,342
12,517
12,889
12, 735
12, 958
13,899
14,561
14, 436

12, 536
12,468
12,506
12,509
12,626
12,690
12,670
11,353
11,080
11,927

21, 505
21,465
21, 727
22,246
23,192
22,335
22,378
21,801
21,957
22,034

25, 613
25,577
25,921
26,114
26,543
27,042
25, 950
25,991
26,107
26,193

71, 929
71, 785
72,496
73,386
75,250
74,802
73, 956
73,044
73, 705
74, 580

1923—Apr. 25 —
May 23..
June 27..
July 2 5 . .
Aug. 2 9 Sept. 26..
Oct. 24..
Nov. 28..
Dec. 2 6 -

3,081
3,130
3,075
2,998
2,690
2,903
3,480
4,201
3,879

3,302
3,555
3,192
2,908
2,643
2,835
2,870
3,103
3,301

14,629
14, 961
13,720
12, 916
12,376
13,795
14 665
15,380
15,795

21,012
21,646
19,987
18,822
17, 709
19, 533
21,015
22,684
22,975

2,420
2,441
2,508
2,445
2,380
2,320
2,311
2,244
2,323

1,877
1,918
1,931
1,983
1,979
1,943
1,940
2,081
2,089

6,603
6,267
6,107
6,109
6,213
6,622
6,650
7,220
7,245

1924—Jan. 23—
Feb. 2 7 Mar. 26..
Apr. 2 3 May28__
June 25._

3,596
3,538
3,080
3,070
3,135
2,911

3,210
2,993
3,032
3,113
3,586
3,725

15,123
15,428
14,620
14,927
14,801
13,427

21,929
21, 959
20,732
21,110
21,522
20,063

2,311
2,164
2,048
2,006
1,887
2,112 i

1,895
2,065
2,043
2,064
2,073
2,010

7,406
7,600
7,648
7,391
7,170
7,330

Arizona:




48, 417

I

!

!

10,900
10,626
10,546
10,537
10,572
10,885
10,901
11,545
11,657
11,612
11,829
11,739
11,461
11,130
11,452

887

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
State and date

In places having a population o—
f

In places having a population o—
f
Less than 5,000 to
5,000

Arizona—Continued.

Time deposits

15,000

15,000 to 100,000 and
100,000

Total

Less than 5,000 to 15,000 to
5,000

15,000

100,000

Total

100,000
and over

1924—July 23
Aug. 27
Sept. 2 4 . . . . . . .
Oct. 29
Nov. 26
Dec. 24

2,780
2,698
2,915
3,246
3,634
3,940

3,492
3,290
3,067
2,585
2,596
2,654

13,497
12,908
13,356
15,006
15,374
16,527

19,769
18,896
19,338
20,837
21,604
23,121

1,930
1,892
1,875
1,867
1,874
1,978

2,070
1,650
1,760
1,723

7,475
7,417
7,466
7,270
7,531
8,193

11,398
11,348
11,411
10,787
11,165
11,894

1925—Jan. 28__
Feb. 25..
Mar. 25_.
Apr. 22..
May 27.
June 24. _
July 29. _
Aug. 26..
Sept. 23.
Oct. 28_.
Nov. 25_.
Dec. 23.=

3,847
3,542
3,449
3,418
3,333
3,149
3,192
3,026
3,137
3,531
3,563

2,487
2, 576
2,758
2,817
3,169
2,873
2,589
2,456
2,548
2,481
2,604
2,686

16, 231
16, 265
16, 213
16,004
15, 779
15, 271
14,169
14, 684
15, 265
15,855
17,819
17, 749

22,417
22, 688
22, 513
22, 270
22, 366
21,477
19,907
20,332
20,839
21,473
23,954
23,998

2,007
2,045
1,969
2,015
2,090
2,077
2,109
2, 245
1,966
2,008
2,094
2,021

1,699
1,673
1,707
1,656
1,655
1,694
1,721
1,704
1,708
1,773
1,793
1,788

8,424
8,654
8,967
8,751
8,314
8,442
8,448
8,546
8,469
7,986
7,747
7,361

12,130
12,372
12,643
12,422
12,059
12,213
12,278
12,495
12,143
11,767
11,634
11,170

17, 743
18,186
17,853
18, 035
17,723
17,371
16,443
16,379
16, 533
17,347
19,071
18,584

24,093
24,487
24,114
24,161
23,985
23,163
21,957
21,771
21,987
22,801
24,725
24,128

2,090
1,942
1,899
1,867
1,819
1,920
1,879
1,934
1,932
1,887
1,874
1,878

1,817
1,803
1,717
1,715
1,693
1,722
1,708
1,700
1,724
1,780
1,783
1,947

7,628
7,825
8,082
7,905
7,815
7,665
7,867
7,825
8,020
8,251
8,555

11, 535
11,570
11,698
11,487
11,327
11,307
11,454
11,459
11, 676
11,918
12,125
12,380

18,179
18,085
17,882
18,338
18, 600
17,071

23,678
23,948
23, 527
24,082
24,299
22, 515
21,811

1,866
1,846
1,898
1,885
1,903
1,933
1,942
1,948
1,923
1,933

2,033
2,004
2,059
2,011
2,014
2,093
2,128
2,118
2,091
2,101

8,728
9,182
9,127
9,290
9,776
9,802
9,650
9,579
9,475
9,556

12,627
13,032
13,084
13,186
13,693
13,828
13,720
13,645
13,489
13,590

5,464
5,649
5,641
5,605
5,572
5,551
5,712
5,761

17,015
17,030
16,926
16,576
16,738
16,286
16,475
16,798
16,968

31,971
31,524
33,130
32,775
32,623
30,827
31,248
31, 873
31,700

5,944
5,843
6,056
6,316
6,255
6,237
6,249
6,116
6,010
6,191
6,287
6,330

17,405
17,949
17,890
17,885
18,179
18,238
19,019
19,171
18,879
19,382
21,165
22,284

33,653
34,153
34,471
34,370
35,071
35,290
36,048
36,302
35,961
36,900
39,104
40,233

6,505
6,621
6,799
6,712
6,742
6,823

22,660

41,401

23,048
23,813

43,495
44,629
43,988
43,865
42,754
42,442
42,165
43,335
43,796
44,424

1926—Jan. 27
Feb. 24
Mar. 24
Apr. 28
May26
June 23
July 28
Aug. 25
Sept. 22___.
Oct. 27
Nov. 24
Dec. 29

3,608
3,421
3,349
3,283
3,240
3,165
2,978
2,918
3,116
3,063
3,087

2,742
2,880
2,912
2,843
3,022
2,627
2,536
2,474
2,468
2,338
2,591
2,457

1927- - J a n . 26._
Feb. 23..
Mar. 2 3 Apr. 27..
M a y 25_.
June 22_,
July 2 7 . .
Aug. 24. _
Sept. 28.
Oct.26__

3,008
3,207
3,142
3,267
3,094
3,112
2,974
2,992
3,081
3,170

2,491
2,656
2,503
2,477
2,605
2,332
2,226
2,195
2,191
2,406

1923—Apr. 2 5 . .
May23._
June 27_.
July 2 5 . .
Aug. 29..
Sept. 26..
Oct. 24__
Nov. 2 8 Dec. 26-.

35, 732
37,625
37,038
35,210
33,129
30,232
31,904
33,113
31,983

12,378
12,649
11,907
11,168
10,875
11,174
12,395
13,872
13,427

1924—Jan. 23....
Feb. 27...
Mar. 26...
Apr. 23...
May 28...
June 25...
July 2 3 . . .
Aug. 27...
Sept. 24..
Oct. 29- Nov 26...
Dec. 24...

31,150
30,008
29,482
29,708
29,465
29,203
29,090
27,341
27,340
31,927
33,872
33,945

13,107
12,197
12,969
12, 525
12,156
11,550
11,380
11,025
11,834
13, 892
14,083
14,432

30.877
29,898
28,427
30,954
29,648
29,494
28,618
28,605
29,452
32,131
34,829
35, 546

1925—Jan. 2 8 . .
Feb. 25..
Mar. 25..
Apr. 22..
May 27..
June 24..
July 2 9 . .
Aug. 26..
Sept. 23.
Oct. 28...
Nov. 25..
Dec. 2 3 -

32, 237
30.830
30, 260
29,966
29.831
28, 509
27,716
27, 730
31,107
31, 530
31,047
31, 290

13,918
13,365
12,903
13, 268
13,605
13,393
12, 598
11, 559
14,045
15,005
15,227
15,085

35,432
37,223
36,692
36,276
35.878
34, 530
33,297
32,357
36,151
37,377
37,143
37, 842

Arkansas:

73628—27-




16,611
15,802
17,385
17,925

22,657
23, 501

30,335

78,445

30, 712
28,952
29, 255
28,987
27,481
29,192
30,441
30,746

77,897
75,633
72,991
68,887
73,491
77,426
76,156
75,134
72,103
70,878
73,187
71,269
70,247

9,492
9,801
10,555
10, 558
10,280
9,222
9,363
8,971

77,950
82,784

10,304
10,361
10,525
10,169
10,637
10,815
10, 780
11,015
11,072
11,327
11,652

81,587
81,418
79,855
79, 510
79,314
76,432
73,611
71,646
81,303
83,912
83,417
84, 217

12, 236
13,392
13,648
14,104
14, 548
14, 222
14,332
14,640
14,848
15,674
15, 691
15, 483

66,971

11, 619

6,764
6,901
7,142
7,252
7,255

22,820
21,526
21,038
20,416

20, 519
20,853
21,686

888

FEDEEAL EESEEVE BULLETIN

DECEMBER,

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES

1927

1923-1927—Continued

[In thousands of dollars]
Time deposits

Net demand deposits
State and date

In places having a population o—
f

In places having a population o—
f
iess than 5,000 to
5,000
15,000

15,000 to 100,000 and
100,000

Total

Less than
5,000

5,000 to
15,000

15,000 to
100,000

100,000

Total

and over

Arkansas—Continued:
1926—Jan. 27.
Feb. 24
Mar. 24
Apr. 28.__
M a y 26
June 23
July 28
Aug. 25_______.
Sept. 22
Oct. 27
Nov. 24
Dec. 29

30,191
28,955
28, 749
29,054
28,795
28,162
27,067
24,321
25, 724
27,468
26,802
25,157

14,384
14,265
13,189
13,440
13, 642
12, 734
11,581
10,967
11, 552
12,262
12,027
11,483

36, 618
37,065
35, 641
35, 342
34, 573
33, 389
33,257
33,334
31, 725
33, 253
32, 791
32, 739

81,193
80, 285
77, 579
77, 836
77,010
74,285
71,905
68, 622
69,001
72,983
71, 620
69,379

16,088
16,048
16, 078
16, 344
16,871
17,039
16,830
16,837
16, 712
16,862
16, 660
15, 559

7,129
7,400
6,987
7,028
7,160
6,949
7,073
7,083
6,978
6,804
7,083
6,951

22, 847
22, 538
23, 345
23,804
23, 215
23,372
24,053
23,973
24, 239
24,361
24, 503
24, 505

46,064

1927—Jan. 26....
Feb. 2 3 . . .
Mar. 23...
Apr. 27...
M a y 25...
June 22...
July 27...
Aug. 24...
Sept. 28..,
Oct. 2 6 . . .

24,279
23,448
23,124
23,038
23,012
22, 746
21, 403
20,096
22, 289
24,067

11,392
11, 560
11, 633
11,446
11, 896
11, 583
10,248
9,909
10, 765
12,317

31,488
30, 849
32,031
32,325
33,485
33,437
35,424
34, 619
33, 538
35, 511

67,159
65, 857
66, 788

15, 626
15, 620
15, 629
15,403
15,399
15, 568
15, 512
15,338
15, 215
15,291

6,770
6,771
6,815
6,994

24, 781
25, 767
25, 479
25, 516
26,006
26, 271
26, 324

47.177
48,158
47,923
47, 913

1923—Apr. 2 5 . . .
M a y 23...
June 27. _.
July 2 5 . . .
Aug. 29...
Sept. 26..
Oct. 2 4 . . .
Nov. 28..,
Dec. 26._

76,191
80,071
79, 551
77,809
81, 547
81,947
85,151
87,510
82, 614

33, 281
32, 743
33,022
33,298
33, 047
32,705
33,884
34,411
32, 613

99,964
92, 244
91,948
92, 600
93,812
95,812
95, 615

21,961
16,232
16,657
16, 718
16, 680
17,595
17, 746
17, 755
17, 690

68,202
60, 514
61,313
61, 854
61, 779
62,197
62, 623
63,020
64,192

677, 256
657, 297
654, 594
584,353
577,167
589,122
586, 531
599, 523
617,436

807, 686
776, 226
775,007
703, 683
698, 724
712,883
709, 710
724,207
745,033

1924—Jan. 2 3 . . . .
Feb. 2 7 . . .
Mar. 26...
Apr. 2 3 . . .
M a y 28...
June 2 8 . . .
July 2 3 . . .
Aug. 27...
Sept. 24...
Oct. 2 9 . . .
Nov. 26...
Dec. 24...

77,781
74,834
71,919
71,150
68, 786
68,394
68,956
72,343
74,198
77, 526
79,005
75,082

31,912
31,462
30,978
29, 630
29, 673
27, 392
28,156
28, 569

1925—Jan. 2 8 . . .
Feb. 2 5 . .
M a r . 25..
Apr. 2 2 . .
M a y 27..
June 24..
July 2 9 . .
Aug. 2 6 Sept. 23..
Oct. 2 8 . .
Nov. 25_.
Dec. 2 3 . .

71,142
70,119
67,764
69,603
67,890
70, 562
71,391
72,776
75,804
80,585
80,131
77,268

27,640
27,919
25,669
26,455
26,566
27,177
27,934
28,074
28,883
29, 540
29,487
28,274

84,821
86,438
84,025
84,608
84, 583
85,363

1926—Jan. 2 7 . . . . . .
Feb. 24
Mar. 24
Apr. 28
M a y 26
June 23
July 28
Aug. 25
Sept. 22____,
Oct. 27
Nov. 24....,
Dec. 29

74,035
71.827
68,682
69.768
66.828
66,620
67,574
69.769
72, 676
76,156
75,643
73,614

26, 784
26, 290
26, 513
26, 546
26,489
26,229
26,856
27,868
28, 518
29,099
28,882
28,009

1927—Jan. 26...
Feb. 2 3 . .
M a r . 23..
Apr. 27..
M a y 25..

67,934
63,558
60,200
61,396
59,906

27,030
24,027
23,534
24,359
24,996

California:*

°

28,634
29,036

67, 766
67,075
64, 624
66, 592
71,895

7,103
7,039
6,942
6,863

46,410
47.176
47, 246
47,360
47,956
47,893
47, 929
48,027
48, 246
47,015

48, 838
48,939
49,045
48,445
48,428

26,288
26, 274

594, 518
641, 693
635,870
641,763
655, 214
654,224
668,497
672,999
.660,773

803, 954
846, 751
840,391
845,470
863, 620
883,147
893,288
876, 743

40,267
42,183
42,443
40, 758
43,098
43,969
42,810
43,909
45, 715

669, 505
641,443
652, 985
651, 604
654, 745
674,713
694,421
709, 544
739,638
732,000
723, 532

878, 559
869,746
832,128
840, 730
834,892
831,009
853,030
878, 596
894,469
929,987
925.847
912,866

44, 947
44, 719
44, 214
43,066
43, 536
43,372
43,393
44,003
44,490
45,003
44, 788
46, 211

18,112
17,967
18,135
18,195
18,380
18,140
18,094
17,998
18,017
18,383
18,421
18,959

65,157
65,113
61, 643
62, 569
61, 575
60,171
60,348
61, 608
62,154
62, 534
62,843
63,619

624, 447
640,406
647,249
656,184
660,789
674,098
680,483
663,826
687,435
712,932
732, 266
751,322

752, 663
768,205
771, 241
780,014
784,280
795,781
802,318
787,435
812,096
838,852
858,318
880, 111

728,677
729,471
673,393
682,844
676,093
674,614
685,850
696,726
692,836
706, 571
724,381
726,024

912,280
913,947
850,851
863, 510
855,132
857,716
871,458
884, 210
886,299
906,287
926.848
922, 670

46,883
47,793
46,503
46,246
45,879
45,927
46, 254
46,619
46,355
46,582
46,476
46,754

19, 319
19,920
19,379
19,396
18,481
19,125
19, 266
19," 350
19, 536
19, 909
20,067
20,245

66,269
66,035
66,079
65,128
65,897
67,264
67,751
67, 972
68,387
67, 637
68, 732
70,401

759,960
775, 715
835,908
840,358
850,281
864, 536
872,229
872,244
875,378
902,096
918,238
888,441

892,431
909,463
967,869
971,128
980, 538
996,852
1,005,500
1,006,185
1,009,656
1,036, 224
1,053,513
1,025,841

92,810
90, 612
88, 074
89,095
88, 282
88,406
88,930
88,068
91,010
92,554
91,742
93,458

723,119
716,424
675,127

49,842
47,191
46, 223
45,954
46,196
47,440
48, 522
46,937
47,807
49,262
49,779

20,092
20, 534

683, 272
684,255
681,819
710,705
711, 242
713,824
734,766
735,752

916, 748
905,153
858,396
854,195
864,871
865, 510
865,179
896,410
903,446
911,633
931,033
930,833

21,118
20,841
21,001
21,166
21,538
21, 597
21,820
21,735
22,044
22,339

69,413
64,690
65,173
64,144
63,957
64,489
64,413
64,651
64,169
64,222
63,442
65,337

902,831
922,118
939,835
945,527
962,884
964,708
969,937
962, 549
1,013,490
1,007,582
1,005,759
1,033,191

1,040,345
1,057,184
1,073,317
1,076,735
1,093,796
1,096,559
1,103,328
1,097,319
1,146,416
1,141,346
1,140, 507
1,170,646

93, 588
92,610
87,150
87, 820
87,977

725,326
756,837
730, 552
747,345
741, 677

913,878
937,032
901,436
920,920
914, 556

50,423
46,286
46, 282
46,185
46,556

22,456
20,929
21,046
20,681
21,820

63,845
63, 298
64, 781
64, 641
64,629

1,060,996
1,157,370
1,158, 795
1,143,753
1,174,210

1,197,720
1, 287,883
1,290,904
1,275,260
1,307,215

100, 743
99,361
96, 650
87, 788
84,829
80,478
81, 205
83, 263
81,740
84,189
85, 806
85, 954

86,634
88,776
89, 591
92,849
91,104

1
For this State, on account of the prevalence of branch banking and the absence of separatefiguresfor branches, the data given by size of city
are not strictly comparable with those given for other States, as explained on p. 828.




889

FEDEKAL EESEEVE BULLETIN

PECEMBEK, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
State and date

In places having a population o—
f
Less than 5,000 to 15,000 to 100,000 and
100,000
5,000
15,000

California—Continued.
1927—June 2 2 . — .
July 27
Aug. 24
Sept. 28
Oct. 26
-_~
Colorado:

Time deposits
In places having a population of—
Total

Less than 5,000 to
5,000
15,000

15,000 to 100,000
100,000 and over

Total

60,620
63,783
63,570
65,027
65,807

25,280
25,851
26,863
27,880
27,898

83,058
85,839
87,113
88,393
83,334

731,228
740,156
750,433
744,700
770,946

900,186
915,629
927,979
926,000
947,985

47.150
47,989
46,472
46,883
46,924

22,357
23,623
24,047
24,067
24,101

57,514
57,136
57,748
61,402
55,800

1,167,617
1,132,757
1,131,169
1,148,613
1,140,885

1,294,638
1,261,505
1,259,436
1,280,965
1,267,710

27, 313
26, 781
25, 584
25,437
26, 239
26,127
27,131
27,326
28,005

14,108
13,457
12, 665
12, 587
13, 204
13,228
13, 549
13, 699
14,130

16,033
15,716
15,900
14, 582
15,239
15,370
14, £30
14, 588
15,300

68,861
68,956
67,023

65, 781
71,386
72,223
72,026
72,282
70, 568

126, 315
124,910
121,172
118, 387
125,968
126,948
127,636
127, 895
128,003

14, 056
14,298
14, 639
16,409
15, 520
15,336
15,183
14,919
14, 560

10,756
11,235
11,436
11,716
11,602
10, 974
11,232
10,776
10,510

6,218
6,375
6,462
6,912
6,792
6,911
6,768
6,761
6,156

54, 807
55,408
56, f~~
55, 722
55,867
55,887
56,396
58,112
59, 580

85,937
87,316
89,446
80, 759
89,781
89,108
89,579
SO, 568
60,846

1924—Jan. 23 __
Feb. 27..
Mar. 26..
Apr. 23..
May 28..
June 25..
July 2 3 . .
Aug. 27..
Sept. 24_
Oct. 29-_
Nov. 26..
Dec. 24..

26,409
26,883
27,234
26, 602
25,829
25,447
25, 384
27,224
27,873
29,690
30, 539
29,896

13,499
13,281
13,891
13, 792
13, 312
13,099
12, 920
14, 498
14,500
15,420
15, 513
15,294

14,747
15,026
16, 574
13,846
14,125
14,842
13,429
14, 286
15, 327
15,001
15, 917
15, 970

69,117
70,271
71,238
68,482
70, 546
71,772
75, 221
76,864
81,061
81,881
82, 338
83,812

123,772
125, 461
128,937
122,722
123,812
125,160
126,954
132, 872
138,761
141,992
144, 307
144,972

14,988
15,069
14,856
15,165
15, 328
15,369
15,763
15,783
15,927
15, 711
15, 684
15.151

10,828
10,995
10,971
10,732
11,058
11,098
11,161
11, 050
10,949
10,768
10, 676
10,689

6,804
6,305
6,919
7,296
7,365
7,366
7,712
7,729
7,766
7,893
7,778
7,281

58,364
58,009
57,410

€0,984
60,378
SO, 156
91,156
92,284
94,000
93,050
91,832
91,938
90,181
,90,634

1925—Jan. 28__
Feb. 25..
Mar. 25Apr. 22..
May 27..
June 24..
July 29..
Aug. 26..
Sept. 23_
Oct.28__
Nov. 25..
Dec. 23..

27, 695
27, 869
29,033
27,928
26, 665
26,064
26,496
27,757
28,112
29,065
29,445
28,886

14,721
14, 770
15, 650
15,194
14,418
14,089
14,189
15,150
14,562
14,287
13, 673
13,598

15.087
15,215
16,708
14,941
14,450
16,149
16.088
16,158
16, 514
15, 988
17,267
18,271

80, 710
77, 904
79,079
82,045
81, 723
81, 289
80, 980
84,131
81,166
83,027
85, 579
84, 739

138,213
135,758
140,470
140,108
137,256
137, 591
137,753
143,196
140,354
142,367
145,964
145,494

15,872
15,908
15,892
15,674
15,934
15,949.
16,191
16,143

15, 556

10, 392
10, 543
10,761
11,102
11,468
11, 372
11, 396
11,089
10,902
10,406
10,264
9,975

7,777
7,376
7,506
7,993
8,081
7,994
8,066
8,222
8,037
8,201
8,299
7,437

56,207
55,741
57,943
-58,703
57,632
55,083
54,819
52,999

1926—Jan. 27
Feb. 24____
Mar. 24....
Apr. 2 8 — .
May 2 6 —
June 23
July 2 8 . . . .
Aug. 25
Sept. 22....
Oct. 2 7 . . . .
Nov. 24
Dec. 29

27,379
27,318
28,228
27,309
26,529
25,637
26,202
27,787
28,043
28,917
30, 522
29,226

12,682
12,799
13,753
13,165
12, 743
12,963
12,977
14,448
14,477
14,764
15,645
15,270

15,147
15,823
15,283
15,126
16,033
15,638
14,920
15,289
16,660
15,855
15,669
18,316

83,969
81,895
84,284
84,480
83,560
81.073
83,515
84,992
86,252
87,033
84,781

139,194
139, S09
139,159
139,884
139, 785
137,798
135,172
141,039
144,172
145,788
148,869
147,593

15, 597
15, 569
15,891
15,924
15, 712
15,987
16,014
15,821
15, 751
15,859
15,496
15,661

10,363
10,292
10,331
10,314
10,303
10,135
10,585
10,648
10,724
10,670
10, 726
10,629

8,193
8,267
8,243
8,227
8,321
8,176
8,541
8,592
8,606
8,794
8,742
7,893

56,767
57,694
58,768
55,257
54, 758
54,369
55, 073
56,081
57,357
57,046
56,207
56,557

90,920
91,822

1927—Jan. 26.
Feb. 23—
Mar. 23
Apr. 27—
May 25...
June 22. __
July 27..Aug. 24...
Sept. 28
Oct. 2 6 . . .

28,373
28,444
29,167
28,350
26,676
25, 761
26,033
28,219
28,300
30,030

14,161
13,954
13,754
13,957
13,426
13,075
13,127
13,904
13,770
14,561

16,469
15.120
16,673
15,071
15,131
16,087
14,198
15,008
17,393
15,146

82,924
83,667
84,600
84,158
84,647
78,851
77,126
78,827
80,254
82,586

141,927
141,185
144,194
141,536
139,880
133, 774
130,484
135,958
139,717
142,323

16,177
16,272
16.347
16,365
16,375
16,453
16, 969
16. 809
16.712
16,687

10.957
11,034
10,673
11,022
11,311
11,293
11,234
11,232
11,105
10,952

8,794
8,971
9,012
9,121
9,299
9,220
9,389
9,378
9,560
9,784

57,685
57,896
58,527
54,630
54,363
54,267
55/689
56,672
58,252

93,613
94.173
94,559
91,138
91,348

1923—Apr. 25—
May 23...
June 27
July 25...,
Aug. 29....
Sept. 26.,.
Oct. 24....,
Nov. 28...,
Dec. 26—.

8,535
8,622
8,370
8, 973
8,690
8,481
8,401
8,212
8,342

11,856
11, 957
11,586
11, 736
11,740
11,758
11, 705
11,041
11,357

41,181
40,731
40,899
42,445
39,340
40,117
40,285
39,963
41,657

75,370
75,201
70,531
74,344
71,024
72,269
74,800
75,705
77,515

136, 942
136,511
131,386
137,498
130,794
132,625
135,191
134,921
138,871

4,416
4,448
4,544
4,661
4,775
4,859
5,056
5,216
5,163

4,250
20,927
4,415
21,393
4,528
21,264
21,165
4,600
21,788
4,721
22,161
4,753
23,322
4,777
4,904 j 23,840
23,642
4,927

28,921
29,429
30,379
30,724
31,348
31,637
31,561
32,021
32,763

1923—Apr. 25
May 23.
June 27
July 25
Aug. 29.-..
Sept. 26__
Oct.24_
Nov. 28
Dec. 26_._

Connecticut:




...

16,114
15,877
15,686

5815M

60/167^
58,.414:
57,270
57,296
55,809
56, 496
56, 518
57,133
57,,522
58,360

91,174
91,349
92, 519
91,102
91,660
91, Of 6
93, £< 6
94,157
89, 567
89,068
85,967

89,722
89,094
90,213
91,142
92,438
91,171
90,740

9.1.233
93,281
94,091
95,629
94,231
58,514
59,685
60.715
61,150
62.632
63,410
64.716
65,981
66,495

890

FEDEKAL KESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
State and date

In places having a population o—
f
ess than 5,000 to
5,000

Connecticut—Continued.

Time deposits

15,000

In places having a population o—
f
Total

15,000 to 100,000 and
100,000

Less than 5,000 to
5,000
15,000

Total
15,000 to 100,000
100,000 and over

136,972
137,120
135,763
141,391
132,722
135,271
139,070
136,750
139, 547
139,920
137,356
134, 914

5,234
5,333
5,403
5,449
5,434
5,540
5,482
5,599
5,680
5,742
5,758
5,620

5,151
5,429
5,497
5,547
5,682
5,762
5,879
5,387
5,612
5,772
5,859
5,809

23,887
24,770
25, 055
25,621
27,666
28,149
28,436
29,519
29, 621
30,417
30,390
30,112

33,001
33,918
33,992
33,388
30,004
30,119
30, 583
31, 952
32, 582
32,181
27,280
26, 972

67,273
69,450
69,947
70, 005

43, 064
42,823

76,526
76,915
75,475
78,397
70,947
72, 543
75,637
74, 702
76, 081
77,143
74,231
72, 044

11,456
11,594
11,598
11 809
12,028
11,743
11,981
11,963
11,766
11.900
11,923
12,175

43,203
42,936
42,681
44,232
43, 694
44, 206
45,379
46, 567
46,587
46,418
47,000
46,212

75,402
75,365
71,899
77, 821
73,836
74,896
77,033
74,603
77,663
81,684
82,439
79,072

138,802
138, 650
134,802
143,283
138,707
140,110
143,754
142, 874
145,813
149,672
150,604
146,490

5,743
5,792
5,845
5,942
6,090
6,200
6,268
6,392
6,497
6.629
6,671
6,569

6,041
6,197
6,187
6,137
6,403
6,401
6,232
6,282
6,376
6.458
6, 514
6,404

30,884
30,559
31,720
32,308
31,634
32,171
32, 333
33,075
33,111
33,703
33.675
33,611

27,755
28,873
27,814
27,663
27, 721
28,228
29,440
30,121
29,449
30,882
30,505

70,423
70, 579
72,625
72,201
71,790
72,493
73,061
75,189
76,105
76,239
77,742
77,089

9,104
9,352
9.329
9.869
9,677
9,519
9,910
10,222
10,289
10,012
9.998
9,616

12,103
12.127
11,871
12,305
12,271
12,200
12,277
12,753
12,426
12,320
12,003
11,889

46,112
46.271
45,897
46, 883
47,090
46,631
46,038
48,723
47,694
47,941
46,723
45,856

78, 585
77,934
77.878
80,938
77.955
76, 950
79.413
77,867
87,772
89,753
86,537
85.879

145,904
145.684
144,975
149,995
146,993
145,300
147,638
149, 565
158,181
160,026
155,261
153,240

6,662
6,743
6,889
6.911
6,941
6,976
7,036
7,173
7,241
7,263
7,176

6,575
6.702
6,998
6,955
6,873
6,922
7,024
7,836
7,858
7,858
7,849
7,725

34,396
34,925
36,190
37,009
36, 571
36.067
35,978
38,379
35,984
35,763
36,457
35,256

31,093
32.611
33,476
33,944
33,973
34,509
35,058
36.132
36,710
35, 572
35,834
35,095

78,726
80,981
83.553
84,819
84,305
84,439
85,036
89,383
87.725
86,434
87,403
85,252

10,115
9,575
9,443
9,927
10.387
10,063
10,447
10,944
10,876
10,862

12,109
11,882
12,287
12,626
12,407
12,490
12, 502
12,619
12,878
13,103

45,774
45,947
45,914
48,399
47,667
49,007
50,053
49,379
50.742
51,603

88,671
88,865
86,413
92,272
99,790
99,285
102,615
98,361
101,431
105,345

156,669
156,269
154.057
163,224
170,251
170,845
175,617
171,303
175,927
180,913

7,304
7.416
7,553
7,484
7,479
7,540
7,833
7,933
8,210
8,197

7,860
7,941
8,075
8,099
8,175
8,189
8,265
8,459
8,506
8,521

36,796
37,713
37,534
38,507
39,404
39,621
40,639
41,262
41,402
41,322

36,260
35,609
36,451
35,344
37,125
37,695
37.811
38,461
39, 562

88,220
88,679
89,613
89,434
92,183
93,045
94,548
96, 523
96,579
97,602

2,824
2,767
2,858
3,933
3,207
3,254
3,247
3,108
3,278

23,226
22.956
23, 739
24,493
27,861
28,420
27,143
27, 238
27, 055

26,050
25, 723
26, 597
28,426
31,068
31,674
30.390
30,346
30,333

6,140
6,166
6,243
6,292
6,319

2,425
2,454
2,469
2,540
2,544
2,568
2,578
2,659
2,685

8,565
8,620
8,712
8,832
8,863
8,905
8,984
9,178
9,155

1924—Jan. 23
Feb. 27—
Mar. 26—
Apr. 23.-.
May 28—
June 25—.
July 23.-.
Aug. 27—
Sept. 24...
Oct. 29-..
Nov. 26__.
Dec. 24

3,024
2,983
2,968
2,903
2,901
2,952
3,189
3,301

27,505
27,606
27,423
27,352
28,135
28,600
29,138
29,381
29,621
28,873
29,195
29,736

30,529
30, 589
30.391
30, 255
31, 036
31, 552
32,327
32,682
33,214
32,542
32,834
33,450

6,674
6,703
6,747
6,756
6,843
7,010
7,110
7,132
7,191
7,259
7,235

2,741
2,764
2,781
2,777
3,530
3,725
3,641
3,379
3,324
3,448
3,328

9,349
9,438
9,484
9,524
10, 286
10, 568
10,651
10,489
10,456
10,639
10, 585
10, 563

1925—Jan. 28
Feb. 25—.

3,381
3,306

29,355

32, 736
32,195

7,473
7,526

3,419
3,407

10,892
10,933

1924—Jan. 23
Feb. 27
Mar. 26
_
Apr. 23
May 28
.__...
June 25.__
July 23
Aug. 27
Sept. 24
Oct. 29_
_.
Nov. 26
_
Dec. 24

8,171
8,103
8,120
8,656
8,776
8,581
8,871
9,095
9,056
9,016
9,148

11,811
11,557
11,762
12,188
11,806
11, 998
11, 996
10, 960
10,905
10,823
11,045
10.899

40,464
40, 545
40,406
42,150
41,193
42,149
42, 566
42,195
43,466

1925—Jan. 2 8 . .
Feb. 2 5 Mar. 25..
Apr. 22..
May 27..
June 24—
July29..
Aug. 2 6 Sept. 23..
Oct. 28.Nov. 25..
Dec. 2 3 -

8,741
8,755
8,624
9,421
9,149
9,265
9,361
9,741
9,797
9.670
9,542
9,031

1926—Jan. 27—.
Feb. 24...
Mar. 24...
Apr. 28—
May 26...
June 23—.
July 2 8 . . .
Aug. 25...
Sept. 22...
Oct. 27-.,
Nov. 24...
Dec. 29—
1927—Jan. 26
Feb. 2 3 —
Mar. 23....
Apr. 2 7 ^ . .
May 2 5 —
June 2 2 —
July 2 7 - . - .
Aug. 2 4 —
Sept. 28....
Oct. 26

Delaware:
1923—Apr. 2 5 —
May 23—
June 27
July 25
Aug. 29—
Sept. 26
Oct. 24
Nov. 28
Dec. 26—




3,669

3,714

6,406
6,519
6,470

69,570
70,380
72,457
73,495
74,112
69,287
68, 513

891

FEDERAL RESERVE BULLETIN

D E C E M B E R , 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES

1923-1927—Continued

[In thousands of dollars]
Net demand deposits

Less than 5,000 to
5,000
15,000
Delaware—Continued.
1925—Mar. 25 Apr. 22
M a y 27
June 24
July 29
Aug. 26 .Sept. 23
Oct 28
Nov. 25
Dec 23
_

1925—Jan. 28
Feb. 2 5 . .
Mar. 25
Apr. 22
May 27
June 24.
July 29
Augi 26
Sept. 23
Oct. 28__
Nov. 25
Dec. 23..
.1926—Jan. 27
Feb. 24..
Mar. 24 .
Apr. 2 8 . . .
May 26.
June 23




Less than 5,000 to
15,000
5,000

15,000 to 100,000
100,000 and over

Total

_

__.

„

.

„ .

. _
*
_

.
_

.

3,137
3,114
3,128
3,245
3,440
3,529
3,720
3,673
3,668
3 576

28, 727
28,132
28,339
28,706
27, 276
29, 082
27,358
27,808
29,119
28,196

31,864
31, 246
31,467
31,951
30, 716
32,611
31, 078
31,481
32,787
31, 772

7,608
7,660
7,722
7,735
7,841
7,913
7,967
8,006
8,029
8, 023

3,475
3,471
3,433
3,420
3,558
3,515
3,601
3,601
3,640
3,635

11,083
11,131
11,155
11,155
11,399
11,428
11,568
11,607
11,669
11,658

29,069
29,399
29, 221
27,917
27,845
28,012
31, 308
32,191
32,972
31,670
30,565
31, 073

32,452
32,774
32,467
31,169
31,000
31,286
34,762
35,988
36, 667
35,103
33,914
34,455

8,243
8,287
8,283
8,388
8,398
8,479
8,595
8,638
8,653
8,782
8,782
8,791

3,724
3 740
3 816
3,826
3,921
3,957
4,203
4,077
4,068
4,190
4,090
3,882

11,967
12, 027
12,099
12,214
12,319
12,436
12, 798
12,715
12,721
12,972
12,872
12,673

3,176
3,232
3,188
3,255
3,230
3,502
3,769
3,887
3,817
3,651

34,276
32,337
32,981
32, 258
31,648
33,815
34,152
33, 021
35,866
33,418

37,452
35, 569
36,169
35, 513
34,878
37,317
37,911
36,908
39, 683
37,069

8,938
8,941
9,032
9, 095
9,107
9,125
9,340
9,351
9,407
9,484

3,979
4,041
4,022
4,060
4,095
4,132
4,198
4,030
4,280
4,368

12,917
12,982
13,054
13,155
13,202
13,257
13,538
13,381
13,687
13,852

63,248
65,787
62,214
63,072
62,079
62,327
63,028
63,654
63,040

63,248
65, 787
62,214
63,072
62,079
62,327
63,028
63,654
63,040

30,462
30,770
29,966
29,692
29,927
30,127
29,717
28,901
28,568

30,462
30, 770
29,966
29,692
29,927
30,127
29,717
28,901
28,568

65,333
64,609
64, 794
68,155
67,644
67,004
65,078
64,568
65,324
66,850
68, 965
71,286

„
-

.

Total
15,000 to 100,000 and
100,000
over

3,383
3,375
3,246
3,252
3,155
3,274
3,454
3,797
3,695
3,433
3,349
3,382

_..

1927—Jan. 26
Feb. 23
Mar. 23
Apr. 27
M a y 25
June 22
July 27
Aug. 24__
Sept. 28 _
Oct. 26
District of Columbia:
1923—Apr. 25
M a y 23 _
June 27. ___ _ .
July 25
„_
Aug. 29
Sept. 26.__
...
Oct. 24
Nov. 28 .
_ .
Dec. 26.
...
1924—Jan. 23
Feb. 27
Mar. 26
Apr. 2 3 . .
M a y 28 .
June 25
J u l y 23 _ .
Aug. 27
Sept. 24
Oct. 29_
Nov. 26..
Dec. 2 4 . .

In places having a population of—

In places having a population of—

State and date

1926—Jan. 27_
Feb. 24
Mar. 24
Apr. 28
M a y 26
June 23
July 28 ._
Aug. 25
Sept. 22-_
Oct. 27
Nov. 24___
Dec. 29 .

Time deposits

65,333
64,609
64, 794
68,155
67,644
67,004
65,078
64,568
65,324
66,850
68,965
71,286

29,149
29,675
30,187
30,934
31,730
31,800
32,769
33,528
34,263
34,814
34,756
34,664

29,149
29,675
30,187
30,934
31,730
31,800
32,769
33,528
34,263
34,814
34, 756
34,664

70,076
73,068
71,681
71,532
72,791
70,889
72,883
71,990
71,053
74,379
78,207
74,292

70,076
73,068
71,681
71,532
72, 791
70,889
72,883
71,990
71,053
74,379
78,207
74,292

31,630
34,817
35,462
36 118 i
37,521
38,026
36,230
34,949
35,853
34,590
35,289
34,728

31,630
34,817
3«L 4fi2
3ft 11«
37,521
38,026
36,230
34,949
35,853
34,690
35,289
34,728

71,987
73,973
73,643
77,451
77,981
76,453

71,987
73,973
73,643
77,451
77,981
76,453

36 631
36,834
36,420
37,241
37,129
36,538

36,631
36,834
36,420
37,241
37,129
36,538

892

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Time deposits

Net demand deposits
State and date

In places having a population of—

In places having a population of—
Less than 5,000 to
15,000
5,000

15,000 to 100,000 and
100,000

District of Columbia—Contd.
1926—July 28
Aug. 25
Sept. 22
Oct. 27
Nov. 24
Dec. 29

Total

Less than 5,000 to
5,000
15,000

15,000 to 100,000
100,000 and over

Total

75,984
75,029
76,522
77,336
78,611
76,193

36,605
37,151
37.322
38,515
37,853
35,548

36,605
37,151
37,322
38,515
37,853
35,548

78,028
80,960
78,460
77,336
79,083
79,264
79,573
78,378
77,661
76,661

1927—Jan. 26._.
Feb. 23...
Mar. 23...
Apr. 27...
May 25...
June 22...
July 27. _.
Aug. 24...
Sept. 28...

75,984
75,029
76,522
77,336
78,611
76,193
78,028
80,960
78,460
77,336
79,083
79,264
79,573
78,378
77,661
76,661

37,381
38,398
39,580
40,829
41,972
41,922
41,993
42,567
42,249
42.323

37,381
38,398
39,580
40,829
41, 972
41,922
41,993
42,567
42,249
42,323

Florida:
1923—Apr. 25
May 23...
June 27...
July 2 5 . . .
Aug. 29 .
Sept. 26 .
Oct. 2 4 . . .
Nov. 28
Dec. 26

15,258
16, 346
14, 726
13,936
12,458
12,399
10, 304
12,889
13,291

15, 645
14,137
12,885
11,724
9,792
9,577
10,908
13,126
14,258

48,935
46, 635
42,584
41,850
37,833
37.860
39,286
41,885
45,926

79,838
77,118
70,195
67,510
60,083
59,836
60,498
67,900
73,475

10,006
10,950
10,338
10,185
9,894
10, 071
9,008
10,402
10,497

10,163
9,686
9,819
9,705
9,469
9,256
9,539
9,442
8, 557

37,343
36,326
37, 010
38,276
38,073
38,427
38,602
38,892
42, 089

57, 512
56, 962
57,167
58,166
57,436
57,754
57,149
58, 736
61,143

1924—Jan. 23
Feb. 27"..
Mar. 26
Apr. 23
May 28.
June 25.
July 23.
Aug. 27..
Sept. 24
Oct. 29_7
Nov. 26
Dee. 24..

13, 087
14,263
15,032
15, 084
14, 709
13, 813
13, 051
12, 492
12,229
12,287
13, 525
15,535

16, 621
- 18, 500
18, 629
18, 002
16, 574
14, 723
13, 597
13,303
13, 609
15,101
17, 714
20, 693

47, 732
52,4C0
54,853
56.861
53, 354
51,490
49,818
50,959
48,340
46, 016
51,414
59, 253

77,440
10,476
85,163
10,403
88, 514
10, 707
89,947 | 10,954
84, 637
11,096
80,026
10.437
76,466
11.202
76, 754
12,282
74,178
12,417
73,404
12,402
82, 653
12, 457
95,481
12,499

9,017
9,279
9,639
9,751
9,615
9,681
9,446
9,285
10,261
10, 392
10, 654
10, 733

37, 751
39, 034
41, 714

57,244
58, 716
62,060
61,886
62,202
62, 640
64,353
66, 907
67,344
61,215
61, 519
61,253

1925—Jan. 28...
Feb. 25..
Mar. 25
Apr. 22
May 27
June 24.
July 29
Aug. 26.
Sept. 23..
Oct. 28
Nov. 25
Dec. 23..

20,895
22,242
26,468
27,940
26,493
26, 348
29, 671
33,285
39,415
44,283
45, 650
47,250

24,144
27, 074
28,205
28,421
25,187
25,501
25,335
26, 541
29, 977
36,168
42, 835
44,195

76,444
87,185
96, 794
110,058
117,760
124,301
142,251
147, 705
169, 301
174, 306
176, 953
173,432

121,483
136, 501
151, 467
166,419
169,440
176,150
197,257
207, 531
238, 693
254, 757
265,438
264,877

13,392
12,491
13,356
13,927
13.438
12,436
13,973
13, 865
14, 709
15,279
15,405
15, 562

11,452
11,801
12, 714
12,764
13,198
13,472
13, 529
13,985
14,818
15, 659
15, 750
16,237

47,796
56, 353
58, 597
59, 704
64,091
67,868
72,405
79,350
79,196
79,031

72, 640
75,406
82,300
83,044
85,233
85, 612
91, 593
95, 718
101,932
110,288
110,351
110.. 830

1926—Jan. 27.
Feb. 24...
Mar. 24...
Apr. 28...
May 26...
June 23
July 28...
Aug. 25...
Sept. 22..
Oct. 2 7 . . .
Nov. 24
Dec. 29. .

45,016
46,364
45, 732
40.830
35,853
32, 932
30,072
29,283
27.831
26, 704
27,830

45,524
44,890
42,491
38,287
34,508
31,497
26,692
27,209
26,414
26,267
26,331
27,269

160,103
157, 586
149,874
139,441
128,239
127,992
122,335
117,991
108,400
105, 614
101,367
99,237

250,643
248,840
238,097
218, 558
198,600
192,421
179,099
174,483
162,645
158, 585
155,528
154,895

15,843
17,218
18,464
17, 755

17, 758
18,090
18,289
17,868
18,205
18.579
17,376
16,884
16.580
16,487
16,484
16, 516

81,730
80,631
79,955
75,535
74,600
72,208
69,590
70,739
71,132
71,204
71,778
72,166

115,331
115,939
116,708
111,158
111,316
109,432
104,693
105,521
105,242
104,631
104,978
105,318

1927—Jan. 26...
Feb. 23_
Mar. 23..
Apr. 27..
May 25..
June 22..
July 27..
Aug. 24..
Sept. 28..
Oct. 26..

27,806
28,266
27,944
26,468
25,404
23,707
22,563
20,930
20,274
19,687

28,214
29.027
27,124
24,404
22,307
20, 791
19,830
19,205
18.028
17, 784

100,019
99,367
98,197
97,132
96,055
88,365
79, 668
78,818
76,194
73, 742

156,039
156, 660
153,265
148,004
143, 766
132,863
122,061
118, 953
114,496
111,213

17,050

17,097
17,278
17,442
17, 720
17,232
16,692
15,948
16,268
15,984
15,884

73,830
73,328
74,040
72,878
74,564
74, 521
74,872
74,542
74,198
73, 523

107,977
108,145
108, 685
107,969
109,537
108,958
108, 612
107,220
107,077
106, 201




18,511
18,645
17,727
17,898
17,530
16,940
16,716
16,636

17, 541
17.203
17,371
17, 741
17,745
17, 792
16,410
16,895
16, 794

41,181
41,491

42, 522
43, 705
45, 340
44, 666
38,421
38,408
38, 021
51,114
56,230

893

FEDEEAL KESEKVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
State and date

Time deposits

In places having a population of—
Less than 5,000 to
5,000
15,000

15,000 to 100,000 and
100,000
over

In places having a population of—
Total

Less than 5,000 to
5,000
15,000

Georgia:

1923—Apr. 25..
May 23..
June 27..
July 25..
Aug. 29..
Sept. 26..
Oct. 24..
Nov. 28..
Dec. 26—

17,711
19,487
15,949
16,013
14, 793
16, 211
20,624
21,211

11,313
10,929
10,776
10, 536
10,429
10,879
11,236
11, 905
12, 270

40,329
41,862
40,044
41,005
40, 772
40,033
41.017
40,776
41, 674

45,204
42,415
43,716
44,453
44,064
44, 706
45, 237
45,353
46,853

114,. 557
114,693
110,485
112.007
110,058
111,829
115,879
118,658
122.008

12,253
12,511
12,203
12,601
12, 383
12,350
12,353
12,356
12,265

Oct. 29..
Nov. 26..
Dec. 24..

19,038
17,847
16,012
15, 738
14,792
13.891
13,289
14,860
16,958
18,719
19,147
20,080

11, 676
10, 541
10,323
10, 550
10,170
9,793
9,750
10,311
11,155
11,691
11, 725
12.223

41,629
40,106
38,065
38, 281
36,854
37, 742
38,610
41, 554
38.018
42, 289
41,737
42, 594

45, 532
44,371
43,411
45,120
41, 964
42,035
44, 756
45,096
47,249
50,113
51,147
51,178

117,875
112,865
107.811
109,689
103, 780
103,461
106,405
111, 821
113, 380
122.812
123,756
126,075

1925—Jan. 28...
Feb. 25..
Mar. 25..
Apr. 22..
May 27..
June 24..
July 29 _.
Aug. 26..
Sept. 23_.
Oct. 2 8 . .
Nov. 25..
Dec. 23..

17.892
17,841
18,046
16, 271
14,960
14,536
14, 390
17,162
20, 789
20,561
19, 053
18,998

11, 379
11, 334
11,359
10,881
10, 679
10, 534
11,711
•12,135
13,258
13, 353
12, 921
13, 686

43,450
44,274
42, 579
42,994
44,258
43,756
44,913
48, 247
52, 608
51,808
50,819
50,821

51, 220
52, 651
51, 569
52,125
52, 294
50, 663
50,704
53,351
56,420
57,256
56, 078
57, 553

1926—Jan. 27...
Feb. 24..
Mar. 24..
Apr. 28..
May 26..
June 23 __
July 28..
Aug. 25..
Sept. 22.
Oct. 27..
Nov. 24..
Dec. 29_.

17,928
16,870
16,619
16, 342
15,128
14, 346
13, 742
14,882
17,531
17,406
16,161
17, 587

12, 656
12, 730
12,944
12, 518
12, 329
] 1,825
12, 011
12, 746
13,009
14,494
12, 882
13, 623

48,152
47, 344
46,424
45, 268
45, 534
44, 960
47, 029
45, 547
48,147
48, 533
46,551
46, 296

1927—Jan. 26...
Feb. 23..
Mar. 23_.
Apr. 2 7 May 25..
June 22 __
July 27..
Aug. 24..
Sept. 28..
•PETS
Oct. 26...

15,813
. 15,817
15, 749
15,414
14,679
13,604
13, 596
15, 434
19. 253
19,838

13, 421
13, 289
13,153
13,167
12, 592
12,075
11,892
12,828
13, 655
13, 967

44,990
44,935
42,797
42, 746
44, 001
43,688
43,304
43,849
47, 258
<6, 963

1923—Apr. 25...
May 23..
June 27..
July 25...
Aug. 29..
Sept. 26..
Oct. 24...
Nov. 28_.
Dec. 26...

15,734
15,-481
15,817
15,558
15,385
16,551
17,352
17,242
18,226

9,343
9,147
9,327
9,292
9,444
10,095
10,628
11,147
11,585

1924—Jan. 2 3 . . .
Feb.27...
Mar. 26...
Apr. 23...
May 28...
June 25...
July 2 3 . . .

17,049
15, 730
15, 751
15,610
15,175
15,542
15,167

11,382
10,359
10.224
10,004

1924—Jan. 23....
Feb. 27...
Mar. 26...
Apr. 23...
May 28...
June25_..
July 2 3 . . .
Aug. 27__.

Idaho:




9,624
9,920
9,646

9,543
9,616

15,000 to 100,000
100,000 and over

Total

9,919
9,850
9,694
9,749
9,673
9,465

33,275
30,393
34,869
34,113
34,147
35,365
37,727
34,766
34,344

22,521
23,114
23,947
23,752
23,497
23,465
23,906
23,731

77,592
75,634
80,962
80,385
79,877
80,874
83,735
80,764
79,805

12,400
13,099
12,450
12, 742
13,012
12,943
13,029
12,955
12,916
12,948
12,628
12,499

9,327
9,622
9,681
9,626
10,182
10,023
10,206
10, 251
10,631
10,477
10, 543
10, 244

34,186
34,011
33,576
34,533
35,000
35,339
35,841
36,420
33,335
35,865
35,836
34,475

23,338
25,981
25, 733
26, 546
27,093
27,317
27,421
27,241
27, 230
27,733
28,677
28,358

79,251
82,713
81,440
83,447
85,287
85,622
86,497
86,867
84,112
87,023
87,684
85,576

123,941
126,100
123, 553
122, 271
122,191
119,489
121, 718
130,895
143, 075
142, 978
138.871
14i; 058

12, 707
13,116
13,018
13,044
12,782
12,727
12,837
12, 760
12, 695
12, 652
12, 640
12, 270

10, 923
11,173
11,071
11,362
11,172
11,124
11,232
11,165
11,424
10,887
11,499
11,207

34,281
34,191
36,026
33,851
34, 557
34,056
33, 744
33, 546
34, 111
33,722
33,959
34,066

28,612

86,523

30,972
31,033
31, 340
31, 380
30,989
31,804
31, 618
32, 590
32,944
33,777

91,087
89,290
89,851
89, 287

55, 285
54,785
49,983
52, 359
52, 003
51,062
52,173
54,558
51,679
54,979
55,452
53, 247

134,021
131,729
125, 970
126,487
124, 994
122,193
124, 955
127, 733
130,366
135,412
131,046
130, 753

12, 386
11, 754
12, 244
12, 385
12, 488
12, 610
12, 593
12,450
12,004
11,970
11,102
11,470

11,437
11, 374
11,601
11,717
11,751
11,719
12,020
11, 907
11,892
11,897
11, 760
11,573

34,013
34,333
34,686
36,451
36,887
37,175
36,624
36,602
36,444
36, 377
37,375
36, 560

56,338
54,870
53,794
55,341
53,493
52,153
52, 732
52,801
55, 584
54,754

130, 562
128, 911
125,493
126, 668
124,765
121,520
121, 524
124, 912
135, 750
135,522

10, 559
10,620
10, 592
10,727
10, 742
10,894
11, 026
11, 039
11,140
11,128

11,813
11,950
11,048
12, 257
12, 719
12, 951
13,053
13,102
13,351
13, 284

37,172
37,707
36, 770
37,715

8,282
7,956
8,371
8 524
7,991
8,412
8,583
8,958
9,552

33,359
32,584
33,515
33,374
32,820
35,058
36,563
37,347
39,363

8,099
8,086
8,127
8,281
8,245
8,274
8,304
7,871
7,854

3,678
3,677
3,880
3,885
3,875
3,869
3,884
4,011
3,994

4,500
4,482
4,750
4,853
4,826
4,894
4,916
4,800
4,974

16,277
16,245
16,757
17,019
16,946
17,037
17,104
16,682
16,822

9,669
8,895
8,519
8,534
8,008
9,133
8,794

38,000
34, 984
34,494
34,148
32,807
34,595
33,607

7,999
8,011
7,954
7,818
7,856
7,772
7,558

4,027
4,148
4,188
4,304
4,376
4,429
4,371

5,137
5,204
5,269
5,365
5,426
5,426
5,492

17,163
17,363
17,411
17,487
17,658
17,627
17,421

38,659
38,837
38, 766
38, 676

89,275
89,848
89,851
91,042
91,320

35.473
34; 269
36,245
35,159
34,843

92,023
91, 560
91,180
95, 733
96,845
96,707
96,270
96,432
94,609
96,489
95,396
94,446

37,107
37, 591
37,992
39,026
39,504
39,458
40,218
39, 776
40,252
41,973

96,651
97,868
96,402
99,725
101,348
101, 962
103,134
102,683
103,419
104,581

34,187
34,099
32,649
35,180
35, 719
35,203

894

FEDERAL EESEEVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Time deposits

Net demand deposits

State and date

Less than- 5,000 to 15,000 to
5,000 | 15,000
100,000

Idaho—Continued.

14,676 I

1924—Aug. 27—.
Sept. 24....
Oct. 29
Nov. 26....
Dec. 2 4 . _ -

15,944
16,481
16, 701
17,485

1925—Jan. 28-Feb. 25..
Mar. 25..
Apr. 22_.
May 27..
June 24. _
July 29..
Aug. 26..
Sept. 23.
Oct. 2 8 . .
Nov. 25.
Dec. 23..

15,448
14,184
12, 972
12,862
12,338
13,265
12,647
13,373
14,766
15,643
16,675
16,507

9,015
9,504
9,160
9,858
10,546
11,527
12,422
12,920

1926—Jan. 27_.
Feb. 24..
Mar. 24..
Apr. 28..
May26June 23. _
July 2 8 . .
Aug. 25—
Sept. 22.
Oct. 27..
Nov. 24.
Dec. 2 9 -

16,164
15,494
14,835
14,450
13, 771
13,918
13,665
14,656
15,784
15, 926
15,494
15,351

13,027
12,649
12,611
12,351
12,098
11,830
11,210
11,732
12,188
12, 917
12,876 !
12,855

13,897
13,609
-13,122
12, 736
12,186
12,423
12,584
12, 778
14,310
15,259

12,160
12,115
10,846
9,383
10,087
10,005
9,752
9,747
10,627
10,995

9,468
9,732
9,240
9,114
8,611
8,859
9,522
9,284
9,611
10,284

1923—Apr. 2 5 - .
May 23...
June 27...
July 25...
Aug. 2 9 - .
Sept. 26..
Oct. 24...
Nov. 28..
Dec. 26...

91,073
95,490
93,430
91,129
93,709

57,679
58,817
58,536
57,442
57,374
56,906
54, 590
53,054
52,956

125, 216
126,891
124,933
123,880
121,096
123,056
120,178
117,480
117,929

1924—Jan. 23...
Feb. 27..
Mar. 26..
Apr. 23..
May 28..
June25._
July 23...
Aug. 27..
Sept. 24.
Oct. 29...
Nov. 26..
Dec. 24..

82,784
88,759
89,303
88,955
89, 858
90,363
88,280
88,724
90,073
87,858

51,886
54,513
57,345
58, 042
57, 554
56,124
54,132
53,982
54,383
53,727
53, 225
53,779

122, 295
124, 279
128, 278
125,973
128,744
127,454
129, 628
127,832
127, 227
127,086
128, 751
129,979

1925—Jan. 28—.
Feb. 25...
Mar. 25..
Apr. 22...
May 27...
June 24...
July 29...
Aug. 2 6 . .
Sept. 23..
Oct. 28...
Nov. 25..
Dec. 23...

90,395
93, 222
94,152
92,767
95,770
96,081
95,509

54,060
55,000
57, 753
57,869
60,967
60,003
59,796
60, 208
58, 640
56,945
56, 287
57, 725

133,144
135, 562
136,894
137,483
138, 776
139,277




86,020
83,828
82,784

87,424

94,342
90, 201
89,310
88, 544

Total

Less than 5,000 to
5,000

9,946
9,407
8,938
9,256
8,843
9,167
9,539
9,873
10,039
10,346
9,697
10, 464

1927—Jan. 2 6 . . .
Feb. 2 3 . . .
Mar. 2 3 . .
Apr. 27...
May 25...
June 22...
July 27...
Aug. 24...
Sept. 2 8 . .
Oct. 26. . .

00,000 and

10,884
9,153
9,236
9,921
10,051

Illinois:

In places having a population o—
f

In places having a population of—

15,000

Total
15,000 to
.100,000

100,000
and over |

9,438
10,164
10,747
11,114
11,454

8,734
8,690
8,763
8,867
9,861

32,848
34,798
35,991
36,682
38,800

7,534
7,450
7,592
7,586
7,565

4,375
4,420
4,541
4,585
4,635

5,672
5,569
5,791
5,929
5,878

17,581
17,439
17,924
18,100
18,078

9,748
9,372
9,322

9,193
8,458
8,084
8,036
7,796
8,668
8,664

34,389
32,014
30,378
30,087
29,149
31, 437
30,471
34,115
34,465

7,439
7,328
7,223
6,659
6,872
7,044
6,737
6,604
6,593
6,585
6,682

4,385
4,411
4,389
4,208
4,330
4,220
4,230
4,276
4,414
4,405
4,514
4,649

6,068
6,245
6,268
6,429
6,435
6,445
6,357
6,359
6,474
6,592
6,730

17,892
17,984
17,880
17,296
17,637
17, 709
17,324
17,239
17,481
17,582
17, 926
18,286

39,137
37,560
36,384
36,057
34, 712
34, 915
34,414
36,261
38,011
39,189
38,067
38,670

7,190
7,352
7,307
6,889
6,686
6,591
6,748
6,649
6,699
6,679
6,822
6,907

4,751
4,897
4,952
5,062
6,105
5,253
5,289
5,323
5,375
5,435
5,462
5,652

6,798
6,784
7,063
7,009
7,050
7,076
6,981
6,830
7,000
7,050
7,155
7,193

18, 739
19,033
19,322
18,960
18,841
18,920
19,018
18,802
19,074
19,164
19,439
19, 752

35,525
35,456
33,208
31,233
30,884
31,287
31,858
31,809
34,548
36,538

7,022
7,255
7,143
7,054
7,116
7,027
6,941
7,000
6,960
7,086

5,758
5,845
5,376
5,315
5,702
5,784
5,884
6,000
6,021
6,248

7,312
7,312
7,274
7,392
7,377
7,395
7,452
7,544
7,447
7,553

20,092
20,412
19,793
19,761
20,195
20,206
20,277
20,544
20,428
20,887

1, 019,082
1,049,501
1, 013,357
1, 015,476
1, 017,393
988,663
1,004,122
990, 695
1,020,082

1, 293, 050
1,330, 699
1,290,256
1,287,927
1,289,572
1,257, 619
1,264,910
1,245,057
1,273,751

66,193
68,149
69,680
70,493
71,304
71,908
71,872
72,708
72,908

46,762
46,958
49,358
50, 731
50,156
50,120
50,859
50,827

89.486
92,264
92,480
92.487
93, 681
93,472
93, 534
94,308
94,801

388,936
394,608
394,091
380,775
385,385
387,078
392,376
396, 201
396,004

591,377
601,979
605,234
593,113
601,101
602, 614
607,902
614,076
614,540

1,014, 683
1,039,965
1,024,058
1,062,935
1,096,858
1,141,951
1,223,070
1,234,433
1,249, 342
1,190,487
1,180,747

1,291, 949
1,282,234
1,314,891
1, 297,028
1, 339,091
1,370,799
1,413,991
1,493,608
1,506,116
1, 518,013
1,458,371
1,451,929

78, 303
78,393

51,098
51,959
51,855
51,564
52,003
52,444
52,744
52, 827
52, 847
53,354
53, 592
53,791

95,314
96, 527
96,613
96,738
98, 229
97,798
98,762
98, 732
99, 644
100,606
100, 614
99,393

394,683
396, 222
396,083
400, 581
407,423
416,026
420,652
419,103
429, 896
433,050
466,975
471,198

614,133
618,036
617,775
622,344
631,726
640,944
647,067
647,019
658,881
664, 567
699,484
702,775

79, 769
79,947
79,776
80, 749
81, 299
82,344
83,081
83, 776
84,122
84, 467
84,926
85, 858

54,798
55,325
55,387
55,435
55,921
56,535
58,955
59,259
59,383
59,656
59,983
60,494

101,374
102, 207
102,952
101, 756
103,151
103,553
103,978
104,383
105,251
105,371
105,781
104, 543

477,367
478, 459
485,925
485,487
506,596
505,430
497, 551
493,871
499,587
514,376
523,339
532, 222

713,308
715,938
724,040
723,427
746,967
747,862
743, 565
741,289
748,343
763,870
774,029
783,117

137,
138,
138,
135,
135,
136,

613
212
502
743
204
693

39,018
39,478

1,189,991
1,165,544
1,135,157
1.135,388
1,154,767
1,171, 501
1,200,092
1,214,080
1,199, 245
1.223,389
1,195,001
1,179,167

1,467, 590
1,449,328
1,423,956
1,423,507
1,450,280
1, 466,862
1,493,010
1, 509,009
1,490, 729
1, 506,278
1,475,802
1,462,129

73,328
73,224
73,461
74,071
74,676
74,909
76,357
76,494
77,557

895

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]

f

State and date

Time deposits

Net demand deposits
In places having a population o—
f

In places having a population o f —
Total

Less than 5,000 to 15,000 to 100,000 and
15,000
5,000
100,000

Less than 5,000 to 15,000 to 100,000
5,000
15,000
100,000 and over

Total

Illinois—Continued.
1926—Jan. 27
Feb. 24
Mar. 24
Apr. 28.
May 26
June 23
July 28...
Aug. 25
Sept. 22
Oct. 27—_•—
Nov. 24
Dec. 2 9 — —

88,107
91,088
92,297
94,568
96, 567
96,877
94,841
94,346
93,176
90, 597
87,893
86,053

56,769
57,236
58, 637
63,358
65, 457
64, 602
61,971
60,176
60,379
59, 637
58, 524
58,180

140, 864
140, 277
142,050
143,067
146, 240
145,965
145,177
144,186
145,192
141,958
141,129
143,138

1,167,950
1,175,162
1,128,050
1,162,937
1,193,561
1,188,091
•1, 213,026
1, 242,183
1,255,124
1,240,490
1,232,138
1, 222,269

1,453, 690
1,463,763
1,421,034
1,463,930
1,501,825
1,495, 535
1, 515,015
1, 540,891
], 553,871
1,532, 682
1, 519,684
1, 509, 640

86,207
86,872
86,644
86,904
87,404
88,074
88, 785
89, 325
89, 624
89,849
90,136
89,431

61,401
61,695
61, 664
62, 560
62,809
63,397
63,611
64,236
64,261
64, 619
65,100
64,819

105,314
102,806
107,085
107,446
107,915
107,269
106,987
107,464
108,199
109,485
109,876
110,393

533,730
542,155
539,213
527,322
526, 685
532,481
547,964
545, 865
542,029
541,482
544,175
552,809

786,652
793,528
794,606
784,232
784,813
791, 221
807,347

1927—Jan. 26
Feb. 23
Mar. 23
Apr. 27
May 25.
June 22.
July 27
Aug. 24
Sept. 28

86,206
89,348
91,094
94,008
97,251
96,504
93,404
94,386
92,437
89, 230

57,606

145,400
147, 657
148,075
149,816
150,955
152,036
149,408
148, 965
148,383
149, 624

1,187,329
1, 201, 501
1,213,067
1,210,124
1,256,967
1, 236,267
1, 219,483
1,302,008
1,262,797
1,304,490

1,476,541
1,497,495
1, 513,779
1, 519, 202
1,571,525
1,549,721
1, 525,259
1,606,101
1, 563,052
1, 601,781

89,442
89,738
89,880
89,680
91,010
91, 509
91,282
92,558
91,857
92,261

65,462
66,041
66,332
66, 593
66, 819
67,138
67,159
68,101
68,471
68,879

110,636
111,034
112,460
112,326
113,412
114,678
114,378
114, 612
115,957
117,097

543,274
553,812
548,193
548, 562
558,617
570,698
577,000
589,998
582,961
594,627

808,814
820,625
816,865
817,161
829,858
844,023
849,819
865,269
859,246
872,864

1923—Apr. 25
May 23
June 27
July 25
Aug. 29
Sept. 26
Oct.24
Nov. 28
Dec. 26

37,976
40,927
40,378
39,273
39,472
38, 577
37, 546

29,596
32,974
31,094
30,326
30,081

52,053
56,471
54,890
54,372
54,318
51,769
52,363
55, 647
55,134

200, 761
219,385
211,837
207, 683
206,871
200, 822
201,882
208,413
206,174

21,758
22,034
23,355
22,965
22,888
23,012
23,019
22,949
22,893

14, 585
15, 554
15,707
15, 791
16,430
16, 571
16,827
17,005 16,814

63,940
64, 618
65, 613
66, 624
67, 515
67,271
67,242
67,134
66,740

11,830
11,848
11,381
11,317
11,457
11,321
10, 653
10,792
10,257

112,113
114,054
116,056

29,661
30,155
29,828

81,136
89,013
85,475
83,712
83,000
80,791
82,312
83,921
83,037

1924—Jan. 23
Feb. 27
Mar. 2 6 —
Apr. 23
May 28.
June 25
July 23.
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 24

36,598
35,877
35,193
35, 576
37,441
36,306
34,758
35, 598
35, 562
36,558
35,814

28, 707
27, 568
27,276
27,741
29,267
28,250
27,680
27, 923
27,716
28,313
29,125
29,213

81,386
79, 245
77, 593
80,675
85,297
82,348
79,925
78,472
79,292
83,258
84, 229
82,128

55,183
53,455
52,826
52,459
55,407
54,250
55,898
54,941
54,343
52,789
56,105
56,954

201,874
196,145
192,888
196,451
207,412
201,154
198,261
196,934
196,979
199,922
206,017
204,109

22,873
22,777
22,783
22, 708
22,743
22,737
23,008
23, 516
23,374
23,693
24,006
24,182

16, 867
16,743
17,047
17,146
17, 111
17,496
17,973
18,571
19,024
19,418
19,459
19,377

67,006
67,267
67,700
68,347
69,024
70,014
70,699
71,386
71,907
72,235
72,250
72,152

10,351
11,054
11, 656
11,392
11,625
12,239
11,985
12,094
12,822
12,691
12,991
12,941

117,097
117,841
119,186
119,593
120,503
122,486
123, 665
125,567
127,127
128,037
128, 706
128, 652

1925—Jan. 28
Feb. 25
Mar. 25
Apr. 22
May 27
June 24
July 29
Aug. 26.
Sept. 23
Oct. 28
Nov. 25
Dec. 23

34, 738
34,094
32,707
33,209
35, 539
35,008
34,517
34,943
34,255
34, 668
35,940
34,869

27,429
27, 618
26,654
27, 643
29,064
28,409
28,317
28,814
29,076
29,377
30,402
30, 533

79, 576
79,152
78,498
80,408
85, 504
86,431
84, 572
85,445
84,496
85,352
89, 744
89, 682

57,809
59,363
56,301
56,046
59,952
59,921
57.690
57, 235
54,423
56, 558
58.691
59,463

199, 552
200,227
194,160
197,306
210,059
209,769
205,096
206, 437
202,250
205.955
214, 777
214, 547

24,427
24,795
24,998
25,127
25,193
25, 747
26,060
26, 273
26,664
26, 574
26, 706
26,936

19,439
19,263
19,692
19,887
19,886
20,469
20,635
20, 815
20,983
20,854
20,801
20, 538

72,931
72,754
73, 653
73,849
74,486
75,311
76,005
76,262
76,623
76,335
76,037
76,323

12,809
12,711
12,345
12,404
12,012
13,812
13,793
13,899
14,240
13,654
13, 513
12,958

129, 606
129, 523
130,688
131,267
131, 577
135.339
136,493
137,249
138, 510
137,417
137,057
136,755

1926—Jan. 27
Feb. 24
Mar. 24
Apr. 28
May-26
June 23.
July 28
Aug. 25
Sept. 22
Oct. 27
Nov. 24
Dec. 29_

33,425
33,029
31,800
33,122
34,422
33, 612
33, 568
33, 623
33, 593
33, 723
34,971
32, 999

28, 770
28,029
27,022
28,374
29, 981
29,683
28,767
29, 630
30,022
30, 591
31,388
30,308

86, 762
84, 696
82,334
87, 582
91,126
90,104
87, 555
88,420
87, 504
91,131
92, 534

58,197
56, 557
57,969
60,177
60,951
58.064
59,027
61,878

207,154
202,311
199,125
209,255
216,480
211,463
208,917
213, 551
212,260
214,115
216.956
214,282

27,325
27,367
27,443
27, 588
27,478
27, 663
28,086
28, 260
28, 268
28,346
28, 735
28, 535

20, 698
20,235
20,775
21,064
21, 551
23,357
23,110
23,253
23,291
23,316
23, 337
23, 526

77,301
77,164
77,754
77,549
77,367
79,164
80,404
81, 517
81,942
82,311
80,806
80,934

14,046
14,091
14,167
14,486
16,720
17,884
17,767
17,291
17, 693
17,904
17,713
17,345

139,370
138,857
140,139
140, 687
143,116
148,068
149,367
150,321
151,194
151,877
150, 591
150.340

1927—Jan. 26.
Feb. 23
Mar. 23
Apr. 27

31, 636
31,455
31,017
31,796

28,769
28,420
28, 589
29,147

85, 634
86, 580
83, 870
88,992

59,819
61,252
59,460
57,746

205,858
207, 707
202,936
207, 681

28, 576
28, 656
28,435
28, 334

23, 566
23,069
23, 747
24,285

81,439
81,353
82,960
83,839

17,405
15, 812
17,002
19,873

150,986
148,890
152,144
156,331

-

Oct. 26

Indiana:

73628—27-




38,175

61, 543
65,254
66,352
64,914
62,964
60, 742
59, 435
58,437

61,141

58, 670
58.065

804,113
805,435
809,287
817,452

118,290
118,175
117, 741
117,880
116,704

896

FEDEKAL BESEKVE BULLETIN

DECEMBER,

1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
T i m e deposits

Net demand deposits

State and date

In places having a population of—

In places having a population of—
Total
Less than 5,000 to
5,000

Indiana—Continued.
1927—May 25
June 22
July 27
Aug. 2 4 . . . . . .
Sept. 28
..
Oct. 26

15,000

Total

Less than
5,000

15,000 to 100,000 and
100,000
over

5,000 to
15,000

15,000 to 100,000
100,000 and over

32,874
32,155
32, 719
33, 366
32,778
32,243

30,217
29,876
29, 663
29,336
29, 554
29, 708

92, 655
90,247
88,113
87, 258
88,302
88, 547

60, 687
60, 687
60, 380
61, 285
60,968
58,848

216,433
212,965
210,875
211, 245
211, 602
209,346

28,349
28,455
28, 657
29,049
29,130
28,957

24,368
24, 597
24, 734
25,079
24,949
25,161

83,426
84,475
85,427
86, 203
90,485
91,012

19,815
21,690
22, 281
23,060
23,303
23, 520

155,958
159,217
161,099
163,391
167,867
168, 650

1923—Apr. 25
May 23
June 27
July 25
Aug. 29
Sept..26
Oct. 24
Nov. 28
Dec. 26

76,311
70,804
68, 766
66,909
68,465
69, 795
70,443
66,274
67,230

23,202
22,005
21, 671
21, 572
21,474
22, 206
22, 249
20,796
21,072

73,312
68, 741
69, 517
67,213
66, 796
67,382
66, 467
62, 574
64, 308

34, 020
35, 536
35, 451
40,022
36, 888
34,403
33, 231
30, 654
29, 687

206, 845
197,086
195, 405
195, 716
193,623
193, 786
192,390
18O7 298
182,297

90, 215
91,158
93,044
93, 802
94,184
94, 025
94, 293
94, 341
93,266

24, 674
24,934
25,396
25, 665
25, 835
25, 934
25, 878
26, 546
25,987

62,006
62,345
63,402
63, 526
63, 563
63,417
68,083
68, 782
68,320

10, 587
11,074
11,359
11,340
11,182
10,955
10, 877
10, 964
11,047

187,482
189, 511
193,201
194,333
194,764
194,331
199,131
200, 633
198, 620

1924—Jan. 23__
Feb. 27..
Mar. 26..
Apr. 2 3 May 2 8 June25_.
July23_.
Aus. 27..
Sept. 24..
Oct. 29 —
Nov. 26_.
Dec. 24..

66,125
72,482
70, 772
71,057
66,479
64, 498
63, 875
65, 652
67, 563
68, 087
66, 352
68,470

20,354
21, 764
22, 631
22,493
21, 500
20, 686
20, 514
21, 234
22, 233
22,390
21,334
21,481

63,115
65,821
66,580
66, 868
62,924
62, 327
62, 773
64,096
68,474
69, 243
68,195
69, 719

29,103
30, 770
30, 569
32, 422
29,435
30, 635
28, 595
29, 660
29, 637
32, 219
31, 754
32, 755

178, 697
190, 837
190, 552
192,840
180,338
178,146
175,757
180, 642
187,907
191, 939
187, 635
192, 425

93,101
91, 823
92, 584
92. 986
92', 974
92, 610
93,133
92, 800
92. 576
92, 991
92, 368
91, 397

26, 097
25,907
26, 433
26, 034
25,961
26, 540
26, 592
26, 560
26,451
26, 572
25, 996
25, 290

70,306
69,819
70,408
70, 528
71,333
72, 358
73, 622
74,135
74,081
74, 959
76, 321
76, 093

11,041
11,345
11, 624
11,430
11, 554
11, 575
11, 624
11,716
11,972
12,188
12. 251
12; 516

200, 545
198,894
201,049
200,978
201,822
203,083
204, 971
205, 211
205,080
206, 710
206,936
205,296

69,171
74,166
73, 709
' 72,829
68, 668
66, 964
65, 743
66, 615
67,062
69,005
65, 977
66,182

20,896
22,215
23, 776
24, 044
25,053
22,313
22, 334
21, 813
22, 343
22, 570
22,323
22, 217

71,199
73, 735
76, 073
75.042
71, 297
70,355
69, 866
70, 949
70, 575
70,160
67,840
67,978

33, 632
36,950
38,962
38,005
36,424
35,764
34, 636
35, 579
36, 235
35, 237
34, 282
34,484

194, 898
90, 477
207, 066
88, 894
212, 520
89, 284
209, 920
90,001
201. 442
90, 890
195', 396
90, 627
192, 579
91, 443
194, 956
91, 225
196, 215 . 90,947
90,216
196,972
86, 814
190,422
86, 042
190, 861

24,475
24, 911
25,164
25,115
25, 270
25,311
25, 678
25,775
25,419
25, 263
25, 206
24, 997

75, 692
75, 914
76,020
75,327
74,077
75,030
76,149
76, 214
76,176
78,043

11, 315
11,199
11,321
11, 887
12, 007
11,457
11, 535
11, 586
11,414
11,496
11, 657
11,745

201, 959
200, 918
201,789
202,330
202, 244
202,425
204, 805
204,800
203,956
205,018
202, 234
199, 831

1926—Jan. 27...
Feb. 24__
Mar. 24..
Apr. 2 8 May26._
June 23..
July28Aug. 25..
Sept. 22..
Oct. 27 —
Nov. 24..
Dec. 29..

67, 713
72,083
71,882
71,116
67,218
65,083
63, 552
63, 765
64,164
65,363
59,128
58, 289

22,214
23,136
24,063
24,404
22,957
22,283
21, 843
22,239
22, 693
22, 979
21, 797
22,029

70, 249
73, 222
74,272
73, 263
70,146
69,833
68,176
67, 202
67, 812
67, 462
63, 803
65,399

34, 576
37,316
37,458
38, 267
37,412
35, 885
34,967
35, 533
36,078
37,025
34, 767
30, 672

194,752
205, 757
207, 675
207, 050
197, 733
193,084
188, 538
188, 739
190, 747
192,829
179, 495
176, 389

84, 317
82, 395
82,165
81,492
80, 610
79,253
78, 577
77, 961
77,168
76.081
73; 891
73, 284

25,050
24, 887
25,200
25, 232
24, 715
25,046
25,056
24, 908
24, 799
24,723
24, 722
23, 612

76,462
76,615
76, 789
74, 672
.75, 080
75,105
75,937

12,035
12,052
11,765
11, 654
11, 741
11,759
11, 536
11, 596
11.378
11,451
11, 607
7,604

- 197,864
195,949
195,919
193,050
192,146
191,163
191,106
190,103
189, 382
188,154
186,353
180,349

1927—Jan. 26—
Feb. 23._
Mar. 23..
Apr. 27..
May 25..
June22__
July 27..
Aug. 24_.
Sept. 28..
Oct. 2 6 -

58, 618
61, 654
60,195
60, 361
58, 462
57,629
56, 958
57, 707
58, 571
59,080

20, 366
21, 233
22,287
22, 354
21, 398
21, 676
20,898
20, 348
22, 028
21,806

66, 324
66, 709
67, 533
68, 574
66, 812
68, 429
67, 221
67, 589
67, 812
67,324

31, 617
32, 682
32, 690
32, 036
33, 623
31,740
30, 743
32,400
32,118
31, 739

176,925
182, 278
182,705
183, 325
180, 295
179,474
175,820
178, 044
180, 529
179,949

70, 812
68,800
67, 857
67, 403
66, 566
66, 874
67,153
67, 367
66, 726
66,188

23, 323
23, 536
23, 572
23, 754
24,129
24, 506
24,740
24,978
24, 914
25,081

76, 712
77, 596
77, 717
79,708
79,937
80,021
81,143
81,391
81,088
81,133

8,100
8, 393
8,880
8,776
8,807
8,930
9,068
9,131
9,021
9,076

178,947
178, 325
178,026
179,641
179, 439
180,331
182,104
182,867
181, 749
181,478

1923—Apr. 2 5 May 23..
June 27..
July25—
Aug. 29..
Sept. 26_.
Oct. 24__
Nov. 28..
Dec. 26..

45, 367
44,785
46, 704
45,494
46,731
46,229
44, 993
43,001
45,408

32,007
31,478
34,100
31,290
32,520
33, 220
31, 526
30,185
31, 518

35, £04
35,017
36, 366
36, 891
39, 874
40,050
38,429
36,264
36,292

5,841
5,408
6,251
5,868
5,810
5,919
5,794
5,112
6,177

119,119
116, 688
123,421
119, 543
124, 935
125,418
120,742
114,562
119, 395

18, 800
18,915
19, 535
19, 595
19, 566
19, 419
19, 354
18, 591
18, 333

11,960
11, 476
11, 593
11, 681
11, 603
11,695
11, 749
11, 718
11, 634

10,228
10, 541
10, 580
10, 352
10,129
9,999
10,048
9,838
9,762

1,215
1,425
1,203
1,186
1,204
1,532
1,516
1,627
1,321

42,233
42, 357
42,921
42,814
42, 502
42, 645
42,667
41, 774
41,050

Iowa:

1925—Jan. 28—.
Feb. 25...
Mar. 25..
Apr. 22 —
May 27...
June 24...
July 29._
Aug. 26...
Sept. 23..
Oct. 28 — .
Nov. 25..
Dec. 2 3 -

Kansas:




78, 557
77,047

•

75,638
76,037
75, 899
76,133
75,849

897

FEDERAL RESEKVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits

Time deposits

In places having a population o—
f

State and date

Less than 5,000 to 15,000 to 100,000 and
15,000
over
5,000
100,000

Kansas—Continued.

In places having a population o f —

Total

Less than 5,000 to 15,000 to 100,000
5,000
15,000
100,000 and over

Total

44,453
42, 922
42.065
40,894
39,391
41,912
43,202
47,509
48,079
48,191
47, 671
50,899

30, 391
29,458
28, 617
28,296
28, 347
29, 305
28,774
30, 380
31,187
30, 797
31, 283
33,194

35, 111
36,576
34, 530
34,985
33, 572
34,361
34,300
35,405
38,227
40,059
41, 595
45,059

5,864
5,984
5,585
5,221
5,801
5,493
6,134
5,678
5,381
4,727
5,021
6,242

115,819
114, 940
110,797
109,396
107, 111
111,071
112,410
118, 972
122,874
123,774
125, 570
135, 394

18,431
18,226
18,534
18,717
18,802
18,997
19, 366
19, 523
19, 906
20,068
20, 327
20,195

11,710
11,662
11,702
11,831
11,850
11,937
12,099
12,280
12,704
12, 587
12,586
12, 590

9,407
9,496
9,507
9,452
9,626
9,616
9,677
9,803
10,316
10,456
10, 574
10,408

1,286
1,322
1,305
1,267
1,491
1,388
1,355
1,356
1,364
1,354
1,373
1,33$

40,834
40,706
41,048
41,267
41,769
41,938
42,497
43,062
44,290
44,465
44,860
44, 531

1925—Jan. 28__
Feb. 25..
Mar. 25_
Apr.22..
May 27..
June 24..
July 29_.
Aug. 26Sept. 23_
Oct. 28__
Nov. 25_

Dec.23,.

50,214
50, 731
49,108
47, 370
46,509
48,916
51, 780
52,814
51, 567
49,946
48, 674
51.066

33,278
33,852
33,214
32, 641
32,831
33,086
34,488
35,193
34, 817
33, 494
33,286
33,898

46, 933
47,294
44,686
41, 373
44,054
47, 759
49,247
50, 572
46,874
43,933
42, 860
43,568

7,094
8,139
7,524
7,133
6,775
6,739
7,638
7,506
6,833
6,510
6,395
7,023

137, 519
140,016
134, 532
128, 517
130.169
136, 500
143,153
146,085
140,091
133, 883
131,215
135, 555

20, 342 ' 12,990
20, 650
12, 885
21,131
13, 591
21, 492
13, 645
22,108
13, 652
22, 229
13, 650
22,630
13, 995
22, 386
14,157
22, 530
13, 914
22, 411
14, 596
22, 315
14, 353
22,161
13,981

10,349
10,421
10, 542
10, 957
11,872
11,894
11, 884
12,056
12,036
12,108
11,976
11, 746

1, 391
1,345
1,344
1,463
1,473
1,458
1,408
1,407
1,419
1,608
1,608
1,541

45,072
45,301
46,608
47, 557
49,105
49,231
49,917
50,006
49,899
50,723
50,252
49,429

1926—Jan. 27_Feb. 24..
Mar. 24_
Apr. 2 8 May 26_.
June 23..
July 28..
Aug. 25Sept. 22_
Oct.27_Nov. 24 _
Dec. 29..

50,058
49,393
48,316
46, 768
46,147
47, 952
53, 471
52, 587
52, 335
51,565
49,737
52,132

34, 651
33, 350
32,783
33, 444
33,921
33, 567
35, 333
36,145
35,415
35,072
33, 760
35, 549

43,283
45,328
43, 527
43, 699
42,838
46,867
54, 542
.52,887
50, 329
48, 518
47, 584
49, 361

7,308
6,963
: 6,806
6,403
5,916
6,890
7,543
7,933
7,273

135, 300
135.034
131,432
130, 314
128,822
135,276
150,889
149, 552
145, 352
142, 052
137,725
144,566

22,132
22,129
22, 226
22, 395
22, 585
22, 521
22, 530
22,112
22,290
22, 266
22,296
21,963

14,220
14, 550
14, 315
14, 618
14, 570
14, 821
14, 886
15,145
15, 059
15,129
15,190
14,629

11, 667
11, 799
11,818
11, 511
11,622
11,892
11, 958
12,061
12,075
12,243
11,626
12,070

1,586
1, 526
1,524
1, 545
1,569
1,702
1,562
1,591
1,550
1, 599
1,625
1,602

49, 605
50,004
49,883
50,069
50,346
50,936
50,936
50,909
50,974
51,237
50,737
50,264

1927—Jan. 26 __
Feb. 23..
Mar. 23_
Apr. 27-.
May 25June 22_.
July 27..
Aug. 24..
Sept. 28 _
Oct. 26__

51,697
51, 111
50,204
48,435
50,226
52, 659
52,392
50, 599
'49, 771

35,406
34,151
34,163
33,984
33,649
34, 616
35, 365
34, 962
36, 325
36,185

48, 370
52, 668
51,807
49, 338
46,017
46,159
50, 706
48, 562
47, 557
46,587

143,478
14.5,857
143, 757
139,151
134, 707
137, 902
146,656
143, 396
141,488
139, 352

22, 297
22, 419
22, 622
22,726
.22,942
23,015
23,046
23,117
23,053
23,047

15,428
15,741
15,876
15,804
16, 085
16,043
15, 760
16,104
16, 324
16,496

12,252
12, 335
12, 532
13,201
13,426
13,067
13,238
13,454
13, 611
14,101

1,713
1,723
1,772
1,774
2,804
2, 784
2,856
2,887
2,980
2,926

51.690
52,218
52,802
53, 505
55,257
54,909
54,900
55,562
55,968
56,570

1923—Apr. 25..
May 23_.
June 27.
July 25
Aug. 29..
Sept. 26.
Oct. 24..
Nov. 28.
Dec. 26_.

38,247
37,189
37,295
37,358
36,472
36, 111
34,926
35,486
35,282

21.996
22,584
22,911
22,281
21,486
20,092
18,875
19,288
22.997

27,126
25,712
24, 745
24,896
22,435
22,225
22,860
22,008
23,033

64,094
65,354
58,219
56,458
53,702
49,786
49,937
. 52,128
55,853

151,463
150,839
143.170
140,993
134, 095
128,214
126, 598
128, 910
137,165

20,186
20,483
21,180
21,462
21,293
21,392
21,248
21,465
21,484

7,096
7,642
7,427
7,980
7,948
8,014
8,088
8,178
8,218

15,568
15,938
16,296
16,602
16,800
16,772
16,719
16,728
16,449

33,823
34,137
34,833
34,650
35,008
34,977
36,227
36,243
36,296

76,673
78,200
79,736

1924—Jan. 2 3 . . .
Feb. 27...
Mar. 26..
Apr. 23...
May 28...
June 25...
July 2 3 . . .
Aug. 27...
Sept. 24..
Oct. 2 9 . . .
Nov. 26..
Dec. 24...

35,894
36,338
36,196
34,826
34,326
33,391
32,621
32,059
32,402
32,315
31,876
31,987

20,355
19,167
18,295
17,941
17,446
17,352
17,305
17,103
16,970
17,067
16,781
17,697

23,080
23,423
22,523
22,611
22, 203
21,938
21,431
21,036
20,694
21,404
21,116
23,214

55,828
58,597
58,757
56,583
57,960
56,887
51,956
49,518
52,693
53,324
56,584
59,109

135,157
137,525
135,771
131,961
131,935
129,568
123,313
119, 716
122,759
124,110
126,357
132,007

21,790
22,507
22,578
22,497
23,024
22,964
23,159
23,161
23,218
23,306
23,937
23,756

8,323
8,548
8,758
8,752
8,901
9,083
9,205
9,354
9,370
9,398
9,318
9,320

17,214
17,587
17,859
18,028
18,143
18,384
18,404
19,162
19,221
19,356
19,329

84,630
86,274
86,750
87,141
90,174
91,144
91,285
92,622
93,184

19,121

37,303
37,632
37,555
37,864
40,106
40,713
40,517
40,945
41,375
40,869
40,637
39,750

1925-Jan.28..
Feb. 25..
Mar. 25.
Apr. 22..

33,803
34,021
33,850
32,635

17,683
18,783
18,875
17,635

23,215
22,932
21,562
21,347

59,538
66,371
70,831
61,752

134,239
142,107
145,118
133,369

24,677
24,982
24,905
24,961

9,493
9,653
10,275
10,414

18,055
18,454
18,712
18,639

42,061
40,048
39,999
40,828

94,286
93,137
93,891
94,842

1924—Jan. 23
Feb. 2 7 —
Mar. 26
Apr. 23
June 25..
July 23 _.
Aug. 27..
Sept. 24_
Oct. 29__
Nov. 26_
Dec. 24..

Kentueky:




—.-

_J

6,644
7,524
8,005
7,927
7,583
6,983
6,901
7,926
7,480
7,007

81,049
81,155
82,282
82,614
82,447

93,221
91,947

898

FEDERAL EESEEVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Time deposits

Net demand deposits
State and date

In places having a population o—
f
Less than 5,000 to 15,000 to 100,000 and
5,000

Kentucky—Continued.

15,000

100,000

In places having a population of—

Total

over

Less than 5,000 to
5,000
15,000

15,000 to 100,000
100,000 and over

Total

1925—May 27
June 24
July 29.._
Aug. 26
Sept. 23
Oct. 28
Nov. 25
Dec. 23

30,953
31,873
31,914
31,579
31,925
31,113
30,469
32,049

17,214
18,012
17,606
17,467
17,603
17,352
17,225
17, 926

21,190
21,890
20,657
20,811
21,053
21,065
21, 096
22,106

61,147
60,817
62,942
62,855
61,212
61,384
60, 708
66,258

130,504
132,592
133,119
132,712
131, 793
130,914
129,498
138,339

25,165
25,258
25,360
25,323
25,329
24,838
24, 777
24,913

10,498
11,134
11,034
11,045
11,039
10,837
10,863
10,829

18,778
18,735
18,856
19,045
18,953
18,756
18,843
18,867

41,787
42,650
40,780
40,711
41,540
41,851
42,676
40,690

96,228
97,777
96,030
96,124
96,861
96,282
97,159
95,299

1926—Jan. 2 7 . .
Feb. 24..
Mar. 24.
Apr. 28..
May 26. .
June 23..
July 2 8 . .
Aug. 25..
Sept. 22.
Oct. 2 7 . .
Nov. 24.
Dec. 29..

32,346
32,661
31,815
31,585
31,035
30,481
30,872
30,150
30,188
30,218
30,467
32,352

18,207
18,952
18,283
17,545
17,128
16,828
16,901
16,830
17,215
17,038
17,039
18,164

22,729
22,719
22,706
22,928
22,090
22,583
22,644
22,751
22,408
22,578
22,478
24,442

67,010
69,595
66,570
67,772
69,152
67,301
64,593
62,732
65,253
66,638
65,697
66,596

140,292
143,927
139,374
139,830
139,405
137,193
135,010
132,463
135,064
136,472
135,681
141,554

25,536
25,910
26,050
26,465
26,701
26,883
27,163
26,571
26,468
26,769
26,883
27,072

10,980
11,048
11,256
11,250
11,429
11,479
11,460
11,423
11,432
11,379
11,412
11,295

19,166
19,427
20,026
20,039
20,378
20,685
20,590
20,472
20,727
20,915
20,973
20,710

42,761
43,361
42,310
41,226
42,027
42,158
42,351
43,265
44,174
43,995
44,531
43,613

98,443
99,746
99,642
98,980
100,535
101,205
101,564
101,731
102,801
103,058
103, 799
102,690

1927—Jan. 2 6 . .
Feb. 23..
Mar. 23.
Apr. 27..
May 25..
June 22..
July 2 7 . .
Aug. 24..
Sept. 28.
Oct. 2 6 . .

33,288
32, 751
33,477
33,499
32,926
32,351
33,008
33,772
34,442
34,756

18,282
18,978
19,223
18,379
18,200
18,099
18,353
18,672
18,820
18,358

24,905
25,201
23,330
23,391
22,873
22,746
24,267
23,631
24,448
25,254

69,437
72,959
72,239
71,742
70,793
66,708
70,516
72,377
69,028
71,879

145,912
149,889
148,269
147,011
144,792
139,904
146,144
148,452
146,738
150,247

27,927
27,797
29,040
29,177
29,571
29,340
30,200
29,841
30,473
30,679

11,646
11,620
11,889
12,459
12,363
12,335
12,352
12,306
12,488
12,579

20,811
21,181
21,748
21,712
21,855
21,927
22,023
22,137
22,090
22,086

44,700
48,636
49,261
50,834
51,407
52,141
50,694
51,201
51,821
51,599

105,084
109,234
111, 938
114,182
115,196
115, 743
115,269
115,485
116,872
116,943

1923—Apr. 25..
May 23..
June 27. _
July 25..
Aug. 29..
Sept. 26..
Oct. 24__
Nov. 28..
Dec. 26..

14,713
15,067
15,094
14,625
14,048
13,360
13,534
13,835
15,058

26,326
25, 511
25,438
23,833
23,055
23,248
24,176
24,099
26,100

96,364
98,933
98,377
95,645
94,391
92,385
93,913
99,183
99, 535

143, 533
145,893
145,019
140,040
137, 202
135,012
138,124
144,193
147,848

7,385
7,546
7,569
7,672
7,705
7,698
7,734
7,905
7,669

48,901
48,785
51,559
51,702
51,240
52,240
50,818
50, 769
50, 534

65,847
66,110
69,034
69,136
68, 665
69,410
68,725
69, 547
68,906

16,188
15,207
14,771
14,428
13,451
13,157
12, 579
12,913
13,344
13,309
12,808
13,342

25, 584
24,833
22,719
23,493
22,716
22,451
21,882
20,783
21,431
21,591
22, 295
23,721

107,884
107,466
99,284
100,129
97,225
96,448
94,269
97,233
104,593
109,958
115,992
122,138

156, 750
154,350
143,200
144,499
139,492
137,667
134,186
136,467
145, 527
151,337
157,597
166,160

2,499
2,732
2,771
2,761
2,748
2,761
2,548
2,759
2,797
2,879
2,909
2,919
3,030
3,149
3,133
3,103
3,140
3,154
3,267
3,288
3,311

7,062
7,047
7,135
7,001
6,972
6,711
7,625
8,114
7,906

1924—Jan. 23 __
Feb. 27..
Mar. 26..
Apr. 23..
May 28..
June 25..
July 2 3 . .
Aug. 27..
Sept. 24_
Oct. 29_ _
Nov. 26..
Dec. 24..

6,130
6,382
6,110
5,937
5,708
6,019
6,501
7,076
7,155
7,094
6,844
6,426
6,449
6,100
5,611
5,456
5,538
6,159
6,479
6,502
6,959

8,015
8,053
8,015
7,999
• 8,001
7,959
8,168
8,183
8,262
8,197
7,246
7,103

8,155
8,225
9,380
9,111
9,228
9,371
8,979
9,303
9,308
9,269
9,043
8,703

48,556
48,023
49,462
52,304
53,900
52,594
52,639
50,914
52,188
52,905
51,847
50, 513

67,605
67,210
69,776
72,444
74,278
73,057
72,889
71, 540
72,912
73,638
71,424
69,630

1925—Jan. 28__.
Feb. 25...
Mar. 25..
Apr. 22...
May 27...
June 24. _.
July 29...
Aug. 26. _.
Sept. 23...
Oct. 28__.
Nov. 25...
Dec 23...

7,004
6,842
6,606
6,380
5,859
5,711
5,355
6,186
7,439
7,708
7,563
7,724

13,323
13,181
12,779
12,231
12,253
11,920
11, 554
12.360
12,954
13,181
13,094
14,370

23,801
24,114
24,350
25, 655
24,921
23,987
23, 539
23, 949
27,351
30,189
29,913
29,469

119,401
126,822
118,330
112,755
117,846
111, 888
111,373
109,952
117,271
118, 578
121,805
119,390

163, 529
170,959
162,065
157,021
160,879
153,506
151,821
152,447
165,015
169,656
172,375
170,953

3,581
3,663
3,632
3,778
3,795
3,852
3,818
3,874
3,889
3,936
3,956
3,966

7,234
7,215
7,228
7,399
7,655
7,897
7,877
7,898
7,931
7,978
8,018
7,964

8,642
8,858
9,466
9,402
9,332
9,570
9,695
9,570
9,687
10,366
10,369
10,243

51,023
52, 285
53,848
55,665
60,151
54,800
54,997
54, 206
55,527
59, 294
58,518
58,135

70,480
72,021
74,174
76,244
80,933
76,119
76,387
75, 548
77,034
81,574
80,861
80,308

1926—Jan. 27_.
Feb. 24..
Mar. 24..
Apr. 28..
May 26_.
June 23..
July 28-.
Aug. 2 5 -

7,338
7,158
6,529
6,217
6,309
5,932
5,645
5,529

15,097
14, 995
14,767
13,847
13,873
13,260
13,168
13, 238

29,964
27, 748
26, 560
25,667
25,867
26, 578
24,468
24,429

124,163
123,485
114,699
113,968
113,570
109,954
107,948
106, 946

176,562
173,386
162,555
159,699
159,619
155,724
151, 229
150,142

4,154
4,222
4,068
4,123
4,112
4,173
4,175
4,104

8,339
8,109
7,602
8,149
8,212
8,257
8,336
8,303

10,041
10,717
10,378
10,286
9,932
9,484
9,564
9,744

58,737
56, 335
57,675
60,180
57,969
56,400
57,502
57, 710

81,271
79,383
79,723
82,738
80, 225
78,314
79, 577
79,861

Louisiana:




DECEMBER,

899

FEDERAL RESERVE BULLETIN

1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits

State and date

Time deposits

In places having a population of—
Less than 5,000 to
5,000

15,000

15,000 to 100,000 and
| 100,000
over

In places having a population of—

Total

Total

|
Less tha
5,000

5,000 to 15,000 to
15,000
100,000

100,000

and over

Louisiana—Continued.
6,525
6,430
6,446
6,901

13,050
12,436
12, 216
12, 757

24,798
24,095
24,217
25, 547

107,046
114,868
108,827
115, 998

151,419
157,829
151, 706
161,203

4,143
4,141
4,137
4,069

1927—Jan. 26...
Feb. 23_.
Mar. 23..
Apr. 27..
M a y 25..
June 22..
July 2 7 . .
Aug. 24..
Sept. 28 _
Oct. 26..

6,578
6,725
6,119
5,971
5,878
5,741
5,254
5,326
6,202
6,331

12,979
12,758
12,862
12, 552
12, 543
12,838
12,689
12,894
1.3,102
12,936

25,439
23, 948
23,745
22,734
21,802
22,551 f
22,581 !
21,736
23,085
24,384

118, 944
119,779
112, 580
111, 033
108,103
109,475
106, 727
109,437
112,364
115,576

163,940
163, 210
155,306
152, 290
148,326
150,605
147,251
149,393
154, 753
159,227

4,145
4,302
4,185
4,283
4,419
4,247
4,233
4,221
4,267
4,014

1923—Apr. 25 _.
M a y 23. _
June 27 __
July 2 5 . .
Aug. 29..
Sept. 26..
Oct. 24, _
Nov. 28..
Dec. 2 6 . .

9,008
9,375
9,498
9,967
10, 785
10,983
10,844
10,312
9,878

7,146
7,289
7,479
7,434
7,304
7,385
7,052

26,248
27,728
27,402
28,410
27,342
28, 578
27, 213
26, 590
26,469

42,081
43,987
44,046
45,606
46,995
45,361
44,287
43,399

23, 240
23,359
23, 347
23,461
23, 616
23,731
23,762
24,119
24,242

19,588
19,590
19,596
19,647
19,876
. 19, 974
20,006
20,161
20,246

38,862
38,211

1924—Jan. 23.
Feb. 27
Mar. 2 6 . . . .
Apr. 2 3 . . . .
M a y 28 A . _
June 25__I_
July 23
Aug. 2 7 . . . .
Sept. 2 4 . . . .
Oct. 29
Nov. 2 6 . . . .
Dec. 2 4 . . . .

9,670
9,295
9,473
9,479
9,493
9,481
10,002
10,562
11,014
10,256
9,677
9,385

6,535
6,366
6,358
6,244
6,134
6,217
6, 536
6,975
7,030
6,955
6,662
6,379

25, 666
24, 845
24,981
24, 783
25,419
25,495
25,996
26,015
27,204
25,607
25, 541
26,077

41,871
40,506
40,812
40, 506
41,046
41,193
42, 534
43, 552
45, 248
42, 818
41,880
41,841

24,741
25,097
25,325
25,425
25,497
25,412
25,497
25, 509
25,338
25,870
25,971
26,024

20,451
20,702
20,840
20,909
20,898
20,916
21,022
21,251
21,414
21,797
21,843
21,992

39,300
39,694
40,134
40,155
40,303
40,442
40,840
41,343
41,706
42,198
42,440
42,292

1925—Jan. 28...
Feb. 25..
Mar. 25_.
Apr. 22..
May 27..
June 24..
July 2 9 . .
Aug. 26..
Sept. 23..
Oct.28__
Nov. 25..
Dec. 2 3 . .

9,105
9,305
8,799
9,124
9,172
9,186
9,800
10,650
11, 621
11,828
11,373
10,903

6,175
6,367
6.359
6,556
6,294
6,313
6,982
7,089
7,156
7,079
6,842
6,547

26,245
27,244
27,048
27,198
27,626
26,731
27,656

41, 525
. 42,916
42,206
42,878
43,092
42,230
44,438
46, 635
48,634
48,957
47,943
45, 566

26, 581
26,835
27,050
27,021
26,935
26,821
27,151
27,282
27,352
27,688
28,255
28,652

22,189
22,685
22,836
22,825
22,926
22,991
23,063
23,314
23,390
23,545
23, 629
23, 556

42,672
43,030
43,484
43,580
43,813
43,719
44,126
44,754
45,195
45,100
45,465
45,372

91,442
92,550
93,370
93,426
93,674
93,531
94,340
95,350
95,937
96,333:
97,349*
97,580

1926—Jan. 27...
Feb. 2 4 . .
Mar. 24..
Apr. 2 8 . .
May 26..
June 23 __
July 28 .
Aug. 25..
Sept. 22..
Oct. 27__
Nov. 24..
Dec. 2 9 . .

11,057
11,326
11, 698
11, 898
11,945
11,804
12,333
12,718
13,067
13,032
12,354
11,724

6,428
6,424
6,463
6,551
6,771
6,653
7,225
7,576
7,834
7,487
7,458

28,235
28,163
28,390
30,037
31,011
30, 735
34,090
32,563
31, 760
30,538
29,832

45,720
45,913
46, 551
48,486
49,727
49,192
53,648
52,857
54, 789
52,279
50,350
48,534

29, 354
29, 764
30,232
30,729
30,853
30,901
31,120
31,222
31,369
31,625
32,172
32,435

23,779
23,972
24,294
24,457
24,459
24,495
24,518
24,647
24,742
24,992
25,092
25,170

45,932
46,514
47,539
47,773
47,778
47,873
50,098
50,516
50,933
50,711
51,050
50,742

99,065.
100,250'
102,065
102,959'
103,090
103,269'
105,736106,385,
107,044
107,328>
108,314
108,347

1927—Jan. 26...
\
Feb. 2 3 . .
Mar. 23..
Apr. 2 7 . .
M a y 25..
June 22..
July 2 7 . .
Aug. 24__
Sept. 28..
Oct. 26..

12,265
11,723
11, 871
12,252
12,224
11,921
12,455
13,146
13,040
12.925

6,712
6,852
6,846
6,955
7,003
7,143
7,748
8,291
7,899
7,460

30,669
29, 861
29,287
31,484
32,470
31,176
32,151
31,940
33,375
32,079

49,646
48,436
48,004
50,691
51,697
50,240
52,354
53,377
54,314
52,464

32,895
33,256
33,584
33,992
34,347
34,325
34,587
34,510
34,865
35.027

25,481
25,873
26,077
26,295
26,176
26,393
26,520
26,452
26,877
27,027

51,228
51,834
52,835
53,329
52,983
53,454
54,147
54,269
55,339
55,239

109,604
110,963
112,496
113,616
113,506
114,172
115,254
115,231
117,081
117,293

1926—Sept. 22
Oct. 27_
Nov. 24___
Dec. 29

Maine:




_.

6,825

29,857
30,050
29,728
28,116

45, em

78,658'

8,265
8,269
8,049
7,684

.

10,070
9,131
9,046
9,028

56, .180
58,809
57,678
56,441

80,350
78,910
77,222

7,796
7,701
7,728
7,780
•7,763
7,748
7, 921
7,816
7,835
7,876

8,807
8,679
8,844
8,572
8,502
8,493
8,478
8,478
8,792
8,994

54,922
59,359
59,457
56,666
57,768
55,934
55,914
55,101
55,192
58,841

75,670
80,041
80,214
77,301
78,452
76,422
76,546
75, 616
76,086
79,725

37,957
38,050
38,182
38,220
38,543

80,785
80,999
81,125
81,328
82,035
82,293
82,407
83,142
82,699
84,492
85,493

86,770
87,359
88,103
89,865
90,254

900

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits

Less than 5,000 to
15,000
5,000
Maryland:
1
1923—Apr. 25
May 23
June 27
July 25
Aug 29
Sept. 26
Oct. 24___
Nov 28
__ .

:•

1924—Jan. 23 . .
Feb. 27
Mar 26
Apr. 23
May 28 „
June 25
July 23
Aug. 27
Sept. 24
Oct. 29
Nov. 26 -• Dec. 24

----__ ----.—

.._.-

-

1926—Jan 27
Feb. 24
Mar. 24
May 26
June 23
July 28
Aug. 25
Sept 22
Oct. 27
Nov 24
Dec. 29

>

-

__--

1927—Jan. 26 ._—
Feb. 23
Mar 23
Apr. 27
M a y 25
June 22
._
July 27
Aug. 24
Sept. 28 —
Oct 26

-_._
-

Massachusetts:
1923—\pr 25
May23
June 27
July 25
Aug 29

- -------, -

Sept. 26'

Oct 24
Nov 28
Dee. 26

-

- -

•_-_-•

'
" ,--"' . , - ; - - -

1924—Jan. 23
- • Feb. 27. —.--_—:--

V: v

M a r . 26'
_--_'._—
Apr. 2 3 . _--—-_—------M a y 2 8

•-••-•-•

June 25 July23




15,000 to 100,000 and
over
100,000

Total

Less than 5,000 t o
5,000

15,000

Total
100,000

15,000 t o
100,000

and over

"•'•' _ • - •

-—

14,516
13,841
13,887
14,216
14,843
14,668
15,849
14,460
14,202

4,520
4,612
4,960
4,843
5,559
5,729
5,648
5,207
5,243

4,210
3,777
4,002
3,908
3,910
3,878
3,861
3,840
4,019

99,659
101,899
101,133
104,415
102,747
102,461
106, 546
103,979
102,210

122,905
124,129
123,982
127,382
127,059
126,736
131,904
127,486
125,674

29,760
29,603
29, 792
29,153
29,365
29,352
29,572
29,821
29,804

12,350
12,488
12,608
12,569
12,227
12,297
12,872
12,870
13,001

9,631
9,714
9,704
10,166
10,303
10,246
10,136
10,243
10,062

32,215
34,146
31, 956
30,391
31,415
31,553
30,625
31,473
32,321

83,956
85,951
84,058
82,279
83,310
83,448
83,205
84,407
85,188

13,870
13, 481
14,050
13,493
13,458
14, 788
14, 222
15,003
15,552
16,276
14,907
14,518

5,263
5,186
5,332
4,811
4,680
5,275
5,095
5,324
5,448
_.-,447
5,487
5,457

3, 727
3,752
3,914
3,974
3,731
4,072
3,997
4,068 1
4,086
3, 792
3,705
3,645

110, 736
105,040
101,470
102,869
102,132
107,205 1
108,149
113,615
116,592
122,581
121,308
116,859

133,596
127,459
124,766
125,147
124,001
131,340
131,463
138,010
141,658
148,096
145,407
140,479

30,307
30,428
30,731
30,658
30,630
32,196
31,614
31,397
31,496
31,851
32,060
31,997

13,036
13,448
13,062
13,082
13,121
13, 224
13,359
13,268
13,259
13,444
13,541
13,712

10,037
10,114
10,148
10,119
10,144
10,182
10,392
10,427
10,375
10,440
10,438
10, 386

32,077
34,062
35,556
36,687
37, 552
38,613
40, 559
44,003
43,921
44,091
43,716
42,428

85,457
88,052
89,497
90,548
91,447
94,215
95,924
99,095
99,051
99,826
99,755
98,523

13, 736
13,977
14,256
14,006
13,839
14,667
15,203
15,991
16,233
16, 691
15,947
15,338

„

1925—Jan. 28
Feb. 25~
Mar. 2o _
Apr. 22
May 27
June 24
July 29
Aug. 26
Sept 23
Oct. 28
Nov 25
Dec 23

In places having a population of—

In places having a population of—

State and date

D e c . 26

Time deposits

5,523
5,313
5,227
5,195
4,988
4,987
5,360
5,529
5,949
6,258
5,639
5,899

3,686
3,734
3,651
3,581
3,780
3,829
4,008
4,079
4,195
4,191
4,087
3,917

122,928
113,935
105,640
111,577
113,723
112,577
116, 904
114,210
115,705
123,598
121,162
116,471

145,873
136,959
128, 774
134,359
136,330
136,060
141,475
139,809
142,082
150,738
146,835
141,625

31,969
32,859
32,485
32,461
32,457
32,882
32,205
33,174
34,549
34, 748
34,836
34,859

13,714
13,874
13,883
13, 946
14,028
14,010
14,162
14,172
14,307
15,616
15,713
15,695

10,466
10,461
10,518
10,511
10,627
10,550
10,712
10,777
10,938
10,922
10,895
10, 768

46,628
48, 730
47,082
54,022
55,054
59,643
58,472
57,310
55,929
58,680
61,984
61,018

102,777
105,924
103,968
110,940
112,166
117,085
115,551
115,433
115,723
119,966
123,428
122,340

14,947
16,014
15,614
15,337
15,372
16,013
16,140
18, 843
17,064
16,782
16,083
15,473

5,954
5,803
5,850
5,653
5,480
5,381
5,556
6,011
5,981
5,944
5° 774
5,830

3,630
3,584
3,615
3,701
3,724
3,858
3,734
3,781
3,737
3,661
3,561
3,695

121,233
119,650
115,171
114,983
114,518
115,165
131,923
129,310
127,589
124, 732
118,168
120,354

145,764
145,051
140,250
139,674
139,094
140,417
157,353
155,945
154,371
151,119
143,586
145,352

34, 991
35,533
36,033
35,996
36,051
36,078
35,782
36,678
36, 786
37,023
36,909
36,866

15,886
15,170
15,797
15,932
15,939
15,997
16,178
16,233
16,253
16,216
16,302
16,307

10,898
10,858
10,795
10,825
10,856
10,935
11,128
11,218
11,244
11,230
11,262
11,226

58,182
60,274
59,548
60,578
59,925
59,849
60,975
61,439
60,325
60,467
59,717
61,391

15,432
15,631
15,676
16,011
15,557
17,067
18,341
18,455
18,580
19,822

5,781
5,657
5,519
5,246
5,054
5,333
5,694
6,115
6,057
6,199

3,521
3,439
3,438
3,483
3,605
3,509
3,847
3,869
3,897
3,684

122,427
119,899
114,872
117,420
114,200
117,945
132,146
130,486
127, 779
118,273

147,161
144,626
139,505
142,160
138,416
143,854
160,028
158,925
156,313
147,978

37,637
37,218
37, 777
38,000
38,204
37,939
38,947
39,372
39,570
39,767

16,669
16,790
16, 994
17,068
17,059
17,078
17,171
17,191
17,364
17,411

11,272
11,266
11,347
11,443
11,565
11,575
11,820
11,724
11, 737
11,735

64,623
64,099
64,309
65,346
64, 998
"66,947
70,070
72,491
71,407
79,487

119,957
121,835
122,173
123,331
122,771
122,859
124,061
125,568
124,608
124,936
124,190
125,790
130,201
129,373
130,427
131,857
131,826
133,539
138,008
140,778
140,078
148,400

10,162
10,020
10,770
11,568
12, 583
13,136
12, 774
11,881
11,716

28,775
29,398
29,012
29,736
29, 057
30,374
31,703
31,054
29,792

109, 722
110.447
109,344
110,661
108,886
110,512
115, 780
112,560
111,'767

773,607
782, 512
770,718
776, 664
747, 927
755, 999
801, 066
757,406
742,785

922,266
932,377
919,844
928. 627
898,453
910,021
961,323
912, 901
896,060

4,707
4,431
4,191
4,612
4,856
4,948
5, 072
5,028
4,984

21,354
21, 658
22, 533
22, 608
23,151
23,239
23,619
23,444
22,892

73.298
81,716
77.312
78,477
79,844
80,878
82,182
82,217
81,191

187, 704
189,456
194,634
202,868
206, 067
208,238
208,404
205,954
201,758

287, 063
297,259
298, 670
308, 565
313, 918
317,303
317,277
316,643
310,823

29,309 109,859
28,123 107,713
27; 983 107,252
-2^,187 ; 109,014
28,884 •' i l l , 841
29, 500 111, 170
30, 022 114,463

760,230
743,484736, 674
753,117
759,722
780,408
808,674

910,730
890,041
882, 232
S01,793
910,589
931,332
965, 043

5,186
5,268
5,216
5,380
•• 5,430
"
5,444
5,508

23,545
24,225
24,829
24,975
25,300
25,375
25,768

83,102
85,296
- 87, 888
88,600
90,231
91,172
91,909

204,215
214,706
219,313
217*258
222,435
228,306
243,639

316,048
329,495
337,246
336,213
343,396
350,297
366, 824

11,332
10,721
10,323
10,475
• 10,142
10,256
11,884

:

;

901

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Time deposits

Net demand deposits
In places having a population of—

State and date

In places having a population of—
Total

Less than 5,000 to 15,000 to 100,000 and
5,000
over
15,000
100,0G0
Massachusetts—Continued.
1924—Aug. 27
,
Sept. 24..
...
Oct. 29
Nov. 26
Dec. 24..._

12,841
13,029
12,974
12,467
11,392

29, 556
31, 527
33,266
32, 779
30,645

112.648
115,404
122,740
119,195
114, 716

801,588
814, 725
874,432
825,663
812, 547

11,357
11,266
10,677
10, 954
11.133
11,307
12, 630
13.458
13,997
15,046
13, 835
12, 580

30,406
29, 930
29, 531
30,836
30, 961
31, 046
32,518
32,757
34,258
36,632
35,300
33,652

113, 957
113,5S0
111, 711
115, 566
117, 982
117,684
118,380
118,033
119,996
128,812
125, 578
122,736

817, 783
792,832
804, 621
821,260
844,845
854.652
834; 247
844, 546
899,079
856,861
872,469

12,230
12,300
11, 556
11, 558
11,631
11,626
13,202
13, 910
14,153
14, 259
13, 571
12.134

33.201
33', 195
32,488
33,309
33,240
33,119
fe
34, 751
33,872
35,457
37, 470
36,234
33,742

119, 069
119,460

1927—Jan. 26...
Feb. 23.
Mar. 23
Apr. 27
_
May25June 22
July27...
Aug. 2 4 . . . . .
Sept. 28
__...
Oct. 26
—

12,314
11,831
11,233
11,852
11,391
11, 773
13,207
14,104
14,589
14,927

1923—Apr. 25
May 23
June 27..
July 25
Aug. 29
Sept. 26.
Oct. 24
Nov. 28
Dec. 26

1924—Jan. 23
Feb. 27
Mar. 26
Apr. 23
May 28
June 25
July 23
Aug. 27
Sept. 24
Oct. 29..„
Nov. 26
Dec. 2 4 _ .

1925—Jan. 28
Feb. 25
Mar. 25
Apr. 22
Ma.y27
June 24
July29
Aug. 26
Sept. 23
Oct. 28_
Nov. 25
Dec. 23

_

_.
...
......
....

.

1926—Jan. 27
Feb. 24...
Mar. 24
Apr. 28
May 26
June 23
July 28
Aug. 25
Sept. 22
Oct. 27
Nov.24......_.
Dec. 29.._„

__•„_.

..




956,633
974,685
1,043,412
980,104
969,300

5,646
5,828
5,990
5,899
5,991

25, 912
26,041
26,147
25,995
25,382

92, 547
93,235
93,675
93, 615
92,031

251, 961
259,104
259,002
251,390
245,819

376,066
384,208
384,814
376,899
369,223

994, 548
972, 569
944, 751
961, 977
981,366
1,004,882
1, 018,180

5,927
5, 923
6,083
6,029
5,977
5,992
6,055
6,201
6,481
6,418
6,484
6,516

26,181
26, 513
26, 970
27, 579
27, 963
28, 076
28,315
28,817
28,836
29,048
28,8£5
28, 300

S3,285
94, 777
96, 010
96,836
97,940
99, 216
99, 666
100,401
100,008
103,369
103,243
100, 912

255, 792
266,442
264,268
270,072
282,875
295, 560
299,978
295,407
286,108
292,656
304,693
300, 783

381,185
393, 655
393, ,331
400,516
414,755
428,844
434,014
430,826
421,433
431,491
443,315
436, 511

1, 012,797
1,079, 569
1,031,574
1,041,437
1,020,925

120, 552
123,779
122.649
121,189
122, 546
130, 517
126,763
123,140

856,425
831,925
827,473
847,045
846,457
860,476
853,433
824,902
855, 050
878, 901
865, 797
844,719

989,618
1,013,287
1,011, 880
1,029,000
1,024,035
993,873
1,027,206
1,061,147
1,042,365
1, 013,735

6,661
6,640
6,711
6,759
6,818
6, 918
7,074
7,210
7,355
7,372
7,157
7,147

29,083
29, 584
29, 818
30, 078
80,173
30,395
30,803
31,054
31,245
31,264
30,947
30, 265

102,805
104,432
106,272
108, 079
108, 996
109,474
110,661
111,710
112,480
112,983
113,400
110,791

298,185
303,774
303,674
313,236
323, 939
325, 720
321,896
327, 616
331,462
329,800
329,123
324,149

436,734
444,430
446,475
458,152
469, 926
472,507
470,434
477, 590
482, 542
481,419
480, 627
472,352

33,468
33, 596
32, 761
33,921
33, 656
33,836
34,880
34, 871
37,119
. 39,384

123,008
121, 505
121,361
123,336
124, 079
125,305
120,390
119,438
120,403
129,359

851,829
827,316
831,649
848,821
846, 827
854, 526
863,954
859,436
865,694
893,062

1, 020,619
994,248
997, 004
1,017,930
1, 015,953
1,025,440
1,032,431
1,027,849
1,037,805
1,076,732

7,109
7,250
7,398
7,174
7,236
7,198
7,353
7,343
7,574
7,508

30, 627
31,070
31, 577
32,171
32, 824
33', 013
33, 696
33, 941
34,051
33, 981

112,526
114.785
116,592
117,648
118, 945
116,323
120,725
122,016
123,227
122,001

322,880
321,435
327, 898
326,262
329, 768
337,264
355,478
357,763
376, 704
371,415

473,142
474,540
483,465
483,255
488,773
493,798
517,252
521,063
541,556
534, 905

30, 763
29, 769
28,437
29, 365
29, 807
31,188
30,044
28, 727
28, 901

36, 627
35, 967
35, 765
36,456
37, 241
38,123
36, 969
34,917
34, 971

76,302
76,107
75,205
73,020
73,113
73,359
70, 242
67,435

260, 702
265, 491

404,394
407, 334
409,029
408,057
417, 359
412,073
403, 610
392, 220
399,013

60,709
61,133
62,461
63, 682
64,153
64,443
65,009
65, 622
65,443

68,138
68,780
69,180
69, 668
71, 432
71,992
72, 643
72, 927
72, 879

116, 738
118,063
118, 552
117, 702
120, 990
121, 286
122, 629
123, 417
122, 220

315, 373
320,462
326, 721
306, 274
330,071
330,658
333, 304
339, 012
336,807

560, 958
568,438
576,914
557,326
586, 646
588,379
593, 585
600,978
597,349

33,446
33, 550
33, 264
33,721
32,319
30,827
31,066
32, 968
33,103
31, 667
31,779
30,482

39, 595
38,960
39,300
40,138
39,066
38, 311
38,340
39, 748
40,026
38,555
37,182
36,942

76,280
77,978
78,142
80, 582
75,220
74,397

64,995
65,914
66,951
66, 675

78,781
77,590
72, 323
72,383
71,092

74,940
76, 287
77, 244
77, 595
77,433
78, 406
79,161
79, 263
80, 272
81,134
81, 604
80, 872

122,055
123, 517
125, 221
125, 840
126,125
126, 646
126,007
125,943
125,363
127,105
127, 227
127, 225

340,321
352,466
353, 538
358,516
363, 940
364, 060
361,275
360,065
362, 843
370, 560
372, 449
377, 982

602,311
618,184
622,954

292,124
318,999
313,787
309,813
315,948
314, 757

416,192
423,361
426,407
437,439
431,746
429,063
437,912
470,496
464,506
452,358
457,292
453, 273

634,482
637,291
635, 562
635, 203
638,209
648,943
652, 299
657,408

35,139
35, 226
34,461
34,472
33,436
33,177
32, 546
33,327
36,095
34,210
.33,752
33,419

39, 922
40, 536
40,839
41,730
41,375
.41,134
41,219
42, 656
43,852
41, 681
40,393
39,943

74,336
79, 269
82,030
85,109
85,900
85, 365
84,187
84,008
85, 627
87, 510
87,134
: 88,140

323,334
342, 568
327,354
337,701
324,757
351,269
353, 266
351,307
358, 737
343,315
358, 248
351,330

71, 902 | 81, 313
72,450 •
! 81, 667
.73,228 I 82,417
73,338
82,313
74.150
82,813
75,189
83, 681
75, 652
81,943
75, 743
84, 553
76, 351
85, 566
'77,233
84, 507
78, 577
84, 830
78,496

129, 972
130,966
132,105
131, 393
133,424
134, 526
133, 633
134,386
134, 753
134,199
134,776
134, 988

377,119
382,720
388,412
393,175
411, 776
416, 565
412, 296
415,175
416, 743
425i521
431, 657;
433,051

660,306
667,803
676.162
680, 219
702.163
709, 961
703, 524
709,857
713,413
721,460
729, 840
731,023

Michigan:

1925—Jan. 28
Feb.25
Mar. 2 5 . . . . . . „ _ . . . . .
Apr. 22
May 27
June 24.
....
July 29
Aug. 26,
_.^..^_.
Sept. 23
.--......
Oct. 28
._•.-_..._.
Nov; 25
^.......
Dec. 23.
^.-_..-..

Total

Less than 5,000 to 15,000 to 100,000
5,000
15,000
100,000 and over

118,101
121,375

269, 216
277,198
269,403
266,355
261,141
266,335
266,871
272,873
275,701
285,141

472, 731
497, 599
484, 684
499,012
510,945
511, 218
511, 298
524,311
506, 716,
519, 527
512, 832

68,179
69,119
69,731
70,144
71,019
71,329

i
|
!
i

902

FEDEBAL EESEEVE BULLETIN

DECEMBER,

1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars!
Net d e m a n d deposits
State and date

T i m e deposits

In places having a population of—

In places having a population o f —
|

Total

Less than 5,000 to 15,000 to 100,000 and
5,000
15,000
100,000
over

Total
Less than 5,000 to 15,000 to 100,000
5,000
15,000
100,000 and over

Michigan—Continued.
1926—Jan. 27.
Feb. 24
Mar. 24___—
Apr. 2 8 — —
May 26
June 23
July 28
Aug. 25
Sept. 22Oct. 27
Nov. 24.
Dec. 29

37,385
37, 560
36,753
35, 681
34, 573
33,892
35,050
36, 796
36, 337
34, 899
33, 246
33,073

44,049
45,488
44,003
43,211
42,229
42, 289
44,098
46, 287
44, 541
42, 948
40, 634.
39,716

89, 881
94, 279
93, 597
90, 868
89, 680
90, 570
88,975
88,384
91, 585
86,358
83, 589
81, 915

345, 990
345, 040
329, 518
345,860
356, 536
352,919
357,322
368, 861
361, 272
344, 344
347, 835
338,446

517,305
522,367
503, 871
515, 620
523,018
519,670
525,445
540,328
533, 735
508, 549
505,304
493,150

78, 776
79,185
79, 643
80,486
80, 744
81,773
82, 288
81,980
82,318
81, 939
82, 803
81,471

84, 848
85, 505
86, 586
86, 393
86, 674
87,163
88,0G9
89,491
88,355
88,351
88, 869
89, 383

135, 694
135, 803
136,974
137,485
138, 552
138, 712
139,120
140, 238
141, 072
141, 519
141, 216
138, 521

430, 911
422,100
429,149
429, 556
445,094
455, 401
451,490
454, 804
452, 766
457, 420
459, 683
450, 027

730, 229
722, 593
732,352
733. 920
751, 064
763,049
760,907
766, 513
764, 511
769, 229
772, 571
759,402

1927—Jan. 26....
Feb. 23—
Mar. 23__.
Apr. 27...
May 25—
June 22...
July 27...
Aug. 24...
Sept. 28...
Oct. 26.--

35,920
39,577
36, 226
35.093
34,361
34, 568
33, 913
34, 698
34,076
31, 939

43, 204
43,927
42, 871
43,172
41, 657
41,405
42,057
42, 536
43, 364
42,010

85, 512
89,039
93, 975
91, 691
90, 233
92,169
91,284
92, 243
89,700
87, 866

333,453
346,170
346,179
352,315
360, 767
351, 389
363,413
349,906
351, 508
346, 853

498,089
518,713
519, 251
522, 271
527,018
519, 531
530, 667
519, 383
518, 648
508, 668

80,972
86,173
81,075
82,090
83,150
83, 844
85, 824
84,162
85,137
85, 674

89, 526
90,039
90, 578
90, 873
91,194
91, 576
92, 537
93, 513
93, 640
94, 210

137, 524
137,799
137,465
139,895
140, 870
140. 250
141, 930
143,171
145,049
146,495

450,356
453, 747
459, 585
463,189
468, 955
488, 987
480, 598
477, 574
482, 991
484,984

758,378
767, 758
768,703
776,047
784,169
804, 657
800, 889
798,420
806, 817
811, 363

1923—Apr. 25—
May 23—
June 2 7 . July 25...
Aug.29__.
Sept. 26—
Oct. 24___.
Nov. 28~.
Dec. 26...

41,181
41,186
43,909
40,486
40, 074
41,311
41,466
43,043
42,469

22, 662
22, 925
23,390
22,409
21,477
22,107
22,430
23,702
22,357

26, 513
29, 744
35,414
34,194
32, 084
31, 058
30,185
35,402
32,157

159, 231
153, 291
146, 269
160, 238
150, 262
157, 013
156,415
163, 241
156, 249

249, 587
247,146
248, 982
247, 327
243,897
251,489
250,496
265, 388
253, 232

95^241
95, 896
96, 511
97, 772
97,471
96,481
96, 216
96, 556
95,787

34, 074
34,475
34,485
34, 681
34,721
34, 867
34, 974
34, 760
35,127

24,141
25,105
25, 657
25, 845
25, 714
25, 282
25,406
25, 893
25,990

63,958
59,922
58, 702
61, 672
63,875
61, 756
60, 708
61,161
62, 267

217,414
215,398
215, 355
219, 970
221, 781
218,386
217, 304
218, 370
219,171

1924—Jan. 23
Feb. 27....
Mar. 26-..
Apr. 23 — .
May 28-...
June 25_-_.
July 23
Aug. 27.—
Sept. 24
Oct. 29
Nov. 26—.
Dec. 2 4 - . .

39, 384
40, 746
41, 525
40,983
48, 224
44,390
42, 028
41,152
43,628
45,496
44, 660
46,430

21, 742
21, 577
22, 092
22, 628
21, 330
23,823
22,969
22, 023
22,383
24, 011
25, 728
24,507

30,190
29,808
29, 955
29,144
31,921
33, 566
33, 286
30, 785
31,516
32,951
39,389
33,912

158, 241
162, 863
169,420
163,801
150,813
150, 075
149,065
156,142
170, 207
201, 525
215, 741
210,185

249, 557
254,994
262, 992
256,556
252, 288
251,854
247,348
250,102
267, 734
303,983
325, 518
315, 034

96, 572
95, 729
96,484
96,373
94,882
95,883
96, 578
96, 725
96,874
96, 935
96,343
96, 276

35, 349
35,803
35, 363
35, 234
34, 370
34,903
35,204
35,489
35, 531
35, 557
36, 034
36, 394

26,177
26, 036
26,117
25, 811
25, 603
25, 826
25,905
25,931
26, 639
26, 918
27, 217
26, 008

63,139
63, 289
60, 950
59,428
59, 528
61, 259
64, 538
66,429
66, 396
70, 625
71,833
75, 846

221, 237
220,857
218, 914
216, 846
214, 383
217,871
222, 225
224, 574
225,440
230, 035
231,427
234, 524

1925—Jan. 28___
Feb. 25..
Mar. 25_.
Apr. 22..
May27_.
June24_.
July 29..
Aug. 26 _.
Sept. 23_.
Oct. 28__.
Nov. 25..
Dec. 23..

44, 220
44, 521
45,658
44,444
44, 026
45,870
42,966
43,846
44,483
43,870
44, 245
43, 341

22,983
23,648
24,585
23,928
24,248
25,923
24,462
23,787
23, 681
23,951
25, 941
24,838

33, 763
32, 029
32, 886
31,047
33,458
34,970
36, 078
33, 623
34, 311
34, 849
35, 503
33,805

204,923
204, 755
195,805
180, 539
171,135
178,449
169,102
176, 364
182, 599
176, 020
181, 982
185,401

305,889
304,953
298,934
279.958
272, 867
285, 212
272, 608
277,620
285, 074
278, 690
287,671
287,385

97,118
95,464
97,406
97,149
96, 090
95,666
94, 689
94,334
94, 080
92,371
90, 922
90, 398

37, 066
37,425
37,912
37, 802
37, 591
37, 384
36,949
37,113
37,158
36,823
36, 976
37, 097

26, 732
28, 299
28, 935
28, 556
28, 253
27, 238
26,147
26,334
26, 595
26,628
27,155
26,933

77, 374
77,646
77,805
77,406
75,069
75, 538
74; 843
73, 295
77, 303
82, 393
80,402
81,194

238, 290
238,834
242, 058
240, 913
237, 003
235,826
232, 628
231, 076
235,136
238, 215
235,455
235, 622

1926—Jan. 27
Feb. 24
Mar. 24—
Apr. 28....
May 26—.
June 23
July 28___.
Aug. 25...
Sept. 22__.
Oct. 27
Nov. 24...
Dec. 2 9 . . .

41, 221
41,469
42,175
41, 271
42, 358
43,406
40,630
39, 370
39,557
39,820
40,176
39,473

23,913
24,197
24,630
23,440
24,063
25,971
24,834
23,199
23, 686
24,642
26, 714
25,086

31, 075
30,491
30, 337
28,996
29, 725
35,813
35, 531
30, 377
29,180
28,824
33,393
31, 276

180,492
184,150
178,003
166,413
162, 288
165, 745
157, 216
154, 982
162, 215
169, 060
171,622
165,104

276, 701
280, 307
275,145
260,120
258,434
270, 935
258, 211
247,928
254,638
262,346
271,905
260,939

90, 583
89,933
90, 512
89,992
88,310
87, 234
86,487
85,831
85,197
82,490
79,931
79, 255

37, 302
37,464
37, 624
37,463
37,293
37, 081
36,904
37,110
36,000
35, 906
36, 059
36, 214

27, 023
27, 111
27,310
26, 737
26, 713
27,124
27,199
27,320
27, 501
28, 260
28,390
28,173

85, 078
84, 307
81, 505
80, 212
78,800
81,374
87, 024
89,496
91,158
93,284
94,311
95,827

239, 986
238.815
236,951
234,404
231,116
232,813
237, 614
239, 757
239,856
239, 940
238,691
239,469

1927—Jan. 26...
Feb. 23..
Mar. 23_.
Apr. 27—
May 25..

37,001
36, 598
37,654
36,372
36,442

22,711
22, 052
22,140
21,450
21,416

28, 212
28,242
29,721
29,302
29,034

169,470
173,101
171, 961
161, 052
158, 014

257,394
259,993
261,476
248,176
244,906

78,937
77,230
78,262
77, 708
76, 50f

34,715
34,488
33, 758
34,069
33, 215

28,254
28,437
28,489
28,371
28,953

95, 760
94,706
95,119
95, 779
99.229

237,666
234,861
235, 628
235, 927
237,905

Minnesota:




FEDERAL RESEKVE

DECEMBER, 1927

903

BULLETIN

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
State and date

In places having a population o—
f
Less than 5,000 to 15,000 to 100,000 and
5,000
15,000
100,000

Minnesota—Continued.
1927—June 22
July 27
Aug. 24
Sept. 28
Oct. 25

37, 917
36,443
35,846
36, 776
36, 785

23, 304
23, 581
22, 564
23, 031
24,495

34, 573
35,382
32, 523
33,853
33, 591

8,700
8,541
8,920
8,336
7,823
7,338
7,970
8,627
9,102

14,840
14,661
14,385
13,339
13,028
13,271
14,141
14,459
15, 560

1924—Jan. 23...
Feb. 2 7 Mar. 26Apr. 23..
May28_.
June 25. _
July 2 3 . .
Aug. 27..
Sept. 24..
Oct. 29..
Nov. 26..
Dec. 24..

9,151

1925—Jan. 28...
Feb. 25_.
Mar. 25..
Apr. 22..
May 27..
June 24..
July 29:.
Aug. 26Sept. 23..
Oct. 28...
Nov. 25_.
Dec. 23..

9,391
9,250
8,740
8,161
7,332
7,432
6,667
6,702
10,100
11,435
10,907
10,919

1926—Jan. 27...
Feb. 24..
Mar. 24..
Apr. 2 8 May 26-.
June 23..
July 28..
Aug. 2 5 Sept. 22..
Oct. 27..
Nov. 24..
Dec. 2 9 -

10,754
11,050
10,009

Mississippi:

1923—Apr. 25
May 23
June 27
July 25
Aug. 29
Sept. 26Oct. 24
Nov. 28
Dec. 26

1927—Jan. 26—
Feb. 2 3 Mar. 23..
Apr. 27..
May 25..
June 22..
July 27..
Aug. 24..
Sept. 28..
Oct. 26..

Missouri:

1923—Apr. 25..
May 23..
June 27..
July 2 5 . .
Aug. 29..
Sept. 26Oct. 24..
Nov. 28..
Dec. 26..




...

Time deposits
In places having a population o—
f
Total

Less than 5,000 to 15,000 to
5,000

15,000

100,000

100,000

Total

and over

254, 576
254,114
250, 937
275,899
287, 280

76, 562
76, 034
76,179
75, 589
75,142

33, 940
34, 043
33,999
34, 022
33,872

29, 275
29, 068
29.157
29, 992
30, 796

12,750
12,262
12,760
12,702
12,123
11,894
11,999
12,420
12,721

36,290
35,464
36,065
34,377
32,974
32,503
34,110
35,506
37,383

4,242
4,246
4,481
4,439
4,879 '
4,864
4,804
4,608 I

8,017
8,308
8,329
8,508
8,711
8,690
8,730
8,832
8,616

3,303
3,366
3,450
3,181
3,226
3,190
3,122
3,106
3,244

15,562
15,920
16,387
16,170
16,376
16,759
16,716
16, 742
16,468

16,070
15, 786
14,454
13,924
14,473
13,951
13,877
13,484
14,384
16,153
16,998
17,079

13,695
14,310
14,415
13,585
11,880
12, 298
12,489
11,787
12,248
12,769
13,116
12,194

38,916
38, 901
36,949
35,336
33,382
33,083
32,797
31,354
33,338
36,813
38,807
38, 042

4,833
4,969
5,209
5,127
4,943
4,971
4,977
4,963
5,066
5,027
5,023
4,946

8,513
8,625
8,746
8,842
9,524
9,676
9,775
9,924
9,940
11,058
11,538
11,356

3,272
3,399
8,646
8,710
8,730
9,038
9,091
9,131
9,295
9,376
9,543
10, 740

16,618
16, 993
22,601
22,679
23,197
23,685
23,843
24,018
24,301
25,461
26,104
27,042

18,258
18,457
17,747
17,771
17,024
16, 544
15, 645
16,128

40,387
41,501
39,858
39,078
36, 781
35, 907
34,248
34, 707
43,385
47,732
46,172
46, 712

5,222
5,361
5,390
5,453
5,483
5,349
5,429
5,528
5,466
5,620
5,763
5,736

11,296
13,683
14,122
14,227
14,305
14,394
14,436
14, 545
15, 731
16,104
16,489
16, 249

10,453
10,655
10,755
11,040
11,092
11,147
11,006
12,173
12,132
12,365
13, 580
12,461

26,971
29,699
30,267
30,720

22,333
21,972
22,151

12,738
13, 794
13,371
13,146
12,425
11, 931
11,936
11,877
13, 217
13.964
13,293
13,642

30,890
30,871
32,246
33,329
34,089
35,832
34,446

13.965
15,084
14,545
13,350
13,159
12,355
12,155
12, 245
12,690
12,845
12, 581
12, 917

48,350
50, 242
47,029
43, 720
41,916
40, 738
39,142
38, 278
39, 572
41,145
40,135
41, 500

5,915
6,156
6,203
6,310
6,336
5,602
5,546
5,529
5,806
5,873
5,905
5,517

16,220
17,104
17,184

8,567
8,030
7,488
7,955
8,564
8,372
8,304

23,631
24,108
22,475
21,072
20,069
19,816
18,957
18,545
18,927
19,736
19,182
20,279

16, 564
16,272
15,816
17,196
17,244
17,177
16,954
17,157

12, 507
12,628
12.753
12,839
12,959
12,992
12,951
12.754
12, 672
12,810
12,923
12, 750

34,642
35,888
36,140
36,031
35.859
34,866
34,313
35,479
35, 722
35.860
35,782
35,424

9,057
8,942
8,317
7,925
3,657
3,373
3,358
4,778
5,075

21,616
21,943
20, 973
20,350
19,731
19, 584
18,367
18,067
20,477
20,974

13, 798
13,260
13,325
12,960
12,496
13,223
12,967
12,267
13,125
13,689

44,077
44,260
43,240
41,627
40,152
36,464
34,707
33,692

5,553
5,627
5,652
5,747
5,732
3,059
3,103
3,082
3,047
3,048

16,377
17,295
18, 585
18,672
18,579
18,181
18,007
17,349
17,083
16,960

12.847
13,647
13,968
13,947
14,082
14,162
14.158
14,103
14,131
14,302

34,777
36,569
38,205
38,366

22,816
23,121
22,675
22,606
21,954
22, 071
22,257
22,202
22,656

16,314
16,224
15,626
15, 691
15,341
16,025
15,211
14,912
15,311

25, 790
23,824
25,219
23,256
23,179
23, 509
23, 597
23, 779
24, 772

10,237
10,369
10,898
11,190
11,220
11,358
11,483
11,466
11,255

6,379
6,457
6,585
6,614

10,818
9,678
10,872
10,824
10,846
10.848
10,951
10,992
11,031

7,827
7,029
6,834
6,431
6,083
6,706
7,891
8,769

158, 782
158, 708
160, 004
182, 239
192,409

39,738
421,660
419,874
414, 735
420, 590
421, 797
411,967
405,362
406,478
407,160

486, 580
483,043
478,255
482,143
482,271
473, 572
466,427
467,371

6,854
7,330
7,417
7,222

99,388
97,449
99, 865
98, 634
104,446

239,165
236, 594
239, 200
238, 237
244, 256

35,402
35,268
34,534
34,261
34,310
150,157
151,701
153,472
157, 566
159,617
160, 715
163,282
167,314
161,840

177, 591
178,205
181,827
186,194
188,371
189,775
193,046
197,189
191,348

904

FEDERAL RESEBVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits

State and date

Time deposits

In places having a population o—
f

In places having a population o—
f
Total

Total
Less than 5,000 to
15,000
5,000

Less than 5,000 to
5,000
15,000

15,000 to 100,000 and
over
100,000

15,000 to 100,000
100,000 and over

Missouri—Continued.
1924—Jan. 23__
Feb. 27
Mar. 26.
Apr. 23
May 28
,
June 25
July 23.
Aug. 27..
Sept. 2 4 . . . . . . .
Oct. 2 9 . .
Nov. 2 6 . . . . —
Dec. 24..

22, 574
22,129
21, 776
21,047
20,167
20,310
20,008
20,330
20, 836
21,027
21, 585
22, 534

15, 651
14, 947
14, 039
14,435
14, 000
14, 055
14,178
14,285
14, 609
14,738
14, 756
15,097

25, 094
25, 700
26,803
25, 766
25, 221
24, 997
24, 572
26,465
27,412
27, 597
29,371
30,076

422, 752
413, 964
410, 738
408,629
408, 077
422, 394
437,901
445,135
463, 795
475, 627
485,350
496,004

486, 071
476, 740
473, 356
469, 877
467, 465
481, 756
496,659
506,215
526, 652
538,989
551,062
563, 711

11,319
11, 388
11,481
11, 708
11, 746
11, 594
11,830
11,956
11, 954
12,135
12,157
11,913

7,317
7,371
7,558
7,916
8,039
7,465
7,502
8,376
7,688
7,709
8,643
8,549

10,921
11, 085
11,205
11, 293
12,130
12, 264
12,387
12,474
12, 671
12,996
12,317
12,450

168,223
171,899
173,323
170, 685
172, 986
169,010
172,764
178,037
177,903
188, 539
191,643
187,203

197, 780
201, 743
203, 567
201, 602
204, 901
200,333
204,483
210,843
210,216
221,379
224,760
220,115

1925—Jan. 28...
Feb. 25..
Mar. 25..
Apr. 22..
May 27..
June 24..
July 2 9 . .
Aug. 26..
Sept. 23..
Oct. 28...
Nov. 25..
Dec. 23..

22,736
22, 537
21,985
21, 530
22,299
21, 737
21,926
22, 553
22, 951
23, 054
22,896
23, 099

15,380
15, 240
15,364
15,254
14,449
14, 784
15,215
15,338
15, 686
15,858
15,425
15,923

33.238
3i 063
33,099
29,694
29,380
29, 500
31,348
32,748
32, 554
31,493
31, 555
33,045

517,998
515, 708
503, 048
489,304
470, 995
472, 623
491, 697
485,151
485, 042
464,163
488,134
507,330

589,352
587, 548
573,496
555,782
537,123
538, 644
560,186
555,790
556,233
534, 568
558,010
579,397

12,214
12,338
12,332
12,282
12,427
12, 584
13,074
13,405
13, 555
13, 615
13, 695
13, 641

7,864
7,975
7,977
7,983
7,479
8,164
8,287
8,316
8,356
8,519
8,554
8,354

11,981
12,261
12,289
12,443
12, 584
13, 012
13, 916
13, 759
13, 736
13,817
13,800
13, 725

187,346
187,375
182,404
183,254
184,981
186,975
193,412
196, 502
196, 750
221, 771
207,397
197,214

219,405
219,949
215,002
215,962
217,471
220, 735
228,689
231,982
232,397
257,722
243,446

1926—Jan. 27_._
Feb. 24...
Mar. 24__
Apr. 28...
May 26...
June 2 3 . .
July 2 8 . .
Aug. 25..
Sept. 22..
Oct. 27...
Nov. 24..
Dec. 29..

24,357
23, 954
23, 568
22,880
22,966
23,421
23, 655
24,209
24,430
24,133
23, 503
24, 020

16,483
16,426
16,322
16,200
16,135
16, 053
16, 502
16, 576

514,850
504,025
490.451
494,225
504,201
505, 515
517,484
508,228
498,894
508,102
500,238
511,444

588,355
578,304
563,275
563, 592
573,981
576, 611
590, 057
583,208
574,043
581,433
572,222
584,639

13,975
14,135
14,249
14,307
14,443
14,474
14, 589
14,891
15,038
15,186
15.281
15,071

8,386
8,585
8,655
8,675
8,763
8,767
8,738
8,837

16,407
16,179
16,350

32, 665
33,899
32, 934
30,287
30,679
31, 622
32,416
34,195
33, 729
32, 791
32,302
32,825

13, 516
13, 858
13, 781
13, 738
13,411
13, 786
13, 578
13, 578
13,565
13, 716
14,115
13, 693

204,969
202,750
204,154
213,351
213, 681
209, 615
211, 251
217,331
213, 512
214, 523
210, 660
201, 530

240,846
239,328
240,839
250,071
250,298
246, 642
248,156
254,637
251,043
252,409
249,150
239,182

1927—Jan. 26....
Feb. 2 3 . . .
Mar. 23...
Apr. 2 7 . . .
May 25...
June 22. _.
July 2 7 . . .
Aug. 24...
Sept. 28...
Oct. 26....

24, 098
24,237
23,266
22, 801
22,718
22,864
23,094
23,433
23, 504
23,418

17, 239
16, 702
16,662
16, 518
16,169
16,294
16,162
16, 007
16,359
16,307

33,376
34,895
33, 975
32,783
31,911
31,282
32,200
33, 567
33,803
33,106

506, 662
500.452
495,921
495, 518
484, 550
511, 923
513,163
509, 550
496,276
502,109

581,375
576,286
569,824
567, 620
555,348
582,363
584, 619
582, 557
569,942
574,940

15,241
15,367
15,214
14,913
15,464
15, 546
15,848
16,095
16,210
16.282

9,054
9,232
9,337
9,428
9,468
9,499
9,529
9, 683
9,902
9,995

13, 593
13,892
14, 008
14,071
13,904
14,284
14, 507
14,701
14,772
14, 787

219,251
222,186
224,289
226,002
229,486
217,626
224,134
227,077
225,973
228,333

257,139
260,677
262,848
264,414
268,322
256,955
264,018
267, 556
266,857
269, 397

1923—Apr. 2 5 . . .
May 23...
June 27...
July 2 5 . . .
Aug. 29...
Sept. 26...
Oct. 24-_.
Nov. 28...
Dec. 26...

15,291
15,305
14, 546
14,094
13, 681
14, 569
15,737
16,185
14,978

19,928
19,477
18, 520
18, 576
18,399
19,314
20,332
20,008
18,177

18,604

53,823
53,715
50, 717
49,710
49, 851
51, 765
54,422
54,596
51,396

12,457
12,398
12,519
12, 556
12,420
12,202
11,828
11,252
10,462

19,451
18, 709
18,871
18, 673
18,711
18, 664
18, 606
18, 637
17, 582

11,337
11,393
11, 515
11,453
11,756
12,032
12,215
12,200
12,068

43,245
42,500
42, 905
42,682
42,887

1924—Jan. 23...
Feb. 27..
Mar. 26..
Apr. 23..
May 28..
June 251.
July 2 3 . .
Aug. 27..
Sept. 24.;
Oct.29_.
Nov. 26..
Dec. 24..

12,919
11,850
11, 397
11,163
11,475
11,380
11,748
11, 547
13,153
15,864
17,114
16,613

16,901
14,019
14,403
14, 861
14,316
15,281
15, 521
15,458
16,118
16, 742
17,633
19,663

18, 218
19,065
18,662
19,200
19, 718
19,431
19, 657
20,426
20,413
21,234
:.22,728
22,423

44, 934
44,462
45,224
45, 509
46,092
46,926
47,431
' 49,684
53,840
57,475;
58,699

9,881
9,285
9,080
8, 903
8,777
8, 779
8,890
8,795
8,834
8, 600
•8, 571
. 8,720

16,942
14,622
14, 550
14,358
14,314
14,234
14,105
14,002
14,024
14,178
14,278
14,462

12,057
10,928
11,153
11, 256
11,369
11,467
12,407
12, 665
12,908
13, 343
13,630
13,966

38,880
34,835
34, 783
34, 517
34,460
34,480
35,402
35,462
35,766
36,121
36,479
37,148

1925—Jan, 28_.^-.
•Feb.25.i-.
M a r . 25..:.
Apr. 22....

14,877
14,537
13,877
13,375

18,129
18,024
17, 595
16,848

21,892
22,018
21,210
21,253

54,898
54,579
52, 682'
51, 476

9,211
9, 335
9,354

15,046
15,180
15,241
15, 213

14, 591
14,661
15,125
15, 294

38, 730
39,052
39, 701
39,861

Montana:




17, 651
17,040
17, 771
17, 882
18,353
18,403
18,241

9,094

42,649
40,112

905

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
State and date

Time deposits

In places having a population o—
f

In places having a population of—
Total

Less than 5,000 to 15,000 to 100,000 a n d
5,000
15,000
100,000

Total
Less than 5,000 to 15,000 to
5,000
15,000
100,000

100,000
and over

Montana—Continued:
1925—May 27
June 24
July 29
Aug. 26._
Sept. 23
Oct. 28
Nov. 25
_
Dec. 23
_

13, 258
13, 677
13, 335
13, 944
15, 080
15, 680
16,135
16,095

16,408
16,834
16,814
16,843
17, 952
18,103
18, 964
19, 917

22, 264
21,942
21, 828
21, 705
22,450
23, 503
24, 659
24, 744

51,930
52,453
51,977
52,492
55, 482
57, 286
59, 758
60, 756

9,659
9,384
9,359
9,386
9,305
9,040
9,098
9,105

15, 258
15,351
15,339
15, 463
15,403
15, 511
15, 638
15,703

15,708
15,559
15,831
16,005
16,143
16,340
16, 702
16,734

40,625
40,294
40, 529
40, 854
40,851
40,891
41,438
41, 542

1926—Jan. 27
Feb. 24
Mar. 24
Apr. 28
May 26.
June 23.
July 28
Aug. 25
Sept. 22
Oct. 27__
Nov. 24
Dec. 29

14,114
13, 641
13,517
12,741
12,460
12, 609
12,212
12,278
14,038
15, 601
15,754
14,550

18, 890
18,326
17,766
17, 866
17,490
18,154
18,452
18, 714
18, 831
19,023
20, 308
20,065

24,127
24, 350
23, 040
21,191
21, 422
22,102
22,068
22,424
23,177
23, 616
24,361
24,418

57,131
56, 317
54,323
51,798
51, 372
52,865
52, 732
53,416
56, 046
58, 240
60,423
59,033

9,017
9,189
9,269
9,303
9,226
9,234
9,140
9,149
8,989
9,003
8,867
8, 971

16,122
16,401
16,354
16, 296
16,308
16,300
16,163
16,123
15,818
15,076
15, 838
16,140

17,372
17, 363
17, 358
17, 966
18,167
18, 255
18,489
18, 616
18,890
19, 226
19, 599
19, 667

42, 511
42,953
42,981
43, 565
43, 701
43,789
43,792

55,720
55,000
54,373
52,014
51,871
53,452
54,269
53,720
58,403
62,765

9,106
9,352
9,163
9, 218
9,195
9, 254
9,413
9,402
9,337
9,452

15,934
16,251
16,734
16,347
16,830
16,321
17,048
17,084
17,319

20,156
20,403
20,174
20,692
20, 782
20, 782
21,086
21,236
21,493
21,924

45,196
46,006
46,071
46,754
46,324

128,695
127, 472
122, 637
122,241
120,261
115,439
110,408
107, 610
110,039

27,869
27,919
29,349
29,603
29, 436
29,683
29,404
28, 950
28,531

8,942
9,021
9,199
9,339
9,417
9,333
9, 233
9,050
8,813

1,478
3,912
4,034
4,026
3,967
3,969
3,778
3,748
3,836

13,226
13,197
13, 547
12,983
13,708
13,917
13,970
13,985
13, 684

51, 515
54, 049
56,129
55,951
56, 528
56,902
56,385
55,733
54,864

110,795
118, 236
116,351
112,430
116, 748
114,038
112,946
115,198
119,037
123.496
122,183
122,768

28,800
27, 533
27,788
27,785
27, 731
28,207
28,848
29,120
29,371
29,731
29, 238
28,851

8,499
8,461
8,306
8,095
8,341
8,075
8,543
8,599
8,455
8,753
8,851
8,719

3,770
3,971
3,977
3,965
4,004
3,699
3,613
3,603
3,613
3,719
3, 787
3,773

12,946
12,561
12,748
12, 693
12,745
12,805
12,763
12, 698
12, 582
12,352
12, 565
12,224

54,015
52, 526
52,819
52, 538
52.821
52,786
53,767
54.020
54.021
54, 555
54,441
53,567

65,133
64,054
66,323

130,107
134,891
137,366
132,062
131.497
130,190
135,413
136,465
130, 597
123,301
120, 338
124,889

28,917
28,408
28,607
29,360
29,177
29, 550
29,717
29,786
29,387
29,144
28,926
28,388

8,762
8,666
8, 673
8,440
8,338
8,747
8,854
8,858
8,899
8,720
8,816
8,666

3,652
3,721
3,828
3,848
3,942
3,986
3,975
3,949
3,987
4,005
4,019
4,012

12,090
12,256
12,048
11,858
12,161
12,194
12.007
12,085
11,734
11,425
11,493
11,298

53,421
53,051
53,156
53, 506
53,618
54,477
54,553
54,678
54,007
53,294
53, 254
52,364

67,281
65,972
67,522
62,754
63,714
-61,350
-66,139
66, 062

125,258
127, 253
129,730
123,171
123,973
119,906
125,679
125,980

28,101
27,271 •
27,506
27,788
27,224
27, 542
27,551
27, 583

8,747
8,829
8,912
8,938
8,841
9,334
;
9,273
9,273

3,919
3,953
4,027
4,017
4,000
4,054
3,983
3,999

11,016
12, 547
12,767
• 12, 516
12,820
13.008
12,478:
12,725

51,783
52, 600
53,212
53,259
52, 945
53,938
53, 285
53, 580

_

_
_

1927—Jan. 2 6 — - - - .
Feb. 2 3 —
Mar. 23.——
Apr. 27.
May 25.
June 22-——
July 27
Aug. 24
Sept. 28
Oct. 26-_
Nebraska:
1923—Apr. 25
May 23
June 27
July 25
Aug, 29
_.
Sept. 26.
Oct. 24
Nov. 2 8 —
Dec. 26——

13,411
13,055
13,045
12,738
12,213
12, 716
12,477
12, 285
15,177
17,340

19, 240
18, 686
18, 971
17,847
17,967
18,524
19,247
19,231
20,160
21, 080

23,069
23, 259
22,357
21,429
21, 691
22, 212
22, 545
22,204
23,066
24, 345

33, 036
33, 900
32,032
31,105
30, 809
30,577
29,636
28,550
28, 502

14, 298
14,365
14, 229
13,972
13, 752
13, 546
13,237
12,626
13,119

14, 065
13, 637
13,607
12,459
12, 524
12,372
11,441
11,004
11, 735

67,296
65, 570

. 1924—Jan. 2 3 —
Feb. 2 7 —
Mar. 2 6 —
Apr. 23
May 28
June 29
July 23
Aug. 27
Sept. 2 4 —
Oct. 29
Nov. 26——
Dec. 24

28,473
31,402
30, 645
29, 522
29, 547
28,763
28, 653
30, 264
30,366
29, 587
28,911
29,866

12,305
12,461
12,984
13,035
13,296
13,297
13,039
13,191
13,493
13, 550
13,354
13, 763

11,901
12, 280
12,856
12,764
12, 928
13,080
13,089
13,453
13,967
14,056
13, 531
14,481

58,116
62,093

1925—Jan. 2 8 —
Feb; 25.
Mar. 2 5 . . . —
Apr. 2 2 —
May 27
June 24.
July 2 9 —
Aug. 2 6 —
Sept. 2 3 —
Oct. 28.
Nov. 25.
Dec. 2 3 —

30,415
32,803
33,469
31,388
31,465
30,835
30,762
30,734
30,404
29,391
28,690
29,793

13,870
14,443
14,682
14,604
14,482
14,287
14,163
14, 509
14, 481
14,065
13,346
13,856

15,810
15, 650
17,029
17,000
16,262
16,714
17,277
17,597
17,014
14,712
14, 248
14,917

1926—Jan: 27... . —

29,701
31,889
. 32,151
' 31,092
30, 697
.29,793
29, 582
29, 568

.
••:

Feb.

24—

Mar. 24.......
Apr. 2 8 —
May 26——

June 23.——_
July 2 8 . . —
Aug. 25




13,581 '\. 14,695
14,140
15,252
14,537
15,520
14,436
14,889
14,406 • 15,156
' 13,005
15, 758
^4,024
15,934
14,110
16, 240

64,705
63,176
58,944
56,094
55,430

57,109
60, 977
58,898
58,165
58,290
61,211
66,303
66,387
64, 658
70,012
71,995
72,186
69,070
-69,288
68,354
73,211
73,625

• 16,844

43,305
44,304
44, 778

46.820
47, 686
47, 914
48,695

906

FEDERAL RESERVE BULLETIN

DECEMBER,

1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
State and date

In places having a population o—
f
Less than 5,000 to
5,000

Nebraska—Continued:

Time deposits

15,000

15,000 to 100,000 and
100,000

In places having a population o—
f
Total

Less than
5,000

100,000

5,000 to
15,000

15,000 to
100,000

Total

and over

29,330
28,996
28,409
28,472

14,204
13,711
13, 076
13, 038

15,362
14,140
13,304
13, 559

64, 563
63,305
60, 822
59, 220

123,459
120.152
115, 611
114, 289

27,139
27,356
26, 928
26,359

9,243
9,313
9,045
8,887

4,043
4,084
4,159
4,112

12, 554
12, 734
12, 729
12, 744

52, 979
53,487
52, 861
52,102

_

27, 580
29,183
28, 446
27, 692
27,141
26, 548
27,337
28,018
27, 889
27,636

12,437
12, 824
12, 967
12, 728
11, 937
11, 806
11,920
12,495
13,101
13, 225

13, 265
14, 205
13,791
13, 649
13, 911
13,871
13, 482
15,432
15, 023
13, 598

59,350
60,182
60, 936
57,166
57,188
57,948
62, 520
67,867
61,140
61, 476

112, 632
116, 394
116,140
111,235
110,177
110,173
115, 259
123,812
117.153
115,935

26,144
25,376
25, 398
25,401
25,169
25,409
25, 679
25, 900
25, 714
25, 710

8,653
8,654
8,583
8,540
7,652
7,737
7,848
7,853
8,386
8,312

4,020
3,989
3,991
3,979
4,025
4,019
3,953
4,048
3,994
4,052

12,610
12,926
12, 911
12,893
12, 881
12,893
12, 589
13,233
13, 258
13, 537

51, 427
50,945
50,883
50,813
49, 727
50,058
50, 069
51,034
51,352
51, 611

1923—Apr. 25
M a y 23
June 27
July 2 5 . - - - . .
Aug. 29
Sept. 26
Oct. 24
Nov. 28
_
Dec. 26. — —

3,495
3,618
3,813
3,626
3,582
3,691
3,669
3,887
4,010

3,479
3,530
3,816
3,756
3,640
3,732
3,807
3,763
2,998

6,974
7,148
7,629
7,382
7,222
7,423
7,476
7,650
7,008

2,822
2,855
2,912
3,025
3,108
3,159
3,163
3,221
3,236

1,617
1,666
1,674
1,743
1,732
1,775
1,785
1,820
1,807

4,439
4,521
4,586
4,768
4,840
4,934
4,948
5,041
5,043

1924—Jan. 23
Feb. 27
Mar. 26
Apr. 23
M a y 28
June 25
July 23
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 24

3; 465
3,489
3,438
3,492
3,791
3,854
3,584
3,771
3,828
3,834
3,974
4,149

3,534
3,543
3,407
3,410
3,552
3,700
3,538
3,641
3,663
3,776
3,832
3,829

6,999
7,032
6,845
6,902
7,343 I
7,554
7,122
7,412
7,491
7,610
7,806
7,978

3,297
3,309
3,299
3,339
3,398
3,451
3,476
3,529
3,543
3,586
3,618
3,616

1,844
1,893
1,904
1,895
1,912
1,898
1,916
1,914
1,938
1,960
1,984
1,984

5,141
5,202
5,203
5,234
5,310
5,349
5,392
5,443
5,481
5,546
5,602
5,600

3,633
3,714
3,589
3,422
3,905
3,777
3,614
3,566
3,764
4,326
3,887
4,075

3,952
3,835
3,596
3,821
3,955
4,196
4,175
3,916
4,080
4,071
4,077
4,359

7,585
7,549
7,185
7,243
7,860
7,973
7,789
7,482
7,844
8,397
7,964
8,434

3,782
3,792
3,811
3,842
3,857
3,844
3,876
3,928
3,915
4,114
4,237
4,217

2,045
2,062
2,098
2,094
2,071
2,035
2,115
2,101
2,100
2,131
2,134
2,098

5,827
5,854
5,909
5,936
5,928
5,879
5,991
6,029
6,015
6,245
6,371
6,315

1926—Jan. 27
Feb. 24
Mar. 24
Apr. 28
M a y 26
June 23
July 28
Aug. 25
Sept. 22
_.
Oct. 27.
Nov. 2 4 . . . . . . .
Dec. 29

3,639
3,664
3,374
3,420
3,490
3,719
3,512
3,586
3,788
3,942
3, 780
3,778

4,069
3,909
3,734
3,764
3,895
4,345
4,223
4,433
4,512
4,679
4,662
4,733

7,708
7,573
7,108
7,184
7,385
8,064
7, 735
8,019
8,300
8,621
8,442
8,511

4,398
4,376
4,396
4,395
4,390
4,422
4,451
4,423
4,367
4,456
4,526
4,638

2,149
2,207
2,226
2,221
2,246
2,237
2,249
2,269
2,282
2,288
2,301
2,286

6,547
6,583
6,622
6,616
6,636
6,659
6,700
6,692
6,649
6,744
6,827
6,924

1927—Jan. 26
Feb. 23
Mar. 23
Apr. 27
M a y 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26

3,531
3,446
3,500
3,495
3,561
3,779
3,809
3,788
3,997
4,264

4,442
4,203
3,985
3,801
3,686
4,310
3,846
3,952
4,380
4,478

7,973
7,649
7,485
7,296
7,247
8,089
7,655
7,740
8,377
8,742

4,708
4,742
4,718
4,742
4,689
4,677
4,675
4,659
4,642
4,687

2,376
2,421
2,521
2,493
2,515
2,514
2,497
2,505
2,503
2,504

7,084
7,163
7,239
7,235
7,204
7,191
7,172
7,164
7,145
7,191

1926—Sept. 22
Oct. 27
Nov. 24
Dec. 29
1927—Jan. 26
Feb. 23
Mar. 23
Apr. 27
M a y 25
June 22
July 27
Aug. 24
Sept. 28.
Oct. 26

_

Nevada:

1925—Jan. 28
Feb. 25
Mar. 25
Apr. 22
M a y 27
June 24
July 29
Aug. 26.
Sept. 23..
Oct. 28
Nov. 25
Dec. 23




_

_

_

'

907

FEDERAL RESERVE BULLETIN

D E C E M B E R , 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927— Continued
[In thousands of dollars]
Net demand deposits
State and date

In places having a population o—
f
Less than 5,000 to 15,000 to 100,000 and
5,000

New Hampshire:

Time deposits

15,000

100,000

In places having a population o—
f
Total

over

Less than 5,000 to 15,000 to
5,000

15,000

100,000

100,000

Total

and over

1923—Apr. 2 5 . . .
May 2 3 . . .
June 27
July 2 5 . . .
Aug. 2 9 . . .
Sept. 26...
Oct. 2 4 . . .
Nov. 28...
Dec. 2 6 . . .

6,606
6,943
6,757
7,421
8,065
8,011
7,652
7,516
7,272

10, 838
10, 793
10,798
11,424
11.865
11.865
11,903
11,169
11,279

15,046
15. 533
16, 219
16,443
16,428
16, 205
16,560
16, 841
17, 063

32,490
33, 269
33,774
35,288
36,358
36,081
36,115
35, 526
35,614

3,223
3,272
3,294
3,343
3,368
3,442
3,516
3,650
3,740

3,229
3,244
3,324
3,346
3.461
3,468
3,562
3,721
3,591

4,552
4,853
4,891 i
4,984
5,131
5,345
5,487
5,380
5,336

11,004
11,369
11,509
11, 673
11,960
12,255
12,565
12, 751
12,667

1S24—Jan. 23...
Feb. 2 7 Mar. 26..
Apr. 2 3 . .
May 28..
June 25..
July 2 3 Aug. 2 7 Sept. 24-.
Oct. 2 9 . .
Nov. 26..
Dec. 24..

7,123
6,859
6,673
6,677
6,432
6,635
7,232
7,518
7,992
7,591
7,510
7,152

10,959
10, 557
10, 521
10,639
10,429
10,488
11,118
11.344
11,706
11,464
11,295
11,237

17.046
15,635
15,400
16,029
15,538
15,450
15,611
14,970
15, 345
16,378
16,087
16,122

35,128
33,051
32, 594
33,345
32.399
32, 573
33,961
33,832
35,043
35,433
34,892
34, 511

3,803
3,882
3,896
3,902
3.921
3,934
4,000
4,077
4,111
4,176
4,293
4,289

3,662
3,801
3,756
3,761
3,873
3,999
4,179
4,320
4,065
4,383
4,389
4,013

5,422
5,577
5,480
5,500
5,584
5,682
5,657
5,690
5,877
6,026
6,247
6,006

12, 887
13,260
13,132
13,163
13,378
13,615
13,836
14,087
14,053
14,585
14,929
14,308

1925—Jan. 2 8 . .
Feb. 2 5 Mar. 25..
Apr. 22—
May 27..
June 24..
July 2 9 . .
Aug. 26..
Sept. 23..
Oct. 2 8 . .
Nov. 25..
Dec. 2 3 -

7,127
7,196
6,953
7,051
7,020
7,221
7,949
8,308
9,046
8,599
8,313
7,801

11, 330
11,060
10, 654
11,226
11,106
11,479
12, 711
13,268
13,048
12,936
13,055
12,373

16,495
16,855
15, 923
16,764
16,504
17,714
18,162
17,300
17, 232
17,468
17,484
17,983

34,952
35, 111
33.530
35,041
34,630
36,414
38, 822
38,876
39 326
39,003
38, 852
38,157

4,400
5,117
5,138
5,163
5,123
5,121
5,231
5,230
5,247
5,286
5,291
5,364

4,150
4,294
4,420
4,515
4,522
4,635
4,735
4,694
4,841
4,833
4,752
4,586

5,980
6,155
6.038
6,019
6,212
5.870
5,993
6,433
6,485
6,251
6 270

14,530
15.566
15.596
15,697
15,857
15,626
15,959
16,357
16,408
16.604
16,294
16,220

1926—Jan. 27...
Feb. 24—
Mar. 24..
Apr. 2 8 . .
May 2 6 June 23.
July28Aug. 2 5 Sept. 22.
Oct. 27...
Nov. 24.
Dec.-29—

8,018
7,832
7,534
7.410
7,424
7,627
8,267
8,788
9,354
8,655
8,481
8,162

12,805
12,528
12,143
12.174
12,248
12,149
12,573
13,236
13,450
12,808
12, 755
12,421

18,336
17,471
16, 580
16,910
16 933
17,162
17, 244
16,829
16,906
17, 658
17, 588
17,027

39,159
37,831
36,257
36,494
36,605
36.938
38,084
38, 853
39, 710
39,121
38,824
37,610

4 743
4,839
5,104
5,426
5,481
5,476
5,946
5 615
5,728
6,006
5,805
5.643

6,376
6,394
6.514
6,560
6,499
6,459
6,51V
6,519
6,549
• 6.550
6,617
6,734

16,540
16,719
17,156
17.567
17,573
17,559
18,138
17,873
18,069
18,406
18,213
18,120

1927—Jan. 26...
Feb. 23..
Mar. 23.
Apr. 27..
May 25..
June 22..
July 2 7 . .
Aug. 24..
Sept. 28..
Oct. 26—
•New Jersey:
1923—Apr. 2 5 . .
May 23..
June 27_.
July 2 5 . .
Aug. 29..
Sept. 26..
Oct. 24..
Nov. 28..
Dec. 2 6 -

8,186
8,030
7,996
7,723
7,637
7,806
8,518
9,194
9,420
9, 013

12,544
11,833
11,899
12,068
11,702
11,784
12. 547
13,129
13,008
13,091

16,674
16, 886
17,089
17.047
16, 763
16 317
16, 800
16,251
16,099
16, 837

37.404
36,749
36, 984
36,838
36,102
35,907
37,865
38,574
38, 527
38,941

5,421
5,486
5,538
5.581
5,593
5,624
5,675
5,739
5,792
5,850
5,791
5,743
5,800
5,856
5,896
6,011
6,022
6,049
6,025
6,062
6.091
6,160

5,686
5,992
5,957
6,105
6,115
6.185
6,185
6.224
6,301
6,347

7,059
7,219
7,236
7,518
7,443
7,448
7,509
7,542
7,549
7,728

18,545
19,067
19,089
19,634
19,580
19,682
19,719
19,828
19,941
20,235

55,711
56,970
61, 235
63, 221
64,774
64, 523
64, 619
59,984
60,771

63, 763
64,887
64, 637
67,180
67,225
66, 462
66,252
65,466
67,035

109,486
101,391
110, 678
105,477
104.494
107, 373
105.495
105,059
105,196

231,975
245,243
248,872
246,466
239,876
236, 232
228,783
238,116
253, 608

460,935
468,491
485,422
482,344
476,369
474, 590
465,149
468, 625
486, 610

68,965
71, 390
72, 539
74,370
76, 212
78, 586
79, 669
79,630
78, 692

60,411
59, 594
60,445
61, 657
62,023
62,412
63,335
64,080
63, 980

139,265
133,689
140,749
137,475
138, 918
142, 672
143, 673
143,446
142, 910

119, 869
129, 818
139,453
132, 542
134, 978
135,979
139,866
136, 749
139, 499

388, 510
394,491
413,186
406,044
412,131
419, 649
426,543
423, 905
425,081

59, 295
57,819

64, 861
63, 292
61,068
63,424
64,440

105, 291
104,325
101,972
106,769
109,135
111, 507
114, 356

241,063
236,459
232,042
237, 216
240,869
245,273
252,125

470, 510
461,895
451,778
462,974
471,426
482, 521
494,600

80,476
81, 663
82,784
84,088
83,835
85,086
86,353

67, 509
69, 234
69,650
71, 509
71, 841
72, 349
68, 738

146,479
148, 293
149, 520
151,487
153,450
153, 586
155, 518

151,300
154, 669
157, 516
158,788
161, 215
162,834
165,927

445,764
453, 859
459,470
465,872
470,341
473,855
476,536

„

1924—Jan. 23—
Feb. 27..
Mar. 26.
Apr. 23.
May 28..
June 25..
July 2 3 . .




55, 565
56,982
60, 973
62, 423

65, 696

908

FEDERAL EESEKVE BULLETIN

DECEMBEK, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
State and date

In places having a population o—
f

In places having a population o—
f
Less than 5,000 t o
5,000

New Jersey—Continued.
1924—Aug. 27.
Sept. 24
Oct. 29
Nov. 26
Dec. 24_

Time deposits

15,000

15,000 t o
100,000

100,000 and

Total

Less than 5,000 t o
5,000

15,000

Total
15,000 t o
100,000

and over

100,000

157, 404
158, 692
162,055
163, 839
161,871

170,276
172,865
173,077
172,978

485,113
491,007
499,861
501,874
497,987

66,126
66,172
64, 546
64,250
64, 765

67,189
67, 931
68,483
69, 204
70,410

115,804
116,083
115, 014
117, 710
123, 297

244,876
249, 659
247, 516
253, 727
270, 598

493, 995
499, 845
495. 559
504, 891
529,070

88, 244
89, 726
91,058
91, 245
90, 756

71,303
72,313
73, 883
73, 713
72,382

1925—Jan. 28__.
Feb. 25..
Mar. 25Apr. 22..
May 27..
June 24 _.
July 29..
Aug. 2 6 Sept. 23..
Oct. 28. _
Nov. 25Dec. 23..

63,115
63.003
62; 446
62, 972
65,893
69, 246
73,020
76,670
78,006
75,808
74, 780
77,018

69,746
69, 739
68,679
69, 642
70,545
72,361
72,938
74, 866
76,134
77,406
76,288
76,849

123, 439
119, 647
116,673
116, 779
118,224
124,196
127,893
127,814
132,413
131,829
133, 630
139,257

260,630
269,340
264,825
268, 749
274,157
277,354
268,597
264, 395
265, 624
268, 752
267,128
304, 640

516,930
521, 729
512,623
518,142
528,819
543,157
542, 448
543, 745
552,177
553, 795
551,826
. 597, 764

93,355
95, 481
95, 277
95, 503
96,258
96,163
100,483
101, 517
103, 524
104, 4.92
104, 274
101, 572

74,851
75, 663
75,172
76,362
76,385
77,129
77,920
79, 418
80,017
80,544
79,254
78,563

165,088
168,361
168, 594
171,136
171,940
174,009
176,882
178, 885
i 180, 508
I 180, 914
i 181,402
! 180,021

176, 297
179,698
181,966
183, 904
187,095
196,091
198,955
207, 363
206, 612
209,215
208,094
206,135

509,591
519, 203
521,009
526,905
531,678
543,392
554,240
567,183
570, 661
575,165
573,024
566, 291

1926—Jan. 27...
Feb. 24..
Mar. 24..
Apr. 28 __
May 2 6 June 23—.
July 28. _
Aug. 25..
Sept. 22_.
Oct. 27...
Nov. 24..
Dec. 29..

74,364
73,156
70, 991
71, 974
74, 548
79, 293
79, 291
84, 756
83, 231
78,225
79,028
78,196

76, 811
75, 498
74, 221
73, 538
76,001
77,181
78, 548
77, 745
77, 592
76, 703
76, 451
78, 907

138, 453
132, 692
129,082
132,748
134,347
136, 509
136,076
134,121
136, 849
134,312
134,207
140, 544

294, 204
294, 344
297,419
288, 329
289,511
301,255
287, 887
288, 562
294,793
286, 731
291,033
321, 623

583, 832
575, 690
571, 713
564, 589
574,407
594, 238
581,802
585,184
592, 465
575, 971
580,719
619, 270

107, 294
109, 918
111,335
111,976
111, 424
113,807
115,765
117, 647
116, 590
119,088
119, 467
118, 460

81,198
82, 411
83.142
83, 776
84,021
85,000
84,158
87, 727
88, 735
89, 550
87,480
89,058

184, 480
185, 782
186,101
188,006
189,313
190,205
192, 293
190, 532
192,155
194, 343
194,343
192,390

207,910
210,701
214, 859
221, 963
220, 661
221,062
234,309
234,105
234,494
231,975
231, 927
240, 788

580,882
588, 81.2
595,437
605,721
605,419
610,074
626, 525
630, 011
631, 974
634,956
633,217
640,696

75,322
73, 562
71, 765
72, 229
76,601
80,004
81,653
83,564
79, 930
81, 765

76,894
75, 974
76, 805
77, 392
77, 604
79, 928
79, 897
80,423
81, 589
83,020

135,364
130, 578
131, 529
130, 867
132,885
132, 029
135, 641
133,390
133, 560
133,365

304,119
308,131
303. 000
310', 072
327, 227
312,052
311,406
303, 216
315,446
318,517

591,699
588, 245
583,099
590, 560
614,317
604,013
608,597
600, 593
610, 525
616, 667

122, 322
122, 729
125, 038
123, 803
124,246
125,151
128,800
126, 513
123,788
133, 820

91, 464
92, 312
93,484
94.143
94,283
95,100
96, 640
97,743
99,064
98,872

196. 558
198, 615
202,754
202,932
204, 356
205,178
207,489
209,452
211,280
212,552

242,082
244,153
251,952
256,135
249,975
231, 550
264,704
255,487
259,132
271,478

652,426
657,809
673, 228
677,013
672,860
656,979
697,633
689,195
693,264
716, 722

8,818
8,953
8, 676
8,230
8,148
7,982
8,465
8,617
7,771

5, 367
5.191
5,636
4,984
4, 942
5,138
4,951
4,834
4,697

5,166
5,263
5,475
5,223
4,782
4,722
4, 900
4,754
5,178

19, 351
19,407
19, 787
18,437
17, 872
17, 842
18, 316
18, 205
17, 646

3,247
3, 259
3,330
3,386
3,294
3,118
2, 949
2,722
2,457

2,515
2,378
2,334
2, 284
2,255
2,132
2,127
2,090

3,993
4,005
3,828
3,978
4,152
4,005
3, 81.4
3,720
3,520

9,838
9,779
9,536
9,698
9,730
9,378

1924—Jan. 23__.
Feb. 27..
Mar. 26..
Apr. 23..
May 28..
June 25..
July 2 3 . .
Aug. 27..
Sept. 24..
Oct. 29 _.
Nov. 26..
• Dec. 24..

7,197
5, 525
5,267
5,164
4,950
5,129
5,039
5, 293
5, 559
6,425
6,851
7,058

5,198
5,140
5, 267
5,213
4,789
5,399
4,858
4,801
4,942
5.188
5; 218
5, 255

3,635
3, 729
3, 893
3,755
4, 559
5,328
4,948
4,610
4,522
5,014
4,987
4,735

16, 030
14, 394
14.427
14', 132
14, 298
15, 856
14,845
14, 704
15,023
16, 627
17,056
17,048

2,238
1, 775
1, 741
1, 957
1,810
2. 315
2,318
2,311
2,053
2,068
2,111
2,099

2,049
2,017
1,990
1,958
1,966
1,922
1,979
1,994
1,948
1,938
1,931
1,955

2,544

6,831
5,890
5,766
5,860
5,617
5,880
6,259
6,296
5,991
5,752
5,813
5,651

1925—Jan. 28...
Feb. 25.:
Mar. 25..
Apr. 22 __
May 2 7 June 24. _
July 2 9 . .
Aug. 2 6 Sept. 23..
Oct. 2 8 . .
Nov. 25..
Dec. 23..

6,909
7,003
6,827
6,778
6,532
5,919
5, 789
5, 871
5,962
6,707
7,508
7,656

5,871
5,914
5,341
5,343
5, 578
5,166
5,386
5,363
5,416
6,015
6,144
6,459

4,642
4,363
4,154
4,233
4,660
4,878
4,627
4,351
4,271
4,720
4,814
5,431

17, 422
17, 280
16, 322
16,354
16, 770
15, 963
15,802
15, 585
15, 649
17, 442
18,466
19, 546

2,102
2,114
2,111
2,068
1, 677
1,562
1,500
1,483
1,413
1,361
1,393
1, 317

1,864
1,894
1,933
1,899
1,870
1,800
1,774
1,748
1,737
1,742
1,740
1,721

1,707
1,841
1, 883
1,876
1,721
1,570
1,681
1,822
1,842
1,834
1,837
1,631

1927—Jan. 26
Feb. 23
Mar. 23
Apr. 27
May 25
June 22—__
July 27
Aug. 24
Sept. 2 8 — ,
Oct. 2 6 , . . . .
New Mexico:
1923—Apr. 25..—
May 2 3 —
June 27
July 25
Aug. 2 9 —
Sept. 2 6 —
Oct. 24
Nov. 28_._Dec. 26




2,035
1,945
1,841
1, 64.3
1,962
1,991
1,990
1, 746
1,771
1,597

8,569
8,067

5,673
5,849
5,927
5,843
5,268
4,932
4,955
5,053
4,992
4,937
4,970

909

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits

Time deposits

In places having a population of—

State and date

In places having a population of—

Total
Less than 5,000 to 15,000 to 100,000 a n d
100,000
5,000
15,000
New Mexico—Continued.
1926—Jan. 27.
...
Feb. 24— _-_
Mar. 24..-..
Apr. 28
...
May 26
June 23
July 28
Aug. 25
Sept. 22
Oct. 27
Nov. 24
Dec. 29
__:__

7,104
7,017
6,651
6,694
6,586
6,417
6,945
6,942
7,164
7,331
7,878
8, 281

6,463
6,183
5,852
5,761
5,917
6,030
6,338
6,489
6,529
6,606
6,782
6,519

1927—Jan. 26
....
Feb. 23.
-Mar. 23_-_-_-_—
Apr. 2 7 - —
May 25
June 22
July 27
Aug. 24
Sept. 28
.--

7,706
7,44.9
7.014
7,053
7,189
7,116
6,748
6, 924
7,281
7,992

6,686
6, 682
6,520
6,582
6, 723
6,518
6, 705
6, 672
6 , 539
'
7,593

New York:
1923—Apr. 25
..
May23___—.-June 27
July 2 5 . . — . . . . .
Aug. 29
~
Sept. 26.
Oct. 24
Nov. 28
_—
Dec. 26

120, 710
120, 990
122, 014
128,721
132,026
129, 782
129, 581
124,841
120,906

56, 204
58, 945
58,206
59, 729
63,422
60, 585
60, 677
59, 5C8
58, 623

177, 761
176, 392
175,191
182,156
182,824
178,260
177, 592
171, 864
176, 712

124,288
119,261
118.231
119, 701
119.137
121, 044
128,822
135, 865
133, 783
133, 223
133,185
127,113

Oct. 2 6 . .

1924—Jan. 23
Feb. 27
Mar. 26
Apr. 23..
May 28
June 25
July 23
Aug. 27
Sept. 24
Oct. 29
Nov. 26.
Dee. 24._

._.•_
-—
_____

1925—Jan. 2 8 . - . .
Feb. 25
1
Mar. 25
Apr. 22
May 27
June 24___
July 29.
Aug. 26_
Sept. 23.
Oct. 28
Nov. 25.
Dec. 23..
1926—Jan. 27
Feb. 24
Mar. 24
Apr. 28
May 26
June 23
July 28
Aug. 25
Sept. 22
Oct. 27
Nov. 24
Dec. 29
1927—Jan. 26Feb. 2 3 . .
Mar. 23
Apr. 27




—

-.

__

-—

5,348
. 4, 815
4,495
4,867
5,226
4, 740
4,583
4,718
4,536
4,957
5,101
5,114

Less than 5,000 to
5,000
15,000

15,000 to
100,000

100,000
and over

Total

18,915
18,015
16,998
17,322
17, 729
17,187
17, 866
18,149
18, 229
18,894
19, 761
19, 914

1,295
1,320
1, 360
1,365
1,335
1,400
1,394
1,380
1,432
1,435
1,448
1,497

1, 728
1,738
1,728
1,748
1,721
1,711
1,646
1,690
1,690
1.708
1)698
1,720

1,794
2,142
2, 220
2,232
2,285
2,192
2,298
2,470
2,427
2,427
2,421
2,295

4,817
5,200'
5,308
5,345
5,341
5,30&
5,338
5, 540
5,549
5, 570
5,567
5, 512

19, 343
19,205
18,459
18, 463
19, 209
18, 700
18, 219
18, 249
18, 638
20, 707

1,577
1,584
1,616
1)614
1, 614
1,665
1,7071, 703
1.718
1, 764

,854
,833
.,862
,906
, 903
1,933
2,005
1,994
2,012

2,547
2, 671
2,723
2,700
• 2,577
2, 303
2,488
2,581
2, 642
2,685

5,932
6,109
6,172
6,176
6,097
5,871
6,128
6,2896,354
6,461

4,534, 652
4, 566, 931
4, 567, 599
4,494, 543
4, 363,336
4,434, 276
4, 556, 759
4, 593, 924
4,537, 063

4,889,327
4,923, 258
4, 923,010
4,865,149
4, 741, 608
4,802, 903
4, 924,609
4, 950,197
4,893, 304

166,617
157, 374
181, 370
173, 014
172,036
173,836
175, 873
178, 238
178, 929

77, 316
82,068
82,333
83,444
82,852
84,461
84,024
84, 240
84, 510

199,039
197, 566
187,845
205,175
207, 618
206,241
212,113
214,205
213, 576

832,805
826, 556
819,175
807,997
820, 247
821, 383
825, 207
803,658
810,847

56, 636
176,169
57,355
176,465
56,768
174, 273
58, 598
177, 551
58, 924
181, 347
58, 215
185, 088
59, 565 • 187,359
63,034
187,814
60,891
189,761
61,837
192,439
61,093
193, 754
58,323
188, 752

4,624,705
4,642,876
4,668,317
4, 787, 213
4,858,955
5,205,174
5,326,984
5,414,848
5,497,767
5, 538,611
5, 676, 729
5,703, 534

4, 981, 798
4, 895, 957
5, 017, 589
5,143,063
5, 218, 363
5, 569, 521
5, 702,730
5,801, 561
5,882, 202
5,926,110
6,064, 761
6,077, 722

181, 658
183, 611
184, 953
183, 921
184,005
184, 296
186, 755
192, 297
194, 669
196,010
197,716
198, 610

86, 518
87.612
88', 365
88, 619
89,090
90,174
90, 713
91,926
92, 648
92, 260
92,109
92,490

217, 483
219, 635
220,664
223,179
226, 698
227,355
230,020
234,940
237,901
241,726
241, 754
243, 671

824,836
813,905
855,872
876, 587
873,984
898,865
923,854
944, 703
1,017, 301
1,065,017
1,100,730
1,052,634

1,310,495
1,304,7631,349,854
1,372,306
1,373,777
1,400,690:
1,431,342
1,463,866
1, 542,519
1,595,013
1,632,309
1, 587,405

130,388
129,143
128,074
130,976
135,737
136, 587
144, 590
150,237
149, 640
149, 551
147, 728
143,430

60,381
58,338
58, 535
61,605
61,922
61, 547
63,684
66,080
64,406
64,139
63,833
61, 951

189,457
191, 042
187, 350
193,107
194, 599
189,826
199,109
199,244
199, 958
197, 322
194, 442
194,028

5,567,503
5,472, 381
5, 303,358
5, 505,850
5, 392,167
5,423,725
5,432, 626
5, 358, 093
5,341,458
5, 584,304
5, 535, 370
5, 593,833

5, 947,729
5,850, 904
5, 677, 317
5,891, 538
5,784,425
5,811, 685
5,840,009
5, 773, 654
5, 755,462
5,995, 316
5, 941, 373
5,993,242

202,185
205,137
205, 564
206,059
208, 305
212, 565
217,017
215, 645
220,233
222, 646
224, 951
226, 924

94,685
97,010
98,122
96,555
96,477
98, 521
97,945
101,164
101, 655
102,403
101, 973
101,966

248,149
251,903
263, 253
255,301
267,926
260, 505
262,948
266,145
267, 245
270,203
268, 749
269,081

1,054,173
1,057,760
1,043,495
1,104,911
1,119,724
1,095,962
1,062, 584
1,081, 010
1,075, 458
1,068,481
1, 088, 316
1,089,459

1,599,192
1,611,810
1,610,434
1,662,826
1, 692,432
1,667,553
1,640,494
1, 663, 984
1,664, 591
1,663,733
1, 683, 989'
1,687,430

146,361
142,700
141.138
143, 553
146,862
145,840
152,782
158, 640
157.232
156, 560
155,283
147, 737

63,126
61, 684
61, 573
63, 733
67,024
63,843
66,795
62, 555
67,490
64,004
63,426
62, 686

193, 507
191, 940
189,250
196,561
194,070
193, i44
196,156
184,266
192, 716
189,441
188,671
184, 658

5, 560,326
5,491,877
5,495,378
5, 533,167
5, 554,737
5, 533, 527
5,436, 978
5, 396,429
5,422,806
5,438, 911
5, 463, 740
5, 715,916

5, 963,320
5, 888, 201
5,887, 339
5, 937,014
5,962,693
5, 936, 354
5,852, 711
5,801,890
5,840, 244
5,848, 916
5, 871,120
6,110,997

231,396
232,709
234, 677
237, 266
236,192
237, 787
242, 712
243,170
244, 716
249, 229
247,158
252,202

103, 769
104, 688
105,885
106, 552
111, 090
107,347
109,309
109,409
110,878
110,081
110, 389
110, 781

274,419
275,849
277,650
277, 778
275,283
283,369
270,197
278, 327
282,329
281,901
273,862

1,115, 963
1,126,428
1,145,836
1,164, 545
1,160,734
1,188, 320
1,203,964
1, 221,264
1,184, 537
1,204, 550
1, 239,454
1, 257,873

1, 725, 547
1,739,674
1,764,048.
1, 786,141
1,783,299
1,816,823
1,836,943
1,844,040'
1,818,458
1,846,189
1,878,902
1,894,718

150,156
148,246
148,206
152,489

61,641
61, 501
61,666
65,777

186, 679
189,453
189,617
194, 377

5, 507, 662
5, 383,190
5,640,179
5,670,220

5, 806,138
5, 782, 390
6,039,668
6,082,863

256, 294
257, 390
272,420
266, 684

112,297
113, 010
113,834
114,345

283,453
287,294
290,066
292, 728

1,300,167
1, 322,027
1,329,143
1,351,764

1,952,211
1,979,721
2,005,46a
2,025,521

4,951
5,074
4,925
4,828
5, 297
5,066
4, 766 •
4,653
4, 838
5,122

1,275,777
1,263,564
1, 270,723
1,269, 630
1,282,753
1,285,921
1, 297, 217
1, 280,341
1,287,862 •

910

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits

In places having a population o—
f •

In places having a population of—

State and date

Less than 5,000 to 15,000 to 100,000 and
over
5,000
15,000
100,000

New York—Continued.
1927—May 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26

Time deposits

Total

296,376
299,434
303, 256
305,874
310,027
317,480

15,937
16,102
16.066
16, 229
16, 246
16, 208
16,387
16,888
17, 736

21,832
21, 399
21,144
21,436
21.204
21,209
21, 203
22,118
23,186

26,811
26, 561
26,103
28,134
27,885
27.160
26.990
26,791
26, 542

64, 580
64,062
63,313
65,799
65,335
64, 577
64, 580
65,797
67,464

103,232
97, 724
97, 953
92,131
92,707
85,319
85,112
91,651
89,436
91, 677
97,133
99,198

17,742
17,892
17,800
17,352
18,031
16, 916
17,378
17, 606
17, 57?
17,957
17,784
17,002

24,344
23, 319
24,340
23,945
23,213
23,062
23.205
23, 229
24,479
24, 280
24, 517
24,599

27, 278
27, 442
27,493
26,982
26,445
25.991
29,162
31,994
33, 659
34, 722
35, 524
35,081

68, 653
69, 633
68,279
67,689
65,969
69,745
72,829
75,710
76,959
77,825
76,682

63,308
59,370
57,208
54,021
52,947
56,376
54, 530
51,694
57,352
60,389
61,068
60,046

104,587
100,686
97, 743
93,341
91,674
93,730
89,429
87,898
97, 855
105,837
108,632
105,480

17,080
17,331
17,183
16,726
16,385
16,350
16,378
16,771
16,823
15,967
16.067
16,310

26,823
26,100
26,072
25,149
24,270
24, 614
24,881
24,489
24, 656
25, 221
25,308
25,453

34, 874
35,019
34,441
32, 954
31,974
33,222
33.915
34,935
35,140
35,711
35,025
33,843

78, 777
78,450
77,696
74,829
72, 629
74,186
75,174
76,195
76, 619
76,899
76,400
75, 606

28,186
27,923
27,413
26,081
25,831
25,438
24, 285
23,970
26,049
27,782
29,084
27, 586

59,383
63,800
63, 869
61,946
64, 244
62,110
64,724
62,350
63,327
64,148
65, 570
63.018

104,553
109,152
108.516
104,725
105,941
102, 518
102,983
100, 712
104,379
108,909
111, 398
107, 063

16,824
16,997
16,980
16,298
16, 689
15,713
16,294
16, 628
16,749
16,316
16,923
16, 890

25,689
25,677
25,902
25, 514
24,465
24,275
25, 219
25,453
25, 203
25,173
25, 755
25, 714

33,238
32,503
33,857
33,512
32,061
32, 666
33, 880
33,920
35.161
34,555
35,073
34,830

75,751
75,177
76,739
75,324
73,215
72,654
75,393
76,001
77,113
76,044
77, 751
77,434

26,084
25,963
25,714
25, 800
25,317
26,149
24, 270
22,997
25, 787
27, 639

64,404
62,814
64, 015
64,962
63,453
66, 294

106, 534
103,979
104, 617
105,270
103,837
106, 652
104,100
101,750
109, 795
116, 070

17,114
25,865
17,434
25, 564
17,441
25,388
16,196 j 26, 664
17,296
26,002
17,841
26, 754
18,375
26,763
18,187
26,776
18,185
26,598
18,563
26,832

35,192
35, 052
33, 543
33,946
34,165
35,094
38.916
39,713
39,998
40,649

78,171
78,050
76,372
76,806
77,463
79, 689
84,054
84,676
84,781
86,044

7, 207
6,878
6,635
6,130
6,305
6,694
7,371
7,155
7,043

5,488
5,095
4, 952
5,000
4,845
5,056
5,854
5,211
5,307

4,634
4,659
4,656
4,620
4,549
4,552
4,592
4,712
4,612

43,162
43, 632

6,178,887 272,706
6,248,698 272, 783
6,249, 516 277, 863
6,088,506 279,714
6,158,013 281, 635
6, 260, 677 282, 358

62,646
66,194
69,215
65,890

194,371
191,490
195, 228
196,210
200, 001
209, 819

16,341
14, 751
14,494
14,283
13,861
15,078
17, 601
18,816
18, 775

24, 954
24, 506
23,371
23,473
22,418
23,406
25, 749
28,325

51,857
47,251
48,197
48,063
46, 772
47,054
52,363
54,325
59,450

93,152
86, 508
86,062
85,819
83,051
85, 538
95, 713
101,466
107,108

1924—Jan. 23
Feb. 27-__.
Mar. 26 . . .
Apr. 2 3 . . . .
May 2 8 . . June25
July 23
Aug. 27....
Sept. 24.:_
Oct. 29
Nov. 26....
Dec. 24.__.

17,900
16,857
16,378
16,125
15, 034
14,239
13,451
13,953
13, 954
14, 791
15, 677
16,315

28,280
27,308
25,943
25,238
23, 555
22, 721
22, 540
23,163
24,517
24, 763
26,340
26,14b

57,052
53, 559
55, 632
50,768
54,118
48,359
49,121
54,538
50, 965
52,123
55,1.16
56, 740

1925—Jan. 28._
Feb. 25..
Mar. 25..
Apr. 22..
May 27..
June 24..
July 29. _
Aug. 2 6 Sept. 23..
Oct. 28__
Nov. 25..
Dec. 23-.

15,843
16,211
15,912
15,095
14,575
14,196
13,989
14,043
15,463
17,315
17,481
16, 531

25,436
25,105
24, 623
24,225
24,152
23,158
20,910
22,161
25,040
28,133
30,083

1926—Jan. 27._
Feb. 24..
Mar. 24..
Apr. 28..
May 26..
June 23 _.
July 28. _
Aug. 25_.
Sept. 22.
Oct. 27__
Nov. 24..
Dec. 29..

16,984
17,429
17,234

1927—Jan. 26._.
Feb. 23...
Mar. 23..
Apr. 27..
May 25..
June 22. _
July 27. _.
Aug. 24...
Sept. 28_.
Oct. 26_.
North Dakota:
1923—Apr. 25..
May23__
June 27..
July 25. _.
Aug. 29..
Sept. 26__
Oct. 24...
Nov. 28..
Dec. 26_ _

16,046
15, 202

North Carolina:

1923—Apr. 25._
May 23—
June27_
July 25___
Aug. 29
Sept. 26
Oct. 24
Nov. 28
Dec. 26




.

15,866
14,970
13,974
14.392
15,003
16, 979
16, 744
16, 459

14, 508
15,067
14, 209
13, 811
13, 559
15, 529
17,180
19,095
18, 266
17,499
16, 624
16,057
18,119
19, 756
18,986

18, 712

Total

111, 239
116,443
119,109
119,147
120,263
121,353

5,767,865
5,844,296
5,827,929
5, 658, 610
5,731,386
5,822, 062

154,423
150,266
160,165
164,471
160, 736
162,807

_.

Less than 5,000 to 15,000 to 100,000
15,000
5,000
100,000 and over

66.019
65,194
68,479
71,251

31, 790
30, 239
27, 754
27, 207
29, 869
32, 981
31, 352
31,062

31, 877
32, 207
34, 507
33,149
32, 854
31, 884
31,860
30, 580
29, 992

6,651
6,766
6,830
6,839
6,808
6,804
6,812
6,811

. 361,209
,
. 418,036
,
. 408,301
,
, 424,324
. 441,474
,
. 457,847
,

2,041,530
2,106,696
2,108, 529
2,129,059
2,153,399
2,179,038

44, 608
44, 211
43, 240
43, 264
42,103
41,402

911

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits

Time deposits

In places having a population o—
f

State and date

In places having a population o—
f
Total

Less than 5,000 to 15,000 to 100,000 and
100,000
5,000
15,000

North Dakota—Continued.

Less than 5,000 to 15,000 to 100,000
5,000

15,000

100,000

Total

and over

1924—Jan. 23__
Feb. 27
Mar. 26
Apr.23
May 28__
June 25
July 23
Aug. 2 7 . . . .
Sept. 24..
Oct.29._
Nov. 26
_
Dec. 24
...

17,143
16,923
17,787
16, 741
16,305
15, 895
15, 304
15,100
19,442
26,488
28, 640
27, 699

7,139
6,960
7,576
7,076
6,865
6,584
6,255
6,960
7,325
9,259
10, 244
10, 567

4,879
5,056
5,181
4,836
4,252
4,076
3,936
4,191
4,415
5,071
5,285
5,829

29,161
28,939
30, 544
28, 653
27, 422
26, 555
25, 495
26, 251
31,182
40, 818
44,169
44,095

29,884
29,745
29, 892
29,414
29,183
28,527
28,925
29,156
28,972
29,015
29,430
30, 460

6,906
6,556
6,628
6,633
6,525
6,558
6,642
6,712
6,723
7,066
7,688
8,017

4,625
4,644
4,640
4,624
4,824
4,885
4,910
4,868
4,937
5,054
5,225
5,411

41,415
40,945
41,160
40, 671
40, 532
39,970
40,477
40, 736
40, 632
41,135
42,343

1925—Jan. 28
Feb.25_
Mar. 25..
Apr.22__
May 27..
June 24.
July 29
Aug.26
Sept.23...
Oct. 28, _
Nov. 25...
Dec.23__

24,401
24, 763
24,422
22, 623
21, 795
21. 757
20,068
20,169
23, 669
25, 343
26, 239
26,113

10,082
10, 795
10,853
9,961
8,907
9,058
9,150
8,812
9,447
10, 548
10, 725
10, 738

5,575
6,016
5,979
5,212
5,158
5,151
5,205
5,287
6,173
6,120
6,029

40,058
41, 592
41, 291
38, 563
35,914
35, 973
34,369
34,186
38,403
42,064
43,084
42,880

31, 803
31,798
31,837
31,842
31,543
31, 290
31,092
31,348
31,109
30, 797
30,504
30, 963

8,422
8,534
8,639
8,796
8,711
8,772
8,701

5,638
5,570
5,614
5,488
5,475
5,431
5,428
5,397
5,407
5,425
5,413
5,484

45,863
45,902
46,090
46,126
45,729
45,49a
45, 221
45,548
45,444
45,366
45, 341
46,108

24, 249
23, 637
23,952
22, 550
21, 785
21, 673
20, 874
20,181
22,072
23,998
22,902
21, 728

10, 518
10, 529
11, 242
10,364
9,862
9,354
9,292
8,708
9,342
10,198
9,742
9,454

5,894
6,073
5,882
5,505
5,206
5,126
5,430
5,430
5, 312
6,030
5,903
5,233

40, 661
40, 239
41,076
38,419

31, 733
31, 583
31,199
31, 257
31,002
30,748
30, 625
30,400
29,479
28,755
27, 853

5, 788
5,908

47, 443
47,381
46,967
46,754
46,493
46, 255
45.979
45, 695
44, 748.
43,528
42, 599
41,996

20,373
20, 595
20, 620
19, 608
18,329

8,980
9,057
9,526
8,920
8,486
8,310
8,482
8,569
9,995
11,828

5,027
5,169
5,559
5,331
4,976
4,953
4,946
5,282
5,640
6,519

1926—Jan. 27
Feb.24__
Mar. 24..
Apr.28_
May 26
June 23
July 28
Aug. 25
Sept. 22
Oct. 27
Nov. 24.
Dec. 29.

_.
_

,
_.„..

._.,

1927—Jan. 26
Feb.23__
Mar. 2 3 . . . .
Apr.27_.
May 25
„___,
June 22
July 27
Aug. 24
Sept. 28.
Oct. 26...
Ohio:
1923—Apr. 25
,
May 23
June 27
_
July 25
Aug. 29.
Sept. 26
>
Oct. 24
Nov. 28
.-_
Dec. 26

18,151

17, 829
17,450
22, 340
23, 838

36,153
35, 596
34,319
36,726
40, 226
38, 547
36,415

8,928
9,144
9,424
9,661
9,922
9,890
9,860
9,694
9,677
9,722
9,703
9,151
9,223
9,275

5,814
5,785
5,651
5,609
5,631
5, 622
5,523
5,735

31, 791
31,414
31, 257
31, 301
37, 975
42,185

26, 861
27, 329
26, 977
26,885
26,378
26,102
26,030
26,078
25, 645
25,266

9,345
9,384
9,450
9,493
9,566
9,587
9,476
9,492
9,532
9,430

5,738
5,759
5,764
5,779
5,814
5,793
5,751
5,746

526,355
535,358
541,539
549,981
542,449
530,474
526,885
521,978
502,800

740,196
755,160
763,672
784,229
775,153
754,527
745,256
733,728
717,557

59,017
60,293
60,921
62,114
62,788
63,267
63,868
64,166
64,335

38,903
40,034
40,556
40,670
40,615
40,617
40,753
41,196
41,082

70,943
71,945
73,244
75,225
76,880
76,528
76,745
77,009
76,431

504,555
507,824
512,366
525,547
536,397
539,147
548,104
554,097
555,251

673,418
680,096
687,087
703,556
716,680
719,559
729,470
736,468
737,099

34, 380
34,821
35, 705

41,944
42,472
42,191
42,157
41, 758
41,482
41, 257
41,316
40.980
40, 637

5,941

64,605
65,656
66,199
69,053
69,986
67,977
66,308
63,951
63,881

60,756
63,609
64,155
69,287
67,814
63,969
61,116
58,650
60,238

90,537
91,779
95,908
94,904
92,107
90,947
89,149
90,638

1924—Jan. 23
Feb. 27
Mar. 26
Apr.23
May 28
June 25
July 23
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 24

66,585
66,282
64,553
63,221
61,923
61,731
65,262
66,344
65,523
62,966
60,972
60,226

64,703
65,092
61,414
59,601
58,855
60,141
63,989
64,228
60,885
58,012
56,866
57,231

92,799
92,520
92,120
90,895
91,085
95,066
97,735
93,001
89,791
90,113
90,196

518,802
515,894
516,440
517,374
517,441
521,627
546,176
562,686
565,093
564,677
561,720
546,474

742,573
740,067
734,927
732,316
729,114
734,584
770,493
790,993
784,502
775,446
769,671
754,127

65,003
64,688
64,477
63,898
64,207
64.546
64,966
65,576
65, 764
66,370
66,771
66,658

41,485
41,778
41,992
41,650
41,878
41,895
42,190
42,430
42,787
42,685
42,974
42,862

76,980
78,390
80,380
80,321
81,087
82,915
83,311
83,598
81,964
83,556
84,125
82,236

559,661
570,141
565,435
568,303
587,026
594,931
600,831
620,595
621, 994
621,629
622,848
611,143

743,129
754,997
752,284
754,172
774,198
784,287
791,298
812,199
812,509
814,240
816,718
802,899

1925—Jan. 28
Feb. 25.
Mar. 25
Apr. 22_._
May 27

63,052
62,943
62,420
61,674
60,353

61,839
62,513
59,371
57,286
56,115

91,426
92,673
93,016
91,825
92,410

540,771
554,852
556,691
565,853
575,053

757,088
772,981
771,498
776,638
783,931

67.547
67,923
67,749
67,491
67,892

43,729
43,559
43,235
42,910
43,182

83,506
83,772
83,448
84,204
84,412

630,539
642,114
646,191
639,894
651, 111

825,321
837,368
840,623
834,499
846,597




912

FEDEKAL RESEKVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Time deposits

Net demand deposits
State and date

Less than
5,000

•Ohio—Continued.
1925—June 24—
July 29.. _
Aug. 26...
Sept. 23___
Oct. 2 8 . . .
Nov. 25—
Dec. 2 3 . . .

In places having a population o—
f

In places having a population o—
f
5,000 to
15,000

15,000 to 100,000 and
100,000
over

Total

Less than I
5,000

5,000 to
15,000

15,000 to
100,000

Total
100,000

and over

581,999
602,669
593,402
583,453
587,622
576,958
569,347

795,387
832,689
823,361
804,372
799,267
784,933
779,035

68,424
69,130
69,441
70,304
69, 949
69,274
71,169

43,457
43,256
43,238
43,501
43,857
44,122
44,018

85,391
86,449
86,511
86,632

55,769
56,255

93,766
101,624
100,613
95,905
92,645
91,159
92,396

63,621
66,462
63,072
60,975
62.152
61,619
66,201
66,198
66,011
63,615
61,840
58,254

62,305
63.994
60,096
56, 923
57,126
58,933
65,665
66,046
62,664
58,106
56.995
57,948

95,053
95,473
92,723
91,135
91,238
92,542
98,400
99,155
96,257
92,372
89,883
89,167

578,708
586, 913
568,631
581,479
585,915
589,056
638,614
634,143
609,034
601,992
591,943
579,590

799, 687
812,842
784,522
790,512
796,431
802,150

44,663
45,080

865,542
833,966
816,085
800,661
784,959

72,245
72, 738
72.680
71,980
71,695
72,030
72,265
72,557
73,999
72,884
73,551
72,685

1927—Jan. 26—
Feb. 2 3 - .
Mar. 23
Apr. 2 7 - .
May 2 5 June 22—
July 2 7 . .
Aug. 24..
Sept. 28.
Oct. 26.-

60,235
61,023
60,412
59,372
60,170
60,029
64,872
65,191
64,342
61,187

58,990
61,169
59,374
58,818
58,869
64,377
67,046
67,288
63,236
61,340

90,513
90,079
90,655
91,908
92,807
93,629
96,655
102,077
96,172
95,034

579, 636
588,712
591,222
597,152
605,584
604,299
633,138
636,143
617,963
603,102

789,374
800,983
801,663
807,250
817,430
822,334
861, 711
870,699
841,713
820, 663

73,416
73,324
75.681
75,168
74,876
75, 635
75,973
75,668
74,999
74,060

47,898
47, 981
48,751
48,789
49,348
50,481
50,946
51,544
51,774
51,602

92,309
92,887
93,651
96,343
93,588
98,224
99,744
100,358

1923—Apr. 2 5 . .
May 23..
June 27—
July25._
Aug.29__
Sept. 26..
Oct. 24__
Nov. 28
Dec. 26..

78, 028
74,957
76, 346
75,245
73, 871
75,284
77, 357
80, 590
80.153

96, 643
94,876
97, 074
91, 714
86,410
82, 659
80, 538
80, 997

216,128
209,943
214, 723
206, 739
198, 238
198,442
198, 068
197,345
198, 328

23,012
22, 790
22, 745
23,429
23,142
22, 364
22, 028
21,282
20, 559

13, 811
13,895
13, 758
13, 690
13, 571
13,219
13,169
12, 640
12, 307

35,292
34, 889
34,314
37, 077
37,433
36,876
36, 656
35, 623
32, 518

1924—Jan. 23__
Feb. 27. _
Mar. 26_
Apr. 2 3 . .
May 28_.
June 25_.
July 2 3 . .
Aug. 27..
Sept. 24_
Oct. 29. _
Nov. 26Dec. 24..

76. 920
72,976
69, 801
68, 383
67, 376
68, 614
69,921
70, 756
75,451
94,180
100,427
98, 621

41,457
40, no
41, 303
39, 780
37, 957
38,478
38, 052
36,217
37,178
35,653
35,424
36,311
35,482
35.096
36.294
35,015
35, 231
36, 952
38,428
39,496
39, 819

82, 970
81, 230
84, 743
86, 233
85, 227
85,186
82, 838
87,420
86,350
93, 034
97,883
99, 843

195, 543
189, 630
190, 855
190, 098
187, 699
190,094
187, 774
193,407
198, 753
225, 642
237,806
238, 283

20, 909
20,911
21, 371
21, 810
21, 601
21,148
21, 527
21,367
21, 632
21,175
20, 744
20,469

12, 881
13, 283
13, 961
13, 857
13, 779
13,867
13,943
14,028
13,459
13, 631
13, 747
13,466

34, 698
34, 500
34, 541
33, 530
34,787
35, 328
37,122
37,844
37, 584
37,317
37,205

1925—Jan. 28_ _
Feb. 25..
Mar. 25
Apr. 22..

94,117
93,404
90,023
85,273
82,155
82,451

14, 054
14, 844
."14, 707
14, 832
14, 617
14,483
14, 732
14, 545
14,396
13,413
12, 854
12,840

37, 720
37, 765
38, 075
38, 748
39,284
38, 604
34, 828
38, 787
37, 529
36,400
37, 863
36, 093

73,551
75,252
75, 547
77,005
77,232
76,300
73,091
76,487
74,447
71, 609
71,847
69,302

12, 708
13,325
13, 549
14, 535
14, 790
14, 311
14, 658
14, 529

41, 307
41,988
44,062
45, 380
46,006
45,103
43, 976
43, 509

75,285
77,410
79, 966
82, 634
83, 680
82,126
81, 720
81,038

61,354
64,999
65,766
65,231
62, 111
61,047
61,037

58,268
63,397
63,5$0
59,783

1926—Jan. 2 7 . . .
Feb.24-.
Mar. 24_.
Apr. 2 8 - .
M a y 26. .
June 23-.
July28._
Aug. 25.Sept. 22..
Oct.. 27.Nov. 24
Dec. 2 9 - .

M a y 27..
June 24_.
July 2 9 . .
Aug. 26. _
Sept. 23..
Oct. 28__
Nov. 25
Dec. 2 3 . .
1926—Jan. 27_ _
Feb. 24..
Mar. 24_
Apr. 2 8 . .
M a y 26..
June 23_.
July 2 8 . .
Aug. 25..




77,869
83,293
91,201
95,331

.6,711
83,172
77,946
76, 705
76, 814
81, 524
78, 511

|
I
I
|
!

37, 831
38, 958
40, 064
38, 886
38,357
38. 883
38, 787
40,234
40, 007
40, 724
40.295
41, 943

97, 602
101,374
107, 954
104, 33S
103, 903
105, 861
101, 952
112, 531
111,813
111, 681
115,892
120, 706

229, 550
21, 777
233,736
22, 643
238, 041
22, 765
228, 497
23,425
224,415
23,331
227,195
23, 213
221, 527 i 23, 531
230,634 ' 23,155
235,113
22, 522
243, 606
21, 796
251, 518
21,130
257, 857
20, 369

42,149
42,245
42,096
39, 906
39, 761
40, 701
39.414
38; 445

117, 483
117,037
115,129
113,397
119,890
119, 947
127,427
127. 594

248, 066
245,993
240, 397
231, 249
236, 356
237,462
248, 365
244, 550

21,270
22.097
22,355
22,719
22, 884
22, 712
23, 086
23,000

46,016
46,137
46,452
46,681
46,725
47,108
47,021
47,018

675,445
666,562
672,185
674,667
667,038
663,317
654,128

872,717
865,397
871,375
875,104
867,842
864,489
856,308

87,483
88,774
89,332
90,872
90,925
91,308
91,008
91,846! i
92,914
91, 676
91,851
90,415

665,430
667,492
678,286
699,061
701,730
709,687
720,486
715,319
716,564
715,100
712,090
711,193

869,821
874,084
885,927
907,309
910,366
919,162
930,211
926,403
930,202
926,768
924,513
921,311

91,416

718,141
721,363
732,686
739,652
746,519
752,444
778,616
785,065
796,262
780,047

930,871
931,658
949,427
956,496
964,394
974,903
999,123
1,010,501
1,022,779
1,006,067

87,776

72,115
71, 574
70,817
74,196
74,146
72,459
71,853
69, 545
65, 384
68,694
69,873
69,197
70,167
70,343
72,592
73,239
72, 675
72,123
71, 696
70,277

913

FEDERAL EESEEVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits

Time deposits

In places having a population of—

State and date

In places having a population of—
Total

Less than] 5,000 t o
5,000

Oklahoma—Continued.
1926—Sept. 22
Oct. 27__
Nov. 24
—.
Dec. 2 9 . . . .

15,000

15,000 t o
100,000

100,000 and

Less than 5,000 to 15,000 to 100,000
5,000
100,000 and over
15,000

Total

79,952
79,612
82,030
81,780

41,028
41,115
41,446
39, 591

124,130
124,529
123,857
125,127

245,110
245,256
247,333

22,696
22,241
22,235
21,182

14,174
14,320
14,376
13,906

45,094
45,773
45,747
43,749

81,964
82,334
82,358
78,837

79,918
80,983
81,919
79, 861
77,049
77,115
76, 856
74,920
77,437
86, 381

37, 690
38,264
39, 578
39,884
37,722
39,094
37,687
38,227
37, 599
39, 548

124,312
132,255
135, 508
130,866
127,024
125, 888
127,185
125, 851
122, 733
125,109

241,920
251, 502
257,005
250, 611
241,795
242,097
241, 728
238, 998
237, 769
251, 038

21, 951
22, 358
22,724
22,937
23,139
23,,051
23, 316
23, 554
22,930
22.840

13,922
13, 762
13,939
14,363
15,281
15,145
15,189
15,211
15, 020
14,920

44,704
44, 506
45,412
47,861
48,142
48,229
49,269
50, 086
50, 639
51,191

80,577

31,597
31, 223
31,129
32.472
33.292
38, 287
36.937
35,184
34,156

21,252
21,225
20, 776
20, 226
20,822
21,485
22,835
21,780
21,161

2, 532
2,563
2,261
2,235
2,012
2,080
3,138
2,288
2,193

61,874
63,373
61,757
60,683
61,618
61,749
63,960
62,681
59,339

117,255
118,384
115,923
115,616
117,744
123,601
126,870
121,933
116,849

12,435
12,448
12,956
14,127
14,318
16,578
14,375
14,933
14,554

10, 258
10,127
10,044
10,596
10,680
10, 854
10,905
10,978
10,861

958
968
946
950
955
954
942
950

45,145
45,145
46,644
46,779
47,788
47,887
48,583
49,119

68,796

1924—Jan. 23 .
Feb. 2 7 Mar. 26Apr. 23..
May 2 8 June 25..
July 2 3 . .
Aug. 27Sept. 24.
Oct. 2 9 . .
Nov. 26.
Dec. 24..

31,754
30, 783
30.872
32,418
31, 674
31,878
31,322
31,552
33,016
34. 572
33,856
32, 502

19,596
19,388
19,721
20,941
20, 511
19,862
19,162
20,083
21,146
22, 546
20,985
20,669

2,167
2,050
2,595
2,371
2,267
2,115
2,196
2,112
2,125
2,242
2,041
2,170

59,274
57, 928
59,604
59,832
57,854
56,149
57,407
57,653
61,254
61,583
62,410
59,635

112.791
110,149
112.792
115, 562
112,306
110,004
110,087
111,400
117,541
120,943
119, 292
114,976

15,032
14,889
14.841
15, 250
15,164
15, 248
15, 277
15,467
15,280
15,413
15,655
15, 791

10.998
11,084
11,065
11,041
11,135
10,825
11,303
10,854
11, 569
11, 775
11,831
11, 769

972
961
971
992
989
1,040
1,046
1,069
1,117
1,145
1,144

49,320
49,966
49,538
53,000
50,004
50, 281
52,389
52,360
53,420
54, 640
53,662
54, 233

76,318
76,911
76,405
80,262
77,295
77,343
80,009
79,727
81,338
82,945
82,293
82,937

1925—Jan. 2 8 - .
Feb. 25..
Mar. 25.
Apr. 2 2 May 27..
June 24..
July 29 _.
Aug. 26Sept. 23Oct. 2 8 . .
Nov. 25Dec. 23..

30,363
30,338
30,213
32, 205
31,590
31,769
31,245
32,444
33.4*7
?6,759
34,693
33,076

19, 250
19,201
18,934
20, 251
19,639
19, 518
19,784
21, 041
21,972
24,031
22,637
21, 962

2,040
2,057
2,177
2,350
2,484
2,311
2,238
2,308
2,265
2,441
2,279
2,158

58,282
57,799
57,161
59, 763
57,063
60,042
61,548
62,490
62,362
65, 956
63,510
61,143

109,935
109,395
108,485
114, 569
110,776
113, 640
114,815
118,283
120,086
129,187
123,119
118,339

16,102
16,147
15,947
15,860
15,851
15,969
16,382
17, 287
16,179
16,772
16, 789
17, 023

12,128
12, 111
11,992
11,907
11,764
11,883
11,966
11, 013
11,923
12,493
12, 586
12, 528

1,189
1, 207
1.190
1.191
1,257
1,257
1,265
1,254
1,277
1,249
1,294
1,282

54,966
55,412
54,686
54,578
54,834
55,206
57,031
57,172
57,081
57,434
57,647
57,865

84,385
84,877
83,815
83,536
83,706
84,315

30,425
29.974
2P, 412
30, 766
32.654
33,14S
32, 3°8
33,084
34,834
33, 745
35, 227
32, 672

19,471
19,127
19,364
20,103
21, 577
20, 837
21,025
21,375
21, 568
21,387
22,443
20,379

2,178
2,163
2,160
2,310
2,652
2,732
2,548
2,373
2,299
2,243
2,602
2,401

59,420
60,383
63,130
61,975
64,030
63,333
63,106
63,541
63,907
63,950
64,274
61,329

111,494
111,647
114,066
115,154
120,913
120, 050
119,077
120,373
122, 608
121,325
124, 546
116, 781

17,404
17, 525
17,389
17,606
17, 559
17,877
17, 912
17,989
18,367
19,071
18,172
18,467

13,928
14,010
14,340
14,198
13,948
14,073
14,324
13,497
14, 234
14, 514
14,457
14,288

1,296
1,316
1,343
1,318
1,337
1,344
1,359
l,.38O
1,417
1,438
1,433
1,436

30,115
29,646
29,918
30,375
33,471
33,069
33,310
33,961
34,180
34,604

19, 521
19,082
19, 952
19, 214
20,849
19,673
19,052
19,937
20, 937
21,051

2,349
2,334
2,457
2,686
2,853
2.775
% 743
2,495
2,492
2,558

59, 200
58,486
58, 674
60, 562
63,810
61,325
61, 950
62,665
63,082
61, 520

111,185
109, 548
111,001
112,837
120,983
116,842
117,055
119,058
120,691
119,733

18, 549
18, 581
17,258
17,850
17, 630
18,104
18,172
19,071
18, 046
18, 764

14, 507
14, 714
14, 724
14, 528
14, 643
14,684
14, 936
14.999
15,344
15, 589

1,472
1,479
1,470
1,485
1,490
1,467
1,478
1,506
1,475
1,477

1927—Jan. 26-_.
Feb. 23...
Mar. 23_ .
Apr. 27...
May 25...
June 22...
July 2 7 . . .
Aug. 24...
Sept. 28...
Oct. 26__.
Oregon:
1923—Apr. 25...
May 23...
June 27__.
July 25...
Aug. 29—
Sept. 26. .
Oct. 2 4 . . .
Nov. 28. .
Dec. 26...

1926—Jan. 2 7 . . .
• Feb. 24...
Mar. 24.Apr. 28—
May 2 6 - .
June 23...
July28...
Aug. 25...
Sept. 2 2 . .
Oct. 2 7 . . .
Nov. 2 4 . .
Dec. 29...
1927—Jan. 26
F e b . 23
M a r . 23
A p r . 27
M a y 25
J u n e 22
J u l y 27
A u g . 24Sept. 28
Oct. 26




I
.
_

|
1
!
--.{

82,075
85,161
86,562
86,425
87,774
88,851
88,589
88,951

58,232
59, 543
58,562
58, 575
58,761
59,414
60,396
60, 564
60, 586
60,691
61, 235
60, 566
58,284
58,944
59,880
59, 963
61,012
61,389

70,590
72,452
73,741
76,273
74,805
75,980
75,209

86,726
86,460
87,948
88,316
91,315
91,083
92,615
91,684
91,419
92,055
93,009
93,262
94, 582
95,421
94,648
94,882
95,763
95,460
94,018
92,147
93,199
94,466
95,539
95,877
97,219

914

FEDERAL KESEBVE BULLETIN

DECEMBER,

1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits

State and date

In places having a population of—
Less than 5,000 to 15,000 to 100,000 and
5,000
15,000
100,000
over

Pennsylvania:

Time deposits
In places having a population o—
f
Total

Less than 5,000 to
5,000
15,000

15,000 to 100,COO
100,000 and over

Total

1923—Apr. 25._.
May 23_ _.
June 27_ _.
July 25...
Aug. 29__.
Sept. 26__.
Oct. 24__.
Nov. 28__.
Dec. 26__.

165, 799
168,210
167, 708
168,869
169,122
170,998
173,843
168, 583
166, 253

103, 315
105,766
107,846
105,863
108,113
110,438
108, 776
110, 747
110,461

191, 274
194, 050
190,965
193,357
392,507
193, 990
197, 751
193,373
196, 052

1,102,417
1, 068,377
1,050,426
1,062,433
1, 049, 691
1, 039,420
1, 052,808
1, 041, 998
1,025,478

1, 562, 805
1, 536,403
1, 516,945
1, 530, 522
1,519,433
1, 514,846
1, 533,178
1, 514, 701
1,498, 244

252,179
254,982
258,403
262, 551
265,940
267, 723
270,820
271, 312
272,304

157, 083
160,079
162, 373
165, 240
166, 909
168.138
168.139
172,381
172,929

229, 304
232, 779
239,606
240,590
243, 722
245,628
247, 275
247, 579
248,948

189,326
200,424
208, 690
210, 918
212, 757
211, 635
215,668
219, 594
218, 707

827, 892

1924—Jan. 23___.
Feb. 27._.
Mar. 26__.
Apr. 23._.
May 28...
June 25...
July 23...
Aug. 27._.
Sept. 24__.
Oct. 29__.
Nov. 26__.
Dec. 24._.

161, 273
161,385
168,154
162, 771
157,788
158,118
158,438
159, 012
163, 549
164, 783
163, 012
155, 258

104,972
104, 577
104,776
106, 248
103,430
104,890
104,675
105, 762
106, 552
107,827
106, 323
104, 567

188,876
185, 583
187,649
190, 746
186,856
189, 778
191,316
190,859
194,932
194, 708
195,458
195, 042

1,033,864
1,023,869
1, 032,316
1,034, 514
1,067,637
1, 081,040
1,123,698
1,138,450
1,153, 032
1,197,188
1, 215,119
1,190,191

1,488,985
1,475,414
1,492,895
1,494, 279
1,515,711
1, 533,826
1, 578,127
1, 594, 083
1,618, 065
1, 664, 506
1, 679, 912
1,645, 058

277,401
280, 384
282, 017
284,106
285, 273
286, 584

255, 582
259, 274
259,657
264,480
266,370
267,978
270, 782
273, 049
274,429
277, 305
278,402
276, 518

224,985
236,952
237.409
242, 810
244,987
263, 864
272,193
277,935
284, 241
301, 073
312, 727
300,438

934,731
955,801
959,810
973. 743

290, 230
291,117
293,175
293,942
293, 214

176,763
179,191
180, 727
182, 347
183,638
184,108
185,763
186, 253
186,653
186,339
188,481
189, 622

1, 002, 534
1,017,646
1, 027,467
1,036,440
1, 057,892
1, 073, 552
1, 059, 792

1925—Jan. 28
Feb. 25._._
Mar. 25.
Apr. 22_._
May27__._
June 24
July 29
Aug. 26__-_
Sept. 23-__
Oct. 28
Nov. 25.
Dec. 23

154, 758
156,129
159,163
160, 260
159, 072
160, 707
160,334
165,198
167,757
170, 771
170,780
167, 395

101,613
102, 755
102, 011
104, 764
104, 360
104,424
LOS, 458
105, 386
107,870
110,122
107,940
106, 538

189, 565
192,171
191, 052
199,491
200,490
201,155
196,341
198, 279
201, 256
203, 641
204,648
208, 045

1,224,450
1,192,603
1,164,282
1,193,816
1,185,123
1,184, 251
1,183,503
1,189,158
1,191,629
1,198,907
1,186,758
1,176, 553

1, 670, 386
1,643, 658
1, 616,508
1, 658, 331
1,649, 045
1, 650, 537
1,645,636
1, 658, 021
1,668, 512
1,683,441
1,670,126
1,658, 531

299,406
300, 228
301, 772
302, 043
302, 226
304, 010
307, 504
310,123
308,414
310, 236
310,890
309, 275

192, 026
193, 046
194, 237
194,172
194,439
195, 359
196,330
197,117
197, 242
196, 397
197,385
195, 637

281,685
286, 361
288,770
290,393
297,957
299,383
301,838
302,740
304, 075
305,407
302,954
301,065

307, 653
319, 964
311, 000
319, 225
321, 296
331,941
328,750
331, 505
326,859
347.410
356,480
353,835

1, 080, 770
1, 099, 599
1,095, 779
1,105,833
1,115,918
1,130,693
1,134,422
1,141,485
1,136,590
1,159,450
1,167,709
1,159,812

1926—Jan. 27
Feb. 24
Alar. 24
Apr. 28
May 26
June 23
July 28
Aug. 25
Sept. 22
Oct. 27
Nov. 24
Dec. 29

163,586
166,759
168,134
167, 215
167,138
165, 534
168, 525
171,183
175, 075
179, 277
175,156
170, 111

104,517
104, 033
102,611
102, 682
104, 034
103,426
106, 847
106,979
110,917
111, 320
111, 959
112,445

202, 019
202,311
200, 500
202,453
204,175
210,127
206, 073
207, 796
209, 258
215, 037
217, 296
216,109

1,197, 078
1,180, 975
1,169,459
1, 211, 026
1, 217,134
1, 222, 521
1,195, 221
1,187,137
1, 214, 200
1, 221, 705
1, 204, 542
1,190,174

1, 667, 200
1,654, 078
1, 640, 704
1,683, 376
1, 692,481
1, 701,607
1, 676,666
1, 673, 095
1,709,450
1, 727,339
1, 708,953
1,

316,272
318, 526
319, 723
318, 647
321,423
322, 715
327, 399
329, 201
326,931
331, 568
332, 627
333,119

198, 012
199, 034
200, 596
201,789
202,113
202, 518
203, 658
204, 348
207,819
209,369
211, 540
211, 798

306, 017
307, 507
307,682
310, 667
311,438
313, 019
316,435
319,100
321,245
328, 577
327,896
327, 052

374, 541
380, 233
379,898
387,117
390, 218
384,218
400,191
394, 013
400,457
400,369
408,110
399,514

1,194,842
1, 205,300
1, 207,899
1, 218,220
1, 225,192
1, 222,470
1, 247, 683
1, 246,662
1,256,452
1, 269,883
1, 280,173
1, 271,483

1927—Jan. 26__.
Feb. 23._
Mar. 23_.
Apr. 27__
May 25_.
June 22_.
July 27..
Aug. 24_.
Sept. 28_.
Oct. 26.-

165,609
168,910
170, 596
169,478
168, 653
166,334
164, 753
165, 241
170, 626
171,634

108, 296
110,608
109,741
109,021
109, 756
107,688
108, 687
108,430
113,647
112,362

208, 267
208,483
207, 508
212,045
212,954
211,385
212,175
209, 789
216, 377
215, 522

1, 217,839
1,219,402
1, 265,113
1,204, 780
1,198,989
1, 238, 510
1,188, 284
1,198,486
1,198,155
1,206,933

1, 700, 011
1,707,403
1, 752,958
1,695,324
1, 690, 352
1,723,917
1, 673,899
1,681,946
1,698,805
1,706,451

340, 791
342,907
345,829
349,232
357, 281
352, 284
352, 727
351,903
350,816
352, 520

215, 283
216,329
218, 549
218,736
219, 767
218,480
218,980
222,718
223,453
224,760

334,935
338,068
340, 395
343,908
346, 218
351,881
353, 584
357,405
360, 720
363, 084

406, 503
413,489
424,424
472,218
473, 257
422,469
428,875
428, 274
447,946
450, 500

1, 297. 512
1,310,793
1, 329,197
1.384,094
i; 396, 523
1,345,114
1,354,166
1,360,300
1,32,2,935
1,390,864

1923—Apr. 25..
May 23..
June 27 _.
July 2 5 . .
Aug. 29_.
Sept. 26..
Oct. 24...
Nov. 28..
Dec. 26..

830
897
910
949
916
876
990
959
1,031

6,388
6,262
6.616
6,607
7,027
6,960
7,249
6,428
6,697

107,770
109,958
104, 992
107,104
107,388
108,680
111, 047
109,664
110, 541

114. 988
117,117
112, 518
114,660
115,331
116, 516
119,286
117,051
118,269

1,415
1,363
1,442
1,458
1,513
1.569
1,602
1,677
1,345

112,767
113,685
114, 954
115, 501
116,294
116.487
117,132
116,802
116,432

114,182
115,048
116,396
116,959
117,807
118,056
118. 734
118,479
117, 777

6,233
6,145
6,570
6,276

111, 138
113,422
108,814
111, 485
110, 559
109,368
114,413

118,308
120,488
116,274
118,652
118,369
117, 058
121, 989

1,376
1,450
1,483
1,493
1,496
1,550
1,581

119,143
120,395
124,198
122,818
123, 527
* 125, 574
130, 074

120, 51&
121, 845
125, 681
124,311
125, 023
127,124
131, 655

Rhode Island:

1924—Jan. 2 3 . . . .
Feb. 27
Mar. 26....
Apr. 23.....
May 28....
June 25
July 23—..




921
890
891
912
903
946

6,787

869, 072
879, 299
889,328
893,124
901,902
910,866
912,888

915

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
In places having a population o—
f

State and date

Less than

Total

1924—Aug. 27
Sept. 24
Oct. 29
Nov. 26..
Dec. 24

.._
__
-

_

.-._

5,000 to
15,000

Less than 5,000 to 15,000 to 100,000

Total

100,000 and
over

6,769
6,808
6,915
6,262
6,520

114, 340
116, 700
122,455
122,719
120, 002

122,058
124,433
130,300
129, 970
127.463

1,624
1, 626
1,646
1, 720
1,459

132,770
132,681
131,562
132, 550
132,384

134,394
134,307
133,208
134,270
133,843

942
,025
,058
L, 136

6,690 i
6,411 |
6,140
6, 076
6,582
6,546

990
981

Rhode Island—Continued.

1926—Jan. 27
Feb.24
Mar. 24
Apr. 28
May 26
June 23.
July 28
Aug. 25
Sept. 22
Oct. 27
Nov. 24
Dec. 2 9 . . . ,

In places having a population o—
f

15,000 to
100,000

7,557
8,238
8,444
7,399

118, 894
120.873
114, 638
117,154
115, 951
114,982
122,816
122, 768
123,216
126.874
126,107
118, 813

126, 526
128, 309
121, 836
124,366
123, 521
122, 513
130.464
131,315
132,435
136,299
134,461
126,849

1,524
1, 575
1,612
1,629
1,659
1,712
1,841
1,894
1,935
1,974
4,306
4,006

134, 738
136, 032
136,847
137, 712
138,840
142,248
140,499
143,854
145,136
148, 041
147, 966
156,412

136,262
137,607
138,459
139,341
140,499
143, 960
142,340
145,748
147,071
150, 015
152,272
160,418

3,919
3,660
3,633
3.486
3,610
3,697
3,903
4,022
3,914
3,861
3,843
3,811

124,978
126.454
123,477
121, 018
121,303
121,625
120,122
121,599
122,335
135,801
127,851
124, 084

129,895
131, 083
128,098
125,625
125, 926
126,398
125,067
126,619
127,260
140,666
132,697
128,950

4,163
4,255
4,266
4,388
4,496
4,631
4,896
4,958
5,034
5,161
5,234
4,972

157, 965
159,438
160, 539
161, 000
161,882
163,038
164,385
164,222
165,324
168,120
167,974

162,128
163,693
164,805
165,388
166,378
167, 669
169,281
169,189
170,367
173,290
174,182
172,955

3,684
3,967
3,656
3,866
3,858
3,885
4,048
4,423
3,997
3,903

124,680
128, 839
126,642
127,214
126,842
121,474
123,026
124,182
123,89.6
129,641

129,414
133,770
131,212
132, 075
131,765
126,397
128,116
129,628
128,954
134, 614

10
10
10
77
7
7

5,191
5,279
5,319
5,412
5,527
5,644
5,843
5,973
6,096
6,222

168,000
168,396
171,639
173,808
177,515
179, 043
179,847
180,666
181,028
178,689

173,191
173,675
176,958
179,230
183,052
184,697
185,697
186,646
187,131
184,918

5,000

1925—Jan. 28
Feb. 25
Mar. 25
Apr. 22
May 27
June 24
July29
Aug. 26
Sept. 23
Oct. 28
Nov. 25
Dec. 23

Time deposits

949
925
930
989
941

1,038
.._

_
-

1,121
1,013
1,076
1,042

-.._

1,011
1,004
1,003
1,055

5,000

15,000

100,000

and over

1927—Jan. 26—
Feb. 23...
Mar. 23..
Apr. 27...
May 25...
June 22...
July 27-..
Aug. 24...
Sept. 28.Oct. 26...
South Carolina:
1923—Apr. 25._.
May 23..
June 27-.
July 25.-.
Aug. 29..
Sept. 26..
Oct. 24-..
Nov. 28..
Dec. 26.-.

9,284
8,858
8,192
7, 793
8,235
11,035
12, 532
13, 524
13,090

9,975
9,494
9,205
8,978
8,398
10,035
11,132
11,363
11,822

21, 250
20, 281
19, 769
19,157
19, 260
22, 534
24,887
26,362
25, 855

40, 509
38,633
37,166
35,928
35,893
43,604
48, 551
51, 249
50, 767

12,997
13,196
13,842
13,416
13, 575
13, 708
14,064
14, 564
17, 746

15,074
15, 613
15,735
15,826
15,756
16,224
16,463
17, 293
17,250

31,204
30,825
30,227
29,877
29,426
29,890
29,754
30,200
32,093

1924—Jan. 23-..
Feb. 27..
Mar. 26..
Apr. 23..
May 28..
June 25..
July 23..
Aug. 27..
Sept. 24..
Oct. 29_ _
Nov. 26..
Dec. 24..

12,332
11,363
10, 514
9,812
8,960
8,239
7,596
8,348
9,172
9,560
9,333
9,059

11,160
10,344
9,974
9,712
9,081
8,595

48,758
44, 841
43, 643
42,229
40,417

17,371
17, 743
17, 696
17, 413
17,451
17,377
17,795
17,818
17,607
18,422
18,371
18,150

63,760

36, 541
36,841
38,602
41,241
42,029
41,741

15,021
14, 956
14, 870
14, 618
15,373
14, 632
15,173
14, 607
14, 673
14, 511
13,978
13,846

31,368

8,237
8,512
9,051
9,539
10,106

25, 266
23,134
23,155
22, 705
22,376
22,154
20, 685
20,256
20,918
22, 630
23,157
22, 576

29,320
33,065
31,733
31,116
31,672
32,308
31,800

61,886
65,096
64,557
63,125
64,640
64,733
64,080
63,917
63, 210
63, 747

1925—Jan. 28...
Feb. 25..
Mar. 25..
Apr. 22..
May 27..
June 24..
July 29...
Aug. 26..
Sept. 23..
Oct. 28..
Nov. 25..
Dec. 23..

9,001
9,253
9,288
8,210
7,777
7,697
7,336
7,841
10,168
10,427
9,579
9,263

9,970
10, 233
9,115
9, 209
8,745
8, 596
8,937
10,250
10, 402
11, 293
10,841

22,870
22,459
23, 523
22, 758
22,984
22, 579
21, 664
21,390
22,335
23,408
22,847
23, 450

41,537
41,682
43,044
40,083
39,970
39,021
37, 596
38,168
42, 753
44, 237
43,719
43, 554

13,922
13,839
14, 376
14, 729
12,192
13,246
15,066
15,271
15, 246
15,117
13,183
13,068

18,807
18,847
18,025
18,076
17,729
17, 506
17,750
17, 580
18,292
18,300
18,008
17, 749




1,050
964
914
995
1,065
1,
1,042
1,023
1,061
1,070

30,86131, 751
31,845

30, 508
30,826
31,877
33, 238
32,801
32,300
32,822
32,926
32,686
33,096
31,386

59,275
59,634
59,804
59,119
58,757
59,822
60,281
62,057
67,089

64, 574
63,194
63,227
64, 682
63,159
63,553
65,116
65, 673
66,464
66,103
64,287
62,203

916

FEDEBAL KESEKVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
In places having a population o—
f

State and date

Less than 5,000 to
5,000

South Carolina—Continued.
1926—Jan. 27
Feb. 2 4 Mar. 24
Apr. 28
May 26
June 23
July 28
Aug. 25.
Sept. 22.
Oct. 27
Nov. 24
Dec. 29—

Time deposits

._•_
—
-

—
—.

15,000

In places having a population o—
f
Total

15,000 to
100,000

100,000 and
over

Total

Less than 5,000 to 15,000 to 100,000
15,000
100,000 and over
5,000

I
9,411
9,395
9,420
8,381
7,835
7,365
7,267
6,664
8,935
8,343
7, 886
7,842

11,080
11,311
11.128
10, 665
10,429
9,531
8,890
8,939
9,712
9,441
9,557
9,892

25,002

24, 615
24, 501
23,230
22, 663
22,182
21,620
21,356
22, 323
22,384
23,214
24,161

13,155
13, 265
14,015
12. 703
12,758
12, 593
12,202
12,325
12, 268
12,435
12,167
12,157

17, 753
17, 510
17,329
17,124
16, 682
16, 743
16,155
16, 761
16,976
16,790
16,480
15, 952

32,930
31, 896
31, 286
30,490
31, 880
31,750
32,322
31, 753
31, 728
31,408
31,244
32,160

63,838
62, 671
62, 630
60,317
61,320
61,086
60,679
60, 839
60.972
60,633
59, 891
60,269

41, 846
10, 943
41,926
10,401
43,432
9,889
42,179
9,653
9,881
46, 498
9,950
43,342
10, 766
42,841
43,218 I 10, 795
47, 814
11, 210
48,961
11, 299

15, 823
15, 711
16,194
16,408
16, 394
16,128
16,984
17,366
17,456
17, 561

32, 835
31,043
30,884
31, 643
32,974
31, 780
35, 605
35,763
35, 792
35, 660

59, 601
57,155
56,967
57, 704
59,249
57,858
63, 355
63,924
64,458
64, 520

45,493
45, 321
45,049
42, 276
40, 927
39,078
37,777
36, 959
40,970
40,168
40, 657
41, 895

1927—Jan. 26...
Feb. 23 ~
Mar. 23..
Apr. 2 7 May 25. .
June 22—
July 2 7 . .
Aug. 24._
Sept. 28..
Oct. 2 6 . .
South Dakota:
1923—Apr. 25. _
May 2 3 June 27—
July25_.
Aug. 29—
Sept. 26_.
Oct.24__
Nov. 28_.
Dec. 26. _

7,063
7,155
7,186
6,571
7,064
6,739
5,973
6,832
8,701
8,630

9,500
9,368
9,825
9,345
10, 298
9,832
9,647
9.634
10, 786
11,374

25, 283
25,403
26,421
26,263
29,136
26, 771
27,221
26, 752
28,327
' 28,957

22,538
21.927
20,970
20,535
20,131
20,930
21,420
21,481
20,912

12,677
12,319
11,861
11.274
10,994
11,005
10,257
10,482
10,427

7,017
7,176
7,019
6,434
6,091
6,002
6,010
5,833
5,778

42,232
41,422
39,850
38,243
37,216
37,937
37, 687
37.796
37,117

30,808
31,222
31,5S0
32,061
31,757
31,632
31,588
31,228
30,336

7,606
7,223
7,385
7,706
7,627
7.424
7,453
7,484
7,428

2,492
2,464
2,596
2,476
2,470
2,400
2,381
2,350
2,364

40,906
40.909
41,571
42,243
41,854
41,456
41,422
41,062
40,128

1924—Jan. 23 _ _.
Feb. 27-_
Mar. 26_.
Apr. 2 3 . .
May 2 8 June 25—
July 23,..
Aug. 2 7 Sept.24_.
Oct. 29_ _
Nov. 26_.
Dec. 24..

19,826
19,332
19,898
20,180
19,126
18,307
18,684
19,186
20,961
22,664
22,216
21,914

10, 219
9,068
9,649
10,165
9,665
9,659
9,370
9,372
10,562
11,271
11, 665
12,054

4,332
4,913
4,621
4,716
4,207
4,585
4,791
4,709
5,261
5,721
5,833
5,709

34,377
33,313
34,168
35,061
32,998
32,551
32,845
33,267
36,784
39,656
39.714
39,677

30,303
28,050
27,467
26,852
26, 715
26.171
26,072
26,206
26.176
26,193
26,456
26,448

7,236
6,497
6,536
6,618
6,513
6,590
6,754
7,049
7,329
7,579
7, 524

1,573
1,374
1,382
1,388
1,154
1,110
1,147
1,132
1,199
1,274
1,319
1,439

39,112
35,921
35.385
34.858
34,382
33,871
33.973
34,304
34,424
34,796
35,354
35,411

1925—Jan. 28-_
Feb. 25..
Mar. 25_.
Apr. 22. .
May 2 7 June24__
July 2 9 Aug. 2 6 Sept. 23_.
Oct. 28_ _
Nov. 25-.
Dec. 2 3 -

21,763
21,343
21,329
21,174
20,819
20,125
19,754
20,431
20,716
21,052
20,476
20, 623

11,783
12,286
12,383
12,124
12,053
11,626
11,304
11,215
11,743
12,215
12,304
12,049

5, 666
5,681
6,298
6,173
5,815
6,852

39,212
39,310
39,705
39,596
39,045
37, 566
37,910

7,083
.6,384
6,004
6,109

39,542
39,651
38,784
38,781

27,205
27, 300
27,149
26,821
26.390
26,354
26,491
25.978
25, 611
24,978
24,438
24,226

7,853
7,798
7,960
8,005
8,085
7,999
8,126
8,060
8,117
8,325
8,464
8,348

1,480
1,526
1,585
1,629
1,642
1,700
1,754
1,795
1,815
1,724
1,573
1,689

36,538
36,624
36,694
36,455
36,117
36,053
36,371
35, 863
35,543
35,027
34,475
34,263

1926—Jan. 27. _
Feb. 24..
Mar. 24_.
Apr. 2 8 May26_.
June 23—
July 2 8 . .
Aug. 25 _.
Sept. 22_.
Oct. 27 __
Nov. 24_.
Dec. 29. .

20,157
20,250
20,924
20,608
20,416
19,803
19,009
18 375
18, 605
19,313
18,380
18,096

11, 215
11,197
11,255
11,016
10,812
10,764
10.129
10,077
10,545
10,387
10,469

5,793
6,100
6,950
6,939
7,021
7,187
6.674
6,550
6,401
6,349
5,885
5,824

37,165
37, 547
39,129
38, 563
38,249
37,754
35,812
35,002
35, 551
36,049
34,734
34,038

24,021
23,333
23,270
22,958
22,561
22,349
22,673
21,197
20, 761
19,799

8,595
8,717
8,814

1,644
1,700
1,733
1,769
1,806
1,840
1,907
1,916
1,910
1,877
1,900
1,891

34,260
33,750
33,817
33,559
33,437
33,180
33,526
32,091
31,652
30,723
29.910
29,562

1927—Jan. 26-_
Feb. 23. .
Mar. 23-.
Apr. 2 7 May 25—

17,711
17,426

5,828
5,552
5,493
5,647
5,700

33,223
32, 654
32,981
32,667
33,025

18,392
18,045
17,995
17,871
17,441

1,821
1,812
1,858
1,863
1,889

29,180
28,880
28,648
28,673
28,218




17, 544
17,563
17,429

10,118
9,676
9,944
9,457

19,110
18,745

9,070
8,991
8,946
8,978
8.981
9,047
8,900
8,926
8,967
9,023
8,795

917

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
In places having a population of—

State and date

Less than
5,000

5,000 t o
15,000

South Dakota—Continued.
1927—June 22
July27__
Aug. 24___
Sept. 28_
Oct. 26__
Tennessee:
1923—Apr. 25
May 23
June 27.
July 25.
Aug. 29
Sept. 2 6 . - Oct. 24_
Nov. 28
Dec. 26

15,000 to '100,000 and
100,000 I over

16,809
16,818
17,225
19,937
20,559

9,926
9,958
9,840
11,023
11,848

5,929
6,187
5,787
6,121
6,210

20, 451
20,630
20,117
19, 601
19,389
19, 518
19,866
20,295
20,428

9,475
9,519
9,359
8,719
8,393
8,663
8,512
8,284
8,434

25,962
25,306
26, 547
24, 980
25,171
24, 640
24, 878
24,957
25,427

1924—Jan. 23__
Feb. 27
Mar. 26
Apr. 23.—
May 28
June 25
July 2 3 . . .
Aug. 27
Sept. 24
— —
Oct. 29__
Nov. 26.—
Dec. 24
—

19,684
19,334
19,733
19,422
18,857
18, 507
17,995
17, 942
17,897
18, 525
18,623
19,009

8,595
8,715
8,943
9,182
8,635
8,614
8,747
8,316
8,959
9,157
9,272
9,429

25, 557
24,653
24,833
25,838
24,837
24,322
25,317

1925—Jan. 28
Feb. 25
Mar. 25.
Apr. 22
May 27
June 24_.
July 29
Aug. 26
Sept. 23
Oct. 28__
Nov. 25
Dec. 2 3 — —

17,721
18, 503
18,859
18, 555
18, 518
18,183
17,901
17,870
18,869
18,833
18,497
18, 491

9,241
9, 557
9,840
8,563
9,557
9,124
8,742
8,860
9,509
9,496
9, 269
9,205

26, 506
26,835
28,024
26,776
26, 598
27,618
27.947
30,097
30,629
31,797
32,638
33,361

65, 708
66,302
67,081
63,811
64,129
60,458
63,814
62,506

18,000
18,504
19,047
18,497
18, 615
> 18,266
18,442
18, 623
17,857
17,997
17, 219
17, 252

9,152
10,434
9,473
9,808
9,568
9,321
9,938
10, Oil
9,860
9,803
9, 518
9,780

36,941
34, 778
32.948
32.407
32, 762
31,880
31,814
32, 247
39,423
32,471
32, 814
33,778

16,990
17,486
17, 514
17,277
17,935
17,389
17,521
•I IJ AQQ.
Li, 458
17, 915
18,495

8,899
10,163
9,542
9, 573
9,182
8,833
9,407
8,869
9,609
9,249

133,843
128,817
122,805
118,478
134,345
170,796
193,148
203, 553
197, 501

76,609
75,878
73,606
73,339
77,621
90, 585
97,162
100,595
100,714

-—
—

—
—
..-_.
—
—
-

1926—Jan. 27
Feb. 24..
Mar. 24
Apr. 2 8 —
May 26
June 23
July 28._Aug. 2 5 Sept. 22.-_
Oct. 27__
Nov. 24
Dec. 29..
1927—Jan. 2 6 . - - .
Feb. 23
Mar. 23
Apr. 27__
May 25
June 22
July 27
Aug. 24_
Sept. 28
Oct.26_

—
-—

—

—

_

—
—

—

Texas:

1923—Apr. 25
May23__—
June 27
July 25
Aug. 29..
Sept. 26
Oct. 24
„
Nov. 28
Dec. 26




Time deposits

_-..
—

In places having a population of—
Total

Less than 5,000 to
15,000
5,000

Total
15,000 to
100,000

100,000

and over

32,664
32.963'
32,853
37,081
38,617

17,531
17,480
17,346
17,406
17,598

8,899
8,927
8,849
8,868
8,969

1,937
1,979
2,031
2,031

61.276
59,761
57,341
58, 540
55, 720
53,064
53.277
54, 556
58, 638

117,164
115, 216
113,364
111,840
108,673
-105,885
106, 533
108,092
112,927

15, 696
15,916
16,186
16, 220
16,341
16,373
16, 243
16,432
16,669

5,094
5,128
5,265
5,286
5,112
5,024
5,073
5,222
5,084

26, 654
26,373
26,384
27, 279
27,225
27, 232
27,483
27, 573
27, 672

35,189
38, 679
37,948
43,405
42,899
41,836
42,421
42,363
41, 582

82, 633
86,096
85,783
92,190
91, 577
90,465
91,220
91, 590
91,007

60,211
60,046
58, 871
58,436
57,019
57,446
57,334
57,158
54,651
58,408
59, 592
63,049

114,047
112,748
112,380
112,878
109,348
109,393
109,399
108,449
112,496
114,134
117,605

16,923
17,441
17, 575
17, 596
17,627
17,396
17,716
17, 673
17, 527
17, 507
17,495
17,477

5,321
5,285
5,257
5,305
5,375
5,417
5,356
5,385
.5, 558
5,737
5,801
5,793

27,745
27,915
29,315
27,890
27, 598
27,652
28,058
28, 749
28,748
29,153
29,770

43,288
44, 288
43,876
44,449
42,802
40,073
39,352
39,019
38,453
39, 719
40,284
39,398

93,277
94,929
96,023
95,240
93, 402
90, 538
90,482
90,826
90,286
92,116
93,076
92,438

68,632
68,749
68, 067

119,176
121,195
123,804
117,705
118,802
115,383
118,404
119,333
123,042
128,758
129,153
129,124

17,376
17,864
17,901
17,997
17,708
18,236
18,306
18.368
18,367
18, 526
18,520
18, 595

5,852
5,827
6,020
5,828
5,827
5,853
5,788
5,740
5,815
5,824
5,925
5,954

30, 243
31,066
30,735
30,856
31,495
31, 724
32,902
33,032
32,864
33,699
34.455
33, 987

40,483
41,091
39,364
38,715
39,768
39, 614
38,950
38,255
38,582
40, 276
40, 634
41,174

93,954
95,848
94,020
93,396
94,798
95,427
95,946
95,395
95, 628
98,325
99,534
99,710

71,683
69,494
67, 506
66,064
62,111
61,818
64,128
61,814
59, 790
57,834
57,708
57,890

135,776
133, 210
128,974
126,776
123,056
121,285
124, 322
122, 695
126,930
118,105
117, 259
118, 700

18,709
19, 293
19,494
19,352
19, 497
19, 522
19, 681
20,403
19,750
19, 573
19.369
19,339

6,041
6,026
6,053
6,024
5,991
6,022
6,331
6,262
6,316
6,378
6,301

34,349
34,385
34,197
34,637
34, 504
35, 267
36,651
36,772
36,369
35, 966
35,604
35,187

43,941
44,737
44,753
41,799.
43, 225
42,685
42,732
42,444
42, 560
43,720
44, 514
43,600

103,040
104,441
104,497
101,812
103.217
103,496
105,395
105,881
104,995
105,637
105,818
104,427

:3,757
34,724

63,342
64, 690
63,673
64, 729
66,719
63,671
62,827
60, 652
63,143
64,828

122,834
126, 247
123,722
124, 564
127,374
123,262
122,413
119,997
124, 424
127, 296

19,457
19, 518
19,714
19,893
20,146
19,921
20,360
20, 549
20, 630
20, 657

7,005
7,085
7,248
7,351
7,393
7,450
7,114
7,235
7,239
7,373

36,133
36.722
36,872
37,142
37,148
37, 623
37,812
38,170
37,807
38, 342

44,707
46,166
46,842
46,724
48,191
47,954
48,412
48,415
48,630
51,651

107,302
109,491
110, 676
111, 110
112,878
112,948
113,698
114,369
114,306
118,023

84,280
79,935
79,804
77,082
82,221
88,718
89,307
90, 631

170,062
167,701
163,052
159,864
160,228
177,193
195,566
205,221
201,506

468, 597
456,676
439,398
431,485
449,276
520,795
574, 594
598,676
590,352

12,812
12,660
12,916
13,095
13,209
13,227
12,748
12,686
12,127

15,259
15,899
16,110
16,465
17,487

38,325
47, 761
38,313
38,222
50,401
38,006
48,407
36,659
48,152
47,886
37,400
48,354
37.723
39,499 i 50, 573
39,098 I 54,374

114,157
115,678
117,649
115,973
115, 507
116,083
116, 559
120,595
122,897

26, 942
26.406
26, 647
26,118

33,908
32,993
32,985
33, 538
33,369
32, 658

17, 570
17,734
17,837
17,298

28,367
28,386
28,226
28,305
28,694

2,127

918

FEDEKAL EESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits
State and date

Time deposits
In places having a population of—

In places having a population of—
Less than 5,000 to
5,000
15,000

Total

15,000 to 100,000 and
100,000

Less than 5,000 to
5,000
15,000

15,000 to 100,000
100,000 and over

Total

T exas—Continued.
1924—Jan. 23
Feb. 27....
Mar. 26—
Apr. 23-__.
May 28—.
June 25.-..
July23-_.
Aug. 27—.
Sept. 24...
Oct. 29___
Nov. 26-..
Dec. 24—

189,236
177,892
164,919
157,722
148,298
143, 617
140,105
144,924
170, 721
188,912
199,077
203,798

96, 698
93,195
88,673
85,737
80,834
79,468
76,666
77,109
83,289
88,146
91,196
93,171

89,219
91, 030
86,905
85,005
80,324
77,722
75,402
76,191
82,531
89, 775
93,318
94,272

195, 522
181,378
180,216
172,243
165,716
163,526
163,679
166, 565
178,078
190,116
205,874
226,405

570, 675
543,495
520, 713
500,707
475,172
464,333
455,852
464, 789
514,619
556,949
589,465
617,646

13,268
14,367
14,760
14,254
14,671
14,071
14,444
14,028
13, 729
13, 549
13, 558
12,325

18,420
18, 852
19, 306
22,261
21,440
22,182
22,255
22,167
22,188
21, 597
21, 572
20,843

40,965
41,644
42,254
41,127
39,454
40,029
40,043
39,468
40, 597
40,638
39,858
38, 570

57,633
62,039
57,109
57,369
56,841
58,964
58, 857
62,200
61,464
62, 551
63, 504
66,875

130,286
136,902
133,429
135,011
132,406
135,246
135, 599
137,863
137,978
138,335
138,492
138,613

1925—Jan. 28
Feb. 25—
Mar. 2 5 . . .
Apr. 22—
May 27....
June 24—.
July 2 9 . - .
Aug. 26—.
Sept. 23._.
Oct. 28-_Nov. 2 5 . . .
Dec 23—

200,102
200, 529
188,454
177,963
169,472
161,494
158, 762
163, 598
181, 595
197,000
199,912
193,833

95,446
97,142
92,730
91, 563
85,691
84,691
82,926
84,210
92,080
95, 565
95,902
96,406

93,227
101,137
105,327
101,933
97,972
94,847
92,883
91,802
94, 529
95,325
96,238
97,751

220,661
230.959
226,489
213,734
203,186
200,254
200,380
204,804
212,040
221,077
223,131
221,348

609,436
629,767
613,000
585,193
556,321
541,286
534,951
544,414
580,244
608,967
615,183
609,338

13,916
14,392
14,181
15,702
16,124
15,830
15,919
15, 676
17,148
15,142
15,216
14,459

21,730
22, 633
22,134
23,458
24,197
23,643
23,321
23, 548
23,290
23,028
23,055
22,183

40,009
41,060
39, 564
39,330
40,211
40,757
41,283
41,446
41,014
40,267
39,888
38,684

65,617
68,749
66,937
66,197
65,308
66,846
67, 775
67,070
67,876
67, 705
67,856
67, 536

141,272
146,834
142,816
144,687
145,840
147,076
148,298
147,740
149,328
146,142
146,015
142,862

1926—Jan. 27.__
Feb. 2 4 —
Mar. 24...
Apr. 28—.
May26—
June 23—
July 2 8 . . .
Aug.25__.
Sept. 22...
Oct. 27__.
Nov. 24...
Dec. 2 9 . . .

187,479
182,874
172,960
162,428
157,646
152,431
155,891
152,036
166, 231
170,410
175,268
170,053

95,934
94,758
89,587
87,017
85,422
85,935
84, 565
84, 555
87,297
88,994
89,296
88,585

98,114
100,990
101,772
99,621
98,113
96,319
96,278
97,159
100,471
102,907
102, 543
104, 309

219,725
219,322
219, 576
210,091
210,702
207,806
208.960
207,523
214,278
218,965
221,948
221,890

601,252
597,944
583,895
559,157
551,883
542,491
545,694
541,273
568,277
581, 276
589,055
584,837

14,442
14,874
14,681
14, 556
14,786
14,613
15,509
15,079
15,345
14,466
14,009
13, 234

22,324
22,777
22,631
22,330
22, 518
22,373
22,243
22,377
22,403
20,527
22,021
20,013

40. 586
40; 910
42,341
42,341
41,204
41,444
41,679
41,889
41,697
41,954
42,519
40,106

69,367
71,100
68,397
67, 741
68,189
70,294
67,859
67,742
67, 927
69,053
68,002
69,129

146, 719
149,661
148,050
146,968
146,697
148,724
147,290
147,087
147,372
146,000
146,551
142,482

1927—Jan. 26
Feb. 23 —
Mar. 23...
Apr. 27—
May 25—
June 2 2 . . .
July 2 7 . . .
Aug. 24—
Sept. 28...
Oct. 26-_.

170,174
174,765
166,783
161,986
157,889
156, 716
155,601
159, 220
186,028
199,821

90,496
93,425
90,801
89,045
87,042
86, 678
86,448
87, 768
95, 657
99,008

106, 607
103,869
107,933
106,739
103,273
98,641
99,245
99, 613
105, 365
106, 663

219, 246
233, 657
235,103
231, 643
222, 541
222, 970
221,061
225,050
236,168
246,060

586, 523
605,716
600, 620
589,413
570, 745
565,005
562,355
571, 651
623,218
651, 552

13,827
14,268
14,807
15,110
15,239
15, 987
15,483
15,459
15,722
15, 679

21, 951
22,530
23,191
23,463
24,040
23,867
23, 903
24, 584
25,054
25, 555

41, 561
44, 261
45, 943
45, 230
45,968
45,344
46, 265
45,839
45,49C
45,895

70, 695
76, 531
73, 268
73,330
74, 503
76, 222
73,186
77, 370
77,150
77, 969

148,034
157, 590
157,209
157,133
159,750
161,420
158,837
163,252
163\ 416
165,098

1923—Apr. 25—
May 2 3 - .
June 27—
July 25--Aug. 29—
Sept. 26...
Oct. 2 4 . . .
Nov. 28...
Dec. 26. -

6,257
6,365
6,619
5,939
5,493
5,568
6,303
7,163
7,741

3,U8

4,216
4,339
3,858
3,971
3,952
4,622
4,691
4,935
5,482

26,270

3,054
3,072
2,955
2,907
3,330
3,349
3,812
4,221

27,412
26.857
26,244
27,560
28,356 I
32,345
29,686 I

39,861
40,596
40,961
39,722
38,596
41,080
42,699
48,255
47,130

5,881
5,930
6,022
6,003
6,032
5,988
5,935
5,959
5,617

3,499
3,537
3,050
3,512
3,617
3,608
3,656
3,674
3,646

4,975
4,875
4,581
4,640
4,810
4,849
1,542
1,586
1,543

19, 583
19,793
19,430
19,291
19,096
19,267
18,790
17,749
19,138

33,938
34,135
33,083
33,446
33,555
33,712
29,923

1924—Jan. 2 3 . . .
Feb. 27-„
Mar.26...
Apr. 2 3 - May28—
June 25—
July 2 3 . . .
Aug. 27—
Sept. 24...
Oct. 2 9 . . .
Nov. 26--.
Dec. 24-..

6,776
6,344
6,114
5,804
6,269
5,836
5,361
5,158
5,401
6,369
7,063
7, 764

3,669
3,523
3,402
3,184
3,116
3,257
3,118
3,133
3,247
3,550
3,932
4,229

4,904
4,878
4,611
4,291
4,622
4,939
4,891
4,719
5,127
4,814
5,342
5,406

27,298
27,395
28,499
28,709
29,022
29,032
28,714
29,253
30,754
31,077
33.858
36,804

42,647
42,140
42,626
41,988
43,029
43,064
42,084
42,263
44,529
45,810
50,195
54,203

5,737
5,796
5,773
5,837
5,924
5,969
6,093
6,049
6,031
5,805
5,845
5,794

3,706
3,787
3,894
3,899
3,801
3,669
3,795
3,825
3,830
3,846
3,792
3,755

1,595
1,587
1,804
1,927
1,805
1,631
1,661
2,041
2,058
2,153
1,869
2,189

19,698
20,338
20,877
20,824
20,762
20,545
20,298
20,375
20,677
20,588
20,604
20,613

30,736
31,508
32,348
32,487
32,292
31,814
31,847
32,290
32,596
32,392
32,110
32,351

1925—Jan. 28. . .
Feb. 2 5 . Mar. 25—
Apr. 2 2 - -

6,554
6,230
5,856
5,828

3,286
3,523
3,309
3,199

5,419
5,049
5,105
4,679

32,172
32,106
32,398
30,860

47,431
46,908

5,987
6,064
6,086
5,972

3,844
3,746
3,878
3,820

2,313
2,318
2,295
2,163

22,370
22,849
22,704
22,457

34,514
34,977
34,963
34,412

Utah:




I

44,566

29,944

919

FEDERAL BESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Time deposits

Net demand deposits
In places having a population o—
f

State and date

Less than
5,000

5,000 to
15,000

15,000 to 100,000 and
100,000

In places having a population of—

Total

Less than 5,000 to 15,000 t o 100,000
and over j
5,000 i 15,000
100,000

Total

Utah—Continued.

1925—May 27.._.
June 24
July 29—.
Aug. 26....
Sept. 23....
Oct. 2 8 . . . .
Nov. 25_..
Dec. 23....

5,883
5,745 I
5,296
5,264
6,076
6,412
6,854
7,607

3,152
3,253
2,963
2,966
3,205
3,354
3,815
4,226

3,478
4,208
4,420
3,948
4,627
4,351
5,449
5,556

28,852
30, 723
30,505
29,755
31,135
32,217
35,469
37,084

41,365
43,929
43,184
41,933
45,043
46,334
51,587
54,473

6,609
6,100
6,118
5,949
6,144
6,084
5,791
6,149

3,913
3,523
3,887
3,904
3,978
3,943
3,907
3,976

2,005
1,914
1,973
1,541
1,510
1,589
1,406
1,425

22,351
21,641
21,259
21,393
21,414
20,709
20,565
20,586

34,878
33,178
33,237
32,787
33,046
32,325
31,669
32,136

1926—Jan. 27-_
Feb. 24..
Mar. 24..
Apr. 28..
May 26..
June 23..
July 28. _
Aug. 25..
Sept. 22.
Oct. 27-.
Nov. 24.
Dec. 29..

6,847
6,765
6,459
6,452
6,504
6,036
5,585
. 5,499
5,693
6,993
7,345
7,358

3,729
3,509
3,391
3,200
3,179
3,007
2,912
3,050
3,138
3,388
3,692
3,710

4,850
4,484
4,492
4,547
3,976
3,805
3,662
4,115
4,211
4,998
4,994
5,035

32,735
31, 710
30,575 ,
29,161 I
29,917
31,220
29,919
30,032
31,255
32,259
33,197
35,222

48,161
46,468
44,917
43,360
43,576
44,068
42,078
42, 696
44,297
47,638
49,228
51.325

6,224
6,215
6,173
6,095
6,120
6,087
6,165
6.162
5,885
6,301
6,261
6,240

4,105
4,204
4,202
4,097
4,134
4,113
4,128
4,127
4,088
4,089
4,134
4,173

1,500
1,612
1,478
1,491
1,727
1,688
1,692
1,669
1,646
1,636
1,661
1,780

22,396
23,009
23,265
23,375
23,143
23,070
17,497
17,197
17,160
17,349
17,230
17,046

34,225
35,040
35,118
35,058
35,124
34,958
29,482
29,155
28,779
29,375
29,286
29,239

1927—Jan. 26,Feb.23..
Mar. 23.
Apr. 27..
May 25—
June 22..
July 27..
Aug. 24..
Sept. 28.
Oct. 26..

6,667
6,725
6,253
6,271
6,339
5,949
5,549
5,767
5,819
6,875

3,374
3,424
3,194
3,142
3,014
2,906
2,830
2,961
3,451
3,484

4,732
4,887
4,551
4,341
4,113
4,154
3,997
4,372
5,052
4,859

32,160
32,290
32, 919
30,056
29,540
31,075
28,804
28,178
29,385
31,940

46,933
47.326
46, 917
43,810
43,006
44,084
41,180
41,278
43,707
47,158

6,308
6,357
6,479
6,457
6,541
6,599
6,557
6,495
6,468
6,531

4,244

1,801
1,768
1,818
1,745
1,741
1,577
1,805
1,777
1,851
1,812

17,345
17,461
17,721
18,203
17,809
16,930
17,625
17,988
17,905
17,768

29,698
29,803
30,239

1923—Apr. 25..
May .23..
June 27 _.
July 2 5 . .
Aug. 27..
Sept. 26..
Oct. 24..
Nov. 28_.
Dec. 26..

6,046
6, 346
6, 558
6, 861
7,140
8,265
6,795
6, 325

7,983
8,076
7,677
7,912
7,715
7, 892
8, 258
7,811
7,867

2,061
2.178
2, 438
2,472
2,196
2,298
2,149
2,034
1,987

16,090
16, 600
16, 208
16,942
16, 772
17,330
18, 672
16,640
16,179

11,784
11, 836
11,981
12,037
12,067
12. 045
12', 022
12,085
12, 327

12, 419
12, 586
12, 710
12, 743
12, 867
12; 846
12,925
12,983
13, 238

24, 203
24,422
24, 691
24, 780
24,934
24, 891
24,947
25, 068
25, 565

1924—Jan. 23...
Feb. 27..
Mar. 26..
Apr. 23..
May 28..
June 25 _.
July 2 3 . .
Aug. 27..
Sept. 24..
Oct. 29 __
Nov. 26-.
Dec. 24..

5,908
5, 744
5,590
5, 502
5,486
5, 464
6,057
6; 298
6,719
6, 737
6, 429
6,108

7,476
7,580
7,346
7,412
7,455
7,695
7, 618
7,608
7,750
8,232
7,928
7,821

2,109
2, 226
2,079
2,210
2,289
2,250
2,278
2,534
2,544
2,628
2,524
2,372

15,493
15, 550
15, 015
15,124
15, 230
15,409
15,953
16,440
17, 013
17, 597
16, 881
16, 301

12, 407
12, 559
12, 700
12,751
12, 722
12,857
12,810
12,832
12, 824
12,863
13,042
13,050

13, 335
13, 309
13, 507
13, 622
13, 519
13, 881
13,853
14,036
14, 064
14,105
14, 247
14, 551

25, 742
25, 868
26, 207
26, 373
26, 241
26,738
26, 663
26, 868

1925—Jan. 28...
Feb. 25..
Mar. 25..
Apr. 22..
May 27..
June 24—
July 29..
Aug. 26..
Sept. 23..
Oct. 28..
Nov. 25..
Dec. 23..

6,107
5,952
5,647
5,741
5, 865
5,925
6,545
7,239
7, 375
7,279
6,935
6, 603

7,934
7,520
7,352
7,512
7,830
7, 956
8,122
8.174

8,804
8,349
8,287

2,654
2.707
2, 500
2, 292
2,361
2,364
2, 513
2,363
2,507
2, 456
2,381

16, 695
16.179
15,499
15, 545
16,056
16, 245
17.180
17,776
18, 095
18, 539
17,665
17, 583

13,199
13,382
13, 508
13, 506
13,462
13, 597
13, 738
13, 709
13, 742
13, 772
13,820
13, 867

14, 563
14, 584
14, 493
14, 519
14,659
14, 705
14,998
15, 034
15,189
15,104
15, 379
15, 527

27, 762
27,966
28,001
28,025
28.121
28; 302
28, 736
28,743
28,931
28, 951
29, 274
29, 394

1926—Jan. 27...
Feb. 24..
Mar. 24..
Apr. 28..
May26June 23 „
July 28 _.
Aug. 2 5 -

6, 578
6,512
6,148
6, 045
6,227
6,457
7,145 I
7, 309 |

8.293
7,867
8,046
7,941
7,902
8,109
8,408
8. 508

2,798
2,842
2,898
3,045
2, 779
3,002
3,035
3,049

17, 669
17, 221
17,092
17,031
16,908
17, 568
18, 588
18, 866

14, 088
14,199
14, 417
14, 607
14,661
14,746
14,923
15,100

15, 659
15, 775
15,969
15,939
15, 944
16,053
16, 220
16,138

Yermont:

73628—27




9

4,217
4,221
4,194
4,231
4,213
4,189
4,189
4,094
4,250

30,322
29,319
30,176
30,449
30,318
30,361

26,968
27, 289
27, 601

75

40

120 j.

29, 787
29, 974
30,546
30, 605
30,799
31,143
31,358

920

FEDERAL RESERVE BULLETIN

DECEMBER, 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927—Continued
[In thousands of dollars]
Net demand deposits

Time deposits

In places having a population of—

State and date

In places having a population of—
Total

Less than •5,000 to
15,000
5,000

15,000 to 100,000 and |
100,000

Less than 5,000 to 15,000 to 100,000
15,000
5,000
100,000
and over

Total

Vermont—Continued.
1926—Sept. 22
Oct. 2 7 . . .
Nov. 24
Pec. 2.9

7,688
7,424
7,191
6, 542

8,671
8, 428
8, 647
8, 772

2,903
2,527
2,550
2,398

19, 262
18,379
18,388
17; 712

15,083
15,182
15,283
15,416

16,199
16, 450
16, 385
16,885

118
1, 775
1,777
1,728

31,398
33, 407
33, 445
34,029

1927-Jan. 26—
Feb. 23,.
Mar. 23..
Apr. 27..
May 25..
June 22,.
July 27..
Aug. 24..
Sept. 28Oct. 2 6 -

6, 632
6,460
6,271
6,103
6,284
6, 605
7,055
7,309
7,612
7,564

8,189
7,904
8, 005
8,204
85097
8,210
8, 519
8,481
8,818
8,626

2, 413
2,479
2,421
2, 523
2,346
2.271
% 347
2,418
2,392
2, 303

17,234
16, 843
16, 697
16, 830
16, 727
17,086
17,921
18, 208
18, 822
18, 493

15,648
15, 819
16, 038
16, 260
16,278
16, 470
16, 676
16, 728
16. 773
17,103

16. 970
17; 281
17,106
17,165
17, 215
17, 636
17, 708
17. 778
17, 875
18,169

1,754
1,756
1, 819
1,796
1,810
1, 850
1,919
1,942
1, 988
1, 852

34,372
34, 856
34,961
35, 221
35,303
35,956
36, 303
36,448

1923—Apr. 2 5 May 23..
June 27—
July 2 5 Aug. 2 9 Sept. 26Oct. 2 4 Nov. 28Dec. 26.-

27,660
27,285
28,925
26,994
26,011
27,062
27,299
28,361
27,631

13,890
13,873
13, 783
13,492
13,294
13, 597
14,124
14,184
14,026

39,322
38,937
38, 339
38,606
37,720
38, 749
37,234
39,075
38,837 j

69, 630
69, 791
69,744
68, 534
71.449
71,621
72,013
79,479
74,462

150, 502
149,886
148, 791
147,626
148.474
149,029
150,670
161,099
154,956

40,571
40,672
41,070
40,408
40. 709
40; 783
40,635
41,102
40,381

18, 752
18,872
18,640
19,155
19,143
19.154
19,075
19,015
18,703

25,989
28.293
26; 373
26, 660
26.313
26,694
26,514
26, 562
26,145

42,252
43,195
43, 382
43,979
43,286
44,201
44,059
43,449
42,281

127,564
129,032
129,465
130,202
129,451
130,832
130,283
130,128
127, 510

1924—Jan. 23—
Feb. 27—
Mar. 2 6 Apr.23—
May 28...
June 25—.
July 2 3 . .
Aug. 27...
Sept. 24..
Oct. 29..
Nov. 2 6 Dee. 24..

28. 532
28,138
26,402
25,435
24,251
24,256
24,467
24,291
24, 990
27,319
28,467
27,347

13,986
13, 558
13, 548
13, 781
12,929
12,846
12,889
12, 711
13,622
13,843
14,244
13,879

38,103
32,790
31,939
32,314
31,773
28, 675
29, 701
29,439
29,382
31,406
31,755
32,369

75.360
73; 561
62,700
70,810
72,624
70, 510
70.450
74,714
75,594
75, 689
80,759
79,148

155,981
146,047
134, 589
142,340
141, 577
136,293
137,507
141,155
143, 588
148,257
155,225
152, 743

42,351
42,798
42,867
43, 807
42, 532
42,629
42,879
42,391
43,689
42, 799
43, 637
42,882

18,940
19,242
19,853
19, 736
20,143
20,466
20, 588
20, 603
20, 509
20, 557
21.130
21,075

26,479
30, 814
30,903
31, 041
31.314
33, 627
33.713
33;958
34,180
34,254
34.499
34,441

42,887
43, 580
43,930
43,906
44,662
44,352
46,265
45, 913
45, 632
45,601
44,611
43,600

130,657
136,434
137,353
138,490
138,651
141,074
143,445
142,865
144,010
143,211
143,877
141,998

1925—Jan. 28—
Feb. 25..
Mar. 2 5 Apr.-22May27June 24—
July 29..
Aug. 2 6 Sept. 2 3 Oct. 2 8 . .
Nov. 2 5 Dec. 2 3 -

27,479
26, 260
25,205
25,143
24,108
23,871
24,782
25,140
26,254
25,635
27,742
27, 552

13,540
13,240
13,183
14,290
12,969
13,342
13,321
13, 548
14,691
14,662
14,673
14,251

31,785
31,929
31, 529
31,384
31,080
30, 796
32,301
32,518
33, 550
30, 516
34,974
33,709

83,073
86,820
80,771
78,269
77,136
76, 858
78,397
84,911
85,342
88,503
94,699

155,877
1E8, 249
150, 668
149,086
145,293
144,867
148,801
156,117
159,837
159,316
172,088
165,980

45,194
44,214
45,117
45,345
44,380
44, 795
44,648
44,286
44, 508
45,365
44,251
44,900

20,916
20, 731
19,945
21,053
21,040
21,253
• 21,211
21,049
•21,147
21,048
20, 923
20, 888

34,830
35,129
35,297
35,222
35, 569
35, 668
36,421.
36, 618
36,989
37,096
37,047
36,304

44,702
47,324
47,873
49,187
49,870
49,098
49,925
49,828
49,381
49, 529
49,848
47, 548

145,642
147,398
148,232
150,807
150,859
150,812
152,205
151,781
152,025
153,038
152,069
149,640

1926—Jan. 27...
Feb 24..
Mar. 24..
Apr. 2 8 May26June'23—
July 28.1
Aug. 2 5 Sept. 22..
Oct. 27..
Nov. 24...
Dec. 2 9 -

26,077
26,174
25,271
24,347
24,399
24,316
25,137
25,502
26,032
26,845
27,844
28,878

13, 658
13,873
13,530
14,140
14,178
14,250
14,264
14,172
14,691
14,400
14,867
14,293

32,280
33,009
32,605
32,601

92,510
92,257
84, 511
78,387
84,820
79,684
84,506
87,678
84,937
87,107
89,412
87,146

164, 525
165,313
155,917
149.475
156,285
150,207
156, 905
160,126
158,977
163,084
167,225
164, 605

45,842
48,452
46,841
48,238
47,070
46,997
47,169
47,358
47,123
46,673
48,011
48,447

21,137
21,189

21, 747

36,952
37,069
36, 074
37,387
37,485
37,803
38,519
38,644
38,430
38,768
39,321
38,589

48,873
49,828
50, 594
47,376
47,579
52,040
51,969
51, 506
50,979
51,065
50,369
50,151

152,804
154, 536
154.690
154,132
153,629
158,415
159? 393
159,322
158,462
158,545
159,622
158,934

27,190
26,758
26,100
25,188
25,108
25,478
25,881
25,845
27,168
27,174

13,995
14,182
14,004
13,604

34,220
33,305
32,194
31,884
31,726
30,477
30, 741
31,328
31,938
33,424

96,099
90, 596
89,742
87,915
86,812

171,504
164,841
162,040
158, 591
157, 759
157,019
164,424
163,489
165,332
168,892

48,505
48,907
50, 738
49,629
49,326
49, 816
50,045
50,163
50,117
50,247

21,926
22.155
22,321
22,611
23,337
23,474
23,707
23, 763
23,915
24, 089

38,701
40,063
39,960
41,143
40,810
40,913
40,794
41,030
40,634
41,234

52,384
52,318
52, 712
56,338
58,604
56,850
57,145
56,749
55,464
54,264

161,516
163,443
165,731
169, 721
170,077
171,053
171.691
171,705
170,130
169,834

Tirginia:

1927—Jan. 26—
Feb. 23.
Mar. 23
Apr. 27
May 25...
June 22.—
July 2 7 - _
Aug. 24
Sept. 28
Oct. 26




—
_-.

-

|
i
|
|
—_|
-1

14,113
14,629
14,565
15,041

15, 712
15,842

31,957
32,998
32, 774
33,317
34,732
35,102
34,288

!
!
I
'

93,237
91,275
90, 514
92,452

21,181
21.131
21,495
21, 575
21,736
21,814
21,930
22,039
21,921

37,124

DECEMBER,

921

FEDERAL RESERVE BULLETIN

1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 192S-1927—Continued
[In thousands of dollars]

Time deposits

Net demand deposits
In places having a population of—

State and date

Less than 5,000 to 15,000 to 100,000 and
5,000
15,000
100,000
over

In places having a population of—

Total

Total
Less than 5,000 to
5,000
15,000

Washington:
1923—Apr. 2 5 May 23..
June 27..
July 25. _
Aug. 29..
Sept. 26.
Oct. 24. _
Nov. 28..
Dec. 26__

27,646
27, 886
28, 284
27,676
28, 697
30,185
30,406
30.457
29, 636

13,758
12,845
12,895
12, 702
11, 940
12, 536
12, 719
12, 527
11,904

21,644
21,888
21,415
21,095
21, 272
22, 451
22, 224
21, 798
21,356

103,910
104,730
104,114
102,383
101,184
100,199
101,458
100, 757
99,941

166,958
167,349
166,708
163,856
163,093
165,371
166, 807
165, 539
162,837

21,444
21,379
21,767
20,762
21, 974
22,127
22,222
23,017
22, 699

1924—Jan. 23-_.
Feb. 27...
Mar. 26._
Apr. 23—
May 28.,.
June 25—
July 23...
Aug. 27...
Sept. 24..
Oct. 29__.
Nov. 26...
Dec. 24...

27,415
27,082
29,345
28, 762
27,481
27,450
26,452
27, 564
29,351
29,034
29,393
27, 664

11,315
12.264
13,399
13,758
12,200
12, 371
12,054
12,122
12, 318
12,394
13,482
12,566

20,870
20,815
23,208
21, 292
21, 486
20, 832
20, 345
20, 694
21, 431
22, 287
22,448
21, 331

99,455
101, 569
107,116
104, 642
104, 508
105,354
99, 694
102,397
102,504
102,060
102, 276
103, 577

159,055
161, 730
173,068
168.454
165, 675
166,007
158, 545
162, 777
165, 604
165, 775
167, 599
165,138

1925—Jan. 28. _
Feb. 25.,
Mar. 25..
Apr. 2 2 May 27__
June 24..
July 29..
Aug. 2 6 Sept. 23.
Oct. 28—
Nov. 25..
Dec. 23..

26,151
26,084
28, 652
28,331
27,313
27,382
27,663
28, 653
29,922
29, 709
29,718
29,049

12, 559
11,904
13, 987

20, 534
20, 765
23,403
22,152
21, 585
22,196
21,469
22,019
23, 244
23, 374
23,109

103, 532
104, 054
109, 362
109,976
107, 568
107, 111
105, 588
106,322
107,095
105,193
• 105,560
108,263

1926—Jan. 2 7 . .
Feb. 24—
Mar. 24..
Apr. 2 8 May26—
June 23—
July 28..
Aug. 25..
Sept. 22.
Oct. 27—
Nov. 24..
Dec. 2 9 -

27,071
27,459
29,568

12,928
12, 656
14,136
13,604
28, 664
13, 635
13, 563
28, 220
13, 766
30, 259 I 12,740
31,595 I 14,149
30,956 ! 12,850
30,101
12, 687
12,073

21,955
22,145
23, 988
23, 639
22, 817
23,467
23,034
23,932
24,125
23,005
23, 258
22, 791

27,296
28,143
30,365
29, 224
29,124
30,072
28, 382
30,087
31,818
31,117

12,043
12,073
13,964
14,118
15, 517
15, 785
14, 364
14,001
15, 258
14, 934

21, 565
22, 860
26, 202
24,942
25, 271
25, 682
25,178
25, 783
26,966
27, 293

35,958
35.772
35,122
35, 227
34,760
37.773
34, 468
34,789
34,556

11,896
11, 538
11,663
11,182
11,146
10,954
11,034
11,139
10,840

34,878
34,675
36,400
35,867
33,903
33,193
32,849 I

10,868
10,62?.
10,893
10,719
10,242
9,988
9,807

1927—Jan. 26.Feb. 2 3 Mar. 23..
Apr. 2 7 May 25__
June 22—
July 27-.
Aug. 24—
Sept. 28..
Oct. 26—
West Virginia;
1923—Apr. 25..
May 2 3 June 27..
July 25.Aug> 29—
Sept. 26..
Oct. 24...
Nov. 28..
Dec. 26..
1924—Jan. 23...
Feb. 27..
Mar. 26..
Apr. 23..
May 28..
.
June 25.
July 23




I

13, 284
13,193
12,991
12,496
14,028
13,931
13, 692
13,297

6,453
6,575

15,000 to 100,000
100,000 and over

7,075
7,134
7,221
7,343
7,413

15,342
15,849
16,174
16,123
16,474
16,647
16,737
17,044
17,247

59,280
59,487
60,019
61,058
61,902
62,621
63,072
64,544
64,919

105.51S
103,290
104,655
104,831
107,425
108.529
109,252
111, 948
112,278

22, 604
23,149
22,407
22, 225
22,152
22,099
21,910
21,986
22, 000
22, 219
22, 790
22, 508

6,752
7.438
7,398
7,420
7,494
7,522
7,475
7,542
7,511
7,664
7,798
7,848

17,230
17,193
16,974
17,147
17,130
17, 368
17,311
17,392
18,365
18,187
18,590
18,564

64,436
65,176
68, 592
68,724
69,279
70,633
71,197
70,524
73, 236
75,060
74,333

111, 022
112,956
115,371
115.516
115,404
116,268
117,329
118,117
118,400
121,306
124,238
123, 253

162, 776
162,807
175,4.04
174, 345
169,750
169,882
167, 711
170,169
173,064
172,077
172,344
173,718

22, 686
22,079
22, 772
23,112
23,121
22,932
23,187
23, 261
23, 265
22,974
23,175
23, 532

7,785
7,762
7.750
7,682
7,718
7,627
7,519
7,548
7,603
7,758
7,811
7,868

19,892
18, 665
18, 645
18, 751
18,793
19, 266
19,365
19,399
18,916
19,201
19, 557
19,826

77,121
73, 762
72,336
72,479
71,318
71,406
71,248
71,058
71, 661
71,717
71,757
715 666

127,484
122,268
121,503
122,024
120,950
121,231
121,319
121,266
121,445
121,650
122,300
122,892

107,878
105,511
112,288
110,103
109,409
110,530
108,137
109, 065
110,897
108, 571
106, 246
107,000

169.832
167, 771
179, 980
175,948
174, 525
175, 780
173, 720
175,996
180, 766
175,382
172, 292
170,460

23,765
24,028
23, 845
23, 725
23, 713
23,422
23,998
23,064
24, 280
25, 084
24,995
24,955

8,005
7,856
7,780
7,708
7,678
7,769
8,045
8,067
8,140
8,290
8,272

20.654
20,372
19,451
20,091
19,765
19,590
19,833
20,114
20,363
20.655
20,964
21, 243

71,217
71,274
70,832
71,085
71,392
71.197
71,800
71,767
72,646
73.198
72, 867
71,261

123,541
123.530
121,908
122,609
122,548
121,978
123,676
123,012
125,429
127,277
127,116
125,731

102, 888
107,448
110, 302
108,914
109, 554
114,427
111, 453
115,726
117,199
114,283

163, 792
170, 524
180.833
177,198
179,466
185,966
179,377
185, 597
191, 241
187, 627

24,850
25,121
25,110
24,942
24, 710
24,992
25,049
24, 648
25, 237
25,722

8,047
7,805
8,254
8,252
8,046
8,164
8,259
8, 338

20,387
20, 784
20,556
20,477
20, 600
20, 674
21,410
20,928
22,488
23,172

72,756
72,413
71,385
70,671

126,249
126,387
125,098
123,895
123,200
123,255
123, 760
128,133
131, 062
133,472

52,686
51,228
51,724
50,052
47,921
49,109
48,840
49,748
48,058

100,540
98,536
98,509
96,461
93,827
97,836
94,342
95, 676
93,454

29,174
29, 582
29,764
30,191
30,677
30,794
31,094
31,183
30,178

9,935
9,932
10,017
10,378
10,419
10,438
10,524
10,591
1.0, 556

41,123
40,827
39,670
39,958
40,458
39,823
39,865
39,860
38, 507

80, 232
80,341
79,451
80, 527
81, 554
81,055
81,483
81, 634
79,241

51,240
52, 247
51,478
51,153
46,786
45, 086
47, 207

97, 543
98,771
97,739
90,931
88,267
89,863

31,338
31,484
31,550
31,570
31,200
31,124
31, 256

10,633
11,081
10,820
10,896
10,926
10,976
10,914

38,554
39,214
39,620
39,642
39,679
39,302
39, 261

80, 525
81,779
81,990
82,108
81,805
81,402
81,431

8, 256

69,337
69,255
74,393
75,078
76,240

922

FEDERAL RESERVE BULLETIN

DECEMBER., 1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927-Continued
fin thousands of dollars]
Net demand deposits

Time deposits

In places having a population o—
f

State and date

iess than 5,000 to
5,000
15,000

West Virg!nia—Continued.

15,000 to 100,000 and
100,000

In places having a population o—
f
Total

Less than 5,000 to 15,000 to 100,000
5,000

15,000

100,000

Total

and over

32, 256
31,960
29,336
31,108
32,182

9,660
9,282
9,581
9,630
9,528

46, 454
48, 634
47, 883
48,900
48, 057

88,370
89,876
86,800
89, 638
89,767

31, 000
31,168
31,163
31, 341
31,389

10,948
10, 979
11,041
11, 030
10,941

39,143
37,073
37,227
37,302
36, 548

81, 091
79, 220
79,431
79,673
78,878

1925—Jan. 28_—
Feb. 2 5 - Mar. 25—
Apr. 2 2 . . .
May 27—
June 24.".
July 2 9 . . .
Aug. 28—
Sept. 23—
Oct. 28,...
Nov. 25—
Dec. 23. ~

32,682
32,633
32,351
32; 491
31, 533
31,485
31,646
32,480
33,195
31,844
32, 673
33, 685

9,558
8,510
9,933
9,912
9,747
9,226 j
9,877
10,018
10,147
10,278
8,919
10, 667

48, 235
50, 656
49, 662
48,993
46,708
47,269
47,741
47,768
47, 914
48', 468
49, 245
49, 399

90,475
91,799
91,946
91,396
87,988
87,980
89,264
90,266 !
91,256 I

11, 002
11,169
11,136
11,115
11, 018
11,066
11,057
11, 060
11, 056
11,097
11,169
11,115

36,724
37,957
37,437
37,650
37, 672
38,090
39,387
38, 956
38, 696
38,414
38,311
38,905

79,442
81,252
80,390

90, 590
90,837
93,751

31,716
32,126
31, 817
31,918
32, 261
31,894
32,087
31,904
32,149
32, 080
32,135
32, 080

1926—Jan. 27—
Feb. 24..
Mar. 24..
Apr. 28..
May 26..
June 23_.
July28_.
Aug. 25..
Sept. 22..
Oct. 27..
Nov. 24..
Dec. 29..

32,496
34, 367
34, 767
32, 694
32, 310
32, 703
31, 666
31,446
31,318
31, 372
31,653
33, 629

10, 528
10,957
10,' 632
10, 393
10,166
9,921
9,767
9,531
9,625
9,744
9,861
10, 010

51,319
49,950
50,879
48.069
46, 883
47,242
47,767
46, 528
51, 368
50,840
51, 542
50, 234

95, 274
96, 278
91,156
89,359
89, 866
89,200
87, 505
92,311
91,956
93,056
93,873

32, 223
32,854
32, 795
32,142
32, 536
33, 593
32, 887
32,878
33,000
32, 492
32,109
33, 423

10, 500
10, 529
10,656
10, 672
10,640
9,710
9,714
10,615
10, 727
10,901
10,906
10, 935

38, 855
39, 223
39,431
39,779
39,774
39, 880
39, 836
39,990
42, 351
41,378
41,305
39,994

81, 578
82, COS
82,882
82, 593
82, 950
83,183
82, 437
83,483
86, 078
84, 771
84,320
84,352

1927—Jan. 26—
Feb. 23..
Mar. 2 3 Apr. 27..
May 25..
June 22..
July 27..
Aug. 24_.
Sept. 28..
Oct. 23..

32,871
34,823
34, 545
33, 295
33,167

10,482
10,403
10, 262
10,436
10, 023
9,893
9,912

10, 025

53,913
53, 569
53,930
52, 015
52, 323
53,129
53,145
51, 349
51,143
51, 281

97,266
98,795
98,737
95,746
95, 513
95, 684
96, 531
94,150
92,737
93, 548

35,295
34, 623
34,701
35,045
35,227
34,450
35,187
35, 502
35, 543
35, 704

11,049
11,169
11,330
11, 508
11,459
11, 564
11,667
11,604
11,661
11,844

40,809
41,404
41,950
42, 380
42,674
43,023 I
43,671 I
43,852
43,793
43,892

87,153
87,196
87,981
88,933
89,360
89, 037
90, 525
90,958
90,997
91, 440

1923—Apr. 25 _.
May 2 3 June 27—
July 2 5 . .
Aug. 29_.
Sept. 26_
Oct. 24__
Nov. 28_.
Dec. 2 6 -

26,120
26, 200
25, 494
24, 612
23,733
23, 516
23,205
22, 398
22,150

21,432
21, 861
21, 477
20, 645
19, 721
19,929
19,546
19, 053
19, 398

56,216
54, 630
52, 559
53.070
51, 052
50, 889
49,908
49, 245
49, 596

96,289
90, 691
86, 358
92, 255
92,480
90, 678
89, 624
87, 738
88,002

200,057
193, 382
185, 888
190, 582
186, 986
185,012
182,283
178,434
179,146

41, 322
41, 759
41, 973
42,005
41, 790
41, 906
42,195
42, 845
42, 907

28, 359
28,729
27, 689
29,309
30, 373
29, 606
29, 660
30, 200
30, 273

52, 952
53, 358
53, 828
54, 589
54, 982
55, 085
55,536
55, 814
56, 097

60,176
62,981
61,176
60, 533
60, 829
61, 075
61,024
61,850 i
61,902 I

182,809
186,827
184, 666
186,436
187, 974
187, 672
188,415
190, 709
191,179

1924—Jan. 23
Feb. 2 7 - - .
Mar. 26___.
Apr. 23--..
May 28—.
June 2 5 —
July 2 3 . . . .
Aug.27_...
Sept. 24". _.
Oct. 29___.
Nov. 26—.
Dec. 24.__.

22, 860
24, 280
25,228
24,134
23, 744
23, 836
23, 788
23, 681
23, 327
22, 723
22, 356
22, 038

19,446
21,142
22,054
22, 063
21, 284
21,427
21,451
21,399
21,150
20, 807
20,869
20,869

49, 379
51, 939
56,180
55, 574
53, 330
52, 327
51, 342
50, 924
50, 775
53, 047
52, 349
52, 731

97, 630
103, 683
101,780
101, 557
93, 590
96, 392
95, 959
95,974
98,118
103, 347
99, 395
99,122

189, 315
201,044
205,242
203,328
191, 948
193, 982
192, 540
191,978
193, 370
199, 924

31, 623
31,841
32, 230
32, 227
32, 365
32, 525
32, 802
32, 695
33, 245
33,465
33,435

56, 739
57,108
56,225
57,446
57, 958
59, 323
59,029
59,408
59, 232
60,140
60,869
60, 577

60, 853
60,254
60, 537
61, 756
63,326
63,921
63, 840
65,001
65, 368
66, 200
67,254
67,148

190,468
191, 500
191, 243
194, 256
196, 586

194, 760

42, 676
42, 515
42, 640
42,824
43, 075
43,251
43, 467
44, 363
44, 605
44, 928
45, 510
45, 818

198, 861
201, 574
201,900
204, 513
207,098
206, 978

1925—Jan. 2 8 - .
Feb. 2 5 Mar. 25..
Apr. 22._
May 27..
June 24..
July 29..
Aug. 26_.
Sept. 23.
Oct.28__
Nov. 25_.
Dec. 23..

22, 535
23, 739
25,101
24,179
23, 245
23,024
23 395
24^174
23,913
23,725
23,297
23,192

20, 641
21, 388
23, 601
22, 678
22,478
22, 545
22, 529
22, 271
22, 299
22,081
21,573
21,091

52, 288
55, 928
61, 363
61,307
57, 666
55,772
56,808
56,225
56,701
56,533
56,236
55,764

108, 572
115, 384
114. 627
106,826
102, 658
103, 548
105,439
107,104
109,138
107, 670
102,847
101, 621

204, 036
216,439
224, 692
214, 990
206,047
204, 889
208,171
209, 774
212,051
210,009
203, 953
201, 668

45, 913
45, 981
45, 880
45,887
45, 931
46,251
46,206
46, 597
46, 679
47,069
47, 570
47, 785

33, 651
33, 670
33,941
34,061
34, 015
34,152
34, 548
34, 796
35,157
35, 653
36,084
36,068

60, 665
61, 343
61, 096
61,747
62,195
62,319
62,010
61,849
61,760
61,710
62,793
62,381

64, 564
63, 852
64, 631
64, 655
66,240
66,364
67,742
67,737
66,780
67,230
67,918
67,131

204,793
204,846
205, 548
206,350
208, 381
209,086
210, 506
210, 979
210,376
211, 662
214, 365
213, 365

1924—Aug. 27
Sept. 24.
Oct. 29

Nov. 26
Dec. 24

Wisconsin:




_..

.

33,474
32,913
31, 699
32, 242

80,951
81, 050
82, 531
81, 920
81,901
81, 591
81,615
82,100

DECEMBER,

923

FEDERAL RESERVE BULLETIN

1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY STATES, 1923-1927— Continued
[In thousands of dollars]
Net demand deposits

State and date

In places having a population of—
Less than 5,000 to
5,000
15,000

Wisconsin—Continued.
1926—Jan. 27__
Feb. 24
Mar. 24___
Apr. 28
May 26
June 23
July 28
Aug. 2 5 . . . .
Sept. 22
Oct. 27
Nov. 24
Dec. 29
1927—Jan. 26
Feb. 23
Mar. 23
Apr. 27
May 25
June 22
July 27 r
Aug. 24
Sept. 28_
Oct. 26

23,706
25, 506
26, 939
25, 913
25, 530
25, 523
25,215
24,853
24, 389
23, 302
22, 588
22,129
23, 023
23, 695
25,810
23, 853
24, 224
24, 644
23, 879
24, 074
23,473
22, 803

1923—Apr. 25
May 23
June 27
July 25
Aug. 29
Sept. 26
Oct. 24
Nov. 28
Dec. 26
1924—Jan. 23. Feb. 27..
Mar. 26..
Apr. 2 3 . .
May 28__
June 25..
July 2 3 . .
Aug. 2 7 Sept. 24..
Oct. 2 9 . .
Nov. 26..
Dec. 24..
1925—Jan. 28-.
Feb. 25__
Mar. 25..
Apr. 22.May 2 7 June 24 _ _
July 2 9 . .
Aug. 2 6 Sept. 23..
Oct. 2 8 . .
Nov. 25..
Dec. 23- _
1926—Jan. 2 7 . .
Feb. 24..
Mar. 24..
Apr. 28._
May 2 6 June 23 _.
July 2 8 . .
Aug. 2 5 Sept. 22.
Oct. 2 7 . .
Nov. 24..
Dec. 29..
1927—Jan. 26..
Feb. 2 3 . .
Mar. 23..
Apr. 27..
May 25..
June 22..
July27..
Aug. 24._
Sept. 28.
Oct. 26..

8,772
8,628
8,673
8,589
8,438

Wyoming:




Time deposits

9,477
9,941
9,382
8,691
8,001
7.766
7,751
7,910
7,404
7,329
7,809
8,173
8,649
9,044
8,106
7,557
6,958
6,608
6,416
6,811
6,533
6,778
6,617
7,273
8,170
8,578
8.. 149
7,740
7,381
7,092
7,104
7,360
7,064
7,058
6,922
7,711
8,878
9,379
8,695
8,125
7,844
7,279
7,371
7,277
6,971
6,820
6,937
7.533
8,754

15,000 to 100,000 and
100,000

21,470
22, 855
24, 963
23,932
23,887
24, 040
24,017
23, 341
23, 503
23, 705
22,494
21,824
21, 587
22, 285
24,143
24, 331
23,408
23,480
23,154
22,854
22, 682
21, 797
20, 827
21, 597
21,477
21,145
22,777
22.900
23, 333
22, 736
21, 896
21,412
20, 567
19, 796
19,419
19, 628
18,967
15, 989
14. 555
14, 364
14,969
15.355 I
14,075
15,375
12,421
12.389
14,104
14,587
14, 672
15,099
14,859
15,188
16,324
16, 252
15, 580
15,039
14,237
13,952
14,179
14, 538
13, 996
13,804 I.
13,841 L.
13,997 I .
.
15.735 L
15.435 L
14,758 |.
_
14,368 .
13.662 I.
12,513 |
.
12,963 |.
_
13,308 L
13,400 '
13,000
12,234
12,812
14, 299

58, 832
63,419
65, 333
63,759
62,282
61, 699
57,943
57, 559
57, 959
56,884
55, 733
55, 902
57, 631
62,867
66,400
64, 556
62, 596
60, 081
58, 742
59,091
58,963
62,019

112,407
122,215
120, 333
113,437
109,340
104,104
111, 249
109, 952
104,882
106,849
103,328
106, 600
110, 836
118,896
115, 640
111, 103
108, 818
107,275
109,886
108, 514
110, 729
116,498

In places having a population of—
Total

216,415
233, 995
237, 568
227,041
221, 039
215, 366
218,424
215, 705
210, 733
210,740
204,143
206,455
213, 077
227,743
231 993
219,046
215,480
215, 661
214, 533
215,847
223,117
29, 599
30,225
30,150
29,734
31, 215
31,866
32, 810
32, 677
31, 278
30,103
28, 568
27,562
27.170
27, 538
26 371
23 318
22,364
22, 537
23,618
24,399
22,181
22,932
19,379
18,997
20,520
21,398
21,205
21.877
21,476
22,461
24,494
24, 830
23, 729
22,779
21, 618
21.044
21,283
21, 898
21,060
20,862
20.763
21,708
24,613
24,814
23,453
22,493
21, 506
19,792
20,334
20,585
20,371
19,820
19.171
20,345
23,053

Less than! 5,000 to
5,000 I 15,000
47,800 i
47,953 !
48,339
48,862
49, 098
49,437
49, 657
50, 050
49,420
49, 691
49,068
49,357
49,371
47, 956
48,433
48,449
48, 418
48, 633
48, 991
49, 311
49,144
49, 508
6,095
5,839
5,820
5.859
5.838
5,790
5, 696
5,621
5,561
5,569
5,597
5,514
5, 339
4,868
4,846
4.729
4,666
4,750
4.813
4,839
4,549
4,828
4,878
4,826
4,854
4,784
4,634
4,706
4,755
4,696
4,756
4,750
4,584
4.577
5,236
4,674
4,635
4,753
4,749
4,836
• 4,r

•

4,
5,051
5,090
5,082
5,368
5,273
5,174
4,820
4,864
4,905
4,883
4,885
5,017

15,000 to 100,000
100,000 and over
62, 210
64,090
64,552
64,911
65,144
66,258
64,935
65,205
64, 610
64, 252
64,342
64,473
65.242
67, 269
66,478
67.243
67.407
67.408
67,032
67,284
68,276
66, 522

36, 225
36,312
37,124
37,272
37,212
37,483
37, 916
38,237
38, 597
38, 925
38, 951
38, 794
39,006
38,724
38,840
38,997
40,137
40,478
40, 607
40,487
40,948
10,794 I
.
10,759 '
10,794
10,936
13,037
10,904
11,017
11,016
10, 701
11,083
11,265
11,106
10,985
10,925
10, 509
8,569
8,548
8,582
8,422
8,332
7,806
7,953
7, 966

8,043
7,990
7,894
7,956
7,922
8,062
8,160 |
8,218 i
8.494 |
8.450
8.576
8,529
8,363 i.
8,371 !.
8,413 I.
8,523
8,471
8,633
8.750
8.790
8,969
8,994
9,062
8,919
8,935
8,924
8.985
9.019
9,159
9,438

!

65, 708
64,761
64,967
66,559
67,462
67, 680
67,822
68,345
68, 623
68, 597
67, 794
66,307
66, 631
67, 623
69,497
69,777
70,489
70, 684
71,177
72,212

Total

211,943
213,116
214,557
217,456
218, 976
220, 587
219,897
221, 516
220,890
220,623
221,326
221,378
221,201
220,538
220,266
222,155
224,319
225,955
226,990
227,886
227,084
229,190
16,598
16.614
16,795
18,875
16, 694
16,713
16,637
16.262
16, 652
16,862
16,620
16,324
15,793
15,355
13,298
13,214
13.332
13,235
13,171
12,355
12.781
12,844
12,869
12,844
12,678
12,590
12,628
12,817
12.856
12,974
13.244
13,164
13,027
13,812
13,203
12,998
13,124
13,162
13,359
13,355
13.531
13, 733
13,841
14.059
14.076
14,430
14,261
14,093
13,755
13,788
13,890
13,902
14,044
14,455

924

FEDERAL EESEEVE BULLETIN

DECEMBER,,

1927

ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY DISTRICTS, JANUARY TO OCTOBER, 1927
[In thousands of dollars]
Net demand deposits
In places having a population of—

Federal reserve district and
date
Less than
5,000

Time deposits
In places having a population of—

5,000 to
15,000

15,000 to
100,000

100,000
and over

Total

United States:

Less than
5,000

5,000 to
15,000

15,000 to
100,000

100,000

and over

Total

Jan. 26-__.__
Feb. 2 3 . . . . . .
Mar. 23
Apr. 27
May 25
_
June 22....__
July 27
Aug. 24
Sept. 28
Oct. 26
Boston:
Jan. 26
Feb. 23..»_._
Mar. 23
Apr. 27
May 25
June 22..
July 27
Aug. 24
Sept. 28
Oct. 26
New York:
Jan. 26
Feb. 23
Mar. 23
Apr. 27
May 25
June 22..
July 27
Aug. 2 4 . . . . . .
Sept. 28
Oct. 26

632,886
644,353
628,223
613,762
608,719
597,148
610,514
631,865
690,075
726,041

1,112,540
1,117,287
1,115,408
1,114,248
1,104, 643
1,111,583
1,111,573
1,114,345
1,145,837
1,162,017

2,331,763
2,346,124
2,353,827
2,358,158
2,352,628
2,335,074
2,340,440
2, 335,573
2,362,912
2,388,206

13,043,804
12,997,387
13,259,662
13,259, 545
13,404,963
13,490,103
13,492,839
13,411,377
13,467,701
13,683,486

18,120,993
18,105.151
18,357; 120
18,345, 713
18,470,953
18,533,908
18, 555,366
18,493,160
18,666,525
18,959,750

1,821,094
1,823,250
1,844,336
1,839,547
1,857,083
1,855,311
1,874,830
1,873,396
1,872,092

1,195,967
1,202,251
1,211,002
1,219,967
1,222,435
1,233,482
1,242,608
1, 252,553
1,258,450
1,265,795

48,043
46,257
45,471
46,639
46, 619
46,653
50,206
53,129
53,739
53, 646

73,022
72,067
71,798
73,774
72,865
73,463
76,196
77,391
79,722
81,664

213,970
211,724
210,855
217,599
218,385
218,154
216.274
214,318
216,848
225,919

1,049,450
1,029,373
1,029,371
1,050,987
1,057,140
1,058,936
1,073,597
1,067, 203
1,075,163
1,112,171

1,384,485
1,359,421
1,357,495
1,388,999
1,395,009
1,397,206
1,416,273
1,412,041
1,425,472
1,473,400

66,082
66,868
67, 670
68,251
18,903
»9, 665
69, 738
70, 521
71,083

86,624
88,157
88, 792
89,835
90, 505
91,418
92,374
92,854
93, 610
94,045

205,013
208,951
211,570
214,215
215,703
213,762
220,005
222,155
224,715
223,235

200,665
197,766
197,337
201,771
207,980
205, 533
216,155
220,943
213,671
218,342

120,043
118, 733
120,145
125,344
122,156
124,348
127,859
131,174
128,874
129,748

309,793
309,201
309,112
314,722
317,565
314, 562
320,251
317,662
323, 336
334,911

5,774,272 6,404,773
5, 654,829 6,280, 529
6,537,120
5,910,526
6, 592, 670
5,950,833
6, 712,049
6,064,348
6, 771,542
6,127,099
6, 111, 392 6,775,657
5.933,005 6, 602, 784
6,020,486 6,686,367
6,112,499 6,795,500

347, 642
348, 996
366,363
359.437
365; 876
366,812
375,018
372,461
373,145
383,134

180, 683
182,129
183, 749
184,986
182.104
188,012
191,770
192,619
195,169
196,100

472,304
478,171
485,007
488, C12
493,387
497,420
502,968
507,176
512, 511
521,481

1, 520,721
1,544,663
1, 558,368
1, 583, 554
1, 587,398
1,630,081
1,647,656
1,654,049
1, 673, 697
1,701,377

2, 521,350
2, 553,959
2, 593,487
2,615,989
2, 628,743
2, 682,325
2,717,412
2, 726,305
2, 754,522
2,802,092

Jan. 26
Feb. 23.
Mar. 23
Apr. 27-.__.
May 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26_____.
Cleveland:
Jan. 26
Feb. 23
Mar, 23
Apr. 27
May 25
June 22
July 2 7 . . . . . .
Aug. 24
Sept. 28
Oct. 2 6 . . . . . .

138,736
140,498
141,141
140,339
140,442
140,534
140,152
143, 541
148,125
147,353

72,754
74,077
73,089
72,122
72,160
70,536
70,922
71,837
74,005
74,660

153,569
152,071
154,378
154,334
155.275
154,332
154.292
154,482
158, 787
156,043

1,210,538
1,214,966
1,201,346
1,194,758
3,191,239
1,177,296
1,173,116
1,194,419
1, 219,643
1,214, 588

271,182
272,986
275,083
277,889
278,490
281,281
283,803
287,788
285,880
287, 587

139,132
139,909
141,445
141,747
142,407
141,613
143,281
143,974
144,394
145.105

248,478
250,737
251,948
254, 693
256, 567
261,272
265,263
267,419
271,146
272,769

302,154
308,732
308,172
311,736
310,482
305,485
314,730
306,581
321,956
324,102

972,384
976, 648
986,065
987,946
989, 651
1,007,057
1,005,762
1,023,376
1,029,543

141,802
142,713
142, 214
140,811
140,483
139,926
144,95G
144,553
145,056
142,648

124,296
128,108
126,123
124,497
125,064
130,385
133,902
133,488
132,845
129,206

1,499,814
1,510,744
1,565,183 I
1,515,128 i
1,521,344 I
1,576,897 i
1,573,864 i
1,571,276 i
1,535,809
1, 524,750

207,151
207,345
211,801
211,913
219,454
212,231
212,260
208,826
208,188
208,089

154,112
154,609
156,551
156,928
157,705
158,403
158,152
162,048
. 162,659
163,081

219,496
218,436
223,769
225.132
226,578
230,385
226,128
232,930
234, 737
236,283

860,749
864, 772
888,938
940,915
950,122
906, 574
935,749
950,226
966,551
952, 554

1,441,508
1,445,162
1,481,059
1,534,888
1,553,859
1, 507, 593
1, 532,289
1,554,030
1,572,135
1,560,007

Jan. 26
Feb. 23
Mar. 23
Apr. 27
May 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26
Atlanta:
Jan. 26
Feb. 23
Mar. 23
Apr. 27
May 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26

94,618
95,479
94,344
91,609
92,059
91,891
93,151
93,418
97,344
100,888

65,522
65,234
64,987
64,088
64,493
65,519
63,808
63,403
67,935
70,739

172,937
169,400
170,902
169,460
171,295
171,270
171,844
169,431
174,990
179, 570

296,554
291,455
283,074
282,671
280,095
283,644
304,956
300,139
295,954
287,386

629,631 ' 143,859
142,893
621,568
144,792
613,307
142, 666
607,826
144,038
607,942
144,070
612,324
147,318
633, 759
148,065
626,391
148,689
636,223
149, 683
638,583

91,027
91,080
91,907
93,948
93,943
94, 708
95,993
96,395
97,418

' 148,094
148,011
146, 647
149,484
151,087
151,121
159, 567
160,827
160,680
161, 738

154,388
154,815
156, 601
162, 513
163, 574
165, 719
169, 208
171,807
169,120
176,074

537,368
536,799
539,947
548, 611
552,642
555, 618
572,088
577,094
575,168
584,913

84,004
85,298

84,610
85,864
82,355
79,087
75,428
73,418
71, 916
70, 757
73,499
73,777

226,025
224,863
220,258
219,177
219,193
210, 568
202, 293
203.293
206,050
208, 300

241,207
240,994
231,638
235, 669
228,411
228,481
228,012
231,206
236,951
241, 743

635,846
637,019
618,079
614, 672
601,350
587,188
574,848
579, 772
599, 589
606, 959

68,645
69,649
71,185
71,089
70,573
69,360
67,796
67,300
68,004

178, 625
179,996
180,434
181,025
184,460
184,392
185.133
184,433
183,850
183,408

135,208
140,917
141,691
141, 561
144,027
142,233
142,756
141,239
142,036
149, 545

443,142
451,322
453,357
456,010
462, 732
460,112
460,957
456,919
458,129
465,342

Philadelphia:

Richmond:




80,739
78,318
74,721
72, 627
74,516
83,089
85,139

845,479
848,320
832,738
827,963
823,362
811,894
807,750
824, 559
838,726
836, 532

194,205 , 1,039,511
195.653 | 1,044,270
192; 282 1,104,564
196,814 1.053,006
195,875 1,059,922
198,258 1,110,328
203,247 1,091, 765
206, 548 1,086,687
202,446 1,055,462
202,018 1,050,878

61,047
61, 764
61,583
62, 239
63,156
62,914
63,708
63,451
64,943
64,385

2,274,149 6,316,424 11,607,634
2,294,785 6,474,626 11, 794,912
2,316,003 6,528,933 11,900,274
2,337,857 6,604,462 12,001,833
2,358,077 6,686,042 12,123,637
2,363,086 6, 706,971 12,158,830
2,390,221 6,753,082 12,260, 741
2,410,706 6,797,832 12,334,487
2,436,285 6,884,717 12,451,544
2,449,671 6,924,957 12,527,013
514,388
512,346 j
522,737 !
523,038
531,483
540,493
559,695
563,621 '
583,083
575,873

872,087
876,322
890,769
895,339
906,358
914,574
941,739
971,929
984,236

ALL

925

FEDEKAL KESEKVE BULLETIN

DECEMBER, 1927

MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, BY DISTRICTS, JANUARY TO OCTOBER,
1927—Continued
[In thousands of dollars]
Net demand deposits
In places having a population of—

Federal reserve district and
date

Time deposits
In places having a population of—

100,000
and over

Less than
5,000

5,000 to
15,000

15,000 to
100,000

100,000
and over

2,415,512
2,475,340
2,493,431
2,497,190 I
2,551,378 I
2,517,104
2,501,570
2,573,432
2,537,563
2,574,257

251,073
248,378
247,520
247, 784
249,339
250,874
253,387
253,894
254,223
254,627

174,126
174,074
175.300
176,227
177,714
180,116
181,642
183.178
183,335
184,915

413,672
417,366
418,498
424,661
426,431
427,938
429,987
433,067
439,406
442,357

1,086,929
1,098,071
1,100,291
1,108,023
1,125,691
1,160,082
1,159,436
1,170,447
1,169,453
1,184,419

1,925,800
1,937,889
1,941,609
1,956,695
1,979,175
2,019,010
2,024,452
2,040,586
2,046,417
2,066,318

455,843
456,852
452,023
452,997
442,724
453,413
451,972
447.059
448,177
460,758

729,332
730,377
726,871
729,554
724,384
727,157
722,073
713,229
717,414
735,947

90,061
90,886
91,263
91,433
91,893
89,665
89,962
90,149

80,470
81,531
82,191
81,964
82,510
83,515
84,614
84,810
84,218
84,567

274,777
282,016
285,533
285,403
290,431
279,451
283,439
287,445
287,347
289, 574

498,840
509,026
514,079
514,784
520,851

90,257

53,332
54,593
55,092
55,984
56,017
56,095
56,574
57,385
57,562
57,678

72,158
73,190
74,252
72,455
71,857
77, 689
78,695
75,622
78,236
80,155

169,470
173,101
171,961
161,052
158,014
158,782
158,708
160, 004
182,239
192,409

419,319
424,958
424,870
405,767
399,616
409,701
409,322
406,245
445,796
465,967

158,022
161,079
156,426
155,633
153,278
153,383
152,955
152,982
151,481
150, 997

105.179
106,028
105,313
105,983
104,342
105,540
105,107
105,956
106,008
106.301

73,037
73,437
73,408
73,843
74,636
74,908
75,272
75,608
76,728
78,316

95,760
94,706"
95,119
95,779
99,229
99,388
97,449
99,865
98,634
104,446

431,998
435,250

120, 602
118,741
118,740
119,167
115,746
117,732
117,154
117,843
118,981
124, 031

230,085
243,624
246,029
236,308
228,920
228,430
232,347
232,825
231,035
228,012

310,144
308,974
309,181
302, 523
302,963
309,143
317,358
325,350
305,889
305, 933

860, 742 ! 93, 585
873,212 I 93,696
874,982
94,170
854,225
94,084
838,619
94,290
846,366
94,672
861,280
95,952
871,474
96,324
852,161
95,379
864, 645
95,103

59,903
60,236
60,127
60,713
61,380
. 61,224
61,123
61,635
62,198
62,366

81,054
81,393
82,725
86,003
86,664
86,096
87,619
88 891
89) 883
91,266

88,323
89,127
89, 748
87, 699
88,489
88,415
90,261
93,082
92,742

322,865
324,452
326, 770
328,499
330,823
330,407
334,955
338,519
340,542
341,477

183,040
187,440
178,671
173,758
169, 516
168,216
166,516
170,148
198, 790
213,532

99,835
102,945
100,327
98,496
96,342
95,597
95,293
96, 642
105,187
109,047

131, 087
126,837
131,348
128,921
124, 737
119,913
120,442
119,978
127,709
130,300

219,246
233, 657
235,103
231,643
222,541
222,970
221,061
225,050
236,168
246.060

633,208
650,879
645,449
632,818
613,136
606,696
603,312
611,818
667,854

17, 801
18, 273
18, 879
19,209
19,554
20,141
19,589
19,534
19,775
20,135

25,990
26.596
27,142
27,415
28, 064
27,978
28,077
28,809
29,248
29,752

52,433
55,103
56,841
55,882
56, 774
56,204
57,516
57,080
56, 958
57,510

70,695
76,531
73,268
73,330
74,503
76,222
73,186
77,370
77,150
77,969

166,919
176,503
176,130
175,836
178,895
180,545
178,368
182,793
183,131
185,366

152,213
148,062
146,232
146,505
147,409
148,767
150,134
152, 676
157, 981
160,834

78,570
74,924
75,475
74,017
78,149
77,959
75,695
77,461
82, 533
82,840

147,436
148,091
144,833
144,707
144,748
139,650
142,100
143,140
147,754
143,852

919, 574
955.061
932,447
946,877
944, 581
938,055
942,363
957,002
954,366

ls 297,793
1,326,138
1,298,987
1,312,106
1,314,887
1,304,431
1,310,292
1,330,279
1,342, 634
1,366,215

113,609
110,086
108,786
109,009
109,028
110,365
111, 213
110,184
110,037
111,530

57.597
56,195
55,935
55,016
57,165
57,804
59,175
59,904
60,288
61,030

101,473
101,653
102,965
102,943
103,300
96,053
96,149
96,310
101,453
96,741

1,212,332
1,307,930
1,308,467
1,290,911
1,320,635
1,312,828
1,279,517
1,283,513
1,302,608
1,296,282

1,485,011
1, 575,864
1, 576,153
1, 557,879
1,590,128
1,577,050
1,546,054
1, 549,911
1,574,386
1, 565,583

Less than
5,000

5,000 to
15,000

15,000 to
100,000

184,106
190,959
191,449
190,688
191,443
190, 631
186,883
189,119
187,686
183,653

124,642
127,144
130,912
134,566
133,051
133,120
132,189
130,654
133,042
130,556

383,710
396,736
404,034
408,612
406,022
405,995
398,593
399,546
398,715
401,620

1,723,054
1, 760,501
1,767,036
1,763,324
1,820,862
1,787,358
1,783,905
1,854,113
1,818,120

105,811
106,118
105,758
106,836
107,509
102,057
100,393
99,802
102,835
104,278

70,890
72, 673
73,546
74, 672
75,395
73,434
69,646
67,640
69,396
71,405

96,788
94,734
95,544
95,049
98,758
98,253
100,062
98,728
97,006
99, 506

99,937
101,890
100, 746
97,840
95,951
97,158
94,926
94, 564
105,503
109,059

77,754
76,777
77,911
74,420
73,794
76, 072
76,993
76,055
79,818
84,344

199,911
201,873
201,032
196,227
190,990
191,061
194,421
195,456
196,256
206, 669

Chicago:

Jan. 26..
Feb. 23
Mar. 23....__.
Apr. 27
May 25.
June 22
...
July 27
Aug. 24
Sept. 28__.—.
Oct., 26
St. L o u i s :
Jan. 26
Feb. 2 3 . .
Mar. 23
Apr. 27
May25___—.
June 22.
July27-_—_.
Aug. 24
Sept. 28
Oct. 26
Bfinneapoils:
Jan. 26
Feb. 23
_.
Mar. 23
_.
Apr. 27-.
May 25.
June 22
July 2 7 - . - — .
Aug. 24
Sept. 28
Oct. 26__
Mansas City:
Jan. 26
Feb. 23
Mar. 2 3 . . . — .
Apr. 27
May 25
June 22
July 27
..
Aug. 24
Sept. 28
Oct. 26
Dallas:
Jan. 26
Feb. 23
Mar. 23
Apr. 27
May 25
June22__
July 27
Aug. 24
Sept. 28
Oct. 26
S a n Francisco:
Jan. 26
Feb. 23
Mar. 23
Apr. 27..
May 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26

Total

i
!
I
i
j
!
|
|
|
I

Q1 (\f{Q
yi, ooy

Total

514,589
519,789
518,958
522,076

431,238
431,485
433,219
430,783
434,411
432,851
440,060

NOTE.—Back figures corresponding to those given in this table are given in the Annual Eeport of the Federal Reserve Board for 1926, Part I,
Table 86, and Part II, Table 11; some revisions have been made in these tables, however, in the process of working up the data by States, and these
revisions may be obtained upon request?




INDEX TO VOLUME 13
Acceptances:
Page
Bankers'—
Buying rates of Federal reserve banks, _ 323,
401, 472, 568, 642, 704, 756, 838
Reduction in
631
Chart showing rates in international
centers
193
Market rates in New York City.. 9, 85, 157,
256, 323, 401, 472, 568, 642, 704, 756, 838
Market rates in foreign countries- 54,123,208,
289, 351, 426, 494, 603, 660, 723, 774, 852
Outstanding monthly. 625, 682, 741, 793, 875
Banks granted authority to accept bills up to
100 per cent of capital and surplus
109,
270, 780, 861
Growing out of import or export transactions, ruling on
860
Held by Federal reserve banks
65, 135,
223,301, 370, 441, 519, 619, 675, 735, 786, 867
Netherlands, regulations governing eligibility of paper,
_ _ 597
Open-market purchases bv Federal reserve
banks
__
"
66, 136, 224,
302, 371, 442, 520, 620, 676, 736, 787, 868
Rates in international centers
193
Trade, suggested change in form of
510
Adjusted service certificates, loans on:
Act authorizing Veterans' Bureau to make
loans direct to veterans
269
Regulation M of Federal Reserve Board___
30
Regulation of Veterans' Bureau
31
Ruling of Federal Reserve Board
29
Administrator. (See Fiduciary powers.)
Advisory Council, Federal:
Meetings of
154, 396
Recommendation relative to Cuban agency.
396
Agency, Cuban. (See Cuban agency.)
Agent general for reparations payments, report
of
__. 44, 579
Agricultural commodities, stocks of
79
Agricultural credit, discussion of
151
Agricultural credit banks. (See Federal intermediate credit banks.)
Agricultural implements, sales of, chart showing.
97
Agricultural movements, index of
40, 110,
189, 273, 331, 409, 480, 576, 650, 712, 764, 846
Agricultural prices:
Chart showing
312
Discussion of
312, 689
Index of
11, 86,
159, 258, 327, 405, 476, 572, 646, 708, 760, 842
Agricultural paper:
Discounted by Federal reserve banks
66, 136,
224, 302, 371, 442, 520, 620, 676, 736, 787, 868
Held by Federal reserve banks
65, 135,
223, 301, 370, 441, 519, 619, 675, 735, 786, 867
Agricultural production in 1927
694
Alabama:
Branch banking in
317, 386, 387
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
_ _ 382, 548, 747
Deposits of member banks in, by size of city.
886
73628-27
10




Annual reports:
Agent general for reparations payments- - 44, 579
Bank of Austria
_*___
412
Bank of Belgium
279
Bank of Chile
653
Bank of Czechoslovakia
419
Bank of France
197
Bank of Italy
590
Bank of Japan
_
346
Bank of Kingdom of Serbs, Croats, and
Slovenes
487
Bank of Netherlands
596
Bank of Poland
340
Bank of Rumania
717
Bank of Switzerland
201
Federal Reserve Board
154, 467
German Reichsbank
334
Argentina:
Chart showing peso exchange
715
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926-_..
278
Gold standard, restoration of
715
Peso exchange
715
Arizona:
Branch banking in
317,386,387
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in_
382, 548, 747
Deposits of member banks in, by size of
city
886
Arkansas:
Branch banking in
317, 386, 387
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits*'of member banks in, by size of
•city—
887
Assets and liabilities. (See Resources and liabilities.)
Assignee. (See Fiduciary powers.)
Atlanta, Ga.:
Condition of member banks—
Mid-year summary
538
Monthly statistics
68, 138, 227, 304,
374, 445, 523, 622, 679, 738, 790, 871
Money rates in
- 72, 142,
_
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Attorney General, opinion of, as to whether
joint-stock land banks are "banks" within
the meaning of the Clayton Act
268
Australia:
Cost of living and retail food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Gold holdings, 1913-1926— —
278
Wholesale prices—•
All commodities
58, 127, 212, 293,
354, 429, 497, 606, 663, 726, 777, 855
Description of index
770
Groups of commodities
355,
430, 498, 607, 664, 727, 778, 856
927

928

INDEX TO VOLUME 13

Austria:
Page
Bank of—
Annual report
412
Condition of
51, 120, 205,
286, 348, 423, 491, 600, 657, 720, 771, 849
Discount rates—
Changes in
122, 193, 207, 602, 659
Monthly.
53,122,207,288,
350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
Money rates-___
54, 123,
208, 289, 351, 426, 494, 603, 660, 723, 774, 852
Retail food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Wholesale price index—
Description of
769
Monthly
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Automobiles, production of:
Chart showing-,- —
89
Index of40, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Revision of index
562
Balance of payments:
Austria
__
412
Brazil
195
Germany
47
Italy
591
Japan. _.
346
Poland
__--___
342
United States
636
Balance of unfunded debt and of security holdings between the United States and foreign
countries
.
637
Balances, bankers'. (See Bankers' balances.)
Balances due member banks from foreign banks.
465
Baltimore, Md.:
Branch banking in
.
__
389
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Bank balances, foreign banks with member
banks
„
465
Bank credit:
Discussion of
1,
80, 149, 313, 394, 455, 555, 689, 749, 795
Federal reserve—
Chart showing8, 84,
156, 321, 399, 470, 566, 640, 702, 754, 836
Discussion of
1,149,627,691
Factors in supply and demand for
632
Mid-year review
„
457, 527
Monthly averages of daily figures..
321,
399, 470, 566, 640, 702, 754, 836
Monthly averages of weekly
figures
325,
403, 474, 570, 644, 706, 758, 840
Foreign banks of issue
749
Germany, discussion of
749
Member bank—
Chart showing
156,
320, 398, 469, 565, 700, 753, 835
Discussion of _ _
1,
151, 313, 394, 455, 555, 795
Mid-year review. _ 455, 528
Monthly averages of weekly figures
325,
403, 474, 570, 644, 706, 758, 840
Bank debits
71, 141,
241, 307, 377, 448, 526, 625, 682, 741, 793, 875




Bank deposits. (See Deposits.)
Page
Bank examiner, loan to, in violation of section
22 of Federal reserve act_.«
._609
Bank failures. (See Bank suspensions.)
Bank notes. (See Federal reserve bank notes;
National bank notes.)
Bank of Austria. (See Austria.)
Bank of Belgium. (See Belgium.)
Bank of Bulgaria. (See Bulgaria.)
Bank of Chile. (See Chile.)
Bank of Colombia. (See Colombia.)
Bank of Czechoslovakia. (See Czechoslovakia.)
Bank of Danzig. (See Danzig.)
Bank of Denmark. (See Denmark.)
Bank of Egypt. (See Egypt.)
Bank of England. (See England.)
Bank of Estonia. (See Estonia.)
Bank of Finland. (See Finland.)
Bank of France. (See France.)
Bank of Greece. (See Greece.)
Bank of Hungary. (See Hungary.)
Bank of Italy. (See Italy.)
Bank of Japan. (See Japan.)
Bank of Java. (See Java.)
Bank of the Kingdom of Serbs, Croats, and
Slovenes, annual report of
.
487
Bank of Latvia. (See Latvia.)
Bank of Lithuania. (See Lithuania.)
Bank of Netherlands. (See Netherlands.)
Bank of Norway. (See Norway.)
Bank of Peru. (See Peru.)
Bank of Poland. (See Poland.)
Bank of Portugal. (See Portugal.)
Bank of Rumania. (See Rumania.)
Bank of Russia. (See Russia.)
Bank of Spain. (See Spain.)
Bank of Sweden. (See Sweden.)
Bank of Switzerland. (See Switzerland.)
Bank of Uruguay. (See Uruguay.)
Bank premises Federal reserve banks depreciation charges
108
Bank suspensions
21, 95,
168, 267, 333, 411, 482, 578, 652, 714, 766, 848
Bankers' acceptances. (See Acceptances.)
Bankers' balances with member banks:
Federal reserve bank cities
69, 139?
228, 305, 326, 404, 475, 471, 645, 707, 759, 841
Federal reserve branch cities
326.
404, 475, 571, 645, 707, 759, 841
Foreign banks.-.
465
Mid-year summary
529, 536
Weekly reporting banks
226,
303, 373, 444, 522, 622, 678, 738, 789, 872
(See Condition of banks.)
Banking, branch. (See Branch banking.)
Banking corporations, foreign, organization of,
regulations governing
501
Banking laws:
Belgium
279
Brazil
„___
194
Ecuador
483
Estonia
485
McFadden Act, branch banking—
Changes in Federal reserve act and national bank act made by
357
Regulations of Comptroller of the Curu
rency defining investment securities as used in
.
511
Study of
315-318,384-389
Text of
181

INDEX TO VOLUME 13
Banking reform:
Paga
Belgium
279
Brazil
194
Ecuador
483
Estonia
485
Poland
767
Bankruptcies. (See Failures,)
Banks granted authority to accept bills up to
100 per cent of capital and surplus. 109, 270, 780, 861
Banks of issue, foreign:
Annual reports. (See Annual reports.)
Condition of. (See Condition of banks.)
Discount rates. (See Discount rates.)
Ecuador, establishment of Banco Central __
483
Estonia, reorganization of Eesti Pank
485
Gold reserves, 1913-1926
276-278
Reserve requirements
394
Belgium:
Bank of—
Annual report
„
279
Condition of
51,120,205,
286, 348, 423, 491, 600, 657, 720, 771, 849
Discount rates—
Changes in_ . 122, 193, 207, 350, 493, 851
Monthly— — .
53, 122, 207, 288,
350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Cost of living and food prices..._.__ 60, 129, 215,
295, 356, 431, 499, 608, 665, 728, 779, 857
Currency reform
279
Debt to United States, payment on
5
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926.
278
Loan of $100,000,000 to
,
281
Money rates...
289,
351, 426, 494, 603, 660, 723, 774, 852
Wholesale prices—
Description of index
769
Index of
58, 127,212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Bills:
Bought by Federal reserve banks—
Maturity distribution.
64, 134, 221,
300, 368, 440, 518, 616, 674, 733, 784, 866
Monthly..
.
66, 136, 224,
302, 371, 442, 520, 620, 676, 736, 787, 868
Held by Federal reserve banks—
At end of month
.
65, 135, 223,
301, 370, 441, 519, 619, 675, 735, 786, 867
Monthly averages of daily figures
321,
399, 470, 566, 640, 702, 754, 836
Weekly
.
„
62, 131, 219,
297, 365, 436, 514, 613, 670, 730, 782, 863
Birmingham,7 Ala.:
Bankers balances in
.
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Bonds:
Average price of 40 issues.
11, 86,
158, 257, 327, 405, 476, 572, 646, 708, 760, 842
Liberty loan, retirement of
253, 459, 693, 832
Treasury, issue of
251,459, 694
United States. (See United States bonds.)
Boots and shoes, index of p r o d u c t i o n . - . . . . - .
329,
407, 478, 574, 648, 710, 762, 844
Borrowings from Federal reserve banks:
Chart showing
557
Mid-year summary
529, 536
Monthly averages of weekly
figures325,
403, 474, 570, 644, 706, 758, 840




929

Boston, Mass.:
Bankers' balances in
326,
404, 475, 571, 645, 707, 759, 841
Branch banking in
___
389
Condition of member banks in—
Mid-year summary
, 536
Weekly...
68, 138,227,
304, 374, 445, 523, 622, 679, 738, 790, 871
Money rates in—
Monthly.
.
_ — 72, 142,242,
308, 324, 402, 473, 569, 643, 705, 757, 839
Differentials in rates charged customers
.
803
Branch banking:
McFadden Act—
Changes in Federal reserve act and
national bank act made by______
357
Regulations of Comptroller of the
Currency
defining
''investment
securities" as used in____
511
Text of_
.
.—
181
Study.of
315-318, 384-389
Branches of Federal reserve banks:
Charlotte—
Establishment of
154
Date opened; territory
860
San Antonio—
Establishment of
.
154
Date opened; territory
557
Branches of State member banks, location
within corporate limits, ruling on.
...
500
Brazil:
Currency reform in
._ — — ._
194
Exchange in New York, chart showing
.
194
Exchanges, movement of
.
194
Foreign exchange rates.
...
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Foreign trade
195
Gold holdings, 1913-1926
.—
278
Note circulation of Bank of Brazil
194
Brick, index of production_.
....
40, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Brokers, loans to:
Chart showing
2, 555
Discussion of
...
2, 456, 555, 795
Mid-year summary.
._
542
Monthly statistics, New York Stock Exchange
376, 447, 525, 624, 681, 740, 792, 874
Weekly statistics
69, 139,
227, 305, 376, 447, 525, 624, 681, 740, 792, 874
Budget:
Austria
418
Brazil
196
Germanv
44
Italy-.-.".
.
590
Poland
767
Buffalo:
Bankers' balances in
;__ 326,
404, 475, 571, 645, 707, 759, 841
Branch banking in
389
Money rates in
.
72,142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Building:
Chart showing activity
7,319,564
Contracts awarded—
Canada.
217, 443, 667, 859
Revision of index
562
United States
41,112,190,
273, 330, 408, 479, 575, 649, 711, 763, 845
Discussion of
77
Materials, wholesale prices . . .
__„
11, 86,
159, 258, 327, 405, 476, 572, 646, 708, 760, 842

930

INDEX TO VOLUME 13

Bulgaria:
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
_-.
278
National Bank of—
Condition of
.
51,120,205,
286, 348, 423, 491, 600, 657, 720, 771, 849
Discount rates.
53, 122,207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Reorganization of
___,
119
Reserve requirements
395
Retail food prices
___-_
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Wholesale p r i c e s Monthly
58, 192, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
769
Bulletin, Federal Reserve, rearrangement of
314
Bureau of Labor Statistics, wholesale price index
59,
128, 213, 294, 354, 429, 497, 606, 663, 726, 777, 855
Business conditions, United States
7, 82,
155, 254, 319, 397, 468, 564, 638, 700, 752, 834
Business and financial conditions abroad
44,
119, 193, 276, 334, 412, 483, 579, 653, 715, 767, 849
Business failures:
Canada...
.
217, 433, 667, 859
France
216, 432, 666, 858
Germany
„
. - . . 217, 433, 667? 859
United S t a t e s - . .
21, 95,
168, 267, 333, 411, 482, 578, 652, 714, 766, 848
Business indexes of the Federal Reserve Board _
8,
83, 156, 255, 320, 398, 469, 565, 639, 701, 753, 835
California:
Branch banking in
317, 386, 387
Condition of all banks in
381, 546, 745
Condition of State banks in
382, 548, 747
Condition of National banks in
547, 746
Deposits of member banks, by size of city.
888
Call dates, condition of banks on. (See Condition of banks.)
Call loans, interest rates
9, 150,
157, 256, 323, 401, 472, 568, 642, 704, 756, 838
Canada:
Building contracts awarded
217, 433, 667, 859
Cattle receipts
217, 443, 667, 859
Chartered banks, condition of
53, 122,
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
Coal production and imports.- 217, 433, 667, 859
Cost of living and retail food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Cotton imports
217, 433, 667, 859
Employment
217,433,667,859
Failures, business
_
217, 433, 667, 859
Flour production217, 433, 667, 859
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926278
Hogs, receipts of.
-___ 217, 433, 667, 859
Lumber exports 217, 433, 667, 859
Machinery imports
. 217, 433, 667, 859
Newsprint production
217, 433, 667, 859
Petroleum imports
217, 433, 667, 859
Railway statistics. _
217, 433, 667, 859
Wheat receipts and exports
217, 433, 667, 859
Wholesale prices, index of
58, 127,
212, 293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
770
Wood pulp exports
_ _ 217, 433, 667, 859




Candy chain stores, sales of:
During first half of 1927
558
Index
43, 114,
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Capital issues, foreign and domestic.
10, 85,
158, 256, 327, 405, 476, 572, 646, 708, 760, 842
Cattle:
Receipts, Canada
217,433,667,859
Slaughtered, index of
39,
110, 329, 407, 478, 574, 648, 710, 762, 844
Cement, index of production
:
40, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Central banks of issue:
Annual reports. (See Annual reports.)
Condition of. (See Condition of banks.)
Discount rates. (See Discount rates.)
Ecuador, establishment of Banco Central, _ 483
Estonia, reorganization of Eesti Pank
485
Gold and the central banks, discussion of__
391
Gold reserves, 1913-1926
276-278
Reserve requirements
394
Central reserve cities, condition of member
banks in
230, 450, 684, 877
Certificates, adjusted service. (See Adjusted
service certificates.)
Certificates of indebtedness, Treasury:
Held by Federal reserve banks
65, 135,
223, 301, 370, 441, 519, 619, 675, 735, 786, 867
Issues of
5, 251, 458, 694, 833
Maturities
64, 134,
221, 300, 368, 440, 518, 616, 674, 733, 784, 866
Open-market purchases by Federal reserve
banks
1
66, 136,
224, 302, 371, 442, 520, 620, 676, 736, 787, 868
Chain stores, retail trade:
During 1926
99
During first half of 1927
558
Index
43, 114,
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Chairman of board of directors of Federal reserve
banks. (See Federal reserve agent.)
Changes in discount rates. (See Discount
rates.)
Changes in Federal reserve act and national bank
act made by McFadden Act
357
Changes in membership in the Federal reserve
system
_
178, 466, 635
Changes in name, State bank members.
36,
187, 270, 263, 435, 780, 861
Charlotte, N. C , branch bank:
Establishment of___
154
Date opened; territory
860
Charters issued to national banks
36, 109,
188, 270, 363, 435, 512, 612, 668, 729, 780, 861
Charts:
Agricultural and nonagricultural prices
312
Agricultural machinery, sales of
97
Automobile production
89
Borrowings from Federal reserve banks
557
Brokers, loans to
2, 555
Building contracts awarded
7, 319, 564
Brazilian exchange in New York
194
Coal, bituminous, production and stocks__
161
Condition of member banks
153, 396, 829
Cotton prices.
264
Crops, value of
17
Currency and reserve bank credit--..
149
Danish exchange in New York
48
Department-store sales and stocks. 82, 98, 397, 558

INDEX TO VOLUME 13
Page
Charts—Continued.
Deposits, time and demand, of country
banks
.
152
Discount rates on bankers' acceptances in
international centers
193
Factors in supply and demand for reserve
bank credit "
632
Factory employment and pay rolls
7,
78, 254, 638, 700
Factory production and employment
313
Federal reserve bank credit-_J
4, 8, 84, 156,
321, 399, 470, 566, 640, 702, 754, 798, 836
Gold and foreign exchange holdings and
money in circulation, German Reichsbank.
336
Gold imports and exports. __
150,
322, 400, 471, 567, 641, 703, 755, 837
Gold stock of the United States
391, 800
Industrial production
100, 155, 171, 319, 752
Interest rates, Germany
335
Investments and securit}^ loans of member
banks
555
Livestock on farms
166
Loans and investments of member banks457
Loans, investments, and deposits of member banks
;
396
Manufactures and minerals—
Production
_
12
82, 101, 254, 397, 468, 564, 638, 700, 834
Revision of index
,. 101
Member bank credit
156,
320, 398, 469, 565, 700, 753, 835
Monetary stock of gold of the United
States
391,800
Money in circulation
_ 322,
400, 471, 567, 641, 703, 755, 800
Money rates in international centers
751
Money rates in New York City
9, 150,
157, 255, 323, 401, 472, 568, 642, 704, 756, 838.
Money rates in New York and London
631
Peso exchange, Argentina
715
Time and demand deposits of country banks
690
Time and demand deposits of member
banks
457
Wholesale prices—
Course of—
1922-1927
312
1923-1927.J
697
England, Sweden, and Switzerland
313
United States
8, 83, 155,
255, 320, 398, 468, 565, 639, 700, 752, 834
Wholesale firms furnishing
statistics,
location of
818
Wholesale trade_
817, 819
Zloty exchange, Poland, buying rates in
New York
768
Check clearing. (See Clearing and collection.)
Chemicals, wholesale prices
_ 11,86
159, 258, 327, 405, 476, 572, 646, 708, 760, 842
Chicago, 111.:
Bankers'balances in
__
_ 326,
404, 475, 571, 645, 707, 759, 841
Condition of member banks in—
Mid-year summary
539
Weekly
1
68, 138, 227.
304, 374, 445, 523, 622, 679, 738, 790, 871
Money rates in
72 142
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Chile:
Bank of—
Annual report
653
Condition of
51, 120, 205, 207,
286, 348, 423, 491, 600, 657, 720, 771, 849
Reserve requirements
395




931

Chile—Continued.
Page
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
.
278
China:
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Wholesale prices—
Description of index
770
Monthly
..
58,127,212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Cigar chain stores, retail trade:
During first half of 1927
558
Index
1 43, 114,
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Cigars and cigarettes, index of production
39,
110, 329, 407, 478, 574, 648, 710, 762, 844
Cincinnati, Ohio:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
. Branch banking in
389
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Circulation, currency. (See Currency; Money
in circulation.)
Classification of loans and investments of all
member banks
104, 881
Clayton Act, joint-stock land banks as " b a n k s "
within meaning of; opinion of Attorney
General
268
Clearing and collection:
Gold settlement fund transactions
75, 147, 247,
310, 369, 440, 518, 617, 674, 734, 785, 866
Opinion of Chancery Court of Davidson
County, Tenn., in case of Louisville &
Nashville R. R. Co. v. Nashville branch of
Federal Reserve Bank of Atlanta
505
Par list, number of banks on
74, 146,
246, 309, 377, 448, 526, 625, 682, 741, 793, 875
Clearing house bank debits
71, 141,
241, 307, 377, 448, 526, 625, 682, 741, 793, 875
Cleveland, Ohio:
Bankers' balances
3267
: __
404, 475, 571, 645, 707~, 759, 841
Branch banking in
389
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Condition of member banks in—•
Mid-year summary
537
Weekly
68", 138, 227,
304, 374, 445, 523, 622, 679, 738, 790, 871
Closed State member banks
__
36
109, 187, 270, 263, 435, 512, 668, 729, 7~80, 861
Clothing materials, wholesale prices. __
11
86, 159, 258, 327, 405, 476, 572~, 64~6, 708, 7~60, 842
Coal production:
Canada
217, 433, 667, 859
England
216, 432, 666, 858
France
____:
216, 432, 666, 858
Germany
217, 433, 667, 859
United States—•
Chart showing
161
Index
39~TlO, 177,
271, 328, 406, 477, 573, 647, 709, 761, 843
Com circulation
_ 74 145
246, 309, 322, 400, 471, m~tel~7Q3, 755, 837
Minor. (See also Currency.)
Coke, index of production
_1
329
407, 478, 574, 648, 710, 762, 844
Collateral notes of member banks:
Holdings of, by Federal reserve banks. _ 65, 135,
223, 301, 370, 441, 519, 619, 675, 735, 786, 867

932

INDEX TO VOLUME 13

Collateral notes of member banks—Continued.
Open-market purchases by Federal reserve
banks
66, 136, 224,
302, 371, 442, 520, 620, 676, 736, 787, 868
Colombia:
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926____.
278
National Bank of, condition of
771, 849
Colorado:
Condition of all banks in
381, 546, 745
Condition of national banks in.
547, 746
Condition of State banks in
382,548,747
Deposits of member banks in, by size of
city
889
Commercial failures:
Canada
217, 433, 667, 859
France _
216,432,666,858
Germany
217, 433, 667, 859
United States
21, 95,
168, 267, 333, 411, 482, 578, 652, 714, 766, 848
Commercial paper:
Discounted by Federal reserve banks _ 66, 136, 224,
302, 371, 442, 520, 620, 676, 736, 787, 868
Discount rates
9, 150, 157,
256, 323, 401, 472, 568, 642, 704, 756, 838
Outstanding
874
Holdings of, by Federal reserve banks___ 65, 135,
223, 301, 370, 441, 519, 619, 675, 735, 786, 867
Commodity movements. (See Freight car loadings; Agricultural movements.)
Comptroller of the Currency: Regulations of,
defining "investment securities" as used in
McFadden Act
511
Condition of banks:
All banks in the United States—
On call dates, by Federal reserve districts.-------378, 543, 544, 742
ByStates- — . . .
381,546,745
All member banks
152,229-239,
396, 449-453, 634, 683-687, 829, 876-880
Federal reserve banks
61,130,
218, 296, 364, 436, 513, 613, 669, 730, 781, 900
Foreign central banks
51, 120, 205,
286, 348, 423, 491, 600, 657, 720, 771, 849
(See also Annual reports.)
Foreign commercial banks
53, 122,
207, 287, 350, 425, 493, 602, 659, 722, 773, 851
Member banks—
All banks
152, 229-239,
396, 449-453, 634, 683-687, 829, 876-880
National banks
230, 450, 684, 877
On call dates
379, 544, 743, 878, 880
Reporting banks in Federal reserve
bank cities—
Mid-year summary
536-541
Weekly
68,138,227,304,
374, 445, 523, 622, 679, 738, 790, 871
Reporting banks in leading cities—
Mid-year summary
529-535
Weekly
67, 137, 225, 303,
372, 443, 521, 621, 677, 737, 788, 869
State banks230, 450, 684, 877
National banks
230, 450, 684, 877
On call dates, by States
547, 746
Nonmember banks, on call dates, by Federal reserve districts
380, 545, 744
Connecticut:
Condition of all banks in_-_
381, 546, 745
Condition of national banks in
547, 746




Connecticut—Continued.
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
pity
889
Consolidations, State bank members
36,
109, 187, 270, 363, 435, 512, 612, 668, 729, 780, 861
Contracts, building. (See Building.)
Conversions, member banks
178, 466, 635, 861
Copper, index of production
40,
110, 177, 328, 406, 477, 573, 647, 709, 761, 843
Corn crop estimates
:
694
Corporate issues, flotation of
556
Corporate limits, branches of State member
banks located within; ruling
500
Cost of living in principal countries
60,
129, 215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Cotton:
Chart showing prices
_^
264
Crop estimates
694
Imports, Canada
217,433,667,859
Imports, Germany
217, 433, 667, 859
Manufactures—
Exports, England...
216, 432, 666, 858
Index
39,
110, 329, 407, 478, 574, 648, 710, 762, 844
Raw—
Imports, England
216, 432, 666, 858
Imports', France
216, 432, 666, 858
Yarn and cloth production, France
216,
432, 666, 858
Counties comprising Charlotte branch territory _ 860
Counties comprising San Antonio branch territory
557
Country banks:
Condition of
230, 450, 684, 877
Deposits, time and demand, chart showing.. 152
Loans of, discussion of
_—
690
Court opinions:
Chancery Court of Davidson County, Tenn.,
in case of Louisville & Nashville R. R.
Co. v. Nashville Branch of Federal Reserve Bank of Atlanta; check collection
transaction
505
Supreme Court of Texas relative to trade
acceptance form
510
United States Supreme Court upholding
constitutionality of section 9 of Federal
reserve act
434
Credit, bank:
Discussion of
1,
80, 149, 313, 394, 455, 555, 689, 749, 795
Federal reserve—
Chart showing
8, 84,
156, 321, 399, 470, 566, 640, 702, 754, 836
Discussion of
1, 149, 627, 691, 798
Factors in supply and demand for
632
Mid-year review
457, 527
Monthly averages of daily figures _ 321,
399, 470, 566, 640, 702, 754, 836
Foreign banks of issue
—
749
Germany, discussion of
749
Member bank—
Chart showing
156,
320, 398, 469, 565, 700, 753, 835
Discussion of___l, 151, 313, 394, 455, 555, 795
Mid-year summary
455, 528
Monthly averages of weekly figures— 325,
403, 474, 570, 644, 706, 758, 840
Crissinger, D. R., resignation as governor of
Federal Reserve Board..
692

INDEX TO VOLUME 13
Crops:
Pag©
Chart showing value of
:
17
Estimates of Department of Agriculture—
694
Production, discussion of
689
Production in 1926
37
Cuba, foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Cuban agencies:
Consolidation of
81
Recommendation of Advisory
Council
regarding
396
Resolution of Federal Reserve Board
regarding
188
Currency and Federal reserve bank credit,
chart showing
149
Currency circulation:
Brazil
194
Discussion of
149
France
.
197
Italy
590
Netherlands..
598
United States—
Monthly
74, 146, 246,
309, 322, 400, 471, 567, 641, 703, 755, 837
Revised figures, 1922-1927
800
Currency, Federal reserve, cost of
107, 618
Currency reform:
Belgium
279
Brazil
194
Denmark
48
Ecuador___
._483
Estonia
485
Kingdom of Serbs, Croats, and Slovenes..489
Poland
—
767
Czechoslovakia:
Cost of living
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Debt to United States, payment on
5
Foreign exchange r a t e s . .
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
National Bank of—
Annual report
419
Condition of
51, 120, 205,
286, 348, 423, 491, 600, 657, 720, 771, 849
Discount rates—
Changes in
193,288
Monthly
53, 122, 207, 288,
350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Wholesale prices
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
769
Dallas, Tex. :
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Condition of member banks in—
Mid-year summary
541
V/eekly
68, 138, 227,
304, 374, 445, 523, 622, 679, 738, 790, 871
Money rates in____
72,142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Danzig:
Condition of Bank of
51, 120,
205, 286, 348, 423, 491, 600, 657, 720, 771, 849
Discount rates—•
Changes in
193,493
Monthly
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Dawes report, German reparations
44, 579
Debits to individual accounts
71,141,
241, 307, 377, 448, 526, 625, 682, 741, 793, 875




933

Debt:
Page
Foreign Governments to United States, payments on
5
French Government to Bank of France
197
Germany
45
United States, reduction in
251, 459, 796
Decision of courts. (See Court opinions.)
Delaware:
Branch banking in
:
317, 386, 387
Condition of all banks in
381, 546, 745
Condition of State banks i n . . .
382, 548, 747
Condition of national banks in
547, 746
Deposits of member banks in, by size of
city.
890
Demand deposits. (See Deposits.)
Denmark :
Exchange in New York
48
Chart showing
48
Foreign exchange rates
57,126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
Gold standard, restoration in
48
Joint stock banks, condition of
53, 122
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
National Bank of—Condition of
51, 120, 205,
286, 348, 423, 491, 600, 657, 720, 771, 849
Discount rates
53, 122, 207, 288,
350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Wholesale prices—
description of index
769
Monthly
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Denver, Colo.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
„
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Department of agriculture, crops estimates..
694
Department stores, sales and stocks:
Chart showing
82, 98, 397, 558
During 1926
98
During first half of 1927
558
Monthly
.
43, 115,
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Deposits:
All banks in the United States—•
On call dates, by Federal reserve districts
378, 543, 544, 742
By States
381,546,745
Demand, of member banks—
By Federal reserve districts
70, 140, 240,
306, 376, 447, 525, 624, 681, 740, 792, 874
By size of city, by States
828, 886-923
By size of city, by Federal reserve districts
924-925
Country banks, chart showing
152
Discussion of
457, 797
Federal reserve banks—
Average daily
61, 130, 218, 296,
369, 440, 518, 617, 674, 734, 785, 866
Mid-year summer
527
Monthly averages of daily
figures
321,
399, 470, 566, 640, 702, 754, 836
Foreign banks with member banks
465
Government monthly averages of weekly
figures.._ 325, 403, 474, 570, 644, 706, 758, 840
Member banks—
All banks on call dates, by Federal
reserve districts
.
379,544,743
By size of city, by States
828, 886-923

934

INDEX TO VOLUME 13

Deposits—Continued.
Page
Member banks—Continued.
By size of city, by Federal reserve
districts
924-925
Reporting banks in leading cities, midyear summary
529-535
National banks, on call dates
547, 746
Nonmember banks, on call dates___ 380, 545, 744
State banks, on call'dates
382, 548, 747
Time deposits of member banks—
By size of city, by States
828, 886-923
Chart showing
457
By size of city, by Federal reserve
districts-.
924-925
Country banks, chart showing
152
Discussion of
457, 797
Mid-year review
528, 536
Monthly averages of weekly figures
325,
403, 474, 570, 644, 706, 758, 840
Monthly statistics
70, 140,240,306,
376, 447, 525, 624, 681, 740, 792, 873
Depreciation charges, Federal reserve bank
premises
108
Deputy chairmen of Federal reserve banks:
Election of
6
Young, Owen D., appointed at New York_
81
Detroit, Mich:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Branch banking in
389
Money rates in
72, 142, 242,
308, 324, 402, 473, 569, 643, 705, 757, 839
Dewey, Chas. S., financial adviser in Poland
767
Differentials in money rates charged customers.
803
Directors of Federal reserve banks:
Election of, annual5
Young, Owen D., appointed deputy chairman, Federal Reserve Bank of New York_
81
Discount and open market operations of Federal
reserve banks
66,136,224,
302, 371, 442, 520, 620, 676, 736, 787, 868
Discount rates:
Central banks, foreign
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Changes in—
Austrian National Bank
122,
193, 207, 602, 659
Bank of England---350
Bank of Finland
288, 659, 851
Bank of France
53, 122, 193, 350
Bank of India
53,
193, 122, 207, 425, 493, 602, 722
Bank of Japan..
193, 288, 733
Bank of Lithuania
851
Bank of Latvia
53, 193
Bank of Poland
53, 193, 207, 288, 425
Bank of Sweden
350
Belgium National Bank
122,
193, 207, 350, 493, 851
Czechoslovak National Bank.__
193, 288
Federal reserve banks, discussion of__
557,
627, 631, 692, 751
Foreign countries, discussion of
193
German Reichsbank
122, 193, 493
National Bank of Greece
193, 602
Netherlands Bank
773
South African Reserve Bank
773
Chile
655
England, discussion of
750
Federal reserve banks—•
In effect monthly
75, 147, 247,
310, 323, 401, 472, 568, 642, 704, 756, 838
Reduction in
557, 631, 692, 751




Discount rates—Continued.
Pag©
Foreign countries, discussion of
313
Germany
335, 749
Japan, reduction in
346
Netherlands
597, 750
Poland
343
(See also Interest rates.)
Discounts of Federal reserve banks:
Monthly averages of daily
figures
321,
399, 470, 566, 640, 702, 754, 836
Monthly averages of weekly
figures
325,
403, 474, 570, 644, 706, 758, 840
District of Columbia:
Branch banking in
317, 386, 387
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of city _ 891
Dividends:
All member banks
23, 549, 882
Federal reserve banks
106, 618
State bank members
383, 794
Dollar balances of foreign central banks, discussion of
392
Dollar exchange bills, open market purchases by
Federal reserve banks
66, 136,
224, 302, 371, 442, 520, 620, 676, 736, 787, 868
Dollars, silver, in circulation
74, 146,
246, 309, 322, 400, 471, 567, 641, 703, 755, 837
Drug chain stores, sales of:
During first half of 1927
558
Monthly
:
43, 114,
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Drugs:
Wholesale prices
11, 86,
159, 258, 327, 405, 476, 572, 646, 708, 760, 842
Wholesale trade
42, 113.
191, 274, 331, 409, 480, 576, 650, 712, 764, 846
Dry goods, wholesale trade
42,
113, 191, 274, 331, 409, 480, 576, 650, 712, 846
Due to and from banks and bankers. (See
Bankers' balances.)
Dutch East Indies:
Wholesale prices_
58, 127?
212, 293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
770
Dyes and dyestuffs, exports of, Germany
217,
433,667,859
juarnings and expenses:
Federal reserve banks
106-108, 618
Member banks_ 22-25, 460, 549-553, 830, 882-885
State bank members
383, 794
Earnings on bills and securities held by Federal
reserve banks
65, 135,
223, 301, 370, 441, 519, 619, 675, 735, 786, 867
Economic, conditions. (See Business conditions.)
Ecuador:
Banco Central, establishment of
483
Currency reform
483
Foreign exchange rates
57, 126.
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Egypt:
Foreign exchange rates
57, 126,.
211, 292, 353, 428, 496, 505, 662, 725, 776, 854
Gold holdings, 1913-1926
278
National Bank of, condition of
51, 120, 205,
207, 286, 348, 423, 491, 600, 657, 720, 771, 849Wholesale prices—•
Description of index
770
Index
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Election, annual, of directors of Federal reserve
banks
5

INDEX TO VOLUME 13
El Paso, Tex.:
Bankers' balances

Page
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
72, 142,
242, 308, 324, 402; 473, 569, 643, 705, 757, 839
Employment:
Canada
217, 433, 667, 859
Chart showing
7, 78, 254, 638, 700
Discussion of
78, 312
Index of
39, 111,
189, 272, 329, 407, 478, 574, 648, 710, 762, 844
(See also Unemployment.)
England:
Bank of—
Condition of
51, 120, 205,
286, 348, 423, 491, 600, 657, 720, 771, 849
Discount rates—•
Changes i n . . —
___
350
Discussion of
750
Monthly
53, 122, 207, 288,
350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
394
Coal production and exports. __ 216, 432, 666, 858
Cost of living and retail food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Cotton, raw, imports
216, 432, 666, 858
Credit conditions in, discussion of
,
750
Debt to United States, payment on
5
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Freight train traffic and receipts. 216, 432, 666, 858
Gold holdings, 1913-1926
278
Gold imports and exports
55, 124,
209, 352, 427, 290, 495, 604, 661, 724, 775, 853
Hides, export of
216, 432, 666, 858
Industrial statistics
216, 432, 666, 858
Iron and steel production
216, 432, 666, 858
London clearing banks, condition of
53, 122,
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
Money rates
54, 123,
208, 289, 351, 426, 494, 603, 660, 723, 774, 852
Railway statistics
216, 432, 666, 858
Rubber, crude, imports
432, 666, 858
Ships cleared
216, 432, 666, 858
Unemployment
216, 432, 666, 858
Wholesale prices—
All commodities.
58, 127,212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
769
Groups of commodities
59, 128, 213,
294, 355, 430, 498, 607, 664, 727, 778, 856
Wool and woolen imports and exports
216, 432, 666, 858
Estonia:
Bank of—
Condition of
51, 120, 205,
286, 348, 423, 491, 600, 657, 720, 771, 849
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Eesti Pank, reorganization of
485
Debt to United States, payment on
5
Food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Gold holdings, 1913-1926
278
Exchange, foreign. (See Foreign exchange.)
Executor. (See Fiduciary powers.)
Expenses and earnings. (See Earnings and expenses.)
Exports. (See Imports and exports.)
Expressage, Federal reserve banks, cost of
107, 618
Factors in supply and demand for reserve bank
funds. _-__-_-.-_-_-..____>_
632




935
Page

Factory employment and pajr rolls, charts
showing
7, 78, 254, 638, 700
Factory production and employment, chart
showing
313
Failures:
Bank, United States
__ 21,95,
168, 267, 333, 411, 482, 578, 652, 714, 766, 848
Commercial—
Canada
217, 433, 667, 859
Germany
217^ 433^ 667, 859
France
216, 432, 666, 858
United States
21, 95, 168,
267, 333, 411, 482, 578, 652, 714, 766, 848
Farm production in 1927
694
Farm products, prices of
11, 86,
159, 258, 327, 405, 476, 572, 646, 708, 760, 842
Federal Advisory Council:
Expenses of conferences
107, 618
Meetings of
154, 396
Recommendation relative to Cuban agency.
396
Federal intermediate credit banks:
Debentures of, held by Federal reserve
banks
65, 135,
223, 301, 370, 441, 519, 619, 675, 735, 786, 867
Loans by, monthly
12, 87,
159, 258, 377, 448, 526, 625, 682, 741, 793, 875
Federal reserve act:
Changes in, made by McFadden Act
357
Foreign banking corporations organized
under section 25a; regulation K
501
Opinion of Supreme Court upholding constitutionality of section 9
434
Violation of provisions of section 22
610
Federal reserve agents:
Appointment of
6
Conferences, expenses of
107, 618
Federal reserve note account, weekly
64, 134,
222, 300, 368, 439, 517, 610, 673, 733, 784, 865
Jay, Pierre, resignation of, at New York__
5
McGarrah, Gates W., appointment at New
York
153
Statement of Federal Reserve Board
regarding
153
Federal reserve bank credit:
Chart showing ;
4
Discussion of
457, 557
Factors in supply and demand for, chart
showing
632
Monthly averages of daily figures
321,
399, 470, 566, 640, 702, 754, 836
Federal reserve bank notes, circulation
74. 146,
246, 309, 322, 400, 471, 567, 641, 703, 755, 837
Federal reserve banks:
Branch at Charlotte—
Date opened; territory
860
Establishment of
154
Branch at San Antonio—
Date opened; territory
557
Establishment of
1
154
Buying rates on acceptances
323,
401, 472, 568, 647, 704, 756, 838
Condition of, weekly
61, 130,
218, 296, 364, 436, 513, 613, 669, 730, 781, 862
Cuban agencies—
Consolidation of
81
Recommendation of Advisory Council
relative to discontinuance of
396
Resolution of Federal Reserve Board
regarding
188

936

INDEX TO VOLUME 13

Finland—Continued.
Federal reserve banks—Continued.
Wholesale prices—
Discount rates—
Description of index
769
In effect monthly
75, 147, 247,
Monthly
58, 127,
310, 323, 401, 472, 568, 642, 704, 756, 838
Reduction in
,
557, 631, 692
212, 293, 354, 429, 497, 606, 663, 726, 777, 855
Dividends paid member banks
108, 618 Fiscal agency departments of Federal reserve
Earnings and expenses „
106-108, 618
banks, expenditures of_
108, 618
Election of directors
5 Five-and-ten cent chain stores, sales of:
Fiscal agency department expenses
108, 618
During first half of 1927
558
Franchise tax paid to United States GovMonthly
43, 114,
ernment
108
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Florida:
Geery, W. B., appointed governor at Minneapolis
692
Condition of all banks in
381, 546, 745
Holdings of bills and securities and earnCondition of national banks in
547, 746
ings thereon
65, 135,
Condition of State banks i n . _ „
382, 548, 747
Deposits of member banks in, by size of
223, 301, 370, 441, 519, 619, 675, 735, 786, 867
city
892
Profit and loss account
108
Surplus account
;
1
108 Flour production:
Federal Reserve Board:
Canada
217, 433, 667, 859
Annual report
467
Index of
39,
Assessment on banks for expenses of
107, 618
110, 329, 407, 478, 574, 648, 710, 762, 844
Crissinger, D. R., resignation as governor._
692 Food prices:
Goldenweiser, E. A., appointed director of
In principal countries
60,129,
division of research and statistics. _.
5
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
- Parry, Carl E., appointed assistant director
Wholesale
.__..
11, 86,
of division of research and statistics
81
159, 258, 327, 405, 476, 572, 646, 708, 760, 842
Regulation M—Notes secured by adjusted
Food products, index of production
39,
service certificates
30
110, 175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Resolution re Cuban agencies
188 Foreign banking corporations, organization of,
Statement re appointment of Gates W. Mcunder section 25a of the Federal reserve act,
Garrah as Federal reserve agent at New
regulations governing.....
„
501
York
153 Foreign banks of issue:
Statistical work of
464
Annual reports. (See Annual reports.)
Young, R. A., appointed governor
692
Condition of. (See Condition of banks.)
Federal reserve branch banks:
Discount rates. (See Discount rates.)
Charlotte, establishment of
154, 860
Ecuador, establishment of Banco Central- _ 483
San Antonio, establishment of
154, 557
Estonia, reorganization of Eesti Pank
485
Federal Reserve Bulletin, rearrangement of _ _ _ _ _ 314
Gold reserves, 1913-1926
276-278
Federal reserve clearing system. (See Clearing
Reserve requirements
394
and collection.)
Foreign capital issues
10,
Federal reserve notes:
85, 158, 256, 327, 405, 476, 572, 646, 708, 760, 842
CirculationDaily average
61, 130, Foreign exchange:
Austria
417
218, 296, 369, 440, 518, 617, 674, 785, 866
Brazil
194
Monthly
74,146,246,
Chile
„
655
309, 322, 400, 471, 567, 641, 703, 755, 837
Czechoslovakia
419
Cost of
- - - 107, 618
France
198
Federal reserve agents' accounts, weekly. 64, 134,
Italy
„
595
222, 300, 368, 439, 517, 616, 673, 733, 784, 866
Poland, Zloty
343,768
Federal reserve system, changes in membership. 178,
Chart showing buying rates in New
466, 635
York
'
_-..
768
Fiduciary powers granted to national banks. 36, 109,
Rates, monthly
57, 126,
187, 270, 363, 435, 512, 612, 668, 729, 780, 861
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Financing, Treasury
4, 251, 458, 692, 832
Finland:
Foreign trade:
Bank of—
Austria
412
Condition of
_
51, 120,205,
Brazil
195
286, 348, 423, 491, 600, 657, 720, 772, 850
Germany
47
Discount rates—
Italy.
591
Changes in
288,659,851
Japan
346
Monthly
53, 122, 207, 288,
Poland
342
350, 425, 493, 602, 659, 722, 773, 851
United State
636
Cost of living
60, 129, Form of note and affidavit, loans on adjusted
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
service certificates
35
Debt to United States, payment on
5 Form of trade acceptance, suggested change i n .
510
Foreign exchange rates
57, 126, France:
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Bank of—
Gold holdings, 1913-1926
278
Annual report
;
197
Joint stock banks, condition of
53, 122,
Condition of
51, 120, 205,
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
286, 348, 423, 491, 600, 657, 720, 771, 849




INDEX TO VOLUME 13

937

?&%&
France—Continued.
Page Germany—Continued.
Credit conditions in, discussion of
749
Bank of—Continued.
Currency and credit, comments on, in
Discount rates—
report of agent general for reparation
Changes in
53, 122, 193, 350
payments
.
45
Discussion of
750
Debt of__
...
45
Monthly
53, 122, 207, 288,
Discount rates, discussion of
749
350, 425, 493, 602, 659, 722, 773, 851
Failures, business__»
217, 433, 667, 859
Reserve requirements
394
Foreign exchange rates
57, 126,
Coal production and imports
_ 216, 432, 666
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Commercial banks, condition of
53, 122,
Foreign trade
47
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
Cost of living and retail food prices
60, 129,
Freight car loadings
__217, 433, 667, 859
Gold holdings, 1913-1926_
278
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Cotton, raw, imports
„
216, 432, QQ6, 858
Gold imports and exports
125, 210,
;
Cotton yarn and cloth production
216,
291, 352, 427, 495, 604, 661, 724, 775, 853
432, 666, 858
Interest rates, chart showing
.
335
Credit conditions in, discussion of
750
Iron and steel production, imports and
Debt of Government to Bank of France
197
exports
217, 433, 667, 859
Exchange, movement of
198
Lignite production
217, 433, 667, 859
Economic situation
200
Machinery exports
217, 433, 667, 859
Failures, business
216, 432, 666, 858
Money rates
54, 123, 208,
Foreign exchange rates
57, 126,
289, 351, 426, 494, 603, 660, 723, 774, 852
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Potash production
217, 433, 667, 859
Freight-car loadings _ _
216, 432, 666, 858
Railway statistics
217, 433, 667, 859
Gold holdings, 1913-1926
278
Reichsbank—
Industrial statistics
216, 432, 666, 858
Annual report
334
Iron and steel production.. _ _ _ _ 216, 432, 666, 858
Chart showing foreign exchange holdMoney rates
289,
ings and money in circulation
336
351, 426, 494, 603, 660, 723, 774, 852
Condition of
51, 120, 205
Note circulation^.
197
286, 348, 423, 491, 600, 657, 720, 7713 849
.'Railway statistics
216, 432, 666, 858
Discount rates—
Ships cleared
216,432,666,858
Changes in__
122, 193, 493, 773
Silk, raw, imports
216, 432, 666, 858
Discussion of _ _.
749
Unemployment.
216,432,666,858
Monthly
53, 122, 207, 288,
Wholesale prices—
350, 425, 493, 602, 659, 722, 773, 851
All commodities
58, 127, 212, 293,
Reserve requirements.
394
354, 429, 497, 606, 663, 726, 777, 855
Reichsmark, value of
45
Description of index. _
769
Ship arrivals in Hamburg
217,433,667,859
Groups of commodities
59, 128,213,
Unemployment
217, 433, 667, 859
294, 355, 430, 198, 607, 664, 727, 778, 856
Wholesale prices—
Franchise tax paid United States Government
All commodities
58, 127, 212, 293,
by Federal reserve banks
108
354, 429, 497, 606, 663, 726, 777, 855
Freight car loadings:
Description of index.
770
France
216, 432, 666, 858
Groups of commodities
59, 128, 214, 294,
Germany
217, 433, 667, 859
355, 430, 498, 607, 664, 727, 778, 856
Index of
41, 112,
New index numbers
214
190, 273, 331, 409, 480, 576, 650, 712, 764, 846
Wool imports
217, 433, 667, 859
Revision of index
562 Glass, index of production
329,
Fuels, wholesale prices
11, 86,
407, 478, 574, 648, 710, 762, 844
159, 258, 327, 405, 476, 572, 646, 708, 760, 842 Gold:
Gasoline production, index of____
329,
Coin and certificates, circulation
74, 146,
407, 478, 574, 648, 710, 762, 844
246, 309, 322, 400, 471, 567, 641, 703, 755, 837
Geery, W. B., appointed governor of Federal
Imports and exports—
Reserve Bank of Minneapolis
692
By countries
322,
Georgia:
400, 471, 567, 641, 703, 755, .837
Branch banking in
317, 386, 387
Chart showing
150
Condition of all banks in
381, 546, 745
Discussion of
149
Condition of national banks in
547, 746
United States, Germany, Great BritCondition of State banks in__
382, 548, 747
ain, Netherlands, South Africa,
Deposits of member banks in, by size of
India
55, 124, 209, 210, 290,
city
893
352, 427, 495, 604, 661, 724, 775, 853
Germany:
Monetary stock of gold in the United
Agent general for reparation payments,
States, 1922-1927
800
report of
44, 579
Reserves of foreign central banks, discusBerlin banks, condition of
53, 122,
sion of
392
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
Reserves of principal countries, 1913Coal production and exports-__ 217, 433, 667, 859
1926
276-278
Cost of living and retail food prices
60, 129,
Stock of, in United States—
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Qhart showing. _„
391,800
Cotton imports
217, 433, 667, 859
Discussion of
391, 628




938

INDEX TO VOLUME 13

Gold—Continued.
Page
Stock of, in United States—Continued.
Monthly,.
322,
400, 471, 567, 641, 703, 755, 837
Revised figures, 1922-1927
800
Gold settlement fund transactions
75, 147,
247, 310, 369, 440, 518, 617, 674, 734, 785, 866
Gold standard:
Argentina
715
Denmark
48
Goldenweiser, E. A., appointed director of
division of research and statistics
5
Government deposits:
Federal reserve banks, mid-year summary.
527
Reporting member banks, monthly averages of weekly
figures
325,
403, 474, 570, 644, 706, 758, 840
Government obligations, paper secured by,
discounted by Federal reserve banks
66,136,
224, 302, 371, 442, 520, 620, 676, 736, 789, 870
Governor of Federal Reserve Board:
Crissinger, D. R., resignation of
692
Young, R. A., appointed
692
Governors of Federal reserve banks:
Expenses of conferences
107, 618
Geery, W. B., appointed at Minneapolis.-692
Greece:
Cost of living and retail food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
National Bank of—•
Condition of
52, 121, 206,
287, 349, 424, 4927 601, 658, 721, 772, 850
Discount rates—
Changes in
_ _ 193, 602
Monthly
53, 122, 207, 288,
350, 425, 493, 602, 659, 722, 773, 851
Groceries, wholesale trade
42, 113,
191, 274, 331, 409, 480, 576, 650, 712, 764, 846
Grocery chain stores, sales of:
During first half of 1927
558
Monthly
43, 114,
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Guardian of estates. (See Fiduciary powers.)
Hardware, wholesale trade
42, 113,
191, 274, 331, 409, 480, 576, 650, 712, 764, 846
Helena, Mont.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Hides, ex orts, England.
216, 432, 666, 858
Hogs:
Receipts, Canada
217, 433, 667, 859
Slaughtered, index of
39,
110, 329, 407, 478, 574, 648, 710, 7623 844
Holland. (See Netherlands.)
Hong Kong, foreign exchange rates_____.
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
House furnishings, wholesale prices
11, 86,
159, 258, 327, 405, 476, 572, 646, 708, 760, 842
Houston, Tex.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Hungary:
Cost of living
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857




Hungary—Continued.
Debt to United States, pajanent on
5
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725. 776, 854
Gold holdings, 1913-1926
'__ 278
Money rates
54, 123,
208, 289, 351, 426, 494, 603, 660, 723, 774, 852
National Bank of—•
Condition of
52, 121, 206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements. _
395
Wholesale prices—
Description of index
770
Monthly
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Idaho:
Condition of all banks in
381, 546, 745
Condition of national banks in
: _ 547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
.a city
I
893
Illinois:
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
894
Imports and exports:
Acceptances based on—Held by Federal reserve banks__ 65, 135, 223,
301, 370, 441, 519, 619, 675, 735, 786, 867
Purchased by Federal reserve banks-_
66,
136, 224, 302, 371, 442, 520, 620, 676, 736,
787, 868.
Ruling as to eligibility of paper
860
Gold, United States, Germany, Great
Britain, Netherlands, South Africa, India- 55,
124, 209, 210, 290, 352, 427, 495, 604, 661,
724, 775, 853.
Indebtedness. (See Debt.)
Index numbers:
Automobile production, revision of
562
Building contracts awarded, revision of
562
Bureau of Labor Statistics
59, 128,
213, 294, 354, 429, 497, 606, 663, 726, 777, 855
Business, United States
8, 83,
156, 255, 320, 398, 469, 565, 639, 701, 753, 835
Commodity prices
11, 86,
159, 258, 327, 405, 476, 572, 646, 708, 760, 842
Cost of living
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Department-store sales and stocks
43, 115,
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Employment
39, 111,
189, 272, 329, 407, 478, 574, 648, 710, 762, 844
Food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Freight-car loadings, revision of index
562
Manufacturing production
40, 101
Mineral production
40, 101
Pay rolls
39, 111,
189, 272, 329, 407, 478, 574, 648, 710, 762, 844
Production, industrial
39, 110,
189, 271, 328, 406, 477, 573, 647, 709, 761, 843
New index numbers
100, 170
Retail trade
43, 114,
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Security prices
10, 86,
158, 257, 327, 405, 476, 572, 646, 708, 760, 842

INDEX TO VOLUME 13
Index numbers—Continued.
Page
Wholesale prices
59, 128,
213, 294, 354, 429, 497, 606, 663, 726, 777, 855
Revision of
699
Wholesale trade—
Monthly
42, 113, 191,
274, 331, 409, 480, 576, 650, 712, 764, 846
New index
817
India:
Bank of—
Discount rates—
Changes in
53,
122, 193, 207, 425, 493, 602, 722
Monthly
53, 122, 207, 288,
350, 425, 493, 602, 659, 722, 773, 851
Cost of living and retail food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
Gold imports and exports
.
55, 124,
209, 352, 427, 290, 495, 604, 661, 724, 775, 853
Wholesale price—
All commodities __„_
58,127,212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
770
Groups of commodities
355,
430, 498, 607, 664, 727, 778, 856
Indiana:
Branch banking in
„
317, 386, 387
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city—
895
Industrial production:
Chart showing
100, 155, 171, 319, 752
Index
39, 110,
189, 271, 328, 406, 477, 573, 647, 709, 761, 843
New index numbers
100, 170
Industrial statistics for England, France, Germany and Canada
216, 432, 666, 858
Insurance, Federal reserve banks, cost of
107, 618
Inter-district collection system
74, 146,
246, 309, 377, 448, 526, 625, 682, 741, 793, 875
Interest payments, foreign countries to United
States
5
Interest rates:
Differentials in rates charged customers
803
Discussion of
557, 631, 692, 751
Kingdom of Serbs, Croats, and Slovines
488
Paid by member banks on deposits
461
Reichsbank, reduction in
335
(See also Discounts rates.)
"Investment securities" as used in McFadden
Act, regulations of Comptroller of the Currency definining
511
Intermediate credit banks. (See Federal intermediate credit banks.)
Investments:
All banks in the United States—
On call dates, by Federal reserve districts
378,543,544,742
By States
381,546,745
Member banks—
Chart showing
555
Classification of
104, 881
Mid-year summary
529-535
Monthly averages of weekly
figures
325,
403, 474, 570, 644, 706, 758, 840




939

Investments—Continued.
page
Member banks—Continued.
On call dates, by Federal reserve districts
379, 544, 743
National banks, on call dates
547, 746
Nonmember banks, on call dates
380, 545, 744
State banks, on call dates
382, 548, 747
Iowa:
Condition of all banks in
381, 546, 745
Condition of national banks in_:
746
Condition of State banks in
381, 546, 745
Deposits of member banks in, by size of city
896
Iron and steel production:
England
216, 432, 666, 858
France
216,432,666,858
Germany
217, 433, 667, 859
Index of
39, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Iron ore shipments, index of
.
177,
271, 328, 406, 477, 573, 647, 709, 761, 843
Italy:
Bank of—
Annual report
590
Condition of
51, 120,205,
286, 348, 423, 491, 600, 657, 720, 771, 849
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Cost of living and retail food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Foreign trade
591
Gold holdings, 1913-1926
.
278
Money rates
289,
351, 426, 494, 603, 660, 723, 774, 852
National Institute of Foreign Exchange,
reorganization of
595
Private banks, condition of
53, 122,
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
Wholesale prices—
All commodities
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
.
770
Groups of commodities
355,
430, 498, 607, 664, 727, 778, 856
Jacksonville, Fla.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Monev rates in
;
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Japan:
Bank of—
Annual report
346
Condition of
51, 120, 205,
286, 348, 423, 491, 600, 657, 720, 771, 849
Discount rates—
Changes in
193,288
Monthly
. 53, 122, 207, 288,
350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
Money rates
54, 123,
208, 289, 351, 426, 494, 603, 660, 723, 774, 852
Tokyo banks, condition of
53, 122,
" 207, 288, 350, 425, 593, 602, 659, 722, 773, 851
Wholesale prices
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
770

940

INDEX TO VOLUME 13

Java:
Bank of—
Page
Condition of
52, 121, 206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
Jay, Pierre, resignation of, as Federal reserve
agent at New York
.
5
Joint-stock land banks:
As "banks" within the meaning of the Clayton Act; opinion of Attorney General. _ 268
Loans by
12,87,
159, 258, 377, 448, 526, 625, 682, 741, 793, 875
Kansas:
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
896
Kansas City, Mo.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Condition of member banks in—
Mid-year summary
540
Weekly
68,138,227,
304, 374, 445, 523, 622, 679, 738, 790, 871
Money rates in...
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Kentucky:
Branch banking in
317, 386, 387
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
:
897
Kerosene, index of production.„
329,
407, 478, 574, 648, 710, 762, 844
Labor. (See Employment.)
Latvia:
Bank of—
Condition of
52,121,206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates.
.
53, 122,207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Gold holdings, 1913-1926
278
Law department. (See Rulings.)
Laws:
Ecuador
483
Estonia
485
McFadden Act; branch banking—
Changes in Federal reserve act and
national bank act made by
357
Regulations of Comptroller of the
Currency defining "investment securities" as used in
511
Text of
181
Study of
315-318, 384-389
Lead production
40, 110,
177, 271, 328, 406, 477, 573, 647, 709, 761, 843
Leather production
,„
40, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Liberty loan bonds:
Average yield
9,150,157,
256, 323, 401, 472, 568, 642, 704, 756, 838
Retirement of
253, 459, 693, 832
Light, heat, and power, Federal reserve banks,
cost of
107,618
Lignite production, Germany
217,433,667,859
Liquidations, State member banks. _ 109, 668, 780, 861




Lithuania:
Bank of—
Condition of
52,121,206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount r a t e s . . . .
53, 122,207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Changes in
.
.
851
Debt to United States, payment on
5
Gold holdings, 1913-1926
278
Little Rock, Ark.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Livestock:
Marketing of
.
695
On farms, chart showing
166
Living, cost of
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Loans:
All banks in the United States—
By States
381, 546, 745
On call dates, by Federal reserve districts
1
378, 543, 544, 742
Member banks—
All banks on call dates, by Federal reserve districts
379, 544, 743
Chart showing
457
Classification of
. . . 104, 881
Reporting banks—
Mid-year summary
.
._ 529-535
Monthly averages of weekly figures
325,
403, 474, 570, 644, 706, 758, 840
National banks, on call dates
547, 746
Nonmember banks, on call dates, by Federal reserve districts
380, 545, 744
State banks, on call dates.
382, 548, 747
Loans on notes secured by adjusted service certificates :
Ruling
29
Regulation M
30
Regulation of Veterans' Bureau
31
Loans to brokers:
Chart showing
2
Discussion of
2, 456, 555, 795
Mid-year summary
„_„_
542
Monthly statistics, New York Stock Exchange
376, 447, 525. 624, 681, 740, 792, 874
Weekly statistics
_'
.
69, 139,
227, 305, 376, 447, 525, 624, 681, 740, 792, 874
Locomotives, index of production_„
.
329,
407, 478, 574, 648, 710, 762, 844
London money rates, discussion of..
630
Los Angeles, Calif.:
Bankers' balances.:
326,
404, 475, 571, 645, 707, 759? 841
Branch banking in
389
Money rates in
72, 142, 242,
389, 308, 324, 402, 473, 569, 643, 705, 757, 839
Louisiana:
Branch banking in
317, 386, 387
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks i n .
382, 548, 747
Deposits of member banks in, by size of
city
898
Louisville, Ky.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839

INDEX TO VOLUME 13

941

Page Member bank credit—Continued.
Louisville & Nashville R. R. Co. v. Nashville
Mid-year summary
455, 528
Branch of Federal Reserve Bank of Atlanta;
Monthly averages of weekly figures _ _ _ 325,
opinion of Chancery Court of Davidson
403, 474, 570, 644, 706, 758, 840
County, Tenn., in case of; check collection
Member banks:
transaction
.__
505
Balances due from foreign banks
„ 465
Lumber:
Bankers' balances. (See Bankers' balExports, Canada
217,433,667,859
ances.)
Index of production
39, 110,
Borrowings at Federal reserve banks,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
monthly averages of weekly
figures
325,
Machinery:
403, 474, 570, 644, 706, 758, 840
Exports, Germany
217, 433, 667, 859
Changes in membership in Federal reserve
Imports, Canada
217, 433, 667, 859
system
178, 635
Classification of loans and investments. _ 104, 881
Mail-order houses, sales of:
Condition of—
During 1926
100
All banks
152, 229-239,
During first half of 1927___
558
396, 449-453, 634, 683-687, 829, 876-880
Monthly
43, 114,
Chart showing
__•__
153
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
On call dates, by Federal reserve disMaine:
tricts
379, 544, 743
Branch banking in
__ 317, 386, 387
Reporting banks in Federal reserve
Condition of all banks in
381, 546, 745
bank cities—
Condition of national banks in_
547, 746
Mid-year summary
536-541
Condition of State banks in_ _ „
382, 548, 747
Weekly
68, 138, 227, 304,
Deposits of member banks in, by size of
374, 445, 523, 622, 679, 738, 790, 871
city
899
Reporting banks in leading cities—
Manufacturing production:
Mid-year summary
529-535
Index
_
_ 40, 110,
Weekly___
67, 137, 225, 303,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
372, 443, 521, 621, 677, 737, 788, 869
New index numbers
100, 170
Deposits, time ami demand. (See Deposits.)
Maps. (See Charts.)
Earnings and dividends of State bank
Maryland:
members
383, 794
Branch banking in______
317, 386, 387
Earnings and expenses of
. - 22-25,
Condition of all banks in
381, 546, 745
460-463, 830, 882-885
Condition of national banks in
547, 746
Investments, monthly averages of weekly
Condition of State banks in
382, 548, 747
figures.____ 325, 403, 474, 570, 644, 706, 758, 840
Deposits of member banks in, by size of
Loans and investments, classification of _ _ 104, 881
city
900
Loans, monthly averages of weekly figures. _ 325,
Massachusetts:
403, 474, 570, 644, 706, 758, 840
Branch banking in
317, 386, 387
Loans, investments, and deposits, chart
Condition of all banks in
381, 546, 745
showing
,__
396
Condition of national banks in
547, 746
Loans to brokers in New York City—
Condition of State banks in
382, 548, 747
Chart showing.
„
.
2, 555
Deposits of member banks in, by size of
Discussion of_____
. 2, 456, 555
pity
900
Mid-year summary
542
Maturities:
Weekly...
___. 69, 139,227,
Bills, certificates of indebtedness, and
305, 376, 447, 525, 624, 681, 740, 792, 874
municipal warrants held by Federal
Number accommodated through disreserve banks
64, 134, 221,
count operations
66, 136, 224, 302,
300, 368, 440, 518, 616, 674, 733, 784, 866
371, 442, 520, 620, 676, 736, 787, 868
Bills discounted by Federal reserve
Number of
66, 136, 178, 224,
banks
66, 136,
302, 371, 442, 520, 620, 636, 676, 736, 787, 868
224, 302, 371, 442, 520, 620, 676, 736, 787, 868
Number on par list
74, 146,
McFadden Act:
246, 309, 377, 448, 526, 625, 682, 741, 793, 875
Changes in Federal reserve act and national
Reserve balances, monthly averages of
bank act made by
__
_ _ _ _ _ 357
weekly
figures
325,
"Investment securities" as used in, regu403, 474, 570, 644, 706, 758, 840
lations of Comptroller of Currency deReserve position _ _ _
231, 452, 686, 879
fining
,
. 511
State banks—Study of branch banking
315-318, 384-389
Branches located within corporate
Text of
181
limits; ruling
500
M Garrah, Gates W., appointed Federal reEarnings, expenses, and dividends_„ 383, 794
serve agent at New York
1.53
Membership in Federal reserve system; changes
Statement of Federal Reserve Board rein____
178, 466, 635
garding
153
11, 86,
Meat., wholesale trader
42, 113, Metals, whplesale prices
159, 258, 327, 405, 476, 572, 646, 708, 760, 842
191, 274, 331, 409, 480, 576, 650, 712, 764, 846
57, 126,
Member bank call report
229, 449, 683, 876 Mexico, foreign exchange rates
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Member bank credit:
Chart showing
156, Michigan:
Branch banking in
317, 386, 387
320, 398, 469, 565, 700, 753, 835
Condition of all banks in
381, 546, 745
Discussion of
1, 151, 313, 394, 455, 555




942

INDEX TO VOLUME 13

Montana—Continued.
Page
Michigan—Continued.
Condition of State banks in__
382, 548, 747
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of city. 904
Deposits of member banks in, by size of
Municipal warrants:
Maturity distribution.
64, 134, 674, 733, 784
city
801
Mid-year review of banking developments
455Open-market purchases by Federal reserve
458, 527-542
banks
66, 136,
Mineral production:
224, 302, 371, 442, 520, 620, 676, 736, 787, 868
Index___
40, 110, Music chain stores; sales of:
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
During first half of 1927
558
Monthly
43, 114,
New index numbers
100, 170
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Minneapolis, Minn.:
Bankers' balances
326, Nashville Branch of Federal Reserve Bank of
Atlanta, Louisville and Nashville Railroad
404,475,571,645,707,759,841
Company v.; opinion of Chancery Court of
Condition of member banks in—
Davidson County, Tenn., in case of; check
Mid-year summary
540
collection transaction
505
Weekly
1
68,138,277,
304, 374, 445, 523, 622, 679, 738, 790, 871 Nashville, Tenn.:
Bankers' balances
326,
Money rates in
72, 142
404, 475, 571, 645, 707, 759, 841
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Branch banking in__.
389
Minnesota:
Money rates in
72, 142,
Branch banking in
317, 386,387
Condition of all banks in
381, 546, 745
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
74, 146,
Condition of national banks in
547, 746 National bank notes, circulation
Condition of State banks in
382, 548, 747
246, 309, 322, 400, 471, 567, 641, 703, 755, 837
National bank act, changes in, made by McDeposits of member banks in, by size of
Fadden Act
358
city___
1
902
National banks:
Mississippi:
Branch banking
317, 384-389
Branch banking in
317, 386,387
Charters issued to
36,
Condition of all banks in
381, 546, 745
109, 188, 270, 363, 435, 512, 668, 729, 780, 861
Condition of national banks in
547, 746
Classification of loans and investments. _ 104, 881
Condition of State banks in
382, 548, 747
Condition of
230, 450, 684, 877
Deposits of member banks in. by size of
Earnings and expenses
552, 884
city
903
Fiduciary powers granted to
36, 109,
Missouri:
187, 270, 363, 435, 512, 612, 668, 729, 780, 881
Condition of all banks in
381, 546, 745
Number of
635
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747 Nebraska:
Deposits of member banks in, by size of
Branch banking in
317, 388, 388
Condition of all banks in
381, 546, 745
city
903
Condition of National banks in
547, 746
Money in circulation:
Condition of State banks in
382, 548, 747
Brazil
194
Deposits of member banks in, by size of
Chart showing
322,
city
905
400, 471, 567, 641, 703, 755, 800
Discussion of
149 Netherlands:
Acceptances, regulations governing eligiFrance
197
bility of paper
597
Italy
590
Bank of—
Poland
342
Annual report
596
United States—
Condition of
52, 121, 206,
Monthly
74, 146, 246,
287, 349, 424, 492, 601, 658, 721, 772, 850
309, 322, 400, 471, 567, 641, 703, 755, 837
Discount rates—
Revised figures, 1922-1927
800
Changes in
773
Money rates:
Monthly
53, 122, 207, 288,
Chart showing
9, 150,
350, 425, 493, 602, 659, 722, 773, 851
157, 255, 323, 401, 472, 568, 642, 704, 756, 838
Reserve requirements
395
Differentials in rates charged customers
803
Cost of living and retail food prices
60, 129,
Discussion of
3, 150, 193,557,627
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Foreign countries
54, 123,
Credit conditions, discussion of
750
208, 289, 351, 426, 494, 603, 660, 723, 774, 852
Discount rates, discussion of
750
In Federal reserve bank and branch cities. 72, 142,
Foreign exchange rates
57, 126,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
In international centers, chart showing
751
Gold imports and exports
125,
Foreign countries, discussion of____
193
210, 291, 352, 427, 495, 604, 661, 724, 775, 853
In New York City
9, 150,
Gold holdings, 1913-1926
278
157, 256, 323, 401, 472, 568, 642, 704, 756, 838
Money rates
54, 123,
In New York and London
630
208, 289, 351, 426, 494, 603, 660, 723, 774, 852
Chart showing
631
Wholesale prices—
Study of——-"803
Monthly
58, 127, 202,
Montana:
293, 354, 429, 497, 606, 663, 726, 777, 855
Condition of all banks in
381, 546, 745
Description of index
770
Condition of national banks in
547, 746




INDEX TO VOLUME 13
Nevada:
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of city
906
New Hampshire:
Branch banking in
386
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
___ 382, 548, 747
Deposits of member banks in, by size of city
907
New Jersey:
Branch banking in
317, 386, 388
Condition of all banks in___
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of city
907
New Mexico:
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
___ 382, 548, 747
Deposits of member banks in, by size of city
908
New Orleans, La.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Branch banking in
389
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Newsprint production, Canada
217, 433, 667, 859
New York:
Branch banking in
317, 386, 388
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of city
909
New York City:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Branch banking in
389
Condition of member banks in—
Mid-year summary
536
Weekly
68, 138, 227,
304, 374, 445, 523, 622, 679, 738, 790, 871
Loans to brokers by member banks in
69, 139,
227, 305, 376, 447, 525, 624, 681, 740, 792, 874
Money rates in__
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
New York Stock Exchange:
Brokers' loans. (See Brokers, loans to.)
Stock transactions
-10, 86,
158, 257, 327, 405, 476, 572, 646, 708, 760, 842
New Zealand:
Gold holdings, 1913-1926-____
278
Retail food price____
60,129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Wholesale prices—
Monthly
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
770
Nonferrous metals, index of production, _
39, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Nonmember banks:
Branch banking..
317, 384-389
Condition of, on call dates
380, 545, 744
Number on par list
: 74, 146,
246, 309, 377, 448, 526, 625, 682, 741, 793, 875
North Carolina:
Branch banking in
317,386,388
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746




943

North Carolina—Continued.
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
910
North Dakota:
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
I
910
Norway:
Bank of—
Condition of
,
52, 121,206,
287, 349, 424, 492, 601, 658} 721, 772, 850
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Cost of living and retail food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605; 662, 725, 776, 854
Gold holdings, 1913-1926
_._
278
Joint-stock banks, condition of
53, 122,
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
Wholesale prices—
Monthly
58, 127, 212,
293, 354, 429, 497, 606, 663? 726, 777, 855
Description of index
770
Notes. (See Federal reserve bank notes; Federal reserve notes; National bank notes;
Treasury notes.)
Oats, crop estimates
694
Ohio:
Branch banking in
. 317, 386, 388
Condition of all banks in
318, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
911
Oil, production of
329,
407, 478, 574, 648, 710, 762, 844
Oklahoma:
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
912
Oklahoma City, Okia.:
Bankers' balances
326>
404, 475, 571, 645, 707, 759, 841
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Omaha, Nebr.:
Bankers' balances
326,
404, 475, 571, 645; 707, 759, 841
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Open-market operations of Federal reserve
banks.
_
___„____-„ 66,136,
224, 302, 371, 442, 502, 620, 676, 736, 787, 868
Opinions of courts. (See Court opinions.)
Oregon:
Branch banking in
317, 386, 388
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in___ ____.. 382, 548, 747
Deposits of member banks in, by size of city
913
Paper and printing, index of production
40, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Par clearance litigation. (See Clearing and collection.)

944

INDEX TO VOLUME 13
Page

Par list, number of banks on
74, 146,
246, 309, 377, 448, 526, 625, 682, 741, 793, 875
Parry, Carl E., appointed assistant director of
division of research and statistics
,
81
Pay rolls:
Chart showing
7, 78, 254, 638, 700
Index of
40, 111,
189, 272, 329, 407, 478, 574, 648, 710, 762, 844
Pennsylvania:
Branch banking in___
317, 386, 388
Condition of all banks in
381,546,745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of city
914
Permits, building, issued
41, 112,
190, 273, 330, 408, 479, 575, 649, 711, 763, 845
Peru:
Bank of—
Condition of
.
52, 121, 206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
Wholesale prices
58, 127,
212, 293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
770
Petroleum:
Imports, Canada
217,433,667,859
Index of production
39, 110,
177, 271, 328, 406, 477, 573, 647, 709, 761, 843
Philadelphia, Pa.:
Bankers' balances
.
326,
404, 475, 571, 647, 707, 759, 841
Branch banking in
389
Condition of member banks—
Mid-year summary
537
Weekly
68, 138, 227,
304, 374, 445, 523, 622, 679, 738, 790, 871
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Pig-iron production
39,
110, 329, 407, 478, 574, 648, 710, 762, 844
Pittsburgh, Pa.:
Bankers' balances
„
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
72, 142, 242,
308, 324, 402, 473, 569, 643, 705, 757, 839
Poland:
Bank of— .
Annual report
340
Condition of
52, 121,206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates—
Changes in
53, 193, 207, 288, 425
Monthly
53, 122, 207, 288,
350,' 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Cost of living
60, 129,
MI 215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Currency and banking reform in
767
:__
Debt to United States, payment on
5
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
__
278
Wholesale prices—
Description of index.
770
Monthly
58, 127,212,
293, 354, 429, 497, 606, 663, 726, 777, 855




Poland—Continued.
Zloty exchange, buying rates in New York, Page
chart showing
768
Portland, Oreg.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
...__
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Portugal:
Bank of—
Condition of
____ 52, 121, 206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Foreign exchange rates._.
. 57,126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
Postage, Federal reserve banks, cost of
107, 618
Potash, production, Germany______ 217, 433, 667, 856
Potatoes, crop estimates
694
Prices:
Agricultural—
Chart showing
312
Discussion of
.
689
Cotton, chart showing
.
264
Course of commodity prices, 1922-1927. __
696
Discussion of
79, 311, 689, 696
Food, retail, in principal countries-_ 60, 129, 215,
295, 356, 431, 499, 608, 665, 728, 779, 857
Index of, revision of
696
Security
10, 86, 158,
257, 327, 405, 476, 572, 646, 708, 760, 842
Wholesale—
Bureau of Labor Statistics index—
Description of index
.
769
Monthly
„ 59, 128, 213, 294,
354, 429, 497, 606, 663, 726, 777, 855
Chart showing course of
. 312, 697
Commodity--..-11,86, 158,
257, 327, 405, 476, 572, 646, 708, 760, 842
England, Sweden, and Switzerland,
chart showing
313
Index of, revision of
699
Principal countries—
Description of index
.
769
Monthly
•___ 58, 127,212,293,
354, 429, 497, 606, 663, 726, 777, 855
Printing and stationery, Federal reserve banks,
cost of____
.
107, 618
Profit and loss account of Federal reserve banks.
108
Production:
Chart showing
77
Discussion of
77, 311, 629
Index
39, 110,
189, 271, 328, 406, 477, 573, 647, 709, 761, 843
New index numbers
_„„„
100, 170
Railway statistics:
Canada
217,433,667,859
England
216,432,666,858
France
216, 432, 666, 858
Germany
217, 433, 667, 859
Rates:
Charged on discount and open market operations
66, 136,
224, 302, 371, 442, 520, 620, 676, 736, 787, 868
Discount. (See Discount rates.)
Earnings of Federal reserve banks.-„ 65,135, 223,
301, 370, 441, 519, 619, 675, 735, 786, 867
Money. See (Money rates.)
Receiver, power to act as. (See Fiduciary powers.)

INDEX TO VOLUME 13
Rediscounts and bills payable:
All banks in the United States—
Pag©
On call dates, by Federal reserve districts-..-. —
378, 543, 544, 742
By S t a t e s - - - - . . . —
381, 546, 745
Rediscounts and bills payable:
Member banks, on call dates
379, 544, 743
National banks, on call dates
• _ 547, 746
Nonmember banks, on call dates . 380, 545, 744
State banks, on call dates
382, 548, 747
Registrar of stocks and bonds. (See Fiduciary
powers.)
Regulations of the Federal Reserve Board:
Regulation K—Foreign banking corporations organized under section 25a of the
Federal reserve act
__.
501
Regulation M—Notes secured by adjusted
service certificates
30
Reichsbank, German. (See Germany.)
Rent, Federal reserve banks, cost of
107, 618
Repairs, Federal reserve bank buildings, cost
of.--'
107, 618
Reparation payments, agent general for, report
of--—
— — —
44, 579
Reserve cities, condition of member banks in__» 230,
450, 6845 877
Reserve position of all member b a n k s . .
. 231,
452, 686, 879
Reserve requirements:
Banco Central del Ecuador
484
Eesti Pank, Estonia.
485
Foreign central banks.
„
394
Reserves:
Against special savings accounts; ruling.609
Federal reserve banks, daily averages .__
61,
130, 218, 296, 369, 440, 518, 617, 674, 734,
785, 866.
Gold, principal countries, 1913-1926
276-278
Member banks—
Mid-year summary
529, 536
Monthly averages of weekly figures. _ _ 325,
403, 474, 570, 644, 706, 758, 840
Resolution of Federal Reserve Board re Cuban
agencies
_____._„___..__
188
Resources and liabilities:
All banks in the United States—
On call dates, by Federal reserve districts
.
378, 543, 544, 742
By States.
. 381, 546, 745
Federal reserve banks, weekly
61, 130,
218, 296, 364, 436, 513, 613, 669, 730, 781, 862
Member banks,—All banks
152, 219-239,
396, 449-453, 634, 683-687, 829, 876-880
National banks
_. 230, 450, 684, 877
On call dates, by Federal reserve districts
379,544,743,876
Reporting banks in Federal reserve
bank cities—
Mid-year summary
536-541
Weekly..
.
68, 138, 227, 304,
374, 445, 523, 622, 679, 738, 790, 871
Reporting banks in leading cities—
Mid-year summary
__
529-535
Weekly
. 67, 137, 225, 303,
372, 443, 521, 621, 677, 737, 788, 869
State banks _ _. _
- — _ 230, 450, 684, 877
National banks, on call dates, by States. 547, 746
Nonmember banks, on call dates, by Federal reserve districts
380, 545, 744
Retail food prices, principal countries
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857




945

Retail trade:
During first half of 1927
...
558
In 1926
97
Index of
43, 114,
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Retail stocks
„
79
Review of the month
1, 77,
149, 249, 311, 391, 455, 555, 627, 689, 749, 795
Revision of figures for gold stock and money in
circulation
.800
Revision of wholesale trade index
817
Revision of wholesale price index
699
Rhode Island:
Branch banking i n . . .
317, 386, 388
Condition of all banks in
_ . . . _ 381, 546, 745
Condition of national banks in
547, 746
Condition of State banks i n - _ _ . _ . _ 382, 548, 747
Deposits of member banks in, by size of
city.
____
„__
914
Richmond, Va.:
7
Bankers balances
„
326,
404, 475, 571, 645, 707, 759, 841
Condition of member banks in—
Mid-year summary.
.
;
538
Weekly
....I...
68, 138,227,
304, 374, 445, 523, 622, 679, 738, 790, 871
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Rulings of the Federal Reserve Board, law department :
Acceptances growing out of transactions
involving the importation or exportation
of goods—
860
Adjusted service certificates, loans to veterans on—
Act authorizing Veterans' Bureau to
make loans d i r e c t . . . . .
269
Regulation M
29,30
Bank examiner, loan to: violation of section
22
609
Branches of State member banks, location
within corporate limits
500
Comptroller of the Currency, regulations of,
defining "investment securities" as used
in McFadden Act
—
511
Court opinions—
Chancery Court of Davidson County,
Tenn., in case of Louisville & Nashville Railroad Co. v. Nashville
Branch of the Federal Reserve
Bank of Atlanta; check collection
transaction
505
Supreme Court of Texas relative to
trade acceptance form
. 510
"Investment securities" as used in McFadden Act, regulations of Comptroller
of the Currency defining...
511
Joint-stock land banks as " b a n k s " within
the meaning of the Clayton Act;
opinion of Attorney General-.
___„
268
McFadden branch banking act—
Changes in Federal reserve act and
national bank act made by
357
Text of.—
181
Savings accounts, special, reserves against.
609
Trade acceptance form; decision of Supreme Court of Texas relative to
_.
510
United States Supreme Court, decision of,
upholding constitutionality of.section 9
of the Federal reserve a c t . 434

946

INDEX TO VOLUME 13

Rumania:
Foreign exchange rates _
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
National Bank of—•
Annual report
717
Condition of
52, 121, 206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Russia:
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926_._
278
Retail food prices
60, 129,
215, 295, 356, 431, 499? 608, 665, 728, 779, 857
State bank of—
Condition of
52, 121, 206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Wholesale prices—
Monthly
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
770
St. Louis, Mo.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Condition of member banks in—
Mid-year summary
539
Weekly
68, 138,227,
304, 374, 445, 523, 622, 679, 738, 790, 871
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Salaries, Federal reserve banks
107, 618
Salt Lake City, Utah:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
San Antonio, Tex.:
Bankers' balances
571, 645, 707, 759, 841
Branch Federal reserve bank established
in
154, 557
Money rates in__
643, 705, 757, 839
San Francisco, Calif.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Branch banking in
389
Condition of member banks in—
Mid-year summary
541
Weekly
68,138,227,
304, 374, 445, 523, 622, 679, 738, 790, 871
Money rates in
72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Savings accounts, special, reserve against; ruling.
609
Seattle, Wash.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
72,
142, 242, 308, 324, 402, 473, 569, 643, 705, 757,
839.
Security issues, flotation of, discussion of
„_
556
Security loans (brokers' loans):
Chart showing
2
Discussion of
2, 456, 555, 795
Security prices
10, 86,
158, 257, 327, 405, 476, 572, 646, 708, 760, 842




Serbs, Croats, and Slovenes, National Bank of:
Annual report
487
Condition of
52, 121,
206, 287, 349, 424, 492, 601, 658, 721, 772, 850
Sheep slaughtered, index of
39,
110, 329, 407, 478, 574, 648, 710, 762, 844
Shipbuilding, index of
329,
407, 478, 574, 648, 710, 762, 844
Ships cleared:
England
216,432,666,858
France
216, 432, 666. 858
Germany
__ 217, 433, 667', 859
Shoe chain stores, sales of:
During first half of 1927
558
Monthly
43,114,
192, 275, 332, 410, 481, 577, 651, 713, 765, 847
Shoes:
Index of production
40, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Wholesale trade
42, 113,
191, 274, 331, 409, 480, 576, 650, 712, 764, 846
Silk:
Manufactures, index of
329,
407, 478, 574. 648, 710, 762, 844
Raw, imports, France
216, 432, 666, 858
Silver:
Coin and certificates, circulation
74. 146,
246, 309, 322, 400, 471, 567, 641, 703, 755, 837
Imports and exports
56, 125, 210, 291
Index of production
40, 110,
177, 271, 328, 406, 477, 573, 647, 709, 761, 843
South Africa:
Cost of living and retail food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Gold holdings, 1913-1926
278
Gold imports and exports
^
125,
210, 291, 352, 427, 495, 604, 661, 724, 775, 853
Reserve Bank of—
Condition of
52, 121, 206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates—
Changes in
773
Monthly
53, 122, 207, 288,
350, 425, 493, 602, 659, 722, 773, 851
Wholesale prices
58, 127,212,
293, 354, 429, 497, 606. 663, 726, 777, 855.
Description of index
770
South Carolina:
Branch banking in
317, 386, 388
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
915
South Dakota:
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
916
Spain:
Bank of—
Condition of
52, 121, 206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Cost of living
60. 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857

INDEX TO VOLUME 13
Spain—Continued.
Foreign exchange rates
57,126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
Spokane, Wash.:
Bankers' balances
326,
404, 475, 571, 645, 707, 759, 841
Money rates in
__„„ •.
!_ 72, 142,
242, 308, 324, 402, 473, 569, 643, 705, 757, 839
Spain:
Wholesale prices—
Monthly
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
770
;
State member banks:
Branches of, location within corporate
limits, ruling on
500
Classification of loans and investments.. 104, 881
Condition of__
230, 450, 684
Earnings, expenses, and dividends
383, 794
Number of__
635
State banks:
Admitted to system
36, 109,
187, 270, 363, 435, 512, 61.2, 668, 729, 780, 861
Branch banking
317, 384-389
Condition of, on call dates
382, 548, 747, 877
Number in system
36, 109,
187, 270, 363, 435, 512, 612, 668, 729, 780, 861
Statistical work of the Federal Reserve Board.464
Steel production, index of
„__
39, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Stocks:
Agricultural commodities
79
Gold in the United States
800
Industrial commodities
81
Wholesale
firms
79
Stocks, industrial and railroad, prices of
11,
86,158,257,327,405,476, 572, 646, 708, 760, 842
Straits Settlements; foreign exchange rates._ 57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Street loans. (See Brokers' loans.)
Sugar meltings, index of
39, 110,
329, 407, 478, 574, 648, 710, 762, 854
Supreme Court of Texas, opinion of, relative
to trade acceptance form
510
Supreme Court of United States, opinion of,
upholding constitutionality of section 9 of
Federal reserve act
434
Surplus account, Federal reserve banks
108
Suspensions, bank
21, 95, 168, 267,
333, 411, 482, 578, 652, 714, 766, 848
Sweden:
Bank of—
Condition of
52, 121, 206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Changes in
„_„.__
350
Reserve requirements
395
Cost of living
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
Joint-stock banks, condition of
53, 122,
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
Money rates
54, 123,
208, 289, 351, 426, 494, 603, 660, 723, 774, 852
Wholesale prices—
All commodities
58, 127,212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
770
Groups of commodities
335, 430,
498, 607, 664, 727, 778, 856




947

Switzerland:
Bank of—•
Page
Annual report
:
201
Condition of_
52, 121, 206,
287, 349, 424, 492, 601, 658, 721, 772, 850
Discount rates
53, 122, 207,
288, 350, 425, 493, 602, 659, 722, 773, 851
Reserve requirements
395
Cost of living and retail food prices
60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Foreign exchange rates
57, 126,
211, 292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
278
Money rates
_ 54, 123,
208, 289, 351, 426, 494, 603, 660, 723, 774, 852
Swiss cantonal banks, condition of
53, 122.
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
Wholesale prices—
All commodities. _
•
58, 127, 212,
293, 354, 429, 497, 606, 663, 726, 777, 855
Description of index
770
Groups of commodities
355, 430,
498, 607, 664, 727, 778, 856
Tax, franchise, paid by Federal reserve banks._
108
Taxes, Federal reserve banks
107, 618
Telephone and telegraph expense of Federal
reserve banks
107, 618
Tennessee:
Branch banking in
317, 386, 388
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
_"
917
Texas:
Condition of all banks in
381, 546, 745
Condition of national banks in _ _ _
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
918
Textiles, index of production
39, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Time deposits. (See Deposits.)
Tin manufacturing, index of production
329, 407,
478, 574, 648, 710, 762, 844
Tires, rubber, index of production
40, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Tires and tubes, rubber, index of production
329,
407, 478, 574, 648, 710, 762, 844
Tobacco
Crop estimates
694
Manufactures, index of production
39, 110,
175, 271, 328, 406, 477, 573, 647, 709, 761, 843
Trade:
Discussion of
78, 558, 629
Retail—
During first half of 1927
558
Index of
43, 114, 192,
275, 332, 410, 481, 577, 651, 713, 765, 847
Wholesale—
Charts showing
817,818,819
First half of 1927
560
Index of
42, 113, 191,
274, 331, 409, 480, 576, 650, 712, 764, 846
New index
817
Trade acceptances:
Form of, suggested charges in
510
Held by Federal reserve banks
65, 135,
223, 301, 370, 441, 519, 619, 675, 735, 786, 867
Open-market purchases by Federal reserve
banks
1
66, 136, 224,
302, 371, 442, 520, 620, 676, 736, 787, 868
Traveling expenses, Federal reserve banks
107, 618

948

INDEX TO VOLUME 13
Page

Treasury bonds, issue of
459, 694
Treasury certificates of indebtedness:
Held by Federal reserve banks
65, 135,
223, 301, 370, 441, 519, 619, 675, 735, 786, 867
Issues of
5, 251, 458, 694, 833
Maturities
64, 134,
221, 300, 368, 440, 518, 616, 674, 733, 784, 866
Purchases by Federal reserve banks
66, 136,
224, 302, 371, 442, 520, 620, 676, 736, 787, 868
Treasury
finance
4, 251, 458, 692, 832
Treasury notes:
Circulation
74, 146,
246, 309, 322, 400, 471, 567, 641, 703, 755, 837
Held by Federal reserve banks
65, 135,
223, 301, 370, 441, 519, 619, 675, 735, 786, 867
Open-market purchases by Federal reserve
banks
66, 136, 224,
302, 371, 442, 520, 620, 676, 736, 787, 868
Trust companies. (See State banks and trust
companies.)
Trust powers granted to national banks
36, 109,
187, 270, 363, 435, 512, 612, 668, 729, 780, 861
Turnover of department-store stocks
559
Unemployment:
Czechoslovakia
421
England
216, 432, 666, 858
France
216, 432, 666, 858
Germany
217, 433, 667, 859
Union of Socialist Soviet Republics. (See Russia.)
United States:
Business conditions
__„_
7, 82,
155, 254, 319, 397, 468, 564, 638, 700, 752, 834
Cost of living and retail food prices. _ 60, 129,
215, 295, 356, 431, 499, 608, 665, 728, 779, 857
Debt reductions
251, 459
Gold holdings, 1913-1926
278
Gold imports and exports. (See Gold.)
Wholesale prices
59, 128,
213, 294, 354, 429, 497, 606, 663, 726, 777, 855
United States bonds:
Held by Federal reserve banks
,
65, 135,
223, 301, 370, 441, 519, 619, 675, 735, 786, 867
Liberty bonds, retirement of___ 253, 459, 693, 832
Open-market purchases by Federal reserve
banks
66, 136, 224,
302, 371, 442, 520, 620, 676, 735, 787, 868
United States notes, circulation.
74, 146,
246, 309, 322, 371, 400, 567, 641, 703, 755, 837
United States securities:
Held by Federal reserve banks and earnings
thereon.
65, 135, 223,
301, 370, 441, 519, 619, 675, 735, 786, 867
Open-market purchases by Federal reserve
banks
66,136,224,
302, 371, 442, 520, 620, 676, 736, 787, 868
United States Treasury notes, average yield
9, 150,
157, 256, 323, 401, 472, 568, 642, 704, 756, 838
Uruguay:
Bank of—
Condition of
. 52, 121, 206,
' 287, 349, 424, 492, 601, 658, 721, 772, 850
Foreign exchange rates
57, 126, 211,
292, 353, 428, 496, 605, 662, 725, 776, 854
Gold holdings, 1913-1926
„
278
Utah:
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
918




Vermont:
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in____
382, 548, 747
Deposits of member banks in
919
Veterans Bureau, regulation of, relative to loans
on adjusted-service certificates_ _ _ _ .
31
Veterans, loans to, on notes secured by adjustedservice certificates:
Act authorizing Veterans* Bureau to make
loans direct
269
Ruling
29
Regulation M
30
Regulation of Veterans' Bureau
31
Virginia:
Branch banking in
317, 386, 388
Condition of all banks in__.
381, 546, 745
Condition of national banks in
. 547, 746
Condition of State banks in.
382, 548, 747
Deposits of member banks in, by size of
city
1
920
Wages in factories. (See Pay rolls.)
Warrants, municipal:
Purchased by Federal reserve banks, maturity distribution. __ 64, 134, 674, 733, 784, 866
Open-market purchases by Federal reserve
banks._____
'
66, 136, 224,
302, 371, 442, 520, 620, 676, 736, 787, 868
Washington:
Branch banking in...-.
317, 386, 388
Condition of all banks in
381, 546, 745
Condition of national banks in
._ 547, 746
Condition of State banks in
382, 548, 747
Deposits of member banks in, by size of
city
.
921
West Virginia:
Condition of all banks in__
381, 546, 745
Condition of national banks in
547,746
Condition of State banks in
_ _ 382, 548, 747
Deposits of member banks in, by size of
city
.
921
Wheat:
Crop estimates
694
Receipts and exports, Canada.. 217, 443, 667, 859
Wholesale prices. (See Prices.)
Wholesale stocks carried
79
Wholesale trade:
Charts showing
„_ 817,818,819
First half of 1927
._„_..„
560
In 1926
97
Index of
_-_—__
----42,113,
191, 274, 331, 409, 480, 576, 650, 712, 764, 846
New index
817
Wisconsin:
Branch banking in
317, 386, 388
Condition of all banks in_
381, 546, 745
Condition of national banks in________„ 547, 746
Condition of State banks i n .
382, 548, 747
Deposits of member banks in, by size of
city
„_
922
Withdrawals from Federal reserve system ,178, 466, 635
Wood pulp:
Exports, Canada
217,433,667,859
Index of production
_________
.__„„
329,
407, 478, 574, 648, 710, 762, 844
Wool imports, Germany __„__„.__-_.. 217, 433, 667, 859
Wool manufactures, index of
- _ 39,
110, 329, 407, 478, 574, 648, 710, 762, 844
Wool and woolens, imports and exports, England
216, 432, 666, 858

INDEX TO VOLUME 13
World War adjusted compensation act:
Tag®
Amendment to, authorizing Veterans' Bureau to make loans direct to veterans. _. 269
Loans on adjusted service certificates under—
Regulation in Federal Reserve Board..
30
Regulation of Veterans' Bureau
31
Wyoming:
Condition of all banks in
381, 546, 745
Condition of national banks in
547, 746
Condition of State banks in
„_ 382, 548, 747
Deposits of member banks in, by size of
city
923
Young, Owen p . , appointed deputy chairman
of board of directors of Federal Reserve Bank
of New York__
81




Young, Roy A., appointed governor of Federal
Reserve Board

949
692

Yugoslavia:
Discount rates.
53, 122,
207, 288, 350, 425, 493, 602, 659, 722, 773, 851
Foreign exchange rates
._»_-„__-.«__ 57, 126,
211, 292, 353, 428, 496, 605, 662, 725? 776, 854
Gold holdings, 1913-1926
278
Zinc, index of production. _-__„___„
_»__ . 40,
' 110, 177/271, 328, 406, 477, 573, 647, 709, 761, 843
Zloty exchange, Poland, chart showing buying
rates in New York

768

FEDERAL.RESERVE DISTRICTS

MO.

_

ST.LOJJIS |

O

BOUNDARIES OF FEDERAL RESERVE DISTRSCTS
BOUNDARIES OF FEDERAL RESERVE. BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102