Full text of Federal Reserve Bulletin : March 1927
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FEDERAL RESERVE
BULLETIN
MARCH, 1927
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Bank Credit and Money Rates
Text of the McFadden Act
Condition 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.
J. W. MCINTOSH,
Comptroller of the Currency.
ADOLPH C.
CHARLES S.
GEORGE R.
EDWARD H.
MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.
WALTER L. EDDY, Secretary.
WALTER WYATT, General Counsel.
J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
J. F. HERSON,
ChiefJ 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)
District NO. 2 ( N E W YORK)
__>_
District No. 3 (PHILADELPHIA)
District No. 4 (CLEVELAND).„
L. L. R U E .
___„
HARRIS CREECH.
District No. 5 (RICHMOND)
JOHN F. BRUTON, Vice President
District No. 6 (ATLANTA)
District No. 7 (CHICAGO) _.
District
District
District
District
District
No.
No.
No.
No.
No.
II
ARTHUR M. HEARD.
JAMES S. ALEXANDER.
„
.
8 (ST. LOUIS)
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS).
12 (SAN FRANCISCO) ____
P. D. HOUSTON.
FRANK 0 . WETMORE, President.
.
BRECKINRIDGE JONES.
THEODORE WOLD.
P. W. GOEBEL.
B. A. MCKINNEY.
HENRY S. M C K E E .
OFFICERS OF FEDERAL RESERVE BANKS
Boston.
New York
Philadelphia
Cleveland.
Governor
Deputy governor
W. P. G. Harding
Benj. Strong
W. W. Paddock
J. H. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
_
Wm. H. Hutt
M. J. Fleming
Frank J. Zurlinden _.
C. A. Peple
R. H. Broaddus
Creed Taylor
C. R. McKay
JohnH. Blair
Chairman
Federal Reserve Bank o— I
f
! Frederic H. Curtiss
___.!
_
Geo. W. Norris..
j R. L. Austin
J George DeCamp
.__
Wm. W. Hoxton......
Richmond......
Oscar Newton
Atlanta
.^-._
Chicago
, Wm. A. Heath
E. R. Fancher...
George J. Seay-._
M. B. Wellborn..
J. B. McDougaL.
St. Louis
Minneapolis.
Wm. McC. Martin_
JohnR. Mitchell...
Kansas City
Dallas
San Francisco
M. L. McClure..
C. C.Walsh
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. Biggs
R. A. Young
W.J. Bailey....
Lynn P. Talley.
J. U. Calkins....
Isaac B. Newton
2
* Controller.
Cashier
W. Willett.
A. W. Gilbart.i
J. W. Jones. 1
Ray M. Gidney.
L. R. Rounds.i
C. A. Mcllhenny.
W. G. McCreedy.i
H. F. Strater.
Geo. H. Keesee.
John S. Walden, jr.*
M. W. Bell.
W. C. Bachman.1
K. C. Childs.i
J. H. Dillard.i
D. A. Jones. 1
0. J. Netterstrom.i
J. W. White.
Gray Warren.
Frank C. Dunlop.*
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
Cleveland:
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. Schneekenburger.
C. F. McCombs.
J. C. Nevin.
A. H. Dudley.
Marcus Walker.
Geo. R. DeSaussure.
A. E. Walker.
J. B. Fort, jr.
WT. R. Cation.
W. P. Kincheloe.
W. H. Glasgow.
A. F. Bailey.
Federal Reserve Bank o—
f
Managing director
Minneapolis:
Helena branch...
R. E. Towxts.
Kansas City:
Omaha branch
L. H. Earhart.
Denver branch
. . . . J. E. Olson.
Oklahoma City branch.
C. E. Daniel.
Dallas:
El Paso branch
_.
M. Crump.
Houston branch...
D. P. Reordan.
San Francisco:
Los Angeles branch..
R. B. Motherwell.
Portland branch
R. B. West.
Salt Lake City branch
W. L. Partner.
Seattle branch
_
._ C. R. Shaw.
Spokane branch
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
banks. The BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2.
Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico,
and the insular possessions, $2.60; single copies, 25 cents.
111
TABLE OF CONTENTS
The month:
Review of the month—Bank credit and money rates
Condition of all member banksBusiness conditions in the United States
New index of industrial production
Changes in membership in the Federal reserve system
Money rates in principal countries.
Currency reform in Brazil
Annual report of the Bank of France
Annual report of the Bank of Switzerland
Official:
Law department—Text of the McFadden Act
Changes in State bank membership
1
Changes in national bank membership
Fiduciary powers granted to national banks
Cuban agency
Business statistics for the United States:
Production, employment, and pay rolls
Commodity movements
„
.
Wholesale and retail trade
Foreign banking and business conditions:
Financial statistics for foreign countries
Condition of central banks
Condition of commercial banks
1
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..Industrial statistics for England, France, Germany, and Canada
.
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
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—
Condition on Dec. 31, 1926, and on a series of other call dates
Deposits, by size of city
Bank debits„.___
Money rates in principal cities
»
_- — _-.
Member banks and nonmember banks on par list and not on par list._»
_„
Money in circulation
,
IV
Page
149
152
155
170
178
193
194
197
201
181
187
188
187
188
„__„
189
190
191
205
205
207
207
208
209
210
211
212
215
216
218
222
223
224
247
247
225
227
.
:
„
„
152, 229
240
241
242
246
246
FEDERAL RESERVE BULLETIN
VOL. 13
MARCH, 1927
REVIEW OF THE MONTH
Liquidation of reserve bank credit, which is
usual after the Christmas holidays, has been in
larger volume this year than in
Reserve bank
any of the preceding four years.
credit*
In 1927, as in earlier years,
the main factor in the reduction of member
bank indebtedness at the reserve banks in
the early weeks of the year has been the return
flow of currency from circulation, but the
principal reason for the exceptionally large
volume of the reduction this year has been
the magnitude of gold imports, which was
greater in January than in any other month
in the past five years. Liquidation of reserve
bank credit since the turn of the year has been
accompanied by a considerable reduction in
the demand for loans at member banks, both
loans on securities and other loans, largely
commercial, with the result that ^ the loans of
reporting banks in leading cities were in Feb-'
ruary at the lowest point since midsummer of
1926. In the money market these conditions
have been reflected in a downward movement
of money rates, which are at present at about
the same level as a year ago.
The decrease in demand for reserve bank
credit after the Christmas holidays, following the increase at the end of the year, reflects
primarily the diminution in the demand for
currency on the part of retail stores and their
customers. Return of the currency that has
gone out in December to finance the holiday
trade, chiefly in the cities, as well as of currency that has gone out earlier to finance the
harvesting of crops in country districts, furnishes funds to the member banks which they
use in large part to reduce their indebtedness
at the reserve banks. The regularity of this
movement every year is brought out by the
No. 3
chart, which shows the course of reserve bank
credit outstanding in comparison with currency in circulation. Changes from December to February are always considerable, and
the change in reserve bank credit is usually of
about the same amount as the change in
currency in circulation, though liquidation at
the reserve banks is also influenced by the
direction and volume of international gold
movements. Both this year and last year
there were gold imports in January and February, in addition to the return flow of
CURVE 2
5500
MILLIONS OF DOLLARS
5000
4500
CURRENCY AND
RESERVE BANK CREDIT
4000
1923
1924-
1925
1927
1926
Series underlying both curves are monthly [averages. Latest figures,
February, 1926, partly estimated
currency, but while the return flow of currency
was about the same in both years, gold imports
this year were considerably larger and were the
principal factor in accounting for the greater
liquidation of reserve bank credit.
Imports of gold in January amounted to
about $62,000,000, the largest amount reported for any single month
Gold movesince September, 1921, as is
ments
brought out by the chart,
which shows gold imports and exports by
months for the last six years. Gold exports
149
150
FEDEBAL RESEKVE BULLETIN"
MARCH, 1927
in January were about $15,000,000, but had
little influence on current credit conditions because they were for the most part shipments of
gold previously withdrawn from the market
and earmarked for foreign account. Thus in
their influence on the market gold imports for
the month of January were in excess of
$60,000,000, which is about $45,000,000 more
the Canadian banks of the same seasonal factors, principally the diminished demand for
currency by the public, that bring surplus
funds to banks in the interior of the United
States, which in turn forward them to the
financial centers. Taking the past several
years as a whole, however, much of the gold
received in this country from Canada has represented gold produced in that country in excess
of its domestic requirements.
too
GOLD itaPC KTS AKD EXPOF
100
Of the gold imports in January, nearly $15,All
000,000 came from France, representing prima80
rily gold recently acquired by the Bank of France
60
by purchase from the French people of gold
€0 ML
previously held in hoards. Nearly $5,000,000
HI i 1
I
§_ \i
T _ J n lilSgll
I,
of gold came from Chile and from Japan
40
as the result of the desire of the central banks
20
llb-rnr
in these countries to build up dollar balances.
Thus nearly $20,000,000 of the exceptionally
large gold imports received in January appear
P
20
20
to have had their origin in circumstances not
connected with seasonal movements or with
IH
40
40
Bars above base line represenf Imports
money market conditions.
* Bars below base line represent Exports
Black portions represent excess Impcrfs or Exports
€0
Funds supplied to the market since the first
60
of the year from the sources already indicated
1
1
1
80
80
havk been in sufficient volume,
1322
1S23
192*
1925
1926
1927
1921
Money rates
as is usual at this season, to
than gold imports in January of last year. effect a marked reduction in money rates at
During the first three weeks of February there
were additional gold imports, but on a much
MONEY RATES IN NEW YORK
smaller scale, amounting for the period to about
$13,000,000, and the country's available gold 5 stock was also further enlarged by the release
of gold from earmark. Thus gold movements
since the first of the year have accounted for
more than $80,000,000 of the reduction in reserve bank credit, or for about $60,000,000
more than in the corresponding period of last
year.
Nearly two-thirds of the incoming gold in
•™« CommercialPaper ftafe
— — Reserve Bank Discount Rate
January, or about $38,000,000, was from
- - - Acceptance f?ate
Canada, Canadian exchange being at the gold
1923
1924
1926
1927
1925
import point during a large part of the month.
This position of Canadian exchange and thethe financial centers. While at the end of
consequent inflow of gold to the United States December, under the influence of year-end deprevails in the early months of almost every mand, rates at New York City had risen gen3~ear,,?reflecting not only the seasonal trade erally to a somewhat higher level than at the
position of Canada but also the operation at end of the preceding year, the seasonal decline
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
1ft
1Upm
i
Bffilli
rr
r! I
•Pfflml
if
—4-
;
MABCH, 1927
in rates set in somewhat earlier this year, and
in February rates were at a levfel close to that
of a year ago. In fact, the commercial paper
rate, at about 4 per cent toward the end of
February, was somewhat lower than at the
same time last year, as is brought out by the
chart, which shows the course of money rates
at New York City during the last four years.
Call money also has been somewhat lower than
a year ago. The ruling rate on bankers' acceptances, however, though declining after the
holidays by more than the usual seasonal
amount, was relatively firm in January and
February, reflecting in part the influence of a
limited demand from banks for this type of
paper. Dealers in acceptances have reported
the acceptance market in recent weeks to be
relatively inactivb at the ruling rates and have
been holding in their own portfolios more acceptances than a year ago, notwithstanding the
fact that the total volume of acceptances outstanding is somewhat smaller than last year.
These conditions indicate a comparatively
limited supply of funds available at low rates,
an important reason for which is brought out
by a comparison of money rates in New York
with those in other international financial centers. Rates on comparable classes of paper in
the leading centers of Europe in the early
months of this year have continued to be appreciably higher than at New York, as is shown
by a table and a chart in the special article on
money rates elsewhere in this issue,1 and this
appears to have resulted in a transfer of shortterm funds in considerable volume from New
York to European money markets.
Liquidation of member bank credit outstanding, which is usual after the peak at
the end of the year, continued
Member bank
longer in 1927 and was larger
credit
in amount than in other recent
years. As a consequence loans and investments of the weekly reporting member banks
in February were not only below the seasonal peak in December but also below the
level of last autumn. The decline reflects a
reduction both in security loans and in all
i Page 193.
151
FEDERAL KESERVE BULLETIN
other loans, generally known as loans for commercial, industrial, and agricultural purposes.
The decline in these loans and a corresponding
decline in net demand deposits of the banks
has reflected primarily the continued influence
of the lower level of prices at which business
has been transacted during recent months and
at which inventories are now carried.
Condition figures for all member banks on
December 31, which have recently become
available, show that the increase in loans and
investments for the year 1926 was about
$700,000,000, the smallest in five years, and
that practically all of the increase was in
loans, since the banks' investments showed
little change for the year. Publication of
figures for all member banks makes it possible
to compare changes in condition during 1926
at member banks in leading cities, which become available weekly, with changes at member banks outside of these cities. This group
of member banks, numbering about 8,500 and
located largely in agricultural communities,
holds about 35 per cent of the loans and investments of all member banks. The volume of
loans extended by these banks increased more
rapidly in 1926 than in 1925 and more rapidly
than loans of banks in leading cities. The
table below shows loans of this group of banks,
by Federal reserve districts, for the end of 1926
and of 1925, together with changes in loans
during the year 1926.
LOANS OF MEMBER BANKS OUTSIDE LEADING CITIES
[Amounts in millions of dollars]
End of—
Federal reserve district
December, December,
1926 1
All districts.
Boston
New York
Philadelphia...
Cleveland
Richmond. _=._
Atlanta
Chicago
St. Louis.
Minneapolis.-_
Kansas City...
Dallas.—
San Francisco .
Change for
year 1926
1925 1
8,337
8,040
+297
727
1,679
800
777
504
700
1, 413
723
786
503
470
1. 200
'427
342
376
352
748
+27
+266
+77
-9
1,220
440
307
383
334
771
+1
-55
+20
+13
-35
-13
-18
+23
1
Figures are for the end of the month and are derived by subtracting
from loans reported for Dec. 31 for all member banks loans of weekly
reporting member banks on nearest report date.
152
FEDERAL RESERVE BULLETIN
The table brings out the fact that the loans
of banks outside of leading cities decreased in
1926 in the Atlanta, Minneapolis, Kansas City,
and Dallas Federal reserve districts, all of
which are primarily agricultural districts. In
all the other districts, except Cleveland, loans
of this group of banks increased during 1926,
and especially in banks of the industrial districts of the Northeast. In all of the agricultural districts in which the loans of country
banks declined in 1926—Atlanta, Minneapolis,
Kansas City, and Dallas—deposits, as indicated
MILLIONS OF DOLLARS
33001
MILLIONS OF DOLLARS
COUNTRY BAHKS IN AGRICULTURAL DISTRICTS
3200
3200
3100
2300
23Q0
MARCH,
1927
the end of 1925, and net demand deposits alone
were about $175,000,000 smaller. This decline
in deposits of rural banks appears to be due in
part to the smaller returns received by farmers
for their products. The course of net demand
and time deposits of the country banks in these
eight agricultural districts is shown for four
years on the chart, which indicates that the
growth during the harvest season was smaller
in 1926 than in any other recent year. Beginning with November, furthermore, or about
two months earlier than usual, there was a
pronounced decline in net demand deposits at
these banks and also some decline in time
deposits.
Borrowings of the rural banks at the reserve
banks declined somewhat in the latter part of
1926, as is usual for this group of banks after
midsummer, but the growth in their balances
with city correspondents for the last half of
1926 was considerably smaller than for the corresponding period a year earlier. Thus the
country banks this year are entering upon the
spring season, when there is a growth in the
demand for loans for agricultural purposes,
with a relatively smaller amount of surplus
funds than they had in the spring of the
previous year.
CONDITION OF ALL MEMBERfBANKS
Reports of condition submitted by all
member banks for December 31, 1926, for
which combined figures have recently become
available, show that loans and investments of
member banks on this date amounted in r'ound
numbers to $31,900,000,000, and that they
by the combined figures for net demand and increased during 1926 by about $700,000,000,
time deposits, also declined, owing primarily to
ALL MEMBER BANKS
the fact that the seasonal increase in the au[Amounts in millions of dollars]
tumn, when crops are marketed, was much less
considerable than it has been in other recent
Increase in—
Per cent
years. When the banks outside of leading
of increase in
Calendar year
Loans
cities are combined for the eight Federal reserve
loans and
Invest- investand inLoans
ments
vestments
districts of the South and West, the totals are
ments
eVen more indicative of banking conditions in
1922.
2,124
597
1,527
9.0
agricultural localities. Net demand and time 1923.
970
971
-1
3.8
1924.
2,288
1,129
1,159
8.6
deposits of this group of banks were about 1925.
2,173
2,094
79
7.5
1926.
65
631
2.2
$100,000,000 smaller at the end of 1926 than at
2200
2200
1825
19241926
1923
Country banks are those outside the weekly reporting cities. Agricultural districts include eight Federal reserve districts as follows: Rich mond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas,
and San Francisco.
FEDEEAL EESEEVE BULLETIN
MAECH, 1927
or 2.2 per cent, with more than half of the
increase in the second half of the year. The
increase was the smallest for any recent year,
as is shown by the table below, which gives the
increase in loans and investments during each
of the last five calendar years. The table also
shows that in 1926, as in 1925 and 1923, the
growth was largely in the banks' loans rather
than in their investments, while in 1924 both
the loans and the investments increased.
The course of the principal resources and
liabilities of all member banks during the last
eight years is indicated by the chart, and more
detailed figures for the end of 1926 and a series
of other recent years are given, by Federal
reserve districts, on pages 229-239 of this BXJLBILLIONS OF DOLLARS
BILLIOHS OF DOLLARS
35
35
JS
10
1313
1920
1921
1922
1923
192*
1325
1326
LETIN. More detailed data for all member
banks on December 31, 1926, are given in a
separate publication of the board, the member
bank call report. This call report, which supersedes the board's "Abstract of condition of
member banks," gives the figures, for the date
to which it relates, for all member banks, by
States and by reserve cities, as well as by Federal J;reserve districts and by classes of banks.
It is; available to anyone upon request.
Appointment of Chairman of New York Federal
Reserve Bank
The Federal Reserve Board recently
announced the appointment of Mr. Gates W.
34509—27—2
153
McGarrah, of New York, as class C director
and chairman of the board of the Federal
Reserve Bank of New York and Federal reserve
agent, In order to allow Mr. McGarrah time
to sever his existing business connections and
to attend the spring meeting of the general
council of the Reichsbank, of which Mr.
McGarrah has been the American member
under the arrangements set up by the so-called
Dawes plan of 1924, the board has fixed May 1
as the date when Mr. McGarrah will actively
assume the functions of the position to which
he has been appointed by the board. In connection with this appointment the Federal
Reserve Board gave out the following statement:
There is no more responsible or important position
in the Federal reserve banks than that of chairman and
Federal reserve agent at the Federal Reserve Bank of
New York. The chairman of the board is, in a special
sense, the guarantor to the Federal Reserve Board and
to the public of the good functioning of his bank. In
his capacity as Federal reserve agent he is the official
representative of the Federal Reserve Board at his
bank.
The position is, therefore, not only one of broad and
great responsibilities but one which calls for exceptional qualifications. By the terms of the Federal
reserve act the chairman must be a man of " tested
banking experience." But more than skilled banking
judgment is, in the opinion of the Federal Reserve
Board, necessary to the fullest discharge of the responsibilities with which the chairman and Federal reserve
agent is charged. He should be a man who by nature
is qualified for the assumption of responsibilities public
in their character, in order that the public interest in
the way in which the Federal reserve banks are operated may be brought effectively to bear upon the bank's
every action and attitude.
The position calls for a combination of qualifications
and qualities in the same individual not always easy
to find. There are, however, in most American communities men who are outstanding figures in the banking world and, in addition, enjoy the highest repute
for integrity, character, and public spirit.
The Federal Reserve Board feels, after a careful
canvass extending over a period of twp months, that
it has been very fortunate in succeeding in bringing
to the chairmanship of the Federal Reserve Bank of
New York a man of Mr. McGarrah's qualifications.
Mr. McGarrah's experience as a banker in New Yprk
extends over a period of some 40 years. At the time
of the organization of the Federal reserve system in
1914, Mr. McGarrah was president of one of the largest
commercial banks in New York City, The Mechanics
& Metals National Bank. He later became chairman
of the board of that institution, and when it was
merged with the Chase National Bank about a year
ago he became chairman of the executive committee
of the merged institutions. As one of the country's
outstanding commercial bankers, Mr. McGarrah's interests brought him into contact with every portion
of the United States. Few bankers in New York
City or elsewhere have his intimate knowledge, gained
on the spot, of every section of the United States.
The high regard in which Mr. McGarrah is held by
the banking community of the State of New York
154
FEDERAL RESERVE BULLETIN
is evidenced by his election in 1923 by the member
banks of the New York Federal reserve district to the
position of class A director of the Federal Reserve
Bank of New York. This position Mr. McGarrah held
for a term of three years under the system of rotation
observed by the banks of this district with respect to
their banking representatives on the board of the New
York bank.
In 1924 under the arrangement set up by the Dawes
plan for a general council for the Reichsbank having
foreign representatives on it, Mr. McGarrah was
selected to be the American member. This position
is in the nature of an international trusteeship of the
highest character and in addition calls for the exercise
of broadly based banking and financial judgments.
His connection with this important European work
has given Mr. McGarrah rare facilities for supplementing his experience as a banker int the L'nited
States with an intimate knowledge of economic and
financial conditions in Europe and the workings of
leading European banking and financial systems.
Mr. McGarrah's credentials, derived as they are
from his wide and. varied experiences, his high personal
character, and his puWic-mindedness are of the best
and give every promise that the board, in bringing
him into the chairmanship of the largest of the 12
Federal reserve banks and the most important reserve
banking institution in the world to-day, is rendering
a great service not only to the Federal Reserve Bank
of New York but to the whole Federal reserve system.
The care and deliberateness with which the board has
proceeded in filling this position is in pursuit of its
policy, as opportunity offers, of giving to the public
interest in the Federal reserve banks through the
three class C directors appointed by the Federal Reserve Board, the best and ablest representation it can
find. It was with this purpose that the board recently
invited' Mr. Owen D. Young to relinquish his position
as a class B director of the Federal Reserve Bank of
New York and accept appointment from the Federal
Reserve Board as class C director of that institution
and deputy chairman.
The board was led to appoint Mr. Young by substantially the same sort of considerations that led to
its selection of Mr. McGarrah, Mr. Young's position
in the community being not only that of a business
head of outstanding eminence but that of a man
whose interest and abilities are more and more being
sought in activities and trusteeships of a public nature.
Such are, in a peculiar degree, the class C directorships
of the Federal reserve banks.
MARCH, 1927
executive committee. Mr. Walter Lichtenstein continues as secretary of the council.
Mr. Arthur M. Heard, of the Amoskeag
National Bank, of Manchester, N. EL, has been
appointed as the representative on the council
from the Boston district, in place of Mr. Charles
A. Morss, and Mr. Harris Creech, president of
the Cleveland Trust Co., Cleveland, Ohio, has
been appointed in place of Mr. George A.
Coulton. No other changes have occurred in
the membership of the council.
Branches at Charlotte and San Antonio
The Federal Reserve Board has authorized
the establishment of a branch of the Federal
Reserve Bank of Richmond at Charlotte, N. C ,
and a branch of the Federal Reserve Bank
of Dallas at San Antonio, Tex. Under the
terms of the McFadden bill, approved on February 25, the Federal Reserve Board has
authority to require at any time the discontinuance of any branch Federal reserve bank.
Cuban Agency of Atlanta Federal Reserve Bank
A resolution adopted in January by the
Federal Reserve Board with reference to the
Cuban agency of the Atlanta Federal Reserve
Bank is given on page 182.
Adoption of McFadden Banking Bill
The McFadden-Pepper bill, which grants
indeterminate charters to the Federal reserve
banks and contains numerous amendments
to the national banking act and the Federal
reserve act, has been passed by Congress and
was approved by the President on February 25.
The text of the bill and a brief summary of its
provisions are printed on page 181 of this
Organization Meeting of the Federal Advisory Council BULLETIN.
The Federal Advisory Council at its first
meeting in 1927, held on February 18, organAnnual Report
ized by reelecting Mr. Frank O. Wetmore of
Chicago as president and Col. John F. Bruton
The text of the annual report of the Federal
of Richmond as vice president. These officers Reserve Board covering operations for 1926
as ex-officio members and Messrs. Alexander, was presented to Congress on March 2 and
Rue, Creech, and Jones will constitute the released for publication March 3.
155
FEDEEAL KESEEVE BULLETIN
MAKCH, 1927
BUSINESS CONDITIONS IN THE UNITED STATES
NATIONAL SUMMARY
Industrial activity has been slightly larger
since the turn of the year than at the close of
1926. Seasonal liquidation of reserve bank
credit has been in unusually large volume,
owing chiefly to the inflow of gold from abroad,
and conditions in the money market have
been easy. Wholesale prices have continued
to decline.
Production.—Output of factories was larger
in January than in December, but smaller than
in January, 1926 or 1925. Mineral production,
though somewhat below the December level,
continued in unusually large volume, reflecting
PER
150
czm
PERCENT
1150
100
100
50
INDUSTRIAL PRODUCTION
"8325
1924
1828
1327
1923
Index number of production of manufactures and minerals combined,
adjusted for seasonal variations. (1923-1925 average=100.)° Latest
figure, January, 106
the maintenance of production of bituminous
coal, crude petroleum, and copper.s Manufacture of iron and steel, which w a sharply
curtailed in December, increased in January
and February. Automobile output was increased considerably from the unusually low
level of production reached last December,
but the number of passenger cars produced
since the beginning of the year has been smaller
than for the corresponding period of the past
four years. The textile industries have continued active since December, without., however, showing the usual seasonal increase.
Building contracts awarded in 37 States
during the first seven weeks of the year were
smaller in value than those for the same period
of 1926. Decreases have been largest in New
York and in the New England, Southeastern
and Northwestern States, while increases
occurred in the Middle Atlantic and Central
Western States. By types of building, contracts awarded for residential and industrial
building in January showed large reductions
as compared with December and with January,
1926, while contracts for commercial buildings
were larger than a month or a year ago.
Trade.—Retail trade showed more than the
usual seasonal decline between December and
January. Sales of department stores were in
about the same volume as a year ago, while
those of mail-order houses were 7 per cent
smaller. Wholesale trade declined in nearly
all leading lines in January and was considerably smaller than a year ago. Inventories
of department stores were reduced less than is
customary and at the end of the month were
in about the same volume as in January, 1926.
Stocks of merchandise carried by wholesale
firms increased slightly, but continued in
smaller volume than in the corresponding
month of the previous year. Freight-car
loadings declined between December and January, but, owing chiefly to heavier shipments
of coal this year, weekly loadings since the
beginning of the year were larger than for the
same period of 1926. Shipments of merchandise in less-than-car-load. lots were also
slightly larger than last year; but those of most
basic commodities were smaller.
Prices.—The general level of wholesale prices
declined fractionally in January, according
PERCEMT
PER CEUT
200
1200
150
150
j WHOLESALE PRICES
*aa A// Commodities
mm Agriculture//
•** Non-Agricufiuraf
100
1923
1825
192.6
1927
100
Index of United States Bureau of Labor Statistics. (1913=100, base
adopted by bureau.) Latest figures, January
to the index of the Bureau of Labor Statistics,
considerable advances in prices of livestock
being somewhat more than offset in the total
by decreases in nearly all other commodity
156
FEDEKAL KESEEVE BULLETIN"
groups included in the index. Prices of nonagricultural products, as a group, declined to
the lowest level since early in 1922. In
February there were decreases in the price of
iron and steel, nonferrous metals, bituminous
coal, grains, and hides, while prices of cattle,
sheep, cotton, and gasoline increased.
Bank credit.—Commercial loans of member
banks in leading cities continued to decline
during the four weeks ending February 16,
although at a less rapid rate than in earlier
weeks, and in the middle of February the
MARCH, 1927
banks7 investment holdings increased somewhat.
The volume of reserve bank credit remained
during the four weeks ending February 23
near the low level reached at the end of January. Liquidation of reserve bank credit
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
2
2
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
10
19241923
1925
1926
1927
Monthly averages of daily figures for 12 Federal reserve banks. Latest
figures are averages for first 23 days in February
1926
1925
1924-
1923
1927
Monthly averages of weekly figures for banks in 101 leading cities.
Latest averages are for first three weekly report dates in February
volume of these loans was about $270,000,000
below the seasonal peak reached in the middle
of November, though about $200,000,000
above last year's level. Loans on securities
also declined during the period, while the
since the high point of last December has been
in excess of $500,000,000, the unusual extent
of this reduction being due chiefly to the large
inflow of gold from abroad. Total bills and
securities of the reserve banks on February
23 were about $200,000,000 smaller than on
the corresponding date of last year.
Easier money conditions in February were
reflected in a decline in the rate on prime
commercial paper from 4-434 to 4 per cent
after the first week of the month.
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
Year and
month
Indus- Produc- Produc- Factory Factory
tion of tion of
trial
pay
produc- manu- miner- employ- rolls
facment
tion*
als^
tures i
Building contracts
awarded >
Unadjusted
Adjusted
Monthly average
1923-1925=100
Railroad
car
loadings i
Wholesale
trade
Department-store Department-store Bank
sales *
stocks *
debits
outside
of New
AdUnadUnadAdYork
justed justed justed justed Cityi
Monthly average 1919=100
1926
January
February
March
April
May
June
July
August
September
October
November....
December
106
107
108
108
107
107
107
11
1
113
111
108
105
108
109
108
108
107
107
107
112
113
111
106
103
93
98
108
107
103
104
105
109
111
116
118
120
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
243
218
209
170
164
169
178
221
233
204
235
281
118
127
126
132
126
127
130
126
128
127
132
132
78
76
85
80
82
84
82
87
97
94
86
78
114
104
130
133
137
130
99
105
131
158
157
234
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
138
126
128
131
131
124
127
136
126
126
126
123
126
1927
January
106
104
117
92
102
148
204
122
74
114
131
123
139
125
i 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.
157
FEDEBAL RESERVE BULLETIN
MARCH, 1927
MONEY RATES
Open-market rates on prime commercial
paper and on security loans, shown in the accompanying chart, were lower in February
than they have been since July. The prevailing commercial paper rate declined from 4-434
to 4 per cent after the first week in February,
declining early in February and later advancing again, so that the rate on 90-day bills
at the end of the month was higher than since
early in January. Yields on short-term Government securities showed little fluctuation at
levels considerably higher than those prevailing
at the first of the year, and Liberty bond yields
averaged about the same as in December
and January. The accompanying table shows
money rates prevailing in the New York City
open market during the last three months. A
table showing rates of interest charged customers by representative banks in various cities
during the last eight months will be found on
pages 242-245 of this issue of the BULLETIN.
and at this rate the demand was very active.
Dealers7 sales were limited by the supply of
paper, although the volume outstanding showed
a seasonal increase. The renewal rate on call
loans declined to 4 per cent on January 21
and remained unchanged through February,
and 90-day time loans were made at 4% per
cent during the latter part of the month.
Acceptance rates moved irregularly, however,
ACCEPTANCE MARKET
The acceptance market was considerably
more active in late January and early February
than in preceding weeks, according to reports
of dealers' transactions during the period from
January 12 to February 16. The supply of
bills was particularly large around the end of
the month, and in spite of a good demand both
from local and foreign purchasers New York
dealers7 portfolios increased considerably at
that time. Later both their purchases and
sales diminished, as was the case also in
Chicago. The demand in the Boston market
was relatively poor throughout the^ period and
the portfolios of local dealers more than
doubled. Rates were frequently unsettled, but
they were generally lowered early in February
and advanced again on February 15. The
following table shows the rates in effect at the
beginning and end of the reporting period.
MONEY RATES IN NEW YORK CITY
ACCEPTANCE HATES IN THE NEW YORK MARKET
1925
1926
1927
Average yield
on—
Month
Average rate
on—
Prime Prime U. S.
bankcomers'
Treasmercial accept- ury
ances, notes per cent Call
Time
4-6
months days certifi- Liberty loans 1 loans 2
cates, bonds
3-6
months
February, 1926
November, 1926. __—
December, 1926
January, 1927
February, 1927
Week ending—
Feb. 5
Feb. 12
Feb. 19
Feb. 26
3.18
4K Z%-VA 8 3.35
/ 4 3.03 |
4K
V 3 11
3.23
4-4 V
3.29
4r4H
4.01
3.91
3.83
3.80
3.80
4.85
4.56
5.16
4.32
4.03
4.68
4.70
4.70
4.52
4.42
4-4M Z5A-Z%
3.82
3.80
3.79
3.79
4.00
4.00
4.00
4.00
4.43
4.41
4.44
4.41
4
4
3%
3.36
3.34
3.30
3.17
* Renewal rate.
2
Weekly average of daily average rates on principal maturities.
3
Issues maturing Mar. 15, 1927.
4
Issues maturing June 15,1927.
Jan. 12, 1927
Feb. 16,1927
Maturity
Bid
30 days...
60 days__.
90 days._.
120 days..
150 days..
180 days.
Offered
Bid
Offered
I
CAPITAL ISSUES
January has frequently been the month of the
largest issue of new securities of the year, and
this year the amount of new domestic securities
issued in January was the largest since January, 1923, according to the compilation of the
Commercial and Financial Chronicle. Both
corporate and municipal issues were exceptionally numerous, and an unusually large issue of
158
FEDERAL RESERVE BULLETIN
Federal land bank bonds added to the total.
Municipal flotations included a $60,000,000
loan of the city of New York. Among corporate offerings, the public utilities figured
more largely than since May and industrial
concerns increased their new issues over December, while railroads did very little new
financing. In addition to the raising of new
capital, corporations of various kinds refunded
a larger volume of securities than is customary,
for the second time since January, 1923, selling
over $100,000,000 of securities for this purpose.
The following table shows the domestic securities both new and refunding issued in January,
1927, December, 1926, and January, 1926:
DOMESTIC CAPITAL ISSUES
[In millions of dollars]
January,
1927
Refunding
New
January,
1926
December,
1926
ReReNew fund- New funding
ing
631.8 106.6 445.8 43.4
Total
440.6 102.5 304.7 41.0
Corporate issues
Long-term bonds and
335.7 88.7 212.3 24.2
notes
Snort-term bonds and
10.8
13.0
6.3
notes
94.1
10.5
13.8 79.4
Stocks -.
24.3
Farm-loan issues
4.1 141.1
2.4
166.9
Municipal issues
489.2
738.4
Grand total
568.4
65.2
493.1
December,
January,
1926 1
1926 1
Gov- Cor- Gov- Cor- Gov- Corernernernment porate ment porate ment porate
Grand total .
i Revised.
2.2
.2
8.7
47.3
4.6
25.0
10.9
.3
.5
84.2
96.6
34.4
31.1
2.6
10.0
1.4
38.9
13.2
10.2
27.4
25.4
27.0
167.5
10.5
6.6
~35.~6
8.0
5.0
45.5
46.9
39.3
142.1
Average
199 in- 31 rail- Total, price
of 40
230
dustrial road
stocks stocks stocks bonds 2
1.7
1927
93.6
37.3
Price indexes of i—
633.6
January,
73.3
41.3
INDEX NUMBERS OF SECURITY PRICES
6.8
FOREIGN CAPITAL ISSUES
[In millions of dollars]
56.3
2.1
The stock market was very active in February, as indicated by average daily sales of the
largest number of shares since November, 1925.
Prices of representative railroad and industrial
stocks advanced sharply to new high levels,
although the former receded slightly toward
the end of the month. The advance in railroad
stock prices was associated in part with large
purchases of certain stocks by other railroads
and a corner in one railroad stock. Bond
prices, which reached their highest post-war
levels toward the end of January, declined
slightly in February. 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:
56.7
43.1
149.2
5.0
70.3
Foreign governments and corporations offered
a larger volume of new securities in the United
States during January than during any month
of 1926. The larger corporate issues came
from Europe, particularly Italy and Belgium,
with one of $25,000,000 from the Dutch East
Indies, while the government issues originated
chiefly in Canada and South America. The
table below shows the foreign issues in January,
1927, December, 1926, and January, 1926:
New issues
Europe,Canada and Newfoundland
Latin America
United States insular
possessions
Dutch East Indies
Refunding issues
Total new and refunding
SECURITY PRICES
63.5
300.8
MARCH, 1927
Average for—
February, 1926
October, 1926
November, 1926 _
December, 1926
January, 1927
February, 1927
Average for week ending—
Feb. 5
Feb. 12
Feb. 19
Feb. 26
Average
number
of shares
of stock
sold daily
(000
omitted) 3
154.9
155.4
157.5
161.7
158.4
163.0
123.5
129.6
132.4
135.2
136.7
142.1
145.7
147.9
150.2
153.9
153.5
156.9
94.31
94.93
95.66
96.05
96.43
96.44
1,806
1,824
1,477
1,692
1,466
2,156
161.5
161.9
163.0
165.4
139.5
140.7
144.9
143.3
155.1
155.7
157. 7
159.0
96.56
96.39
96.40
96.40
1,751
2,239
2,260
2,102
1 For the industrial stocks, the average of 1917-1921 prices equals 100;
for the rails the average of the high and low prices made in the 10 years,
1913-1922, equals 100. The indexes are weighted by the number of shares
of each stock outstanding. Prices used are closing quotations on
Saturday.
2
Arithmetic average of daily average closing prices as published in
the Wall Street Journal. Weekly averages are for week ending with
Saturday.
3 Saturday omitted. Weekly averages are for 5 days ending with
Friday preceding date given.
COMMODITY PRICES
Wholesale commodity prices declined in
January for the fourth consecutive month,
nearly ail groups of commodities included in
the index of the Bureau of Labor Statistics
showing decreases. Prices of farm products,
as a group, increased, owing chiefly to advances
in livestock, poultry, and cotton. Most food
products, on the other hand, decreased, and
nonagricultural products, as a group, declined
to the lowest level since early in 1922. The
159
FEDEKAL KESEEVE BULLETIN
MAECH, 1927
largest decreases occurred in silk, bituminous
coal, nonferrous metals, lumber, drugs, and
furniture, and prices of cotton goods, iron and
steel, paper, and a number of building materials
were also lower. Indexes for the principal
groups of commodities for certain months are
shown in the accompanying table.
INDEX NUMBERS OF COMMODITY PRICES
[1913=100]
January,
December,
1927
Commodity
1926
January,
1926
All commodities-
146.9
147.2
156.0
Agricultural
Nonagricultural
Farm products
Foods
...
...
Clothing materials. __
Fuel and lighting
Metals___.
Building materials....
Chemicals and drugs.
House furnishings
Miscellaneous
143.4
149.6
142.2
151.5
153.6
157.6
137.2
149.6
167.3
179.8
124.4
169.7
122.1
157.4
117.9
134.9
151.0
168.6
182.9
125.7
172.7
128.2
159.4
117.8
151.8
156.2
185.5
176.5
128.9
177.9
133.2
164.9
135.3
AGRICULTURAL CREDIT
Kediscounts at the 12 Federal intermediate
credit banks increased very slightly during
January and the first half of February. In the
period December 31 to February 12 a liquidation by agricultural credit corporations of
approximately $3,000,000 was offset by increased advances to livestock loan companies
of about the same amount. Direct loans decreased approximately $1,000,000 during the
same period, small increases taking place in
loans based upon the security of cotton, rice,
and raisins. The largest decrease was in
tobacco loans, which were reduced about
$1,000,000. Loans based upon eligible commodities and rediscounts with the different
financial institutions on the latest date in February are shown in the accompanying table:
INTERMEDIATE
CREDIT
Feb. 12, Jan. 15,1 Feb. 13,
1927
1927
1926
Class of loan or rediscount
During February prices of iron and steel, Direct loans outstanding o n Cotton
Tobacco——
bituminous coal, crude petroleum, grains, and
Wheat
hides declined, while those of cotton and silk
Canned fruits and vegetables
_.
advanced, and nonferrous metal prices re- Raisins
Peanuts
Wool
covered a little of their recent losses.
Rice
All other
Prices received by fanners for their products
Total
„.._
advanced slightly in February after declining
in the two previous months. The accompany- Rediscounts outstanding for—
Agricultural credit corporations
ing table shows the Department of Agriculture
National banks
_.
State banks
__.
:
index of these prices by groups for the past 14
Livestock loan companies
Savings banks and trust companies.
months.
Total..—_„_
INDEX NUMBERS OF FARM PRICES
[August, 1909-July, 1914=100]
Month
Dairy Cotton
and
Unand
poultry cotton- classiprodfied
seed
ucts
30
commodities
Grains
Fruit
and
vegetables
Meat
animals
143
143
140
140
139
139
136
133
134
130
130
127
143
140
133
131
131
130
125
128
121
123
121
120
214
218
220
253
240
216
195
166
136
136
142
137
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
87
87
85
83
82
81
85
81
93
97
97
91
126
120
122
140
142
140
143
152
143
85
94
87
84
1926
January
February.—
March
April- —
May
June
July
August
September. _
October
November. _
December. .
1927
January..—
February.—
127
BANKS
[In thousands of dollars]
.
.....
26,183
12,627
3,400
1,365
5,000
57
346
2,564
266
27,415
13,514
3,477
1,429
4,700
25,614
18,444
2,363
628
3,600
138
584
589
519
51,808
54,330
52,479
20,519
27
398
19,315
52
24,089
27
312
15,869
55
15,151
34
376
11,805
95
40,311
40,352
27,461
Outstanding farm mortgage loans held by
Federal and joint-stock land banks increased
approximately $7,000,000 for each group of
banks during January. Recent changes in
interest rates charged on Federal land-bank
loans are reductions from 53^ to 5 per cent
in the Springfield district and from 5 J^ to 53^
per cent in the Baltimore and Berkeley districts, effective February 1, 1927. The following table gives the interest rates charged on
Federal land-bank loans in each of the 12
Federal land-bank districts:
District
No. 1—Springfield
No. 2—Baltimore
No. 3—Columbia
No. 4—Louisville
No. 5—New Orleans
No. 6—St. Louis
District
Rate
5
5
5
5
No
No.
No
No.
7—St. Paul
8—Omaha __
9—Wichita
10—Houston
No. 11—Berkeley
No. 12—Spokane
Rate
5
5
5
5
160
FEDEEAL KESERVE BULLETIN
The following table shows the outstanding
volume of mortgage loans at the end of January
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:
MARCH, 1927
been received. Stocks on hand were considerably reduced during the month. Mill
consumption of cotton continued in large
volume in January, showing only a fractional
decline from the December figure. Prices of
raw cotton and of cotton yarns and goods
rose slightly during January and the first
N E T FARM MORTGAGE LOANS OUTSTANDING
three weeks of February.
[In thousands of dollars ]
Buying of woolen and worsted goods has been
in only moderate volume, and operations have
Jan. 31,
Jan. 31,
Class of institution
been reduced somewhat since autumn. Mill
1927
1926
consumption of raw wool and the percentage of
639,651
Joint-stock land banks
555,756 machinery hours active to capacity decreased
1,085,170
Federal land banks
1,011,088
1
1,585,000
41 life-insurance companies
1,527,000 in January. Raw wool prices have strengthened somewhat since the first of the year. Imi Loans outstanding Nov. 30,1926.
ports of raw silk and deliveries to mills increased in January as compared with December
MANUFACTURING AND MINING
and were also larger than a year ago. Prices
Production of manufactures was in larger of both raw silk and silk goods declined in Janvolume in January than in December, and uary, but those of raw silk advanced slightly in
the board's index of manufactures, adjusted February. The demand for silk, however, has
for seasonal variations, advanced . slightly been only in moderate volume. Some proowing chiefly to greater-than-seasonal increases ducers of rayon have recently raised prices of
in the production of steel ingots and of auto- that fiber.
mobiles. Output of both of these products,
Hides, leather, and shoes.—Prices of hides
however, was smaller than a year earlier. have fallen since the latter part of January, and
Textiles and leather and shoes continued both hide and leather markets have been less
somewhat more active than a year ago, but active than earlier in the year. Shoe manufacdid not show the usual seasonal increases in turers are beginning operations on spring busiproduction as compared with December. Pro- ness. Sole-leather production and stocks in
duction of food products was in smaller volume process were slightly smaller in January than
than in December. Output of minerals, after in December, and tanners' finished stocks were
increasing steadily since May, declined slightly further reduced. Shoe production was also
in January but continued at a high level. somewhat smaller than in December but conIndexes of manufactures and minerals, by tinued larger than a year ago.
groups monthly since 1919, are shown in the
Metals.—Markets for iron and steel since
tables on pages 175-177.
early in the year have been marked by price reEmployment.—Factory employment and ductions of a general nature. These decreases
pay rolls declined by a considerable amount in brought the Iron Age averages of iron and steel
January and were smaller than for any month prices to the lowest levels since 1922. After
since the middle of 1924. A decline in pay the price declines there was some increase in
rolls in January is customary, as the reports buying, and as a consequence operations have
cover the period of closing for inventory-taking increased since the rather sharp curtailment in
and repairs, but the decrease this year was December, which resulted in a diminution of
somewhat larger than usual. The reductions stocks. January output of steel ingots was
in employment were noted in most industries, larger than in either November or December,
but there were some increases among the but in much smaller volume than a year earlier.
textiles and in leather and shoes.
Eeports indicate a further enlargement of steelTextiles,—Textile industries have been active mill operations in February. Automobile prosince the first of the year, with sales and ducers are buying in larger volume than they
operations maintained in appreciable volume. were toward the close of 1926, but are not placProduction of cotton goods by a group of ing orders for the future to the same extent as
reporting mills totaled 242,000,000 yards, as they have at this season in previous years.
compared with 229,000,000 yards last January, Buying by railroads and for construction purand unfilled orders totaled 387,000,000 yards, poses has been steady in volume.
as compared with 279,000,000 a year ago.
Production of nonferrous metals continued
Both production and orders were larger than active during January, and stocks on hand were
for any of 17 months for which reports have enlarged. During that month primary mar-
FEDEKAL KESERVE BULLETIN
MARCH, 1927
kets were weak and prices were falling, but
about the middle of February buying became
more active and the prices of copper, which had
fallen below 12% cents, a new low level for recent years, rose by nearly half a cent, and zinc
and tin prices also advanced slightly.
Fuels.—-Production of bituminous coal has
fallen by slightly more than the usual amount
since the record-breaking production of November, but continues large and is in excess of
consumption. The surplus output, according
to reports, is being taken largely by utilities
and industrial consumers for storage purposes.
Stocks of bituminous coal held by commercial
consumers on January 1, as reported by the
Bureau of Mines and shown on the accompanying chart, totaled 55,000,000 tons on January 1,
161
during January, according to reports of the
American Petroleum Institute.
Automobiles and tires.—Automobile production in the United States during January totaled
234,130 passenger cars and trucks, as compared
with the low record for five years of 155,822 in
December. The January figure for trucks was
above that for previous years, but that for
passenger cars was the lowest for that month
since 1922. Reports from dealers in the
Middle West to the Chicago Federal Reserve
Bank show a smaller volume of sales at both
wholesale and retail than in the corresponding
month last year. Stocks increased during the
month but were slightly smaller than a year
ago. Several new models and price revisions,
mostly reductions, were announced by producers during January and February.
MILLIONS OF TONS
MJLiJONS OF TONS
Production and shipments of tires increased
BITUMINOUS COAL
in January and were larger than a year ago.
Output exceeded shipments, and stocks were
further increased. Crude-rubber prices, which
rose to over 40 cents a pound in January, fell
in February to nearly 38 cents but later advanced again. Imports of crude rubber equaled
97,000,000 pounds in January, the largest for
any month on record.
Building materials.—Activity in the various
industries producing building materials since
the first of the year has been in general somewhat less than that of a year ago. Production,
shipments, and orders of softwood lumber in
the first seven weeks of the year were all
the largest figure for that date on record except smaller than in the corresponding period of
in 1924. Exports have been reduced consider- last year, while in the case of hardwoods this
ably from the high levels of last autumn. year's volume was the larger. Orders for
Prices of bituminous coal have continued to de- flooring during January were also smaller than
cline slowly, and the Coal Age index of spot a year ago, as were likewise those for sanitary
prices in February was lower than at any time ware. Cement production, shipments, and
stocks continued in excess of those for the
since early in September.
The anthracite market has been dull, and corresponding month a year earlier. Prices of
production, which has been considerably re- most building materials have been weak, and
duced since last autumn, was the smallest for reductions have been made in prices of lumber,
any month, barring those affected by strikes, glass, and cement.
since 1921. Independent producers reduced
Food products.—The production of flour in
prices in February. Coke markets have January declined approximately 8 per cent from
strengthened slightly, and the prices of Con- the previous month and was the smallest Jannellsville coke has been abvanced to $3.50 uary output since 1922. Northwest and Paa ton. Production was in about the same cific coast mills showed the largest decline in
volume during January as during December. the yearly comparison, while southwest mills
Production of crude petroleum has continued were operated at a higher capacity. Domesthe increase begun last summer and in February tic trade continues dull and only a small export
reached another new high record of daily aver- movement has been maintained, January exage output. Prices of gasoline were advanced ports of 1,009,133 barrels being the smallest
early in February, but later in the month monthly total since last July.
there were some reductions in crude petroleum
The output of meat products during January
prices, and those of gasoline were also lowered. was slightly below that of the preceding month,
Stocks of crude oil and of gasoline increased owing chiefly to a reduced volume of cattle
N
162
FEDEKAL KESEKVE BULLETIN
slaughter. Compared with a year ago, the
slaughter of all classes of livestock, with the
exception of sheep, was in smaller volume.
The total value of sales billed to domestic and
foreign customers by 53 meat-packing firms
in the United States, as reported by the Chicago Federal Reserve Bank, increased 8 per
cent over December, but was 4 per cent under
a year ago. The total value of sales during
the year 1926 is reported at 2 per cent greater
than in 1925. Storage holdings of meat increased during the month, although decreases
took place in beef, lamb, and miscellaneous
stocks.
Sugar meltings of 290,613 tons during the
month were larger than in the previous month
but were approximately 20 per cent less than
in January of a year ago. Sugar stocks of
177,791 at the end of January were about twice
as large as a year ago. Prices have fluctuated
within a relatively narrow range, a reduction
taking place in the middle of February bringing the level to $5.95-$6.05 per 100 pounds
at New York.
BUILDING
Awards of building and engineering contracts
in January, as reported for 37 States east of the
Rocky Mountains by the F. W. Dodge Corporation, represented a cost of construction 28
per cent less than that reported for December
and nearly 16 per cent under the valuations
reported for this area last year in January.
These comparisons, however, are in each case
with months of exceptionally large awards.
The December total, which exceeded the total
for December of any earlier year, included deferred entries for certain large undertakings,
and the total for January of 1926 included one
award in New York City for $50,000,000—an
amount sufficient, if it had happened to be
reported in the month preceding or following,
to have changed materially the percentage increase or decrease over the year. Although the
percentage decrease shown for January indicates a very considerable shrinkage in the
dollar volume of contracting, values reported
this year nevertheless exceeded values reported
for January of 1925 by 24 per cent, and were
in excess of values reported for this month in
any earlier year by a wider margin.
The net decrease over the month for the 37
States, amounting to $153,000,000, covered
decreases of $111,000,000, or 49 percent, for the
New York Federal reserve district, of $3 6,000,000,
or 39 per cent, for the Chicago district, of
nearly $16,000,000, or 51 per cent, for the
MARCH, 1927
Boston district, of $4,000,000, or 50 per cent,
for the Minneapolis district, and smaller
decreases for the St. Louis, Kansas City, and
Dallas districts. These decreases were partially offset by increases for the Philadelphia,
Cleveland, Richmond, and Atlanta districts.
In comparison with values reported for January of last year, the net decrease for the 37
States, amounting to $73,000,000, covered a
decrease for the New York Federal reserve
district of $79,000,000, relatively large # decreases for the Atlanta and Boston districts,.
relatively large increases for the Cleveland and
Philadelphia districts, and less considerable
changes for other districts. Awards during
February were also somewhat smaller than in
that month of last year.
Decreases for January are shown for awards
covering all types of building and engineering
construction work, excepting for commercial
buildings, the decreases being very considerable
for public works and utilities, residential buildings, and industrial buildings. In comparison
with January of last year, the larger decreases
are for industrial and for residential buildings.
Valuations reported in January for contemplated projects totaled $756,000,000, the corresponding total for January of last year being
$852,000,000. Smaller valuations in the aggregate were reported this year than last for
projected residential and industrial buildings
and larger valuations this year for public
buildings.
A decrease of 26 per cent over the month is
recorded for the valuation of building permits
issued in 168 selected cities, and a decrease of
9 per cent from valuations reported by these
cities last year for January. Compilations for
the several Federal reserve districts give a
smaller total permit valuation and a smaller
number of permits issued this year for these
cities in each of the 12 districts, excepting that
larger valuations were reported this year for
the Cleveland and the Chicago districts. January reports of permit valuations to the F. W.
Dodge Corporation, from the building departments of 204 cities, give larger valuations this
year than last for 92 cities and smaller valuations this year for 112 cities.
No material change was recorded for the
labor cost of building in January. Only slight
changes in this cost were recorded during the
last half of 1926, although the wage level
maintained in the construction industries during this period was somewhat above that of the
opening month of last year. A decrease in the
cost of building materials is indicated by the
MARCH, 1927
FEDERAL RESERVE BULLETIN
wholesale price index of the Bureau of Labor
Statistics, which fell off from 173 (on 1913
prices taken as 100) in December to 170 in
January. This index declined from 178 in
January a year ago to 171 in June, and increased in November to 174. Price declines in
January, under conditions of sustained wage
rates, tended to reduce the cost of building.
WHOLESALE AND RETAIL TRADE
Distribution of merchandise through channels of wholesale and retail trade declined
more than is usual between December and
January, and in most lines of trade sales were
smaller than in January, 1926. With the
exception of the seasonally large volume of
retail trade during the Christmas trading season, the decline in January reflects a continuation of the slight slowing down in the rate of
merchandise distribution that began early last
autumn. Lower prices in recent months than
in the preceding year partly account for the
reduction in the value of sales for the country
as a whole, but declines in both wholesale and
retail sales have been significant in certain
agricultural sections, reflecting, in general,
smaller purchases by rural consumers.
Stocks of merchandise carried by wholesale
firms increased slightly in January in anticipation of the usual seasonal expansion in sales
in the early spring, but in most lines they
continued smaller than a year ago. Inventories of department stores, on the other hand,
continued to decline in January as is customary
during that period when retail firms generally
take inventory, and at the end of the month
they were lower than at any time in almost
two years.
Wholesale trade.—Trade of reporting wholesale firms continued to decline in January, and
the Federal Keserve Board's combined index
of sales of six leading lines reached the lowest level for January since 1922. Sales of
meats, groceries, dry goods, and hardware
were smaller than in January of last year,
while those of shoes and drugs were slightly
larger. Smaller sales of groceries, dry goods,
and hardware than in January, 1926, were
reported in nearly all sections of the country,
but the largest declines in these lines were in
the Atlanta, St. Louis, and Minneapolis Federal reserve districts. Sales of reporting wholesale dry goods firms were 9 per cent smaller
than in January of last year, and sales of silk
goods and of cotton commission houses w^ere
163
also less than a year ago. Farm implement
and agricultural machinery sales, which began
to decline in the autumn of 1926, continued
smaller in January than in the corresponding
month of last year. Orders for machine tools
placed with firms reporting to the National
Machine Tool Builders7 Association also continued to decline in January and were 16 per
cent smaller than a year earlier.
Inventories of merchandise carried by wholesale firms engaged in leading lines increased
in January in anticipation of the usual seasonal
expansion in sales in the spring. Compared
with a year ago, however, stocks in all leading
lines except meats continued in smaller volume.
Stocks of groceries were 10 per cent smaller for
the country as a whole, and declines were
reported in nearly all sections of the country.
Stocks of dry goods were 21 per cent smaller
than in Janua^, 1926, and those of hardware
were about 9 per cent less. Accounts receivable of reporting firms outstanding at the end
of January were smaller than in December.
Compared with a year ago, accounts receivable
were larger for shoe and hardware firms, but
were smaller for grocery, dry goods, and drug
firms.
Eetail trade.—Eetail trade showed more
than the usual seasonal decline in January
from the high levels reached in the closing
months of 1926. Sales of department stores
and mail-order houses were slightly smaller than
in January of last year, while sales of chain
stores, owing partly to an increase in the
number of stores in each chain, continued
larger than in the corresponding month of last
year.
Smaller department-store sales than in January, 1926, were reported in eight Federal reserve districts, the largest declines being in the
Philadelphia, St. Louis, and Dallas districts.
In the Boston, New York, Kansas City, and
San Francisco districts sales were larger than
in January, 1926, and the largest increase,
amounting to 4 per cent, was in the San
Francisco district.
Merchandise inventories of department stores
were further reduced in January, and at the
end of the month the Federal Keserve Board's
index of department-store stocks was at the
lowest level for any month since January, 1925.
Smaller stocks than in January of last year
vvere reported by stores in all Federal reserve
districts except in the Boston and San Francisco districts, where they were slightly larger.
In the Dallas district inventories were 14 per
164
FEDEKAL KESEEVE BULLETIN
cent smaller than last year, the largest decline
for any district.
The rate at which inventories were turned
over in January was practically the same for
the country as a whole as in January of last
year. It was slightly higher, however, in the
New York, Philadelphia, Minneapolis, and
Dallas districts and lower in the Richmond,
Atlanta, Chicago, St. Louis, and San Francisco
districts.
TRANSPORTATION
Freight-car loadings fell off in January, but
were in excess of loadings last year in this
month, the excess representing principally
increased shipments of coal. Usually loadings
increase seasonally in January over December.
Decreases from December totals this year are
recorded for each of the seven transportation
districts excepting the Pocahontas and the
northwestern districts, and increases over last
year for each of these districts, excepting the
northwestern and the central western. In
February, to February 19, freight continued
to move in larger volume this year than last.
Loadings for each general class of freight
fell off over the month, excepting for livestock
and forest products. For merchandise in lessthan-car lots, including miscellanous freight—
a general classification covering principally
shipments of manufactured products—loadings
in January were in the same volume this year
as in 1926, although decreases for this classification are shown for the eastern, Allegheny,
and central western districrts, and increases
for the Pocahontas, southern, northwestern,
and southwestern districts. All other classes
of freight, excepting coal—including grain,
livestock, coke, forest products, and ore—
moved in smaller volume this year than last
during January, the decreases being, however,
excepting in the case of coke, relatively small.
During January the roads maintained an
average surplus of 295,000 freight cars available for service, including 168,000 box and
79,000 coal cars. The average surplus decreased to 87,000 cars in October, increased
in November to 112,000 cars, and in December
to 204,000 cars. The January average _ exceeded that shown for any earlier month since
July of 1925.
AGRICULTURE
Marketing of farm products, although showing the usual seasonal decrease from the preceding month, was larger in January than in
the same month of a year ago Larger receipts
MARCH, 1927
of cotton, vegetables, fruits, and tobacco
account for the increase in the yearly comparison. Market receipts of livestock were
approximately in the same volume as in
January, 1926, while receipts of animal products and grains were smaller. The export
movement of cotton, wheat, tobacco, and fruits
and vegetables continued at a higher level than
a year ago, while exports of meat products were
in smaller volume. The Department of Agriculture's index of agricultural exports was
150 for January, compared with 111 for a year
ago, the increase representing largely increased
shipments of cotton and wheat.
p>.$
Farm prices, as indicated by the Department of Agriculture's index, advanced from
126 on January 15 to 127 on February 15.
The increase was largely accounted for by
advances in the price of grains, meat animals,
and cotton.
Cotton.—Picking of cotton that remains in
the fields continued in January and February,
although work was frequently delayed on
account of unfavorable weather. Much of
this late picked cotton is of low grade, but
reports indicate that the demand for these
grades is active. Marketing of cotton thus far
this season has been much larger than last year.
Consumption by American mills has been
larger each month since the beginning of the
season than in 1925-26, and for the entire
period, August through January, it was 8 per
cent larger than last year. Exports have
increased rapidly since early in the autumn,
and for the season to date they have averaged
23 per cent larger than in 1925-26. The
following table shows in detail a comparison
of exports and consumption for the first six
months of the 1925-26 and 1926-27 seasons:
CONSUMPTION AND EXPORTS OF COTTON
[In bales]
1925-26
Consumption:
August
_.
September
October
November
_
December..
January
__
Percentage
change
from previous year
+11.6
+18.2
+4.5
+7.4
+5.0
+3.8
_
_ _
_.
__
448,665
483,082
' 544,097
543,488
576,216
582,315
500,652
571,105
568, 532
583,950
605,217
604,584
3,177,863
Total
Exports:
August
September
October
__
November
December.. _
January
Total
1926-27
3,434,040
+8.1
315,825
752,324
1,421,482
1,206, 786
984, 061
749,967
391,329
794,584
1,369,820
1,486,224
1,531,297
1,115,792
+23.9
+5.6
-3.6
+23.2
+55.6
+48.8
5,430,445
6,689,046
+23.2
FEDERAL RESERVE BULLETIN
MARCH, 1927
STOCKS OF COTTON ON JANUARY 31
[In bales]
Percentage
change
from previous year
1926
Cotton on hand:
In consuming establishments.
In public storage and com-
1927
1,815,232
1,852,987
+2.1
5,180,988
6,070,020
+17.2
Stocks of cotton carried, by domestic mills,
as shown in the above table, were only slightly
larger at the end of January than a year
earlier and indicate that mills have not accumulated supplies rapidly thus far this season.
Stocks at public warehouses, on the other hand,
are approximately 900,000 bales, or 17 per
cent larger than last year.
Further analysis of the distribution of the
large volume of exports among the leading
cotton manufacturing countries shows that
all of these countries have taken more cotton
this year than in 1925-6. Increases, however,
were largest for Germany, Japan, and the "all
other" group of countries. As a result of this
large increase to Germany exports to that country for the six months were larger than those
to Great Britian, which has heretofore been
the largest foreign purchaser of American cotton. A year ago, however, exports to Germany were sharply curtailed because of the
general business recession. Exports to different countries thus far this year are as follows:
EXPORTS
OF COTTON TO DIFFERENT
COUNTRIES,
AUGUST THROUGH JANUARY
Country
United Kingdom
France.
Italy..
_.
Germany
__
Other European countries
Japan.
_._
All other..
1925-26
1926-27
1,588,672
644, 553
409, 847
1, 236,079
628, 097
726,120
197, 077
1, 682, 550
722, 771
496,827
1, 822, 752
718, 914
891, 396
353, 802
Percentage
increase
+5.9
+12.1
+21.2
+47.4
+14.5
+22.8
+79.5
The price of cotton continued in February at
about the same level as in January, and on
February 25 the closing price for middling cotton in the New Orleans market was 13.9 cents,
compared with 13.2 cents a month earlier and
11.9 cents early in December, when the low
price for the season was reached.
Cottonseed products.—Activity in the cottonseed products industry has been maintained
at a higher level since the beginning of the
present season than in 1925-28 and for the
165
six months, August through January, 5,267,000
tons of cottonseed, compared with 4,885,000
tons in 1925-26, were received at mills. The
proportion of these crushed was larger than in
the preceding year, and stocks of seed on hand
at the end of January were slightly smaller
than in January, 1926. Shipments of all products, from the mills, except linters, were also
larger than last year. Stocks of these products, except cake and meal, on hand at the
mills on January 31 were somewhat larger than
on the corresponding date in 1926. Exports
of both crude and refined oil were considerably
smaller during the six months period than in
1925-26, but exports of cake and meal and linters were larger.
Grains,—The condition of the wheat crop,
according to reports of the Weather Bureau of
the Department of Agriculture, continues to
be fair to good in most sections. Warm weather and general precipitation have promoted
the rapid growth of winter cereals in the South,
although more sunshine is needed in parts of
the Southwest.
Wheat prices fluctuated within a narrow
range during January, average weekly prices of
all classes and grades advancing from $1.36 to
$1.38 during tfa*e first two weeks and remaining
at $1.37 during the last half of January and
early February. In the second week of February, however, prices declined slightly as the
exports of Argentine wheat to European markets assumed large proportions. The movement from Argentina for the season through the
middle of February totaled approximately
30,000,000 bushels, or more than twice the
amount exported in the same period a year ago.
Mills reporting to the Bureau of the Census
ground 274,024,000 bushels of wheat in the six
months period ending December 31, 1926.
This is 11,000,000 bushels more than in the
same period in 1925. Stocks of wheat held by
this group of mills on December 31 totaled
116,000,000 bushels, compared with 103,000,000
a year ago. Net exports during the same period totaled 138,000,000, which is nearly three
times as large as exports in the similar
period of 1925. The monthly volume of exports, although maintained at relatively high
levels, has declined each month since August,
with a total for January of 12,619,000 bushels.
The visible supply of corn has continued to
increase and after the middle of February
reached a new high level of 43,571,000 bushels.
The increase from January 1, however, has been
somewhat less than in 1926, bad roads in many
sections having retarded the movement from
the farms. The market price remained prac-
166
FEDEEAL KESERVE BULLETIN
MARCH, 1927
tically unchanged during January and the first showed a decrease for the year except the Southweek in February, but declined in the middle west, where expansion in Texas and Oklahoma
of the month, as receipts continued heavy with- amounted to 4 and 7 per cent, respectively, the
out any material improvement in the demand. increase for the entire group being 3 per cent.
Western shipments of corn have been in approx- The North Central group of States, representimately the same volume as a year ago, while ing largely the Corn Belt, had the largest
shipments to the South and Southwest have decrease, approximately 5 per cent, with the
been somewhat lower, due to the increased percentage decline running highest in Illinois,
supplies of corn, oats, cottonseed, grain sor- Iowa, Nebraska, and Kansas. In the West,
ghum, and other feed crops in the Southern
MILLIONS OF MEAD
States. While farm prices in the main Corn MILLIONS Gr HEAD
80
Belt States have been on about the same 80 r
level as a year ago, the farm price for the
country as a whole is slightly lower, due to the
fact that increased local supplies are available 70
in States which last year failed to produce
sufficient for their own needs. In 1925, 77 per
cent of the corn crop was produced in the 12
North Central States, while in 1926 only 67 per
cent of the total crop was produced there.
Visible stocks of oats, barley, and rye continue lower than a year ago, although in the
case of rye there is but little change. The rye
market has displayed independent strength as a
result of increased inquiry from export sources,
while oats and barley declined slightly in the
first half of February.
Livestock.—Western ranges have generally
supplied sufficient feed for all livestock up to
the close of January, and feeding has been
light except in areas where dry conditions cut Annual estimates of. United States Department of Agriculture as of
January 1
the 1926 grass crop, according to the western
range report of the Department of Agriculture. there were also reductions in Montana and
Range feed was reported good in the Southwest, Arizona, owing largely to the unfavorable range
and there was sufficient moisture to give early conditions of last summer. Although the numfeed a good start in California, Texas, and ber of cattle decreased, the total value increased
Arizona. According to the same report, both $140,000,000, compared with a year ago.
The average prices of livestock at the Chicattle and sheep have wintered well, with light
cago markets for January, with comparisons, are
losses.
The market for beef cattle in January was reported by the Chicago Federal Reserve Bank
generally strong, with a substantial advance as follows :
taking place for the better grades of beef which
A V E R A G E P R I C E S O F L I V E STOCK
hitherto have been at a considerable discount
[Per hundred pounds at Chicago]
due to the plentiful supplies. The average
price of beef steers was higher and stocker and
Months of —
feeder cattle were lower than in January of a
Week
ended
January,
year ago. The volume of inspected slaughter
Feb. 12, January, Decem1926
1927
of cattle was about 11 per cent less than in
1927
ber, 1926
December and 4 per cent less than in January
of a year ago. The total number of cattle in Native beef steers (average).. $10. 50 $10.20 $10.25
$9.65
6.40
6.40
6.65
Fat
heifers
6.75
the United States on January 1, according to Hogscows and sales)
11.95
11.65
11.95
(bulk of
12.00
10.25
9.20
12.70
Yearling sheep
10.75
the estimate of the United States Department
12.55
12.40
15.25
12.80
of Agriculture, showed a decrease of 1,627,000 Lambs (average)
head, or approximately 3 per cent, reflecting
a continuation of the trend which has been
The number of hogs slaughtered under Fedevident since January, 1922, as indicated in the eral inspection in January increased approxaccompanying chart. All geographical regions imately 3 per cent over the preceding month
MARCH, 1927
FEDERAL RESERVE BULLETIN
and was in about the same amount as in
January of 1926. Because of the lower average
weight of the animals marketed this January,
however, the volume of slaughter measured in
pounds decreased by 2 per cent in the yearly
comparison. Prices showed some irregularity
during the month, but, on the whole, displayed an advancing tendency. The average
price per hundred weight of all hogs slaughtered under Federal inspection during January
was $11.90, compared with $11.55 in December
and $12.05 in January of a year ago.
The estimated number of hogs on farms on
January 1 increased 481,000 head, or 1 per cent
over a year ago, but 3,032,000 less than on
January 1, 1925. All regions increased in
numbers except the North Central States,
where a decrease of 610,000 head was indicated. Of the 12 States in this group, only
three, Minnesota, Michigan, and Missouri,
showed an increase—nearly 2 per cent. Three
States, South Dakota, Nebraska, and Kansas,
accounted for a decrease of 416,000 head, or
between 4 and 5 per cent of their 1926 holdings. As in the case of cattle, the Southern
States also showed a marked increase in the
number of hogs. In the South Central group
of States there was an increase of 680,000 head,
Texas alone showing an increase of 250,000
head. The total estimated value of all hogs
on farms on January 1 increased $47,000,000
over a year ago.
The lamb market showed some strength in
January, and the average price per hundred
pounds of inspected slaughter advanced approximately 24 cents over December. Prices
made additional gains during the first half of
February. The volume of inspected slaughter,
which was only slightly less than in December,
was the largest for the month since 1915.
The estimated number of sheep on farms on
January 1, 1927, for the fifth successive year
showed an increase, the total being 2,045,000
higher than a year ago, an increase of more
than 5 per cent. The total farm value of all
sheep, however, declined by $12,400,000 in the
yearly comparisons. The largest growth in
numbers took place in the North Central and
Southwestern States, the increase in the former
group being accounted for, in part, by the expansion in feeding operations. The largest increase for an individual State was in Texas,
where there was an increase of 707,000 head,
or an increase of about 20 per cent. New
Mexico, Utah, Nevada, and California showed
an increase of approximately 10 per cent. In
167
Montana, Nebraska, and Colorado there was
a reduction in numbers, the decrease in the two
latter States of approximately 25 per cent,
being largely accounted for by a decrease in
feeding operations, while the reduction in Montana probably reflected the drought conditions
of last summer.
Dairy products.—After recovering from the
sharp decline in the latter part of December,
butter prices displayed weakness in early
January, but toward the end of the month
maintained a firm position which was continued into the first three weeks of February.
Much of the earlier losses were regained in the
advance which took place during the course
of the month and, although the average price
of butter at New York for January was 5.6
cents lower than for December, it was 4.4 cents
above January of a year ago. The condition
of foreign markets continued to be a factor in
the price situation, inasmuch as the spread between London and New York quotations at
times slightly exceeded the tariff differential
of 12 cents. On February 10 finest New
Zealand butter was quoted at London at the
equivalent of 38 cents, against a comparable
quotation of 51 cents in New York. Market
receipts at leading centers increased but
slightly during Januaiy, and at the close of the
month total cold-storage holdings of 17,967,000
pounds were slightly less than half as large as
a year ago. The out-of-storage movement
also has been more active than a year ago.
Wisconsin cheese prices advanced a cent
during January, and the average price of 25.5
cents for the month was also a cent above the
January level of a year ago. During the latter part of the month and in the first half of
February, however, prices declined slightly.
Receipts at the four leading markets since the
first of the year have decreased approximate^
12 per cent compared with the same period a
year ago. Storage stocks at the end of January totaled 13,929,000 pounds, compared
with 21,103,000 a year ago.
Fruits and vegetables.—With a larger acreage and a more advanced season than a year
ago, the car-lot movement of fruits and vegetables has been active, with shipments during
January and the first half of February running about 50 per cent higher than a year ago.
With increased market supplies, prices have declined for most classes although apples and
some lines of the more tender truck crops,
which were reduced in quantity by freezing
weather, showed gains.
168
FEDERAL RESEEVE BULLETIN
The apple market improved after reaching
low levels in December, and during January
and February there were various gains of from
25 cents to $1 per barrel in city markets and
leading varieties of northwestern boxed apples
reached the season's top prices in producing sections. The export trade has continued active,
approximately 6,000,000 barrels being exported
from the United States and Canada during the
present season. The Department of Agriculture indicates that this active export movement will likely continue late in the spring because of the severe shortage of home grown
apples in Europe.
With the decline in potato prices of from 25
to 50 cents, which took place in January and
February, quotations in various producing sections fell below $2 per 100 pounds. Shipments
from late producing sections have been less
than a year ago, while those from Maine and
Pacific coast regions have been larger. According to the Department of Agriculture,
farmers report an intention to plant a considerably increased acreage during the coming
season, approximately 13 per cent.
Shipments of citrus fruits have assumed large
proportions, with orange shipments from
Florida and California running much higher
than those of last season. Florida production has been reduced by unfavorable weather
conditions, but a movement of 13,000 car
loads after February 1, has been estimated.
Grapefruit, also, is reported to be more plentiful
than a year ago.
Tobacco.—Marketing of tobacco in the
Virginia and Carolina markets declined further
in January, but sales were larger than in
January of last year. In Kentucky, on the
other hand, marketing of burley and dark
tobacco increased rapidly in January. Sales
of burley tobacco were larger than in January
of last year, but those of western dark tobacco
were smaller. Prices received for bright tobacco by growers in Virginia and North
Carolina continued higher than a year earlier,
but prices for dark tobacco in Virginia markets
continued considerably lower than a year ago,
averaging $8.62 per 100 pounds in January,
1927, compared with $15.99 in January, 1926.
Average prices received by growers in Kentucky
for burley and dark tobacco were also lower
than last year, averaging 13,79 cents a pound
for burley tobacco and 7.12 cents a pound for
other types. Generally higher prices for bright
MARCH, 1927
tobacco this season than last year and lower
prices for dark tobacco reflect the continued
growth in the demand for bright tobacco which
is used in the manufacture of cigarettes and a
decline in the use of dark tobacco.
In commenting on the outlook for tobacco
in 1927 the Department of Agriculture says:
The major factors affecting the tobacco industry in
1927 are the world-wide tendency of consumers to
adopt the cigarette habit in preference to other forms
of tobacco consumption, and the increased foreign
competition with which American growers of noncigarette types are confronted. Indications of the continued drift toward cigarettes are unmistakable and
are of fundamental significance to tobacco growers.
Growers of cigarette tobacco have before them an
expanding market (but not one that will stand heavily
increased acreage) and no serious foreign competition,
whereas the producers of dark-fired and dark air-cured
export types are faced with increased foreign competition in a market which itself is undergoing contraction.
BANK SUSPENSIONS AND COMMERCIAL
FAILURES
Bank suspensions.—During January, 1927,
128 banks, with deposits of $35,995,000, were
reported to the Federal reserve banks as having
suspended operations on account of financial
difficulties, as against 114 banks, with deposits
of $45,120,000, reported for the preceding
month and 65 banks, with deposits of $17,220,000, reported for January, 1926. Of the banks
that suspended in January this year, 101 were
nonmember banks and 27 were members of
the Federal reserve system—18 of them
national and 9 member State banks. Nearly
half of the suspensions occurred in five States—
South Carolina, Minnesota, South Dakota,
Iowa, and Texas.
Fourteen banks that had previously suspended were reported to have resumed operations again during January—in the Cleveland
district, 1 nonmember bank in Ohio; in the
Richmond district, 1 nonmember bank in
South Carolina; in the Chicago district, 1 nonmember bank in Iowa; and in the Minneapolis
district, 1 national bank in Montana and 10
nonmember banks, 1 in Michigan, and 9 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 JANUARY,
Ail banks
Federal reserve
district
All districts...
Boston
New York
Philadelphia .
Cleveland—
Richmond
Atlanta . . .
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.. _
San Francisco
Member i
1927
Nonmember
Num- Total 2 Num- Total Num- Total
ber deposits ber deposits 2 ber deposits 2
128 $35,995,000
27 $11,836,000
101 $24,159,000
any year since 1922. Commercial failures
during January, 1927, are shown in the following table, by class of enterprise:
COMMERCIAL FAILURES DURING JANUARY
Number
.
Liabilities
Class of enterprise
1927
f
1926
1927
5
15
14
14
15
27
10
20
8
1,436,000
5,269,000
4,940,000
4,250,000
2,864,000
8,678,000
2,332,000
4,791,000
1,435,000
1
440,000
2 1,860,000
6
1
8
1
4
4
1,993,000
398,000
2,534,000
352,000
3,169,000
1,090,000
4
13
14
8
14
19
9
16
4
996,000
3,409,000
4,940,000
2,257,000
2,466,000
6,144,000
1,980,000
1,622,000
345,000
1 Comprises 18 national banks with deposits of $5,717,000 and 9 State
member banks with deposits of $6,119,000.
2
Figures represent deposits for the latest available date prior to the
suspensions, and are subject to revision when information for the date of
suspension becomes available.
During the first three weeks of February, 54
banks, with deposits of $26,396,000, were
reported as having suspended operations during that period. Of these, 39 were nonmember
banks and 15 were member banks—13 of them
National and 2 State institutions. Ten nonmember banks and one national bank which had
previously suspended were reported to have
resumed operations during the period.
Commercial failures.—During the month of
January, 2,465 commercial failures, with liabilities of $51,290,232, were reported by K. G.
Dun & Co. Both number and liabilities were
larger than in the preceding month or in the
month of January, 1926, the total number of
failures being in fact larger than in January of
169
FEDEKAL KESEKVE BULLETIN
MARCH, 1927
All classes
_
Manufacturing
Trading
.
Agents., brokers, etc
1926
_
2,465
2,296 $51,290,232
$43,651,444
_.
501
1,842
122
510
1,696
90
19, 996,202
24,530,455
6, 763,575
16,083, 950
21,511,872
6, 055,622
The number and liabilities of commercial
failures during January, 1926 and 1927, are
presented in the following table, by Federal
reserve districts:
COMMERCIAL
FAILURES
DURING JANUARY,
FEDERAL RESERVE DISTRICTS
Number
BY
Liabilities
Federal reserve districts
1927
1926
Total...
2,465
2,296 $61,290,232
$43,651,444
Boston
New York.__.
Philadelphia..
Cleveland
Eichmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City_.
Dallas
San Francisco.
269
451
96
220
170
148
380
145
106
126
134
220
3,775,982
12,378,664
2,482,158
3,048, 821
3,533,544
2,769,484
8,967,726
6,728,951
1,161,290
1,642,848
2,348,320
2,452,444
6,691,046
8,626,584
1,348,759
5,581,160
3,516,504
1,355,434
8,180,404
2,116,266
1,298, 783
1,348,728
1,457,716
2,130,060
211
466
56
244
182
80
316
136
113
147
108
237
1927
1926
170
FEDERAL RESERVE BULLETIN
MARCH, 1927
THE NEW INDEX OF INDUSTRIAL PRODUCTION
industrial groups by months since 1919 are
?iven at the end of this article, and the figures
or the combined index are given on page 189.
Selection of data.—Statistics indicating curIn the February BULLETIN the board's new
index of industrial production was presented, rent changes in the volume of production that
together with a brief statement regarding the can be promptly and reliably obtained are
purpose and scope of the index and the method limited to a relatively small number of the
of its construction. The present article de- thousands of products of industry, but those
scribes more fully the selection of data included figures which are available and suitable for
in the index and the methods of construction use in this index either directly measure or
indirectly indicate the production of a large
employed.
Characteristics of the index.—The principal portion of the more important industries.
characteristics of the new index, as described For example, fluctuations in the production of
in some detail in this article, may be sum- steel ingots fairly adequately measure concurrent movements in more advanced stages of
marized as follows:
(1) Employment of primary data, of con- steel manufacture and less closely represent
siderable variety, all of which provide current the broader swings of manufacturing activity
indications of the volume of production of in industries making finished products from
principal industries, expressed in physical steel. In some industries, the textiles, for
example, no statistics of products are available,
quantity units.
(2) A base period (1923-1925 = 100) that is but figures showing the current consumption
of Gertain basic raw materials by the mills are
recent and broad.
(3) Adjustment of primary data, reported for used. These data represent the output of a
the calendar month, for changes from month large number of products.
On this basis of measurement the industries
to month in the number of working days.
(4) Computation of the index by the so- directly represented in the index of manucalled aggregative method, which is considered factures had in 1923 a value added by the
to be more accurate than other methods and process of manufacture of $10,000,000,000,
and the major industrial groups directly and
has certain other technical advantages.
(5) Assignment to series for given indus- indirectly represented had a value added of
tries of such weights as enable these series to $20,000,000,000—80 per cent of the total of
have an influence on the index in proportion to $25,000,000,000 for all manufacturing industhe importance not only of the industries di- tries. In the minerals index the representation
rectly represented, but also of certain related is all direct, and the products included had an
industries for which satisfactory series are not average value for the three base years, 1923 to
1925, of $3,360,000,000—77 per cent of the
currently available.
(6) Combination of indexes computed by total for all minerals produced in those years.
different sets of weights, derived from avail- Some of the more important manufacturing inable primary data for different years, in such dustries not included in the index are canning,
a way as to allow, so far as possible, for changes butter and cheese, certain chemicals and drugs,
during recent years in the importance of dif- railroad repair shops, and musical instruments.
Others which are only indirectly represented by
ferent industries relative to one another.
(7) Adjustments for usual seasonal varia- subsidiary industries are machinery and equiptions by the use of data for a period that ex- ment, clothing, furniture, and printing and
tends to the end of 1926 and by methods that publishing of books and magazines.
Since the scope of the index is prescribed by
have been developed during recent years.
The figures for the combined index of in- the requirement of currentness, it includes only
dustrial production and the indexes of manu- manufactures and minerals. These industries
factures and minerals were given in the Feb- conform to the purpose of the index and have
ruary BULLETIN. The indexes for the various these characteristics in common, that their
output can be measured in physical units and
i Acknowledgement is due to Mr. Woodlief Thomas, of the Division
of Research and Statistics, for special work in planning the construc- that the volume of their operations can be
tion of this index and to Miss Aryness Joy, of the Department of Eco- controlled on a short-time basis. In the connomics, Mount Holyoke College, for assistance in deriving adjustments
struction industry, on the other hand, which is
for seasonal variations.
SELECTION OF DATA AND METHODS OF CONSTRUCTION 1
MARCH, 1927
excluded, there is no satisfactory unit in which
actual physical output during a month can be
measured, and the output of agriculture, which
is also excluded, is essentially annual in character. Construction and agriculture are, however, not completely without representation in
the index, because of the inclusion of building
materials production and of industries in which
farm products are basic raw materials, such as
flour, sugar, meat packing, tobacco products,
textiles, and leather. Farm products such as
fresh milk and fresh fruits and vegetables, for
which there is no measureable intermediate
process of production between harvesting and
consumption, are necessarily omitted from the
index. With the increasing mechanization of
economic activities, the use of farm products as
raw materials in manufacture has increased
more rapidly than the total consumption of these
products and therefore they have become of
relatively greater importance in the index.
In addition to the general requirements that
data represent the current output of manufacturing and mining industries, there are certain prerequisites relating to the characteristics
of the individual statistical series used in the
index. In brief, each set of statistics must be
reliable as to source and uniform as to content
throughout the period of its inclusion. It
must also be available monthly, at least since
the beginning of 1923, in order to provide
data for the base, and figures for a longer
period are desirable in order to furnish a
more comprehensive basis for estimating typical seasonal variations. Finally, the figures
must be available for use fairly promptly—
within four of five weeks at the most—after
the end of the month to which they refer. It
has been necessary in several cases, in the
absence of more satisfactory figures, to use
data which do not fulfill all of these requirements, but the exceptions are usually of minor
importance.
Industries and industrial groups represented and the actual statistics used, together
with their sources and relative importance,
were published in the Februarv BULLETIN in
Tables V and VI, pages 102 and 103. Each
series selected was studied in order to determine the reliability of the source, what the
data actually showed, the proportion of the industry represented, and the uniformity of the
figures throughout the entire period in respect
to units, degree of representativeness, and the
like. In a number of cases adjustments had
to be made to secure uniformity; in others the
figures used are estimates obtained by com-
171
FEDEBAL RESERVE BULLETIN
parison of various sets of data from different
sources. New series were incorporated into
the index, as they became available, by the process of adding data for the new series to the base
aggregate. The use of the aggregative index
simplifies this process. Details regarding each
individual series in respect to sources, representativeness, uniformity, length of time available, special estimates and adjustments, seasonal variations, and weights are in the files of
the Division of Eesearch and Statistics and
can be consulted there.
Daily average output.—The use of figures
representing average output per working day,
instead of total production during the calendar
month, was explained in the February BULLETIN. One of the principal objects of this adjust-
1320
1921
1922
1924-
1925
1926
Comparison of three indexes of manufactures to show effects of adjustments for number of working days and for seasonal variations. Curve
1 is computed from data measuring total monthly output, curve 2
from data measuring daily average output, and curve 3 from data
measuring daily average output adjusted for seasonal variations.
Curves are all drawn on the same scale and are placed at different
levels on chart in order to show distinctly the month-to-month fluctuations of each one
ment in the actual figures as reported was to
remove the influence of the varying number of
Sundays—and in some industries of Saturdays—
within the month, which affected comparisons
not only between adjacent months but also
between corresponding months of different
years. The number of working days in each
month for the various industries was arrived at,
as was previously stated, by an interdepartmental committee, which made a careful investigation into practices observed in each industry
and in some cases in different divisions of an
industry.
This adjustment removes from the figures
as reported a variable and measurable factor
extraneous to the operation of business forces,
and comparison shows that this adjustment
makes a marked difference in the index. The
172
FEDEKAL EESEKVE BULLETIN
two uppermost curves on the accompanying
chart illustrate the effect of using daily average figures as contrasted with monthly totals.
The top curve is the board's old index of
manufacturing production, which was compiled from statistics of total monthly output,
and the middle curve shows the new index
computed from daily average data without
any adjustments for seasonal variations. The
first curve shows the influence of the varying
number of working days in the different
months by the more erratic nature of its
month-to-month fluctuations, as compared
with the second curve, the differences being
specially evident whenever a long month
comes between two short ones, as in the case,
for example, of February, March, and April.
Adjustments for seasonal variations.—Recurrent seasonal movements, such as the recessions in midsummer and midwinter and increased activity in spring and autumn, that are
apparent in the middle curve on the chart, are
the resultant of more or less regular movements
in the many industries making up the index.
These movements for the different industries
vary widely in respect to season of activity and
recession and in respect to degrees of intensity.
In order to make adjustments for these recurrent seasonal variations it was necessary to obtain for each month for each industry a set of
figures which indicate as nearly as possible only
seasonal movements, i. e., in which effects of
forces other than seasonal have been removed,
and to accomplish this the actual figure for a
given month was expressed in terms of a percentage of the monthly average for the 12month period of which the given month is the
seventh. In other words, the July figure was
expressed as a percentage of the average for the
calendar year, that for August was compared
with the average for the 12-months from February to January, that for January with the
average of the months from the preceding July
to the following June, and so on for all months.
Since these 12-month moving averages have
in them no seasonal variations, the percentage deviations obtained show the full
seasonal variation for the given months.
They also frequently contain the influence of
other forces, however, and furthermore, the
seasonal movement is not exactly the same
each year. For these reasons corresponding
percentages are computed for as many years
as the data permit, and a typical figure is
chosen for each month from its whole array
of percentages. These typical items for all
12 months are so adjusted as to average 100,
MARCH, 1927
giving a figure for each month that represents
the percentage which production in that month
typically bears to average monthly production
for the year.
In selecting a typical figure for each month
from its array, no single type of average was used
uniformly in all cases, but the figure was adopted
which, on the basis of the original figures and the
final results, appeared to remove most satisfactorily the seasonal element from the series.
Strict adherence to a fixed method frequently
gave results, which, because of accidental variations in the figures, were decidedly untypical.
In a number of cases it was obvious that over
a period of years the character of seasonal variations was changing, and accordingly it was
necessary to provide for progressive changes in
the monthly correctives used to make seasonal
adjustments. In other words, seasonal adjustments made in one year differed from those
made in another.
In order to adjust a figure for seasonal variations the daily average output for each month
was divided by the derived adjustment factor
for that month. For example, the total production of steel ingots in December, 1925, was
3,970,918 tons, which with 25 working days in
the month made a daily average output of
152,728 tons, and the tj^pical seasonal level of
daily average output of steel ingots in the
month of December is 98 per cent of the daily
average per year. Dividing the actual daily
average output, 152,728 tons, by 98 per cent,
the quotient, 155,845 tons, is the seasonally
adjusted figure. The bottom curve on the
chart shows the manufactures index adjusted
for seasonal variations.
Base period.—The average for the years
1923, 1924, and 1925 has been selected as the
period to which the new index and all of its
components are referred as a common basis
of comparison, i. e., this average is the 100
per cent of the index. The primary reason
for selecting this period is that, when the index
was under construction, it was the most
recent period available, and recentness for
the base makes the index more significant
for current comparisons for three reasons:
(1) it is familiar; (2) the current variations
of the individual series from the base are less
likely to be extreme than if a more distant
period is used; and (3) it permits the inclusion
of some sets of data which have been available
for only a short time. The use of three years
rather than one gives a broader basis of comparison and one which is not influenced to
the same extent by exceptional conditions.
MARCH, 1927
FEDEKAL BESEKVE BULLETIN
The three years chosen include7 for industry
as a whole two years of activitj " and one of
recession and recovery, and, furthermore,
among the individual industries there were
conditions in each of the 3-ears which would
have vitiated its use singly as the basis of
comparison between industries. The sharp
year-to-year fluctuations in coal production,
caused by strikes and their after-effects, illustrate the type of extreme movements which
might influence the base if it were confined
to a single year. Other examples of interindustry relations, which might be affected by
choice of base, are provided by contrasting
the wool and leather industries, which were
more active in 1923 than in 1924 and 1925,
with the petroleum refining and rubber tire
industries, w^hich attained maximum output
in 1925. The use of the three years as a base
gives an average comparison between the
indexes for these industries more typical than
would be provided by the use of any single
year.1
Form of index of number.—After selecting
the basic data, making the necessary adjustments in them, and determining the base
period, the next step in the process of constructing the index was to combine the figures
for individual industries into a composite
expression of the flow of products from
industry as a whole. The basic data are
heterogeneous in a great many ways that
make their combination difficult. They are
expressed in a variety of noncomparable
units—tons, bushels, barrels, gallons, bales,
and others; some of them represent industries
far more important than others; some, furthermore, cover a larger proportion of the industries which they represent than do others;
some are actual products, some are raw materials consumed, some are products of one
stage of production and materials for another,
while others measure only the relative activity
of machinery engaged in production.
In combining these figures therefore it was
necessary, in the first place, to express them in
terms of a common unit, and, in the second
place, to see that each series occupied a place
in the composite proportional to the relative
importance of the industry represented. Both
of these ends were accomplished by one opera-
173
tion—the multiplication of the physical quantity figures by factors which converted them
into values and at the same time gave them
the proper weight in the total. The values
thus computed were added for each date
separately and their aggregates were converted
into percentages of the base-period aggregate.
These percentages are the index numbers.
The aggregative form was selected for use
in this index because it is free from the statistical bias inherent in many forms involving
averages of relatives; because its base can be
shifted freely without recalculation; and because it is simple to compute.2
Derivation and application of weights.—Both
for the purpose of conversion into a common
denominator and as an expression of relative
importance of the various industries, value
figures were selected as the basis of weighting, since at a given time they probably represent the importance of industries relative to
one another better than any other available
indicator. In the case of manufactures, how^ever, the total value figures reported by the
Census of Manufactures are not used as
weights, because they are made up to a large
degree of the cost of raw materials, which are
products of farms, mines, and forests, and of
other stages of manufacture, and do not represent the actual addition to the flow of goods
contributed by the manufacturing process
itself. For this reason, the weights for manufacturing industries are based upon value
added by the process of manufacture, which is
total value less cost of raw materials. In
dividing industry weights among a number of
products—different kinds of paper, for example—value figures were used.
In the minerals index the value of the average
annual output of each product for the three base
years, 1923-1925, was considered representative
of the relative importance of that product. The
weight factor for each mineral, therefore, was
obtained simply by dividing the phsyical quantity into the value of production for these three
years. In the manufactures index, however,
the procedure of determining the weights was
more complex because each product was
weighted not only for its own importance but
also for the importance of the industry and to
some extent for that of the group of industries
1
8
This lessening of the variation between industries—of the dispersion
The first two reasons given for using the aggregative were of conof series—has also a technical advantage in that it diminishes the undue siderable importance in this case, because of the fact noted below that
influence on the composite index of extreme items among its components the base period (1923-1925) and the period for which weights are available
by removing cause for the occurrence of such extremes. This is not so for manufactures (1923) are not coincident, and such a combination in
important in an index of the aggregative type as in an average of rela- averages of relatives is subject to bias. Furthermore, the extraordinary
tives, but the effect of dispersion among its components on any form of dispersion in relatives for 1919, ranging for the year as a whole from 43
index is substantial, particularly if, as in the case of production indexes, for gasoline to 1,799 for shipbuilding, would make the bias particularly
•there are relatively few items.
large.
174
FEDEKAL RESEKVE BULLETIN
which it represents in the index. In other
words, each weight factor used is a combination of two factors, the first representing the
value added by manufacture per unit of the
product, and the second being a multiplier by
which that product is made to represent a
number of other products. These two steps
have been combined into one by simply assigning to each series the value added for all the
industries that it represents in the index and
dividing this figure by the physical quantity to
obtain a weight factor. The following table
shows how weights were computed for the
textile industries:
COMPUTATION OF WEIGHTS FOR THE TEXTILE
INDUSTRIES
Value added by manufacture, 1923 (in thousands of dollars)
Actual
Textiles and their products
Cotton goods, including
small wares and lace_ .
Cotton consumption.
Woolen a n d w o r s t e d
goods and carpets and
rugs
Woolen and worsted
goods
Wool consumption
Machinery activity..
Carpets and r u g s ,
wool
Silk manufactures. _ _
Mill deliveries-.
Loom activity
Physical
volume,
1923
Weight
factor
Assigned
4,078,760
4,080,000
809,523
£, 020,000
541,835
1, S55,000
439,827
102,008
282,284
2,020,000
i 6,515.8
$310.00
705,000 2 641,607. 0
31,044.9
400,000
1.10
383.00
250,000
706,000
455,000
250,000
242.00
a 1,031.9
i 358.4 1,270.00
3 859. 7 290.00
1 Thousands of bales.
Thousands of pounds.
The physical volume figures are yearly totals of monthly figures
showing percentage of activity to total capacity. The weight factors are
abstractions derived from these.
2
3
The actual value added for the entire group
was distributed proportionately among the
three industries representing the group in the
index. For cotton this assigned value added
was divided by the number of bales of cotton
consumed by the mills during the year and the
figure obtained is the weight factor used in the
index for cotton consumption. In the woolen
and silk industries the respective values added
were divided among the component series representing consumption and machinery activity in
accordance with their relative merits for indexnumber purposes. This decision was based
upon a number of factors such as reliability,
erratic character of fluctuations, representativeness in respect to short-time and long-time
swings, and the like. Similar problems arose
in connection with nearly every industry and
MARCH, 1927
many estimates and adjustments were necessar}^. In some groups the industries for which
figures were available could not be considered
as representative of the entire group, as for example among food products, where industries
are grouped according to use rather than
according to source, and in chemicals, where
data for the more representative industries of
the group are lacking. In such cases some
reduction was made in group weights. Another
group of industries for which weights were
reduced are those making finished articles
from semifinished materials already represented in the index, since a full weight for these
products would give them undue importance,
because they have already affected the production of the materials previously included.
Examples are automobiles, locomotives, and
ships which are made from metals, lumber,
and other manufactured products. In a few
cases weights for individual industries or
products were lowered on the basis of inadequate comprehensiveness or representativeness
of the figures available for use, as in the case of
brick production.
Because of the many peculiarities of the
physical quantity data as reported, some of
them giving output of products, others raw
materials consumed, and others machinery
active, and because of representation given
to each industry for other industries, these
weight factors, except in the minerals index,
are not prices, nor are they value added to
each unit of product by the process of manufacture; they are abstractions employed as
parts of a mathematical process and as such
they serve the two purposes for which they
are intended—(1) to convert the physical
quantity figures into values and (2) to provide
for each industry its due importance in relation to the other industries included in the index.
In the manufactures index weights were
computed on the basis of data for the single
year 1923, whereas in the case of minerals, the
weights were derived from data for the three
base-period years, 1923-1925. It would have
been desirable to have had manufactures weights
also derived from figures for more than one
year, but the Census of Manufactures, the
source of the data, is taken only every two
years and that for 1923 is the latest available.1
During the period of years covered by the
index as constructed—1919 to 1926—some
important changes have taken place in the
industrial system and consequently in the
i See footnotes on page 173.
MARCH,
175
FEDERAL EESEEVE BULLETIN
1927
relative importance of certain industries. Shipbuilding, for example, was of considerably more
importance in 1919 than in 1923, whereas the
reverse was true in the case of automobiles,
petroleum refining, and rubber tires. For
this reason 1923 weights can not be applied
with accuracy to 1919 figures, since they were
found to give results not strictly representative
of the earlier period. Another set of weights,
therefore, was computed from 1919 census
data, and for the years 1919 to 1922 a second
index was constructed with these weights.
The two indexes with different weights were
averaged in the overlapping years to give a
single index for that period,, and thus allowance was made in the index not only for the
relative importance at a given time of the
various industries included but also for shifts
which have occurred among industries in
relative importance.1 As a matter of practice
in 1919, 1920, and 1921, the final index was a
simple geometric average of the two sets of
index numbers, but in 1922 the index numbers
with 1923 weights were counted as twice as
important as those with 1919 weights. From
1923 on, only the 1923 weights were employed.
In the future, as further important shifts occur
in the relative magnitude of industries, a
similar procedure, based upon later census data,
can be used to maintain the current significance of the index.
1 This system of combining indexes constructed from different sets of
weights was developed by Prof. Irving Fisher in his book ' 'The Making
of Index Numbers," and characterizes the formulas which his tests
show to be the most accurate.
INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS
[Adjusted for seasonal variations. 1923-1925 average=100]
All
manufactures
Iron
and
steel
Paper
NonFood
Auto- Leather Cement, ferrous Petro- Rubber Tobacco
brick,
leum
Textiles products and Lumber mobiles and
manuprinting
shoes and glass metals refining tires factures
ANNUAL INDEXES
1919
1920
1921
1922.
1923
1924.
1925
1926
_
84
86
66
87
101
94
105
108
82
99
46
83
106
88
106
113
92
84
88
99
105
90
104
104
93
84
84
94
100
102
98
98
76
86
66
,85
95
99
106
114
79
79
68
89
99
96
105
100
53
55
41
66
103
91
107
109
104
95
91
103
110
93
97
98
53
68
62
78
95
95
110
112
67
78
39
69
94
99
107
112
54
63
64
74
86
98
115
125
84
81
78
79
78
84
88
90
87
85
89
87
100
96
85
74
65
81
91
98
77
67
74
75
76
70
71
83
92
96
101
98
103
106
108
104
93
92
90
95
97
92
92
90
96
93
. 91
89
70
70
68
69
69
75
79
80
79
81
83
84
68
75
77
78
77
79
79
81
83
85
84
78
57
51
48
45
40
40
47
48
53
63
68
72
108
99
96
101
106
102
100
105
106
103
109
109
34
37
40
45
53
56
60
64
67
66
66
51
78
71
60
60
50
53
56
67
75
72
80
79
48
50
49
53
56
55
54
55
56
58
57
55
75
79
87
73
72
74
75
81
84
89
101
104
96
97
95
89
91
90
88
88
85
80
72
67
96
102
101
88
100
106
103
108
107
101
89
83
104
105
102
103
96
84
79
78
76
68
58
50
98
89
87
80
88
88
84
82
78
74
81
75
88
87
88
90
90
89
92
88
88
85
78
74
87
91
88
87
78
79
74
76
75
75
69
61
86
79
68
52
56
56
57
53
50
40
34
35
113
107
105
105
120
116
106
93
79
66
62
67
82
81
75
66
65
64
62
62
60
65
65
64
85
83
83
81
78
83
83
81
75
70
70
62
54
55
58
58
60
65
64
68
70
70
70
70
100
92
100
93
93
87
77
81
81
81
21
16
77
65
64
63
63
65
64
64
66
67
71
72
70
71
61
47
39
42
35
30
39
40
51
53
49
64
70
79
85
87
92
92
91
98
97
99
97
77
80
83
85
82
83
86
91
87
89
83
82
67
68
66
63
61
60
60
62
67
72
74
76
54
62
64
64
69
67
69
66
66
72
77
83
25
31
41
47
46
41
45
45
47
46
43
36
70
72
74
81
91
101
108
98
96
97
97
102
46
45
51
60
63
67
69
71
68
71
68
63
59
53
52
43
31
29
27
31
34
34
39
39
69
64
6]
65
63
63
60
61
62
65
65
65
22
24
30
45
58
66
85
86
64
65
58
60
81
91
89
86
83
82
82
89
88
90
85
74
55
78
85
99
116
116
83
86
85
88
96
99
105
112
MONTHLY INDEXES
1919
January
February
March
April
May
June
July
August
.
September
October
November
December _
..
. _
1920
January
Febru ary
March
April
May
June
July
....
.
August
September..
October
November .December
_»__
.
70
1921
January
February _March
April
May
June
July
August _September
October
November
December
_
»..
176
FEDEKAL RESEKVE BULLETIN
M A R C H , 1927
INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS—Continued
[Adjusted for seasonal variations. 1923-1925 average=100]
All
manufactures
January
July
August
September
October
November
December
April
May
June
July
--.
August
September _
October
November
104
105
105
116
120
108
111
113
115
112
92
95
105
106
101
104
102
114
115
109
105
97
89
89
109
102
101
101
98
96
95
99
110
112
95
76
104
95
96
91
93
93
94
93
96
98
99
96
44
81
78
46
49
95
96
87
93
98
90
97
99
98
81
87
93
92
92
92
94
98
102
56
60
70
70
74
68
76
_
62
64
71
74
74
77
80
79
63
68
78
80
69
73
76
80
77
78
78
69
72
81
83
81
83
88
83
86
92
93
102
97
86
92
103
93
97
95
94
84
84
84
86
86
102
100
117
112
92
92
87
87
93
95
97
108
107
102
102
98
94
97
94
95
98
95
94
92
97
97
86
87
87
89
90
97
97
96
91
91
98
97
96
93
94
96
100
98
96
102
92
95
97
101
101
89
86
90
93
97
95
93
94
92
92
96
100
100
98
97
100
100
100
99
95
98
99
99
102
99
102
100
99
100
100
110
110
112
117
97
102
98
98
95
• 115
117
105
93
80
98
100
102
103
99
77
78
82
93
99
99
102
104
103
103
100
103
97
94
96
99
100
100
102
102
91
89
95
95
95
98
101
101
76
113
113
112
101
101
96
103
103
107
107
105
102
105
105
95
94
92
96
104
105
106
106
105
103
108
106
104
102
102
101
87
92
100
106
110
110
95
103
104
107
108
110
103
104
104
113
116
105
103
106
106
108
110
110
75
80
84
83
78
84
92
63
65
68
112
113
117
117
117
101
105
103
100
102
106
99
97
99
100
99
105
108
65
94
94
97
97
99
97
94
92
89
82
95
51
57
83
83
96
94
94
91
92
95
101
99
94
104
46
55
70
91
93
100
100
105
104
102
103
101
104
106
106
56
98
97
114
115
100
102
97
98
93
65
59
76
84
84
90
101
71
78
89
92
86
85
116
106
108
108
106
110
82
102
133
132
119
95
95
81
81
88
87
92
92
91
94
97
103
101
98
97
67
71
76
81
85
93
98
97
98
95
96
93
95
90
83
102
95
98
88
66
97
95
96
94
95
95
80
82
98
116
123
115
96
102
100
98
101
99
96
100
112
103
101
101
96
98
98
97
96
92
109
107
110
109
110
109
107
110
111
108
104
104
106
110
110
112
115
121
105
104
104
103
104
105
97
112
106
109
111
108
110
117
119
120
133
105
96
100
98
100
94
94
114
112
111
109
108
104
107
109
108
110
104
120
116
117
117
116
126
122
109
112
118
105
105
105
105
109
108
109
116
113
103
104
100
94
112
113
100
110
114
118
92
94
114
112
109
109
116
117
115
112
108
109
108
115
104
96
113
113
114
115
107
106
102
no
93
93
106
111
115
114
119
113
99
113
107
112
113
120
100
103
114
115
122
107
113
111
106
117
114
105
110
110
110
103
102
99
123
125
126
126
128
109
108
107
101
99
99
105
95
94
110
117
115
116
94
108
108
107
105
103
102
109
135
112
no
104
106
105
135
117
114
98
99
94
109
134
102
103
119
119
109
110
116
118
115
127
106
89
105
107
99
119
114
106
112
113
121
96
100
97
95
98
100
94
119
93
93
OO
OO
97
114
110
CO
CO
101
CO
' 101
101
83
90
93
94
76
83
95
85
CO
1927
96
101
112
112
80
85
86
87
89
91
90
83
82
89
93
95
97
1925
1926
89
94
97
97
99
94
95
81
86
90
89
87
89
94
75
103
1924
January _
February
March
April _
May
June
July August
September
October
November
December—.
February - March _
April
May .
June July
August September
OctoberNovember. .
December
88
94
97
96
101
102
106
105
106
106
103
103
101
December
February
March
April
May
June
July
August
September.October
November
Decsmber
77
80
101
-.
91
90
99
102
101
95
88
1923
January Februarv
March
93
94
100
100
103
106
107
_ __
97
62
72
98
100
-
53
75
78
May
January
85
73
June
January
NonFood Paper
Auto- Leather Cement, ferrous Petro- Rubber Tobacco
leum
manuTextiles products and Lumber mobiles and
brick,
shoes and glass metals refining tires factures
printing
1922
February
March
April
January
Iron
and
steel
97
95
117
128
129
133
118
128
113
111
" 113
109
113
138
126
106
113
116
116
117
177
FEDEKAL KESERVE BULLETIN
MARCH, 1927
INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS
89
90
87
85
84'
82
88
87
92
94
98
99
99
99
99
100
94
95
98
99
99
97
96
95
93
93
98
97
83
84
91
93
95
95
93
89
86
75
84
84
100
101
94
98
97
100
100
101
1OT
106
105
101
94
96
95
100
99
95
96
97
94
94
100
83
95
96
97
103
105
105
106
115
105
104
104
102
92
96
96
103
103
108
110
112
110
108
105
104
104
106
102
107
106
105
108
102
104
104
103
104
104
106
110
112
112
112
112
106
104
111
111
110
111
110
110
109
117
110
118
106
100
90
103
94
103
104
105
90
85
96
96
107
109
109
109
108
106
112
108
114
113
116
112
114
119
109
113
112
110
107
119
124
122
121
119
114
118
117
112
116
111
113
110
122
119
118
125
99
99
95
93
92
98
90
93
9?
93
109
115
116
119
112
Silver
Bituminous
coal
Anthracite
coal
Crude petroleum
Iron ore shipments
Lead
52
61
64
76
100
97
103
105
88
114
40
80
114
79
102
112
77
80
30
63
93
100
107
110
continued
87
39
68
96
97
107
116
1922
66
77
88
102
111
116
84
87
103
100
98
96
1919
January
February
_ _.
March ...
April
May
June
July
.
August
_
_
September
October
______
November
December
78
69
68
73
75
78
82
79
85
88
61
74
87
92
94
101
97
107
115
41
80
85
84
89
83
85
90
89
92
85
91
92
91
104
100
110
103
100
110
107
111
111
111
110
114
98
118
116
116
117
70
114
113
120
57
57
59
59
58
59
60
62
62
63
65
65
80
77
74
73
74
71
67
69
68
73
67
67
89
77
72
75
89
83
75
76
76
93
77
68
117
130
114
124
115
114
108
106
110
110
107
91
64
64
67
66
66
65
64
65
60
57
64
70
76
87
97
53
53
58
56
62
82
91
84
104
120
46
51
55
43
57
93
97
100
115
134
0
0
1
2
2
75
126
72
74
77
74
73
73
75
74
74
76
88
78
118
91
79
107
106
106
111
116
111
119
118
51
49
50
48
47
51
54
54
55
53
54
55
96
84
99
98
100
53
98
85
80
69
64
67
73
76
81
80
85
75
111
no
118
108
109
106
111
107
127
130
40
42
46
50
47
46
10
87
86
82
81
80
82
80
83
79
74
78
70
88
94
97
96
95
93
89
88
87
78
73
59
_.
34509—27—3
24
78
102
104
82
87
99
107
132
134
80
84
100
100
106
112
108
107
109
110
98
105
104
99
107
107
112
124
118
113
113
112
109
102
95
92
124
124
133
127
120
120
119
123
44
116
115
117
88
88
94
97
99
101
104
106
107
108
110
100
103
106
101
92
93
91
90
92
97
97
96
100
109
112
99
82
80
78
77
80
93
97
95
99
113
116
117
103
109
108
107
103
110
103
109
107
95
97
98
98
97
95
96
98
97
95
95
95
January
February
March
April
May
June. _
July
August
September
October
November
December
105
101
98
99
104
99
102
107
90
91
94
94
107
96
90
91
91
89
92
100
102
107
112
113
107
117
107
111
118
105
116
132
1
1
3
3
100
98
99
101
108
107
106
107
106
103
103
102
1926
January
February
March
April,...
May
June
July
August
September
October
November
December
93
98
108
107
103
104
105
109
111
116
118
120
115
114
106
107
100
101
101
103
108
114
125
124
3
34
129
126
120
124
118
121
127
125
113
111
100
99
99
99
98
99
103
106
106
112
117
121
1927
January _.
117
122
98
120
84
96
98
1923
January
February
March
April
May
i June.
July
August
September
| October
November
December
100
112
118
119
114
112
121
100
111
123
123
105
94
93
99
96
Q9
65
61
64
38
18
15
14
16
17
18
17
14
53
40
32
35
38
44
34
34
34
32
47
46
77
73
60
58
57
54
55
65
64
74
77
79
94
107
111
83
77
76
76
71
79
86
74
76
19
30
45
57
68
71
72
75
75
77
48
50
53
54
57
65
71
72
78
89
78
79
71
73
71
70
72
78
80
82
76
76
76
77
77
90
84
99
99
94
99
93
80
80
74
77
53
89
101
1925
1922
.
94
99
1924
1921
__ _
November
December
January
February
March.
April
May
June...
July
August
September
October
November
December
1920
January _
__.
February
_.
March
April
__.
May
_.
June _ _ July
August
September. _
October .
November.
_ _____
December
Zinc
109
110
112
69
115
109
77
104
MONTHLY INDEXES
January..
February
March _
April
May___
June
July
August
September
October
79
81
MONTHLY INDEXES—
_
January
February. _
March
April
May
June
July
August
September
October
November
December
Copper
ANNUAL INDEXES
1919
1920-.
1921
1922
1923
1924
1925...
1926
All minerals
Lead
Silver
88
108
79
80
109
92
99
110
Zinc
Bituminous
coal
Anthracite
coal
Crude petroleum
Iron ore shipments
77
89
70
74
105
96
99
107
Copper
All minerals
[Adjusted for seasonal variations. 1923-1925 average=100]
129
94
93
102
88
96
109
95
103
109
128
116
134
97
178
FEDEKAL RESEKVE BULLETIN
MARCH, 1927
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING 1926
During the last half of the year 1926 there
was a decrease of 66 in the number of national
banks in active operation in the Federal reserve system, as shown by periodic condition
reports required of these banks, and a decrease
of 49 in the number of member State banks and
trust companies, making a net decline of 115
in total membership during the period. Notwithstanding declines in the number of reporting banks, national banks showed an increase of
$366,461,000 in resources and State banks an increase of nearly $817,994,000—a total increase
of about $1,184,455,000 in the aggregate resources of all member banks. Gains and losses
in membership between June 30 and December
31, 1926, are shown, by class of change, in the
following table:
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE
SYSTEM, BY CLASS OF MEMBER, JUNE 30, 1926, TO
DECEMBER 31, 1926
of 229, representing declines of 142 in the
number of national banks and of 87 in the
number of member State banks. The decline
in membership during the year is accounted
for largely by decreases which were incidental
to mergers, suspensions, and voluntary liquidations which terminated the existence of member
institutions, as is shown in the following table:
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE
SYSTEM, JANUARY 1, 1926, TO DECEMBER 31, 1926
Number
of banks
Class of change
Active banks Jan. 1,1926
Banks joining the system
Banks withdrawing from the system
_.
_._
i 174
2 125
Net increase from banks joining and withdrawing
Banks lost to membership through mergers between member
banks, suspensions, etc
_
_
Net decrease for the year____
Active member banks, Dec. 31,1926
9,489
_._
49
278
-229
9, 260
Member banks
Class of change
Number
Resources
(in thouNa- State Total sands of
dollars)
tional
i Does not include two banks which were temporarily lost to membership through liquidation toward the end of 1925, but regained through
reorganization in 1926.
2
Includes 44 withdrawals which were incidental to the absorption of
merpber banks by existing nonmember banks.
During 1926, 174 banks joined the system
and 125 withdrew from membership; thus
there was a net addition of 49 to the memberAdditions to membership:
Organization of national bank
48
11,783 ship of the system as a result of the exercise of
48
Conversion of nonmember bank
banks' option with regard to the assumption
to national
_-„.__
14
14
96,033
Admission of State bank
of membership. Of the
14
14
36,010 or relinquishment
Resumption following suspension
_
3
9
6,048 banks that joined the system, 104 were newly
6
Conversion within the system
15
organized national banks, 22 were former
Other additions..
„__
2
22
nonmember banks that joined the system by
22
74
87 | . _ . . .
Total additions
„._.„
converting into national banks, and 32 were
Losses to membership:
nonmember banks that were admitted to
Merger between member banks—
31
Intraclass_>
7
3 24
membership in the sj^tem with the status of
6
Interclass
2
4
State institutions. There were 13 banks
6
2
3,058
4
Voluntary liquidation (terminal).
100
23
62,703 which, having previously suspended, resumed
Suspension and insolvency.
77
Absorption of member bank by
19, 008 operations again and 3 banks which were
nonmember bank
2
16
14
Conversion of member to nonmember bank
20,689 newly organized to succeed banks that had
2
14
12
Withdrawal of State bank
4 29
29
32,595 previously suspended.
The 125 banks that
Conversion within the system..
14
15
relinquished membership in the system in202
71
140
Total losses
_
cluded 56 member State banks that withdrew
-49
- 1 1 5 +1,184,455 after advance notice to the Federal reserve
-66
Net change.-..
_
Active member banks Dec. 31,1926._ 7,906 1,354 9,260 42,029,644 bank, 25 member banks that were succeeded
by nonmember banks organized for that pur1
Succession between members of one class and members of the other, pose, and 44 banks that were absorbed by
without effect on the number of banks in the system.
2
Two banks organized to succeed banks that had previously already existing nonmember banks.
suspended.
The net voluntary accession of 49 banks was
3 Includes 2 instances in which 2 member banks were succeeded by a
third organized for the purpose.
offset by a decrease of 278 resulting from
* Includes 1 compulsory withdrawal.
mergers between member banks, from bank
During the entire year 1926 the number of suspensions, 7and from other causes not related
member banks in the system showed a decrease to the banks choice in the matter of memberActive member banks, June 30,1926_.
7,972
1,403
9,375
40,845,189
FEDERAL RESERVE BULLETIN
MARCH, 1927
ship in the system. Mergers between member
banks during the year accounted for the loss
of 105 banks—87 of them national banks and 18
State institutions—and suspensions accounted
for 160 banks—124 national and 36 State
banks. There were also 12 banks the existence
of which was terminated by voluntary liquidation, and 3 banks that were compelled to withdraw from the system because of violation of
the Federal reserve act. In the accompanying
table changes in membership are summarized
for the year, by class of bank:
CHANGES IN MEMBEESHIP IN THE FEDERAL RESERVE
SYSTEM, BY CLASS OF MEMBER, JANUARY 1, 1926,
TO DECEMBER 31, 1926
Member banks
]dumber
Glass of change
Resources
National State Total
Active member banks, Jan. 1,1926... 8,048
Additions to membership:
Organization of national b a n k . . . .
Conversion of nonmember bank
to national
Admission of State b a n k . _. „
Resumption following suspension.
Conversion within the system
Other additions..
.___„__.
Total additions
Net change......
.._„
-_„.._
9,489
41, 425, 295
104
104
22,492
22
22
32
13
100 21fi
._.
9
18
24
32
4
17
31
147
„
Losses to membership:
Merger between member banks—
Intraclass
„„„____„
Interclass
...
Voluntary liquidation (terminal).
Suspension and insolvency
...
Absorption of member by nonmember bank ___ __ „
Conversion of member to nonmember bank
_
Withdrawal of State b a n k . . . . . . .
Conversion within the system
Total losses.._„
1,441
sands of
dollars)
44
176
4 68
19
8
124
12
6
4
36
80
25
12
160
40
4
44
40,072
23
2
59
25
59
27,421
52 602
5
17
131
5
6,223
95, 950
18
289
88 379
8', 827
-142 . - 8 7
Active member banks, Dec. 31,1926.. 7,906
1,354
405
-229
+604, 349
9,260
42, 029, 644
1 Succession between members of one class and members of the other
without effect on the number of banks in the system.
2 Includes one member bank succeeded by another of the same class
prior to Dec. 31,1925, the succeeding bank not reporting until after Dec
31,1925, and three banks organized to succeed banks that had previously
suspended.
3
One member bank succeeded by another of the same class prior to
Dec. 31,1925, the succeeding bank not reporting until after Dec. 31,1925.
4 Includes two instances in which two member banks were succeeded
by{ a third organized for the purpose.
Includes three compulsory withdrawals.
The number of banks added and lost to
membership in the Federal reserve system
during the year 1926 are shown in the accompanying table, by class of member bank, for
179
each Federal reserve district. The number of
national and of State banks showed decreases
in all except the New York and Philadelphia
districts, where the number of both classes of
member banks increased, and the Boston district, where there was a net decrease of 5 in
the number of national banks but a net increase
of 1 in the number of member State banks.
Additions to membership were for the most
part newly organized national banks or existing
State banks that joined the system, either
obtaining national bank charters or being
admitted with the status of State institutions.
New national banks were organized during the
year in each reserve district. Of 104 such
banks that were organized throughout all districts, one-half were in the New York and
Philadelphia districts and the remainder were
largely in the Atlanta, Chicago, and San Francisco districts. Additional State banks joined
the system during 1926 in all except the Boston
district. A total of 54 such accessions of existing State banks compares with 109 in 1925
and 60 in 1924. Of the State banks that
joined in 1926 nearly one-half were banks in
the New York and Dallas districts.
During the year 87 national banks and 18
State banks were lost to membership in the
system through mergers between member banks;
the total of 105 mergers was larger than in any
of the preceding three years, and compares
with 71 which took place in 1925. There were
a number of mergers in each of the Federal
reserve districts, but they were most numerous
,.in the New York, Richmond, and San Francisco districts.
Suspensions accounted for the loss of 160
member banks during the year 1926, as against
147 in 1925 and 165 in 1924. Suspensions were
largely in agricultural sections of the country,
where numbers of banks, particularly smaller
banks, were faced with difficulties that had
developed over a period of several years. Of
the total number of suspensions 93, or nearly
60 per cent, were in the Chicago and Minneapolis districts, and the remainder was largely
in the Atlanta, St. Louis, Kansas City, and
Dallas districts.
Information relating to changes in membership in the Federal reserve system by districts
for previous years, similar to that which is
presented in the following table for 1926, may
be found on pages 175 to 183 of the annual
report of the Federal Reserve Board for
1925.
180
FEDERAL RESERVE BULLETIN
M A R C H , 1927
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, BY CLASS OF MEMBER AND BY DISTRICTS
JANUARY 1, 1926, TO DECEMBER 31, 1926
(Number of member banks)
ft
NaNaNaNaNaNation- State Total tion- State Total tion- State Total tion- State Total tion- State Total tion- State Total
al
al
al
al
al
al
Class of change
New York
district
Boston district
Membership Jan. 1,1926
382
Additions to membership:
Organization of national
bank_
Conversion of nonmember
bank to national
Admission of State bank
Resumption after suspension
Conversion within system,.
Total additions
Losses to membership:
Merger between member
banks—
Intraclass
Interclass
Voluntary liquidation (terminal)
Suspension and insolvencyAbsorption of member by
nonmember
Conversion of member to
nonmember bank
Withdrawal of State bank
Conversions within systemTotal losses
420
734
2
38
880
671
35
35
1
2
1
16
i
146
Philadelphia
district
16
82
753
747
17
17
2
2
4
4
1
i1
2
Cleveland
district
3
2
1
24
6
1
7
3
1
4
12
3
13
3
5
4
7
5
5
1
1
6
1
3
2
1
5
1
11
3
1
12
3
5
1
1
2
8
3
1
1
8
12
12
2
2
. 2
2
2
2
4
4
4
1
1
1
4
4
1
1
2
1
1
8
5
2
3
11
16
5
19
7
1
8
+33
+13
+3
+16
Membership Dec. 31,1926...
377
39
416
750
163
913
684
85
769
6
Chicago district
Minneapolis district
St. Louis district
10
10
3
a
1
1
1
1
2
2
7
130
2
1
5
2
1
1
1
2
2
1
51
8
4
12
8
1
9
4
1
5
13
4
13
1
4
1
4
54
30
84
13
27
-36
-27
-63
-9
-10
1,335
489
120
1
56
Membership Dec. 31,1926— 1,015
320
33
-1
-19
-20
583
378
97
475
25
1,029
725
9
33
852
575
3
3
14
1
1
8
1
41
1
8 1
1
127
165
740
14
1
1
1
16
1
17
6
2
8
2
3
11
2
1
1
6
1
14
2
8
2
4
1
5
2
8
2
1
5
3
5
1
1
2
1
1
1
53
3
11
6
1
7
15
2
13
7
1
69
1
1
9
2
1
1
3
1
1
14
10
4
1
2
7
1
I
14
1
1
1
3
42
13
9
9
5
5
1
3
4
"Yjf
4
5
2
"13"
3
13
61
15
76
35
7
42
-19
-52
-13
-65
-29
609
692
72
764
965
41
13
San Francisco
district
Dallas district
53
15
22
-21
1
1
16
527
2
2
35
4
856
2
8
24
-21
8
5
2
3
6
1
6
1
6
111
994
85
41
21
745
829
744
628
2
3
14
Kansas City district
to to
498
32
6
-5
-1
1,398
347
8
-2
2
28
12
3
i1
+17
Net chanse
1
3
4
21
Total losses
1
3
20
5
18
1
52
+16
Losses to membership:
Merger between member
banks—
Intraclass
Interclass
Voluntary liquidation (terminal)
--Suspension and insolvencyAbsorption of member by
nonmember
Conversion of member to
nonmember bank
Withdrawal of State bank.
Conversions within system
Other losses-.._-
1
9
22
-4
—
1
495
37
+1
Total additions
9
1
1
3
1
116
2
1
1
5
1
1
3
3
1
1
1,051
1
3
56
16
-5
Additions to membership:
Organization of national
bank
Conversion of nonmember
bank to national
Admission of State bank
Resumption after supension
Conversion within systemOther additions
379
548
i1
Net change
Membership Jan. 1,1926
604
863
116
Atlanta district
3
2
. 1
7
Class of change
Richmond
district
-6
27
24
1
2
3
18
38
-35
-9
-16
-25
992
716
111
827
23
-7
568
13
36
-12
-19
153
721
* Succession between members of one class and members of the other without effect on the number of banks in the system.
2 Includes 1 compulsory withdrawal.
s Two banks organized to succeed banks that had previously suspended.
< One member bank succeeded by another of the same class prior to Dec. 31,1925, the succeeding bank not reporting until after Dec. 31, 1925.
6 Transfers between districts.
6 Includes one instance in which two member banks were succeeded by a third organized for the purpose.
7
Includes 2 compulsory withdrawals.
s Bank organized to succeed bank that had previously suspended.
MAKCH, 1927
FEDBEAL EESEKVE BULLETIN
181
LAW DEPARTMENT
McFadden bill now law.
Revised Statutes with reference to the overThe McFadden bill (H. K. 2), a bill to certification of checks.
amend the national bank act and the Federal
Section 13 relates to reports of national banks
reserve act, was signed by the President on to the Comptroller of the Currency and gives
February 25 and is now law. Without the board of directors of a national bank the
attempting to analyze the various provisions right to permit a junior officer to verify such
of the bill, the contents of each section may be reports in the absence of the president and
indicated briefly as follows:
cashier.
Section 1 provides for the direct consolidaSection 14. Because of a mistake in numbertion of State banks with national banks.
ing, the act contains no section 14 and contains
Section 2 grants indeterminate charters to two sections numbered 16.
national banks, regulates the buying and selling
Section 15 adds an additional criminal
of "investment securities" by national banks, provision, providing for the punishment of a
and contains provisions with reference to the national bank examiner who commits a theft
safe-deposit business of national banks.
from a bank examined by him..
Section 3 permits a national bank to purchase
Section 16. The first section bearing this
such real estate as is necessary for its accom- number makes material changes in the law
modation in the transaction of its business, relative to loans by national banks upon the
even though such real estate is not needed security of real estate and farm land. The
immediately for such purpose. In other words, second section bearing this number provides
this section strikes out the word "immediate" for the division of the capital stock of national
from the law.
banks into shares of less amounts than $100.
Section 4 provides for the organization under
Section 17 requires that each director of a
certain circumstances of national banks with national bank own capital stock of such bank
a capital of not less than $100,000 in the out- in an amount not less than $1,000, unless the
lying districts of a city having a population in capital stock of such bank does not exceed
excess of 50,000.
$25,000, in which case he must own an amount
Section 5 regulates the payment of stock not less than $500.
dividends by national banks.
Section 18 provides for indeterminate charSection 6 provides that the president of a ters for Federal reserve banks,.
national bank shall be a member of the board
Section 19 authorizes the Federal Reserve
of directors, but not necessarily chairman Board to require any Federal reserve bank
thereof.
to discontinue any of its branches.
vSection 7 regulates the establishment of
The following is the complete text of the
branches by national banks.
McFadden Act:
Section 8 provides merely that the business
further amend the national banking laws
of a national bank shall be transacted in the AN ACT To eral Keserve Act, and for other purposes. and the Fedplace specified in its organization certificate or
Be it enacted by the Senate and House of Representaat the branch or branches, if any, established tives of the United States of America in Congress assembled, That the Act entitled "An Act to provide for the
as provided in section 7.
consolidation of
Section 9 amends the first paragraph of proved Novembernational banking associations," ap7,
amended by adding
section 9 of the Federal reserve act with refer- the end thereof a new 1918, beto read as follows: at
section
ence to the admission of State banks to the
"SEC. 3. That any bank incorporated under the laws
Federal reserve system and regulates the of any State, or any bank incorporated in the District
of Columbia, may be consolidated with a national
establishment and operation of branches by banking association located in the same county, city,
such State member banks.
town, or village under the charter of such national
Section 10 is designed to restate and clarify banking association on such terms and conditions as
section 5200 of the Revised Statutes, which may be lawfully agreed uponfc>ya majority of the
board
proposgoverns the amount which a national bank ing to of directors of each association or bank be raticonsolidate, and which agreement shall
may lend to any one person.
fied and confirmed by the affirmative vote of the shareSection 11 is designed to cure a typographical holders of each such association or bank owning at
error in the agricultural credits act of 1923 and least two-thirds of its capital stock outstanding, or
by greater proportion
relates to the total liability of national banks. casea of such State bank ifof such capital stock in the
the laws of the State where
Section 12 is intended to change and clarify the same is organized so require, at a meeting to be
a criminal provision in section 5208 of the j held on the call of the directors after publishing notice
182
FEDEEAL EESERVE BULLETIN
of the time, place, and object of the meeting for four
consecutive weeks in some newspaper of general circulation published in the place where the said association or bank is situated, and in the legal newspaper for
the publication of legal notices or advertisements, if
any such paper has been designated by the rules of a
cpurt in the county where such association or bank is
situated, and if no newspaper is published in the place,
then in a paper of general circulation published nearest
thereto, unless such notice of meeting is waived in
writing by. all stockholders of any such association or
bank, and after sending such notice to each shareholder of record by registered mail at least 10 days
prior to said meeting, but any additional notice shall
be given to the shareholders of such State bank which
may be required by the laws of the State where the
same is organized. The capital stock of such consolidated association shall not be less than that required under existing law for the organization of a
national banking association in the place in which such
consolidated association is located; and all the rights,
franchises, and interests of such State or District bank
so consolidated with a national banking association in
and to every species of property, real, personal, and
mixed, and choses in action thereto belonging, shall be
deemed to be transferred to and vested in such national banking association into which it is consolidated without any deed or other transfer, and the said
consolidated national banking association shall hold and
enjoy the same and all rights of property, franchises,
and interests including the right of succession as trustee, executor, or in any other fiduciary capacity in the
same manner and to the same extent as was held and
enjoyed by such State or District bank so consolidated
with such national banking association. When such
consolidation shall have been effected and approved
by the comptroller any shareholder of either the association or of the State or District bank so consolidated,
who|has not voted for such consolidation, may give
notice to the directors of the consolidated association
within 20 days from the date of the certificate of approval of the comptroller that he dissents from the
plan of consolidation as adopted and approved, whereupon he shall be entitled to receive the value of the
shares so held by him, to be ascertained by an appraisal made by a committee of three persons, one to
be selected by the shareholder, one by the directors of
the consolidated association, and the third by the
two so chosen; and in case the value so fixed shall not
be satisfactory to such shareholder he may within five
days after being notified of the appraisal appeal to the
Comptroller of the Currency, who shall cause a reappraisal to be made, which shall be final and binding;
and the consolidated association shall pay the expenses
of reappraisal, and the value as ascertained by such
appraisal or reappraisal shall be deemed to be a debt
due and shall be forthwith paid to said shareholder by
said consolidated association, and the shares so paid
for shall be surrendered and, after due notice, sold at
public auction within 30 days after the final appraisement provided for in this Act; and if the shares so
sold at public auction shall be sold at a price greater
than the final appraised value, the excess in such sale
price shall be paid to the said shareholder; and the
consolidated association shall have the right to purchase such shares at public auction, if it is the highest
bidder therefor, for the purpose of reselling such shares
within 30 days thereafter to such person or persons
and at such price as its board of directors by resolution may determine. The liquidation of such shares
of stock in any State bank shall be determined in the
manner prescribed by the law of the State in such cases
MARCH, 1927
if such provision is made in the State law; otherwise as
hereinbefore provided. No such consolidation shall be
in contravention of the law of the State under which
such bank is incorporated.
"The words 'State bank/ 'State banks/ 'bank/ or
'banks/ as used in this section, shall be held to include
trust companies, savings banks, or other such corporations or institutions carrying on the banking business
under the authority of State laws."
SEC. 2. (a) That section 5136 of the Revised
Statutes of the United States, subsection "second"
thereof as amended, be amended to read as follows:
"Second. To have succession from the date of the
approval of this Act, or from the date of its organization
if organized after such date of approval until such time
as it be dissolved by the act of its shareholders owning
two-thirds of its stock, or until its franchise becomes
forfeited by reason of violation of law, or until terminated by either a general or a special Act of Congress
or until its affairs be placed in the hands of a receiver
and finally wound up by him."
(b) That section 5136 of the Revised Statutes of the
United States, subsection "seventh" thereof, be further
amended by adding at the end of the first paragraph
thereof the following:
" Provided, That the business of buying and selling
investment securities shall hereafter be limited to buying and selling without recourse marketable obligations
evidencing indebtedness of any person, copartnership,
association, or corporation, in the form of bonds, notes
and/or debentures, commonly known as investment
securities, under such further definition of the term
'investment securities' as may by regulation be prescribed by the Comptroller of the Currency, and the
total amount of such investment securities of any one
obligor or maker held by such association shall at no
time exceed 25 per centum of the amount of the capital
stock of such association actually paid in and unimpaired and 25 per centum of its unimpaired surplus
fund, but this limitation as to total amount shall not
apply to obligations of the United States, or general
obligations of any State or of any political subdivision
thereof, or obligations issued under authority of the
Federal Farm Loan Act: And provided further, That
in carrying on the business commonly known as the
safe-deposit business no such association shall invest
in the capital stock of a corporation organized under the
law of any State to conduct a safe-deposit business in an
amount in excess of 15 per centum of the capital stock
of such association actually paid in and unimpaired
and 15 per centum of its unimpaired surplus," so that
the subsection as amended shall read as follows:
"Seventh. To exercise by its board of directors, or
duly authorized officers or agents, subject to law, all
such incidental powers as shall be necessary to carry
on the business of banking; by discounting and
negotiating promissory notes, drafts, bills of exchange,
and other evidences of debt; by receiving deposits;
by buying and selling exchange, coin, and bullion;
by loaning money on personal security; and by
obtaining, issuing, and circulating notes according
to the provisions of this title: Provided, That the
business of buying and selling investment securities
shall hereafter be limited to buying and selling without
recourse marketable obligations evidencing indebtedness of any person, copartnership, association, or
corporation, in the form of bonds, notes and/or debentures, commonly known as investment securities,
under such further definition of the term 'investment
securities' as may by regulation be prescribed by the
Comptroller of the Currency, and the total amount
of such investment securities of any one obligor or
MARCH, 1927
FEDERAL RESERVE BULLETIN
183
maker held by such association shall at no time exceed be effective until a certificate certifying to such declara25 per centum of the amount of the capital stock of tion of dividend, signed by the president, vice presisuch association actually paid in and unimpaired and dent, or cashier of said association and duly acknowl25 per centum of its unimpaired surplus fund, but edged before a notary public, shall have been forwarded
this limitation as to total amount shall not apply to to the Comptroller of the Currency and his certificate
obligations of the United States, or general obligations obtained specifying the amount of such increase of
of any State or of any political subdivision thereof, or capital stock by stock dividend, and his approval
obligations issued under authority of the Federal Farm thereof."
Loan Act: And provided further, That in carrying on SEC. 6. That section 5150 of the Revised Statutes of
the business commonly known as the safe-deposit the United States be amended to read as follows:
business no such association shall invest in the capital
"SEC. 5150. The president of the bank shall be a
stock of a corporation organized under the law of any member of the board and shall be the chairman thereof,
State to conduct a safe-deposit business in an amount but the board may designate a director in lieu of the
in excess of 15 per centum of the capital stock of such president to be chairman of the board, who shall perassociation actually paid in and unimpaired and 15 form such duties as may be designated by the board."
per centum of its unimpaired surplus.
SEC. 7. That section^5155 of the Revised Statutes of
"But no association shall transact any business the United States be amended to read as follows:
except such as is incidental and necessarily preliminary
" SEC. 5155. The conditions upon which a national
to its organization, until it has been authorized by the banking association may retain or establish and operate
Comptroller of the Currency to commence the business a branch or branches are the following:
of banking."
"(a) A national banking association may retain and
SEC. 3. That section 5137 of the Revised Statutes operate such branch or branches as it may have in
of the United States, subsection "first" thereof, be lawful operation at the date of the approval of this
amended to read as follows:
Act, and any national banking association which has
" First. Such as shall be necessary for its accommoda- continuously maintained and operated not more than
one branch for a period of more than 25 years immedition in the transaction of its business."
SEC. 4. That section 5138 of the Revised Statutes ately preceding the approval of this Act may continue
of the United States, as amended, be amended to to maintain and operate such branch.
read as follows:
"(b) If a State bank is hereafter converted into or
"SEC. 5138. No national banking association shall consolidated with a national banking association, or if
be organized with a less capital than $100,000, except two or more national banking associations are conthat such associations with a capital of not less than solidated, such converted or consolidated association
$50,000 may, with the approval of the Secretary of may, with respect to any of such banks, retain and
the Treasury, be organized in any place the population operate any of their branches which may have been
of which does not exceed 6,000 inhabitants, and except in lawful operation by any bank at the date of the
that such associations with a capital of not less than approval of this Act.
$25,000 may, with the sanction of the Secretary of the
"(c) A national banking association may, after the
Treasury, be organized in any place the population of date of the approval of this Act, establish and operate
which does not exceed 3,000 inhabitants. No such new branches within the limits of the city, town, or
association shall be organized in a city the population village in which said association is situated if such
of which exceeds 50,000 persons with a capital of less establishment and operation are at the time permitted
than $200,000, except that in the outlying districts of to State banks by the law of the State in question.
such a city where the State laws permit the organiza"(d) No branch shall be established after the date of
tion of State banks with a capital of $100,000 or less, the approval of this Act within the limits of any city,
national banking associations now organized or here- town, or village of which the population by the last
after organized may, with the approval of the Comp- decennial census was less than 25,000. No more than
troller of the Currency, have a capital of not less than one such branch may be thus established where the
$100,000."
population, so determined, of such municipal unit does
SEC. 5. That section 5142 of the Revised Statutes not exceed 50,000; and not more than two such
of the United States, as amended, be amended to read branches where the population does not exceed 100,000.
as follows:
In any such municipal unit where the population
"SEC. 5142. Any national banking association may,, exceeds 100,000 the determination of the number of
with the approval of the Comptroller of the Currency, branches shall be within the discretion of the Compand by a vote of shareholders owning two-thirds of troller of the Currency.
the stock of such associations, increase its capital
"(e) No branch of any national banking association
stock to any sum approved by the said comptroller, shall be established or moved from one location to
but no increase in capital shall be valid until the whole another without first obtaining the consent and apamount of such increase is paid in and notice thereof, proval of the Comptroller7 of the Currency.
duly acknowledged before a notary public by the
"(f) The term 'branch as used in this section shall
president, vice president, or cashier of said association, be held to include any branch bank, branch office,
has been transmitted to the Comptroller of the Cur- branch agency, additional office, or any branch place
rency and his certificate obtained specifying the of business located in any State or Territory of the
amount of such increase in capital stock and his ap- United States or in the District of Columbia at which
proval thereof, and that it has been duly paid in as deposits are received, or checks paid, or money lent.
part of the capital of such association: Provided, how- "(g) This section shall not be construed to amend or
ever, That a national banking association may, with repeal section 25 of the Federal Reserve Act, as
the approval of the Comptroller of the Currency, and amended, authorizing the establishment by national
by the vote of shareholders owning two-thirds of the banking associations of branches in foreign countries,
stock of such association, increase its capital stock by or dependencies, or insular possessions of the United
the declaration of a stock dividend, provided that the States.
surplus of said association, after the approval of the
"(h) The words 'State bank,' 'State banks/
increase, shall be at least equal to 20 per centum of 'bank,' or 'banks,' as used in this section, shall be
the capital stock as increased. Such increase shall not held to include trust companies, savings banks, or
184
FEDEKAL EESEKVE BULLETIN
other such corporations or institutions carrying on the
banking business under the authority of State laws."
SEC. 8. That section 5190 of the Revised Statutes
of the United States be amended to read as follows:
"SEC. 5190. The general business of each national
banking association shall be transacted in the place
specified in its organization certificate and in the
branch or branches, if any, established or maintained
by it in accordance with the provisions of section 5155
of the Revised Statutes, as amended by this Act."
SEC. 9. That the first paragraph of section 9 of the
Federal Reserve Act, as amended, be amended so as
to read as follows:
"SEC. 9. Any bank incorporated by special law of
any State, or organized under the general laws of any
State or of the United States, desiring to become a
member of the Federal reserve system, may make
application to the Federal Reserve Board, under such
rules and regulations as it may prescribe, for the right
to subscribe to the stock of the Federal reserve bank
organized within the district in which the applying
bank is located. Such application shall be for the
same amount of stock that the applying bank would
be required to subscribe to as a national bank. The
Federal Reserve Board, subject to the provisions of
this Act and to such conditions as it may prescribe
pursuant thereto may permit the applying bank to
become a stockholder of such Federal reserve bank.
"Any such State bank which, at the date of the
approval of this Act, has established and is operating
a branch or branches in conformity with the State
law, may retain and operate the same while remaining
or upon becoming a stockholder of such Federal reserve
bank; but no such State bank may retain or acquire
stock in a Federal reserve bank except upon relinquishment of any branch or branches established after the
date of the approval of this Act beyond the limits of
the city, town, or village in which the parent bank is
situated."
SEC. 10. That section 5200 of the Revised Statutes
of the United States, as amended, be amended to read
as follows:
"SEC. 5200. The total obligations to any national
banking association of any person, copartnership,
association, or corporation shall at no time exceed 10
per centum of the amount of the capital stock of such
association actually paid in and unimpaired and 10 per
centum of its unimpaired surplus fund. ^ The term
'obligations' shall mean the direct liability of the
maker or acceptor of paper discounted with or sold to
such association and the liability of the indorser,
drawer, or guarantor who obtains a loan from or discounts paper with or sells paper under his guaranty to
such association and shall include in the case of
obligations of a copartnership or association the obligations of the several members thereof. Such limitation
of 10 per centum shall be subject to the following
exceptions:
"(1) Obligations in the form of drafts or bills of exchange drawn in good faith against actually existing
values shall not be subject under this section to any
limitation based upon such capital and surplus.
"(2) Obligations arising out of the discount of commercial or business paper actually owned by the
person, copartnership, association, or corporation negotiating the same shall not be subject under this section
to any limitation based upon such capital and surplus.
" (3) Obligations drawn in good faith against actually
existing values and secured by goods or commodities
in process of shipment shall not be subject under this
section to any limitation based upon such capital and
surplus.
MARCH, 1927
"(4) Obligations as indorser or guarantor of notes,
other than commercial or business paper excepted
under (2) hereof, having a maturity of not more than
six months, and owned by the person, corporation,
association, or copartnership indorsing and negotiating
the same, shall be subject under this section to a limitation of 15 per centum of such capital and surplus in
addition to such 10 per centum of such capital and
surplus.
"(5) Obligations in the form of banker's acceptances
of other banks of the kind described in section 13 of the
Federal Reserve Act shall not be subject under this
section to any limitation based upon such capital and
surplus.
"(6) Obligations of any person, copartnership, association or corporation, in the form of notes or drafts
secured by shipping documents, warehouse receipts or
other such documents transferring or securing title
covering readily marketable nonperishable staples
when such property is fully covered by insurance, if it
is customary to insure such staples, shall be subject
under this section to a limitation of 15 per centum of
such capital and surplus in addition to such 10 per
centum of such capital and surplus when the market
value of such staples securing such obligation is not
at any time less than 115 per centum of the face amount
of such obligation, and to an additional increase of
limitation of 5 per centum of such capital and surplus
in addition to such 25 per centum of such capital and
surplus when the market value of such staples securing
such additional obligation is not at any time less than
120 per centum of the face amount of such additional
obligation, and to a further additional increase of
limitation of 5 per centum of such capital and surplus
in addition to such 30 per centum of such capital and
surplus when the market value of such staples securing
such additional obligation is not at any time less than
125 per centum of the face amount of such additional
obligation, and to a further additional increase of
limitation of 5 per centum of such capital and surplus in
addition to such 35 per centum of such capital and surplus when the market value of such staples securing
such additional obligation is not at any time less than
130 per centum of the face amount of such additional
obligation, and to a further additional increase of
limitation of 5 per centum of such capital and surplus
in addition to such 40 per centum of such capital and
surplus when the market value of such staples securing
such additional obligation is not at any time less than
135 per centum of the face amount of such additional
obligation, and to a further additional increase of limitation of 5 per centum of such capital and surplus in
addition to such 45 per centum of such capital and
surplus when the market value of such staples securing
such additional obligation is not at any time less than
140 per centum of the face amount of such additional
obligation, but this exception shall not apply to obligations of any one person, copartnership, association or
corporation arising from the same transactions and/or
secured upon the identical staples for more than ten
months.
"(7) Obligations of any person, copartnership, association, or corporation in the form of notes or drafts
secured by shipping documents or instruments transferring or securing title covering livestock or giving a
lien on livestock when the market value of the livestock
securing the obligation is not at any time less than 115
per centum of the face amount of the notes covered
by such documents shall be subject under this section
to a limitation of 15 per centum of such capital and
surplus in addition to such 10 per centum of such
capital and surplus.
MARCH, 1927
FEDERAL RESERVE BULLETIN
"(8) Obligations of any person, copartnership, association, or corporation in the form of notes secured
by not less than a like amount of bonds or notes of
the United States issued since April 24, 1917, or
certificates of indebtedness of the United States, shall
(except to the extent permitted by rules and regulations prescribed by the Comptroller of the Currency,
with the approval of the Secretary of the Treasury)
be subject under this section to a limitation of 15 per
centum of such capital and surplus in addition to such
10 per centum of such capital and surplus."
SEC. 11. That section 5202 of the Revised Statutes
of the United States as amended be amended by adding
at the end thereof a new paragraph to read as follows:
" Eighth. Liabilities incurred under the provisions of
section 202 of Title II of the Federal Farm Loan Act,
approved July 17,1916, as amended by the Agricultural
Credits Act of 1923."
SEC 12. That section 5208 of the Revised Statutes
of the United States as amended be amended by striking out the words "or who shall certify a check before
the amount thereof shall have been regularly entered
to the credit of the drawer upon the books of the bank,"
and in lieu thereof inserting the following: "or who
shall certify a check before the amount thereof shall
have been regularly deposited in the bank by the
drawer thereof," so that the section as amended shall
read as follows:
" SEC. 5208. It shall be unlawful for any officer, director, agent, or employee of any Federal reserve bank,
or any member bank as defined in the Act of December
23, 1913, known as the Federal Reserve Act, to certify
any check drawn upon such Federal reserve bank or
member bank unless the person, firm, or corporation
drawing the check has on deposit with such Federal
reserve bank or member bank, at the time such check
is certified, an amount of money not less than the
amount specified in such check. Any check so certified by a duly authorized officer, director, agent, or
employee shall be a good and valid obligation against
such Federal reserve bank or member bank; but the
act of any officer, director, agent, or employee of any
such Federal reserve bank or member bank in violation of this section shall, in the discretion of the Federal Reserve Board, subject such Federal reserve bank
to the penalties imposed by section 11, subsection (h)
of the Federal Reserve Act, and shall subject such
member bank, if a national bank, to the liabilities and
proceedings on the part of the Comptroller of the Currency provided for in section 5234, Revised Statutes,
and shall, in the discretion of the Federal Reserve
Board, subject any other member bank to the penalties
imposed by section 9 of said Federal Reserve Act for
the violation of any of the provisions of said Act.
Any officer, director, agent, or employee of any Federal
reserve bank or member bank who shall willfully violate the provisions of this section, or who shall resort
to any device, or receive any fictitious obligation, directly or collaterally, in order to evade the provisions
thereof, or who shall certify a check before the
amount thereof shall have been regularly deposited in
the bank by the drawer thereof, shall be deemed
guilty of a misdemeanor and shall, on conviction thereof
in any district court of the United States, be fined not
more than $5,000, or shall be imprisoned for not more
than five years, or both, in the discretion of the court."
SEC. 13. That section 5211 of the Revised Statutes
of the United States as amended be amended to read
as follows:
"SEC. 5211. Every association shall make to the
Comptroller of the Currency not less than three
reports during each year, according to the form which
34509—27
4
185
may be prescribed by him, verified by the oath or
affirmation of the president, or of the cashier, or of a
vice president, or of an assistant cashier of the association designated by its board of directors to verify
such reports in the absence of the president and cashier,
taken before a notary public properly authorized and
commissioned by the State in which such notary
resides and the association is located, or any other
officer haying an official seal, authorized in such State
to administer oaths, and attested by the signature of
at least three of the directors. Each such report
shall exhibit, in detail and under appropriate heads,
the resources and liabilities of the association at the
close of business on any past day by him specified, and
shall be transmitted to the comptroller within five
days after the receipt of a request or requisition
therefor from him; and the statement of resources and
liabilities, together with acknowledgment and attestation in the same form in which it is made to the comptroller, shall be published in a newspaper published
in the place where such association is established, or
if there is no newspaper in the place, then in the one
published nearest thereto in the same county, at the
expense of the association; and such proof of publication shall be furnished as may be required by the
comptroller. The comptroller shall also have power
to call for special reports from any particular association whenever in his judgment the same are necessary
in order to obtain a full and complete knowledge of
its condition."
SEC. 15. That section 22 of the Federal Reserve
Act, subsection (a), paragraph 2 thereof, be amended
to read as follows:
"(a) No member bank and no officer, director, or
employe thereof shall hereafter make any loan or
grant any gratuity to any bank examiner. Any
bank officer, director, or employee violating this provision shall be deemed guilty of a misdemeanor and
shall be imprisoned not exceeding one year, or fined
not more than $5,000, or both, and may be fined a
further sum equal to the money so loaned or gratuity
given.
"Any examiner or assistant examiner who shall
accept a loan or gratuity from any bank examined by
him, or from an officer, director, or employee thereof,
or who shall steal, or unlawfully take, or unlawfully
conceal any money, note, draft, bond, or security or
any other property of value in the possession of any
member bank or from any safe deposit box in or adjacent to the premises of such bank, shall be deemed
guilty of a misdemeanor and shall, upon conviction
thereof in any district court of the United States, be
imprisoned for not exceeding one year, or fined not
more than $5,000, or both, and may be fined a further
sum equal to the money so loaned, gratuity given,
or property stolen, and shall forever thereafter be
disqualified from holding office as a national bank
examiner."
SEC. 16. That section 24 of the Federal Reserve
Act be amended to read as follows:
" SEC. 24. Any national banking association may
make loans secured by first lien upon improved real
estate, including improved farm land, situated within
its Federal reserve district or within a radius of one
hundred miles of the place in which such bank is
located, irrespective of district lines. A loan secured
by real estate within the meaning of this section shall
be in the form of an obligation or obligations secured
by mortgage, trust deed, or other such instrument
upon real estate when the entire amount of such
obligation or obligations is made or is sold to such
association. The amount of any such loan shall not
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FEDEKAL EESEKVE BULLETIN
exceed 50 per centum of the actual value of the real
estate offered for security, but no such loan upon such
security shall be made for a longer term than five
years. Any such bank may make such loans in an
aggregate sum including in such aggregate any such
loans on which it is liable as indorser or guarantor or
otherwise equal to 25 per centum of the amount of the
capital stock of such association actually paid in and
unimpaired and 25 per centum of its unimpaired
surplus fund, or to one-half of its savings deposits,
at the election of the association, subject to the general
limitation contained in section 5200 of the Revised
Statutes of the United States. Such banks may
continue hereafter as heretofore to receive time and
savings deposits and to pay interest on the same,
but the rate of interest which such banks may pay
upon such time deposits or upon savings or other
deposits shall not exceed the maximum rate authorized
by law to be paid upon such deposits by State banks
or trust companies organized under the laws of the
State wherein such national banking association is
located."
SEC. 16. That section 5139 of the Revised Statutes
of the United States be amended by inserting in the
first sentence thereof the following words: "or into
shares of such less amount as may be provided in the
articles of association" so that the section as amended
shall read as follows:
" SEC. 5139. The capital stock of each association
shall be divided into shares of $100 each, or into shares
of such less amount as may be provided in the articles
of association, and be deemed personal property, and
transferable on the books of the association in such
manner as may be prescribed in the by-laws or articles
of association. Every person becoming a shareholder
by such transfer shall, in proportion to his shares,
succeed to all rights and liabilities of the prior holder
of such shares; and no change shall be made in the
articles of association by which the rights, remedies,
or security of the existing creditors of the association
shall be impaired."
SEC. 17. That section 5146 of the Revised Statutes
of the United States as amended be amended by inserting in lieu of the second sentence thereof the following:
"Every director must own in his own right shares of
MARCH, 1927
the capital stock of the association of which he is a
director the aggregate par value of which shall not be
less than $1,000, unless the capital of the bank shall
not exceed $25,000 in which case he must own in his
own right shares of such capital stock the aggregate
value of which shall not be less than $500," so that the
section as amended shall read as follows:
" SEC. 5146. Every director must during his whole
term of service, be a citizen of the United States, and
at least three-fourths of the directors must have resided in the State, Territory, or District in which
the association is located, or within fifty miles of the
location of the office of the association, for at least
one year immediately preceding their election, and
must be residents of such State or within a fifty-mile
territory of the location of the association during their
continuance in office. Every director must own in
his pwn right shares of the capital stock of the association of which he is a director the aggregate par
value of which shall not be less than $1,000, unless the
capital of the bank shall not exceed $25,000 in which
case he must own in his own right shares of such capital
stock the aggregate par value of which shall not be
less than $500. Any director who ceases to be the
owner of the required number of shares of the stock, or
who becomes in any other manner disqualified, shall
thereby vacate his place."
SEC. 18. That the second subdivision of the fourth
paragraph of section 4 of the Federal Reserve Act be
amended to read as follows:
" Second. To have succession after thejapproval of
this Act until dissolved by Act of Congress or until
forfeiture of franchise for violation of law."
SEC. 19. That section 3 of the Federal Reserve Act,
as amended, is further amended by adding at the end
thereof the following:
" The Federal Reserve Board may at any time require
any Federal Reserve Bank to discontinue any branch
of such Federal Reserve Bank established under this
section. The Federal Reserve Bank shall thereupon
proceed to wind up the business of such branch bank,
subject to such rules and regulations as the Federal
Reserve Board may prescribe."
Approved, February 25, 1927.
CHANGES—Continued
Changes in State Bank Membership
The following list shows the changes affecting State
bank membership during the month ended February
21, 1927, on which date 1,347 State institutions were
members of the system:
ADMISSIONS
Capital
Surplus
Total resources
District No. 2
United States Trust Co., Newark,
$1,200,000
N.J
——.
$400,000
$1,800,000
District No. 3
Paoli Bank & Trust Co., Paoli, Pa_.
125,000
75,000
607,439
CHANGES
District No. 8
District No. 4
Change of title: Fourth & Central
Trust Co., Cincinnati, Ohio, to
Central Trust Co.
Voluntary withdrawal: Marshall
County Bank, Moundsville, W.
Va. (withdrew July 12, 1926; not
previously reported)._.„
Absorption of national bank: Fourth
& Central Trust Co. (now Central
Trust Co.), Cincinnati, Ohio, has
absorbed the Citizens National
Bank & Trust Co., Cincinnati,
Ohio
Capital
District No. 9
Absorbed by national bank: Deposit
Bank & Trust Co., Winona, MinnVoluntary withdrawals:
Bank of Ellsworth, Ellsworth,
Wis.
Farmers & Miners State Bank,
Belt, Mont—
-.„_
District No. 10
Voluntary withdrawal: Chappell
State Bank, Chappell, Nebr
District No. 11
Closed: American Trust & Savings
Bank, El Paso, Tex. __„_„____
District No. 12
Absorption of nonmember: The
James M. Peterson Bank, Richfield, Utah, has absorbed the State
Bank of Escalante, Escalante,
Utah __
$150,000
2,000,000
$70,000
$1,495,000
2,268, 700 21,340,390
100,000
23,240
648,210
140,000
33,930
1,291,860
70,000
25,410
567,180
500,000
102,840
1,641, 760
25,000
8,000
73,000
100,000
50,000
1,650,000
25,000
36,010
655,280
40,000
34,520
569,870
150,000
24,670
508, 500
District No. 8
Succeeded by nonmember: Chicot
Bank & Trust Co., Lake Village,
Ark.....
Pittsfield, M e .
Tilton, N . E L .
Bayonne, N. J.
Paterson, N. J.
Smyrna, Del—
Jersey Shore, P a Pittsburgh, Pa
Coshocton, Ohio—
Greensburg, Pa
Narrows, Va
Marshall, Va
Knoxville, Tenn___
District No. 7
Closed: Farmers State Savings Bank,
Bay City, Mich
Voluntary withdrawals:
Saline Savings Bank, Saline,
Mich
Green Lake State Bank, Green
Lake, Wis
-
Location
Waynesboro, P a -
District No. 6
Absorbed by national bank: Dacula
Banking Co., Dacula, Ga_.__
„.
Total resources
$300,000
$231,610
$4,024,430
50,000
33,850
1,348,730
50,000
13,490
293,940
50,000
25,000
650,000
300,000
72,040
3,843,670
25,000
7,050
98,840
During the month ended February 21, 1927, the
Federal Reserve Board approved applications of the
national banks listed below for permission to exercise
one or more of the fiduciary powers named in section 11
(k) of the Federal reserve act as amended, as follows:
(1) Trustee; (2) executor; (3) administrator; (4)
registrar of stocks and bonds; (5) guardian of estates;
(6) assignee; (7) receiver; (8) committee'of estates of
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
which come into competition with national banks are
permitted to act under the laws of the State in which
the national bank is located.
District No. 5
Closed: Peoples Bank, Sumter, S. C.
Insolvent: Citizens Bank & Trust
Co., Rock Hill, S. C
Absorbed by nonmember: The
Home Bank, St. Matthews, S. C_.
Absorption of nonmember: The
Petersburg Savings & Trust Co.,
Petersburg, Va., a member (now
Petersburg Savings and American
Trust Co.), has absorbed the
American Bank & Trust Co.,
Petersburg, Va., a nonmember---.
Surplus
Fiduciary Powers Granted to National Banks
Change of title: Security Trust &
Safe Deposit Co., Wilmington,
Del., to Security Trust Co.
187
FEDERAL EESERVE BULLETIN
MARCH, 1927
Morristown, Tenn.
Meridian, Miss
Peru, 111
Brownstown, Ind_.
Madisonville, Ky_.
Okmulgee, Okla.._.
Ardmore, Okla
Port Arthur, Tex..
Portland, Oreg.
District
No.
Name of bank
Powers
granted
Pittsfield National Bank....
Ito9
1
Citizens National Bank.....
Bayonne National Bank
Ito9
Broadway National Bank...
Ito9
Fruit Growers National
5
Bank & Trust Co. (supplemental) .
First National Bank &
Ito9
Trust Co.
National Bank of Jersey
Ito9
Shore.
Marine National Bank
4
Coshocton National Bank...
Ito9
Merchants & Farmers NaIto9
tional Bank.
First National Bank.._
Ito9
Marshall National Bank
Ito9
City National Bank (sup1, 4 and 9
plemental) .
First National B a n k . . .
1
Citizens National Bank
Ito9
Peru National Bank
Ito9
First National Bank
. . . . 1 to 3, 5 to
7, and 9
Farmers National Bank
Ito9
Citizens National Bank......
Ito9
First National Bank
Ito8
Merchants National B a n k . .
Ito9
First National Bank
5 to 9
188
FEDEKAL EESEEVE BULLETIN
MARCH, 1927
ileges to be exercised by the Federal Reserve Bank of
Changes in National Bank Membership
Atlanta through its agency in Habana, Cuba: Now,
The Comptroller of the Currency reports the follow- therefore, be it
ing increases and reductions in the number and capital
Resolved by the Federal Reserve Board, That, effective
of national banks during the period from January 22 to March 1, 1927, the Federal Reserve Bank of Atlanta is
February 25, 1927, inclusive:
hereby authorized to maintain and operate its agency
in Habana, Cuba, subject to the following terms and
Num- Amount
conditions:
of
ber of
(1) The Federal Reserve Bank of Atlanta is authorcapital
banks
ized to exercise the following powers in Habana, Cuba,
10 $2, 300, 000 through such agency—
New charters issued
65,000
1
Restored to solvency
_
(a) To buy, sell, and collect prime bankers'
27 29,185, 000
Increase of capital approved l
acceptances and prime bills of exchange, which
Aggregate of new charters, banks restored to
acceptances and bills are payable in dollars, arise
38 31, 550, 000
solvency, and banks increasing capital
out of actual import or export transactions, bear
the signatures of two or more responsible parties,
iT 7, 285,000
Liquidations
1, 025, 000
Reducing capital
._
bear a satisfactory bank indorsement, have not
2
more than 90 days to run, exclusive of days of
36 8, 310, 000
Total liquidations and reductions of capital..
grace, and are secured at the time of purchase by
Consolidation of national banks under act of Nov.
shipping documents evidencing the actual import
2
5, 000,000
7, 1918
or export and the actual sale of goods and conveyAggregate increased capital for period
_
31, 550,000
ing or securing title to such goods;
8, 310, 000
Reduction of capital owing to liquidations, etc
(6) To buy from, or sell to, the Republic of
23, 240, 000
Net increase _
_
_ __ _
Cuba or any banking institution doing business in
Habana, Cuba, cable transfers to or from any
1
banking institution located in any city in the
Includes one reduction in capital of $1,000,000 incident to a consolidation under act of Nov. 7,1918.
United States in which there is located a Federal
reserve bank or a branch of a Federal reserve bank,
charging therefor a commission at the rate of $1
Cuban Agency
per $1,000, provided that no such cable transfer
The following resolution was adopted by the
shall by its terms be for credit to the account of
any third party;
Federal Reserve Board at a meeting on Janu(c) To pay out Federal reserve notes or other
ary 27, 1927:
currency of the United States in such denominaWhereas, by a resolution adopted at a meeting held
tions as may be demanded in payment of cable
on June 27, 1923, and amended at a meeting held on
transfers to Habana, or in payment of cable
July 30, 1923, the Federal Reserve Board authorized
transfers, bankers' acceptances, or bills of exchange
the Federal Reserve Bank of Atlanta and the Federal
purchased in Habana, the kinds of currency paid
Reserve Bank of Boston to establish separate agencies
out to be discretionary with the agency;
in Habana, Cuba, subject to certain terms and condi(d) To accept any and all kinds and denominations defining the respective rights and powers to be
tions of United States currency, including Federal
exercised by each such Federal reserve bank through
reserve notes, in payment for cable transfers,
such agencies;
bankers' acceptances, or bills of exchange sold by
Whereas, pursuant to such authority, the Federal
it in Habana;
Reserve .Bank of Boston and the Federal Reserve
(e) To make direct exchanges in like denominaBank of Atlanta each established an agency in Habana,
tions and amounts of new or fit currency for
Cuba, which agencies were opened for business on
mutilated or unfit currency tendered by the
September 1, 1923;
treasury of the Republic of Cuba or by any bankWhereas, by a resolution adopted at a meeting held
ing institution doing business in Habana, charging
on|;December 22, 1926, and becoming effective on
for such exchanges a commission at the rate of
January 1, 1927, the Federal Reserve Board authorized
$1 per $1,000; and
the Federal Reserve Bank of Boston to discontinue its
(/) To exercise only such incidental powers as
agency in Habana, Cuba, and authorized the Federal
shall be necessary to the exercise of the above
Reserve Bank of Atlanta to assume, exercise, and perpowers.
form, in its own right and on its own behalf, through
(2) The maintenance and operation of such agency
its agency in Habana, Cuba, all of the duties, functions, in Habana, Cuba, by the Federal Reserve Bank of
rights, powers, and privileges previously performed or Atlanta and the exercise of the above powers through
exercised by the Federal Reserve Bank of Boston such agency shall be subject to such changes and such
through its agency in Habana, Cuba, in addition to further rules and regulations as the Federal Reserve
the duties, functions, rights, powers, and privileges then Board may prescribe from time to time.
being performed or exercised by the Federal Reserve
(3) The Federal Reserve Board expressly reserves the
Bank of Atlanta through its agency in Habana, Cuba; right to revoke at any time its consent to the continu< ^Whereas, effective January 1, 1927, the agency of ance of such agency by the Federal Preserve Bank of
the Federal Reserve Bank of Boston in Habana, Cuba, Atlanta, to require the discontinuance of such agency,
was discontinued and the duties, functions, rights, or to authorize the establishment of new agencies
powers, and privileges previously performed or exer- whenever in its discretion it considers it desirable to
cised by the Federal Reserve Bank of Boston through do so. Be it further
such agency were assumed by the Federal ^ Reserve
Resolved, That, effective March 1, 1927, this resoluBank of Atlanta and have since been exercised and ion shall supersede the resolution on this subject
performed by the Federal Reserve Bank of Atlanta adopted by the Federal Reserve Board on June 27,
through its agency in Habana, Cuba;
1923, and amended on July 30, 1923, and the resolution
•-V:Whereas it now appears desirable to change in some on this subject adopted by the Federal Reserve Board
respects the duties, functions, rights, powers, and priv- on December 22, 1926.
189
FEDERAL EBSEEVE BULLETIN
MABCH, 1927
BUSINESS STATISTICS FOR THE UNITED STATES
The indexes of manufactures and minerals, together with indexes for their subgroups,
by months from 1919 to date, are given in the tables on pages 175-177.
INDEX OF AGRICULTURAL MOVEMENTS
[No seasonal adjustment. Monthly average 1919=100]
INDEX OF INDUSTRIAL PRODUCTION
[Adjusted for seasonal variations. 1923-1925 average=100]
1919
1920
1921
1922
1923
1924
1925
1926
January
February
March
April
May
June
July———
August
September. __
October
November.. .
December...
83
80
77
78
77
83
87
89
87
86
85
85
95
95
94
88
90
90
88
88
85
82
75
70
67
66
65
65
66
65
64
66
67
71
71
70
74
76
81
77
81
85
84
83
88
94
97
100
100
100
104
107
107
105
103
102
100
99
97
96
98
102
101
95
89
85
83
89
94
95
97
100
105
105
105
103
103
101
103
103
102
105
106
108
106
107
108
108
107
107
107
111
113
111
108
105
Annual index
83
87
67
85
101
95
104
AniVegeTomal
Total Live- prod- Grains Cot- tables Fruits bacco
ton
stock
ucts
1927
108
106
1926
January. __
February
March
April
.
May
June _
_ _ .
_
July
August--_
September
October
November
December
1927
January
_
_
108
88
85
75
85
91
107
106
144
190
165
138
99
81
91
83
87
88
80
88
102
113
107
95
96
93
116
119
137
168
152
118
104
96
117
126
92
79
65
52
54
84
170
158
124
125
99
82
114
74
64
52
43
20
12
48
213
375
343
251
106
94
123
95
121
170
134
101
186
251
135
98
80
77
92
89
173
115
177
204
295
435
204
104
344
273;
88;
58.
16
30
2:
66.
192.
261
28§'
344
113
99
86
86
152
118
99
404
INDEX OF E M P L O Y M E N T IN MANUFACTURING INDUSTRIES I
[ M o n t h l y average, 1919=100]
Metals a n d
products
Year and m o n t h
1926
January,. __
February
March
April
May.
_
June
_
July.
August
September.
October....
November..
December..
1927
January
General
index
Group
index
Iron
and
steel
I
Textiles and products
Group
Prodindex Fabrics ucts
Lumber
and
products
Railroad
98.3
130.2
133.0
136.3
132.1
127.1
125.2
122.0
125.1
124.6
119.9
110.2
104.0
107.5
106.7
107.4
106.8
106.9
106.8
106.4
106.6
108.4
109.8
111.1
110.7
86.5
85.7
84.9
82.5
83.6
85.5
85.7
86.0
88.6
90.4
88.6
86.7
104.2
108.8
85.1
cles
97.0
97.3
96.4
95.5
95.1
93.5
94.4
95.8
96.3
95.2
94.1
92.6
94.2
94.6
94.3
93.1
92.7
91.4
91.9
92.9
93.3
91.7
90.5
91.9
93.5
93.8
93.7
92.8
92.5
91.1
91.7
92.7
93.0
91.5
90.4
97.3
97.4
97.1
94.9
92.6
91.0
87.0
88.4
91.3
93.7
93.6
95.0
99.1
97.6
97.1
95.8
93.7
91.8
88.2
88.6
92.8
95.9
97.0
97.5
95.0
97.2
97.1
93.8
91.3
90.0
85.6
88.0
89.5
90.8
89.4
91.9
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
92.4
88.9
88.7
95.2
97.6
92.2
92.6
79.8
Paper
Autoand
mobiles printing
Foods Leathei Stone,
and
and
clay,
prod- prodand
ucts
ucts
glass
Tobacco
products
Chemicals
and
products
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
88.5
109.6
73.5
77.6
INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES i
[Monthly average 1919=100]
Metals and
products
General
Year and month index
Group
index
1926
January
February. _
March
April
May...
June
July__
August
September.
October
November.
December..
1927
January....
Iron
and
steel
Textiles and products
Group
Prodindex Fabrics ucts
Lumber
and
products
KailPaper
road
Autoand
vehi- mobiles printcles
ing
Foods Leather Stone, Toand
and
clay, bacco
prod- prodand
products
ucts
ucts
Chemicals
and
prodk
ucts
107.0
111.5
113.0
110.4
108.9
108.8
103.6
107.6
108.3
112.4
108.8
107.8
99.1
102.4
104.2
102.7
100.5
100.6
94.8
97.0
98.4
102.6
99.3
98.3
101.7
103.4
102.0
100.1
100.3
94.5
96.7
97.9
102.2
99.0
99.1
108.1
110.2
109.8
103.6
99.1
97.4
91.6
96.5
98.9
105.3
102.0
106.3
110.4
109.0
108.2
104.8
100.7
98.2
92.7
96.0
100.7
108.2
107.3
109.8
105.3
111.5
111.8
102.0
97.2
96.4
90.2
97.0
96.7
101.7
95.5
102.0
105.8
111.0
111.9
111.7
111.8
112.9
107.5
112. 6
113.7
117.0
115.5
111.8
85.8
91.9
94.5
95.6
95.1
96.2
89.6
93.1
88.9
93.4
92.1
91.9
136.0
166.3
170.7
165.4
157.3
147.7
136.7
152.7
148.9
151.3
131.3
111.5
145.5
144.9
147.9
147.0
147.1
146.9
144.0
144.4
146.8
151.0
152.3
154.7
100.1
99.8
99.3
96.0
99.5
101.6
100.8
100.5
103.6
105.6
102.9
102.1
89.7
94.2
93.2
84.2
81.2
85.4
90.3
97.6
97.4
97.3
90.4
88.5
136.9
140.1
144.3
147.6
158.3
162.9
152.9
162.3
157.0
159.5
154.6
147.6
86.0
84.0
88.4
82.3
81.7
87.1
83.6
82.8
87.6
91.3
90.6
88.4
102.2
102.8'
104.5'
105.0'
103.7
105.0
101.7
101.1
102.3
109.0
108.6
109.1
101.9
94.1
93.8
105.3
107.6
102.6
100.6
84.6
94.0
150.3
99.3
90.0
129.5
76.2
107.0
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.
190
FEDEKAL RESERVE BULLETIN
MARCH, 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.
Janu- Decem- January, 1927 ber, 1926 ary, 1928
Transportation
Cars of revenue freight loaded from connections (000 omitted):
Classified by nature of productsGrain and grain products..__-....
Livestock
Coal
Coke
Forest products
Ore
Merchandise, 1. c. 1
Miscellaneous
_-__„„—_.
21, 543
24,242
12, 631
1,281
2,663
20,970
22,231
10,861
1,277
3,027
19,979
28,859
15,453
1,520
3,034
2,013
58,366
2,280
68,845
1,876
71,416
68,627
15,988
7,517
9,828
1,457
1,738
11,549
8,592
11,094
345
1,557
27,591
2,933
36,528
3,646
33,136
3,047
40,788
52,933
46,849
41,322
20,500
11,536
3,955
30,308
24,305
54,318
12,248
5,844
Total grain (bushels)
— . 122, 706
Receipts at 9 seaboard centers (000 omitted)
17.442
Wheat (bushels)..-—
829
Conf (bushels)......
1,520
Oats](bushels)......
l f 036
Rye (bushels)
_
5,689
Barley (bushels)
105, 644
127,022
24,302
1,268
1,014
1,453
6,310
12,578
3,218
2,008
630
2,373
26, 517
1,432
34,346
2,091
20,806
1,495
Total grain'and flour (bushels)
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
—...
Corn (bushels)-...
.
Oats (bushels)....—
ByeKbushels)....—
.......
Barley (bushels)
32,961
43,757
27,536
7,455
668
1,181
1,085
3,975
664
1,009
806
3,750
5,568
2,151
1,578
392
2,858
Total grain (bushels).
Wheat-flour production (barrels, 000
omitted)..
=
•
Tobacco
14,363
15,064
9,676
10,537
204
134
987
55
251
44
1,101
1,392
196
140
782
75
277
41
1,017
1,308
4,168
3,835
919
782
245
633
463
587
316
871
243
655
462
622
345
867
765
233
608
473
576
313
3,946
4,168
3,835
1,222
6,504
1,182
4,033
2,366
3,352
5,943
1,278
472
1,060
1,551
7,593
1,128
6,472
1,258
2,960
2,426
4,304
5,777
1,552
575
1,314
2,215
9,307
36,556
39,288
77,288
11,406
7,066
7,363
540
1,215
Classified by geographical divisions—
Eastern
Allegheny
.
Pocahontas
Southern
_
Northwestern
•
_
...
Central western
Southwestern-_.
...—.
192
134
930
51
269
40
1,028
1,301
3,946
Total.
Grain and Flour
Receipts at 17 interior centers (000 omitted):
Wheat (bushels)
. . . . —
Corn (bushels)
.
Oats (bushels).
...
__.____-._.
Rye (bushels)
_—....
Barley (bushels)....
_
Janu- Decem- January, 1927 ber, 1926 ary, 1926
Total grain (bushels).
Flour (barrels)
Total grain and flour (bushels)
Shipments at 14 interior centers (000
omitted) r
Wheat (bushels)
.
Corn (bushels)...
—...
Oats (bushels)
„
Rye (bushels)
— .
Barley (bushels)—....
.
Total grain (bushels).
Flour (barrels)
...
Total grain and flour (bushels)
Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels)
Cornl(bushels).--.-„.„..
Oats ( b u s h e l s ) - _ _ . — .
.
Rye (bushels)...
_
Barley (bushels)
—._
„
..
Total grain" (bushels) .
Flour" (barrels)
...
Tobacco sales at loose-leaf warehouses
(pounds, 000 omitted):
Dark belt Virginia---.
Bright belt Virginia
North Carolina
Burley
—
Western dark..--•
Total
—
BUILDING STATISTICS
32, 532
36, 527
11, 506
3,543
10,767
14, 788
21,119
68,443
14,889
25,624
45,213
40,152
11,893
Building permits issued in 168 cities,
grouped by Federal reserve districts:
Number of permits—
Boston (14 c i t i e s ) — — —
New York (22 cities)
...
Philadelphia (14 cities)
Cleveland (12 cities)
Richmond (15 cities)
Atlanta (15 c i t i e s ) . — —
—
Chicago (19 cities).......
St. Louis (5 cities)
_
Minneapolis (9 cities)
Kansas City (14 cities)_.
Dallas (9 cities)
San Francisco (20 cities)
TotalValue of permits (dollars, 000 omitted)—
Boston (14 cities)
New York (22 c i t i e s ) — . —
Philadelphia (14 cities)...
Cleveland (12 cities)
Richmond (15 cities)
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
.__-.-_
Minneapolis (9 cities)—
Kansas City (14 cities)_..
Dallas (9 cities)..
San Francisco (20 cities)
Total-
Building contracts awarded by Federal reserve districts (dollars, 000 omitted):
Boston
-_
New YorkPhiladelphia
—
10,287
Cleveland
-.Richmond
Atlanta
----Chicago
_
St. Louis
—
Minneapolis
7,754
Kansas City.
10, 941
Dallas
23,880
35,392
Total (11 districts).
33,233
12.548
997
5,474
1,205
2.690
2,115
3,426
5,049
1,333
477
1,223
2,000
7,869
5,042
7,172
89,781 120,341
6,333 24,804
12,022 19,511
7,499
7,711
8,928
37,428 46,033
5,044
5,951
1,846
1,823
3,782
5,493
6,388
5,846
24, 347 30,136
6,037
95,228
10, 547
11, 750
9,695
12,936
34,006
5,842
2,088
4,187
8,761
29,166
208,440 283,784
230,243
15,848 31,570
116,973 228,021
32,353 31,018
48,509 41,795
27,776 22,596
32,454 28,232
56,372 92,113
21,533 22,504
4,337
8,588
11,419 11,520
16,881 19,439
24,256
195,564
20,322
29,905
30,855
50,841
51,122
22,255
6,363
9,946
15,730
384,455
457,159
537,396
191
FEDERAL RESERVE BULLETIN
MARCH, 1927
WHOLESALE AND RETAIL TRADE1
WHOLESALE TRADE IN THE UNITED STATES, BY LINES
[Average monthly sales 1919=100]
Year and month
Gen- Groeral
Meat Dry Shoes Hard- Drugs
ware
goods
index ceries
Year and month
1926
January
February
March—
_
AprilMay..
-_
June
July...
August
September
._
October
November
December
•__
1927
January..__
i For description of the wholesale trade index see Federal Reserve Bulletin for April, 1923.
1925
January
February
March
April
May
.
June
July . - —
August
September
October
November
December-
_
79
76
83
79
79
83
83
87
94
101
86
80
80
73
79
75
79
84
85
83
92
99
90
83
71
69
73
68
75
79
79
78
82
87
72
72
82
88
96
85
77
82
85
106
112
118
92
75
43
46
63
65
54
54
47
65
72
77
59
54
89
90
107
107
101
105
99
98
109
122
103
101
116
109
121
115
106
110
111
108
120
134
110
111
Gen- GroMeat Dry Shoes Hard- Drugs
eral
ware
goods
index ceries
78
76
85
80
82
84
82
88
97
94
86
78
77
71
81
79
80
86
84
82
92
91
87
80
79
75
75
76
81
82
77
81
86
85
76
73
79
85
93
77
78
77
78
102
114
102
91
71
43
50
73
59
60
59
52
73
84
76
67
60
86
87
106
103
107
105
99
99
112
114
104
99
111
110
133
123
111
116
113
115
124
133
117
110
75
73
77
71
45
81
113
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS
Percentage change
in sales January,
1927, compared
with—
Percentage change
in stocks i at end
of January, 1927,
compared with—
Decem- January, Decem- January,
1926
ber, 1926
ber, 1926
1926
Percentage change
in sales January,
1927, compared
with—
Percentage change
in stocks i at end
of January, 1927,
compared with—
Decem- January, Decem- January,
1926
ber, 1926
ber, 1926
1926
Drugs:
Groceries:
-8.4
—4.6
2.8
United States
—9.8
22
17
36
io
United States
2.5
Boston district _---_._
-13.9
New York district
11 3
—8 4
-10.3
-10.7
New York district
__
-6.7
-4.8
Philadelphia d i s t r i c t 1.4
5.2
-2.2
12.2
6.4
-0.2
-13.3
-9.4
Philadelphia district
„
Cleveland district
_
—4.2
3.6
0.3
Richmond district
-15.1
-5.7
-3.8
Cleveland district
...
-4.0
13.7
1.3
Atlanta district __________
-2.9
-6.4
—6.5
—2.2
Richmond district-.
—1.5
Chicago district
—8.7
—20.3
—2.7
—18 1
Atlanta district
47
—3 3
69
00
-0.4
-10.8
6.1
Chicago district—
St. Louis district
-13.0
6.4
5.3
-21.4
-16.0
12.0
-21.4
St. Louis d i s t r i c t . - . . - —
Kansas City district.....
-2.4
-2.9
7.3
-11.5
6.0
2.0
Dallas district—
1.0
4.0
Minneapolis district
—8.3
—1 6
—1 8
4.9
-2.9
-8.0
Kansas City district
11.5
-15.8
San Francisco district
—11.4
0.9
2.7
-0.7
12.3
Dallas district
—1.7 Furniture:
0.4
-7.9
San Francisco district
Richmond district
—<*2 9
—1 9
Dry goods:
Atlanta district- -_„ .
—15 7
—22 7
—2 7
—10 5
-9.3
16.4
—20.7
United States —
St. Louis district
1.0
63 3
10
80 8
32
New York district-______
Kansas City district
1.4
-11.3
-20.7
13.7
-14.8
2.5
—31. 5
6.2
-37.7
Philadelphia district—__San Francisco district—__
-18.9
-14.2
—7.4
—12.7
10.4
-27.2
-24.0 Agricultural implements:
Cleveland district - - - - - - 2
47.4
25.2
-5.0
—16.8
Richmond district
_.
United States
37.8
—12.6
10.1
-17.6
-12.9
11.9
Atlanta district
Minneapolis district
36.0
-12.0
5.0
35.0
-10.1
20.4
-0.5
-17.1
Chicago district.._„
__
Dallas district
__—.„_
133.2
—45.6
1.2
—2 8
-21.9
52.9
1.0
-17.4 Stationery and paper:
St. Louis district
___
-16.0
-2.0
Minneapolis district
—14.0
-12.0
New York district
-0.2
0.2
43.7
35.9
1.4
-8.3
Kansas City districtPhiladelphia district
—0.3
—1.1
0.9
-8.4
53.5
21.9
-14.4
Dallas district
—14.0
Atlanta district
-4.2
-11.5
---------8.3
San Francisco district __
San Francisco district
—6.1
—15 2
—3 0
Shoes:
Automobile supplies:
-24.9
4.5
1.6
United States
._.____
-0.3
San Francisco district
5 5
—5 7
Clothing:
-51.4
10.2
Boston district
New York district - - —
-42.4
27.7
-0.4
—11.6
New York district
-11.8
54.6
-39.9
12.3
11.7
St. Louis—
_______
—20.0
Philadelphia district
-19.8
19.6
3.9
- 2 . 4 Cotton jobbers:
Cleveland district -_.___.
-12.5
-39.8
Richmond district
26.5
65.0
6.3
36.5
New York district.—...
-30.5
-6.6
20.3
-8.6
N
Atlanta district
-3.5
10.7
Silk goods:
-1.8
-13.1
New York d i s t r i c t . — _ .
Chicago district
0.9
10.4
11.9
8.8
5.2
St. Louis district..
132.4
9.8
- 3 . 6 Machine tools:
Minneapolis district
-37.0
-35.0
-2.0
-43.0
New York district
_.
-2.2
4.6
San Francisco district
Diamonds:
-9.8
11.2
Hardware:
New York district
2.9
—35.1
-19.1
-7.0
- 9 . 0 Jewelry:
United States
_______
1.0
-36.4
New York district
-7.6
7.9
New York district
6.9
-69.8
0.6
3Q.4
-11.4
-31.7
Philadelphia d i s t r i c t -6.6
-4.3
Philadelphia district
2.2
10.9
-74.5
-11.5
3.0
-12.5
Cleveland district - . - - . . .
0.1
-17.0 Electrical supplies:
-4.7
9.7
Richmond district-.-3.8
-5.3
Philadelphia d i s t r i c t —
0.1
-51.2
0.7
-9.5
5.5
0.3
Atlanta district
—26 1
—2 3
Atlanta district
—0.7
—21 7
20 2
—6 4
83
Chicago district
8.9
—21.9
-8.9
8.0
St. Louis district
-14.9
—5.6
4.7
-18.3
-12.4
-1.2
San Francisco district
St. Louis district
—35.0
5.2
Minneapolis district.- —
5.0
-16.0
-15.0
- 4 . 0 Stoves:
Kansas City district
0.8
-23.5
-4.9
-9.5
St. Louis district
-13.2
-26.4
-26.5
-2.2
Dallas district
5.0
-16.1
-0.9
-8.3
San Francisco district
-4.6
-5.8
Changes in total stocks for the United States are weighted averages computed on the basis of firms which have reported regularly to the
Federal reserve system since January, 1923.
U
2 Sales of agricultural implements for the United States are compiled by the Chicago Federal Reserve Bank from reports of leading manufacturers and include all of their domestic business.
3
Includes diamonds.
192
FEDERAL EESEEVE
BULLETIN
MASCH, 1927
RETAIL TRADE, BY REPORTING LINES
[Average monthly sales 1919=100]
Sales with seasonal adjustment
Sales without seasonal adjustment
OS
Drug chai
(jhains
January
February
March.
April
May
June
July
August
September
October
November
December
January
3
IS
165
145
226
170
144
168
318
272
332
237
220
427
179
167
225
151
136
212
164
136
188
141
139
214
215
195
280
145
129
141
131
116
140
309
270
318
219
211
231
175
177
185
145
138
157
145
126
143
117
111
114
209
205
191
114
104
130
133
137
130
99
105
131
158
157
234
116
111
130
120
105
113
120
150
153
165
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
167
173
206
226
220
204
210
194
218
227
232
303
130
135
130
130
132
130
133
134
144
139
140
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
114
107
343
177
209
134
106
94
178
131
110
341
243
217
154
140
114
212
Year and month
October..
November
December
II
Five-£
chain
*c3 w
3
«
•si
II
•a?
n
•STS
||
1925
1926
__.
-.
_.
:..
1927
f
6
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
i
Research and Statistics, Federal Reserve Board.
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS
I Average monthly sales 1919=100]
Federal reserve district
Sales with seasonal adjustment
Sales without seasonal adjustment
1927
Jan.
1925
1926
Dec.
Nov.
Oct.
Sept.
Jan.
1927
Dec.
Jan.
Dec.
Nov.
Oct.
157
158
131
114
226
131
146
140
140
128
106
106
102
86
116
82
83
138
235
254
228
223
235
189
253
153
186
278
157
170
166
147
155
129
178
102
126
168
154
177
160
152
154
125
171
109
134
169
122
136
116
123
110
92
164
103
114
158
131
124
112
108
103
88
119
85
96
129
225
243
222
218
230
190
245
167
183
253
155
140
120
122
124
105
136
96
96
155
147
155
145
141
136
116
161
104
115
176
143
147
128
135
133
112
153
95
110
166
Jan.
Dec.
ec
144
130
141
OS
234
24
63
22
54
23
35
63
23
21
31
Sept.
OS
_
114
co
_ -__
1925
1926
359
United States.
Boston
_
N e w York .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Minneapolis
Dallas
San Francisco
Number
of reporting
firms
135
155
143
138
129
103
172
102
114
168
145
136
127
124
125
108
141
100
111
145
141
148
141
138
133
117
156
113
112
161
148
139
138
135
104
156
96
114
155
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly stocks 1919=100]
Federal reserve district
United States
Boston
N e w York
Philadelphia
Cleveland
Richmond
Atlanta. _
Chicago
Minneapolis __ _
Dallas
San Francisco
of reporting
firms
Stocks with seasonal adjustment
Stocks without seasonal adjustment
Number
1927
Jan.
1925
1926
Dec.
Nov.
Oct.
Sept.
Jan.
1927
Dec.
Jan.
1925
1926
Dec.
Nov.
Oct.
Sept.
Jan.
Dec.
314
123
128
156
153
142
125
129
139
138
138
137
132
141
139
24
112
120
141
136
125
110
119
124
124
122
121
118
122
122
63
13
126
170
52
111
131
187
133
168
19
22
51
22
19
29
120
105
141
86
93
127
157
216
152
221
142
180
125
167
131
176
141
191
138
194
138
194
137
198
124
151
145
136
111
123
133
134
133
130
119
102
143
85
98
128
149
127
177
105
126
156
146
128
175
105
129
152
135
122
163
103
126
143
113
111
143
96
109
127
120
102
148
101
110
124
143
116
159
97
108
139
132
114
154
93
114
140
130
114
157
96
113
143
126
114
156
97
114
140
140
187
138
183
126
133
132
122
111
152
99
112
136
135
123
160
108
126
139
133
114
158
110
128
136
MARCH, 1927
193
FEDERAL RESEKVE BULLETIN
FOREIGN BANKING AND BUSINESS CONDITIONS
MONEY RATES IN' PRINCIPAL COUNTRIES
The trend in international monetary centers
toward greater uniformity in short-term money
rates, which has now been pronounced for
more than a year and which was discussed in
the November BULLETIN, has continued in
general to prevail during recent months. This
fact is brought out by the chart, which shows
the course of open-market rates on bankers'
acceptances since the beginning of 1926 in the
principal countries that now have stable currencies. The chart indicates that these rates
MONEJT RATES IN INTERNATIONAL CENTERS
much higher than in other international centers,
were somewhat below the London level.
The official discount rates of European
central banks are also at a level more nearly
uniform than has prevailed in recent years.
This situation has resulted chiefly from a
lowering of the bank rates in countries where
they had previously been relatively high, a
large number of such reductions having been
made since the beginning of 1927. The countries in which changes in central bank discount
rates have taken place since the end of 1925
are given in the following table, with comparative figures for the end of 1926:
OFFICIAL
DISCOUNT
RATES ON SELECTED
DATES
[In per cent]
Central Bank of—
France
Germany
Austria
Belgium. __„__..
Czechoslovakia.
Danzig
Denmark
Estonia
Greece.
Hungary.._ . .
India
Japan
Latvia
Norway
Poland
Portugal
d. ' F. ' M.
A. ' M. ' d.
J. ' A. ' S.
at the end of 1926 were more nearly uniform
than at any other time in several years. Since
the beginning of 1927 they have all been moving
in the same general direction, at levels that were
lower than a year ago in England and Germany
and higher than1 a year ago in Netherlands
and Switzerland. Rates in the United States
moved at an intermediate level about the same
as in the early months of 1926. In all of these
countries rates rose in the autumn and subsequently declined, following a course that at this
season of the year is generally characteristic
of countries in the Northern Hemisphere. In
January, as in the late autumn of 1926, rates in
Berlin, which have for several years past been
See pp. 202-203 for discussion of Swiss rates.
5
8
11
6
7
6.57
ly2
Feb.
Jan.
Feb.
Feb.
Oct.
July
June
Oct.
July
Aug.
Feb.
Oct.
Jan.
Oct.
Feb.
July
Rate at
end of
1926
Rate at
end of
1925
3,1927
11,1927
5,1927
9,1927
29,1926
24,1926
1,1926
7,1926
26.1926
10.1927
4.1926
1.1927
27.1926
11.1927
27,1926
5
8
11
6
4
6.57
8
PA
10
10
7
6
7.3
8
5
12
O. ' M. ' D. I J. ' F. ' M. A. \ M - d.
Figures are weekly averages of daily quotations for open-market rates
on bankers' acceptances
1
Rate in
February, Date effective
1927
The table shows that 16 central banks have
changed their rates since the end of 1925 and
7 since the end of 1926. Almost all of these
changes have been downward, and all but two
of them have been in countries where the rate
at the end of 1925 was at least as high as 6
per cent. The reduction of the rate of the
Reichsbank from 6 per cent to 5 per cent
brought this rate in January for the first time
in many years to the same level as that of the
Bank of England.
During the period covered by the table the
discount rate of the Bank of England has remained unchanged at 5 per cent and central
bank discount rates in Netherlands and
Switzerland have been unchanged at 3 ^ per
cent. The rate in Italy has been 7 per cent
throughout the period. Rates prevailing in
other countries are given on page 207.
194
FEDERAL RESERVE BULLETIN
MARCH, 1927
milreis was almost continuous until November
of that year, when dollar exchange touched
A new currency law was passed by the 8.5 cents, the lowest value ever recorded.
Brazilian Parliament on December 18, 1926. During the next year fluctuations ranged beThis is the last of a series of financial measures tween a low of 9.14 cents per milreis and a high
which during the past four years have been of 12.21 cents; and during 1925 between 9.96
designed to prevent fluctuation in Brazilian and 15.15 cents. About the middle of 1925 the
exchange. The new law provides for stabiliza- milreis entered upon a definite upward movetion of the milreis at about 12 cents in dollar ment which carried it, with some minor recesexchange and for the issue of convertible legal sions, to an average of over 15.5 cents in June
tender treasury notes. It contains provisions and July of 1926. Another downward moveintended to insure convertibility of paper cur- ment brought it to about 11.5 cents in January
rency into gold. Provisions of the law are of the present year. Changes in the exchange
summarized at the end of this article.
value of the milreis during this period from
In 1 earlier currency law passed in January, month to month are shown on the chart. In
an
1923, an effort was made to stabilize the milCENTS PER MILREIS
reis, which at the beginning of that year had CENTS PER MILREIS
16
declined to 11 cents from about 26 cents at the
BRAZILIAN EXCHANGE
close of the war. It was the intention of this
IN NEWYORK
earlier law^ to bring about as nearly as might be
an appreciation of the milreis to a value of 24
cents. In accordance with provisions of this
law, the Brazilian Government transferred its
note issue function to the Bank of Brazil,
12
making this institution the sole bank of issue
in the country, and agreed to suspend for 10
years all issues of treasury notes. The law
provided further that all bank notes issued 10 10
should be covered one-third by gold and twothirds by two-name commercial paper, and
that they should be legal tender; that the bank
should begin withdrawal of the inconvertible
1923
13241925
1926
1927
treasury notes as soon as its reserve fund had
risen to 100,000,000 milreis in paper money; sections following some of the conditions which
and that the bank should receive from the may account in part for the instability of the
conversion office its stock of gold amounting milreis during these four years are briefly
to £10,000,000. Three months after enact- summarized.
ment of this law, the Government concluded a
Note circulation.—Exchange values seem to
contract with the bank to the effect that bank have been somewhat affected by increase or
notes should be made convertible into gold, decrease of the currency in circulation. During
but only after fulfillment of the following con- the latter half of 1923 the Bank of Brazil had
ditions: (1) Maintenance of Brazilian exchange not begun the withdrawal of treasury notes,
on London at 12 pence per milreis, or above, but had on the contrary issued its own notes to
during a period of at least three years; (2) the amount of 389,000,000 milreis, and on
accumulation of a reserve equal to 60 per cent December 31, 1923, there were in circulaof the notes issued; and (3) final approval by tion a total of 2,649,000,000 milreis, of which
the Government after it had made an investi- 2,260,000,000 milreis were inconvertible treasgation of the economic situation of the country. ury notes. During the following year the
At the end of June, 1923, the Bank of Brazil circulation rose by 326,000,000 milreis. Albegan to function as a bank of issue. In spite, though the bank had during 1924 retired
however, of the efforts of the bank and the Gov- 12,083,000 milreis of treasury notes, it had
ernment to carry out the provisions of this law, increased its own note issue to 727,000,000
the Brazilian exchange continued to fluctuate. milreis. In part this increase represented
Movement of the exchanges.—From the notes issued under a decree of September 1,
beginning of 1923 the decline in the value of the which authorized an emergency issue of 100,000,000 milreis over and above the legal limit of
1
For a review of economic conditions in Brazil prior to this date, see 600,000,000 milreis, and in part notes issued in
Federal Reserve Bulletin, May, 1923, pp. 592-595.
CURRENCY REFORM IN BRAZIL
M A R C H , 1927
FEDERAL RESERVE BULLETIN
195
excess of the legal limit to the amount of 30,- BRAZIL— TOTAL NOTES IN CIRCULATION—Continued
000,000 milreis, under a previous action of the
[In millions of milreis]
bank during August. During 1925, however,
the bank began to reduce the circulation and
Treasury Bank of
End of month.
Brazil
Total
notes
by the end of May it had completely retired
notes.
the emergency issue and had reduced its
circulation to 592,000,000 milreis. In this
1925
2,193
2,785
592
amount the circulation has remained constant June..
2,180
2,772
July.
592
2,167
2,759
592
ever since. Systematic withdrawal of treasury August
„
,
2,154
2,746
592
September
notes also was initiated and by the end of 1925 October, __
2,141
2,733
592
2,128
2,720
592
__„
the bank had effected a reduction of 122,000,000 November. ._„. .
2,115
2,707
592
December.
milreis. During the first half of the year notes
1926
were withdrawn at the rate of about 7,000,000 January. _.„__.
2,101
592
2,693
,
592
February
milreis per month, and during the second half March „
2,074
592
__.
2,660
at the rate of about 13,500,000 milreis. The April...
2.061
592
2, 653
2,047
592
May
,
,
2,639
sharp decline in the volume of circulation June
2,034
592
2,626
2,022
592
2,614
which, as shown by the table, began at the end July
2,011
592
„
2,603
of 1924 and continued until May of the August.
2,000
592
2,592
September
1,989
592
2,581
_-.-..
following year, represents the large withdrawals October. _
of the emergency issue of notes of the Bank of
Brazil, the withdrawals varying in amount
Balance of payments.—Brazil's balance of
from 24,000,000 milreis per month to 58,000,000 payments has been adverse in recent years,
milreis.
although the merchandise trade balance has
When the emergency issue had been retired shown an excess of exports from year to year.
and the bank was able to undertake the withMERCHANDISE BALANCE
drawal of treasury notes at the rate of 13,500,[In thousands of pounds sterling]
000 milreis per month, the exchange value of
the milreis began to rise. During 1926 the
1928 (9
bank continued to withdraw treasury notes
1923
1924
1925
months)
from circulation until by the end of October
(the last month for which figures are available) Imports
50,543
68,338
85,934
58,957
73,184
95,103
. . .
102,643
68,602
the total circulation was 2,581,000,000 milreis. Exports.
The movement of circulation, both of treasExcess exports
22,641
26, 765
16,709
9,645
ury notes and notes of the Banco do Brazil, for
the period under review, is shown in the folOfficial estimates place the adverse balance
lowing table:
for the years 1919-1922, although these years
include the period of postwar prosperity, at
BRAZIL—-TOTAL NOTES IN CIRCULATION
£47,260,000, or approximately $214,000,000.
[In millions of milreis]
For 1923, with a merchandise export balance of
£22,600,000, the net adverse balance of payTreasury Bank of
ments is officially estimated at an amount far
Brazil
End of month
notes
notes
in excess of this export surplus. This unusually large adverse balance was no doubt a factor
1923
in the decline of the exchange value of the
December.
2,649
2,280
milreis, which, as noted above, reached its low1924
January
2,649 est point of 8.5 cents in November. For 1924,
2,260
February...
2,632
2,280
372
March
2,637 with a merchandise export surplus of £26,800,2,260
377
April
2,632 000, total payments abroad are again estimated
2,260
372
May
2,638
2,260
378
2,674 at an amount sufficient to give an adverse
June
2,260
414
2, 855
July
2,260
595
The cumulative effect of the adverse
2.890 balance.
2,260
630
August
2,970 balances of payment may have been reflected in
2,260
710
September..
2, 970
2,260
710
October
2,973 the decline of the milreis during the early part
2,248
725
November..
2,975 of 1925, at which time the volume of circula2,248
727
December..
tion was decreasing. The merchandise export
1925
725
2,955
January.,.
2,230
February..
2,223
698
2,921 surplus also declined in 1925 very sharply from
March
2,216
674
2,890 that of the previous year, as shown in the
2,208
650
2, 858
April
For 1926, from figures for the
592
2, 793 above table.
:ay
! 2,201 I
May.
196
FEDERAL RESERVE BULLETIN
first nine months, a still further decline in net
exports seems probable. On the other hand,
during 1925 and 1926 the entry of foreign
capital into Brazil from the United States and
London approximated $127,000,000, and was a
factor in the upward movement of the exchange
which took place between the middle of 1925
and of 1926.
Budget deficits.—Stabilization of the milreis
has been rendered more difficult, also, by the
recurrence yearly of deficits in the budget.
Some attempts to improve the budget were
made in 1922 and 1923, and during 1924 a
thorough reorganization of the system of budget
making was undertaken, with the gradual
elimination of all items of expenditure for which
revenues were not explicitly provided. The
result has been that budget deficits since 1922
have declined year by year as shown below, and
they present, therefore, less of an obstacle to
currency stabilization now than formerly.
BUDGET DEFICITS
Milreis
1922
1923
1924
1925_
1926
1927
___„.,
448, 952, 000
224,374,000
89, 739, 000
1
40, 993, 000
1
22, 975, 000
* 1, 065, 000
Other factors.—Among other factors exercising an unfavorable influence on the stability
of Brazilian exchange may be mentioned the
reaction from the postwar boom of 1919-20,
which was particularly severe in Brazil; the
revolutionary uprisings in Sao Paulo in 1924;
and the large floating debt, which rose from
863,000,000 milreis at the beginning of 1924 to
1,202,600,000 milreis at the beginning of 1925.
Furthermore, during the latter half of 1926,
the expectation that the incoming administration would recommend a lower rate of stabilization than its predecessors had done, and the
growth of a considerable body of opinion in
favor of this policy, influenced the decline of
the milreis to about 12 cents by the end of the
year.
Currency law of 1926.—In view of the continuous fluctuation of the milreis during the
past four years, the new administration in
Brazil, upon assuming office in November,
1926, stated that one of its first concerns should
be monetary reform and the stabilization of
the currency. The Finance Committee, accordingly, introduced the new currency bill
which, as noted above, became a law on December, 18, 1926.
1
Estimated.
MARCH,
1927
This law provides for the stabilization of the
milreis at 200 milligrams of gold, 0.900 fine,
er paper milreis, that is, at about 12 cents;
or the issue of new, convertible treasury
notes which are to be legal tender; and for
a new currency unit, the cruzeiro,2 the precise
value of which is not defined in the law, but
which is intended to be worth 4 milreis. A
stabilization bureau is set up, which, pending
definite return to the gold standard, is to insure
convertibility of the currency into gpld at the
determined rate of exchange, to receive gold in
Brazil or at its London and New York branches,
and at the end of the pre-stabilization period, to
be incorporated into the Bank of Brazil. No
gold will be put into circulation. The resources necessary for currency redemption are
provided from the following sources: (1) Gold
already collected and deposited in accordance
with laws for the redemption, guaranty, and
conversion of paper money, and future receipts
from this source; (2) budget surpluses; and
(3) the yield of foreign loans. The exact date
and method of conversion are to be fixed by
executive decree six months in advance. The
Bank of Brazil is to be reorganized in conformity with the present law, and a new
contract is to be made with the bank by the
Government, the prior contract, providing that
the bank should have a 10-year monopoly of
note issue, having lapsed under the new law
providing for the issue of new and convertible
treasury notes. A foreign loan for stabilization
purposes is authorized.
The more important sections of the law are
in substance as follows:
CURRENCY LAW OF DECEMBER 18, 1926
ARTICLE 1. Gold, nine-tenths fine, shall constitute
the monetary standard of Brazil.
SECTION 1. The unit shall be known as the " Cruzeiro5' and be divided in hundredth parts.
ART. 2. The total supply of paper money now in
circulation, amounting to 2,569,304,350 milreis, shall
be converted into gold on the basis of 200 milligrams
per milreis.
ART. 3. Upon six months' previous notice, by a
decree of the executive power, the exact date and the
method of conversion mentioned in article 2 shall be
determined.
ART. 4. The financial resources for the conversion
herein provided for, shall be provided as follows:
SEC. 1. By gold already collected and deposited in
accordance with existing laws for the redemption,
guaranty and conversion of paper money.
SEC. 2. By amounts collected in the future as a
result of these laws.
SEC. 3. By budget balances after same have been
definitely converted into gold.
2
An abbreviation of "Cruzeiro do Sul" or "Southern Cross," one of
the symbols of-Brazil.
MARCH, 1927
FEDERAL EESEKVE BULLETIN
SEC. 4. By the proceeds of credit operations intended for this purpose.
SEC. 5. By any other means which may be intended
for this special purpose such as the banking profits
mentioned in Clause III of contract of April 24, 1923,
authorized by law 4635 A of January 8, 1923, and
included in the present project.
ART. 5. Pending the sanctioning of the decree
mentioned in article 3 the exchange of notes for gold
or vice versa on the basis indicated in article 2 shall
be made in the office of stabilization, which is hereby
created for this exclusive purpose. The office of
stabilization, known by this or another name, may
operate as a part of the Bank of Brazil as soon as this
bank is reorganized in accordance with the present law.
ART. 6. The gold received shall be reserved on
deposit by the office of stabilization or by its branches
in London and New York, and can not in any case
nor by any authorization be applied for any purpose
other than the conversion of the issued notes, under
the personal responsibility of the members of the office
and the guaranty of the Federal treasury. The notes
exchanged will be legal tender.
197
ART. 8. The executive power is hereby authorized to
buy and sell bills and exchange on foreign countries in
order to maintain the rate established in article 2.
In order to carry out these operations which can not be
done by the office of stabilization, the executive power
shall have authority, once the reorganization of the
Bank of Brazil is consummated, to use the gold fund
guaranteeing the present issue of the bank, for which
the Government will assume responsibility.
ART. 11. The executive power is hereby authorized
to amend the contract with the Bank of Brazil in accordance with this law.
ART. 12. The executive power is hereby authorized
to carry out credit operations, either domestic or
foreign, which may be necessary for the execution of
this law, determining the maturities, interest, sinking
funds, and guarantees.
ART. 13. The executive power is hereby authorized
to open the necessary credits up to 500,000 milreis
for the enforcement of this law.
ART. 14. All|provisions to the contrary are revoked.
ANNUAL REPORT OF THE BANK OF FRANCE FOR 1926
The annual report of the Bank of France for 1,600,000,000; at the beginning of July to less
1926, presented to the meeting of the stock- than 1,000,000,000; toward the end of the same
holders on January 27, 1927, contains the fol- month to only a few tens of millions. On July
lowing discussion of the economic and financial 21 we were compelled to warn the treasury that
situation of the country:
if it could not arrange to increase its current
~.The year just past was marked by a severe account with the bank by immediately realfinancial crisis and then by a vigorous and izable assets, we should, find ourselves under
remarkable recovery in the general situation. the necessity of suspending our " payments on
The disastrous series of inflations, the alarming account of the State" throughout the country.
growth of which was discussed in our last In order to avoid the adoption of so severe a
report, has been brought to an end. Thus the measure, we then agreed to purchase from the
first condition indispensable to the restora- treasury the remainder of the available foreign
tion of monetary and financial health, a con- exchange holdings in the Morgan loan, stipudition the necessity of which your board of lating that this acquisition of foreign exchange
directors never ceased to emphasize during the should not interfere with our power of issue for
:past year, and the fulfillment of which they the benefit of commerce and industry, and that,
never ceased to demand, has happily been to this end, it should be accompanied by a
realized, and now the future can be faced with parallel and equal raising of the legal limit of
confidence.
the note circulation. The details of this
During the first half of the year the in- arrangement, authorized by Parliament, were
creasing difficulties of the treasury continued made the basis of an agreement on July 24.
day by day to react more and more disastrously The drain of the treasury on the bank during
on our money,. The treasury, deprived of the this time naturally influenced the volume of
regular supply of available funds from the sav- note circulation. The total circulation, which
ings banks, was forced, in order to meet its stood at about 51,000,000,000 at the beginning
budget charges and those of the floating debt, of the year, rose to 52,000,000,000 in March; to
to avail itself of advances which the law of 53,000,000,000 in May, and to 57,000,000,000
December 4, 1925, had authorized the bank to on August 5.
extend. On January 1 the debt of the GovernThe acute crisis of the treasury and of the
ment to the bank was slightly less than 35,000,- note circulation, and the alarm concerning the
000,000 francs, while the legal maximum author- fate of the franc which this crisis caused both
ized by previous agreement was 38,500,000,000 in France and abroad, brought about a disfrancs. The available margin of 3,500,000,000 turbance of exceptional severity on the exwas being steadily and rapidly used up. At change market. The appreciation of foreign
the beginning of March it had been reduced to exchanges, noted at the close of last year, in2,800,000,000; at the beginning of June to creased rapidly during the first months of the
198
FEDERAL RESERVE BULLETIN
year under review. From 130 francs in January, sterling rose almost continuously to 135
francs in February, to 140 francs in March,
and to almost 150 francs at the end of April.
During May the rise increased sharply; toward the middle of the month sterling had
risen to 172 francs. In order to check this
movement, which threatened to result in the
collapse of the franc, the Government then
decided to use, by sale in the open market,
part of the foreign exchange holdings of the
Morgan loan, the safekeeping of which had
been intrusted to the bank at the close of 1925
under conditions set forth at that time. Although your board of directors doubted the
effectiveness of intervention of this kind to
control a crisis, the reasons for which were far
more fundamental than a merely speculative
movement, in contrast to that of 1924, nevertheless they placed at the disposal of the Government, as they were under obligation to do,
the amounts of foreign exchange which were
demanded of them for defense of the franc and
of which the bank had assumed merely the
care and administration. After a short pause
at the end of May, the rate on foreign exchanges rose again from the beginning of June;
in a few weeks, sterling had advanced to the
high level of 245.25 francs, quoted on July 20,
and the dollar to almost 50 francs. Our exchange market was seized with an unprecedented
panic which, going beyond the limits of the
bourse, extended even to the savings institutions, and which no artificial intervention however strong could possibly overcome.
A systematic plan, a vigorous determination
to bring about reform—these alone could
create a spirit of national confidence capable
of putting an end to the most desperate monetary crisis which France had suffered since
the war. By strengthening the equilibrium between budgetary receipts and expenditures, by
undertaking to regulate the floating debt, and
by giving emphatic assurances that they would
respect the obligations which they had incurred, the public authorities restored the credit
of the franc within a few days, both at home
and abroad. A new and heroic fiscal effort and
the adoption of an extensive program of reforms
and economies removed the risks of inflation
from budget requirements. The administration of national defense bonds was given to an
autonomous bureau, endowed with suitable
resources and with constitutional guaranties.
The issue by this bureau of a first installment
of 3,000,000,000 of securities and the floating
of 1,400,000,000 of 10-year treasury bonds,
MARCH, 1927
were the first steps of a policy necessary for
consolidation and amortization.
The recovery of the capital market and the
consequent subscriptions to the bonds made it
possible finally for the treasury to lower the
rate of interest on national defense bonds, and
for the bureau of administration to adopt a
new policy with regard to the purchase of shortterm securities. The resumption of regular
imports, the alacrity even with which taxpayers hastened to make their payments, sometimes in advance, have brought much easier
conditions for the treasury during the second
half of the year, and this has been clearly
reflected in the steady reduction of our advances to the State. The debt of the treasury
to the bank, which had reached 38,000,000,000
on July 22, had declined according to our
statement of December 30, to 36,000,000,000.
By the terms of the agreement made on December 29, 1920, the provisions of which were
authorized by the law of December 31 of that
same year, the Government had assumed the
obligation of paying off its debt to the bank at
the rate of not less than 2,000,000,000 francs
each year. In fulfillment of this agreement,
a first payment of 2,000,000,000 francs was
made at the end of 1921. During the next
four years the expenses of the treasury made
it impossible for the Government to discharge
its obligations to the full amount. The annual
amortization payment for 1922 had to be reduced to 1,000,000,000 francs; for 1925, to
800,000,000 francs; for 1924, to 1,200,000,000
francs; and for 1925, to 1,000,000,000 francs.
At the end of 1926, for the first time in five
years, the Government was in a position to ,
turn over to the bank the full amount of its
annual amortization payment of 2,000,000,000
francs as fixed by our agreement. This payment was made on December 31, 332,000,000
francs by applying the surplus available at the
end of the year from the reserve and amortization account, and the remainder of the amount
by drawing on the resources of the treasury.
As a result of this repayment, the debt of the
State to the bank was reduced to 34,000,000,000
francs and the legal limit of authorized advances was also reduced from 38,500,000,000
francs to 36,500,000,000 francs. It is unnecessary to stress the importance of this achievement. It is evidence on the part of the public
authorities of a firm purpose, solemnly affirmed
by the Government, not only to avoid in the
future all recourse to advances from the bank
to meet the expenses of the State, but also to
adhere scrupulously to its undertakings made
MARCH, 1927
FEDERAL RESERVE BULLETIN
with the supporters of the franc, and to carry
out a program of debt payment which is and
will continue to be the determining condition
of our monetary recovery.
This effort to reestablish our finances of
course profoundly influenced the international
value of the franc, and the first effects were
immediate. In a few days the rate of sterling
had fallen 80 points, from 240 francs to 160
francs; the dollar declined in a parallel movement from 49 francs to 32 francs. At the
beginning of October the improvement of the
franc was again more rapid. It has continued
since then at an almost uninterrupted rate.
At the end of the year the rate of sterling
and of the dollar fluctuated around 122.50
and 25.25 francs, respectively, considerably
lower than the rates quoted in the last days
of 1925.
On several occasions during the past six
months, without making any promises in this
respect or assuming any obligations for the
future, the bank has profited by favorable circumstances to intervene directly on the exchange market in order by timely additions to
build up its necessary foreign exchange reserves,
and to assist the Government in protecting the
course of the franc against too sharp fluctuations, disastrous to our national economic life,
which might result from excessive speculation.
These operations were carried on under the
provisions of the law of August 7, which authorized the bank to undertake the purchase of
foreign exchange in the open market.
The same law, by removing in respect
to the bank the prohibition (law of February
12, 1916) against purchases of national money
at a premium, gave the bank power to acquire
bullion and gold and silver coins at a price
above their monetary parity. We have made
use of this authorization since September 27
to buy from the public gold and silver coin,
French or foreign, at varying prices, which
we fixed according to the rate, expressed in
francs, of gold and silver on the international
market. These operations, carried on for
the public welfare and not intended to be
the source of profit to the bank, have made
it possible to put back into circulation in the
form of bank notes secured by liquid and
immediately realizable assets, the monetary
stocks hitherto rendered useless by unproductive hoarding; to prevent, by removing
all incentive, the export of and illegal trading
in national money; finally, and most important,
to concentrate in our hands, without our having
to go to the foreign exchange market or to
float foreign loans, large exchange resources
199
which, while they improve the security against
our fiduciary issue, can also be used when the
time comes, for the work of financial reconstruction undertaken by the Government.
The purchase price of gold coins, fixed at the
beginning of these operations at 19.75 francs
per gram of fine gold, declined progressively
to 14 francs, in proportion as the rate of the
franc improved on the exchange market.
Silver coins were bought, at first at 59 centimes
per gram of fine silver, later at 55 centimes.
From October 11 we suspended temporarily
the purchase of this kind of coins, not only
because of the large amounts offered by the
public and the consequent interference with
our work, but also because of the situation on
the silver market. On December 31 the value
at monetary parity, of the gold and silver
moneys bought by the bank since September 27,
amounted to almost 341,000,000 francs—at the
international market price, to more than
1,500,000,000 francs.
In order to prevent these purchases of money
and foreign exchange and the issues of bank
notes to which they would give rise, from
reducing the margin of issue necessary for the
credit needs of commerce and industry, the law
of August 7 provided that the legal limit for
note circulation, last fixed at 58,500,000,000 by
the law of December 4, 1925, should be automatically increased by an amount equal to the
value of the specie and exchange acquired by
the bank. Up to the present time, however,
this complementary margin of issue has not
been used. The withdrawal of notes during
the second half year which resulted from the
return of confidence, the easier condition of the
treasury, and the abundance of available
capital, all made it possible in fact to carry on
our purchases of money and exchange without
increasing the volume of circulation, which
has even been considerably reduced. The total
of notes in circulation, which amounted on
August 5 to almost 57,000,000,000 francs, was
on December 30 last not more than 53,000,000,000 francs—less by 6,000,000,000 francs than
the legal maximum of 58,500,000,000 francs
fixed by the law of December 4, 1925. It is
unnecessary to add that this item of about
53,000,000,000 francs includes, without exception, all notes issued by the bank for any
purpose whatever.
The expansion of the capital market is
similarly shown by a considerable increase
in our current deposit accounts. This
item, after having stood during the first
half of the year between 2,000,000,000 and
3,000,000,000 francs, reached 6,000,000,000
200
FEDERAL RESERVE BULLETIN
francs during last December, including the
current account opened on our books by the
bureau of administration.
Although during the period of disorganized
currency the bank was not able, as it had been
before the war, to influence the distribution of
credit by means of its discount rate, we nevertheless aimed last year, as during former years,
to adapt the discount rate to the general conditions of the market. As soon as circumstances
demanded, at the end of July we raised our
discount rate from 6 per cent to 7J^ per cent
as a warning to the financial world that the
time had come to exercise great caution, to cut
down excessive outlays, and to avoid all tying
up of assets in holdings of foreign exchange.
As soon as the abundance of available capital
convinced us that the market was no longer in
danger from excessive speculation, we tried to
assist commerce and industry by a lower rate,
and on December 16 we lowered the discount
rate from 7 J4 per cent to 6 ^ per cent. Contrary
to what may have been said or written, we have
never at any time intended to reduce the
accommodation which we have extended to
commerce and industry by discounting commercial bills. Without losing sight of our first
duty, which is to regulate monetary conditions,
we shall continue to accept in generous amounts
those bills which have their origin in sound
commercial operations, bills which from their
origin and from the nature of their signatures
offer the security demanded by our statutes.
We shall, on the other hand, resolutely exclude
from our discounts "papier de commandite," *
which cannot legally be security for bank notes.
The economic situation as a whole has been
influenced by the fluctuations of the currency,
but to a somewhat smaller degree. The
wholesale price index, which stood at 646 in
December, 1925, and at 664 last April, rose
to 854 in July, to return gradually to 698 in
November and to 641 at the end of December.
The retail price index, influenced less directly
by the fluctuations of the money market,
advanced with considerable uniformity from
463 in December, 1925, to 574 in July, and to
628 at the end of November; it declined in
December to below 600. This last figure is
higher than the corresponding figure of a year
ago, at a rate of exchange about the same, or
even lower, than at the present time.
Our crops last year suffered from unfavorable
weather conditions. The wheat harvest was
67,000,000 quintals, compared with 89,000,000
quintals in 1925. The production of domestic
sugar is insufficient for the needs of the country
1
Paper issued by subsidiary or branch companies.
MARCH, 1927
and is certainly less than last year; one can foresee that we shall have to import large quantities
of foreign sugar. The yield of our vines was
40,000,000 hectolitres,2 a decline of about
one-third from that of 1925.
Taking the year 1926 as a whole, the situation
of our commerce and industry was more favorable than that of our agriculture and registers
a definite advance over 1925. The volume of
imports for the year reached 45,513,000 tons;
of our exports, 32,429,000 tons. These figures
show an increase over the previous year of
2,042,000 tons for exports, and a decrease of
1,930,000 tons for imports. The value of our
exports in francs reached 59,535,000,000 compared with 45,755,000,000 in 1925, and slightly
exceeded the value of our imports, which was
59,515,000,000 in 1926, compared with 44,095,000,000 in 1925. Our merchandise balance,
was, therefore, actually in equilibrium. And,
as in preceding years, our imports were for
the most part, of raw materials, while the
increase of our exports has been along the line
of manufactured goods. The net tonnage of
our freight vessels, both entering and leaving
our ports, was 74,940,000 tons for the first 11
months of 1926—a figure about equal to that
for the corresponding period of the year before.
In railway transportation there has been a
considerable increase; our great railway systems
showed a daily average of 66,125 freight cars
in use last November, while the average for
1925 reached only 61,957 cars. This activity
corresponds to an unusually productive year
in industry.
The output of our coal mines for the first 11
months of the year reached the sum of
48,000,000 tons, which gives a total of
52,000,000 tons for the entire year, exceeding
by 4,000,000 tons the output for 1925 and by
7,000,000 tons that of 1913, making allowance
for the output of Alsace and Lorraine. The
iron industry, with 156 blast furnaces in operation in December, 1926, as against only 147
in 1925, has produced during the entire year
9,393,000 tons of pig iron, as against 8,472,000
tons in 1925; and 8,386,000 tons of crude steel,
as against 7,415,000 tons in 1925. The textile
industry, after having been very active until
recent months, showed a very considerable
falling off in the last quarter of the year. This
is the effect, no doubt, of cumulative influences,
for industrial production, like the movement of
the exchanges, has shown two distinctly
opposed tendencies during the year, following
the two movements which have successively
governed the course of our exchange.
2100 litres; 1 liter=1.06 quarts.
MAECH, 1927
FEDEKAL EESERVE BULLETIN
During the first part of the year the premium
on exports, due to the difference between the
domestic and the world price and the increase
in retail buying within the country, stimulated production and augmented its volume.
During the last three months industry and
commerce have experienced the inevitable
economic handicaps which accompany all
financial reconstruction. The value of the
franc in the world market is higher to-day than
it was at the same time last year; the result of
this is that domestic prices in France are
actually close to the average level of gold
prices in the leading countries of Europe, and
even in some cases above them. It is this
inevitable readjustment between the domestic
and foreign purchasing power of the franc
which to-day is causing a sharp reduction in
orders and is forcing commerce and industry
to adapt themselves to normal money conditions. It seems on the whole that the matter
is not so serious as has been generally feared.
The unquestionable improvement in our
financial situation should not make us lose
201
sight of the efforts which must still be made to
restore a genuine financial equilibrium. Of a
total of notes in circulation of about 53,000,000,000 francs, more than three-fourths are at
the present time still covered by our advances,
direct or indirect, to the Government, and are
thus almost entirely beyond the control of the
bank of issue. This is the fundamental cause
of the depreciation and the instability of the
franc. Just so long as this circulation for
account of the State has not been withdrawn,
and replaced by a circulation entirely secured
by metallic reserve and by those commercial
operations which constitute the normal cover
for bank notes, the value of the franc will be
exposed alternately to the ebb and flow of
confidence and to speculative operations.
Only when the whole of our fiduciary circulation, definitely removed from the influence of
the requirements of the Government, shall be
secured by liquid and realizable assets, will the
bank be able to exercise in the best interests
of the market the regulatory power conferred
upon it by the terms of its charter.
ANNUAL REPORT OF THE NATIONAL BANK OF SWITZERLAND FOR 1926
The annual report of the National Bank of
Switzerland for 1926 contains the following
discussion of the economic and financial situation in Switzerland:
Switzerland, like other countries, has not yet
wholly recovered from the terrible crisis of the
postwar period. The rapid decline of the
French franc and of the lira during the first
seven months of the year, as well as the strike
of the English miners, which weakened the buying power of the country that is our principal
market, were certainly not calculated to hasten
improvement in our economic situation. The
year has not been good for agriculture, particularly for dairy products; the price of these
commodities has fallen and the export of dairy
products has been possible only under unfavorable conditions. The decline in some of the
foreign exchanges has made certain foreign tourist resorts more attractive than usual. In our
own country, furthermore, weather conditions
were bad during the summer months, so that
the hopes of our tourist centers were only partly
realized. In regard to industry, the situation
presented is distinctly uneven. Certain branches
of industry, embroidery in particular, already
depressed for many years, failed to show any
notable improvement, and such industries as
the manufacture of chocolate, spinning, and,
to some extent, silk weaving and watchmaking
show a more or less pronounced decline. On
the other hand, the chemical industry, production of artificial silk, and certain branches of
machinery manufacture have done well. The
statistics of foreign trade show that Swiss industry is concentrating more and more definitely
on the production of a variety of high-grade
commodities, which has a favorable influence
on our total exports.
While the economic situation of the country
leaves something to be desired, the financial
situation can be considered entirely healthy.
The Confederation and the greater part of the
cantons and communes have succeeded in reorganizing their finances in the course of the
past few years. One can not say so much for
the State railways, which, as a result of the
decline in traffic, have not yet been able to
regain financial equilibrium, notwithstanding
vigorous efforts. Nevertheless one is justified
in expecting that the measures now in preparation will have a favorable influence on the development of traffic and on railway receipts.
The economic depression and the reorganization of public finances have contributed greatly
to the weakness of the money market. The
demand for new money in the form of loan
issues reached only 45.000,000 francs during
the past year, as compared with 273,400,000
francs and 325,100,000 francs during the two
202
FEDEKAL KESEKVE BULLETIN
years preceding. The State railroads have not
drawn upon the capital market. The Confederation has been able to limit itself to the
floating of a conversion loan intended to replace
the fifth 4 J^ per cent mobilization loan of 1916
of 100,000,000 francs and found it possible to
issue this loan at a rate of 4 3^, at an issue price
of 98, with 15 years maturity. The insignificant
amount of domestic issues and the large inflow
of foreign capital during the first half of the year,
especially the return of Swiss capital which had
been invested abroad and was now leaving those
countries where the exchange crisis was acute,
naturally favored a decline of rates from the
level of the year before. This tendency was
also shown in the yield of certain securities,
which declined in July as low as 4J^ per cent.
Nevertheless a recovery came about shortly.
Confidence returned, deflation measures taken
in France and in Italy not only put an end to
the flight of capital from these countries into
Switzerland, but even brought about a partial
repatriation of exported funds. The export of
capital from Switzerland resulting from these
operations was increased by the issue of a
series of foreign loans and by a very large
participation of Swiss capital in a number of
international financial operations. The effect
upon our own market of this recovery abroad
was not long in making itself felt, and most
of the banks raised the rate of interest on
their "overdrafts" from 4 ^ per cent to 4%
per cent, while other institutions which had
expected to reduce their rates decided not
to carry out their intention. These movements of capital called attention to the
question of increasing the rate on mortgages
and thus aroused keen apprehension throughout the agricultural community, which was
already experiencing great difficulties. For the
time being this increase has been avoided.
Meanwhile the discussions to which the subject gave rise have brought about clearly the
sensitiveness of a mortgage market supported,
so to speak, as is still the case to-day in Switzerzerland, without recourse to public loans.
The bank of issue, one of whose tasks is to
regulate the money market and the exchange
market, could not remain indifferent to the
foreign issues which were being offered in
Switzerland in considerable amounts and to the
consequences which they might entail. Therefore, in concert with the Federal Department of
Finance, the bank followed this matter with
close attention.
The board of directors of the bank have not
changed their point of view during the past
MARCH, 1927
year on the problem of the export of capital.
They have continued to be of the opinion that
this question could not be settled by any general
formula, but should, on the contrary, be examined especially in each individual case with
reference to the economic condition of the
country and the condition of the capital,
money, and exchange markets. It is, in fact,
necessary to take into account opposing interests, the justice of none of which can be contested, provided they are compatible with
national economic interests as a whole. One
can overlook certain technical principles when
the terms of the loan contain a clause reserving
for expenditure with Swiss industry an equitable
proportion of the proceeds of the loan. The
National Bank defended this point of view
vigorously at the time of the last foreign issues.
In this way the export of capital resulting from
the loans has been reduced in proportion to the
amount of subscriptions. Among the foreign
loans floated in Switzerland certain ones represented the contribution of this country to
international cooperation in the financial and
monetary recovery of Belgium. So far as compatible with the condition of our country,
participation in operations of this kind can not
fail to be heartily approved. It is an act of international cooperation, all the more significant
because the systematic stabilization of the currency of any European country is in the general
interest.
In the Swiss money market, as in the capital
market, the decisive influence has been international financial operations. With the exception of a slight contraction toward the end of
November, the market has been well furnished
with liquid funds during the entire year,
although, beginning with July, the private rate
showed a gradual upward tendency, reaching 3 Y%
per cent at the end of December. This stiffening
was due, as a matter of fact, in great measure
to a certain caution exercised by financial institutions rather than to any sensible decline of
available funds on the market. By reason
of the higher rates in force in other countries,
in England, for example, the international acceptance business in Switzerland gained increasing importance toward the end of the year
and reached such considerable proportions that
a very large part of the available funds of our
market found investment at short term.
Switzerland and Holland are the two countries which have the lowest interest rates; the
stiffening observed during the second half of
the year, however, was somewhat greater here
than in Holland. In fact, the level of private
MARCH, 1927
FEDERAL RESERVE BULLETIN
rates in Switzerland has, since October, been
above that of the Dutch rates, although up
to that time it had been about H per cent below.
>
The steadiness of the money market is certainly
due, for the most part, to the measures taken by
the bank of issue which, when money was abundant, absorbed capital by putting bills on the
market for rediscount; and likewise put these
sums back into circulation as soon as a shortage of money became evident. The purchases
and sales of foreign exchange bills made by
the bank have likewise exercised a regulatory
action in the same way.
The official rates of discount and the rates
for advances on collateral have undergone no
change during the course of the year. Nevertheless, the sharp divergence exhibited at
times between the official discount rate and
the private rate has certainly given reason to
expect a reduction of the former. A measure
of that kind, especially if it had included the
rate for advances on collateral, which has remained constantly below the rate on firstclass securities, would, however, have tended
to reduce interest rates, and would have been
of advantage only to speculation in differences
in money rates and in exchange rates.
The average of the official discount rate in
Switzerland during 1926 was 3 3^ per cent,
compared with 3.90 in 1925 and 4 in 1924.
The annual average of the rate on advances on
collateral rose to 4J^ per cent, while during
the years 1925 and 1924 it reached 4.90 and 5
per cent.
The movements of dollar exchange in
Switzerland took place within normal limits
during the entire year. The Swiss franc fluctuated between the gold points of the dollar,
very close to parity. The difference between
the high and the low of the dollar reached 0.70
per cent, as against 1.52 per cent in 1925.
The bank of issue was, it is true, obliged from
time to time to exercise its regulatory influence.
Its intervention, however, did not reach the
proportions of the preceding year. The stability of our franc has been all the more
remarkable in that the exchanges of the two
countries nearest us have shown wide fluctuations during the year. It can be stated with
satisfaction that our exchange has not been
influenced by these wide fluctuations, nor by
the resulting movements of capital, which were
similar to those that took place during the
period of inflation in Germany. Our exchange,
nevertheless, has shown some, although very
slight, variations. It was slightly affected
by the rapid recovery of Italian exchange in
203
October and November, and somewhat more
by the recovery of French exchange. After
this recovery, part of the capital brought into
Switzerland at the time of the depression of
these exchanges and invested at short-term
was soon returned to its country of origin,
thus slightly depressing the rate of our exchange. This recession was increased by the
effect of the issues of foreign loans following
in rapid succession and by the transfer of
funds resulting from these operations. For
this reason the Swiss franc, which up to that
time had maintained its parity with the dollar,
depreciated in November and at the beginning
of December to slightly below parity. Before
the end of the year, however, it had regained
its former level and had even risen slightly
above parity.
The monetary circulation, consisting principally of bank notes, has been steady throughout the year. It again shows a slight decline
in comparison with the preceding year, but
still exceeds by a considerable amount its prewar level. Because of this fact the authorities
of the bank felt that they ought to see whether
the amount and the actual limit of fiduciary
circulation were in harmony with the economic
situation of the country. An intensive study,
based on the results of the monetary inquiry
of February 26, conducted by the Federal
Statistical Bureau in collaboration with the
National Bank, established the fact that the
note issue of our institution is on the whole in
harmony with the economic situation, if one
considers the prevailing higher level of prices,
the great increase in salaries, the development of
hoarding, and the general tendency to keep on
hand larger sums of money. This conclusion
is in agreement with observations made on
fiduciary circulation in other countries so far
as such comparison is possible.
The policy followed by our institution regarding the placing of gold coins in circulation
has not been changed since our last report; on
demand the bank continues to put into circulation gold coins from its stock. The stability
of the Swiss franc at almost dollar parity has
prevented any extensive international arbitrage
operations in gold. The import of bullion does
not enter into computation in operations of this
kind, and the import of used gold coins of the
Latin Union, although it has not entirely ceased,
has declined sharply in comparison with the
year before, during which at times it reached
considerable proportions.
The great event of the year in the matter of
the circulation of gold coins was the dissolution
204
FEDERAL RESERVE BULLETIN
of the Latin Monetary Union, brought about,
as was stated in the resolution of the Federal
Council on December 13, by an announcement
last year made by Belgium. As a result of this
dissolution, gold coins of other countries of the
Union have been withdrawn from circulation
in Switzerland, where some of these coins have
been legal tender ever since 1860. With the
retirement of these coins our monetary circulation will be completely nationalized. These
measures assume a special importance, because
they mark the end of a period of more than
three-fourths of a century in the monetary
history of Switzerland. Since the unification
of our monetary system, effected in 1850, our
circulation has in fact been augmented in
varying quantities by foreign money. Since
the founding of the Latin Union in 1865, our
monetary law has been especially governed
by international considerations. It would
exceed the SGope of the present report to
indulge in discussion of the Latin Union and
the influence which it was able to exercise.
It has been extinguished without ceremony
after 62 years of existence and did not, in
fact, realize all the hopes placed upon it. Let
us remember, nevertheless, that it was the
expression of economic liberalism of the Second
Empire, and that whatever one may say about
it, it contributed its share to sustaining and
stimulating economic relations among its members, especially in the interchange of capital.
Through the occasion thus offered to take advantage of the association with vast and rich
countries, Switzerland reaped her share of
profit from the Union, at a time when her circulation was augmented especially by metallic
money, when we should have found it more
difficult than we do to-day to cover our needs
for capital, and when we should have been
obliged to turn to foreign markets in large
measure.
The metallic reserve for notes has maintained
an annual average of 66.96 per cent of the circulation, compared with 72.10 per cent in 1925.
It has fluctuated between a maximum of 73.07
per cent and a minimum of 61.17 per cent, compared with 79.63 per cent and 63.33 per cent
last year. This slight recession is due to a
double cause. On the one hand, the 5-franc
pieces from the circulation of other countries
MARCH, 1927
of the Latin Union on deposit with the Nationals ank for account of the Confederation, the rel
patriation of which will begin in 1927, have
been carried at the lowest figure because of the
fall of the price of silver on the market; on the
other hand, the gold cover has declined because
the bank during the early months of the year
exchanged foreign gold coins for foreign exchange based on gold. The gold cover alone
has fluctuated between 61 and 51 per cent, as
against 68 and 53 per cent in 1925, and its
annual average was 56 per cent, as compared
with 61 per cent the year before.
In the matter of discount policy, the bank
has had no occasion to change the official discount rate of 33^ per cent in force at the beginning of the year; it thus furnished an example
of remarkable stability. There was not, however, any excessive demand on the bank of
issue. It was not in contact with the money
market, except in the discount of short-term
paper; these operations, moreover, did not
attain much importance until toward the end
of the year when the available funds of the
market began to decline to an appreciable extent; the total amount of discount nevertheless
considerably exceeded that of the preceding
year. The National Bank succeeded in checking any pronounced contraction of the money
market and the large difference between the
official and the private rate which would have
resulted from this; and it profited by the decline
in the dollar to make new purchases of this
exchange for the account of the Federal Administrations of Agriculture and of Finance. The
discount of interest-bearing securities of the
Confederation and of the State railways has also
declined again; it reached considerable proportions for only a short time and was soon
withdrawn from the portfolio of the bank. At
the end of the year the bank held no interestbearing securities.
The total of advances on collateral fluctuated
between 39,000,000 and 70,000,000 francs; it
was 60,000,000 francs at the end of the year.
The condition of the bank has been liquid
during the entire year. The total of its obligations has been covered in the proportion of
about 80 per cent by metallic reserve and stable
foreign exchange; the note circulation alone has
been covered to about 90 per cent.
205
FEDERAL EESEEVE BULLETIN
MARCH, 1927
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1926
1927
Bank of England (millions of
pounds sterling):
Issue departmentGold coin and bullion
Notes issued
Banking departmentGold and silver coin
Bank notes
____
Government securities
Other securities.._
Public deposits
Other deposits
Eatio of gold and note reserve to deposit liabilities
(percent)
_
.
„
Bank notes in circulation 1
Currency notes and certificates.._
B a n k of France2 (millions of francs) :
Gold reserve
„
Silver reserve.-Gold, silver, and foreign exchange.
Credits abroad
Loans and discounts _
Advances to the Government
Note circulation
Total deposits
G e r m a n Selchsfeank (millions of
reichsmarks):
Gold at home
Gold abroad
_.
Reserves in foreign exchange
Bills of exchange and checks.
Miscellaneous assets
Deposits
.
Reichsmarks in circulation
Rentenmarks in circulation.
Bank of Italy (millions of lire): 3
Gold reserve
Credit and balances abroad
Loans and discounts
___
Advances to the Government
Note circulation for commerce
Note circulation for the State
Total deposits
Bank of J a p a n (millions of yen):
Gold at home and abroad
Advances and discounts
Advances on foreign bills
Government bonds
. Total note and deposit liabilities.
Notes issued
Total deposits
Austrian National Bank (millions
of schillings):
Gold..
Foreign bills of the reserve
Other foreign bills
_
_
Domestic bills
Treasury bills
Note circulation
Deposits
_
National Bank of Belgium (millions of francs) :
Gold 4 — . .
Foreign bills and balances in
gold 4
Domestic and foreign bills
Loans to State
Note circulation
,.
Deposits
„
_
1926
1927
Decem- Novem- .Tanuber
ber
ary
Decem- November
ber
National Bank of Bulgaria (mil150
170
150
170
151
171
143
163
1
33
28
72
14
103
34
97
12
131
2
33
33
74
24
101
1
21
46
74
23
101
29.3
81
280
3,684
341
1,684
87
5,651
32, 550
52,172
5,966
21.0
85
27.9
18.1
82
285
85
286
3,684
3,684
341
340
1,547 1,450
83
82
6,520
6,514
36,000 35, 700
52,907 53,263
5,908 4,385
3,684
325
1,661
170
519
1,829
473
648
3,736
1,172
573
5,889
34,200
50,618
3,188
1,578
177
418
1,286
581
528
3,374
1,175
1,112
143
418
1,464
609
579
2,649
1,589
1,144
1,141
1,065 1,052
8,040 7,616
4,229
4,229
14, 111 13,977
4,229
4,229
2,323' 2,939
1,706
128
421
1,415
570
575
3,410
1,151
1,134
593
9,581
7,065
11, 585
7,065
2,302
lions of leva):
Gold
Foreign bills, etc
Loans and discounts
Advances to State...
Note circulation
Deposits
44
490
1,796
5,327
3,485
3,286
__
Central B a n k of Chile (millions of
pesos):
Gold at home
Gold abroad
Loans and discounts
Note circulation
Deposits
85
562
60
242
225
Czechoslovak National
Bank
(millions of Czechoslovak crowns):
Gold and silver
1,038
Foreign balances and currency. — 2,075
Loans and advances
178
Assets of banking office in liquidation
573
Note circulation
Deposits-
43
607
1,732
5,450
3,659
85
465
43
372
144
146
426
41
365
191
1,037
2,083
261
•i;789
585
8,203
882
620
7,442
1,247
41 •
328
1,241
5,497
3,460
2,760
1.034
221
B a n k of Banzig (millions of Danzig gulden):
Balances with Bank of EnglandForeign bills, etc
Loans and discounts
Note circulation
Deposits
15
17
19
32
5
National Bank of Denmark (millions of kroner):
Gold
Foreign bills, etc
Loans and discounts
Advances to State
Note circulation
Deposits
202
31
133
20
361
29
209
169
128
13
386
39
209
156
124
3
378
27
1,058
398
66
276
1,990
1,390
600
1,058
420
59
277
2,025
1,377
1,058
351
51
277
1,921
1,212
708
1,057
374
172
259
2,101
1,388
713
National Bank of Egypt (thousands of Egyption pounds sterling):
Gold......
_
English Government securities.__
Egyptian Government securities _
Note circulation—
Government deposits
Other deposits
3,527
25, 704
26,325
32,430
20,882
15,047
53
479
139
58
176
875
35
53
484
143
124
177
947
37
479
139
86
178
873
46
15
478
42
144
187
823
45
Bank of Estonia (millions-of Estonian marks):
Gold
Cash in foreign currency..Foreign correspondents' account..
Foreign bills
_
Loans and discounts
_
Note circulation
Deposits and current accounts. _-
209
203
117
16
403
40
«505
26
177
89
6,073
1,921
741
274
3,108
3,101
3,101
2,114
2,389
2,050
9,077
732
2,235
2,462
2,050
8,946
1,094
2,331
2,548
2,050
8, 724
1, 513
Bank of Finland (millions of Finnish marks):
Gold__
„
1,125
Balances abroad and foreign
5,680
credits
_
_
7,462
Foreign bills
344
Domestic bills
_
State debts—-.
1
Notes issued, less amounts held in banking department and in curNote circulation
rency note account.
Demand liabilities. „ _„
2
Not including gold held abroad.
3 Figures previous to July, 1926, are for 3 banks of issue.
4
Figures previous to October 25, 1926, carried at par.
«Including gold held>broado
January
327
I
I
i
!
327
328
1,048
90
524
124
1,330
484
1,082
115
538
136
1,346
547
1,006
101
564
154
1,296
527
3,396
29,204'
28,852
35,682
25,962
14,282
1,361
104
421
262
1, 292
788
206
FEDERAL RESERVE BULLETIN
MARCH, 1927
CONDITION OF CENTRAL BANKS—Continued
J
1926
1927
Decem- Novem- January
ber
ber
National Bank of Greece (millions
of drachmae):
Gold and balances abroad
Government loans and securities
Loans and discounts
Note circulation
Total deposits
National Bank of Hungary (millions of pengo):
Gold
Foreign bills, etc.
Loans and discounts
Advances to treasury
Other assets .
Note circulation
. . . .
Deposits
Miscellaneous liabilities
Bank of Java (millions of florins):
Gold
Foreign bills
_
Loans and discounts..
Note circulation
...
Deposits....
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
Loans..
__
_.
Note circulation
Government deposits «...
Other deposits
Bank of Lithuania (millions of
litas):
Gold
Foreign currencyLoans and discounts! „ _
Note circulation
_
Deposits
Netherlands Bank (millions of
florins):
Gold
Foreign bills
Loans and discounts
Note circulation.
Deposits
_
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
„
Note circulation.._
Foreign deposits
Total deposits
_
Reserve Bank of Peru (thousands
of libras):
Gold
Gold against demand deposits
Foreign exchange reserve
Bills
Note circulation.._
Deposits
Bank of Poland (millions of zloty):
Gold
Foreign exchange, etc. Loans and discounts „.. L
Note circulation
Current accountsPrivate
Treasury
Liabilities in foreign currency
1926
2,377
3,822
3,351
4,763
4,253
2,033
3,710
3,279
4,195
4,221
59
194
243
176
169
117
193
144
287
447
247
186
197
19
102
321
67
198
22
108
327
68
202
21
65
345
56
24
24
28
77
56
30
72
55
35
78
50
24
28
71
54
29
75
57
24
28
70
32
38
53
87
34
31
37
52
87
35
31
35
49
83
29
32
169
103
169
117
207
128
255
218
135
276
435
471
241
159
55
414
178
216
819
30
1927
151
156
280
Gold 6
_.._
Bills....
Advances to State
Note circulation
Deposits
_
9
344
156
1,820
78
144
144
9,162 9,013
10,679 10, 679
20,951 20,943
9,182 9,072
•_.
_
139
8,230
10,679
19,881
_
16,441 16,346
6,060 5,751
65,194 65,672
88,516 88,433
17,723
4,967
51,750
75,992
85
361
1,433
2,966
5,896
609
77
353
1,310
2,966
5,783
568
405
195
213
28
63
52
29
75
49
29
50
79
25
418
182
200
849
18
438
248
220
147
147
833
96
State Bank of Russia (note-issuing
department; thousands of chervontsi):
Gold
_
Foreign currency
...
Loans and discounts
Bank notes
5,504
746
335
1,481
2,966
5,812
585
S o u t h African Reserve Bank
(thousands of pounds sterling):
Gold.
Foreign bills
Domestic bills
„_
Note circulation
_.
Deposits...
7,779
5,023
2,560
7,995
4.962
7,542
6,277
1,667
8,575
6,234
7,144
5,592
876
7,779
5,151
8,164
6,131
1,314
Bank of Spain (millions of pesetas):
Gold
„__„._____..
Silver
____._..
Balances abroad
„___.
Bills discounted.
Checks and drafts
„
Note circulation-„
Deposits
....
2, 563
688
35
656
1,601
4,311
965
2,557
675
35
610
1,709
4,339
1,018
2,557
676
31
697
1,667
4,286
975
2,537
662
29
801
1,584
4,406
1,257
Bank of Sweden (millions of kroner):
Gold
Foreign bills, etc
Loans and discounts
....
Note circulation.
Deposits
224
197
250
471
126
224
209
375
525
206
225
169
268
512
80
230
202
323
475
437
24
472
35
425
874
139
443
17
376
807
447
18
330
776
103
58,425
96,124
67,611
66,203
58,455
90, 741
63, 547
68,476
54,936
84,922
63,060
59,168
63
466
337
32
304
147
66
474
321
30
328
335
8
111
4,092
324
709
2,003
5,965
653
4,127
289
701
2,099
6,104
582
4,803
228
690
1,462
6,193
460
4,050
374
728
2,506
6,425
748
Swiss National Bank (millions of
francs):
Gold
Funds on demand abroad....
Loans and discounts
„
Note circulation
Deposits
144
187
358
585
138
165
377
593
136
138
378
558
134
61
361
362
128
29
35
134
9
40
95
48
31
94
7
64
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Note circulation
Deposits.-.
60
298
16,441
7,582
61,672
85,659
National Bank of t h e Kingdom
of Serbs, Croats, and Slovenes
(millions of dinars):
Gold
Foreign notes and credits
Loans and discounts
.____„__.
Advances to State
Note circulation
„.
Deposits
_
„
54
446
318
36
303
147
259
204
1,844
55
9
193
211
1,836
46
National Bank of R u m a n i a (millions of lei):
414
187
187
817
22
Bank of Portugal (millions of escudos) :
Gold
Balances abroad
_
Bills
Note circulation
_
Deposits.
_
Decem- Novem- Januber
ber
ary
fi Not including gold held abroad.
87
321
1,378
2,966
781
132
6,018
MARCH,
207
FEDEKAL KESEEVE BULLETIN
1927
CONDITION OF COMMERCIAL BANKS
[Figures are for the last report date of month except for London clearing banks, which are daily averages]
1927
Janu- DeNo- January cember vember ary
Chartered banks of Canada (millions of dollars):
Gold coin and bullion 1__.
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
Advances and discounts
Investments
Deposits
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 Berlin banks2 (million of reichsmarks):
Bills and treasury notes.
Due from other banks
Miscellaneous loans _
_
Deposits
Acceptances
71
1,240
424
484
175
2,316
73
1,228
430
481
178
2,321
62
1,123
377
563
161
2,168
128
210
124
208
127
214
1,973
57
157
2,057
1,966
53
139
2,084
2,211
80
149
2,263
129
1,119
251
1,688
118
1,106
252
1,648
113
1,088
262
1,637
7,091
271
322
6,101
125
1,142
252
1,694
7,181
183
326
5,969
6,616
160
334
5,601
'
1926
1927
1926
r
14, 633
5,066
21,351
288
14,144
4,338
19,980
291
No- JanuJanu- Deary cember vember ary
Four private banks of Italy (millions of lire):
Cash
Bills discounted
Due from correspondents. _
_
Due to correspondents
Deposits
Tokyo banks (millions of yen):
Cash on hand
Total loans
Total deposits
___.
Total clearings.
Joint stock banks of Norway (millions of kroner):
Loans and discounts
Due from foreign banks
D u e to forpisrn b a n k s
Rediscounts
Deposits..
Joint stock banks of Sweden (millions of kroner):
Loans and discounts
Foreign bills and credits abroad...
Due to foreign banks
Rediscounts
Deposits
_
Swiss Cantonal banks (millions of
francs):
Loans and discounts
Mortgages
Foreign bills
Due from banks and correspondents
Commercial deposits
1,262
9,021
5,296
13, 237
2,433
4,260
170
132
91
3,534
132
2,582
1,952
3,550
127
2,416
1,922
2,743
1, 827
97
270
171
1.892
134
2,647
1,973
3,122
1,062
8,974
4,633
12,206
2,469
2,058
143
288
215
1,923
4,343
145
167
71
3,505
4,290
186
149
170
3,603
105
2,618
1,944
4,193
4,230
164
132
188
3,453
=
1,726
2,753
27
261
658
1,468
Savings deposits
1,709
2,647
33
225
652
1,423
1,249
643
2,865
4,519
236
i N o t i n c l u d i n g gold h e l d a b r o a d .
Figures are for D e c e m b e r , 1926, a n d D e c e m ber, 1925
2
DISCOUNT RATES OF 31 CENTRAL BANKS
[Prevailing rates, with date of last change]
Country
Rate
In effect
since—
Country
Austria
Belgium..—
Bulgaria
Czechoslovakia
Danzig
Denmark
England.....
6
6
10
F e b . 5,1927
F e b . 9,1927
A u g . 31,1924
Estonia.....
Finland.,...
France
Germany....
Greece
..
Hungary.=..
India
Italy.—
f>
5
Oct. 26,1926
J u l y 29,1926
J u n e 24,1926
D e c . 3,1925
Rate
In effect
since—
8
Oct.
1V2 Oct.
Feb.
Jan.
5
July
11
Aug.
6
Feb.
7
June
7
1,1926
29,1925
3,1927
11,1927
7,1926
26,1926
10,1927
18,1925
Country
Rate
Japan.
6.57
Java....
6
Latvia
7
Lithuania
7
Netherlands . &A
Norway..... 4H
Peru
6
Poland.
9
In effect
since—
Country
Oct. 4,1926
M a y 3,1925
Jan.
1,1927
F e b . 1,1925
Oct. 2,1925
Oct. 27,1926
A p r . 1,1923
F e b . 11,1926
Portugal
Rumania
Russia
South Africa.
Spain
Sweden
Switzerland.
Yugoslavia..
Rate
In effect
since—
July
Sept.
Apr.
Nov.
Mar.
4M Oct.
Oct.
3H J u n e
6
8
6
8
27,1926
4,1920
—,1924
21,1924
23,1923
9,1925
22,1925
23,1922
Changes: Austrian National Bank from 6H to 6 per cent on February 5, 1927; National Bank of Belgium from 6H to 6 per cent on February
9,1927; Imperial Bank of India from 6 to 7 per cent on February 10, 1927; Bank of Poland from 93^ to 9 per cent on February 11,1927.
208
FEDERAL RESERVE BULLETIN
MARCH, 1927
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Year and month
Bankers'
acceptances, 3
months
Treasury- Day-to-day Bankers'
allowbills, 3
ance on
money
months
deposits
1925
November...
December. _.
3.92
4.67
3.91
4.90
3.22
3.51
1926
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
4.60
4.16
4.21
January
Netherlands (Amsterdam)
Germany (Berlin)
Private
discount
rate
Private
Money for Day-to-day discount
1 month
money
rate
Money for
1 month
Switzerland
Private
discount
rate
6.78
6.75
10.57
10.29
8.36
8.07
3.34
3.43
3.45
2.22
2.29
4.00
4.00
4.26
3.92
4.18
3.82
3.86
3.99
3.99
4.07
3.95
3.78
6.28
5.46
5.00
4.88
4.69
4.53
4.54
4.61
4.88
4.82
4.63
4.72
8.07
6.66
6.73
6.02
5.53
5.81
5.73
5.80
6.21
6.14
6.12
7.13
7.04
6.03
5.63
4.77
4.80
4.76
4.93
4.85
4.77
4.75
4.45
5.88
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
3.76
4.21
5.82
3.78
2.85
2.97
3.16
2
2-3
1927
Austria (Vienna)
Year and month
1925
November—
December
1926
January. _.___
February
March
April
May
June
July
August
September
October
November
December
Private
discount
rate
Money
forl
month
8%-HM
8M-12
Sweden (Stockholm)
Hungary
Rate on
demand
savings
deposits
Prime
commer- Day-to-day
money
cial paper
(9 )
Rate on
demand
deposits
Loans up
to 3
months
Rate on
deposits
Ito3
months
bills
Call
money
overnight
6.94-9.13
7.12-9.13
5. 29-7.30
4. 56-8.94
7 -10H
6.75-9.13
6.57-8.76
6.57-8.40
6.75-8.76
6.75-8.76
7.12-8. 76
6.94-8.76
6. 75-8.40
6. 39-8.40
6. 21-8.40
6.39-8.40
6.75-8.76
4. 56-8. 03
4.38-7.30
4.75-7.67
6. 02-7. 30
4. 75-7. 30
5.11-8. 76
5.11-8.03
5.84-7.48
4.93-7. 30
5.11-7.12
4.75-7.48
5.11-8.03
7
-11
7
7
7
4^-6
6 - 7
6 - 7
6 - 7
6
6
2
- 7
-7H
4^6
44
&A
43^-6
i For sources used, methods of quotation, and back figures, see the Federal Reserve Bulletin for November, 1926.
Discounted
7 -11
7 - 9
1927
January.
Japan (Tokyo)
209
FEDERAL RESERVE BULLETIN
MARCH, 1927
GOLD MOVEMENTS
MOVEMENTS TO AND FROM THE UNITED STATES
[Amount in dollars]
Exports
Imports
Country of origin or destination
January,
1927
January,
1926
January,
1927
14,889,865
7,196,278
12, 589,644
5,048,114
47,052
3,000
623,123
56,637
68, 645
"572,115"
564,990
13, 500
107,000
15,000
December,
1926
51,000
20,000
51,000
05,000
61,961,989
France
Germany
Netherlands
Poland and Danzig..
Spain
Sweden..
United Kingdom.
16,973,857
19,351,202
14,695,257
All countries.
2,652
400
December,
1926
January,
1926
3,086,870
51,987
2,420
2,430
345
~I~_37~3oT
337
2,518
37,974,811
110,351
591, 865
13,890
" 515,302
95,336
510,941
91, 593
17,839,059
110,364
538, 740
26,650
18,488
398,144
NORTH AMERICA
Canada
Central America..
Mexico
West Indies
SOUTH AMERICA
Argentina..
Brazil
Chile
Colombia..
Ecuador. _.
Peru
Uruguay. _
Venezuela.
22, 326
83
2, 629,352
161,031
104,164
179,070
4,955,378
102,880
115,025
122,557
36,891
110,324
93,728
122,459
50,140
53,330
55, 728
1,520
224
5,983
"500," 665
ASIA AND OCEANIA
Australia
B ritish India
British Malaya
China
Dutch East Indies..
Hongkong.
Japan
New Zealand
_.
Philippine Islands..
3,243, 232
235,352
4,932, 556
150,174
2,000,000
18, 293
149,374
7,401
4,000,000
30,074
152, 538
56,114
273,860
Egypt
Mozambique
All other countries..
8,230
6,318
Net imports
47,072,124
43,000
991,499
165,303
202,852
1,000,00079,557
140,020
226,336
15,688
184,280
2,857
89,127
6,950
1,073
2,010
9, 777, 579
500
265
16,264,332
MOVEMENTS TO AND FROM GREAT BRITAIN
MOVEMENTS TO AND FROM INDIA
[Amounts in pounds sterling]
[Amounts in rupees]
All countries
Belgium
France.-_.---„
.,
Netherlands
.
Russia
Spain and Canaries.
Switzerland....,
United States.......
South America
British India
British Malaya
Egypt
„—_—
Rhodesia.-..-..
Transvaal
=
West Africa
—
All other countries..
I
Exports
Imports
Country of origin or
destination
January, Decem- January,
1927
1927
ber, 1926
December, 1926
2,365,990
3,736,428
3,824,270
4, 755
139,400
38, 744
246,500
1,588,820
119,500
Country of origin or
destination
4,550
70, 550
53, 000
All countries.
Imports
Novem- October, November, 1926
1926
ber, 1926
9, 659, 529 11,179,397
34509—27-
1,078
803
111,454 144,297
2.138,900 2,704,718
54,108
71,898
3,152
25, 629
England
France
_____
United States
Aden and dependencies
Arabia
.
1,700 Bahrein Islands
233,800 British Oceania
10,000
Ceylon...
138,745
142, 527 China
60986
110,800 Java
75,100
79, 540 Mesopotamia
Straits Settlements
East Africa
.__
2,521 Egypt
1,352,622 3,125, 282 Natal
_
_.
9,626,821 11,123,162
32,708
October,
1926
56, 235
1, 747, 598 1,197,424
1,370,438
Net exports
48,358
8,940
Exports
838,181
Netimports__
139,280 162,945
553,149 393,437
65, 516
76,126
129,480 155,337
40,430 2,032,465
20,150
38,175
108898
59,012
586, 847 341,259
78, 058
55,444
67
157, 567 645,881
032,489 6,021,892
9,200
150
437
32,558
46,028
570
210
FEDERAL RESERVE BULLETIN
MARCH, 1927
GOLD MOVEMENTS—Continued
GERMANY
NETHERLANDS
S O U T H AFRICA
(In thousands of reichsmarks)
(In thousands of guilders)
(In thousands of
pounds sterling)
Year and month
Total
imports
January
February....
March
April
May——..
June
July
August
September..
October
November. „
December..
Total
exports
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
23, 796
5,679
6,365
629
12,560
12,584
24,131
36,395
5,081
346
1,818
18
102
641,269
37,293
603,976
79,991
105,710
23,163
58,902
40,138
5,847
3,517
2,398
2,626
44,632
99,108
152,572
69,110
72,277
3; 454
3,108
3,223
2,537
2,909
2,649
2,608
2,662
2,946
3,649
3,788
3,603
19,709
55,794
36,915
3,310
18
41,970
96,162
148,923
65,322
73,674
16,455
387
1,539
216
672
2,512
822
338
1,990
1,443
1,154
86
1,202
50
70
497
126
5,009
149
1,632
372
433
6,500
579,290
36,609
542,681
27,799
16,128
1925
Total.
January....
February...
March
April
May._
June
July
August
September..
October
November..
December..
1926
Total..
January.
Net
imports
Net
exports
Total
imports
Total
exports
6,586
9,047
72
213
12
30
296
2,560
2,315
12,170
22,895
360
251
Netimports
Net
exports
Production
907
2,682
557
12,347
12,572
24,101
36,099
2,521
1,969
10,352
22,877
23,694
25,719
815
1,489
146
175
4,187
189
358
1,071
721
Net
exports
3,508
3,208
3,499
3,337
3,458
3,476
3,424
3,407
3,464
3,361
3,318
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
3,563
4,100
3,060
1,742
6,110
3,699
4,316
4,658
3,231
1,785
5,976
2,749
6,231
11,671
1927
SILVER MOVEMENTS
Imports to United
States
Country of origin or
destination
December,
1926
January,
1927
December,
1926
All countries... $5,400,593
$4,058,183
$7,388,195
$5,610,205
6,155
109
3,981
928
607,351
122,066
3,266,788
13,419
82,634
244,845
12,894
France.
Germany
Spain
United Kingdom..„_
Canada
....
Central America
Mexico...
West Indies
„
Bolivia
—.
Chile
January,
1927
3,981
1,940
509,764
395,347
1,736,056
28,552
88,929
221,167
Imports to United
States
Exports from United
States
150, 514
426, 558
312, 582
138,242
188,792
126, 571
81,099
740
103,360
375
Country of origin or
destination
Colombia
Peru
Venezuela
British India
China. _
_..
Dutch East Indies
Mozambique
All other countries...
Net imports
Net exports .
._
January,
1927
December,
1926
$828
1,009,930
$3,091
976,451
1,622
6,279
1,948
66, 668
922
8,851
9,874
25,406
Exports from United
States
January,
1927
December,
1926
$5,216
$6,741
3,406,610
3,287,674
2,270,322
2,487,347
5,518
139
1,987,602
1, 552,022
211
FEDERAL RESERVE BULLETIN
M A R C H , 1927
FOREIGN EXCHANGE RATES
RATES PUBLISHED BY THE TREASURY
[In cents per unit of foreign currency *]
January, 1927,
average
February, 1927
Country
Unit
February, 1926,
average
Average
Par
Low
High
Rate
Per
cent
of par
Per
cent
of par
Rate
100.10
100.02
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
EUROPE
Austria
Belgium . .
Bulgaria _.
Czechoslovakia
Denmark
England
Finland,France
Germany..
Greece
Hungary
Italy. _
Netherlands.
Norway
Poland ..
Portugal ..
Rumania
Spain Sweden
Switzerland
Yugoslavia .
Schilling.Belga
Lev.
Crown
Krone
Pound .
Markka...
Franc
Reichsmark
Drachma —
Pengo
Lira
Florin
Krone
Zloty
Escudo
Leu.
Peseta
Krona
Franc
Dinar
14.07
13.90
19.30
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
14.0720
13.9000
.7210
14.1010
13. 9100
,7304
2. 9615
2. 9621
26. 6400
26. 6500
484. 9200 485.1100
2. 5198
2. 5221
3. 9100
3.9400
23. 6900
23. 7000
1. 2897
1.3209
17. 5200
17. 5400
4.2600.
4.4200
39.9500
40.0400
25. 6700
25. 9500
11.2500
11.4800
5.0900
5.1300
.5381
. 6106
16. 5600
16. 9000
26. 6800
26. 7000
19. 2300
19. 3400
1. 7616
1. 7595
14. 0841
13. 9023
.7242
2. 9618
26. 6495'
485. 0282
2. 5208
3. 9232
23.6977
1. 2979
17. 5314
4.3182
40. 0041
25. 7759
11. 3391
5.1155
.5743
16. 7805
26. 6864
19.2318
1. 7605
99.44
99.67
100.03
20.33
99.49
6.72
100.24
22.37
99.51
96.18
58.75
4.73
2.98
86.95
99.58
99.65
9.12
14.0794
13. 9072
.7230
2. 9618
26 6488
485. 2648
2. 5208
3 9584
23. 7216
1. 2895
17. 5332
4. 3448
39. 9868
25 5700
11. 3076
5.1152
.5306
16. 0340
26. 7056
19. 2740
1. 7635
100.07
100.05
3.75
14.0556
4.5432
.7046
2.9618
25 3786
486. 3363
2. 5206
3 6782
23.8068
1. 4349
17. 5618
4.0264
99.90
23.54
3.65
1
1
40. 0795
20. 8273
13.1536
5.1227
.4321
14.1014
26. 7782
19. 2623
1. 7610
94.70
99.94
100.03
19.06
99.94
7.43
100.41
20.86
99.70
77.71
68.15
4.74
2.24
73.06
99.92
99.80
9.12
NORTH AMERICA
Canada
Cuba
Mexico
Dollar
Peso
100.00
100. 00
49.85
do
99. 8300
99. 9688
46. 9333
99.8460
100.0813
47.1667
99. 8382
100. 0679
47. 0737
99.84
100.07
94.43
99. 8393
99. 9466
46. 8267
99.84
99.95
93.94
99. 6539
99. 9612
48.4993
99.65
99.96
97.29
96.48
32.44
12.17
103. 42
93.9000
11. 7600
11. 9700
101.1100
95.4500
11. 8800
12. 0300
101. 7500
94. 7186
11. 8382
12.0005
101. 4623
98.17
36.49
98. 61
98. 11
93. 8488
11.6752
12. 0236
101. 5220
97.27
35.99
98.80
98.16
93. 2718
14. 7818
12.1214
103.1050
96.67
45.57
99.60
99.70
44. 9700
61. 7500
49. 2500
36.2200
48. 7800
55. 8300
48. 0600
65.8600
51. 5200
36.3700
48. 9000
56. 0800
% . 5273
63. 7764
50. 3605
36.2968
48 8350
55. 9623
96.71
95.40
105. 42
74.59
97.96
98.56
45. 2068
61.6688
49.0632
36. 4164
48. 8108
55. 9616
93.97
92.25
102. 71
74.84
97.92
98.56
53. 7464
73. 7351
57. 8636
36.7600
45. 4045
56. 6327
111. 72
110.30
121.13
75.52
91.08
99.74
SOUTH AMERICA
Argentina
Brazil ._
Chile
Uruguay
Peso (gold)
Milreis
Peso
._
do
ASIA
China
Do
Hongkong. _India
Japan
Straits Settlements
Mexican dollar
Shanghai tael .
Dollar
2
3
3
Rupee
Yen _
Singapore dollar
48.11
66. 85
47. 77
48.66
49.85
56.78
OTHER RATES
[In cents per unit for foreign currency]
Recent quotations4
Country
Unit
Rate
Bolivia
Colombia
Danzig
Ecuador
Egypt.
Estonia
Java
_
Boliviano
_
Peso.
Gulden
Sucre
-_. Egyptian pound..
Estmark.
Florin
_
1
2 Noon buying rates
3 Rate on franc.
38.93
97.33
19.47
48.67
494. 31
40.20
Recent quotations *
Unit
Country
Par
34.00
97.9/1
19.39
18.31
497.22
.27
40.18
Par
Date
Feb. 25.
Do.
Dec. av.
Feb. 25.
Nov. 30.
Jan. 29.
Feb. 25.
Rate
Latvia .
Lithuania. _.
Peru...
RussiaAfrica
South
Venezuela..
Lat
19.30
Litas
_ _ 10.00
486.65
_ Libra
514. 60
Chervonetz.
486. 65
_ Pound.. _ .
19.30
Bolivar.
19.28
9.80
364.50
515.00
485.01
18.75
Date
Jan. 29.
Do.
Feb. 25.
Do.
Feb. 22.
Feb. 25.
for cable transfers in New York.
Silver currency. Parity represents gold value of unit in 1913, computed by multiplying silver content of unit by New York average price©!
silver for 1913. This average price was $0.61241 per fine ounce, which compares with an average price of $0.58210 for February, 1927, $0.56118 for
January, 1927, and $0.67108 for February, 1926. The corresponding London prices (converted at average rate of exchange) were $0.58765, $0.56603,
and 4$0.67482.
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.
212
FEDERAL RESERVE BULLETIN
MARCH,
1927
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
[Pre-war=100]
Europe
France
Year and month Austria
(gold Belbasis) gium
1925
July
August
September.October
Novflrnhor
December
1926
January
February
March
England
Bul- Czecho- Den- (Board Finslo- mark *
garia vakia i
land
of
Trade)
Germany2 Hungary
Feder- 'Federal (gold
Statis- al Re- Statistical basis)
tical serve
Bureau Board Bureau)
NorItaly Nether- way Poland
lands (Oslo)
137
131
127
127
125
125
559
567
577
575
569
565
3,041
2,870
2,834
2,823
2,822
2,913
1,009
993
996
989
977
977
206
189
168
163
158
160
157
156
155
154
153
152
1,118
1,142
1,133
1,121
1,118
1,120
557
557
556
572
606
633
490
491
482
482
498
518
143
144
144
143
141
140
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
June .
July
August
September
October
November
December
122
120
119
119
118
124
126
126
123
125
128
127
560
556
583
621
692
761
876
836
859
856
865
860
2,901
2,899
2,844
2,774
2,938
2,842
2,838
2,759
2,723
2,716
2,739
2,718
966
950
938
923
928
926
948
962
973
972
978
978
157
151
145
141
141
140
141
143
141
145
150
145
151
149
144
144
145
146
149
149
151
152
152
146
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
136
134
133
133
132
132
133
134
135
136
137
137
127
125
123
123
122
122
123
122
122
125
127
126
708
704
693
692
698
709
724
740
731
712
709
681
153
149
145
143
143
144
141
139
140
143
147
146
214
211
204
198
196
195
196
196
197
188
182
' 177
142
146
146
167
181
175
167
173
177
177
179
177
1927
J&nuEirv
130
856
979
141
140
144
1,088
622
591
136
661
145
170
April
IVIay
February
North and South
America
Europe—Continued
Switzerland i
United
States
(Bureau
of Labor
-Statistics)
Canada
Year and month
Russia i Spain
1925
July
August——
September
_
October
1926
January—
May
June
July
September
October
December
—
—
1927
Sweden
Africa
Asia and Oceania
Peru
Australia
China D u t c h
(Shang- East
Indies
hai)
India
(Calcutta)
Japan
(Tokyo)
New
Zealand
E g y p t South
(Cairo) Africa
188
175
173
174
175
179
188
184
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
157
154
155
158
161
159
198
200
201
200
198
194
161
161
160
162
161
160
151
151
152
153
145
140
127
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
159
154
151
149
146
147
145
147
146
144
146
146
192
188
184
181
177
177
179
177
175
174
171
170
159
159
157
156
156
155
156
154
153
153
151
134
134
134
133
128
129
129
129
129
129
130
130
124
179
186
146
146
145
147
151
199
203
:
173
157
156
156
155
156
155
154
170
124
120
122
126
126
* First of month figures.
* New index. See p. 214.
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 thefiguresrefer may be found on page 48 of the January, 1924, issue of the BULLETIN.
FEDERAL RESERVE
MARCH, 1927
213
BULLETIN
WHOLESALE PRICES—-Continued
GROUPS OF COMMODITIES
(Pre-war=100)
U N I T E D STATES—BUREAU OF LABOR STATISTICS
All comFarm
modities products
Year and month
Foods
Clothing Fuel and
materials lighting
Metals
and
Building Cheniimetal materials CHla ailU.
products
drugs
House
furnishing
goods
Miscellaneous
NonAgriagricultural cultural
14
5
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
H29
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
152
148
149
149
151
148
145
146
143
141
142
158
157
155
153
153
153
152
153
154
153
154
152
1927—January
147
137
150
167
180
124
170
122
157
118
143
150
ENGLAND—BOARD OF T R A D E
Not food
Food
All commodities
Year and month
Total
1926—January
February
March
April
May
JuneJuly
August
September
October-November
December
„
__.
.
.
_
_
1927—January
j
____!
Cereals
Meat
and fish
Other
foods
Total
Other
Iron and minerals
and
steel
metals
Cotton
Other
textiles
Miscellaneous
151
149
144
144
145
146
149
149
151
152
152
146
162
159
151
152
158
155
153
154
153
157
157
155
154
148
144
148
150
150
151
152
148
152
156
151
165
156
151
149
157
154
152
153
152
155
153
153
167
170
156
157
166
161
158
156
158
163
161
161
146
144
141
139
138
142
146
146
150
149
150
119
118
118
117
117
120
125
125
127
132
135
131
1.31
131
130
130
129
145
160
161
171
176
185
149
175
174
165
162
164 !
161 i
158 l
160
163
147
141
135
176
172
168
162
160
158
157
155
156
156
153
153
153
149
147
144
140
141
143
144
145
145
144
143
144
154
149
147
163
138
128
138
134
152
144
FRANCE—STATISTICAL B U R E A U
Industrial materials
Foods
Year and month
All commodities
Total
Animal
foods
Vegetable foods
Sugar,
coffee,
cocoa
Total
1926—January...
February. _
March
April
May
June
July
August
September.
October. _„
November.
December.
636
632
650
688
739
836
770
787
752
684
627
543
546
548
574
610
660
718
687
722
710
657
610
532
536
5£7
535
546
554
575
567
576
591
593
572
544
541
546
589
645
739
797
754
810
799
695
610
54S
567
56,5
608
657
699
840
784
825
754
697
675
707
708
700
712
751
802
932
837
840
786
706
641
1927—January...
622
618
566
631
729
721
Minerals Textiles
Sundries
709
652
941
925
914
929
990
1,030
1,217
998
996
873
748
664
645
643
631
646
681
725
801
771
768
763
693
631
737
780
682
627
645
653
753
922
214
FEDERAL RESERVE BULLETIN
MARCH, 1927
WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES—Continued
GERMANY—FEDERAL STATISTICAL BUREAU
[1913=1001
S9iq
Industrial
finished
products
Industrial r a w materials and semifinished products
Agricultural products
b*
goods
otal
P
Q
onsumer
uilding
material
PH
roducers
ubber
aper mai
rials ai
paper
oils and
fats
rtificial
fertilizer
<
echnical
hemicals
leather
metals
N "onferrou
«
O
to O
E
H
o
116
113
115
114
109
98
106
106
109
114
110
96.
97
97
102
101
87
84
167
158
150
140
142
126
91
86
90
97
95
82
126
128
131
125
119
120
151
145
146
150
148
142
174
165
163
163
163
160
133
122
127
135
130
123
105
110
116
113
105
102
211
212
208
217
218
209
130
139
142
136
117
102
139
135
134
132
131
130
98
96
94
94
94
92
125
131
137
141
139
129
32
31
28
29
26
25
144
135
135
138
145
147
156
142
142
148
152
146
162
158
158
163
167
161
134
126
125
130
133
133
184
182
183
188
192
182
128
133
139
142
141
143
104
119
133
142
135;
138
102
114
127
137
128
132
90
107
118
119
110
112
134
148
163
178
178
180
88
102
126
136
129
132
124
132
135
141
146
144
135
135
137
135
138
142
142
142
142
134
134
135
116
116
118
113
118
124
104
111
111
112
119
125
203
203
201
202
206
209
104
111
123
126
132
135
129
127
126
126
127
128
85
86
88
88
88
88
127
126
125
128
132
142
30
35
36
44
46
52
140
140
139
137
137
143
136
133
141
140
143
146
152
150
152
152
151
150
129
128
128
126
126
126
169
167
170
171
170
168
June
143
143
141
138
139
141
137
134
130
124
127
132
141
141
136
130
132
134
110
105
104
104
110
121
165
160
155
141
141
143
136
133
125
124
129
127
145
138
134
131
131
136
144
144
144
141
139
139
134
134
134
131
131
131
131
132
132
133
132
130
129
125
122
116
116
117
208
205
203
195
179
181
137
131
129
131
124
123
126
127
128
127
127
127
90
91
92
91
91
82
143 46
147 47
146 54
139 55
138 85
139 103
147
154
158
159
160
160
152
153
152
151
152
154
151
153
154
155
157
157
129
131
132
134
136
137
167
169
171
171
172
172
July
. August
September..
October
November..
December. -
143
144
144
143
141
140
135
139
139
136
134
131
133
125
118
111
110
116
125
134
139
133
132
126
153
173
179
186
183
168
129
119
116
113
109
111
138
140
140
136
130
131
140
140
140
139
138
136
134
134
134
133
132
132
128
127
126
125
124
124
120
125
125
127
126
123
182
181
181
180
175
168
127
124
122
118
116
115
127
128
128
128
128
128
84
85
87
88
89
90
137
139
136
132
131
130
126
104
106
125
143
132
161
162
162
161
160
160
155
155
155
154
152
150
158
159
160
160
160
159
138
139
139
139
139
139
173
174
175
175
175
174
1926—January
February. „
March
April
May
June
136
134
133
133
132
132
122
121
120
122
123
124
111
109
110
121
122
127
120
115
119
117
120
121
150
155
147
136
134
131
104
100
97
108
109
109
133
130
130
128
133
136
134
133
131
130
129
128
132
132
132
131
131
131
124
124
124
124
123
123
122
121
119
115
114
114
167
164
156
154
152
150
113
110
111
111
110
111
127
126
124
122
122
121
91
93
93
90
90
81
129 103
128 78
131 77
132 66
132 58
133 54
159
158
158
157
150
150
148
144
143
142
142
142
158
157
156
154
153
150
137
136
136
135
134
132
174
173
172
169
167
163
133
134
135
136
137
137
129
132
134
140
143
144
136
137
139
150
153
152
121
126
128
125
120
120
137
144
146
149
157
162
112
108
116
130
141
141
136
134
132
129
129
128
128
129
130
129
128
128
132
133
134
135
135
135
123
124
124
124
127
127
116
119
118
117
115
114
149
148
150
141
138
136
112
118
120
120
121
122
122
122
122
122
124
124
82
83
84
84
81
83
133
132
131
131
131
132
148
148
147
147
147
149
144
144
147
147
147
148
147
145
144
144
144
142
131
130
130
130
130
130
158
157
155
155
154
152
Mav
July
August
SeptemberOctober
November.
December.
§
w
54
52
55
56
51
48
goods
<
Textiles
Q
odder
>
pa
foods
oal
1925—January
February..March
April
S3
otal
July
August----September „
October
NovemberDecember. .
products
141
137
138
140
138
131
!
nimal
1924—January
February—
March ..__.
April—
May
June
59
attle
C3
egetable
a
!
<
olonial g
o
ides and
to
Year and month
u
NOTE .—This table gives for the years 1924-1926 the new index number of wholesale commodity prices recently constructed by the Federal Statistical Bureau. Thefiguresare taken from Wirtschaft und Statistik, No. 23, December 20,1926, where the method used by the bureau in computing
the index is described. The currentfiguresfor this index will henceforth be the ones published in the FEDERAL RESERVE BULLETIN to indicate
the movement of wholesale commodity prices in Germany.
215
FEDEEAL EESEEVE BULLETIN
M A R C H , 1927
RETAIL FOOD PRICES AND COST OF LIVING
RETAIL FOOD PRICES
[Pre-war=100]
European countries
United
States
(51
Bul- Eng- France Ger- Greece Italy NethAustria Belercities) (Vienna) i gium 2 garia land 3 (Paris) many (Ath- (Milan) lands
ens)
1925
July.
Aug
Sept
Oct . .
Nov
Dec
157
157
156
158
164
162
1926
Jan_.__
Feb
Mar...
161
May"."."
June...
July...
Aug...
Sept—
Oct
Nov
Dec
1927
Jan
Feb
119
117
114
114
113
116
115
117
116
117
117
118
Norway
Kussiaa
Switzerland
Can- Aus- India New
Zeaada 3 tralia (Bom- land
bay)
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
146
148
149
151
151
152
153
155
156
154
120
119
118
119
117
116
2,773
2,771
2,719
2,652
2,808
•155 2,717
177 2,713
187 2,637
184 2,641
194 2,597
2,618
2,598
171
168
165
159
158
158
161
161
162
163
169
169
480
495
497
503
522
544
574
587
590
624
628
599
143
142
141
142
142
143
145
146
145
145
148
150
1,760
1,738
1,805
1,821
1,817
1,870
1,849
1,871
1,890
1,933
1,986
1,973
681
676
654
645
664
657
654
660
652
654
630
631
148
148
147
146
146
146
146
146
149
148
148
146
216
212
205
198
195
194
198
196
193
191
186
184
226
230
234
241
250
243
236
234
231
230
234
235
165
163
161
161
159
159
159
157
158
160
159
159
157
155
154
153
152
149
149
150
147
147
148
151
155
154
159
163
163
162
159
157
155
153
155
158
151
150
151
150
150
152
155
153
152
153
152
154
154
153
152
151
151
151
149
149
148
147
146
149
116
117
118
119
119
118
117
117
117
120
119
117
167
164
592
151
152
147
174
236
158
153
155
152
148
116
130
135
140
144
146
148
161
158
157
159
158
157
154
153
155
157
158
159
Other countries
141
141
137
139
146
119
152
147'
COST OF LIVING
[Pre-war=100]
European countries
Massachu- Bel- Czech- Eng- Essetts gium oslo- lands tovakia
nia
1925
July.
Aug
Sept.
Oct-Nov
Dec.
1926
Jan
Feb
Mar..
Apr..
May
June.
July..
Aug
Sept.
Oct.
Nov
160
161
161
162
162
165
509
517
916
894
173
173
114
112
525
533
534
534
884
875
863
866
174
176
176
177
110
108
107
109
527
755
175
1,187
770
172
110
173
832
832
837
861
876
172
168
167
168
170
110
110
111
110
110
111
878
170
158
158
878
888
172
174
110
902
912
179
161
161
159
159
159
158
1,218
1,266
1,242
1,228
1,227
1,197
179
175
845
163
Fin- France Ger- Greece Hun- Italy Neth- Nor- PoSwe- Swit- Can- Aus- India South
erland (Paris) many (Ath- gary (Mi- lands way land Spain den zer- ada 3 tra- (Bom- Africa
ens)
lan)
land
lia bay)
1,166
1,175
1,172
1,163
1,159
1,175
1,183
1,213
1,203
1,197
1,193
1,197
854
526
521
529
558
579
637
681
684
705
164
159
730
Dec.
159
741
1927
Jan
Feb
158
108
107
Other countries
143
145
401
421
145
144
141
141
140
139
451
485
138
140
140
141
142
143
539
142
142
545
144
144
1,472
1S484
1,503
1,547
1,610
1,644
126
127
598
610
126
124
123
123
624
643
643
649
1,673
1,664
1,706
1,731
1,741
1,791
1,808
1,818
1,833
1,862
1,895
1,889
122
665
121
661
119
119
118
116
117
177
171
657
657
188
176
190
189 "175"
186
183
170
170
146
148
170
168
168
168
148 154
149
152
154 155
•
157
152
133
132
151
153
153
155
132
132
131
131
167
155
155
131
183
165
154
169
176
183
183
177
185
187 "I73"
183
183
186 ""l72~
163
162
160
160
160
154
131
154
153
152
150
150
131
131
132
131
130
181
178
159
217
188
190
187
190 "°17l"
—. -I- 213
168
159
160
150
155
153
153
155
157
195
197
191
159
193
159
149 158
149
150
151 - - - - -
158
152
164
145
196
144
1 New index, on gold basis, July, 1914^100.
218
190
190
171
647
672
116
116
225
652
114
114
234
174
647
642
652
650
649
116
248
146
149
149
152
157
173
170
179
174
171
157
161
155
130
155
155
130
131
154
156
131
129
156
155
2 1921=100.
3 First of the month figures.
NOTE.—-Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April,
1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible.
216
FEDERAL RESERVE BULLETIN
MARCH,
1927
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA
ENGLAND
PRODUCTION
Coa]
Pig Crude
iron steel
Raw
cotton,
visible
Fin- supished ply 2
steel
Thous.
Thousand long tons
1925
July
__.
August
September
October
November
December
bales
493
445
449
474
494
503
1927
January...
124,577
532
440
556
564
553
552
640
704
784
661
46
35
32
52
96
94
98
319
558 1,181
583 1,186
558 1,114
498
124 M 3 3
184 1,107
141 1,072
146 1,034
184 1,021
175 1,186
435
435
1926
January
February
March
April
May
June
July
August
September
October. _
November
December
590
477
640
652
654
607
534
502
569
539
89
42
18
14
13
13
13
98
20,174
17,207
23,679
19,718
20,157
731
731
2
i Five weeks.
UNEMPLOYMENT
TRANSPORTATION
779
871
1,091
1,243
1,452
1,657
Iron
and
steel
manufactures
Coal
Cotton Raw Raw Raw
wet
cotufac- ton wool hides
tures
Million
sq.yd
Thous.
long tons
British
railways
Freight- Freighttrain train
receipts traffic
I Thous. Thous. Thous.
sterpounds tons £ling
Million
pounds
307
288
273
369
322
341
4,442
3,272
3,902
4,382
4,338
4,6"
375
348
364
371
329
63
66
80
181
237
287
42
28
29
32
47
86
11,691
10,476
11,281
8,935
11,884
10,755
5,643
4,806
5,235
5,734
5,122
5,074
337
339
407
313
274
231
244
164
160
194
166
159
4,148
4,340
4,703
4,291
1,448
34
7
2,184
5,225
4
5
360
370
407
285
308
331
364
301
315
312
281
242
194
149
139
125
108
104
103
79
78
161
241
255
107
103
81
108
79
71
52
35
24
34
55
68
12,412
11,417
9,774
12,281
6,088
4,487
7,809
9,844
8,792
9,870
8,682
10, 599
5,142
4,796
5,283
5,224
8,724
8,619
9,928
8,766
3,287
5,332
5,312
5,380
6,197
7,185
8,020
8,714
9,217
8,805
8,625
3^351
3,543
3,341
3,411
3,364
3,007
4,177
Capital
Among
issues
trade- Among
union- insured
ists
Million
tonmiles
9,284
1,718 219 4,093
End-of-month
Ships
cleared
with
cargo 3
; Thous.
Per cent
1,665
1,339
1,489
1,610
1,524
1,570
11.2
11.4
11.4
11.3
11.0
11.0
11.2
12.1
12.0
11.4
11.0
10.4
1,601
1,567
1,748
1,559
452
733
751
783
910
1,144
10.6
10.4
10.1
10.0
13.2
12.9
13.2
13.3
13.6
13.6
13.2
12.2
11.0 29,236
10.4 26, 617
22,930
16,425
14.3 10,479
14.6 28,876
14.4 25,115
14.0 2,124
13.7 17,672
13.6 31, 757
13.5 29,549
11.9 23, 769
3
18, 576
2,650
33, 664
26,362
31,874
24,240
12.1101,322
237
118
325 237 118 11,612 4,949
figures.
£ sterling
^ Coal strike.
Includes Irish Free State.
FRANCE
EXPORTS
PRODUCTION
Coal*
Pig
iron
Raw
cotton
Crude Cotton Cotton Total Total for conyarn cloth volume volume sumpsteel
tion
Thousand metric tons
Thous. Pieces
kilo- of 1.000
grams meters
TRANSPORTATION
IMPORTS
Thousand
metric tons
Unemployed
receiving
Raw
Ships Freight- Receipts
Coal
municisilk
of princicar
for con- for con- cleared loadin
pal rail- pal aid 2
sumpwith
sumpParis
ways
ings
tion
cargo
tion
Metric tons
1925
July
August
September
October
November
December
1926
January
February _
March...
April
May
June
July
August
September
October
November
December
1927
January
1
2
metric Thous.
tons
tons
Average
daily
number
Thous.
francs
Number Number
4,509
4,894
5,189
5,503
5,168
5,207
724
713
717
739
740
748
625
617
632
668
647
659
10,136
10,354
10, 755
11,314
10,475
11,124
26,179
25,017
26,631
28,502
23, 623
26,065
2,417
2,447
2,700
2,474
2,551
2,612
3,531
4,314
4,204
4,572
3,978
4,005
16,827
12,254
18,437
23, 727
31,871
64, 488
400
473
538
685
834
797
1,366
1,481
1,636
2,041
1,596
1,453
3,478
3,366
3,379
3,422
2,902
2,805
4 964,167
58,037
800,525
60,143
64,107 41,063,680
824,606
66, 542
760, 673
65, 957
63, 437 41,002, 717
111
97
75
78
103
191
142
124
78
108
118
153
5,364
5,190
5,833
5,272
4,997
5,524
5,572
5,500
5,518
5,738
5,770
5,773
763
707
772
768
783
778
792
814
785
816
790
827
661
630
726
683
667
694
718
704
706
742
714
741
10,477
10,455
11,442
10,505
9,824
11,075
10, 522
10, 772
10, 783
24, 916
24,912
29,961
26,009
24, 761
27,899
24, 946
26, 736
27,194
2,271
2,752
2,919
2,593
2,625
2,745
2,869
2,860
2,629
2,689
2,669
2,809
3,629
4,145
3,946
4,183
3,607
3,894
3,608
3,883
3,649
3,488
3,442
4,039
43,424
49, 673
13,954
30, 514
20, 560
22,364
20,068
18,131
22, 968
28, 686
44,881
53,023
545
193
842
428
548
687
548
535
471
486
1,432
1,605
1,342
1,671
1,220
1,223
1,095
1,294
1,108
1,075
2,823
2,429
3,064
3,225
3,191
3,362
3,183
3,336
3,390
3,462
3,125
3,177
60,808
66,179
67,329
63,193
62,075
64,856
61,478
63,487
64,600
67,923
66,125
60,775
774,896
845,890
854,374
* 1,081,574
904,876
947,997
i 1,268,949
1,082,127
i 1,453,913
1,157,491
1,095,165
i 1,367,997
252
250
157
117
81
62
47
45
49
59
138
7,737
136
144
134
94
132
149
127
'97
75
Coal and lignite, including Lorraine and the Saar.
End-of-month figures.
Thous.
Business
failures 3
25,576
3 Number of failures in the Department of the Seine.
Five weeks.
4
217
FEDEKAL RESERVE BULLETIN
MARCH, 1927
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA- -Continued
GERMANY
TRANSPORTATION
PKODUCTION
MaIron chinery
and
and
Lig- Pig Crude Pot- iron
elecCoal nite iron steel ash
manu- trical
factures supplies
Dyes
and
dyestuffs
Coa]
Iron
ore
Coal
Thous. Thous.
net
wagons
Metric tons
Thousand metric tons
1925
July
„ 11,24011,
1,650
11,06211,
1,463
August
1,949
September. 11,35511
11,950 12,759
October
November. 11,18911,940
December. 11,36712, 712
Raw Raw Cotwool cop- ton
per
Unemployed
Arrivpersons
als of Freight receivvesing
car
sels
State
loadin
aid
ings
Hamburg
Business
failures
Number
766
735
742
760
717
1,031
899
876
929
876
765
118.8
118.1
130.2
120.5
109.2
95.3
264,353
291,848
308,040
349, 831
321, 694
374, 706
38,22513, 4391., 350,70611, 18, 643 19, 678 1, 262,951 380, 686
:,
327
,
8,
37,852 11, 3091.,319,332 ~ 46218, 797 18,3771, 860,420 230,130
" '
",598 814,823
48, 89810, 880 I) 243; 768 5,479 16,103 17
50,230 14, 289 1,163,36612; 466 U, 065 36; 695 877,994 556,203
i,
2,466
39,21212,6661,029,540 .6,121 9, 691 49,
, ,
~ "~
"1,416 717, 792 626, 777
1,629 761,553 505,326
37,85411 358 1,014, " ' •
91116,361 8, 972 40,
1,442
1,436
1,272
1,419
1,305
1,277
3, 278! 197,248 797
3,132 230,727 751
3,240 266,078 914
~"
3, 570 363,961 1,164
3,139 673,315 1,343
2,7841,498,681 1,660
1926
J a n u a r y . __ 11,190 12,222
631
February- 110,61111,115
111,42411,835 717
March
668
April
-110,08610,067
736
May
110, 678
720
June
111,75611
.,202
768
July
_ 113,07411!
•,482
August-._ .112,87911,421 850
September.
-.112,78611,713 880
October--..13, 517 13, 223 935
983
November.
•Jl3,49612,754
December .i.13,77513,197 1,065
792
816
950
869
901
976
1,022
1,141
1,144
1,174
1,258
1,303
108.3
119.4
108.3
77.3
73.3
87.0
87.21
93. 7\
94.0
86.8
90.4
391,172
376, 553
466,364
450, 555
400, 645
423,094
466, 680
461,818
451,908
509, 762
472, 656
478,260
44,187111, 7981,005, 44016, 9678, 582 34,099 582,730 379, 644
45,496 12,030 1,379, 351 6,537 7,751 24,754 735,479 423,726
53,237; 14, 234 1,178, 54113,37711,065 21
065 21,524
428,176
47, 62013, 53l|l, 156,38211, "" 995 17, 632 777,368 417, 215
757 14, 467 779, 977 251, 514
40, 88211,560 1, 832,172 10,
38,04312, 525|2, 517, 73015,91113; 49116^ 224 793, 857 154,308
38,342 12, 668J3, 640,24715, 76912, 624 13,256 830, 810 118,281
38,05910, 946 3, 973,743 12, 830 13,330 16, 695 784,465 239, 619
44,352 11, 531 3,729,008 9,23414,188 22, 633 979, 507 132, 876
41,71611, 757 3, 690,267 8,068 14,468 37,195 ,123, 666 115, 636
1,
39, 50912, 084 2, 896, 42411,213 12,423 44, 423 985, 659 69, 427
40,815) 9, 434 2, 244,75914,966 17,837 61, 593,1.
341,252 136,195
1,285
1,226
1,296
1,350
1,317
1,461
1,714
1,675
1,586
1,529
1,531
1,436
2, 546 2,030, 646 2,092
2, 597 2,055,928 1,998
"
!,
3, 035 1,942,011 1,871
!,
1,
2, 789 . 781,152 1,302
.
!,
2, 917 1,, 744,126 1,046
.
3, 2611, 740, 754 913
475 1
3,475 1, 652, 281 701
3, 464 1, 548,138 493
3, 637 :, 394,062 467
i,
1.
!
1
3,, 950 , 308,293 485
.1
\, 934, 369,769 471
3,, 623. 747,281 435
;
,
1,
3,
1,509
1,827,200
,1927
J a n u a r y . . . 13,355 12,462 1,060 1,308
493
CANADA
Receipts at
Receipts stockyards in
EXPORTS3
IMPORTS
Toronto and
of
Winnipeg
Index
Con- wheat
at
Rail- Index Busistruction Fort
of
of
road em- ness
conindusWilrefailtracts liam
trial
ploy-1 ures 2
producMa- ceipts ment
News- Flour awarded and Cattle Hogs Planks Wood Wheat Coal Crude Raw chinand
petro- cotton
Coal print
tion
Port
boards pulp
leum
ery
Ar..
thur
PRODUCTION
19191924=
100
Thousand Thous. Thous. Thous.
short tons barrels dollars bushels
Mil- Thous. Thous. Thous. Thous. Thous.
Thousand
bush- tons gallons lbs.
lion
lbs.
dollars
els
feet
Number
Jan.17, dum1920= ber
100
1925
July
August-_.
September
October, _
November
December
119.5
125.1
124.4
138.5
148.0
135.6
748
998
1,196
1,572
1,665
1,561
122
121
125
138
131
137
1,340
1,029
1,601
2,308
2,127
1,738
22,179
31, 208
29, 746
29, 648
46,973
12, 675
6,662
1,178
45, 688
53,226
51, 535
53,453
51,026
64, 885
73,233
83,129
88, 560
58, 575
57,122
42, 823
38, 041
48,917
61,240
68,898
214 148, 625
224 148, 742
238 196,229
211 198,421
195 195, 675
165 186, 837
13,097
15,336
15, 876
41,896
34, 840
57,008
1,519
1,807
1, 595
1,499
1,308
1,377
30,753 4,159 2,745
62,380 4,343 2,882
39,423 5,746 2,703
44,129 10, 582 2,782
44, 690 15, 649 2,375
72, 344 19, 371 2,453
35,004
35,685
40, 922
46, 615
43, 771
35, 838
96.8
96.3
96.6
98.3
97.1
95.3
131
134
151
142
163
177
1926
January. _
February.
March
April
May
June
July
August--September
October. _
November
December
138.1
144.1
139.2
149.4
151.4
153.4
147.5
139.9
141.1
159.6
155.6
132.4
1,231
1,076
1,071
996
1,137
1,395
1,350
1,341
1,413
1,708
1,818
1,923
140
136
154
152
154
159
163
163
161
169
165
164
1,422
1,440
1,609
1,416
1,491
1,646
1,228
1,044
1,634
2,231
2.089
1)715
12, 669
13, 478
19,779
37,292
57,140
54,186
33,865
31,697
20,761
43,384
34, 973
13, 725
10, 536
3,968
3,211
1,807
17, 200
13, 572
6,404
1,521
32,797
56,098
60,440
26,310
53, 831
40, 981
51,535
44,136
50,007
45,917
47,371
62, 998
68,930
78, 729
83, 755
50,883
71, 833
57, 898
61,115
51,486
50, 633
53,390
42, 618
38, 720
38,990
50,171
72,425
71,630
127 166, 689
159 156,477
190 186, 255
127 111,959
172 138, 532
201 181,236
203 180, 639
209 135,171
186 214,14.8
198 183, 265
202 189,084
158 168,102
13,199
14,002
14,710
5,526
18, 971
27,792
16,306
9,541
10, 575
30,573
43, 947
44,879
1,209
1,120
1,808
1,102
1,238
1,284
1,474
1,449
1,398
1,576
1,460
1,462
38, 332
35, 485
39, 570
23, 957
43,143
48,072
56, 586
32,361
65,377
73, 870
55,181
58,460
31,952
29,889
35,190
32, 851
37,142
37,154
38, 577
38, 421
42,005
48,803
47,138
89.6
90.7
91.5
91.4
94.3
101.0
103.7
104.2
104.9
105.2
102.8
101.1
184
144
136
131
120
142
137
115
126
178
165
171
1927
January..
159.1
34, 312
94.8
191
162
16, 772 14,029 46,224 71,895
* First of month.
34509—27—6
2
52,222
19, 209
14,990
11,291
7, 380
9,732
8,568
6,929
4,958
5,536
12, 697
16, 882
16, 517
i
Total number of firms failing during month.
2,462
2,571
3,688
2,939
3,446
3,515
3,231
2,950
3,363
3,729
3,429
3,362
218
FEDEKAL RESERVE BULLETIN
MARCH,
1927
BANKING AND FINANCIAL STATISTICS
FEDERAL RESERVE BANKS
AVERAGE DAILY CONDITION FOB JANUARY, 1927, AND DECEMBER, 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
December
January
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
_
Total: 1927-26
1926-25
1925-24
1924-23
1923-22
1922-21
1921-20
1
January
December
January
December
January December
85,892
268,682
92,018
127,645
42,605
55,149
183,240
49,656
33,349
56,281
44,478
107, 528
104,026
338,620
109,102
160,128
49,211
74,523
215,642
68,755
35,692
60, 736
46,895
117,241
216,416
1,058,831
197, 655
282, 751
113, 008
183,313
396,871
85,315
89,795
105,185
72,343
263,023
215,528
992,808
194, 678
265, 587
116,930
171,281
372, 531
68,180
90,391
102,959
75,749
262,452
148,810
885,641
141,195
182,290
73,335
72, 723
331,215
83,325
52,278
90,880
62,156
176,356
150,252
879,596
139,419
181,215
71,010
71,802
329,801
82,823
52, 550
91,127
62,902
177,135
141,467
402,794
123,896
207,877
78,623
160,297
230, 689
47,004
66,346
70,191
45,960
178,655
158,320
408,051
139,730
225,101
87,032
167,827
241,810
47,415
68,685
72,653
50,087
189,725
74.6
82.2
74.6
72.5
74.4
78.7
70.6
65.5
75.7
65.3
66.9
74.1
69.8
77.1
69.7
65.4
74.0
71.5
65.2
52.4
74.6
62.9
67.1
71.5
1,146,523
1,231,337
1,072,077
1,000,668
1,191,191
1,304,165
3,034,655
..
Chicago _ __
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
December
January
1,380, 571
1,428,732
1,220,706
1,200,351
1,304,433
1, 517,194
3,313, 502
3, 064,506
2,922,466
3,072,677
3,241,596
3,201,969
3,043,984
2,287,274
2,929,074
2,805,791
3,056,709
3,168,984
3,166,019
2,994,982
2,221,573
2,300,204
2,289,298
2,276,911
1,979,913
1,981,717
1,800,989
1,822,600
2,289,632
2,281,484
2,255,346
1,931,408
1,891,457
1,755,226
1,821,746
1,753,799
1,736,653
1,754,356
2,112,873
2,288,527
2,272,057
3,177,656
1,856,436
1,817,473
1,884,318
2, 292,306
2,415,515
2,416,096
3,342,520
75.6
72.5
76.2
79.2
75.0
74.7
'47.5
70.6
68.5
73.8
75.0
73.5
71.8
144.7
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
1,601,114
1,552,754 j
1,552,6321
1,547,671!
130,515
128,814
127,504
125,767
427,658
394,075
383,982
373,889
51,921!
52,926
44,346
44,528
5,523
6,605
7,058
8,161
1,653,035
1,605,680
1,596,978
1,592,199
136,038
135,419
134,562
133,928
436,941
406,741
394,765
383? 283
125,578
125,326
115,888
115, 830
507,931
594,679
610,964'
616,854
28,397
31,812
28,863
25,701
111,637
152,167
159,370
152, 111
36,090
42,487
52,371
53,959
805,824;!
761, 504
772,410!
781,010'
36,580
32,749
33,526
34,298
524,205
500,023 28,264
502,878 27,934
511,188 28,258
Total
Gold with Federal reserve
agents:
Jan. 26
Feb. 2.
Feb. 9
Feb. 16
Gold redemption fund with
U. S. Treasury:
Jan. 26
Feb. 2.
„
Feb. 9
Feb. 16
Gold held exclusively against
Federal reserve notes:
Jan. 26
Feb. 2
„
.
Feb. 9
_
Feb. 16
Gold settlement fund with
Federal Reserve Board:
Jan. 26
.
Feb. 2
_
Feb. 9
_
Feb. 16._
Gold and gold certificates held
by banks:
Jan. 26
„
_
Feb. 2
_.
Feb. 9____
„
Feb. 16.._
Total gold reserves:
Jan. 26
Feb. 2
_
Feb. 9
Feb. 1 6 — .
...
2,966,790
2,961,863
2,980, 352
2,990,063
Phila- Clevedelphia land
113,974
112,819
111,460
110,434
9,283 11,604
12,666 12,507
10,783 4,428
9,394 5,396
RichSt.
Minne- Kansas Dallas
mond Atlanta Chicago Louis apolis
City
165,099 67,001 143,074 177,715
165,874 66,596 144,336 177,689
166,253 65,177 150,375 177,636
165,909 63,928 149,888 177,462
7,808
5,595
3,474
4,467
1,540
908
1,094
1,345
2,124
2,000
2,140
2,323
4,834
3,528
7,243
6,056
172,907
171,469
169,727
170,376
68,541
67,504
66,271
65,273
145,198
146,336
152,515
152,211
182,549
181,217
184,879
183,518
31,902
31,836
30,900
30,684
60,689
60,429
60,633
60,357
60,798
59,466
59,935
63,175
35,271
36,280
35,488
35,847
187,418
174,540
183,289
190,331
1,238
1,545
1,248
2,012
1,987
1,480
1,502
1,768
2,603
1,665
1,954
1,216
1,247
1,148
979
2,676
2,042
2,288
1,703
33,435 62,701 62,566 36,487 190,094
33,074 62,416 62,069 37,527 176, 582
32,445 62,113 61,600 36,636 185, 577
31,932 61,859 65,129
192,034
53,567 19,819 25,159 121,885 . 23,252
75,100 21,092 25,860 125,152
66,045 23, 719 26,212 125,423 20,297
62,940 24,304 31,785 142,826 22,535
50,116 13,452
51,207 12,897
51,352 12,685
52,390 12,740
San
Francisco
13,882
10, 548
15, 500
13,930
30,274
33,381
29,968
32,883
16,578 27,391
16,842 37,372
20,942 42,254
23,944 29,936
64,090
59,769
63,383
61,694
16,993
16,339
17,970
16,820
6,733
6,553
7,241
6,645
7,604
7,587
7,254
7,966
8,469
8,495
8,597
8,631
43,883
33,170
35,162
36,085
201,015 1,072,783 190,650 276,590 101,812| 175,074 368,524
1,058,931 196,077 297, 776 101,493] 176,647 366,138
196, 951 1,057,013 196,193 287,124 102,675 183,155 373,685
193,927 1,046, 582 198,047 285,7061 102,3171 188,291 388,038
73,680
72,279
70,712
71,287
83,316
79,517
84,854
82,434
100,444
103,037
98,822
105,978
61,534
62,864
66,175
69,401
261,368
247,124
262,993
258,055
4,717
4,451
4,428
4,295
MARCH,
219
FEDERAL RESERVE BULLETIN
1927
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Reserves other than gold:
Jan. 26
Feb. 2
____
_..
Feb. 9-____
Feb. 16
Total reserves:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
.„..„...
Nonreserve cash:
Jan. 26
Feb. 2
Feb. 9.
...
Feb. 16
Bills discounted:
Secured by U. S. Government obligationsJan. 26
Feb. 2.
„
,
Feb. 9
Feb. 16
Other bills discounted—
Jan. 26
Feb. 2
Feb. 9
„.
Feb. 16
._
Total bills discounted:
Jan. 26
.
Feb. 2._
Feb.9
Feb. 16
Bills bought in open market:
Jan. 26
Feb. 2
Feb. 9.
Feb. 16
U. S. Government securities:
BondsJan. 26
Feb. 2
Feb.9
Feb. 16
Treasury n o t e s Jan. 26
Feb. 2
Feb. 9
Feb. 16
Certificates of indebtednessJan. 26
Feb.2
Feb. 9
Feb.16
Total XJ. S. Government
securitiesJan. 26
Feb. 2
Feb. 9
Feb.16
Other securities:
Jan. 26..
Feb. 2
Feb. 9
Feb. 16
Total bills and securities:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
D u e from foreign banks:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
. ,
Boston
New
York
Philadelphia
Cleveland
Richmond
St.
Atlanta Chicago Louis Minne- Kansas Dallas
City
apolis
San
Francisco
166,072
166, 786
167,906
168,013
16,723
18, 358
18,885
19,114
32,960
33,407
34,989
35,099
7,658
7,543
6,"
5,284
11, 362
11,310
10,314
12,082
11, 577
11,719
11,598
11, 663
13,233
12, 297
11,808
11,074
27, 316
27,0827,778
27, 740
17,565
18,025
19,038
19, 334
4,
3,818
4,076
4,271
5,905
5,583
5,276
3,132,862
3,128, 649
3,148,258
3,158,076
217, 738
218, 338
215,836
213,041
1,105,743
1,092, 338
1,092,002
1, 081, 681
198,308
203, 620
203,136
203,331
287,952
309, 086
297,438
297, 788
113,389
113,212
114,273
113, 980
188, 307
188,944
194, 963
199, 365
395,840
393, 222
401,463
415,778
91,245
90,304
89, 750
90, 621
87, 396
83,335
88,930
86, 705
106, 531
108,94r
104,405
111, 254
79,109
71,849
74, 783
74,980
8,375
7,797
7,519
25, 268
23,149
25, 502
24, 715
1,812
1,922
1,""
2,049
4,635
4,315
3,441
4,817
7,742
7,34r
6,763
5,026
4,665
4,704
4,377
10. 095
8,898
10,124
10. "~
5,291
4,673
4,692
4,719
1,280
878
1,371
2,609
2,153
2,450
2,057
2,84'
2,566
2,668
2,686
4,129
3,491
3,588
4,022
189,939
203, 661
202,048
230,954
10, 222
11,862
10,340
10,163
41,628
61, 553
73,025
22,957
22,434
21, 590
21,671
33, 280
28, 560
29,189
25,9'
5,805
6,746
6,986
9,562
598
446
460
556
50,059
44,729
35,222
51, 568
7,658
6,518
7,007
429
449
454
3,776
3,205
2,396
3,707
12, 582
16,019
14,887
16,944
175,218 13,097
189, 610 14,426
177,017 13, 547
165, 516 12, 332
18, 564
15,190
23,907
20,718
12, 228
13, 765
12,828
12,658
17,905
25,079
19,441
17, 707
15,427
16,059
14,674
15, 559
27,473
27, 956
24, 372
24,562
32, 576
32,228
33,834
27, 303
4,722
6,586
4,671
18,978
24,987
18,399
15,858
60,192
76,743
96,932
101,605
35,185
36,199
34,418
34,329
51,185
53,639
48,630
43,682
21,232
22,805
21,660
25,121
28,071
28,402
24,832
25,118
82,635
76,957
69,056
78, 871
12,380
13,104
11,678
15,602
31,560
41,006
33,286
32,802
59,852
92,706
71,416 22,733
90,292 22,863
27,903
28,965
26,757
27,989
11,927
11,149
10,631
10,181
16,617
15,380
14,932
14,715
40,995 10,301 10,585 16,282 13,288 26, 505
40,915 11,306 11,110 15,586 13,392 26,453
41,363 11,262 10,138 15,768 12,759 26,282
38,189 9,830 10,100 15,156 12,534 24,388
1,301
1,367
1,499
2,665
1,251
1,279
1,338
238
253
257
297
20,469
21,060
22,242
20,586
2,636
2,705
3,193
3,490
7,659
7,693
7,783
7,783
8,372
8,962
8,641
8,642
5,850
6,004
6,212
6,220
385
532
823
824
6,723
7,723
7,204
7,455
7,455
7,958
7,958
2,1221
2,122
2,449
2,449
4,707
4,707
5,366
5,365
4,395
4,395
5,071
5,071
15, 791
15,790
16,860
16,85&
19,844 10,674
19,888 10,605
18,391
18,401
6,710
6,249
6,249
14,489
14,399
13, 561
13,561
13,885
13,793
12,932
12,932
22,697
22,551
21,191
21,191
7,
"•""
365,157
393, 271
379,065
396,470
23,319
26,288
23,887
22,495
301,827
329,072
302, 505
314,985
41,476
38,114
38,464
38,748
51,327
53,351
56,148
57,370
641
681
769
93,395
93,320
93,408
94,807
2,425
2,422
2,708
2,728'
12,558 15,543 18,683
12,557 15,543 18,683
14,489 15, 723 ii, r
16,389 15, 723 11,845
1,436
1,436
1. f '"
1)649
1,557
1,557
1,566
1,567
158,043
157,208
155,122
159, 646
6,5901
6,546
6,137
6,137
39,669
39,405
36,946
41,306
3,751
3,726
3,497
3,497
15,359
15,283
21)987
21,988
4,373
4,344
4,073
4,073
2
192
345
302,765
303, 879
304, 678
311,823
9,656
9,649
9,614
9,759
54,118 19,928
54,118 19,928
54,118 19,928
61,618 19,"""
35.343
35', 333
35,332
7,060
7,059
7,060
7,060
1,797
1,812
2,015
2,209
1,891
2,156
2,683
3,923
2,500
2,500
2,500
2,000
972,249
1,028,722
988,748
1,025,278
'657
657
658
658
634
659
708
708
47,036
47,601
48,356
46,191
174,162
223,567
222,466
253,515
657
657
658
658
83,209
82,123
79,079
79,120
8,594
69,
71, 342
74, 668
77,995
3,477
3,375
3,843
7,212
7,043
5,639
5,877
945
1,140
49r
668
3,168
2,814
2,330
2,161
4,297
3,926
3,829
4,432
10,988
10,248
8,035
9,584
4,113
3,954
2,822
2,829
9,077
8,842
8,401
270,445
255,966
271, 394
266, 537
20,765 16,491 27,568 24,130 38,873
20,765 16,481 28,068 24,192 38.873
21,117 16,481 27,568 24,215 38.874
21,414 16,481 27,568 24,223 38,874
2,000
2,000
2,'000
2,000
74,451
74,051
71,965
71,002
1,™
8,434
8,478
8,493
500
500
500
114,431
117,937
110,719
108,169
40,219
41,013
39.351
42,362
46,485
45,594
41,779
42,042
170,666
165,473
158,775
163,251
43,446
45,175
44,057
46,846
3,1,873
32,017
30,948
31,013
54,838
53,902
51,371
52,308
41. 531
41) 538
39,796
39,586
96,938
106,332
98,442
96,064
220
FEDEKAL KESEKVE BULLETIN
MAKCH,
1927
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Uncollected items:
^ . Jan. 26_———
Feb. 2
Feb. 9
Feb. 1 6 Bank|premises:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
All other resources
Jan. 26
Feb. 2
Feb. 9
Feb. 16—
Total resources:
Jan. 26
Feb. 2 —
Feb. 9—
Feb. 16
Boston
NewYork
Phila- Clevedelphia I land
159,121 53,144
160,576 58,594
136,514 50, 543
209,953 73,491
Richmond Atlanta
62,750 54,970
62,002 52,521
55,230 50,996
81,744 58,093
627,766
636,827
581,732
798,547
57,215
59,748
53,960
73,014
58,258
58,269
58,329
58,350
3,946
3,946
3,946
3,946
16,276
16,276
16,276
16,276
1,709
1,709
1,709
1,711
7,119
7,119
7,118
7,118
2,136
2,136
2,136
2,149
12,189
12,195
12,438
12,322
195
73
72
7:
1,974
1,980
2,358
2,347
334
345
357
367
1,013
1,020
964
1,017
27'
287
294
335
4,883,090
4,937,168
4,864,946
5,128,211
361,920
363,953
353,298
368,671
1,483,201
1,518,543
1,495,776
1,589,145
338,516! 477,900
348,313 501,479
336,785 474,910
~ 10,069 500,653
218,733
216,511
213,813
223,485
St.
hicago Louis Minne- Kansas Dallas
apolis
City
29,178 74,889 28,832! 11,757 36,164
25,496 77,520 30,916 10,527 37,323
26,133 69,678 30,540 10,492 37,489
30,691 102,914 36,968 13,371 42,553
2,864
2,866
2,865
2,866
7,842
7,842
7,899
7,900
748 2,683
2,700
747
740 ' 2,608
756 2,307
3,957
3,957
3,957
3,957
2,774
2,774
2,774
2,774
23,926
23,995
24,218
30,722
35,820
37,609
35,939
45,033
1,752
1,752
1,752
1,752
3,424
3,433
3,438
3,442
550
550
541
540
419
486
484
482
1,142
1,139
1,142
1,159
4,459
4,459
4,459
4,459
820! 2,034
817 j 2,051
787 2,091
778 2,162
San
Francisco
272,608
268,312
271,184
280,097
662,015
655,655
650,547
702,238
173,591
175,842
173,783
183,889
137,114
131,582
136,606
137,313
205,151
207,329
200,715
213,171
140,443
141,679
143,586
153,223
411,898
407,970
413,943
416,257
75,208
75,346
74,801
74,001
157,191
157,538
160,702
160,904
216,873
211,423
213,538
210,803
45,905
46,028
45,359
45,029
64,344
64,403
63,771
68,400
68,345
68,683
67,928
43,459
43,646
43,033
41,857
171,127
171,302
175,486
172,287
133,489 178,497 69,130
845,227 140,291 208,527 71,122
858,820 134,548 184,049 69,974
886,942 136,041 185,665 72,118
69,194
68,879
67,678
73,183
319,403
319,052
315,590
340,667
79,681
79,424
80,536
82,786
49,596
45,077
49,684
48,314
88,592 57,223
58,276 166,401
84,612 60,855 170,424
90,299 62,570 167,974
LIABILITIES
Federal reserve notes in circulation:
Jan. 26Feb. 2
...
.__.
Feb. 9_
Feb. 16
Deposits:
Member bank—reserve accountJan. 26
Feb. 2
_..
Feb. 9
•__
Feb. 16
__
Government—
Jan. 26
__.
Feb. 2Feb. 9
Feb. 16
.__
Foreign b a n k Jan. 26
Feb. 2
Feb. 9
.._.
Feb. 16
Other deposits—
Jan. 26
Feb. 2
Feb. 9
Feb. 16.
_...
Total deposits—
Jan. 26_
Feb. 2
Feb. 9
Feb. 16
Deferred availability items:
J a n . 26
Feb. 2
__.
Feb. 9
F e b . 16_._
Capital paid in:
Jan.26_
„
F e b . 2____
..„
F e b . 9____
F e b . 16.
_
Surplus:
Jan. 2 6 , . .
„..
Feb. 2
._„_.
Feb. 9
.
Feb. 16._.
All other liabilities:
Jan 26
.-_.
Feb. 2 . .
Feb. 9.
F e b . 16
1,688,485
1,686,515
1,694,120
1,685,431
129,866 395,571 119,353
128,840 406,771 117,331
125,871 . 402,947 119,253
125,074 405,474 119,809
2,191,753
2,241,946
2,221,130
2,288,588
146,469
148,805
144,360
142,029
28,999
32,768
23,345
28,521
2,090
1,839
2,602
2,567
4,437
13,170
3,650
4,634
1,120
1,614
1,707
1,751
771
597
1,434
2,887
3,794
1,926
1,079
2,986
2,583
2,531
1,762
1,910
6,114
4,912
5,350
2,534
1,661
1,261
1,309
1,313
i,:
1,143
1,:""
1,318
1,363
936
1,079
2,312
1,001
1,079
1,445
1,163
2,782
1,760
739
3,146
5,487
4,866
4,959
5,388
378
283
283
283
1,845
2,141
2,232
2,661
484
362
362
362
534
400
400
400
26:
196
196
196
206
154
155
155
695
520
520
520
217
162
162
162
151
113
113
113
186
139
140
140
1'
132
132
132
353
264
264
264
19,072
18,631
17,612
19,846
194
92
111
10,498
9,885
9,482
11,634
192
474
86
261
1,122
891
913
94
112
133
150
91
90
82
49
847
1,021
861
407
102
100
43
33
34
283
172
160
185
197
5,321
5,456
5,337
5,124
2,245,311
2,298,211
2,267,046
2,342,343
149,131
151,019
147,356
144,945
847,479; 135,285
870,423! 142,741
874,1841 136,703'
905,8711 138,415
180,924
210,415
186,796
189,891
73,280
73,356
71,382
75,450
72,074
71, 654
69,677
75,297
327,059
325,505
322,321
344,713
81, 966
81,176
82,293
84,544
51,202
46,493
51,171
49,942
90,232 58,443 178,236
92,028 59,520 173,881
85,933 62,466 176,764
92,851 63,916 176,508
584,540
587,680
538, 629
734,963
56,170
57,403
53,325
71, 913
49.736
54.128
46,678
67,672]
57,168
56, 516
49,447
73,561
51,221
48, 783
48, 524.
54, 93;
28,265
24,048
25,730
28,830
67.113
67,734
63, 607
95,549
29,707
32,645
30,131
38,315
10,038
9,594
9,527
12,108
25,598
25,585
25,135
34,534
37,416
37,583
36,452
42,234
125,523
125, 748
125,825
126,099
8,800
8,800
8,851
8,851
36,966
37, 059'
37,059
37,120
12,584!
12,584j
12.585!
12,622,'
13,773
13, 762
13,762
13,854
6,107
6,108
6,178
6,179
5,016
5,020
5,022
5,023
16, 787!
16, 856j
16, 832]
16, 920|
5,294
5,284
5,282
5,290
3,048
3,043
3,026
3,020
32, 775
33,229
32,378
38, 677
4,195
4,182
4.180
4,180
4,;
4,304
4,299
4,293
8,647
8, 746
8,749
8,747
228, 775
228, 775
228, 775
228, 775
17,6
17,6
17, 606
17, 606
61,614!
61,614
61,614
61, 614
21,267! 23,746
21,267 23, 746
21.267 23, 746
21', 267 23,746
12,198
12,198
12,198
12,198
9,632
9,632
9,632
9, 632
31,881!
31,8811
31, 881 i
31, 8811
9,939
9,939
9,!
9,939
7,527
7, 527
7,527
7,527
9,029
9,029
9,029
9,029
8,215
8,215
8,215
8,215
16,121
16,121
16,121
16,121
719
720
730
724
430
420
421
411
2,302 i
2,256!
2,368
2,372|
:
770
779
772
955
939
952
945
520
516
512
506
422
409
438
351
337
371
360
10,456
10,239
10,551
10,600
347
285
289
282
139,333
140,432
117,695
176,637
2}238
2,244
2,277
2,429
2911
262 j
299
284
201,188
195,959
200,044
198,494
1,101
1,081
1,115
1,107
• 51
MARCH,
221
FEDERAL EESEEVE BULLETIN
1927
F E D E R A L R E S E R V E B A N K S — R E S O U R C E S A N D LIABILITIES, BY W E E K S — C o n t i n u e d
LIABILITIES—Continued
[In thousands of dollars]
Total
Total liabilities:
Jan. 26__
Feb. 2
Feb. 9
Feb. 16_.
Boston
_ 4,883,090! 361,920
4,937,1681 363,953
_____ 4, 864,946 353,298
5,128,211 368,671
New
York
Philadelphia
Cleveland
, San
St.
Atlanta Chicago Louis Minne- Kansas Dallas Franapolis
City
cisco
Richmond
1,483,201
1,518,543
1,495,776
1,589,145
338,516
348,313
336, 785
360, 069
477,900
501.479
474, 910
500, 653
218,733
216, 511
213,813
223,485
272,608
268,312
271,184
280, 097
662,015
655,655
650,547
702,238
173,591
175,842
173,783
183, 889
137,114
131,582
136, 606
137,313
205,151
207,329
200,715
213,171
140,443
141,679
143,586
153,223
411,898
407,970
413, 943
416,257
MEMORANDA
Ratio of total reserves to Federal reserve note and deposit
liabilities combined
(per
cent):
Jan. 26
_
Feb.2._
Feb. 9__
_.
Feb. 16
.
__.__
Contingent liability on bills
purchased for foreign correspondents:
Jan. 26
_
Feb.2
Feb. 9
_._
Feb. 16
Own Federal reserve notes held
by Federal reserve banks:
Jan. 26
•
_
Feb. 2.
Feb. 9__
_
____•__
Feb. 16
79.6
78.5
79.5
78.4
78.0
78.0
79.0
78.9
89.0
85.5
85.5
82.5
77.
78.3
79.4
78.7
75.4
76.1
76.9
76.7
-76.4
76.1
78.2
76.3
82.1
82.4
84.6
84.4
72.8
73.2
74.9
74.8
71.4
71.0
70.3
69.9
75.6
75.4
76.
76.2
67.2
67.9
67.5
69.2
68.7
69.2
70.8
73.7
77.4
74.2
77.0
76.4
94,674
77, 780
91, 978
92,329
7,090
7,060
6,878
6,878
26,322
9,728
25, 672
26,024
9,076
9,036
8,804
10,021
9,977
9,721
9,721
4,916
4,r~4,769
4,7"
3,876
3,859
3,760
3,760
13,047
12,989
12,656
12,656
4,065
4,047
3,944
3,944
2,836
2,824
2,751
2,751
3,498
3,483
3,309
3,294
3,210
3,210
6, 618
423,683
402,188
382,655
384,415
39,336
33,261
32,520
31,580
120,441
110,864
117,034
118,346
48,621
49,488
44,207
43, 625
28,964 20,962 28,805 50,916
30,668 18,520 26,575 52,639
20,461 17,645 27,031 50,147
20,668 17,197 27,251 49,808
4,992
4.502
4,236
4,350
5,979
6,077
5,014
5,370
15,425
13,648
13,579
13,573
7,947
7,704
6,774
7,359
51,295
48,242
44,007
45,288
6,420
6,420
FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS
[In thousands of dollars]
Total
Bills discounted:
Jan. 26
Feb. 2
.
Feb. 9
Feb. 16
Bills bought in open market:
Jan. 26
Feb. 2
Feb.9
Feb.16
Certificates of indebtedness:
Jan. 26
Feb. 2
-Feb. 9_1_
Feb. 16—_
___
Within 15
days
16 to 30
days
31 to 60
days
61 to 90
days
91 days to i
6 months
365,157
393,271
379,065
396,470
266,642
296,490
286,204
310,434
25,299
26,748
26,493
23,741
36,305
34,118
22,479
21,560
21,670
19,498
8,479
8,193
6,847
6,876
301,827
329,072
302,505
314,985
123,999
153,851
137,494
175,233
72,313
93,787
95,699
68,623
81,778
60,322
48,816
49,505
17,618
16,810
15,775
18,734
Over 6
months
6,119 |
4,302 I
4,721
2,890
158,043
157,208
155,122
159,646
41,069
5,421
4,360
107,997
112,669
105,017
110,459
1,189
1,3991,546
1,803.
50,046
44,539
44,684
44,827
222
FEDERAL RESERVE BULLETIN
MARCH, 1927
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal reserve notes received
from comptroller:
Jan. 26
Feb. 2
Feb. 9
_.
Feb. 16
........
Federal reserve notes held by
Federal reserve agent:
Jan. 26
...
Feb. 2
_
Feb. 9..
Feb. 16
_
Federal reserve notes issued to
Federal reserve bank:
Jan. 26
Feb. 2
Feb. 9
_
,
Feb. 16
_
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificatesJan. 26
Feb. 2
_....
Feb. 9
Feb. 16
_
—
Gold redemption fund—
Jan. 26
Feb. 2
Feb. 9 . . .
Feb. 16
Gold fund, Federal Reserve
BoardJan. 26
Feb. 2
Feb. 9
„„
Feb. 16
Eligible p a p e r Jan. 26
—Feb. 2
—
Feb. 9 . . . . . . . . . - _ . . . - .
Feb. 16
Total collateral:
Jan. 26
Feb.2
Feb. 9 . . . . . . .
Feb. 16
2,967,911
2,954,551
2,948,063
2,940,114
855,743
865,848
871,288
870,268
Boston
New Phila- CleveYork delphia land
RichSt.
Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas
71,597
71,230
71,255
71,519
89,875
89,615
88,819
88,543
112,135
110,803
110,272
109,511
25,454 62,960 167,800 20,700
26,354 63,665 166.800 20,700
26,354 62,444 164.801 21,660
26,354
164,900 22,140
19,552
19,552
19,402
19,402
28,310
28,810
28,010
28,010
17,747
18,047
18,797
18, 747
49,500
49,500
49,500
49,500
50,897
50,530
49,595
49,379
70,323
70,063
69,417
69,141
83,825
81,993
82,262
81,501
51,406
51,350
49,807
49,216
222,422
219,544
219,493
217, 575
7,450
7,750
7,750
7,750
13,507
13,507
13,507
13,507
257,402| 804,092 201,474 284,092 121,624
255,701 19,715 199,319 280,867 120,220
277,245 118,800
254,391 812,061
252,654 815,900 196,934 275,902 117,552
33,500 53,940
88,200
93,600 292,080 32, 500 54,240
96,000 292,080 35,500 56,740
96,000 292,080 33,500 56,740
248,956
247, 778
250,177
251,050
2,112,168 169,202 516,012 167,974 230,152 96,170 185,996
184,113
2,088,703 162,101 517,635 166,819 226,627
220,505 92,446 187,733
2,076,775 158,391 519,981
156,654 523,820 163,434 219,162 91,198 188,155
35,300
35,300
35,300
35,300
102,401
96,904
109,744
101,453
11,215
9,514
18,204
16,467
1,177,467
1,097,923
1,084,961
84,000
84,000
74,000
74,000
221,000
161,000
151,000
141,000
651,717
694,440
666,719
689,590
64,795
64,402
62,351
61,243
2,252,831
2,247,194
2,219,351
2,237,261
195,310
193,216
189,855
187,010
435,589
430,862
428,486
425, 511
267,789
264,062
263,685
260,611
8,780 28,805 15,397
8,780 28,805 15,397
8,780 28,805 15.397
8,780 28,805 15.398
183,664
210,080
210,080
210,080
321,246
357,927
357,927
357,928
San
Francisco
22.994 12,097 11,319
22.995 9,942 12,094
22,902 11,583 12,473
22,809 9,557 12,129
5,196
6,791
5,372
4,123
6,677
4,939
8,978
7,490
2,715
2,689
2,636
2,462
3,152
2,786
1,850
1,634
1,182
922
1,126
850
101,877
102,877
99, 877
100,877
145,000
145,000
145,000
145,000
33,000
31,000
31,000
31,000
121,000
124, 000
126, 000
127,000
175,000
175, 000
175,000
175,000
21,300
21,300
21,300
21,300
110,472
153,082
160,909
181,498
58,803
54,405
53,450
53,469
78,078
78,966
74,710
68,737
32,254
33,419
30,877
32,386
44,389
43,414
39,335
39,360
538,130
547,157
544,891
555,387
172,777
167,224
164,910
163,903
243,177
244,840
240,963
234,646
99,255
100,015
96,054
96,314
187,463
187, 750
189,710
189,248
69,153 271,922
69,397 269,044
68,604
67,963 267,075
18,343
10,000
20, 000
18,308 20,000
18,308 20,000
4,
3,606
5,075
4,315
3,928
3,972
3,180
3,539
16, 654
16,365
16,078
46,000
46,000
46,000
46,000
55,860 13,000
55,860 14,000
54,860 14, 000
58,860 14, 000
160,430
137,886
146,924
154,253
123,385 22, 554
117,657 24,206
110,203 22, 709
116,854 25,110
14,616
14,726
13,635
14,184
27,197
25,730
23,687
24,621
17,336
17,220
15, 530
15,251
57,838
67, 213
59,323
56,877
301,100 54,456
295,346 56, 042
287,839 53,609
294,316 55,794
75,305 87,995 52,607 245,256
75,155 85,196 53, 500 241,753
74,268 83,622 51,018 242,612
74, 541 87,796 51,098 247,208
FEDEKAL KESEKVE
MARCH, 1927
223
BULLETIN
FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, JANUARY, 1927
[In thousands of dollars]
Total
Boston
New
York
Cleve- Rich- Atland monc lanta
Philadelphia
Chicago
Min- KanSt.
sas
Louis neap- City Dallas
olis
San
Francisco
HOLDINGS ON JAN. 31, 1927
Total bills and securities
Bills discounted..
Bills bought in open market.
United States securities
Other securities .
1,052,777
424,839
321,374
304,064
2,500
81,500 251,516
31,422 108, 702
40,326 88,432
9,752 54,382
84,710 106,58C 41,94 46,30 161,43C 45, 817 31,52
38,347 42, 951 24,10 29,69
75,20c 14, 532 3,972
24,411 28,230 10,74 14,818 38,803 1 10,452 10,528
19,952 35, 398 7,088 1,79
47,422 20,833 16,526
2,00C
500
54,00£ 41,160 106,281
11,45C 3,763 40,697
14,897 13,163 26,565
27, 658 24,234 39,019
Bills Discounted
Rediscounted bills:
Commercial and agricultural paper
n. e. s
Demand and sight drafts
Trade acceptances
Secured by U. S. Government obligations ._
Member bank collateral notes:
Secured by U. S. Government obligations. _
Otherwise secured
_
136,074
291
2, 572
17,178
8,021
10, 603
72
427
218
937
268
237,593
47,372
13,904
12,370 13,176 24,802
63
411
393
232
4,029
203
26
2, 48?
5,848
1,566
759
8,774
22
34
27,225
223
131
85
54
56
1
11
104
3
95,338
4,916
23,525
4,000
25, 625
4,322
6,863
3,704
364
3,985
41, 780
5,387
7,966
2,252
431
1,058
4,065
1,526
814
1,276
16,918
14,946
424,839
31,422 108, 702
38,347
42,951 24,106 29,692
75,205 14,532
3,972 11,450
3,763
40, 697
115,814
103,408
60,136
8,094
18,333
9,580
8,887
594
31, 736
28, 518
11,639
3,049
5,899
10,947
4,888
613
11,766
7,755
3,357
705
3,967
3,144
2,620
188
4,653
6,097
3,447
115
12,220
14,358
10,503
514
3,583
3,316
1,683
815
3,802
3,412
880
208
6,111
4,837
1,386
457
5,286
4,264
2,034
326
8,458
7,180
8,812
510
28,463
1,278
2,130
2,051
2,791
141
10, 475
616
2,130
269
1,998
66
2,865
830
506
1,125
83
815
240
2,207
19
2,106
1,248
5
1,497
108
321, 374
Total discounted bills __
1
40,326
88,432
24,411
28,230 10, 749 14,818
38,803 10,452 10, 528 14,897 13,163
26,565
52, 518
93, 603
157,943
2,155
740
2,422 ' 12,558
6,590 39,669
658
15, 543
3,751
1,368
18, 682
15,349
1,279
1,436
4,373
240
1,557
2
20,734 2,704
6,934 7,455
19,754 10,674
7,693 8,462 5,954
2,123 4,707 4,395
6,710 14,489 13,885
531
15, 791
22,697
304,064
9,752
54,382
19, 952
35,399
7,088
1,799
47,422 20,833 16, 526 27, 658 24,234
39,019
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
Bills payable in foreign currencies ._.
Total purchased bills.
I, 782
United States Securities
United States bonds..
Treasury notes
Certificates of indebtedness
„
Total United States securities
1
DAILY AVERAGE HOLDINGS
DURING JANUARY
Total bills and securities 1
1,146,523
Bills discounted.
486,875
Bills bought
345,448
United States securities
310,637
Federal intermediate credit bank debentures
3,523
85,892 268, 682
34,476 120, 787
41,266 87, 555
10,150 59, 704
92,018 127, 645 42, 605 55,149 183,240 49, 656 33,349 56, 281 44,478 107, 528
44,184 62,107 22,498 34,435 90,847 19,072 4,146 10,256 5,606 38 461
25, 854 30, 055 12,975 19,184 44,655 9,932 11,674 17,676 14,787 29,835
19, 980 35,483 7,132 1,530 47,738 20,652 16, 602 28,349 24,085 39,232
636
2,000
869
410
278
179
297
150
821
58.
2
7
3.81
4.00
3.74
3.52
3.80
4.00
3.71
3.44
4.00
4.04
887
EARNINGS DURING JANUARY
Total bills and securities 1
Bills discounted _
Bills bought
„
United States securities. _.
Federal intermediate credit bank debentures___._
_
3,698
1,654
1,095
937
279
117
132
30
12
412
211
95
ioel
137
76
41
20
183
117
61
, 5
\
600
309
141
150
3.90
4.00
3.74
3.59
3.85
4.00
3.72
3.70
157
65
31
61
108
14
37
54
178
351
56
87
138
19
47
72
340
131
94
115
3.65
4.00
3.72
4.00
3.72
3.45
3
ANNUAL RATE OF EARNINGS
Total bills and securities 1
Bills discounted-.
Bills bought
United States securities
_.
Federal intermediate credit bank debentures.
3.80
4.00
3.73
3.55
4.02
3.83
4.00
3.77
3.46
3.81
4.00
3.73
3.53
3.78
4.00
3.71
3.23
3.73
4.00
3.70
3.48
3.81
4.00
3.71
3.82
3.73
4.00
3.72
3.63
3.74
3.51
3.99
i Figures include municipal warrants for Minneapolis, average daily holdings, $40,403; earnings, $137.25, annual rate of earnings, 4 per cent.
224
FEDERAL RESERVE BULLETIN
MARCH, 1927
FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING JANUARY, 1927
[Amounts in thousands of dollars]
Boston
Total
Total Volume of Operations
Phila- Cleve- Rich- Atlan- Chidelta
cago
phia land mond
New
York
Min- KanSt.
sas
Louis neap- City
olis
San
Dal- Franlas cisco
_ 13,043,126 209,531 1,449,349 143,701 385,382 72, 520 57, 528 349,949 93,738 14,136 50,301 20,306 196,685
Bills discounted for member banks 2______ 2,628,747 161,584 1,245,264 133,107 368,261 64, 760 47,333 309,938 84,982
Bills bought:
In open market
_„
318,609 43,893
156,280 10,124 14,457 6,502 7,327 26,383 6,006
900
600
900
1,400
700
From other Federal reserve banks
100
3,308
10,108
United States securities bought:
300 2,268 11,568 1,243
680
In open market...
253
59,701 3,566
32,313
607
258
584
15, 111
388
2,334
1,160
From other Federal reserve banks
217
6,386 38,807
9,881 158,444
5,195
700
7,021
1,500
6,240 29,181
460
2,177
- 796
395
3,368
817
1,505
7,555
Bills Discounted
Rediscounted bills:
Commercial and agricultural paper,
798 4,054 '2, 904 6,843
116,083 2,496
n. e. s
6,473 6,858 10,616 9,162 21,459 37,936 6,484
11
82
684
28
175
980
Demand and sight drafts
57
15
174
433
109
264
Trade acoeDtances
43
1 461
39
327
30
4
21
8
99
49
46
593
1
68
Secured by U. S. Govt. obligations. __
267
Member bank collateral notes:
972 27,281 4,288 101,160
Secured by U. S. Govt. obligations. _. 1,996,065 75, 630 1,003,392 105, 521 325,378 30,801 5,893 249,242 66, 507
Secured by eligible paper 3
513,565 83,148 235,072 20, 688 31, 766 24,589 19,493 22, 529 11,271 4,616 7,464 2,577 50,352
_._ 2, 628, 747 161, 584 1,245,264 133,107 368,261 64, 760 47,333 309, 938 84,982
Total..
6,386 38,807
9,881 158,444
4.00
4.00
4.00
9.83
7.16
6.07
50.68 122. 69 91.86
608
758
988
14.75
53.52
817
9.55
80.29
700
86
11.3
149
15.1
88
10.8
160
22.9
1, 729 2,274
2,065
1,526
2,745
2,921
4,956
4,302
8,680
17,756
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
5.59
57.22
9,206
6.95
50.88
415
3.67
50.17
-917
8.98
54.57
769
4.10
53.48
853
4.88
51.18
580
12.90
57.96
475
10.39
53.73
1,326
2,825
30.7
165
39.8
352
38.4
388
50.5
295
34.6
232
40.0
166
34.9
541
40.8
48,828 11,209
7,984
868
6,081
2,013
3,804
6,530
91,407 3,470
178,374 29,214
25,448
122,848
9,256
7,876
4,489
3,523 12,209
7,644
4,277
318,609 43,893
Average maturity (365-day basis), per cent
Average maturity (in days):
Member bank collateral notes
Rediscounted bills
_
Number of member banks on Jan. 31
Number of member banks accommodated
during month
= ______
Per cent accommodated
_
156,280 10,124 14,457
7,327 26,383
6,006
5,195
7,021
6,240 29,181
110, 562 12, 651
71
4 341
196,940 31,084
3,599
87
3,096
11
30,141
81
124,189
30
1,773
4,356 4,534 15,982 5,099
25
215
38
1,647 1,724 7,691
907
2.544
271
141
13 1,026
4,064
5,851
1,131
1,021
8
141
4,047 6,880
1 2,864
2,191 19,310
121
1
1
203
33.4
Bills Bought in Open Market
From member banks
From nonmember banks, banking corporations, etc:
Bought outright
Bought with resale agreement.__
Total
Rates charged:
3K per cent __„
ty/a Der cent
33^ per cent
3j/o per cent
4 per cent
4JL. per cent
4!^! Der cent
4^. per cent
4 5 per cent
4|i per cent
Average rate (365-day basis), per cent
Average maturity (in days) 4~_
Class of bills:
Bills payable in dollars 4—
Bankers' acceptances based on—
Imports
Exports
D omestic transactions _
Dollar exchange
_ _
Shipments between or storage
of goods in foreign countriesAll other
_
Trade acceptances based on imports
Bills payable in foreign currencies
Total.__
_..-,-
__„
30
6
19
3.71
39.17
39,438
48,048
30,016
5,246
14,883
402
500
7,066 9,891
1 046
1,961 4,084
482
51
6,502
412
11
5
3.68
39.91
30
6
19
3.74
24.78
3.65
45.40
3.68
48.00
3.69
43.60
3.72
47.79
3.73
40.30
3.62
39.69
3.66
42.60
3.66
43.17
3.69
49.05
3.71
44.72
4,707
4,781
4,017
380
7,681
11,403
5,127
2,350
2,549
4,311
2,505
400
4,871
4,131
2,187
505
2,498
1,717
1,373
63
2,243
2,938
1,786
69
4,573
6,799
5,258
459
1,844
1,906
1,017
533
2,169
2,435
876
120
1,794
1,803
1,543
221
3,025
4,144
3,630
75
767
27
5,134
17
332
27
1,742
39
751
100
255
36
1,500
150
706
1,484
1,680
697
71
1,263
1,420
1
462
5
551
7,327 18,739
6,006
5,195
7,021
692
551
134
326
270
657
100
1,243
460
2,177
!
1,650
1,650
552
482
70
140,235 14,679
33,432 10,124 13,957
i
6,502
5,828 11,425
U. S. Securities Bought in Open Market
Bought outright:
United States bonds
Treasury notes
Certificates of indebtedness
B ought with resale agreement
Total
1
2
3
4
6r498
8,690
436
131
320
792
1,926
73
180
. 198
482
88
212 i
592
1,340
394
957
336
44,077
3,115
29,595
59,701
3,566
32,313
680
300
2,268 11,568
Includes $10,850,000 Federal intermediate credit bank debentures as follows: New York $9,850,000 and Minneapolis $1,000,000.
Includes $950,000 discounted for the Federal intermediate credit bank of Berkeley, Calif.
Includes bills taken under a resale contract.
Exclusive of acceptances bought under a resale contract.
440
674
1,065
3,368
1,505
1,150
16,217
253
2,694
225
FEDERAL RESERVE BULLETIN
MARCH, 1927
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
Federal Reserve District
Total
Boston
New
York
Philadelphia
Cleveland
, San
St. Minne- Kansas
Richmond Atlanta Chicago Louis apolis City Dallas Francisco
Number of reporting
banks:
Jan. 19
681
Jan. 26
_.
679
Feb. 2
_
679
Feb. 9
677
Feb. 16—
—
Loans and discounts, gross:
Secured by U. S. Government obligations—
136,984
4,679
8,933 45,009
10,471 21,483
Jan. 19
___
142,903
5,268
9,646 51,141
10,625 21,801
Jan. 26
59,057
148,844
4,922
8,180
10,777 21,107
Feb. 2
146,529
5,165
7,426 57,375
10,997 21,035
Feb. 9
55,270
144,660
5,167
10,593 20,556
Feb.16
Secured by stocks and
bonds5,522,514 344,557 2,299,728 429,593 553,541 151,103
Jan. 19
5,479,668 341,376 2,262,058 419,334 556,223 156,596
376
Jan. 26
734
Feb. 2.-.
_. 5,515,462 342,734 2,291,244 417,542 550,760 154,746
5,431,186 339,"' 2,201,053 413,471 560,480 150,611
584
Feb. 9
5,426,725 332,779 2,218,851 411,845 541,101 151,944
Feb.16
All other loans and discountsr
8,611,472 631,682 2,827,
,753 376,804 786,061 363,067
Jan. 19
_
_
8,577,486 641,054 2, 811.
,768 377,992 785,622 366,063
Jan. 26
8,563,891 642,481 2,814!
,,676 375,202 770,082 361,192
Feb. 2._
8,570,390 643,153 2,811
,235 376,730 773,453 364,898
Feb. 9
8,552,390 645,128 2,786;
i,749 369,516 787,241 360,667
Feb. 16
Total loans and discounts:
14,270,970 985,172 5,172,490 816,868 1,,361,085 518,849
Jan. 19
14,200,057 992,076.
1,363,646 527,927
5,124,967 807,9511!
~Jan. 26
14,228,197 993,395 \ 164,977 803,5211 341,949 520,860
:,
Feb. 2
069;
Feb. 9
_
_. 14,148,105 990,163 5; "1,663 801,198 1,354,968 520,674
14,123,775 985,797.
5,060,870 791,954i; 348; 898 517,778
Feb.16
U. S. Government securities:
2,327,166 135,056 933,113 89,199 260,280 65,210
Jan. 19
2,343,471 134,688 941,090 88,430 259,620 66,078
Jan. 26
2,344,186 135,235 943,810 88,323 260,314 65,646
Feb. 2 .
2,351,123 135,140 946,262 88,327 261,952 67,658
Feb. 9..
2,364,705 134,687 947,357
262,934 67,853
Feb. 16
Other bonds, stocks, and
securities:
,289 ,
Jan. 19
_. 3,190,599 253, 1. 209, 385 272, 563 359,393 68,394
3,196, 258 249, 009 . 213, 862 273,585 359,490 69,295
,
>,
1
Jan. 26
1
Feb. 2...
_. 3,215,435 251, 555 .,220,728 274, 228 360, 570 69, 825
3, 218,633 252, 6471, 216, 721 276,481 363,257 69,960
Feb. 9__
3,238, 570 254, "~ :, 216, 897 280,135 362,403 71,034
: 559 1
,
Feb. 16
Total investments:
5,517, 765 388,345 2,142,498 361, 762 619, 673 133, 604
Jan. 19_.
5, 539, 729 383, 6972,154, 952 362,015 619,110 135, 373
Jan. 26
5, 559,621 386, 790 2,164, 538 362, 551 620,884 135,471
Feb.2_._
5, 569, 756 387, 787 2,162, 983
137, 618
Feb. 9 - _ - . . .
5,603,275 389,246 2,164,254 368,534 625,337 138,887
Feb. 16.
Total loans and investments:
19,788, 735 1,373, 5177,314,988 1,178,630 1,980, 758 652,453
Jan. 19__
"
663,300
19, 739, 786 1,375,773 ", 279,919 1,169,966 1,982, 756
7,
Jan. 26__
',
656,331
19,787,818 1,380,185 7, 329, 515 1,166,072 1,962,833
Feb. 2
980,177
19, 717,861 1,377,950 7,232,646 1,166,006 1,980,177 658,292
Feb. 9_.
"'
19, 727,050 1,375,043 7,225,124 1,160,488 1.974,235 656,665
Feb.16
___
Reserve balances with
Federal reserve banks:
1,671, 569 90,417 773,832 87,208 125,223 41,077
Jan. 19
._..
718,397
1,606, 111
125,551 41,990
Jan. 26
.
1,652,129 101,290 733,249 84,844 152,402 43,246
Feb. 2..
1, 636, 551 97,005 748, 398 81,307 131,308 39,374
Feb. 9
1, 701,438 95,102 778,341 81,156 127,453 44,160
Feb. 16
..-.
Cash in vault:
271,326
21,282 73,095 15, 552 30,924 14,450
Jan. 19
__..
268,177
20,646 72, 764 15,916 29,269 13,810
Jan. 26___
..
258, 507
19,542 71,131 15,187 29,411 13,271
Feb. 2.___.
271,216
19,628 75,304 16,165 31,202 13, 686
Feb. 9_
254,224
18,818 69, 928 15,521 29,041 12, 793
Feb. 16
63
63
62
62
62
5,519
5,799
5,542
5,886
5,979
19,158
18,077
19,124
18,516
18,679
5,922
5,128
4,870
4,782
4,712
3,348
3,312
3,f"
3,328
3,372
108,452
108,639
108,481
109,568
110,067
863,987
858,262
879,366
876,024
874,221
189,449
192,722
187,887
188,927
186,709
76,654
77,349
81,041
80,013
81,040
390, 8951 ,265,971 309,171
389, 4741L, 251,149 306,369
387, 1121L, 253,128 310,560
387, 6921 248,025 310,185
L,
389; 254 1,246,340 308,403
504,866 2,149, 116
:9,
503,912 2,127,
17,488
501,135 2,151 618
II,
503,146 2,142; 565
505,300 2,139,240
4,168
4,144
4,242
4,265
4,429
2,265
2,238
2,115
2,120
2,359
6,029
5,724
5,610
5,634
5,654
115,074 73,345
116,808 73,520
111,308 74,719
116,380 76,894
114,440 80,251
317,031
316,781
315,634
318,181
323,477
162,774
160,422
158,098
156,654
157,372
296,944
294,460
297,029
299,391
302,687
240,877
236,407
241,807
247,570
249,231
959,473
956,706
952,524
951,404
949,802
504,542
504,219
503,317
503,894
499,824
242,776
241,083
242,437
239,995
241,784
416,186
415,412
412,579
420,036
421,556
316,4871. 282,533
,
312, ' •" ',279,211
318,
. 273,768
,
326,584 1, 275,219
331,"
,8411 . 278,933
,
278,732
282,981
288,113
284,104
286,140
65,723
65,502
67,858
69,603
72,392
63,928
65,383
65,316
65,656
65,228
59, 327 448, 778
451, 667
58,409 461,001
58,413 458,931
59,306 465, 581
121, 916
121,136
118,360
119,146
121, 994
48,580
49,165
49,821
50, 295
51,422
94, 522
94,850
94,123
95,291
95,985
23,482
22,982
22, 696
22, 780
23, 218
230, 970
232,231
234,119
234,711
236,036
95,941
96, 662
96,499
96, 712
98, 815
187,639
186,638
186,218
188, 749
194,386
112, 508
114, 548
115,137
115, 951
116, 650
193,369
196,000
196,661
197,536
199,280
72,194
72,012
71,108
73,102
74, 751
482, 722
484,074
474,650
476,266
481,414
600,807 2, 876,626 692,181
600,574 2,862,136 690,857
597,634 2,900, 732 689,535
599,858 2,885,600 692,643
604,115 2,890,961 694,210
355,284
355,631
357,574
355, 946
358,434
609, 555
611,412
609,240
617,572
620,836
36,614
37,676
38,090
38,299
39,509
727, 510
734, 648
749,114
743,035
751, 721
43,681
40,434
40, 506
38,370
44,608
244,433
237,993
238,074
235,495
257,266
47,087
46,400
44,138
47,482
49,890
10,933
11,366
10, 735
10, 904
10. 9431
47,270
46, 591
43,677
44,411
42, 235
7,750
7,601
7,332
7,588
7,239
98,847 48,710 251,752
101,150 49,032 251,843
102,538 48,412 240,531
102,245 50,322! 241,555
103,295 51,533 245,378
25,283 53,331
23,944 55,138
20, 513 57,055
51, 599
23,638 56, 757
5,665
5,666
5,487
5,756
5,592
388, 681 1, 765,255
1771,
38V ~ 1, 763,285
7491, 748,418
389,
, 751,485
406; 592 1, 760,347
29,847
27,871
28, 720
30,850
31,679
110,150
110,623
108,092
110,674
111, 388
10,247
9,880
11,730 10,018
12,886 10,539
11, 775 9,858
21,870
22,285
12,288
23,147
20,481
226
FEDERAL EESEEVE BULLETIN
MARCH,
1927
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Federal Reserve District
Total
Boston
New
York
Jan. 19- _
13,027,153
Jan. 26
12,878,603
Feb. 2
.12,972,100
Feb. 9 - _ —..'12,856,929
Feb. 16
„._
il2,939,058
Time deposits:
!
Jan. 19
| 5,864,219
Jan. 26._
_i 5,874,332
Feb. 2
! 5,877,458
Feb. 9
5,893,331
Feb. 16
5,902,012
Government deposits:
Jan. 19
I 119,527
Jan. 26
j 119,588
Feb. 2
i 119,734
Feb. 9
i 101,787
Feb. 16.___
|
101,790
D u e from banks:
I
Jan. 19
L__
Jan. 26
'
- Feb. 2
1,201,901
Feb. 9
1,132,284
Feb. 16
1,193,804
D u e to banks:
J a n . 19
--_.
Jan. 26
Feb. 2
1 3,340,340
Feb. 9_
— — 3,289,468
Feb. 16
3,343,966
Bills payable and rediscounts with
Federal
reserve bank:
Secured b y U. S. Gove r n m e n t obligations—
Jan. 19
126,107
Jan. 26
114,165
Feb. 2
! 127,436
Feb. 9 ..
_.._! 135,254
e
F b 161 6 1 6 6 0 1 5
166,015
Feb.
Cleveland
St.
Richmond Atlanta Chicago Louis
Minneapolis
City
Dallas
San
Francisco
|
Net demand deposits:
All otherJan. 19
____
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Total borrowings from
Federal reserve bank:
Jan. 19
Jan. 26
_
Feb. 2___
Feb.9__
__
Feb. 16_.__
Philadelphia
5,641,405
910,028 5,1
5,
907,042 5, 544,917
916, 638 5,608,017
5, i
906i 814 5,496,944
912,619 5,505,022
.
794,295 1,015, 856
344, 668 1., 746,133 409,16l|
:,
>
1
778, 520 1,025,293 392, 954 340, , 642 L, 723, 397405, 686
L,
775,454 1.
— •"• ',032,306 384, 916 341, 985 1 760, 764401, 205
.,
L,
773,""" '1023,622 384,988 339, 317 1 752,517 407,016
! 820 ,
,
344^ 463 1,783,768 411,872
769, 853 1.024,402
,
>,
423,147 1,362,397
1,
424," 1,365,977
1,376,707
423, 784 1
251, 505
251,246
250,039
248,009
252,742
818,910
823,245
833,232
830,285
827,983
212,143
214,662
212,125
219,122
213,944
17,036
17,036
17,036
14,760
14,759
9,610
9,675
10,176
8,314
8,314
3,443
3,461
3,443
3,024
3,028
422,0681,383,837
420,157.1,392,230
12,272
12, 270
12,270
10,096
10,095
36,206
36,206
36,206
31, 111
31, 111
60, 511 142,169
48,450 125,601
50,611 140,102
211,180 489, 789 271,749
492,019 270,195
493,572 270,221
493,908 278, 529
503, 741 287, 884
775,201
785,140
790,470
146,238
146, 734
147,205
147,153
147,817
102,986
101,781
103,223
109,381
108,662
916,039
922,619
889,515
887,984
894,419
1,697
1,697
1,697
1,447
1,447
3,997
3,977
3,977
3,311
3,312
12,297
12,297
11,930
10,262
10,262
68,454 109,181 60, 399 77, 921 228,486 65, 557 53,167 135, 229 73,446
60, 376 99,226 56,448 78, 290 209, 589 66,852 43,006 134, 693 69,055
65,928 108, 856 54, 553 82,058 235, 814 61,936 46, 887 138, 703 68,440
127, 381
140, 698
139, 916
212,240
211,821
214, 314
216,648
225, 526 1,052,603 226,375 126,350
125,366
225,4911,
L, 057,583 231,504 123,294
229,
'
[, 062,938 231,858 122, 731
227,
1,058,685 232,415 122,925
230,033 1
7,614
7,614
7,611
6,724
6,724
11,645
11, 645
11,645
9,442
9,442
3,082
3,082
3,082
2,763
2,763
628
661
533
533
800,391
155,013 1,
188,273 249,228 114,898 118, 873 517,403 153, 336 94, 779 232, 048 110,718 249,083
143,265 lj 108,110 174,473 255,955 115, 615 126, 641 506,967 152, 568 93,984 231,651 115, 529 264, 710
,
145,3321,, 172, 872 181,447 260,233 114,475 117, 870 516, 502 145,657 94, 945 231, 513 114,577 248, 543
7
207
7
6
7
39,866
38, 728
32,328
23, 288
41,833
2,969
2,080
815
2,090
4,150
4,348!
5, 768i
6,644
5,944
8,735
14,263
11,364
11,416
8,973
10,460
21, 591
16,204
17,403
19,308
13,332
3,347
491
1,247
659
1,218
1,175
1,310
6,217
8,106
9,736
33, 622 9,748
28,992 13,109
14,270
11,571
11,423
8,979
10,467
61,457
54,932
49,731
42, 596
55,165
6,316
2,571
2,062
2,749
5,368
726
465
1,471
375
1,180
35,461
28,110
47,820
61,410
68,050
7,185
5,350
5,705
5,760
6,340
22,889
22,355
17, 521
19,441
16,144
121,640
82,939
95,337
88,136
76,414
5,165
8, 779
10,369
10,
33, 570
9,038
4,803|
14,726)
9,669
3,171
2,564.
3,706
3,305
4,163
17, 691
12, 353
19,400
247,747
197,104
222,773
223,390
242,429
5, 891
9,244
11,840
10,384
69,031
37,148
52,623
76,136
77, 719
10,356
7,914
9,411
9,065
10,503
40,580
34,708
36,921
14,181
12,848
»
2,338
3,092
3,804
4,374
3,032
2,017
2,147
1,407
2,747
1,412
575
780
120
295
10,691
11,905
15, 715
17, 518
20, 760
1,' 023
1,465
1,611
2,543;
2,192
1,125
1,419
2,244
1,720
1,433
898
660
13,464
10,805
15,698
7,985
4,157
1,175
1,345
1,061
1,058
1,600
4,560
4,339
2,532
4,166
3,656
2,295
2,213
1,018
955
24,155
22,710
31,413
25, 503
24,917
35
35
35
135
FEDERAL RESERVE
MARCH, 1927
227
BULLETIN
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
City
Total
Boston
New
York
Philadelphia
Cleveland
Number of reporting banks:
Jan. 19
—_—
_.
226
226
Jan. 26
_
.
226
Feb. 2
226
Feb.9
225
Feb. 16
.._
Loans and discounts, gross:
Secured by U. S. Government obligations—
9,735
42,050
91,190
7,320
7,481
Jan. 19—._
—
9,913
48,182
. 96,831 8,199
7,741
Jan. 26——
10,065
6,731
56,136
103,612
7,332
Feb.2_—_„.10,281
5,988
54,610
100,920
7,325
Feb.9_—6,452
52,476
98,454
6,859
Feb.16
Secured by stocks and
bonds—
3,862,164 255,7771,994,245 375,675 185,183
Jan.19
3,826,198 256,4681,961,985
184, 636
Jan. 26
1,988,161 365,742 187, 663
Feb. 2
_ 3,877,900 255,842 1.
3,777,254 251, 142 L, 895,178 361,253 189,371
, • 1
"
Feb.9_._—.3, 772,407 244, 329L, 907,263 359, 591 182,735
:
,
I
Feb. 16_
All other loans and discounts,
),
2,
Jan. 19
. 5,290,816 479, 827 ! 475,645 336, 776 380, 611
2,460,252 337,812 380,204
Jan. 26
—_„_ 5,264,930 486,5782!
),289 2!
5,285,277 489, " 2,471,113 335, 535 379,365
Feb. 2.
—.„.
5,286,234 492, 4121,472,056 336, 728 380,090
!
,
2,
Feb. 9_—
5,254, 609 494, 272 1,445,576 330, 064 387,153
t,
2,
Feb. 16
-Total loans and discounts:
t,
9,244,170 743, 085 4, 511,940 722,186 573,114
Jan. 19
1,470,419 714, 674 572,581
9,187, 959 751, 245 4,
Jan. 26—_
_
[,
9,266, 789 751, 862 4, 515,410
711, 342 574, 360
Feb. 2
._-_
I,421,844
9,164,408 749, 542 4,
576,786
Feb.9_—
1,405, 315 i9,523 576,747
9,125, 470 745, 0531
Feb. 16
_>_.
17. S. Government securities:
Jan. 19
-__
.._ 1,420,341 66, 653 843,800 72,219 62,165
Jan. 26
_ 1,432, 772 66,658 852,128 71, 440 62,235
71,322 63,861
Feb. 2
$___ 1,439,279 67,211 854,353
Feb.9_
.„___ 1,436,230 67,277 854,603 71,334 62,173
1, 439, 023 66,275 855,525
71,401 62,122
Feb. 16
„
Other bonds, stocks, and securities:
228, 238 90, 777
1, 760, 279 110, 626
Jan. 19
1, 762,418 105, 952 897, 519 228, 730 91, 724
Jan. 26Feb. 2
_.._ 1, 773, 679 107, 666 900, 454 228, 734 90,459
1, 770,061 107, 235 895,498 230,490 89, 579
Feb.9
1,782,888 108,972 890, 701 233, 548 91, 561
Feb. 16
Total investments:
,
1
3,180, 620 177, 279 . 738,679 300,457 152,942
Jan. 19
,
1
3,195,190 172, 610 . 749, 647 300,170 153,959
Jan. 26_
L 754,807 300, 056 152,320
,
3,212, 958 174,
Feb.2
L 750,101 301,824 151, 752
,
3, 206,291 174,
Feb. 9
3,221,911 175, 247 L, 746,226 304,949 153, 683
1.
Feb.16
Total loans and investments:
022, 643 726,056
12,424, 790 920, 364 6,250, 619 1
Jan. 19
014, 844 726, 540
Jan. 26
.__ 12,383,149 923,855 6, 220, 066 1
12,479, 747 926; 739 6,270,217 1,011,398 726, 680
Feb. 2
12,370, 699 924,054 6,171,945 1,010,086 728, 538
Feb. 9
12,347,381 920, 300 6,151, 5411,004,472 730,430
Feb. 16
Eeserve balances with Federal
reserve bank:
78, 332 40, 595
68,569 712,280
Jan. 19. _
72,063 37, 574
1,136; 205 76, 652 658, 613
Jan. 26
77,335 44,916
1,146,858 79,476 667, 348
Feb. 2.
74,453 40, 593
1,164,019 74, 912 686,106
Feb. 9
Feb. 16__
_ 1,208,847 73,924 715, 936 73,480 40,120
Cash in vault:
12, 695
58, 782
9,607
9,466
128,139
Jan. 19
59,142
13, 033
9,437
127, 994
Jan. 26__
8,857
8,945 57, 052 12, 402
123, 087
Feb. 2
8,705 60,467 13,137
9,34:
129,035
Feb. 9_.
___
56,182
12, 751
7,961
120,400
8,109
Feb. 16
Net demand deposits:
Jan. 19. _
Jan. 26-_
Feb. 2
Feb.9
Feb. 16—
_-
-
_- 8, 953,873
8,834, 518
_.. 8,902,871
8,800,071
8,806,224
687,190 5, 066, 949
686,9604,976,284
693,318 5,031, 796
686, 616 4,929,816
688,318 4, 920,464
San
Francisco
Minneapolis
Richmond Atlanta Chicago
13
13
13
13
13
729
915
9911
1,191
1,257
1,652
1,650
1,652
1,569
1,653
13, 510
12,481
12,955
12,292
12,200
3,!
3,145
3,191
3,085
3,047
1,193
1,168
1,155
1,153
1,168
1,098
1,121
1,123
1,155
1,157,
35,366
36,207
40,003
39,127
40,013
29,791!
30,222;
32,284
33,778
32,372
17,206
16,974
17,183
17,269
17,462
145,050
145,601
146,638
149,271
151,331
180, 555 87,397
178, 777 86,324
183,521 85,400
181,331 85,411
179,279 85,127
84,1211
82,391^
82,870,'
83,122 i
82, 7111
72,561
70,406
73,297
75,504
76, 574
366,648
366, 508
370,923
367, 637
24,618
26,652
27,940
25,218
24,901
14, 583
16,748
15, 693
16,613
16,185
647,302 137,368
141,090
663,878 136,873
661,203 137,831
659,730 136,495
71,886
72,383
67,222
70,464
70,075
54, 080
53,493
53,078
53,004
52, 762
700, 709
689,802
693,664
688,475
684, 570
97,233
99,950
96,153
96,873
96,233
70, 3J5 1, 361, 521
71,8911, 344,949
70,42311.370,497
71,1861,361,970|
70,6001,356,500
3,237
3,207
3,310
3,298
3,297
9,909
9,762
9,587
10,003
9,403
9,942
10,197
10,395
10,395
146, 638
150, 652
157,464
152,686
153,133
8,383
8,636
8,310
209,108
210, 814
219, 684
218,496
8, 962 223,980
13, 223 17,786 355, 746
13,116 18, 578 361,466
13,072 18, 507 377,148
12, 885 18, 943 371,182
13,300 19,357 377,113
110,456
113,066
109,225
109, 758
109, 533
392
378^
370
379
376
2,064
1,938
1,911
1,892
1, 911
321,889
323,012
323,585
322,247
318,821
123,956
123, 699
126,558
125, 691
126, 308
115, 010
113, 734:
116,277 j
118, 055!
116, 240;
90,159
87, 758
90, 850
93,152
94, 412
513, 762
514,047
519,472
518,800
519,718
48,204
48, 050
48, 021
46, 734
46, 531
26,323
26,295
26,522
32,490l
32,725;
32,997!
32, 813!
33,086
12,641
13,247
13,281
14,102
14,237
96, 568
96,193
92,740
93,967
96,485
22,117;
21, 961:
20,922!
21,489';
21, 6811
3,332
3,373
3,124
3,042
3,100
90, 060
90, 912
92, 515
93,050
93,650
15, 973
16, 620
16,405
17,144
17,337
186, 628
187,105
185,255
187,017
190,135
26, 536
72,399 20,374
72,207 ' 20, 681
71,300 20, 749
72,127 20, 920
75,179 21, 551
46, 697 54, 607J
120, 257 46,976 54,6861
119, 321 47,271 53,919!
118, 861 47, 768 54,302j
121, 710 48, 087 54,767
88,101 1,717, 267 442,492
-~ '";,706,415 443, 269
90,469 1
88, 930 L, 747, 645 442, 906
i;
;
90,129 1, 733,152441,108
89', 957 1, 733, 613440, 531
170, 653
170, 675
173, 829
173,459
174,395
169, 617
168,420
170,196
172,357
171,007
106,132
104, 378
107,255
110,296
111, 749
700,390
701,152
704,727
705, 817
709,853
32, 781
30, 067
28,183
31,1111
31,049|
13,357
12,088
8,174
13,010
11, 910
15, 627
17,366
17, 528
15,017
17,198
6,926
6,840
7,'"
7,<
7,768
41, 735
41, 459
40, 688
42,177
42,468
1,203
1,234
1,113
1,327
1,238
5,677
5,683
5,637
5,769
5,221
7,186
8,684
7,180
7,184
8,356
7,518
172, 967
167, 683
161, 714
166,151
179,120
849
8481
773
802
773
1,117
1,114
1,077
1,128
1,155
21,158
20, 902
19,847
20, 574
19, 760
3, 462;
3, 482!
3, 249!
3, 358!
3,1561
1,632
1,649
1,."""
1,752
1,597
2,491
2, 613
2, 538
2,674
2,497
56, 222 1,178,835
.,
,
55f 517 1 164, 593
,
54,4181, 187,493
52,3741,182,111
54,049 1,189,728
278,043i
274,7901
273,6061
275,454
276,134
107,326
107,059
106,612
J10,955
111,934
159, 618
160,000
162, 692
162, 546
162,595
701, 614 255, 252 68, 549
691, 253 257,486 71,488
256,206
255,404 67,512
682,916] 258,179
13
13
13
13
13
8,331
7,116
7~~"
72,559
71,666
72, 044
74, 233
76, 755
321, 716
317,422
309,250
316,083
318,153
228
FEDERAL RESERVE BULLETIN
MARCH 1927
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
City
Total
Boston
Time deposits:
Jan. 19___
Jan. 26-__
Feb. 2 . . . .
Feb. 9
Feb. 16
Government deposits:
Jan. 19..._
Jan. 26.-_,-_
Feb. 2 . . . .
Feb. 9
Feb. 16
Due from banks:
Jan. 19....
Jan. W
Feb.2
Feb.9
Feb. 16
Due to banks:
Jan. 19
Jan. 26
Feb. 2
Feb.9
Feb.16
Bills payable and rediscounts
with Federal reserve bank:
Secured by U. S. Government obligationsJan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
All otherJan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
....
Total borrowings from Federal reserve bank:
Jan. 19
Jan. 26
Feb. 2
Feb. 9
—_
Feb. 16
2,878,671
2,888,720
2,895,737
2,893, 669
2,908,663
New
York
210,698
212,041
210,607
209,743
207,637
911,633
914,482
925, 687
927,171
934, 590
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
196,615
196,344
192, 931
190,373
195,214
454,759
456,869
467, 690
462,957
461,47 r
29,718
29, 548
29,070
29,048
29,164
30, 971
30, 946
31, 064
31, 534
31, 598
518,812
517,414
525,744
530,839
528, 593
133,851
133,819
134,208
134,616
135,051
54,063
53,072
53.142
52,387
52,426
16,217
16,367
16,409
16, 546
17,319
18,776
18, 778
19, 576
20,926
20,662
2,925
2,925
2,925
2,650
2,650
415
415
415
358
358
1,457
1,457
1,457
1,232
1,232
2, 534
2,534
2,534
2,114
2,115
8,976
8,976
8,976
7, 7537,753.
584
531
890
653
903
26,881
27,187
21, 621
19,631
20,11."
51, 039
49, 013
47,486
47, 603
49,218:
51,949 100, 867
52,896 99, 033
55,467 103, 946
55, 793 95,471
55,464 94,144
31,342
31,581
32, 079
34,153
33,934
103, 821
100, 774
130, 244
141, 504
125,609
88,569'
88, 585j
88, 567
75,668
75,6671
11,829
11,828
11,""'
9,719
9,718
33,518
33, 518
33,518
28, 791
28, 791
15,932
15,932
15,932
13,808
13,807
3,680
3,679
3,679
3,335
3,335
276
294
276
250
250
1, 383
1, 383
1, 383
1, 183
1, 183
5,644
5,644
5,644
4,475
4,475
570, 094j
532,930!
555, 573!
510,498i
548,783j
45,138
32, 766
45,128
37, 552
35,487
99, 055
93,851
96, 690
89,371
99, 769
53, 715
51, 295
61,049
54, r60, 637
24,491
25, 760
22, 440
22,105
24, 406
13,846
9, 766
7,947
6,687
7,580
15, 206
14, 261
13, 521
14 442
13 255
144, 884
139, 796
141, 611
130, 718
148,484.
34, 536 17, 719
28,457 19, 247
29, 712 25,478
29, 443 16, 233
28, 934 19, 997
48, 226 31,530
48, 522 34, 085
52, 623 32,745
52, 421 33, 795
58,134. 34, 348
19, 202
18, 571
18, 661
20,376
17 303
367,
361,
374,
368,
373,
97,849
89, 002
90,022
2, 231, 7821
2,178,958!
2,318, 786]
2, 240, 7951
2,303,121
,
136, 786 1. 071, 573
,041, •
132,449 l
i
,
145, 531 1, 100,362
134,3611, 046, 887
,
135, 886 1 108,408
171, 575
168, 846
182,463
169, 063
176, 018
56,510
42,236
72,858
81,410
100,981
426
165
421
275
23,100
19,950
40, 600
56,300
61,900
6,375
4,565
4,470
4,410
4, 71,"
4,135
2,315
1,746
1,106
74,408
40, 384
53,994
51,405
45,114
4,807
8,421
10,369
9,586
8,065
32,918
8,319
3,940
13,932
9,000
3,171
2,564
3,706
3,305
4,163
11,932
6,140
14,038
8,998
8,347
51
32
708
260
1,730
56,0.18
28,269
44,540
70,232
70,900
9,546
7,129
8,176
7,715
8,878
16,067
8,455
15, 784
10,104
8,347
101
53
708
26C
1,750
130, 918
5,233
82,620
8,586
126,852 j 10, 790
132,815
9,861
146,095!
8,845
San
Francisco
Minne- Kansas
Dallas
apolis
City
50
20
062
836
643
687
752
90,121
43,
41,
42,
42,
40,
1,000
221
302,558
309,040
287, 529
294,930
11, 591
5,003
12,878
3 513
15,438
100j_
1 350
906
69(
634
1 156
5,656
2,06C
2,946
5,691
5,796
1,175!
1,310
980
950
1,400
727
480
630
63
1,153
414
409
350
435
442
12,207
9, 742,
14, 737
6, 979
3,212
1 350
906
090
(M
1 156
17,247
7,063
15,824
9,204
21,234
1.175
l) 3101
980|
9501
1,500
1, 727!
705i
630J
635J
1,1531
414
409
350
435
442
20,87519,120
27,065
21,885
20,740
20
9,378
12,328
14,906
17,528
LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW
YORK CITY
[In thousands of dollarsl
Demand and time loans
Total
Tan. 19
Jan. 26
Feb. 2
Feb.9
Feb.16
2, 770,172
2, 731,940
2,730, 001
2, 720, 578
2,718,634
Demand loans
For own For account For acof out-of- count of
account
town banks others
882, 901
865,183
885,123
807, 571
815,422
1,140,604
1,125,713
1,123, 780
1,154,874
1,123,046
746, 667
741, 044
721, 098
758,133
7S0,166
Time loans
Total
For own
account
For account of
out-oftown
banks
For account of
others
2,081,944
2, 047,954
2, 050, 325
2, 047, 598
2,069,796
587, 207
566,275
581, 216
510, 827
532,935
836,916
822,810
832,434
863, 806
846.538
657,821
658,869
636, 675
672, 965
690,323
Total
For own
account
For account of
out-oftown
banks
688, 228
683,986
679,676
672,980
648,838
295, 694
298,908
303,907
296, 744
282,487
303, 688
302,903
291, 346
291, 068
276,508
For account of
others
88,846
82,175
84,423
85,16&
89,843
CONDITION OF ALL MEMBER BANKS
ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1926, BY FEDERAL RESERVE DISTRICTS
[In thousands of dollars]
Federal reserve district
Total
Class of resource or liability
(9,260
banks)
Boston
(416
banks)
New
York
(913
banks)
Philadelphia
(769
banks)
Cleveland
(856
banks)
Richmond
(583
banks)
St.
Atlanta Chicago Louis
(475
(1,335
(609
banks) banks) banks)
Minneapolis
(764
banks)
Kansas
City
(992
banks)
Dallas
(827
banks)
San
Francisco
(721
banks)
RESOURCES
Loans and discounts
.
Overdrafts.
United States Government securities
Other bonds, stocks and securities
- ' '
•
•
Total -loans and•investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures_•
Other real estate owned..
Cash in vault __
Reserve with .federal reserve banks
Items with Federal reserve banks in process of collection
Due from banks, bankers, and trust companies
Exchanges for clearing house, and checks on other banks in sameplace
_
_
______
Outside checks and other cash items
.
Redemption fund and due from United States Treasurer.
_.
United States securities borrowed..
Other securities borrowed _
_
Other assets
LIABILITIES
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Reserved for taxes, interest, etc., accrued
Due to Federal reserve banks
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding
Demand deposits.
Time deposits
United States deposits
Total deposits
Agreements to repurchase United States Government or other
securities sold
Bills payable (including all obligations representing money borrowed, other than rediscounts)
Notes and bills rediscounted (including acceptances of other
banks and foreign bills of exchange or drafts sold with indorsement)
___
Letters of credit and travelers' checks sold for cash and outstanding.
Acceptances executed for customers
Acceptances executed by other banks for account of reporting
banks
National-bank notes outstanding
_.
United States securities borrowed
Other securities borrowed _
_
__.
Other liabilities
2,077,090
181, 593
32, 785
37,347
6,998
504, 314
60, 571 1,494,194
9,144
51,129
2,324
4,154
179
92
65
. 21
42,837 301,004
77,310
3,713
2, 851
2,409
15, 857
64,226
10, 242
4,330
12, 664
300
17,523
32, 280
4,080
2,992
3, 604
387
5,734
27,997
7,118
2,007
4,142
1,415
7.950
159,603
36,474
4,26<r
6,13'
3,697
54,131
27,825
3, 783
2,026
3, "
24
15,
10,
5,275
1,403
133
4,904
24, 518
5,456
1,751
849
200
3,414
650,747 2, 077,090
2,406
1,665
105,145 367,400
50, 563 408,535
808,120 2, 855,431
5,715
32,428
40, 684 101,828
12,488
20,453
23, 950
44,444
64,423 167,180
29, 261
42,725
146,403 245,121
21,226
5,273
2,178
641
450
3,018
76,675
39,906
2,501
2,601
439
32,607
42,029, 644 3,037,197 13, 722,016 3,054,494 3,894,009 1,668, 643 1, 582, 633 5,837,159 1, 680,151 1,120,397 1, 604,776 1,163,830 3,664,339
Total _
Total...
122,890,655 1, 737, 653 7,040,818 1, 619,106 2, 149,864 1, 013,468 929, 696 3, 395,753 946,211 553,711 776,538
920
1,169
485
I
15,"""
1,992
2,995
941
618
522
437
1, 745
I 3,388,963 237,182 1,060,404 205, 786 353,932 120,744
87, 187 414,941 119, 929 133,351 182, 962
5,600,7"" 482, 692 1,745,259 656, 634 634,755 142,870 143, 994 739,128 246,232 174,451 175, 595
1.
31,896,321 2, 458, 049 9, 849, 476 481,963 3, 139,492 1 277, 700 1, 162, 622 , 551, 814 ,313,541 861,998 1, 136,015
1,595
3,913
166
28,466
8,687
10,296
43,024 351, 756
512, 945
11, 523
15, 376
39, 576
24,015
44,337
64,960 206,154
998, 212
76, 544 133,967
61,240
52, 634 152, 273
7, 675
14, 987
115 26, 970
13,403
14,810
8,200
19,336
173, 727
11,202
12,088
12,
28,146
19,325
40,066
105, f"
57, "
85, 582 23,146
522, 596
27,447 • 2 7 , 958
38,
83,017
86,102
50, 606
147. 755 840, J
2,210, • ' "
71, 890
139, 754 179, 490
68, 292 310, 644
40,468
8, 527
<S7,685 271, 592
83,156 42,709
810, 250
75, 419
47,009
69, 977
31, 722
92,382 230, 709 122, 531 170, 647 111,896 161, 285 333, 944 116,003 116,230 218, 367
2,065, ""'"
_
_
584,633 156, 491 216, 085 115, 972 99,735 312,650 113,245
154, 562
2,203,447
62,429
629, 287 270, 349 243, 519 87, 061 65, 448 244, 069
1,955, 349
140,251
29,383
30, 236
285, 813 80, 227 70,179
22, 029 96, 540
785, 517
70, 650
3,315
3,822
34, 560
3,332 25, 654
15, 608
120,386
12, 024
6,123
223
11, 069
14, 831
2,077
2,437
4, 051
5,324
7, 680
51, 445
4,002, 995
156, 540 1, 548, 505 211, 753 241, 931 137, 870 171, 482 567,172 172, 854
10, 595
794, 758 18, 721 50, 623
12,439
13, 295 65, 036
1,141,102
26,449
,
17, 638, 648 1,377,921 6,384, 783 1.175,120 1., 387, 615 613, 290 632,196 2,291, 305 686, 910
,
11,439, 859
858,168 2,445,925 942, 801 1' 423, 674 526, 267 431, 328 1,935, 865 479, 590
8,560
60, 037 29, 388 20.495
15,471 23, 380
12,489
234,116
22, 566
. 248, 839
,
, 128; 389 1, 313,424 1, 266, 209 4, 835 1,.
884,
34, 508,165
358, 732
, 385, 463 3,
2,446, 968 11
1, 783
17, 506
17
4,17C
1, 216
32, 537
6,857
26
500
20, 417 73,6
20,79]
197, 403
67, 325
556,301
26,079
61, 466
40, 628
I
64,470 91,703
34,477 42,811
15, 678 17, 875
4, 330
3,158
98
193
115,936 255,472
9,943 38,921
396, 073 783,236
435, 897 317, 771
7,856
4, "~
962, 614 1,403,449
95, 817 198,084
91,895
43,753
47,915
18,992
6,115
2,345
783
2,679
137,361 286,119
66, 743
33,579
597, 726 1, 312,473
160, 377 1, 482,196
20, 636
8,571
940,293 3, 168,950
91
296
75
2,585
2,187
6,201
37,599
458,071
72,733
196,946
17,492
30,997
18,937
36, 573
43,944
10,854
2,692
5,247
4,349
17,307
20,499
515,046
508
43, 719
14,844
348,726
186
9,485
1,470
8,574
287
10, 783
20
19, 298
2,449
28, 530
108
1,631
21
4, 01'
64
164
77
5,354
465
34,765
35, 917j
645, 956
37,347j
6,998
148,108
1,708
46, 014
179
21
6,732
27, 861
81, 650
92
65
53,791
2, 705
55, 803
2,409
444
85, 589
12, 664
300
8,696
132
58, 465
3, 604
387
2,959
231
39, 479
4,142
1,415
4,288
1, 581
84,951
6,137
3,697
27,286
40,067
3, 896
24
23,531
34, 663
849
200
2,313
904
42,451
641
450
1,907
258
49,142
2,601
439
8,729
6,269
91
27, 682
133
1,607
42,029,644J 3,037,197 13, 722, 016 3,054,494 3, 894, 009 1, 668, 643 1,582,633 5,837,159 1,680,1511,120,397 1, 604,776 1,163,830 3,664,339
to
fcO
ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1926, BY CLASS OF MEMBER AND BY CLASSES OF BANKS
[In thousands of dollars]
National members
All member banks
Class of resource or liability
Total
(9,260
banks)
Central
reserve
city
banks
(82
banks)
Other
reserve
cities
(540
banks)
Country
banks
(8,638
banks)
Total
(7,906
banks)
Central Other
reserve reserve
city
cities
banks
(366
(35
banks)
banks)
State members
Country
banks
(7,505
banks)
Total
(1,354
banks)
Central Other
reserve reserve Country
city
cities banks
banks
(1,133
(174
(47)
banks) banks)
banks)
RESOURCES
22,890,655
Loans and discounts
15,895
Overdrafts
3,388,963
United States Government securities
5,600,708
Other bonds, stocks, and securities
31,896,221
Total loans and investments
512,945
Customers' liability on account of acceptances
_
_
Banking house, furniture, and fixtures
173,727
Other real estate owned
Cash in vault
_. 522,596
2,210,048
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection
__. 810,250
2,065.518
Due from banks, bankers, and trust companies.._
Exchanges for clearing house and checks on other banks in same place. 2,077,090
Outside checks and other cash items
. 181,593
32,785
Redemption fund and due from United States Treasurer
37,347
United States securities borrowed
Other securities borrowed
504,314
Other assets
6,369,748
2,992
918, 603
1,000,312
8,291,65511
370,150
147,072
2,640
72,915
834, 730
247,178
238,148
1, 555,995
67, 323
1,723
260
134
324,989
221,194 8, 299,713 13,
1,567, 984 ,019, 694 4, 294,953
5,445
9,330
7,458
2, 675
664
182,691 1, 287,669 2,279,427
5C4, 539 696,233
672,807 2,927,589 3, 505,850
.,
420, 570 830, 875
982,13712;
i,
1,522,42919, 362,591 ,945, 467 5,
1,824,736
128, 998
13, 797 255,464 161,971 86,885
383,856
467,284 644,258
70,357 202, 822
21, 543
52,487 118,600 114,100
310
87, 545
156,442 293,239 351,420
32,428
749, 305 626, 013 1,359,' •
430,157 437,494
439, 255 123, 817 543, 268 151,828 307,308
845,946 981,424 1, 545,969 120,974 605,301
412,154 108, 941 1,086,474 753,284 257,167
30,996
32, 047
82,223
72, 897
16, 712
7,460
23, 602
7,460
32, 785
1,723
14,040
14,530
22, 557
23, 787
260
863
4,707
3,199
2,157
134
73, 642
43,568 273,471 177,004
135,757
6, 253, 337 9,322,671 3,350,054
* 5,991
6,565
2,328
1, 078, 655 1,109, 536
414,064
2, 254,405 2,094, 858
579, 742
9,592,38812^533,630 4,346,188
257,481 208,179
371,079
353,954
76,715
92, 247
59, 627
2,330
231,447
171,176
40,487
491, 735
850,662 404, 573
84,132
266,982
95,350
819, 694
519, 549 117,174
76, 023
99C, 616 802, 711
25,189
108, 696
50,611
23,602
9,487
13, 560
2,202
3,799
22, 825
230,843 147, 985
926,241 2, 046,376
2,770
1,467
486,458 209,014
841, 932 673,184
257,4012 930,041
42,113
7,189
181,034
96, 205
),944
26,353
311,811
131,947
240, 645
154, 987
51,227
8,517
1,294
62,115
61, 792
134, 278
39, 685
161, 730
32,918
5,043
2,505
20, 743
5,862,609 7,957,802 11, 848,658 16,360,575 6,292, 303 6, 542,932 3, 525,340
42,029,644 12,154, 912 14, 5G0, 734 15,373,998 25, 669,069
Total.
LIABILITIES
2, 203,447
Capital stock paid in
1,955,349
Surplus fund
785, 517
Undivided profits, less expenses and taxes paid
120,386
Reserved for taxes, interest, etc., accrued
Due to Federal reserve banks
i
51,445
Due to banks, bankers, and trust companies
.._
4,002,995
Certified and cashiers' or treasurers' checks outstanding..:
1,141,102
Demand deposits
_
17, 638, 648
Time deposits
11, 439,859
United States deposits
_
234,116
Total deposits
.
Agreements to repurchase United States Government or other 34,568,165
securities sold
32, 537
Bills payable (including all obligations representing money borrowed, other than rediscounts)__
556,301
Notes and bills rediscounted (including acceptances of other banks
and foreign bills of exchange or drafts sold with indorsement)
458,071
20,499
Letters of credit and travelers' checks sold for cash and outstandingAcceptances executed for customers
_
_
515,046
Acceptances executed by other banks for account of reporting banks..
35,917
National-bank notes outstanding
645,956
United States securities borrowed-—
37,347
Other securities borrowedOther liabilities
—
148,108
Total
42,029,644
745, 786 955,781 409,923 238, 780 422, 291 748, 852 793, 524 263,100 323, 495 206, 929
501,880
579, 701 739, 208 261, 280 325, 591 152,337
652,02.1 732,038 216,141 310,010 326,430
571,290
243,287 308, 507 135,913 99,983 72, 611
229,428
477, 010
240,191
104, 278 129, 445
10, 737
19,864
59,089
44, 720
21,621
45, 065
30, 601
23, 099
61, 297
19,812
25, 253
10,148
29, 701
13, 266
11,556
8,478
40
39,849
3,078
38,179'
40
81, 333
[,
366, 722 1, 203, 415 716, 502 405, 580
1,826,349 1, 728, 591 448,055
799, 580 1,109,847 1, 323, 011
223,190 107,115 584, 578 377, 316 126, 614
80, 648 556, 524 433,481 96, 576 26,467
810, 797
5,913, 009 5, 772, 857 5, 952, 782 10, 762, 262| 2, 770, 598 3, 438, 005 4, 553, 659 6,876,386 142; 411 2,334, 852 1,, 399,123
531,355 470,468! 1, 563,159 4,497, 728 4,908, 504 854,7
1, 325, 229 4,157, 526 957,104
" " ' "612,594,367 1,, 459, 376
10,034
98, 403 33, 737
42,382 135,713
32,348
132,306
25,6911
77,674
59,428
""
54,632
! 656,4985,180, ~~~ 5,
,
932 1,489,085 2.,986,481
1,626,62612, 547,287 20,851,667 4,753,920:6,536,941
9,934,8521$
9,560,80613,
5,910
24,467
2,160
18,485
4,546
12,488
149, 590
242,178
164, 533
391, 593
143, 600
127, 934
195, 335
17,045
369, 357
28, 578
33,971
260
134
61,454
161,
3,178
134, 442
6,320
146, 679
22, 557
2,157
59,438
101,399 234, 065
7,778
276
11, 247 250,361
23, 268
1,019
465,306 645, 956
14, 530 . 23,787
3,199
4,707
54,539
27,216|
52, 405
4,859
156, 618
17,402
33,971
260
134
22,014
101, 606
2,761
88,128
4,873
146, 679
14, 040
863
21, 702
1,451
120, 059
80, 054
158
5,615
993
465,306
9,487
2,202
10, 823
14,052
1,364
11,979
709
164,708
5,990
114, 244
44,474
224,006
12, 721
264, 685
12, 649
142,930
12,186
212,739
11,176
59, 731
417
46, 314
1,447
21,345
118
5,632
26
13,560
3,799
93, 569
39,440
8,517
1,294
37,736
5,043
2,505
16,393
12,154,912 14, 500, 734 15, 373,998 25, 669,069 5,862, 609 7,957, 802 11,848, 658 16, 360, 575 6,292,303 6,542,932 3,525,340
s
w
I
231
FEDERAL RESERVE BULLETIN
MARCH, 1927
ALL MEMBER BANKS-RESERVE POSITION ON DECEMBER 31, 1926
[Amounts in thousands of dollars]
Reserves with Federal reserve
banks
Net demand deposits
Class of bank and Federal reserve
district
All member banks
Central reserve city banksReserve city banks..
_.
Country banks
_.
All member banks:
Boston
New York
Philadelphia
Cleveland
-.
Richmond
Atlanta
Chicago.-:
St. Louis
Minneapolis
—
Kansas City
Dallas
San Francisco
Central reserve city banks:
New York
_
Chicago
Reserve city banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..._._ .__.
Kansas City.
_..
Dallas
_San Francisco
Country banks:
Boston
New York....
Philadelphia
Cleveland
Richmond..
Atlanta
Chicago
.
St. Louis
Minneapolis
Kansas City
^
Dallas
.__.
San Francisco
„._
Net
demand
plus time
deposits
Ratio of
reserves
held to
net demand
plus
time deposits
(per
Demand
deposits,
exclusive
of bank
and Government
deposits *
Due to
banks,
net 2
17, 638,648
5,913,009
5, 772, 857
5, 952, 782
1, 263,181
694,190
480, 883
88,108
18, 901,829
6, 607,199
6, 253, 740
6,040,890
1,377,921
6,384, 783
1,175,120
1,387,615
613, 290
632,196
2, 291, 305
688,910
396,073
783, 236
597, 726
1,312,473
25, 860
536, 029
44, 075
82,387
30,340
28, 757
218,402
47, 026
35, 989
91, 580
44,110
78, 626
1, 403, 781
6, 920,812
1, 219,195
1,470, 002
643,630
660, 953
2, 509, 707
733, 936
432, 062
874, 816
641,836
1, 391,099
858,168
2, 445,925
942, 801
1, 423, 674
'526,267
431,328
1, 935, 865
479, 590
435,897
317, 771
160,377
1,482,196
2, 261, 949
9, 366, 737
2,161,996
2,893, 676
1,169, 897
1, 092, 281
4,445, 572
1, 213, 526
867, 959
1,192, 587
802, 213
2,873, 295
68, 853
323,350
78, 791
48,631
85, 515
57, 525
171, 344
147, 755
840,895
139, 754
179,490
71,890
68, 292
310, 644
83, 017
50, 606
86,102
64,423
167,180
-4,164
6.5
9.0
6.5
6.2
6.1
6.3
7.0
6.8
5.8
7.2
8.0
5.8
4,934, 574
978,435
516, 820
177,370
5,451, 394
1,155, 805
911, 055
414,174
6, 362,449
1, 569, 979
736,013
162,679
681,228 -54, 785
153, 502 -9,177
10.7
9.8
334,119
647, 425
819,254
253, 857
298,452
647,162
399, 111
146, 834
407,026
221,830
911, 690
19, 783
14,081
43,118
79,216
14, 689
23,109
27, 736
35,184
30,107
84, 496
37, 661
71, 703
705,880
348, 200
690, 543
898, 470
268, 546
321, 561
674,898
434, 295
176, 941
491, 522
259,491
983,393
227, 283
248,921
205, 208
718,193
125,448
191,144
224,897
98, 542
147,474
90, 855
11
,
933,163
597,121
895,751
1, 616, 663
393, 994
512, 705
1,355, 791
659,192
275, 483
638, 996
350,346
2,182, 061
77,407 I 79,828
42, 261
45,232
75, 210
76,381
111, 393
115,289
30, 618
29,465
37,890
34,182
87,916
50,176
52,306
20, 651
21.109
53, 576
51,804
28, 675
32,831
134, 299
128,470
2,421
2,971
1,171
3,896
-1,153
- 3 , 708
- 5 , 508
2,130
458
- 1 , 772
4,156
-5,829
8.6
7.6
8.5
7.1
7.5
6.7
6.1
7.9
7.7
8.1
9.4
5.9
691,824
1,116,090
527, 695
568,361
359,433
333,744
665, 708
287, 799
249,239
376,210
375, 896
400, 783
6,077
5,128
957
3,171
15, 651
5,648
13,296
11, 842
5,882
7,084
6,449
6,923
697,901
1,121,218
528, 652
571, 532
375,084
339,392
679,004
299, 641
255,121
383,294
382,345
407, 706
630,885
. 285,949
,
737,593
705,481
400,819
240,184
840, 798
254, 693
337,355
170,297
69^522
283, 528
1,328, 786
2,407,167
1,266,245
1, 277,013
775,903
579, 576
1, 519,802
554,334
592,476
553, 591
451, 867
691, 234
67, 779
117,064
59,133
148
- 2 , 629
4,240
3,030
4,144
3,147
1,979
2,096
1,517
2,359
2,742
1,665
5.1
4.8
5.0
5.0
5.5
5.9
4.9
5.5
5.0
6.2
7.0
5.6
Time
deposits
Total
Required
Held
Excess 3
cent)
11,439,859 30, 341, 688 2,250,339 2, 210, 048 -40,291
1,325, 229 7, 932, 428
834, 730 -63, 962
4,157, 526 10,411, 266
750, 072
749, 305
-767
5,957,104 11, 997, 994 601, 575
626, 013
24,438
145,186
134,343
172, 564
61,171
38, 281
30,963
72, 755
28, 615
27, 980
31, 939
28, 850
37,045
67, 927
114,435
63,373
64,201
42,425
34.110
74,734
30,711
29,497
34,298
31, 592
38,710
2,569
-54.443
5; 411
6,926
2,991
-561
-12, 706
4,226
1, 975
587
7.3
10.5
7.2
5.2
1 Exclusive also of certified and "cashiers' or treasurers' checks outstanding.
2
The amounts in this column represent the total of the excess of amounts due to banks over amounts due from banks as determined for individual banks having such excess, and do not agree with the difference between aggregate amounts due to banks and due from banks. In this
calculation the amounts due to banks include due to Federal rererve banks, due to banks, bankers, trust companies, and certified and cashiers'
or treasurers' checks outstanding, and amounts due from banks include items with Federal reserve banks in process of collection, due from
banks, bankers, and trust companies, and exchanges for clearing house, also checks on other banks in same place.
3
Deficiencies in reserves indicated by a minus (—) sign.
fcO
ALL MEMBER BANKS—CONDITION ON A SERIES OP CALL DATES ENDING WITH DECEMBER 31, 1926
CO
[In thousands of dollars]
Dec. 31,
1923
(9,774
Class of resource and liability
M a r . 31,
1924
(9,681
banks)
June 30,
1924
(9,650
banks)
Oct. 10, Dec. 31,
1924
1924
(9,635
(9,587
banks) banks)
to
Apr. 6,
1925
(9,531
banks)
J u n e 30,
1925
(9,538
banks)
Sept. 28,
1925
(9,539
banks)
Dec. 31,
1925
(9,489
banks)
A p r . 12,
1926
(9,412
banks)
June 30,
1926
(9,375
banks)
Dec. 31,
1926
(9,260
banks)
RESOURCES
Loans and discounts
_.
Overdrafts
United States Government securities
Other bonds, stocks, and securities
Total loans a n d investments
_
Customers' liability on account of acceptances
B anking house, furniture, and fixtures
Other real estate owned
_
Cash in vault..Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection
Due from banks, bankers, and trust companies
Exchanges for clearing house and checks on other banks in same
place..
__<k _
Outside checks and other cash items
_
_..
Redemption fund and due from United States Treasurer
United States securities borrowed *
-^.
Other securities borrowed 1
Other assets
.
Total.
19,034,99619,, 158,195 19, 248,650 19,801,388 20,165,601 20,
1,372,688 20,, 798, 714 21, 427, 247 22, 257,763 21,989,048 22,251,374 22,890,655
. 989,
,
17, 518
18,510
15,369
17,014
16,690
15,708
15,466
,126
17,522
17, 260
16,105
15,895
607,797 894,620 902,793 3,915,997
3,641,132 ,569,653
802,370
785^ i 3,761,065 3,831,078 3,744,929 3,388,963
,412
,086,668
389,743 736,126
4,979, 240
4,045,312
085,975
,273
133, _ 5,163,166 5, 232,617 5,378,479 5,600,708
450, 644 29i026,588 29. 284,939 29! 702,525 m 369,058 31,
"i,
26, 738,130 26J, 832, 034 27! 261, 559 28^
,199,516 31 ,070,003 31
,390,887 31
1,896,221
330,716 461,736
477,098
375,163
391, 595
387,292 ' 285,830
498,143
873
486,259 431,307 512,945
836,699 843,077 860,614
879,401
904, 755
786, 792
813,""
927,357
955,563 969,380 998,212
919, 046
155, 753 158, 641 161,133
166,828
167,140
147,634
156,
170,763
173,906 172,986 173,727
171, 741
503, 555 527,889 597,472
523, 297
524,343
561,433
494,223
574, 532
540,261 534,120 522, 596
524, 592
121,428 227, 569 2,091, 545 2,190, 991
1,900,153 ,893,301 1,965,453
147, 111 2,238,233 2,135, 948 2, 236,172 2,210,048
613,494 724,926
588, ""
549,087
665,709
647, 432
582.475
675,356
825, 543
722,055 732,161 810,250
339,488 2,090,754 2,017,454
1,824,348 ,643,739 1,940,197 2,430,462
031, 130 2,155,306 1,933,501 1,980,051 2,065, 518
1,709, 537
140,987
36, 720
14,969
2,232
318,367
582,343 1, 741,073
107,798
133,411
37,141
37,104
16,478
18,884
2,420
1,787
304,398
313.476
1,091, 300 1,935,114 1,211,094 1,882,318 1,268,1
2,195,466 1,450,457 1,762,736 2,077,090
108,256
100,551
133,666
137,148
159,060
142,939
137,866 181,593
103,369
33,094
36,284
33,013
36, 701
32,982
32,850
32,879
32,997
32,785
12,661
19,087
11,636
18,060
11,429
11,152
37,593
13,770
37,347
• 2, 660
2, 541
1,925
3,112
1,954
2,160
7,038
1,870
478,815
378,953 400, 649
481,258
435,082
419,895 504,314
440,524
416,029
35,238, 606 34,820,223 35,777,256 37,103,870 38,986,867 37,949,265 39,105,025 39,053,354 41,425,295 40,075,440 40,845,189 42,029,644
LIABILITIES
Capital stock paid in._
_
2,003,054 2, 022,169 2,030,336 2,034,943 2,037,481 2,077,502 2,085,732 2,092,909 2,105,308 2,162,434J ' .69,484 2,203,447
>
2,092,909 2,105,308
Surplus fund
_.
--. 1,641,319 1. 649,880 1,669,592 1,682,646 1,707,486 1,732,076 1,750,815 1,760,076 1,832,691 1,880,620 1,899, 565 1,955,349
1,760,076
Undivided profits, less expenses and taxes paid—..
\ 7 , , ,Qo
739,934
783,012
763,156
785, 517
796,395 786,547 876,516 786,759 859,461 853,433 / 834,802
Reserved for taxes, interest, etc., accrued
/ ' '
\ 133,387
108,903
132,688
124,484
120,386
Due to Federal reserve banks
36,674
32,978
33,976
36,508
43,648
40,124
39,758
49,933
51,112
47,
- 45,214
51,445
Due to banks, bankers, and trust companies
_ - 3,475,656 446,737 3,820,125 4,453,412 4,504,315 4,041,256 3,978,028 3,827, 575 4,169,470 3,801, 513 3,935,113 4,002,995
Certified and cashiers' or treasurers' checks outstanding
922, 549 867,420 983,979 653,342 1,082,431 756,757 1,032,804 808, 756 . , _ , 758 863,466
. 225,
1, _ _
962,694 1,141,102
I, 16,
Demand deposits
_______
15,164,18214 719, 256 15, 308,990 15, 729, 597 16, 684,038 15,849, 791 16, 811, 751 617, 617,456 17,824, 702 16,823,17,380,041 17, 638, 648
",
., 148
1,467, 237 10,653,028 10,954, 747 11,172,863 11 ,439,859
Time deposits
8,650,610 889,923 9,203,545 9,597,395 9,804,73810,126,980 10,381,48610, •-•--• •United States deposits
__
__ 236,942 291,767
178,946
301,803
242,482
411,619
176,653
278,211
304,131
227, 647 234,116
379,450
,
Total deposits
28,486,613 28, 248, 081 29, 529, 561 30, 772, 057 32,361,652 31,226, 527 32,420,480 321,049, 168 U, 228,201 32,870,217 33, 723, 572 34, 508,165
:
Agreements to repurchase United States Government or other
securities sold_
6,450
75081
5,081
5,632
15,800
32,537
Bills payable (including all obligations representing money bor205,225 167,483
289,253
311,183
360,767
rowed, other than rediscounts)
444,983 315,979
489,449
527,898
419,853
390,839
556,301
Notes and bills rediscounted (including acceptances of other
banks and foreign bills of exchange or drafts sold with indorse297,
265,264
367,490
389,013
356,934
ment)
„
572,661 428,536
387,213
483, 914
458,071
421,005
428,072
Letters of credit and travelers' checks sold for cash and outstand22, 514
22,457
36,041
21, 709
22,158
37,403
25,643
ing
20,350
23,266
38,415
20,499
21,
328, 526
460,383
474,500
365, 671
384,993
515,046
Acceptances executed for customers
400,200 375,768
470,292
425,751
37,451
27,
28, 532!
43,087
37,322
42,144
40,334
Acceptances executed by other bank s for account of reporting banks.j
26,197
55,002
42,054
35,917
723,039!
729,
714,333
647,994
648,719
National-bank notes outstanding..
I 725,441 725,986
645,956
647,
648,954
650,662
46,786
52,263
51,
48,017
34,408
33,320
35,908
37,347
United States securities borrowed
|
53,256
43,
39,381
37, 593
4,952
5,535
4,
5,946
6,481
5,455
7,038
6,998
5,923
7,038
Other securities borrowed
I
5,270
5,
150,029|
132,
149,036
138,427
123,910
158,634
148,108
Other liabilities_._
_
._ 126,069 140,306
146,993
138,872
131,
Total
.
35,238, 606 34,820, 223 35, 777, 256 37,103,870J3S, 986,867 37,949,265 39,105,025 39,053,354 41,425,295 40,075,440 40,845,189 42,029,644
* Exclusive of securities borrowed by national banks prior to June 30, 1926.
ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON A SERIES OF CALL DATES, BY FEDERAL RESERVE DISTRICTS
[In thousands of dollars]
Loans and investments
Investments
Date
Total
Loans1
Total
U.S.
Government
securities
Due
from
banks
Total
Time
Demand
deposits3 deposits
Other
securities
United
States Due to
deposits banks *
Net
demand
deposits
Net
demand
plus
time
deposits
Reserve
Bills
with
payable
Federal
and
reserve
redisbanks
counts
Total
Number
of
reporting
banks
!
ALL M E M B E R B A N K S
1922
329,50313,165, 463 14,479, 460 21,141,8581., 722, 637
23,418,982 17,161,135 6,257,847 2,754,846 3,, 503,0011,613,918 23,641,418 13,484,054
124,358,014 17,295,943 7,, 062,071 3,246,824 -S. 815,247 1, 646,773 25, 516, 687 15,035,179 7,175,005 156,118 3,150,385 15,509,073 22, 684,078 1,,835,116
- - - - -,
25,768,503 18,080,787 7,, 687,716 3,788,377 3,, 899,339 1,805, 579 27,271,80415, 672, 741 7,644,881 461,799 3, 492,383 16,186, 983 23,831,864 1, 939,028
M a r . 10
J u n e 30
Dec. 29
838,
722, 744 31,723,950
877,527 33,
""
"1,882,571
9,816
1923
126,332,193
126,675,005
126,497,552
.126,738,130
18,571,825 7, 760,368 3,883,266 3, 877, 102 1, 774,287 27,182, 459 15, 127,221
',
161,059
18, 880,058 7, 794,947 3,870,233 3, 924,715 1, 596,184 27,053,202 15,161
!,
"\
18, 857,100 7,640. 452 3,722, 441 3, 918,0111, 640,178 26,914,718 15, 100,551
""'
686, 444 3,641, 132 4, 045,312 1,824,348 28, 486, 613 16, 086,731
,
19,051,
8,142,574
8.378.211
8,466)416
8,650,610
!,
404, 427 3, 508,237.16,068,171 24,210, 745 1, 908,586 967,819 33, 852,041 9,850
,
!, 795,326 9,856
296.482 3,217, 450 16,030,725^24, 408,936 1,871,015 1. 073,211 33,
i, 728,424
144) 478 3,203,273 15,892.267J24,358, 683 1,868, 926 , 121,362 33,
1
>
,
236,942 3, 512,330 16,356,379 24,996, 989 1, 900,153 ,017,644 35, 238, 606 9,774
1.
26,832,034
1-127,261,559
128,450,644
29,026,588
Apr. 3
J u n e 30
Sept. 14
Dec. 31
19,175, 713 7, 656,321 3,569, 653 4,086, 668 1,643,739 28,248,08115,586, 676
i,
19,264,019 7. 997,540 3,607, 797 4,389, 743 1,940,197 29,529,56116,292, 969
19,819,898 8, ""), 746:3,894, 620 4, 736,126 2, 430, 462 30, 772, 057 16,382, 939
20,181,309 8)845) 279 \ 902,793 4,942, 486 2,339,488 32,361, 652 17,766, 469
— 3,
8, 889,923
9,203,545
9, 597,395
9, 804,738
291,
178,
301,
242,
1924
Mar. 31.
J u n e 30
Oct. 10
Dec. 31
767 3,479,715! 16,089,676 24, 979,599 1,893,301
946 3, 854,10116,802,176 26,005, 7211,965, 453
803 4, 489, 920; 17,781,391 27,378,786 2,121,428
482 4, 547,963|18,446,119J28,250, 857 2,227, 569
744,515 34,820,223
502, 907 35, 777,256
432.747 37,103,870
656) 743 38, 986,867
9,681
9,650
9,635
9,587
1925
Apr. 6
J u n e 30
Sept. 28
Dec. 31
29,284,.,.
29,702,525
.'30,369,058
31,199,516
20,389,702 8,895,
5,237 3,915, S997 4, 979,), 240 2, 090, 754 31,226, 527 16,
»,
1,606,548 10,126,980
!,
7,844, 555 10,381, 486
20,814,1
, 888,345 3,802,370 5, 085,i, 975 2,
i
5,017,454 32,420,480 17,
",426,21210,467,237
5,031,130 32,049,168 17.
21, 450,373 8,918', 6853,785,4 412 5,133) 273 %
3, 785,
133,
5,155,306 34,228,201 19J
1,050, 460 10, 653, 028
22,275,285 8,924,231 3, 761,065 5,163,166 2,
411, 619 4,081,380 17, 685, 631 27,812, 611 2,091
1,545 700,196 37,949,265 9,531
0,991
176, 653 4,017, 78618,239,939 28, 621, 425 .2,190, 991 717, 701 39,105,025 9,538
278,211 3, 877,508 j 18,232,538 28, 609, 775,047,111 876, 662 39,053,354 9,539
2,
304,131 4,220, 582I19,237,727 29, 890, 755 2,238,233 1, Oil, 812 41,425,295
1926
Apr. 12
J u n e 30
Dec. 31
858
31,070,003 22,006,308 9,063,695 3,831,078 5,232, 617 1.
,933,50132,870,21717, 686, 614 10, 954,747 379, 450 3,849,406! 18,368, 685 29,323, 432 2,135,
,948 840,8 40,075, 440 9,412
,
, , 347 2, 236,172 818, €
31,390,887 22,267,479 9,123,408 3,744,929 5,378,479 l) 980,05l!33, 723,572 18,342,73511,
), 845,189 9,375
,172,863 227, 647 3, , , ,
'
,
~~
, .„ ,
, _ __,
, ___,
,945,
.31,896,221 22, 906,550 8,989, 671,3,388,963 5,600,708 2,065,518 34,508,165 18,779, 750 11, 439,859 234,116 3,980,327|18,772,484 29,
210,048 ,014,2
4,054) 440|l8, 901,829 30,341, 688 2,210,0481,014,372 42,029, 644 9,260
I)
4054 440 18 901,829 30,341
1 Including discounts, rediscounts, and overdrafts.
2
Includes demand deposits, certified and cashiers' checks outstanding, time deposits, United States deposits, and due to banks.
3
Including certified and cashiers' or treasurers' checks outstanding, but excluding United States deposits and due to banks.
4
Including due to Federal reserve banks, and due to foreign banks.
to
8
ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON A SERIES OF CALL DATES, BY FEDERAL RESERVE DISTRICTS—Continued
[In thousands of dollars]
Date
T otal
Loans and investments
Investments
U.S.
Govern- Other
Loans1
ment securiTotal
securities
ties
to
as
NumNet
Reserve Bills
United
ber
Net
with
Due
Total 2 Demand3 Time States Due to demand demand Federal payable Total
of
plus
and
from deposits deposits deposits de- banksi
time
deposits
reserve redis- resources reportbanks
posits
ing
deposits banks counts
banks
BOSTON DISTRICT
1922
1,763,573 1,305,495 458,078 174,437 283,641
1,859,143 1,308, 057 551, 086 223, 588 327,498
1, 969, 039 1, 387, 617 581,422 253,433 327,989
Mar. 10
June 30
Dec. 29
429,645 29,199
81,926 1,679, 111 1,077,957
480,337 14,363
88,416 1,821, 523 1,185,139
85,972 1, 923,457 1, 234, 538 510, 961 25,124
142,310 1,118, 583 1, 548, 228 110,244
141,684 1,197,538 1,677,875 118,829
152,834 1, 254,974 1, 765,935 129,027
1923
429
2,488,742
2,508,216
2,509,323
2,566,793
427
427
424
424
1,416, 805
1, 463, 290
1,480,730
1,471,337
575,377
588, 211
581,430
577,677
1,929,611 1,198, 603
79,175 1, 962, 055 1, 216, 567
79, 873 1, 976,189 1,227,809
92,943 2,022,322 1, 256, 092
551,328
574,781
593,934
599,437
26,303
38,182
20,803
23, 552
153, 377
132, 525
133, 643
143,241
1,223,394
1,233,447
1, 246,848
1, 261,258
2, 026,228
2,059, 936
2,171,906
2,172,293
1,458,170
1,449, 788
1, 536, 068
1, 542, 531
568,058
329,410 73, 729 1,989, 958 1,195,338
610,148 249, 740 360,408 102, 631 2,101, 692 1,255,367
635,838 243, 720 392,118 102, 740 2, 219,597 1, 296, 221
629, 762
386, 624 102, 551 2,225, 584 1, 328,286
633, 558
657,438
702,701
685, 875
21, 555
25,119
41,814
36,150
139, 507
163, 768
178,861
175, 273
1, 212,164 1, 845,722
1,279, 946 1,937, 384
1, 339, 768 2, 042,469
1, 348,455 2, 034, 330
121,920
130,161
136,458
140,840
57,657 2,504,940
28,014 2,569,846
21,614 2,683,428
78,375 2,762,045
421
421
419
419
2, 207, 524
2, 252, 028
2, 324,689
2,395,186
1, 580, 739
1, 620, 049
1,690,152
1, 725, 567
626, 785
631,979
634, 537
669,619
35,902 169, 229 1, 293, 870 2, 026, 911
12, 913 158, 397 1, 350,456 2,109,198
19, 656 155, 304 1, 381, 936 2,144, 794
l,426,r" 2, 209,763
27,916
132, 902
141,042
141, 545
74,085 2, 741,895
73,820 2,806,493
66,331 2,828, 849
1924
_
_
„
1925
Apr. 6
June 30
Sept. 28
Dec. 31
Apr. 12
June 30
Dec. 31
2,464,971
1,992,182
2, 051, 501
2,062,160
2, 049,014
Apr. 3.—
June 30
Sept. 14
Dec. 31
Mar. 31
June 30
Oct. 10_
Dec. 31
45,045 2,156,012
50,839 2,309, 521
1926
_..
248,271
258, 067
253, 662
249, 987
327,106
330,144
327, 768
327,690
240, 043 386,742
233,015
232,661 401,876
247, 550 422,069
84, 469
88,608
87,157
104,944
2,192,140 1, 253, 968 733,041
2, 270, 331 1, 340,279 758, 742
2,302, 544 1,364,726
762, 858
2,410,994 1,433, 757 782,875
1,774,722
1,808,228
1, 840, 782
1,
123,011 85,104
125,773 90,695
122, 910 94,835
124, 243 105,130
141,116
105, 230 2,985,027
420
420
420
420
53, 727 168, 218 1, 385, 805 2,198,266 143,796
30, 211 161, 810 1,405,825 2, 249,895 145,607
22, 566 161,864 1,403,781 2,261,949 147,755
48, 741 2,933,663
65,311 2,999,620
113,361 3,037,197
418
416
416
6,654, 875 4,709,0911,945,784 876, 532 1,069,252 141,435 7,141,394 4,779,287 1,108,473 112,268 1,141,366 5,179,201 6,287,674 683,409
% 167,965 5,685, 714 7,029,440 732,042
,176,5301 "' "-" 162,336 8,241,894 5,685,185 1,343, 726 45,
., 234, 953
7,210,479 4, 798, 996 2,411,483 1,
.
,
1,34l| 970
7,574,126 5,037,496 2, 536,630 ,341,""" L,1194,660 169,438 8,580,449 5, 709,393 1,438,246 218,392 1, 214,418 5,670,365 7,108,611 756,020
135,106 8,794,830
148,084 9,905,552
, .
271,963 10,464,
" •~':,803
796
799
717,537 350,548 9,941,459
700,431
9,881,505
682, 911 32i; 731 9,644,376
713,147 324, 95110,688,212
813
821
827
835
738,616 206,06810,662,141
756,506 109,
,79911,227,440
831,948 127, 729 11,239,250
,
885,556 280,356 12; 498) 780
840
845
855
705,007 274,882 430,125
2, 391,130 1,
2,426,260 1, 707,053 719, 207 256,848 462,359
2,458, 049 1, 738,175 719,874 237,182 482,692
812,461
90, 542 2,395,852 1,361,446
93,797 2,457, 656 1, 421, 565 844,070
92,382 2,446,968 1,404,370
858,168
NEW YORK DISTRICT
1922
Mar. 10
June 30
Dec. 29
1923
Apr. 3
June 30
Sept. 14.
Dec. 31
_
1924
Mar. 3 1 . — —
June 30
Oct. 10
Dec. 31
Apr. 6June 30.
Sept. 28
Dec. 31
-1925
_.
8,010, 782 5,066,466 1, 578,708 163, 621 1,201,987 5,418,827
7, 994,994 5,085, 905 1,610, 560 81,"" . 216, 7235,499,123
8061 ,
7,748,421 4, 971, 954 1,639, 550 31, 6871. 105,2305,294,296
,
8, 732,857 5,689,041 1,666,420 62, 6661 , 314, 7305,625,363
.
7,570,588
7,596,467
7,408,651
7,655,537
5,094, 225 2,476,363 1,326,734 1,149, 629
5,113, 647 2,482,820 1,317,254 1,165,566
5,015,419 2,393, 232 1, 222,020 1,171,212
5,224, 915 2,430,622 1, 230,880 1,199,742
155,347
153,136
141,226
190,096
7,692,451
8,121,136
8,553,488
8,848,945
5,278,016 2,414,435 1,175, 578 L, 238,857
1
5,451,858 2,669,278 1,229. 288 L, 439,990
1
L,
5,624,783 2, 928,705 1, 367,9111560,794
[
5,900,516 2,948,429 1,323,614 1, 624,815
155,082 8, 793,375
189,547 9,508,469
190,055 9,437,284
2 0 3 212 10,464,540
~"
8,638,116 5, 771,370 2,866, 746 1,254,255 , 612,491
.1
5,970,063 2,898,757 1,245,064 1, 653,693
L,
8,956,932 6,104,294 2,852,638 1,204,333 1 648,305
9,515,821 6, 725, 534 2, 790,287 1,191,180,1599,107
5,606,670 1,744,610
6,101, 980 1,786,274
5, 777,664 1, 978,009
6, 737,861 2,011, 599
74,2481,367,847
36,4721,583,743
62,615 1,618,996
50,5381,664,542
6,997,535
7,109, 683
6,933,846
7,291,783
5,590, 782 7,335,392
6,158,024 7,944,298
6,426,834 8,404,843
6,743,907 8,755,506
169,194 9,416,314 5,827,960 2,082,315
7991 , 421,240 6,161,265 8,243,580 777,110
207, 783 10; 39i; 1366, 712, 759 2,099, 725
8511 , 552,801 6,601, 624 8, 701,349 848,817
.
178,142 9, 678,422 6,167,795 2,111,833
i 115 . 332, 6996,332,300 8,444,113 801,882
,
1
,
1,036,557 7,200,083 2,178,484 74; 352 1, 583, 638 6, 943,833 9,122,317
205, 724 11
306,122 11,525,677
260,865 12,438,021
353, 087 11,874,244
472,17113,438,022
857
866
874
880
1926
Apr. 12,
June30__.
Dec. 31
9,212,964 6,380,062 2,832,902 1,172,065 1 660, 837 187, 772 10,046,142 6,306, 968 2, 253,128 71, 037 1.
L,
.
, 1,415,009 6,427, 968 8,681,096 781,876 329,10612,382,
9,476,838 6,567,175 2,909,663 1,196,774 1 712,889 202, 914 10, 743,387 6,823,091 2,312,027 42, 0211
,
1,566, 248 6,807,434 9,119,461 864,,614 278, 858 12, 990
L
9,849,476 7,043,813 2,805,663 1,060,404 1, 745,259 230, 709 11,248,839 7,179,541 2,445,925 60,037 1,563,336 6,920,812 9,366,737 840,895 394,349 13,
,
885
896
913
PHILADELPHIA" DISTRICT
1922
Mar. 10
June 30
Dec. 29
1, 714, 980 1,032, 614
1,734,918! 1, 021,827 713,091
1, 837, 389| 1,078,426 758,963
233,891
449, 528 89, 318 1, 586, 652 899,032
479, 200 93, 557 1, 652.914 960, 479
493,099 109,103 1, 775; 653 1,019,458
486, 240 23, 635 177, 74.5 963, 506 1, 449, 746 104,001
•495,846 11, 420 185,16S 1, 020, 818 1, 516, 664 113,460
521, 677 30, 622 203,89C 1, 066, 468 1, 588,145 116,132
1, 916, 841! 1,136, 690
1, 966,828 1,176, 394
1, 970, 686i 1,195,034
1,972, 487 1,191, 732
780,151
790,434
775, 652
780, 755
280, 580
282,832
270,526
264,262
499, 571 108, 467 1,841,452! 1,026,991
507, 602 97,850 1,842,171 i 1,018,581
505,126
97, 357 1,860,908! 1,026,217
516,493 113. 505 1,940,197 1,063,082
575, 226
613, 728
628,441
645,252
32, 597
24, 776
14, 018
18, 769
206, 638
185, 08C
192, 232
213,094
1,070, 969
1,056, 747
1, 072, 727
1,075,444
1,994,072
2, 033, 274;
2,139, 349:
2,169, 764!
1,219,605
1, 241, 586
1, 287, 051
1,289, 333
774,46'
791, 688
852, 298
880,431
251,881
237, 033
244, 552
258, 029
522, 586 98,310 1, 897,416 985, 651
554, 655 132, 372 1,986, 912 1, 030, 285
607, 746 160, 512 2,110,127 1,063, 316
622,402 119,997 2,137,074 1,093,770
679, 593
705, 706
742,770
774, 356
33, 448
20, 906
42, 937
25, 549
198, 724
230, 015
261,104
243,399
2,232,149
2, 250,996i
2,312. 234!
234i; 41lj
_.
1, 352, 241
1, 382,480
1,449, 681
1,488, 813
879, 908
868, 516
862, 553
852, 598
255, 264
233, 574
226, 785
225,490
624, 644
634, 942
635, 768
627,108
782, 709
809, 256
829,146
849, 918
68,491 2, 091,273
54,852 2,149, 952
56, 386 2, 300, 588
710
712
716
1923
Apr. 3
June 30
Sept. 14
Dec. 31
116, 272
116,108
. 114, 275
118, 960
72,435
88, 558
65,457
70,447
2,382,838
2,400, 986
2,403,194
2,492, 389
717
720
722
722
1,033,494 1, 713,087
1, 079, 752 1, 785, 458
1,134.922 1,877, 692
1,153,978 1,928,334
114, 381
121, 313
124, 297
129,361
56,341
33,811
24, 297
48,431
2,442, 680
2, 524,137
2, 655,834
2, 712, 216
724
730
736
738
49, 749 229, 865 1,143,462 1,926,171
1.179, 636 1,988,892
18,917
26, 712 205, 822 1.180, 788 2,009,934
28,906 223, 347 1, 220, 548 2,070, 466
119, 790
139, 752
129, 518
139,801
42,152 2,720,321
2, 770, 733
58, 275 2,800,949
65, 567 2,916,820
740
749
753
751
880, 283 47,298 211,621 1,191,785 2,072,068 131,910
897,745 27,070 224,407 1, 210,013 2,107,758 135, 378
942,801 29, 388 219.433 1, 219,195 2,161, 996 139, 754
71,346 2,934, 337
70, 049 2,959,863
78, 958 3, 054, 494
756
760
769
65,431 2,893,189
47,375 2,986,807
57,936 3,197,957
883
884
1, 646,195
1,670,475
1, 701,168
1, 720,696
1924
Mar. 31
June 30
Oct. 10
Dec. 31
1925
Apr. 6__
June 30
Sept. 28
Dec. 31
122,145
108, 951
109,112
126,891
2,144,862
2,178,111
2,192,458!
2,299,978|
1,082,539
1,131,039
1,130,778
1,197,807
1926
2, 411, 721 1, 551, 887 859, 834 244, 897 614, 937 118, 656 2,291,391 1,152,189
2,422, 984j 1, 577, 647 845, 337 213,342 631,995 117,493 2,318,062 1,168,840
2,481, 963| 1, 619, 543 862,420 205, 786 656, 634 122, 531 2,385,463 1,193,841
Apr. 12..
June 30
Dec. 31. _
CLEVELAND DISTRICT
1922
2, 375,400
2,427, 966
2, 579,824
1, 604, 522 770,878
1,623,893; 804,073
1, 675, 682| 904,142
295,464
313,979
380,023
475,414
490,094
524,119
136, 594 2,237,915 1,135, 251
31,023 184, 677 1,197, 538 2,084, 502 132, 516
143,735 2,346, 559 1, 221,410 915.898 15, 308 193,943 1, 270, 627 2,186, 525 141,369
159,714 2, 531, 920 1, 265, 296 1,005; 547 35, 701 225,376 1,367,897 2,373, 444 153, 239
2,649,912
2, 748, 532
2, 748,794
2, 742,357
1,738, 260!
1,839,676!
1,830, 725|
1,842,931 j
911, 652
908,856
918,069
899,426
400,648
389, 475
384,664
352,950
511,004
519,381
533,405
546,476
165,469
153, 032
153,484
147, r~
2, 628,107
2, 655, 074
2, 693,100
2, 697, 518
1, 340, 592 1,024, 774
1,359, 411 1,068, 268 18,919
1,358, 274 1,104,348
1,330, 795 1,135, 752 27j 205
234,051
208,476
222, 870
203, 766
1,406, 792
1,414, 868
1,421,115
1,358,061
2, 431, 566
2,483,136
2, 525,463
2,493, 813
159,367
151, 213
159,162
152,093
44,112
85, 242
65, 366
59, 259
3,281,206
3,349,393
3,378, 295
3,382,284
881
877
2, 798,580
2, 839, 510
2, 940, 776
2,933, 607
1,863, 9581 934, 622
1,877,4171 962,093
1, 899, 952 1, 040,824
1, 902, 63911,030,~-~
376,161
558,461
569,807
455, 594 585, 230
438,398 592, 570
159, 580
178, 200
202,198
169,935
2, 747,084
2,833,151
2,950, 941
2,917, 538
1,329, 967
1, 351, 661
1,373, 851
1,366, 691
1,172,043
1, 233,441
1, 252,237
1, 246, 764
34, 566
19,129
33,165
22, 816
210, 508
228, 920
291, 688
281,267
1,382, 954 2, 554, 997
1, 410, 704 2,644,145
1,487, 798 2, 740,035
1,453, 578 2,700, 342
156,029
158,172
168,858
163, 593
47, 726
32,027
31,822
62, 202
3,424, 550
3,498,860
3, 627, 672
3, 629,945
876
873
872
871
Apr. 6 . . .
June 30
Sept. 28
Dec. 31
3,007,345
3,032,643
3,098,474
3,060,616
1,977,, 713L, 029, 632
'
1,
L,
2,015,960 1 016, 683
2; 070; 995 1,027,479
2,063,984 996,632
431,855
414,353
423,264
388,837
597, 777
602, 330
604, 215
607, 795
169, 015
158, 871
161, 947
170, 764
2,997,165
3,033, 791
3,051, 594
3,052,003
1,382, 690
1,428,469
1,428, 668
1,437,733
1, 298, 976
1,328,000
1, 342,045
1,338, 656
48, 567
24, 696
35, 393
27, 751
266, 932 1,479, 488
252, 626 1, 503,669
245,488 .1,502,369
247, 863 1,472, 656
177,348
175, 224
176, 535
172,340
48, 288
52, 484
72,941
80, 880
3, 681, 296
3, 718, 825
3,773,916
3,778,228
869
1926
Apr. 12.._^..__
J u n e 30
Dec. 31.-
3,130,957
3,166,831
3,139,492
2,116,6471,014,310
2,141,394ll,025,437
2,150,805
413,813
402,385
353,932
600,497 161, 630 3,096, 088 1,425,482 1, 388,458 41, 796 240, 352 1,477, 233 2, 865, 691 177, 825
623,052 177,936 3,168,849 1,477, 543 1,426, 613 25,181 239,512 1, 528, 780 2,955,393 179,455
634, 755 170, 647 3,128,389 1,438,238 1,423, 674 20, 495 245, 982 1,470,002 2,893,671 179,490
M a r . 10
J u n e 30
Dec. 29
1923
Apr. 3
June 3
Sept. 14
Dec. 31
,_
878
1924
M a r . 31
June 30
Oct. 10
Dec. 3 1 .
_
1925
2, 778, 464
2, 831, 669
2,844,414
2,811, 312
71, 778 3,828,744
64, 904 3,887, 702
98, 322 3,894,009
863
856
For footnotes see p. 233.
Cm
ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON A SERIES OF CALL DATES, BY FEDERAL RESERVE DISTRICTS— Continued
[In thousands of dollars]
Loans and investments
Investments
Date
Total
Loans 1
Total
U.S.
Govern- Other
ment
securi- securities
ties
Due
from
banks
Time
Demand
Total
deposits2 deposits 3 deposits
United
States Due to
debanks 4
posits
Net
demand
deposits
NumNet
Reserve Bills
ber
demand
with payable Total
of
plus
Federal
and
time
reserve redis- resources reporting
deposits banks counts
banks
RICHMOND DISTRICT
Mar. 10
June 30...
Dec. 29
Apr. 3
June 30
Sept. 14
Dec. 31
Mar. 31
June 30
Oct. 10
Dec. 31
Apr. 6
June 30
Sept. 28
Dec. 31
Apr. 12..
June 30
Dec. 31
1922
1,102,882
1,095,197
1,153,576
1925
_
1926
911,680
925,002
933,871
949, 964
262,373
263,342
265, 607
260,376
150,986
149,753
150, 518
145,422
111,387 90,335
113,5891 80, 510
115,089 80,302
114, 954 102,331
1,216,434
1,197,409
1,220,280
1,227,798
1924
249, 574 144,723| 104,851
239,819 129,023i 110,796
257, 551 145,8981 111,653
1,174,053
1,188,344
1,199,478
1,210,340
1923
855,378
896,025
959,012
953, 627
958,854.
960,100
257,422
243, 782
261,426
267, 698
__ 1,249,755
979, 503
_ 1,255,852
991,313
], 280,489 1, 019,307
1,297,421 1, 033,410
270, 252
264, 539
261,182
264, 011
1,298,087 1,030,423
1,282,285 1,017,261
l, 277,700 1,014,086
11, 497 101, 529
7,056 107,450
13,095 133,630
502,065
530, 531
573,208
69,019 964, 733
81,798 1,022,874
86,156 1,089,046!
479,713
513,133
543,146
371,994
395,235
399,175
874, 059
925,766
972,383
1,116,052
1,095,135
1,101,044
1.193,325
552,277
540,434
546,463
592, 510
422,732 14,702
432,936 14,090
432,629
8,775
441, 388 10,494
126, 341
107,675
113,177
148,933
576,158
553.903 986,839
559.904 992, 533
r
617,481 l,058,< "
136,488
127, 536
136,055
137, 000
120,934 81,830 1,141,613
116,246 87,187 1,141, 557
125,371 107,074 1,192, 796
130, 698 109,057 1,240, 916
556,026
541,025
551,462
596, 554
455,391
466,110
479,437
483,072
14,257
10, 635
20, 641
12, 472
115,939
123,787
141,256
148,818
571,642
552, 504
576,101
614,090
1,027,033
1,018, 614
1, 055, 538
1, 097,162
140,716
133,891
131,374
129,927
129,536 98, 236 1,224,124
130, 648 91,496 1,212,905
129,808 104,110 1.248,326
134,084] 112, 063 1, 316,122
566, 244
567,304
582, 968
630,877
494, 553
510, 542
507, 871
510,316
22,934
12, 088
13,877
15, 543
140, 393
122,971
143, 610
159, 386
592,413
576,684
603,992
650,200
1,086,966
1,087, 226
i, in, r
1,160, 516
267,664 134,889 132, 775 94, 614 1,274,914
265,024 126,264 138, 760j 99, 617 1, 267,673
263, 614 120, 744 142,870| 111, f - 1,313, 424
597, 618
601,370
625, 729
517, 887 21,124 138, 285
522, 721 13, 775 129,807
526,267 12,489 148, 939
1,134, 583
616,i
611, 218 1,133,939
643, 630 i i 6 9 r ~ -
746
6, '7779
71,890
1,481,865
1, 480, 554
1,495,943
1,562,660
1,587,997
1, 587, 745
1, 634, 745
1, 693, 744
ATLANTA DISTRICT
1922
Mar. 10
June 30
Dec. 29
Apr. 3_
June 30
Sept. 14
Dec. 31
809,2021
808,223 j
884,778
657, 273 151,929
654,457 153,766
715,494
88, 538
91,273
100,957
63,391
62,493
68,327
775,910
802,787
926,289
417,234
434,100
498,754
247, 524 10, 749 100,403
264, 680 6,114 97, ~ " ;
281,241 13,395
435, 241
448,065
518,840
682, 765
712, 745
800,081
45,210
45,301
55, 669
60, 709 1, 054,087
38,285 1,055,235
40, 921 1,197,031
520
530
536
921,475
925,778
985,105
730, 923
737,877
740,175
797,743
177,616
183,598
185,603
187,362
107,753
107,642
106,610
104,120
69,863 119, 606 963,247
75,956 96, 574 925,362
78,993 91, 633 901,011
83,242 120,703 1,013,128
505,001
485,236
476,203
541,758
306,252
317,947
316,151
323,934
14,606 137,388|
13,421 108,758
8,432 100,225
13,421 134,015
527, 268
503,640
485,164
552,594
833,520
821, 587
801,315
876, 528
57,037
53,814
51,438
55,029
28,435
44,110
70,095
68, 542
1,218,070
1,190, 961
1,198,290
1,319,371
538
530
528
525
969,8531
937,448!
956,785
1,000, '
787,053
764,403
780,262
816,049
182,800
173,045
176,523
184,381
106,991 979,399
116,989 964,421
144,634 1,020,984
161, 860 1,125,138
512,007
489,244
512,486
585, 643
334,010
353,746
353,174
359,373
7,113
11,001
7,904
124,418
114,318j
144,323
172,218'
529, 693
500,164
530,406
607,047
863,703
853,910
883, 580
966,420
55,143
56,482
57, 512
62,146
46, 505
40, 566
29,779
1, 278,457
1, 244, 629
1,303,607
1,392,821
519
518
515
510
1,204,775
1,207,982
1,371,128
1,447, 913
603,761
617,362
700, 947
777,877
382,108
398,360
407,425
425, 613
18,188
11,584
18, 521
16,176
200,718!
180,676i
244,235!
228,247|
642,364 1,024,472
649,749 1,048,109
755,631 1,163,056
1,234, 510
70, 528
77,372
79,311
27,244
31,445
37,637
37,332
1,469,102
1,473,611
1,656,772
1,730,959
505
501
500
495
109,802 138,891 172,755 1,356,277
95,441 137,782 154,822 1,266,375
87,187 143, 994 161,285 1,266,209
714,997
651,812
645,491
432,954 20,542
443,009 12, 751
431,328 15,471
187,784i
158,8031
173, 919
748,509 1,181,463
667,597 1,110,606
660, 953 1,092,281
77, 529
67,406
68,292
55,068 1,666,165
50,478. 1,566,411
56,990 1, 582,633
492
488
475
1923
__
_
91,177
93,224|
115.426
1924
Mar. 31
June 30
Oct. 10
Dec. 31
97,558 85,242
83,155
82,837
81,419 102, 962
1925
Apr. 6
June 30
Sept. 28
Dec. 31
Apr. 12
June 30
Dec. 31
_
_
_
_
1926
„__
..
.
1,061,158
877,611
1,084,669
963, 281
1,201,129
1,250,457 1,000,459
1,241, 111
1,172,8061
1,162,622i
198,923 92,304 106,619 186, 971
207,058 92, 967 114,091
237,848 108,315 129, 533 215,141
249,998 108,235 141,763 210, 957
992,418 248,693
939,583 233,223
931,441 231,181
I
CHICAGO DISTRICT
1922
3,491,7151 2,706,050 785,665 305,205
3, 576,475 2,701,147 875,328 377,234
3, 761,915 2,761,0511, 000,864 466,366
L,
Mar. 10
June 30
Dec. 29
480,460
498,094
534,498
304, 804 3, 582,052 1,702,874 1,297, 553 43, 887 537,738 1,938,330 3,235,883 250,924 106,165 4,418,238 1,440
290,833 3,718,387 1, 873, 385 1,336,364 18,363 490,275 2,042,941 3,379,305 266,273 108,888 4, 576,929 1,441
296,525 3,936,779 1,947,156 1,433,100 49,121 507,402 2,106,626 3, 539,726 277, 731 116, 559 4, 833,155 1,440
1923
3,887,971
3,915,295
3,905,729
3,909,434
2,866,7411,021,230
2,885,472 L
•" 1,029,823
1,014,825
2,890,
1,904 '
1
2,877, 982 1
', L, 031,452
468,409
478,771
479,530
460, 544
552,821
551,052
535,295
570, 908
323,115
306,254
300,297
299, 879
4,042,706
4,083,367
4,071,375
4,121,180
1,483, 743
1,530, 721
1, 535,188
1,572,311
39,014
37,941
17,458
25,441
565,730
521, 508
535,012
503,012
2,156,223
2,170,650
2,170,310
2,150, 758
3, 639,966
3,701,371
3,705,498
3, 723,069
3, 940, 801
4,013, 814
4,226,782
4,220,172
2,922,200 1, 018, 601
I,
2,951,"""" 062, Oil
L,
3,078,
L, 148,349
3,038, 742 L, 181,430
i;
469, 758
496,285
525,588
526,141
548,843
565, 726
622,761
655,289
295, 935
372,892
400,150
365, 987
4,114, 009 1, 939, 513 1, 589, 791
4,382, 582 2,093,623 1,645,284
4,569, ' ~ 2,166,414 1,678,438
~
2,236,447 1, 732,371
4, ""
38, 552
22,736
28,753
35, 548
546,153
620,939
695,828
624,023
2,147,283
2,284,334
2,441,182
2,421,316
3, 737,074 261,675
3,929,618 298,035
4,119,620
4,153, 687 314,698
4,289, 624
4, 382, 362
4,443,316
4,490, 797
Apr.
3
June 30
Sept. 14
Dec. 31
3,081, 728[ 207,896
,
,
1
3,189,
.
1,462 ", 192,900
1
3, 252,134 L, 191,182
1,
3, 284, 389L, 206,408
1,
535,127
512, 742
500,294
499, 050
672, 769
680,158
690, 888
707, 358
357,215
375, 695
334, 589
341,102
4, 598, 578 2,166,973 1, 761, 612
4, 794, 593 2, 320, 315 1, 833, 638
4,739, 221 2, 297, 301 1, 837, 642
4, 871,170 2, 366, 954 1, 881, 042
56,497
29, 852
31, 319
37, 068
613,496
610, 788
572, 959
586,106
2,387,557 4,149,169
2,476, 744 4. 310, 382
2,489, 929 4, 327, 571
2, 532, 996 4,414,038
1,954,219
1,993,197
1,983,717
2,020,416
269, 689 130, 052 4,947, 046
273,134
94, 805 4,947,846
282,042
97,651 4,946,013
270, 698 117,225 5, Oil, 589
1,437
1,434
1,432
1,427
1924
Mar.
June
Oct.
Dec.
31
30
10
31
73,621
52,130
38,549
51,867
4, 976,561
5,210,263
5,413,567
5,476,565
1,423
1,422
1,419
1,408
312, 949 84,284
322,224 79,464
319, 513 72,928
305, 336 101, 974
5,481,007
5, 681, 981
5, 624, 206
5,759, 964
1,407
1,404
1,406
1,398
1925
Apr.
6
June 30
Sept. 28
Dec. 31
192G
4, 502, 797( 3,295, 424 1, 207,
',373 484,972 722,401 337, 713 4, 829, 502 2, 289, 619 1,898,341 35, 324 606, 218 2, 517, 245 4,415, 586 321, 071 90,148 5, 726,809 1, 379
, 205,177 496, 670 708, 507 368,451 4, 953, 251 2,384, 374 1, 935, 044 20, 975 612, 858 2, 554, 729 4,489, 773 342,157 101,383 5,872, 509 1,366
4, 581, 827 3,376,6501.~""
.
,
4, 551, 814 3,397, 745 lj 154,069 414,941 739,128 333, 944
2,356, 341 1, 935, 865 23, 380 569,249 2, 509, 707 4,445, 572 310, 644 117. 564 5. 837.159 1.335
Apr. 12
June 30
Dee. 31
ST. LOUIS DISTRICT
1922
__
508, 897
535, 703
616, 616
295,259 11, 308 147, 575
313, 782 6,232 149, 711
340,447 14, 731 194, 590
558, 554 853,813
579, 533 893, 315
675,159 1, 015, 606
61.769
63j 491
69, 732
38.732 1, 247, 206
27; 165 1,283, 385
37, 827 1,459,458
605
608
169,934 110,407 1,182, 279
171, 387 90,164 1,133,366
86, 638 1,123, 997
170,139
176, 062 102,964 1,181, 212
620,355
597, 718
595, 695
622,407
362,186 13, 977 185, 761
367 !— 14,196 153, 570
381,' 404 3, 823 143, 075
384, 646 9,028 165,131
685, 823
652, 367
640,410
663, 700
1,047, 809
1, 020,249
1,021,814
1,
75, 621
68,782
65, 053
70,058
35, 627
51, 364
71,417
65, 303
1,476,028
1,443,123
1,460,324
1, 508, 509
$18
621
622
624
144,127
134,429
124, 201
135,632
180,512 87,826 1,152,«
183, 255 117,085 1,175,475
188,575 139,485 1,243, 044
205, 593 153, 630 1, 343, 784
586,781
600, 670!
618, 097
676,074|
408, 703 9,417
407, 587 5,945
423, 605 8,208
431, 261 13, 823
148,007
161,273
193,134
222, 626
638, 202
643,848
664, 779
733, 523
1, 046,905
l,051,435J
1,088,384
1,164,784
68, 304
63, 376
75, 346
80, 758
47,905
32,102
36,849
14, 795
1,464,258
1,471,429
1, 544, 530
1,618,402
627
625
624
150,942
132,054
132, 822
138,109
206, 605
220,455
220, 529
222,909
1, 319,332
1, 272,089
1,303,438
1,387,050
660,201
647,184
650, 849
717, 534
434,778 26, 881
441, 922 7,621
452,819 10,168
452,196 12, 590
197,472
175,362
189, 602
204, 730
720,281
697,990
708, 057
776, 891
1,155,059
1,139, 912
1,160, 876
1,229,087
78, 523
73, 343
75,114
81, 912
18, 266
24, 553
48,747
29, 747
1, 597,358
1, 558,142
1, 620,921
1,686,342
624
621
629
972,287 362,492 141, 291 221,201 114,311 1,374, 691
952, 346 368, 241 135,854 232,387 110, 096 1, 343, 279
947, 380 366,161 119,929 246, 232 116,003 1,358, 732
700, 527
684, 633
697, 505
479,134 16,123
476, 569 9,865
479, 590 8,560
178, 907
172, 212
173, 077
751, 256 1,230, 390
740,424 1, 216,993
733, 936 1, 213, 526
82,611
76,904
83, 017
31,148 1, 682,750
35, 623 1, 653,823
36,933 1,680,151
622
619
609
984, 264
1,005, 345
1,122, 964
750,897
739,259
803,191
233, 367 107, 653 125, 714
963, 037
266,086 119, 768 146, 318 98, 241 1? 005,428
319,773 156, 852 162, 921 122,420 1,166, 384
1,158, 205
1,160, 273
1,176, 605
1,187, 817
821,430
820, 005
844, 077
854, 233
• 336,775
340, 268
332, 528
333, 584
166,841
168,881
162, 389
157, 522
1,180,794:
1,161,747
1,186,300
1,226,T'~
Mar. 10
June 30
Dec. 29
856,155
844,063
873, 524
885,123
324,639
317,684
312, 776
341,225
357, 547
352, 509
353,351
361,018
1923
Apr. 3
June 30
Sept. 14
Dec. 31
.
1924
Mar. 31
June 30
Oct. 10
Dec. 31
1925
1, 249,120 891,573
1, 230, 332 877, 823
1, 283, 346 • 929, 995
1,312,477
951,459
Apr. 6
June 30
Sept. 28
Dec. 31
133, 538
177, 784
126,163
127, 239
1926
Apr. 12
June 30
Dec. 31
_.
1,334, 779
1, 320, 587
1, 313, 541
For footnotes see p. 233
CO
fcO
00
00
ALL MEMBER BANKS—PRINCIPAL RESOURCES ANDIL1ABILITIES ON A SERIES OF CALL DATES,!BY FEDERAL RESERVE DISTRICTS-Continued
[In thousands of dollars]
Loans and investments
Investments
Date
Total
Loans 1
Total
U.S.
Govern- Other
ment
securisecurities
ties
* Due
from
banks
Demand
Time
Total
deposits 2 deposits 3 deposits
United
Net
States Due to demand
debanks 4 deposits
posits
NumNet
Reserve Bills
ber
with payable Total
demand
of
Federal
and
plus
resources reportreserve redistime
ing
deposits banks counts
banks
MINNEAPOLIS DISTRICT
1922
M a r . 10
J u n e 30
Dec. 29
853,915
860,178
884,468
694,281
687,190
694,346
159,634
172,988
190,122
81,429
93,098
102,473
78, 205
79, 890
87,649
109,693
97,116
113,987
853,470
856,213
923,044
364,134
373,341
400,371
364,168 11,616 113,552
373, 566 6,568 102,738
9,002 123,088
390,583
389,363
397,978
427,395
753, 531
771,544
817,978
43,316
45,544
49,024
53,737 1,085,374
50,944 1,085,330
38,260 1,140,613
696,213
690,715
684,231
655, 794
203,276
206,241
205,476
208, 265
111,261
115,270
113, 625
114,124
92,035
90,971
91,851
94,141
97,236
97,195
105,461
944,085
916,071
913,040
914,775
392,095
386,423
387,695
408, 234
416,088
417,529
413,926
9,611
8,394
6,023
5,413
133,271
99,494
103,065
107,741
440,497
411,586
409,446
410,554
848,731
827, 674
826,975
824,480
51,805
896,956
889,707
864,059
48,065
46,652
31, 885
43,134
41, 964
27,102
1,151,569
1,133,173
1,130,271
1,117,527
854,162
824,547
867,, 789
9067812
___
639,310
610,944
629,480
630,474
214,852
213,603
238,309
276,338
121,494
116,912
123,508
143,873
93,358
96,691
114,801
132, 465
913,801
106,392
908,946
123,707
157,181 1,005,053
151,229 1,044,716
386,065
395,689
422,331
439,006
404,271
403,578
412,826
430,315
9,521
5,692
6,903
6,321
113,944
103,987
162,993
169,074
418,705
404,464
465,631
502,703
822,976
808,042
878,457
933,018
46,235
47,410
53,559
55,513
17,835
18,984
12,061
6,384
1,098,855
1,088,765
1,179,642
1,213,434
906,952
888,490
895,596
893,356
611,917
596,944
599,488
586,117
295,035
291,546
296,108
307,239
149,217
141,178
140,944
146,536
145,818
150,368
155,164
160,703
122,753
110,190
988', 414
112,913
995,694
127,243 1,011,532
424,325
430,460
426,309
435,345
441,834;
435,281
433,906
437,717
8,562
5,188
8,161
7,429
141,368
117,485
127,318
131,041
471,725
463,152
466,087
467,828
913,559
898,433
899,993
905, 545
54,172
54,175
53,789
52,192
5,582
7,306
7,666
4,639
1,176,374
1,147,653
1,158,126
1,170,254
872
889,846
880,562
861,998
575,372
567,763
554,196
314,474
312,799
307.802
147,845
142,334
133,351
166, 629
170,465
174,451
104,869J
101,544
116,230
420,428
419,796
406,016
438,964
435,449
435,897
6,009
4,667
114,389
104, 511
116,034
450,891
444,379
432,062
889, 855
879,828
867,959
53,592
48,457
50,606
5, 670 1,141,111
5,226 1,120,464
5,277 1,120,397
817
804
764
72, 508
79, 765
81,143
1,015
1,014
1,000
1923
Apr. 3
J u n e 30
Sept. 14
Dec. 31
fed
1924
Mar. 31
J u n e 30
Oct. 10
Dec. 31
1925
Apr. 6
J u n e 30
Sept. 28._
Dec. 31
...
895
1
1926
Apr. 1 2 . . .
June30__
Dec. 31
._.
983,280
965,765
962,614
KANSAS CITY DISTRICT
1922
Mar. 10__
June 30Dec. 29
-
1923
Apr. 3
June 30
Sept. 14.......
Dec. 31
-
1,022,086
1,070, 598
1,117,734
827, 424 194, 662 109,904 84, 758 199, 510 1,145, 677
842, 236 228, 362 1.34, 012 94, 350 206, 791 1,232, 560
251,046 150,101 100,945 206,544 1, 288, 665
1,136, 214
1,147, 773
1,132,177
1,098,168
876, 800
886,116
872, 614
849. 063
160,323 99,091
162,127 99, 530
160, 890 98, 673
142,444 106, 661
202,278
173, 949
172, 014
179, 835
1, 059,287
1, 039, 816
1, 059, 636
1,
822, 704 236, 583 137,399 99,184
799,805 240, 011 135, 290 104, 721
795,149 264,487 148, 876 115,611
151,171 128,879|
168, 733
201, 079
306, 566
313, 260
259,414
261, 657
259,563
249,105
656, 670
727, 987
751, 111
243, 049 14, 636 231, 322
262, 921 7,776 233,876
273,040 12,542 251,972
705,882 948, 931
782,426 1,045,347
803,024 1,076,064
1,308, 823
1, 258, 9351
1, 256,028!
1, 234,642
759, 407
735,871
734, 720
722,172
285,648 12, 864
300, 687 9,209
299, 566 6,652
291,930 6,764
250, 904
213,168
215, 090
213, 776
823, 766
787, 551
786, 368
759, 360
1,109,414 85,040
1, 088, 238 81,198
1, 085, 934 82,152
1,051, 290 76, 579
32, 607
58, 657
48, 862
53,396
1, 567,438
1,541,801
1, 532,838
1, 506,402
1,145
1,145
1,142
1,122
1,197, i
1,228,859 !
1,381, 373
1,441, 368
694, 718
708, 271
745, 360
779, 724
293, 850
298, 607
297, 288
295,985
8,404 200, 654
6,504 215,477
331, 060
6, 538 359,121
745, 621
747, 710
812,230
876, 033
1, 039, 471 74,998
1, 046, 317 78,241
1,109, 518 86,096
1,172,018 93,892
24, 914
22,815
10, 248
6,256
1,437,806
1.464, 097
1, 601, 636
1, 651,000
1,098
1,087
1,082
l,0C6
48, 767 1,421, 215 1,112
31, 238 1,490, 223 1,147
35, 873 1, 557,099 1,142
1924
Mar. 31
June 30
Oct. 10
Dec. 31
s
d
KANSAS CITY DISTRICT—Continued
1925
Apr. 6
June 30
Sept. 28
Dec. 31
1,116,638
1,115,806
1,136,942
1,132, 852
1926
_..
Apr. 12
June 30
Dec. 31
811, 590
804,929
817, 277
804,988
305,048
310,877
319, 665
327,864
1,386, 978
231,461 1,384, 582
197,240 1,364,292
229, 406
772,401
793,815
795,267
836, 652
305, 237 13,561
312,102 7,120
309, 748 7,965
294,962 8,330
295,779
271, 545
251, 312
268, 504
868, 641 1,173,878
1,175,762
871,339 1,181, 087
891,807 1,186, 769
89,453
91,446
87, 775
1,139,414]
1,157,139
1,136, 015
794, 233 345,181 199, 322 145, 859 188, 641 1, 348,970
811, 649 345,490 187, 698 157, 792 199, 704 1,391,499
777,458 358, 557 182, 962 175, 595 218,763 1,403,449
794, 508
818,273
822,157
315, 685 15,808
323, 494 11, 509 238, 223
317, 771 7,856 255, 665
845,366 1,161,051
871, 088 1,194, 582
874, 816 1,192, 587
83, 990
88, 973
86,102
6,9611 1,594,942
8,753! 1,593,376
10,896J 1,575,287
16,898! 1,622,124
! .
20, 007; 1,567,228
16,503 1,604,992
7,434 1,604,776
171,049
174,493
178,223
182, 636
133,999
136,384
141,442
145,228
1,056
1,048
1,038
1,027
1,017
1,011
992
DALLAS DISTRICT
Mar. 10
June 30
Dec. 29
Apr. 3
June 30
Sept. 14
Dec. 31
Mar. 31
June 30
Oct. 10
Dec. 31
Apr. 6
June 30
Sept. 28
Dec. 31
Apr. 12
June 30
Dec. 31
I
1922
702,146
708,480
750,087
585,443
587,799
609,481
116,703
120,681
140,606
91,350
95,812
112,186
25,353
24,869
28,420
105,033
99,262
130,690
688,374
692,932
816,180
480,311
488, 737
553,184
109,919
116,888
120,460
10,206
4,976
14,648
87,938
82,331
127,888
486,737
495,025
573,315
596,656
611,913
693, 775
46,261
46,605
54,457
50,064 950,672
46,516
950,570
20,000 1,053,751
854
857
855
771,128
745,617
781,007
811,458
620,089
601,138
636,701
649,704
151,039
144,479
144,306
161, 754
124,577
117,690
113,098
126,469
26,462
31,208
35,285
108,337
81,491
129,188
162,898
798,903
719,861
818,813
947,409
538,587
500,217
550,383
623,676
133,776
136,750
137,250
143,250
20,228 106,312
8,278 74,616
125,294
12,182 168,301
557,621
505,836
562,464
659,065
691,397
642,586
699,714
802,315
51,077
48,288
52,759
26,475 1,037,791
47,075
977,577
54,754 1,086,427
13,028 1,170,138
855
857
858
849
777,435
732, 715
767,30.1
790,584
629,246
596,881
625,645
645,513
148,189
135,834
141,656
145,071
114,605
104,274
103,369
101,266
33,584
31,560
38,287
43,805
119,535 835,935
105,145
198,361
214,390 1,004,225
555, 598
516,927
590,368
637,808
149,971
152,454
154,713
150,856
13,192 117,174
6,452 92,347
9,084 177,481
6,382 209,179
577,910
524,137
608.012
683^020
727,881
676,591
762.725
52,319
55,895
65,708
17,084 1,
24,316
999,932
15,678 1,160,009
6,492 1,217,071
835
837
838
813,788
791,909
823,117
832,621
650,725
637,973
664,145
163,063
153,936
158,972
164,556
121,368
113,707
114,589
115,339
41,695
40,229
44,383
49,217
179,811
133,823
163,817
152,668
966,585
882,959
951,362
616,746
587,970
612,084
649,624
163,632
167,305
164,640
158,382
16,230
169,977
119,086
160,721
158,415
658,215
601,022
642,102
821,847
768,327
806,742
62,061
57,174
59,010
66,062
3,727
12,703
15,926
6,161
1,178,100
1,102,054
1,179,756
1,195,278
847
854
852
833,089
807,731
808,120
667,847
649,791
652,412
165,2421 120,791
157,940! 113,323
155,708 105,145
44,451
44,617
50,563
135,343
121,089
146,403
929,064
871,272
940,293
623,005
590,128
631,305
169,465
163,897
160,377
12,496 124; 098
7,372 109,875
8,571 140,040
598,857
641,836
805.854
762; 754
802,213
58,172
57,342
64,423
12,309 1,156,674
25,393 1,109s 202
10,550 1,163,830
850
843
827
1923
_._
1924
._
1925
_.
1926
:__
_..
13,917
14,065
1
3
w
d
SAN FRANCISCO DISTRICT
1922
1, 943, 944 1,434,737 509,207 246,773 262, 434 195,201 2,023,093
1, 004,450 1,826,060 118,353
982, 694 821, 610 19,481
2,001,012 1,475,704 525, 308 258, 616 266,692 191,464 2,122,616 1, 036, 580 875,762 12, 924 197, 350 1,057,875 1, 933, 637 122,723
2,132,603 1, 555,290 577,313 312,254 265,059 209, 604 2, 313, 938 1,133, 718 930, 404 25, 426 224, 390 1,149,713 2,080,117 135, 731
Mar. 10
June 30
Dec. 29
77,724 2,475, 528
64,170 2, 559,141
48, 223 2, 755, 310
835
842
820
1923
2,267,071 1,661, 969
2, 335, 944 1, 740,726
2,296, 780 1,732,619
2, 252, 354
Apr. 3
June 30
Sept. 14_
Dec. 31
605,102
595,218
564,161
566.066
268,219 198, 523
322,470 272, 748 186, 813
304, 909 259, 252 210, 971
292,408 273, 658 206, 645
2, 416,412 1,171, 754 1, 009, 967
2, 466, 811 1,235,827 1, 007,863
2,450, 792 1, 242, 693 980,426
2, 488,048 1, 237,087 1,032, 364
28. 214
27; 270
13,313
22,007
206,477
195, 851
214,360
196,590
1,181,035 2,191, 002
1,240, 995 2,248,858
1, 243, 214 2,223,640
1, 222,741 2,255,105
140, 735
145,844
147,212
145, 714
67,459
83,926
94, 588
47, 508
2,877,989
2,940,191
2,943,130
2, 912,732
803
804
2,321,937
2, 300, 207
2,360, 252
2,448, 947
1,740,284
1.721,844
1,730,697
1, 769,451
581, 653
578, 363
629, 555
679,496
305, 956
301, 569
338, 409
363,112
275, 697
276, 794
291,146
316, 384
189, 796
213, 363
321, 506
274, 380
2, 484, 957 1, 238, 342 1, 024,132
2, 529, 317 1, 208,227 1, 093, 320
2. 709, 779 1,265, 369 1,122,197
2, 788, 380 1.288, 605 1, 202,911
25, 643
12, 243
29,017
18,441
196, 840
215, 527
293,196
278,423
1, 241, 225 2, 265, 357
1, 216, 590 2,309.910
1, 293, 726 2,415, 923
1, 308, 469 2, 511, 380
142,176
145,385
158, 081
164, 529
59, 696
33, 534
20,048
21, 291
2, 945,363
2, 960,490
3,137, 913
3, 210, 740
785
776
774
766
2, 512,770
2, 548, 618
2, 612, 794
2, 676, 501
1,818,368
1,849, 573
1,889, 624
1, 942, 500
694,402
699, 045
723,170
734,001
373,857
375, 332
391,808
388,176
320, 545
323, 713
331, 362
345, 825
226, 571
223, 855
240, 799
246, 305
2, 759, 585 1, 248, 740 1, 246,185
2, 803, 587 1, 267, 599 1,286. 613
2, 850,689 1, 268, 520 1, 307,324
1, 366,217 1, 342, 867
3, 005.948
29, 749
12, 225
26,407i
34,005
234,911
237,150
248, 438
262, 859
1,266,351 2, 512, 536
1,275, 547 2,562,160
1, 298,014 2, 605, 338
1, 364, 503 2, 707, 370
153,194
154, 521
156, 641
168,461
31, 671
41,144
61, 215
32, 601
3,195,196
3, 246,391
3, 325, 583
3,448, 533
749
751
749
740
50, 202 3, 407, 691
45, 593 3, 442, 728
54, 906 3, 664, 339
724
725
721
1924
Mar. 31
June 30
Oct. 10
Dec. 31
-.
1925
Apr. 6
June 30
Sept. 28......
Dec. 3 1 — - —
1926
Apr. 12
June 30
Dec. 31
2, 684,108 1, 943, 585 740, 523 386, 509 354, 014 226, 655 2,944,046 1.299,827 1, 367, 987 34, 676 241, 556 1, 319, 539 2.687, 526 156,830
'
2, 695, 037 1, 959,167 735,870 377. 996 357, 874 232. 588 2,976,504 I , 301, 310 1, 392, 225 20, 908 262, 061 1,326, 009 2, 718, 234 162,902
2, 855, 431 2,079,496 775, 935 367, 400 408, 535 245,121 3,168,950 1,379,216 1,482,196 20, 636 286, 902 1,391,099 2,873,295 167,180
For footnotes see p. 233.
to
00
CO
240
FEDERAL RESERVE BULLETIN
MARCH, 1927
ALL MEMBER BANKS
DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY
[In thousands of dollars]
Time deposits
Net demand deposits
1926
1927
1926
D e c . 29
J a n . 26
Jan. 27
1926
1927
1926
J a n . 27
Oct. 27
Oct. 27
N o v . 24
D e c . 29
J a n . 26
1,442,940
6,339,173
1, 218, 407
1,533,394
618,930
634, 693
2, 504,864
731, 668
432,988
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
1,373, 855
6, 634,463
1,211,199
1,481,028
616,159
631, 243
2, 448, 535
736, 752
424,095
869,191
632,391
1,335, 638
1,384,485
6,404, 773
1, 210, 538
1,499, 814
629, 631
635, 846
2,415, 512
729, 332
419, 319
860, 742
633, 208
1, 297, 793
1,374,330
6, 455, 855
1,190,601
1, 495, 667
613, 437
760,379
2, 429,995
760, 201
452,173
862,059
659,813
1,311, 604
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
872,087
2, 521. 350
960,946
1, 441, 508
537,368
443,142
1, 925,800
498, 640
431, 998
322, 865
166, 919
1,485, 011
801,024
2,230,372
869,084
1,354, 620
513, 875
438, 920
1, 883,018
466,253
441, 449
314,084
167,330
1,322,578
18,280,362
18,216, 426
18,394,549
18,120, 993
18,366,114
11, 401,773
11. 437,552
11, 430,134
11, 607, 634
10,802, 607
Banks in cities and
towns having a
population o—
f
Less than 5,000.. 1, 710,100
5,000 to 14,999.... 1,142, 778
15,000 to 99,999... 2,357,295
100,000 and over. 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, 632,886
1,112, 540
2, 331, 763
13,043, 804
1, 720, 826
1,158,992
2, 405,814
13,080,482
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, 821, 094
1,195,967
2, 274,149
6, 316,424
1,761, 695
1,129,972
2,169,045
5,741,895
Boston
_
New York
Philadelphia
Cleveland..
Richmond.....
Atlanta
Chicago
St. L o u i s . . .
Minneapolis
Kansas City
Dallas___
San Francisco
Total.....
_
_.
N o v . 24
241
FEDEBAL RESEEVE BULLETIN
MARCH, 1927
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
[In thousands of dollars]
1926
1925
1926
November December
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1927
January
November December
January
2,644,630
27,771,583
2,007,971
2,341,146
; 769,680
1,206,911
5,087,127
1,223,510
7835 325
1,139,529
617,555
2,750,830
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
2,814,568
31,406,762
2/262,212
2,708,317
825,996
1,337,786
5,849, 786
1,342,698
48,343,797
54,371,372
54,118,534
31,257,884 I 27,009,433 30,313,358
23,426,209 | 21,334,364 24,058,014
30,537,751
23,580,783
Number
of centers
Federal reserve district
1—Boston
._
2—New Y o r k . . . . .
3—-Philadelphia....
4—Cleveland._...
5—Richmond.
6—Atlanta—...
7—Chicago
8—St. Louis.
9—Minneapolis.__
10—Kansas C i t y 11—Dallas
12—San Francisco
11
7
10
13
7
15
21
5
9
15
10
18
2, 666, 956
26,555,199
2,108,355
2,386, 738
732,881
1,100, 578
5,226,833
1,229,843
712,588
1,239,058
621, 781
2, 777,562
2, 808,774
33,440,912
2,500,675
2, 786,306
875,117
1,257,765
0,085,687
1,306,535
748,641
1,330,689
678, 852
3,220,814
2,823,450
32,091,028
2,321,370
2, 785, 096
801,458
1,222,078
5, 702,289
1,263, 884
626,844
1,260, 245
637,600
3,148,751
Total'— —
141.
47,358,372 | 57,040,767 j 54,684,093
New York C i t y — — .
Other selected cities.„„
1
140
25,790,318
21,-568,054
32,576,802
24,463,965
1,232,003
650,395
3,002,325
WEEKLY SUMMARY FOE BANKS IN 261 CENTERS
[In thousands of dollars]
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York.....
3—Philadelphia—
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis....
10—Kansas City11—Dallas
12—San Francisco
Total.
Number
of centers
1926
1927
Jan. 26
7,027,750
550,035
671,910
321,661
294,022
1,278,550
306,239
156,060
301,987
166,515
707,738
260 12,398,736
Feb. 2
837,903
7,867, 764
592,975
876,252
326,150
298,064
1.465.228
313,950
163,083
310,164
. 191,616
Feb. <
656,587
7,105, 770
555,485
690,744
303,366
277, 713
1,216,175
302,004
155,443
292,699
180,541
759, 979
Feb. 16
Jan. 27
639,725
7,149,279
553,141
687,330
293,656
301,569
1,270,567
314,590
151,543
320,153
176, 795
796.540
590,703
6, 945,874
557,138
699,865
306,128
302, 827
1,409,669
309,533
164,491
279, 360
163, 977
662,457
14,052,087 12,496,506 12,654,888
Feb. 3
Feb. 10
Feb. 17
682,417
7,563,878
609,522
722,902
372,650
320,422
1.371,782
334,552
173,682
305,499
177,550
757,197
551,674
6, 706,384
520,441
637,735
300,642
287,110
1,347,097
305,486
171, 903
287,497
176,613
836, 701
591,422
6,177,895
531,147
655,996
310,719
295,509
1,286,515
322,744
171,658
300,897
173,634
709,969
12,392,022 13,392,053
12,129,283
11/528,105
379,178
6,390,512
81,450
400,548
146,240
*84,898
210,282
29,210
94,682
34,846
32,450
31,353
16,908
75,751
865,953
169,185
167,000
18,524
44,864
35,254
88,577
2,001
82,277
38,650
21,889
42,871
50,626
8,565
34,645
354,924
214,090
41,931
13,926
45, 576
12,532
401,514
5,851,287
77,033
397,356
149,107
95,011
205,721
33, 705
99,487
. 38,247
29,140
30,965
25,369
72,911
780,097
188, 788
178,600
20,421
50,100
35,299
85,813
1,633
83,006
36, 530
22, 700
45,211
49,403
8,002
36,689
245,042
205,850
37,634
14,484
47,695
12, 506
BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
[In thousands of dollars]
No. 1—Boston — . . . .
No. 2—New Y o r k . — . .
Buffalo
.
No. 3—Philadelphia
No. 4—Cleveland
Cincinnati. _.
Pittsburgh
No. 5—Richmond.Baltimore.No. 6—Atlanta_._.___._
Birmingham—.
Jacksonville
Nashville
New Orleans
No. 7 Chicago.....
—
Detroit.———
No. 8—St. Louis.........
Little Rock.—.
Louisville-.—...
Memphis...——
No. 9—Minneapolis
Helena—.
—
No. 10—Kansas C i t y —
Denver-...——.
Oklahoma City.
.Omaha—.—
No. 11—Dallas.——
E Paso—
l
Houston
—
No. 12—San Francisco._.
Los Angeles.....
PortlandSalt Lake CitySeattle—
Spokane........
84509—27-
433,852
6,697,368
73,860
413,920
170,176
213,890
37,872
93,902
39, 553
37,480
26,475
20,643
73,259
770,273
200,655
157,400
18,445
55,253
38,593
79,896
1,607
77,241
38,459
24,481
46,218
6,817
35,073
231,322
218,742
33,863
15,384
41, 536
12,309
451,260
473,024
642,030
7,509, 973 6, 789, 942 6,822, 734
73,686
74,518
93,435
422,233
422, 764
454,901
172,031
174,887
189, 775
84,027
84,447
86,495
218,406
232,363
392,503
29,648
31,392
38,294
89,929
90,916
99,826
39,741
34,452
42,408
34.080
31,800
33, 790
23', 704
23, 330
25,027
19,849
21,610
25,167
92,718
76,499
82,316
776,240
737, 911
944,483
176,726
153,478
188,457
169,600
161, 500
176,200
16, 719
18,235
15,073
52,414
47,028
48, 502
35,884
37,260
35,280
76, 683
73, 866
77,907
1,420
1,806
1,716
80,133
88,809
85,491
37,601
36,194
31, 530
21,504
25, 847
19,860
42,847
42,219
47,581
47,759
49,404
49,087
6,478
7,296
7,926
41,825
39, 566
46,660
289, 599
274,355
315,333
235,544
211,908
224,534
39, 711
36,024
38,365
13,835
15,236
13,514
46,940
44, 556
42,828
12,012
11.039
12,076
402,209
6,629,311
80,034
432,531
164, 353
86,286
242,442
33,962
94,323
38,460
32,840
33,254
18, 636
78,828
883, 593
222,Oil
167,000
20,641
45,678
37, 597
82,837
1,574
74,859
36,393
19,216
43,697
50,447
7,383
34,356
221,062
191,302
36,931
15,047
44,665
11, 906
484,876
7,211,172
87,774
475,351
166, 526
99,431
241,056
41,373
114,900
45, 540
32,090
29,414
18, 839
90,178
855, 638
190,203
187,000
19,238
48,632
41,120
85,568
2,054
84,058
41,904
21,498
44,312
53,162
8,301
32,974
280,141
210,362
40,255
17,064
47,345
11,846
242
FEDERAL RESERVE BULLETIN
MABCH, 1927
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. These rates are not averages but are those rates at which the bulk of the
loans of each class are made by reporting banks. The table includes some revisions of the rates previously
published in the BULLETIN and represents the result of an attempt to improve the accuracy and comparability
of these rates.
Prevailing rates charged customers during week ending with the 15th
day of the month
Interbank
loans
Boston.,
Loans secured by
prime stock exLoans
change collateral
secured by
warehouse Cattle loans
receipts
Demand
Time
1926—July,__
August
September..
October
November...
December...
1927—January
February. _.
New York.
1926—July.. _
August
September..
October
November..
December...
1927—January
February. _.
Buffalo..
1
-5H
1926—July
August
September _
October
November.;
December..
1927—January
February...
5 -6
DISTRICT 3
Philadelphia
1926—July
August
September.
October
November..
December. .
1927—January
February..
Cleveland-
1926—July
August
September.
October
November.
December..
1927—January
February. _
Cincinnati _
Pittsburgh.
1926—July
August
September.
October
November..
December..
1927—January
February...
1926—July
August
September.
October
November _.
December..
1927—January
February..
5 -6
5 -6
5 -6
53^-6
5^6
5
5
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
-6
5 -6
243
FEDEEAL RESERVE BULLETIN
MARCH, 192?
MONEY RATES PREVAILING IN FEDERAL RESERVE AND BRANCH CITIES—Continued
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
I Loans
prime stock ex
secured by Cattle loans
change collateral
warehouse
receipts
Demand
Richmond.
1926—July
August
September.
October
November.
December..
1927—January
February..
5
5 -6
5>f-6
5
4^-5
4^-5
5 -5H
5 -6
5
53J-6
5H6
5Y2
5^-6
5 4 -6
Time
5 -h\i
5
5 -5Y2
5 -5M
5 -5H
5
1926—July
August
September.
October
November.
December..
1927—January
February...
5 -5 :
5 -5;
5 -5Yi
5 -6
0 -5Y2
5 -6
5 -6
5^-6
53^-6
5 -6
5>_.-6
Atlanta.
1926—July.
August
September.
October
November,
December...
1927—January
February. _
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
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
Birmingham.
1926—July
August
September.
October
November.
December. .
i927—January....
February...
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
Jacksonville..
1926—July
__
August.
September.
October_.__
November _
December..
1927—January.. _ _
February. _
5
5
5
5
5
-7
-7
-7
-6
-6
5
5
5
5
5
5
6
-6
-6
-6
-6
-7
-6
-8
Baltimore..
Nashville-
1926—July........
August
September.
4*J-6
1926—July
August..___
September.
October
November.
December.1927—January....
February. _
New Orleans,.
5 -5%
5 -5%
November.
December..
1927—January
February. _
6
6
6 -7
5
5
-5Y2
-5Y2
-6
-6
-6
-6
-6
-6
-6
-6
6
6
6
5H-6
6
5 -6
5 -8
5
5
5
5
5
5
5
5
6
6
6
-8
-6
-6
-6
-6
-6
-6
-6
-6
5 -6
5 -6
5 -6
5 -6
5^-6
5 -6
5 -6
5 -6
5 -6
5^-6
5)|-6
5.^-6
6
6
-7
-7
6 -7
6 -7
4^-5
434-5
DISTRICT 7
Chicago..
Detroit..
1926—July._
August
September.
October.. __
November.
December..
1927—January
February. _
1926—July_...____
August
September.
November.
December..
1927—January.
February. _
4M-5
5 -53^
4^-5
5
4^-5
4^-5
434-6
43^-6
5 -6
5- 6
5 -6
5 -6
5 -6
5-6
5 -6
5 -6
5 -6
4^-5
5 4 - 5l^
5 -5 A
f3 Z51/2
4M-5
5
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
-6
244
FEDEKAL EESEEVE BULLETIN
MARCH, 1927
MONEY RATES PREVAILING IN FEDERAL RESERVE AND BRANCH CITIES—Continued
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
1926—July
August
September..
October>_...
November._
December.. .
1927—January
February._.
St. Louis-
5
5
5
5
5
5
Loans secured by
prime stock exLoans
change collateral
secured by
warehouse
receipts
Demand
Time
Jattle loans
-6
-5H
-5H
-5H
-by2
-V/2
Little Rock.
1926—July. _
August..._.
September.
October
November.
December..
1927—January
February. _
6
6
5 -6
6
6
6
Louisville.,
1926—July........
August
September.
October
November.
December..
1927—January
February. _
5 -5
5
5
5
5
5
5
Minneapolis.
1926—July
August
September.
October....
November .
December. _
1927—January
February. _
5 -6
5 -5
5
5
5
5
6
6
6
6
1926—July
August
September.
October
November.
December..
1927—January
February. _
Helena..
-6
-6
-5
-6
6
6
6
-8
-8
-8
-8
6 -8
Denver-
Oklahoma City.
Omaha-.
1926—July.........
August
September.
October.....
November..
December..
1927—January.....
February- _
1926—July
August..,—
September.
October—
November.
December..
1927—January....
February._
1926—July
August
September.
October
November.
December..
1927—January
February- _
1926—July
August
September .
October
November _
December..
1927—January
February-_
6 -6
6 -6
6
6
6 -7
6
^
1
5K-6
-7
-7
-7
-7
-7
-7
-7
-7
6
6
6
6
6
6
6
6
6
6
6
6
7
5 -6
-8
-8
-8
-8
-8
-8
~8
-8
6
6
6
6
6
6
6
6
DISTRICT 10
Kansas City
7
7
7
7
6
6
6
6
-7
-7
-7
-7
-8
-8
-8
-8
-8
-8
-8
-8
-8
7 -8
8
7 -8
7
7
7
8
7 -8
245
EEDEKAL KESERVE BULLETIN
MARCH, 1927
MONEY RATES PREVAILING IN FEDERAL RESERVE AND BRANCH CITIES—Continued
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 secured by
Loans
prime stock exsecured by Cattle loans
change collateral
warehouse
receipts
Demand
Time
DISTRICT 11
El Paso
5 -6
4^-5
4^-6
5 -6
5 -fi
.
5
_
6 -8
8
8
8
8
8
7 -8
8
„
__„
- -
-7
-7
-7
7
-7
6 -7
6
6
-6
5
5
5
5
5
5
5
6
5
5
5
5
5
_n
5 -7
6
6 -8
8
8
8
8
7-8
6- 7
6
6
6
6- 7
6- 7
6- 7
-7
-7
-7
—7
-7
5
5
6
-6
-6
7
7
7
7
7
-8
8
8
-8
-8
-8
-8
-8
8- 9
8
6- 8
-7
7- 8
6- 8
7- 8
7- 8
7- 8
6- 8
6- 8
-6
~6
-6
-6
~6
-6
-6
5
5 -6
fi- - 6
—6
fi - 6
-6
fi - 6
5
fi
5
fi
5 -6
5 ~6
fi -6
8
6-10
6-10
6-8 •
6- 8
-6
5 -6
6
5
-6
fi - 6
fi - 6
5
-6
5 -6
5 -6
7 -8
8
8
8
8
5 -7
6
6 -7
6 -7
6 -7
co
-...—_.
.-._—..
6
6
fi
6
fi
5 -7
6
6 -7
6 -7
6 -7
6 -7
5 -7
6
oooooo
. „_ . . . 1926—July.....
August
September
October
November
December
1927—January
February-
5
5
4M-6
5 -6
1926—July
August
September „
October
November
December
1927—January
February
Houston..„„„_„
5 -6
5 -6
5
5
5
oooooo
1926—July
August
September .
October
November
December .
1927—January
February
os
Dallas
5
5
5
5
5
5
5
-7
-7
-6
-6
-7
8
DISTRICT 12
1926—July.
August -»
September. „. _ . .
October
November
December .
. „_..
1927—January
..........
February
San Francisco
Los Angeles..
Salt Lake City .
Seattle.
-5y
fi -6
5 -6
5 -6
5
5 -6
h
fi —&/>
fi - 6
5 -6
6
6
6
6
6
6
6
6
6
6
6
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6
6
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fi - 7
fi -7
fi
6 -7
fi
fi
-7
6
6
6
6
6
6
6 -7
6 -7
6
6
6
6
6
6
6
6
6
6
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6
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6
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6 -7 .
6
6
6
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6
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6
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-7
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7
7
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5 -6
fi -6
5 -6
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-7
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7
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6
6
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6
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-7
-7
7
7
7
7
7
7
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6 -7
6 -7
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7
7
7
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6
6
6
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6
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-7
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-7
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6 -7
6 -7
6
6
6
6
6
6
6
6
6
6
6
6
6
6
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6
6
6
6
6
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6
6
6
5 -6
5 -6
- 5 -6
6
6
fi
6
5 -6
5 -6
5 -6
5
COCO
5
5 —5V
coco
Spokane
.
5 -51/
cocoes
Portland _„
1926—July......
August
September
October . . . . .
.
November
December...
1927—January....
._-___
February __
1926—July.. .
August— .
September
October..._ .„
. ..
November
December.. „_. . .
1927—January
February
1926—July.. „
August........... . . . . . . . .
September
October..
.
. . ._
November
December...
... ....
1927'—January.
February
„__ . . . . „„__
1926—July—
August
.„__„.— . . . .
September.
October...
_ ..
November
.. . . . . . .
December
1927—JanuaryFebruary...
1926—July
August
September. * „ . . . ..„_
October._.»___.„... „
November
December .
1927—January. _
„ .
February
5
6
6
6
6
6
6
6
6
(\
6
6
6
6
fi
fi
6
6
-7
-7
-7
-7
-7
-7
-7
-7
-7
-7
-7
-7
6
6
6
6
fi
6
6
6
6
6
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6
6
6
6
Q
7- 8
7- 8
7-8
7- 8
7- 8
7- 8
7- 8
7- 8
7
7
6
6
6
fi
6
fi
fi
6
6
6- 7
fi
6
6
6
6
6
7
7
7
-7
-7
-7
-7
-7
-7
-7
7
7
7
7
6 -7
7
6 -7
7
•
'
6
7
6
6
7
6- 8
6-7
6- 7
2
246
FEDERAL RESERVE BULLETIN
MARCH, 192?
MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST
NUMBER AT END OF JANUARY, 1927 AND 1926
Nonmember banks
Member
banks
Nonmember banks
On par list
Not on par
list
1927
1927
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond _
_
Atlanta
Chicago
St. Louis_
Minneapolis.Kansas City
Dallas
San Francisco
Total
New England States:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island . .
Connecticut .
Middle Atlantic States:
New York
New Jersey
Pennsylvania
East North Central
States:
Ohio
Indiana _
Illinois
Michigan
Wisconsin
West North Central
States:
Minnesota
Iowa
_
Missouri
North Dakota
Member
banks
1926
1927
1926
415
917
769
853
580
475
1 326
608
758
988
817
700
418
881
754
861
599
493
1,392
623
829
1, 023
850
736
245
408
510
1,066
679
335
3 763
1,979
901
2,512
692
762
245
392
513
1,071
704
364
3 796
2,093
1,151
2,657
761
793
9
614
1,058
187
423
1,094
216
200
64
10
684
1,104
264
405
1,068
205
183
63
9,206
9,459 13,852 14, 540
3, 8G5
3,986
1926
61
56
46
180
17
67
62
55
46
180
20
66
48
14
39
71
.8
85
49
14
39
70
8
84
657
356
969
636
334
959
277
171
646
275
154
657
427
256
576
289
178
439
264
587
291
185
654
811
1,272
572
586
657
824
1,290
514
613
8
24
9
214
9
20
92
190
302
365
199
147
329
410
198
163
401
1,135
1,233
112
505
1,200
1,305
188
531
46
33
295
518
52
35
287
On par list
Not on par
list
1927
1927
West North Central
States—Continued*
South Dakota
Nebraska
Kansas
South Atlantic States:
Delaware
.
Maryland
District of Columbia..
Virginia
West Virginia
North Carolina
South Carolina
Florida
East South Central
States:
Kentucky
Tennessee
Alabama - Mississippi
WTest South Central
States:
Arkansas
Louisiana
Oklahoma
Texas
_
Mountain States:
Montana
_..
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific States:
Washington
Oregon
California
1926
1927
1926
1926
109
165
263
125
179
265
154
706
933
203
741
1,001
156
195
3
164
177
4
23
89
13
181
141
88
82
138
73
22
89
13
191
141
90
90
150
73
32
167
32
215
193
78
20
61
93
32
165
33
225
196
88
22
76
87
101
9
315
189
311
171
103
9
33fi
236
374
160
149
112
123
41
146
117
124
44
426
193
22
19
432
217
27
24
20
242
208
271
21
237
200
274
108
44
358
754
119
45
381
776
228
30
351
646
252
32
367
707
127
175
4
115
115
173
5
98
103
72
34
131
31
18
44
10
111
79
34
135
33
20
46
10
101
79
52
167
28
26
66
24
104
78
53
179
29
30
68
24
11
1
7
5
2
4
12
150
128
283
156
133
298
169
105
301
170
109
323
35
28
33
30
9
6
3
4
MONEY IN CIRCULATION
[Source: United States Treasury Department circulation statements]
[In thousands of dollars]
Date
Total
3,402,015
1914—July 1
i 4,100,591
1917—Apr. 1
i 5,628,428
1920—Nov. 1
1922—Aug. 1 . . . . 4,337,418
4,739, 537
1926—Feb. 1
4,814, 217
Mar. 1
4,805,885
Apr. 1
4,854,173
May 1
June l__-__ 4, 870,885
4,834, 711
July 1
Aug. 1___. 4,858,474
Sept. l..._ 4,864,086
Oct. 1____. 4,906,198
Nov. l.___ 4,933,167
4,949,247
Dec. 1
5,001, 322
1927—Jan. 1
4,712,945
Feb. 1
Standard
Gold
coin and Gold cersilver
bullion
tmcaies
dollars
611,545
641,794
495, 353
416,282
407,148
422,079
450, 787
454,710
454,308
445,068
444, 061
428,018
422,052
407,456
408,940
422,899
370,222
1,026,149
1,348,818
231,404
171,985
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
1,037,441
Silver
certificates
478,602
70,300
459,680
70,863
89,725
60,385
58,378
268, 802
53,167
370,852
52, 637
371,149
52,147
365,113
51,814
363,855
51,607
370,003
51,906
377,741
51, 766
384,134
51,681 - 385, 598
51,846
391,493
51,813
393,118
51,848
391,158
51,581
396,752
49,842
374,836
Treasury Subsidinotes of
ary
1890
silver
2,428
1,997
1,628
1,508
1,371
1,369
1,367
1,364
1,359
1,356
1,354
1,352
1,349
1,347
1,344
1,340
1,336
159,966
191,351
261,556
229,956
266,155
265,853
267,244
267,089
268,219
270,046
270,218
271, 516
275,332
276,828
279,865
281, 579
272,126
United
States
notes
Federal
reserve
notes
337,845
330,353
356,448
277,736 3,310,225
284,343 2,115,350
288,677 1, 672,223
293,622 1,672,027
289,044 1,639,211
292,843 1,662,620
291,110 1,693,834
294,916 1,679,384
295,977 1,679,379
300,735 1,684,428
302,006 1,709,141
307,199 1, 737,405
303,172 1,764,634
296,810 1,824,437
287,672 1,683,858
Federal
reserve
notes
3,170
209,877
65,032
5,900
5,808
5,720
5,640
5,549
5,453
5,289
5,211
5,124
5,127
5,054
4,967
4,902
Total
National circulabank
tion per
capita (in
notes
dollars)
715,180
697,160
715,023
725,782
638,270
653, 603
646,249
655,025
660,721
651,477
653,939
649,353
646,935
651,421
647, 508
628,896
630,710
34.35
39.54
52.36
39.47
41.24
41.84
41.73
42.11
42.21
41.85
42.01
42.02
42.34
42. 53
42.62
43.03
40.51
i The figures for the several classes of money include mutilated currency forwarded to the Treasury for redemption and unassorted currency
held by the Federal reserve banks, and consequently do not add to the total, which is exclusive of such currency.
247
PEBEEAL EESEEVE BULLETIN
MAECH, 1927
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MARCH 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
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City_.
Dallas
San Francisco.
1
Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS, JANUARY 20 TO FEBRUARY 16, 1927, INCLUSIVE
[In thousands of dollars]
Transfers for
Government
account
Federal reserve bank
Debits
Boston
New York
PhiladelphiaCleveland
Richmond Atlanta
Chicago
- _
_
-
___
-
St Louis
Minneapolis _- _
Kansas City
«
.
Dallas
_San Francisco -
_
-
-
.
Total four weeks ending—
Feb. 16, 1927
_
Jan. 19, 1927
Feb. 17, 1926
Jan. 20,1926__.
5,000
1,000
1,000
- - -
„.
-
Credits
3,000
1,000
1,000
500
-
1,666
500
1,000
_
7,500
43,000
6,500
35,000
7,500
43, 000
6,500
35, 000 i
Debits
Credits
875,827
2,915,956
743,310
684,434
504,125
313,493
1,130,242
551,022
147,293
398,893
268,964
365,165
881,402
2,863,100
743,712
705,863
504,427
329,429
1,154,045
548,068
146,183
397,805
271,975
352,715
8,898, 724 8, 898, 724
9,084,279
9,084,279
8,274,910 8. 274/910
8,957,034 J- 8,957,034
:
i Includes Federal reserve note clearing.
Federal reserve
- note clearing
Transit clearing
'
•
Debits
1
Changes in ownership of gold
through transfers
and clearings
Balance
in fund
at close
of period
Credits Decrease Increase
4,227
9,547
4,870
7,501
3,183
3,813
6,297
1,742
2,254
2,583
2,005
2,691
3,254
11,206
4,519
4,091
4,306
3,387
7,905
2,883
876
2,873
1,628
3,785
398
48,197
50, 713
55,873
45,510
50, 713
55,873
45,510
62, 752
813
2,988
10,356
51
19,019
425
14,510
25,411
202
3,134
62,752
25,701
152, 111
53,959
62 939
24,304
31, 785
142,826
22,535
13,930
32,883
23,944
29,936
616,853
503, 514
688 124
573,849
FEDERAL RESERVE DISTRICTS
- — * BOUNDARIES OF FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
© FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
