Full text of Federal Reserve Bulletin : February 1927
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FEDERAL RESERVE
BULLETIN
FEBRUARY, 1927
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Production and Trade in 1926
New Index of Industrial Production
Classification of Loans of All Member Banks
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON
1927
FEDERAL RESERVE BOARD
Ex officio members:
D. R. CRISSINGER, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
J. W. MCINTOSH,
GEORGE R. JAMES.
Comptroller of the Currency.
EDWARD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
WALTER WYATT, General Counsel.
J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
J. F. HERSON,
Chief, Division of Examination, and Chief Federal
Reserve Examiner.
CARL E. PARRY, Assistant Director, Division of Research and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
ARTHUR M. HEARD.
District No. 2 ( N E W YORK)
JAMES S. ALEXANDER.
District NO. 3 (PHILADELPHIA)
L. L. R U E .
District No. 4 (CLEVELAND)
GEORGE A. COULTON.
District No. 5 (RICHMOND)
JOHN F. BRUTON.
District NO. 6 (ATLANTA)
P. D. HOUSTON.
District No. 7 (CHICAGO)
FRANK O. WETMORE,
District No. 8 (ST. LOUIS)
BRECKINRIDGE JONES.
District No. 9 (MINNEAPOLIS) _1
THEODORE WOLD.
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)__
II
P. W. GOEBEL.
_•-•
B. A. MCKINNEY.
HENRY S. M C K E E .
President.
OFFICERS OF FEDERAL RESERVE BANKS
W. W. Paddock
J. H. Case
L. F. Sailer..
G. L. Harrison.
E. R. Kenzel...
Wm. H. Hutt
W. P. G. Harding..
Benj. Strong
Boston
New York
Frederic H. Curtiss.
Philadelphia.
Cleveland
Richmond
R. L. Austin
Geo. W. Norris..
George DeCamp
E. R. Fancher...
Wm. W. Hoxton
Atlanta
Chicago
Oscar Newton
Wm. A. Heath
George J. Seay...
_ M. B. Wellborn..
_
J. B. McDougal-
_
St. Louis
Minneapolis. _
Wm. McC. Martin.
JohnR. Mitchell...
Kansas City__
Dallas..
M. L. McClure
C.C.Walsh..
Isaac B. Newton.
San Francisco.
W. Wlllett.
A. W. Gilbart.i
J. W. Jones.i
Ray M. Gidney.
._ L. R. Rounds.*
C. A. Mcllhenny.
W. G. McCreedy.i
H. F. Strater.
_
M. J. Fleming
Frank J. Zurlinden
C. A. Peple..
R. H. Broaddus......
Creed Taylor.......
C. R. McKay
JohnH. Blair
... Geo. H. Keesee.
John S. Walden, jr.i
M. W. Bell.
W. C. Bachman.i
K. C. Childs.i
J. H. Dillard.i
D. A. Jones.1
O. J. Netterstrom.»
J. W. White.
Gray Warren.
Frank C Dunlop l
O. M. Attebery
W. B. Geery
B. V. Moore...
Harry Yaeger 2
C. A. Worthington..
R.R.Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk..
L. C. Pontious.
D. C. J
R. A. Young
i W. J. Bailey
. Lynn P. Talley.
1
J. U. Calkins
2
'Controller.
Cashier
Deputy governor
Governor
Chairman
Federal Reserve Bank o—
f
J. W. Helm.
Fred Harris.
W. N, Ambrose.
Assistant deputy governor.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
New York:
Buffalo branch
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch _ _
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch.
Little Rock branch
Managing director
W. W. Schneckenburger.
0. F. McCombs.
J. C. Nevin.
A. H. Dudley.
Marcus Walker.
Geo. R. DeSaussure
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
W. H. Glasgow.
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 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.
M. Crump.
D. P. Reordan.
R. B. Motherwell.
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. It contains, in addition to the regular
official announcements, the national review of business conditions, detailed
analyses of business conditions, research studies, reviews of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
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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
The month:
Review of the month—-Production and trade in 1926
-..._-__-___
Business conditions in the United States
Wholesale and retail trade in 1926... .
New index of industrial production
Classification of loans and investments of all member banks
Earnings and expenses of Federal reserve banks__
Reorganization of the National Bank of Bulgaria
Official:
Changes in State bank membership
••
_
Changes in national bank membership
Fiduciary powers granted to national banks
Business statistics for the United States:
Production and industrial activity
Commodity movements
Wholesale and retail trade____
___.
Foreign banking and business conditions:
Financial statistics for foreign countries
Condition of central banks
•
Condition of commercial banks
Discount rates of central banks
•
Money rates in foreign countries
Gold movements
Silver movements
Foreign exchange rates
Price movements in principal countries—
Wholesale prices in principal countries
Retail prices and cost of living in principal countries..
Banking and financial statistics:
Federal reserve banks—
Condition of Federal reserve banks
Federal reserve note account
Holdings of bills and securities and earnings thereon
Discount and open-market operations
Earnings and expenses
.
Gold settlement fund
Discount rates of Federal reserve banks
Member banks—
Reporting member banks—
Condition of reporting banks in leading cities
Condition of reporting banks in Federal reserve bank cities
All member banks—
Deposits, by size of city
Classification of loans and investments
_
Bank debits
Member banks and nonmember banks on par list and not on par list
Money in circulation
Money rates in principal cities
IV
__
_-..-,-..-.-
:
p ag8
77
82
97
100
104
106
119
109
109
109
110
112
113
120
120
122
122
123
124
125
126
:
127
129
130
134
135
136
106
147
147
_
137
138
__
140
104
141
146
146
142
FEDERAL RESERVE BULLETIN
VOL. 13
REVIEW OF THE MONTH
During the last three months of 1926 there
was a slowing down of industrial activity, and
in December the output of inIndustrial pro- d ^ r y was smaller than a year
earlier. For the year 1926 as
a whole, however, the level of production was
higher than for any earlier year. Industrial
production, which includes both factories and
mines, was about 4 per cent larger in 1926 than
in 1925, owing partly to an increase of about
7 per cent for mineral output, particularly that
of anthracite and bituminous coal, copper, and
zinc. Greater activity was shown also for
leading lines of manufacture, notably iron and
steel, paper and printing, and petroleum products. The production of food products, textiles, and leather products, on the other hand,
showed in 1926 little change from the year
before.
The course of production throughout most
of the year remained close to the high level of
the late months of 1925, as shown by the board's
new monthly index of industrial production,
given on the chart for the last four years. This
index, which is described in a special article in
this number of the BULLETIN, represents for
each month average production per working
day, is adjusted for seasonal variations, covers
both manufactures and minerals, and represents directly or indirectly about 80 per cent
of the total output of factories and mines in the
United States. The chart indicates that the
large aggregate of industrial output for the
3^ear 1926 as a whole resulted chiefly from the
fact that there was not, as in other recent
3^ears, a recession in industry in the spring and
summer months. The advance in the early
autumn brought industrial production to a
new high level, about 6 per cent above the
No. 2
FEBRUARY, 1927
previous maximum reached in the spring of
1923. Production was at a relatively constant
level from November, 1925, to July, 1926, and
the rise in August and September to new high
levels represented primarily increased production of iron and steel and automobiles, accompanied by a marked increase in the output of
textiles, rubber tires, petroleum products, nonferrous metals, and coal. The increase in the
early autumn in iron and steel was supported
by demand from the automobile and building
industries and to some extent by increased
PER CENT
PERCENT
125
1125
100
100
75
75
INDUSTRIAL PRODUCTION
f 1923-25=100 )
1923
50
1924-
.1925
1926
buying by railroads. The decline after September represented chiefly the decrease in automobile output, which in turn tended to reduce
the demand for iron- and steel. During the last
two months of the year, however, there was a
recession in almost all lines of manufacture.
The large volume of activity in manufacturing and mining in 1926 was accompanied and
„ ,
sustained by an exceptional
Building.
-,
*
i.
*.-
^
volume oi construction work.
The total volume of building of all kinds for the
country as a whole, as indicated by reported
figures for contracts awarded covering about
77
78
FEDERAL RESERVE BULLETIN
91 per cent of the business, approximated
$6,800,000,000 in value, and was about 4 per
cent larger than in 1925 and much larger than
in any other year. The increase was primarily
in the construction of public utilities and public
works, which was 12 per cent larger, and in the
construction of industrial buildings, which was
40 per cent larger, while residential building
declined nearly 3 per cent and the building of
schools more than 10 per cent. During the
last quarter of the year, when industrial production was declining, building was in about
the same volume as in the corresponding period
of 1925 and larger than in the same months of
any other year. Thus building construction
continued in 1926, as in other recent years, to
be an important factor in sustaining industrial
and trade activity; the cost of building, however, showed no appreciable advance and prices
of building materials declined during the year.
Employment in factories in 1926 was approximately in the same volume as the year before
and wage payments were someEmployment.
what larger; in mining and in
the building industry employment was at least
as large as in 1925, in keeping with the in-
75
FACTORY EMPLOYMENT
AMD RAY ROLLS
1923
192^
1925
1926
50
creased activity in these lines. Both factory
employment and factory pay rolls, as shown by
the chart, were in as large volume on the
average as in any previous year, except 1923,
but in the later months of 1926, when industrial
activity was receding, pay rolls were smaller
than in the corresponding months of 1925.
The income of farmers toward the end of the
FEBRUARY,
1927
year was also below the level at the same
season of 1925, largely in consequence of a
lower price for cotton and smaller yields of
spring wheat and other crops raised in the
Northwestern States.
Distribution to consumers, both at wholesale
and at retail, which for the entire year 1926 was
larger in quantity than for any
Trade.
previous year, showed some reduction in value in the late months of the year
as compared with 1925, partly because goods
were moving at a generally lower level of prices.
The autumn growth in sales at retail stores was
less than usual and the autumn decline in wholesale trade was larger than usual, especially in
agricultural sections where economic conditions
were unfavorable.1
Orderly marketing of the year's large output
of industry and agriculture was an important
characteristic of business acInventories.
tivity in 1926. Distribution of
commodities by the railroads was prompt and
efficient, sales to retailers and to the public
were maintained at a high level, and there was
little evidence of the accumulation of inventories or of stocks of raw materials. Information on stocks of commodities is not so complete
or so reliable as that on production and trade,
but available information indicates that in
most lines stocks on hand are no larger than
a year ago, and that even in those lines where
stocks in physical units exceed those of last
year the value of the stocks is lower, because
of the lower level of prices. From the point
of view of the amount of credit required to
finance inventories, their volume at the close
of 1926 was smaller by several hundreds of
millions of dollars than at the close of the
preceding year.
The inventories of wholesale merchants in
some lines of trade, notably shoes, hardware,
and drugs, were higher in DeWholesale and
,
mop
^
retail stocks.
cember, 1926, than a year
earlier, notwithstanding the
lower level of wholesale prices, while in other
lines, notably dry goods and groceries, for
which the price decline has been substantial,
i A special article on wholesale and retail trade in 1926 appears on
p. 97 of this issue.
79
FEDERAL RESERVE BULLETIN
FEBRUARY, 1927
Commercial stocks of agricultural commodiinventories were considerably smaller than a
year ago. These facts are brought out by the ties were also of considerably smaller estimated
value at the end of 1926 than
table, which gives index numbers of wholeAgricultural
at the end of either of the two
salers' stocks at the end of December for a stocks.
preceding years. For about 15
series of recent years.
commodities for which comparable figures are
VALUE OF STOCKS CARRIED BY WHOLESALE FIRMS IN available, the decrease in value of reported
DECEMBER
stocks, as compared with 1925, approximates
[Index numbers, 1919=100]
$200,000,000 and, as compared with 1924,
$300,000,000. The difference is due princi1923
1924
. 1925
1926
pally to the lower price of cotton. The
reported stocks of these agricultural commodi104
111
Groceries
120
102
93
91
93 ties at the end of each of the last three years,
Meats
119
74
86
73
58
Dry goods
.
98
62 as measured in physical units, are given in the
Shoes
58
77
97
Hardware .
__
93
100
90
99
Drugs
90
91
103 table, which indicates that stocks were larger
for cotton, wheat, corn, beef, frozen poultry,
Inventories of department stores at the end and apples, and smaller for oats, cottonseed,
of the year were also affected by the decline and eggs.
in prices. They were slightly smaller than at REPORTED STOCKS OF AGRICULTURAL COMMODITIES IN
the end of 1925, when all departments are
DECEMBER
included, increases in some departments,
notably musical instruments and radios, fur| 1924
1925
Commodity
1926
niture, and furs, being offset by large reductions
5, 937
7, 326
8,245
in inventories of clothing and most lines of Cotton (thousands of bales)
Cottonseed (thousands of tons)
1,231
1,416
1,292
Wheat (thousands of bushels)
96,114
55,024
68,125
dry goods.
Corn (thousands of bushels)
19, 693
19,095
36,412
Oats (thousands of bushels)
46,341
76,343
66, 762
Stocks of industrial commodities in a num- Cheese (thousands of pounds)
54,495
49,187
58,457
Apples (thousands of barrels)
9,282
5, 232
7,051
ber of cases were somewhat larger in quantity Butter (thousands o f pounds)
34,355
65,694
52, 785
Frozen poultry (thousands of pounds)
144, 230
133,990
111, 501
at the end of 1926 than at the Beef (thousands of pounds)
142,862
84, 996
101.016
Industrial
stocks.
,.
.
inor
inn A
same time in 1925 or 1924.
This is notably true of metals,
building materials, and rubber in various forms,
while stocks of paper, petroleum, and especially leather, were smaller at the end of December than at the same time in other recent years.
A table showing stocks of about 40 industrial
commodities in 1924, 1925, and 1926 is shown
at the end of this review.
Estimates of the value of the stocks of these
commodities, based on prices prevailing at the
end of 1925 and 1926, indicate that the value
of reported stocks was smaller in December
than a year ago for all of the principal groups
except building materials. The larger value of
stocks of building materials is due primarily to
their larger quantity, while the smaller value of
stocks in the textile and rubber industries
reflects lower prices for larger stocks.
Pork (thousands of pounds)
Lard (thousands of pounds)
Eggs (thousands of cases)
Tobacco (millions of pounds)
642,981
60,243
1.050
1,714
472, 219
42,478
1,683
1,819
475, 576
49,498
1, 111
1,842
The general level of wholesale commodity
prices in the United States, as well as in many
other countries, declined during
Prices.
1926. In this country the price
index in December was about 6 per cent lower
than a year earlier and at the lowest level since
the middle of 1922, excepting a few months in
the middle of 1924. The decline affected
almost all classes of commodities, both agricultural and nonagricultural, but was.greatest
in agricultural commodities, for which wholesale prices w^ere in November and December
at the lowest level in more than two years.
Prices received by farmers, as computed by
the Department of Agriculture, w^ere in December at the lowest level in four years. Nonagri-
80
FEDERAL RESERVE BULLETIN
cultural prices declined about 3 percent during
the year and were in December close to the
lowest level in four years. The lower level of
agricultural prices reflects primarily the lower
prices for grain and for cotton, while prices of
livestock, after marked fluctuations during the
year, were at about the same level as at the
end of 1925. Among the nonagricultural
commodities chiefly responsible for the lower
level at the end of 1926 are rubber and silk,
among the raw materials, yellow-pine flooring,
coke, and zinc. Certain highly fabricated
articles not included in the price index, such as
automobiles and tires, are also lower in price
than they were a year ago.
The larger volume of trade, at a lower level
of prices, that characterized the year 1926 was
accompanied by a larger avera e
& volume o f currency in circulation during the year and a
larger volume of bank credit in use. The increase in bank credit during the year, however,
was less than for any other recent year, and
currency in circulation in December, as measured by the average of amounts at the beginning
and at the end of the month, was $14,658,000
less than at the same time a year ago. Net
demand deposits of member banks, which represent that class of deposits of which the circulation is most active, were also lower at the end
of the year than at the beginning. Time deposits, on the other hand, continued to increase at
about the same rate as in other recent years.
Loans and investments of member banks, as
indicated by figures for member banks in leading cities, were at the end of the year at a higher
level than at any previous time. Investments
and loans on securities were in about the same
volume as at the end of 1925, and the increase
was entirely in other loans, which had reached
in November the highest level in six years and
had declined after that time. This decline continued in January, during the period of the
seasonal return flow of currency from circulation and the consequent decline in the demand
for reserve bank credit.
Liquidation of indebtedness at the reserve
banks by the use of currency released from
FEBRUARY,
1927
circulation after the turn of the year, together
with a considerable volume of gold imports,
resulted in much easier conditions in the money
market. Thus money rates, which throughout
1926 had been higher than the year before, were
in January at about the same level as at the
opening of the preceding year.
REPORTED STOCKS OF INDUSTRIAL COMMODITIES
DECEMBER *
Commodities
1924
1925
1926
P e r cent of
change in 1928
over—
1924
Metals:
Iron ore (thousands oflong
tons)
Copper, refined (short
tons)
Copper blister (short tons).
Zinc, slab, at refineries
(short tons)
Lead, crude (short tons)__.
Fuels:
Bituminous coal (thousands of short tons)
Petroleum crude (thousands of barrels)
_.
Gasoline (millions of gallons).
___
_
Gas and fuel oil east of
California (millions of
gallons)
Building materials:
Yellow pine, southern
(millions of board feet)...
Yellow pine, western (millions of board feet)
Hardwoods (millions of
board feet)
Flooring, oak and maple
(thousands of board feet).
Common brick, burned
(thousands) __
Paving brick (thousands)-.
Cement (thousands of bar-
36,360
36,898
38,426
IN
1925
+5.7 +4.1
136,434 73,082 85,501 -37.3
237,528 249,278] 272,342 +14. 7
+17.0
+9.3
9,295 21,887 +3.2+135.5
21,208
87,197 105,629>120,871 +38.6 +14.4
•
|
3 44,000 3 45,000: 3 44,000
0.0
-2.2
312,725 292,288J 278,077 -11.1
-4.9
-0.6
1,294
1,648|
1,639
+26.7
774
1,0371
1,046
+35.1 +0.9
1,042
1,166!
921
667
69, 815
902; a 1,145
806!
922
73,155! 102, 562
+11.7
+24.4
+38.2
+46.9
-0.2
+27.0
+14.4
+40.2
354,477 316, 0231 453, 452 +27.9 +43.5
102, 993
79, 709 - 2 2 .
-26.6
13,857 18,429; 20, 555 +48.3 +11.5
Enameled sanitary ware
893 +37.0 +34.1
652
(thousands of pieces)
Textile materials and products:
Cotton, raw, at warehouses (thousands of
4,617
5,584! 6,47< +40.3 +16.0
bales)
_
Cotton, raw, at mills
1,721
1,320
1,7
+33. 8 +2.6
(thousands of bales)
229,817 210,122
Cotton goods (yards)
-8.6
Cotton fabrics, finished
42,162 42,315 38,398 -8.1 - 8 . 3
(cases)_-__
.
Wool, raw, manufacturers
(thousands of pounds).._ 211, 515 182, 506 161,943 -23.4 - 1 1 . 3
Wool, raw, dealers (thou179,733 4 190, 504 213,770 +18. 9 +12.2
sands of pounds)
Wool, raw, in Boston
(thousands of pounds) _._ 49,259 62,251 81,419 +65.3 +30.8
Silk, raw, at warehouses
61, 533 49, 824 52,478 -14.7 +5.3
(bales)___
Hosiery (thousand dozen
5,752
5, 834 2 6, 856 +19.2 +17.5
pairs)
Knit underwear (thousand
954
1,096 2 1,011 +6.0 - 7 . 7
dozen garments)
1
Stocks in every case are as of Dec. 31 unless otherwise noted. These
figures are derived from various sources and all, except those referring to
bituminous coal and to raw wool in Boston, are published regularly
in the Survey of Current Business of the Department of Commerce.
Coal stocks are compiled at irregular intervals by the Bureau of Mines,
and those of wool in Boston are reported at the end of each year by the
wool merchants of that city.
2
Stocks as of Dec. 1.
3
Stocks are of report dates nearest the end of the year—Mar. 1, 1925,
Feb. 1, 1926, and Oct. 1, 1926.
4
Stocks for all years are as of Sept. 30.
FEDEEAL EESEEVE BULLETIN
FEBRUARY, 1927
REPORTED STOCKS OF INDUSTRIAL COMMODITIES IN
DECEMBER—Continued
Commodities
1924
1925
1926
Per cent of
change in 1926
over—
1924
Leather:
Sole leather (thousands of
backs, bends, and sides) _ 6,467 6,310 3s660
Upper leather, cattle
4,305 4,004 2 3,142
(thousands of sides)
Upper leather, calf and kip
6,537 6,517 2 6,126
(thousands of skins)
Upper leather, goat and
kid (thousands of skins). 18,925 18,493 2 19,170
Rubber:
Rubber, crude (long tons). i 49, 6454 33,131 4 58,883
5,571 6,106
7,847
Pneumatic tires
8,289 8,485 12,150
Inner tubes
Wood pulp and paper:
Wood pulp, chemical (short
tons)
54,372 37, 744 41, 688
Wood pulp, mechanical
179,466 191,911 195,926
(short tons)
Newsprint (short tons)-... 23,838 16,238 12,030
Book paper (short tons)___ 39,398 44, 534 43,835
Wrapping paper (short
64,760 44,177 37/827
tons)
41,714 40,090 42, 521
Fine paper (short tons)
Paper board (short tons).. 42, 534 45,600 52, 758
1925
- 4 3 . 4 -42.0
81
deputy chairman of the board of directors of
the Federal Reserve Bank of New York to
succeed W. L. Saunders, whose term expired
on December 31, 1926. In order to accept
this appointment, Mr. Young has resigned as a
class B director of the bank, an office which he
has held since January 1, 1923.
Appointment of Assistant Director of Research
-27.0 -21. 5
-6.3
-6.0
+1.3
+3.7
+18.6 +77.7
+28.5
+40.
+43.2
+46.6
- 2 3 . 3 +10.5
+9.2 +2.1
-49.5 -25.9
+11.3 - 1 . 6
Mr. Carl E. Parry, who has been connected
with the research work of the Federal Reserve
Board since 1924, has been appointed assistant
director of the division of research and statistics.
Consolidation of Cuban Agencies
Action was taken in December by the Federal
Reserve Board, effective January 1, 1927, providing for the assumption by the Federal Reserve Bank of Atlanta, through its agency at
2
Habana, Cuba, of the functions previously
Stocks as of Dec. l.
exercised by the Federal Reserve Bank of
* Stocks for all years are as of Sept. 30.
Boston through its agency at the same place.
Appointment of Deputy Chairman at New York
At the same time the board authorized the disThe Federal Reserve Board has appointed continuance of the Cuban agency of the Federal
Owen D. Young to be class C director and Reserve Bank of Boston.
28725—27
2
-14.4
-41.
+6.1
+1+24.0 +15.7
82
FEBRUARY, 1927
FEDERAL RESERVE BULLETIN
BUSINESS CONDITIONS IN THE UNITED STATES
NATIONAL SUMMARY
Volume of output of industry decreased
further in December to the lowest level in
more than a year, and wholesale prices continued to decline. Easier conditions in the
money market in January reflected the usual
seasonal liquidation after the turn of the year.
Production.—In December, for the third
consecutive month, there was a decrease in
industrial production, and the board's new
50
PRODUCTION OF
MANUFACTURES AND MINERALS
1923
192A-
1925
1326
winter decrease in demand. Cotton consumption, on the other hand, was larger than in any
previous December. Factory employment and
pay rolls declined further in December, reflecting decreases in nearly all industries except
cotton goods, clothing, foundries and machine
shops, and printing and publishing.
The value of building contracts awarded in
December, as in November, was larger than in
the corresponding period a year earlier, but
for the first three weeks of January contracts
were in smaller volume than during the same
weeks of 1926. This decline in January was
largely concentrated in the New xYork and
Atlanta Federal reserve districts, w here building was unusually active a year ago. Residential contracts were smaller in December
than a year earlier in nearly all districts, the
increase in the total for the month being in
other types of building.
Trade.—Retail sales during the holiday
trade in December exceeded all previous records. Sales of department stores were approximately 3 per cent larger than in December of
last year, and sales of mail-order houses, while
slightly smaller than in 1925, were larger than
in the corresponding month of any other year.
1927
Index of production of manufactures and minerals. (1923-1925 average =
100.) Latest figures, December
index, with adjustment for seasonal variations,
was 105 on the basis of the average for 1923,
1924, and 1925 as 100. This compares with 113
in September, the high point of the year, and
with 108 a year ago. The decline since the recent high point has been entirely in the manufacturing industries, as the output of minerals
was at a record high level in November and December. By far the greatest recession of recent
months has been in the automobile industry,
output of passenger cars and trucks in the
United States decreasing from 425,000 in
August to 165,000 in December. Reduction
in the manufacture of automobiles is usual at
the end of the year, when plants close for
inventory taking and repairs, but in December,
1926, the decline w^as considerably larger than
usual. Production of iron and steel has also
been sharply reduced since the middle of
autumn, and activity in the woolen and
worsted and silk industries has been somewhat
curtailed. Production of lumber, cement, and
other building materials has reflected the usual
SO
With Seasonal Adjustment
Without Adjustment
1923
1924
1S25
1S26
1927
Index of sales of 359 stores. (1919—100.) Latest figures, December
adjusted 140, unadjusted 234
Sales at wholesale, on the other hand, declined
in December and were smaller than a year ago
in practically all leading lines, except shoes.
Merchandise stocks carried by department
stores were reduced slightly more than is usual
in December and were somewhat smaller at
83
FEDERAL RESERVE BULLETIN
FEBRUARY, 1927
the end of the month than in 1925, and wholesale stocks were also slightly smaller than a
year ago. Freight-car loadings showed about
the usual seasonal decline in December, with
shipments of all groups of commodities, except
coal and merchandise in less-than-carload lots,
in smaller volume than a year earlier.
Prices.—Wholesale prices declined further
in December, and the Bureau of Labor Statis-
of agricultural products, which declined considerably in October and November, increased
slightly in December, owing to advances in
prices of grainy and cattle. In the first three
weeks of January there were further increases
in grains, and advances also in cotton, hogs,
and flour. Prices of nonagricultural products
declined in December, owing chiefly to decreases
in bituminous coal, clothing materials, nonferrous metals, and building materials. In
PEP, CENT
PERCENT
200
200 January iron and steel prices were slightly
reduced, and there were further declines in
bituminous coal and nonferrous metals, while
prices of cotton goods and coke advanced.
Bank credit.—At the reserve banks during
the four weeks following the peak of the seasonal currency demand, there was a return
flow of Federal reserve notes and other cash
150
150
from circulation, amounting in the aggregate
V
to about $400,000,000. This return flow of
\ /
currency was in about the same volume as a
WHOLESALE PRiCES
year ago, and, together with substantial gold
imports, was reflected in a reduction of the
mmiL At/ Commodities
- « n Agricultural
volume of reserve bank credit in use to a level
•++-* Non-Agriculturaf
on January 19 lower than at any time since
100
100
1325
1924
1926
1927
the summer of 1925.
1923
Index of United States Bureau of Labor Statistics. (1913=100, base
Loans and investments of member banks in
adopted by bureau.) Latest figures, December
leading cities, after increasing to a record level
7
tics index at 147 for that month was at the at the end of the year, declined sharply in
Commercial loans, which had
lowest level since the middle of 1924. Prices January.
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
I
Indus- Produc- Produc- Factory Factory
tion of tion of
trial
manuemploypay
production i
Year and
month
factures 1
minerals i
ment
rolls
Building contracts
awarded 1
Unadjusted
Adjusted
Monthly average
1923-1925-100
1920 average _
_
1921 average. .
1922 average _.
1923 average..
1924 average..
1925 average __
1926 average..
87
67
85
101
95
104
108
87
67
87
101
94
105
108
1926
January
February
March
April
May
June
July
August.
September
October
November
December
106
107
108
108
107
107
107
111
113
111
108
105
108
109
108
108
107
107
107
112
113
111
106
103
j
!
1
_|
I
_i
i
I
Railroad
car
loadings •'
Wholesale
trade
Depart ment-s t ore Department-store Bank
sales J
stocks *
debits
outside
of New
UnadYork
AdUnadAdjusted
justed
justed
justed City 1
Monthly average 1919=100
70
74
105
103
82
124
84
107
104
95
95
96
113
104
107
109
93
98
108
107
103
104
105
109
111
116
118
120
96
97
97
96
96
95
94
94
96
96
95
94
107
112
113
110
109
109
104
108
108
112
109
108
176
157
231
220
212
211
200
232
217
199
188
207
108
94
103
119
117
123
128
90
123
133
150
193 I
.
205 !
Oft
243
218
209
170
164
169
178
221
233
204
235
281
118
127
126
132
126
127
130
126
128
127
132
132
112
73
74
83
82
84
84
114
104
130
133
137
130
99
105
131
158
157
234
114
91
94
107
108
121
127
133
115
116
129
133
135
137
120
111
112
124
125
131
136
130
135
130
130
132
130
133
134
144
139
140
146
125
131
142
143
138
131
125
130
142
153
156
128
141
140
141
139
138
138
133
130
132
137
138
137
126
128
131
131
124
127
136
126
126
126
123
126
1
The indexes of production, car loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of building contracts and depart
ment-store sales and stocks are shown both with and without seasonal adjustments.
84
FEDERAL RESERVE BULLETIN
reached their seasonal peak in November, were
in the middle of January about $200,000,000
below the maximum figure, but still more than
$300,000,000 above the level of a year ago.
Loans on securities of the reporting banks also
BIlLiOHS OF DOLLARS
2
BILLIONS OF DOLLARS
1923
1924-
1925
1926
1927
Monthly averages of daily figures for 12 Federal reserve banks.
Latest figures are averages for first 23 days in January
declined after the turn of the year, following a
large increase in December, and were slightly
smaller than in January of last year.
Easier money conditions prevailed in the
money market in January, and rates on prime
commercial paper declined from 4 ^ to 4)4
per cent, and those on bankers7 acceptances
from 3J4 to a range of 3%-3% per cent.
FEBRUARY,
paper and call loans were at about the same
levels during January of this year, while rates
on acceptances were higher and on time loans
on securities lower. The average yield on 3-6
months United States Treasury notes and certificates of indebtedness rose during the month,
while the yield on long-term Liberty bonds remained at the low levels reached at the end of
December. Bond yields in general continued
to decline during the month, and bond prices
reached the highest levels since before the w^ar.
The accompanying table shows money rates
prevailing in the New York City open market
during the last three months. A retrospective
revised table showing rates of interest charged
customers by representative banks in various
cities during the last six months will be found
on pages 143-146 of this issue of the BULLETIN. In January rates charged customers in
many of these cities were somewhat lower than
in December, but higher than in the summer
months of 1926.
MONEY RATES IN N E W YORK
Average yield
Month
Prime
commercial
paper,
4-6
months
MONEY RATES
Conditions in the New York market showed
the customary seasonal ease during January,
and rates on commercial paper, bankers7 acceptances, and collateral security loans were all
quoted at lower levels than prevailed in December. The decline was marked in the call
rate on security loans, which fluctuated around
4/€ per cent during the latter part of the
month, in contrast to a level of 5J^ per cent
during the last two weeks of December. In the
other short-time money markets, however, the
decline amounted only to about one-fourth of 1
per cent. The market for commercial paper
was active during the earlier part of the month
but generally quiet later, with the bulk of the
sales at 434 per cent, as compared with 4 ^ per
cent during December. The offering rate on
prime bankers7 acceptances of 90 days' maturity fluctuated between 4 ^ and 4% per cent,
comparing with 4%-4% per cent during November and December. Time rates on security loans declined from about 4% per cent
to 4J^ per cent during the month. As compared with January, 1926, rates on commercial
192T
January, 1926
October, 1926...._
November, 1926_
December, 1926January, 1927
Week endingJan. 1
„
Jan. 8_
Jan. 15
Jan.22.
Jan. 29
Prime
bankers'
acceptances,
90
days
4-4M
Average rate
U.S.
Treasury
notes per cent Call
Time
and
2
certifi- Liberty loans i loans
bonds
cates,
3-6
months
3.49
3 3.58
3.35
' 3.03
. 3.11
3.23
43>
4M-4^
CITY
4.04
3.95
3.91
< 3. 01
4 3.05
i 3.19
4 3.36
4 3.32
3.80
3.78
3.80
3.75
3.87
3.83
4.33
4.75
4.56
5.16
4.32
4.79
4.99
4.70
5.60
4.85
4.15
4.35
4.00
4.73
4.58
4.52
4.50
4.50
4.70
4.52
1 Renewal rate.
2
Weekly average of daily average rates on principal maturities.
3
Issues maturing Mar. 15,1927.
4
Issues maturing June 15, 1927.
ACCEPTANCE MARKET
The New York acceptance market was less
active during the last half of December than
in preceding weeks, with a smaller volume of
new bills offered to dealers and a light demand.
The supply of longer dated bills was particularly small, and on December 27 rates on 90day and longer maturities were reduced by
one-eighth of 1 per cent. Exceptionally heavy
buying of these bills for foreign account developed in January, and rates were further
FEBRUARY,
reduced on January 11, as indicated by the
table below. Offerings to the reserve bank
were in moderate volume throughout the fourweek period ending January 12, and there was
no marked change in the size of dealers' portfolios. Boston dealers reported for the period
a continuation of the quiet conditions which had
prevailed in the local market since early in
November. Their sales to the reserve bank
were smaller than in the preceding four weeks
and their portfolios were larger, although
they were sold down to smaller proportions after
the decline in rates at the end of December.
A small volume of business was reported by
Chicago dealers.
The table below shows the prevailing rates
in the New York market at the beginning and
end of the period covered by this discussion.
ACCEPTANCE RATES IN THE NEW YORK MARKET
Dec. 16, 1926
Jan. 11, 1927
Maturity
Bid
Offered
Bid
Offered
30 days..
60 days..
90 days..
120 days.
' 150 days.
180 days.
CAPITAL ISSUES
The volume of new domestic capital issues in
December was larger than in any month since
May, according to the compilation of the
Commercial and Financial Chronicle, and
amounted to over $445,000,000, as compared
with $326,000,000 in November, The securities put out for refunding purposes were only
$43,000,000, however, as compared with the
unusually large total of $266,000,000 in the
preceding month. Municipal issues were more
than twice as large as in November, but neither
corporate nor municipal flotations were as
large as in December, 1925, which was the
month of maximum new domestic flotations in
that year. The total of new domestic issues
during the year 1926 was about the same as in
1925, but the amount of refunding issues was
considerably greater, with the result that the
total volume of domestic securities floated
during 1926, both new and refunding, exclusive of United States Government issues, was
the largest on record. The following table
shows domestic securities both new and refunding issued in December, 1926, in the year 1926
as a whole, and in the year 1925:
85
FEDERAL RESERVE BULLETIN
1927
DOMESTIC CAPITAL ISSUES
[In millions of dollars]
January-December, 1926
December,
1926
New
Refunding
New
Refunding
January-December, 1925
New
Refunding
5,128. 9 680.9
445.8
43.4
5,155. 7 879.4
304.7
41.0
3,754. 0 819. 8 3,604.5
617.6
212.3
24.2
2,417.7
641.4
2,231.3
435.9
13.0
79.4
141.1
Total
Corporate issues
Long-term bonds
and notes..
Short-term bonds
and notes
Stocks
Farm-loan issues
Municipal issues
6.3
10.5
249.2 45.3
1,087.1 133.1
91.1 40.2
1.310. 6 19.4
220.7
1,152. 5
168.7
1,355. 8
87.3
94.4
19.5
43.8
2.4
48C .2
Grand total
5,809. 8
6, 035.1
With the single exception of October, a
larger volume of foreign capital issues, new and
refunding, were floated in December than in
any other month of 1926, according to the
compilation of the Federal Reserve Bank of
New York. About two-thirds of these loans
consisted of Latin American issues, while
most of the remaining were for the account of
European governments. The total volume of
foreign issues in 1926 was larger than in 1924
and close to the high totals of 1925. The bulk
of the issues during the year were European or
Latin American in origin, total flotations for
each of these groups amounting to about
$470,000,000 during the year. Canadian issues
to a total of about $270,000,000 were also
important. The table below shows foreign
issues during November and December, 1926,
and for the year as a whole, classified geographically :
FOREIGN CAPITAL ISSUES
[In millions of dollars]
December,
1926
November,
1926 1
January-December, 1926
Gov- Corpo- Gov- Corpo Gov- Corpoernernernment rate ment rate ment rate
New issues
Europe—
Canada and Newfoundland
Latin America
United States insular
possessions
_.
Asia
InternationalRefunding issues _ - Total new and refunding
Grand total.
Revised.
93.1
37.3
10.5
8.7
46.8
10.0
.5
3.0
42.4
16.0
50.2
29.3
633.8
262.2
399.0
182.9-
1.3
5.4
2.6
51.2
289.1
141.6
42.3
11.6
19.7
4.4
10.0
17.8V
148.8
2.6
19.7
35.0
42.4
15.8
35.0
85.2
127.6
104.4
86
FEDERAL RESERVE BULLETIN
SECURITY PRICES
The stock market was generally quiet during
January, and prices of representative common
stocks were quoted somewhat below the high
levels reached toward the end of December.
The downward movement was confined for
the most part to industrials, however, for the
Standard Statistics index of 31 representative
rails reached the highest point since 1912
during the fourth week in January. The
number of shares sold daily on the stock
exchange during the month was smaller than
in December. Investment demand was strong
during the month, and bond prices continued
to advance and reached new high levels for
postwar years. The following table gives the
indexes of stock prices computed by the
Standard Statistics Co. of New York, the
average price of 40 bonds computed by Dow,
Jones & Co., and the average number of
shares of stock sold daily on the New York
Stock Exchange for the last five months and
for January a year ago:
INDEX NUMBERS OF SECURITY PRICES
Average
Aver- number
age
of shares
of stock
199 in- 31 rail- Total, price sold daily
of 40
dustrial road
230 bonds 2
(000
stocks stocks stocks
omitted) 3
153.7
159. 8
155.4
157.5
161.7
158.4
125. 5
134.6
129.6
132 4
135. 2
136.7
145.5
152.5
147.9
150.2
153. 9
153.5
93.46
95.03
94.93
95.66
96.05
96.43
1927
the year to about 3 per cent and for the year
as a whole to about 6 per cent. Nearly all of
the decline for the year came in the first and
fourth quarters, prices from March to September having shown from month to month
but little fluctuation in either direction. The
decline during December was chiefly in
consequence of lower prices for nonagricultural
commodities, agricultural commodities as a
group having advanced slightly on the wholesale market. This advance reflected mainly
somewhat higher prices for grain. For almost
all the principal groups of commodities, however, prices declined from November to December, as is brought out by the accompanying table, and for the second or third successive
month, as indicated by the table on page 128.
INDEX NUMBERS OF COMMODITY PRICES
• [1913=100]
Decem- November, 1926 ber, 1926
Decem-
All commodities
Price indexes of1—
Average for—
•January, 1926
September, 1926
October, 1926
November, 1926
December, 1926
January, 1927
Average for week e n d i n g Jan. 1
Jan. 8
_
Jan. 15
Jan. 22
Jan. 29
FEBRUARY,
1,766
1,654
1,824
1,477
1, 692
1,468
147.2
148.1
156.3
Agricultural
Nonagricultural
Farm products
Foods:
Clothing materials...
Fuel and lighting
Metals
Building materials.._
Chemicals and drugs
House furnishings. _.
Miscellaneous
142. 2
151.5
141.3
154.0
153.7
157.9
134. 9
151.0
188. 6
182.9
125.7
172. 7
128.2
159.4
117.8
134.6
151.1
169. 9
190.2
126.5
174.0
128.5
159.9
117.7
152.2
157.1
187.1
174. 9
129.5
177.0
134.5
165.9
138.2
All of the different groups, except fuel, were
lower in December, 1926, than a year ago,
the largest decreases being about 15 per cent
1,643
135.6 153.6 96.05
161.0
1,393
161.3 135.7 153.8 96.27
for miscellaneous commodities, including rub1,364
160.6 137.1. 153.9 96.49
1,573
ber, and about 11 per cent for farm products.
138.5 153.7 96.65
159.9
1,556
136.4
152.4 96.67
159.0
Agricultural commodities as a whole, according
to the grouping of the Bureau of Labor Statis1
For the industrial stocks, the average of 1917-1921 prices equals 100;
'for the rails the average of the high and low prices made in the 10 years, tics, were 7.5 per cent lower than a year ago
1913-1922, equals 100. The indexes are weighted by the number of shares
of each stock outstanding. Prices used are closing quotations on and nonagricultural prices about 5 per cent
Saturday.
lower.
2 Arithmetic average of daily average closing prices as published in
the Wall Street Journal. Weekly averages are for week ending with
In January cotton, cattle, and silver adSaturday.
3 Saturday omitted. Weekly averages are for 5 days ending with vanced in price and most other important
Friday preceding date given.
commodities declined.
Prices received by farmers declined in JanCOMMODITY PRICES
uary for the second successive month, as shown
The general level of wholesale commodity by the following table, which gives for the last
prices declined somewhat further in December, 12 months index numbers of farm prices prebringing the decline for the fourth quarter of pared by the Department of Agriculture.
FEBRUARY,
INDEXNUMBERS OF FARM PRPCES
INTERMEDIATE CREDIT BANKS
[August, 1909-July, 1914=100]
30
commodities
1926
January
February...
March
April
May
June
July
August
September. .
October
November,.
December..
143
143
140
140
139
139
136
133
134
130
130
127
Grains
143
140
133
131
131
130
125
128
121
123
121
120
Fruit
and
vegetables
214
218
220
253
240
216
195
186
136
136
142
137
[In thousands of dollars]
Cotton UnMeat
and
ani- poultry cotton- classified
mals
prodseed
ucts
140
146
147
146
148
154
152
144
148
148
142
140
153
144
137
133
131
130
131
130
139
144
157
161
138
142
133
135
130
132
126
130
134
94
88
81
AGRICULTURAL CREDIT
Direct loans outstanding of the 12 Federal
intermediate credit banks increased approximately $4,500,000 during December, and additional advances of $1,625,000 were made during
the first half of January. The larger part of
the increase during December took place at the
banks located at Columbia (S. C ) , St. Louis,
and Wichita (Kans.) and represented increased
loans on cotton and rice. Loans on tobacco
in the six weeks' period ending January 15
decreased approximately $1,000,000, loans on
wool were about $600,000 lower, and loans
based on wheat and canned fruits and vegetables also declined slightly. During the same
period loans on cotton increased approximately
$6,000,000; rice, $730,000; raisins, $300,000;
and all others, $114,000. Compared with a
year ago, direct loans at the end of the year,
totaling $52,705,000, were $1,075,000 lower.
Rediscounts at the end of December totaled
$39,757,000,^ or only $32,000 more than at the
beginning of the month, liquidation by agricultural credit corporations being just about offset
by increased advances to livestock loan companies. The largest liquidation during December took place at the Columbia (S. C.) bank,
where agricultural credit corporations reduced
their rediscounts from $8,047,000 to $5,588,000.
During the first half of January total rediscounts increased about $600,000, additional
advances being made to both agricultural credit
corporations and livestock loan companies.
At the end of the year total rediscounts, totaling $39,757,000, were $13,485,000 higher than
at the close of 1925.
Loans based upon eligible commodities and
rediscounts with the different financial institutions on the latest date in January are shown in
the accompanying table.
87
FEDERAL RESERVE BULLETIN
1927
Jan. 15,
1927
Direct loans outstanding o n Cotton
Tobacco
.__
Wheat
Canned fruits and vegetables
Raisins
- _ _
Peanuts
Wool .
Rice.__
_
_
All other
Total
Dec. 11,
1926
27,415
13,514
3,477
1,429
4,700
23,131
14,357
3,501
1,514
4,200
739
2,698
358
Jan. 16,
1926
24,214
20,888
3,000
844
3,600
•*"
175
1,119
1,013
2,092
603
187
449
54,330
Total
50,101
54,786
24,089
27
312
15,869
55
25,565
28
244
14,947
92
14,600
34
391
11,236
80
40,352
Rediscounts oustanding for—Agricultural credit corporations
National banks
State banks
_ _ _ __
Livestock loan companies
Savings banks and trust companies..
40,876
26,341
Net mortgage loans outstanding held by the
12 Federal land banks increased $9,223,000
during December, and those held by jointstock 7 land banks increased $8,246,000. For
the 3 ear 1926 the net increase for the former
was $72,134,000 and $86,917,000 for the latter.
The following table shows the outstanding
volume of net mortgage loans at the end of
December held by 12 Federal land banks, 54
joint-stock land banks, and 41 life-insurance
companies owning more than 82 per cent of
the assets of all life-insurance companies.
N E T FARM MORTGAGE LOANS OUTSTANDING
[In thousands of dollars]
Dec. 31,
1926
Total, all joint-stock land banks
Total, Federal land banks
41 life-insurance companies
1
Loans outstanding Nov. 30, 1928.
I
632,476
j 1 1,077,819
j 1,585,000
Dec. 31,
1925
545, 559
1,005,685
1, 523, 000
**
MINING AND MANUFACTURING ACTIVITY
Manufacturing activity at the close of 1926
was in smaller volume than at any other time
during the year, although the total output for
the year as a whole exceeded that for all previous years. The low level of December output
and the sharp decline in the last three months
of the year were largely due to a rather drastic
curtailment of automobile production, but
nearly all other industries also showed some
recession, notably iron and steel and rubber
tires. After adjustments for seasonal variations, output of food products, silk goods, and
88
FEDERAL RESERVE BULLETIN
building materials also declined.
Cotton
manufacturing proved an exception to the
general trend of output and was stable during
the last few months of the year at a high rate
of activity. Output of minerals increased
slightly in December as compared with November, continuing in exceedingly large volume.
Discussion of recent developments in industrial production is given in the Review of
the Month, pages 77-79. Also in this issue of
the BULLETIN the board's new index of industrial production is presented, with a general
description of the statistical data used in its
construction. See pages 100-104.
Textiles.—Sales and production of cotton
goods were in large volume during December,
and incomplete reports indicate a continuation
of activity at a fairly high level in January.
Activity in the silk and woolen and worsted
industries, however, showed some decline
toward the end of 1926. Consumption of
raw cotton by mills in December totaled over
605,000 bales, the largest for any month
since last March and in excess of that for any
December on record. The number of spindlehours also increased, and data gathered by the
Association of Cotton Textile Merchants of
New York from certain reporting mills show,
as compared with November, a slight increase
in total production of nine classes of cotton
goods, a small decrease in unfilled orders, and
an increase in stocks. Stocks, however, were
much smaller than a year earlier, while unfilled
orders and production were larger. Prices of
cotton goods and cotton yarns, according to
the Fairchild indexes, after declining almost
steadily since early in the fall, turned upward
slightly in January.
Operations in woolen and worsted mills,
which decreased slightly in November, showed
further declines in December, but continued
more active than in any month of the year
prior to October. Prices of raw wool have been
somewhat firmer since the first of the year,
with buying showing some increase. The
London auctions opened with prices slightly
higher than at the December closing. Year
end stocks of raw wool in Boston indicated
a larger supply of domestic wool on hand
than on the corresponding date of any recent
year. Stocks of foreign wool were in approximately the same volume as at the close
of the three previous years. December figures showed increases in employment and pay
rolls in the clothing industries.
Silk markets have been weak and prices of
raw silk have declined since early in Decem-
FEBRUARY,
1927
ber, continuing a slightly interrupted decline
which began in September. Silk-goods prices
have also been further reduced. Deliveries
of raw silk to American mills were less than
40,000 bales in December, as compared with
47,600 in November and 42,500 bales in December of last year. Although imports were
considerably smaller than in November, they
exceeded deliveries, and warehouse stocks at
the end of the year were the largest since
February, 1925. Sales of silk by wholesalers
in the New York district were less in December
than in the same month of 1925. Production
of hosiery continued in large volume during
December, although showing some decline from
November. Shipments and orders likewise
were in smaller volume than during the previous month. Production and shipments of
knit underwear were in smaller volume in
November than a year earlier, but a larger
amount of new orders were received during
the month.
Hides, leather, and shoes.—Definite improvement has occurred in the leather and
shoe industries since last summer, and within
recent months sales and output have been
in larger volume than during the previous year.
Production of sole leather in December was
larger than in any month since October, 1925,
and stocks in process of production were also
increased considerably, while finished stocks
were further reduced below the previous low
record and are less than 60 per cent of those
held a year ago. Markets for both hides and
leather were active during January, and there
were some advances in prices. Shoe production showed about the usual seasonal decline
in December and continued in larger volume
than a year earlier. Sales of shoes at wholesale during December also continued in excess
of those of 1925, and for the year these sales
were larger than in both 1925 and 1924.
Metals.—Sharp curtailment occurred in the
iron and steel industry during the last few
weeks of 1926, and the new year opened with
the rate of production lower than at any time
in 15 months. This reflected decreases in the
volume of buying in many lines, but particularly from the automobile industry. During
January prices of pig iron were reduced 50
cents a ton by eastern and western producers
and $2 a ton by southern mills. There were
also during the month rather general reductions in various semifinished and finished steel
products. Shipments of structural steel decreased somewhat in December, but bookings
increased; both items, however, were lower
FEBRUARY,
than a year ago. Orders for freight cars
during December totaled nearly 9,000, the
largest for any month since March, but less
than in December, 1925, and the total for 1926
was the smallest for any year since 1921. In
January a number of large orders for cars were
placed. Toward the latter part of January
buying of steel products showed some evidences
of increase, and production schedules were
slightly enlarged by a number of leadingpro due ers.
Production of zinc in December was larger
than in any month of postwar years; shipments, however, decreased, and stocks, which
have been rather small, were considerably
enlarged. Both mine and smelter production
of copper declined by somewhat more than the
usual amount in December, but continued
larger than in that month of recent years.
Stocks of refined copper increased in December
and were larger than at any time, except at the
end of last February, since the middle of 1925.
Stocks of blister copper, which were rather
large in November, were somewhat reduced.
Outputs of both copper and zinc for 1926 were
larger than for any previous year except those
during the war. Metal markets have been
weak recently, and prices declined in December
and January.
Fuels.—After declining in December from
the record high level of November, production
of bituminous coal increased again during the
early weeks of January, exceeding output for
corresponding weeks of recent years. Foreign
demand for coal, however, has definitely lessened, and present output apparently is for
domestic consumption or for stocks. Exports
of bituminous coal continued large in December, totaling about 4,300,000 tons as compared
with 4,600,000 tons in November, but in
January foreign and bunker requirements, as
indicated by tidewater shipments from Hampton Koads, declined considerably. The sharp
decline in prices of bituminous coal was
checked in January, and the Coal Age index of
spot prices remained practically unchanged
during the first three weeks of that month.
Demand for anthracite has been only moderate,
and production has continued in approximately
the usual seasonal volume. Coke production
was reduced in December and has been
recently in smaller volume than a year ago.
Coke prices have continued rather weak.
W Output of crude petroleum reached a new
high record in the week ended December 25,
and, although decreasing in subsequent weeks,
production continued large during January.
28725—27
89
FEDERAL RESERVE BULLETIN
1927
3
Stocks of crude oil increased during December.
Production of gasoline has also expanded
within recent months and stocks have been
enlarged. Prices of petroleum and gasoline
have changed little since the middle of
December.
Automobiles and tires.—Fewer automobiles
were produced in December than in any other
month since early in 1922, but production for
1926 as a whole exceeded that of any other year.
Monthly output of passenger cars and trucks
since 1922 is shown on the accompanying chart.
The large output of cars for earlier months of
the year was somewhat in excess of sales, and
the curtailment in December, which is usual
but seldom is as extensive as in that month of
1926, brought about the diminution of some of
the accumulated stocks held by dealers and
manufacturers. Statistics of employment in
Detroit factories indicated a resumption of
operations in January at a level close tothat of
THOUSANDS OF CARS
THOUSANDS OF OiRS
500
50O
^•^asseogerC
300
/
300
V
200
\ 200
^
\
/
/
A
/
\
I
AUTOMOBILE PROD JCTION
1322
1923
. 1 1924'
1925 but below 1924 and 1926. Selected
dealers in the Middle West reported to the
Federal Eeserve Bank of Chicago a volume of
sales in December approximately the same as
in November but much smaller than a year
ago, and a substantial reduction in the large
number of new cars on hand at the beginning
of the month. Several new models were
introduced by manufacturers at the January
automobile shows, and a number of price
revisions, reductions in a majority of cases,
were announced.
The tire industry has reflected the recession
in automobile production, and output and
shipments have declined considerably since
early in the autumn. Stocks at the same time
have increased. Larger shipments in January
than a year ago were indicated by trade reports,
as dealers are again being supplied under the
spring-dating plan, which was not followed last
90
FEDEEAL RESERVE BULLETIN
FEBRUARY,
1927
year. Crude-rubber prices were firm in De- the month, and at the end of December were
cember and the early part of January, ad- larger than a year ago. Stocks of dry salt pork,
vancing to over 40 cents a pound. Later in the however, were only about 58 per cent as large
month there was a decline and the price fell as on January 1, 1926. As compared with
below 39 cents a pound.
the five-year average, all classifications with
Building materials.—Lumber markets were the exception of lamb, frozen pork, and pickled
seasonally quiet in December, but after the beef were lower.
first of the year there was a sharp and subSugar prices advanced during December,
stantial increase in orders received for soft- and in early January raw Cuban sugar reached
woods, and although production and ship- 3 Y% cents at New York, the highest level in two
ments were also increased, the extent of in- 3^ears. Trade reports indicate, light stocks of
crease was by no means as great as in orders, raws in refiners hands and light shipments
and consequently unfilled orders for softwoods from Cuba. Production in the latter country
were augmented by a considerable amount. prior to January 15 has been below that of a
Orders for hardwoods, which have been fairly year ago. Sugar meltings, according to Willett
well maintained during recent months, showed & Gray figures, show a decrease compared with
no corresponding increase. Stocks of lumber November, and were also below the meltings of
held by manufacturers at the end of the year December, 1925. Sugar stocks at the end of
were larger than a year ago. In a miscella- the month totaled 246,391 tons, compared with
neous group of building-materials industries, for 277,687 tons at the end of November, and
which statistics are available, figures show a 120,146 tons at the close of 1925.
seasonal recession in production and shipBUILDING
ments toward the end of the year. Production,
shipments, and orders were generally smaller
Increase over November of 10.3 per cent and
than in December, 1925, while stocks on hand over December, 1925, of 1.6 per cent is shown
were larger. Prices . of • lumber and of plate in the December record for value of building
glass have declined within recent weeks.
and engineering construction brought under
Food products.—The output of flour during contract. It is noted, however, by the F. W.
December was approximately 7 per cent lower Dodge Corporation, which compiles this record
than in the previous month, and also slightly of contract awards in 37 States east of the
below the output of December, 1925. As Rocky Mountains, that the December total
compared with the previous month, all sections covers deferred entries for certain large undershowed a decreased production, but, compared takings which had been reported in October
with a year ago, southwest, central, and south- and November and held out of the record
ern mills show an increase. Bookings of new temporarily pending special investigation of
orders since the first of the year, according to the awards. In November, also, as in Decemtrade reports, have been below expectations, ber of 1926, contracts were awarded for a
buyers confining themselves to purchases for larger value than in the corresponding month
immediate needs. Exports of flour during the of 1925, following a period of five months in
month, totaling 1,208,271 barrels, were the which awards had run continuously in smaller
lowest of any month since July. Export values than in 1925. Awards during the
activity has been slow except in the Latin three weeks ended January 21 of this year were
American trade, where a fair volume of busi- for a smaller value in the aggregate than was
ness has been maintained.
reported in the opening weeks of 1926.
The production of meat products in DecemValue of contemplated construction projects
ber increased over the previous month, due to reported from the 37 States in December
the seasonal increase in hog slaughtering. The totaled $911,000,000, exceeding the corretotal value of sales billed to domestic and sponding aggregate for November by 44 per
foreign customers by 34 packing companies in cent and that for December of 1925 by 1 per
the United States, as reported by the Chicago cent.
Federal Reserve Bank, was 6.2 per cent lower
During the 12 months of 1926 building and
in December, as compared with the previous engineering contracts were awarded in the 37
month, but 0.2 per cent larger than in Decem- States calling for construction in the value of
ber of 1925. Prices of fresh and cured pork $6,350,000,000, a total which exceeds the value
products were generally weak, except for lard, contracted for in this territory in 1925 by 5.8
wThich recovered slightly from the very low per cent. It is estimated that awards in States
price at the end of November. Storage hold- not included in the reporting area were in
ings of frozen and cured meats increased during volume sufficient to bring the total for the
FEBRUARY,
1927
FEDERAL RESERVE BULLETIN
country as a whole above $6,800,000,000, and
that this total exceeds the corresponding
estimate for 1925 by 4 per cent.
Of the values reported for December awards
in the 37 States, over 40 per cent were reported
from the New York Federal reserve district,
and the excess of December over November
reported for this district amounted to
$109,000,000, or 92 per cent. The net decrease
over the month of $59,000,000 for the remaining
10 Federal reserve districts for which totals are
compiled, covered increases for the Philadelphia, Cleveland, and Dallas districts, and
decreases for the Boston, Richmond, Atlanta,
Chicago, St. Louis, Minneapolis, and Kansas
City districts. Of the total excess of awards
reported.in the 12 months of 1926 over awards
in 1925, amounting to $344,000,000 for the 11
Federal reserve districts, more than one-half
is credited to the New York district.
Decreases for the year 1926 in comparison with
1925 are shown for the Boston, Cleveland, and
Atlanta districts.
Awards for residential building fell off over
the month by 11.5 per cent, and were for an
aggregate value 20.8 per cent less than the
value reported for this class of construction in
December of 1925. In totals for the year,
increases over 1925 are shown for commercial
and industrial buildings and for public works
and utilities, and decreases for educational
buildings and residential construction.
For building permits issued in 168 selected
cities during December, a valuation was
reported 13.2 per cent in excess of valuations
reported in November and 1.5 per cent in
excess of valuations reported for these cities
in December of 1925.
The Bureau of Labor Statistics wholesale
price index for building materials decreased
from 174 in November to 173 in December, on
a 1913 base as 100. This decrease was more
than sufficient to offset a slight increase in
December over November in the labor cost of
building as computed by the New York Federal
Reserve Bank, whose cost-of-building index,
representing combined material and labor
costs, fell off from 196 per cent of 1913 costs
in November to 195 per cent in December.
WHOLESALE AND RETAIL TRADE
Distribution of merchandise at wholesale
declined more than is usual in December, and
sales in all leading lines except shoes were
smaller than in December, 1925. Retail sales,
on the other hand, were increased by a large
volume of trade during the Christmas trading
91
season, and sales of department and chain
stores exceeded all previous records. Sales of
mail-order houses, however, did not increase
as much as usual in December and were slightly
smaller than in December of last year. Stocks
of merchandise carried by both wholesale and
retail firms showed more than the regular
seasonal decline in December and were smaller
in value at the end of the month than in 1925.
Stocks in several lines of wholesale trade, however, were slightly larger than at the end of
December, 1925.
A more detailed analysis of the volume of
wholesale and retail trade for the entire year
is contained in a special article elsewhere, in
this BULLETIN.
Wholesale trade.—Wholesale firms engaged
in six leading lines of trade showed a decline of
9 per cent in total sales in December from
November. A large part of this decline in
December was seasonal, but it was larger than
in December, 1925 and 1924. Sales of dry
goods were smaller than a year earlier in nearlyall Federal reserve districts, and those of groceries were less in all districts except in the
Boston, Philadelphia, Chicago, and Kansas
City districts. Hardware sales were generally
larger than in December, 1925, in the northern
and eastern sections of the country and smaller
in the southern and western sections,, In
these three lines—groceries, dry goods, and
hardware—declines in December from the preceding year were generally larger in the Atlanta, St. Louis, and Minneapolis Federal
reserve districts than elsewhere, reflecting
principally the unfavorable agricultural developments in those regions in 1926.
Eetail trade.—Sales of department and chain
stores reflected the largest volume of holiday
trade on record in December. Departmentstore sales were 2.5 per cent larger than in
December, 1925, and those of chain stores were
larger in all lines. Sales of department stores
were larger than a year earlier in all Federal
reserve districts except in the Minneapolis
district. The largest increase, amounting to 8
per cent, was in the San Francisco Federal
reserve district. As a result of this large increase in sales in December stocks were reduced
rapidly, and at the end of the month they
were about 1 per cent smaller for the country
as a whole than at the end of December, 1925.
Stores reporting in the New York, Philadelphia,
Chicago, St. Louis, Minneapolis, Kansas City,
and Dallas Federal reserve districts showed
smaller stocks, while those reporting in other
districts indicated slight increases. In the
Dallas district inventories were 12 per cent
92
FEDERAL RESERVE BULLETIN
"smaller than at the end of 1925, the largest
decrease reported from any district.
As a consequence of a larger increase in
sales in December and a larger reduction in
stocks than is usual, the rate at which inventories were turned over was considerably higher
than ia December, 1925.
TRANSPORTATION
Car loadings for all classes of freight combined fell off seasonally in December, but were
in record volume for the month by a narrow
margin of excess over December of 1925. This
margin of excess, however, did not represent
any general increase over 1925 in the volume
of freight distribution. December reports for
the several classes of freight show decreases
for each class, which are for the most part
seasonal, and decreases in comparison with
loadings in December of 1925 for each class
excepting coal. The increase reported for loadings of coal was more than sufficient to offset
the combined decreases over the year shown for
miscellaneous freight, including less-than-carlot shipments, representing principally manufactured products, loadings of grain and grain
products, and of forest products. In the opening weeks of 1927, also, although loadings of
other classes of freight were in somewhat smaller
volume than in the opening weeks of 1926, the
increase reported for loadings of coal was sufficient to bring the total for all classes above last
year's total for these weeks. Seasonal decrease
is shown in the report of December loadings for
each of the seven transportation districts.
Increase over December of 1925 is shown for
loadings reported from the eastern, Allegheny,
and Pocahontas districts, and decrease for the
southern, northwestern, central western, and
southwestern districts.
During December the roads maintained an
average surplus of 204,000 freight cars in
serviceable condition, including 133,000 box
cars and 32,000 coal cars. The freight car
surplus, which decreased in October to an
average of 87,000 cars, the smallest average
shown for any month since October of 1923,
increased in November and December and for
the first quarter of January amounted to
310,000 cars.
In the 12 months of 1926 the roads loaded
53,457,000 cars, the excess over loadings in
1925 amounting in round numbers to 2,000,000
cars, or 4 per cent. Loadings of miscellaneous
freight, including less-than-car-lot shipments,
totaled for the year 32,933,000 cars, exceeding
loadings in 1925 by nearly 1,000,000 cars, or
2.6 per cent.
FEBRUARY,
1927
AGRICULTURE
The outlook for agriculture in 1927 is summarized by the Department of Agriculture as
indicating a relatively favorable year for livestock producers and continuation of % relatively low level of prices for most cash crops,
unless the acreage devoted to such crops is
reduced. The summary presents the view that
no material change in the domestic demand for
farm products of the 1927-28 season is to be expected. While some improvement in the purchasing power of foreign countries is foreseen,
the department indicates that a large foreign
production will tend to reduce the foreign demand for our exportable surplus of breadstuffs,
fruits, and animal products.
Considering the year 1926 as a whole, producers of winter wheat, potatoes, bright
tobacco, and certain livestock products had a
relatively profitable year, while returns to a
large number of growers in the cotton, fruit,
and spring wheat areas were below the levels
of the year before. Low prices of feed grains
have been offset to some extent by relatively
favorable returns on livestock and dairy
products. Hog producers have had the most
advantageous spread in several years between
corn and hog prices, and while severe losses
from cholera were incurred in many areas during
the autumn months, the total money value of
all hogs slaughtered under Federal inspection
during the year showed an increase of 4 per
cent, despite the smaller number of animals
marketed.
Recent surveys of the Department of Agriculture indicate that for winter wheat an increased acreage of 2,000,000 acres, or 5 per
cent, has taken place; cattle on feed on December 1 were in approximately the same number
as a year ago; sheep and lambs on feed on the
same date were 8 per cent less; an increase of
less than 1 per cent is estimated for the 1926
pig crop, and no increase is expected in the
1927 spring pig crop.
Farm prices of agricultural commodities continued to decline in December to the lowest
level since 1922. The decline from the previous month was largely accounted for by
further declines in cotton, cottonseed, and hog
prices. While most commodities are lower
than a year ago, certain important items show
a gain in the yearly comparison, oats being 5
per cent higher; cattle and calves, 3 per cent;
hogs, 5 per cent; and chickens, 2 per cent.
Cotton.—Reports from the Bureau of the
Census show that 16,610,000 bales of cotton
were ginned prior to January 16, 1927. On the
FEDERAL RESERVE BULLETIN
FEBRUARY, 1927
basis of the final estimate of production of
18,618,000 bales by the Department of Agriculture, approximately 2,000,000 bales remain
to be ginned. Comparison of estimated production with ginnings shows that of the
greater part of the crop that remains to be
picked and ginned is in the States of Texas,
Oklahoma, Arkansas, and Mississippi, The
following table shows the estimated production, by States, and the number of bales of
cotton ginned in each State to the middle of
January, 1927:
PRODUCTION AND GINNINGS OF COTTON
[Thousands of bales]
State
North Carolina,
South Carolina.
Georgia
_..
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
Arizona
California
United States...
Production
1,250
1,030
1,475
475
1,490
1, 930
820
5,900
1,950
1,620
115
128
18,618
Ginnings,
Aug.], 1926,
to Jan. 16,
1927
1,153
956
1,433
419
1,455
1,733
809
5,171
1,507
1,405
98
118
16,610
Amount
remaining
to be
ginned
97.
74
42
56
35
197
11
729
443
215
]7
10
2,008
Movement of cotton from farms and plantations to the leading markets since the beginning of the season indicates that marketing
has progressed rapidly. A total of 13,500,000
bales is estimated to have reached these markets from August 1 to January 21, compared
with 12,290,000 bales for the corresponding
period in 1925. Takings by spinners in the
United States up to January 21 approximated
4,140,000 bales, exceeding the amount for the
corresponding period of last year by 155,000
bales. Exports for the season through the
third week in January were approximately
1,100,000 bales larger than in the corresponding period of last year and amounted to
6,279,000 bales. Exports to practically all
principal cotton manufacturing countries "have
been larger than last year, but those to the
Continent of Europe were considerably larger
than during the corresponding period in any
other recent year.
The exceptionally large amount of cotton remaining to be ginned, a large part of which has
deteriorated from weather conditions and is
likely to be of very low grade, increasing exports, and continuation of the high rate of
93
consumption by mills in the United States
were factors in bringing about the firmness in
the cotton market in December and early in
January. After falling slightly below 12 cents
early in December, prices began to advance,
and in the middle of January the price of cotton
at New Orleans reached 13 cents, the highest
figure since early in the autumn.
Grains.—Wheat prices, after making a recovery from the low level reached in the latter
part of November, fluctuated within a narrow
range during December, the average cash price
of all classes and grades at five markets for the
week ending December 10 being $1.39, and
$1.40 for the week ending December 24. During the first three weeks of January no material
change in the price situation took place. The
movement of the Argentine crop, which is estimated at 223,000,000 bushels compared with
191,000,000 harvested last year, is actively
under way and is being offered in European
markets at relatively lower prices than the
wheat of this country. The export of wheat
and flour from this country to date, however,
is in excess of 150,000,000 bushels. The exportable surplus for the crop year is estimated
by the Department of Agriculture at between 200,000,000 and 225,000,000 bushels.
The average market price of corn was slightly
higher in December than in the previous
month, but a decline in the latter part of the
month eliminated much of the earlier gains,?all
classes and grades at five markets averaging
64 cents for the week ending December 24,
compared with 69 cents for the week ending
December 10. A firmer market was in evidence during the first three weeks of January
as an active feeding demand was apparent.
The visible supply, however, continues large,
and on January 15 totaled 37,065,000 bushels,
compared with 23,799,000 a year ago.
The new oats crop in the Southwest is
making excellent progress, according to trade
reports. Prices during December and the first
half of January have continued fairly firm at a
level above that of a year ago. Visible supplies on January 15 totaled 45,967,000 bushels,
as compared with 61,375,000 a year ago.
Livestock.—Western range conditions at the
beginning of the new year continued favorable,
although a slight decline in range feed is reported from the Dakotas, western Nebraska,
Oklahoma, and Montana, according to the
report of the Department of Agriculture.
Winter conditions thus far have been accompanied with very light losses, cattle in the
FEDERAL RESERVE BULLETIN
94
Southwest being reported in better condition
than a year ago, while those in the intermountain region are somewhat thinner. A great
deal of feeding is being done in Montana as a
result of the heavy snow. Keports also indicate that sheep are wintering well and are
generally in very good condition.
The marketing of livestock at principal markets during December was in smaller volume
than in the preceding month for cattle and
sheep, but showed the usual seasonal increase
for hogs. Compared with December of 1925,
the only increase was in receipts of sheep and
lambs. The beef-cattle market showed improvement during December, being generally
strong except on light-weight fed steers.
Estimates of the Department of Agriculture
indicate that the number of cattle on feed for
market in the 11 leading Corn Belt States on
January 1 was 7 per cent less than a year ago,
the decrease being largely in States west of the
Missouri River.
The value of livestock slaughtered under
Federal inspection during 1926 was approximately 5 per cent greater than in the year
1925. Prices of hogs and cattle show improvement in the year-to-year comparison, while
sheep and lambs show a decline. The total
value and average price per 100 pounds for the
various classes of livestock slaughtered under
Federal inspection during 1926, with comparisons, is shown in the following table:
INSPECTED SLAUGHTER OF LIVESTOCK
Number (000 Average price
(per 100 pounds)
omitted)
Total value (000
omitted)
1925
Cattle
Calves
Sheep
Hogs
1S26
1925
1926
9,889
5,353
12, G01
43, 043
10,180
5,153
12, 961
40, 636
$7.12
8.66
14.20
11.81
$7.32 $671,633
9.82
81, 627
12.86
138, 881
12.47 1,147, 529
1925
1926
$715,737
99,322
134,891
1.191,139
The usual seasonal decline in hog prices
took place in December as increased receipts
appeared upon the markets. The decrease,
however, was very nominal, inasmuch as the
average cost of packer and shipper purchases
at Chicago during December was $11.57, compared with $11.79 in the previous month.
The average weight of hogs marketed during
the month showed some increase over November, but was 5 pounds less than in December
of last year and, in view of the low corn prices,
the Department of Agriculture points out that
this is probably an indication that the cholera
scare is still tending to force hogs to market
sooner than they would otherwise be marketed.
FEBRUARY,
1927
The number of lambs and sheep on feed January 1, 1927, was 4,251,000., or 8 per cent, less
than a year ago, according to the estimate of
the Department of Agriculture. Western
States reported decreased feeding operations,
while the 11 Corn-Belt States showed an
increase of 13 per cent, all States of the group
with the exception of Nebraska and South
Dakota showing an increase. The largest
increases were reported in Iowa, Michigan,
and Illinois. With heavy market supplies
during the fall months, the lamb market has
been at a considerably lower level than a year
ago, and in December reached the lowest level
for any month since 1921. The volume of
inspected slaughter during December was
approximately 19 per cent greater than in the
corresponding month of a year ago, and lamb
prices were nearly $4 lower in the same
comparison.
The average prices of livestock at the
Chicago markets for December, with comparisons, are reported by the Chicago Federal
Reserve Bank as follows:
AVERAGE PRICES OF LIVESTOCK
[Per hundred pounds at Chicago]
Months • f
o—
Week
ended
Jan. 17, Decem- Novem- Decem1927
ber, 1926 ber, 1926 ber, 1925
Native beef steers (average) _ _
F at cows and heifers
Hogs (bulk of sales)
Yearling sheep
Lambs (average)
$10.25
7.00
11.90
10.15
12.55
$10. 25
6.40
11.65
9.20
12.40
$9.85
6.15
11.90
10.00
13.00
$9. 75
6.00
10.95
12.70
16.10
Dairy products.—The average price of butter
in New York in December was 54.7 cents, the
highest monthly average since the December
of 1920, and 4 cents above the November
average. After reaching 56 cents just prior to
Christmas, prices declined sharply and fell to
lower levels in early January., closing at 49.5
cents in New York on January 10. Storage
holdings on January 1 were at a low level, being
18,000,000 pounds less than a year ago and
10,000,000 pounds less than the five-year
average. The production of creamery butter
during the first 11 months of the year was 1
per cent less than in the corresponding period
of 1925, according to Department of Agriculture figures. The average price per pound
for the year, on the basis of New York markets,
is reported at 44.4 cents, which is 1 cent under
the average for 1925 and 2 cents above the
1924 average.
FEBRUARY,
1927
Storage holdings of cheese on January 1
were 4,000,000 less than a year ago, but were
still 11,000,000 pounds above the five-year
average. Prices were firm throughout December and the first half of January, the price for
cheese on the Wisconsin primary market in
December averaging 24.8 cents, or 1 cent
above the average of a year ago. The decrease
in production of cheese during the first 11
months of the year was approximately 24,000,000 pounds, or 6 per cent, as compared with
the similar period of 1925, This was offset
to a considerable extent, however, by an
increase of 17,000,000 pounds in imports.
Fruits and vegetables,*—Car-lot movement
of winter" fruits and vegetables are running 25
per cent heavier than last season because of
increased production, according to reports of
the Department of Agriculture, and indications point to a continuation of a heavy movement through winter and spring because of the
larger acreage in many lines. January prices
compared with the preceding month show fully
as many gains as losses, but most changes
have been very moderate. Potatoes and sweet
potatoes remain about the same in price;
.apples, onions, celery, and spinach «are on a
higher level/ while cabbage and a few of the
less important lines of vegetables have sold at
lower prices. Compared with a year ago,
however, nearly all varieties are lower.
An active trade in citrus fruits has been
accompanied by heavier shipments, which
exceed the early movement of last season.
Prices have ranged lower but compare favorably with the reduced values of most other
kinds of fruit. A brisk out-of-storage movement of apples took place during December,
and at the end of the month storage holdings
were only about 9 per cent larger than a year
ago. The export trade has exceeded by onehalf that of last season and has been an active
factor in strengthening the price situation,
prices having shown a slightly upward trend
compared with the downward tendency of last
year.
Potato prices made a slight gain during
December and the first half of January, but
are approximately one-third lower than in
January a year ago. Compared with other
recent years, however^ present prices make a
very favorable comparison. The total of the
season's shipments from the late shipping
region is about the same as last year, although
a heavier movement has taken place recently.
Tobacco.—Marketing of tobacco in the
States of the Kichmond Federal reserve
district declined rapidly in December from the
95
FEDERAL RESERVE BULLETIN"
seasonal high levels in October and November,
and sales were in about the same volume as in
December of last year. In the Burley and
dark tobacco growing sections of Kentucky and
near-by States, when the crop is harvested and
marketed later than in Virginia and the Carolinas, the marketing season opened in December. Sales of Burley tobacco were larger than
in the corresponding months of 1925, while
those of dark tobacco were much smaller.
Prices of bright tobacco in Virginia and North
Carolina continued in December considerably
higher than in 1925, but those of dark tobacco
averaged more than 50 per cent lower than a
year earlier. In North Carolina the average
price of all tobacco sold at auction warehouses
was $23.67 a hundred pounds, compared with
$23.14 in 1925. In Kentucky prices of both
Burley and. dark tobacco were unsatisfactory.
Average prices received by growers during the
month amounted to $13.81 a hundred pounds
lower than in December, 1925, and also below
the average price for the five years 1921-1925.
At the beginning of January stocks of leaf
tobacco held by manufacturers and dealers
showed a seasonal increase from the levels of
last October, and continued in a volume larger
than on the corresponding date in the previous
year. Increases over 1926 were due mainly to
larger stocks of Burley and bright tobacco.
Stocks of dark tobacco and cigar types were
generally smaller than a year earlier. Statistics published by the Department of Commerce
showing in detail stocks of principal types of
tobacco on January 1, 1927 and 1926, are
given in the following table:
STOCKS OF PRINCIPAL TYPES OF TOBACCO IN HANDS
OF DEALERS AND MANUFACTURERS
[Millions of pounds]
Types
Jan. 1,1927! Jan. 1,1926
Chewing, smoking, and export types, total
Burley
Dark—Kentucky and Tennessee
Bright—Virginia, North Carolina, South
Carolina, and Georgia
___.
Cigar types, total
New EnglandPennsylvania
_'
.
Wisconsin
_
___
Aggregate, all tobaccos
__
1,385
463
245
603
356
103
98
84
1,819
BANK SUSPENSIONS AND COMMERCIAL
FAILURES
Bank suspensions.—During December, 1926,
114 banks, with deposits of $45,120,000, were
reported to the Federal reserve banks as having
suspended operations on account of financial
difficulties. These totals compare with 154
96
FEDERAL RESERVE BULLETIN
banks, having deposits of $47,843,000, reported
for November, and 70 banks, having deposits
of $22,103,000, reported for December, 1925.
Of the banks suspending in December, 1926, 87,
with deposits of $28,165,000, were nonmember
banks and 27, with deposits of $16,955,000,
were members of the Federal reserve system—
of these 17 were national banks and 10 were
member State banks. These banks were for
the most part located in eight States—South
Carolina, Georgia, North Dakota, Minnesota,
Iowa, Kansas, Arkansas, and Texas.
Sixteen banks that had previously suspended
were reported as having resumed operations
again—in the Atlanta district, 1 nonmember
bank in Florida; in the Chicago district, 3 member banks and 7 nonmember banks in Iowa,
and 1 nonmember bank in Illinois; in the St.
Louis district, 1 nonmember bank in Arkansas;
and in the Minneapolis district, 3 nonmember
banks in South Dakota. The accompanying
figures for suspended banks represent, so far as
can be determined, banks which have been
closed to the public by order of supervisory
authorities or by the directors of the banks on
account of financial difficulties, and it is not
known how many of the institutions thus reported may ultimately prove to be solvent.
BANK SUSPENSIONS DURING DECEMBER,
All banks
Memberl
1926
Nonmember
Federal reserve
district
Num- Total
NumTotal
NumTotal
ber deposits 2 ber deposits 2 ber deposits 2
All districts.,
114 $45,120,000
Boston
New York
Philadelphia...
1, 767,000
Cleveland
2
5,887,000
Richmond
11
3,341,000
Atlanta
16
Chicago
3 19 13,808,000
7,175,000
St. Louis
15
4,576,000
Minneapolis
22
Kansas City... 15 5, 773,000
1, 550,000
Dallas
10
1,243,000
San Francisco..
4
27 $16,955,000
1
1,543,000
4
8
4
3
2
3
2
599,000
10,394,000
2,278,000
741,000
416,000
740,000
244,000
87 $28,165,000
1
11
12
3 11
11
19
13
7
2
224,000
5, 887,000
2, 742,000
3,414,000
4,897, 000
3,835,000
5,357,000
810,000
999,000
1
Includes 17 national banks with deposits of $6,692,000 and 10 State
member banks with deposits of $10,263,000.
2
Figures represent deposits for the latest available date prior to the
suspensions, and are subject to revision when information for the date
of 3suspension becomes available.
Includes 1 private bank for which deposit figure is not available.
During the first three weeks of 1927, 93
banks, with deposits of $25,600,000, were
reported as having suspended operations during
that period. Of these, 72 were nonmember
and 21 member banks—14 of them national
banks and 7 State institutions. Eleven nonmember banks which had previously suspended
were reported to have resumed operations
during the period.
FEBRUARY,
1927
Commercial failures.—During the month of
December, 1926, 2,069 commercial failures,
with total liabilities of $45,619,578, were reported by R. G. Dun & Co. Both the number
and total liabilities were considerably larger
than in November, 1926, or December, 1925.
Commercial failures for December, 1925 and
1926, are shown in the following table, by class
of enterprise:
COMMERCIAL FAILURES DURING DECEMBER
Liabilities
Number
Class of enterprise
1926
All classes
Manufacturing
Trading
Agents, brokers, etc
1925
1926
2,~069
494
1,469
106
1,878
490
1,307
81
$45, 619, 578
16, 758,491
20, 578,954
8,282,133
1925
$36, 528,160
12, 931,276
20,635,051
2, 961,833
The number and liabilities of commercial
failures during December, 1925 and 1926, are
presented in the following table, by Federal
reserve districts:
COMMERCIAL FAILURES DURING DECEMBER, BY
FEDERAL RESERVE DISTRICTS
Number
Federal reserve district
Total-_.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
ChicagoSt. Louis
Minneapolis-.
Kansas City..
Dallas
San Francisco.
1926
1925
2,069
1,878
213
413
76
132
125
127
127
118
114
258
422
92
194
106
64
260
80
89
100
49
194
Liabilities
1926
1925
$45,619, 578 $36, 528,160
5, 697, 840 4,994,177
10, 024,274
7,521,099
2,649,331
1,469, 253
4,338,840
3,263, 300
3, 596,748
3,179,434
1, 206,227
6, 655,117
5,467,071
6,206, 549
1,323, 752
1,331,361
1, 430, 050 1,414,078
1,176,400
1,247,400
608,088
1, 815,600
3, 299, 400 2,232,34n
The total number of failures reported during
1926 was 21,773, compared with 21,214 in 1925,
and total liabilities amounted to $409,232,278,
as against $443,734,272 the year before.
Totals for the year are shown in the following
table, by Federal reserve districts:
COMMERCIAL FAILURES DURING 1925 AND
FEDERAL RESERVE DISTRICTS
Number
Federal reserve district
Total.-.
Boston
New York
Philadelphia..
Cleveland
Kichmond
Atlanta
Chicago
St. Louis
Minneapolis _.
Kansas City_.
Dallas
San Francisco.
1926
21,773
2,323
3.956
'796
2,008
1,441
1,028
3,105
915
1,127
1,268
884
2,922
1925
1926,
BY
Liabilities
1926
1925
21,214 $409,232,278 $443, 744,272
2,173
43,417,358 45,365, 741
836
1,960
1,493
1,089
3,041
1,015
1,038
1,238
695
2,748
89,994,215
26,293,440
40,498,091
28, 741,221
22, 884, 785
68, 513,264
16, 823, 536
10, 955,540
14, 779,991
12,113, 434
34,217,403
105,628, 629
19, 562, 465
43,979,173
35,245,619
19, 985,666
69,936,933
19,635,507
16,673, 529
16,117,033
10,947,609
40,666,368
97
FEDERAL RESERVE BULLETIN
FEBRUARY;, 1 9 2 7
WHOLESALE AND RETAIL TRADE IN 1926
Merchandise distribution through whole- Throughout the year prices for textile products
sale and retail trade channels increased in 1926 declined, and in December they were about 18
and was larger in volume than in any previous per cent lower than at the beginning of the
year, especially when allowance is made for year. While this decline in prices of dry goods
the lower prices of 1926 as compared with 1925. largely explains the decline in the dollar value
Inventories were generally smaller in value of sales, it is significant to point out that the
and,the turnover of stocks somewhat more price decline was considerably larger than the
rapid.
decline in sales, and, when allowance is made
Wholesale trade.—Aggregate sales of whole- for this factor, sales were probably larger in
sale firms engaged in six leading lines—gro- physical quantity than in 1925. In almost
ceries, meats, dry goods, shoes, hardware, and every month in 1926 sales of shoes were larger
drugs—were in about the same volume in 1926 than in the corresponding month in 1925 and
as in 1925. Sales of meats, shoes, and drugs averaged for the year about 8 per cent larger
increased, while those of groceries, dry goods, than in 1925. Sales were larger than in 1925
and hardware declined from the levels in 1925. in all sections of the country except in the
In each of the first three quarters of the year Minneapolis Federal reserve district, the largwholesale trade was larger in volume than in est increases being in the Richmond, Chicago,
the corresponding periods of 1925. In the and San Francisco Federal reserve districts.
autumn, however, sales declined and averaged Hardware sales averaged only about 1 per cent
for the fourth quarter of the year 3 per cent less than in 1925, reflecting small decreases in
smaller than in the last quarter of 1925. the New York, Philadelphia, Atlanta, Chicago,
Sales in the fourth quarter were smaller than Minneapolis, and Kansas City districts. Sales
in 1925 in all leading lines excepts meats, of drugs were about 3 per cent larger for the
shoes, and drugs, and reflected reduced pur- country as a whole, although they were slightly
chasing power in agricultural regions and the smaller in three Federal reserve districts.
slight slowing down in trade and industrial
Agricultural machinery and equipment.—
activity in other sections of the country. The Sales of agricultural machinery and farm imfollowing table shows the comparison of the plements in the United States were about 10
volume of wholesale trade in leading lines in per cent larger than in 1925. Sales, relative to
each quarter of 1926 with that in 1925.
SALES OF AGRICULTURAL MACHINERY
PERCENTAGE OF CHANGE IN VOLUME OF WHOLESALE
TRADE IN EACH QUARTER OF 1926 AND THE YEAR
AS A WHOLE, COMPARED WITH 1925
( MONTHLY AVERAGE, 1923-25=100 )
Dry
GroHardceries Meat goods Shoes ware Drags Total
Quarter
First
Second
Third
Fourth
+7.4
+7.1
+2.1
+ ,7
—3.5 +8.7
- 5 . 0 +3.0
- 3 . 3 +12.6
- 7 . 2 +6.9
+ .7
+ .5
-2.8
+2.3
+5.9
+4.3
+1.3
+0.7
+2.5
— .4
__ - 5 . 5
-1.2
+4.2
-4.7
—1.1
+3.4
.,0
—1.2
+2.8
Year
+7.8
-2.8
+ .5
-3., 3
Sales of groceries were smaller in 1926 than
in 1925 at firms in the Boston, New York,
Clevelan J, Kichmond, and Kansas City Federal
reserve districts. In other districts sales were
slightly larger. Declines in the general level
of prices of commodities carried by wholesale
grocery companies, and the growth of grocery
chain stores which frequently purchase directly
from manufacturers and producers, are factors
which partly explain the decline in wholesale
grocery sales.
Dry goods sales averaged about 5 per cent
smaller for the country as a whole than in
1925, and declines were reported in all Federal
reserve districts except in the Atlanta district.
28725—27
4
1923
1924-
1925
1926
1925, however, were not maintained at the
same high levels throughout the year as were
evidentfin thesfirst quarter, when they were 26
per cent larger than in the corresponding period
of 1925. In the second quarter they were 16
per cent larger than a year earlier, but in the
third quarter the increase over 1925 was only
5 per cent, and in the last three months of the
year sales were 13 per cent less than a year
earlier. This large decline in agriculturalimplement sales in the last half of the year
98
FEDERAL RESERVE BULLETIN
reflected reduced returns from agricultural
operations in 1926 and smaller farm purchases.
The course of agricultural-implement sales in
1926 and in other recent years is shown in
detail in the chart.
Wholesale stocks.—Inventories carried by
reporting wholesale firms were smaller throughout the year than in 1925. Stocks of dry
goods were smaller in each month than in 1925,
reflecting lower prices for textile products, and
inventories of shoes were smaller in every
month except December. In the first half of
the year stocks of meats averaged smaller than
in 1925, while those of groceries were larger,
but in the last half of the year inventories of
groceries declined and those of meats increased
as compared with the corresponding period in
1925. Inventories of drugs were larger each
month than in 1925, and from May through
December those of hardware were larger.
Department stores.—Sales of department
stores located in more than 100 leading cities
exceeded all previous records in 1926, averaging for the entire year 3.4 per cent larger than
in 1925. Trade of these stores, however,
which is subject to wide variations from month
to month, was not sustained throughout the
year at a uniform level above sales in 1925.
DEPARTMENT STORE SALES AND STOCKS
SEASONALLY ADJU5TED-19!9=1CQ
110
1923
1924-
1925
1926
100
In the first four months of the year weather
conditions in the northern and eastern sections
of the country were somewhat unsatisfactory
for retail trade, and sales declined more than is
customary in that season. From May through
September, however, the season when retail
trade is generally smaller than at any other
season of the year, sales were much larger than
usual and averaged for the five months, May
through September, 6 per cent larger than in
the corresponding period in 1925. In October
FEBRUARY,
1927
and November buying by consumers did not
increase as much as is customary at that season
of the year, and for the two months together
department-store sales were in about the same
volume as in the corresponding period of 1925.
In December, however, retail trade was stimulated by holiday purchases, and sales exceeded
all previous records. The course ofc department-store sales in 1926 and in other recent
years is shown in greater detail by the chart.
Analysis of department-store sales in the
several Federal reserve districts shows that for
the year as a whole trade was larger in 1925
in all districts except the Minneapolis district.
Increases over 1925 ranged from about 1 per
cent in the Cleveland district to about 7 per
cent in the Chicago district. Further study of
sales of stores in the 58 individual cities listed
in the accompanying table shows that sales
were larger than in 1925 in 41 cities and smaller
in 17 cities. Increases of more than 10 per
cent occurred at stores in Bridgeport, Scranton^
Wilmington, York, Dayton, Detroit, and
Fort Worth, and of these cities the increase
in Fort Worth was larger than for any other
city included in the table.
Data available for department stores in
the Boston Federal reserve district shows
that the total increase in sales of slightly more
than 3 per cent was due to an increase of 8 per
cent in regular charge sales and an increase of
25 per cent in installment sales. Practically
no increase occurred in the amount of cash
sales. Installment sales amounted to about
5 per cent of total department-store sales,
regular charge sales to 45 per cent, and cash
sales constituted about one-half of total sales
of these stores.
The inventories of department stores gradually declined in value during the year. This
fact is brought out by the chart, which shows
that at the beginning of 1926 inventories
carried by department stores, following the
rapid increase late in 1925, were at a record
high level for that season, averaging about 5
per cent higher than at the beginning of the
previous year. From January through March
stocks remained near this high level, but in
April they began to decline and continued to
fall off more than is customary in the summer.
In September, October, and November, however, inventories were increased at a somewhat
faster rate than is usual in that season. But
in December stocks were reduced again, and
as the year ended they were smaller than at the
close of 1925. For the year as a whole stocks
averaged somewhat larger than in 1925, but
the increase was not as large as that for sales,
FEBRUARY,
99
FEDERAL RESERVE BULLETIN
1927
and the rate at which inventories were turned
over was faster than in the preceding year.
The following table shows the percentage of
increase of decrease in sales in 1926, in stocks
on hand at the end of the year compared with
1925, and the rate of stock turnover in 1925
and 1926 at stores in several cities in each
Federal reserve district:
SALES, STOCKS, AND TURNOVER AT DEPARTMENT
STORES—Continued
Percent- Eate of stock turnover
age of
increase
or deor deFederal reserve district and crease in crease in
city
sales in stocks at
end of
1928
1926, com- 1926, com- 1925
pared
pared
with 1925 with 1925
Percentage of
BALES, STOCKS, AND TURNOVER AT DEPARTMENT STORES
stock
Percent- Percent- Eate ofover turnage of
age of
increase increase
or deor deFederal reserve district and crease in crease in
stocks at
city
sales in
1926, com- end of
1925
1926
pared 1926, comwith 1925 pared
with 1925
Dallas district
Dallas
„
Fort Worth
Houston _„
3.5
1.2
13 1
3 1
San Francisco district
San Francisco
Los Angeles
Oakland
Salt Lake City
Seattle.™
Spokane
3.2
4.0
2.7
-.1
1.2
1.5
.8
-1.0
3.83
4.15
2.90
3.47
4.00
4 36
2.93
3.52
New York district.
New York
Bridgeport
Buffalo
-.
Newark
Eochester
Syracuse.
3.9
3.7
11.2
-2.2
7.7
4.4
-2.3
-.1
1.2
3.4
-6.3
-2.6
3.4
-14.2
3.97
4.26
3.22
3.30
4.13
3.68
3.45
4.01
4.30
3.43
3.21
4.10
3.76
3.54
Philadelphia district.
Philadelphia
Allentown
Altoqna_-_
Harrisburg
Johnstown
Lancaster
Eeading
Scranton
Trenton. _
Wilkes-Barre
Wilmington.
York
2.3
2.5
1.4
3.9
-.1
-6.5
1.9
-2.9
11.1
.2
-.3
11.7
12.3
-2.8
4.9
-.8
-4.5
-9.5
-3.6
-9.7
-9.6
11.2
-2.7
-.3
9.3
-1.0
3.48
3.91
2.57
2.64
2.43
2.63
2.85
2.49
3.86
3.32
3.04
2.55
2.82
3.60
3.92
2.75
2.77
3.04
2.65
3.22
2.77
3.97
3.48
3.15
2.79
3.21
Cleveland district..
Cleveland
Akron
__.
Canton
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown...
1.4
-.2
—.5
-5.0
4.8
5.5
12.6
—.2
.6
-1.8
5.6
1.1
.6
-7.4
3.19
3.57
3.37
3.26
3.58
3.42
.5
11.6
-3.0
2.1
4.8
-8.8
17.3
3.37
3.56
3.21
3.01
2.68
2.74
4.26
3.60
3.46
3.57
3.01
2.84
2.92
4.56
Eichmond district.
Eichmond
Baltimore
Washington. _..
3.0
5.5
.6
5.1
.2
5.2
-2.9
2.2
3.38
3.38
3.32
3.69
3.37
3.46
3.30
3., 60
Atlanta district- _.
Atlanta
_.
Birmingham..
Chattanooga..
Nashville.--..
New Orleans..
Savannah
4.3
7.8
5.7
3.1
-.9
2.2
8.0
5.8
4.3
18.7
6.5
-13.9
3.3
8.7
3.12
3.78
3.21
2.47
3.17
2.92
3.01
3.02
3.94
2.75
2.53
3.29
2.77
2.91
Chicago d i s t r i c t Chicago
Detroit—-___.
Des Moines...
Indianapolis..
6.6
1.3
-1.0
-13.8
3.80
4.97
3.95
5.39
12.9
2.4
-26.9
-6.0
4.27
4.75
4, 51
4. 91
St. Louis district..
St. Louis
Evansville
Little Rock...
Louisville-.-—.
Memphis
1.5
1.3
-.9
-.4
-.5
5.2
-2.3
.3
3.26
3.57
2.22
2.77
3.70
2.62
3.30
3.53
2.41
2. 77
3.64
. 2.80
-4.0
-11.0
4.25
4.29
Minneapolis district.
-3.2
-2.9
2.47
2.47
2.66
2.14
2.69
2.71
2.76
2.29
3.3
3.7
11.2
—4 5
—10.4
-1.2
7.8
3.18
3.11
3.55
2.82
2.18
3.57
2.21
3.23
3.16
3.56
2.99
2.22
3.57
2.22
-1.0
3.53
3.60
4.9
3.4
_ _ __
United States -___. _
Boston district...
Boston
New Haven..
Providence. ..
—12.2
—16.1
—14 6
—4.0
8.2
58
.1
-1.0
5.6
3.4
Chain stores.—Chain stores continued in
1926 to show an increase over the preceding
year in the number of stores and in the volume
of sales. Total sales of approximately 60
chain-store systems operating about 34,000
stores amounted to about $1,825,000,000 in
1926, compared with 31,000 stores and sales of
$1,579,000,000 in 1925. It is significant to
point out, however, that the number of stores
in the several chains from which reports were
received did not increase so rapidly in 1926 as
in 1925 and 1924. Sales of grocery chain
stores, including 26 separate systems, were 20
per cent larger in 1926 than in 1925, and the
number of stores operated during the year increased from 24,190 to 26,417. Five-and-tencent variety chain stores showed an increase of
9 per cent in sales and a growth in the number
of stores from 2,136 to 2,301. Sales of other
chain stores, for which data are comparable for
several years, also increased rapidly during the
year, and the number of stores increased in all
lines. The following table shows total sales
in 1924, 1925, and 1926 of chain stores engaged
in several lines of retail trade and the number
of stores in each chain at the end of the year:
CHAIN STORES
Number of stores
1924
Grocery
5 and 10 cent
Cigar-.,
DrugShoe
Music
Candy
Total
1925
1926
19,707 24,190 26,417
2,033 2,136 2,301
2,841 3,259 3,434
527
615
733
452
521
576
-.
54
60
61
179
234
259
Sales (thousands of dollars)
1924
721,433
378, 884
70,776
37,242
10,998
27,679
1925
429,132
100,844
79,437
39,051
13,208
28,992
1926
1,067,790
469,346
109,509
92,143
41,419
13,927
31,332
25, 793 31,015 33,781 1,345,374 1,579,790 1,825,466
100
FEDERAL RESERVE BULLETIN
Sales of mail-order houses also exceeded all
previous records in 1926, total sales of four
leading firms amounting to $540,181,000, compared with $518,043,000 in 1925 and $461,047,000 in 1924. While a large part of mail-order
sales indicates purchases by rural consumers,
opening of retail stores in recent years by certain of the larger firms in several of the more
important cities has resulted in a large growth
PEBRUABY,
1927
in the volume of urban trade at these stores.
The course followed by sales of mail-order
houses from January through September was
similar to that followed by sales of department
stores. In the autumn, however, mail-order
sales averaged smaller than in the corresponding period of 1925, reflecting to a large extent
reduced purchases in agricultural sections.
A NEW INDEX OF INDUSTRIAL PRODUCTION
For the past four years the Federal Reserve
Board has compiled and published currently an
index of production in basic industries, which has
served as an approximate measure of changes
in the volume of the country's industrial and
mineral output. The growth in recent years
comprehensiveness of the new index of industrial production, as compared with the old
index of production in basic industries, is indicated by the fact that it is derived from 60
individual series, measuring production in
about 35 industries, and indirectly representing
PERCENT
PERCENT
125
I
INDEX OF INDUSTRIAL PRODUCTION
{ ADJUSTED FOR SEASONAL VARIATIONS -
DAILY AVERAGE, 1923-25=100 )
100
100
75
75
50 U^
50
1919
1920
1921
1922
in the amount of information currently collected by various agencies and in the promptness with which it becomes available has made
it possible for the board to construct at this
time a more comprehensive index, which will
be called an index of industrial production.
The new index, which is presented in detail for
the first time in this article, is broader in scope
than the index of production in basic industries,
which it supersedes, and the methods of its
construction have been improved in many
respects on the basis of experience.
Scope of the index.—The index of industrial
production is made up of two component indexes, one of manufactures and the other of
minerals, and represents directly and indirectly
nearly 80 per cent of the total industrial production of the United States. The greater
1923
1924
1925
1926
production in many more, while the old index
included 22 series, measuring production in
about 20 industries. The principal additional
industries included in the new index are motor
vehicles, petroleum products, rubber tires,
plate glass, and boots and shoes. The importance of these industries, with the exception
of boots and shoes, has grown in recent years,
and this has made their inclusion in a current
index of production increasingly desirable.
Base period.—The base of the new index
number is the daily average production during
the three years 1923, 1924, and 1925, while
the base of the old index was the monthly
average for the year 1919. Use of a more
recent period as a base has the advantage,
among others, of permitting inclusion in the
index of industries for which reliable statistics
101
FEDERAL RESERVE BULLETIN
FEBRUARY, 1927
have only recently become available, and a extent of the practice of closing on Saturdays,
three-year average instead of a one-year aver- Sundays, and holidays.
Charts and tables.—The course of industrial
age gives a broader base, which is not influenced
to the same extent by exceptional conditions. production during the last eight years, as shown
Daily average output.—A distinctive charac- by the new index, is given on the accompanyteristic of the new index number is that it is ing chart, and the more important facts brought
based on figures representing average output out by it during recent years are discussed in
per working day, instead of total production the Review of the Month.1 Another chart
during the calendar month, and is thus not shows separately the movement of production
influenced by changes in the number of Sun- of manufactures and of minerals. Accompanydays and holidays from one month to another. ing tables give the figures which underlie the
The number of working days in each industrjr charts. Tables are also given which show anhas been arrived at through a special inquiry nual indexes for each industrial group and relconducted jointly by representatives of the atives for the individual series from 1919 through
Departments of Agriculture and Commerce 1926. Corresponding monthly figures, adjusted
and the Federal Reserve Board, which ob- for seasonal variations, will be published in a
tained from trade associations, large compa- subsequent issue of the BULLETIN, together
nies, and other agencies and individuals in the with a full description of the statistical data
various industries information regarding the and methods employed in their computation.j
PER CENT
PER CENT
i
t25 1
1
!
1
1
1125
INDEXES OF PRODUCTION OF MANUFACTURES AND MINERALS
(ADJUSTED FOR SEASONAL VARIATIONS — DAILY AVERAGE, 1923-25=100 )
100
100
75
75
SO
1920
1919
1921
1922
1923
1924-
1925
1926
TABLE I.—INDEX OF INDUSTRIAL PRODUCTION
TABLE I I . — I N D E X OF PRODUCTION OF MANUFACTURES
[Adjusted for seasonal variations. 1923-1925 average=100]
[Adjusted for seasonal variations. 1923-1925 average=100]
Months
1919
1920
1921
1922
1923
1924
1925
83
80
77
78
77
95
95
94
88
90
67
66
65
65
66
74
76
81
77
81
100
100
104
107
107
98
102
101
95
89
105
105
105
103
103
1926
Months
1919
1920
84
81
78
79
78
84
88
90
87
86
89
87
96
97
95
89
91
90
88
88
85
80
72
67
Annual index
84
87
Januarv
February _ _
March
April.
May
June July
August
September October.
November
December
'
:
83
90
65
85
105
85
101
87
89
87
86
85
85
88
88
85
82
75
70
64
66
67
71
71
70
84
83
88
94
97
100
103
102
100
99
97
96
83
89
94
95
97
100
103
103
102
105
106
108
January
February
March
April
May
107 June
107 July
111 August
113 September.—
111 October
108 November
105 December
Annual index. _
83
87
67
85
101
95
104
108
106
107
108
108
107
i Page 77.
1921
1922
1923
1924
1925
65
64
63
63
65
64
64
66
67
71
72
70
73
75
78
81
86
90
89
87
89
94
98
100
100
100
103
106
107
104
102
101
101
98
96
95
99
102
101
95
88
83
82
89
94
95
97
101
105
106
106
103
103
101
103
103
104
107
108
110
108
109
108
108
107
107
107
112
113
111
106
103
67
87
101
94
105
108
102
FEDERAL RESERVE BULLETIN
TABLE
III.—INDEX
OF PRODUCTION
OF
MINERALS
[Adjusted for seasonal variations. 1923-1925 average=100]
1919
1920
1921
1922
1923
1924
1925
January _
February
March
April
May
June
July
August
September
October _
November
December
78
69
68
73
75
78
82
79
85
88
61
74
85
84
89
83
85
90
89
92
85
91
92
91
80
77
74
73
74
71
67
69
68
73
67
67
76
87
97
53
53
58
56
62
82
92
94
99
100
100
106
112
108
107
109
110
98
105
104
99
103
106
101
92
93
91
90
92
97
97
96
100
105
101
98
99
104
99
102
107
90
91
94
94
93
98
108
107
103
104
105
109
111
116
118
120
Annual index
77
89
70
74
105
96
99
107
Months
1926
TABLE IV.—ANNUAL INDEXES OF INDUSTRIAL P R O ;[DUCTION, BY GROUPS, INDUSTRIES, AND PRODUCTS
[1923-1925 average=100]
Groups, industries, and
products
Pig iron
Steel ingots
.
TEXTILES
Cotton consumption.
Wool
Consumption
Machinery activity
Carpet and rug
loomactivity...
Silk
Deliveries
Loom activity
FOOD PRODUCTS
Slaughtering a n d
meat packing.
Hogs.
Cattle —
Calves - . .
Sheep
Flour
Sugar meltings
PAPER AND PRINTING
Woodpulp and paper.
Newsprint
Bookpaper
Fine paper. _
Wrapping paper.
Paper board
Wood pulp, mechanical
Wood pulp, chemical
Paper boxes
Newsprint consumption.
1920
82
85
81
92
96
90
90
99
102
99
84
95
85
83
99
87
77
84
90
56
71
81
84
83
92
84
106
81
107
104
85
76
77
92
75
86
67
69
82
76
90
82
93
86
87
87
91
101
91
98
80
82
80
78
80
77
110
95
77
70
67
82
60
61
63
59
87
94
76
82
7*
65
96
76
75
82
75
83
99
99
108
115
105
112
105
105
106
113
113
89
87
89
91
90
93
95
106
102
106
104
104
9/,
93
113
109
114
104
109
88
90
98
46
46
46
87
88
90
93
113
93
94
87
104
85
90
76
94
112
90
88
95
99
90
90
90
92
103
98
120
123
113
98
123
10Q
97
88
87
9]
92
98
112
85
85
97
81
91
80
83
102
107
96
91
97
98
90
95
95
100
93
94
98
95
104
106
101
100
101
104
99
99
99
98
102
93
98
100
94
87
103
109
101
98
111
106
106
102
106
113
104
106
99,
8?
107
105
100
100
113
114
112
11?
110
116
103
116
89
94
105
101
Groups, industries, and
products
84
87
101
97
104
111
11?
129
92
100
107
1924 1925 1926
1920
79
82
43
79
82
46
68
70
45
89
90
75
99
91
96
96
95
105
104
114
100
98
119
100
88
51
56
145
131
1,799 1,209
LEATHER AND PRODUCTS . 104
97
Leather, tanning
108
98
121
109
Sole leather
58
42
76
576
90
93
111
68
66
69
136
102
107
109
105
102
165
122
110
115
117
90
91
76
89
94
91
91
105
107
59
89
96
94
92
109
110
85
96
98
96
132
55
54
96
66
67
79
88
85
87
63
66
103
96
118
98
80
76
117
113
114
107
95
92
87
102
85
95
95
100
96
86
101
98
110
108
94
93
118
98
114
110
58
68
61
85
67
72
78
76
87
73
69
64
77
68
82
96
89
92
99
101
102
97
91
104
100
118
107
105
111
107
109*,
104
83
132
112
111
115
46
39
32
66
39
37
100
111
90
94
94
88
96
100
75
87
119
62
59
64
57
79
71
74
63
53
44
55
55
51
85
103
71
78
72
89
104
75
95
86
83
95
89
93
104
101
141
86
86
85
96
104
90
95
99
98
102
99
98
y0
91
76
98
98
99
99
100
99
111
115
119
102
112
110
106
108
83
116
118
116
105
96
111
122
125
134
105
112
116
118
120
95
118
119
112
114
97
126
103
97
94
102
100
100
100
100
84
87
G7
87
101
94
105
108
89
109
52
109
110
61
79
112
64
78
65
75
108
115
100
92
108
97
100
77
103
110
105
104
91
81
113
85
87
36
30
39
66
84
82
62
68
77
87
114
93
96
88
102
82
100
97
102
100
104
106
107
111
98
113
110
116
115
95
T O T A L MINERALS
77
89
n
74
105
96
99
107
COMBINED M A N U F A C TURES AND MINERALS. _
83
87
67
85
101
95
164
ios
L U M B E R . _.
Lumber cut
Flooring
TRANSPORTATION EQUIPMENT.
Automobiles
Locomotives _.
Shipbuildings.
Upper leather1105
Cattle
Calf and kip- 173
Goat and kid- i 126
101
Boots and shoes
STONE, CLAY, AND GLASS.
Cement
BrickFace brick..
Paving brick.
Plate glass
Copper
LeadZinc
Tin..
CHEMICALS AND ALLIED
PRODUCTS
Petroleum refining._.
Gasoline .
Kerosene
Fuel oil.
Lubricating oil
Coke production. _
By-product
Beehive. _
62
64
43
95
56
/I
73
68
154
74
64
54
94
65
88
88
83
163
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
.
Cigars
Cigarettes
Manufactured tobacco and snuff...
TOTAL MANUFACTURES...
82
105
62
74
68
94
79
83
76
77
63
77
111
FUELS:
Bituminous
. .
Anthracite
Petroleum. „ . .
METALS:
Iron ore shipments
Copper
Zinc...
Lead
Silver
94
92
1921 1922 1923
1919
111
85
87
1927
TABLE IV.—ANNUAL INDEXES OF INDUSTRIAL P R O DUCTION, BY GROUPS, INDUSTRIES, ETC.—Contd.
NONFERROUS METALS
1921 1922 1923 1924 1925 1926
1919
94
IRON AND STEEL—
FEBRUARY,
. .
120
i Annual totals; not available monthly.
TABLE V.—DATA USED IN INDEX OF MINERALS
Minerals
Series
Bituminous coal
Anthracite coul
Crude petroleum
Iron ore
Copper _
Lead
Zinc
Silver
_
_ _
Mine production
do
Deliveries to pipe lines
_
Shipments of ore through upper Gieat Lakes
ports.
Mine production___
_._
Crude-lead production
Slab-zinc production
Mine production
Relative
magnitude
(per cent) i
35.9
13.0
32.6
5.5
6.5
2.8
2.2
1.5
Source
Bureau of Mines.
Do.
Do.
Lake Superior Iron Ore Association,
American Bureau of Metal Statistics,
Do.
American Zinc Institute.
American Bureau of Metal Statistics,
i Derived from figures of total value produced in the years 1923 to 1925, as reported b y the Bureau of Mines.
103
FEDERAL RESERVE BULLETIN
FEBRUARY, 1927
TABLE VI.—DATA USED IN INDEX OF MANUFACTURES
Groups and industries
Series
IRON AND STEEL AND THEIR PRODUCTS....
Blast furnaces
Steel works and rolling mills and other
products.
TEXTILES AND THEIR PRODUCTS.
Pig-iron production
Steel-ingots production.
--. Mill consumption of raw cotton-
Cotton goods
Woolen and worsted goods
Hogs slaughtered under Federal inspection
Cattle slaughtered under Federal inspection. _.
Calves slaughtered under Federal inspection. _
Sheep slaughtered under Federal inspection. _.
Wheat-flour production
Meltings of raw cane sugar
Newsprint production.
11.2
8.8
1.1
Deliveries of raw silk to mills.
Percentage of looms active
FOOD AND KINDRED PRODUCTS
Slaughtering and meat packing..
Flour-mills products.
Sugar refining
PAPER AND PRINTING
Wood pulp and paper.
Book-paper production
Wrapping-paper production
_
Fine-paper production._..
.
Box-board production
Mechanical-pulp production
Chemical-pulp production
Production of paper-board shipping boxes, in
square feet.
Newsprint consumption...
Boxes, paper
Newspaper publishing.
LUMBER AND ALLIED PRODUCTS
Lumber and timber products__
Flooring. _
„
TRANSPORTATION EQUIPMENT.
_. Lumber production
Oak and maple flooring production-
Motor vehicles, including bodies and
parts.
Locomotives
Ship and boat building.
LEATHER AND /rs MANUFACTURES.
Production of automobile passenger cars and
trucks.
Locomotives completed
.
Vessels built
Sole-leather production..
Upper-leather production..
Cattle
...
Calf and kip
Goatandkid
_
•
...
Production of boots and shoes-
Leather, tanned, curried and finished
Boots and shoes..*.
STONE, CLAY, AND GLASS PRODUCTS .
Glass
33.0
2.2
20.8
10.2
6.8
3.5
2.0
1.3
S.5
2.3
1.2
10.1
6.8
3.7
2.1
.2
•2
2.4
1.5
Mill consumption of raw wool
Percentage of loom and spindle hours activePercentage of carpet and rug loom hours active.
Silk manufactures..
Cement
Clay products
Relative
magnitude
(per cent)"
„
Cement production.
Face-brick production.....
Paving-brick production.
Plate-glass production
_
METALS AND METAL PRODUCTS, OTHER THAN
IRON AND STEEL
.,
_.
Copper smelting and refining
Lead smelting and refining..
Zinc smelting and refining
_
Tin
_...._
. Blister-copper production
Crude-lead production
Slab-zinc production
Deliveries from port warehouses..
2.0
1.3
3.0
1.8
.2
.8
2.4
9.9
9.1
.8
6.7
6.0
.4
.3
4.0
1.6
.6
.3
.3
.3
2.4
3.9
1.3
l.S
.9
.4
1.3
4.0
2.2
.6
.7
CHEMICALS AND ALLIED PRODUCTS
Petroleum refining
Coke..
Gasoline production
Kerosene production
_
Fuel-oil production
Lubricating-oil production.
By-product-coke production..
B eehive-coke production
RUBBER PRODUCTS
Rubbertires and inner tubes
TOBACCO MANUFACTURES
Cigarettes
Cigars
Chewing and smoking and snuff.
Pneumatic-tire production
inner-tube production
Number upon which taxes were Daid_.
do
.
S_
Amount upon which taxes were paid..
1.9
1.0
.2
.4
.3
1.9
1.7
.2
1.8
1.6
.2
1.1
.6
.4
.1
Source
Iron Age.
American Iron and Steel Institute.
Bureau of Census.
Do.
Do.
Do.
Do.
Silk Association of America.
Do.
Bureau of Animal Industry.
Do.
Do.
Do.
Russell's Commercial News.
Willet and Grey's Journal and Survey
of Current Business.
Federal Trade Commission, American
Pulp and Paper Manufacturers Association, and Survey of Current Business.
Do.
Do.
Do.
Do.
Do.
Do.
Survey of Current Business.
Federal Trade Commission and American Newspaper Publishers' Association.
Survey of Current Business.
Do.
Do.
Do.
Bureau of Navigation.
Bureau of Census.
Do.
Do.
Do.
Do.
Do.
Bureau of Mines.
American Face Brick Association.
American Paving Brick Association
Survey of Current Business.
American Bureau of Metal Statistics.
Do.
American Zinc Institute.
New York Metal Exchange.
Bureau of Mines.
Bo.
Do.
Do.
Do.
Do.
Rubber Association of America.
Do.
Bureau of Internal Revenue.
Do.
Do
i Derived from figures showing value added by the process of manufacture, given in the Census of Manufactures of 1923.
104
FEDERAL RESERVE BULLETIN
FEBRUARY, 1927
CLASSIFICATION OF LOANS AND INVESTMENTS OF ALL MEMBER BANKS
The accompanying tables give the classification of loans and investments of all member
banks as reported for the end of June, 1925 and 1926. The classification of loans is the same as
that reported weekly by member banks in leading cities, with the exception that the part of
"all other loans" which consists of loans on real estate is shown separately.
ALL MEMBER BA^US-CLASSIFICATION OF LOANS, JUNE 30, 1925 AND 1926
[In thousands of dollars i
Loans on securities
Total loans
Total
All other loans
Secured
by U.S. Secured
Govern- by other
ment stocks and
obligabonds
tions
Secured by real estate
Total
Total
ALL M E M B E R
Total:
1925
1926.
_...
Central reserve city banks:
1925
1926
Other reserve city banks:
1925.
1926
_
Country banks:
1925
1926-.
_
20,798,714
22,251,374
6,717,511 243,343 6,474,168 14,081,203
7,320,876 I 206,725 7,114,151 14,930,498
Farm
land
Other
real
estate
NumOtherwise ber of
secured banks
and unsecured
BANKS
2,338,322
2,649,537 488,891
9,538
9,375
2,160,646
11,742,881
12,280,961
148,331
2,533,670
2,785,616
79
5,508,717
5,921,135
2,857,153
2,984,478
80,146 2.777,007
64,430 2,920,048
2,651,564
2,936,657
7,465,741
8,018,090
2,274,669
2,557,241
87,719 2,186,950
74,473 2,482,768
5,191,072
5,460,849
1,184,175
1,323,262 121,989
4,006,897
4,137,587
553
544
7,824,256
8,312,149
1,585,689
1,779,157
75,478
67,822
6,238,567
6,532,992
1,036,253
1,175,234 364192
5,202,314
5,357,758
8,752
1,510,211
1,711,335
117,894
151,041
2,710
NATIONAL BANK MEMBERS
Total:
1925
1926
Central reserve city banks:
1925
Other reserve city banks:
1925
1926
Country banks:
1925
1926..
12,670,118
13,412,839
3,659,041
4,034,393
159,177
130,743
3,499,864
3,903,650
9,011,077
9,378,446
636,548
725,016
255,872
252,070
380,676
472,946
8,374,529
8,653,430
8,066
7,972
2,694,922
2,914,668
1,245,851
1,347,654
48,207
32,217
1,197,644
1,315,437
1,449,071
1,567,014
2,951
4,394
355
320
2,596
4,074
1,446,120
1,562,620
47
36
3,994,646
4,183,155
1,259,023
1,391,114
52,904
44,496
1,206,119
1,346,618
2,735,623
2,792,041
94,923
111, 022
23,397
19,854
71,526
91,168
2,640,700
2,681,019
369
365
5,980,550
6,315,016
1,154,167
1,295,625
58,066
54,030
1,096,101
1,241,595
4,826,383
5,019,391
538,674
609,600
232,120
231,896
306,554
377,704
4,287,709
4,409,791
7,650
7,571
1,687, 700
3,368,352
3,627,531
1,472
1,403
2,390
144,257
1,087,550
1,222,996
39
43
1,089,252
1,212,240 102,135
1,110,105
1,366,197
1,456,568
184
179
433,338
914,605
947,967
1,249
1,181
STATE BANK'AND TRUST COMPANY MEMBERS
Total:
1925
1926
Central reserve city banks:
1925
1926
.....
Other reserve city banks:
1925
1926...
Country banks:
1925
1926
8,128,596
8,838,535
3,058,470
3,286,483
84,166 2,974,304
75,982 3,210,501
5,070,126
5,552,052
2,813,795
3,006,467
1,611,302
31,939
32,213
1,579,363
1,604,611
1,202,493
1,369,643
3,471,095
3,834,935
1,015,646
1,166,127
34,815
29,977
980,831
1,136,150
2,455,449
2,668,808
1,843,706
1,997,133
431,522
483,532
17,412
13,792
414,110
469,740
1,412,184
1,513,601
1,701,774
1,924,521 236,821
114,943
146,647
497,579
565,634
132,296
FEBRUARY, 1927
105
FEDERAL RESERVE BULLETIN
ALL M E M B E R BANKS-CLASSIFICATION OF SECURITIES, JUNE 30, 1925 AND 1926
[In thousands of dollars]
Foreign securities
Domestic securities
State,
U. S. Gov- county,
ernment
securities and municipal
(total)
bonds
Total
securities
Total
Bonds of
foreign
governments
All other
foreign
securities, including
municipal
500,507
498,082
327,303
300,590
173,204
197,492
99,298
66,172
62,914
37,416
140,444
139, 365
179,146 260, 765
170,332 292,545
92,663
81,874
171,726
181,300
36,384
28,756
47,781
57,491
89,039
111, 245
Stock of Stock of All other
All other Federal other I domestic Total
reserve corpora- securibonds
bank
tions
ties
ALL M E M B E R BANKS
Total:
1926....
1926
_
Central reserve city banks:
1925
1926
_
Other reserve city banks:
1925..
1926
Country banks:
1925
1926.
2,866,386
2, 932,434
3, 802,370 1,028. 906 2,784,762 114, 967 275,334 381,499
3, 743, 925 1,149', 329 2, 947,530 122, 508 327, 253 334,781
1, 914,560 1,067,438
232,425
476,353 28, 111 73,872 36,361
1,987,122 1,066,254
249,853
478,228 31, 692 91,115 69, 980
2,725,942 1, 341,016
702, 863 38, 998 134,077 165, 992
342, 996
2,793,069 1,325,138
776,404 41,030 149, 923 94,469
406,105
4,008,101
4,137,680
3,747,336
3,845,135
8,888,345
9,123,408
2,013,858
2,053,294
8,387,838
8,625, 326
1,393,916
1,352, 533
453,485
493,371
1,605, 546
1,692,898
47,858
49, 786
67,385
86,215
NATIONAL BANK MEMBERS
Total:
1925
1926
....
Central reserve city banks:
1925
1926
...
Other reserve city banks:
1925
1926
Country banks:
1925
1926
5,725,622
5,837,160
5,362,727
5,464,789
593,692 1,866,667
646, 738 1,948,409
74,488
78, 735
78, 764 215,350 362,895
90, 598 234,162 372,371
240,732
225,823
122,163
146,548
1,059, 536
1,022,754
996,793
983,946
589,021
578,646
107,208
89, 974
239, 441
236, 785
15,068
17,079
23,106
26,941
22, 949
34, 521
62,743
38,808
40,565
21,435
22,178
17,373
1,495, 756 1,417,098
1, 541,816 1,457,160
780,100
765,518
157, 038
186, 657
354,149
368,846
21,214
21, 961
34,333
39,166
70,264
75,012
78,658
84, 656
54,811
50,303
23,847
34,353
2, 948,836
3,023,683
1,164,645
1,121,983
329, 446 1,273, 077
370,107 1,342, 778
38,206
39, 695
21,325
24,491
122,137 221,494
124, 629 248, 907
145, 356
154,085
76,138
86, 571
74,767
51,041
50,944
3,170,330
3,272,590
2, 533, 766
2,466,147
STATE BANK AND TRUST COMPANY MEMBERS
Total:
1925
._
1926
__...._
Central reserve city banks:
1925
1926
_.
Other reserve city banks:
1925
1926
Country banks:
1925
28725—27-
3,162, 723
3,286,248
3,025,111
3,160, 537
1,268, 604
1, 277, 778
435, 214
502,591
918,095
999,121
40,479 196, 570 166,149 137,612
43, 773 236, 655 100, 619 125, 711
954, 322
1,030, 540
917, 767
1,003,176
478,417
487, 608
125, 217
159,879
236, 912
241,443
13.043
14,613
1,370, 630
1,390, 618
1,308,844
1,335, 909
560, 916
559,620
185,958
219,448
837, 771
865,090
798, 500
821,452
229,271
230, 550
124,039
123,264
13,412
35,459
36, 555
27,364
22,349
15, 981
14,206
11,383
348, 714
407, 558
50,766
64,174
17, 784 99, 744
19,069 110,757
95, 728
19,457
61, 786
54, 709
37,852
31,571
23,934
23,138
332,469
350,120
9,652
10,091
57,009
45,703
39,271
43,638
26,370
27,215
12,901
16,423
46,060
61,724
106
FEDERAL RESERVE
BULLETIN
FBBBUABY, 1927
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
Gross earnings of the Federal reserve banks per cent in 1926, as compared with 3.67 the
in 1926 were $5,800,000 above the preceding year before. The table shows daily average
year, aggregating $47,600,000, as compared holdings of each class of bills and securities of
with $41,800,000 in 1925, $38,300,000 in 1924, all Federal reserve banks combined, earnings
and about $50,000,000 in 1923 and 1922. The therefrom, and annual rates of earnings during
larger earnings during 1926 were the result the past four years.
of a higher average rate of return on and Current operating expenses of the Federal
increased holdings of bills and securities, as reserve banks, exclusive of the cost of Federal
shown by the accompaning table.
reserve currency and of fiscal agency expenses
reimbursable by the United States Treasury,
H O L D I N G S O F B I L L S AND S E C U R I T I E S AND E A R N I N G S
aggregated $25,636,000 in 1926, as compared
THEREFROM
with $25,725,000 in 1925. Salary payments
[Amounts in thousands of dollars]
to clerical employees, which constitute the
largest single item of current expense, declined
All
United
$394,000, and rent $81,000, but these and
Bills
States
other
Bills
bought Govern- bills
other smaller reductions were largely offset by
disTotal
ment
and
counted in open
increases in insurance premiums on currency
market securi- securities
ties
and security shipments, taxes and repairs and
alterations on banking houses, legal fees, postDaily average holdings:
age and expressage, and miscellaneous ex1923
738,114 226,548 185,823
85 1,150, 570
950,317 penses.
1924
_.
374,834 172,428 401,365
1,690
The cost of Federal "reserve currency
1925
481, 515 287,329 358,962 11, 701 1,139,507
1926
570, 613 281,386 349, 790
7,520 1, 209,309 amounted to $1,714,000 in 1926, or $89,000
Average rates of earnings
less than in 1925. Total current expenses of
(per cent):
4.33
4.14
4.01
4.50
1923
4.46
the Federal reserve banks, including the cost
3.83
3.61
1924
_.
3.67
4.25
3.31
3.51 of Federal reserve currency, were $27,350,000
1925
3.17
3.56
3.59
3.67
3.76
1926
3.95
3.60
4.21
3.55
in 1926, about $178,000 less than in 1925.
Earnings:
4
7,444
49, 775
32,956
9,371
1923
.
Current net earnings (the excess of gross
36,426
15,943
1924
5,710
14, 712
61
over current operating expenses)
9,104
12, 783
419
39,986 earnings
17, 680
1925_
45,460
22, 552
12,589
316
1926
10, 003
amounted to $20,249,000, against which amount
the Federal reserve banks made net charges
Holdings of discounted bills averaged $571,- of $3,638,000, of which $2,096,000 represented
000,000 in 1926 as compared with $482,000,000 depreciation charges on bank premises, $1,210,in 1925, the higher level of discounted bills 000 additions to reserves for probable losses
being partly offset, however, by somewhat on paper of failed banks, and $533,000 furnismaller holdings of purchased bills, United ture and equipment purchased during the year.
States Government securities, and miscella- This left a balance of $16,612,000, of which
neous bills and securities, the average of which $7,329,000 was paid to member banks as diviwas $20,000,000 below average holdings the dends, $8,465,000 transferred to surplus acyear before. The average rate of earnings on count, and $818,000 paid to the United States
total bill and security holdings was 3.76 per Government as franchises taxes,
cent in 1926, as compared with 3.51 per cent
A detailed statement of the earnings and
in 1925, 3.83 in 1924, and 4.33 in 1923, while expenses of Federal reserve banks for 1926 is
the rate of return on discounted bills was 3.95 shown in the table following:
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1926
EARNINGS
Total
Discounted bills
Purchased bills..
United States securities.._
Deficient reserve penalties.
iOUS
Total earnings
„
Boston
$22,551,561 $1,463,790
10,003,081 1,278,862
12,589,119
401,552
382,946
7,860
2,072,888
167,013
47,599,595
New York
Philadelphia
Cleveland Richmond
Atlanta
Chicago
St. Louis
$2,036,833 $2,211,738 $1, 676,456 $1,705,117 $3,015,981 $1,258,227
661,657
818,378
374,178 1,024,830 1,230,850
340,294
764,324 1,274,279
261,476
228,280 1,929,874
841,145
69,214
41, 636
22,017
10,983
30,133
50,427
46,004
337,532
152,851
49,826
183,356
339, 911
47,693
3,626,648
4, 517,884
2,429,017
Kansas
City
$310,424 $643,032
405,511
507,513
723,348 1,213,542
16,473
24,203
166,577
289,050
Dallas
San Fran-
$525,993
462,842
985,652
35,403
117,159
$1,867,134
2, 511, 509 1, 622,333 2,677,340 2,127,049
4,554,860
2,001,668
2,379, 546
3,319,077 10,600,968
Minneapolis
1,586,101
29,211
175,916
3,045,867
6,567,043
$191,016
418,096
31,426
38,253
255
129
892
24,602
32,994
$299,523
1, 685,405
97,675
287,790
420
230
1,193
10,210
24,630
$166,072
610,045
46, 612
74,072
422
289
1,200
11, 796
31,029
$135,681
357,223
25,958
80,091
568
288
824
7,289
35,222
$156,381
638,490
62, 695
167,432
562
296
1,023
24, 601
10,165
$146,326
483,810
33, 580
82, 719
640
363
1,227
5,632
19,135
$237,479
1,077,110
79,824
123, 746
1,017
652
3,200
22,330
26,371
28, 686
9,728
99,230
8, 513
31,306
4,013
22, 596
30, 701
27,965
25,214
5,016
49,630
15,030
CURRENT EXPENSES
Salaries:
Bank officers
11,695,529
Clerical staff
„__.
776,936
Special officers and watchmen
..
Allother
_._. 1,837,408
5,575
Governers' conferences
_
_
3,123
Federal reserve agents' conferences. __
12,153
Federal Advisory Council
_.
Directors' meetings-_
151,754
266,114
Traveling expenses L
—
Assessments for. Federal Reserve Hoard ex721. 724
penses
127,401
Legal fees
Insurance (other than on currency and
392, 799
security shipments)
Insurance on currency and security ship619,468
ments
1, 369,018
Taxes on banking house..
331,802
Light, heat, and power
201,359
Repairs and alterations, banking house
238, 753
Rent
391,708
Office and other supplies
467,955
Printing and stationery
191,350
Telephone
510, 991
Telegraph
_
1, 780,244
Postage...
425,493
Expressage
683,206
Miscellaneous expenses.
$116,250
$476, 883
887, 967 3,033, 763
34,571
168,176
84,896
500,347
351
511
221
106
526
566
6,695
18,101
6,313
34, 601
54,476
4,367
199,090
16,218
$127,249
893,632
50,430
104, 689
267
154
414
6,778
11,144
76, 835
11, 716
38,060
4,154
33,894 j
35, 774
22,282
20,826
42,082
23, 320
28,246
36,179
25,386
38,910
72,116
134,450
43,600
24,943
20,191
30, 512
44,015
12, 931
36,441
160,796
27, 633
53, 056
33, 742
38, 798
8, 939
11,212
10, 390
17,997
29,168
6,021
27,974
113,421
30, 568
27, 315
47, 398
54,987
13,600
4,234
9,485
23, 556
31, 565
6,123
70,499
104J 296
33,437
32, 767
66, 838
278,458
27,477
769
38, 231
61, 721
76, 641
20, 698
46,182
239, 748
51,446
69, 726
16,108
53, 870
21, 499
12, 819
19, 968
2.1,679
22,922
12, 492
42,095
93, 529
13, 749
30,118
14,091
82. 713
19, 762
4,540
15,499
81,636
45, 595
29,518
27
24,315
28, 742
7,693
61,176
132,391
12,395
48,022
21, 553
31,292
19,231
3,298
1,546
14,818
19,302
7,291
47,193
89,896
16,419
38,441
31,026
61, 777
12,326
9,137
109,406
31,590
38,218
14,970
76,001
122,781
22, 900
2, 362, 643 1,323> 070
1,228,850
3,534,836
1,361,024 1,027,799 1,622, 654 1,139,328
2,268,414
148,763
11,555
275,997
13,604
1,389,168
3,824,437
57,371
86,389
128,205
19,634
4,608
1, 798
22,719
42,644
21,098
8,351
203,427
40,050
48,138
122, 914
388, 988
79,117
32, 337
25, 344
95,830
69,120
50,659
55, 826
286, 871
106,672
172,049
91, 794
33,844
21,022
63, 946
2,367
27,246
40,050
25, 558
15.976
168| 715
61, 787
65, 781
Total, exclusive of cost of currency. _. 25, 635, 761 1,852,221
Federal reserve currency, including shipping charges:
164,260
1,602,643
Original cost
15,931
111, 778
Cost of redemption
5,991,460
1,923,462
407, 841
22,141
127,262
5,550
6,421,442
2,056,274
27,350,182
$166,800
599,998
44,453
67, 515
273
198
557
6, 635
16, 600
68,636
8,089 |
28,529
Total current expenses
$214,238
1,009,990
101, 536
225, 858
289
197
531
7,085
17, 910
I
2,032,412
155,949
13,154
2, 531, 746
56,545
4,324
i Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
13,793
5,287
19, 725
25, 568
5, 816
23,277
64,373
8,437
34,810
33,597
2,361
56,088
4,186
35,483
3,920
127,065
9,765
1,380,104 1,063,757 1,682,928 1,178,731
2,405,244
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1926—Continued
PROFIT AND LOSS ACCOUNT
Boston
Total
Earnings
Current expenses
Current net earnings
Additions to current net earnings
Deductions from current net earnings:
Bank premises—depreciation...Furniture and equipment
Reserve for probable losses
Reserve for self-insurance
All other
Total deductions
Net deductions from current net earnings. _
Net earnings available for dividends, surplus, and franchise tax
Dividends paid
Transferred to surplus account
Franchise tax paid United States Government
$47,599,595
27,350,182
New York
Philadelphia
Cleveland Richmond. Atlanta
Chicago
St. Louis Minneapolis
Kansas
City
Dallas
San Francisco
$3,319,077 $10,600,968 $3,626,648 $4,517,884 $2,429,017 $3,045,867 $6, 567,043 $2,511,509 $1,622,333 $2,677,340 $2,127,049 $4,554,860
2,032,412 6,421,442 2,056,274 2,531, 746 1,383, 939 1,389,168 3,824,437 1,380,104 1,063,757 1,682,928 1,178,731 2,405,244
20,249,413
1,286, 665
4,179, 526
1,570,374
1,986,138
1,045.078
1,656,699
2,742,606
1,131,405
558,576
994,412
948,318
2,149,616
330,078
8,531
174,366
1,130
10, 549
561
12, 794
13,098
15,852
79,773
5,555
5,919
1,950
2,096,062
532,889
1,210,486
59,845
68,464
122,048
15,593
415,492
122,943
28,697
290,414
45,166
254,134
8,847
50,000
151,341
24,313
261,663
165,197
83,039
241,032
154,795
54,870
253, 500
166,272
20,870
209,309
25,102
41,306
4,019
50,000
125,754
99,430
354,291
682
59,845
5,864
9,074
345
5,013
3,849
12, 513
1,070
3,174
9,087
1,701
16,092
3,967,746
138,323
604,144
37, 771
335,925
317, 994
441,166
501, 781
464,235
190,316
243,498
97,026
595,567
3,637,668
129,792
429, 778
36, 641
325, 376
317,433
428,372
488,683
448,383
110, 543
237,943
91,107
593,617
16,611,745
1,156,873
3,749, 748
1, 533,733
1, 660, 762
727, 645
1,228,327
2,253,923
683,022
448,033
756,469
857,211
1,555,999
7,329,169
8,464,426
525,023
585,888
2,100,191
1, 649, 557
730, 598
803,135
808,505
852,257
363,957
279,216
296, 573
931, 754
985,959
1,267,964
314,420
368,602
187,609
26,043
252,764
50,370
257,502
599, 709
506,068
1,049,931
818,150
45,962
234,381
453,335
84 472
REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT
Salaries, employees
All other..
Total
$101,636
22,596
$6, 578
757
$12,900
2,290
$9,012
991
$14, 648
4,260
$6,050
803
$5,019
897
$5,014
3,724
$11,009
809
1 $12,270
5,270
$6,921
994
$8,629
647
l $3,586
1,154
124,232
7,335
15,190
10,003
18,908
6,853
5,916
8,738
11,818
17, 540
7,915
9,276
4,740
Including officers' salaries as follows: Minneapolis, $3,583; San Francisco.
FEBRUARY,
109
FEDERAL RESEEYE BULLETIN
1927
Changes In State Bank Membership
Fiduciary Powers Granted to National Banks
The following list shows the changes affecting State
During the month ended January 21, 1927, the
bank membership during the month ended January Federal Reserve Board approved applications of the
21, 1927, on which date 1,367 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;
Total
(6) assignee; (7) receiver; (8) committee of estates of
Capital
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. 8
permitted to act under the laws of the State in which
The Standard Bank, New York, N. Y._ $250,000 $250,000 $8,308,085
the national bank is located.
District No. 8
Lycoming Trust Co., Williamsport,
Pa
—
2,000,000
500,000
18,000,000
CHANGES
District No. 4
Closed: Peoples Bank Co., Frazeysburg, Ohio
_
„
25,000
$200,000 $10,441,703
475,830
66,800
5,882,330
Closed:
State Bank of Early, Early, Iowa. _ 50,000
North Liberty State Bank, North
Liberty, Ind
_„
50,000
Voluntary withdrawal: Stewart State
Bank, St. Charles, HI
100,000
District No. 8
Succeeded by nonmember: Arkansas
Bank & Trust Co., Newport, Ark___ $100,000
Voluntary withdrawal: Desha Bank
& Trust Co., Arkansas City, Ark
104,000
Voluntary liquidation: Arkansas Val100,000
ley Bank, Ft. Smith, Ark__
100,000
Bangor, Pa
„.._
Columbus, Ohio
„
McComb City, Miss.
Ottawa, 111
_„_
Harrodsburg, Ky
Fairmont, Minn.—<..._
Casper, Wyo
3
4
6
7
8
9
10
11
Ito3,5to9
First National Bank
5 to 9
Rutherford National Bank
(supplemental).
1 to 9
Bergenfield National Bank...
Ito9
First National Bank.
1 to 9
Farmers and Merchants
National Bank.
Ito9
Merchants National Bank,,.
City-National Bank of Com- 1 to 7 and §
merce
First National Bank. . , — . _ 1, 2, and 3
—-do——
Ito9
Mercer National Bank.
Ito8
First National Bank
1 to 9
Casper National Bank (sup5
plemental) .
First National Bank in
1
Brownsville.
Changes in National Bank Membership
101,320
lf 343,510
10,000
560,000
16,740
The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from December 25,
1926, to January 21, 1927, inclusive:
275,130
Number of
banks
1,597,600
$20,400
$1,148,420
21,650
1,108, 950
27,120
1,077,760
Aggregate of new charters, banks restored to
solvency, and banks increasing capital „_
3,074,860
Liquidations
Reducing capital 3 -.
Total liquidations and reductions of capital__
171, 550
30,000
102,365
25,000
82,600
50,000
5,000
179,139
14,000
3,000
225.000
354,000
147,500
820,000
I
81,004,750
25,000
575... 000
Amount
of
capital
$2,475,000
0
5,137,500
New charters issued
Restored to solvency
Increase of capital approved *_.
56
7,612,500
1,965,000
435,000
38
Consolidation of national banks under act of Nov.
7, 1918
j——
District No. 12
Closed:
Farmers State Bank, New Ply25,000
mouth, Idaho
25,000
Delta State Bank, Delta, Utah....
Peoples Bank, Cambridge, Idaho _ . 25,000
Merger of State member banks: The
American Bank, San Francisco,
Calif, (merged with Mercantile Trust
Co., San Francisco, under title of
5,000,000
American Trust Co., a member)
Absorbed by a national bank: Hillsboro Commercial Bank, Hillsboro,
50,000
Greg.—
. . —
28725—27—6
2
2
3
Powers
granted
Name of bank
632,670
District No. 7
District No. 11
Absorbed by national bank:
Texas State Bank, Canton, Tex...
Farmers State Bank, Grand Prairie,
Tex._
-..
Blooming Grove State Bank,
Blooming Grove, Tex
1
2
Brownsville, Tex
500,000
District No. 6
Closed: Bank of Georgetown, Georget w , S, C — — — — — -- 100,000
o n
District No. 9
Voluntary withdrawal: Citizens State
Bank, New Ulm, Minn
District
No.
Fort Kent, Me
Rutherford, N. J
Bergenfield, N. J
Manhasset, N. Y......
Bridgeton, N. J — .
District No. %
Absorption of nonmember: Albany
Trust Co., Albany, N. Y. (absorbed
by First Trust Co,, Albany, N. Y.,
a member)_„_„„_______
.-_.._—. $400,000
District No. 3
Succeeded by a State member: Northern Central Trust Co., Williamsport, Pa. (succeeded by Lycoming
Trust Co., Williamsport, Pa., a member)
•-__.._
—.
Location
Aggregate increased capital for period
Reduction of capital owing to liquidations, etcNet increase-
2,400,000
6,420,0Q0
7, 612, 500
2,400,000
5,212,500
1 Includes three increases in capital aggregating $1,050,000 incident to
consolidations under act of Nov. 7,1918.
2 Includes one reduction in capital of $80,000 incident to a consolidation under act of Nov. 7,1918.
Acceptances to 100 Per Cent
During the month of January, 1927, the following
member institution was authorized by the Federal
Reserve Board to accept drafts and bills of exchange up
to 100 per cent of its capital and surplus: Bowery &
East Biver National Bank? New York, N. Y.
110
FEDERAL RESERVE BULLETIN"
FEBRUARY, 1927
BUSINESS STATISTICS FOR THE UNITED STATES
NOTE.—With this issue of the BULLETIN, new indexes of industrial production are presented
(pp. 100-104), with a base period of 1923-1925, and current figures for these new indexes will
hereafter be regularly published in the BULLETIN. Publication of figures for the indexes given
in the first two tables below, except for agricultural movements, with a base period of 1919, will
accordingly be discontinued, and they will not be computed for any month subsequent to
December, 1926,
INDEX OF PRODUCTION IN BASIC INDUSTRIES
INDEXES OF INDUSTRIAL ACTIVITY
[No seasonal adjustment. Monthly average 1919=100]
[Adjusted for seasonal variations. Monthly average 1919—100]
Decem-i Novem- Decem- Yearly averages
ber,
ber,
ber,
1925
1926
1926
1926 1925
General index
„.
Iron and steel:
Pig iron
,
Steel ingots
__
Textiles:
Cotton.
Wool
Food products:
Wheat flour__Sugar meltings.
Animals slaughtered—
Cattle
Calves
Sheep__
Hogs...
Lumber
Coal:
Bituminous__.._
Anthracite
_.
Nonferreous metals:
Copper
_._
Zinc
Sole leather..
Newsprint
Cement-Petroleum
Tobacco products:
Cigars
Cigarettes
Manufactured tobacco.
1 Revised.
225
124
121
120 !
124
130
125
130
130
149
128
140
127
96
125
97
82
178
120 !
95 i
80
203
113 j
87 |
95
153
105
92
143
89
95
115
166
88
89
102
132
103
100
120
144
103
148
99 |
130
3
124
79
232
145
145
69
116
187
231
84
199
91
1 353 | 139
140 ! 137
59
69 |
125 I 117
202
188
225
196
105
199
101
85
195
94
97!
146 j
144
135 i
62
122 !
203
92
200
97
Agricultural movements:
Total
Livestock-.
Animal products
119
Grains,.
_
Cotton
131
Vegetables
__
_
108
Fruits...-._
94
Tobacco
Mineral production:
95
Total
134
Anthracite coal
Bituminous coal
98
Petroleum
137
Pig iron
96
Copper——
104
Zinc.
124
Lead
Silver
112 Manufacturing production:
Total
72
Iron and steel
139
Automobiles
125
Textiles
67
Food products
111
Lumber
202
Paper and printing
200
Leather and shoes
Petroleum..
91
Cement and brick.
178
Tobacco
96
Rubber tires
__
115
Decem- Novem- Decem- Yearly s
ber, I ber,
ber,
1926 ! 1926
1925
1926
1925
165
107
117
99
343
135
204
148
106
117
135
239
88
98
326
115
93
120
99
135
134
170
163
111
-.97118
96
126
137
147
124
i 157
101
»154
1220
1127
1148
U40
U63
1101
129
3
136
194
128
137
137
161
105
137
96
124
203
128
144
135
155
107
127
71
112
200
119
139
125
148
108
128
138
191
119
107
133
138
85
216
152
110
175
133
137
218
114
101
151
144
91
228
179
130
186
129
128
214
113
99
154
134
138 !
95 I
126 !
82 I
251 i
104
344
156
103
149
229
121
143
145
171
108
J
120 ! 130 !
123 I 131 !
100 i 156 j
1123
121
105
114
129 . 1 135
1151
146
91
91
242
1240
149
181
111
139
181
177
92
210
178
122
182
111
FEDERAL RESERVE' BTJULETOT
FEBRUARY, 19 27
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES »
[Monthly average, 1919== 100]
Metals and
products
General
Year and month index
Group
Group Fabrics Prodindex
ucts
index
1920 average
1921 average
1922 average
1923 average
1924 average
1925 average
1926 average
_._
.
1925
June
July
August
September.. .
October
November . . .
December
1926
January
February—
_
March
April
May
June
_-_-_._July
, .
August „ ."
_
_
September _ _
October
November _>„_ .
December
Textiles and products
Lumber
and
products
Paper Foods Leather Stone, To- ChemRailclay, bacco icals
and
and
road Auto- and
and
prod- and
vehi- mobiles print- prod- prodglass ; ucts products
ing
ucts
cles
ucts
103.2
82.1
90.4
104.0
95.0
95.4
95.6
110.3
66.7
77.5
98.6
87.3
88.6
92.8
110.4
66.5
76.8
98.4
86.9
87.9
92.4
100.5
95.7
99.7
107.5
95.4
96.7
93.3
98.5
96.7
98.1
110.095.9
98.0
94.6
103.0
94.4
101.7
104.4
94.7
95.0
91.6
96.2
80.6
102.2
108.1
102.6
100.6
99.4
107.0
77.9
77.4
105.7
90.3
85.9
85.4
102.3
62.0
83.3
116.1
108.0
122.8
124.1
110.5
95.9
99.1
104. 7
104.2
105.0
107.9
95.6
86.6
87.9
94.0
91.0
86.9
86.2
91.7
81.9
91.1
99.2
88.0
89.1
87.3
104.5
88.4
104.6
122. 0
119.5
121.0
123.3
98.9
97.8
94.8
93.7
88.8
87.1
81.0
101.0
76.5
73.0
81.0
74.0
74.8
76.9
94.2
93.1
93.9
95.1
97.0
97.2
97.1
86.9
85.6
86.1
87.4
89.4
91.0
92.6
86.3
84.9
85.4
86.6
88.4
89.9
91.6
95.4
93.3
94.0
94.1
96.9
97.3
97.2
97.5
93.1
93.6
93.3
97.7
99.1
99.3
92.8
93.4
94.5
95.1
95.8
95.0
94.6
100.1
99.3
99.9
102.2
102.8
102.0
100. 9
84.7
84.5
84.5
83.7
83 0
82.6
84.6
122.8
122.2
124.2
129.4
137.7
136.3
129.6
103.5
103.4
103.2
104.3
106. 0
107.2
107.8
85.6
85.4
85.9
88.0
90.6
89.6
88.5
83.0
85.7
90.2
92.1
91.8
89.0
86.1
125.9
121.3
124.9
125.3
124.7
123.1
121. 0
S5.8
85.9
85.0
87.1
90.1
89.7
90.1
72.9
73.0
72.6
75.4
76.4
77.4
77.6
96.3
97.0
97.3
96.4
95.5
95.1
93.5
94.4
95.8
96.3
95.2
94.1
92.6
94.2
94*6
94.3
93.1
92.7
91.4
91.9
92.9
93.3
91.7
90.5
91.9
93.5
93.8
93. 7
92.8
92.5
91.1
91.7
92.7
93.0
91.5
90.4
97.3
97.4
97.1
94.9
92.6
91.0
87.0
88.4
91.3
93.7
93.6
95.0
99.1
97.6
97.1
95.8
95.0
97.2
97.1
93.8
91.3
90.0
85.6
88.0
89.5
90.8
89.4
91.9
98.3
98.6
98.9
100.2
100.1
100.1
99.4
100.3
100.0
100.1
99.3
97.1
84.6
85.7
87.1
88.1
87.8
86.7
85.7
84. 9
85.0
83.9
83.0
82.3
130.2
133.0
136.3
132.1
127.1
125.2
122.0
125.1
124.6
119.9
110.2
104.0
107.5
106.7
107.4
106.8
106.9
106. 8
106.4
106. 6
108.4
109.8
•111.1
110. 7
86.6
85.7
84.9
82.5
83.6
85.5
85.7
86.0
88.6
90.4
88.6
86.7
87.9
89.5
88.3
83.9
82.6
82.4
85.5
89.5
90.9
90.6
89.0
87.1
114.4
114.6
116. 8
121.8
127.4
129. 7
127.3
129.7
129.3
126.6
123.9
117.9
80.4
84.2
83.3
79.8
79.4
82.1
79.1
76.7
80.6
82.7
82.3
81.8
76.9
77.0
77.0
77.3
76.0
76.3
75.1
75.6
77.4
78.2
78.2
77.8
91.8
88.2
88.6
92.8
95.9
97.0
97.5
INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES i
[Monthly average 1919=100]
Textiles and products
Foods Leather' Stone, To- Chemand
and
clay, bacco icals
and
prod- | prod- | and
prod- products
ucts ! ucts | glass
ucts
Bail- !
road i Autovehi- I mobiles
cle
Year and month
1920 average.
1921 average.
1922 average.
1923 average.
1924 average.
1925 average.
1926 average.
127.0
60. 7
.5
102.3
90.3
93.9
100.1
1925
June
July_.
August.....
September
October-_.
November
December.
9L1
86.8
89.7
88.7
96.2
97.7
101.7
1926
January.
February.
March
April
May
June
July
August.
September
October...
November
December.
.1
>._ — 107.0
| 111. 5
102.4
113. 0 ! 104. 2
110. 4
102. 7
108.9
100.5
108.8
100.8
103.6
94.
107. 6
97.0
108.3
.4
112. 4
102.6
108.8
.3
107.8
.3
126.5
60.0
68,4
101.9
.9
93.1
99.6
121.4
102.
102.5
117.5
102.5
106.5
102.4
119.9
100. 6
98.0
119.9
103.4
107.8
103.8
110.4
109.0
108. 2
104.8
100.7
98.2
92.7
.0
100.7
108.2
107.3
109.
112.8
96.4
93.0
104.2
103.2
100.0
101.0
90.4
86.7 !
88.0
84.9
.2
91.4
91.7
135.5
133. 8
133.7
135.8
142.3
145.4
148.7
100.0
98.9
99.1
100.0
104.5
103.6
103.2
93.1
88.9 I
93.4
92.1
91.9
145.5
144.9
147.9
147.0
147.1
146.9
144.0
144.4
146. 8
151. 0
152.3
154.7
100.1
99.8
99.3
96.0
99.5
101.6
100.8
100.5
103.6
105.6
102.9
102.1
120.0
64.0
88.0
134.6
124.1
151.5
148.0
109.7
105.9
108. 0 ,
111.8 !
117.2
116.7
116.4
.1
110. 2
109.8
103. 6
99.1
97.4
91. 6
96.5
98.9
105.3
102.0
106.3
135.3
114.5
118.5
131.3
134.6
138.7
147.7
123.3
104.9
108.1
114.6
101.4
104.7
100.6
105.3
111.5
111.
102.0
97.2
96.4
90.2
97.0
105. 8 j
111.0
111.9 '
111. 7 !
111.8
112. 9
107.5
112.6
113.7
117.0
115.5
111.8
106.0
87.8
94.5
104.5
91.9
92.9
90.8
116.4
98.3
92.1
[96.0
\ 93. 0
90.7
86.1
124.6
84.9
81.7
101.4
96.7
98.6
104.6
85.1
154. 3
89.0
145.9
98.9
155.7
94. 8
151. 6
95.8 | 156.8
87.9 J 155.4
86.5
151.3
90.3
89.0
90.0
90.0
97.1
98.7
99.3
95.7
95.6
93.1
94.9
101.1
103.6
104.9
89.7
94.2
93.2
84.2
81.2
85.4
90.3
97.6
97.4
97.3
90.4
88.5
86.0
84.0
88.4
82.3
81.7
87.1
83.6
82.8
87.6
91.3
90.6
88.4
102.2
102. 8
104. 5
105.0
103. 7
105. 0
101.7
101.1
102. 3
109.0
108.6
109.1
k
|
I
|
|
136.9
140.1
144.3
147. 6
158.3
162.9
152.9
162.3
157.0
159.5
154.6
147.6
i These tables contain for certain months index numbers of employment and pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail
and indexes for the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN
for September, 1925, for certain revisions.
112
FEDERAL EESERVE BULLETIN
FEBRUARY,
1927
COMMODITY MOVEMENTS
The following statistics are secured from
various sources and compiled in the form given
below by the board's Division of Research and
Statistics. Earlier figures (in most cases since
1919) can be obtained from previous issues of
the BULLETIN or upon application to the Division of Research and Statistics, Federal Reserve
Board.
Decem- Novem- December, 1926 ber, 1926 ber, 1925
Transportation
Cars of revenue fireight loaded from connections (000 omitted):
Classified by nature of p r o d u c t s Grain and grain products
Livestock
Coal
. Coke.----.
Forest products
Ore
Merchandise 1 c 1
Miscellaneous
_
204
134
987
55
251
44
1,101
1,392
197
150
1,024
56
285
131
1,135
1,646
226
148
789
74
281
51
1,088
1,467
4,168
4,624
4,123
969
871
243
655
462
622
345
1,068
953
269
690
583
684
378
924
830
233
665
4S0
633
358
4,168
'4,624
4,123
1,222
6,504
1,182
4,033
2,366
3,352
5,943
1.278
472
1,060
1,551
7,593
2,112
9,177
1,958
5,331
3,129
4,202
9,950
1,837
1,660
8,465
1,618
3,143
2,577
3,861
7,421
1,469
758
1,404
1,639
8,992
36,556
51,402
43,007
Value of permits (dollars, 000 omitted)7,172
Boston (14 cities)
120,341
New York (22 cities)...
24,804
Philadelphia (14 cities)
Cleveland (12 cities)
. . . 19,511
7,711
Richmond (15 cities)..
„„.„.
8,963
Atlanta (15 cities)
.„
Chicago (19 cities)
_.
St. Louis (5 cities)
5,951
Minneapolis (9 cities).__
1,823
Kansas City (14 cities)..
5,493
5,846
Dallas (9 cities).
30,136
San Francisco (20 cities)
„
9,605
99,158
12,611
15,822
10,911
9,463
50,090
5,782
3,542
5,519
3,888
24,290
11,611
106,974
14,361
14,624
10,073
15,833
40,313
7,306
3,839
8,072
9,489
37,071
- _ . . 283,784 250,681
279,566
Total
Grain and Flour
Receipts at 17 interior centers (000 omitted)
Wheat (bushels)
.
Gorn (bushels).
Oats (bushels)
Rye (bushels)-...-.i
Barley (bushels),
Decem- Novem- December, 1926 ber, 1926 ber, 1925
20,970
22,231
10,861
1,277
3,027
28, 724
22, 606
11,566
2,254
3,668
35,257
33, 791
26,008
2,243
4,364
58,366
2,280
68,819
2,868
101,663
2,460
Total grain and flour (bushels) -
68,627
81, 725
112,730
Shipments at 14 interior centers (000
omitted):
Wheat (bushels) _„
...
Corn (bushels)
Oats (bushels)
Eye (bushels)
_
Barley (bushels)..
--.
15,988
7,517
9,828
1,457
1,738
22,936
11,715
8,145
1,647
2,094
18,791
10,879
13,014
1,332
1,569
36,528
3,646
46, 536
4,063
44,586
3,938
Total grain and flour (bushels)
52,933
64,820
Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
41,322
28,331
20,500
11, 536
3,955
47, 710
24,502
41, 231
12,362
4,423
31.199
14; 792
54,473
11, 549
5,757
105, 644 130,228
117, 770
24,302
1,268
1,014
1,453
6,310
21,353
1,107
1,592
789
4,660
29,013
6,363
3,339
519
5,409
34,346
2,091
29, 501
2,124
44,644
2,058
43,757
39,061
53,903
1,009
806
3,750
10,622
624
1,199
. 389
3,793
6,076
2,538
2,244
396
3,469
15,064
16,627
14,724
10,537
11,315
10,783
4,774
25,624 30,125
45,213 104,032
962
40,152
1,108
11,893
9,165
13,213
48,853
27,750
21, 992
Classified by geographical divisions—
Eastern
Allegheny
- „_
Pocahontas-.
_
-Southern
Northwestern -- .
Central western
..
...
Southwestern—._.«.
,__,.,,,
Total grain (bushels)Flour (barrels)--.
Total grain (bushels).
Flour (barrels)
Total grain (bushels) .
Receipts at 9 seaboard centers (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)..
_
Rye (bushels).
Barley (bushels)
—
Total grain (bushels) Flour (barrels)—Total grain and flour (bushels) _
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels).
Barley (bushels)
Total grain (bushels).
Wheat flour
omitted)
production
(barrels, 000
----
- -
-.->...
BUILDING STATISTICS
Tobacco
Tobacco sales at loose-leaf warehouses,
(pounds, 000 omitted):
Dark belt Virginia
Bright belt Virginia
North Carolina
.
Burley
„
•Western d a r k . . . . . . . .
..„—
Total
Building permits issued in 168 cities,
grouped by Federal reserve districts:
Number of p e r m i t s Boston (14 cities)
New York (22 cities)
Philadelphia (14 cities).
Cleveland (12 cities). _
Richmond (15 cities).
„_„
Atlanta (15 cities)..
_
Chicago (19 c i t i e s ) _ . . „ „ . . . — „ _ .
St. Louis (5 cities).__„..,_—.__._-.
Minneapolis (9 cities)
___.___.
Kansas City (14 cities)
_._„,.
Dallas (9 cities).
- San Francisco (20 cities)
Total
Total
_
Building contracts awarded, by Federal
reserve districts (dollars, 000 omitted):
Boston
„__.
_
:_.
New York
„_„„_
Philadelphia
„
Cleveland
...._
Richmond
„
_.-_
Atlanta
._.„_
Chicago.„
-____.
St. Louis
„
Minneapolis....
„
_
Kansas City____
_..
Dallas..
Total (11 districts)
1,071 I
1,709 I
2,094
8,832
31,570
228,021
31,018
41,795
22,596
28,232
92,113
22,504
8,588
11,520
19,439
34, 584
118,757
28,609
38,733
44,318
40,084
114,456
30, 586
9,752
11,979
15,155
32,580
211,323
23,781
37,932
28,196
53,696
78,538
25, 557
7,938
10,061
19,243
537,396
487,013
528,845
FEBRUARY,
FEDERAL. RESERVE BULLETIN
1927
113
WHOLESALE AND RETAIL TRADE
WHOLESALE TRADE IN T H E UNITED STATES, BY LINES
[Average monthly sales 1919=100]
Gen- Groeral
Meat
index ceries
1920 average
1921 average
1922 average
1923 average.
1924 average.
1925 average
1926 average
112
73
74
83
82
84
84
113
t
83
84
84
83
HardDry
goods Shoes ware Drugs
115
83
83
95
90
92
87
116
82
65
104
58 I
58 |
112
97
100
111
113
114
118
CHANGE IN CONDITION OF WHOLESALE TRADE, BY
LINES AND DISTRICTS—Continued
Percentage change Percentage change
in sales Decemin stocks at end
ber, 1926, comofDecember,1928,
pared with—
compared with—
NovemDecem- NovemDecember, 1926 ber, 1925 ber, 1926 ber, 1925
Dry goods—Continued.
Kansas City district
-29. 6
2.4
-13.1
-12.4
Dallas district...
__
-46.2
-1.4
-15.6
-20.2
San Francisco district
-20.3
-1.8
1925
Shoes:
82
80
116
January. _._
79
United States
-10.1
10.8
4.4
8.9
90
109
February. __
76
73
Boston district..
__
33.2
35.2
107
121
March
83
79
New York district
11.4
5.8
8.3
-13.0
107
115
75
85
April
79
Philadelphia district
2.4
28.0
-.3
2.2
101
106
77
May
79
79
Cleveland district.
_
-5.8
19.7
-7.7
-4.0
105
110
82
84
June
83
Richmond district
-47.9
-4.1
7.1
30.4
111
85
85
July
83
Atlanta district
-35. 2
-7.6
108
106
August
87
83
-35.8
Chicago district
8.8
1.1
8.0
120
112
94
92
109
September..
-53.5
St. Louis district
25.5
1.2
-7.9
134
118
122
October
101
99
-40.0
Minneapolis district
4.0
-36.0
-37.0
1.
10
92
90
103
November..
86
-18.4
San Francisco district
25.6
111 Hardware:
75
101
December. _
80
83
United States
—5 2
—2 4
— 6
6 8
1926
New York district
9.0
4.7
-8.4
7.4
111
78
79 j
86
January. __.
77
79
Philadelphia district
8.9
4.1
.4
4.2
110
75
87
February. _.
76
85
71
Cleveland district
_
-13.5
2.9
-6.9
-14.2
133
75
106
March
_
85
81
93
Richmond district
1.5
.3
-14. 7
-1.8
123
76 I
103
April
_.
77
80
79
Atlanta district
—23 7
1.4
— 13 2
10 2
111
108
May
82
78
80
81 |
Chicago district..
_
-12.8
-8.6
-1.5
1.3
116
105
77
82 i
84
86
June
.St. Louis district
-24.7
-1.3
-8.5
1.6
113
82
78
84
77
July
-15.0
-2.0
Minneapolis district
_
-16.0
-3.0
115
102
81
87
82
August-.—-4.0
2.4
Kansas City district
-1.0
1.9
124
113
111
92
86
September97
— 1
— g
Dallas district
2 7
—15 0
133
102
114
85
94
91
October. „_San Francisco district......
-3.2
3.1
117
91
104
76
November86
87
110 Drugs:
71
71
December. _
78
80
7
—3.4
—5 6
4 4
United States
New York district
-27.1
-7.4
Philadelphia district
-.2
2.7
-1.0
11.4
i For description of the wholesale trade index see FEDERAL RESERVE
Cleveland district
3.2
2.5
"BULLETIN for April, 1923.
Richmond district
—4 4
—6.0
Atlanta district . .
—7.6
-4.0
CHANGE IN CONDITION OF WHOLESALE TEADE, BY
-8.1
Chicago district
.1
-12.3
—11.5
LINES AND DISTRICTS
St. Louis district
—1.4
.2
Kansas City district
-7.4
-5.9
-9. 9
-.9
Dallas district
—9.9
—8 2
—2 6
—1 3
Percentage change Percentage l change
San Francisco district
— 11.4
.9
in stocks at end Furniture:
in sales December, 1926, com- ofDecember,1926,
-23 4
Richmond district
—52.8
compared with—
pared with—
Atlanta district
-25.2
2.5
2.1
-12.0
St. Louis district
25.3
8.0
-4.0
-20.5
Kansas City district. _
-6.8
-9.2
-15.2
—11. 5
Novem- Decem- Novem- DecemSan Francisco district
-4.9
-8.6
ber, 1926 ber, 1925 ber, 1926 ber, 1925 Agricultural implements:
United States 2 .
-15.4
11.3
Minneapolis district
.
21.0
—27. 0
-7.0
32.0
Dallas district
15.6
.3
-63. 4
-3.6
Groceries:
-3.8
United States
.'_
-7.6
-12.6
-12.4 Stationery and paper:
1.4
—8.9
New York district
.7
Boston district
-1.3
Philadelphia district
-5.6
2.6
-1.8
-11.5
-1.3
-1.4
-6.7
New York district
-8.2
—1.7
—24.3
Atlanta district
-9.3
4.0
-12.6
Philadelphia district
-6.3
San Francisco district
-2.4
8.2
1.2
-5.4
-4.6
Cleveland district
-6.3
-6.0
-11.8
- 3 . 1 Automobile supplies:
Richmond district--11.2
San Francisco district
—6 2
3 5
6.8
-14.5
-7.1
Atlanta district
.3
-8.0
1.3
-10.0 Clothing:
Chicago district
-9.1
—4.9
-22.4
New York district
-13.5
-15.8
-10.7
St. Louis district
-5.8
-54. 9
-3.1
-35.3
St. Louis district..
_.
-1.0
2.0
Minneapolis district—__.
-12.0
-5.0
-9.6
-16.7
-15.0 Cotton jobbers:
9.0
. Kansas City district-12.1
-11.4
2.1
-.6
New York district—10.2
-11.1
-7.2
-1.7
Dallas district
Silk goods:
-7.9
San Francisco district
-12.8
New York district- _
7.2
Dry goods:
-5.2
-22.3
United States
-10.1
-20.9 Machine tools:
New York district
-4.3
-15.3
-10.8
3.1
New York district
-7.2
-34.5 Diamonds:
-23.7
-11.9
Philadelphia district
-17.1
-13.6
New York district
-15.2
-15.1
-25.7
-7.3
Cleveland district
-18. 5
4.1
-4.1
-20.8 Jewelry:
Richmond district
-9.4
3 4.6
-10.3
-3.0
New York district
-38.7
-8.6
-17.5
-7.6
Atlanta district
-9.7
39.6
-23.1
Philadelphia district
-4.3
-2.8
-8.5
-13.1
Chicago district
-27.0
-22.2
14.5
-50.4
-19.8
St.. Louis district
-21.0
-13.0
1.0
-7.0
Minneapolis district
2
Sales of agricultural implements for the United States are compiled
1
Changes in total stocks for the United States are weighted averages by the Chicago Federal Reserve Bank from reports of leading manufaccomputed on the basis of firms which have reported regularly to the turers and include all of their domestic business.
3 Includes diamonds.
Federal reserve system since January, 1923.
103
102
114
FEDERAL RESERVE BULLETIN
FEBRUARY,
1927
RETAIL TRADE, BY REPORTING ONES
[Average monthly sales 1919=100]
Sales without seasonal adjustment
Sales with seasonal adjustment
•S a
120
111
112
124
125
131
136
1920 average
1921 average
1922 average
1923 average
1924 average
1925 average
1926 average
January
February
March
April..__
May
June
July
August
September
October..
November
December
January
February
March.
April
May
June
July
August
September
October
November
December
January. _February
March
April
May
June
July
August
September
October
November
December
103
72
78
99
105
118
123
145
130
151
188
214
264
317
120
124
140
165
185
209
229
121
123
127
144
151
169
196
133
132
129
135
138
142
154
120
113
114
123
133
139
148
126
140
163
178
174
162
163
172
169
203
199
366
141
143
149
145
150
143
148
152
145
159
145
187
119
124
136
130
143
131
128
138
137
144
138
192
118
178
150
140
113
108
124
138
146
186
109
86
101
113
101
122
128
138
142
147
176
190
199
275
1924
-
_
110
102
115
133
127
120
91
93
119
141
141
210
74
106
141
131
148
205
201
200
210
214
200
206
201
210
240
232
253
108
101
121
136
128
126
95
98
121
165
145
226
108
105
119
117
95
102
87
89
114
170
144
168
250
233
252
258
254
254
259
243
245
318
272
332
151
156
177
195
191
187
183
195
191
237
220
427
155
146
160
159
163
167
166
171
169
179
167
225
122
119
131
134
143
134
136
142
142
151
136
212
107
100
127
177
149
152
122
120
129
164
136
188
104
128
136
141
139
214
114
104
130
133
137
130
99
105
131
158
157
234
116
111
130
120
105
113
286
287
302
329
322
309
317
296
307
334
347
373
166
170
199
202
214
204
206
204
211
257
247
466
178
172
194
191
188
184
195
193
192
206
198
261
127
127
142
150
160
152
155
148
153
162
150
222
108
97
143
166
174
153
145
122
142
158
150
215
101
103
112
111
109
118
108
121
137
151
146
223
105
114
90
97
82
75
72
91
110
124
111
184
112
109
105
123
204
200
184
208
214
203
214
211
221
234
230
242
173
179
170
190
183
176
179
181
183
188
191
198
146
151
148
149
153
146
147
151
147
156
154
153
137
140
140
136
141
134
129
141
137
137
139
142
130
132
118
153
130
132
123
138
129
122
134
142
102
112
110
103
99
94
97
102
11
.0
102
184
190
182
205
193
181
181
179
192
194
195
193
124
131
121
133
124
126
128
125
134
145
129
141
110
116
103
114
106
120
117
118
120
131
116
140
249
243
233
255
254
257
269
255
258
309
270
318
207
209
185
208
201
203
201
205
206
219
211
231
161
161
159
164
166
170
164
171
172
175
177
185
141
140
135
139
140
137
137
145
142
145
138
157
141
149
127
152
129
142
134
153
135
145
126
143
112
120
116
126
116
125
140
143
136
117
111
114
193
207
186
210
202
197
185
202
204
209
205
191
130
135
130
130
132
130
133
134
144
139
139
146
118
122
111
118
117
133
131
130
127
116
122
138
284
299
279
324
321
314
329
310
323
324
344
357
228
227
207
216
225
222
227
215
227
237
237
252
185
189
192
196
191
187
194
192
195
202
210
214
146
151
147
156
157
156
157
151
152
155
151
164
142
145
143
143
151
144
159
155
148
140
138
164
122
126
124
130
131
149
145
136
137
125
117
118
199
205
204
226
228
218
214
193
221
221
244
208
154
167
184
205
186
169
177
180
189
199
186
282
126
128
115
131
123
120
123
118
131
124
126
131
162
175
188
210
195
184
181
202
202
215
195
167
173
206
226
220
204
210
194
218
227
232
100
101
91
111
100
104
1925
_
_
1926
_
.-
120
150
153
165
92
105
107
1 For description of the retail trade indexes see FEDERAL RESERVE BULLETINS for January and March, 1924.
2
Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of
Research and Statistics, Federal Reserve Board.
FEBRUARY, 1927
115
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS
[Average monthly sales 1919=100]
WITHOUT SEASONAL ADJUSTMENT
District
District District District District District District District District District No. 12— Index
No. 1— No. 2— No. 3 — No. 4 — No. 5— No. 6— No. 7 — No. 9— No. 11—
U. S.
PhilaRich- Atlanta Chicago Minne- Dallas
NewSan
CleveBoston
delphia
mond
apolis
York
Francisco (359
(24 stores) (63 stores) (22 stores) (54land (23 stores) (35 stores) (63 stores) (23 stores) (21 stores) (31 stores) stores)
stores)
1920 average
1921 average
1922 average..
1923 average..
1924 average
1925 average
1926 average
1924
January-February.__
March---April
May
June
July.
August...
_.
September..
October
November..December
1925
January
February.__
March
April
May
June
July
__
August
September
October
November
December
1926
January....
February
March
April
May,.
June
July....
_.
August
September
October..
_
November
December.
116
114
119
127
126
128
134
137
116
117
125
128
138
»3
118
112
114
127
126
129
133
127
112
112
130
128
131
132
113
107
104
111
117
124
129
119
101
94
104
101
106
110
124
110
115
133
133
142
153
112
103
99
105
104
107
99
120
99
92
99
102
109
113
121
116
122
139
143
149
158
120
111
112
124
125
131
136
120
101
113
137
132
131
89
86
115
137
140
215
120
103
118
137
132
127
93
83
127
161
153
226
110
111
120
136
124
123
82
85
109
144
153
213
109
112
120
145
133
126
94
101
117
134
139
207
93
87
109
128
116
118
85
78
106
137
137
213
85
83
94
107
104
95
73
72
94
120
113
173
112
112
123
145
134
125
99
108
132
135
154
217
88
77
94
115
109
99
81
89
102
116
111
162
85
82
94
101
105
95
71
70
114
126
115
171
132
121
134
139
146
125
116
136
130
157
144
238
110
102
115
133
127
120
91
93
119
141
141
210
110
94
110
136
128
134
92
88
118
156
143
225
120
107
124
140
132
132
94
90
128
186
158
243
105
101
125
134
121
127
85
86
111
167
167
222
107
106
125
142
132
128
98
103
115
160
134
218
93
89
119
132
117
123
91
87
105
160
146
230
83
84
99
109
104
98
78
78
89
139
122
190
112
107
127
149
139
139
105
113
145
173
154
245
92
81
97
116
107
103
81
92
104
135
105
167
92
90
107
110
108
98
72
76
112
141
115
183
128
113
142
146
148
134
123
140
139
168
158
253
108
101
121
136
128
126
95
98
121
165
145
131
93
119
133
134
134
94
97
122
154
157
235
124
108
131
138
139
137
99
99
136
177
170
254
112
103
138
128
137
129
87
89
116
160
166
228
108
106
127
133
137
126
100
108
123
152
147
223
103
91
130
126
129
123
96
93
110
154
155
235
88
92
108
114
114
104
80
82
92
125
129
189
119
119
145
147
159
146
115
121
164
171
178
251
85
76
94
107
102
93
81
84
103
109
102
157
96
93
111
108
115
107
79
91
114
134
126
185
129
117
158
150
152
142
124
151
158
169
168
278
114
104
130
133
137
130
99
105
131
158
157
234
116
FEDERAL RESERVE BULLETIN
FEBRUABY, 1927
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS—Continued
[Average monthly sales 1919=100]
W I T H SEASONAL A D J U S T M E N T
District District District District District
No. 1 - No. 2— No. 3— No. 4— No. 5—
New
PhilaRichCleveBoston
York
mond
delphia
(24 stores) (63 stores) (22 stores) (54land
stores) (23 stores)
1924
January
February.. . .
March
April
May
«
June
July
. .
August
September
October
November
December
1925
January
February
March
April
May. _. _ _
June
July . . . .
August,
September ...
October
November .
December
January--;
February. _
_.
_
. .
._
District
No. 7—
Chicago
(63 stores)
District District District
No. 9— No. 11— No. 12—
MinneSan
Dallas Francisco
apolis
(23 stores) (21 stores) (31 stores)
Index
U.S.
(359
stores)
133
130
112
130
125
123
124
114
127
124
128
135
132
129
116
134
128
127
133
122
145
135
132
138
125
132
129
124
120
119
122
117
134
126
118
133
125
138
119
141
128
124
122
122
132
122
128
131
114
112
105
125
115
114
116
109
124
120
117
124
104
104
95
104
99
100
96
92
106
100
98
106
131
136
123
143
128
,. 126
*% 130
130
139
122
139
138
103
105
97
111
107
98
98
98
102
103
103
110
99
99
89
106
104
100
101
99
114
107
100
105
149
152
135
145
141
133
139
139
139
144
142
151
126
128
115
131
123
120
123
118
131
124
126
131
122
126
110
129
120
126
129
117
130
142
130
141
132
140
122
136
129
131
134
132
146
155
137
148
120
125
135
122
118
123
126
118
137
145
129
141
123
137
123
J39
126
126
127
126
129
146
123
138
113
120
115
129
116
119
124
121
123
139
125
133
102
111
100
106
99
104
103
99
100
117
106
117
132
136
127
146
133
141
138
137
153
158
139
156
107
115
99
111
106
102
99
102
104
120
98
113
106
114
101
116
107
102
102
108
112
120
101
112
145
149
143
153
143
143
147
144
149
154
156
161
124
131
121
133
124
126
128
125
134
145
129
141
145
125
118
126
126
127
131
129
135
139
143
147
136
141
129
134
136
136
141
145
155
148
147
155
127
128
149
116
132
125
128
123
143
139
128
145
124
136
125
129
131
124
129
132
138
138
135
141
125
122
126
123
128
119
131
130
129
135
133
136
108
121
109
111
109
110
104
105
103
104
112
116
141
150
145
144
152
147
151
148
172
156
160
160
100
108
96
103
100
92
99
93
102
96
95
107
111
118
105
114
113
112
112
128
114
114
110
114
145
154
160
156
147
151
148
155
168
155
166
176
130
135
130
130
132
130
133
134
144
139
140
146
1926
April
May
June
July
August
September
October
November .
December :
District
No. 6—
Atlanta
(35 stores)
FEBRUARY,
117
FEDEEAL, RESERVE BULLETIN
1927
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Monthly average 1919=1001
WITHOUT SEASONAL A D J U S T M E N T
District District District District District
No. 1— No 2 - No. 3— No. 4— No. 5—
New
PhilaCleveRichBoston
York
delphia
mond
(24 stores) (63 stores) (13 stores) (52land
stores) (19 stores)
District
No. 6—
Atlanta
(22 stores)
District
District District District No. 12— Index
No. 7— No. 9— No. 11— San Fran- U . S .
Chicago MinneDallas
(314
apolis
(51 stores) (22 stores) (19 stores) (29cisco
stores) stores)
126
108
116
122
123
122
121
137
116
117
125
128
133
137
120
118
131
150
154
181
189
137
116
111
125
131
131
130
133
105
109
121
126
126
128
134
114
112
119
116
112
116
136
123
123
147
152
153
155
123
105
103
110
109
112
101
144
117
109
116
120
121
119
132
116
118
130
137
134
138
133
115
116
129
133
135
137
111
115
128
128
126
119
116
113
125
135
141
120
1920 average
1921 average 1922 average
1923 average
1924 average >
1925 average. 1926 average
117
119
130
136
131
122
115
120
133
146
147
125
132
152
162
162
152
146
141
144
160
171
172
151
110
126
137
141
138
128
120
123
136
146
145
121
104
121
134
134
130
122
113
116
128
143
145
117
109
123
125
124
121
113
109
109
118
126
123
96
128
145
163
162
154
145
142
149
158
170
168
142
97
106
114
112
113
106
102
106
115
121
122
99
107
118
126
125
120
114
110
122
129
133
132
105
125
131
143
148
141
134
132
131
140
147
148
124
116
127
139
141
136
127
123
126
137
148
148
124
112
115
126
127
125
112
113
114
125
132
140
119
118
123
135
139
134
128
120
124
140
148
153
131
147
167
185
186
179
174
164
179
195
210
211
176
112
125
137
140
136
129
120
126
137
141
145
123
109
118
131
132
124
123
119
118
135
138
147
120
99
107
113
114
114
107
103
113
121
124
126
102
137
145
156
157
153
143
140
149
158
168
175
148
99
106
117
116
115
109
107
111
120
122
124
101
103
113
125
126
123
114
111
123
134
135
138
110
123
126
136
140
134
128
129
133
140
147
148
124
119
127
139
141
136
129
125
131
143
149
154
129
110
113
124
125
123
116
111
111
125
136
141
120
125
128
142
142
138
131
124
128
142
152
157
131
167
183
201
201
184
177
171
175
180
221
216
187
111
125
137
134
133
126
118
122
136
145
151
124
113
120
128
131
132
126
119
118
135
146
149
119
111
112'
122
125
116
110
108
109
122
128
127
102
143
151
160
159
153
147
136
152
162
175
177
141
96
101
110
110
106
101
94
97
103
105
105
85
109
118
128
130
125
114
110
117
126
129
126
127
132
141
145
139
131
129
134
143
152
156
125
131
142
143
138
131
125
130
142
153
156
97
128
128
1924
January
February
March
April
May
June
July
-_
_
_
August
September
October
November
December
January
February _.
March .
April
May
__
June
July
August
September
October
November
December
_
1925
1926
January
February
March
April . . -__ May
_
June
July ._
August
September.
._
October
."
November
December _. - «.« _
_
_ _
. ._
__
_
118
FEDERAL. RESERVE BULLETIN
FEBRUARY,
1927
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVEJDISTRICTS—Continued
[Average monthly stocks 1919=100]
W I T H SEASONAL A D J U S T M E N T
District District District District District
No. 1— No. 2— No. 3— No. 4— No. 5—
RichNew
PhilaCleveBoston
mond
York
delphia
(24 stores) (63 stores) (13 stores) (52land
stores) (19 stores)
1924
January _.
February
March
April
MayJune -July
August
_ _ _ __
September...
October
November
_ _ _ __
December
,_
_.
__
District
No. 6—
Atlanta
(22 stores)
__ _
. .
1926
January
February. .
March
April
May
.
June
July
August
.
_
September
October
November
December
_
.
_ _ _ _.
District District District
No. 9— No. 11— No. 12—
MinneSan
Dallas Francisco
apolis
(22 stores) (19 stores) (29 stores)
Index
U. S.
(314
stores)
107
144
156
164
156
156
154
152
143
148
152
149
152
110
109
110
108
109
111
108
107
110
111
112
108
124
126
125
125
119
119
118
115
114
118
118
122
137
137
140
143
141
141
138
130
133
136
135
135
132
135
137
136
136
134
131
126
128
132
132
133
129
126
125
128
126
131
127
120
122
119
129
133
110
111
112
112
117
112
110
114
111
111
113
114
154
156
158
152
155
152
150
143
148
150
155
158
111
109
112
112
111
114
113
113
115
112
113
110
119
120
124
126
122
120
120
117
119
119
124
128
134
131
134
135
133
135
135
132
133
136
135
136
134
135
137
136
137
135
133
131
133
134
137
139
135
128
123
128
134
134
127
120
122
126
130
132
123
116
121
122
119
115
115
109
111
114
114
114
160
163
161
153
154
156
146
147
152
156
157
151
108
104
106
107
102
106
99
98
99
97
96
93
126
125
127
129
123
120
118
111
112
114
113
139
137
138
140
139
138
135
133
136
140
143
140
141
140
141
139
138
138
133
130
132
137
138
137
123
123
129
125
126
125
126
119
118
120
122
123
130
128
127
131
130
128
125
124
124
131
129
132
148
162
161
159
156
151
151
146
148
153
155
157
131
135
136
136
137
131
127
123
126
130
129
130
124
129
128
130
132
130
120
118
116
124
127
130
121
127
124
122
124
119
116
109
108
112
110
124
123
127
124
124
118
122
120
118
117
121
122
132
132
132
134
134
134
130
128
131
133
135
138
164
177
182
183
183
180
176
182
181
188
190
183
133
134
136
135
135
132
127
126
128
126
129
132
122
121
124
122
123
122
121
116
118
121
122
124
140
138
139
137
138
138
135
132
133
137
138
138
187
195
197
198
189
183
184
177
168
198
194
194
133
134
136
129
132
129
124
122
126
130
133
134
1925
January
February.. _
March
April .
May
. .
June
July
August
September
October
November.
December
District
No. 7—
Chicago
(51 stores)
112
FEDERAL -RESERVE BULLETIN
1927
119
FOREIGN BANKING AND BUSINESS CONDITIONS
REORGANIZATION OF THE NATIONAL BANK OF BULGARIA
Keorganization of the National Bank of
Bulgaria was provided for in the new Bulgarian banking law of November 5, 1926, to
become effective January 1, 1927. Such a
reorganization was one of the preliminary
conditions laid down by the League of Nations
in arranging the refugee loan of £2,225,000 for
Bulgaria. The National Bank was founded
in 1879 as a State institution, with a, capital
furnished by the Government. Besides performing the functions of a central bank of issue
the National Bank, in the absence of adequate
commercial banking facilities throughout the
country, advanced long-term credits to the
State, to municipalities, and to industrial
enterprises, and issued long-term mortgages.
Under the new law the bank, although still a
State institution, has been made autonomous.
It no longer has power to issue mortgages and
to grant long-term credits, but must henceforth confine its activity to the discounting of
short-term commercial bills and to performing
the functions of a modern bank of issue. For
this reason the National Bank will give up its
participation in the Central Cooperative Bank,
in the Bank for Agriculture, and in the International Bank of Bulgaria. Its mortgage and
long-term investment business will be turned
over to two separate institutions, namely, the
mortgage bank and the industrial bank,
which are to be created in the near future.
The main task of the bank, according to the
new law, is to maintain the stability of the
leva * at a fixed relation to gold, to regulate the
amount of money in circulation, and to facilitate the transfer of funds by check. For the
present the leva will be maintained at 0.72
cent, the point at which it has remained stable
for about four years. The resumption of gold
payments and the reorganization of the currency will be undertaken later. The bank is
under obligation to maintain against its notes
in circulation and demand deposits a cover of
33K per cent, which, however, the bank will
endeavor to increase to 40 per cent. The
reserves of the bank may consist of gold,
silver at its current value in gold, of foreign
bills of exchange carrying at least three signatures, and of foreign currencies convertible
into gold.
Hitherto the National Bank of Bulgaria has
been under control of the Minister of Finance.
Under the new law the management of the
1
The leva at par is worth 19.3 cents.
bank is entrusted to a board of administration,
consisting of a governor, two deputy governors, four members selected from among the
directors of the head office, and four members
representing, respectively, industry, commerce,
agriculture, and banking. The governor and
the two deputy governors are appointed by
royal decree, but can be removed from office
only by a decision of Parliament acting upon a
report submitted by the Minister of Finance,
to which must be attached a report of the governor and the deputy governors of the bank,
stating their position. The Government is represented by a comptroller, who takes part in
the meetings of the board of directors and of
the executive board, but has no vote. He
may veto any decision which is against the
law. The balance sheets of the bank in future
will not be submitted for approval to the Minister of Finance. The bank has the exclusive
right to issue notes, while the State holds the
right to issue subsidiary coins and to mint
gold and silver, which will be convertible into
bank notes at their nominal value.
Although the capital of the bank was originally furnished and recently augmented by the
State and the bank continues to act as fiscal
agent for the Government, the relation between the bank and the Government has been
greatly restricted. The bank is authorized to
discount for the Government six months' treasury bills up to the amount of 300,000,000 leva,
the notes bearing an interest rate of at least
5 per cent. The capital of the bank has been
increased from 500,000,000 leva to 1,000,000,000 leva. So long as the capital is not
fully paid up the profits of the bank, which
are usually transferred to the Government, will
be retained by the bank and applied to the
building up of capital. During this time the
Government in liquidation of its debt to the
bank is to turn over annually to the bank a
sum of 150,000,000 leva, which will also be applied to capital account. After the capital of
the bank has been fully paid up, the State may
apply its share in the bank's profits to the payments of 150,000,000 leva, which are to continue until the debt of the State to the bank,
has been fully liquidated.
The surplus of the bank is to be increased
annually by 25 per cent of the net profits until
the surplus reaches 100 per cent of the original
capital. The board of administration may also
set up other reserve funds to be built up from
the net profits of the bank.
120
FEDERAL RESERVE BULLETIN
FEBRUARY,
1927
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1926
Decem- Nober vember
Bank of England (millions of
pounds sterling):
Issue department—
Gold coin and bullion
Notes issued
Banking departmentGold and silver coin
Banknotes
Government securities
Other securities _._
Public deposits
Other deposits.__
Ratio of gold and note reserve to deposit liabilities
(per cent)
Bank notes in circulation i
Currency notes and certificates. _.
1925
October
1926
December
Decem- NoOcto- December vember ber
ber
National Bank of Bulgaria (mil150
170
151
171
151
171
34
97
12
131
2
33
33
74
24
101
2
32
37
70
18
105
2
17
64
103
8
161
21.0
85
27.9
82
285
27.4
83
11.5
88
297
Bank of France2 (millions of francs) •
3,684
Gold reserve
341
Silver reserve
Gold, silver, and foreign exchange- 1,547
83
Credits abroad
36, 000
Advances to the Government
52,907
Note circulation
_
5,908
Total deposits
3,684
340
1,450
82
35, 700
53, 263
4,385
3,684
339
1,066
80
35, 750
54, 578
3,981
565
35,950
51, 085
3,335
1,578
177
418
1,286
581
528
3,374
1,175
1,536
180
413
1,415
631
533
3,326
1,479
1,111
• 97
403
1,915
590
697
2,960
1,609
1,141
1,052
7,616
1,140
1,029
8,114
1,134
611
10,436
4,229
13,977
4,229
2,939
4,229
13,936
4,229
2,787
7,063
12,287
7,063
2,466
1,058
351
51
277
1,921
1,212
708
1,058
366
48
280
1,935
1,288
647
1,057
456
207
262
2,236
1,500
736
lions of leva):
Gold.
Total principal earning assets
Foreign bills, etc
Domestic loans and discounts
Advances to State
Note circulation
Deposits
143
163
German Reichsbank (millions of
reichsmarks):
Gold at home
._
Gold abroad
Reserves in foreign exchange
Bills of exchange and checks
Miscellaneous assets..
Deposits
Reichsmarks in circulation.—
Rentenmarks in circulation
1,661
170
519
1,829
473
648
3,736
1,172
Bank of Italy (millions of lire): 3
Gold reserve
Credit and balances abroad.
Loans and discounts
Loans and 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
_.
Total principal earning assets
. Foreign bills of the reserve..
Other foreign bills__
Domestic bills
Treasury bills
_____
Note circulation
Deposits..
_
1,058
420
59
277
2,025
1,377
Central Bank of Chile (millions of
pesos):
Gold at home ___„___
Gold abroad
Loans and discounts
Note circulation
Deposits...
Czechoslovak
53
928
484
143
124
177
947
37
48
882
479
139
86
178
873
46
3,101
2,235
2,462
2,050
8,946
1,094
3,101
2,331
2,548
2,050
8,724
1,513
15
902
492
135
97
178
59
110
188
890
55
2,796
2,406
2,296
2, 050
8,787
1,226
274
30 i
1,254 |
5,6r
7,814 j
459 i
43
7,789
607
1,732
5,450
3,659
3,308
43
7,762
609
1,705
5,448
3,804
3,156
372
144
146
426
41
365
191
146
339
47
366
109
1,037
2,083
261
1,034
1,789
221
1,027
1,591
212
585
8,203
882
620
7,442
1,247
643
7,543
1,015
85
465
41
7,224
5ia
1,321
5,390
3,655
2,598
Bank
B a n k of D a n z i g (millions of Danzig gulden):
Balances with Bank of E n g l a n d . .
Total principal earning assets
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
17
35
17
18
35
4
National Bank of Denmark (millions of kroner):
Gold.
_
Total principal earning assets
Foreign bills, etc....
Loans and discounts
Advances to State
Note circulation
Deposits
„
_
209
156
29
124
3
378
27
209
166
41
118
7
395
21
3,527
25,704
26,325
32,430
20,882
15,047
3,511
24,404
27,861
30,804
21,421
14, 763
«505
5 504
26
27
177
89
6,073
1,921
741
209
169
27
128
13
386
39
167
114
6,028
1,926
770
209
233
90
121
22
438
National Bank of Egypt (thou-
sands of Egyptian pounds sterling):
Gold
English Government securities. _
Egyptian Government securities.
Note circulation
Government deposits
Other deposits
B a n k of E s t o n i a (millions of Estonian marks):
Gold.Foreign exchange—
Cash in foreign currency
Foreign correspondents' account
Foreign b i l l s . . .
Loans and discounts
Note circulation
Deposits and current accounts...
B a n k of F i n l a n d (millions of Finnish marks):
Gold
Balances abroad and foreign
credits
Foreign bills..
,
Domestic bills
State debts._
Note c i r c u l a t i o n . . .
Demand liabilities
1 Notes issued, less amounts held in banking department and in currency note account.
2
Not including gold held abroad.
National
(millions of Czechoslovak crowns):
Gold and silver
Foreign balances and currency.._
Loans and advances
Assets of banking office in liquidation
Note circulation
_
Deposits..
__
321
National Bank of Belgium (mil-
lions of francs):
Gold 4 . . . .
_
.
Foreign bills and balances in gold *
Domestic and foreign bills
Loans to State.
_
Note circulation
Deposits
1925
327
1,082
115
538
136
1,346
547
492
31
340
96
5,83&
1,900
328
328
332
1,006
101
564
154
1, 296
527
901
109
551
154
1,327
451
1,408
102
424
361
1,309
862
3 Figures previous to July, 1926, are for 3 banks of issue.
4 Figures previous to October 25,1926, carried at par.
fi
Including gold held abroad.
FEBKOABY,
121
FEKEBAL. EESEBVB BULI^ETIH
1927
CONDITION OF CENTRAL BANKS—Continued
1926
Decem- NoOctober vember ber
December
National Bank of Greece (millions)
of drachmae):
Gold and balances abroad
Government loans and securities.
Discounts and loans
Note circulation
Total deposits
„
National Bank of Hungary (millions of pengo):
Gold
Foreign bills etc
Loans and discounts
Advances to treasury
Other assets
Note circulation
Deposits
Miscellaneous liabilities
Bank of Java (millions of florins):
Gold
Total principal earning assets
Foreign bills
Loans and discounts
Note circulation
Bank of Latvia (millions of lats):
Gold
-.
Foreign exchange reserve
Bills
Loans
._ _ .
Note circulation
Government deposits
Other deposits
•Sank of Lithuania (millions of
litas):
Gold
Total principal earning assets
Foreign currencv
Loans and discounts
Note circulation
Deposits
Netherlands Bank (millions of"
florins):
Gold
Total principal earning assets
Foreign bills
Loans and discounts
Note circulation
Deposits
Bank of Norway (millions of kroner):
Gold
_
Total principal earning assets
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits
Eeserve Bank of Peru (thousands
oflibras):
Gold
Gold against demand deposits.. _
Foreign exchange reserve
Bills
Note circulation
Deposits
_
_
Bank of Poland (millions of zloty):
Gold
Foreign exchange, etc .
Loans and discounts
Note circulation _
Clurrpnt accounts—
Private
Treasury
Liabilities in foreign currency
7
Not including gold held abroad.
2 377
3,822
3 351
4 763
4,253
2 087
3,782
3 236
4,718
4,135
2,361
3,799
3 322
5 339
3,380
169
117
193
144
287
447
247
186
169
115
187
150
270
482
200
180
59
207
134
156
327
416
214
227
198
130
22
108
327
199
141
28
115
334
183
101
21
80
353
fiQ
1925
1926
1925
Octo- DecemDecem- Nober
ber vember ber
Bank of Portugal (millions of escudos):
Gold
Balances abroad
Bills.
Note circulation
.
_ .
Deposits
_
_
9
193
211
1,836
46
9
259
204
1,844
55
9
241
196
1,851
55
10
415
151
1,821
80
144
9,162
10,679
20,951
9,182
144
9,013
10, 679
20,943
9,072
143
9,028
10, 679
21, 002
8,458
139
8,313
10, 787
20, 222
8,594
State Bank of Eussia (note-issuing
department; thousands of chervontsi):
Gold
Foreign currency
Loans and discounts
Banknotes
16,441
8, 060
65,194
88, 516
16, 346
5,751
65,672
88,433
16,162
5,446
Q6,142
89, 305
18, 239
4,887
52, 315
78,136
National Bank of the Kingdom
of Serbs, Croats, and Slovenes
(millions of dinars):
Gold
Foreign notes and credits
Loans and discounts. _
Advances to State
Note circulation
Deposits....
_
86
335
1,481
2,966
5,812
585
85
361
1,433
2,966
5,896
609
84
355
1,514
2,966
5,920
730
76
367
1,371
2,966
6,063
491
South African Heserve Bank
(thousands of pounds sterling):
Gold
Total principal earning assets
Foreign bills
__
Domestic bills
_
Note circulation
Deposits
_
7,542
7,944
8,277
1,867
8,575
6,234
7,144
6,468
5,592
876
7,779
5,151
7,040
6,849
6,313
536
8,192^
5,235
8,957
7,605
6,319
1,286
8,756
6,796
Bank of Spain (millions of pesetas):
Gold.
Silver
Balances abroad
Bills discounted
Checks and drafts
Note circulation .
Deposits
2, 557
675
35
610
1,709
4,339
1,018
2,557
676
31
1,667
4,286
975
2,557
667
31
683
1,589
4,393
1,018
2,537
652
29
769
1,679
4,423
1,284
Bank of Sweden (millions of kroner):
Gold
.
Total principal earning assets
Foreign bills, etc
DoTTip^tip orpdits
Note circulation _ .
Deposits..
_
_
_
_
224
553
209
344
525
206
225
421
169
252
512
80
226
411
161
250
516
65
230
637
203
434
530
277
Swiss National Bank (millions of
francs):
Gold
Funds on demand abroad
_.
Principal earning assets.
Note circulation
Deposits
_
472
35
501
874
139
443
17
420
807
98
442
21
419
824
74
467
28
478
876
127
58,455
90, 741
63,547
68, 476
54,943
89,404
62, 592
87, 971
54, 938
84,962
63, 507
57, 354
AC\
National Bank of Rumania (mil169
117
218
135
276
471
243
176
24
30
72
55
35
78
50
24
28
71
54
29
75
57
24
33
70
51
31
76
56
24
31
64
52
29
73
52
31
89
37
52
87
35
31
84
35
49
83
29
31
79
30
49
84
22
32
80
31
49
82
24
414
374
187
187
817
22
418
382
18°
200
849
18
419
387
194
193
834
34
443
451
247
204
875
30
147
529
63
466
337
32
304
147
540
66
474
321
30
328
147
496
66
430
328
8
278
147
375
55
320
363
9
99
4,127
289
701
2,099
6,104
578
4,803
228
690
1,462
6,193
460
4,786
360
684
1, 811
6,397
720
3,938
486
705
2,822
6,400
973
138
377
593
136
138
378
558
135
114
393
585
133
70
380
381
134
9
17
95
48
31
102
8
23
84
17
. 73
lions of lei):
Gold 7
Bills.
Advances to State
Note circulation
Deposits
.
...
Bank of the Hepoblic of Uruguay
(thousands of pesos):
Gold Loans and discounts. .
Note circulation
Deposits
697
122
FEDERAL. RESERVE BULLETIN
FEBRUARY,
1927
CONDITION OF COMMERCIAL BANKS
[Figures are for the last report date of month except for London clearing banks, which are daily averages]
1925
1926
DeDeNo- Octocember vember ber cember
No- Octo- DeDecember vember ber cember
Chartered banks of Canada (millions of dollars):
Gold coin and bullionl
Current loans and discounts
Money at call and short notice._.
Public and railway securities
Note circulation
_.
Individual deposits
Gold reserve against Dominion
notes.
Dominion note circulation
Joint stock banks of Denmark
(millions of kroner):
Loans and discounts _
Due from foreign banks
Due to foreign banks
Deposits and current accounts...
Nine London clearing banks (millions of pounds sterling):
Money at call and short notice.. _
129
Advances and discounts
1,119
Investments
251
Deposits
1,688
Joint stock banks of Finland
(millions of Finnish marks):
Loans and discounts
Due from abroad
Due to abroad
Deposits
Three commercial banks of
France (millions of francs):
Bills and national defense bonds.
Loans and advances
Demand deposits..
Time deposits..
_.
Six BerSin banks (million of reichsmarks):
Bills and treasury notes
Due from other banks
Miscellaneous loans
Deposits
Acceptances
_
_.
73
1,228
430
481
178
2,321
71
1,248
417
506
187
2,257
1,142
394
550
174
2,270
124
208
116
193
135
227
1,966
54
139
2,084
1,979
55
128
2,119
2,239
97
174
118
1,106
252
1,648
116
1,110
250
1,649
118
1,078
261
1,647
7,181
183
326
5,969
7,162
186
327
6,007
6,518
141
335
5, 465
2,295
15, 278
5,205
22, 369
281
13, 272
4,362
19, 210
1,413
762
3,787
5,517
283
1,249
643
2,865
4,519
236
292
1925
1926
Four private banks of Italy (millions of lire):
Cash...
Bills discounted.
Due from correspondents
Due to correspondents
Deposits
_
Tokyo banks (millions of yen):
Cashonhand
Total loans. __
Total deposits.
...
Total clearings
_
1,217
8,895
5,544
13,342
2,460
Joint stock banks of Norway (millions of kroner):
Loans and discounts
Due from foreign banks ___
Due to foreign banks
Rediscounts
Deposits
Joint stock banks of Sweden (millions of kroner):
Loans and discounts
_. 4,230
Foreign bills and credits abroad..
164
Due to foreign banks
132
Rediscounts
188
Deposits
3,453
Swiss Canton alt banks (millions of
francs):
Loans and discounts
Mortgages
I,
Foreign bills
I.
Due from banks and correspondents
Commercial deposits.
_.
Savings deposits
132
2,582
1,952
3,550
118
2,501
1,934
3,156
117
2,403
1,908
3,853
1,827
97
270
171
1,892
105
2,618
1,944
4,193
1,137
8,737
4,364
11,934
2,467
1,837
96
235
178
1,890
2, 098
4, 343
145
167
71
3,505
4, 350
141
131
84
3,556
4, 200
184
120
278.
3,494
1,726
2,753
27
1,728
2,744
25
1, 705
2,626
19
261
658
1,468
248
646
1,464
214
657
1,374
165=
330
217
1,932:
i Not including gold held abroad.
DISCOUNT RATES OF 31 CENTRAL BANKS
[Prevailing rates, with date of last change]
Country
Austria
Belgium
Bulgaria
Czechoslovakia
Danzig.
Denmark
England
Rate
In effect
since—
&A Jan. 18,1927
Jan. 13,1927
Aug. 31,1924
10
&A Oct. 26,1926
July 29,1926
5 June 24,1926
5
Dec. 3,1925
Country
Rate
Estonia
8
Finland
France
.. 5V2
Germany
5
Greece
11
Hungary
6
India
6
Italy..
7
In effect
since—
Oct.
Oct.
Feb.
Jan.
July
Aug.
Jan.
June
1,1926
29,1925
3,1927
11,1927
7,1926
26,1926
13,1927
18,1925
Country
Japan..
Java
Latvia
Lithuania.. _
NetherlandsNorway
Peru
Poland
Rate
In effect
since—
Oct.
May
Jan.
Feb.
Oct.
4M; Oct.
Apr.
6
Dec.
6.57
6
7
7
4,1926
3,1925
1,1927
1,1925
2,1925
27,1926
1,1923
13,1926
Country
Rate
Portugal
Rumania
Russia..
South Africa.
Spain
Sweden
Switzerland.
Yugoslavia..
8
6
8
In effect
since—
July
Sept.
Apr.
Nov.
Mar.
5
&A Oct.
&A Oct.
June
6
27,1926
4,1920
—,1924
21,1924
23,1923
9,1925
22,1925
23,1922
Changes: German Reichsbank from 6 to 5 per cent on January 11, 1927; National Bank of Belgium from 7 to 6H per cent on January 13 1927;
Austrian National Bank from 7 to 6}4 per cent on January 18, 1927; Imperial Bank of India from 5 to 6 per cent on January 13, 1927; Bank of
France from QlA to 5K per cent on February 3,1927.
FEBRUABY,
123
FEDERAL. RESERVE BULLETIN
1027
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Year and month
Bankers'
acceptances, 3
months
Treasury
bills, 3
months
Day-to-day
money
Bankers'
allowance on
deposits
2%-2
2
2 -3
1925
October.
November
December
3.57
3.92
4.67
3.81
3.91
4.90
3.16
3.22
3.51
1920
January
February
March
April
May
June
July
August
September
October
November
December
4.76
4.31
4.37
4.33
4.37
4.27
4.26
4.45
4.54
4.69
4.57
4.53
4.78
4.25
4.34
4.34
4.43
4.29
4.29
4.55
4.65
4.80
4.80
4.63
4.00
4.00
4.26
3.92
4.18
3.82
3.86
3.99
3.99
4.07
3.95
3.78
1925
October__.._.
November
December
1926
January
February
March
April
May
June
July
August
September
October
_.
November
December
Private
discount
rate
Money
forl
month
rate
Private
Money for Day-to-day discount
1 month
money
rate
Eate on
demand
savings
deposits
Private
discount
rate
10.55
10.57
10. 29
8.99
8.36
8.07
3.47
3.34
3.43
3.38
3.45
3.69
2.00
2.22
2.29
•8.07
7.04
6.03
5.63
4.77
4.80
4.76
4.93
4.85
4.77
4.75
4.45
5.88
2.95
2.19
2.67
2.90
2.95
2.83
2.74
2.63
2.78
2.83
3.21
3.39
2.93
2.40
2.82
2.93
2.94
3.00
2.72
2.50
2.81
2.75
3.23
3.96
2.44
2.22
2.18
2.30
2.38
2.38
2.37
2.34
2.52
2.80
2.96
3.35
' 6.66
6.73
6.02
5.535.81
5.73
5.80
6.21
6.14
6.12
7.13
Sweden (Stockholm)
Prime
commer- Day-to-day
money
cial paper
9%-12
7 -11
7-9
8M-12
% am
%
10 -11%
n%
10 -11%
9^iOH
9 -10
8^-10
8^-10
7%-9
7 H- 8 %
7 8
7 -10%
7 -11
6H-7
7
7
7
6-7
6-7
6-7
5H-7
6-7
Sate on
demand
deposits
Loans up
to 3
months
Rate on
deposits
Ito3
months
7 -6%
5H
5%
5Mi
5H
5%
5H
6%-4%
4%
4H
4%
1 For sources used, methods of quotation, and back figures/see^the FEDERAL EESEEVE^BTJLLETIN for November, 1926.
Money for
1 month
7.16
6.78
6.75
Hungary
8^-llM
8 -11%
7^10H
Private
discount
Switzerland
6.28
5.46
5.00
4.88
4.69
4.53
4.54
4.61
4.88
4.82
4.63
4.72
Austria (Vien a)
Year and month
Netherlands (Amsterdam)
G e r m a n y (Berlin)
J a p a n (Tokyo)
Discounted
bills
Call
money
overnight
6.75-8. 76
6.94-9.13
7.12-9.13
5.48-6.94
5. 29-7.30
4. 56-8.94
6. 75-9.13
6. 57-8.76
6.57-8.40
6.75-8. 76
6.75-8.76
7.12-8.76
6. 94-8.76
6. 75-8. 40
6.39-8.40
6. 21-8. 40
6.39-8.40
4. 56-8. 03
4.38-7.30
4.75-7.67
6. 02-7.30
4.75-7.30
5.11-8.76
5.11-8. 03
5. 84-7.48
4.93-7. 30
5.11-7.12
4. 75-7.48
124
FEDERAL RESERVE BULLETIN
FEBRUARY,
1927
GOLD MOVEMENTS
MOVEMENTS TO AND FROM THE UNITED STATES
[Amounts in dollars]
Imports
Exports
January-December
January-December
Country of origin or destination
December,
December,
1926
1926
1925
1926
16,973,857
213.474, 223
128,273,172
7,196,278
115,707,815
262,639,790
2,652
400
351,420
1,425
6, 606,334
1,628
10, 084, 799
5,048,114
18,488
47, 549, 668
2,430
1,137, 301
104, 633
372
1,211,618
49,294,475
1,339, 208
(58, 270, 454
4,318, 343
1,103,948
392.431
1,002,628
6,159,602
515,302
95,336
510, 941
91, 593
82, 512, 899
1, 516, 302
23,913,178
404, 714
33,122, 661
2,324,199
5, 097, 097
611,444
83
7,814
4,955,378
102,880
115, 025
122, 557
21,183, 772
1, 663,387
1, 306, 750
2, 643, 741
2,466
4,997
446.800
1, 611,185
895, 739
1, 727, 824
53, 330
647,118
393,239
224
4,000, 000
30, 074
152, 538
51,118,925
4,800
160
5, 032, 006
1, 707,104
1, 507, 635
14, 000, 000
212, 641
1, 990,136
11,008,049
241, 032
1, 833,47(
1,073
2,010
29 972'
243,812
157,889
15 233
551 667
67,849
9, 777, 579
All countries
1925
1926
97, 766,408
EUROIE
France
Oermany
Netherlands _
_
Poland and Danzig.. _
Spain
Sweden
._
_
._
TTnitfirl TCingriorn
87,423
5,000
NORTH AMERICA
Canada
Central America... _
Mexico West Indies.__
__
_ __
42, 392, 292
3, 854, 526
6,201, 552
154,114
.
_
7, 572, 640
281, 262
2,019,211
5,983
3, 003, 913
18, 944
1, 700, 000
802,290
2, 660,010
•
SOUTH AMERICA
Argentina __
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
15, 657, 579
1, 502, 700
8, 809, 766
214,125
438, 000
368, 800
56, 637
572, 315
..
51, 000
20, 000
ASIA AND OCEANIA
Australia .
British India
British Malaya
China . _
Dutch East Indies
Hongkong
Japan _ _
New Zealand. _
Philippine Islands
4,932, 556
150,174
26, 925,176
58, 774, 717
7,377, 582
1,203, 011
1, 313, 540
L2,276,016
2,034
13, 950
119, 558
2,108,020
578, 285
3, 342. 377
453, 507
2. 221, 240
4, 041, 254
60,000
165,303
2G2,852
1 000,000
79, 557
30,000
AFRICA
Egypt
Portuguese Africa
All other countries
Net imports
Net exports
_
...
134,366,618
MOVEMENTS TO AND FROM GREAT BRITAIN
'
MOVEMENTS TO AND FROM INDIA
[Amounts in pounds sterling]
_
DecemDecem- November, 1926 ber, 1926 b e r , 1926
November, 1926
2,986,089 3,813,968 3,824,270
All countries
Belgium
France
Netherlands
_
Russia
_
Spain and Canaries. . . __
Switzerland
United States...
South America
British India
Net imports
Net exports..
[Amounts in rupees]
Exports
Imports
Country of origin or destination
Egypt
Rhodesia.
Transvaal
West Africa
All other countries
498 240
1,131, 665
303, 518
500
5,053,279 j
38,744
92, 939
4,550
70,550
53,000
203,150
73, 775
212,439
55 676
10,000
86,157
1,700
233,800
803
30, 666
6,455
142,527
156,671
79,540
127, 062
144, 297
2,704,718 •3,404,473
121,097
2,521
71,898
6, 266 3,125, 282
25,629
27, 200
4,188,164
1
838,181
1,239,311
Exports
Imports
Country of origin or
destination
October,
October, September, 1926
1926
1926
All countries.
England
France
United States
Aden and dej
Arabia
Bahrein Islands
British Oceania
Ceylon
China
Mesopotamia
Straits Settle tnents
East Africa..
Egypt...
Natal
Net imports.
Net exports.
September, 1926
11,179,397
13,469,437
i 197 424
1 0715 606
162 945
393 437
76,126
155 337
2,032^465
38 175
59,012
gq 075
224 223
199 408
175 477
2 Q7Q m i
9,200
A'?' fflK
437
341 259
55,444
548,227
791
645 881
6, 021,892
fktO QQ3
__ _
56,235
74, 971
7,1O57 040
--- 11,123,162 13, 440, 111
46 0^8
570
29,326
214
FEBRUARY,
125
FEDERAL RESERVE BULLETIN
1927
GOLD MOVEMENTS—Continued
GERMANY
NETHERLANDS
SOUTH AFRICA
(In thousands of reichsmarks)
(In thousands of guilders)
(In thousands of
pounds sterling)
Total
imports
January
February __.
March
April .
May
June
July..__. .
August
September
October
November
December
Total
exports
Net
imports
82,857
46,051
62,602
68,087
78,755
54 273
22,197
121,644
30,441
•37,770
33 542
3,050
2,476
2,775
2,643
2,586
2,764
2,824
2,821
2,463
3,760
4,518
4 253
3,410
80,381
43,276
59,959
65, 501
75,991
51 449
19,376
119,181
26,681
33,252
29 289
1925
_
..
Total
imports
Total
exports
Net
imports
5,679
6,365
629
12,560
12,584
24 131
36,395
5,081
346
1,818
18
907
2,682
360
6,586
9,047
72
213
12
30
296
2,560
2,315
12,170
22 895
23, 796
105,710
86
1,202
50
70
497
126
5,009
149
1,632
372
16,369
433
721
641,269
Total.
January
February
March
April
_
May
_
June
JuIy..-_ _
August
September .
October, _
November
December .
Net
exports
1926
. .
_
37,293
603,976
79,991
23,163
58,902
40,138
5,847
3,517
2,398
2,626
44,632
99,108
152,572
69,110
3,454
3,308
3,223
2,537
2,909
2,649
2,608
2,662
2,946
3,649
3, 788
19, 709
55, 794
36,915
3,310
608
102
16,455
387
1,539
216
672
2,512
822
338
1,990
1,443
1,154
251
18
41,970
96,162
148,923
65,322
269
Net
exports
Production
557
1,969
10.352
22 877
23,694
12,347
12,572
24 101
36,099
2,521
25,719
1,489
146
175
2,386
189
358
1,071
6,500
815
4,187
3,508
3,208
3,499
3,337
3,458
3,309
3,476
3,424
3,407
3,464
3 361
3,318
Net
exports
1,391
1,718
5,401
2,957
2,171
5 667
4,390
4,337
3,899
3,765
1 948
3,233
40,768
40,877
3,396
3,203
3,544
3,412
3,597
3,600
3,656
3,583
3,573
3,621
4,100
3,060
1,7426,110
3,699
4,316
4,6583,231
1,785
5,976
6,231
SILVER MOVEMENTS
Imports to United
States
Imports to United
States
Exports from United
States
JanuaryJanuaryDecember, December, December, December,
1926
1926
1926
1926
JanuaryJanuaryDecember, December, December, December,
1926
1926
1926
1926
All countries... $4,058,183 $69,224,489
France_ __ ._ .
Germany
Spain
United Kingdom
Canada
__
Central America.._._
Mexico
West Indies..
___
Bolivia
Chile .
384,170
18,510
193,282
3,981
193,571
1,940
509, 764 6,736,606
1,982,803
395,347
1,736,056 35,393,538
292,969
28,552
186,189
88,929
221,167 3,309,173
12,894
$5,610,205
$92,257,564
426,558
5,001
3,018,161
188,792
126,571
103,366
375
3,799,262
1,744,562
89,589
1,286,902
35,430
Exports from United
States
Colombia..
Peru.
Venezuela
British India .
China
Dutch East Indies . . .
Hongkong
Portuguese Africa
All other countries...
Net imports
Net exports _.
_
$3,091
976,451
1,622
$142,115
19,100,316
6,071
1,948
66,668
1,988
904,394
922
8,851
94,402
284,392
$6,741
2,270,322
2,487,347
$24,083
647,87a
692,305
34,479,203
46,307,24&
66,587
139
61,363
1,552,022
23,033,075
126
FEDERAL. RESERVE BULLETIN
FEBRUARY,
1927
FOREIGN EXCHANGE RATES
RATES PUBLISHED BY THE TREASURY
[In cents per unit of foreign currency l]
December, 1926,
average
January, 1927
Unit
Country
Average
Par
Low
High
Rate
EUROPE
Schilling
Austria .
Belgium __
Bulgaria
Czechoslovakia
Denmark
England
Finland
France
Germany
_.
Greece
Hungary...
Italy
Belga
•__
.
Netherlands.
Norway _
Poland
Portugal
Rumania
Spain
Sweden
Switzerland
Yugoslavia. _
_
Lev...
Crown
Krone
._
Pound
Markka
Franc
Reichsmark
Drachma
Pen go
Lira __
Florin
Krone
Zloty
Escudo
Leu
Peseta
Krona
__•-
14.07
13. 90
19.30
26.80
486. 65
2.52
19 30
23.82
19.30
17.49
19.30
40.20
26.80
19.30
. 108.05
19.30
19.30
26.80
19.30
19.30
_1
Franc
Dinar
January, 1926
average
14. 0794
13.9072
!*. . 7230
2. 961
26.6488.
485. 2648
2. 5208
3 9584
23. 7216
1 2895
17. 5332
4. 3448
26. 6800
19.2300
1. 7592
14.0960
13.9100
.7267
2. 9621
26. 6700
485.4700
2. 5216
3 9800
23.7800
1.3109
17. 5700
4. 5000
40. 0200
25. 8400
11.4400
5.1300
.5381
16. 7000
26.7200
19. 3200
1.7649
14. 0650
13. 9000
.7203
2. 9613
26. 6400
484.9600
2. 5200
3 9400
23. 6900
1.25cS0
17. 5000
4.2600
39. 9400
25 4400
11.1600
5.1100
5253
15.3800
39.9868
25 5700
11.3076
5.1152
5306
16. 0340
28. 7056
19. 2740
1. 7635
Per
cent
of par
100.07
100.05
3.75
99.44
99.72
100. 03
20 51
99.59
6.68
100. 25
22.51
99.47
95.41
58. 59
4. 73
2 75
83.08
99.65
99.87
9.14
Per
cent
of par
Rate
14.0802
13.9108
.7244
2. 9620
26. 6389
485.1250
2. 5210
3.9492
23. 7958
1. 2643
17.5654
4.4350
39. 9927
25.2858
11. 2665
5.1196
«5206
15.2365
Per
cent
of par
Rate
100.07
100.08
3.75
26.7196
19. 3192
1.7653
99.39
99.69
100. 04
20.46
99.90
6.55
100.43
22.98
99. 48
94.35
58.38
4.74
2.70
78. 95
99.70
100.10
9.15
14.0566
2 4. 5360
.7007
2.9616
24. 8044
485. 7860
2. 5211
3.7708
23. 8012
1. 3541
17. 5532
4.0376
40.1812
20. 3488
12. 8664
5.1163
.4476
14.1508
26.7776
19,3112
1. 7695
99.91
92.55
99.82
100.40
19 54
99.92
7.02
100.36
20.92
99. 95
75.93
66.67
4.74
2.32
73.32
99.92
100. 06
9.17
3.63
NORTH AMERICA
Dollar
Peso
do
100 00
100. 00
49.85
99 8193
9sJ. 9063
46.4167
99 8695
99. 9813
47. 2167
99 8393
99. 9466
46.8267
99 84
99.95
93.94
99. 9342
99. 9150
46. 6718
99.93
99.92
93.62
99. 8001
99.8976
48.5050
99.80
99.90
97.30
Peso (gol'i)
Milreis
Peso
Canada
Cuba
Mexico _-
96.48
32.44
12 17
103.42
93 5800
11.4600
12 0100
101. 2700
93 9400
11.8800
12 0400
102.1000
93 8488
11. 6752
12 0236
101. 5220
97 27
35.99
98.80
98.16
93.2792
11.8542
12. 0362
101.2588
96.68
36.54
98.90
97.91
94.1328
14.8368
12. 0404
102.8820
97.57
45.74
98.94
99.47
Mexican dollar
Shanghai tael
Dollar
Rupee
Yen
2 48.11
3 66. 85
3 47. 77
48.66
49.85
56. 78
43.3400
58.9300
47.6400
36. 3300
48. 7000
55. 9400
47. 5900
65. 3900
51. 2900
36.4800
48 9500
56. 0200
45, 2068
61. 6688
49. 0632
36.4164
48.8108
55. 9616
93.97
92.25
102. 71
74.84
97.92
98.56
43. 7735
58.9704
47.5938
36.0465
48.9373
55. 9400
90.99
88. 21
99.63
74.08
98.17
98.52
54.2888
74. 7528
58.0748
36. 6852
44.1696
56. 6156
112.84
111. 82
121. 57
75.39
88 60
99.71
SOUTH AMERICA
Argentina _
Brazil
Chile
Uruguay
do
ASIA
China
Do
HongkongIndia
Japan
Straits Settlements
Singapore doila r
OTHER RATES
[In cents per unit for foreign currency]
Recent quotations 4
Country
Unit
Rate
Bolivia
Colombia..
Danzig.
Ecuador
Egypt
Estonia
Java.
Recent quotation
Country
Par
. „ Boliviano
38.93
33.75
97. 33
97. 86
Peso
19.47
19.43
Gulden
18.31
48. 67
Sucre
Egyptian pound... 494.31 497. 22
.26
Estmark
40. 25
40.20
Florin
Unit
Par
Rate
Date
Jan. 24.
Latvia
Do.
Lithuania
Oct. average. Peru
Jan. 24.
Russia _
Nov. 30.
South Africa
Jan. 7.
i Venezuela
Jan 24
!
Lat
Litas
Libra
Chervonetz
Pound
Bolivar
19.30
. 10.00
486.65
514.60
486. 65
19.30
Date
19.22
10.10
367.00
515.00
486. 51
19.06
Jan. 7.
Aug.average.
Jan. 24.
Do.
Jan. 7.
Jan. 24.
1
Noon buying rates for cable transfers in New York.
2 Rate on franc.
3
Silver currency. Parity represents gold value of unit in 1913, computed by multiplying silver content of unit by New York average price of
silver for 1913. This average price was $0.61241 per fine ounce, which compares with an average price of $0.56118 for January, 1927, $0^53778 for
December, 1926, and $0.68107 for January, 1926. The corresponding London prices (converted at average rate of exchange) were $0.56603, $0.54046,
and 4$0.68508.
For these currencies, in the absence of Treasury quotations, rates are taken from the New York Journal of Commerce, except as follows: Danzig,
League of Nations Bulletin; Egypt, Federal Reserve Bank of New York; Estonia and Latvia computed from rate published in London Economist;
Lithuania, U. S. Consular Reports; South Africa, London Economist.
127
FEDERAL RESERVE BULLETIN
1927
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
[Pre-war=100]
Europe
Year and month Austria
Bel(gold gium
Bul-
1925
July
August
September-.
October
November..
December
137
131
127
127
125
125
559
567
577
575
569
565
3,041
2,870
2,834
2,823
2,822
2,913
1926
January
February...
March
April
May
'.
June
July
August
September-.
October
November..
December
122
120
119
119
118
124
126
126
123
125
128
127
560
556
583
621
692
761
876
836
859
856
865
Cz e
s 1 f °"
2,901
2,899
2,844
2,774
2,938
2,842
2,838
2.759
2; 723
2,716
France
GerEngmany Hunland
gary
Den- (Board FinFeder- (Federal (gold
land Statis- al Re- Statisof
tical
tical serve
Trade)
Bureau Board Bureau)
158
160
157
156
155
154
153
153
1,118
1,142
1,133
1,121
1,118
1,120
557
557
556
572
606
633
490
491
4.82
482
498
518
135
132
126
124
121
122
136
134
135
131
129
130
707
731
721
716
712
715
155
155
155
154
154
155
254
245
231
221
217
218
120
124
127
128
137
155
157
151
145
141
141
140
141
143
141
145
150
145
151
149
144
144
145
146
149
149
151
152
152
146
1,094
1,091
1.081
1,081
1,070
1,079
1,079
1,092
1.093
1,095
1,097
1,101
634
636
632
650
688
739
836
770
787
752
684
627
527
540
545
565
597
631
704
691
691
695
662
592
120
118
118
123
123
125
127
127
127
130 .
132 I
131
127
125
123
123
122
122
123
122
122
125
127
708
704
693
692
698
709
724
740
731
712
709
681
153
149
145
143
143
144
141
139
140
143
147
146
214
211
204
198
196
195
196
196
197 ,
188.1
182
177
142
146
146
167
181
175
167
173
177
177
179
177
206
189
977
977
950
938
923
928
926
973
972
972
978
1927
January
141;_,
Russia 1
__
Asia and Oceania
United
States
Switzer- (Bureau Canada Peru
Sweden land 1 of Labor
Statistics)
Year and month
I
170
North and South
America
Europe—Continued
1925
July
August
September
October.
November
December
1926
January
February
March
April..
May.—
June-.
July
August
September
October
November
December
NorItaly Nether- way Poland
lands (Oslo)
Africa
Aus- China Dutch India Japan
East (Cal- (Totralia (Shang- Indies cutta) 2 kyo)
hai)
New Egypt South
Zealand 2 (Cairo) Africa
188
175
173
174
175
179
188
1S4
185
187
186
187
161
159
157
154
155
156
161
160
159
159
157
157
160
160
160
158
158
156
158
159
156
156
161
164
198
200
205
205
204
203
162
162
162
163
165
170
163
160
160
159
158
158
175
176
175
177
174
173
157
154
155
158
181
159
198
200
201
200
198
194
161
161
160
162
161
160
151
151
152
153
145
140
183
190
194
196
197
189
183
182
180
179
178
177
186
183
183
179
179
177
178
180
178
179
185
186
153
152
149
150
151
150
148
147
146
148
148
150
156
155
151
148
147
145
145
146
146
145
147
148
156
155
152
151
152
152
151
149
151
150
148
147
164
162
160
161
157
156
156
154
153
151
152
151
206
205
204
204
206
204
204
204
202
202
198
199
161
160
163
168
167
163
162
162
158
154
155
155
164
163
164
163
160
156
157
161
164
171
174
172
172
170
167
2 160
157
156
156
155
156
155
159
154
151
149
146
147
145
147
146
144
146
192
188
184
181
177
177
179
177
175
174
171
170
159
159
157
156
156
155
156
154
153
153
134
134
134
133
128
129
129
129
129
129
130
130
1927
January
199
148
124
120
"122
'~126
173
I
1
First of month figures.
2
Revised index.
The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers
of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the Board, and may be
had upon request.
Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number
of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN.
128
FEDERAL RESERVE BULLETIN
FEBRUARY,
1927
WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES
(Pre-war=100)
U N I T E D STATES—BUREAU OF LABOR STATISTICS
Year and month
All comFarm
modities products
Foods
Clothing Fuel and
materials lighting
Metals
Building Chemiand
metal materials cals and
drugs
products
House
furnishing
goods
Miscellaneous
. Agricultural
Nonagricultural
1925— December
156
152
157
187
175
130
177
135
166
138
154
15&
1926— January
February
March
April
May
June
July
August
September
October
November
December
156
155
152
151
152
152
151
149
151
150
148
147
152
150
144
145
144
144
141
138
141
138
135
135
156
153
151
153
154
157
154
151
152
152
151
151
186
184
181
177
176
175
173
175
175
172
170
169
177
179
175
174
179
179
177
180
182
184
190
183
129
128
128
127
125
125
126
127
127
127
127
126
178
177
176
173
172
171
172
172
172
172
174
173
133
132
132
130
131
131
131
131
131
129
129
128
165
164
164
163
162
162
161
161
160
160
160
159
135
133
128
127
125
123
123
122
120
119
118
118
154
152
148
149
149
151
148
145
146
143
141
142
15&
157
155>
153
15&
153
152:
153:
154
15$
154
152:
E N G L A N D - B O A R D OF T R A D E
Food
All commodities
Year and month
Total
Not food
Cereals
Meat
and fish
Other
foods
Total
Other
Iron and minerals
and
steel
metals
Cotton
Other
textiles
Miscellaneous
1925—December
152
163
157
173
159
146
118
131
175
178
156
1926—July
August
September
October
November
December
. 149
149
151
152
153
154
153
" 57
5
151
152
148
152
158
156
158
163
146
146
150
149
125
125
127
132
157
155
156
156
156
151
161
161
150
141
135
131
160
161
171
176
158
160
163
147
157
155
152
153
152
155
14a
144
145
145
144
143
152
146
153
153
185
149
141
135
153
153
FRANCE—STATISTICAL BUREAU
Foods
All commodities
Year and month
Total
Industrial materials
Animal
foods
Vegetable foods
Sugar,
coffee,
cocoa
Total
Minerals Textiles
Sundries
1925—D ecember _
633
538
535
537
529
709
622
953
647
1926—July August
September
__
October
November. _ _ _ _ _
836
718
575
797
932
922
1,217
687
567
784
801
770
754
840
576
591
593
572
810
799
695
610
837
826
787
752
684
627
_ __
"Dp.fip.mbp.r
722
710
657
610
825
754
697
675
840
786
706
641
998
771
996
873
748
664
846
769
709
652
768
763
693
631
GERMANY—FEDERAL STATISTICAL BUREAU
Food products
Year and month
All commodities
Total
Grains
and
potatoes
Fats,
sugar,
meat,
and
fish
Industrial products
Colonial
goods,
coffee,
cocoa,
etc.
Total
Hides
and
leathers
Textiles
Metals
and
minerals
Coal
and
iron
1925—December
122
116
103
137
183
131
116
182
128
120
1926—July
August
September
October
November __ _
December
127
127
127
130
132
131
129
129
128
134
136
124
122
121
129
133
132
137
136
134
135
176
174
175
178
177
124
124
125
123
123
106
113
116
114
114
148
142
145
137
133
125
126
127
126
126
119
119
120
120
120
_
129
FEDERAL. RESERVE BULLETIN
FEBRUARY, 1927
RETAIL FOOD PRICES AND COST OF LIVING
BETAIL FOOD PRICES
[Pre-war=100]
European countries
United
States
(51
Ger- Greece Italv Neth- NorBul- EngAustria
Belercities) (Vienna) * gium 2 garia land 3 France many (Ath- (Mi(Paris)
lan) lands way
ens)
1925
July
Aug _
Sept ._
Oct .
Nov...
Dec
157
157
156
158
164
162
1926
Jan
Feb
Mar._.
Apr
May__
June._.
July_-_
Aug___
Sept—
Oct.—
Nov
Dec
161
158
157
159
158
157
154
153
155
157
158
159
.
Russia 3
Switzerland
Canada 3
Aus- India
tralia (Bombay)
New
Zealand
South
Africa
2,906
2,744
2,710
2,698
2,698
2,785
167
168
170
172
172
174
421
423
431
433
444
463
154
154
153
151
147
146
1,515
1,511
1,544
1, 597
1,676
1,718
602
621
643
646
649
660
152
152
152
149
149
148
260
254
241
228
223
221
218
210
208
215
217
224
169
169.
170
168
168
167
141
146
146
147
151
156
156
156
156
157
156
155
152
147
146
148
149
151
151
152
153
155
156
154
120
119
118
119
117
116
141 2, 773
141 2,771
137 2,719
139 2,652
146 2,808
155 2,717
177 2,713
187 2,637
184 2,641
194 2,597
171
168
165
159
158
158
161
161
162
163
169
169
480
495
497
503
522
544
574
587
590
624
628
599
143
142
141
142
142
143
145
146
145
145
148
150
1,760
1,738
1,805
1,821
1,836
1,840
1,845
1,860
1,870
1, 933
681
676
654
645
664
657
654
660
652
654
630
148
148
147
346
146
146
146
146
149
148
148
146
216
212
205
198
195
194
198
196
193
191
186
184
226
230
234
241
250
243
233
234
231
230
234
235
165
163
161
161
159
159
159
157
158
160
159
159
157
155
154
153
152
149
149
150
147
147
148
151
155
154
159
163
163
162
159
157
155
153
155
158
151
150
151
150
150
152
155
153
152
153
152
154
154
153
152
151
151
151
149
149
148
147
116
117
118
119
119
118
117
117
117
120
119
117
130
135
140
144
146
148
119
117
114
114
113
116
115
117
116
117
117
118
Other countries
1927
Jan
174
167
155
COST OF LIVING
[Pre-war=100]
European countries
Massachu- Bel- Czech- Eng- Essetts gium oslo- land 3 tovakia
nia
1925
July..
Aug..
;Sept.
Oct
Nov..
Dec._
1926
-Jan._
Feb
Apr..
May
June.
July..
Aug
.Sept.
Oct...
-No v.Dec.1927
-Jan..
162
509
517
525
533
173
173
174
176
534
916
894
884
875
863
176
165
534
866
177
109
164
163
161
161
159
159
159
527
526
521
529
558
579
637
681
684
705
730
741
854
845
832
832
837
861
876
175
173
172
168
167
168
170
170
172
174
179
179
110
110
110
111
110
110
111
160
161
161
162
158
158
158
159
159
755
878
878
888
902
175
114
112
110
108
107
110
108
107
Other countries
Fin- France Ger- Greece Hun- Italy Neth- Nor- PoSwe- Swit- Can- Aus- India South
erzerland (Paris) many (Ath- gary (Mi- lands way land Spain den land ada 3 tra- (Bom- Africa
ens),
lan)
lia bay)
1,218
1,266
1,242
1,228
1,227
1,197
1,166
1,175
1,172
1,163
1,159
1,175
1,183
1,213
1,203
1,197
1,193
1,197
401
143
145
145
144
141
421
451
435
141
140
139
138
140
140
141
142
143
539
142
142
144
545
144
1,472
1,484
1,503
1,547
1,610
1,644
126
127
126
124
598
610
624
643
123
643
1,673
1,664
1,706
1,731
1,741
1,791
1,808
1,818
1,833
1,862
122
121
119
119
118
116
117
665
661
647
642
652
650
649
116
652
114
114
647
672
116
657
649
248
177
.234
174
225
171
218
164
217
168
123
179
213
170
171
169
176
183
183
177
188 174
183
185
187 " l 7 3 "
183
183
186
167
165
163
162
160
160
160
178
187
190
191
193
159
188
190
195
197
157
181
171
168
159
160
159
159
New index, on gold basis, July, 1914=100.
2 1921=100.
146
148
148
149
152
154
154
155
155
154
154 157
153
152
150 "l6l"
150
150
149 158
149
150
151
157
152
151
153
153
155
133
132
132
132
155
354
155
153
153
155
157
131
131
131
131
132
131
130
155
130
155
155
154
156
131
131
130
131
131
129
156
I
2 First of the month figures.
NOTE.—Information as to the number of foods and items included, the original base periods, and sources m a , .
11925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible.
168
145
1
1
170
170
170
168
173
190 176
190
190 -----189
186
183
146
149
149
152
of the April,
130
FEDERAL KESEEVE BULLETIN
FEBRUARY,
1927
BANKING AND FINANCIAL STATISTICS
FEDERAL RESERVE BANKS
AVERAGE DAILY CONDITION FOR DECEMBER AND NOVEMBER, 1926
[Amounts in thousands of dollars]
Total bills and
securities
Federal reserve notes
in circulation
Total deposits
Total cash reserves
Reserve percentages
Federal reserve bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City.
Dallas
San Francisco
T o t a l : 1928-_
1925
1924.._.
1923
1922...
1921
1920
1
_
_.__
December November December
November
November
December
November
December
November
104,026
338,620
109,102
160,128
49. 211,
74', 523
215, 642
68, 755
35, 692
60, 736
46, 895
117, 241
80,336
267,497
93, 579
142,340
56, 987
86,423
199,188
66,398
39, 296
63,396
53,101
121,980
215,528
992,808
194, 678
265, 587
116,930
171,281
372, 531
68,180
90, 391
102, 959
75,749
262,452
237,012
1,020,379
195,045
273,096
107,158
162,416
375,452
70,120
85, 797
99,097
69, 621
259,976
150,252
879, 596
139,419
181,215
71,010
71,802
329,801
82,823
52, 550
91,127
62,902
177,135
155,409
856,416
139,260
184,749
72,626
72,938
332, 040
82, 771
53, 070
91,393
61,148
177,315
158,320
408,051
139,730
225.101
87', 032
167,827
241,810
47,415
68, 685
72, 653
50,087
189,725
151,048
391,359
123,409
208,735
82, 223
159, 557
219, 011
46,314
66, 919
69,124
50,522
189,072
69.8
77.1
69.7
65.4
74.0
71.5
65.2
52.4
74.6
62.9
67.1
71.5
77.3
81.8
74.3
69.4
69.2
67.0
68.1
54.3
71.5
61.7
62.3
71.0
1, 380, 571
1,428, 732
1, 220, 706
1, 200,351
1,304, 433
1, 517,194
3.313,502
1, 270, 521
1, 288, 731
1,085, 027
1,147, 765
1,210,126
1, 520,283
3, 375,395
2,929, 074
2, 805, 791
3,056,709
3,168, 984
3,166, 019
2, 994, 982
2,221, 573
2, 955,169
2, 877, 578
3,131,153
3,199, 810
3, 208, 752
2, 964,419
2,182, 795
2, 289, 632
2, 281,484
2, 255,346
1,931,408
1,891,457
1,755,226
1,821, 746
2, 279,135
2, 294, 052
2,223,364
1, 938, 964
1,890, 022
1, 732, 504
1,830,011
1,856,436
1,817, 473
1,884,318
2, 292,306
2,415, 515
2,416, 096
3,342, 520
1,767, 291
1,724,362
1,836,189
2, 256, 777
2,324,865
2,402,442
3,327, 632
70.6
68.5
73.8
75.0
73.5
71.8
144.7
73.0
71.6
77.1
76.3
76.1
71.7
143.7
December
Calculated on basis of net deposits and Federal reserve notes in circulation.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars] .
Boston
New
York
1,376,776
1,369,124
1,419,755
1,523,670
1,575,495j
143,210
121,924
110,829
124,842
132,396
282,987
282,987
347,897
377,791
105,637
103,800
105,720
114,066
117,430
65,407
65,712
67,927
50,318
52, 633
5,415
6,248
6,940
2,460
4,202
16,618
15,481
14,355
12,716
11,077
12,029
13,033
14,281
7,003
9,465
5,567
6,837
7,843
5,937
5, 668
1,311
1,538
1,706
2,017
1,628
1,442,183
1,434,836
1,487, 682
1,573,988
1,628,128
148,625
128,172
117, 769
127,302
136,598
279,677
298,468
297,342
360, 613
117,666
116,833
120,001
121,069
126,895
157,140
161,155
170, 322
168,988
172,338
657,023
658,330
'637,805
555, 673
503,513
40,518
29,219
25,599
254,594 49,469
249,799 44,234
261,447 36,482
175,459 48,079
148,947
704,074
721,645
729,956
786,382
804,294
33,999
36,135
35, 593
39,190
39,283
456,775
460,752
458,770
503,566
519,390
Total
Gold with Federal reserve
agents:
Dec. 22
Dec. 29
Jan. 5___
Jan. 12
Jan. 19
_,
Gold redemption fund with
U. S. Treasury:
Dec. 22
„
Dec. 29
Jan.5
Jan. 12
:._
Jan. 19
Gold held exclusively against
Federal reserve notes:
Dec. 22.
Dec. 29
_
Jan. 5
Jan. 12
Jan. 19
Gold settlement fund with
Federal Reserve Board:
Dec. 22
Dec. 29
Jan. 5__
Jan. 12
Jan. 19
Gold and gold certificates
held by banks:
Dec. 22
Dec. 29
1
Jan. 5
Jan. 12
_
Jan. 19
14,233
Phila- Clevedelphia land
26, 872
27,905
28,178
28, 537
28,693
RichSt. Minne- Kansas
City Dallas
mond Atlanta Chicago Louis apolis
151,573 71,708 133, 875 148,443
154,318 70,729 136,408 148,424
162,479 69,975 137,896 183,424
163,051 68,759 140,901 198,396
166,670 68,258 140,039 198,359
19,282 58,764
18,548 58,539
19,768 60,858
27,506 61,150
28,656
Francisco
60,145
63,205
63,168
61, 209
60,155
37,557
39,058
38,102
34,072
34,623
183,523
171,184
184,549
181,821
190,780
3, 520
9,776
3,455
3,049
2,737
8,243
7,234
5,980
841
I1
,
1,445
1,204
1,457
2,107
2,118
1,618
2,103
2,661
3,297
1,851
2,639
2,271
2,912
2,210
2,122
2,601
2,031
1,743
2,716
3,031
2,801
2,293
3,103
73,019
72,267
71, 681
70,776
137,395
139,904
141,351
143,950
142,776
158,219
157,312
191, 667
205, 630
204,339
20,123
19,617
21,213
28,710
30,113
60,871
60, 657
62,476
63,253
62,999
63,442
65,056
65,807
63,480
63,067
39,767
41,180
40,7031
36,103
186,239
174,215
187,350
184,114
193,883
45,289
42,222
37,209
50,874
42,921
22,172
24,249
22,967
19,195
14, 634
27,413
22,047
22,651
19,786
28,099
132,752
124,498
104,998
100,386
98,772
23,146
29, 668
33,871
24,908
25,346
20,382
17,029
14,396
16,417
28,193 21,251
29,067 20,938
24,214 15,334
27,394 16,129
27,18r 19,809
20,123
43,013
21,085
29,848
16,879
44,8351
44,955!
47, 614!
48,023
50,362
10, 662
12,081
12, 823
13,280
13,344
3,659
3,972
4,305
4,421
4,607
56, 886
63, 228
65,670
69,453
11, 856
12,257
13, 630
14,450
15,967
6,66:;
6,42'i
6,51'
7,061
707S
8,463
8,441
8,465
8,532
8,455
37,944
39. 9S5
42', 03&
42,912
43,193
5,461
5,507
6,352
6,957
7,035
FEBRUARY,
131
FEDERAL RESERVE BULLETIN
1927
FEDERAL RESERVE BANKS—R ESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Total gold reserves:
Dec. 22
Dec. 29_Jan. 5
Jan. 12
Jan. 19
_
Reserves other t h a n gold:
Dec. 22.
Dec. 29
_
,
Jan. 5
Jan. 12.
,
Jan. 19—
Total reserves:
Dec. 22._
„
Dec. 29
Jan. 5_
Jan. 12._
Jan. 19
______
Nonreserve cash:
Dec. 22
Dec. 29
Jan. 5
_
Jan. 12
__.
Jan. 19—_
_
Bills discounted:
Se ured by U. S. Government obligations—
Dec. 22
Dec. 29
Jan. 5_
Jan. 12___
_._
Jan. 19....
_
Other bills discounted—
Dec. 22
Dec. 29
_
Jan. 5
Jan. 12___.
J a n . 19
Boston
2,803,280 196,857
2,814,811 172, 540
2,855,443 193,880
2,916,043 195,711
2,935, 935 201,480
New
York
San
Phila- Cleve- RichMinne- Kansas
St.
delphia land mond Atlanta Chica *> Louis apolis City Dallas Francisco
991,046
1,009,019
1,017, 559
1,039,638
1,057,205
194,007
188,972
184,661
197,685
194,496
247,264
248,332
255,145
267,885
265,621.
19,220
23,262
26,444
30, 991
31, 531
3,869
5,161
6,007
6,477
6, 950
10,978
11,611
11,115
11,817
1, 010,266 197,876
1,032,281 194,133
1,044,003 190,6G8
1,070,629 204,162
1,088,736 201,446
254,150!
259,310'
266,756!
279,000:
168,467
165,923
168, 307
168,157
175,482
347,857 55,125
345,038 61,542
362,335 68, 714
375,469 68,068
370,004 71,426
4,499 8,138 17,665
6.685 9,575 22,103
8', 804 10,165 23,440
10,178 11,570! 25,765
10,913 11,857 26, 656
106,985
129,404
142,816
155,054
159, 566
13,678
15,178
19,105
17,719
17,791
2,910, 265
2,944,215
2,998,259
3,071,097
3,095, 501
210, 535
187, 718
212,985
213,430
219,271
47,073
68, 348
76,180
81,808
81,174
7,314
8,292
11,334
9,386
8,909
422,397
360,532
254, 077
201,611
34,049
31,625
16,161
18,279
9,105
293,027
327,543
272,950
236,401
214,448
23,501
39,297
26,658
17,668
10,140
27,273
49,782
46,634
49, 568
41,732
715,424
710,931
633,482
490,478
416, 059
57, 550
70, 922
42,819
35,947
19,245
174,244
173,655
176,059
127,219
89,020
62,389
62,226
53,670
37, 763
37,757
387,593
378,798
388,837
338,142
337,360
46,011
42,157
38,701
39, 723
113,618
100,045
119,850
77,977
90,595
24,576 36,184
26,040 34,488
25,637 32, 598
25,405 30,631
24,843 28, 572
46,858
47,525
54,108
52,992
55,463
529
659
746
1,241
618
1,752
1,322
3,643
1,891
6,329
634
634
634
1,167
1,167
1,301
1,301
1,301
1,191
1,191
1,250
1,250
1,251
276
235
254
241
270
19,963
20,577
21,003
20, 743
20,344
2,010
2,010
2,149
2,245
2,386
89,844
86, 279
93,659
93,606
97,774
1,894
1,923
2,422
2,598
2,959
16,832
14,246
13, 208
12,958
16, 111
15,266
15,266
15,543
15, 543
15,543
17,939
17,939
18, 683
18,683
18,683
1,108
1,108
1,436
1,534
1,537
1,540
1,534
1,555
5,821
4,810
6,357
6,384
7,018
44,875
50, 525
47, 502
16, 636
16,6371
15,359
15,358|
15,359|
4,!
4,!
4,373
4,373
4,373
20
22, 674
22, 739
20,149
20, 649
19, 844
35, 742
35, 743
35,343
35,342
35,3431
7,235
7,235
7,059
7,059
7,080
12,811
17,826
20,182
24, 675
24,800
840
1,311
l;709
1,652
1,655
2,490
5,651
5,549
5,345
19,982 35, 977
20,127 28,907
15,612 25,609
14,116 23,248
13,854 23,424
177,704
183,400
168,106
164,453
159,505
7,
7,438
6,617
7,046
6,590
41,233
4,226
4,226
3,751
3,751
3,751
Total U. S. -Government securities:
Dec. 22
Dec. 29
_
Jan. 5._
_.__._
Jan. 12
_
Jan. 19
_
314,406
317,204
313,873
311, 051
312,742
9,861
10,020
9,785
10,885
10.167
63, 459
66,093
64,353
59,738
63,673,
20, 077
20,077
19,928
19,928
19,928
110,352
115,282
116,275
113,429
176, 605
175,498
178,472
179, 727
277,438! 108,77" 187,339
146,971 42,407 63,767
123,873 42,099 "i;240!
129,425 38,058
77,651 23,647 47,333j
47,288 23,903 35,207
Total bills discounted:
Dec. 22_____
Dec. 29.
Jan. 5—
_
Jan. 1 2 . . . . . .
J a n . 19
Bills bought in open market:
Dec. 22
Dec. 29
_____
Jan. 5
_
Jan. 12
Jan. 19
TJ. S. Government securities:
BondsDec. 22
_„_
Dec. 29
Jan. 5
__
Jan. 12
Jan. 19
__
Treasury n o t e s Dec. 22
Dec. 2 9 . .
Jan. 5
_
Jan. 12
Jan. 1 9 . . . . .
Certificates of indebtednessDec. 22
_
Dec. 29
_.
Jan. 5 . —
_.
Jan. 12
_____
Jan. 19
105,853
108,597
107,471
103,251
97,864
365, 522
367,141
385, 775
401,234
396,660
12,108
13, 760
14,510
16,043
16,348
85,921
87,446
86,022
84,710
3,247
3,082
3,242
3,729
3,701
97,096 69,481
99,630 70, 559
96,373 64, 502
97,831 60, 764
97,284 64,630
244,306
257,213
250,474
256,874
253,955
4,433
4,947
4,944
5, 530|
5,649
7,854
7,811
7,901
8, 346
5,388
6,862
6,643
7,591
7,955
67, 233 59,16 101, 529
75, 302
104, 577
83,224 (9,264 101, 317
84,111 88,439 103, 36:
87,774 90,189 102,933
77,335
78,370
72,403|
69,110
73,028
249,694
264,075
257,117
264,465
261,910
2, 585
5,030
65608
7,12;
7,471
4,450
7, 512
10,948
11,455
12,255
11.283
2,945
4,143
4,602
5,359
5,098
925
898
1,259
1,415
1,219
2,095
2,830
2,412
2,671
2
I, 1
2,448
2,428
2,778
2,675
2,871
3,886
3,762
3,809
4,289
8,592
6,596
6,527
6,245
7,026
2,958 75,350
2,870 73,646
4,041 75,668
2,177 44, 300
399 52,073
17,806
16,278
11, 994
11, 520
8,604
1,679
824
527
446
384
4,199
4,104
5,996
3,414
4,255
3,485
2,262
2,072
1,880
1,731
21,134
10,971
21,477
17,185
11,636
25,668
16,238
14,320
9,230
7, " ~
3,600
4,036
4,054
3,00"
3,705
7,476
7,130
8,648
7,350
6,599
5,423
3,293
4,053
5,258
3,609
33,103
37,177
30,006
23,550
20,846
123,367 43,474
136,631 32, 516
119,961 26,314
82,143 20, 750
90,169 16,491
5,279
4,860
4,581
3,453
11,675
11,234
14,644
10, 764
4, "'- 10,854
8,908
5,555
6,125
7,138
5,340
54,237
48,148
51,483
40, 735
32,482
19,726
18,283
18,170
18,418
17,537
15,299
15,689
16,171
14,842
13,644
32,726
31,008
29, 572
30,122
29,412
7,568
7,
7,659
7,658
7,r""
8, 589
8,839
9,522
9,522
8,372
3,141
3,285
5,564
5,882
5,915
87
87
384
6,632
6,632
7,455
7,455
7,455
1,620
1,620
2,122
2,123
2,122
3,694
3,694
4,707
4,707
4,707
3,355
3,355
4,395
4,394
4,394
14,149
14,149
15,791
15, 791
15,791
12,002
12, 002
10,674
10,674
10,674
7,573
7,573
6,710
6,710
6,710
16,131
16,131
14,389
14,389
14,389
15, 672
15, 672
13, 885
13,885
13,885
25,521
25,521
22, 697
22, 697
22,697
48,458 20,644
1.:
li-772 * 48,126 20, 644
1,794 47, 509 20,278
1,807 47, 776 20,374
1,825 47,206 20, 515
16,761
16,761
16, 491
16,491
16,491
28,414
3,056
5,085
20,869 42,138
18,682 39,889
17,479 35, 584
14,411 31,152
14,070 30,486
99,744 29,461 45,096
97,147 25,278 42, 759
74,195 24,006 39,625
70,581 20,656 33,329
21,096
48, 01'
62, 98,
44,293
37,843
12,915 23,091 49, 884 7,931 13,276
13,147 23,205 50, 111 7,730 13, 061
13,620 21,895 47,531
9,025 12,611
13,920 19,193 46,579 10,479 11,875
12,676 18,565 41,154 9,968 10,671
32
22,168 39, 757
22,312 39,757
28, 618 23,844 38.871
28, 618 24,161 38.872
27,468 24,194 38,872
132
FEDERAL. HESEBVE BULLETIN
FEBRUARY, ,1927
FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS-Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Boston
New
York
Phila- Clevedelphia land
Other securities:
Dec. 22
_
_
2,596
2,000
2,596
2,000
Dec. 29
3,621
2,000
Jan. 5
. . _ _
_
2.000
3,500
Jan. 12—
2,500
Jan. 19
| 2,666
Total bills and securities:
1,420,019 105,778
Dec.22_
351,321 109,042
1,409, 529 126,953 339,793 110, 343
Dec 29
1, 339, 813 94,761 360,262 101,235
Jan. 5
1,143,171 85, 533 264,934 85,096
Jan. 12
1,068,661 69,135
243,288 84, 528
Jan. 19
Due from foreign banks:
Dec. 22
650
650
651
651
Dec.29
_..
657
657
Jan. 5
657
657
Jan.12._
657
657
Jan. 19.__
.__
Uncolleeted items:
785,171 66,876
185, 558 69,308
Dec.22
728,043 69,093
177,653 63,839
Dec 29
814,912 77,315
198,050 72,827
Jan. 5
706,362 66,122
172,417 58,824
Jan.12._
722,746 66,363
176, 594 65,048
Jan 19
Bank premises:
4,068
Dec. 22
60,271
16, 740
1,700
4,068
60,273
16, 740
1,704
Dec.29 . »_
3,946
58,131
16,276
1,704
Jan.5
3,946
58,168
16,276
1,705
Jan. 12 . ,
58,231 i 3,946
16,276
1, 705
Jan. 19
i
All other resources:
178
919
13,154
291
Dec. 22 .
90
1,075
13,074
275
Dec 29
78
1,837
12,302
327
Jan. 5 - -88
1,776
12,108
322
Jan. 12
84
1,683
12,053
Jan 19
388
Total resources:
5,236,603 394,749 1,578,265 379,057
Dec. 22
5, 224,133 396, 214 1,586,019 371,605
Dec.29
5,300,254 400, 419 1,641,267 368,470
Jan 5
5,073,371 378,505 1,551,364 351,761
Jan. 12
5,039,023 367,708 1, 552,034 354,770
Jan. 19
San
Francisco
RichSt. Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas
|
i
596
596
1,621
1.500
500
49. fill
45,660
44, 685
41.635
40,832
171,670
167,378[
142,136
136,554)
122, 546
78, 745 67,080
71,138 62, 523
81,733 68,688
61,799 58, 606
71,600 55. <)20
70,017
67,736
63,314
54, 329
51,275
221,709
234,868
215,001
176.498
178.529
72,049
60,890
55,617
51,603
46,974
35., 912
35l 278
35; 304
33, 319
31, 751
59,815
58,181
61, 432
57,800
55,859
46,375
43,536
46,140
46,141
43,178
126,720
118,913
119,926
109,729
100,766
34,101 106,546
31,384 89, 547
35,364 97, 009
31,971 85,462
33,081 91,790
35,757
36,785
40, 517
35, 390
38, 111
15,687
13,860
13,918
13,063
12, 387
48, 369
43, 320
51,107
44,425
42, 998
27,315
26,458
33, 576
29,389
27,214
49,829
42,443
44, 808
48, 894
41,640
7,409
7,4091
7,119
7,119
7,119
2,364
2,364
2.113
2,113
2,113
3,017
3,015
2,864
2,864
2,865
7,935
7,935
7,770
7,806
7,842
4,111
4, 111
3,957
3,957
3,957
2,940
2,940
2,774
2,774
2,774
4,668
4,668
4,459
4,459
4,459
1,796
1,796
1,752
1,752
1,752
3,523
3,523
3,397
3,397
3,423
884
901
923
936|
970
581
Sf)1
327
279
257
1,006
1,002
862
794
762
2,545
2,647
2,674
2,725
2,693
799
836
834
896
824
2,275
2, 353
2,184
2,102
2,121
563
532
669
608
619
371
312
370
391
422
2,742
2,750
1,217
1,191
1,130
232,573 287,802
231,160 283,720
* 2 fiQfi285,756
>R
223,189 275,021
215,470 279,772
711,769
713,086
719, 684
685,980
688,797
182,894 146,907 217,039
182,067 145,857 i 214,108
188, 751 144,703 ! 221,396
181,316 . 141,112; 213,324
182,738 140,441 j 209,349
154,821
152,920
156,669
149,561
148,269
435,379
435, 590
430, 227
431,485
413,158
515,348
511,787
504 216
490, 753
486,517
LIABILITIES
Federal reserve notes in circulation:
Dec. 22
Dec.29
Jan. 5
Jan, 12
Jan. 19
Deposits:
Member bank—reserve
account—
Dec. 22
Dec.29
Jan. 5
Jan. 12
Jan. 19
GovernmentDec. 22
Dec.29
Jan. 5
Jan. 12
Jan. 19
Foreign bankDec. 22
Dec.29
Jan. 5
Jan. 12
Jan. 19
Other deposits—
Dec. 22
Dec.29
Jan. 5
Jan. 12
Jan. 19
1,913,960
1,857,015
1,812,698
1, 750,464
1,709,919
161, 603
155,397
154,316
141,253
135,172
421, 548
408, 621
405,808
391,838
394,145
146,039
136,640
125,100
122,104
117,600
235,614 90, 254 170,197
225,601 86,278 167,237
213,333 81, 845 163,953
212,466 78, 842 160, 595
200,401 76, 951 158, 650
2, 218,095
2, 264,144
2,351,953
2,273,647
2, 243,429
140,495
144,306
142, 600
144,218
138,668
867,061
886, 285
956, 111
897, 221
882,386
131, 657
138,892
142,362
140,516
142,425
175, 513
180, 034
176,638
180,629
177,983
67,848
38, 579
6,451
22,989
36,238
6,406
2,855
76
1,562
2,208
28, 762
12,259
385
3,499
10,764
5,818
2,902
628
1,201
953
3,524
1,954
1,140
1,559
1,396
2,827
1,582
224
1,777
2,852
6,778
3,264
98
1,311
1,747
2,633
3,892
1,846
4,581
7,497
1,824
2,101
270
1,363
1,955
1,899
1,143
420
1,680
1,344
1,406
1,561
678
618
1,077
3,588
3,107
365
1,201
1,592
2,383
1,959
321
2,637
2,853
5,506
25,882
25,308
5,632
5,699
471
471
2,140
378
378
1,002
21,378
4,867
1,990
2,057
589
589
2,675
484
484
664
664
3,013
534
534
329
329
1,492
26f
262
248
248
1,126
206
206
850
850
3,857
695
695
267
1,211
21"
21'
199
199
901
151
151
242
242
1,098
186
186
217
217
985
176
176
428
428
1,943
353
353
16,513
17,133
25,657
21,571
32,429
228
177
91
109
675
7,888
8, 569
16, 755
12,482
15,538
133
115
131
215
1,559
1,055
872
1,130
1,290
3,052
85
98
88
101
249
112
146
78
95
43:
878
1,168
841
819
2,873
315
328
334
293
733
199
202
249
122
232
103
90
98
394
31
29
31
37
5,357
253,754
250, 556
245,440
233,805
225, 295
50, 791
49,230
48, 267
46,491
45,193
192,315
187, 211
186,308
178,903
175,082
65,962 327,098
50,440
59,451
67,366 69,036 328,171 80, 588 51,022
58,914
72,885 73,554 336, 832 83, 879 50,484 89,854 59,922
322,525 81,488 49, 435 88, 847 57, 744
69,309
67,354 71, 775 323,973
49,737 87,350 59,049
166,254
173,171
166,832
172,907
161,796
69,210
48,046 69,302
47,719 68,753
46,794 66, 685
46,412 65,527
74,042
72,896
71,856
70, 688
69,491
5,839
5,910
5,695
133
FEDERAL RESERVE BULLETIN
FEBRUAKY, 1927
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES—Continued
[In thousands of dollars]
Boston
Total
Total deposits:
Dec. 22
Dec. 29
Jan. 5
_
Jan. 12
Jan. 1 9 . . . . . .
Deferred availability items:
Dec. 22
Dec. 29
Jan.5
Jan. 1 2 . . .
Jan. 19_._
Capital paid in:
Dec. 22
Dec. 29
Jan. 5
_
Jan. 12..
.,
Jan. 19
Surplus
Dec. 2 2 . . . .
Dec. 29__
Jan. 5
Jan.12...
Jan. 19
All other liabilities:
Dec. 22
Dec. 29
Jan. 5
Jan.12
Jan. 19.
.
_
Total liabilities:
Dec. 22__._
Dec. 29-._-__^_
Jan.5.
Jan.12.
Jan. 19
._
I 2,307,962
I 2,345,738
I 2,409,369
I 2,323,839
| 2,317,795
Philadelphia
147,600
147. T "
144,907
146, 267
141,929
904,713 138,197
142,498
978,118 145,796!
915,192 142,416
910, 745 145,421
Richmond
Cleveland
Atlanta Chicago
180,756
183,524
181,921
184,012
182,965
65, 310
69, 375
74> 689
71,449
70,717
73,100
72, 694
74,856
70,420
74,160
331,459
334,081
343,376
328,620
335,
St.
Louis
63, 287
62, 267
61,303
59,158
61,150
174, 422
180,884
174,935
181.807
170', 697
33,420
34,361
39,344
35,155
36,467
12, 989
12, 013 38,471
12.389 44,103
11, 516 39,162
11, 283 37,137
27, 678
28,338
34,176
30,999
29, 025
41/745
40, 601
43,959
45,706
42,309
57,494
56, 000
63,158
53,900
48, 784
29,042
28,312
31,890
36, 434
36,449
36, 569
36, 589
36, 966
12,605
12, 605
12, 680
12, 588
12,575
13,618
13, 618
13, 621
13, 743i
13,743!
6,097
6,094
6, 095
6,095
5,022
5,020
5,020
5,023
5,023
16,
16,
16,
16,
16,
677
720
716
724
781
5,297
59, 964
59, 964
61,614
61, 614
61, 614
20,464|
20,464!
21, 267!
21, 267
21,267 •
22,894
22,894
23,746
23,746;,
23,7461
11,919
11,919
12,198
12,198
12,198
8,700
8,700
9,632
9,632
9,632
30, 6131
30,613;
31,8811
31,881!
31,881!
1,248
1.340
'315
344
307
4, 944
5,012
2,017
2,122
2,171
1,343
1, 384
255
270
285 i
2,478
2,583
1,032
1,095
1,046
1,494
711
705
714
1,741
1,757
405
415
407
4,027
2,159
2,227
2,256
i 5,236,603 394,749
| 5,224,133 396,214
5,300,254 400,419
5,073,371 378, 505
J 5,039,023 367, 708
1,578,265
1,586,019
1, 641, 2
1, 551,364
1,552,034
379,0571
371,605!
368,470!
61
" ' , 7*•"'
:, 770
515,348
511,787
504,216
490,753
486, 517
69.5
70.41
77.2
76.6
61.0=
63.41
67.5!
70.4!
72.4
j
1
:
!
'
;
;
124,763
124,824
125,011
125,066
125,480
!
I
!
I
220,310
220,310
228,775
228,775
228,775
I
i
:
I
25, 596
26,150
9,719
10,079'
10,078
Ratio of total reserves to Fed- j
eral reserve note and deposit |
liabilities combined
(per
cent):
;
Dec. 22.__._
Dec. 29
_
Jan. 5
__
Jan. 12
Jan. 19
._
Contingent liability on bills
purchased for foreign correspondents:
Dec. 22
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Own Federal reserve notes
held by Federal reserve
bank:
Dec. 22
Dec. 29
Jan. 5
Jan.12.
Jan. 19.
74,475
64, 235
63,894
8,800
8,800
8,800
8,8001
8, 800!
17,
17,
17,
17,
17,
020l
020
606
606
606
V
31,900
75,438
77, 089
80,112
72,723
77, 5461
232, 573 287,802 711, 769
231,160 283,720 713,086
285,756 719, 684
223,1
275,021 685,980
215,470 279, 772 688,797
San
Francisco
91,879
88, 265
91,720
89, 749
89,007
59,988
63, 567
70, 563
55, 691
64< 616
58,478
Dallas
52, 737
52, 566
52,054
51.388
52,128
60, 409
58, 014
63, 372
53,1161
57, 622!
644,012
650,096
714,682
635,148
646,976
Minneapolis
84, 502
83, 284
85,694
83,361
150,6621
147, 4821
157,141
144, 009!
146,393
'
!
!
I
j
MEMORANDA
New
York
3,071
3, 070
3,058
3,056
3,048
4,185
4,197
4,196
4,1961
4,194|
4,301
4,302
4,305
4, 298
4,:
8,656
8,656
8,656
8, 659
8, 651
9,570
9,570
9,'""
7,501
7,501
7,527
7, 527)
7,527!
8,979
8,979
9,029
9,029
9,0291
7,615
7, 615
8,215
8,215
8, 2151
15, 071
15,071
16,121
16,121
16,121
1,512
1,513
760
772
788
1,399
1,405
922
940
928
1. 2851
1', 300]
492
500
491
1,149
1,168
403
400
387
3,170
3,167
248.
289'
182,894
182,067
188,751
181,316
182,738
146,907
145,857
144,703
141,112
140,441
217, 039
214,108
221,396
213,324
209,349
154,821
152,920
156, 669
149, 561
148, 269
435, 379
435, 590
430. 227
431,485
413,158
50.5
57.3
62.4
64.6
67.4
73. li
74.3
73.9
74.9
76.7
61.2!
64. 9 i
61. 9|
64.4!
64. 91
67.8
70.3
66.1
65.4
68.7
68.1
71.7
71.2
73.3
75.7
2, 084
2,084
2,202
3,173!
3, 346
1,870
1,870
1,976
3,001
3,165
3,687
3,687
•3, 895
6,003
6,331
13, 030!
16, 536
16, 739J
15, 948
14,991
7,700
8,763
7,520
7,015
7,465
40, 312
44,977
45, 245
51,922
50, 702
5,295
5,295
5,294
]
I
68.9
70.1
71.0
75.4
76.9
68.1
61.9
71.2
74.2
79.1
76.2
77.2
75.4
81.9
83.4
70. 9!
74. li
74.3
75.5
73.7
72.6
73.1
74.7
77.8
80.5
62.5
62.8
65.5
71.
70.8
i
52,437
55,857
60, 718
86, 273
90,382
4,062
4,062
4,290
6,431
6,783
13, 639
17, 059
19, 735
24, 274
24, 954
5,077
5,077
5,363
8,232
8,682
5,718
5,718
6, 040j
9, 090|
9, 587!
353, 200
407,760
439,436
459,939
453, 086
•55,594
43, 564
37, 700
46,326
42,311
96,145
116,843
111,094
126,936
126,304
40, 060
51, 620
50, 962
53,830
19,5111
30,869!
48, 699
39,887
45,821
2,832
2,832
2,992
4,459
4,743
2,138
2,138
2,258
3.516
3,708
13,498 30, 900
16,496 33, 768
20,175 33,640
21, 962 30,878
20,476 29, 251
7, 322
7,322
7,734
11, 834
12, 481
2,:
2,298
2,427
3,687
38,375
44,826
57, 031
57,117
52, 501
4,939
5,297
5,044
5,707
5,239
1.710
. I , 710
'
1,'""
2,573
2,713
5,761
4,929
5,279
4,195
134
FEDEKAL DESERVE BULLETIN
FEBRUARY,
1927
FEDERAL RESERVE BANKS—MATURITY D I S T R I B U T I O N OF BILLS, 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 , AND M U N I C I P A L
WARRANTS
[In thousands of dollars]
Total
Bills discounted:
Dec. 22
Dec. 29.
Jan. 5
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days to
6 months
_ __
Jan. 12
Jan. 19
_
_
Bills bought in open market:
Dec 22
Dec. 29
Jan. 5
Jan.12
Jan. 19
Certificates of indebtedness:
Dec. 22
_
.
Dec 29
----
Jan. 5
Jan. 12
Jan 19
Municipal warrants:
Dec 22
Dec 29
_ _ _ _ _
37,193
38,865
30, 510
28, 768
27, 613
52, 688
49,876
47,635
45,490
43,411
33,160
37,232
27,090
24, 270
24.448
8,206
8,792
9,803
9,021
8,781
157, 087
155, 744
170, 212
130,158
147,001
80,459
76, 818
78,150
78, 201
71,170
86. 642
90, 963
98, 299
95, 654
90, 754
56,469
49,382
36,144
27, 344
21,060
6,936
5,891
6,032
6,785
7,375
177, 704
183,400
166,106
164,453
159, 505
_ _
583,639
575, 544
517,727
382,115
310, 773
387, 593
378, 798
388, 837
338,142
337, 360
_ .
715,424
710,931
633,482
490,478
416, 059
100
4,500
7,860
5, 676
1,564
20
128, 693
130,025
107,945
108,162
113, 382
96
96
121
..
111
Over 6
months
Jan 5
548
622
717
814
1,033
48, 891
48, 875
50,301
50,615
44, 559
96
96
10
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 ' ACCOUNTS, BY W E E K S
[In thousands of dollars]
Total
Federal reserve notes received
from comptroller:
Dec. 22
_
_
Dec. 29.
Jan. 5
Jan. 12
_.
Jan. 19
Federal reserve notes held by
Federal reserve agent:
Dec. 22
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Federal reserve notes issued to
Federal reserve bank:
Dec. 22
Dec. 29-_Jan. 5
:_._.
Jan. 12
Jan. 1 9 . - .
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificatesDec. 22
..
Dec. 29
Jan. 5
Jan. 12
Jan.19
Gold redemption f u n d Dec. 22
Dec. 29
Jan. 5-.Jan. 12
Jan. 19.
_-_
Gold fund, Federal Reserve
BoardDec. 22___
Dec. 29
_
Jan. 5
Jan. 12
__
Jan. 19
Eligible p a p e r Dec. 22
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Total collateral:
Dec. 22
Dec. 29
Jan. 5—
Jan. 12
Jan.19
1
_
Chicago
Cleveland
San
J
St. MinneLouis apolis City ' Dallas Francisco
New
Boston York
Philadelphia
259,0971
263,811'
262,716
261,729
259,283;
206, 237 285, 565
204,400 290,310
202,420 295, 672
292, 043
199,130 287, 662
127, 331
126'. 353
125, 599
124. 383
122, 881
258, 212
257,055
255, 543
253, 363
250,921
455, 546
453,999
450, 411
445,422
441, 396
73, 012
72,323i
72,023|
72,241!
71, 871!
87, 870
89, 325
88, 644
88, 656
89, 524
114, 482
116, 042
115,005
114, 046
112, 992
73,438
72,940
71, 984
70, 953
70, 005
281,627
285, 68S
284,053
280, 325
275, 284
41,900- 282,080 31, 200 30,440
64,850| 282,080 27, 700 33, 840
70,700 282,080 25, 700 33, 640
74,150 282,080 25, 700 39, 690
81,800 282,080 27, 700 41,4401
23, 579
23, 579
23, 579
23, 579
25, 454
57,115
56,050
57,950
61, 890
63,020
163,417
158, 617
147,940
154, 500
163, 600
19,480
18, 980
19,260
19, 740
20, 220
14,462
14, 262
14,962
16, 692
19, 802
27,410
26, 610
26,410
27,410
28, 510
14, 947
14,947
16,197
17,447
17,347
49, 000
53, 5C0
52, 500
49, 5C0
49, 5C0
201,097 292,129
53, 532
53, 343
52, 763
52, 501
51, 651
73, 408 87, 072
75,063 89? 432
73, 682
71, 964
69, 722 84, 482
58, 491
57, 993
55, 787
53, 506
52, 658
232, 627
232,188
231, 553
230,825
225, 784
18,343
18, 343
18,343
18, 343
18, 343
10, 000
10,000
10, 000
10,000
10,000
3,022,190
3,039,790
3, 023, 052
3, 002, 781
2, 983, 478
755,030
775, 015
770,918
792, 378
820,473
2, 267,1601 217,197
2, 264, 775! 198, 961
2,252,134 192,016
2, 210,403 187, 579
2,163, 005 177,483
799,773
807.544
798,982
800,854
802,529
517, 693
525, 464
516, 902
518, 774
520,449
175, 037
176, 700
176, 720
173, 066
171, 430
255,125
256,470
262, 032
252, 353
246, 222
103,7521
102, 774
102, 020
100, 804
97, 427
8,780 28,805
8,780 28, 805
28, 805
28, 805
8,780 28,805
16,151
306,095 1
306, 096!
306, 281
306,280,
35,300 168, 698
35,300
35, 300
35, 300 168, 698
35,300 168, 698
111, 978,
109, 052
111, 071
106, 287;
105, 659
18, 910
17, 624
16, 529
15, 542
13, 096
23, 361
23,289
23, 289
23.199
23. 093!
958,647
953,977
1,002, 588
1, 111, 102
1,163, 556
89,000
69,000
59,000
74, 000
84,000
201, 005
197, 593
191,473
187, 901
295, 382
302,471
290, 922
277, 796
15, 223
15, 212;
15, 213
15, 398:
15, 397
7,495 13, 507
7,450j 13, 507
7,450! 13, 507
7,450! 13, 507
7,450 13, 507
11, 660
9,823
12, 843
9,189
10, 553
12, 793
15, 538
13, 699
14, 271
12, 890
4,903
3,924
6,170
4,954
6,453
6.652
5,196
7,683
5,503
8, 642j
2,798
2,779
2,779
2,751
2,715
I, 1
1,018
2,756
1,906
1, 257
1, 032
1, 351
1, 643
831
5,285
4,845
3,808
4,849
3,795
4,214
4,715
3,759
3,729
4,280
18, 658
18,489
18,143
17, 901
17, 405
71,0001
91,000J
91,000
156,000
186,000
93,977
93,977
92, 877
104, 877
108,877
130,000
130,000
140,000
140,000
145,000
38,000
38,000
35,000
35,000
33,000
112,000:
116, OOOl
115, 000i
120,000
116,000
145,645
145,645
180,645
195,645
195,644
10,300
9,300
11,300
17,300
19,300
44, 000
44,000
46, 000
46, 000
46,000
54,860
58,360
59,360
56,360
56,360
15,000
16,000
16,000
12,000
12,000
154,865
142, 695
156,406
153,920
163,375
1,066,858 95,917 268,114
1,058,364 116,933 258,821
280,487
996,817
812, 610 74, 648 195, 913
733,259 58,968 168, 599
75, 614
75,829
73,281
59, 513
57,301
133, 095
128,930
103,851
100,142
85,491
41,484
38,204
37, 554
34,072
33,227
68,108
65,868
61,408
52,368
49,198
172,959
186, 537
167,255
128, 505
131,094
51,357 18,229
40,214 17, 622
35,284 16,930
31,165 15,074
26,350 14, 523
31,265
29, 365
32, 754
29,117
28,314
24,160
21,162
22,146
21,870
86, 556
78,879
80,891
70, 223
61,299
181,251
179,629
179,001
173, 579
174, 731
284,668
283,248
266,330
263,193
252,161
113,192
108,933
107,529
102,831
101,485
201,983
202,276
199,304
193,269
189,237
321,402
334,961
350,679
326,901
329,453
70,639 76,993
58,762 76,161
55,052 77,788
58,671 76,224
55,006 74,861
91,410
92, 570
95,922
90,326
61, 717
60,220
60,248
55,942
53,518
270,079
250,063
265,440
252,044
252,079
I
2,443,634
2,427,488
2,416,572
2,336,280
2,308, 754
239,127
238,857
195,805
199,490
191,364
531,173
541, 808
563,474
543,810
546,390
FEBIIUART,
135
FEDERAL, RESERVE BULLETIN
1927
FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, DECEMBER, 1926
[In thousands " f dollars]
o
Total
HOLDINGS ON DECEMBER 31,
1926
Total bills and securities _.
1,335,055
636,628
Bills discounted
380,986
Bills bought in open market
United States securities
_. 314.820
2, 621
Other securities
Bills Discounted
Rediscounted bills:
Commercial and agricultural paper,
n. e. s
.
170,639
322
Demand and sight drafts.
2,812
Trade acceptances
Secured by U. S. Government
obligations
1,111
Member bank collateral notes:
Secured ^by U. S. Government
364,169
obligations
97,575
Otherwise secured___
Total discounted bills
636,628
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
All other
Trade acceptances based on imports.
Biils payable in foreign currencies
Total purchased bills
New
Boston York
Philadelphia
Cleve- Rich- Atland mond lanta
Chicago
San
St. Minne- Kansas
Louis apolis City Dallas Francisco
•
123,467 344, 782
116,910 148,814 43, 722 61,738 196, 705 60,193 34,313 54,132 44, "038 106,241
66,103 184,475 67,841 79,442 23,509 36,676 97, 831 31,129 4,038 6,612 4,772 34,200
47, 200 101,443 26,839 33,217 12,796 23,172 50,116 7,992 12,615 18,295 15,927 31,374
10,164 58,864 20,230 36,155 7,417 1,890 48, 758 21,072 17,039 29,225 23,339 40,667
2,000
621
33, 682
7,147
11, 618
127
354
274
272
20,537 13, 674 30,254
65
615
310
348
'415
117
91
6,683
2,725
8,986
223
38
2,341
4,922
2,600
34
16
4,683
672
38
64
1
5
106
2
30,195
58
32,022 146, 539
30,435
46, 556
9,393
49,011
8,864
1,022
4.896
58,891 12,191
8,035 9,627
657
1,039
1,479
206
1,488
528
7,630
21,827
66,103 184,475
67,841
79,442 23, 509 36,676
97, 831 31,129
4,038
6,612
4,772
34,200
131,907
120,335
77,698
8,434
17,752
13, 694
9,103
672
33,364
31, 420
17,701
3,378
7,191
10, 789
4,492
504
13,334
8,724
5,149
885
4,721
3,788
3,311
77
7,518
8,829
5,564
56
17, 618
18,397
12,052
824
2.421
2,016
1,986
418
4,785
3,819
2,516
307
7,822
5,661
2,583
513
4,726
6,103
3,326
135
10,655
7,095
9,915
665
37, 714
1,451
1,258
2,189
5,890
89
13,303
750
1,258
269
3, 759
104
3,205
899
1,205
1,110
115
961
190
1,113
75
1,716
1,637
2,916
128
47,200 101,443
26,839
33,217 12, 796 23,172
50,116
7,992 12,615 18,295 15, 927
31,374
380,986
United States Securities
United States bonds, _
_ _ 47,964
87, 358
Treasury notes
Certificates of indebtedness
__. 179,498
314,820
Total United States securities
DAIL1? AVERAGE HOLDINGS
DURING DECEMBER
Total bills and securities 1
1,380, 571
671, 722
Bills discounted
384,826
Bills bought
. _
321,446
United States securities
Federal intermediate credit bank
2,500
debentures
EARNINGS DURING DECEMBER
4,487
Total bills and securities 1
_ __
2,282
Bills discounted
1,228
Bills bought
968
United States securities
Federal intermediate credit bank
9
debentures
* ._
.
1,920
531
2,140
7,493
1,364
11, 646
45,854
585
15, 388
4,257
1,170
18,266
16,719
1,192
1,252
4,973
352
1,538
20, 517 2,012
5,490 6,972
22, 751 12,088
7,569 8,842 3,738
1,841 4,140 3,813
7,629 16,243 15, 788
92
14, 872
25,703
10,164
58,864
20, 230
36,155
7,417
1,890
48, 758 21,072 17,039 29,225 23,339
40, 667
104,026 338,620 109,102 160,128 49, 211 74, 523 215,642 68,755 35, 692 60,736
55, 726 154, 570 60, 785 90,051 29, 620 47,553 119,165 37,844 5,101 13, 663
38,471 112,701 25, 885 34,411 12,445 25,118 48,126 10.431 13,373 18,616
9,829 71,349 20,432 35,666 7,146 1,852 48,351 20,480 16,641 28,457
2,000
343
190
124
29
1,094
525
360
209
355
206
83
59
46,895 117,241
10, 320 47,324
14, 724 30,525
21,851 39,392
500
522
306
110
106
160
101
39
20
248
161
81
6
710
405
153
- 152
223
129
33
61
7
116
17
43
54
194
46
59
89
148
35
47
66
374
161
96
117
3.77
4.00
3 75
3.67
3.72
4.00
3 78
3.54
3.76
4.00
3 73
3.49
2
ANNUAL RATE OF EARNINGS
Total bills and, securities *
Bills discounted..
Bills bought
„
United States securi ties _
_
_
Federal intermediate credit bank
debentures
3.83
4.00
3.76
3.55
4.01
3.88
4.00
3.79
3.48
3.80
4.00
3.76
3.44
3.83
4.00
3.75
3.42
4.04
3.84
4.00
3.75
3.52
3.83
4.00
3.73
3.26
3.92
4.00
3.78
3.60
3.88
4.00
3.74
3.71
3.81
4.00
3 72
3.51
3.83
4.00
3 74
3.85
3.87
i Figures include municipal warrants for Minneapolis, average daily holdings, $76,911; earnings, $261.33; annual rate of earnings, 4 per cent.
136
FEDERAL RESERVE BULLETIN
FEBRUAEY,
192?
FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING DECEMBER, 1926
[Amounts in thousands of dollars]
SanFrancisco
Total Volume of Operations
461,342 2,106, 789 367, 265;710,119 163, 532 76,399 467, 538 213, 719] 25,435 72,393
Bills discounted for member banks
Bills bought:
In open market
___
From other Federal reserve banks
United States securities bought:
In open market
From other Federal reserve banks
Municipal warrants bought
393, 016 1, 552, 835 334, 645 680, 201150, 711 65,889 396,695195,702 12,521' 49,764
4,3431 6,170i 8,141
1,7011 1,200 2,000
Bills Discounted
Eediscounted bills:
Commercial and agricultural paper, n. e.s.
Demand and sight drafts
Trade acceptancesDomestic
Foreign
_Secured by U. S. Govt. obligations
Member bank collateral notes:
Secured by U. S. Govt. obligations
Secured by eligible paper 2.
Total
,740! 32,469! 1,278'
197, 554 1, 231, 588 263,305 595,524 57,4
8, 774 109, 736;
96, 561
11,980 304,188 133,622
393,016 1, 552, 835 334, 645 680, 20l|l50, 711 65,889 396, 695195, 702J 12,5211 49,764
.
Average rate (365-day basis) per cent
Average maturity (in days):
Member bank collateral notes
Rediscounted bills
Number of member banks on Dec. 31
Number of member banks accommodated
during month
_
Per cent accommodated
10. 41! 6.91! 7.66j
49.22J 43.26! 110.19!
1,335:
609! 766!
Bills Bought in Open Market
From, member banks
From nonmember banks, banking corporations, etc.:
Bought outright
Bought with resale agreement
8, 3301 25, 388
30,457 184,118
13, 919; 3,132
7.413
31,985! 4,343; 6,170
Total.
Rates charged:
2>XA per cent..
2>Ys per cent
3M per cent
V/% per cent
4 per cent
4Vg per cent
4M per cent
4 ^ per cent
4H per cent
4H per cent
Average rate (365-day basis), per cent.
Average maturity (in days) 3
Class of bills:
Bills payable in dollars 3—
Bankers' acceptances based on—
Imports
Exports
Domestic transactions
Dollar exchange
Shipments between or storage
of goods in foreign countries—
•All other
Trade acceptances based on imports.
Bills payable in foreign currencies.
2,773
48,500r~190f~488
9,028
3.78] 3. 67
50.261 43.43
48,925
57,013
42,399
5,183
1,013! 1,825
1,186] 1,810
1,062
232
7,049
10, 915
7,397
2,085
3,107
2,347
1,013
357
4.004
4; 034
5,011
591
23,772
1,395
1,045
680
Total...
U. S. Securities Bought in Open Market
Bought outright:
United States bonds
Treasury notes
Certificates of indebtedness 4
Bought with resale agreement
25, 369
26,481
353,092
58,662
220! 16,361
1,154! 6, 946
3,942| 256,221
1,0541 46,795
3,879|
146
1,738
766
5,9351 2, 615
I _„
I
Total..
17, 69ft
1 Includes $1,200,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif., and $264,800 discounted for the Federal Inter-,
mediate Credit Bank of Spokane, Wash.
3
2 Includes bills taken under a resale contract.
Exclusive of acceptances bought under a resale contract.
^ Includes special 1-day certificates issued by the Treasury to Federal reserve banks as follows: New York, $228,000,000; Philadelphia, $14,000,00^
Chicago, $13,000,000; and St. Louis, $3,000,000. Total $258,000,000.
137
FEDERAL RESERVE BULLETIN
FEBRUARY,- 1927
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
FEDERAL RESERVE DISTRICT
Boston
Number of reporting banks:
Dec. 22
i
Dec. 29
i
Jan. 5
684
Jan. 12
i
Loans and discounts, gross:
Secured by U. S. Government
obligationsDec. 22
__ 142,198
Dec. 2 9 . . .
144,075
Jan. 5
148,353
Jan. 12
154,193
Secured by stocks and
bondsDec. 22
5,576,090
Dec. 29
5,708,092
Jan. 5
5,736,745
Jan. 12.
5,591,023
All other loans and discountsDec. 22
8,720,963
Dec. 29
8,717,058
Jan. 5_
8,700,249
Jan. 12
_
8,673,529
Total loans and discounts:
Dec. 22
14,439,251
Dec. 29
14,569,225
Jan. 5.
14,585,347
Jan. 12
14,418,745
U. S. Government securities:
Dec. 22
2,337,282
Dec. 29
2,322,534
Jan. 5.
2,285,162
Jan. 12..
„ . . 2,309,660
Other bonds, stocks, and
securities:
Dec. 22
3,176,976
Dec. 29
3,218,290
Jan. 5
__ 3,202,676
Jan. 12_3,233,308
Total investments:
Dec. 22
— 5,514,258
Dec. 29
5,540,824
Jan. 5
5,487,838
Jan. 12-_
. 5,542,968
Total loans and investments:
Dec. 22
19,953,509
Dec. 29
20,110,049
Jan. 5_
20,073,185
Jan. 12
19,961,713
Reserve balances with
Federal reserve bank:
Dec. 22
1,656,621
Dec.29
1,674,541
Jan. 5
1,749,783
Jan. 12-_
1,682,734
Cash in vault:
Dec. 22
362,839
Dec.29
323,310
Jan.5__
308,207
Jan. 12
296,776
Net deniand deposits:
Dec. 22
12,946,576
Dec. 29
13,082,058
Jan. 5
13,219,527
Jan. 12
13,189,240
Time deposits:
Dec. 22
5,774,735
Dec.29
_ 5,792,255
Jan. 5
5,858,749
Jan. 12
5,878,283
Government deposits:
Dec. 2 2 . . . .
:
163,365
Dec.29
163,065
Jan. 5
155,853
Jan. 12
119,595
New
York
Philadelphia
Cleve- Richland mond Atlanta Chicago
38
38j
38
38^
8,090
8,078
8,196
8,521
I Minne- Kansas
apolis
City
Dallas
67
48,023
50, 572
53,408
62, 753
20,773
20,872
22,204
21, 767
4,626
4,730
4,602
4,805
358,11612,320,347
360,180:2,426,384
352,41812,472,776
336,159:2,356,375
434,222
439,658
444,300
441,032
551,536
558, 985
560,988
551,456
640,38812,874,487
642,426|2,888,077
640,328:2,888,578
637,067 2,864,248
377,523
369,208
364,913
380,272
5,664
5,591
5,.""
5
San
Francisco
65
65
63
63
66
10,096
10,236
10,652
10,689
4,288
2,470
2,378
2,287
5,976
6,133
7,058
20,106
20,958
20,055
18,087
6,437
6,310
6,274
148,713
15], 173
152,209
153, 719
110,610 878,423
111, 009 884, 762
108,704 868,282
110,637 865,316
196,762
196,533
193,082
193,230
788,415
794,375
788,552
789,084
356,633
354,217
352,939
360,767
,
),
400, 329 1, 278,828 310,939
, 271,857 303,985
400,
400,
1,6611,285,774 302,414
398,4911.,272, 641
174,136 302,647 242,331 974,307
172,565 302,421 241,478 976,139
970,551
169,940
165,553 297,387 238,948 960,902
821, 8411 ,360,724
819, 1021.,374,232
819, 865 1 371,744
.,
., 362,307
1,006,594 5,242,857
1,010,68415,365,033
l,000,942 ! 5,414,762
981,747!5,283,376
135,826
135, 705
128,489
133,728
St.
Louis
50'}, 972
510,120
509,750
519,291
516,
1,603 2,, 177,357 514,300
!
516, 910 2,177,577
\,
506,955
514,, 958 2,174, 111501,806
:
514,617 2,156,044 507,673
247,289
247, 587
245,708
244,845
415,734
414,495
412,127
413,431
64,406
63, 628
63,685
63, 713
98,524
99,090
96,698
97, 625
50,150
49, 904
48,560
49,513
244,264
242,280
248,074
244, 609
47,362 96,578
48,202 95, 990
47,806 95,232
47,841 95,293
29,136
24,873
24,224
24,329
227,147
230,838
237,152
237,571
79,286
74,777
72,784
73,842
471,411
473,118
485,226
482,180
3,327
3,334
3,314
"3,355
4,630
4, ~ " '
4,197
108,457
71, 688 107,410
72,454 110,891
75, 937 111, 847
73,758 325,320
74,438 325,872
72,141 328, 500
71,726
320,377 1,305,603
318,3861,308,144
313,46511,306,109
312,96111,290,460
951,636
951, 626
940,660
932, 774
87,021
80,326
84,224
85,516
263,111
258, 700
254,735
259, 915
62,i
64, 699
64,798
63,037
38,019
37,162
36,362
37,081
279,783
279, 568
254,099
•276,188
61,862
59,846
64,778
65, 961
255,7891,178,506
257,513il, 193,705
255,747)1,202,107
254,2781,237,699
269,324
272,787
272,260
273,330
369,498
370,160
362,321
360,720
69,380 59,403
69,437 60,578
68,867 60,143
69,797 60,478
452,893
473,457
457,000
450,441
121,960
120,750
119,817
121,531
391,615i2,130,142
393,218 2,145,331
384,23612,142,767
388,006|2,170,473
356,345
353,113
356,484
358, 846
632,609 132,060
732, 676
753,025
711,099
726, 629
183,822
180,596
184,595
187,492
111, 768
111, 830
111, 491
111, 554
195,102
195,080
191,930
192,918
614,025 2, 910,033
614, 650 2,930,
611,463 2, 8 8 , :
612,176 2,882, 673
698,122
687, 551
686,401
695,165
359,057
359,417
357,199
356,399
610,836
609,575
604,057
606,349
399, , .663 -, 777,014
>
1,
393,163 1,
_._,___ -,781,262
386,249 1,791,335
386,8031,772,640
35,871 39,305 246, 686
38,357 39, 674 247,042
43,929 44,044 254,883
41,373 39,210 239, 955
49,309 25,036
46,987 25,225
49,396 24,632
47,602 23, 852
56,273
52,365
55,392
54, 772
30,104 111,465
29, 085 115,287
29,945 108,383
29,482 144, 342
69,663
59,272
58,185
55, 633
10,140
9,167
8,458
8,348
6,080
7,161
6,342
6,278
14,340
14,161
13,183
13,265
11, 878
11,175
11, 733
10,950
25,159
25,501
24,297
23, 612
330,
1,826 1., 755, 602
334,
L0071, 757,735
342,343 I, 755,747
346, 654 1., 770,027
407,294
405,798
406,034
409,056
213,379
213,860
215,070
215,281
490,095
490,482
489,941
492,367
;
276,704J
275,148
271,353
270,845
796,082
799,727
794,969
807,202
207,390 223,032 1, 056, 550
813, 743 207,811 223,776 1 058,849
824,644 210,143 219,, 663 1, 054,702
>
822,441 211,895 223, 234 1, 053,363
!,
211,344
211,149
220,661
225,362
126,859
122,851
123,6991
124,594)
146,460 99,6951
144,172 100,418
144,536 101,486
145,424 102,601
881,824
897,058
921,800
921,224
3,874
3,885
3,750
3,082
950
950
5,652j
5,678!
5,400!
3, 997!
16,539
16,539
15,833
12,297
1,398,20917,372,999
1,403,902 7,510,364
1,385,178 7,557,529
1,369, 753 7,453,849
94,717
84,615
92,851
94,460
134,136
617,056 133,665
620,635 132,834
1,178,186 1,993,333
1,172,215 2,003,092
1,176,349 1,988,800
1,190,839 1, 982, 942
642,032
644,256
643,415
652,125
762,075
777,232
840,296
785,918
79,304
83,303
85,851
86,014
126,476
125,369
120,181
125, 754
26,902 105,456
24, 614 88,521
23,080 84,197
22,078 80,039
19,052
17,133
17,028
40,563
36,702
33,665
32,622
17,394
15, 898
15,154
14,844
764,704 1,0;10,078
762,408|l,002,938
779,043 1,010,946
806,7011,008,773
373,997
373,247
384,000
392,966
901,333 5,626,482
894,175 5, 772,533
914,485 5, 855, 596
i, """
905, 235 i, 764,133
i,
5,
L,
426,326 1, 340,672
,338,276
425,
,361,386
423,
422,4211 ,373,108
17,702
49,160
17, 700 49,160
16,794
47,010
12,271 36,206
247,783
248,453
252,082
252,616
22, 724
22, 724
21,768
17,034
13,089
13,089
12, 508
v
9,681
4,563
4,528
4,326
3,443
97,422
97,740
96, 505
97, 559
12,575
12,086
12,780
12,079
9,793
7,614
16,997
16, 997
16,089
11, 645
628!
2,322
2,322
2,218
1,697
138
FEDERAL RESERVE BULLETIN
FEBRUARY,
1927
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Total
Bills payable and rediscounts with Federal reserve bank:
Secured by U. S. Government
obligationsDec. 22
Dec. 2 9 . . . .
Jan. 5
Jan. 12
All o t h e r Dec. 22
Dec. 29
Jan. 5
Jan. 12
Total borrowings from
Federal reserve bank:
Dec. 22.
.._
Dec. 29
Jan. 5
Jan. 12
New
York
Boston
Philadelphia
Cleveland
321, 537
301, 295
271 999
171,495
18, 625
16,401
3, 725
6,176
124, 7251
110,851
111,051
62, 801
22,885
22,!
19, 845
6,140
182, 891
210,170
174, 511
133, 754
16,836
24, 686
20, 550
11,472
18,054
40,273
37,171
41, 616
8,562
9,484
5,033
3,334
504, 428
511,465
446, 510
305, 249
35, 461
41, 087
24,275
17, 648
142, 779
151,124
148,222
104,417
31,447
32,333
24,878
9,474
Richmond
'
Atlanta
apolis
49,005
53,470
34, 867
34,432
3,270
2,377
2,682
1,960
2,303
2,233
3,459
1,705
58. 569
58; 633
61,830.
31,439
11,497
9,722
5,791
5,744
1,100
26.
20,
17,
16,
9,973
8,361
7,
4,350
23, 333
22,197
19, 856
14, 274
29, 765
45, 305
26,803
14, 845
19, 571
11, 265
8,774
5,102
950
1, 682
1, 650
500
13, 243
10, 738
10,288
6,310
25,
24, 430
23, 315
15, 979
88, 334
103,938
31, 068
20,987
14, 565
10, 846
San
Francisco
Kansas
Ci
2, 050
1,682
1,650
500
925
696
752
679
75, 930
74,166
52. 619
5l| 111
46, 284
48,442
42, 775
45, 290
33,368
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES
P R I N C I P A L R E S O U R C E S A N D L I A B I L I T I E S , BY W E E K S
[In thousands of dollars!
CITY
New
York
Boston
N u m b e r of reporting banks:
Dec. 22
Dec. 29
Jan. 5
Jan. 12
Loans a n d discounts, gross:
Secured b y U. S. Government obligations—
Dec. 22
Dec. 29
Jan. 5
Jan. 12
Secured b y stocks and
bondsDec. 22_.
Dec. 29
Jan. 5
Jan. 12
All other loans and discounts—
Dec. 22
Dec. 29
Jan. 5
Jan. 12
Total loans and discounts:
Dec. 22
Dec. 29
Jan. 5
J a n . 12
U . S. Government securities:
D e c . 22
Dec. 29
Jan. 5
Jan.12
Other bonds, stocks, and
securities:
Dec. 22
Dec. 29
Jan. 5
...
Jan. 12
Total investments:
Dec. 22
Dec. 29
Jan. 5
Jan. 12
Philadelphia
Cleveland
RichChicago
mond Atlanta
St. I MinneLouis apolis
Kansas
City
Dallas
228
228
226
95,
96,
101,
108,
3,
4,
4,
3,
507
531
032
525
931, 903
054, 647
086, 829
944,187
14
14
13
13
45,120
47,690;
50,556
59, 796
6,734
7,059
488,
493,
488,
485,
9,408,464
9, 529,371
9, 559, 022
9,392,717
764, 374 4, 592, 247
771,36114,710,397
759,849!4, 761,469
741, 733 4,629, r ~
422, 737
413,126
402,382
410, 688
1,
1,
1,
1,
740,
778.
762,
793,
305
881
327
804
3,163,042
3,192, 007
3,164', 709
3, 204,492
9,406
9,551
9,925
9, 956
269, 006 2, 021, 018 389,
271
271, 443 2,121, 298 394,
264, 431 2,174,321 394,
2,
248, 758 2, 060,493 384,
5, 381, 054
5,378,193
5, 371,161
5,340, 005
1,
1,
1,
1,
San
Francisco
669;2, 526,109
252|2, 541,409
684 i 2, 536,592
916 2, 509,400
337,
329,
326,
337,
6,297
6,329
7,735
7, 512
716
1, 669
1.666
i;666
1,651
186, 754
189, 254
193, 638
188,151
23,669
23, 980
23, 629
24, 742
005
511 384,163
025 379, 079
359 381, 778
797
381
600
980
1,168
1.162
1.163
1, 201
16,404
17, 513
13, 929
16, 563
660,899 144,476
143, 650
649, 812 140,085
647, 211 140, 481
27,974
30, 657
31, 535
34,853
23,
24,
28,
28,
71, 247i
70, 518J
70, 048
71, 394
53,110
52, 543
53,956
56, 715
719, 257
710, 938
723,630
708,129
178, 946
172,116
171,685
177,816
I
92, 510|
92,41l!
91,950!
88,841
86,133
85,286
84,333
" ' ~~~
83, 070
71,183 1,394, 622
71, 722 1,391, 998
69, 5511, 388, 090
74,929 1, 368, 043
,
328, 009
320,192
316, 086
322, 579
121,652,1
124,230i
124,648!
124,8951
110,298
110,389
114,044
112,757
142, 653
143, 700
134,050|
146,310;
44, 008
41,848
47,010
47,875
26, 555
25,864
26, 060
26, 066
30,277
30, 779
30, 654
31, 624
!, 855 211,117
1,115! 231,594
\, 793! 215, 004
1,480! 210,232
73,076
73,187
72, 407
72, 338
20,138
20,083
20,020
20,186
23,
22,
22,
22,
19, 2251 353,770
19,332; 375,294
18f153| 349.054
17, 864j 356', 542
117,084
115, 035
119, 417
120, 213
46,
45,
46,
46,
575, 734
579, 746
580,452
577,441
72,446
65, 437
69,424
70, 394
61, 359
58,421
60, 660
62, 051
95, 632
95, 2631
94,362|
96,962j
!
3, 295 i
3,295|
3, 237j
3, 2351
114, 204 864, 770
114, 677 880, 611
113,309! 884,046
111,059! 921,818
225,155
228, 552
228, 527
229, 460
92.151
92,445
91. 906
90,940
11, 696j
11, 632|
10, 565i
10.213!
180, 687 1, 721, 955
181. 052 1, 740, 890
173, 673 1, 738,101
176,6691,764,511
297,
293.
297,
299.
66,483
66,375
60,364
65,610!
I
857,185
860,279
854,055
842, r "
I
601
989
951
854
153.510
150, 866
152, 566
152, 991
1,076
1,075
1,160
1,128
4.587
4', 426
4,316
4,282
736, 208
733,443
730, 550
732, 295
14,
14,
13,
13.
991
927
802
448
10, 370
10, 217
9,360
9, 384
14,466
14, 574
14, 648
12, 703
693
947
080
252
089
028
551
559
2, 326
1, 977
479 2,148
382j 2,062
387
2,024
17, 405
17,385
17,231
17, 015
151,412
154, 572
155, 067
152,381
73,372
73,419
72, 986
72,474
372, 013
372. 627
372,193
367,113
i3,103| 525,402
91, 283 529,347
90,599 529, 322
89,876 521, 518
12, 952
12,838
12, 532
12,579
95,154
94,073
94,976
92,867
076
554
508
374
8,594
4,494
3; 391
3,344
87,473
89, 937
91,851
93, 360
53, 353
53, 333
53,162
21,546
17,332
15,923|
15,923!
182,627
184.010
186; 827
186,227
FEBRUARY,
139
FEDERAL. RESERVE BULLETIN
1927
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
CITY
Total
Boston
Total loans and investments:
Dec. 22_
.._
Dec. 29
Jan. 5
Jan. 12
Reserve balances with Federal reserve bank:
Dec. 22
Dec.29.
Jan. 5
Jan. 12____
-_--.
Cash in vault:
Dec. 22
-.
Dec. 29
Jan. 5_.
.._
__.
Jan. 12
_
Net demand deposits:
Dee. 22
-Dec.29
Jan.5
Jan. 12
_
Time deposits:
Dec/22
..._
Dec. 29__
„
Jan. 5
__
__.
Jan. 12__
Government deposits:
Dec. 22
Dec.29
_
Jan. 5
Jan. 12
Bills payable and rediscounts
with Federal reserve bank:
Secured by U. S. Government obligationsDec. 22
Dec.29
Jan. 5_.._
_-..
Jan. 12
All o t h e r Dec. 22
Dec.29
_
Jan. 5
_.
Jan. 12
Total borrowings from Federal reserve bank:
Dec. 22
Dec.29
Jan. 5.
Jan. 12
__
•_
Due to banks:
Dec. 22
Dec. 29
_.
Jan. 5
Jan. 12
_
Due from banks:
Dec. 22
.
Dec.29
Jan. 5
Jan. 12
..
12,571, 506
12, 721,378
12, 723, 731
12, 597,209
945,
952,
933,
918,
New
York
Philadelphia
06116, 314, 2021,, 033, 809
413 6,451, 2871,, 027, 432
522J6, 499, 5701, 028, 501
402J6, 394, 200 I!, 032,149
Cleveland
Richmond Atlanta Chicago
729,244
730,612
733, 018
730. 432
110, 623|
110,190i
108,164
110,410
90, 408 1 748, 392
),
91, 054 1 767, 292
,
87, 704 i;~~y, 144
737;
92, 793 1 724, 585
-"'
445,093
435, 227
435, 503
442, 792
168,345
170,177
170,728
171,147
163, 651
163, 722
167,206
166, 755
1,188, 718
1, 204, 939
1,270, 326
1,201,828
74,478
72, 0111
71,2981
72, 532
702, 992
716,245
775,837
722, 509
73,101
75, 762
77, 843
77, 937
40,854
39, 035
38, 805
39, 518
4,
6,685
7,912
6,621
7,053
5,794
7,898
6,124
170, 341
177,600
179, 719
167,451
33, 370
30, 766
32, 672
31,458
12,788
13,162
12,270
11, 442
180, 335
154,438
144,191
139,042
13, 274
12, 025
10, 528
9,905
85,113
71,277
67,130
64, 460
18, 869
15, 842'
13,806
13, 950
12,000
11, 658
10, 231
10, 073
1,275
1,018
863
853
1,478
1,273
1, 321
1,166
30,188
24,352
24,410
23,101
4,169
3,842
3,683
1,911
1,813
1,734
1,748
3,381
3,048
2,751
2,691
682,648 256,232
680, 862| 256,374
690, 689; 261,151
710,695 262,092
64, 067
66,141
66, 049
67, 634
54, 076 1,192,306
51, 072 ., 199,202
53,"" L, 185, 586
57, 752 :, 193,074
280,
276,
277,
278,
901
870
796
546
102,304
103, 771
105, 656
106, 765
155, 345
155, 783
155,2931
157,089
200,219
197, g
200,197
198,178
445,383
453,490
460, 579
456,946
29,441
29, 64f
29, 506
29, 583
30,279
30,407
30, 276
30, 360
524, S07
527, 547
523,495
520, 874
120,298
120,061
127, 750
132, 835
55,630
52,148
53,715
53, 876
21,243! 4,527
21,243! 4,527
20,350 4,385
15,932 "
386
386
370
276
8,562
8,562
8,073
5,644
3,604
3,615
3,499
2, 925
55'
55'
533
415
17,575
18,249
29, 730
5,440
7,326
5,480
1,600
1,315
100
683,
676,
687,
678,
710 5, 060, 338
558 5,202, 540
510 5, 274,855
581 5,191,14"
2, 845,236 214,556
2, 855,977 213, 954
2, 901, 551 212, 558
2,896,376 210,451
899,512
897, 009
921,757
922, 559
120, 807
120, 817
115,430
17, 096
17,095
16,217
11,828
45,326
45, 326
43,356
33, 518
186,016
163,570
175,383
87,490
15,075 101,450
12,151 81, 750
1,175
97,200
6,026 49,100
100, 726
135,897
103,012
84, 974
15,527
24,243
19, 972
11,006
15,450
36,250
33, 250
39, 738
8,054 18,047
9,484 9,702
5,033 8,578
3,334 10,558
2,620
1,430
1,100
1,014
2,903
2,353
1,055
7,412
24,507
7,971
2,646
9,806
6,284
3,300
1,650
950
1,682
1,650
500
286,742
299,467
278,395
172,464
30,602 116,900
36,394 118,000
21,147 130,450
17,032
29,039 21,242
31,508 15,152
23,403 14,318
8,664 15,328
2,650
1,490
1,160
65
1,014
2,903
2,353
1,055
24,987
42, 756
37,701
17.132
11,764
4,900
2,965
1,050
1,682
1,650
500
342, 768
363,067
2,119, 940
2,198, 937
2,358,428
2,311,831
571, 927
561,816
627,366
588,444
20,985
22,024
18,370
5,330
3,195
5,450
5,740
4, 770
1,863
1,863
1,783
1,383
60
60
65
120, 6511,
124,851
140,489 L
137,4801)
031,911
082,464
183,040
133, 644
161,470
If 5,499
177,864
173, 879
43, 785
45, 732
49,149
49. 483
32,309
31,809
34,338
18, 533
18,418
20,113
19, 767
378, 260
79,255
76, 658
77, 957
89,322
34,160
38,240
38,384
44, 695
93,412!
96,379
108,932
99,375!
54, 530
53, 597
63,922
51,917
25, 062
24, 046
31,470
28,116
16,955
11,736
12, 217
16,065
14,159
150, 478
150, 876
164,357
146, 391
29, 544
28.133
32, 578
31,119
21,821
19, 011
Francisco
114,649i
108,615
106,522
105,799
18,003
16, 821
16,153
15, 595
8, 924,177
9,066,421
9,148, 644
9,097,158
San
St.
Minne- Kansas
Louis apolis City Dallas
708,029
713,357
716,149
707,745
43, 063
7,
7,603 43,4557,878 42, 041
7~" 43,551
1,450
1,301
1,239
I', 323
6,411
6, 662
6, 336
78, 032 314, 220
75, 614 321, 634
73,498 317, 292
71, 087
16, 5831 16,703
15, 677 17,625
16,121 17,866
15,961; 18,454
2, 0211
291,725
300,530
307,731
306,269
3,585 12,037
3.585 12,037
3,411. 11,526
2,5341 8,976
2,021!
1,927
1,457!
l,130L
19,150
18,406
18.383
15,319
3,125 .
1251.
376 i 809
638j
70
925! 248
8011 1,380
20,661
18,704
18,632
12,306
1,506
638
4,050
809
70
248
1,380
39, 811
37,110
37,015
27,625
51,909
51,933
55,223
52.252
102,132
98,439
104,008
100, 770
31, 983
31,468
34,618
32, 757
103, 234
108, 599
107, 730>
111, 148
26, 721
20.253
25, 242
23,918
46, 014
42, 662
46,407
46, 961
25, 255
24,191
27, 692
30,140
58, 060:
54, 254
50, 496
52, 642
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
Total
Dec. 22
Dec.29
Jan. 5_
Jan. 12
.
2,
2.
2,
2,
723,465
787, 761
818, 561
791,135
For own
account
906,973
1,008,235
1,037,311
947, 891
Demand loans
For
For
account
of out-of- account
of others
town
banks
1,037,1C3
1,021,747
1,049,246
1,100,475
779,389
757,779
732,004
742. 769
Total
2,037,857
2,108,872
2,137,288
2,105,791
Time loans
For
account
For
For own of out-of- account
account town of others
banks
617,885
721, 507
747,841
652, 781
727,674
714,474
741,963
793, 891
692,298
672,891
647,484
659,119
!
For
Total
banks
685,608
678,889
681, 273
685, 344
289,088
286,728
289,470
295,110
!
|
;
i
309,429
307,273
307.283
306, 584
For
account
of
others
87,091
84, 888
84, 520
83, 650
140
FEDERAL, RESERVE BULLETIN
FEBRUARY,
1927
ALL MEMBER BANKS
DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY
[In thousands of dollars]
Net demand deposits
Time deposits
1925
1926
Nov. 24
Dec. 29
Dec. 23
875, 910
2,399, 545
938,499
1,428,312
527,151
441,691
1, 946, 769
489,760
435,105
326,543
164,972
1,427,516
878,068
2,430,864
945,184
1,429,311
527,102
438,476
1,951,275
489,663
432,860
322,942
165,713
1,426,094
866,485
2,455,797
936,928
1,423,986
526,144
437,329
1, 938,233
477, 984
433,924
316,270
161,503
1,455, 551
795,819
2,180,939
11,351,513
11,401,773
11,437,552
11,430,134
10, 636, 890
1,802,329
1,180,084
2,244,200
6,124,900
1,809,220
1,180,946
2,260,658
6,150,949
1,803,372
1,184,709
2,262,814
6,186,657
1,801,754
1,182,386
2,238,458
6,207, 536
1,733,631
1,113, 508
2,136,370
5, 653,381
Oct. 27
Nov. 24
Dec. 29
Dec. 23
Sept. 22
1,399,250
6,340,656
1,209,239
1,548,821
613,973
633,564
2,543,217
718,580
420,655
878,450
_._,___
I
612,834
j 1,314,693
1,442,940
6,339,173
1,218,407
1, 533,394
618,930
1,373,855
875,044
626,554
1,321,707
1,411, 992
6,362,887
1,213,823
1,503,663
621,446
619,409
2,473,717
726,420
440,625
863,527
635,704
1,343,213
1,211,199
1,481,028
616,159
631,243
2,448,535
736,752
424,095
869,191
632,391
1,335,638
1,390,238
6,496,179
1,183,178
1,467,169
610,641
767, 989
2,429,093
757, 463
466,046
870,557
668,749
1,335,362
871,559
2,370,375
928,265
1,427,422
528,354
438,738
1, 942,804
487,071
436, 744
325,290
165,732
1,429,159
! 18,233,932
18,280,362
18,216,426
18,394,549
18,442,664
Banks in cities and i
towns having a i
population of—
i
Less t h a n 5,000.-J 1,702,490
1,144,075
5,000 to 14,999
15,000 to 99,999___. 2,364,987
100,000 and o v e r . . 13,022,380
1,710,100
1,142, 778
2,357,295
13,070,189
1,694,704
1,137,107
2,342,127
13,042,488
1,660,155
1,128,867
2,342,800
13, 262,727
1,755,846
1,160,017
2,419, 650
13,107,151
Sept. 22
Boston
New York
Philadelphia
•Cleveland
Richmond
Atlanta
Chicago
St. Louis
~" '
'
Minneapolis.
Kansas City
Dallas
San Francisco
Total
__i
__J
i
!
__j
I
I
!, 504,864
731,668
1925
1926
Oct. 27
1,326,753
509,524
443,793
1, 883,019
447,233
434,857
306,105
163,290
1,301,722
FEBRUABY,
141
FEDERAL RESERVE BULLETIN
1927
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
[In thousands of dollars]
Number
of
centers
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
.
6—A tlanta
7—Chicago
8—St. Louis
9—Minneapolis.__
10—Kansas City..
11—Dallas.
12—San Francisco
1925
1926
October
November
October
December
November
2,970,266 2, 666,956 2,808,774 2,903,991 2, 644,630
29, 606,350 26, 555,199 33,440,912 29,811,977 27, 771, 583
2,332,849 2,108,355 2, 500,675 2,298, 660 2,007,971
2,637,978 2,386,738 2, 786, 306 2,661,005 2,341,146
844, 702
732,881
875,117
769, 680
826,161
1, 316, 582 1,100, 578 1,257, 765 1,429, 618 1,206,911
5, 664,161 5, 226, 833 6, 085, 687 5, 775,228 5,087,127
1,329, 556 1, 229,843 1, 306, 535 1,371, 371 1,223, 510
783,082
712, 588
748, 641
877, 313
783,325
1, 314, 732 1, 239,058 1, 330, 689 1,278,302 1,139, 529
621,781
690,089
684,766
678,852
617,555
3,036, 558 2, 777, 562 3,220, 814 2,992,897 2, 750,830
Total
141 52, 508,364 47, 358, 372 57,040,767
New York City
Other selected cities.__
1
140
December
2, 711, 056^
31,147,498
2, 405, 369
2, 652, 829<
878, 411
1, 365,832
5, 850, 726.
1,386, 724
849,658
1, 302,807
669,918
3,150, 544
52,929,830 48,343, 797
54, 371, 372
28, 754, 809 25, 790,318 32, 576, 802 28, 916,175 27,009,433
23, 753, 555 21, 568,054 24,463,965 24, 013,655 21, 334, 364
30,313,358.
24, 058, 014
WEEKLY SUMMARY FOR BANKS IN 259 CENTERS
[In thousands of dollars]
NumFederal reserve district ber of
centers
No. 1—Boston
No. 2—New York.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
3—Philadelphia....
4—Cleveland.
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis._„.
10—Kansas City.._
11—Dallas
12—San Francisco__
Total
16
14
18
22
23
24
36
15
17
30
16
28
259
1926
1926
1925
1927
Dec. 22
Dec. 29
Jan. 5
J a n . 12
J a n . 19
Dec. 23
Dec. 30
Jan. 6
J a n . 13
J a n . 20
714,868
8,033,863
641,703
751,981
356,422
305,099
1,515,080
339,454
205,827
340, 733
190, 337
764,847
574, 548
6, 640,171
588,167
659,344
283, 603
255,756
1,241,301
268, 702
168, 669
284, 695
156, 769
647,039
767, 215
9,143,239
707, 254
1,045,028
394,640
346,498
1,632,888
402, 955
182, 772
389, 016
224,119
831,429
653, 269
7,309,775
606,144
749, 218
326, 580
325, 536
1,370,403
324,881
177,208
339, 567
188, 641
762, 719
733,776
7,790,879
622,348
693,282
304, 719
271,843
1,364, 916
316,119
164, 956
323,551
180,460
790,862
650, 974
7, 288, 352
617,077
703,224
351, 056
332,204
1,456, 731
345,478
199,843
328,749
186, 708
725,302
540,444
5,979,812
495, 756
619,308
253, 256
262,392
1,171,090
272,212
179, 825
285,318
152, 746
588,496
835,661
7,825,641
648, 538
989, 482
374,298
394,699
1, 535,154
403, 244
190,667
362, 221
221, 517
768,333
685,086
7,432,705
538, 607
676, 547
320,418
322,754
1,371, 646
339, 690
186, 028
324,197
183, 670
748, 875
739,518
7,709, 652
597,375
746,197
327,894
314, 094
1,423, 723
346,04&
188, 834
322,163
184,728
742,478
14,160, 214 11,768, 764 16,067,053 13,133, 941 13,557, 711 13,185,698 10,800,655 14, 549,455 13,130, 223 13, 642, 702
BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
[In thousands of dollars]
No. 1—Boston
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
2—New York
Buffalo.
3—Philadelphia...
4—Cleveland
Cincinnati
Pittsburgh
5—Richmond
Baltimore
6—Atlanta
Birmingham _._
Jacksonville
Nashville
New Orleans...
7—Chicago
Detroit
._
8—St. Louis
Little Rock
Louisville
Memphis
9—Minneapolis...
Helena
10—Kansas C i t y . . .
Denver.
Oklahoma City
Omaha
11—Dallas
_
El Paso
Houston
_.
12—San Francisco .
Los Angeles
Portland
Salt Lake City.
Seattle
Spokane
506,828
7,645,303
76,745
477,358
180,889
90,778
247,412
39,010
111,428
46.164
35; 010
26,279
18,397
78,419
942,076
228,333
188,400
19,764
51,310
38,409
107,409
2,139
94,771
46,793
23,430
43,950
53,556
8,281
42,124
246,807
O O A CYXO
40,819
16,950
49,037
13,838
408,778
6,329, 984
72,150
450,258
179,824
82,715
206,754
29,226
92,944
34,944
27,300
19,037
15,583
78,539
789,129
166,901
155,100
16,502
36,573
27,073
89,013
1,715
78,244
32,399
19,159
37,992
43,845
6,142
32,894
224,359
170 oqn
Li Oy ovu
35,107
17,465
39, 618
10,594
453,745
6,950,826
89,643
431,688
189,104
96,361
211,420
35,155
97,738
36,406
43,250
23, 524
20,794
87,574
815,475
190,803
176,400
20,498
49,107
45,736
37,306
41,615
92,177
85,901
2,036
2,098
101,841
83,515
54,822
48,490
31,184
25,320
43,146
45,939
68,485
52,019
8,120
8,462
51,099
38, 517
269,973
241,233
241,347
221,139
* 42, 509
40,303
27,363
17,230
49,642
38,491
13,940
16, 059
550,194
103,836
545,431
318,173
138,962
267,682
41,208
139,153
45,251
43,060
26,623
20,363
102,914
1, 047,240
216,021
251,100
522,325
7, 395,024
87, 966
470.185
176, 748
90,367
212, 794
29,290
99,327
33,529
27,180
21,149
17,916
84, 841
823, 826
198,483
181,300
18, 556
41, 721
31, 792
81, 055
1,979
88,400
36, 938
23, 850
47, 202
51,255
7,866
32,135
255, 637
233, 961
38, 710
18,355
49, 635
16, 786
443,543
6,931,626
79,449
470,318
159,251
88,728
236,673
40,397
105,175
45,379
36,490
34,824
18,105
86,548
866,158
252,865
188,000
24, 529
49,118
41,492
100,065
1,997
96,646
45,815
21, 562
46,168
57,501
8,984
37, 679
233,212
205,221
40,699
19,258
49,507
12,441
367,546
5,693,219
71,965
377,439
154,768
81,022
197,500
23, 936
80,926
32,316
24,550
25,520
15,813
76,874
732,323
172,058
151,000
17,491
36, 692
33,921
96,174
1,948
79,988
33,401
18,128
41, 517
* 47, 691
7,480
31,643
192,222
168,472
31,167
23,042
36,185
10,307
521,120 •
584,600
477,056
7,384.800 7,061,120 7,333,894
93,118
96,323
116', 603
455,519
393,741
486,206
178, 250
163,299
294,665
107,838
85,243
130,526
235,621
211, 360
263,408
36,549
31,878
42,476
105. 707
101,651
118,199
38,100
36,967
44,491
36, 290
31,590
47,930
33,693
34, 550
19,987
18,747
19, 575
83,315
92,222
124,143
836, 536
865,400
964,003
188,255
212,864
201,060
182,000
241,800
193,000
21,060
20,64720,464
45,837
49,925
49,872
46,116
38,650
46,067
92, 619
93,828
98, 559
2,395
1,827
2,313
99,354
101,220
42,707'
40,390
43,145
22,552'
24,143
31,474
42,271
46,202
46,079
62,744
58,229
70,135
8,431
8,560
7,795
35,772
43,184
30,813
246,897
240,197
258,416
208, 532
211, 700
210,518
40,320
39, 653
38,267
19,956
23,612
17,423
46,97450,398
50,850
13,781
13,335
14,188
142
FEDERAL RESERVE BULLETIN
FEBRUARY, 1027
MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES
The following table shows the prevailing rate charged customers on various classes of loans by representative banks in the cities indicated. This table includes some revisions of the rates previously published in
the BULLETIN for the months June to December and represents the result of an attempt to improve the accuracy
and comparability of these rates. Some changes in the method of reporting rates were inaugurated in June
and the revisions have not been carried back to any earlier period.
Prevailing rates charged customers during week ending with the 15th
day of the month
District and city
Year and month
Loans secured by
prime stook exLoans
change collateral
secured by Cattle loans
warehouse
Prime
commercial
loans
receipts
Demand
Time
DISTRICT, 1
Boston..,
1926—June
July..
August
September.
October
November..
December..
1927—January
5 -5M
5
5
5
5
5
1926—June
_
July
._.
August
September.
October
November..
December..
1927—January
1926—June. July
August
September.
October..,.
November _
December..
1927—January
5
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
6
6
6
6
6
6
6
6
-7
-7
-7
-7
-7
-7
-7
-7
4^-5
43^-5
5
4%-5
5
5
Buffalo.
5
5
5
5
-6
-5^
-5V
-5H
5
5
5
5
5
5
5
New York.
—5/^
Philadelphia.
1926—June..
July
_.
August
September.
October
November.
December..
1927—January
Cleveland.
1926—June
_.
July
August
September.
October
November.
December..
1927—January
Cincinnati.
1926—June
July
August
September.
October
November.
December..
1927—January
Pittsburgh.
-6
1926—June
July
. August
September.
October
November.
December..
1927—January
5H-6
6
6.
6
6
5 -6
6
5 -6
K6
5H--6
J4
5 -5H
5 -6
5 -6
534-6
5K-6
5M-6
5
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
5
-6
0
-6
-6
-6
-6
-6
-8
-6
-6
6
5^-6
5
5
5
5
o
5
«P
5
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
-6
-6
-6
-6
-6
-6
-6
-6
FEDERAL EESEKVE BULLETIN
FEBRUARY, 1927
143
Prevailing rates charged customers during week ending with the 15th
day of the month
District and city
Loans secured by
Loans
p r i m e stock exsecured by Cattle loans
change collateral
warehouse
receipts
Year and month
DISTRICT; £
Bichmond.
1926—June
July
August
September.
October
November.
December. _
1927—January
Baltimore-.
1926—June
_
July
August
September.
October
November.
December..
1927—January
Atlanta-
1926—June
July
._
August
September.
October
November.
December. .
1927—January
Birmingham.
1926—June
July
August
September.
October
November _
December..
1927—January
Jacksonville..
1926—June
July
August
September.
October
November.
December. _
1927—January
Nasnville...
New< Orleans..
_
1926—June
July
August
September..
October...
November
December
1927—January
1926—June
July
August
September
October
November
December
1927—January
DISTRICT 7
Chicago..
1926—June
July
August
September.
October
November.
December..
1927—January
Detroit-
1926—June
July
August
September.
October
November .
December..
1927—January
5 -6
__
_.
144
FEDERAL. RESERVE BULLETIN
FEBRUARY,
1927
Prevailing rates charged customers during week ending with the 15th
day of the month
District and city
Year and month
Prime
commercial Interbank
loans
loans
Loans secured by
Loans
p r i m e stock exsecured by
change collateral
warehouse Cattle loans
receipts
Time
Demand
DISTRICT 8
1926—June.
July
August
September.
October
November.
December..
1927—January
St. Louis..
Little Rock.
1926—June
July
August
September _
October
November _
December..
1927—January
1926—June.
July
August
September _
October
November.
December..
1927—January
Louisville_.
5 -5)4
434-5^
5 4 -6 2
43^-5
4^-5
4M-5
4^-5
5 -5V2
5 -5V2
5 -5)4
5 -5Y2
4%-5y2
5 -5y2
5 -53^
6
6
6
6
6
6
6
5 -6
53/2-6
5
5 -5H
5
5
5
5
5
5
5^-6
5 -6
534-6
5
5
5
5
5
5
5
-5Y2
-5H
-5^
-5H
-5^
-5>|
-5M
6
6 -7
6
6
6
6
6 -7
6 -7
5 -6
6
6
5 -53^
5 -6
434-5
434-514
4%-5y2
5 -5y2
5 -6
5 -6
5 -6
5 -6
5 -6
5 -6
5 -6
4M-6
4M-6
434-6
51J-6
534-6
534-6
6
6
6
6
6
5
6
6
6 -&
6 -7
6 -8
8
-7
-7
-7
-8
-8
-8
-8
-8
5 -6
5K-6
5K-6
5 -6
5 -6
5 -6
534-6
53^-6
4M-53^
4^-6
DISTRICT 9
Minneapolis
1926—June
July
August
September _
October
November.
December..
1927—January....
1926—June
July
August
September.
October
November _
December..
1927—January
Helena,.
4M-5
434-5
434-5
4M-5
5 -53^
5 -5V2
VA-5V2
6
6
6
6
5 -5iJ
5
-5Y2
5^-6 2
5 -6
5 -6
5 -53^
8
-8
-8
-8
-8
8
8
7 -8
6
434-5
4%-5
5 -5)4
434-5^
43^-5^
434-5^
6
6
6
6
8
-8
-8
-8
-8
4J4-5
4^1-5
4M-5H
6 -8
6 -8
6 -8
8
8
7
6
6
6
6
6
6
-8
-8
-8
-8
-8
-8
-8
8
7- 8
7- 8
7- 8.
7- 86- 8
6- 8.
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
66666666-
8
6 -8
DISTRICT 10
Kansas City.
Denver.
Oklahoma City.
Omaha..
1926—June.
_.
July
August
September..
October
November..
December...
1927—January
1926—June
July
August
September.
October
November..
December..
1927—January
1926—June
July
August
September.
October
November..
December. _
1927—January
1926—June
July..
August
September .
October
November.
December..
1927—January
6
6
6
6
6
6
6
-53^
-5V2
-5V2
6
6
6
6
6
5 -6
6
6
6
6 -7
6 -7
6
6 -7
5 -6
5 -6
5 -6
434-6
434-6
434-6
5 -6
5 -6
434-6
434-6
6
6
6
6
6
6 -6^
6
5
5
5
5
5
5
5
5
6
6
6
6
6
5 -7
53^-6
5 -6
6
5H-6
!
5M-
5V-6
5)4-6
5^-6
5^-6
53^-8
5^-8
51J-8
5 -7
5 2-6
6
6
6
6
6
6
6
6
6 -7
6
5^-6
-6
-6
-6
-6
-6
-6
-6
-6
6
-7
-7
-7
-7
-7
-7
-7
53^-6
5^-6
5M-6
5^-6
5^-6
53^-6
5^-8
6
5
5
5
5
5
5
5
6
6
-8
6
8
6
6
6
-6
-7
-6
-6
-6
-7
-7
6
7
7
7
7
7
7
7
7
6- 7
6- 7
6- 7
6- 7
6- 7
6- 8
6- 86- 86- 8
6- 8.
6- 8
6- 8.
6-8
7- 8
7- 87- 8
8.
7- 8
8
7- 87
7
7
8
145
FEDERAL RESERVE BULLETIN
FEBRUARY, 1927
Prevailing rates charged customers during week ending with the 15th
day of the month
District and city
Year and month
Prime
commercial Interbank
loans
loans
Loans secured by
Loans
prime stock exsecured by Cattle loans
change collateral
warehouse
receipts
Demand
Time
El Paso...
1926—June
July
August
September
October
November
December
1927—January .
Houston....
«...
6 -8
6 -8
8
8
8
8
8
7 -8
1926—June .
July
August.
September
October.
November..
December
1927—January
5
5
5
5
5
5
5
5
1926—June.-_..__
July
August
September. ._
October
November
December. _
1927—January
5
5 -&A
5
5 -5V2
5
5 -§y2
5
5 -6
-7
-7
-7
-7
-7
-7
-7
6
8
7 -8
8
8
8
8
8
8
6 -8
6 -8
8
8
8
8
8
8
8
6 -8
8
8
7 -8
7 -8
7 -8
7 -8
5
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
5
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
5
5
5
5
5
5
5
5
5 -6
5 -6
5
5 -6
5
5
5
5 -6
5 -6
5 -6
fi
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
6
6
6
6
6
5 -6
6
5 -6
6
6
6
6
6
6
6
6
6
6
6
6
6 -7
6 -7
6 -7
6 -7
6 -7
6 -7
6 -7
6 -7
6 -7
6 -7
6 -7
6 -7
6 -7
7
6 -7
6 -7
6
6
6
6
fi
-7
-7
-7
-7
-7
-7
7
7
7
7
7
7
6
6
6
6
6
6
6
5
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
6- 8
7- 8
6- 7
6
6
6
6- 7
6-7
5
5
5
5
5
5
5 -6
1
6
1
i-5
4^
5 2-6
5 -6
41 i-6
4^12-6
6 -7
5 -7
6
n
6
6 -7
6 -7
6
5 -7
41/6-R
5 -7
6
6 -7
6 -7
6 -7
6 -7
5 -7
l
_ . ._
4 -5
5 -6
5 -6
5
5
5
5
5
1
5 -6
1
1926—June
July
August
September.October
November
December .
1927—January
1 *
DISTEICT 11
Dallas
8- 9
8- 9
8
6- 8
8
6-10
6-10
6-8
-6
-7
- 7
-7
-6
-6
-7
-6
•
6-8
7-8
6-8
7-8
7-8
7-8
6-8
6-8
DISTRICT 12
San Francisco.
Los An^elAS
Salt Lake City
6
6
6
6
6
6
5
6
. .
fi
6
fi
fi
6
fi
6
6
5 -fi
fi - 7
5
6
6
5
6
7
6
6
6
6
6
6
6
6
6 -8
fi - 7
-7
5
—&/>
fi
6 —6V
5
6
fi - 7
6
6
6
6
6
6
6
6
6
6
6
6
6
-7
-7
-7
-7
-7
-7
-7
8
7
7
6 -7
7
7
fi -7
6 -7
6 -7
6 -7
6
__7
6
fi
6
fi
6
6 -7
fi
fi
6
6
6
6
6
6
fi
COCO
6 -7
6
6
6
fi _gi/
co cocc
6
6
6
6
6
6
5
CO COCC
6
6
6
fi
6
6
6
-6
-7
-7
-7
-7
6
6
6
6
5V-6
5 -6
5 -6
fi
6
CO COCC
fi
CO COCC
Spokane
. . _.
cococc
Seattle
fi
> CO COCC
Portland
1926—June
July
.
August
September
October
November
December. .
1927—January
1926—June
July
August
September __
October
November. _
December
1927—January
1926—June
July
August
September..
October
November __ .
December
1927—January
1926—June
July
August
September
.
October
November
December. _.
1927—January....
1926—June
July
August
.
September
October
November
December
1927—-January
_ _
5K-6
5 -5-Hs
-7
-7
-7
-7
-7
-7
fi
fi
6
6
6
6
—7
-7
-7
-7
-7
6
6
6
6
6
6
6
6
-8
7
7
7
7
7
7
7
7
7
-7
-7
-7
-7
-7
-7
7
7
7
7
7
-7
7
6 -7
6
6-7
6
6
6
6
6
6
Q-&A
6
fi
6
fi
6
8
7-8
7-8
7-8
7-8
7-8
7-8
7-8
7
6
7
6
6
7
6 -8
6 -7
••
146
FEDERAL RESERVE BULLETIN
FEBRUARY, 1927
MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST
NUMBER AT END OF DECEMBER, 1926 AND 1925
Member
banks
Not on par list 1
On p a r list
1926
Total
.
9,262
New England States:
Maine
New Hampshire
Vermont _
Massachusetts.
Rhode Island
Connecticut
Eastern States:
New York
New Jersey
Penns yl vania
Delaware
Maryland
District of Columbia
Southern States:
Virginia
West Virginia
North Carolina
South Carolina
Georgia
. . _.
Florida.-.
_..
1
420
880
753
863
604
495
1,398
628
829
1,027
852
740
246
411
509
1,071
686
333
3,705
1,996
923
2,537
711
783
246
391
513
1,073
712
366
3,808
2,111
1,185
2,667
768
803
8
625
1,057
228
428
1,093
212
197
65
9,489
13,911
14,643
3,913
61
56
46
181
17
67
62
55
46
181
21
66
48
14
39
71
8
86
636
333
958
22
89
280
171
645
32
167
275
153
658
32
166
13
13
32
34
182
141
88
84
138
74
193
141
91
92
153
70
219
193
81
20
64
92
227
196
89
25
75
87
61
3,970
j
50
14
39
70
8
84
655
354
970
23
89
10
687
1,102
260
401
1,062
205
99
9
319
198
313
163
1925
1926
1925
1926
Southern States—Con.
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Texas
Middle Western States:
Ohio
Indiana
Illinois
Michigan
Not on par list
1925
1926
1925
Nonmember banks
On par list
1925
1926
Federal reserve district:
Boston
416
913
New York_
769
Philadelphia
Cleveland
853
583
Richmond
476
Atlanta .
Chicago
1,335
609
St. Louis
766
Minneapolis
993
Kansas City
828
Dallas
721
San Francisco
Member
banks
Nonmember banks
1926
1925
431
191
23
19
231
29
664
432
222
27
25
256
35
713
19
249
206
276
127
175
112
22
235
199
275
112
171
9S
427
257
577
291
179
308
371
199
441
264
589
290
331
417
198
657
812
1,275
508
589
410
1 139
1,240
658
826
1,293
513
618
515
1 207
1,311
10
23
53
211
534
43
33
8
20
92
188
519
51
35
163
122
181
266
111
34
134
33
382
123
153
712
944
101
54
169
28
356
203
208
740
1,006
106
54
181
29
371
292
157
188
3
11
8
5
2
6
282
163
176
3
11
11
6
3
4
150
130
299
74
45
18
10
156
134
300
80
46
20
10
170
105
319
80
67
26
24
171
110
329
80
68
30
24
36
28
32
29
4
4
9, 262
Missouri-.. _
Western States:
North Dakota
South Dakota
Nebraska
Kansas
<
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Pacific States:
Washington
Oregon
.
California
Idaho
Utah
101
Arizona
9
339
Nevada
238
375
Total
159
146
118
124
45
122
46
779
148
109
167
262
103
34
131
32
363
Minnesota
147
112
123
41
109
44
763
9,489
13,911
14,643
3,913
3,970
1
Incorporated banks other than mutual savings banks.
MONEY IN CIRCULATION
[Source: United States Treasury Department circulation statements]
[In thousands of dollars]
Date
Total
3 402 015
1914—Julv 1
i 4,100, 591
1917—Apr. 1
i 5,628,428
1920—Nov. 1
4, 337,418
1922—Aug. 1
5,008,121
1926—Jan. 1
4,739, 537
Feb.1
4,814,217
Mar. 1
Apr. 1
4,805,885
4,854,173
May 1
4, 870,885
June 1
4, 834, 711
July 1
4, 858,474
Aug. 1
Sept. !..__ 4,864,086
4,906,198
Oct. 1
4, 933,167
Nov. 1
4,949,247
Dec. 1
1927—Jan. 1
5,001, 322
Gold
coin and
bullion
611, 545
641,794
495,353
416,282
424, 037
407,148
422,079
450,787
454, 710
454,308
445,068
444,061
428,018
422, 052
407,456
408,940
422, 899
Gold certmcaies
1 026 149
1, 348, 818
231,404
171, 985
1,114,331
1,035,774
1,076, 070
1,089,003
1,099, 213
1,074,175
1,057, 364
1, 072, 357
1,086,194
1,100, 920
1,101,453
1,095.724
1, 092; 061
• My \J^i\Jj
J-J-KJ
Standard
silver
dollars
70,300
70,863
89, 725
58,378
54,860
53,167
52,637
52,147
51, 814
51, 607
51, 906
51,766
51, 681
51, 846
51, 813
51,848
51, 581
Silver
certificates
478, 602
459, 680
60,385
268, 802
387,495
370,852
371,149
365,113
363, 855
370, 003
377, 741
384,134
385, 598
391, 493
393,118
391,158
396,752
Treasury
notes of
1890
Subsidiary
silver
United
States
notes
Federal
reserve
notes
2,428
1,997
1,628
1,508
1,373
1,371
1,369
1,367
1,364
1,359
1, 356
1,354
1,352
1,349
1,347
1,344
1,340
159, 966
191, 351
261, 556
229,956
274,860
266,155
265,853
267, 244
267,089
268,219
270, 046
270, 218
271, 516
275,332
276, 828
279, 865
281, 579
337,845
330,353
277, 736
284,343
292, 998
288, 677
293,622
289,044
292,843
291,110
294, 916
295,977
300, 735
302,006
307,199
303,172
296, 810
356,448
3, 310,225
2,115,350
1,815,687
1,672,223
1,672,027
1, 639,211
1,662,620
1, 693,834
1,679,384
1,679, 379
1, 684,428
1, 709,141
1, 737,405
1, 764,634
1, 824,437
Federal
ietser \ e
bank
notes
3,170
209,877
65,032
6,058
5,900
5,808
5,720
5,640
5,549
5,453
5,289
5,211
5,124
5,127
5,054
4,967
Total
National circulabank
tion per
capita (in
notes
dollars)
715,180
697.160
715', 023
725,782
636,422
638, 270
653, 603
646, 249
655,025
660, 721
651,477
653,939
649,353
646,935
651,421
647, 508
628, 896
34.35
39.54
52.36
39.47
43.62
41.24
41.84
41.73
42,11
42.21
41.85
42.01
42. 02
42, 34
42. ,K3
42. 62
43. 03
i Thefiguresfor the several classes of money include mutilated currency forwarded to the Treasury for redemption and unassorted currency
held by the Federal reserve banks, and consequently do not add to the total, which is exclusive of such currency.
FEBKUART,
147
PEDEBAL EESEEVE BULLETIN
1927
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT FEBRUARY 1, 1927
Paper maturing—
After 90 days but
within 9 months
Within 90 days
Federal reserve bank
Commercial,
agricultural,
and livestock
paper, n. e. s.
Secured by
United States
Government
obligations
Bankers'
acceptances
Trade
acceptances
Agricultural
and livestock *
paper
Boston
New York
Philadelphia.Cleveland
R chmond
Atlanta
Chicago
St. Louis
Minneapolis,.
Kansas City-.
Dallas
San Francisco
i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS, DECEMBER 16, 1926, TO JANUARY 19, 1927, INCLUSIVE
[In thousands of dollars]
Transfers
(for Government
account)
Federal reserve bank
Debits
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
_.
Chicago...
St. Louis
Minneapolis-_.
Kansas City_..
Dallas
San Francisco..
Total five weeks e n d i n g Jan. 19,1927
__
Dec. 15,1926
Jan. 20,1926
Dec. 16,1925
1
Includes Federal reserve notes.
36,000
11,000
8,500
22,000
13,000
12,000
38,000
2,500
1,000
4,500
4,000
8,000
_
Credits
116,000
6,500
2,000
13,000
1,500
1,000
6,000
5,500
9,000
! 160,500 160,500
J
43,500
__.{
127,251
I
60.200
Transit clearing
Debits
Credits
1,180,195
3,833,172
977,746
869,121
669,240
398, 607
1,547,212
665, 693
201,034
518, 549
355,020
477,094
1.201, 534
3,766,982
996, 542
897,891
655,262
424,457
1, 567,298
673,157
201,085
512,847
343,220
452,408
11,692,683
11,692,683
11,293, 929
1
11,450,499
Ul801171
Federal reserve
note clearing
Debits
7,187
12,135
7,220
10,578
4,234
4,540
9,134
1,987
2,534
3.267
2,145
3,866
Credits
4,475
19, 525
6,955
6,057
3,881
4,507
8,041
5,108
1, 875
2,793
2,443
3,167
1,827 ! 68,827
61, 810
Changes in ownership of gold
through transfers and clearings
Balance
in fund
at close
of period
Decrease Increase
17,373
46,200
10,031
8,749
25,331
13,817
~~9~585"
4, 676
10,002
24,385
88.382
88,382
25,599
148,947
38,908
42,921
14,635
28,099
98,772
25,346
16,417
27,182
19,809
16,879
503, 514
622,657
573,849
664, 900
FEDERAL RESERVE DISTRICTS
! \/
>-.; \ r
.'
I
\—
-BOUNDARIES OF FEDERAL RESERVE DISTRICTS
-BOUNDARIES OF FEDERAL PXSERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
@FedFRASER