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 186 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 6 6 6 6 -6 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 6 6 tj 6 6 5 -6 fi - 6 fi - 6 5 -6 •~(S}/9 -614 6 -7 . 6 6 6 6 6 6 6 6 6 6 6 6 6 6 -7 -7 -7 -7 -7 -7 -7 -7 7 7 6 -7 6 -7 fi 5 -6 fi -6 5 -6 -7 -7 -7 -7 -7 -7 7 -7 6 6 6 6 6 6 6 6 -7 -7 -7 -7 7 7 7 7 7 7 7 6 -7 6 -7 6 -7 6 6 6 6 6 -7 7 7 7 7 6 6 6 6 6 6 6 -7 6 6 6 -7 -7 -7 -7 -7 -7 -7 -7 -7 -7 -7 -7 7 6 -7 6 -7 6 -7 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 5 -6 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 6-6^ 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