Full text of Federal Reserve Bulletin : December 1927
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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