Full text of Federal Reserve Bulletin : May 1927
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FEDERAL RESERVE BULLETIN MAY, 1927 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON The Business Situation Rearrangement of Federal Reserve Bulletin Branch Banking Developments in 1926 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1927 FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. CHARLES S. GEORGE R. EDWARD H. Secretary of the Treasury, Chairman. J. W. MCINTOSH, Comptroller of the Currency. MILLER. HAMLIN. JAMES. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. M. MCCLELLAND, Assistant Secretary. W. M. IMLAT, Fiscal Agent. E. A. GOLDENWEISER, Director, Division of Reseaich and Statistics. CARL E. PARRY, Assistant Director, Division of Research and Statistics. E. L. SMEAD, Chief, Division of Bank Operations. J. F. HERSON, ChiefJ Division of Examination, and Chief Federal Reserve Examiner. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) District No. 2 (NEW YORK) ARTHUR M. HEARD. JAMES S. ALEXANDER. „ District No. 3 (PHILADELPHIA) L. L. R U E . District No. 4 (CLEVELAND) HARRIS CREECH. District No. 5 (RICHMOND) . JOHN F. BRUTON, Vice President District No. 6 (ATLANTA) P. D. HOUSTON. District No. 7 (CHICAGO) FRANK O. WETMORE, President. District District District District District BRECKINRIDGE JONES. THEODORE WOLD. P. W. GOEBEL. B. A. MCKINNEY. HENRY S. M C K E E . No. 8 (ST. LOUIS) No. 9 (MINNEAPOLIS) NO. 10 (KANSAS CITY) No. 11 (DALLAS) No. 12 (SAN FRANCISCO) II OFFICERS OF FEDERAL RESERVE BANKS Frederic H. Curtiss.. G. W. McGarrah Boston New York R. L. Austin Philadelphia.. Richmond W. P. G. Harding.... Benj, Strong Geo. W. Norris . . . George DeCamp.... Wm. W. Hoxton Cleveland „„ Frank J. Zurlinden M, J. Fleming._„ C. A, Peple. R. H. Broaddus M. B. Wellborn............ Hugh Foster Creed Taylor.... C. R. McKay—. J. B. McDougal John H. Blair Chicago - Wm. A. Heath . St. Louis Minneapolis D. C. Biggs Wm. McC. Martin John R. Mitchell.......... R. A. Young Kansas City Dallas. . M. L. McClure C. 0. Walsh W. C. Bachman.i K. C, Childs.i J. H. Dillard.i D. A. Jones.* 0. J. Netterstrom.* J. W. White. Gray Warren. Frank C. Dunlop.1 J. W. Helm. Fred Harris. 0. M. Attebery ....— W. B. Geery B.V.Moore Harry Yaeger«. W. J. Bailey......... C. A. Worthington. R. R. Gilbert....... Lynn P. Talley... R. B. Coleman Wm. A. Day J.U. Calkins Ira Clerk L. C. Pontious San Francisco........... Isaac B. Newton Controller. W. Willett. A. W. Gilbart.i J. W. Jones.i Ray M. Gidney.i . . . L. R. Rounds.! C. A. Mcllhenny. W. G. McCreedy.* H. F. Strater. Geo. H. Keesee. John S. Walden, jr.i M. W. Bell. George J. Seay Oscar Newton 1 W. W. Paddock J. H. Case L. F. Sailer G. L. Harrison E. R. Kenzel Wm. H. Hutt E. R. Fancher Atlanta Cashier Deputy governor Governor Chairman Federal Reserve Bank of— W. N. Ambrose. * Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— 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. Schneckenburger. C. F. McCombs. J. C. Nevin. A. H. Dudley. Marcus Walker. Geo. R. DeSaussure. A. E. Walker. J. B. Fort, jr. W. R. Cation. W. P. Kincheloe. W. H. Glasgow. A. F. Bailey. Federal Reserve Bank of— Minneapolis: Helena branch Kansas City: Omaha branch... Denver branch Oklahoma City branch....... Dallas: El Paso branch.. .. Houston branch.... _ San Francisco: Los Angeles branch.. ._ Portland branch Salt Lake City branch Seattle branch Spokane branch Managing director R. E. Towle. L. H. Earhart. J. E. Olson. C. E. Daniel. M. Crump. D. P. Reordan. R. B. Motherwell. R. B. West. W. L. Partner. 0. R. Shaw. D. Lo Davis. SUBSCRIPTION PRICE OF BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2, Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. THE FEDERAL RESERVE BULLETIN in TABLE OF CONTENTS Page Review of the month—The business situation ;. 311 Condition of all banks in the United States 314, 378-382 Rearrangement of FEDERAL RESERVE BULLETIN 314 Branch banking developments in 1926 315,384-389 National summary of business conditions 319 Financial, industrial, and commercial statistics: Reserve bank c r e d i t Reserve bank credit in use Discounts and deposits of Federal reserve banks Gold imports and exports and money in circulation Money rates in New York CityFederal reserve bank rates Open-market rates Rates charged customers by banks in principal cities Member bank credit— Member bank reserve balances and borrowings at Federal reserve banks Loans, investments, and deposits of reporting member banks Bankers' balances in Federal reserve bank and branch cities Commodity prices, security prices, and security issues Industrial production Factory employment and pay rolls Building Commodity movements Wholesale trade Retail trade Bank suspensions and commercial failures 321 321 322 323 323 323 324 325 325 326 327 . 328 329 330 331 331 •___ 332 333 Foreign banking and business conditions: Annual report of the German Reichsbank Annual report of the Bank of Poland, Annual report of the Bank of Japan 334 340 346 Financial statistics for foreign countries: Condition of central banks Condition of commercial banks Discount rates of 31 central banks Money rates in foreign countries Gold exports and imports of principal countries Foreign exchange rates.. Price movements in principal countries— Wholesale prices Retail food prices and cost of living , . „__^ 348 350 350 351 352 353 354 356 Law department—Textual changes in the Federal reserve act and the national bank act made by the McFadden Act. 357 Changes in national bank membership 363 Changes in State bank membership363 Fiduciary powers granted to national banks 363 Detailed banking statistics for the United States Earnings, expenses, and dividends of State bank members IV . 364-382 383 FEDERAL RESERVE BULLETIN VOL. 13 REVIEW OF THE MONTH Industrial activity, which has been increasing since the beginning of the year, has been larger in recent weeks than in tiont/bariness the corresponding period of last year. Production in the steel industry during March was in greater volume than at any previous time, and the total output for the first quarter of the year was unusually large. The recent growth in output was^due in part to anticipation of the strike in the bituminous coal fields, but also to active seasonal buying by industries that use the products of steel mills as material, including the automobile industry, the railways, and the building "and petroleum industries. In April, however, there was some reduction in activity at the steel mills. Production of automobiles, though showing some seasonal increase, was smaller in recent months than in the same period of 1926. Building construction, on the other hand, has continued active, and the total volume of contracts awarded in March was larger than for any previous month. For the entire first quarter of the year, however, the volume of construction was somewhat smaller than in 1926. Bituminous coal production has been at an unusually high level since the middle of last year, reflecting first the increased demand for coal during the British strike and later increased output in anticipation of the strike in the union fields in the United States which began on April 1. Since the beginning of the strike the output of bituminous mines has declined from about 13,000,000 tons a week to about 8,000,000 tons a week. Production of petroleum has been in unusually large volume. In the textile industry, activity has increased in recent months, partly on account of the low price of cotton. Consumption of cotton in March was larger than in any previous month, No. 5 MAY, 1927 and a large volume of advance orders are booked. Silk mills have also continued to be active, and though there has been some decline in the output of woolen mills, they continue to be more active than a year ago. Thus industrial activity in the first quarter of 1927 recovered from the decline in the last three months of 1926 and was larger at the end of March than at the same time a year earlier. Large production was accompanied by continued demand from consumers, and the distribution of commodities by rail and through the channels of wholesale and retail trade was maintained in large volume. Kural purchases, however, showed some decline, chiefly in consequence of the reduced buying power of farmers that has resulted from the lower level of prices at which last year's crops were marketed. The general level of commodity prices, after an almost continuous decline lasting for nearly Continued two years, was in March, 1927, about price de-10 per cent lower than in the spring cline o f 1925 a n d Only about 5 per cent above the postwar low point at the beginning of 1922. This decline in prices has been general for all groups of commodities and for most individual articles; of the 400 commodities that enter into the Bureau of Labor Statistics price index, about 300 were lower in price last March than two years earlier and only 100 were higher. Among the commodities that showed advances for the two-year period were cattle, meats, certain woolen goods, bituminous coal, and wood pulp. Price declines, on the other hand, were shown for all grains and grain products for cotton and cotton goods, for all kinds of metals, lumber, and rubber. Grouping the commodities broadly as agricultural and industrial, it appears that both groups have declined greatly since the peak in 1925. For the two-year period the decline has been 311 312 FEDEKAL RESERVE BULLETIN somewhat larger in agricultural than in industrial commodities, but the recession in the prices of industrial commodities has been almost continuous since the early part of 1923 and has carried the prices of these commodities to the PERCENt 200 AGRICULTURAL. AND NON-AGRICULTURAL PRICES 200 (1913 n 100 ) MAY, 1927 active that has been the most striking characteristic of the business situation of the past four years. An important factor in explaining the downward movement of prices of manufactured Price declines commodities during the presand increased ent period of active business productivity foas been the increase in the productivity of industry in recent years. This growth in productivity has been brought about WHOLESALE PRICES 150 ( 1913 = 100 ) • 125 1922 1923 1924 1925 1926 1927 lowest level in more than a decade. For agricultural commodities the decline since 1925 followed^upon a rapid rise after the middle of 1924, a rise which was the principal factor in the advance of the general price index at that time, and though agricultural prices are at present considerably below their peak in 1925, they are at about the same level as three years ago and much higher than at the low point of 1922. The chart shows the course of prices of agricultural and nonagricultural commodities since the beginning of 1922 and brings out the fact that for the five-year period as a whole prices of agricultural commodities have advanced by about 15 per cent, while prices of industrial commodities are now at the low point for the postwar period and nearly 15 per cent below their level of four years ago. Another chart is presented to show for the same period the course of prices of some of the principal groups of manufactured commodities. These commodities advanced in 1922, after the drastic decline of the two preceding years, but since 1923 prices of metals, of building materials, of clothing materials, and of house furnishings have declined almost continuously. It is this continuous recession of industrial prices during a period when i n d u s ^ has been extremely 00 1923 1925 1926 1927 by the continuous and rapid increase in the use of machinery and mechanical power, by the further growth of large-scale production, and by the consequent increase in the output of industry per person employed. Comparison of factory production and employment since the beginning of 1922, as shown on the chart, indicates that while both output and employment increased during the period, the growth in production has been considerably larger than the growth in the number of workers. Since the early part of 1923, while prices of manufactured goods have shown a continuous decline, factory production has increased, and the number of persons employed has been reduced, so that the output per person employed has increased by more than 10 per cent. This growth in the physical output of products, accompanied by a decline in the number of persons engaged in production, has tended to reduce the cost of production and to increase 313 FEDERAL RESERVE BULLETIN MAY, 1927 It would appear, therefore, thatjthe causes the volume of goods available for consumption. It has thus been an important factor in the of the general price recession injrecent years lie in industrial and trade condecline in the prices of manufactured commodiPrice declines ditions rather than in financial not due to credit d e v e l o p m e n t s . T h e r e t u r n o f 150 450 FACTORY PRODUCTION AND EMPLOYMENT (. 1923-25 AVERAGE* 100 ) r conditions 125 100 , most foreign countries to a gold basis has not resulted in competitive bidding for gold sufficient to cause a credit strain, and there has been no evidence during the past three years of tightness in credit conditions that would help to^account for the decline in the price level. On the contrary, during the past two years, as was pointed out in last month's review, rates in most of the money PERCENT PERCENT 180 •50 ties, and has had the effect of increasing the purchasing power of industrial workers, both by means of wage advances and by the increase in the buying power of money wages at a reduced level of commodity prices. As a consequence, there has been an increase in consumers' demand for all kinds of commodities, and particularly for articles of comfort and luxury. It is the growth in the demand for articles of this character that accounts largely for the rapid increase in recent years in the output of automobiles, rubber tires, and gasoline, electric appliances, and silk goods. The exceptional volume of building activity, which represents in part the demand for better equipped and more modern residences, has also been influenced by the larger buying power at the disposal of industrial workers. Increased efficiency and the large volume of production, therefore, have been important factors in the decline in prices of industrial commodities. The factors which have caused the recent price declines in the United States have been operative also in foreign countries, and prices in all the countries with stable currencies have moved downward since 1925, as is shown by the chart for England, Switzerland, and Sweden. In foreign countries, however, business depression has also been an influence reducing the prices of industrial commodities. ( GOLD BASIS, 1913=100 ) 50 1922 1923 19241925 1926 1927 Federal Reserve Board's indexes of factory employment and production, without seasonal adjustment 180 WHOLESALE PRICES 170 170 160 160 Sweden 150 150 England \ 140 130 130 1925 1926 1927 markets of the world have tended downward. The latest developments in this direction have been the reduction of discount rates on April 14 at the Bank of France from 53^ to 5 per cent, on April j21 at the Bank of England from 5 to V/% per cent, on April 22 at the Swedish Riksbank from 4J^ to 4 per cent, and on April 27 at the National Bank of Belgium from 6 to 5}4 per cent. Since the beginning of the year there have been no less than 19 reductions in rates at the central banks in 12 different foreign countries. In this country money rates have remained fairly steady after the seasonal decline during the early weeks of the year, the Growth of, i / x i • n member bank l e v e l ° f r a t e S b e m ^ g e n e r a % credit somewhat lower than at the same time in 1926. This comparatively easy condition in the money market 314 FEDERAL RESERVE BULLETIN has prevailed, notwithstanding a continuous growth of bank credit which carried the total volume of loans and investments of reporting member banks to the highest level on record. The recent growth in member bank credit has reflected in part the seasonal demand for loans by commerce and industry, and in part the increase in the credit requirements of the security markets, arising from the rise in security values. Member bank holdings of investment securities, and particularly of United States obligations, have also increased since the beginning of the year. This growth of member bank credit has not been accompanied by an increased demand for reserve bank credit, the volume of which, after the seasonal decline in January, has been fluctuating around $1,000,0.00,000, the lowest level in nearly two years. The ability of the member banks to extend their own operations, without obtaining additional accommodation from the reserve banks, has been due primarily to the receipt of gold from abroad. Net gold imports during the first three months of the year amounted to about $75,000,000, and the addition of this gold to the funds available to member banks accounts for the growth of member bank credit without any advance in money rates and without enlarged use of reserve bank credit. > • CONDITION OF ALL BANKS IN THE UNITED STATES - All banks in the United States, including both members of the Federal reserve system and nonmembers, increased their loans and investments by $1,200,000,000, or about 2.4 per cent, during 1926, and held at the end of the year loans and investments of over $52,000,000,000. Figures showing the principal resources and liabilities of all banks at the end of 1926 are given in detail elsewhere in this issue of the BULLETIN, both by Federal reserve districts and by States, with comparative figures for preceding call dates. MAY, 1927 REARRANGEMENT OF FEDERAL RESERVE BULLETIN In this issue of the BULLETIN the statistical data presented have been rearranged and a number of additional tables have been introduced. Under the heading " Financial, industrial, and commercial statistics for the United States," following immediately after the national summary of business conditions, have been brought together all the figures previously shown under the heading " Business statistics for the United States," many of the figures previously carried under the heading "Banking and financial statistics," and some United States figures heretofore shown in comparative tables under " Foreign banking and business conditions." In addition to this rearrangement of figures, there are presented under the new heading a number of tables which were not previously available in the BULLETIN. The aim of this section is not only to bring together the statistics which underlie the national summary of business conditions, but also to make it possible to obtain in one place a general view of the most important financial, industrial, and commercial developments in the United States. More particularly, it has been the purpose to show in a standardized form for a considerable period of time the figures relating most directly to the use of reserve bank credit and to the general banking and credit situation in the United States. Some additional data not previously published are also introduced, showing the volume of production in individual lines of manufacture, and the volume of building by types of building. The figures included are in all cases the latest that are avilable on a monthly basis at the time when the BULLETIN goes to press. The monthly data for reserve bank credit and for member bank credit are averages for the month, based on daily or weekly figures, as the case may be. Averages have been used, rather than figures relating to single dates, because averages are not so much influenced by transitory conditions and are therefore more MAY, FEDEEAL EESEKVE BULLETIN 1927 representative and afford a better measure of changes from time to time. Comments on the current situation, as indicated by the charts and tables, will be presented, as heretofore, in the review of the month and in the national summary of business conditions, and in addition special articles will appear whenever a more detailed or longer 315 time analysis of some aspect of the business and credit situation in the United States or abroad will be deemed appropriate. The standardized detailed articles on business conditions in the United States which have appeared following the national summary have been discontinued. BRANCH BANKING DEVELOPMENTS IN 1926 In June of 1924, and again in December of 1925 and of 1926, the board secured, through the Federal reserve agents, reports covering branch banking developments in the States. Similar reports will in the future be required semiannually in June and December covering such developments during the preceding six months, and on the basis of these reports a continuous office record will be maintained of branches established, discontinued, and operated by all classes of banks—national, State member, and nonmember. These reports will give for each bank operating a branch or branches, the location of the branch and the method and date of its establishment—as by conversion of an existing bank, or by original establishment of a branch de novo—the method of its acquirement by the present operator—as by merger or consolidation—-and the method of its discontinuance. Data for nonmember State banks have been supplied by State banking authorities, covering State commercial banks and trust companies, savings banks, and private banks in so far as information is available. Some delay is unavoidable in securing these data, and in the present instance it may be noted that developments since December, in anticipation of or consequent upon the passage on February 25, 1927, of the act amending our national banking laws, the McFadden Bank Act, have effected considerable changes in the classification of banks operating branches. Of these changes the most considerable is the nationalization of one large California branch system, following a merger. Other changes include the approval by the comptroller in the case of several national banks of the conversion of additional offices, or " tellerwindow' ' branches, into full-power branches. These changes, however, affect principally either the classification of parent banks as National or State, or simply the legal status of branch offices originally authorized by the 44484—27—-2 comptroller in the exercise of his administrative authority under the national bank act. Legal status of branch banking.—As regards the legal status of branch banking under State banking codes and administrative practice, reference may be made to the FEDERAL RESERVE BULLETIN for June, 1926, which classifies the States as permitting, or prohibiting, or not providing expressly by statute for the establishment of branches by State banks. The branch banking area, including States whiph permit the establishment of branches either freely within the State or under restrictions as to location of branch in the home city of the parent bank or territory contiguous to the home city, remains practically as defined in the account of branch banking given in the BULLETIN of last June. A New Jersey statute authorized State banks to establish branches, conditionally upon legislation by Congress authorizing establishment of branches by national banks. To April 29, under the amending act of February, 11 national banks had been authorized by the comptroller to establish 16 branches, and applications of State banks, also, for permission to establish branches had been filed with the New Jersey Department of Banking and Insurance. In other States, to April 29, under the new act, 35 branches of 18 national banks had been authorized by the comptroller. Under an administrative ruling of the comptroller, national banks had been permitted, prior to approval of the act of February 25, to establish limited-power branch offices in the home city of the parent bank in States which permitted State banks to establish such branches. One effect of the new act is to legalize homecity offices by express statutory provision as full-power branches and to authorize the establishment of such branches by national banks in cities of 25,000 or more population—not more than one branch in cities of 25,000 to 50,000 population or more than two branches 316 FEDERAL RESERVE BULLETIN in cities of 50,000 to 100,000, no limit as regards the number of branches being imposed upon banks located in larger cities, except that the determination of the number of branches for these larger cities is within the discretion of the comptroller. National banks may acquire branches, also, by direct merger of State banks operating branches without prior nationalization of the merged bank. No national or member State bank will be permitted to establish a branch in any State which does not permit State banks to establish home-city branches, and no member bank may in the future establish branches outside the home city, although it may retain such branches in operation, provided they were established prior to February 25, 1927. Extent of branch banking.—At the end of 1926, according to reports secured through the Federal reserve agents, there were 789 banks in the United States that were operating branches, or about 3 per cent of the total number of banks in the country. The more important figures with regard to these banks are given in summary form below and in detail for classes of banks, cities, and States in tables which appear at the end of this BULLETIN. BRANCH BANKING IN THE UNITED STATES Dec. 31, 1926 Number of banks: Total Operating branches Only in home city In and outside home city Only outside home city Number of branches operated: Total In home city Outside home city Distribution of branch systems by siz< More than 10 branches 6 to 10 branches 3 to 5 branches 2 branches 1 branch Dec. 31, 1925 June 30, 1924 27, 377 28, 257 789 786 473 466 48 55 268 265 714 391 40 283 2,777 1,928 849 2,645 1,810 835 2,293 1,508 785 50 38 124 131 446 48 39 118 135 446 It will be noted that the number of banks operating branches remained almost constant during 1926, increasing by only three banks, and that the number of branches operated increased by 132, almost all of the additions representing branches in the home city. A large majority of the existing branches, in fact, are located in the home city of the parent bank, and more than half of them are in the larger cities of the country. There were in December MAY, 1927 only 50 systems in the country having more than 10 branches, the largest system at that time having a total of 100 branches. The recent merger of two California systems has introduced a new maximum size since December, this system having altogether at the end of April 278 branches in operation or authorized to be established. It will also be noted that more than half of the branch systems, so-called, are one-branch systems and that only 88 of the 789 parent banks were operating with more than five branches in December, 1926. Detailed tables given elsewhere show that the proportion of home city branches is large for banks located in the larger cities, while the proportion of outside branches is large for banks located in the smaller cities, where they very commonly represent the extension of banking services to rural communities through the agency of one or two branch offices located in neighboring towns. The proportion of outside branches for parent banks located in large cities is affected by State legislation as, for example, in New York, where the establishment of outside branches is prohibited. More than half of the banks operating branches are in the six States of California, New York, Michigan, Ohio, Massachusetts, and Louisiana, which have altogether 431 such banks operating a total of 2,035 branches. These banks have total deposits of about $16,000,000,000, or about 80 per cent of all the deposits held by banks operating branches and about one-third of the deposits held by all banks in the United States. The deposits of the banks operating branches in these States are given in the table on opposite page, by classes of banks, with corresponding figures for all banks in the State and in the United States as a whole. Of deposits in California member State banks at the end of December, 96 per cent were in banks operating branches, the corresponding proportion for member State banks in New York being 92 per cent, in Ohio 88 per cent, and in Michigan 82 per cent. For national banks the proportion was 42 per cent in California, 58 per cent in New York, 50 per cent in Michigan, and 60 per cent in Massachusetts. It will be understood that these percentages were exceptional, and that in a majority of the States in which one or more banks were operating branches the proportion of deposits reported by such banks was in comparison with total deposits of all banks inconsiderable. MAY, 317 FEDEKAL RESERVE BULLETIN 1927 BANKS OPERATING AND N O T OPERATING BRANCHES, BY STATES, DECEMBER, 1926 PROPORTION OF DEPOSITS HELD BY BANKS OPERATING BRANCHES, DECEMBER, 1926—Continued [Amounts in thousands of dollars] Number of banks Number of banks Not Operating operating branches branches Total United States _ Alabama Arizona Arkansas California Delaware 27,423 357 47 465 626 48 352 40 463 538 District of Columbia Georgia... Indiana 1 Kentucky Louisiana •43 59 1,084 610 234 33 537 1,080 606 194 Maine Maryland Massachusetts Michigan Minnesota 145 244 445 739 1,238 Mississippi _ _ Nebraska New Jersey New York North Carolina 326 1,043 562 1,156 Ohioi Oregon Pennsylvania Rhode Island South Carolina 121 208 367 671 1,236 11 2 13 105 40 315 1,041 549 1,051 449 1,084 265 1, 668 37 301 52 1 83 9 7 1,032 264 1,585 28 530 509 362 980 22 37 5 7 508 472 357 973 TennesseeVirginia Washington Wisconsin.. Other States2 26,634 789 11,227 11,450 * Figures for June, 1926. 2 Includes States expressly prohibiting branch banking—Colorado, Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, and Utah; and other States in which no branches are in operation— Iowa, Kansas, Montana, North Dakota, Oklahoma, South Dakota, Vermont, West Virginia, and Wyoming. PROPORTION OF DEPOSITS HELD BY BANKS OPERATING BRANCHES, DECEMBER, 1926 [Amounts in thousands of dollars] Number of banks Total 1 United States, total National banks State member Nonmember State 2_. Mutual savings Private California, total National State member All other New York, total. _ National State member All other . Total deposits OperatBanks ing All b a n k s 1 operating branches branches i 28,025 789 54,629,210 19, 657,282 7,906 1,354 17,650 620 495 141 195 394 50 9 20,851,667 13,656,498 12,410,173 7,577,623 133,249 5,692,203 9,805,544 2,389,840 1, 751, 958 17, 737 625 88 3,399,689 2,468,889 268 31 326 16 16 56 981, 716 1,441, 776 976,197 407,597 1,390,656 670,636 1,153 105 15,140,952 9,229,514 546 109 498 26 38 41 4,925,958 5,176, 666 5,038, 328 2,834,272 4,787,156 1, 608,086 1 Nonmember bank figures in these columns are for June, 1926. 2 Commercial banks and trust companies. Total Total deposits Operating All banks branches Banks operating branches Michigan, total National State member Allother 785 134 157 494 1,744,567 470,353 873,356 400,858 1,023,523 11 34 23 Ohio, total National State member All other 1,079 52 2, 506, 573 1,202,461 347 83 649 5 22 25 738,206 1,090,517 677,850 75,708 959,272 167,481 444 78 3,614,274 155 26 263 16 16 46 1,153,675 504,062 1,956, 537 1,421,359 692,498 438,748 290,113 239 33 11 195 40 1 8 31 433,109 108,878 191,474 132,757 258,571 11,698 176,178 70,695 23, 700 6,423 937 16,340 358 66 61 231 27,790,046 12,472,881 4,378, 647 10, 938, 518 4,052,965 1,433,582 1,337,995 1,281,388 Massachusetts, total National _._ State member All other. _ Louisiana, total National, State member Allother Other States, total National State member Allother __ 68 236,848 715,539 71,136 Branch banking in California.—In the State of California, in which branch banking has had the most extensive development, there are 11 banks operating more than 10 branches, of which 2 are national banks, 5 are State member banks, and 4 are nonmembers. The total number of branches embraced in the California systems is 668, divided about equally between branches in the home city and branches outside the home city; nearly 90 per cent of these branches are operated by parent banks located in cities having a population in excess of 100,000. There are, however, 66 branches operated by 43 banks that are located in places with a population under 25,000. Detail for branch banking in California is given in the two accompanying tables:1 CALIFORNIA BRANCH SYSTEMS, CLASSIFIED AS OPERATING BRANCHES IN AND OUTSIDE THE HOME CITY OF THE PARENT BANK Character of system and class of bank Total _... Systems operating branches: In home city only [n and outside the home city Outside the home city only. Number of branches Number of parent banks Total 88 668 331 32 15 41 92 503 73 92 239 In Outside home home city city 337 264 73 i Similar data for other States are on file in the offices of the board. Less detailed classifications for States and individual cities are given on pp. 386-389 of this BULLETIN. 318 FEDERAL RESERVE BULLETIN CALIFOKNIA BRANCH SYSTEMS, CLASSIFIED AS OPERATING BRANCHES IN AND OUTSIDE THE HOME CITY OF THE PARENT BANK—Continued Number of branches Character of system and class of bank Number of parent banks Total 16 85 In Outside home home city city NATIONAL BANKS TotalSystems operating branches: In home city only ... In and outside the home city... _ Outside the home city only— 75 10 47 STATE MEMBER BANKS Total. - ——— 16 Systems operating branches: In home city only — In and outside the home city-..Outside the home city only__-.._ 355 143 14 325 16 14 129 228 113 212 196 16 NONMEMBER BANKS Total. - 56 Systems operating branches: In home city only In and outside the home city Outside the home city only. 115 31 144 53 CALIFORNIA BRANCH SYSTEMS, CLASSIFIED BY SIZE OF CITY IN WHICH THE PARENT BANK I S LOCATED NumPopulation of city of parent bank ber of parent and class of bank banks Total Under 2,500 2,500-25,000—._— 25,000-50,00060,000-100,000 100,000-1,000,000. . . 1,000,000 and over.. Number of branches Total 39 27 5 19 578 In Outside home home city city 331 1 5 4 16 305 337 38 22 1 3 273 16 85 Method of establishment of branches.— Establishment of branches is generally in the States under the administrative control of the State superintendent or commissioner of banking, who is given more or less discretionary power in granting or denying applications of State banks for permission to establish branches. Subject to approval of the State officials, a bank may extend its system of branches either by de novo establishment of a branch or by acquiring an already existing bank through purchase, merger, or consolidation and converting the acquired bank into a branch office, or by acquiring, through merger, purchase, or consolidation, an already existing branch of another bank. Acquirement of a branch or branches by any bank may accordingly represent an increase in the total number of branches in the State without affecting the number of independent unit banks, or it may represent a corresponding reduction in the number of independent banks, or simply a transfer of existing branches from one bank to another. In any given case, the history of a branch may reveal several of these processes affecting its character and ownership, and in some cases the bank operating the branch at the present time may have no record of its earlier history. This obscurity of origin accounts in part for the number of "no report" cases shown in the table, which classifies branches as established de novo or by conversion. A p p r o x i m a t e l y one-fourth of t h e branches reported in December last represented in their origin banks which had been converted into branches. BRANCHES CLASSIFIED AS ESTABLISHED D E NOVO OR BY CONVERSION NATIONAL BANKS TotaL. Under 2,500.. 2,500-25,00025,000-50,000 60,000-100,000 100,000-1,000,000 1,000,000 and over 75 Number of branches, December, 1926 - _ Class of bank STATE MEMBER BANKS Total.. ._.— . Under 2,500.— __.. 2,500-25,000. 25,000-50,000 50,000-100,000- _ 100,000-1,000,000—....... 1,000,000 and over. _. 16 Total 3'55 143 212 1 346 1 142 204 Total NONMEMBER BANKS Total Under 2,500 2,500-25,000 _ 25,000-50,000 50,000-100,000.. 100,000-1,000,000 1,000,000 and over M A Y , 1927 _. _ — 56 228 36 17 5 13 157 113 115 36 15 1 3 Established de novo as branches Converted banks No report of method of establishment 2,777 1,960 641 176 Member, total... National State. 1,767 404 1,363 1,254 297 957 353 77 24 53 Nonmember, State, total.. Commercial and trust Mutual savings Private 1,010 923 75 12 706 648 54 4 205 204 1 71 20 State, total member and nonmember „-_- 2,373 558 152 FEDEKAL RESERVE BULLETIN M A Y , 1927 319 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial activity increased further in March and was larger than a year ago, while the general level of prices continued to decline. Distribution of commodities at wholesale and retail was somewhat smaller than a year ago. Production.—Industrial production, after increasing continuously for three months, was larger in March, when allowance is made for usual seasonal changes, than in any month since last September. Output of bituminous coal, crude petroleum, and steel ingots, and mill consumption of raw cotton in March were larger than in any previous month. Since April 1, however, steel-mill operations have been somewhat curtailed, and bituminous coal output has been reduced by about 40 per cent since the beginning of the miners7 strike on April 1. The consumption of silk and wool, sugar meltings, flour production, and the output of rubber tires increased in March. Production of automobiles has shown seasonal increases since the first of the year but has been in smaller volume than a year ago. The value of building contracts awarded in March was larger than at any previous time, and the production of building materials has increased conPERCENT [150 PER ©ENT 1501 100 100 SO 50 INDUSTRIAL PRODUCTION 1923 1924 1925 1926 1927 Index number of production of manufactures and minerals combined, adjusted for seasonal variations. (1923-1925 average=100.) Latest figure, March, 112 siderably in recent weeks. The largest increases in contracts, as compared with last year, were in the Middle Western States, while the largest decreases occurred in the Southeastern States. In the first half of April contracts awarded were in slightly smaller volume than in the same period of last year. Trade.—Sales of department stores increased less than usual in March and were slightly smaller than last year, owing in part to the lateness of Easter. Sales of mail-order houses and chain stores, however, were somewhat larger than a year ago. Inventories of depart- 100 50 SO BBflLDING CONTRACTS AWARDED WiM Season?/Adjustment W/t/?outAdjustment I 1924 1925 1923 1826 1927 Federal Reserve Board's indexes of value of building contracts awarded as reported by the F. W. Dodge Corporation. (1923-1925 average= 100.) Latest figures are for March ment stores increased slightly more than is usual in March in anticipation of the expansion in retail trade before the Easter holidays, and at the end of the month they were in about the same volume as a year ago. Wholesale trade in March continued slightly smaller than in the corresponding period a year ago. Stocks of merchandise carried by wholesale firms were seasonally larger at the end of March than in February, but in most lines continued smaller than last year. Freight-car loadings, which showed seasonal increases in March, declined in the first 10 days of April, owing to the smaller shipments of coal, but continued larger than in the corresponding period of previous years. Loadings of miscellaneous freight and of merchandise in less-than-carload lots were in large volume. Prices.—The general level of wholesale commodity prices declined further in March, reflecting decreases in most of the important groups of commodities. Prices of nonagricultural commodities as a group declined to the lowest level since the war, while the average for agricultural products, which advanced somewhat from November to February, remained practically unchanged in March. During the first half of April prices of winter wheat, sugar, cotton, silk, bituminous coal, and 320 FEDEKAL KESEEVE BULLETIN MAY, 1927 hides advanced, while those of hogs, crude At the reserve banks total bills and securities, petroleum, gasoline, and nonferrous metals which have fluctuated near the $1,000,000,000 declined. level since the end of January, showed little PER CENT change during the six weeks ending April 20. 200 Discounts for member banks were in about the same volume on that date as on March 9, BiLLIONS OF DOLLARS BILLIONS OF DOLLARS 150 10 10 100 100 so 50 WHOLESALE PRICES .1925 1924- 1923 1926 1927 Index of United States Bureau of Labor Statistics. (1913=100, base adopted by bureau.) Latest figures, March, 145 Bank credit.—There was some decline in the volume of loans for commercial purposes and in loans on securities at member banks in leading cities between the middle of March and the middle of April. Member bank holdings of United States securities, which had increased considerably in the middle of March in connection with the operations of the Treasury, have declined by more than $100,000,000 since that time, but are still about $200,000,000 larger than in the early months of the year. 1923 1924- 1926 1925 1927 Monthly averages of weekly figures for banks in 101 leading cities. Latest averages are for first three weekly report dates in April while acceptances showed a decrease and holdings of United States securities increased. During the first three weeks of April quoted rates on prime commercial paper and on acceptances were the same as in the latter part of March, while call money averaged somewhat higher. FEDERAL R E S E R V E BOARD INDEXES OF P R O D U C T I O N , E M P L O Y M E N T , AND T R A D E Year an4l month Indus- Production of Production of trial minerproduc- manufacals i tion i tures * Building contracts awarded i Unadjusted Adjusted Factory Factory pay employrolls ment Railroad car load-1 ings Wholesale trade Department-store Department-store Bank sales 1 stocks i debits outside of New UnadAdUnadAdYork justed justed Cityi justed justed Monthly average 1919=100 Monthly average 1923-1925=100 1926 January February March . > April .-• May June July August September... . October November December 106 107 108 108 107 107 107 111 113 HI 108 105 108 109 108 108 107 107 107 112 113 111 106 103 93 98 108 107 103 104 105 109 111 116 118 120 111 99 146 139 134 133 126 146 137 126 119 131 146 136 128 120 125 125 124 129 130 126 130 136 96 97 97 96 96 95 94 94 96 96 95 94 107 112 113 110 109 109 104 108 108 112 109 108 118 127 126 132 126 127 130 126 128 127 132 132 78 76 85 80 82 84 82 87 97 94 86 78 114 104 130 133 137 130 99 105 131 158 156 234 130 135 130 130 132 130 133 134 144 139 138 146 125 131 142 143 138 131 125 130 142 153 156 128 141 140 141 139 138 138 133 130 132 137 138 137 126 128 131 131 124 127 136 126 126 126 123 126 1927 January, February March__ 106 109 112 105 107 110 117 120 122 94 96 151 123 131 131 92 94 94 102 109 110 122 132 131 75 73 83 114 106 128 130 138 128 124 131 142 139 139 140 125 133 134 1 The indexes of production, car loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of building contracts and department-store sales and stocks are shown both with and without seasonal adjustments. 321 FEDERAL KESERVE BULLETIN MAY, 1927 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS RESERVE BANK CREDIT RESERVE BANK CREDIT IN USE [Monthly averages of daily figures. In thousands of dollars] BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2 Bills discounted for member banks Reserve Month credit in use 1 1926—January.. _ February.. March April 1,231,337 1,176,328 1,176, 439 1,158, 891 1,155,191 1,139,808 1,166, 564 1,158,264 1, 225, 236 1, 269,356 1, 270,057 1,380, 571 1,146, 523 1, 007, 624 1,029,319 1,038,857 M a y ___•___ 1923 1924- 1925 1926 June July August September October ___ November. December. 1927-—January... February.. March April 1927 Monthly averages of daily figures for 12 Federal reserve banks. Latest figures are averages for April 526,042 525,049 558, 795 539, 594 514, 559 476,044 548,966 555,799 641, 797 665, 566 618, 367 671, 722 486,875 427,716 447,286 Bills bought 327,179 305,631 235,956 230, 555 244,038 231,132 245,094 263, 992 294, 296 345, 448 305,013 254,618 248,429 United States securities 335,367 336,198 369,779 398, 249 408,776 379,745 353,903 315, 747 306,413 302,309 321,446 310, 637 306,707 344,921 341, 081 i Total holdings of bills and securities by all Federal reserve banks, including ''other securities" and foreign loans on gold. DISCOUNTS AND DEPOSITS OF FEDERAL RESERVE BANKS [Monthly averages of daily figures. In thousands of dollars] Federal Reserve District Month Total Boston Discounts: 1926—January February... March April May June July August SeptemberOctober November.. December.. 1927—January.... February... March. April..,.._. 526,042 525,049 558,795 539, 594 514, 559 476,044 548,966 555,799 641,797 665, 568 618,367 671,722 486,875 393,636 427,716 447,286 31,895 38,775 35,151 28,450 27,068 24,816 34,529 36,653 45,498 42,180 38,031 55,726 34,476 Deposits: 1926—January February... March April May June... July August SeptemberOctober NovemberDecember.. 1927—January February... March April 2,289,298 2,274,728 2,276,724 2,251,846 2,253,294 2,241,415 2, 262,420 2,253,350 2,273, 205 2,280,180 2,279,135 2,289,632 2,300, 204 2, 266,460 2,284,809 2, 301,120 148,192 148,884 148,287 148,224 146, 111 145,362 148,013 145,625 147,447 153,231 155,409 150,252 148, 810 149,134 146,177 148,394 New York 163,247 180,152 140, 813 129,202 136,767 117,785 165,983 163, 270 182,447 164,579 134,908 154,570 120,787 90,232 35,538 114,391 23,201 121,628 872,556 855,864 862,833 851,678 865,577 857, 668 847,061 862,912 853,359 856,416 879,596 885,641 856, 053 878, 285 882,386 Philadelphia 48,172 56, 248 59,901 53,295 49,722 49, 243 48,135 45,851 ! 46,224 49,918 | 43,826 | 60,785 i 44,184 I 36,158 i 41, 819 43,744 137,443 134,093 134,749 137,832 137,307 135,361 137,621 136,502 137,152 139,637 139,260 139,419 141,195 139,360 138, 894 140,451 Cleveland Richmond 59, 208 38,035 38, 287 56,611 43, 558 56, 207 45,066 52,071 46,637 43,977 47,366 37,221 41,775 33,666 44,918 44,966 46,359 70,386 45,664 75,602 35,516 90,051 29,620 62,107 22,498 39,424 23,409 31,888 22,221 53,890 22,506 177,700 181,330 181,208 180,681 181, 553 181,333 185,981 188,314 188,048 185,945 184,749 181, 215 182,290 183, 035 188,427 188,122 70,956 72,227 70,073 69,314 69,314 66,556 71,418 70, 054 70,061 72,240 72,626 71,010 73,335 72, 276 70,484 71,211 St. Louis Minne- Kansas Dallas City apolis San Francisco 80,112 66,948 75, 507 75, 266 56,311 52,547 42,011 60,854 47, 585 54,591 55,345 67,736 55,681 89,224 50,455 105,702 47,553 119,165 34,435 90,847 26,738 78,297 31,389 70,691 34,140 56,281 19, 680 20, 773 26,126 28, 236 26,662 28, 536 30,642 35,196 43,462 42,163 37,548 37,844 19,072 14,531 14,374 16,202 15, 511 17,063 17,499 6,386 19,044 6,920 20,149 . 5,254 18, 472 7,556 16,164 13,076 12,693 11,212 13,542 11,145 12,455 8,613 5,101 13,663 4,146 10,256 4,324 9,437 4,609 8,584 6,058 11, 902 7,463 5,841 6,641 7,400 9,832 11,921 16.138 20.139 25,000 19,451 17, 223 10,320 5,606 3,215 3,197 4,403 31,090 25,307 50,283 46,688 47,237 37,743 47,958 48,161 60,006 62,720 54,077 47,324 38,461 39,202 49,015 53,331 83,104 85,237 84,476 80, 744 76.133 72,477 73,453 71, 873 72,718 74,640 72,938 71, 802 72, 723 72, 531 71.134 72,766 85,658 84,561 83,538 83,394 81,270 82,917 82,092 80,937 83,745 82,771 82,823 83,325 83,754 82,780 83,827 55, 560 54,274 57,580 54, 663 52,934 51,698 51,538 49, 787 50,099 51, 574 53,070 52, 550 52, 278 50, 759 51,484 50,371 91,912 91, 859 89,574 88,278 88,775 88,155 92,651 94, 619 93,706 92,848 91,393 91,127 64,389 64,244 63,315 61,580 173,249 172,536 169,584 169,922 168, 915 167,348 168,376 169,442 173,141 175,334 177,315 177,135 176,356 174,690 175,018 177,810 Atlanta Chicago 26, 617 40,006 44,354 35,183 327,433 328,522 330,484 325,392 332, 762 329,191 335,306 340,386 338,071 336, 643 332,040 329,801 331,215 329, 680 328,167 332,363 4,676 57,087 57,478 57,595 58,913 60,984 61,148 62,902 62,156 91,425 63,763 90,789 63,170 90,832 62, 587 322 PEDBEAL EESEKVE BULLETIN MAT, 1927 GOLD IMPORTS AND EXPORTS AND MONEY IN CIRCULATION MILLIONS OF DOLLARS jioo 80 60 MILLIONS OF DOLLARS GOLD IMPORTS ANE) EXPORTS 44- if JIT n 20 HE MONEY IN CIRCULATION 5000 5000 I L.. 1inr II u 20 • 4500 20 B rl 60 5500 60 i HP 1 0 MILLIONS OF DOLLARS 15500 MILLIONS QF DOLLARS 80 +4-Hr-Ul"L 20 40 1@O »|g 40 lii Bars above base line represent Im; >orts -Bars below/ base line represent Ex oorts ID Black port/ ons represent excess Impo rfs or Exports 1 60 4000 4000 80 1922 1921 1923 f 1924 80 1925 1986 January February.. March April May June July August September October... November December. 1922 1923 1924 1925 3,657 3,681 3,721 3,751 3,767 3,774 3,786 3,825 3,859 3,874 3,902 3,909 3,933 3,938 3,961 3,969 3-, 982 4,023 4,049 4,079 4,109 4,135 4,168 4,210 4,247 4,289 4,338 4,368 4,417 4,460 4,491 4,517 4,531 4,548 4,554 4,570 4,547 4,482 4,424 4,405 4,394 4,396 4,390 4,391 4,400 4,399 4,442 4,426 1927 Based on averages. Latest figure, April, $4,771,000,000, average of figures for April 1 and May 1 1927 GOLD STOCKi [First of month figures. In millions of dollars] Month 1326 1925 1323 MONEY IN CIRCULATION 1927 . 1926 4,409 4,415 4,445 4,495 4,497 4,494 4,500 4,519 4,511 4,499 4,491 4,495 4, 502 4,537 4,586 4,599 4,609 1 Gold coin and bullion in United States Treasury and Federal reserve banks and gold coin in circulation. G O L D I M P O R T S A N D E X P O R T S , BY C O U N T R I E S [First of month figures. In millions of dollars] Month January. __. February.. March April May June July August September October... November. December. 1922 1923 1924 1925 4,605 4,353 4,402 4,413 4,385 4,370 4,374 4,337 4,394 4, 521 4, 570 4,617 4,733 4,509 4,611 4,656 4,668 4,706 4,729 4,951 4,682 4,808 4,813 4,760 4,815 4,755 4,665 4,774 4,806 4,880 4,994 4,993 4,752 4,804 4,776 4,725 4,774 4,736 4,720 4.784 4,827 4,901 4,972 4,778 4,850 4,835 4,923 . 1926 5,008 4,740 4,814 4,806 4,854 4,871 4,835 4,858 4,864 4,906 1927 5,001 4, 713 4,779 4,758 4,784 4,949 [In thousands of dollars] 1927 Country of origin or destination KINDS OF MONEY IN CIRCULATION 1926 January-March Calendar year March [In millions of dollars] Imports Exports Imports Exports Imports Exports England France Germany Canada C entral America Mexico Chile- . Colombia Ecuador Peru. Venezuela Australia British India British Malaya China and Hongkong Dutch East Indies.. Japan Philippine Islands All other countries._ Total 8i 2 2 5,132 136 550 995 89 80 45 30 4,869 173 2,000 197 76 14,383 67 3,052 572 6 7,317 20,998 1 44,468 354 1,548 3,631 367 261 458 105 4,873 855 889 """647" 344 160 10,000 463 :::::::: 22 210 5,625 96,047 2 13, 722 3,161 3 1,694 1,001 100 1,212 351 1 82,513 1,516 23,913 21,184 1,663 1,307 2,644 647 51,119 5 65 1,290 1,381 ~~6~546" 270 1,707 14,000 1,990 1,162 240 22, 928 213,474 First o f month figures 18 47,550 42,392 3,855 6,202 2,019 6 1,700 578 3,342 4,495 2,221 60 Averages i Kind of money March Gold coin and bullion . Gold certificates _ Standard silver dollars Silver certificates Treasury notes of 1890 Subsidiary silver United States notes Federal reserve notes __ Federal reserve bank notes.. National bank notes _._ Total April May March April 394 1,035 49 377 1 271 292 1, 710 5 645 392 1,020 49 373 1 272 291 1,707 5 648 389 1,019 49 377 1 273 293 1,724 5 654 393 1,027 49 375 1 272 292 1,709 5 647 391 1,019 49 375 1 272 292 1,716 5 651 4,779 4,758 4,784 4,768 4,771 1,270 115,708 1 Averages of figures for first of given month and first of following month. MAY, 323 FEDEKAL RESERVE BULLETIN 1927 MONEY RATES IN NEW YORK CITY - 1922 1923 T9.24. FEDERAL RESERVE BANK RATES OPEN-MARKET RATES KATES IN NEW YORK CITY DISCOUNT RATES Prevailing rate on— LRates on all classes and maturities of eligible paper] Federal reserve bank Eate in effect on May 1 Boston New York Philadelphia __ Cleveland Richmond Atlanta Chicago.. St. Louis Minneapolis... Kansas City... Dallas San Francisco.. Date established Previous rate Month or week Nov. 10,1925.. Aug. 13, 1926— Nov. 20,1925.. Nov. 17,1925Junel4,1924.. June 18,1924.. June 14,1924.. June 19,1924.. Oct. 15, 1924.. _. July 1, 1924... July 16, 1924... Nov. 23, 1925.. 1926 January February March [Buying rates at the Federal Reserve Bank of New York] Maturity 1-15 days 16-30 days.._ 31-45 days--. 46-60 d a y s . . . 81-90 d a y s . . . 91-120 d a y s . . 121-180 days. Date established Previous rate Sept. 1, 1926.. Aug. 23, 1926. .do_ .....do do do Aug. 16, 1926. NOTE—Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Prime comi merciai j paper, I 4-6 months _ 4J£4J 4J i 4M-4J Average rate on— Average yield on— U.S. Treas- j ury I notes and certificates, 3-6 months Prime bankCall ers' accept- loans 1 ances, 90 days per cent Liberty bonds 4.04 4.01 3.98 3.94 4.33 4.85 4.55 4.06 4.79 4.68 4.72 4.29 3.81 4.15 4.27 4.52 4.05 4.2C 4.39 4.76 3 2.90 3.11 3.27 3.93 3.90 3.93 3.95 September. October... November December 5.02 4.75 4.56 5.16 4,88 4.99 4.70 4.70 3 3.47 3.58 3.35 I 3 3.11 | 3.96 3.95 3.91 3.83 1927 January February March __ April... 4.32 4.03 4.13 4.18 4.52 4.42 4.39 4.45 3.23 I 3.29 ! «3.21 ! 3.39 j 3.80 3.80 3.80 3.87 Week ending— Apr. 2 Apr. 9 Apr. 16 Apr. 23 Apr. 30 4.40 4.15 4.44 4.10 4.00 4.42 4.46 4.44 4.44 4.44 3.34 ; 3.25 I 3.31 a. 53! 3.49 ! 3.84 3.84 3.87 3.90 3.89 April BUYING RATES ON ACCEPTANCES Rate in effect on May 1 1927 1925 1925 t _ May June July August. _. 1 3 , ' •""•' VA-&A 3^-3^ 4 4 -4M 32 3.49 ! 3.18 3 3.25 f 3.08 j 3.17 Stock exchange call loans; renewal rate. Stock exchange time loans; weekly average of daily average rates on principal maturities. 3 Change of issues on which yield is computed. 44484—27- 324 FEDERAL RESERVE BULLETIN MAY, 1927 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES ^ The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANK CITIES Month Boston NewYork Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco Dallas Prime commercial loans 1926—April May June July August September, October November. December.. 1927—January February. . March..... April 5 5 5 5 5 5 5 5 5 5 5 5^-6 6 5 -6 6 5 -6 5 -6 -6 -6 -6 -6 -6 -6 -6 -6 -6 -6 -6 43^-6 5 -6 434-5 4H-5 4H-5 43^-5 'i-5 4^-5 5 5 5 5 5 5 5 .i-5 434-5 434-5 434-5 434-5 4M-4M 414-434 5 -534 -5y2 -534 -534 -534 -534 -5H 5 5 5 5 -6 5 -534 5 5 -5y2 5 -534 5 -6H 5 -5H 5 -534 5 -534 5 -6 5 -6 5 -6 5 2-6 4^-5 43^-6 5 -6 5 -6 5 -6 434-6 434-6 Loans secured by prime stock exchange collateral 1926—April November. _ December. _ 1927—January February.-March April 5 534-6 5 434-5 434-5 434-5 6 6 6 6 6 6 534-6 534-6 5 -6 534-6 5 -6 5 -53^ 5 5 434 4M-5 434-5 434~5 434-5 4^-5 41^-5 4^-5 434-8 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 434-5 5 -534 5 -534 434-5 434-5 434-5 4^-5 4M 434-6 5 5 5 5 5 5 -5% -53^2 -5V?, -51/9 5 -6 5 -6 5 -6 434-6 434-6 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 6 6 5 6 6 5 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 4 5 5 5 5 5 5 6 -7 .-7 -7 -7 -7 5 5 5 5 5 5 -7 6 -6 -6 -6 -6 -6 -6 Loans secured by warehouse receipts 1926—April.. November.. December. _ 1927—January February... March April....... 5 -534 5 5 -5 4H-5 4^4-5 5 5 5 5 5 -6 5 -534 5 -5% 5 -534 5 -5H 5^-6 5 -6 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 6 53^-6 534-6 534-6 6 6 5^-6 6 5 5 5 5 5 5 5 -8 -6 -6 -6 -6 -6 -6 5 -53^ 5 -534 434-534 434-5 434-534 43^-5 4}£-6 443,4-6 4-6 454-6 4?i-5y2 i-&A 5 434-5 4M-534 434-5 434-534 434-5 6 5 -6 6 5 -6 5 -6 5- 6 5 -6 -6 -7 -7 -6 -6 -6 -7 Interbank loans 1926—April. November.. December. _ 1927—January February. _March....._ April.. 4^-5 4M-5 43^-5 4H 434-5 4H 4H 434-5 5 5 5 5 5 5 5 5 5 43^-5 43^-5 4^-5 434-5 434-5 5H 434-534 5 -534 5 5M-534 5 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 5 5 5 5 5 5 -5H 5 -5^2 5 5 5 5 5 5 5 -6 5 -5H 5 5 5 5 5 5 -5H -53^ -534 -5H -m -6 -6 -6 -6 -6 -6 534-6 5 -6 6 6 6 6 6 6 5 5 5 5 5 5 5 -6 5 -53/ 5 -5>i 5 5 5 5 -6 -6 -6 -6 FEDERAL RESERVE BRANCH CITIES [1927] Prime commercial loans City Interbank loans February March April February March April February March April February March 5 -6 53^-6 5 -6 5 -6 5 -6 5 -6 5 5 5 5 5 -6 53^-6 5 -6 5 -6 5 2-6 5 -6 5 -6 434-6 6 6 -7 6 53^-6 6 6 -7 6 6 6 -7 6 53^-6 54-6 5 -6 5 -6 5 -53^ 5 -6 4^-6 6 5^-6 5 -6 5 -6 5 -6 6 53^-6 -6 -534 -6 -6 534-6 6 6 6 6 -8 6 6 -7 5 -6 6 -7 6 -8 6 6 -7 4^-6 5^-6 6 -8 6 534-6 5 -6 6 -7 5 -6 8 6 8 6 8 6 8 8 8 5 -6 434-6 8 5 -6 5 -6 6 -7 6 -7 7 4 -8 5 -6 5 -6 4%-6 8 5 -6 2 2 6 6 6 6 6 6 6 -7 6 6 5 -7 6 -7 6 5 -6 534-6 6 6 6 6 -7 8 5 -6 6 -7 6 6 6 -7 6 • 6 - 7 8 5 -6 6 -7 6 6 6 -7 6 5 -6 6 -7 534-6 8 5 -6 6 -7 6 6 6 -7 6 6 6 -8 2 5 -6 5 -6 6 -8 6 6 -8 534-8 6 6 -%y2 -8 57 -6 6 6 -8 5^-6 5 -6 5 -6 6 -8 6 6 -8 5^-6 5 -6 5 -6 5 -7 6 6 6 -8 5^-8 6 -8 5^-8 coo'op Buffalo Cincinnati Pittsburgh . * Baltimore. „« -. Birmingham Jacksonville Nashville . . . . . . . . New Orleans Detroit . Little Rock ._ Louisville.-,oHelena Denver Oklahoma City Omaha El Paso Houston Los Angeles „ Portland Salt Lake City. Seattle „. Spokane Loans secured by prime stock Loans secured by warehouse receipts exchange collateral 5 -6 5 -7 7 7 7 6 -7 7 6 -7 7 6 -7 7 6 -7 7 6 -7 7 6 -7 7 5 -5H 5 -6 6 -7 5^-6 5 -6 5 -6 5 2 5 -6 6 5^-6 5 -534 5 -6 6 5 6 5 6 -8 6 -8 6 -yVA 6 6 —63^ 534-6 6 5 6 6 6 5 -63^ 6 6 534-6 6 5 ~5y2 6 6 6 6 -634 6 April 5 5 5 5 5 -6 -6 ~5y^ -6 6 5^-6 5 -53^ 5 -6 6 5 6 -8 6 -634 6 534-6 6 5 -534 6 6 6 6 -634 6 MAY, 325 FEDERAL RESERVE BULLETIN 1927 MEMBER BANK CREDIT M E M B E R BANK R E S E R V E BALANCES AND B O R R O W I N G S AT FEDERAL R E S E R V E BANKS [Monthly averages of weekly figures. In thousands of dollars] Borrowings at Federal reserve banks Reserve balances Reporting member banks Reporting member banks Month Other leading cities New York City 1926—January... February _. March April . May June July August September October November. December. 1927—January... February.. March April Other member banks 965, 431 952,498 936,878 935,860 709,758 702,463 714,907 706,419 691, 061 713, 944 699, 557 679,145 711, 833 662,329 672,948 725,298 717,310 682, 026 709,853 687,972 952, 529 951,417 964,171 965,294 963,186 960, 263 960,239 962, 691 961,184 971,108 579,180 574,884 567,727 564,293 566, 473 572,903 571,988 578,811 583, 111 580,514 579,291 587,647 584,612 594,900 Total New York City 2,254,369 2.229,845 2,219, 512 2,212,208 2,214,038 2,232,946 2,223,877 2,215,304 2,255,938 2.214,846 2,216,648 2,264,852 2,265,196 2,229,329 2,264, 529 2,253,980 75,472 127,771 93, 553 90,329 82,003 54,944 117,229 111,296 128,173 84S 406 71,162 99,611 75,894 59,907 73,118 78,459 Other leading cities 242,439 222,835 278,442 238,281 208,484 196,811 197,725 224,147 299,449 355,892 350,687 347, 515 223,259 172,986 195,001 191,883 Other member banks 182,331 174,296 191,243 201,184 206,363 220,373 221,125 215,007 209,261 196,211 191,127 200, 647 177,141 158, 791 150,734 151,086 Tota 500,242 524,902 563,23S 529,794 496,85© 472,128. 536,079 550,450 636,509 612,976 647,773 476,294 391,684 418,853 421,428 LOANS, I N V E S T M E N T S , AND D E P O S I T S O F R E P O R T I N G M E M B E R BANKS [Monthly averages of weekly figures. In thousands of dollars] Loans and investments Loans Month Total In New York City: 1926—April May June July August September. __ October November December 1927—January February March. April In other leading cities: 1926—April May__ __ June July August. __„__ September October _ November... December 1927—January February March April.. Total: 1926- April . May _. June. July August September. October November.. December.. 1927—January February... March April , Net demand, time, and Government deposits 6,153,095 6,209,147 6,271,298 6,224,442 6,199,917 6,237, 607 6,179,229 6,174,250 6,341,114 6,189,052 6,349, 701 6,421,165 Total On securi- All other ties 4,380,788 4,395,058 4, 436,270 4,409,338 4,408,177 4, 484,084 4, 472,159 4, 464,416 4, 575,021 4,593,379 4,436,661 4,525,865 4,570,029 2,028,330 2,033,603 2,121,717 2,125,574 2,116, 635 2,108,290 1,992,107 1,912,580 2,018, 731 2,097,907 1,981,261 9,538,929 Investments Total Net demand Time Government 2,038,079 2,352,458 2,361,455 2, 314,553 2,283,764 2,291,542 2,375,794 2,480,052 2,551,836 2,556,290 2, 495,472 2, 455,400 2,499,232 2,531,950 1,772,307 1,814,089 1,835,028 1,815,104 1,791,740 1,753,523 1,707,070 1,709,834 1,733, 865 1,747, 735 1,752,391 1,823,836 1,851,136 5,888,105 5,916,976 5,995,281 5,888, 830 5,831,126 5,908,909 5,863,058 5,858,635 6,030,809 6,080,894 5,894,478 6,063,77] 6,079,869 5,012,636 5,055,300 5,133,643 5,012, 434 4,945,294 5,025,387 4,978,784 4,959,046 5,093,951 5,127,308 4,935,006 5,068,281 5,066,081 828,021 824,886 829, 646 850,761 865,354 839, 646 833,852 872,198 901,789 917, 608 929,499 929,103 950,045 47,448 36,790 31,992 25,635 20.478 43,876 50,422 27,391 35,069 35,978 29,973 66,387 63,743 6,114,674 6,104,802 6,117,696 6,105,622 6,145,359 6,176, 899 6,265,326 6,251,635 6,206,875 6,145,212 6,106,361 6,155,866 6,124,694 3,799,030 3, 852,925 3,856, 632 3, 840,728 3,831,749 3,869,002 3,879,223 3,840,024 3,798,371 3,774,340 3; 834,418 4,006,048 4,030,642 12, 735, 742 12,797,970 12,864,891 12,894,660 12,886,530 12, 989,158 13,076,639 12,962,913 12,922,009 12,995,274 13,015, 911 13,220,909 13,226,693 7,812,623 7,892,154 7,934,084 7,945,583 7, 947,876 7,994,795 8,044,827 7,990,791 7,948,148 7,951,323 7,961,606 7,973,947 7,977,523 4,702,860 4,734,922 4,780,562 4,829,206 4, 843,867 4,848,831 4,883,138 4,898,171 4,881,382 4,951,288 4,977,558 5,082,378 5,091,851 220,259 170,894 150,245 119,871 94,787 145,532 148,674 73,951 92.479 92,663. 76, 747 164,584 157,319 8,467,132 8,466,257 8,432,249 8,389,386 8, 436,901 8,552,693 8,745,378 8,803,471 8,763,165 8,640,684 8, 561,761 8,655,098 8,656,644 5,571,337 5,667,014 5,691,660 5,655,832 18, 623,847 18,714,946 18,860,172 18,783,490 18,717,656 5,622,525 5, 586,293 5,549,858 5,532,236 5,522,075 5,586,809 5,829,884 5,881,778 18,939,697 18,821,548 18,952,818 19,076,168 18,910,389 19,284,680 19,306,562 12,825,259 12,947,454 13,067,727 12,958,017 12,893,170 13,020,182 13,023,611 12,949,837 13,042,099 13,078,631 12,896,612 13,042,228 13,043,604 5,530,881 5,559,808 5,610,208 5,679,967 5,709,221 5, 688,477 5, 716,990 5,770,369 5,783,171 5,868,896 5,907,057 6,011,481 6,041,896 267,707 207,684182,237 145,506. 115,265. 189,408. 199,096. 101,342: 127,548 128,641 106,720230,971 221,062 13,337,959 13,391, 907 13,420, 935 13,437,826 13,503,320 13, 654,395 13,781,837 13, 699, 690 13,644,289 13,549,741 13,559, 444 13,816, 867 13,813,141 9, 564,303 9,597,098 9,671,571 9,785,393 9,902, 614 9,859, 666 9,845, 918 9,775,401 9,725,026 9,810,819 9,782,499 3,424,255 3,434,180 3, 446, 607 3,491, 476 3,526,212 3,608,494 3, 637,288 3,608,031 3, 639,043 3,630,189 3, 618,665 3, 654,953 3,657,805 19,491,054 19,601,054 19, 692,233 19, 662,268 19,703,237 19,892,002 19,961,066 19,873,940 19, 953,175 19,890,855 19,748,496 20,166, 568 20,234,306 13,919,717 13,934,040 14,000,573 14,006, 436 14,079,748 14,269,477 14,374,773 14,324,082 14, 420, 939 14,368, 780 14,161, 687 14,336, 684 14,352,528 5.452,585 5,467,783 5,568,324 5, 617,050 5, 642,847 5,716, 784 5,629,395 5,520,611 5, 657, 774 5,728,096 5,599,926 5.681,586 5,695,884 326 FEDERAL RESERVE BULLETIN MAY, 1927 BANKERS' BALANCES IN FEDERAL RESERVE BANK AND BRANCH CITIES FEDERAL RESERVE BANK CITIES [Weekly reporting member banks. Monthly averages of weekly figures] [In thousands of dollars] City Month Boston New York Philadelphia Richmond Cleveland Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Due from banks: 1926—January- - . FebruaryMarch April May June July „___ August September. October... November. December . 1927—January. -February— March..— April . .. 37,909 35,215 37,888 44,456 42,592 44,282 39,468 38,732 40,258 36,983 41,031 37,755 40,246 39,050 40,963 48,196 101,482 96,667 96,886 108,123 101,225 107,517 104,846 91,973 102,495 111,081 102,636 96,640 100,303 93,479 100,235 106,574 69,977 62,687 67,948 69,635 63,658 65,922 58,791 53,441 59,256 53,385 56,828 55,079 55,212 58,036 55,362 54,430 27,336 25,818 27,358 28,615 27,117 30,018 27,113 25,607 25,090 27,646 27,057 24,340 27,459 23,250 22,318 22,912 19,108 17,542 16,694 16,426 16,538 15,778 14,862 14,083 15,934 16,341 18,465 17,680 12,839 7,520 7,544 6,820 16,052 13,811 13,780 13,049 14,037 12,226 12,826 11,833 12,274 14,420 12,688 12,082 14,923 13,323 11,744 11,658 154,366 149,257 150,144 153,225 165,357 168,279 157,130 148,873 151,706 155,581 154,580 152,680 148,857 139,348 143,846 147,663 35,084 30,490 28,235 28,563 30,210 29,300 27,859 26,235 25,582 28,037 29,503 28,400 31,673 29,850 29,852 28,208 20,066 18,996 20,576 21,829 21,579 21,620 22,558 19,252 20,264 22,264 22,794 22,239 21,532 20,017 19,822 19,836 45,567 41,692 39,894 38,373 39,537 37,831 46,989 46,947 44,939 43,654 50,466 43,733 44,621 41,884 40,646 38,649 27,395 25,860 23,438 22,962 22,968 24,447 23,372 19,679 24,415 28,156 29,069 26,309 27,975 20,241 19,184 18,768 51,178 52,089 50,080 50,132 48,381 51,295 53,980 50,277 53,917 53,016 50,605 54,380 50,798 52,112 54,371 50,832 1926—January-._ FebruaryMarch April May. June July August September. October..November. December . 1927—January... February.. March April 134,453 127,188 130,312 135,075 131,158 126,416 130,199 119,858 119,490 125,816 128,262 126,533 136,801 135,794 134,562 142,243 1,125,909 1,083,501 1,116,084 1,086,318 1,071,846 1,097,672 1,066,912 1,040,250 1,061,770 1,066,954 1,052,188 1,078,048 1,107,405 1,090,437 1,118,300 1,104,366 184,843 179,098 178,180 180,893 180,040 179,362 174,699 167,796 169,984 170,767 165,589 163,054 173,041 173,142 172,512 170,573 46,708 46,931 45,931 47,470 45,049 46,344 49,529 48,949 49,932 48,214 46,647 45,143 48,845 53,578 54,017 55,613 37,343 36,983 33,523 31,672 32,177 29,568 30,812 29,173 30,147 31,654 33,067 33,095 33,256 33,585 33,460 31,223 22,424 20,306 19,403 17,788 16,315 15,505 15,438 14,802 16,554 17,927 18,363 18,257 19,413 18,623 17,063 15,427 375,921 377,337 387,489 383,232 379,873 381,543 373,312 371,742 374,605 359,722 349,234 347,137 370,264 362,476 371,986 362,808 95,549 92,001 84,896 84,286 83,691 81,441 83,870 82,664 80,331 79,292 78,936 79,495 88,533 88,347 87,039 86,085 58,578 55,753 54,832 47,331 50,378 48,613 46,733 43,113 45,627 50,364 52,698 50,771 53,080 55,471 53,586 50,934 105,224 103,038 94,047 91,007 91,626 93,669 108,780 110,499 103,734 98,413 97,038 96,657 101,170 95,337 90,268 86,741 34,798 32,090 27,557 26,720 25,149 24,860 25,516 24,072 26,679 32,764 33,771 32,340 32,575 33,234 31,913 28,624 105,511 102,393 94,420 89,010 87,764 94,849 101,182 106,473 109,046 107,215 105,774 107,583 105,868 127,068 104,065 94,916 FEDERAL RESERVE BRANCH CITIES [Weekly reporting member banks. Monthly averages of weekly figures for 1927] [In thousands of dollars] Due to banks Due from banks City Olty February Buffalo Cincinnati Pittsburgh Baltimore Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville. Memphis Helena Denver Oklahoma C i t y Omaha El Paso Houston Los Angeles Portland Salt Lake City.. Seattle 13,337 15,919 35,470 13,136 9.332 14,160 5,765 19,237 33,621 4,531 11,853 16,645 1,413 18,745 14, 937 16,789 3,446 17, 929 46,084 10,455 5,555 16,101 4,310 March 14, 511 15,710 43,157 14,348 8,112 14,285 4,304 19,078 37,754 3,511 10, 548 16,036 1,561 18, 019 14, 635 17, 683 3,048 16,349 50,859 10,782 5,255 16,544 4,289 February April 13,047 16,338 36,836 13,298 7,873 14,118 4,218 15,826 37,779 3,573 10,410 13,771 1,488 15, 264 13, 005 15, 314 2,850 16,664 53,001 10,967 5,062 16, 502 Buffalo Cincinnati. Pittsburgh Baltimore Birmingham Jacksonville Nashville New Orleans.. . Detroit Little Rock Louisville Memphis. Helena Denver Oklahoma C i t y . Omahai El Paso Houston Los Angeles 'Portland. _ Salt Lake City. _ Seattle. ._ 7 Spokane _._ 22,157 36,852 134,451 36,357 7,815 13,358 11,149 44,823 39,747 11,416 28,852 17,453 2,768 18,758 21,348 33,148 2,047 31,252 61,397 15,203 11,713 17,776 9,247 March April 22,447 36,665 128,770 37,070 7,246 14,452 11,760 39,938 43,590 10,875 29,994 17,138 3,031 18,131 22,674 33,730 2,140 28,076 36,74.7 128,754 37,534 6,925 14,878 11,994 40,733 43,499 10,673 28,386 14,793 2,720 16,255 20,678 30,693 2,136 25,618 58, 595 15,632 11,249 17,416 8,812 16,690 10,799 17,661 8,173 MAY, 327 FEDEEAL EESERVE BULLETIN 1927 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS 1 [1913=100] Month Clothing materials All commodities Farm products 156 155 152 150 156 153 152 151 152 144 145 144 151 153 154 1926 January February... March— _ __ „_ April May June July August _ September October November..._ December __ 152 151 149 151 150 144 141 188 141 138 148 135 1927 January __ February March___ 147 146 145 147 Foods Fuels 186 184 181 177 176 169 137 137 137 150 148 147 167 169 168 133 132 165 164 135 133 154 152 158 167 132 130 131 164 163 162 128 127 125 148 149 149 151 148 145 146 143 155 163 153 153 152 153 154 153 128 127 125 176 173 172 125 126 127 127 127 171 172 172 172 172 131 131 131 131 129 162 161 161 160 160 123 123 122 120 119 190 170 Agricultural 129 128 179 177 180 182 184 151 Miscellaneous 175 174 179 175 173 175 175 172 151 House furnishing goods 177 179 157 154 151 152 152 135 Metals and Building Chemiand metal materials cals drugs products 178 177 Nonagricultural 127 174 129 183 126 160 118 141 154 173 128 159 118 142 152 180 177 168 124 122 123 170 168 167 122 122 121 157 158 157 118 119 119 143 144 144 150 148 146 i Index numbers of Bureau of Labor Statistics. SECURITY PRICES P R I C E S O F F A R M P R O D U C T S AT T H E F A R M i [August, 1909-July, 1914=100] Month 30 commodities 1926 January February.. _ March April. May_ June.. July August September _ October November . December. . 1927 January February... March April. Grains Fruit and vegetables Common stocks i Dairy Cotton Unand and poultry cottonclassiprodfied seed ucts 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 91 126 127 126 125 120 122 121 119 140 142 140 147 140 143 144 143 152 143 133 85 94 102 101 87 84 81 80 133 i Index numbers of Department of Agriculture. Class of issue February, 1927 Refunding — 451.7 102.9 603.4 245.6 560.3 38.8 101.9 525.9 245.1 416.1 37.2 91.3 2.1 8.5 255.0 12.8 258.1 219.4 6.5 19.2 218.2 24.2 173.8 34.9 1.0 1.3 29.3 .2 .9 73.1 .5 114.9 1.4 3.8 Total, new and refunding 553.6 4.4 849. 0 133.6 135.1 141.0 145.6 151.1 152.5 147.9 150.2 153.9 94.52 95.25 95.32 94,87 95.03 95.03 94.93 95.66 96.05 158.4 163.0 165.7 165.1 136.7 142.1 143.1 147.4 153.5 156.9 159.0 166.2 96.44 96.63 97.24 160.0 162.6 163.5 171.4 167.9 145.6 148.2 147.9 149.3 146.1 166.0 168.5 169.9 164.9 161.5 97.26 97.02 97.33 97.32 97.25 1927 January February March__ __. AprilWeek endingApr. 2___. Apr. 9___. Apr. 16... Apr. 23._. Apr. 30— Refunding Corporate issues ._.- 361.3 Bonds and notes— Long-term 242.8 Short-term _. 12.5 Stocks 106.0 86.7 118.5 120.6 125.5 128.3 131.4 134.6 129.6 132.4 135.2 March, 1927 New Farm-loan issues 139.8 141.1 147.4 152.7 159.2 159.8 155.4 157.5 161.7 1926 F O R E I G N CAPITAL ISSUES [In millions of dollars] March, 1926 Refunding Municipal issues industrial stocks 2 1 Index numbers of Standard Statistics Co. Average of 1917-1921 prices=100. Average of yearly high and low prices, 1913-1922=100. New Total April May June July August September October November December Bonds: average price of 40 Total, 229 stocks 31 railroad 2 3 D O M E S T I C CAPITAL ISSUES [In millions of dollars] March, 1927 Month or week New 599.1 Total New issues . . Europe Canada and Newfoundland Latin America United States insular possessions Asia and Oceania Refunding issues Total, Government and corporate. — . . February, 1927 March, 1926 Government Corporate Government Corporate Government 92.1 92.1 42.0 16.0 14.0 6.8 80.2 70.2 12.0 11.3 1.5 26.3 23.3 3.8 21.6 21.6 14.9 .5 21.5 4.0 3.2' 6.0 2.0 7.8 6.0 13.5 6.7 41.2 2.0 23.0 10.0 .7 3.0 28.1 108.2 92.2 Corporate 47.9 328 FEDERAL RESERVE BULLETIN MAT, 1927 INDUSTRIAL PRODUCTION [Index numbers, adjusted for seasonal variations. 1923-1925 average=1001 Index of Industrial Production 1922 January February. March _._ April ... May June _ July August .. September... October. November... December.... 94 97 100 Annual index 1923 100 100 104 107 107 105 103 102 100 99 97 1924 1925 1926 1927 1922 1923 102 101 95 89 85 83 89 94 95 97 100 105 105 105 103 103 101 103 103 102 105 106 108 106 107 108 108 107 107 107 111 113 111 108 105 106 U09 112 73 75 78 81 86 90 89 87 89 94 98 100 100 100 103 106 107 104 102 101 101 95 95 104 108 87 101 101 Minerals Manufactures Total Month 1925 1926 1927 108 109 108 108 107 107 107 112 113 111 106 103 1105 U07 110 95 97 101 105 106 106 103 103 101 103 103 104 107 108 110 94 105 108 1924 102 101 95 82 1922 1923 1924 1925 1926 100 100 106 112 108 107 109 110 98 105 104 103 106 101 92 93 91 90 92 97 97 96 100 105 101 98 99 104 99 102 107 90 91 94 94 93 98 108 107 103 104 105 109 111 116 118 120 105 96 99 107 1927 117 120 122 Index of Production of Manufactures, by Groups Month Total 1926 January February March April May June July August September.. October November... December... Iron and steel Textiles Cement, NonPaper Auto- Leather ferrous and brick, and Lumber mobiles shoes and glass metals printing Food products 108 109 108 108 107 107 107 112 113 111 106 103 116 113 115 115 116 113 113 120 117 114 105 102 103 104 104 101 99 101 99 105 110 110 110 109 100 94 96 95 94 99 100 103 103 102 99 112 113 113 114 115 113 114 115 116 118 115 113 100 110 105 106 102 97 99 94 100 97 95 98 114 118 113 110 114 110 109 134 127 106 89 63 92 94 94 93 93 98 102 103 105 106 100 100 114 113 110 107 111 122 118 119 119 114 106 94 1105 U07 110 106 107 107 114 93 92 100 112 114 111 196 92 i 114 117 197 1100 97 108 123 Petro- Rubber Tobacco leum manutires factures refining 109 109 108 115 114 107 109 illl Ull 113 U20 119 116 117 119 123 125 126 126 128 128 129 133 135 115 112 107 109 108 117 118 128 138 126 106 112 108 109 117 113 111 113 109 113 113 116 116 110 116 112 107 135 135 135 117 i 114 122 114 113 118 1927 January February March Index of Production of Minerals, by Products Month Total Bituminous coal Anthracite coal Crude petroleum 3 34 129 126 120 124 118 121 127 125 113 111 100 Iron ore shipments Copper Zinc Lead Silver 1926 January February March April May June _ July August.., September October.November December _. 93 98 108 107 103 104 105 109 111 116 118 120 115 114 106 107 100 101 101 103 108 114 125 124 117 120 122 122 130 139 98 99 103 106 106 112 117 121 95 103 109 128 116 134 97 107 109 109 109 108 106 112 108 114 113 116 112 114 119 109 113 112 110 107 119 124 122 121 119 115 117 117 112 116 108 113 116 116 118 115 122 95 93 92 98 90 93 93 93 93 109 115 illl 100 116 114 114 113 113 115 100 198 94 1927 January February... March 120 124 124 i Eevised. NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described and monthly indexes for the above groups were published in the BULLETINS for February and March, 1927. 329 FEDEKAL KESEKVE BULLETIN" M A Y , 1927 PRODUCTION OP MANUFACTURES, BY INDIVIDUAL LINES March, February, 1927 Iron and steel: Pig iron Steel ingots _.-_.. Textiles: Cotton consumption WoolConsumption _ Machinery activity x . Carpet and rug loom activity *._ SilkDeliveries. Loom activity l __. Food products: Slaughtering and meat packingHogs, Cattle _ Calves..— __ --. Sheep.. .-_. Flour Sugar meltings Paper and printing: Woodpulp and paperNewsprint....-Book paper _ _. Fine paper „ Wrapping paper _. Paper board _...... Wood pulp, mechanical.. Wood pulp, chemical _. Paper boxes.. Newsprint consumption Lumber: Lumber c u t . . . Flooring Transportation equipment: Automobiles.... Locomotives _ _ 1 Shipbuilding 1927 March, February, March, 1926 1927 1927 March, 1926 111 117 105 115 110 116 119 112 109 107 86 91 95 89 87 87 87 95 132 115 124 110 115 117 90 103 106 97 104 122 77 108 110 112 92 95 84 107 107 110 99 101 103 116 106 106 111 105 112 121 112 107 117 102 104 110 105 111 132 123 113 116 115 103 114 96 110 117 117 91 106 97 111 103 122 103 71 159 99 65 181 113 95 105 Leather and products: Leather, tanningSole leather * Upper leatherCattle .. Calf and kip.. Goat and kid. Boots and shoes Stone, clay, and glass: Cement BrickFace brick . Paving brick Plate glass _ Nonferrous metals: Copp Zinc. Tin i _. ..._ Chemicals and allied products: Petroleum refining— Gasoline1 _ Kerosene.. _ Fuel oil i.._ 1 Lubricating oil Coke productionBy-product _ __ _ Beehive.. _ Rubber tires and tubes: Tires, pneumatic Inner tubes... Tobacco products: Cigars Cigarettes Manufactured tobacco and snuff 98 100 77 84 85 107 99 82 90 117 100 84 93 121 95 112 96 101. 147 89 129 121 61 125 104 87 129 103 116 114 107 112 113 114 105 103 117 109 112 151 100 118 115 150 97 122 109 125 114 108 110 118 63 115 59 115 82 124 107 116 99 107 106 95 137 95 93 129 97 102 131 101 i Without seasonal adjustment. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Metals and products Month Total Group lion and steel Textiles and products Group Fabrics Products Lumber and products Monthly average, 1919=100] Paper Railand road Autovehi- mobiles printing cles Foods Leather Stone, clay, and and and prod- prodglass ucts ucts Tobacco products Chemicals and products • Employment: 1926—January _-February— March April 96.3 97.0 97.3 96.4 95.5 95.1 93.5 94.4 95.8 96.3 95.2 94.1 92.4 93.6 93.9 92.6 94.2 94.6 94.3 93.1 92.7 91.4 91.9 92.9 93.3 91.7 90.5 88.9 90.1 90.6 91.9 93.5 93.8 93.7 92.8 92.5 91.1 91.7 92.7 93.0 91.5 90.4 88.7 90.1 90.3 97.3 97.4 97.1 94.9 92.6 91.0 87.0 88.4 91.3 93.7 93.6 95.0 95.2 96.9 96.6 99.1 97.6 97.1 95.8 93.7 91.8 88.2 88.6 92.8 95.9 97.0 97.5 97.6 98.5 98.3 95.0 97.2 97.1 93.8 91.3 90.0 85.6 88.0 89.5 90.8 89.4 91.9 92.2 94.7 94.5 98.3 98.6 98.9 100.2 100.1 100.1 99.4 100.3 100.0 100.1 99.3 97.1 92.6 91.7 91.1 84.6 85.7 87.1 88.1 87.8 86.7 85.7 84.9 85.0 83.9 83.0 82.3 79.8 79.2 78.0 130.2 133.0 136.3 132.1 127.1 125.2 122.0 125.1 124.6 119.9 110.2 104.0 104.2 117.3 122.4 107.5 106.7 107.4 106.8 106.9 106.8 106.4 106.6 108.4 109.8 111.1 110.7 108.8 109.0 109.0 86.5 85.7 84.9 82.5 83.6 85. 5 85.7 86.0 88.6 90.4 88.6 86.7 85.1 84.9 84.1 87.9 89.5 88.3 83.9 82.6 82.4 85.5 89.5 90.9 90.6 89.0 87.1 88.5 88.9 88.6 114.4 114.6 116.8 121.8 127.4 129.7 127.3 129.7 129.3 126. 6 123.9 117.9 109.6 110.1 115.9 80.4 84.2 83.3 79.8 79.4 82.1 79.1 76.7 80.6 82.7 82.3 81.8 73.5 79.0 78.9 77.8 77.6 77.8 78.2 107.0 111.5 113.0 110.4 108.9 108.8 June 103.6 July August 107.6 September . 108.3 October 112.4 November- 108.8 December.. 107.8 1927—January 101.9 February 108.5 March 109.9 99.1 102.4 104.2 102.7 100.5 100.6 94.8 97.0 98.4 102.6 99.3 99.3 94.1 99.1 100.7 98.3 101.7 103.4 102.0 100.1 100.3 94.5 96.7 97.9 102.2 99.0 99.1 93.8 98.7 100.1 108.1 110.2 109.8 103.6 99.1 97.4 91.6 96.5 98.9 105.3 102.0 106.3 105.3 111.0 110.8 110.4 109.0 108.2 104.8 100.7 98.2 92.7 96.0 100.7 108.2 107.3 109.8 107.6 111.7 111.3 105.3 111.5 111.8 102.0 97.2 96.4 90.2 97.0 96.7 101.7 95.5 102.0 102.6 110.3 110.3 105.8 111.0 111.9 111.7 111.8 112.9 107.5 112.6 113.7 117.0 115.5 111.8 100.6 102.6 103.7 85.8 91.9 94.5 95.6 95.1 96.2 89.6 93.1 88.9 93.4 92.1 91.9 84.6 89.3 87.0 136.0 166.3 170.7 165.4 157.3 147.7 136.7 152.7 148.9 151.3 131.3 111.5 94.0 140.2 153.4 145.5 144.9 147.9 147.0 147.1 146.9 144.0 144.4 146.8 151.0 152.3 154.7 150.3 150.8 152.2 100.1 99.8 99.3 96.0 99.5 101.6 100.8 100.5 103. 6 105.6 102.9 102.1 99.3 99.3 99.1 89.7 94.2 93.2 84.2 81.2 85.4 90.3 97.6 97.4 97.3 90.4 88.5 90.0 95.6 93.2 136.9 140.1 144.3 147.6 158.3 162.9 152.9 162.3 157.0 159.5 154.6 147.6 129.5 136.8 144.9 86.0 84.0 88.4 82 3 81.7 87.1 83 6 82.8 87.6 91.3 90.6 88.4 76.2 79.2 80.9 102.2 102.8 104.5 105.0 103.7 105.0 101.7 101.1 102.3 109.0 108.6 109.1 107.0 108.9 111.7 May June July August.... September . October—... NovemberDecember— 1927—January February-March...._ Pay rolls: 1926—January... _ February..— March April May 76.9 77.0 77.0 77.3 76. C 76.3 75! 1 75.6 77.4 78.2 78.2 NOTE.—This table contains for certain months general 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 in the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. 330 FEDERAL RESERVE BULLETIN MAY, 1927 BUILDING BUILDING CONTRACTS AWARDED 1 [Index numbers based on value of contracts. Monthly average, 1923-25=100] Without seasonal adjustment With seasonal adjustment Month 1924 1923 1922 1925 1926 January February _ March.. 4pril 47 50 82 100 61 70 93 101 76 75 109 121 75 76 120 138 111 99 146 139 May 100 97 94 89 108 93 79 75 108 101 87 89 124 137 133 149 76 69 68 59 73 91 80 77 87 103 95 83 138 129 116 129 June July August September October "NfOVfTTlbPT December 1922 1927 1924 1923 1925 . 1926 68 69 80 80 85 96 86 79 102 100 99 95 101 104 107 112 146 136 128 120 134 133 126 146 81 80 85 83 88 80 76 72 95 91 83 85 115 125 128 135 125 125 124 129 137 126 119 131 78 • 67 79 73 76 88 90 91 90 100 103 94 135 129 127 138 130 126 130 136 Minneapolis Kansas City 94 96 151 147 1927 123 131 131 128 BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS i [Value of contracts in thousands of dollars] Federal Reserve District Month Total Boston 1926 January F e b r u a r y . _. March April New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 457,159 407,900 597,879 570,614 24, 256 18,494 32,476 41, 788 195, 564 104, 568 158,454 173,176 20,322 43, 536 45,719 36,376 29, 905 35,033 65,121 30,855 25,969 57,935 39,005 50,841 63,558 61,081 54,310 51,122 53,848 91,359 87, 690 22,255 23, 551 33, 527 30,697 6,363 6,893 15,029 15,966 Dallas 12, 736 13,897 14,074 15,730 19, 714 23,281 20, 584 18,839 17, 894 21, 559 23, 556 30,874 26,940 20,242 29,716 9,946 May June July. August -i September. October November.. December.. 549,815 547, 792 518,932 600,809 44,489 36,838 39,228 42,098 144, 232 129,051 110,671 158, 608 37, 780 50,576 37,483 39, 767 57,053 71,293 66,749 57,361 31,859 27,817 25,009 29, 252 40, 223 36,492 42, 715 31, 656 95,009 101,737 106, 661 128,213 34,212 35,033 34, 752 48,743 15,245 562,371 515, 727 487,013 537, 396 42,427 29,297 34, 584 31, 570 151, 251 127,176 118, 757 228,021 28,843 28, 609 31, 018 55,226 55,236 38, 733 41, 795 38, 704 35,250 44, 318 22, 596 37,194 34,979 40,084 28,232 110.760 108,944 114,456 92,113 35,187 40,981 30,586 22, 504 12,955 13,712 9,752 18,445 22,935 11,979 11, 520 21,033 18,374 15,155 19,439 1927 January February... March 384,455 393, 583 620, 738 15,848 20, 298 42.806 116,973 105,958 157,873 32,353 33,088 52, 351 45,741 62, 733 27, 776 24,944 34, 694 32,454 31,928 45, 921 56,372 69, 698 121,426 21, 533 25, 697 42, 704 4,337 5,548 16,107 11,419 16,173 16, 342 16,881 14, 510 27, 781 BUILDING CONTRACTS AWARDED, BY TYPES BUILDING i [Value of contracts in thousands of dollars] Month 1926 January February.. March April ._. May. June July August September. October—. November . December.. 1927 January February.. March [ Public works Educaand tional public utilities OF I BUILDING I S S U E D , BY DISTRICTS FEDERAL RESERVE [Value of permits in thousands of dollars] Residential Indus- Comtrial mercial 190,847 178,748 262, 644 265,331 244, 587 237, 725 184,940 223,292 71,322 52,922 68,177 66,711 108,812 100, 603 89,333 79, 228 13,346 20,721 29,080 38,480 34,045 33,121 70,892 100,961 67,960 I 98,200 67,219 111, 448 81,343 125,683 97,378 98,167 63, 601 103,757 59, 657 50,129 75,196 120,290 39,710 40,753 42,016 42,124 47, 688 225, 516 226, 794 229,821 203, 966 94,677 40,422 48, 677 45,653 45,977 54, 515 62, 764 68,279 49,113 46,465 64, 781 51,181 167, 866 163,088 250,078 27,875 41,247 48,077 80,116 67,896 113, 766 58,955 52,180 106,827 PERMITS 14,121 13,863 11,839 All other 34, 531 23, 567 34, 572 22,178 50, 545 60,088 57,666 51, 543 48,053 64, 585 17,012 22,046 36, 522 32, 631 47,126 65,468 Number of cities March, 1927 February, 1927 United States. 168 327,099 244,746 364,012 Boston. New York.... Philadelphia.. Cleveland 14 22 14 12 10,500 121,255 18,486 19,506 7,171 94, 603 11,249 11,732 10,532 130,067 20,794 27,431 Richmond Atlanta Chicago St. Louis 15 15 19 5 10,915 10,062 73,952 6,799 10,004 9,808 57,341 7,435 22,006 14,361 5,124 8,467 8,969 33,064 1,476 5,272 5,778 22, 877 4,284 9,639 10,197 Federal reserve district Minneapolis . . Kansas City.. Dallas.. San Francisco. Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. March, 1926 11,587 331 FEDERAL RESERVE BULLETIN M A Y , 1927 COMMODITY MOVEMENTS AGRICULTURAL MOVEMENTS FREIGHT-CAR LOADINGS, BY LINES [Index numbers,^ without seasonal adjustment. [Index numbers, adjusted for seasonal variations. 1919=100] Total 1926—January February. _--_ March April May — June July August September October. _____ November December 1927—January February March Grain and grain products 118 127 126 132 126 127 130 126 128 127 132 132 122 132 131 Livestock 110 117 112 121 118 128 135 115 109 122 115 120 108 122 112 Coal Forest products Merchandise l.c.1. and miscellaneous 118 130 130 131 123 124 125 118 122 120 119 116 115 119 119 136 141 137 138 135 133 137 134 139 138 139 140 136 143 141 97 107 112 112 101 105 111 112 116 115 139 140 116 130 130 93 86 90 97 94 106 97 90 92 1919-100] AniLive- mal Grains Cot- Vege- Fruits ToTotal stock bacco prodton tables ucts 192°—January February... March April May June July August September.. October November. _ December __ 1927—January February. __ March...„__ 108 88 85 75 85 91 107 106 144 190 165 138 115 104 103 99 81 91 83 87 88 80 88 102 113 107 95 99 81 91 96 93 116 119 137 168 152 118 104 96 117 126 86 95 118 92 79 65 52 54 84 170 158 124 125 99 82 86 84 71 114 74 64 52 43 20 12 48 213 375 343 251 152 118 117 106 94 123 95 121 170 134 101 186 251 135 98 118 113 146 80 77 92 89 173 115 177 204 295 435 204 104 99 97 100 344 273 88 58 16 30 2 66 192 261 286 344 404 383 212 1 For description and early figures see BULLETIN for March, 1924, and for certain revisions see page 739 of the BULLETIN for October, 1925. WHOLESALE TRADE SALES, BY LINES CHANGES IN SALES AND STOCKS—Continued 1 [Index numbers, without seasonal adjustment. Mo. av. 1919=100] Gro- Meat Dry Shoes Hard- Drugs Total ceries goods ware Month 1926—January. _._.. February.,-. . March . April... May... June July_._. August September... October November.. _ December 1927—January February.. __ March.. 78 76 85 80 82 84 82 88 97 94 86 77 71 81 79 80 86 84 82 92 91 87 80 74 69 79 75 75 76 81 82 77 81 86 85 76 73 77 73 70 79 85 93 77 78 43 50 73 59 60 59 52 73 84 76 67 60 46 53 73 86 87 106 103 107 105 99 99 112 114 104 99 80 82 107 111 110 133 123 111 116 113 115 124 133 117 110 112 104 130 Line and Federal reserve district Dry goods: United States.. New York Philadelphia.-. 77 Cleveland 78 Richmond 102 Atlanta 114 Chicago...102 St. Louis. 91 Kansas City... 71 78 Dallas 72 75 San Francisco.. 78 73 Shoes: 90 83 79 United States.. Boston...New York i For description of wholesale trade index see BULLETIN for April, 1923 PhiladelphiaCleveland CHANGES IN SALES AND STOCKS, BY LINES AND DISTRICTS Richmond Atlanta Chicago — [Increase or decrease (—), per cent] St. Louis Minneapolis San Francisco.. March, Sales: March, 1927, Stocks: Hardware: 1927, compared compared with— United States.. with— Line and Federal reserve New York district P h i l a d e lphiaFebruary, March, February, March, Cleveland 1927 1926 1927 1926 Richmond Atlanta _ Chicago Groceries: St. Louis, United States -2.4 15.6 -1.6 -5.3 Minneapolis... Boston -3.1 16.4 -1.0 Kansas City -6.3 New York 17,3 -7.1 6.1 Dallas.. 1.9 17.2 -3.0 -12.6 Philadelphia San Francisco.. -3.0 15.8 -5.2 -10.0 Cleveland . . -6.1 11.6 -0.5 1.4 Drugs: Richmond United States.. -16.1 11.7 2.0 -12.1 Atlanta New York 2.3 18.9 -10.5 -22.3 Chicago _ Philadelphia.... -15.6 11.8 0.9 -15.4 St. Louis _ _„_ Cleveland 3.0 14.0 1.0 3.0 Minneapolis Richmond 11.3 20.6 0.3 -12.1 Kansas City. Atlanta. _. -2.9 6.4 2.5 -4.5 Dallas Chicago -0.3 11.5 San Francisco St. Louis Kansas City Dallas NOTE.—Changes in stocks are computed as of end of month; figures San Francisco-.. forl'the United States are weighted averages computed on the basis of firms which have reported regularly'since January, 1923. 44484r-27- -4 Sales: March, 1927, compared with— Stocks: March, 1927, compared with— February, March, February, March, 1927 1926 1926 1927 14.8 11.0 39.5 11.3 3.4 20.2 33.7 -11.1 -0.6 -5.4 21.2 -3.0 -3.0 -12.7 -7.3 3.7 -2.8 0.6 -7.8 38.5 1.5 46.5 51.3 50.1 10.1 20.2 33.1 13.5 70.0 29.5 0.8 4.5 4.4 -14.1 -0.3 -14.5 -16.6 —15.3 0.2 -16.0 -4.9 29.9 29.2 40.8 22.8 14.8 5.1 47.7 21.8 36.0 26.2 29.8 21.0 1.1 3.1 -0.1 0.7 6.6 -23.5 5.7 -4.1 -3.0 25.4 42.5 16.2 19.8 16.3 20.5 20.7 14.5 23.8 17.4 19.1 3.3 -1.4 -0.1 8.6 -4.8 —1.6 -23.0 —1.7 -0.6 5.4 0.0 -6.0 3.2 0.2 0.9 -31. 7 -21.8 -13.5 -23.7 -25.3 -13.8 -2.9 -14.4 -8.4 -8.9 -3.8 7.3 4.® 10.7 -0.6 3.2 -0.9 1.8 3.5 36.4 -0.6 -20.3 -10.0 -13.6 -16.9 -48.0 0.0 -2.2 1.6 3.0 0.7 -1.1 0.1 7.1 -2.0 4.8 0.1 -3.1 -3.1 -3.8 -20.3 -6.3 -5.3 -1.9 -1.3 -8.1 - 0 . 9 I. - 2 . 2 |. -0.3 i -7.8 3.2 LI -8. 3 -0.4 ] -3.8 j 2.9 -3.1 2.8 . 1.0 0.1 -14. 8 -9.0 -2.3 11.7 !6.0 1.2 1.3 -7.1 332 FEDERAL RESERVE BULLETIN MAY, 1927 RETAIL TRADE SALES OF DEPARTMENT STORES, MAIL-ORDER HOUSES, AND CHAIN STORES [Index numbers.* Average monthly sales 1919=100] Sales with seasonal adjustment Sales without seasonal adjustment Month DeGropart- Mailorder cery ment houses chains stores (4 (27 (359 houses) chains) stores) De- Mail- Gro5-and- Drug Cigar Shoe Music Candy partorder cery 10-cent chains chains chains ment chains chains chains (9 (3 (4 (5 stores houses chains (6 (5 chains) chains) chains) chains) chains) (359 ^ (4 (27 houses) chains) chains) stores) 5-and- Drug Cigar Shoe Music Candy 10-cent chains chains chains chains chains chains (9 (6 (4 (5 (3 (5 chains) chains) chains) chains) chains) chains) 1926 January.._ February. _ March April . . May June July August September. October. __ NovemberDecember - 114 104 130 133 137 130 99 105 131 158 156 234 116 111 130 120 105 113 97 98 121 151 153 166 286 287 302 329 322 309 317 296 307 334 347 373 166 170 199 202 214 204 206 204 211 257 247 466 178 172 194 191 188 184 195 193 192 206 198 261 127 127 142 150 160 152 155 148 153 162 150 222 108 97 143 166 174 153 145 122 142 158 150 215 101 103 112 111 109 118 108 121 137 151 146 223 167 173 206 226 220 204 210 194 218 227 232 303 130 135 130 130 132 130 133 134 144 139 138 146 118 122 111 118 117 133 131 130 128 116 123 139 284 299 279 324 321 314 329 310 323 324 344 357 228 227 207 216 225 222 227 215 227 237 237 252 1927 January. „_ February.. March 114 106 128 108 107 132 347 332 386 177 191 213 209 201 224 134 137 153 106 110 125 94 98 108 178 194 216 130 138 128 110 118 113 345 344 357 243 256 222 185 189 192 196 191 194 192 195 202 210 215 146 151 147 156 157 156 157 151 152 155 151 164 142 145 143 143 151 144 159 155 148 140 138 164 122 126 124 130 131 149 145 136 137 125 117 118 199 205 204 226 228 218 214 193 221 221 244 208 217 222 222 154 162 158 140 164 126 114 119 120 212 230 213 •187 i For description of retail trade indexes see BULLETINS for January and March, 1924. Index of sales of grocery chains revised in February, 1925; comparable figures since January, 1919, obtainable from Division of Research and Statistics, Federal Reserve Board. DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers. Monthly average 1919=100] Federal Reserve District United States Boston Sales (unadjusted): 1926—January.. _ FebruaryMarch 1927—-January. ._ February. March 114 104 130 114 106 128 119 140 Sales (adjusted): 1926—January. -February.. March 1927—January _._ February _ March New York Philadelphia Cleveland Richmond Atlanta Chicago 121 124 108 131 128 111 132 112 103 138 105 100 123 108 106 127 106 105 124 103 91 130 101 90 119 92 108 87 91 100 119 119 145 115 127 150 130 135 130 130 138 128 145 125 118 155 131 121 136 141 129 140 145 130 127 128 149 119 124 133 124 136 125 121 135 123 125 122 126 122 121 115 108 121 109 106 120 101 141 150 145 136 161 150 Stocks (unadjusted): 1926—January.-. February _ March 1927—January.. _ FebruaryMarch . . . . 125 131 142 124 131 142 110 113 124 112 115 127 125 128 142 126 127 140 167 183 201 176 189 205 111 125 137 111 122 135 113 120 128 113 120 132 111 112 122 105 117 127 Stocks (adjusted): 1926—January.._ FebruaryMarch 1927—January... February. March 141 140 141 139 139 140 122 121 124 124 124 128 140 138 139 141 136 138 187 195 197 197 201 201 133 134 136 132 131 132 135 128 123 134 129 126 123 116 121 116 120 125 Minneapolis Dallas San Francisco 93 111 91 90 110 129 117 158 138 123 158 100 108 96 96 108 95 111 118 105 105 113 103 145 154 160 155 162 160 143 151 160 140 151 160 101 110 91 92 100 109 118 128 93 103 112 127 132 141 129 136 145 160 163 161 158 162 161 108 104 106 97 95 96 126 125 127 108 109 111 139 137 138 141 141 142 NOTE.—Number of reporting firms included in sales and stocks indexes, respectively, for department stores are as follows, by Federal reserve districts: United States, 359-314; Boston, 24-24; New York, 63-63; Philadelphia, 22-13; Cleveland, 54-52; Richmond, 23-19; Atlanta, 35-22: Chicago, 63-51; Minneapolis, 23-22; Dallas, 21-19; San Francisco, 31-29. MAY, 333 FEDERAL RESERVE BULLETIN 1927 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE [Amounts in thousands of dollars] [Amounts in thousands of dollars] All banks Member banks Nonmember banks Number 65 52 51 56 68 77 140 52 37 88 154 116 13,384 11,763 10,249 12, 512 16,324 34,229 10,001 12,050 18,209 45,983 39,166 956 272,488 131 80 75 286 36, 539 32,381 44,893 113,813 54 42 45 50 58 61 135 43 29 69 121 9,392 8,902 9,539 8,978 12,090 28,911 46,981 7,874 7,733 11,929 26, 594 24, 753 796 203,676 11,836 8,895 8,999 104 64 59 24, 703 23,486 35,894 29, 730 227 84, 083 3,992 2,861 710 3,534 4,234 5,318 1,637 2.127 4,317 160 19,389 14,413 68,812 BANK SUSPENSIONS,! IN MARCH, 1927, BY DISTRICTS [Amounts in thousands of dollars] Ail banks Federal reserve district Boston New York Philadelphia... Cleveland Richmond Atlanta _. Chicago •St. Louis Minneapolis... Kansas City... Dallas .... San Francisco.. Total.... Member banks 2 Nonmember banks 1926 January February March April May.. June July August. September October November December 2,296 1,801 1,984 1,957 1,730 1,708 1,605 1,593 1,437 1,763 1,830 510 447 469 1,424 494 1,378 437 1,216 435 1,160 396 1,122 449 1,071 958 374 450 3,205 440 1,285 494 1,471 Total.. 21,773 5,395 15,268 1,110 409,232158,042 201,334 501 411 569 1,842 1,508 1,468 122 51,290 19,996 24,530 116 46,941 10, 518 23,406 106 57,891 22,368 28,191 6,643 1,481 4,818 344 156,122 52,882 76,127 1927 January.. February __ March __ Total, 3 months- 842 4,056 2,907 642 449 153 24,409 4,883 554 2,657 1,728 5 214 35,894 90 72 91 85 77 113 87 73 105 108 105 104 43,651 16,094 21,502 34,176 10,822 20,317 30,623 9,86218,623 16,734 19,094 33,543 16,15715,710 29,408 10,09215,525 29,680 11,167 14,614 28,130 12, e • — 29,990 10, C 33,231 11,65015; 874 32,694 16,097 14,158 45,620 16,758 20,579 COMMERCIAL FAILURES, BY DISTRICTS [Amounts in thousands of dollars] Liabilities Number Federal reserve district Boston New York.Philadelphia. Cleveland Richmond 1,196 Atlanta _. 75 44,893 59 16 Chicago . St Louis 1 Minneapolis Banks closed to the public by order of supervisory authorities or by Kansas City the directors of the banks on account of financial difficulties. 2 Comprises 11 national banks with deposits of $5,501,000 and 5 State Dallas San Francisco member banks with deposits of $3,498,000. 3 Figures represent deposits for the latest available date prior to the Total... suspensions, and are subject to revision when information for the dates of suspension becomes available. 2,465 2,035 2,143 Total Num- Total Num- Total dede- Num- deber posits 3 ber posits l ber posits 3 842 Manufac- Trading turing ManuAgents, Total factur- TradTotal ing brokers, ing etc. Num- Total Num- Total Num- Total ber deposits ber deposits ber deposits 1926 January _ February __.__ March _ April May June July August __..__. September October ...... November December __. Total 1927 January.._„ February ... March. Total 3 months...-_ Liabilities March, FebruMarch, February, March, ary, March, 1927 1927 1926 1926 1927 1927 234 380 83 193 147 152 322 111 89 116 59 257 210 276 68 162 156 191 260 127 77 143 103 262 240 368 65 214 124 79 298 78 90 84 75 269 7,961 10,932 3,967 4,725 3,586 4,531 11,840 1,089 869 1,684 1,415 5,293 3,412 9,722 8,272 3,494 4,249 1,686 3,738 2,006 1,114 2,137 2,023 5,086 3,250 6,464 1,777 3,739 2,004 1,128 4,063 2,809 927 1,215 809 2,440 2,143 2,035 1,984 57,891 46,941 30,623 334 FEDERAL RESERVE BULLETIN MAY, 1927 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE GERMAN REICHSBANK The annual report of the German Reichsbank for 1926 contains the following account of economic conditions in Germany during the year: During 1926 the German currency situation on the whole remained satisfactory, notwithstanding the continued difficulties of the economic situation. The Reichsbank throughout the year sold for its own notes or other means of payment any required amount of foreign exchange, and was able also to purchase to their full amount all foreign exchange bills offered to it. No demand was made on the Reichsbank for gold for payments abroad, but the bank will, of course, not hesitate to make gold available for such purposes if the exchange situation should require it. In the economic crisis, which had reached its climax in Germany during 1926, the weeding-out process under way ever since the stabilization of the currency made still further progress during the year under review. The crisis reached its peak during the first third of the year, then moderated gradually, until toward the end of the year there was a slight business revival in various lines. The necessary measures for reconstruction and reorganization, as well as for adjustment to consumption demand, were carried through with decision and foresight—a fact which bears witness to the sustained vigor of the German people. A series of events, some transitory and some lasting, undoubtedly helped business to weather the severe crisis; most important of all was the English coal strike; there were also the continued support which German credit obtained from abroad; the decline, as a result of foreign currency reforms, in the dumping of commodities on the German market by countries with depreciated foreign exchanges; and the increased purchasing power of the world market. Mention should be made here of certain signs of progress in the restoration of friendly relations between European countries accompanied by international economic agreements. There were also the lower tax rates adopted during the year under review, the program of providing employment, other measures of assistance, and, finally, the progress made in meeting reparations payments out of the proceeds of taxation. The passing of the economic crisis is clearly seen in the number of dishonored drafts at the Reichsbank during 1926; in comparison with the total domestic bills accepted by the bank, they stood at 4.25 per cent in January, as against an average of 0.72 per cent in 1913 and 2.23 per cent in 1925, and declined slowly to 3.07 per cent in March, 1.57 per cent in June, 0.91 per cent in September, and 0.82 per cent in December. The price which had to be paid for the reorganization and reform of the German economic system was by no means small. The actual number of workers out of employment at the end of the year—2,000,000 as compared with 1,500,000 at the end of 1925—including those unemployed persons whose term of unemployment relief had expired, serves as a striking illustration of the seriousness of the difficulties, uncertainties, and dangers which have not yet been overcome. To one looking more deeply into the situation, the basic facts must still seem uncertain in spite of all the apparent progress, both because any disturbing factors growing out of the unsettled political situation affect the economic situation; and because the reconstruction of European trade, after 10 years' interruption, continues to be obstructed by the protective tariffs and the industrial nationalism of both old and new countries. Furthermore, there can be no doubt that the problem of reparations, which weigh heavily on German industry, and reparations payments and deliveries flowing out of Germany into the rest of the world, and directed not by economic considerations but by political motives, will inevitably be the source of increasingly serious disturbances to the free international exchange of commodities and to the prosperity, built thereupon, of economically interdependent nations. The trend of economic development put upon the Reichsbank heavy tasks and responsible decisions in the matter of its credit and discount policy. The bank's constant concern was necessarily to encourage the tendency toward a further lowering of interest rates which was beginning to be apparent on the market, and thus to make it easier for the increasing supply of capital to provide a most effective stimulus to activity in agriculture, industry, and com- FEDEKAL EESERVE MAY, 1927 BULLETIN merce. When, at the beginning of 1926, it which still remained between rates in the money became possible definitely to discard the tem- market and in the capital market showed that porary expedient of credit rationing, the only partial success had been achieved in Reichsbank, having due regard to the condition removing the difficulties which continued to of the market, set about a further gradual obstruct the development of a rightly proporreduction of its discount rate: on January 12, tioned allocation of available funds to the longto 8 per cent; on March 27, to 7 per cent; on term and the short-term credit market. The June 7, to 6J^: per cent; on July 6, to 6 per average rates were as follows: cent. The rate for loans on collateral was reduced from 11 per cent to 7 per cent durin; the year; the rate for credit at the GoL Discpunt Bank from 6 per cent to 5 per cent. The interest and commission rates of the private Per cent ! Per cent 4.12 i 5.30 Call money rate banks and other financial institutions fol- Private 4.98 4.73 discount rate lowed—at first, partly under pressure from the Reichsbank discount rate 5.88 6.0 _ 4.50 8.20 Interest paid on mortgage and loans (about) Reichsbank, which entered into negotiations ii 3.97 3.11 Yield on stocks __ INTEREST HATES PER CENT n 1928 Actuo/V/'e/d of all Go/d andffelcfismarhLoans ' and of Mortgages JAN. FEB. M/\R. APR. MAY JlME JULY AUG. SEPT. OCT. NOV. DEC. to this end w th the local institutions as well as with the .various associations. With the exception of the rate on monthly money, money rates in the open market, which had continued to move in unison with the bank rate during 1925, declined sharply during the past year and at times reached rather low levels. At the same time rates on long-term credits began to decline, as is indicated by the curve on the accompanying diagram of actual interest paid on mortgages and loans; and during the first quarter of the year, the yield of these securities declined by about one-sixth in the course of a few weeks. This decline continued during the entire year, although at a more moderate rate. Similarly, the rate on longterm money throughout the country showed a decline. Nevertheless, the considerable spread The course of interest rates was closely connected with the great abundance of short-term money. This abundance was further increased during the first half of the year by the business depression; by the clearing out of stocks of commodities, which later on was aided by the English strike; the increase of reserves in the hands of industry; the accumulation of new capital; the continuous import of capital from abroad; and chiefly the increasingly large sums of public funds held by government institutions. Another important factor was that the majority of banking firms and other lenders, in view of the short maturity of the funds put at their disposal, especially of the still unused portions of the loans floated both abroad and at home, and being still under the influence of the recent crisis, were most eager to invest their funds at the shortest possible maturities. The abundance of short-term money was so great at times that considerable amounts, for lack of investment opportunities? sought employment abroad, especially on the London bill market. The decline of interest rates in the money market began to slow down only when, after the middle of the year, the depression was relieved by a moderate revival in various branches of industry. In connection with the raising of the redemption fund installment of 293,000,000 reichsmarks, which, in conformity with the law providing for the liquidation of the Rentenbank, was payable at the end of November for the liquidation of mitenmark circulation, there came a slight tightening of the money market toward the end of the year. On the long-term capital market the Reichsbank intervened at the opportune moment at the beginning of the year to aid the latent tendency toward improvement by means of 336 FEDERAL EESEEVE BULLETIN MAY, 1927 carefully planned purchases of mortgage bonds For the Reichsbank, the development of confor its own and for depositors' account, and by ditions on the money market and on the capipurchases of mortgage securities through the tal market brought about a progressive decrease Gold Discount Bank. This was referred to in in its domestic discount business. The steady, the report of last year and will be discussed copious stream of foreign credits caused the further on. The easing of the tension hitherto bank to be called upon more for the purchase prevailing on the capital market then began to of foreign exchange bills than for rediscounts. show marked progress. Capital issues revived The accompanying chart shows the increasing to a degree hardly anticipated; foreign capital also began to take an active part in the German GOLD AND FOREIGN EXCHANGE HOLDINGS security market. In spite, however, of the AND MONEY IN CIRCULATION remarkable increase of capital issues, one must MILLIONS OF RCICHSMARKS be careful not to overestimate either the actual 6 0 0 0 power of absorption of the German capital market or the creation of new capital at home, all the more so because the reparations deliveries provided for in the Dawes plan continue to absorb a large part of the newly created savings. Large amounts of the new capital 50Q0 fieichshank Motes and issues, as well as of securities purchased on the /n C/rcufation stock exchange, have been bought not for 7 ermanent investment but temporarily with funds available for only a short time, and generally with the expectation of being able by 4000 this means to make a profit on the market or 3000 to obtain a higher rate of interest. Certainly, the development of the capital market during the past year, influenced as it was by the abundance of funds on the money market, Gold arid Fore/go Exchange Moldings should not delude anyone as to the necessity of employing available long-term capital very 2000 sparingly for current business purposes; because, as developments show, the demands for capital by central governments, municipalities, and other public bodies are very large, N and the assistance of foreign capital which at Holdings of Bifls times is indispensable can not always be 1000 counted on. That the development of a sound consolidation of capital requirements is still 700 J. F. M. A. M. J. J. A. S. 0. N. D. far from being realized is clearly shown by the above-mentioned changes in the yield of stocks divergence, especially noticeable in the early and securities which bear fixed rates of return, months of the year, between the development especially if one compares them with their pre- of the domestic bill portfolio and that of the war conditions. While during 1913 the actual gold and foreign exchange holdings of the yield on capital invested in securities bearing K-eichsbank. a fixed rate of interest was about one-half of 1 In this respect even the economic improveper cent higher than the actual yield of stocks, ment which began in the last four months of which at that time stood at about 4 per cent, the year, and from which a contraction of the this difference at the end of 1926 was about 5 money market might have been expected, per cent, since the yield on stocks was about 3 brought no change. Not until December did per cent and the yield on securities bearing a the demand for rediscounts and loans on colfixed rate of interest was 8 per cent. Thus, lateral show a passing accession of strength in although the nominal yield on stocks was connection with the above-mentioned tightenconsiderably lower than in 1913, the average ing of the money market. level of the yield on securities bearing a fixed While the gold and foreign exchange holdrate of interest was considerably higher than ings of the Reichsbank rose from 2,230,600,000 the level at the end of 1913. reichsmarks at the end of 1925 to 2,794,500,000 M- MAY, 1927 FEDERAL RESERVE BULLETIN reichsmarks at the end of 1926, the total domestic rediscounts granted by the Reichsbank declined from 1,826,600,000 reichsmarks at the end of 1925 to 784,300,000 reichsmarks on August 23, then fluctuated between 800,000,000 and 950,000,000 reichsmarks until the middle of December, and at the end of the year showed a sharp temporary rise to 1,412,900,000 reichsmarks. The stream of foreign exchange bills flowing into the Reichsbank resulted in an expansion of the circulation; the circulation of Reichsbank notes and Rentenbank notes together rose from 4,436,200,000 reichsmarks at the end of 1925, with some fluctuations to 4,899,600,000 reichsmarks at the end of 1926. The total monetary circulation, including Reichsbank notes, Rentenbank notes, notes of the private banks of issue, and subsidiary currency, rose from 5,208,000,000 to 5,829,800,000 reichsmarks. In the above-mentioned total of domestic rediscounts at the end of 1925 were included 473,100,000 reichsmarks, representing such amounts as had been rediscounted with public bodies in order to furnish them with interestbearing investments for their liquid funds. This kind of rediscounting, since from the first it was a measure intended for only a short transition period, was discontinued in the course of the first half year, partly because the cash reserves available for investment by the public bodies concerned had declined, and also because with the reduction of the domestic bill portfolio that part of the note cover which, according to section 28b of the banking law, must consist of bills and checks, came on •several occasions perilously near to its legal minimum. Moreover, the Reichsbank was continually obliged to employ a considerable part of the foreign exchange bills presented to it—so far as these were not converted into gold—for the purchase of bills on the foreign market in order to maintain the required note cover in bills and checks, either in domestic or in foreign bills. Not only did the supply of domestic bills eligible for note cover decline in amount, but the maturity of the paper offered for rediscount constantly became shorter; in the second half of the year it averaged only about 30 days as against 38 days at the beginning of the year; bills presented for rediscount by the financial houses, as a rule, ran scarcely more than 22 days, while those of the Berlin banks had a maturity of only about 13 days. Thus, a great part of the bill portfolio consisted of paper discounted shortly before its maturity. 337 In order to safeguard agriculture from a recurrence of the great injury which had resulted the year before from forced sales of the grain harvests and from the accompanying fall of prices on the grain market, the Reichsbank announced its willingness to extend credits for financing crops. This action enabled the farmer to pledge his crops as security for loans of six months* maturity at the agricultural cooperatives; the commercial bills resulting from these transactions could be sold by the cooperatives to the Prussian Central Cooperative Association, to which the Reichsbank had given an extensive rediscount privilege. The abundance of funds on the money market enabled cooperatives sometimes to retain these credits for their own account; furthermore, the large volume of mortgage loans made to agriculture during the year, the rise of grain prices, and the various measures of assistance taken by the Government improved the agricultural situation so much in comparison with the previous year that the Reichsbank was called upon for only the most moderate amounts in carrying out the abovementioned policy. Agriculture was also greatly benefited through purchases of agricultural mortgage bonds made by the Reichsbank during the year to a nominal value of 55,300,000 reichsmarks with resources provided out of the pension reserve, and to a nominal value of 113,800,000 reichsmarks in trust for public administrative bodies. These purchases contributed greatly to the revival of the mortgage-bond market. This revival was further strengthened by the announcement of the Gold Discount Bank that it was prepared to accept agricultural mortgage bonds of the Rentenbank Kreditanstalt, which were issued at a rate considerably lower than the customary interest rate—for example, at 7 per cent on their par value and at a maturity of from three to five years. The issue of these mortgage bonds brought about a general lowering of interest rates on the mortgage market. Moreover, this short-term interim form of credit made it possible for agriculture to defer the final satisfaction of its long-term capital requirements to a time when the progressive building of new capital would in all probability have made interest rates more normal and more bearable for the farmer. For reasons of currency policy, the possibility of attracting foreign capital to finance these interim credits was not considered. The distribution of credits to agriculture was carried on by the various private and public 338 FEDERAL RESERVE BULLETIN MAY, 1927 mortgage credit banks, which granted credit j various offices, and the management of their to the ultimate borrower at a rate of interest funds was centralized in the treasury of the slightly above 73^ per cent. The actual pay- Reich and of the various States respectively, so ment of these credits to the borrower unfor- that it was possible to operate with a minimum tunately suffered many delays because the of reserves, there is now to be observed an land registry offices were too overburdened to almost independent division of funds and of be able always to record individual claims fiscal organizations. The centralization of promptly in the register. This was the result funds and of fiscal agencies corresponding to of greater difficulties and a greater burden of the pre-war system would not only make their work growing out of the legislation in respect administration more consistent and more to currency revaluation. At the end of the rational and avoid the existing disadvantages, year altogether about 300,000,000 reichsmarks but would also obviate the accumulation of of mortgage bonds were issued, of which such large cash holdings, and thereby would 200,700,000 reichsmarks were in the account release more resources to productive business. of the Gold Discount Bank. It deserves to be It is especially desirable that the cash reserves mentioned in this connection that during the of the Reich treasury—according to the year under review, in the collateral loan busi-1 principles of administration approved in preness of the Reichsbank, the margin of lending war times as well as according to the example against the nominal value of reichsmark and of other great countries—should flow regularly gold mortgage bonds rose in rapid succession through the local branches of the Reichsbank from 50 per cent to 66% per cent and again to to the central treasury of the Reich, which 75 per cent, and an increasing number of should again be administered by the Reichssecurities new to the collateral loan business bank. Continuous streams from such great of the Reichsbank have been admitted to sources of accumulated wealth as the treasury of the financial administration and the public rediscount. departments represent, permit a larger part In the matter of influencing the relation of the circulating medium to return to the between monetary supply and demand there bank more quickly, by this means cause a were two highly important problems with general decline of notes in circulation, and thus which the Reichsbank had been deeply con- increase the effective influence of the central cerned, even during previous years; the com- bank of issue. Understood in this way, the plete lack of unity, the shortsightedness and coordination of public reserves in the giro mismanagement in the administration of the account of the Reichsbank does not mean, as so-called public funds, and the excessive de- is often mistakenly asserted, a centralization mands for foreign credits; both being primary of investment on the Berlin market; on the causes of the unnatural and exaggerated contrary, in the extensive network of Reichsliquidity of the money market. The amounts bank branches throughout the country, the belonging in the strict sense to public funds, moist complete decentralization and redistribuover which the Reich, the States, and the tion of funds is guaranteed. municipalities have control, and the revenues If the financial administration of the Reich of the Reich administrations, such as the postal and railway systems and the funds arising should, so far as possible, reduce its own out of social legislation, have been in very large working capital, it must on the other large volume since stabilization; they have hand be in a position to obtain temporary constantly fed the money market and have working credits in case of need. The autended to interfere with an accurate appraisal thority which is granted the Reichsbank in of the position of the market. In many cases section 25 of the bank law, to extend credit to the administration of these funds has been the Reich, is inadequate because of its limitadevoted to profitable investment for purely tion to a maximum of 100,000,000 reichsmarks. private industry. It is regrettable that through The Reichsbank therefore suggested that the force of circumstances the great public depart- Reich, in case of emergency, might again rements, especially the State railways and postal sort to the sale of treasury bills on the open system, should be separated financially from market. In order to facilitate the sale of these the Reich, and should thus have been compelled bills, the bank offered to admit them to redisto create and maintain separate cash and count at the Reichsbank in a limited amount. working reserves. Whereas before the war By the law of July 8, 1926, dealing with the there was perfect cooperation among the revision of the bank statutes, it was provided that treasury bills issued by the Reich, which i That is, the percentage of the par value which the Reichsbank lent. mature in three months at the latest, and for MAY, 1927 FEDERAL RESERVE BULLETIN which another guarantor of unquestioned financial standing besides the Reich has assumed responsibility, can be presented for rediscount, according to section 21, article 2; likewise, by section 21, article 3, their eligibility as collateral for loans has been established. The amount of treasury bills offered for rediscount and as collateral together can not exceed 400,000,000 reichsmarks. No occasion arose for the practical application of this regulation during the past year. In regard to foreign credits, the Reichsbank found itself obliged during the period under review, as also during the preceding year, to issue emphatic warnings against the rapidity and the amount of foreign loans flowing into the country, and to do everything possible without injuring legitimate German business interests to check the too extensive and sharp demand for foreign credit. German loans during the year were negotiated abroad in a nominal value of almost 1,750,000,000 reichsmarks (against 1,250,000,000 reichsmarks in 1925); of this about 600,000,000 reichsmarks (as against 500,000,000 reichsmarks in 1925) represented public loans—loans issued by states and municipalities as well as those issued with state or municipal guaranty. Statistics for the corresponding amount of short-term foreign credits are not available. Aside from the possible serious consequences to the currency and the economic situation, the extensive employment of foreign credits has a bearing also on the reparations situation. Foreign exchange bills arising out of foreign loans can not be regarded as the proceeds of an economic surplus resulting from the productivity of our country, as contemplated by the Dawes plan for the execution of reparations payments (I, V). Most certainly no conclusions as to the existence of funds available for transfer can be drawn from the gold and foreign exchange holdings of the Reichsbank so far as these holdings arise npt from a surplus of production but from foreign credits. The suspension of foreign credits during the first months of 1927 and the consequent extensive decline in the foreign exchange holdings of the Reichsbank have proved this. The gold and foreign exchange policy of the Reichsbank is, of course, strongly influenced by each phase of the foreign credit situation. The growth in gold and foreign exchange holdings is shown in the chart on page 336. This increase took place entirely in gold holdings, which have risen from 1,208,100,000 reichsmarks at the beginning of the year to 1,831,400,000 reichsmarks, while the foreign exchange 44484—27—5 339 holdings have remained at about the level shown at the end of the year; according to the balance sheets, at the end of 1925 they amounted to 1,022,500,000 reichsmarks and at the end of 1926 to 963,100,000 reichsmarks. In accordance with the principles explained in last year's report, the Reichsbank, as a matter of currency policy, has endeavored to provide the gold and foreign exchange note cover required by the bank law not only for its own note circulation but for the circulation of the Rentenbank as well. Beginning August 23, 1926, it was found possible to give up the policy regarded necessary by the Reichsbank up to that time, of binding the reichsmark closely to the currency of the United States of America through the purchase and sale of dollars at the fixed rate of 4.20 reichsmarks per dollar. The quotation of the reichsmark accordingly became independent of the dollar quotation; with some fluctuations between the gold points it showed a slight premium over the dollar until October, and during the next few weeks until toward the end of the year, it moved in a course slightly below dollar parity. Some time before this^ by the edict of May 1, 1926, the legal restrictions still in force on foreign exchange operations were almost entirely removed. The last remaining provisions, which concerned the socalled foreign exchange banks, have meanwhile also been revoked by a decree of February 22, 1927. Toward the end of 1926 the Reichsbank established an international clearinghouse business with foreign banks of issue, which permits the direct transfer of funds between the offices of the Reichsbank and those of foreign note-issuing banks; by the end of the year relations of this kind were established with the Austrian National Bank, the National Bank of Czechoslovakia, the Hungarian National Bank, the Swiss National Bank, and the Bank of Danzig. This new arrangement came into effect at the beginning of 1927; our experience with this and its further development will have to be discussed in next year's report. Gold imports, which accompanied the import of capital into Germany, amounted during 1926 to 586,300,000 reichsmarks, from which must be subtracted a small export of 9,700,000 reichsmarks, leaving a net import of 576,600,000 reichsmarks. Of this about 546-, 000,000 reichsmarks came into the Reichsbank; 274,200,000 reichsmarks, it is true, had their origin in gold deposits maintained abroad, where the bank had been in the habit of placing such amounts of gold as were ac- 340 FEDEBAL EESEKVE BULLETIN quired outside the country; the remainder came for the most part directly from the hands of arbitrage dealers. The arbitrage purchases assumed considerable importance, especially during the last five months of the year. With the weakening of the exchange value of MAY, 1927 sterling at that time, the quotation of the pound in relation to Germany declined repeatedly to the gold export point, so that gold exports from England became a profitable operation. ANNUAL REPORT OF THE BANK OF POLAND The annual report of the Bank of Poland, presented to the meeting of stockholders on February 10, 1927, contains the following account of economic and financial developments in Poland during the year 1926: At the beginning of 1926 the crisis brought about by the depreciation of the zloty in the course of 1925 reached its culminating point. The year began under very difficult economic conditions. Unemployment, amounting to about 35 per cent of all industrial workers, continued as a disquieting symptom. The acute crisis had dissipated the general optimism which had grown up since the period of inflation, checked economic activity, and developed a spirit of economy which was imposed rigorously throughout every domain of life. The favorable harvest and the crisis in exchange furnished a check to importing and encouraged exporting. After September, 1925, the merchandise balance became favorable. This favorable balance strengthened the position of the Bank of Poland and aided in sustaining monetary stability, while it also furnished the money market with funds provided out of savings. These developments made it possible gradually to modify financial difficulties and to mobilize capital for industry, and they contributed to decrease unemployment and to increase fiscal receipts. After June the budget deficit, which had been considerable at the beginning of 1926, no longer appeared. For the first time since its independence, the Government was able to achieve a balanced budget. Finances of the Government.—The budget had been too high during 1924 and 1925 and not proportioned to the actual resources of the country. The budget for 1924 showed a deficit of 12 per cent, that for 1925 of 13 per cent of the receipts, these deficits being occasioned by the issue of token currency and by loans which had not been provided for in the estimates. Through a series of measures taken by the Government toward the end of 1925 and during 1926, including a sharp reduction of governmental expenses, it has been possible to control this situation. During 1926 not only was the increase in governmental expenses checked, but some reduction was effected. The importance of the economies introduced in the budget appears clearly when one considers that the index of prices rose rapidly following the depreciation of the currency unit. It is true that the nominal amount of actual expenditures by the State during 1926 showed a slight increase over the year before, but the real value of these Government expenditures showed a considerable decrease, the level of prices on the market having risen during this period by 30 per cent. Expenditures during the first six months of the year exceeded receipts by 71,400,000 zlotys. Thereafter, beginning with July, receipts ran continuously in excess of expenditures. One may attribute the more favorable situation of the treasury to improvement in general conditions, to the measures taken by the Government in respect to an increase of 10 per cent in taxation, to the rise in prices for monopoly products, and finally to the vigorous effort in the direction of reorganizing public enterprises. As a result, the budget of 1926 closed with a surplus of 53,600,000 zlotys, although for preceding years there were deficits amounting to 235,500,000 zlotys for 1925 and to 189,400,000 zlotys for 1924. The surplus of receipts made it possible for the treasury to repay outstanding foreign debts, to effect a considerable reduction in paper currency, to repay 25,000,000 zlotys of advances of the Bank of Poland, and finally to build up cash reserves, which are indispensable for a more rational management of finance in the future. Agriculture.—After the difficulties caused by the poor harvest of 1924, the excellent harvest of 1925 had an exceedingly beneficial influence on the agricultural situation. This improvement coincided with the exchange crisis. The prices of grain were almost perfectly adjusted to the fluctuations of the dollar and to the level of international prices. This circumstance neutralized the disastrous effects on the Polish market of the fall in the world price of wheat during the second half of 1925—a price decline which resulted from abundant harvests. During 1926 the level of world prices for wheat MAT, 1927 FEDERAL RESERVE BULLETIN 341 rose and brought about also a rise of prices in favorable conditions arose for the production of coal. Poland. The price of wheat and of rye was until Under conditions obtaining in the domestic autumn, lower in Poland than in America, and capital market and because of the high cost of much lower than in other countries of Europe. credits, industrial enterprises had to struggle The tendency toward a rise in prices for grain with a lack of working capital, which retarded became evident in August at the end of the the development of production. harvests, when the unsatisfactory results of During the first months of the year the outthese harvests became known. Toward the put of the mines and of the blast furnaces did end of the year the price of wheat and of rye not exceed the level of production in 1925. varied between prices in Europe and in The production of iron and zinc increased, America. owing to favorable conditions for export; coke Unfavorable weather conditions worked found its outlet in the domestic market. Beagainst satisfactory results for our agriculture ginning with July a general increase of producin 1926. The harvest for the year fell below tion was in evidence in nearly all branches of estimates. The wheat and rye harvests were mining and at the blast furnaces, so that the less than the average of the three years before output exceeded that of the first six months of the war, and less than the good harvest of 1925. 1925. The harvests of barley and of oats were better During the year the number of unemployed and not much inferior to the excellent yields of declined by about 200,000, or 40 per cent, and, the year before. The potato harvest was very if one takes into consideration the number of poor. part-time workers, by about 50 per cent. The [In thousands of quintals *] figure corresponds approximately to that for the first months of 1925, preceding the indusYear Wheat Rye Barley Oats Potatoes trial crisis; it has been reduced to proportions not at all disquieting. 1925_ 65,385 15,762 16,773 291,061 33,116 Domestic commerce.—The commerce of 50,114 1926-12,814 15,546 248,789 30,498 Poland found itself in serious difficulty at the 1 beginning of the year as a result of business One quintal=220 pounds. suspensions following the crisis, inadequacy The production of refined white sugar during of credit resources, lack of working capital, 1925-26 was about 520,000 tons as against and the necessity for raising price levels under 441,000 tons during the corresponding period pressure of the exchanges. These conditions of 1924-25. For the export of sugar the figure rendered any price stabilization exceedingly was 266,700 tons in 1925-26, as against difficult. 203,000 tons during the preceding season. The decline of the import trade had a depressTo enable farmers to market their harvests ing effect upon trade in general. Toward and to safeguard them from losses which might July, when the export trade became more have resulted from forced selling, extensive active, the situation improved. The miners' credits were placed at the disposition of agri- strike in England and the very large exportaculturists and at the same time certain reliefs tion of coal which it induced created serious in taxation were granted to them. This care transportation difficulties. If one considers exercised by the Government in harmony with that the daily average of freight cars loaded on the domestic and foreign situation was helpful the principal railway systems in Poland into agriculture. Unfortunately, the essential creased to 18,557 cars in November last from cause of the difficulties of agriculture, especially 10,642 cars in January, one realizes with the lack of cheap long-term credit, has not been what difficulties the railway administration had to contend. This perplexing problem was eliminated during the current year. Industry.—At the beginning of the year a solved partly by the loan of freight cars from general lowering in industrial production was abroad, partly by increase of rolling stock, evident, but beginning with February the con- and partly by measures which facilitated dition improved. Production increased first in access to the sea. Experience has shown that the textile industry, then more moderately in the port of Danzig is inadequate for the needs the clothing and leather industries. The metal of Poland's foreign commerce. More attenindustries made rapid progress beginning with tion should be paid to constructing a port at June. Almost at the same time, consequent Gdynia, as well as to organizing the export of upon the strike of the coal miners in England, coal by way of Tczew. 342 FEBEKAL KESEKVE Toward the end of the year the Government purchased abroad five merchant vessels with an aggregate tonnage of 15,000 tons. Foreign commerce and merchandise trade balance.—For the year as a whole the merchandise balance was favorable. The excess of exports amounted to 410,300,000 gold zlotys; the value of exports represented 145.8 per cent of the value of imports. The excess of exports over imports varied considerably during the year. It declined appreciably first in February and March, owing to the prohibition of exportation of wheat and to increase in importation of raw materials for industry. During the following months a favorable change took place, owing to a decline in the volume of imports and to a very remarkable increase in sales of coal abroad. Beginning with August, the effort to increase production throughout the country called for more frequent purchases of raw materials and industrial products abroad. [In millions of zlotys] Imports Year 1924 1925 1926 _.. _ _._ 1,478.6 1,590.9 896.6 Exports 1,256.9 1,257. 7 1,306.9 Excess imports (-)or exports (+) -212.7 -333.2 +410.3 As a consequence of the English miners' strike, the favorable balance of merchandise was assured by the sales of coal abroad at higher prices. Balance of payments.—The balance of payments was much more favorable than during the year before, principally on account of the favorable merchandise balance. According to the figures of the Division of Financial Research of the Bank of Poland, the balance of payments gave a credit surplus of about 370,000,000 gold zlotys. Exportations not included in this merchandise balance, however, covering items not included in the customs statistics, amounting altogether to about 275,000,000 zlotys, were 40,000,000 zlotys less than the corresponding items of importation. In 1925 the unfavorable balance amounted to 130,000,000 zlotys. In 1926 the importation of precious metals was interrupted. The treasury stopped the purchase of silver intended for minting, and the Bank of Poland decreased its purchases of gold abroad. The balance of import and the export of capital by emigrants was unfavorable. BULLETIN MAY, 1927 The flight of capital from Poland to foreign countries assumed serious proportions. Not only did Poland float no foreign loan, but iteven repaid a large part of former loans. In a number of instances repayment was made before maturity, especially during the last months of the year when, under the influence of a stabilized zloty and as a consequence of improvement in the general situation, resources in the domestic market became more abundant. The favorable balance of payments permitted the repayment, during the last months of the year, of the credits granted to the Bank of Poland and to the Government in 1925 in the amount of 67,200,000 gold zlotys. Of this credit the remainder owed by the treasury amounted at the end of the year to 4,000,000 gold zlotys and will be paid off in January and February, 1927. Also, the Bank of Poland in June, July, and August, 1926, repaid its credit of $10,000,000 to the Federal Reserve Bank of New York. The money market.—At the beginning of the year the total amount of money in circulation was about 800,000,000 zlotys, and during the year it rose to more than 1,000,000,000 zlotys. Approximately the volume of circulation varied with the wholesale price index of principal commodities, which rose from 142.1 in January to 176.9 in December, 1926, or by about 25 per cent. The larger amount of circulation was due to the declining tendency to hoard and to the strengthening of the currency situation. The increase applies only to bank notes. The monetary circulation, consisting of silver, token coins, and fiduciary currency— that is to say, the total of the currency issued by the Government—exceeded the total of bank notes in circulation during the first part of the year. At the end of June the situation changed in favor of bank notes. The abnormal distribution of the circulation (as between money issued by the State and bank notes) tended to disappear, and this has already exercised a favorable influence both on the Bank of Poland and on the money market. According to the decree of October 22, 1926, the paper money issued by the State is to be retired from circulation in the course of 20 years or to be gradually replaced by metallic currency. During the first 10 years fiduciary currency will be retired from circulation in installments of at least 5,500,000 zlotys every six months—that is, 110,000,000 zlotys altogether. Under this plan the total circulation in token money and fiduciary currency will not exceed 12 zlotys per capita—the amount MAY, 1927 FEDERAL RESERVE BULLETIN fixed by the currency decree of January 20, 1924. During the 10 years following, the Government is obligated to withdraw from circulation the remainder of the fiduciary currency or else to convert it into token coin. For this purpose th^re is to be provided each year in the budget 12,600,000 zlotys to be obtained from the tax on sugar. The satisfactory results of the efforts at economic reconstruction and the increasing confidence in the resources of the country greatly stimulated savings. Funds derived from savings during the first part of the year were inconsiderable, because of the disquieting situation in the exchange market and the lack of confidence growing out of financial difficulties experienced by certain banking houses. In numerous instances capital took refuge in foreign exchange investments. It was not until June that the situation began to improve. Participation by the Bank of Poland in the work of economic reconstruction has continued on a stationary basis; on the other hand, the part taken by the private banks has increased in comparison with the year before. Credits extended by branches of foreign banks have become larger. The same is true of the Government banks and the municipal banks, with exception of the postals savings bank, which has stopped granting credits to individuals and is investing its deposits in Government securities. During the second part of the year the general situation of the private banks improved owing to the influx of capital. The liquidation of banks holding less than the required capital, which began in 1925, was continued. It will be continued also during 1927, in accordance with the law governing the liquidation of banks holding a capital of less than 1,000,000 zlotys. During the first six months of the year prices of Government securities on the domestic market showed wide divergences. The price of the conversion loan in zlotys declined, while the price of other securities issued in foreign exchange or in gold zlotys rose. During the following months an upward movement was noted both for Government loans and for corporate shares, under the influence of the lowering of the private discount rate and as an effect of the more abundant resources in the money market. On the New York market Polish Government loans showed a general downward tendency at the beginning of the year, followed by a recovery which was almost uninterrupted after July. 343 Discount rates.—Some lowering of the high cost of credits resulted from an increase of liquid funds in the market. The highest legal rate of interest authorized by the Government for private banks was about 24 per cent at the beginning of the year. During the second part of the year the private discount rate was reduced several times—in July, for example, from 24 to 20 per cent; in September, to 18 per cent; and on January 1, 1927, to 15 per cent. On two occasions during the year the Bank of Poland reduced the official rate—on July 7 it reduced the discount rate from 12 to 10 per cent and the rate on advances from 14 to 12 per cent; and again, on December 13, it reduced the discount rate from 10 to 9}^ per cent and the rate on advances from 12 to 11 per cent. By persistent efforts the difference between the private rate and the official rate was reduced from 12 to 53^ per cent. Movement of exchanges.—Although the merchandise trade balance showed an excess of exports over imports beginning with September, 1925, the situation on the money market continued to be difficult during the first months of 1926. Part of the foreign exchange bills representing exports had to be used for payment of obligations growing out of earlier importations, and the remainder were not brought to the Bank of Poland because of a manifest tendency to hoard foreign exchange. The exchange value of the dollar, which was 8.25 zlotys at the end of December, 1925, declined during the period from midJanuary to February 15 to about 7.30 zlotys, but this rate could not be long maintained. Because of the decline in the reserves of foreign exchange, the currency policy of the bank was restricted during the next few months to avoiding any more pronounced depreciation of the zloty and to checking the exchange fluctuations. Not until June, when the political situation of the country became settled and a large part of those exchange bills which had been hoarded appeared on the money market, was the Bank of Poland able to resume the purchase of foreign exchange in any considerable amounts, such as would partly provide for the reconstruction of its exchange reserve. At the end of May the rate on the bourse at Warsaw was 11 zlotys to the dollar. At this time the level of prices and of wages in Poland, expressed in gold, was much below the level of prices abroad. The task which devolved upon the Bank of Poland was to take advantage of the change in the situation, with the purpose of 344 FEDERAL EESERVE BULLETIN checking the rising tendency of prices by inducing a fall in foreign exchanges, of reestablishing the impaired confidence in the zloty, and finally of preventing a too rapid adjustment of domestic prices to prices abroad. The fall in foreign exchanges brought foreign bills into the exchange market in increasing abundance during June and July. Owing to improvement in general conditions, Polish exchange rose steadily; somewhat rapidly at first—the dollar declined to 9.20 zlotys on July 5; and then at a more moderate rate, the zloty being quoted at 9.07 per dollar by the end of July and at 9 per dollar by the end of August. About this time the Bank of Poland repaid its credit to the Federal Reserve Bank of New York, and thereafter gave its best efforts to the rebuilding of its foreign exchange reserves. The increase in these reserves during the following months is clearly shown in the figures. Foreign exchange bills, after deduction of obligations contracted in foreign exchange, rose from 9,700,000 gold zlotys at the end of June to 44,200,000 at the end of July, to 87,800,000 at the end of September, and reached 125,200,000 gold zlotys at the end of December. To show how general was the practice of hoarding during the crisis through which the country had come, it suffices to note that purchases of United States bank notes by the Bank of Poland amounted to $4,600,000/in June, $4,900,000 in July, and $2,600,000 in August, as against an average of $1,500,000 during the preceding months. Metallic and foreign exchange reserves.— The gold reserve increased steadily, although by a small amount, through purchases of gold in the domestic market. At the end of the year the bank purchased gold abroad to the amount of 2,500,000 gold zlotys. A large part of the gold reserves had been deposited in the course of the year with the Bank of England and served as guarantee for the credit extended by the Federal Reserve Bank of New York. In August, after repayment of these loans, the gold was placed at the free disposition of the Bank of Poland. The character of the metallic reserves underwent some modification during the year. In accordance with the 1924 charter of the Bank of Poland, the metallic reserves might consist only of gold. The present revised charter authorizes the bank to include silver, which, however, may not exceed 5 per cent of its gold holdings. The metallic reserve and foreign exchange holdings were doubled during 1926 and amounted to from 30 to 40 per cent of the note circu- MAY, 192? lation of the bank. During the last months of the year the ratio of cover was in excess of 40 per cent, the point at which, under the new charter of the bank, the stamp tax on circulation is removed. The figure for bills of foreign exchange purchased by the Bank of Poland rose during the year to 827,000,000 gold zlotys; that for foreign exchange bills sold to 683,000,000 gold zlotys, of which 224,000,000 were applied to the needs of the Government. Purchases of foreign exchange during the decline of exchange rates caused some losses to the Bank of Poland. Recovery of part of these losses was effected put of profits of the year under review. While gains and losses growing out of these operations can not be precisely determined until after definite stabilization of the zloty, an accounting at the present rate of exchange would show a considerable profit instead of a loss. Stock exchange loans.—The stock exchange loans of the bank, suspended in December, 1925, on account of the wide fluctuations of the exchange, were resumed during the last six months of the year. Loans on securities were increased during this period, advances being made at the rate of 7 zlotys to the dollar. These loan operations had to do only with foreign exchange bills obtained by firms established in the country in so far as they grew out of credits extended abroad. Credit operations.—One may distinguish two phases in the credit policy of the bank during the past year. During the first six months the activity of the bank was hindered by the currency crisis, which made necessary a reduction in the volume oi the bank note circulation. The situation improved considerably during the following months, when the increase in its foreign exchange reserve enabled the bank to advance credits more freely. For credits granted, the figure rose by 8,000,000 zlotys during the first period and by 100,000,000 zlotys during the second period. The quality of the portfolio of securities admitted to rediscount at the Bank of Poland has improved steadily. For loans not paid at maturity, in comparison with total dipcounts, the proportion was 6.24 per cent in January, 4.95 per cent in February, 3.10 per cent in May, 2.07 per cent in October, and 1.95 per cent in December. Revision of the charter.—Two years of experience had demonstrated that in many respects the charter of the Bank of Poland, granted in 1924, no longer corresponded to the economic conditions prevailing in the country. MAY, 1927 FEDERAL KESEKVE BULLETIN The amendments proposed had been the subject of deliberation by the authorities of the bank in collaboration with the Minister of Finance, and later with the members of the Kemmerer Commission. These amendments were approved on August 31 by the general assembly of shareholders and authorized by the Government and the President of the Republic. The new provisions were published in the Journal of Law on November 5, 1926. The most important amendment deals with reserves in gold and in foreign exchange. Following the example of the more recently organized banks of issue, the present act (article 52) authorizes the lowering of the note cover below 30 per cent, but only after a resolution to that effect by the administrative council, passed by a majority of at least 9 votes of its members, and the vote of the president of the bank. The resolution must also be approved by the Minister of Finance. In this case the bank will pay into the treasury a tax on the excess of bank notes in circulation over the amount covered up to 30 per cent, according to the following schedule: Three per cent per annum if the cover is less than 30 per cent, 6 per cent per annum if the cover is less than 27 per cent, and 10 per cent per annum if the cover is less than 24 per cent. In case of decrease in the cover below 20 per cent, the tax of 10 per cent is raised by 1 per cent for each further decline, of 1 per cent in the cover. If the cover is 40 per cent or more, the bank pays no stamp tax on its circulation. Each time that the cover falls below the level of 40 per cent, but remains above 30 per cent, the stamp tax shall be in the proportion of 1 per cent per annum on the total issue. • In this way the influence of the gold and foreign exchange reserves is made more effective, greater liberty of action being given to the bank in case of emergency. Article 58 provides that warehouse certificates fully guaranteed by agricultural products, as well as bills of exchange given by agriculturists for the purchase of seed, chemical fertilizer, farm machinery, and livestock may have a maturity of six months instead of three months as formerly. The total amount of these 345 certificates and bills of exchange may at no time exceed 20 per cent of the portfolio of the bank. Article 55 authorizes the bank to acquire for its own account Government securities as well as municipal securities and mortgages, on condition that not more than 10 per cent of the capital of the bank shall be used for the purchase of these securities. Advances on collateral may not be made in excess of 20 per cent of the amount of the portfolio of the bank. By the terms of article 53, the securities in the portfolio and the advances on these securities may be part of the cover of the banknote circulation, which was not the case under the former charter. Finally, to facilitate increase in the capital of the bank, which is at present 100,000,000 zlotys, article 4 provides that an increase in the capital of the bank up to an amount not to exceed 150,000,000 zlotys may be made, with the consent of the Minister of Finance by a resolution of the administrative council, passed by a majority of nine of its members and by the vote of the president of the bank. A further increase in capital may be effected only under a decision of the general assemply of shareholders, submitted for approval to the Minister of Finance. Under the statutes bank shares are registered. Since, however, a majority of the shareholders hold only one or two or a few shares, article 5 authorizes the president of the bank, in order to facilitate the free exchange of shares and to avoid too much red tape in transfer, to exchange registered shares for shares issued to bearer. The certificates of these shares shall not be in denominations larger than 10 shares, and the number of shares issued to bearer may not exceed 5 per cent of the capital of the bank. By the terms of article 16, only holders of registered snares have the right to take part in the general assembly of shareholders. The original law authorized the bank to accept deposits of bonds bearing fixed interest, with the consent of the Minister of Finance. Article 69 permits the deposit of these interestbearing bonds only for account of employees or officers of the bank. 346 FEDEKAL RESEKVE BULLETIN MAT, 192T ANNUAL REPORT OF THE BANK OF JAPAN The annual report to the shareholders of the Bank of Japan for the calendar year 1926, presented on February 19, 1927, contains the following summary of business and economic conditions during the year: Surveying the business conditions of the past year, we find little or no fundamental change from those of the preceding 12 months. Money continued to exhibit an easy tendency. The sharp recovery of the yen, however, was reflected in foreign trade, where the excess of imports was greater than in the preceding year; commodity prices continued their downward course; trade activity slackened, and business profits diminished. The consequent deepening of the general depression was further intensified by the national mourning for^the death of the Emperor toward the end of the year. In the early part of the year the easy money and increased exports that had marked the preceding six months resulted in optimistic views of the future being entertained in certain quarters and brought about some activity on the stock exchanges. The sharp rise in the value of the yen, however, resulted in a downward movement in silk, cotton yarn, and other commodity prices; while, at the same time, repayment of banking loans was not always being carried out in a satisfactory manner. There were, on the other hand, an increased offering of import bills on the market and continually increasing issues of bonds and debentures. All these factors combined to produce a slight stringency in the money market. Toward the end of the first half year some activity in anticipation of an increase of exports developed, and an easing of money in the latter half was again witnessed on the share and other futures markets; but foreign trade did not thrive as had been expected. The downward movement of prices continued unchecked, and depression permeated all departments of trade and industry. The demand for \ew money was small, and market rates fell even below the official rate of our bank in some instances. Early in October the bank reduced the official discount rates by 0.2 sen (from 7.30 to 6.57 per cent); so the rate for commercial paper became 1.8 sen per diem (6.57 per cent, annual). Some of the Tokyo and Osaka banks followed suit by lowering their rates on certain kinds of advances, and some local associations of banks outside these two cities decreased the rates agreed upon for interest on deposits. Money eased to a still greater extent; the discount rate for ordinary commercial paper, ranging from 1.9 sen to 2.3 sen (6.935 to 8,395 per cent) in September, declined in some cases to 1.8 sen (6.57 per cent) in October. The Government's October estimate of the rice crop did not reveal so satisfactory a situation as in the preceding year. A decrease was also recorded in the yields of wheat and barley, and, contrary to expectation, the prices of these crops and of cocoons fell below the 1925 levels. Consequently the purchasing power of the rural community was affected and inactivity prevailed in town and country; when to cap it all, the nation was confronted by the great sorrow on December 25. The demand for money for year-end purposes was therefore smaller than in other years, and quietness reigned in the money market during the last days of December. The year closed with money easier than it had been the year before; thus, discount rates in the Tokyo market were 0.1 sen lower (percentage rates being lower by 0.365) for commercial paper, and rates for overnight call money were from 0.2 sen to 0.3 sen lower (percentage rates being lower by from 0.73 to 1.095) than those of the corresponding period in 1925. An increase in exports and a decrease in imports indicated a tendency for the excess of imports to decline during the first four months of the year; but conditions subsequently changed, and the usual favorable turn of trade did not take place until August. Taking into consideration the returns for Chosen andTaiwan, we find that total exports for the whole year amounted to 2,110,000,000 yen, total imports to 2,560,000,000 yen, and that the consequent adverse balance of trade came to 440,000,000 yen. Thesefiguresrepresent, in comparison with the returns of the preceding year, a decline of 170,000,000 yen in imports and of 250,000,000 yen in exports, and an increase of 88,000,000 yen in the adverse balance. This may be accounted for mainly by decreases in the importation of cotton and rice and in the exportation of raw silk, cotton yarns, and piece goods. Such an unfavorable result of the foreign trade was due, apart from the recovery of the yen, to the fall in the price of silver, the spread of civil war in China, and the collapse of the Mukden notes. Although a slight reaction took place in May and June, our exchange rate on the whole continued the upward movement of the preceding year. The increase in the Yokohama Specie Bank's telegraphic transfer rate on New York from $0,435 to $0,485 represents an appreciation of over 12 per cent MAT, FEDERAL RESERVE BULLETIN 1927 during the year. Silver had developed a weak tendency by the end of the preceding year, and the decline was hastened by the publication of the Indian currency reform scheme in August. The fall in the market level from 31 pence at the beginning of the year to 24 pence at the end constitutes a decrease of over 22 per cent. The improvement in the exchange situation contributed in no small degree to the decline in domestic commodity prices. Continuing the tendency of the preceding year, price movements kept steadily on the decline; and, as a general rule, new low records were registered month by month. The index number for wholesale prices in Tokyo was about 12 per cent lower in December than in January, while the decrease in 1925 was 9.5 per cent; the total decline in these two years was over 20 per cent. Some commodities, of which raw silk and cotton yarns furnished conspicuous examples, depreciated in value not only on account of the improvement in the exchange situation, but also as a result of depression in foreign markets. Raw silk quotations declined from 2,000 yen a bale in the last days of 1925 to 1,470 at the end of 1926. The corresponding movement in cotton yarns was from 288 yen to 194 yen a bale. With the exception of coal and sugar, all other staple commodities shared the same fate. The business depression was reflected in our bank's advances by decreases, on the whole, in comparison with the figures for the precedingyear. The volume was at a minimum in May at 188,000,000 yen. Although subsequent increases brought it, by the end of the year, to 587,000,000 yen, it was 110,000,000 yen less than the corresponding figures for 1925. The note issue also fell to its lowest level in May, when the fiduciary issue disappeared altogether, and the amount outstanding came to only 1,040,000,000 yen. The circulation increased until it reached 1,569,000,000 yen at the end of the year, which,- however, represents a decline of 62,000,000 yen in comparison with the figures of a year before, and was 44484—27- 6 347 about equal to the outstanding issue at the end of 1922, the year immediately preceding the great earthquake. National loans, other than Government rice purchase notes, weve issued to the extent of 504,000,000 yen during the year; and, as redemption, including purchases out of the sinking fund, amounted to 367,000,000 yen, the net increase in the debt was 136,000,000 yen. The Government persistently adhered to the policy of refraining from offering for public subscription other loans than those required for conversion purposes, and, aided by favorable monetary conditions, the results of these operations were fairly satisfactory. Redemption by means of the sinking fund was carried on both by purchase in the market and by drawing lots during the year. It may be pointed out that signs of improvement in certain quarters were not entirely wanting in the past year. Money was easy and security prices maintained high levels. Share transactions and bank clearings showed an expansion, and the total capitalization of new business enterprises increased slightly above the levels of the preceding year. Nevertheless, the improvement in economic conditions was more apparent than real. Depression pervaded all lines of trade and industry with a severity felt more keenly than in 1925. The efforts of the Government and the people during these years have no doubt served good purposes in the economic improvement of the country, but a closer investigation will reveal the fact that much still remains to be done to better the position of the banks and to effect reforms in the management of business and industry. In the completion of this task it might be well for us to take advantage of the golden opportunity afforded by the present easy monetary conditions. At this juncture the necessary steps should be taken to secure the development of the national resources through readjustment and adoption of new business methods, and the bank will endeavor to conform its measures to the aims referred to above. 348 FEDERAL BESEKVE BULLETIN MAY, 1927 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1927 March Bank of England (millions of pounds sterling): Issue department— Gold coin and bullion Notes issued... Banking department— Gold and silver coin Banknotes Government securities Other securities Public deposits _ _ _Other deposits Ratio of gold and note reserve to deposit liabilities (percent) Bank notes in circulation * Currency notes and certificates. _ Bank of France2 (millions of francs): Gold reserve Silver reserve Gold, silver, and foreign exchangeCredits abroad Loans and discounts Advances to the Government Miscellaneous assets Note circulation Total deposits. German Reicnsbank (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 Japan (millions of yen): Gold at home and abroad Advances and discounts _. Advances on foreign bills Government bonds Total note and deposit liabilities.. Notes issued Total deposits..... Austrian National Bank (millions of schillings): Gold Foreign bills of the reserve Other foreign bills Domestic bills Treasury bills Note circulation _ Deposits _. National Bank of Belgium (millions of francs): Gold* Foreign bills and balances in gold ^ Domestic and foreign bills Loans to State. . Note circulation Deposits.. __.. February January March 149.1 168.8 148.8 168.6 150.1 169.8 1.4 30.9 32,7 83.7 32.9 97.4 1.3 31.9 29.9 71.3 17.8 98.4 1.3 1.4 32.8 28.1 72.4 13.7 102.8 22.3 37.0 86.6 35.4 93.6 24.8 81.6 288.1 28.6 80.4 281.4 29.3 80.8 280.2 18.4 86.5 295.3 3,684 342 1,950 76 5,252 28,150 11,104 52,385 3,837 1,750 101 203 1, 963 426 616 3,589 1,129 3,684 3,684 342 341 1,827 1,684 87 86 5,195 5, 651 29, 600 32,550 9,075 7,225 51,697 52,172 4,845 5,966 1,741 93 204 1,644 506 539 3,465 1,149 1,706 128 421 1,415 570 575 3,410 1,151 1,145 1,144 1,168 1,099 7,604 7,964 4,229 4,229 13, 587 13,768 4,229 4,229 2,434 2,733 145.3 165.1 March Febru- January March ary 1,218 439 1,059 4,512 3,382 2,424 1,205 213 1,072 4,512 3,246 3,260 1,198 217 1,109 4,562 3,224 3,266 Central Hank of Chile (millions of pesos): Gold at home Gold abroad _.. Loans and discounts Note circulation : Deposits 85 563 20 270 213 85 579 20 259 236 85 562 60 242 225 1,050 1,897 85 1,048 2,021 133 1,038 2,075 178 562 7,028 1,262 571 6,917 1,726 573 Czechoslovak National Bank (millions of Czechoslovak crowns): Gold and silver Foreign balances and currency—. Loans and advances. 570 Assets of banking office in liqui5,760 dation 35, 000 3,502 Note circulation 51,492 Deposits 2,834 Bank of Danzig (millions of Danzig gulden): Balances with Bank of England.. Foreign bills, etc Loans and discounts Note circulation Deposits •_. 1,058 554 47 303 2,119 1.310 1, 058 330 56 270 1,892 1,232 660 1,058 398 66 276 1,990 1,390 600 ],057 299 99 287 1,977 1,181 59 438 146 81 174 883 21 57 458 144 59 176 874 27 53 479 139 58 176 875 35 15 492 58 92 183 816 26 3,164 3,122 3,108 274 2,080 2,266 2,002 9,368 455 2,126 2,406 2,050 9,115 732 2,114 2,389 2,050 9,077 732 30 1.306 5,680 7,495 373 Gold Foreign bills, etc Loans and discounts Note circulation Deposits 193 National Bank of Egypt (thousands of Egyptian pounds sterling): Gold English Government securities... Egyptian Government securities Note circulation Government deposits Other deposits B a n k of E s t o n i a (millions of Estonian marks): Gold ___. Cash in foreign currency Foreign correspondents' account. Foreign bills Loans and discounts Note circulation Deposits and current accouints. B a n k of F i n l a n d (millions of Finnish marks): Gold Balances abroad and foreign credits. __ Foreign bills Domestic bills. _ _. State debts .... Note circulation D e m a n d liabilities „-„_„-_. * Figures previous to Oct. 25,1926, carried at paj. * Figures previous to 1927 carried at par* Including gold held abroad, 6 42 429 1,229 5,550 3,466 2,876 18 19 15 34 3 1,228 263 481 1,216 923 625 3,160 National Bank of Denmark (millions of kroner): 1, 573 3,134 550 10.044 7,066 11, 229 7,066 2,334 1926 National Bank of Bulgaria (millions of leva): Golds Foreign bills, etc Loans and discounts Advances to State Note circulation Deposits 3,684 331 1 Notes issued, less amounts held in banking department and in currency note account, 8 Not including gold held abroad. »Figures previous to July* 1928, are for 3 bankg of issue, 1927 1926 349 FEDEKAL EESEEVE BULLETIN M A T , 1927 CONDITION OF CENTRAL BANKS—-Continued 1927 1926 1927 1926 JanuMarch February ary March JanuMarch February ary March National Bank of Greece (millions of drachmae): Gold and balances abroad Government loans and securities. Loans and discounts Note circulation Total deposits Bank of Portugal (millions of escudos): 1,794 3,730 3,209 4,231 4,000 National Bank of Hungary (millions of pengo): Gold. Foreign bills, etc.— Loans and discounts Advances to treasury— Other assets.— Note circulation Deposits _. Miscellaneous liabilities.. 105 209 119 255 418 252 159 169 110 190 122 262 416 260 149 169 103 207 128 255 435 241 159 85 154 139 154 263 380 189 196 Bank of Java (millions offlorins): Gold _____'_ Foreign bills ... Loans and discounts __. Note circulation Deposits. 190 21 79 304 47 195 19 85 305 57 196 21 95 312 202 20 51 328 54 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 currency Loans and discounts Note circulation... Deposits _ _.. Netherlands florins): Gold Bank (millions of „„ _„ 419 147 227 782 51 414 141 243 814 31 414 178 216 819 30 429 177 209 821 35 Bank of Norway (millions of kroner): Gold Foreign balances and bills Domestic credits Note circulation Foreign deposits. _ Total deposits , 147 45 374 324 15 240 147 49 398 319 16 275 147 54 446 318 36 303 147 87 296 350 6 137 Reserve Bank of Peru (thousands oflibras): Gold Gold against demand deposits Foreign exchange reserve Bills... Note circulation 4,087 329 704 1,920 5,847 4,091 325 709 2,052 5,998 655 152 235 393 668 149 220 369 634 144 187 358 585 134 49 369 389 175 36 36 149 64 34 128 29 35 79 Foreign bills—_ Loans and discounts Note circulation Deposits » _-- Deposits..-.,.. Bank of Poland (millions of zloty): Gold Foreign exchange, etc -_ Loans and discounts Note circulation Current accountsPrivate Treasury Liabilities in foreign currency 7 Not including gold held abroad. 4,092 • 324 709 2,003 5,965 653 4,010 412 728 2,515 6,375 62 Gold ._ Balances abroad Bills Note circulation Deposits. • .__ _. 9 172 218 1,785 64 9 186 213 1,783 187 211 1,783 54 391 151 1,842 70 145 National Bank of R u m a n i a (millions of lei): Gold * 145 145 Bills j 8,995 Advances to State __ 10,679 10,679 Note circulation.— 21,036 20,990 Deposits 9,130 10,679 20,902 9,310 140 8,249 10,679 20,343 8,366 State Bank of RussSa (note-issuing department; thousands of chervontsi): Gold _ Foreign currency Loans and discounts Bank notes 16,441 7,582 61,672 85, 659 14,751 5,043 54,980 72,409 16,588 16,442 8,374 8,186 59.733 61, 067 85; 731 85,851 National Bank of t h e Kingdom ! of Serbs, Croats, and Slovenes | (millions of dinars): j Gold. _| 87 Foreign notes and credits 300 Loans and discounts _. 1,322 Advances to State 2,966 Note circulation 5,476 Deposits 701 87 324 1,340 2,966 5,502 710 87 321 1,378 2,966 5, 504 746 78 347 1,323 2,966 5,683 616 South African Reserve Bank (thousands of pounds sterling): Gold Foreign bills._. j 6,028 Domestic bills j 702 Note circulation....-_.! 7,253 Deposits. j 5,568 8,151 6,295 1,028 8,158 6,280 7,779 5,023 2, 560 7,995 4,962 7,751 5,412 1,103 7,526 6,177 Bank of Spain (millions of pesetas): Gold... Silver Balances abroad __ Bills discounted „ Checks and drafts Note circulation _ Deposits. 2,588 698 38 567 1,430 4, 526 2,582 691 38 582 1,487 4,309 992 2,563 688 35 656 1,601 4,311 965 2,537 667 30 703 1,48.1 4,331 1,118 Bank of Sweden (millions of kroner): Gold ... Foreign bills, etc Loans and discounts Note circulation Deposits. 222 179 223 184 254 485 103 224 197 250 471 126 230 180 331 527 141 446 26 354 800 437 24 781 132 418 33 339 808 70 58,465 96,382 67,086 70,528 54,938 83,193 64,995 56,357 Swiss Nationai Bank (millions of francs): Gold Funds on demand abroad Loans and discounts _. Note circulation Deposits Bank of t h e Republic of Uruguay (thousands of pesos): Gold — Loans and discounts Note circulation Deposits _--.. 975 525 92 458 41 347 838 81 350 FEDERAL RESERVE BULLETIN M A T , 1927 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1927 1926 January March February Chartered b a n k s of C a n a d a (millions of dollars): Gold coin and bullion i__ _.. Current loans and discounts Money at call and short notice. Public and railway securities Note circulation Individual deposits Gold reserve against Dominion notes Dominion notes circulation Four private banks of Italy (millions of lire): Cash... „.. Bills discounted...Due from correspondents _ _ Due to correspondents Deposits 1,179 8,819 4,962 12,672 2,478 T o k y o b a n k s (millions of yen): Cash on hand Total loans .... Total deposits Total clearings Joint-stock b a n k s of Denmark (millions of kroner): Loans and discounts Due from foreign banks._. __. Due to foreign banks Deposits and current accounts 212 2,492 1,977 3,222 Joint-stock banks of Norway (millions of kroner): Loans and discounts Due from foreign banks. Due to foreign banks Rediscounts Deposits Nine L o n d o n clearing b a n k s (millions of pounds sterling): Money at call and short notice... 119 Advances and discounts _ _ i 1,106 Investments | 239 Deposits.. _ ---[ 1,632 Joint-stock banks of Sweden (millions of kroner): Loans and discounts _. Foreign bills and credits abroad._ Due to foreign banks Rediscounts . „_„ Deposits Joint-stock b a n k s of F i n l a n d (millions of Finnish marks): Loans and discounts _. Due from abroad Due to abroad Deposits 4,241 187 125 115 3,555 Swiss Cantonal banks (millions of francs): Loans and discounts Mortgages . Foreign bills Due from banks and correspondents.— Commercial deposits Savings deposits Ttaree commercial b a n k s of F r a n c e (millions of francs): Bills and national defense bonds. Loans and advances Demand deposits , Time deposits „ March 123 2,628 1,975 2,807 134 2,647 1,973 3,122 112 2,445 1,936 3,295 1,706 65 214 158 2,119 1,723 79 227 159 1,925 2,010 157 329 210 1,908 4,263 164 125 92 3,549 4,260 170 132 91 3,534 4,302 171 135 167 3,583 1,734 2,792 24 1,731 2,787 25 1,692 2,668 23 279 687 1,542 263 687 1,532 249 636 1,436 Sis Berlin b a n k s (millions of reichsmarks): Bills and treasury notes Due from other banks Miscellaneous loans Deposits.. Acceptances .-. 1 ? Not including gold held abroad, s Figures are for December, 1926, Figures are for February, 1926. DISCOUNT RATES OF 31 CENTRAL BANKS [Prevailing rates, with date of last change] Country Austria Belgium . Bulgaria. Czechoslovakia. __ _ Danzig... Denmark England Rate In effect since— 6 Feb. 5,1927 April 27,1927 Aug. 31,1924 10 Mar. July 5 June 4H Apr. 5 8,1927 29,1926 24,1926 21,1927 Country Estonia Finland France. Germany Greece Hungary India.. Italy Rate 8 7 & 11 ? In effect since— Oct. Mar. Apr. Jan. July Aug. Feb. June 1,1926 22,1927 14,1927 11,1927 7,1926 26,1926 10,1927 18,1925 Country Japan Java Latvia. Lithuania. __ Netherlands. Norway Peru.. Poland Rate 5.84 6 7 7 6 In effect since— Mar. May Jan. Feb. Oct. Oct. Apr. Mar. 9,1927 3,1925 1,1927 1,1925 2,1925 27,1926 1,1923 11,1927 Country Portugal Rumania Russia South Africa Spain Sweden Switzerland. Yugoslavia. _ Rate 8 6 8 5 4 6 In effect since— July Sept. Apr. Nov. Mar. Apr. Oct. June 27,1926 4,1920 —1924 21,1924 23,1923 22,1927 22,1925 23,1922 Changes: Bank of France from 5}4 to 5 per cent on Apr. 14, 1927; Bank of England from 5 to 4}4 per cent on Apr. 21, 1927; Bank of Sweden from 4H to 4 per cent on Apr. 22, 1927; National Bank of Belgium from 6 to &/> ppr cent on April 27,1927. MAT, 351 FEDERAL RESERVE BULLETIN 1927 MONEY RATES IN FOREIGN COUNTRIES England (London) Month Bankers' acceptances, 3 months Treasury bills, 3 months 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 4.00 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 1927 January February March _ 4.16 4.18 4.34 4.21 4.32 4.36 3.76 3.93 4.09 4.21 4.28 4.59 5.82 5.77 6.91 Day-to-day money (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate Belgium Netherlands (Amsterdam) Germany (Berlin) Bankers' allowance on deposits Private discount rate Austria (Vienna) Private discount rate Private discount rate Money for 1 month • 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 3.78 5.19 4.87 2.97 3.46 3.48 2.92 3.66 3.16 2.87 2.98 Money for Day-to-day 1 month money Hungary Switzerland 7.04 6.03 5.63 Sweden (Stockholm) Japan (Tokyo) Month Private discount rate Money for 1 month Loans up to 3 months Discounted bills Call money overnight 1926 January February March.., April.._ May ... June -. July—. August SeptemberOctober November... December 6.71 6.59 6.75 6.75 6.65 6.65 6.70 6.75 6.72 6.64 5.77 4.34 4.57 4.27 4.25 4.25 5.15 5.73 6.00 7.00 6.98 7.25 6.69 5.77 8.18 8.00 8.00 8.00 8.00 8.17 8.50 8.50 8.50 8.96 9.25 9.25 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 1927 January. >_.. February March __ 3.90 3.99 4.19 4.99 4.45 3.89 9.25 9.25 9.25 6.39-8.76 4.56-7.30 i For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1926. Rates for Belgium, France, and Italy, added to this table in April, are from the same source as the figures for Switzerland—viz, Bulletin Mensuel, Banque National Suisse—and are quoted in the same way. 352 FEDERAL RESERVE BULLETIN M A T , 1927 GOLD MOVEMENTS UNITED STATES GERMANY GREAT BRITAIN NETHERLANDS SOUTH AFRICA (In thousands of dollars) (In thousands of reichsmarks) (In thousands of . pounds sterling) (In thousands of guilders) (In thousands of pounds sterling) Month 1925 January February March April May June July August September October November__ — December 5,038 3,603 7,337 8,870 11, 393 4,426 10, 204 4,862 4,128 50, 741 10, 456 7,216 Total-. Net imports or exports Exports Imports 73, 526 50, 600 25,104 21, 604 13, 390 6,713 4,416 2,136 6,784 28, 039 24, 360 5,968 1927 January February March .... Net imports or exports Net Ex- imports Imexports or ports ports Imports 4,799 3, 823 3,015 1,992 2, 634 1,616 3,271 2,701 2,738 10,175 8, 542 4,368 - 2 , 534 591 —1,152 -961 16 4,004 5,661 101 -1,903 - 4 , 763 - 5 , 036 —2,189 - 2 , 521 1,969 10, 352 22,877 23, 694 79,991 105, 710 - 2 5 , 719 40, 768 40,877 16, 369 1,202 -815 50 1,489 70 146 497 175 126 5,009 -4,187 149 189 1,632 358 372 1,071 433 721 6, 500 - 6 , 231 3,396 3,203 3,544 3,412 3,597 3,600 3,656 3,583 3,573 3,621 3,563 3,538 4,100 3,060 1,742 6,110 3, 699 4,316 4,658 3,231 1,785 5,976 2,749 2.169 42, 285 43, 594 128, 272 262, 640 -134,367 641,269 37,293 16, 264 21, 565 23,163 58,902 40,138 5,847 3,517 2,398 2,626 44,632 99,108 152,572 69,110 77,277 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 3,310 608 -251 18 41,970 96,162 148,923 65,322 73,674 4,525 3,454 1,290 1,477 3,840 3,309 4,009 3,877 2,494 3,476 3,814 2,986 2,44.8 2,077 1,564 1,890 2,620 ? 760 717 1,408 2,432 1,003 2,307 1,276 2, 733 1,841 2,037 1,463 1,031 -893 4,369 5,053 -1,239 -838 3,824 16, 455 387 1,539 216 672 2,512 822 338 1,990 1,443 1,154 3,087 3,851 4,225 17,884 9,343 3,346 5,070 29, 743 23, 081 1,156 7,727 7,196 - 4 , 768 -6,408 15, 544 14,750 -17, 764 -7,094 7,701 9,011 2,266 4,414 1,862 1,031 2,650 5,620 8,932 2,803 834 5,412 3,506 2,179 603, 976 41, 509 49, 675 -8,165 5,679 6,365 629 12, 560 12, 584 24,131 36, 395 5,081 346 1,818 18 102 907 2,682 -557 -12,347 -12,572 -24,101 213, 504 115, 708 97, 796 579, 290 36,609 542, 681 38, 551 27,153 11, 398 27, 799 16,128 11, 671 59, 355 22,309 14, 383 14,890 2,414 5,625 44, 465 19, 895 8,758 59,142 2,203 56,939 2,366 5, 601 1,546 3,736 -1,370 3,181 2r420 1,417 130 3,241 1,023 1,213 183 3,058 1,023 1,115 M O V E M E N T S T O AND F R O M G R E A T BRITAIN M O V E M E N T S T O A N D F R O M INDIA (Amounts in pounds sterling) (Amounts in rupees) Imports Country of origin or destination All countries.. Belgium France Netherlands Russia Spain and Canaries._. Switzerland United States South America British IndiaBritish Malaya Egypt Rhodesia Transvaal L West Africa All other countries Net imports. Net exports._ Exports March, 1927 February. 1927 March, 1927 February, 1927 1,546,461 5, 600, 690 1,416, 623 3,180,866 1,315 21,000 51,502 26, 850 30,000 37,145 68,245 214,200 117,000 753,000 913 136,425 45,700 300,500 60,000 359,823 95,040 28.910 10,309 137,063 1.180,166 133, 873 61, 849 135,087 2, 454,938 128, 873 406, 537 129,838 2, 419, 824 297 284,538 1,186,000 1,000 309,720 125, 240 76,070 l s 205 397,431 Imports Country of orig in or destination All countries.. Net exports 1,391 1,718 5,401 2,957 2,171 5,667 4,390 4,337 3,899 3,765 1,948 3,233 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 -360 Net ProEx- imports ex- i ducports or tion ports 3,508 3,208 3,499 3,337 3,458 3,309 3,476 3,424 3,407 3,464 3,361 3,318 6,586 9,047 72 213 12 30 296 2,560 2,315 12,170 22,895 23. 796 82,857 46,051 62,602 68,087 78, 755 54,273 22,197 121,644 30,441 37, 770 33, 542 3,050 19, 351 25,416 43, 413 13,116 2,935 18,890 19, 820 11, 979 15, 987 8,857 16, 738 17, 004 Total— Exports -46, 997 -17,767 -12,734 -1,997 -2,287 5,788 2,726 - 2 , 656 22, 702 -13,904 1,248 1926 January. February March April May June July August September October November December Imports Exports January, December, January, ! December, 1927 1927 1926 1926 7,002,915 10,046,197 England 1,300,215 France United States. Aden and dependencies __ 363,130 Arabia 76,188 Bahrein Islands 65,087 British Oceania Ceylon 17,592 China 36,088 Mesopotamia 680,820 Straits Settlements 24,223 Java Egypt 965,557 Natal.,. 3, 473, 809 Mauritius and dependencies All other countries 206 2,596, c Net imports _ 9, 803,052 6,993,336 9,579 I 243,145 7,257 23,608 218,120 2,322 1,417 254,247 27,215 65, 764 7,200 71,961 441, 804 16,371 838,055 5,726,627 287 MAY, 353 FEDEKAL RESERVE BULLETIN 1927 FOREIGN EXCHANGE RATES RATES PUBLISHED BY THE TREASURY [In cents per unit of foreign currency *] March, 1927, average April, 1927 Country Unit Average Par Low EUROPE Austria Belgium.. Bulgaria Schilling Belga_.- -. Finland France _ Germany. _ Greece Hungarv Italy ___*_ Netherlands Norway Poland Portugal Rumania.. Spain Sweden Switzerland Yugoslavia Rate Per cent of par Per Rate cent of par average Rate Per cent of par 14.07 13.90 19.30 14.0600 13.9000 . 7230 14.0910 13.9000 .7280 14 0736 13 9000 .7249 100 02 100 00 3.76 14 0738 13.9000 .7246 100 03 100.00 3.75 14 0662 2 3. 6742 .7232 99 97 219.04 3.75 26.80 486. 65 2.9612 26. 6600 485. 5400 2. 9621 26. 6700 485. 7600 2 9616 26 6681 485. 6546 99 51 100. 00 2 9616 26. 6456 485.4025 99 42 99.74 2 9618 26 1738 486.2185 97.66 99.91 2.52 19.30 23.82 2. 5197 3. 9100 23. 7000 2. 5214 3. 9200 23.7100 2. 5206 3 9188 23. 7011 100.02 20.30 99.50 2. 5205 3. 9126 23. 7137 100.02 20 27 99.55 2. 5208 3 3885 23.8019 100.03 17.55 99.92 19.30 17.49 19.30 1.2907 17. 4600 4. 7000 1.3568 17. 5000 5. 5700 1 3295 17.4773 5.0204 6.88 99.92 26.01 1. 2898 17. 5074 4. 5059 6.68 100.10 23.35 1. 2762 17. 5631 4,0200 6.61 100.42 20.83 40.20 26.80 19.30 39. 9900 25. 7200 11.3400 40. 0100 26.0100 11.4900 40 0023 25. 8592 11.4226 99.50 96.49 59.18 40.0137 26. 0474 11.3703 99 54 97.19 58.91 40 1258 21. 6181 11.3292 99.82 80.66 58.70 108.05 19.30 19.30 5.1000 .5818 17.4500 5.1300 .6450 17.9400 5.1138 . 6157 17.6385 4.73 3.19 91.39 5.1170 . 6128 17.4088 4.74 3.18 90.20 5.1396 .4030 14. 2881 4.76 2,09 74.03 26.80 19.30 19.30 26. 7600 19.2300 1.7576 26 7900 19.2400 1. 7590 26 7788 19. 2323 1. 7581 99 92 99.65 9.11 26 7452 19. 2359 1. 7593 99 80 99.67 9.12 26 7904 19.3004 1.7609 99.96 100.00 9.12 100,00 100. 00 49.85 100. 0308 100.0000 46. 6667 100.1611 100.0500 47. 0400 100 0942 100. 0260 46. 8681 100. 09 100. 03 94.02 99. 9019 100.0265 47.0084 99.90 100.03 94.30 100.0385 99. 9213 48. 6571 100.04 99.92 97.61 Peso (gold) Milreis Peso 96.48 32.44 12.17 103.42 96.1400 11. 7000 12.0100 101.4900 96.2400 11.8400 12 0800 102.3200 96.1738 11.7965 12 0327 101.9750 99.68 36.36 98.87 98.60 95.9811 11.8452 12.0041 101. 2763 99 48 36.51 98 64 97.93 90.7873 14.0085 12.1165 102. 7138 94.10 43.18 99.57 99.32 Mexican dollar Shanghai tael Dollar Rupee 2 48.11 3 66. 85 3 47.77 48.66 49 85 56.78 45. 0900 61. 4500 49. 3100 36. 0800 47 2200 55. 6500 46.2500 63.1000 50.4100 36. 2400 49 1200 56. 0600 45. 5388 62. 0138 49. 6865 36.1423 48 3738 55. 9535 94.66 92.77 104. 01 74.28 97 04 98.54 44.1341 60.5048 48. 6855 36.3004 49 1411 55.9556 91.74 90.51 101. 92 74.60 98 58 98.55 51.4431 70.8746 54. 6377 36.1823 46 6442 56. 5535 106. 93 106.02 114.38 74.36 93.57 99.60 Lev C zechoslo vakia Denmark England.-. High April, 1926, Crown Krone Pound... Markka Franc Reichsmark _ _ Drachma Pengo Lira . _ . Florin Krone.. Zloty Escudo Leu __ ' Peseta Krona Franc Dinar NORTH AMERICA Canada Cuba Mexico _ Dollar Peso.. _ do SOUTH AMERICA Argentina. Brazil Chile... . Uruguay do ASIA China . Do _ . Hongkong India. _ Japan Straits Settlements Yen Singapore dollar OTHER RATES [In cents per unit for foreign currency] Country Bolivia Colombia Danzig Ecuador Egypt Estonia Java 1 2 Noon Unit Par Boliviano 38.93 97 33 Peso 19.47 Gulden 48.67 Sucre Egyptian pound. _ _ 494.31 Estmark. 40.20 Florin Recent quotations * Rate Date 34.00 97.32 19.33 18.31 497. §2 .27 40.16 Apr. 25 Do. Feb. av. Apr. 25 Mar. 15 Apr. 13 Apr. 25 Unit Country Latvia Lithuania Peru ._ Russia. South Africa Venezuela _. . .. Lat Litas Libra C hervonetz Pound. Bolivar Par 19.30 10.00 486.65 514. 60 486. 65 .19. 30 Recent quotations 4 Rate Date 19. 23 9.91 364. 00 515. 00 486.82 18.75 Apr. 25 Do. Feb. 22 Apr. 25 Apr. 13 buying rates for cable transfers in New York. ; Rate on franc. \ 3 Silver currency. Parity represents gold value'of unit in 1913, computed by multiplying silver content of unit by New York average price of silver for 1913. This average price was $0.61241 per fine ounce, which compares with an average price of $0.56399 for April, 1927, $0.55620 for March 1927, and $0.64760 for April, 1926. The corresponding London prices (converted at average rate of exchange) were $0.57176, $0.56096, and $0.65009. 4 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. 354 FEDERAL KESEKVE BULLETIN MAY, 1927 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Pre-war=100] Europe Month United States (Bureau ofLabor AusStatis- tria Beltics) (gold gium basis) Bul- 1925 October November. December 158 158 156 127 125 125 575 569 565 2,823 2,822 2,913 1926 January February March April _. May June July August September.,. October November. _. December.._ 156 155 152 151 152 152 151 149 151 150 148 147 122 120 119 119 118 124 126 126 123 125 128 127 560 556 583 621 692 761 876 836 859 856 865 860 2,901 2,899 2,844 2,774 2,938 2,842 2,838 2,759 2,723 2,716 2,739 2,718 1927 January February March _. April 147 146 145 130 130 133 856 854 858 2,706 2,688 EngCzecho- Den- land slo- l mark l (Board vakia of Trade) 977 977 950 973 972 978 978 979 975 976 France Finland Statistical Bureau Federal Reserve Board 1925 October November.. December. _. 1926 January February March April May June July August September.. October November.. December.. . 1927 January February. _. March April _. NorItaly Netherway lands (Oslo) 163 158 160 154 153 152 1,121 1,118 1,120 572 606 633 482 498 518 143 141 | 140 131 129 130 716 712 715 154 154 155 221 217 218 157 151 145 141 141 140 141 143 141 145 150 145 151 149 144 144 145 146 149 149 151 152 152 146 1,094 1,091 1,081" 1,081 1,070 1,079 1,079 1,092 1,093 1,095 1,097 1,101 634 636 632 650 688 739 836 770 787 752 684 627 527 540 545 565 597 631 704 691 691 127 125 123 123 122 122 123 122 122 125 127 126 708 704 693 692 153 149 145 143 AQft •tAti 592 136 134 133 133 132 132 133 134 135 136 137 137 709 724 740 731 712 709 681 144 141 139 140 143 147 147 214 211 204 198 196 195 196 196 197 188 182 176 141 140 139 138 144 143 141 1,103 1,103 1,095 622 632 641 136 136 135 127 129 661 595 I 600 1 145 146 145 170 165 160 Europe—Continued Month Germany Hun(Federal gary Statis- (gold tical Bureau) Africa Asia and Oceania 1 Switzer Poland2 Russia Spain Sweden land* Canada Peru China Dutch AusEast tralia (Shang- Indies India (Calcutta) Japan (Tokyo) New Egypt South Zealand (Cairo) Africa 128 137 155 174 175 179 187 186 187 154 155 156 159 157 157 156 161 164 205 204 203 163 165 170 159 158 158 158 161 159 200 198 194 162 161 160 153 145 140 124 154 158 158 178 197 191 181 188 190 192 193 195 183 190 194 196 197 189 183 182 180 179 378 178 153 152 149 150 151 150 148 147 146 148 148 150 156 155 151 148 147 145 145 146 146 145 147 148 164 162 160 161 157 156 156 154 153 151 152 151 206 205 204 204 206 204 204 204 202 202 198 161 160 163 168 167 163 162 162 158 154 155 155 164 163 164 163 160 156 157 161 164 171 174 172 159 154 151 149 146 147 145 147 146 144 146 146 192 188 184 181 177 177 179 177 175 174 171 170 159 159 157 156 156 155 156 154 153 153 151 153 134 134 134 133 128 129 129 129 129 129 130 130 124 183 183 179 179 177 178 180 178 179 185 186 195 197 178 179 177 186 182 181 146 146 145 146 145 147 147 151 150 149 200 204 i 206 201 154 153 173 172 175 146 148 146 170 171 150 146 126 124 124 i I | i ! 160 157 156 156 155 156 158 157 156 156 120 "122 "126 128 2 i First of month figures. New index. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities, and period of the month to which thefiguresrefer may be found on page 48 of the January, 1924, issue of the BULLETIN. 355 FEDERAL RESERVE BULLETIN M A Y , 1927 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war=100] ITALY—CHAMBER OF COMMERCE ENGLAND-BOARD OF TRADE 1927 1926 1927 NoJanu- DeMarch February ary cember vember March All commodities Total food Cereals Meat and fish... Other foods Total, not food Iron and steel_-Other minerals and metals Cotton Other textiles... Other articles... 141 147 148 132 161 137 126 131 141 154 141 143 152 149 141 166 137 127 134 137 152 142 144 154 149 147 163 138 128 138 134 152 144 146 155 151 153 161 141 131 149 135 153 143 152 157 156 153 161 150 135 144 151 144 151 156 141 118 185 141 153 144 130 165 168 147 FRANCE—STATISTICAL BUREAU All commodities All foods Animal foods Vegetable foods. Sugar, coffee, cocoa All industrial material Minerals Textiles Sundries „_.. 632 630 583 641 622 618 566 631 627 610 572 610 684 657 593 695 632 548 537 546 679 689 688 675 697 565 641 616 742 634 621 696 619 625 614 667 620 641 652 664 631 706 709 748 693 700 645 914 631 GERMANY—FEDERAL STATISTICAL BUREAU All commodities Total agricultural products Vegetable foods. Cattle Animal products Fodder... Colonial goods Total industrial raw materials and semi-finished products Coal Iron. N o n f e r r ous metals Textiles Hides and leather.. _ Chemicals Artificial fertilizers Technical oils and fats Rubber Paper materials and paper Building material Total industrial finished products _ Producers' goods Consumers' goods 136 136 137 137 133 139 156 111 140 154 117 144 152 120 143 153 120 120 110 119 147 144 128 149 142 129 162 141 128 157 141 129 147 97 130 129 135 125 129 135 125 128 135 127 128 135 127 131 132 124 109 141 111 139 114 136 115 138 119 156 122 125 123 125 122 124 121 124 111 124 87 86 83 81 133 47 132 49 132 48 131 51 131 77 149 149 149 147 158 151 150 148 147 143 142 129 142 129 142 130 144 130 156 136 151 151 152 154 172 SWITZERLAND i—DR. J. LORENZ All commodities Consumers' goods.._ Agricultural products Industrial products _ i First-of-month 147 .156 145 157 146 158 148 158 147 157 151 166 124 145 118 142 117 145 119 149 118 146 111 149 figures. All commodities Total food Vegetable foods. . Animal foods All industrial products Textiles Chemicals. _ Minerals and metals Building materials Other vegetable products Sundries 1926 Janu- Decem- Novem- March ary ber ber 593 640 670 603 601 643 681 596 603 636 683 579 619 648 691 595 641 656 689 615 574 540 546 584 551 552 590 546 550 607 544 557 636 572 580 593 612 668 640 653 662 677 593 612 603 618 611 627 624 627 640 672 682 660 627 em 567 583 744 622 684 632 634 690 632 614 SWEDEN—BOARD OF TRADE 641 643 621 640 612 FebMarch ruary 1927 February All commodities Vegetable products.. Animal products Fuels and oils Raw materials for the manufacture in iron and metal industry Paper pulp and paper Raw materials for manufacture in leather industry. __ Raw and manufactured chemicals... Raw materials Semifinished materials Finished materials. _ Producers' goods Consumers' goods... 1926 Janu- Decem- Novem- Octoary ber ber ber February 146 147 136 125 146 146 136 127 150 146 147 144 148 146 145 124 148 144 144 123 152 142 153 124 122 124 126 127 127 126 166 168 171 171 171 175 120 122 122 122 123 126 170 138 170 140 170 147 171 142 170 141 173 144 146 151 135 155 145 151 134 157 147 154 140 159 148 152 136 159 148 151 136 158 150 157 139 162 AUSTRALIA-BUREAU OF CENSUS AND STATISTICS All commodities Metals and coal Textiles Agricultural products ,_ Dairy products Groceries and tobacco Meat. Building materials.. Chemicals 153 180 138 154 181 133 155 381 127 155 179 128 154 176 131 160 174 157 170 145 178 144 189 141 191 134 188 135 185 148 165 105 147 180 168 107 151 180 166 98 153 180 168 101 152 180 168 99 155 180 168 109 149 174 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS All commodities | Cereals Pulses .. Tea Other foods Oilseeds Raw jute.. Jute manufactures. __ Raw cotton Cotton manufactures Other textiles. Hides and skins Metals O ther articles 148 142 156 138 167143 91 139 150 146 143 155 140 165 141 93 139 127 146 133 160 153 169 137 89 143 119 146 139 162 158 165 132 87 133 121 144 140 157 150 157 133 86 146 136 154 139 145 203 171 131 172 170 156 163 328 323 140 150 156 122 117 138 149 153 124 138 138 152 154 127 109 389 157 161 127 107 135 145 187 116 123 146 142 356 FEDEEAL EESEEVE BULLETIN MAY, 1927 RETAIL FOOD PRICES AND COST OF LIVING KETAIL F O O D PRICES [Pre-war=100] European countries United States Neth- Nor(51 Bel- Bul- Eng- France Ger- Greece Italy Austria er(Micities) (Vienna) i gium 2 garia land 3 Paris) many (Athens) lan) lands way Other countries Rus-3 sia Switzerland Canada 3 Aus- India New Zeatralia (Bombay) land South Africa 1925 158 164 162 Oct Nov __ Dec 1926 Jan Feb... Mar... Apr.__ May... June... July— Aug... Sept... Oct.... Nov Dec._. 144 146 148 2,698 2,698 2,785 172 172 174 433 444 463 151 147 146 1,597 1,676 1,718 646 649 660 149 149 148 228 223 221 215 217 224 168 168 167 147 151 156 157 156 155 148 149 151 155 156 154 IK 117 116 1,760 1,738 1,805 1,821 1,817 1,870 1,849 1,871 1,890 1,933 1,986 1, 973 681 676 654 645 664 657 654 660 652 654 630 631 148 148 147 146 146 146 146 146 145 146 147 146 216 212 205 198 195 194 198 196 193 191 186 184 226 23Q 234 241 250 243 236 234 231 230 234 235 165 163 161 161 159 159 159 157 158 160 159 159 157 155 154 153 152 149 149 150 147 147 148 151 155 154 159 163 163 162 159 157 155 153 155 158 151 150 151 150 150 152 155 153 152 153 152 154 154 153 152 151 151 151 149 149 148 147 146 149 116 117 118 119 119 118 117 117 117 120 625 642 147 147 146 174 177 173 235 236 238 158 157 156 153 151 149 158 153 155 152 152 151 148 146 116 117 161 158 157 159 158 157 154 153 155 157 158 159 119 117 114 114 113 116 115 117 116 117 117 118 141 141 137 139 146 155 177 187 184 194 204 206 2,773 2,771 2,719 2,652 2,808 2,717 2,713 2,637 2,641 2,597 2,618 2,598 171 168 165 159 158 158 161 161 162 163 169 169 480 495 497 503 522 544 574 587 590 624 628 599 143 142 141 142 142 143 145 146 145 145 148 150 156 153 151 119 119 118 207 210 2,586 2,569 167 164 162 155 592 585 581 151 152 151 150 in 117 1927 Jan Feb Mar Apr COST OF LIVING [Pre-war=100] European countries Massachu- Bel- Czecho- Eng- Estosetts gium slovakia land 3 nia Neth- Nor- PoSwit- Can- Aus- ^ Fin- France Ger- Greece Hun- Italy South (MiSpain Sweerzer- ada 3 traland (Paris) many (Athden land ens) gary lan) lands way land lia ( ba°y)j A f r i c a 1925 Oct.. Nov.. Dec. 162 162 165 533 534 534 875 863 866 176 176 177 108 107 109 1,228 1,227 1,197 1926 Jan. _ Feb.. MarApr.. May. June. JulyAug . Sept. Oct._ Nov— Dec__ 164 ; 527 163 526 161 521 161 529 159 558 159 579 159 637 158 681 158 684 158 705 159 730 159 741 854 845 832 832 837 861 876 878 878 888 902 912 175 173 172 168 167 168 170 170 172 174 179 179 110 110 110 111 110 110 111 110 108 107 1,166 1,175 1,172 1,163 1,159 1,175 1,183 1,213 1,203 1,197 1,193 1,197 755 770 771 774 914 914 915 175 172 171 165 1927 Jan__ Feb.. Mar.. Apr._ 158 157 156 Other countries 1,187 1,189 1,183 421 451 485 539 545 524 144 141 141 1,547 1,610 1,644 124 123 123 643 643 649 140 139 138 140 140 141 142 143 142 142 144 144 1,673 1,664 1,706 1,731 1,741 1,791 1,808 1,818 1,833 1,862 1,895 1,889 122 121 119 119 118 116 117 116 114 114 116 116 665 661 647 642 652 650 649 652 647 672 657 657 119 120 655 667 145 145 145 146 1 New index, on gold basis, July, 1914=100. 152 157 173 189 186 183 213 170 171 169 177 185 184 178 181 189 193 197 199 188 174 183 185 187 " l 7 3 " 183 183 186 "172" 178 187 190 "In" 191 193 202 201 194 196 190 203 177 234 174 225 171 218 164 217 168 166 2 1921 = 100. 3 175 171 168 168 168 149 152 154 167 165 163 162 160 160 160 159 159 160 159 159 158 158 157 153 153 155 132 131 131 155 154 154 " 1 5 7 " 153 152 161 150 150 150 149 " l 5 8 ~ 149 150 151 "I57" 155 154 155 153 153 155 157 155 155 155 154 156 131 131 131 131 132 131 130 130 130 131 131 129 152 151 150 156 155 155 153 130 130 155 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. MAT, 1927 FEDEBAL EBSEBVE BULLETIN 357 LAW DEPARTMENT Textual Changes in the Federal Reserve Act and the reserve bank except upon relinquishment of any branch or National Bank Act Made by the McFadden Act branches established after the date of the approval of this There is published below a compilation of the textual changes made in the Federal reserve act and the national bank act by the recent amendments contained in the act of February 25, 1927, known as the McFadden Act. Italics indicate matter inserted by the new amendments and canceled words show old matter stricken out. CHANGES IN FEDERAL RESERVE ACT Act beyond the limits of the city, town, or village in which the parent bank is situated." Section 13 of the act of December 23, 1913, amending section 5202, Revised Statutes, was further amended by the act of February 25, 1927, amending section 5202, Revised Statutes. " 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: " lEighth. 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.' " Section 3 of the act of December 23, 1913, as amended, was further amended by the act Section 22 of the act of December 23, 1913, of February 25, 1927, by adding at the end as amended, was further amended by the act thereof the following: of February 25, 1927, in subsection (a) thereof, " The Federal Reserve Board may at any time require as follows: any Federal reserve bank to discontinue any branch of " SEC. 22. (a) No member bank and no officer, such Federal reserve bank established under this section. director, or employee thereof shall hereafter make any The Federal reserve bank shall thereupon proceed to wind loan or grant any gratuity to any bank examiner. up the business of such branch bank, subject to such rules Any bank officer, director, or employee violating this and regulations as the Federal Reserve Board may provision shall be deemed guilty of a misdemeanor and prescribe." shall be imprisoned not exceeding one year, or fined not more than $5,000, or both-*, and may be fined a Section 4 of the act of December 23, 1913, further sum equal to the money so loaned or gratuity as amended, was further amended by the act given. of February 25, 1927, in the second subdivi"Any examiner or assistant examiner accepting who sion of the fourth paragraph thereof, as follows: shall accept a loan or gratuity from any bank examined by him, or from an officer, director, or employee " Second. To have succession £er a period of twenty yea#s from--its--6?gaB:ization unless jrfe-is-soonor after the approval of this act until dissolved by an act of Congressr or =tt»iese-3rte until forfeiture of franchise bocomos-ferfeite4 ky-seHfte for violation of law." 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 Section 9 of the act of December 23, 1913, district court of the United States, be imprisoned for not as amended, was further amended by the act of February 25, 1927, in the first paragraph thereof, as follows: "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, 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, e? gratuity given, or property stolen, and shall forever thereafter be disqualified from holding office as a national bank examiner." Section 24 of the act of December 23, 1913, as amended, was further amended by the act of February 25, 1927, as follows: "SEC. 24. Any national banking association B#^ situated: i s a eesteal feeeF^e eifcy may make loans secured by iea^f©^e4ftftdrunincumbc¥e4 fera las*4 first lien upon improved real estate, including improved farm land, situated within its Federal reserve district or subject to the provisions of this act and to such conditions within a radius of one hundred miles of the place in as it may prescribe? pursuant thereto may permit the which such bank is located, irrespective of district linesy applying bank to become a stockholder of such Federal a»4 may alse make leafis securedfeyimproved a«4 w&mreserve bank. cumborod real estate located withis oaeferimdfe4miles ef " Any such State bank which, at the date of the approval tfee pktee m wkiek &vte&feaafeie locate^ irrespective el 4is- of this Act, has established and is operating a branch or branches in conformity with the State lawy 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 teie£ 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 358 FEDERAL RESERVE BULLETIN association. The amount of any such loan shall not exceed 50 per centum of the actual value of the real estate offered for security, but no such loan made upon the such security of such fa^m 1»B4 shall be made for a longer term than five years 7 a»4 &e leaa made upon tfce eeeurity~offf&ekreales*a*e as distinguished &em tern lasd sfeaH &e made fof a le&ge? time tfeafi e»e yea* so* ekaH the amount e£ aey= ewefe leafiy wketfee? upon saefe £a?m laad ©¥ ttpefit e«efe real estateT oxeeed §&y pe? eeatttm of tbe aetttal •value ©f the property offered as security, Any such bank may make such loansy whether seeured bf mek test laed e* s«efe real estatey in an aggregate sum including in such aggregate any such loans on which it is liable as indorser or guarantor or otherwise equal to twenty five 25 per centum of its ea-pital aed s^-pltts 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 efie-tte4 one-half of its time 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. as4 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. mg&e jp e 4 e¥a i j^eee^ye gea^d shall hs^e pewe? &em time te time to add te tfee Met ©I eities m wfeiefe national &asks Oxtail not T)e permit uecc to retailc lonns occurcct upon resit estate m tfee manner 4esa4fee4 m tfeis section— CHANGES IN NATIONAL BANK ACT The act entitled "An Act to provide for the consolidation of national banking associations/' approved November 7, 1918, was amended by the act of February 25, 1927, by adding at the end thereof a new section to read as follows: " S E C . 3. That any bank incorporated under the laws of any State, or any bank incorporated in the District of Columbia, may be consolidated with a national banking association located in the same county, city, town, or village under the charter of such national banking association on such terms and conditions as may be lawfully agreed upon by a majority of the board of directors of each association or bank proposing to consolidate, and which agreement shall be ratified and confirmed by the affirmative vote of the shareholders of each such association or bank owning at least two-thirds of its capital stock outstanding, or by a greater proportion of such capital stock in the case of such State bank if the laws of the State where the same is organized so require, at a meeting to be held on the call of the directors after publishing notice 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 court 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 ten days prior to said meeting, but any additional notice shall be given to the shareholders of such State bank which may be re- MAY, 1927 quired 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 witfiin twenty 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 appriasal made by a committee of *hree 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 thirty 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 thirty 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 laiu of the State in such cases if such provision is m,ade 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." Section 5136 of the Revised Statutes of the United States, subsection "second" thereof as amended, was further amended by the act of February 25, 1927, to read as follows: "Second. To have succession tffitil sinoty nrae years from July iy 1022, from the date of the approval of this Act, or from the date of its organization if organized MAY, 1927 FEDERAL RESERVE BULLETIN 359 y y y pp such date off approval until after such time as it shall be eeeser dissolved d i l d by b the th actt off its shareholders owning two-thirds of its stock, or l until its franchise sfetall keeoEae becomes forfeited by reason of violation of law, or *mless it sfeall fee until terminated by either a general or a special Act of Congress hcrca£fceff esaete4r or until its affairs be placed in the hands of a receiver and finally wound up by him." $50,000 may, with the approval of the Secretary of the Treasury, be organized in any place the population of which does not exceed six thousand inhabitants, and except that feaake such associations with a capital of not less than £we&ty-£:¥e :fee:ueae4 4©3tee $25,000 may, with the sanction of the Secretary of the Treasury, be organized in any place the population of which does not exceed three thousand inhabitants. No such association shall be organized in a city the population of which exceeds fifty thousand persons with a capital of Section 5136 of the Revised Statutes of the less than *w© bundredr ^fee^eae^ 4©Ua¥er $200,000, United States, subsection "seventh' 7 thereof, except that in the outlying districts of such a city where the was amended by the act of February 25, 1927, State laws permit the organization of State banks with a capital of $100,000 or less, national banking associations to read as follows: now organized or hereafter organized may, with the "Seventh. To exercise by its board of directors, or approval of the Comptroller of the Currency, have a duly authorized officers or agents, subject to law, all capital of not less than $100,000." such incidental powers as shall be necessary to carry Section 5139 of the Revised Statutes of the on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and United States was amended by the act of other evidences of debt; by receiving deposits; by buy- February 25, 1927, to read as follows: ing and selling exchange, coin, and bullion; by loaning money on personal security; and by obtaining, issuing, "SEC. 5139. The capital stock of each association and circulating notes according to the provisions of shall be divided into shares of ©ae teamed: deltes $100 this hitler title: Provided, That the business of buying each, or into shares of such less amount as may be proand selling investment securities shall hereafter be limited vided in the articles of association, and be deemed perto buying and selling without recourse marketable obliga- sonal propertj^, and transferable on the books of the tions evidencing indebtedness of any person, copartnership, association in such manner as may be prescribed in association, or corporation, in the form of bonds, notes the by-laws or articles of association. Every person and/or debentures, commonly known as investment securi- becoming a shareholder by such transfer shall, in protiesf under such further definition of the term 'investment portion to his shares, succeed to all rights and liabilities securities' as may by regulation be prescribed by the of the prior holder of such shares; and no change shall Comptroller of the Currency, and the total amount of be made in the articles of association bv which the such investment securities of any one obligor or maker held rights, remedies, or security of the existing creditors by such association shall at no time exceed 25 per centum of the association shall be impaired." of the amount of the capital stock of such association Section 5142 of the Revised Statutes of the actually paid in and unimpaired and 25 per centum of its unimpaired surplus fund, but this limitation as to United States, as amended, was further total amount shall not apply to obligations of the United amended by the act of February 25, 1927, to States, or general obligations of any State or of any political subdivision thereof, or obligations issued under read as follows: authority of the Federal Farm Loan Act: And provided SEC. 5142. Any national banking association further, - That in carrying on the business commonly 4h&tl by i t k i l l i t i known as the safe deposit business no such association fef-aa may, with the approval of the Comptroller of the Curshall invest in the capital stock of a corporation organized rency, and by a vote of shareholders owning two-thirds of under the law of any State to conduct a safe deposit the stock of such associations, increase'©! its capital stock 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. " But no association shall transact any business except determined to any sum approved by the said such as is incidental and necessarily preliminary to its comptroller, of the-OsrefeBcy; a&d but no increase ef in organization, until it has been authorized by the Comp- capital shall be valid until the whole amount of such troller of the Currency to commence the business of increase is paid iny and notice thereof, duly acknowlbanking." edged before a notary public by the president, vice president, or cashier of said association, has been transSection 5137 of the Revised Statutes of the mitted to the Comptroller of the Currencyy and his United States, subsection "first" thereof, was certificate obtained specifying the amount of such amended by the act of February 25, 1927, to increase ef in capital stocky witfe and his approval thereof, and that it has been duly paid in as part of the read as follows: capital of such association? : Provided, however, That y a national banking association may, with the "First. Such as shall be necessary for its imfi&ediafce approval of the Comptroller of the Currency, and by accommodation in the transaction of its business.'7 the vote of shareholders owning two-thirds of the stock Section 5138 of the Revised Statutes of the of such association, increase its capital stocky ' United States, as amended, was further amended by the act of February 25, 1927, to read as follows: " S E C . 5138. No national banking association shall be organized with a less capital than oaeferaBrdsee^fee^sasd ! 4eSa*ey $100,000, except that feaafes such associations mas&er horcift-pi ©¥ldeei-r by the declaration of a stock with a capital of not less than fifty tfee«e&s€l: 4 i t e dividend, provided that the surplus of said association, after 360 FEDERAL RESERVE BULLETIN the approval of the increase, shall be at least equal to 20 per centum of the capital stock as increased. Such increase shall not be effective until a certificate certifying to such declaration of dividend, signed by the president, vice president, or cashier of said association and duly ackowledged before a notary public, shall have been forwarded to the Comptroller of the Currency and his certificate obtained specifying the amount of such increase of capital stock by stock dividend, and his approval thereof" Section 5146 of the Revised Statutes of the United States, as amended, was further amended by the act of February 25, 1927, to read as follows: " S E C . 5146. Every director musty 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 own right a* ±east4ea 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 a^-leas^-it^e shares of such capital stockr 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." Section 5150 of the Revised Statutes of the United States was amended by the act of February 25, 1927, to read as follows: "SEC. 5150. The president of the bank shall be a member of the board and shall be the chairman thereof, but the board may designate a director in lieu of the president to be chairman of the board, who shall perform such duties as may be designated by the board." MAY, 1927 " (b) If a State bank is hereafter converted into or consolidated with a national banking association, or if two or more national banking associations are consolidated, such converted or consolidated association may, with respect to any of such banks, retain and operate any of their branches which may have been in lawful operation by any bank at the date of the approval of the Act. " (c) A national banking association may, after the date of the approval of this Act, establish and operate new branches within the limits of the city, town, or village in which said association is situated if such establishment and operation are at the time permitted to State banks by the law of the State in question. " (d) No branch shall be established after the date of the approval of this Act within the limits of any city, town, or village of which the population by the last decennial census was less than twenty-five thousand. No more than one such branch may be thus established where the population, so determined, of such municipal unit does not exceed fifty thousand; and not more than two such branches where the population does not exceed one hundred thousand. In any such municipal unit where the population exceeds one hundred thousand the determination of the number of branches shall be within the discretion of the Comptroller of the Currency. " (e) No branch of any national banking association shall be established or moved from one location to another without first obtaining the consent and approval of the Comptroller of the Currency. "(/) The term 'branch' as used in this section shall be held to include any branch bank, branch office, branch agency, additional office, or any branch place of business located in any State or Territory of the United States or in the District of Columbia at which deposits are received, or checks paid, or money lent. " (g) This section shall not be construed to amend or repeal section 25 of the Federal Reserve Act, as amended, authorizing the establishment by national banking associations of branches in foreign countries, or dependencies, or insular possessions of the United States. ' (h) The words 'State bank,' 'State banks,' 'bank,1 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." Section 5190 of the Revised Statutes of the Section 5155 of the Revised Statutes of the United States was amended by the act of United States was amended by the act of February 25, 1927, to read as follows: February 25, 1927, to read as follows: " S E C . 5190. The ttsttfbl general business of each "SEC. 5155. &-sfeal!4^4aw;fel-£e?- national banking association shall be transacted at-aa ffibkikltd in the place specified g p p d in i the th branch bh or in its organization certificate-: and 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." Section 5200 of the Revised Statutes of the United States, as amended, was further amended by the act of February 25, 1927, to y ^ g ^ The conditions upon which a national banking asso- read as follows: ciation may retain or establish and operate a branch or branches are the following: " (a) A national banking association may retain and operate such branch or branches as it may^ have in lawful operation at the date of the approval of this Act, and any national banking association which has continuously maintained and operated not more than one branch for a period of more than twenty-five years immediately preceding the approval of this Act may continue to maintain and operate such branch. "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 MAY, 1927 FEDERAL RESERVE BULLETIN 361 a loan from or discounts paper with or sells paper under exception shall not apply to obligations of any one his guaranty to such association and shall include in the person, copartnership, association or corporation arising case of obligations of a copartnership or association the from the same transactions and/or secured upon the obligations of the several members thereof. Such limi- identical staples for more than ten months. 11 tation of 10 per centum shall be subject to the following (7) Obligations of any person, copartnership, assoexceptions: ciation, or corporation in the form of notes or drafts il (1) Obligations in the form of drafts or bills of exchange secured by shipping documents or instruments transferring drawn in good faith against actually existing values shall or securing title covering livestock or giving a lien on livenot be subject under this section to any limitation based stock when the market value of the livestock securing the upon such capital and surplus. obligation is not at any time less than 115 per centum " (2) Obligations arising out of the discount of commer- of the face amount of the notes covered by such documents cial or business paper actually owned by the person, co- shall be subject under this section to a limitation of 15 partnership, association, or corporation negotiating the per centum of such capital and surplus in addition to same shall not be subject under this section to any limi- such 10 per centum of such capital and surplus. tation based upon such capital and surplus. "(8) Obligations of any'person, copartnership, asso" (3) Obligations drawn in good faith against actually ciation, or corporation in the form of notes secured by not existing values and secured by goods or commodities in less than a like amount of bonds or notes of the United process of shipment shall not be subject under this section States issued since April 24, 1917, or certificates of into any limitation based upon such capital and surplus. debtedness of the United States, shall (except to the extent " (4) Obligations as indorser or guarantor of notes, permitted by rules and regulations prescribed by the other than commercial or business paper excepted under Comptroller of the Currency, with the approval of the (2) hereof, having a maturity of not more than six months, Secretary of the Treasury) be subject under this section and owned by the person, corporation, association, or to a limitation of 15 per centum of such capital and surplus copartnership indorsing and negotiating the same, shall in addition to such 10 per centum of such capital and be subject, under this section to a limitation of 15 per surplus." centum of such capital and surplus in addition to such 10 Section 5202 of the Revised Statutes of the per centum of such capital and surplus. "(5) Obligations in the form of banker's acceptances United States, as amended, was amended furof other banks of the kind described in section 13 of the ther by the act of February 25, 1927, as Federal Reserve Act shall not be subject under this section follows: to any limitation based upon such capital and surplus. " (6) Obligations of any person, copartnership, asso"SEC. 5202. No national banking association shall tion or corporation, in the form of notes or drafts secured at any time be indebted, or in any way liable, to an by shipping documents, warehouse receipts or other such amount exceeding the amount of its capital stock at documents transferring or securing title covering readily such time actually paid in and remaining undiminished marketable nonperishable staples when such property by losses or otherwise, except on account of demands is fully covered by insurance, if it is customary to insure of the nature following: such staples, shall be subject under this section to a limitaFirst. Notes of circulation. tion of 15 per centum of such capital and surplus in Second. Moneys& deposited with or collected by the addition to such 10 per centum of such capital and association. surplus when the market value of such staples securing Third. Bills of exchange or drafts drawn against such obligation is not at any time less than 115 per money actually on deposit to the credit of the assocentum of the face amount of such obligation, and to an ciation, or due thereto. additional increase of limitation of 5 per centum of such Fourth. Liabilities to the stockholders of the assocapital and surplus in addition to such 25 per centum of ciation for dividends and reserve profits. such capital and surplus when the market value of such Fifth. Liabilities incurred under the provisions of staples securing such additional obligation is not at any the Federal Reserve Act. time less than 120 per centum of the face amount of such Sixth. Liabilities incurred under the provisions of additional obligation, and to a further additional increase the War Finance Corporation Act. of limitation of 5 per centum of such capital and surplus Seventh. Liabilities created by the indorsement of in addition to such 30 per centum of such capital accepted bills of exchange payable abroad actually and surplus when the market value of such staples owned by the indorsing bank and discounted at home securing such additional obligation is not at any time or abroad. less than 125 per centum of the face amount of such Eighth. Liabilities incurred under the provisions of additional obligation, and to a further additional increase section 202 of Title II of the Federal Farm Loan Act, of limitation of 5 per centum of such capital and surplus approved July 17, 1916, as amended by the Agricultural in addition to such 35 per centum of such capital and Credits Act of 1923." surplus when the market value of such staples securing such additional obligation is not at any time less than Section 5208 of the Revised Statutes of the 130 per centum of the face amount of such additional United States, as amended, was further obligation, and to a further additional increase of limita- amended by the act of February 25, 1927, to tion of 5 per centum of such capital and surplus in addition to such 40 per centum of such capital and surplus read as follows: when the market value of such staples securing such addi"SEC. 5208. It shall be unlawful for any officer, tional obligation is not at any time less than 135 per director, agent, or employee of any Federal reserve centum of the face amount of such additional obligoiion, bank, or el any member bank as defined in the aet Act and to a further additional increase of limitation of 5 of December £we-ft&f4fei¥4 23, ftifitetees teBrdfed aa4 per centum of such capital and surplus in addition 1913, known as the Federal fese^^e ae^ Reserve to such 45 per centum of such capital and surplus when tfci^eeB: Act, to certify any check drawn upon such Federal the market value of such staples securing such additional reserve bank or member bank unless the person, firm, obligation is not at any time less than 140 per centum of or corporation drawing the check has on deposit with the face amount of such additional obligation, but this such Federal reserve bank or member bank, at the 362 FEDEKAL RESERVE BULLETIN MAY, 192? times time such check is certified, an amount of money amended by the act of February 25, 1927, to not less than the amount specified in such check. Any read as follows: check so certified by a duly authorized officer, director, agent, or employee shall be a good and valid obligation "SEC. 5211. Every association shall make to the against such Federal reserve bank or member bank; Comptroller of the Currency not less than three reports but the act of any officer, director, agent, or employee during each year, according to the form which may be of any such Federal reserve bank or member bank in prescribed by him, verified by the oath or affirmation of violation of this section shall, in the discretion of the the president, or of the cashier, or of ewefe a vice Federal Reserve Board, subject such Federal reserve president, or of an assistant cashier of the associationbank to the penalties imposed by section eleven 11, designated by its boa,rd of directors to verify such resubsection (h)7 of the Federal feeeiw ae£ Reserve Act, ports in the absence of the president and cashier, taken beand shall subject such member bank, if a national bank, fore a notary public properly authorized and commissioned to the liabilities and proceedings on the part of the by the State in which such notary resides and the associaComptroller of the Currency provided for in section tion is located, or any other officer having an official seal, •jfi-P-4-T-r -J-TTT^W T% -it -y\ ^\-y*r\r\ llltj i±ciJLLLLlxsll C"\\ \J C\1T\ f\ tCTtttT 4~1^ -1 Tff T T y P r\t f :f T T.y 1 "»» VTtTTLy IUUX' P\P\D(D <5?/ / i/^O/fj "D AT71 Ci£*/"1 AT 7 1 Ci£*/1 XtUViocLl authorized in such State to administer oaths, and attested Statutes, and shall, in the discretion of the Federal by the signature of at least three of the directors. Reserve Board, subject any other member bank to the Each such report shall exhibit, in detail and under penalties imposed by section erne 9 of said Federal appropriate heads, the resources and liabilities of the Fesei^e aefe Reserve Act for the violation of any of the association at the close of business on any past day provisions of said aet Act. Any officer, director, agent, by him specified-*, and shall be transmitted to the comptroller within five days coptole y after e the or employee of any Federal reserve bank or member Q &^ l l iiti therefor t h f from f hi himy ; bank who shall willfully violate the provisions of this receipt of a requestt or requisition section, or who shall resort to any device, or receive any and the statement of resources and liabilities, together with fictitious obligation, directly or collaterally, in order to acknowledgment and attestation in the same form in evade the provisions thereof, or who shall certify a which it is made to the ^Ba^-elle? comptroller, shall check before the amount thereof shall have been regu- be published in & newspaper published in the place larly eatefe41© tfee-e^e^it-o^ deposited in the bank bywhere such association is established, or if there is no ^ j thereof, f, shall benewspaper in the place, then in the one published the drawer «^ea £fee keefee ef &*efeafikj deemed guilty of a misdemeanor and shall, nearest thereto in the same county, at the expense of h l l on convici tion thereof in any district court of the United States, the association; and such proof of publication shall be be fined not more than $5,000, or shall be imprisoned furnished as may be required by the Comptroller for not more than five j^ears, or both, in the discretion comptroller. The Comptroller comptroller shall also of the court." have power to call for special reports from any parassociation whenever in his judgment the same Section 5211 of the Revised Statutes of the ticular are necessary in order to obtain a full and complete United States, as amended, was further knowledge of its condition." 363 FEDERAL BESERVE BULLETIN M A Y , 1927 Changes in State Bank Membership Fiduciary Powers Granted to National Banks The following list shows the changes affecting State During the month ended April 21, 1927, the Federal bank membership during the month ended April 21, 1927, on which date 1,336 State institutions were Reserve Board approved applications of the national banks listed below for permission to exercise one or members of the system: more of the fiduciary powers named in section 11 (k) ADMISSIONS of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) regisTotal Surplus resources Capital trar 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 District No. 2 State banks, trust companies, or other corporations which come into competition with national banks are Pacific Coast Trust Co.. New York, $1,000,000 $250,000 $1,250,000 permitted to act under the laws of the State in which N. Y - . the national bank is located. District No. 3 Myerstown Trust Co., Myerstown, Pa _ 125,000 100,000 1,017,408 Location District No. Powers granted Name of bank CHANGES Hartford, Conn Linden, N. J Madison, N. J Tenafly, N. J 4,771,150 Sumter, S. C Morgantown,W.Va. Dothan, Ala Fort Myers, Fla___. Waterloo, Iowa Birmingham, Mich. Elizabethtown, Ky. Capitol National Bank.. Linden National Bank_-___First National Bank Northern Valley National Bank. Greenwich National Bank. _ Port Washington National Bank. Beach Haven NationalBank and Trust Co. First National Bank __. First National Bank and Trust Co. National Bank of South . Carolina. | Second National Bank I First National Bank | First National Bank I Pioneer National Bank First National Bank ...I Union National Bank Iron wood, Mich Corsicana, Tex Fullerton, Calif Whittier, Calif Newberg, Oreg Iron National Bank__ First National Bank New-First National Bank... First National Bank United States National Bank District No. 3 Consolidated with and under title of Colonial Trust Co., Philadelphia, Pa.: Excelsior Trust Co., Philadelphia, Pa__ $300,000 $593,950 $5,617,860 District No. 4. Absorption of national bank: Real Estate Trust Co., Washington, Pa., has absorbed the First National Bank, Washington, Pa New Egypt, N. J... Elizabethtown, Pa. 400,000 157,150 District No. 5 Closed: Bank of Darlington, Darlington, S. C „. 100,000 123,000 1,174,970 200,000 112,640 3,355,040 District No. 6 Closed: Bank of Orange & Trust Co., Orlando, Fla _ __ District No. 7 Closed: Wapello State Savings Bank, Wapello, Iowa Absorption of national bank and change of title: The First State Bank, Detroit, Mich., has absorbed the Griswold National Bank, Detroit, Mich., and changed its title to Griswold-First State Bank 30,000 10,000 1 to 9 Ito 9 1 to 9 1 to 9 Ito 8 1 to 9 15 to 9 15 1 to 3 5,6,8, and 9 2,3,5, and 8 Ito 9 Ito 9 1 to 7 and 9 1 to 9 1 Supplemental. Changes in National Bank Membership 2,000,000 1,070,100 20,283,050 25,000 2,660 114,660 The Comptroller of the Currency reports the following increases and reductions in the number and capital of national banks during the period from March 26 to April 22, 1927, inclusive: Number of banks District No. 12 Absorption of national bank: Pacific Southwest Trust & Sayings Bank, Los Angeles, Calif., has absorbed the Dinuba National Bank, Dinuba, Calif Anderson Bros. Bank, Idaho Fails, Idaho, has absorbed Idaho Falls National Bank... Closed: Meridian State Bank, Meridian, Idaho,._ Absorbed by national bank: Mission Bank, San Francisco, Calif, (absorbed by Bank of California, N. A., San Francisco) Absorbed by State member: The Home Bank, Porterville, Calif., a member, has been absorbed by the Pacific Southwest Trust & Savings Bank, Los Angeles, Calif Insolvent: Bank of Stanfield, Stanfield, Oreg 1 to© Ito 9 1 to 9 773,160 District No. 10 Absorption of national bank: The First Bank of Okarche, Okarche, Okla., has absorbed the First National Bank of Okarche New York, N. Y . . . Port Washington, N. Y. Beach Haven, N. J. 1 to 9 Ito 9 Ito 9 It© 9 New charters issued Restored to solvency Increase of capital approved 1 . 100,000 56, 870 968,800 100,000 34,210 1,547,750 25,000 5,000 348,270 200,000 219,000 2,819,000 100,000 12,000 364,000 25,000 7,000 109,550 Aggregate of new charters, banks restored to solvency, and banks increasing capital Liquidations Reducing capital 2-__. Total liquidations and reductions of capital _ _ Consolidation of national banks under act of Nov. 7,1918 Aggregate increased capital for period Reduction of capital owing to liquidations, etc. Net decrease- Amount of capital $2,020,000 0 2, 595,000 34 4,615,000 38 7,-525,000 250,000 4,615,000 7, 525, 000 2, 910,000 1 Includes two increases in capital aggregating $1,200,000 incident to consolidations under act of Nov. 7,1918. 2 Incident to a consolidation underact of Nov. 7,1918. 364 FEDERAL RESERVE BULLETIN MAY, 1927 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank Total Boston Gold with Federal reserve agents: Mar. 23 ._ ., 619,911 108,993 ., 613,495 107,234 Mar. 30— Apr. 6__ __ „. ,630,855 110,208 Apr. 13 119,172 Apr. 20 [, 658,165 117,023 Apr. 27 1, 628,235 125,794 Gold redemption fund with U. S. Treasury: Mar. 23— 7,289 51,105 8,325 52,021 Mar. 30— 4,695 Apr. 6 45,304 Apr. 13 48, 740 4,928 Apr. 20 6,532 51,299 7,043 40, 618 Apr. 27.. _ Gold held exclusively against Federal reserve notes: Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 _. Gold settlement fund with Federal Reserve Board: Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Gold and gold certificates held by banks: Mar. 23 Mar. 30 Apr. 6 Apr. 13 _. Apr. 2O._ Apr. 27 ._ Total gold reserves: Mar. 23 Mar. 30 Apr. 6 _.. Apr. 03. Apr. 2 0 . Apr. 27 . Reserves other than gold: Mar. 23 ._...___. Mar. 30 Apr. 6-__ Apr. 13 . Apr. 20 .. Apr. 27 Total reserves: Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Nonreserve cash: Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 1,671,016, 116,282 1,665, 516, 115, 559 1,676,159 114,903 1, 677,600 124,100 1,709,464 123,555 1, 668, 853 132, 837 New York Phila- Clevedelphia land 378, 610 378,610 403,498 363,417 416,417 397,309 122,593 120, f 123,910 125,189 123,230 122, 454 197,029 196,254 197,263 196,133 196,160 12, 718 8,235 11,171 9,203 9,539 10, 334 13,223 11,420 11,847 12, 601 10,488 3,698 3,252 2,903 2,781 2,643 3,539 3,980 Richmond Atlanta 72,082 71,117 70,013 64,005 63,135 62, 273 1,048 1,242 1,410 1,539 1,633 1,544 212,356 212,356 212,310| 234,251 234,251 234,186 2,390 2,527 2,459 2,150 2,320 2,631 6,288 5,319 4,4221 3,496 2,561 1,734 1,053 1,363 1,752 1,461 1,840 1,600 1,371 1,378 1,572 1,500 1,683 1,644 l,40S 2,925 2,474 3,198 2,810 2,404 37,764 37,082 65, 676 36,472 65.361 35,840 65', 101 35,268 61, 8C0 34, 775 170, 182,419 170,184 180,522 177, 927 178, 746 28,756 27, 877 29,489 27,065 26,116 25, 360 20,947 18,982 19,841 18, 701 17,034 15, 324 36,402 33,381 37,703 31,325 34,694 27, 058 7,' 7,927 7,576 7,732 7,674 7,800 8,846 8,807 8,854 8, 9121 8,921I 33,183 32,192 33,895 33,186 33,713 30, 997 218,644 217,675 216, 732 237,747 236,812 235,920 32,557 22, 111 21, 630 23,101 22, 653 17, 211 62,751 62,524 62,319 62,072 56, 906 57, 640 69,364 122,422 102,492 151,491 144,916 135, 731 117, 687 5,461 13, 646 18,897 18,175 9,940 16, 841 18,656; 15,315, 18,430 14,114 14,817 ]2, 729 15,878 15, 044 13,982 13,410 14,665 15, 232 7,129 7,040 6,851 6,913 6,729 7,110 53, 896 50,801 54,609 54, 686 47,258 49, 284 88, 536 84,879 87,600 83,099 78,452 77,479 105, 913 104,849 102,741 100,158 98,891 94, 960 67, 557 64,871 65,167 63,453 61,223 59, 044 240,271 247, 992 241,782 245,033 246,334 236,801 13, 238J 23, 952 23, 502| 22,696 22, 696| 23,736S 24. 4731 19, 915 19,753 19,147 19,008 19,625 19.922 4,237 4,362 4,279 4,140 4,219 4,182 5,249 5,184 5,248 5,685 5,418 5,342 7,707 7,695 7,682 7,515 7,629 7, 545 8,757 8,720 8,092 8,024 8,033 8,186 112,623 113,436 113,611 112, 086 303,849 102.030 316,202 104,035 203,101 205,101 204,749 208,321 198,742 201,800 421,383| 398,703 j 442,741] 459,553] 451,603 434,0571 73,811 70,554 73,656 73,694 66,!"" 69,206 92,773 89,241 91,879 87,239 82,671 81, 661 111,162 110,033 107,989 105,843 104,309 100, 302 75,264 72, 566 72,849 70,968 68, 852 249,028 256,712 249,874 253,057 254,367 244,987 6,019 6,303 6,074 5,6o3 7,013 7,209 4,816] 4,622! 4,318 4, 763 4,763 4,992 ! 9,473] 9,339 8,675 9, 897! 10,1461 4,023 3,942 1,314 1,149 987 3,539 1,518 3,7251 1,356 3, 808' 1,424 2,363 2,705 2,434 2,521 2,652 2,411 19,546 21,901 19,820 21,031 19,460 22, 822 753,657 735,895 733, 509, 730,049 727, 539 733, 202 32, 965 30. 573 30', 299 30,494 29,168 30, 883 499,570 488,134 488, 681 482,868 477,216 479, 992 27,086 27, 248 27,123 27,696 27,953 55,588 55,077 55,568 55, 724 56,337 57,476 4,529 4,860 4,775 4,530 5,458 5,803 4,725] 3,959 4,083I 4,390 4,08l' 4,lr 3,033,636 3,021,899 3,022,946 3,030,643 3,035,328 3,040, 857 180,388 208,757 211,516 218,860 219,329 65, 769 4,089 4.349 1,875 1,967 2,420 2,430 167,401 16V, 723 169,495 171,288 162,680 161, 550 25,308 26, 667 27 965 33' 095 22, 521 24,969 7,761 6,860 6, 692 6,o36 6,343 6,983 1,964 1,316 1,991 1,215 1,513 1,422 65,275 64,696 63,801 73,130 72,359 71,423 65,544 64,768 63, 817 58,633 62, 558 48, 996 40,434 35, 544 58,465 66,465 63,759 59, 972 61,480 169,278 179,494 167,710 177,324 175,117 176, 342 60,787 61,208 60,328 60,857 20,813 55,393 15, 611 56, 218 200,281 199,157 200,044 198,776 199,699 190, 608 35,403 25, 521 51, 288 48, 947 44,312 43,280 3 , 2 0 7 , •""•" 62,681 59,370 36,393 35,704 34,900 34,340 33,585 33,131 31,504 20,748 19,878 21,640 130, 828 130,081 134,244 136, 609 135,831 126,152 198, 014 237,892 125,803 168, 269 172,019 218, 658 210,781 202,727 231, 097 234, 218 241,391 242,030 San Francisco 391,328 389, 781 413,037 376, 640 428,264 407, 797 39,415 34,256 63, 555 56, 922 66,137 55, 609 3,193,280 3,182,693 3,183,436 3,190,923 3,203,180 St. I Minne- Kansas Dallas City Louis apolis 165,011 165,196 167,036 169,138 160,360 158, 919 608,963' 620,488' 613, 278| 622, 994 598,325 638, 802, 159, 644 22,119 160,794 22.339 160,490 22.340 160, 280 22,702 167, 852 22,531 166, 501 22, 701 Chi- 28, 797 1,088, 912 193,317 314,502 102,967 1,115,807 182,850, 316,792 103, 886 1,027,521 212,6551 304,608 104,163 1,027,777 213,252' 294,934 103,169 1, 077,499 208,096 291,580 92, 747 1,106,447 198, 229 306, 549 94, 589 32, 074 32,010 32, 923 33,836 35,367 35,428 4,620 4,992 5,637 6,174 7,221 1,120,986 197,937! 1,147,817 187,8421 1,060,444 218,292 1,061,613 219,426 1,112, 866 215,317 1,141, 875 204,614 18,017 15, 952 14, 966 14, 595 15,8681 15,802 1,873 1, 885 1,855 1,724 2,013 1,758 9,929 11,169 11, 647 9,971 12,269 9,653 9,656 9,550 9,448 8,917 9,283 9,446 324,431 327,961 316,255 304, c " 4,170 4,557 4,701 3,951 5,895 4,230 56,365 55,034 51,822 54,194! 55,624 [ 55,977 191,6721 397,431 375, 201 420,045! 436,857! 428,1671 409, 584 193, 583 193,398 196,709 186,221 188, 562 11,429 11,518 11,351 11,612] 12, 521 j 2,604 2,840 2,638 3,002 2,707 3, 299 4,032 3,605 3,246 3,781 3,608 3,954 365 FEDERAL RESERVE BULLETIN M A Y , 1927 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES-Gontinued [In thousands of dollars] Federal Reserve Bank Total Boston Bills discounted: Secured by U. S. Government obligationsMar. 23 Mar. 30. Apr.6 Apr. 13 _ _ Apr. 20 Apr. 27 Other bills discounted— Mar. 23 Mar. 30 Apr.6 Apr. 13 _.. Apr. 20 Apr. 2 7 . . . . Total bills discounted: Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Bills bought in open market: Mar. 23. Mar. 30 Apr. 6 Apr. 13 Apr. 20 _. Apr. 27 U. S. Government securities: BondsMar. 23 Mar. 30 . Apr. 6 Apr. 13 . Apr. 20 Apr. 27 Treasury n o t e s Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20... Apr. 27... Certificates of indebtednessMar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Total U. S. Government securities: Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 ....... Other securities: Mar. Mar. Apr. „*... Apr. 23 30 6__ 13. „ , _ Apr. 20 Apr. 27. Total bills and securities: Mar. 23 Mar. 30 Apr. 6 . . . Apr. 13._ Apr. 20 Apr. 27 . '__! | New York Phila- Clevedelphia land Richmond Atlanta Chicago 268,421 259,086 213,306 248,744 246, 820 . 256,588 19,777 27,143 12,774 11,416 10,052 8,088 24,180 29,534 19,990 106, 847 22,369 63,339 25,339 79, 620 25,163 23,034 28,486 38,272 38,214 36, 26^ 5,274 6,249 6,619 6,302 8,741 8,497 3,213 3,336 4,286 2,756 6.431 5,060 188,716 196,937 188,642 177,023 167, 623 186,965 12,927 22,744 10,805 13, 554 12,163 6,259 31,507 21,087 26,078 20,427 33, 9 r 15, 785 36,360 14, 518 23,76' 14,361 36,494 18, 351 12,296 10,862 16,325 13,248 14,081 13, 663 14,827 13, 864 13,543 13, 278 17,635 13, 816 29, 261 27,319 25,807 24, 930 30,336 29,323 457,137 456,023 401,948 425, 767 414,443 443,553 32, 704 49,887 23, 579 24,970 22, 215 14, 347 140, 644 120, 299 103,218 143, 207 87,106 45, 267 49,961 35, 775 36, 887 39, 700 116,114 47, 247 37,459 33,896 44,811 51, 520 52, 295 49,925 20,101 32,474 60, 521 20,113 30, 655 74, 608 20,162 60,729 19, 580 27, 686 38, 579 26,376 36, 767 22, 313 34, 383 62, 907 231, 259 237.409 239; 221 256, 724 247,396 241, 899 28, 282 27, 573 26,441 22,458 23,980 25,114 52,133 57, 275 56,884 76, 542 55, 748 55, 295 12,799 13,080 10,943 11,372 11, 655 12,450 61,950 68, 206 74,870 78,099 73,911 70, 673 1,206 1,720 2,124 2,094 2,329 2,339 7,813 13,143 11,947 14, 717 10, 537 7,317 953 954 1,200 1,200 1,199 1,200 71,733 1,168 1,385 1,168 1,782 2,639 2,045 14, 587 31,827 25, 711 30,041 15, 767 12,937 208, 564 196,516 181, 688 188,409 165, 292 158, 341 6,998 7,024 6,561 342,247 353,102 341,935 355,344 332,829 318,325 85,377 88, 836 93, 626 89,311 109,137 94,221 Minne- Kansas apolis City Dallas 6,937 7,584 6,109 5,218 7,420 8,502 3,224 2,675 2,241 2,176 3,304 3,183 3.507 2,732 24,981 8,061 34.299 10,384 29, 906 4,725 23, 650 7,613 20, 017 5,363 26,907 35,540 40,309 30,823 14,929 38,871 36,000 14,998 17,968 10,834 12,831 12,783 17,199 San Francisco 3^423 3,923 6,243 1,169 1,365 1,326 1,371 1, 928' 2, 329j 31,300 20,904 27,470 33,665 39,25833,908 2,742 3,098 2,915 3,205 3,501 3,565 6,671 5,; 6,627 7,176 8,009 9,120 2,18s! 2,172| 2, 544i 2,592 2,715 2,816 22,168 19,791 25,743 5,966 5,773 5,156 5,381 6,805 6,748 10,178 8,631 10, 508 10, 599 11,932 15,363 3,357 3,537 3,870 3,963 4,643 5,145 53,468 40, 695 53,213 50, 564 54,933 51, 862 15,675 17,954 10,877 20,823 9,22; 20, 663 8,440 10,397 20, 734 9,622 11,152 20,209 9,346 11, 612 19, 814 10,483 12, 553 20,196 9,509 '11,651 30,882 30, 594 29, 704 31,178 31, 911 31, 622 1,627 1,628 1,918 1,918 1,918 1,918 41 94 111 103 155 185 22,074 22, 274 24,446 24, 921 24, 581 24,491 4,647 4,647 5,333 5,334 5,333 5,169 5,168 5,615 5,615 5,614 5,614 9,188 9,337 9,838 9,837 9,838 9,837 3,664 3, 673 4,650 4,654 4,700 4,732 2,264 2,264 3,724 3,723 3, 724 3,724 4,794 3,957 7,690 6,195 7,056 6,866 8,487 8,487 8,487 8,487 9,860 9,860 4,246 4,246 4,246 4, 246 5,139 5,139 3,179 3,179 3,179 3,179 .4,978 4,978 6,706 6,306 6,306 8,856 8,155 12, 749 12, 750 12,749 12, 750 15, 668 15, 668 24,056 24, 055 22,599 22,599 19, 680 19,680 17,419 6,276 19,944 6,625 20, 779 7,543 21,053 7,680 22,319 12, 588 18,999 11, 965 9,114 10,991 10, 854 9,085 8,927 12,009 9,250 12,028 12,473 10,376 11, 599 22,438 22,879 24,483 23,996 23,496 10,125 23, 374 4,653 4,653 4,653 4,653 5,146 5,145 3,304 3,~" 3, 3, 3,983 9,977 9,977 9,977 9,977 16, 719 16. 719 I,1,408 379 387 385 394 390 391 5,824 5, 684 58,322 47,307 39,864 45,684 41,683 35, 206 14,080 14,079 13,834 13,834 13,342 13, 342 23,323 23, 323 22,664 22,664 15,950 15,973 4, 645 4,645 4,354 4,355 3,773 3,773 1,885 1,951 2,373 2,786 3,327 3,384 22,834 22, 260 20, 516 20, 705 18,201 18, 287 14, 523 14, 523 13, 839 13,838 12,466 12,466 7,126 7,126 6,681 6,681 5,789 5,789 15.477 15.478 14,579 14,579 12, 780 12, 780 15,295 14, 745 13, 824 14,023 12,477 11,977 9,372 10,129 9,853 10, 537 10, 792 10,068 80, 722 92,277 77, 522 90,442 67,987 55,460 19, 686 19,686 19, 687 19, 687 19, 687 19, 687 36,604 36, 604 36, 605 36, 624 36,652 36, 675 7,098 7,099 7,r~~ 7,1 7,099 7,099 2,305 2,432 49, 702 48,491 52,652 51,821 49,838 49, 644 27, 657 27, 657 27,659 27,659 27, 659 27, 659 16,541 16, 540 16, 542 16, 542 16, 542 16,542 27,844 27,994 27, 596 27,595 25, 647 39,069 25,124 24,780 39,072 24,983 39,072 39,072 24, 864 39,072 141,105 153,693 143,085 3.21, 578 140,637 144,173 60,074 65, 569 59, 272 61, 543 62, 761 63,857 29,241 29,603 35,935 35,255 2,000 2,500 2,500 2,500 1,500 1,800 j 1,032,643 i 1,049,034 j 985,604 I 1,040,335 ! 996,168 J 1,005,577 St. Louis 826 2,000 2, 500 . 2,500 2,500 1,500 1,500 70, 358 87, 589 59, 873 57,965 56,987 49, 529 273,499 269,851 237, 624 310,191 210,841 226, 869 79, 752 85,227 68,905 70,446 72, 542 80, 884 94, 886 91,163 102,150 108,353 108, 761 106, 796 3,283 3,872 3,960 27, 595 30036,424J 35,652! 36,882' 36,025 43,958! 38,921! 45, 656 43,484 44,114 42, 581 53,192 50, 294 28,783 49,013 47, 479 50,113 50,222 52,001 54,557 38,118 37,746 37,577 38,196 41,052 40,134 114,975 102, 643 116, 768 113,632 117,501 114, 308 366 FEDERAL RESERVE BULLETIN MAT, 1927 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total j Boston Due from foreign banks: Mar. 23 Mar. 30__ ._ Apr. 6 Apr. 13__. Apr. 20 Apr. 27 Uncollected items: Mar. 23,._. Mar. 30_ Apr. 6_ _ Apr. 13 Apr. 20-__ _ Apr. 27 __.. JBank premises: Mar. 23 _ Mar. 30 _ Apr. 6 _ Apr. 13 Apr. 20 Apr. 27__ ..... All other resources: Mar. 23 Mar. 30 _ Apr. 6_ Apr. 13 Apr. 20 Apr. 27 _ Total resources: Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 New York Phila- C 'eve- Rich- Atlanta; Chidelphia Lnd cago mond St. Minne-i Kansas D.allas Louis apolis City San Francisco 660 659 659} 659 659 660 644,812 57,765 54,894 53,652 62,570 67,059 57,395 63, 503 57,938 60,622 55,63S 51,120 52,905 61,720 154,456 151,368 160,659 190, 674 182,207 171,765 72,027 63,049 58,724 54,244 58,471 58,485 58,558 58,561 58, 567 3,946 3,946 3,946 3,946 3,946 3,946 16,276 16,276 16,276 16,276 16,276 16,276 1,714 1,714 1,714 1,714 1,717 1,734 7,118 7,118 7,119 7,119 7,119 7,118 2,149 2,149 2,152 2,152 2,152 2,151 11,688 13,057 12,982 13,022 12,753 12,998 67 51 47 49 48 47 1,979 2,165 2,249 2,473 2,294 2,504 239 251 140 150 1,012 1,027 1,034 1,048 1,019 1,048 388 316 320 378 267 271 5,008,019 4,970,584 4,945,172 5,099,278 5,062,722 5,004,664 351,556 354,772 361,620 375,161 377, 605 364,255 1,585, 873 1, 604,089 1,492,877 1,596,481 1,541,011 1, 575, 751 339,250 331,791 344, 657 356,131 358,788 348,535 495,120 489, 764 491, 881 495,064 498, 670 498,443 213, 235 643,961 734,298 725,306 653,714 58,643 53, 599 59,965 72,447 29,258 24,952 27,707 31,375 32,394 26,650 78,175 75,483 82,374 87,802 87,738 77,852 29,541 28,825 33,115 35,631 33,817 31,462 11,664 10,872 11,644 13,449 14,216 11,472 39,767 36,498 40,353 43,041 39,428 36,564 27,571 23,143 23,241 27,922 26,454 25,027 38,837 34,204 37,724 42,801 42,352 36,514 2,896 2,895 2,895 7,972 7,972 8,038 3,957 3,957 3,957 3,957 3,957 3,957 2,774 2,774 2,774 2,774 2,774 2,774 4,459 4,459 4,459 4,459 4,459 4,459 1,752 1,752 1,752 1,752 1,752 1,752 3,458 3,473 3,476 3,476 3,479 3,485 2,058 2,138 2,00lf 1,823 2,183 2,486 514 483 499 477 625 482 385 332 327 329 305 311 1,121 1,124 1,136 1,128 1,221 1,260 139,366 207,278 135,112 201,657 138,526 205,847 136,406 206,563 139,135 203,474 135, 072 198,775 145, 694 138,379 138,284 142,169 141,122 137,112 411,451 401,761 412,224 417, 875 422, 528 404,508 8,038 2,057 2,264 2,240 2,200 1,855 1,708 1,009 1,935 1,908 1,879 1,882 1,841 282,989 211, 944 285, 691 213,192 291, 817 214,144 293, 871 206,831 288,475 660,165 647,454 687,153 689,068 700,317 675,727 172,415 173,840 174, 468 179,351 172,057 173,180 914 890 LIABILITIES ederal reserve notes in circulation: Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 _ Apr. 27 Deposits: Member bank—reserve account— Mar. 23 Mar. 30 Apr. 6 _ Apr. 13 Apr. 20- — Apr. 27 ...„. GovernmentMar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20,-. Apr. 27.. Foreign b a n k Mar. 23 ._.. Mar. 30 Apr. 6 -_Apr. 13 Apr. 20 __. Apr. 27 Other deposits— Mar. 23 Mar. 30 Apr. 6 __ ._.. Apr. 13 Apr. 20 Apr. 27 1,701,642 1,711,337 1, 727,429 1,743, 827 1, 729,751 1,718,257 125,248 127,367 128,193 128, 668 131,126 129,081 413,842 417,357 421,222 415,353 415,398 409,752 111, 869 116,558 116,395 127,642 119,937 120,263 203,147 204,908 204,162 214,408 208, 881 213,716 70,992 173,496 220, 352 43, 435 69,944 172,201 221,710 43,559 69,449 173,972 227,526 42,923 175,128 229,357 43,324 69,301 173,046 228,755 43,130 173,267 225,23S 42,849 64,038 63,973 64,931 64,357 84,207 63,182 2,30^454 2,274,464 2,231,951 2,264,762 2,249, 695 2,269, 513 141,177 146,311 147,718 146,491 144,455 147,048 922,319 927, 624 819,451 901,495 851,378 900,098 135,159 127,521 143,611 132,662 139,253 133,665 191,903 188,112 191,576 175,091 181,539 184,434 68,801 69,096 71,904 67,987 70,185 67,434 69,010 315,133 5,700 31,869 13,527 22, 842 29,360 24,138 400 1,222 1,2941 1,525 2,249 1,726| 516 17,335 4,858 6,027 5,847 3,415 58 724 411 1,999 2,811 634 1,806 931 464 1,367 1,258 565 1,365 1,208 2,499 1,569 1,274 5,759 5,546 4,925 4,697 G013 4,913 403 403 1,877 1,664 1,126 897 2,213 1,113 515 515 505 505 505 505 569 569 557 557 557 557 17,424 15, 622 15,064 14,966 14,538 15,296 160 63 127 87 119 143 10,274 8,374 7,975 7,418 7,513 8,201 163 115 269 324 116 143 1,101 1,266 1,209 1,145 1,118 1,292 67,530 66, 824 67,155 64,948 40, 202 167,491 38,960 167,976 39,592 171,909 171,348 38,237 171,795 37,154 170, 513 69,493 68,518 69,608 69,219 302,689 336,038 325,354 338,305 327,034 80,908 81,706 81,493 82,207 78,809 80,567 50, 676 48,521 50,711 47,136 49,340 48,304 88,094 85,914 87,753 979 1,941 257 2,680 4,304 3,868 344 1,673 928 1,093 2,128 1,967 71 1,502 1,044 1,513 1,931 1,719 866 869 699 1,065 961 1,147 807 1,056 896 1.021 '967 270 978 751 1,225 2,128 1,661 190 1,398 250 1,731 3,098 1,919 2791 279! 273 273! 273 273] 220 220 215 216 216 216 741 741 725 725 725 725 231 231 226 226 226 226 161 161 158 158 158 158 199 199 194 194 194 194 188 188 184 184 184 184 376 376 368 368 368 368 171! 61 112 87 61 61 103 85 1.224 '932! 1,057 1,021 295 298 275 302 297 314 252 276 285 203 277 187 ,— 140 128 132 119 113 62,282 59,797 60,014 59,562 89, 691 60,227 87,015 59,127 174,992 168, 684 172,189 171,750 176,905 165,568 3,561 3,697 3,700 4,116 3,775 3,763 MAY, 367 FEDERAL RESERVE BULLETIN 1927 FEDERAL 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 WEEKS—Continued LIABILITIES—Continued • [In thousands of dollars] Federal Reserve Bank Total New York ChiPhila- Cleve- Richdelphia land mond Atlanta cago St. Louis 2,329,337 142,140 2,327,501 147,999 2, 265,467 149,533 2,307,267 148,497 2,299, 606 147,217 2,313,860 149,311 934,986 954,997 833,410 915, 837 866,951 912, 827 135, 895 128, 875 144, 796 135,490 142, 685 137,501 608,526 562, 660 582, 633 678,127 663,162 601,649 57, 252 52,396 56, 931 71,048 72,314 58,772 134,377 128, 837 135,330 162,222 155,542 149,606 56,919 51, 786 48, 878 58,360 61, 484 54,057 59,001 54,281 54,640 64,514 127, 567 127, 602 128,212 128,280 128,410 128, 806 8,889 8,889 8,889 8,889 8,897 9,027 38,173J 38, 270 38,293 38,309 38,444 12, 915 12, 922 12, 922 12,981 12, 973 12,974 228,775 228,775 228, 775 228,775 228,775 228, 775 17, 606 17, 606 17, 606 17,606 17, 606 17, 606 61, 6141 61, 614j 61, 614 61,614 61, 614 61,614 12,172 12, 709 12, 656 13,002 13, 018 13,317 421 515 468 453 44i 458 2, 8811 5, 008, 019 4, 970, 584 4,945,172 5,099,278 5,062, 722 5, 004, 664 351,556 354, 772 361, 620 375,161 377, 605 364, 255 79.2 78.8 79.7 78.8 79.5 79.5 78.8 73.6 83.2 84.5 86.7 86.9 147,946 147, fi98 147, 819 148,269 146,069 146,943 391,861 Boston Total deposits: Mar. 23 M a r . 30 Apr. 6 _ Apr. 13 Apr. 20 Apr. 27 Deferred availibility items: Mar. 23. M a r . 30 Apr. 6,__ ._ Apr. 13 Apr. 20 Apr.27__._ Capital paid in: M a r . 23 M a r . 30 ._ — Apr. 6 Apr. 13 _._ Apr. 20 Apr. 27 . ._. Surplus: Mar. 23 M a r . 30 Apr. 6 Apr. 13 Apr.20..__ Apr. 27 All other liabilities: Mar. 23 M a r . 30 Apr. 6_Apr. 13 Apr. 20 Apr. 27 Total liabilities: Mar. 23.. M a r . 30 Apr. 6 _ Apr. 13 Apr. 20. Apr. 27 194,207 69,816 191,753 70,801 194,273 73,450 177,257 70, 825 184,581 72,066 187,541 70,321 70,737 70,026 71,475 74,231 317,280 306,327 338, 623 328,229 342,179 330,695 81,505 83,737 83,038 84,248 81,263 53, 297 49,123 49,918 53,927 53, 636 50,349 27, 656 24, 892 26, 518 30,021 31, 275 26,492 71, 096 67, 776 69, 462 79, 921 77, 831 13,803 13, 803 13,803 13, 814 13, 845 13, 845 6,178 6,175 6,169 6,166 5,024 5,020 5,021 5,021 5,107 5,107 21,267 21,267 21,267 21,267 21, 267 21, 267 23, 746 23,746 23,746 23, 746 23,746 23, 746 12,1 12,198| 12,198 12,198 12,198 12,198 385 383 399 391 442 473 "1,216 1,273 1,257 1,325 1,333 1, 41 754 735 760 741 774 757 l,585,873i 339,250 1,604,089 331,791 1,492,877 344, 657 1, 596,481 356,131 1, 541,011 358, 788 1, 575, 751 346, 535 495,120 489,764 491,881 495, 064 498,670 498,443 213, 235 208,976 211, 944 213,192 214,144 206, 831 83.1 83. 84.5 79.7 86.8 86.3 79.9 76.5 83. 83.4 82.0 79.4 81.6 82.7 79.4 77.8 77.2 78.8 80.0 80.6 79.5 80.0 72.2 75.8 11,106 11,106 11, 076 11, 076 10,964 10,964 40,635 41,049 41,499 40, 371 41, 245 14, 216 14,216 14,177 14,177 14, 035 14,035 15,697 15,697 15,654 15, 654 15,496 15,496 27,032 27,254 25, 952 24,441 25,184 26,000 117,212 117,279 116,083 125,818 129, 994 128, 874 51,924 46, 720 47, 515 37, 547 44,893 45,191 29, 774 26,338 30,494 21, 317 34,022 26, 755 3,014 3,008 3,146 3,0621 3,190| 58,180 Minne- Kansas apolis City Dallas Francisco 50, 736 49,796 89,334 87,309 88,971 87, 856 90,971 88,318 62,779 60,984 60,987 61,026 62, 580 61,000 179,119 174,155 176,507 177,965 184,146 171, 618 31,359 30,392 32,385 35, 623 31,501 31,245 11, 839 9,787 10,215 11,920 12, 638 10, 545 36,611 33,722 35, 887 38,492 32,726 31,641 29,760 25, 453 24, 750 29, 637 27,338 25,980 39,359 34,215 37, 719 42,442 40,593 16, 985 16.980 16, 980 16, 979 16.981 16, 892 5,280 5,278 5,277 5,280 5,294 5,294 3,009 3,010 3,004 3,004 3,002 2,997 4,210 4,209 4,209 4,207 4,206 4,206 4,274 4,275 4,274 4,273 4,257 4,257 8,827 8,771 9,371 9,357 9,235 9,254 31,881 31,881 31, 881 31.881 31, 881 31, 881 9,939 9, 632 9, 632 9,632 9,632 9, 632! 7,527 7,527 7,527 7,527 7,527 7,527 9,029 9,029 9,029 9,029 9,029 9,029 8,215 8,215 8,215 8,21" 8,215 8,215 16,121 16,121 16,121 16,121 16,121 16,121 487 507 522 540 580 2,571 2,780 2,681 2,701 2,690 2,541 897 935 906 937 930 1,027 996 1,036 1,025 1,025 564 564 596 611 604 464 492 466 479 495 506 534 523 597 642 638 70S 286, 616 660,165 647,454. 285, 691 687,153 29.1,817 689,068 293,871 700,317 288,475 675, 727 172,415 173,840 174,468 179,351 172,057 173,180 139.366 135,112 138,526 136,406 139,135 135,072 207,278 145, 694 201,657 138,379 205,847 142,169 203,474 141,122 198,775 137,112 411,451 401, 761 412,224 417,875 422,528 404, 508 83.3 84.4 83.9 84.5 80.4 81.8 78.4 75.5 78.2 82.4 79.2 78.1 59.1 55.4 58.5 57.8 53.8 55.1 80.0 78.4 78.7 77.3 71.9 72.3 70.9 71.4 69.2 68.6 66.5 65.4 73.1 72.6 72.4 71.3 68.3 67.8 71. & 75.0 71.7 72.4 71.5 71.6 7,700 7,700 7,679 7,679 7,602 7,602 6,071 6,071 6,055 6,055 5,994 5,994 20,435 20,435 20,379 20,379 20,175 20,175 6,350 6,350 6,286 4,442 4,442 4,430 4,430 4,386 4,386 5,479 5,479 5,464 5,464 5,409 5,409 5,183 5,183 5,169 5,169 5,117 5,117 10,366 10,366 10,337 10,337 10,234 10, 234 15, 935 16,419 15,810 14,916 16, 540 16, 682 31, 772 30,192 30,956 31. 276 32; 046 28, 744 46, 952 45,424 48,787 51,261 52,450 53, 270 3,763 3,284 4,650 5,011 4,538 4,616 5,713 4,579 12,112 11,879 10,442 10,823 6,561 7,149 5,423 5,950 10, 540 10,619 6,127 43, 111 50,442 44.325 48,620 46.326 46, 833 6,191 9,939 51,955 49,827 51,853 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Mar. 23 M a r . 30 Apr. 6 Apr. 13 Apr. 20 . Apr. 27 _ Contingent liability on bills purchased for foreign correspondents: M a r . 23 M a r . 30. Apr. 6 Apr. 13 Apr. 20 Apr. 27 Own Federal reserve notes held b y Federal reserve bank: Mar. 23 .... M a r . 30 __ Apr. 6 _ Apr. 13 Apr. 20 —.. Apr. 27 385, 073 381, 719 406, 616 400, 761 4,739 4,585 7,050 368 FEDEEAL KESEKVE BULLETIN MAY, 1927 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Bills discounted: Mar. 23 Mar, 30 Apr. 6 '_. Apr. 13 --. Apr. 20 Apr. 27 Bills bought in open market: Mar. 23...Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27... Certificates of indebtedness: Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 16 to 30 days Within 15 31 to 60 days 61 to 90 days Over 6 months 91 Says to 6 months 457,137 456,023 401, 948 425, 767 414,443 443, 553 370, 035 364,820 312,414 337,315 324, 707 351, 538 25,881 22,153 23,799 21, 960 20,360 21, 037 32,075 36, 630 34, 724 32, 717 35,084 36, 778 20,252 21,380 19,695 21,983 21,930 21, 561 9,087 9,557 10,478 10,660 231,259 237,409 239, 221 256, 724 247,396 241, 899 102, 980 115,041 107,296 122, 602 119, 831 121,147 58,518 53,777 68,371 64.950 56,206 53,125 48,143 50,274 43,282 38,412 11,999 13,242 12, 820 15,152 12,263 10, 815 1,556 2,224 2,591 3,746 3,652 3,522 208, 564 196, 516 181,688 188,409 165, 292 158, 341 9,140 5,206 370 6,490 8,105 550 74, 709 74, 644 74, 064 74,454 50 103,059 94, 695 68,003 200 49,206 50,387 2,305 3,074 2,229 2,235 1.884 1,979 7, 86,750 21,106 21,971 20,356 20, 515 20,972 21,027 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total New York Boston Phila- Clevedelphia land Federal reserve notes received from comptroller: Mar. 23 2,926,576 245,880 823,134 190,293 Mar. 30 I 2,927,449 244,121 826,716 188, 578 Apr. 6._. 2,947,635 255,095 829,385 186,610 Apr. 13 I 2,970,910 254,059 833,251 192,689 Apr. 20. 2,975,025 251,910 837,472 192,730 Apr. 27 2,978,801 250,681 830, 706 192, 754 Federal reserve notes held b y Federal reserve agent: Mar. 23 833,073 93,600 292,080 26, 500 Mar. 30 829,153 89,500 292,080 25,300 Apr. 6 835,133 100,950 292,080 22, 700 845,364 100,950 292,080 27, 500 Apr. 13 95, 600 292,080 27,900 Apr.20 Apr. 27 859, 783 95, 600 292, 080 27, 300 Federal reserve notes issued to Federal reserve bank: Mar. 23 Mar.30 Apr. 6 Apr. 13 Apr.20 Apr. 27_ Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificatesMar. 23 Mar. 3O.__ Apr. 6 __. Apr. 13 . . Apr.20 ___ Apr. 27 _.. Gold redemption fund— Mar. 2 3 . . . Mar.30-. .___. Apr. 6 Apr. 13 Apr.20 Apr. 27 Gold fund, Federal Reserve Board— Mar. 23 Mar.30 Apr. 6 Apr. 13 Apr.20 Apr. 27 2,093,503 2,098,296 2,112,502 2,125,546 2,136,367 2,119,018 152,280 154,621 154,145 153,109 156,310 155, 081 531,054 534, 636 537,305 541,171 545,392 538, 626 400,640 401,604 401,604 404.605 406.606 409, 605 35,300 35,300 35,300 35,300 35,300 35, 300 235,104 235,104 235,104 235,104 235,104 235,104 101,884 106,974 99,834 100,683 19,693 17,934 15,908 14,872 ( 12,723: 11, 494! 22,506 22, 506 22,394 22,313 22,313 22,205 54,000 54,000 59,000 69,000 69,000 79,000i 121,000 121,000 146,000 106,000 159,000 140,000 101,375 1,117,387 1,104,917 1,129,417 1,123, 572 1,154,573 1,117,255 163, 793 163,278 163,910 165,189 164,830 165, 454 276,261 282,526 283,736 281,005 284,093 281, 361 Richmond Atlanta 70,778 70,023 69, 553 108,965 271,100 442,118 69,795 109,095 269,322 446,805 69,448 108, 233 277, 881 454,305 69, 245 86, 927 205,268 202,393 85,259 204,928 84,251 206,404 85,841 205,092 84,979 202,011 105,612 64, 510 105,033 63,856 104,137 63,052 103,731 62,526 103,018 61,772 102,907 61,318 259,102 257,318 264, 668 262,821 262,046 16,222 17,842 17,907 17,907 17,747 17,132 25,970 26,330 26,540 26,540 26, 540 27,340 17, 747 17,747 18,037 18,037 18,037 18, 037 48, 500 38,900 46,700 44,700 44,700 44,700 267,304 267,134 276,313 280,618 281,205 278, 505 47,198 46,843 47,573 48,335 47,668 47,465 69,751 68,552 69,567 69,096 68,792 70, 232 79,642 78,703 77,597 77,191 76,478 75, 567 46,763 46,109 45,015 44,489 43,735 43, 281 210,602 218,418 216,234 219,968 218,121 217,346 7,750 7,750 7,750 7,750 7,750 7,750 13,507 13,507 13,507 13,507 13,507 13, 507 18,308 18,273 18,273 18,238 18,238 18, 238 30,000 30,000 30,000 33,008 35,000 38,000 2,454 1, ~ ~ 1,828 3,590 2,763 2,561 1,280 1,701 821 1,350 886 1,711 4,415 3,836 4,941 4,534 3,821 5,510 3,085 3,431 2,627 3,102 3,347 2,893 14,728 14,414 14,130 13,789 13,581 13,324 21,300 11,300 10,300 10,300 10,300 5,300 46,000 46,000 46,000 46,000 41,000 41, 000 60,860 60,860 58,860 58,860 58,860 53,860 15,000 14,000 14,000 13,000 12,000 12,000 124, 550 135,080 123,580 130.535 126.536 125, 018 15,422j 16,422 16,422 16,458 16,458 16, 457 7,916 13,249 11,201 12,474 9,233 13,483 12,312 12, 353 10,353 12,380 13, 37' 12, 848 4,613 6,649 5,545 4,537 3,666 5,804 8,902 7,462 2,356 2,356 2,310 2,251 2,251 2,186 31,000 28,000 28,000 23,000 23,000 20,000 144,000 140,000 144,000 147,000 135,000 135,000 210,000 210,000 210,000 232,000 232,000 232, 000 175,000 175,000 175,000 175,000 175,000 165, 000 85,973 86,394 87,474 87,003 86,539 87,364 San Francisco 23, 580 23,180 21,980 21,460 21,780 21, 780 36,468 36,468 36,468 36,469 5,589 8,774 6,614 Minne- Kansas Dallas apolis City 161,300 162,100 157,100 161, 500 165, 600 175,800 8,780 8,780 8,780 8,780 8,780 8,780 114,677 109,677 114,677 112,877 112,877 109, 077 St. Louis 112,041 264,388 428,604 111,077 262, 573 429,234 109,973 262,273 433,413 43,340 25,114 59,120 51,280 24, 714 60,180 49,080 24, 714 57,345 45,280 24, 714 64, 696 41,190 23,254 64,230 23, 254 75,870 232,921 231,246 234,656 235, 725 242,903 240,471 Chicago MAY, 369 FEDERAL RESERVE BULLETIN 1927 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS, BY WEEKS-Continued [In thousands of dollars] Federal Reserve Bank Total New York Boston Collateral held as security for Federal reserve notes issued to Federal reserve bank—Contd. Eligible p a p e r Mar. 23 Mar. 30 Apr. 6 --., Apr. 13.. Apr. 20 Apr. 27 __. 'Total collateral: Mar. 23 Mar. 30..._ Apr. 6 Apr. 13 Apr. 20 Apr. 27... _____ Phila- Cleve- Rich- Atlanta delphia land mond 666,442 670,937 620,052 650,279 641,656 654,902 60,986 77,460 50,020 47,428 46,195 39, 461 184,292 171,147 150,830 201,262 134,797 156,419 51,120 52,125 41,640 40,647 47,042 52, 219 57,128 53, 59f 62,995 70,578 70,836 68, 580 2,286,353 2,284,432 2,250,907 2,279,139 2,299,821 2, 283,137 169,979 184,694 160,228 166,600 163,218 165, 255 562,902 549, 757 554,328 564,679 551,214 553, 728 173,713 173,003 165, 550 165,836 170,272 174, 673 254,157 249,849 260,258 266,711 266,996 255, 208 Chicago Minne- Kansas Dallas apolis City St. Louis 42,736 40,252 40,831 38,882 48,925 45, 643 90,953 104,660 89,906 69,197 90,279 94,000 31,992 37,424 31,113 33,350 34,550 35, 662 11,852 12,020 12,480 12,837 19,167 18,453 20,924 19,201 22,264 22,367 24,228 26, 790 99,196 207,747 98,855 205,448 98, 599 207,867 90,456 208,020 96,047 209,285 90, 037 204, 562 303,309 317,016 302,216 303,448 324,530 328,186 63,496 58,172 50, 991 54,990 55,363 51,273 72,639 73,228 72,808 73,694 74,560 74,671 83,897 86,065 85,761 86,909 86,160 27,114 27,738 28,586 26,451 32,912 27, 764 12,182 12,295 12, 671 13,029 14,963 15,189 San Francisco 75,163 63,020 76,716 74,251 77,762 74,722 244,441 242, 514 244,426 251,575 252,879 48,320 251, 064 48,575 47,999 47, 571 47,"" FEDERAL RESERVE BANKS-AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN APRIL AND MARCH, 1927 [Amounts in thousands of dollars] Total cash reserves Total deposits Federal reserve notes in circulation Reserve percentages Federal reserve bank Boston New York Philadelphia... Cleveland Richmond Atlanta •Chicago St. Louis Minneapolis. __ Kansas City—. Dallas.. _______ San Francisco _ Total..- April March 234,042 1, 089, 368 212,157 310, 634 107, 474 April March April 443, 781 68, 349 86,441 106, 496 70, 536 249, 697 209,993 1,081, 710 204, 835 323,418 111, 062 203,452 419, 761 82,176 91,068 112,490 77,430 250,970 148, 394 882, 386 140,451 188,122 71,211 72,766 332, 363 83, 827 50, 371 90,832 62, 587 177,810 146,177 878,285 138, 894 188,427 70,484 71,134 . 328,167 82, 780 51, 484 90,789 63,170 175,018 130, 314 421,406 123,456 211,417 69, 619 174,649 228,488 43, 385 64, 297 66, 301 38, 595 172, 602 3,182,324 3,168,365 2, 301,120 203, _ ._ 349 2,284,809 1,744, 529 April March 127,160 418,832 117,570 204,981 72, 282 171,154 221,375 44, 210 64,343 67,972 40,904 171,093 1, 721,876 March 84.0 83.6 80.4 77.7 76.3 82.2 79.1 53.7 75.4 67.8 69.7 71.3 76.8 83.4 79.9 82.2 77.8 84.0 76.4 64.7 78.6 70.9 74.4 72.5 78.7 79.1 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS, MARCH 17-APRIL 20, 1927 [In thousands of dollars] Transfers for Government account Federal reserve note clearing Transit clearing Federal reserve bank Debits Boston New York Philadelphia. . •Cleveland Richmond Atlanta Chicago St. Louis Minneapolis-.. Kansas City... Dallas ___. San Francisco.. T o t a l 5 weeks ending— A p r . 20, 1927 M a r . 23, 1 9 2 7 A p r . 21, 1926_ __ M a r . 24, 1926 22, 500 27, 600 32,000 6,000 19,000 19,000 12, 000 1,000 Credits 133, 000 3,000 3,800 10,000 15,000 1,000 4,700 8,000 5,600 3,100 700 1,200 164,100 193, 500 169,000 274, 700 164,100 193, 500 169,000 274, 700 Debits Credits 1,169, 842 3, 644, 828 932,179 880,121 690, 803 686, 933 404,182 389, 568 1, 549, 303 1, 590, 582 654, 484 684, 586 186,251 196,902 482, 403 500,242 333, 922 334, 593 434,036 447, 839 1,113,455 3, 708,375 904, 928 11, 403, 633 11, 758,216 11, 568,204 11, 060, 578 11,403, 11,758, 11, 568, 11, 060, 633 216 204 578 Debits Credits 5,365 10,408 5,837 8,720 3,166 4,862 7,022 1,732 1,853 2,684 1,831 3,327 3,295 16, 872 5,103 4,421 3,955 3,570 7, 514 3,631 1,390 2,336 1,903 2,817 56, 807 54,253 50, 556 50, 807 56, 807 54,253 50, 556 I 50, 807 I Changes in ownership of gold through transfers and clearings Decrease Increase 31, 817 48, 317 2,483 13,287 14, 341 4,678 34, 471 21,203 5,514 15, 087 9,899 28,113 114, 605 Balance in fund at close of period 114, 605 66,138 172,019 44,312 35, 544 22, 521 19, 460 135, 730 9,940 14, 817 26,117 17,034 34, 694 598, 326 808, 962 617,879 713,203 370 FEDERAL RESERVE BULLETIN MAY, 1927 HOLDINGS OF BELLS AND SECURITIES AND EARNINGS THEREON, MARCH, 1927 [In thousands of dollars] Federal Reserve Bank Total Boston HOLDINGS ON MAR. 31 Total bills and securities Bills discounted Bills bought in open market United States securities Other securities. Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s _ Demand and sight drafts Bankers' acceptances Trade acceptances. _ Secured by United States Government obligations Member bank collateral notes: Secured by United States Government obligations Otherwise secured Total discounted bills Bills Bought 1,040,128 451,183 238,816 347,629 2,500 New Phila- Cleve- RichSt. Minne- Kansas York d e l p h i a land mond Atlanta Chicago Louis apolis City Dallas 87,866 211,821 49,863 69,457 28, 220 60,128 9, 783 82,236 98,771 103,243 62,839 45,967 13,622 20,342 19,810 36,934 2,500 36,745 21,041 8,460 7,244 44,411 169, 111 •31,472 89,055 1.0,470 29,499 2,469 50, 557 San Francisco 38,579 104,427 3,845 42,928 9,145 21,700 25,589 39,799 66,868 19,121 19,747 28,000 29,227 5,844 6,619 16,761 49,059 9,751 10,864 28,444 7,221 14 2,474 6,028 1,318 148,170 30 100 2,321 23,219 7,300 10,492 7,625 11,804 20.127 16 41,293 100 68 226 185 248 152 762 622 16 1,293 276 73 226 131 189 337 37 2 9 8 0 240,820 58,449 26,200 47,301 14,630 39, 998 12,091 33,464 4,404 6,840 2,114 3,179 7,199 44,948 1,855 7,758 4,075 2,688 680 3,523 191 1,657 862 23,264 10,348 451,183 49,863 69,457 62,839 45,967 21,041 31,472 89,055 19,121 5,844 9,751 3,845 42,928 11,961 5,613 7,800 72 17,580 17,673 8,585 1,987 4,278 4,885 2,023 656 8,586 4,235 3,325 381 3,283 2,258 1,925 10 3,616 3,165 3,048 15 10,128 9,593 8,399 89 7,073 5,509 3,145 496 2,081 2,921 506 307 4,223 3,769 1,078 237 3,459 2,289 1,978 154 4,471 240 2,668 106 11,285 2,050 1,778 2 2,051 984 626 1,257 33 2,915 609 804 1,557 1,255 10 1,080 309 Bills payable in dollars: Bankers' acceptances based on—85, 920 Imports 67,858 Exports 46,283 Domestic transactions 4,644 Dollar exchange Shipments between or storage of goods in for28,260 eign countries . . 3,119 All other Trade acceptances based on 697 imports 2,035 Bills payable in foreign currencies. 238,816 Total purchased bills United States Securities 71,693 United States bonds 84,142 Treasury notes.__ 191,794 Certificates of indebtedness Total United States securi347,629 ties _ DAILY AVERAGE HOLDINGS DURING MARCH 1,029,319 Total bills and securities. _ 427,716 Bills discounted 254,618 Bills bought United States securities _ 344,921 Federal intermediate credit bank 2,064 debentures 1 9,269 42 9,652 J 697 271 1,764 28,220 60,128 13, 622 20,342 8,460 10,470 29,499 19,747 6,619 10,864 9,145 21,700 1,429 1,330 7,024 13,462 26,277 42,497 1,077 4,653 14,080 3,635 9,977 23,322 1,773 826 4,645 99 385 1,985 22,916 5,327 22,314 4,990 8,487 14,523 5,392 4,246 7,126 9,788 3,179 15,477 4,138 6,706 14,745 2,994 12,749 24,056 9,783 82,236 19,810 36,934 7,244 2,469 50,557 28,000 16,764 28,444 25,589 39,799 77,171 266,225 35, 538 114,391 31,238 67,344 10,395 84,490 77,954 41,819 14,462 19,609 92,226 31,888 23,238 37,100 38,766 22,221 9,582 6,963 44,988 152,901 31,389 70,691 11,313 31,879 2,286 50,331 51, 939 14,374 11,702 25,863 29,814 4,609 8,070 17,135 48,303 8,584 11,725 27,994 37,004 112,028 3,197 49,015 9,383 24,682 24,424 38,331 290 108 72 110 124 75 30 19 149 107 35 7 495 240 99 156 161 49 36 76 94 16 25 53 151 29 37 85 113 11 29 73 355 166 78 111 3.70 4.00 3.64 3.49 3.77 4.00 3.67 3.18 3.90 4.00 3.70 3.43 3.81 4.00 3.65 3.65 3.64 4.00 3.62 3.46 3.72 4.00 3.63 3.69 3.67 4.00 3.64 3.58 3.61 4.00 3.72 3.51 3.73 4.00 3.70 3.40 2,064 EARNINGS DURING MARCH Total bills and securities B ills discounted Bills bought United States securities Federal intermediate credit bank debentures ANNUAL RATE OF EARNINGS Total bills and securities Bills discounted. _ Bills bought United States securities _. Federal intermediate credit bank debentures-_ 3,279 1,453 796 1,023 249 121 98 30 848 389 212 247 7 3.75 4.00 3.68 3.49 4.02 250 142 45 56 7 3.80 4.00 3.70 3.40 3.75 4.00 3.71 3.45 3.77 4.00 3.64 3.36 4.02 MAY, 371 FEDERAL RESERVE BULLETIN 1927 VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING MARCH, 1927 [Amounts in thousands of dollars] Federal Reserve Bank Total Boston Total yolume of operations. New York Phila- Cleve- Richdelphia land mond KanSan sas Dallas FranCity cisco 14,233,840 252,163J2,321,821 1201,774 216,212119,714 69,046 466,862 125,734 45,892 65,175 27,461 321,988 Bills discounted for member banks 2 2,722,371 178,14111,311,053 175, 8841171,979J110,074 Bills bought: In open market 319,789 48,166i 148,455 12, 251 12, 239 5,827 From other Federal reserve banks 12,805 ! 2,000 400 United States securities bought in open market-., j 1,178,375 25,856! 860,313 13,139 31,994 3,413 Bills Discounted Rediscounted bills: Commercial and agricultural paper, 3,845 1,302 10, 549 7,711 n. e. s _ 153,783 5,832 Demand and sight drafts 280 100 Bankers' acceptances 180 62 Trade acceptances.__ ____ _. 255 1,507 108 78 Secured by United States Government obligations ^ _. 78 470 Member bank collateral notes: Secured by United States Government obligations „ 2,048,313 95,995 1., 098,492 120,033 143, 517 56,873 Secured by eligible p a p e r ' — . 517, 838 78,137 206,541 47,486 17,580 45,316 Total . „ 178,1411,311,053 175,884 171,979 110,074 Average rate (365-day basis), per cent 4.00 4.00 Average maturity (in days): Member bank collateral notes 6.75 5.62 3.83 Rediscounted paper _ 52.31 47.34 50.22 Number of member banks on Mar. 31 416 9,143 Number of member banks accommodated during month _ 181 324 29.4 43.5 35.0 Per cent accommodated _. Bills Bought in Open Market From member banks. __ . 6,925 58,630 10,328 From nonmember banks, banking corporations, etc: Bought outright.___ 6,789 68,259 13,330 Bought with resale agreement192,900 34,452 124,797 Total—.... 319,789 48,166 148,455 Rates charged: 3% per cent _ , 103, 988 13,149 19,486 V/% per cent 107 3,978 63 "&% per cent __ 209,124 34,873 128,227 Z% per eent_.___._ 32 857 12 4 per cent__ 5 1,712 562 4 ^ per cent 25 4M per cent 81 81 4& per cent 24 24 Average rate (365-day basis),4 per cent 3.67 3.69 3.75 Average maturity (in days) 39.54 41.23 37. 55 Class of bills: Bills payable in dollars i — Bankers' acceptances based on— Imports „_...___ 5,573 37,518 5,120 Exports.. _ 8,988 40,291 2,952 Domestic transactions. 3,345 4,248 27,365 Dollar exchange...1,236 3,653 Shipments between or storage of goods in foreign countries. 1,793 16,310 3,324 All other 701 50 225 Trade acceptances based on imports „__.. 412 412 , Bills payable in foreign currencies 638 105 Total —..._..._. 126,888 13,713 23,658 U. S. Securities Bought in Open Market Bought outright: United States bonds 675 59,712 44, 958 Treasury notes. 302 18,375 2,454 Certificates of indebtedness 5 1,003,089 21,175 742,011 Bought with resale agreement 3,704 97,199 70,890 Total , 1,178,375 25,856 860,313 1 2 3 4 MinSt. Louis neapolis AtChilanta I cago 4.00 4.00 4.00 7.92 53.68 771 5.25 45.04 846 3.46 63.55 572 368 47.7 255 30.1 215 37.6 3,197 7,416 9,054 4,823 59,860 323, 308 66,171 | 6,9311 26,764 8,892 I 600 8,205 8205 8,222 34,329 4,312 600 7, 255 276,095 33, 774 800 200 2, 255 116,190 42,466, 32,758 23, 516 14, 358 12,117 22,451 58,974 21,944 94 156 715 189| 67 172 4.00 950 4,275 8,135 30 ""48 24 11,062 255,458 30,646 25,471 8,515 13,395 59,860 323,308 66,171 4.00 815 4,834 26,143 2,572 3, 904 8, 222 34,329 4. 00! 4.00 14.261 10.22J 8.88! 9.97 56.25 49.891 43.32 127. 471 1,317 744 3, 889 201,,371 2, 415 66, 506 7, 255 276,095 4.00 4.00 4.59 13.34 78.22 111. 88 818 6.77 56.14 4.00 I 509 38.6 189! 31.4i 79 10. i 135 13.8 97 11.9 168 24.7 2,641 4,687 11,074 2,4911 1,348 2,981 2,092 3,450 3,186 2,244 6,401 2,964 3,549 2,627 169 35.9 9,304 12,251 12,239 5,827 6,931 26,764 8,892! 4,312 6,530 23,418 5,648 33, 774 10,209 10,243 235 565 1,697 1,427 4 110 3,911 577 1,058 281 4,410 15,230 1,104 1,444 10,023 13i 389 1,064 18 7,210 3,772 5,397 2,979 540 1,121 5 7 1,6 7,992 1,327 2,629 24,403 11 40 16 25 I i- 3.62 36.80 3.62 41.51 3.67 42.32 3. 72 44. 41 3. 70} 42. 77 3.65 45.99 3.60 40.35 3.63 42.93 3.72 54.36 3.70 40. 65 3,576 4,068 2,704 660 3,645 3,081 2,497 336 1,900 2,001 1,057 35 1,604 4, 589 2,334 5,071 2,415 5,296 15; 445 3,369 2,687 1,403 211 1,327 1,702 532 255 2,060 2,372 884 230 1,502 1,583 762 154 3,452 2,222 76 1,243 2,088 59 732 102 1,177 45 496 984 707 11 1,179 174 533 12,251 12,239 5,827 8,892 4,312 563! 2,024 ! 35| I !. i 17,460 6,530; 4,719 10,356 I 18 436 170 201 11, 601 30,070 2, 776 13,139 31,9 388| 1,963' 235 906 1,632 95,016 18,305 2, 3,072 1,347! 1,739 3,367 1,224i 4,484 28,723 19,145 5,635 1,800 2,500 2,186 1,024 8,907 3,413 2,2551 16,190 42,466 32,758 23,516| 14,358 12,117 Includes $500,000 of Federal intermediate credit bank debentures. Includes $106,500 discounted for the Federal intermediate credit bank of Spokane, Wash. Includes bills taken under a resale contract. Exclusive of acceptances bought under a resale contract. s Includes special 1-day certificates issued by the Treasury to Federal reserve banks as follows: Boston $18,500,000, New York $695,000,000, Cleveland $26,000,000, Richmond $1,000,000, Chicago $87,000,000, St. Louis $29,000,000, Minneapolis $26,000,000, and Kansas City $13,500,000; and excludes $136,000,000 of special 1-day certificates and $10,000,000 of other certificates sold under repurchase agreement and subsequently repurchased. 372 FEDERAL RESERVE BULLETIN MAY, 192? WEEKLY REPORTING MEMBER BANKS REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal Reserve District Total Boston Number of reporting banks: Mar. 23 Mar. 30 Apr. 6-_. Apr. 13 —Apr. 20 _ Apr. 27 _____ Loans and discounts: Secured by U. S. Government obligations— Mar.23 Mar. 30_ ___. Apr. 6 Apr. 13 Apr. 20 Apr. 27 _ Secured by stocks and bondsMar. 2 3 — Mar. 30Apr. 6 Apr. 13 Apr. 20 Apr. 27 All other loans and discountsMar. 23 NewYork Philadelphia Cleveland Richmond Atlanta Chicago St. Minne- Kansas Dallas Louis apolis City 674! 6741 672! 671] 671 670 150,810! 151,963 162,965 156,131 159, 545 159, 581 60 60 59 59 59 59 65 7,764 7,812 8,317 7,449 7,461 7,416 58,246 53, 771 63, 072 58, 796 65, 054 64,366 10,107 10,028 10,087 10,076 9,756 10,005 21,359 20,836 20,825 20,466 20, 213 19,361 5,405 5,459 5,287 5,141 5,065 5,452 5,542 5,494 5,461 5,428 21,361 21,405 21,402 21,006 19, 598 22,479 109,162 110,172 110, 713 109,544! 105,977! 105,860 867,710 855,093 839,110 853,396 866,964 873,944 San Francisco 4,443 4,339 4,439 4,316 4,428 4, 346 2,570 2,578 2,502 2,515 2,426 2,432 5,965 12, 634 13,328 13,416 12,477 11, 632 191,844 191,093 192,099 194,462 194,298 193,264 75,539 115,315 77,095 111,616 75,199j 107,201 76,610) 113,750 74,9761 114,420 76,710! 112,752 77,992 78,838 79,219 79, 769 78,673 326, 310 320,121 314,834 318, 757 321,650 320,28& , 4,568 4,447 4,464 4,610J 4,461 . , 2,9751 340, 252 2,301,626 349,649:2,297,300 340, 975!2, 341,903 346, 547 2, 274, 591 329, 713 2, 297,080 330,143 2,324,851 399,469 400,023 401,495 401,720 394,495 395,507 576, 594i 152,170 581,160 151,438 582,915 152,233 581,469 152, 203 587, 546 157, 245 617, 671 151, 737 8,676,254 643,485 2,876, 444 8, 684,327 646,57112,876,340 Mar. 30 639,632!2,886,831 Apr. 6_ 632, 906'2,891, 560 Apr. 13 8, 632,214 625,066!2,881,413 Apr. 20 Apr. 27 ___. 8,611,826 629,743|2,868,646 Total loans and discounts: 14,361, 748 991, 50115,236,316 Mar. 23. 5, 227,411 ivjuu-. 30. ou 14,359,042 , 004,032 Mar. ! Apr. 6 — _ — — 14,396,814 988,924 5, 291, 806 Apr. • 13. ~ 14,344,600 986,9025, 224,947 14,315,892 962, 2405,243, 547 Apr. 20.__ 14,352,807 967,302 5,257,863 Apr. 27 383, 955 382, 596 360, 784 360, 503 361, 540 362, 956 354,067 358,882 S84, 758! 1, 257, 374 386,0701,254,815 389,4381,259,034 393,530|l,262,920 391,5281,255,678 389,331 1,243,223 301, 233 298,470 301,796 297,856| 298,135j 295,638| 161,241 306,266 160,900 305,155 162,247| 299,848 161,223! 302,213 155,806! 302,379 151,361 302,153 244, 627 240, 505 240,448 241,090 239,710 236,613 793, :, 5311, L, 381,080 518,359 792, !, 647L,1,404,612 517,400 798,062 I] L, 415,721 519,060 1,617 1L), 384, 845 520, 300 800, ', 9111, 787, L, 387,430 516, 377 1,507 1, 789, 1,418,550 515,299 499,372 2,146, 445 501,7842,131,313 506,4132,119, 546 508,56812,137, 322 502,9662,142, 240 500,619,2,139,646 497, 532 494,131 498,342 496, 782 497,043 493,363 240,443 240,825 233, 778 231,046 240,463 426,024 421,110 411,488 420,279 421,227 419,251 325,890 1L, 305,235 321,075 l!302, 541 321, 788 1 285,221 322,824 1.; 300,389 321," ., 905 .1, , 299,228 317, ', 718,1,302,643 76,881 77, 203 77,688 79,025 78,766 81, 074 64, 537 67,930 64,414 64,411 64,371 64,251 107,561 106, 796 107,390 107,447 107, 736 109,495 122, 973 122,154 120, 593 121,523 121,446 467,794 122,023 57,752 56,652 55,841 56,810 56,569 56,494 97,722 99,054 U. S. Government securities: Mar. 23 ._„ Mar. 30 Apr. 6 _ Apr. 13 Apr. 20__—— Apr. 27 Other bonds, stocks, and securities: Mar. 23 Mar. 30 Apr. 6,___ Apr. 13 Apr. 20—— Apr. 27. Total investments: Mar. 23 — . Mar. 30 Apr. 6 ___ Apr. 13 Apr. 20 Apr. 27 Total loans and invest. ments: Mar.23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27. — __ 5, 534,684 5, 522, 752 5, 537, 515 5, 502,268 5, 524,133! 5,581,400 783,1271 802, 616 811, 981 388,821 782. 910 383, 660 779; 671 383, 995 781,518 2,582,810 2, 542,790 2, 553,771 2, 536,139 2, 544, 583 2, 590,056 153, 847 1,004,682 142,04l| 991,902 152,3191,003,811 148,6571,005,344 147,6061,007,602 147,916 1,043,949 112,291 115,951 115,070 111, 739 112, 509 109,852 287,401 287,411 282,739 276,899 274,175 272, 684 71,056 71,071 72,160 70,484 71, 594 71,441 56,456 58,409 56, 617 54,281 54,325 53, 576 325, 300, 305, 302, 3,363,217 3,370,875 3,327,142 3,319, 268 3,322,433 3,333, 721 261, 599 1, 254,139 288,253 273,062 1, 257, 202 286,430 262,167|l, 250,259 • 280,896 263,3251, 246,746 280,423 262,9431, 259,244 270,839:1, 249,311 283,404 394,877 393, 966 387,264 376, 562 374, 676 380,240 72,068 71,912 72, 991 72,190 73,498 73,803 60, 227 59,353 58,966 477, 640 471, 562 464,922 471,708 60,232 59,702 5, 946,027 5,913,665 5,880,913 5,855,407 5,867,016 5,923, 777 415,446 2, 258, 821 '^"",103 2,249,104 415, 414,, 486 2, . 254, . 070 411,982 2,252,090 410, 549 2, 266,846 418, 755 2,293,260 682,278 681,377 670,003 653,461 648, 851 652,924 143,124 142,983 145,151 142, 674 145, 092 145,244 116,683 117,762 115, 583 112,769 114, 557 113,278 400, 544 402,381 395,966 392,162 393, 311 393,256 20, 307, 775 1,406,947 7,495,137 1,194, 075 2, 063, 358661, 483 660,383 ___. 20, 272, 707 1,419,135 7,476, 515 1,195, 028 2,085, 989 664, 211 20,277, 727 1,403,410 7,545, 876; 1,194, 028 2, 085, 724 662, 974 20, 200,007 1,398, 884 7,477, 037 1,192, 779 2, 038, 306 661,469 _. 20,182,908 1,372, 789 7, 510,393 1,181, 222 2,036, 281 20,276, 584J 1, 386,057 7, 551,123 1.182, 763 2,071,474660, 543 722 938 614 580 318, 215 803, 362 772, 500 770, 536 774, 288 769, 656 786,009 199,854 199,357 198, 281 200, 548 200, 212 203,097 972,960 957,05S 968, 216 965,101 970,72a 61, 797 61, 609 59, 689 58, 241 59,426 58,256 260, 57& 261, 529 256,260 257,031 260,105 259,347 28,072 25,992 26,115 98, 528 25,826 97,363 25,879 96,955 27,990 247,895 253, 536 248,220 247,139 246,493 245,166 122,289 124, 582 120, 255 121,221 120, 940 120, 745 205,283 205,850 206,298 205,975 205, 099 206,450 616, 055 2, 949, 807 697, 386 362, 752 619, 546 2, 903,813 365, 568 621,996 2, 890, 082 621, 337 2,911,610 697, 330 362,046 617, 523 2,911,896 697,255 354, 718 613,897|2,925,655 351,791 631,307 626,960 617, 786 626,254 626,326 625,701 87, 601 85,804 84,067 85,305 86,246 508,474 515,065 504,480 504,170 506, 598 504,513 415,759 1,813,709 '"" '~~:,817,606 408,676 1 407, ',5921 " '., 789,709 . 406,8911,804,556 407210 1,805,826 8,0 5,8 2 6 407,210 403,9641,807, 807,156 MAY, 373 FEDERAL RESERVE BULLETIN 1927 REPORTING MEMBER BANKS IN LEADING CITIES—Continued Federal Reserve District Total Boston Reserve balances with Federal reserve banks: Mar. 23 1,711,364 1,685,470 j Mar. 3 0 1,629,314 Apr. 6 __ 1,675, 824 Apr. 13 1,652,354 Apr. 20 1,678,827 Apr. 27 Cash in vault: 261,431 Mar. 23... Mar. 30 264, 340 Apr. 6 263,187 Apr. 13 269,955 Apr. 20260,277 Apr. 27 __.. 264,396 Net demand deposits: 13,063.470 Mar. 23 13,006', 456 Mar. 30 13,042,483 Apr. 6. _ Apr. 13 __.. 13,059, 044 13,031,627 Apr. 20 Apr. 27 . . . . 13,041,263 Time deposits: 6,001,333 Mar. 23 . 6,009,406 Mar. 30 6,012,055 Apr. 6 6,031, 562 Apr. 13 6,035,670 Apr. 20 Apr. 2 7 . . . . Government deposits: 312, 924 Mar. 23 302, 861 Mar. 30 281,820 Apr. 6 _. 260,167 Apr. 1 3 . . . . . . . _... 176,179 Apr. 20. 166,083 Apr, 27 -Due from banks: 1,108/473 Mar. 23 1,125, 063 Mar. 30 . Apr. 6 . . . 1,179,831 Apr. 13 -- — 1,204, 330 1,159,245 Apr. 20 1,139, 996 Apr. 27 Due to banks: 3, 221,160 Mar. 23 3,197, 638 Mar. 30 3,328, 790 Apr. 6 -. 3, 246, 946 Apr. 13 Apr. 20_,_ _._. 3, 206, 945 Apr. 27 , „ . 3,182,369 Bills payable and rediscounts with Federal Reserve bank: Secured by U. S. Government obligations— 206,849 Mar. 23. 190, 754 Mar. 30. 151,344 Apr. 6_. 189,453 Apr. 13. 184,661 Apr. 20 189,456 Apr. 27. All ootherMar. 23 Mar. 30 Apr. 6 . . . __. Apr. 13 Apr. 20, Apr. 2 7 . . . . Total borrowings from Federal reserve banks: Mar. 23. Mar. 30 Apr. 6 Apr. 13. Apr. 20 Apr. 2 7 . - . New York Philadelphia Cleveland Richmond Atlanta Chicago Minne- Kansas Dallas St. Louis apolis City Francisco 95, 631 814, 294 99,390 815,863 98,248 702,176 789,404 95, 010 738,292 99,156 782,924 80,178 72,551 88,422 82,349 84,336 78,804 137,241 132,839 136,182 120,406 126,077 130, 392 41,732 41,499 42, 956 40,470 41,977 40,468 39,914 38,369 40,398 39,102 41,145 40,900 233,766 222,183 251,485 243, 887 255,568 244,885 47,498 47,246 47,661 48,037 45,464 47,176 26,330 23,641 25,904 22,102 25,038 23,373 54,353 52,865 54,337 51,968 56, 976 53,936 32,896 31,282 31,244 30,487 31,436 30,611 111, 035 106,202 70,062 72,030 71,375 72, 369 69,473 71,923 15,159 14, 580 14,472 17, 511 16, 251 15, 386 30,421 29, 558 28,369 30,205 29, 927 29,181 13,685 13, 618 15, 059 14,14r 14, 098 13, 678 11,478 11,153 10, 950 12,015 11,403 11, 908 44, 905 44, 792 47, 540 46,299 44,197 45,194 7,144 7,898 7,680 7,819 7,615 7,413 5,581 5,957 5,844 6,024 5,861 6,009 12,318 12, 313 12, 209 12, 555 11,858 12,485 10, 369 10,450 9,636 9,938 9,614 10,038 21,915 23,742 21,358 22,069 20,994 21,803 287, 399 280,965 764,691 760,978 756,982 780, 890 18,398 18,249 18,695 19,008 19,378 107,531 107,742 110,301 0, 700 885,345 5, 680, 7, 235 883,124 5,677, 902, 076 5,640,780 ',502 906,893 5, 627, 502 :,193 892,131 5, 664,193 901,557 5, », 712,221 765, 694 1,087,736 377,886 376, 671 758, 746 1,102,385 1 . 777,404 1,093,164 381, 548 776,2861., 049, 637381, 082 771, ., 814L,1,046,745 376, 316 1, 033,070 373,440 329,029 1,774,790 332, 640 1,726,755 338, 776 1, 751, 818 341,710 1, 792, 214 334,652 1,771,943 335,303 1,771,755 393,943 395,865 405, 712 405,470 402,451 399,670 216,419 213,992 215, 569 212, 221 206, 795 205,492 499,838 497,120 497, 660 498, 630 498,239 488,677 286,509 283,380 282,116 430,870 1,391,321 430,240 1,405,644 " "1,396,831 428,4511, 429, 245 1, 422,406 429,829 1,416,407 430,3411,412,538 255,469 256,636 263, 568 261, 561 262,050 262,044 235, 505 1,061,620 235,437 1,038,924 235, 508 1,060,605 237,038 1, 060,346 234, 745 1, 065, 597 235,845 1,070, 603 236,440 234,408 232,992 233,829 235, 608 235,493 125,042 125,171 125,622 126,634 126,430 125,631 149,459 150,144 147,798 147, 699 148,959 150,159 107,185 107,563 107,189 106,434 107,132 108, 531 944,843 957,039 943, 790 947, 742 31,442 30,499 28,403 26,174 17, 776 16, 710 95, 507 92, 277 86, 212 79,439 53, 793 50, 709 35, 766 35,373 32,938 30, 356 20, 653 19,366 55, 291 60, 597 61, 692 62, 428 57,025 58,394 138,3721,., 147, 063 172, 424 139, 539 . 1, 168, 533 174,431 154, 797 1., 200,402 179,082 ., 135, 354 179,877 152, 376 I] ., 159, 764 178, 788 157, 796 I] ., 178,831 171,249 146,953 I, 50,216| 46, 779 54,462 62, 511 74,321 59,059 137,479 138, 279 136, 936 152,097 151, 689 149,11" 848,675 852,187 852, 504 841, 307 816, 503 901,254 214,904 216,013 217,197 217,321 219, 522 221,670 771,095 936,189 25, 398 11, 749 16,682 23, 948 11, 395 15, 953 22, 290 10, 608 14, 614 20, 499 9,809 13, 796 13,256 6,594 9,674 13, 082 6,195 8,774 32,967 31, 945 29,486 27, 334 18,676 17,484 8,738 8,469 7,892 7, 272 4,937 4,639 2,494 2,415 2,238 2,057 1,406 1,406 4,189 4,067 3,786 3,487 2,366 2,224 10,266 9,960 9,275 8,545 5,731 5,453 37,726 36, 560 34, 078 31, 399 21, 317 20,041 106,283 107,276 111, 690 99,430 104, 290 111, 639 54, 542 54, 273 56,153 53, 847 53, 592 54,021 68, 513 69,461 77,183 71, 997 68, 974 64,955 219, 052 217, 241 237,804 243,158 227, 877 229,438 60, 996 55,178 60,430 61,459 56, 352 53,421 42, 252 44, 249 43, 649 49,108 45,286 46,062 121, 590 129, 000 126, 694 129,064 115,150 108,588 57, 942 59,014 66, 804 65, 774i 58,449, 64,895) 134, 317 143, 716 146, 334 153,457 146, 240 140,407 245, 478 240, 432 253, 644 250,832 242, 893 244,217 112, 275 110, 986 117,390 114,452 114,120 108,702 110,178 101,367 110, 568 113, 782 112,437 107,158 533, 586 499, 546 529,489 519,360 494, 894 493,863 143, 795 141, 800 150, 572 147, 356 141, 417 137,352 94,069 91, 570 96,197 91, 725 88,399 85,672 218, 635 218,330 219,820 218,056 206, 767 202,422 99,4931 96, 606 99, 344 97, 973 94, 398 94,602| 205,792 214, 498 217, 485 225,803 215, 272 211,348 I 9,475 15,017 4,220 3,515 2,925 1,095 94, 200 77,160 55,664 95, 474 50, 279 65,044 8,332 12, 780 5,045 6,715 8,920 10,610 17,159 14,315 20, 944 30,105 29, 827 28,126 2,000 3,245 2,684 2,877 5,101 4,561 2,264 2,338 2, 988 1,788 5,055 3,667 29, 045 32, 865 23,110 8,095 31,915 29,133 3, 800 4,100 3,050 2,466 4,650 5,335 2,925 2,325 1,835 1,769 2,885 2,725 2,651 2,191 3,441 3,001 3,491 5,466 930 1,130 1, 085 1,135 1,635 2,035 34,068 23,288 27,278 32, 513 37,978 31,659 102,390 105, 724 100,439 91,035 78,398 96,581 7, 17,125 20, 957 14, 641 22, 692 25, 36' 14,910 25,742 11,263 10, 565 5,686 4,296 4,454 8,647 7,396 11, 601 7,753 9,157 8,011 6,512 4,726 4,636 4,401 8,306 4,066 15,277 13, 306 12, 506 12,209 11, 521 15,873 12, 564 22,096 18,269 12, 374 9,412 15,062 4,765 4,340 600 3,351 1,501 3,875 707 1,082 528 510 819 689 2,024 1,171 1,743 2,100 2,782 3,704 533 491 781 735 680 670 12, 500 9,183 16,064 9,013 7,607 7,566 309, 239 296,478 251, 783 280,488 263,059 286,037 17, 367 115,157 32,142 91,801 78,356 9,553 12,441 120,841 10,174 65,189 3,821 90,786 19, 595 23, 345 10, 731 11, 011 13,374 19,257 24, 555 21, 313 32, 545 37, 858 38, 984 36,137 8,512 7,971 7,320 7,278 13,407 8,627 17, 541 15, 644 15,494 13,997 16, 576 19,540 41, 609 54, 961 41,379 20,469 41, 327 44,195 8, 565 8,440 3,650 5,817 6,151 9,210 3,632 3,407 2,363 2,279 3,704 3,364 4,675 3,362 5,184 5,101 6,273 9,170 1,463 1,621 1,866 1,870 2,315 2,705 32, 471 43, 342 41, 526 45, 585 39, 225 7,249 2,726 374 FEDERAL RESERVE BULLETIN MAY, 1927 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total Boston New York Philadelphia Cleve- I Rich- | Atland mond I lanta St. Minne- Kansas Dallas Chicago Louis City San Francisco I Number of reporting banks: Mar. 23__ _ Mar. 30 Apr. 6_. _ -. Apr. 13._._ .... Apr. 20. Apr. 27_ Loans and discounts: Secured by U. S. Government obligationsMar. 23 Mar. 30___ Apr. 6 _ Apr. 1 3 . Apr. 20 „__. Apr. 27_. .-._. Secured by stocks and bonds— Mar. 23 Mar. 30 Apr. 6— Apr. 13 Apr. 20 —. Apr. 27 All other loans and discountsMar. 23 _ Mar. 30 Apr. 6__, Apr. 13 Apr. 20.— Apr. 27.Total loans and discounts: Mar. 23 Mar. 30— Apr. 6 Apr. 13 Apr. 20._._ Apr. 27 _. U. S. Government securities: Mar. 23__ -.-.. Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Other bonds, stocks, and securities: Mar. 23 Mar. 30 Apr. 6 Apr. 13__ Apr. 20 Apr. 27 Total investments: Mar. 23 Mar. 30 __ Apr. 6 Apr. 13 Apr. 20 .._. Apr. 27 _.. -. Total loans and investments: Mar. 23 Mar. 30—_ Apr. 6 _ Apr. 13 Apr. 20.. Apr. 27..._ Reserve balances with Federal reserve bank: Mar. 23 _ Mar. 30-.. Apr. 6_ _ Apr. 13 Apr. 20 Apr. 2 7 — 223 223 223 222 222 222 102,867 97,219 107,817 102,527 107,302 108,832 54; 54j 54 54 54 541 6,322 6,344 6,943 6,078 6,091 6,042 55,478 50,929 60,377! 56,184 62,424 61, 790 11 11 11 11 11 11 36 9,408 9,330 9,213 9,222 8,904 9,151 7,310 7,048 7,368 7,256 6,858 6,447 1,394 1,314 1,300 1,250 1,213 725 1,665 1,663 1,662 1,673 1,678 lf"' 24,461 24,424 23,383 23, 351 24, 111 25, 488 14, 65: 14,521 14,161! 14,259 12,317 12, 328 3,805,763 3,821,941 3,824,668 3,770,870 3,785,890 3,829,441 247, 6261, ., 971,611 257, 5061, ,974,489 244,022 2,012,592 248,,655 1,940,471 229,921 1,965,400 233,001'1,993,078 350,157 351,010 351,878 350,689 345,428 345, 311 188,958 193,062 189, 557 189, 307 191,930 197, 206 5,351,202 5,347,467 5,352,327 5,361,844 5,315,791 5, 296,761 494,147 2, 528,779 344,866 497, 680 2, 528,1,512 343,783 492,023 2,537,',596 344,717 485,195 2,\, 543,657 346, 902 478,432 2,1,529,977 341,472 341,119 480,970 2, 516, 380,683 379, 659 379,477 376,746 376,474 9,259,832 9,266,627 9,284,812 9,235,241 9,208,983 9,235,034 748,095 4,:, 555, 761, 530 4,:, 553, 742,988 4,:, 610, 7 3 9 , " " ':, 540,31: 714, :, 557,801 720,013 4,I, 571,437 577,154 580, 793 576,584 576,040 575,534 580,127 1,285 758 771 769 775 778 643,307 636,373 623,493 636,527 650, 529 655, 853 140, 928 142,186 140,901 142,364 142,198 141, 268 34,418 35,001 36,455 34,710 36, 513 368 380 413 410 404 415 1,954 1,992 1,934 2,032 1,990 2,004 25, 111 24, 395 23,475 24,332 23, 956 23, 749 18,432 19,349 19, 225 19,160 19,137 19,136 146,102 147, r ~ 1,141 1,122 1,093 1,093 1,128 1,134 145,300 146,253 146,510 86,130 83,327 82, 553 80,894 82,144 83,228 82, 596 71, 718 70,334 70,617 71,294 69,846 68,154 378,233 374,647 377,690 374, 981 68,185 84,847 83,533 81,076 78,171 94,929 94,134 92,189 93,355 93,687 94, 398 , 342,311 316, 093 ,338,516 314,607 ,331,339 315,253 ,349,284 314,283 ,352,459 314,591 , 356,735 311,830 121,833 121,231 120, 619 120,757 116,561 115,462 109,579 108,070 105,462 107,569 108,312 107,479 90,518 90,063 90,255 90,864 89,387 87,705 529,046 528,218 523,561 525,022 523,224 527,303 67,719 67,429 65,036 65,845 66,381 66,735 3,873 3,876 4,383 4,884 4,310 4,321 15,324 188,607 50,675 15,324 170,640 50, 537 15,324 173,107 51,100 15,324 169,449 51,199 15,322 172,458 51,293 51,891 15,321 29,789 37, 003 30,161 36, 788 30,044 37,464 30,005 38,139 30,062 38, 522 20,852 20,506 18,766 18,500 19,247 18,424 101,202 103,812 101,205 100,924 104,435 103,268 90,461 90,476 90, 729 89,728 89,481 88,918 9,822 9,814 10,096 10,243 10,557 10,650 9,547 9,384 9,334 9,427 9,551 9,676 239,893 224,440 220,072 226,775 218,362 221,458 158,180 335,521 157,905 155, 765 324,461 155, 573 325,472 155,862 324,825 155, 653 13,695 13,690 14,479 14,627 14,867 14,971 24,871 24; 708 24,658 24,751 24, 873 24,997 428,500 395,080 393,179 396, 224 390,820 404,456 945,818 6,405,916 1,038,128 735,334 958, 758 6,392,560 1,039,644 738,698 940,368 6,453,296 1,033,996 732,349 933,884 6,378,928 1,031,274 731,613 905,984 6,409, 548 1,021, 276731,396 918,494 6,442,888 1,020,406 735,780 107,824 106,668 107,982 108, 554 109,369 42,641 37,473 44,312 40,016 40,483 38,237 7,154 7,578 7,291 7,789 7,242 85,290 73,424 83,389 79,506 77,942 78, 237 916,846 904,099 914,205 914,393 914,830 946,319 1,858,683 1,861,404 1,833, 500 1,834,234 1,837,592 1,837, 934 112,433 123,804 113, 991 114,450 113, 598 120, 244 933,202 934, 531 928,526 924,223 936,917 925,132 3, 471,188 197,', 723 1. , 850,048 3,434,893 197,,2281 ,838,630 3,422,967 197,,3801 , 842, 731 3,413,936 193, 956 1,838,616 3,425,394 191, 540 1,851,747 3,464,809 | 198,4811 , 871,451 1, 226,199 1,207,496 1,138,693 1,196,178 1,163,048 1,185,829 2,716 2,807 2,760 2,793 3,024 2,872 685,178 172,449 688, 611 169, 614 171,592 169,126 169,369 167,690 1,612,505 1, 573,489 1, 589,467 1,579,702 1,587,802 1, 626,875 12,731,020 12, 701, 520 12,707,779 12,649,177 12,634,377 12,699,84: 13,826 13,532 13,983 13, 767 12,813 15,786 74,029 77,534 76, 527 74,824 73,242 76,416 751,479 755,084 643,413 725,347 674,650 708,476 238,372 238, 628 232,182 231,791 232,032 234,048 73, 711 65, 283 79,817 75, 581 76,564 72, 295 69,074 68,396 67,506 68,754 7,061 94,8461,770,811 96,120Jl,733,596 94,8471,724,518 95,7651,745,508 92,0521,743,279 91,9611,761,191 . , 5,984i 7,534J 5,979 7,007 7,3641 163,306 152,324 169,984 162,658 175, 792 169,165 76,431 76, 779 75,929 76,797 76,653 25,109 24, 703 24,618 24,810 24,570 24, 573 22,080 22,447 22,672 22, 616 23,130 23,101 4,180 97,153 4,480 101,918 4,538 100,813 4,385 4,386 98,355 5,905 97,400 127,106 59,083 25,032 198,355 127,316 54,864 59,235 205,730 127,029 54,704 59, 532 23,304 202,018 127,996 54,854 60,080 22,885 199,913 127,946 54,575 61, 269 23,633 202,790 128,720 54,635 61,623 24, 329 200,668 443,199 441,923 442, 282 442,279 442,537 440, 550 176,731 176,095 175,323{ 175,611 171,136 170,097 168,662 167,305 164,994 167,649 169,581 169,102 30,514 30,178 14,214 11,919 14,021 10,734 13,307 30, 361 12,034 15,351 16,205 31,211 30,804 29,372 16,121 14, 662 15,923 16, 334 115, 550 115,049 113, 559 113,749 113,020 112,034 727,401 733,948 725, 579 724,935 726,014 727,971 8,214 8,124 8,060 40,144 40,051 40,222 40, 521 39, 758 8,147 MAY, 375 FEDERAL RESERVE BULLETIN 1927 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES-—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] City Total Boston Cash in vault: Mar. 23 Mar. 30.. Apr. 6 Apr. 13 Apr. 20 Apr. 27 _. Net demand deposits: Mar. 23 _.._ _. Mar. 30 _ Apr. 6__ Apr. 13 Apr. 20 Apr. 27 Time deposits: Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27___ _ Government deposits: Mar. 23. Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27— Due from banks: Mar. 23 Mar. 30 _ Apr. 6 Apr. 13___ Apr. 20 „.__ Apr. 27__._ ____ Due to banks: Mar. 23 _ Mar. 30 Apr. 6___-_ Apr. 13. , Apr.20_ _ Apr. 27. Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligationsMar. 23 Mar. 3O._. _. Apr. 6 _ Apr. 13____ ___. Apr. 20____ „_.. Apr. 27 All o t h e r Mar. 23 Mar. 30 Apr. 6 ... Apr. 13_ Apr. 20_ Apr. 27 Total borrowings from Federal reserve bank: Mar, Mar. Apr. Apr. Apr. Apr. 23 30 6_ 13__ 20 27- „ 121,268 123,787 121,036 126,197 120,918 124,663 New York Philadelphia San AtSt. Minne- Kansas lanta Chicago Louis apolis City Dallas Francisco Cleve- Richmond land 767 902 854 879 876 862 56,454 58,615 57.471 57,913 55.472 58,554 12,588 11,877 11,807 14,612 13, 239 12,659 8,916,162 665,0515,101,837 8,876,052 665,933 5,109,408 8,885,473 675,362 5,035,736 8,870,705 658,066 5,062,450 8,931,452 675, 623 5,106,543 680,991 671,189 691,008 689,422 686,144 681,327 257,374 64,616 257.129 64,843 258.130 62, 752 261,683 64, 536 255,904 62,404 256,495 62,855 52,745 1,189,874 54,1071,149,401 54,074 1,156,764 55,886 1,189, 583 54,452(1,177,103 54,647 1,186,925 261,929 110, 544 261, 213 107,856 270,243 109,232 106,242 267, 319 104,056 264,465 102,212 2,937,259 2,945,034 2,945,273 2,961,558 2,973,179 2,964,098 214,301 213,382 211,159 211,711 211,879 212,226 927,688 942,547 936,201 960,211 954,138 949,629 199,520 202,399 199,737 200,063 198,818 463,313 465,393 462,197 461,482 464, 607 464,883 29,438 29,451 29, 677 29,511 30.082 32; 873 33,191 33,149 33,826 33,868 33, 974 33,926 521, 588 498, 210 516, 220 515,885 519,676 521, 978 137,108 136,167 134,592 134,653 135,261 135,747 234,126 227,516 211, 764 195,296 152,325 124,709 30, 560 29, 644 27, 607 25,439 17,276 16,240 90,188 87,208 81,367 74,979 50,764 47,863 4,739 33, 610 31,297 28,842 19,627 18,402 4,279 3,934 2,513 2,513 932 899 838 771 523 491 4,435 4,288 19,471 18,873 17,321 2,464 2,317 16,118 10,976 10,328 7, 7,3§2 6,852 6,314 4,287 4,028 514,954 518,662 540,257 569,630 38,761 36,923 39,577 46,894 58,647 47,668 98,219 96,117 96,322 110,449 109, 775 109, 751 50,687 55,753 55,839 56,910 51,504 53,467 21, 299 24,077 22,820 21,329 21,179 26, 321 8,019 6,820 7,623 6,773 6,677 6,205 11,117 10, 550 11,530 11,361 12, 342 11,400 136,998 147,136 153,731 145,382 144,401 29,765 26,133 28,107 28,891 27,302 28, 530 36,534 16,883 41,691 16,635 41,037 20,410 41,266 18,338 38,144 17, 542 34,148 18, 782 49,469 49,689 51,589 51,754 50,771 49,212 166,275 164, 749 172, 235 173,209 172,049 164, 798 54,575 54,152 55, 737 57,887 54,272 54, 557 33,463 31, 086 32, 556 32, 207 31,203 28,926 15,368 15,008 15, 606 15,093 15,700 15, 309 380,570 355,788 374,709 370,764 351,872 353,888 83,786 52,505 30,027 83,217 51,256 86,584 29,186 89,899 54,175 89,262 30, 527 87,537 50,937 89,667 28,782 84,169 49,702 84,692 27,563 82,735 48,920 83,344 27,625 90,826 96,215 94,134 98, 581 94,007 92,941 6,967 11,315 4,155 5,675 7,580 10,120 4,524 1,544 400 7,610 7,338 7,622 7, 653, 7,747 7,992 675, 705 5,059,594 549,452 2, 205,883 2,202,407 2,288,706 2,219,275 2,209,804 2,200,426 128,032 11,083,518 129,505 l!t, 105, 661 143, 730 I!L, 136,136 141,8421L, 072,769 146, 527 I! 136,871 1,110, 512 156,164 142,402 100,538 129,110 118,138 125,816 8, 275 13, 025 2,365 2,675 845 86,540 69,650 49,450 82,000 43,150 51, 600 63,992 69,773 47,149 59,217 7,572 16,365 4,558 8,001 7,089 2,616 19,631 14,130 22,398 25,144 14,666 25,427 220,156 212,175 166,007 186,093 165,287 185,033 15, 847 29. 390 7; 478 10,366 9,764 3,461 106, 081 83,780 71,848 107,144 57, 816 77,027 8,411 8,892 7,925 8,835 8,795 8,622 1,176 1,172 1,171 1,232 1,208 1,440 19,932 20,048 19,587 20,436 19,700 20,089 3,192 3,440 3,468 3,414 3,391 3,345 13,815 19,965 12,185 4,270 21,965 20,433 3,800 3,100 3,050 2,037 3,810 3,750 1,616 1,680 1,731 1,865 1,648 1,745 57,201 57,291 57,554 58,280 58,246 58,144 1,609 1.087 '., 087 15,823 17,276 18,267 21,934 19,574 19, 567 225 125 400 1,180 4,434 0 11,164 10,423 5.456 4; 201 4,364 3,840 3,381 8,910 5,164 5,249 4,f" 379 23 623 23 3,920 0 714 183 175 3,916 13,471 9,394 3,292 3,719 6,495 4,645 4,140 500 3,199 1,500 3,750 350 125 300 675 450 475 600 300 18,131 8,864 4,925 9,310 5,164 6,429 9,043 379 23 623 23 714 183 175 17,731 33,436 8,445 7,240 3,550 5,236 5.310 7)500 525 800 850 475 950 425 21, 738 9,611 9,876 11, 944 18,009 3,920 0 21, 579 7,562 25,684 26,928 2,642 2,498 2,417 2,415 2,396 2,530 1,458 1,238 1,239 1,355 1,184 1,292 5,422 6,087 5,744 5,588 156,303 153,728 153, 111 153,979 157,213 154, 513 79,156 78,298 78,718 81,122 79,685 79, 596 295, 742 302,947 297,522 303,290 305,909 306,251 16, 599 16,477 16,760 16,793 18,950 18,464 17,610 17,752 17,405 17,218 17,406 17,428 320,883 335, 695 327, 283 322,209 328,897 319,982 3,296 3,199 2,978 2,743 1,862 1,751 100 2,000 1,150 650 2,000 30,082 6,776 29,179 6,310 27,172 5,813 25,038 3,948 16, 998 3,710 15,979 32,008 200 21,478 200 250 31,863 500 36,928 950 31, 559 758 57Q 855 710 995 1,279 2,579 2,005 1,360 995 3,279 5,533 11,073 13,050 6,774 5,047 6,852 2Q0 200 250 500 950 43,081 27,881 39,678 38,637 41,975 38,411 376 FEDERAL RESERVE BULLETIN MAY, 1927 BROKERS' LOANS LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In thousands of dollars] Demand and time loans For own account Total 2,802,187 2,803,312 2,840,238 2,862, 615 2, 878,123 2,882, 994 Mar. 23 Mar. 30 Apr. 6— Apr, 13 Apr. 20 Apr. 27 881,114 941,742 968,794 899, 211 912, 277 935, 588 For account of outof-town banks Demand loans For account of others 1,087,758 1,045, 707 1, 072, 575 1,157,116 1,150, 982 14143,294 833,315 815,863 798, 869 806, 288 814,864 804,112 Total 2,142,398 2,144,101 2,175,439 2,198, 398 2, 201, 997 2,181, 875 Time loans For own account For account of outof-town banks For account of others Total For own account For account of outof-town banks 595, 552 655, 627 681,374 615, 733 625, 231 644,946 804, 609 760,413 782, 498 862, 530 855, 529 819,319 742, 237 728,061 711, 567 720,135 721, 237 717,610 659, 789 659, 211 664, 799 664, 217 676,126 701,119 285, 562 286,115 287,420 283,478 287, 046 290, 642 283,149 285,294 290,077 294, 586 295,453 323, 975 For account of others 91,078 87,802 87,302 86,153 93,627 86,502 BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings. In thousands of dollars] Borrowings from— Total New York banks and trust companies Date On demand Total Total 3,292,860 3,138,786 3, 256,459 3, 289, 781 3,341,210 1926—Dec. 31 1927—Jan. 31 Feb. 28 Mar. 31 Apr. 30 2, 541,682 2,328, 340 2, 475,498 2, 504, 688 2,541,306 Private banks, brokers, foreign banking agencies, etc. On time 751,178 810, 446 780, 961 785, 093 799,904 On demand 2,803, 585 2, 670,144 2, 757, 385 2, 790, 080 2,864,957 2,127,996 1,963,554 2, 084,852 2, 111, 565 2,146,447 On time Total On demand 489,275 468,642 499,074 499,701 476,253 675,589 706,590 672,533 678, 515 718, 510 413,686 364,787 390,646 393,123 394,859 On time 75, 589 103,855 108,428 106, 578 81,394 ALL MEMBER BANKS DEPOSITS BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY [In thousands of dollars] Time deposits Net demand deposits 1926 1927 1926 1926 1926 1927 Mar. 24 D e c . 29 J a n . 26 F e b . 23 M a r . 23 M a r . 24 Dec. 29 J a n . 26 F e b . 23 Mar. 23 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, 359, 421 6, 280, 529 1, 214, 966 1, 510,744 621, 568 637, 019 2,475, 340 730,377 424, 958 873, 212 650, 879 1,326,138 1,357, 495 6, 537,120 1,201, 346 1, 565,183 613,307 618,079 2, 493,431 726,871 424, 870 874, 982 645, 449 1, 298, 987 1, 337,219 6, 370,129 1,169, 750 1, 467, 382 605, 734 726, 842 2, 412, 260 733,071 452, 286 842, 218 637, 392 1, 259,406 866, 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, 485,011 876,322 2, 553, 959 972, 364 1, 445,162 536, 799 451, 322 1, 937, 889 509,026 435, 250 324,452 176, 503 1, 575, 864 890,769 2, 593, 487 976, 648 1,481, 059 539, 947 453, 357 1, 891, 609 514,079 430, 266 326,770 176,130 1, 576,153 820,818 2, 283, 991 875, 945 1,379,613 518,652 441,056 1,892,013 472,818 439,126 319,296 169,159 1, 357,039 . . . 18,394,549 18,120,993 18,105,151 18, 357,120 18, 013, 689 11,430,134 11, 607, 634 11, 794, 912 11, 850, 274 10, 969, 526 Banks in cities and towns having a population of— Less than 5,000. _ 1, 660,155 1,128, 867 5,000 to 14,999 15,000 to 99,999... 2, 342, 800 100,000 and over.. 13,262,727 1, 632,886 1,112, 540 2, 331, 763 13,043,804 1, 644, 353 1,117, 287 2,346,124 12, 997,387 1, 628, 223 1,115,408 2,353,827 13, 259, 662 1, 701,022 1,140,139 2,367,207 12,805,321 1,801, 754 1,182,386 2,238,458 6,207, 536 1, 821, 094 1,195,967 2,274,149 6,316,424 1,823,250 1,202,251 2,294, 785 6, 474, 626 1,844,336 1,211,002 2, 316,003 6, 478, 933 1, 781, 595 1,147,134 2,192,271 5, 848, 526 Boston New York. Philadelphia Cleveland. Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas -. San" Francisco Total _ _ MAY, 377 FEDEKAL RESERVE BULLETIN 1927 LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OF INTERMEDIATE CREDIT BANKS [In thousands of dollars] LOANS OF FEDERAL AND JOINT STOCK LAND BANKS [In thousands of dollars] 1927 Class of loan Net amount of loans outstanding Date Total 1,566,844 1,587,030 1,606,818 1,620,214 1,632,413 1, 644,105 1, 653,902 1,664,130 1,671,856 1,682,273 1, 692, 826 1,710,295 _ 1,011,088 1,019,486 1,027,361 1,033,045 1,038,385 1,043,955 1,048,184 1,053,336 1,057,217 1,063,056 1,068,596 1,077,819 1927 Jan. 31 Feb. 28 M a r . 31 1,724,821 1,085,170 1,745,404 1,097,642 1,765,365 i 1,109,354 -. Direct loans outstanding o n Cotton Tobacco. Wheat Canned fruits and vegetables _ Raisins. Peanuts 555,756 Wool _ 567,544 Rice._ 579,457 Allother__ _.. 587,169 594,028 Total 600,150 605,718 Rediscounts outstanding 610,794 for— 614,639 Agricultural credit cor619,217 porations 624,230 National banks 632,476 State banks Livestock loan cornSavings banks and trust 639, 651 companies 647,762 656,011 Total... Federal Joint-stock land banks land banks (12 banks) (54 banks) 1926 Jan. 31 _ Feb. 28 _ Mar. 3 1 . . . . . . Apr. 30 M a y 31 June 30 _ J u l y 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 3 1 . . . . 1926 April 2 April 9 April 16 April 23 April 24 15,659 5,986 3,257 13,275 6,159 3,143 12,602 6,120 2,923 12,043 6,113 22,697 12,385 1,146 1,209 5,000 1,203 5,000 1,194 5,000 1,117 5,000 78 1,854 81 1,744 279 402 3,600 60 118 969 281 30,059 29,061 41,658 46 1,920 270 33,347 296 31,014 25,964 17 27,160 15 28,169 14 563 28,814 33 27,753 9 448 19,191 19,166 19,160 12,108 37 46, 971 37 47,949 37 567 19,165 37 45,750 48,613 40,317 BANK DEBITS PAR COLLECTION SYSTEM DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS [Number of banks at end of March] Nonmember banks Number of March, 1927 February, 1927 March, 1926 1 140 34, 492,180 24,027,689 27,439,403 20,781,144 33,005,537 23, 458, 249 11 7 10 13 7 15 21 5 9 15 10 18 2,881,842 35,373,804 2,384,418 2, 659,473 762, 494 1,171,668 5,927,361 1,257,234 643,330 1,255, 790 644, 634 3,557,821 2,400,783 28,167,635 2,028,504 2, 440, 874 672,295 1.074,168 5^ 031,903 1,104,596 558,166 1,094,038 594,894 3,052, 691 2,606,609 33,824,813 2,324,295 2,472,654 799,954 1,311, 891 6,055,020 1,259, 111 694,637 1,218, 619 627,220 3,268,963 141 58,519,869 48,220,547 56, 463,786 centers New York City. Outside New York City Federal reserve districts: Boston New York... Philadelphia... Cleveland Bichmond Atlanta.* Chicago » St Louis Minneapolis. Kansas City_ Dallas San Francisco.».__Total Member banks Federal reserve district On par list Not on par list1 1927 1926 1927 1926 1927 United States 9,143 9,425 13,700 14, 441 3,839 3,981 Boston New York Philadelphia Cleveland . _ Richmond.. Atlanta 416 926 771 846 572 471 1,317 602 744 980 818 680 418 883 757 860 594 495 1,383 622 822 1,017 850 724 244 410 510 1,035 672 313 3,761 1,963 877 2,493 681 741 245 398 513 1,073 702 359 3,791 2,062 1,123 2,635 758 782 10 610 1,031 179 431 1,101 213 204 60 10 676 1,103 262 415 1,067 203 181 64 _.. _.. Chicago. St Louis Minneapolis Kansas City. Dallas San Francisco._ _ 1 Incorporated banks other than mutual savings banks. 1926 378 FEDEKAL BESEKVE BULLETIN M A Y , 1927 CONDITION OF ALL BANKS IN THE UNITED STATES ALL BANKS IN THE UNITED STATES-PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, BY FEDERAL RESERVE DISTRICTS, 1923-1926 [In millions of dollars. Figures are for dates indicated or dates nearest thereto for which figures are available] Federal Reserve District Call date Boston New York Philadel- Cleveland phia Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco L O A N S AND I N V E S T M E N T S 1923—June 30,. Dec. 3 1 - . 1924—Mar. 31.. June 30_. Oct. 10— Dec. 3 1 - . 1925—Apr. 6 . . . June 30_. Sept. 28.. Dec. 3 1 . . 1926—Apr. 12.. June 30.. Dec. 3 1 . . 43,905 44,254 44,622 45,299 46,588 47,464 48,150 49,014 50,019 50,919 51, 081 51,761 52,121 4,967 5,021 5,031 5,147 5,302 5,323 5,476 5,541 5,664 5,738 5,788 5,908 5,970 12,335 12,442 12,631 13,237 13,729 14,205 14,038 14, 521 14, 669 15,144 14, 993 15,533 15,792 3,198 3,228 3,284 3,336 3,452 3,513 3,630 3,654 3,759 3,815 3,903 3,923 4,038 3,912 3,927 4,010 4,062 4,173 4,177 4,278 4,322 4,409 4,374 4,472 4,494 4.488 2,206 2,230 2,246 2,242 2,272 2,281 2,320 2,337 2,380 2,399 2,410 2,402 2,402 1923—June 30.. Dec. 3 1 . . 1924—Mar. 31.. June 3 0 Oct. 1 0 . . Dec. 3 1 . . 1925—Apr. 6__. June 30.. Sept. 28.. Dec. 3 1 . . 1926—Apr. 12.. June 30_. Dec. 3 1 . . 30,189 30,646 30,978 31,218 31,832 32,339 32,856 33,657 34,621 35,533 35, 530 35,958 36,448 3,083 3,146 3,155 3,227 3,347 3,371 3,487 3,548 3,666 3,716 3,700 3,796 3,847 7,874 8,040 8,229 8,540 8,768 9,119 9,051 9,479 9,682 10,251 10,110 10,478 10,849 1,808 1,881 1,933 1,940 2,020 2,043 2,142 2,159 2,294 2,368 2,445 2,438 2,551 2,596 2,622 2,668 2,680 2, 714 2,729 2,828 2,879 2,964 2,963 .3,043 3,044 3,075 1,677 1,715 1,734 1,742 1,751 1,748 1,779 1,804 1,850 1,866 1,873 1,866 1,872 1923—June 30.. Dec. 3 1 . . 1924—Mar. 31.. June 30. _ Oct. 10-. Dec. 3 1 1925—Apr. 6 - . June 30__ Sept. 28-. Dec. 3 1 . . 1926—Apr. 1 2 June 30. . Dec. 3 1 . . 13,716 13,608 13,644 14,081 14,756 15,125 15,294 15, 357 15,398 15,386 15,551 15,803 15, 673 1,884 1,875 1,876 1,920 1,955 1,952 1,989 1,993 1,998 2,022 2,088 2,112 2,123 4,461 4,402 4,402 4,697 4,961 5,086 4,987 5,042 4,987 4,893 4,883 5,055 4,943 1,390 1,347 1,351 1,396 1,432 1,470 1,488 1,495 1,465 1,447 1,458 1,485 1,487 1,316 1,305 1,342 1,382 1,459 1,448 1,450 1,443 1,445 1,411 1,429 1,450 1,413 1,412 1,497 1,493 1,457 1,477 1,536 1,652 1,700 1,889 2,002 1,995 1,850 1,792 6,183 6,200 6,271 6,328 6,539 6,572 6,723 6,846 6,936 7,011 7,062 7,189 7,153 1,888 1,913 1,899 1,883 1,908 1,940 1,951 1,986 2,044 2,069 2,074 2,077 2,052 1,666 1,605 1,552 1,488 1,530 1,564 1,574 1,571 1,586 1,567 1,565 1,549 1,495 1,883 1,827 1,773 1,739 1,744 1,784 1,819 1,824 1,846 1,849 1,840 1,848 1,828 954 1,018 1,010 963 997 1,018 1,044 1,016 1,049 1,071 1,063 1,044 1,030 3,301 3,346 3,422 3,417 3,465 3,551 3,645 3,696 3,788 3,880 3,916 3,944 4,081 4,458 4,471 4,522 4,519 4,593 4,600 4,690 4,822 4,890 4,949 4,979 5,063 5,081 1,429 1,464 1,4&1 1,456 1,485 1,476 1,479 1,495 1,549 1,564 1,567 1,567 1,535 1,327 1,258 1,201 1,142 1,145 1,132 1,108 1,099 1,104 1,070 1,051 1,031 987 1,547 1,496 1,457 1,423 1,407 1,421 1,430 1,429 1,440 1,432 1,411 1,417 1,374 792 831 833 801 829 847 852 837 865 875 867 855 841 2,432 2,478 2,542 2,527 2,536 2,569 2,637 2,693 2,752 2,827 2,846 2,884 2,974 459 449 438 427 423 464 472 491 495 505 507 510 517 339 347 351 346 385 432 466 472 482 497 514 518 508 336 331 316 316 337 363 389 395 406 417 429 431 454 162 187 177 162 168 171 192 179 184 196 196 189 189 869 929 982 1,008 1,003 1,036 1,053 1,070 1,060 1,107 1,570 1,538 1,507 1,481 1,548 1,596 1,602 1,602 1,626 1,622 1,603 1,576 1,526 1, 814 1,765 1,725 1,732 1,809 1,901 1,902 1,922 1,935 1,950 1,918 1,920 1,924 851 1,059 961 917 1,019 1,075 1,078 1,006 1,033 1,099 1,056 1,008 1,053 3,252 3,424 3,403 3,439 3,566 3,666 3,680 3,745 3,801 3,993 3,947 3,971 4,115 102 77 58 59 43 28 23 28 25 20 18 20 19 81 86 56 52 32 16 16 23 23 31 33 32 21 59 17 23 36 23 10 7 20 22 9 19 37 15 60 71 46 28 28 42 54 72 42 60 58 56 LOANS 1,166 1,244 1,243 1,221 1,237 1,284 1,373 1,418 1,565 1,652 1,638 1,519 1,462 INVESTMENTS DEPOSITS 1923—June 30.. Dec. 3 1 1924—Mar. 31.. June 30.. Oct. 10.. Dec. 3 1 . , 1925—Apr. 6__. June 30.. Sept. 28-. Dec. 3 1 1926—Apr. 12.. June 30.. Dec. 3 1 - 40, 653 42,143 41, 958 43, S69 44,162 45, 813 45,837 47, 575 47,968 49, 202 48,713 49, 693 50, 006 4,581 4,687 4,677 4,867 5,003 5,032 5,108 5,218 5,286 5,402 5,427 5,579 5,593 11,393 11,971 12,023 12,970 12,818 13,547 13.169 14; 334 14,141 14,398 14,180 14,971 15,153 101 115 74 37 31 88 85 84 76 114 61 75 121 311 354 214 122 152 295 318 281 379 496 331 304 436 2,776 2, 898 2,887 2,971 3,066 3,166 3,222 3,278 3,318 3,450 3,445 3,479 3,602 3,596 3,662 3,728 3,808 3,870 3,855 3,962 4,042 4,087 4,078 4,121 4,222 4,140 529 515 512 500 521 533 541 533 550 533 537 536 530 1,395 1,357 1,037 816 710 884 915 992 1,140 1,260 1,083 1,120 1,337 115 97 79 54 40 68 59 80 85 95 105 99 115 104 79 64 49 45 81 66 71 92 103 93 85 127 1,725 1,729 1,749 1,809 1,946 1,972 2,033 2,024 2,046 2,062 2,083 2,126 2,072 [EXCLUSIVE O F BANK D E P O S I T S ) 1,927 2,041 1,992 1,982 2,030 2,103 2,093 2,083 2,127 2,217 2,174 2,170 2,222 REDISCOUNTS 1923—June 30_ _ Dec. 3 1 1924—Mar. 31.. June 30. _ Oct. 10.. Dec. 3 1 1925—Apr. 6— June 30_. Sept. 28-. Dec. 3 1 . . 1926—Apr. 12.. June 30.. Dec. 3 1 . . 246 253 250 236 240 252 279 287 324 350 357 331 330 126 93 106 112 97 80 87 120 120 89 91 106 76 1,304 1,410 1,398 1,363 1,416 1,553 1,670 1,704 1,917 2,107 2,059 1,805 1,741 5,862 5,951 5,950 6,119 6,254 6,446 6,486 6,737 6,747 6,855 6,844 7,005 6,970 A N D BILLS 71 99 86 80 72 52 48 57 69 53 77 90 93 1,727 1,737 1,707 1,720 1,763 1,873 1,865 1,904 1,950 2,031 1,989 1,987 1,967 PAYABLE 157 181 134 106 83 102 130 123 108 158 143 155 191 69 99 72 63 64 36 34 53 69 50 52 59 67 MAY, 379 FEDERAL RESERVE BULLETIN 1927 ALL MEMBER B A N K S - PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, BY FEDERAL RESERVE DISTRICTS [In millions of dollars] Federal Reserve District Call date Total Boston New York Philadelphia Cleveland Richmond Kansas Atlanta Chicago St. Louis Minneapolis City Dallas San Francisco LOANS AND INVESTMENTS 1923—June 30. Dec. 31. 1924—Mar. 31. June 30Oct. 10. Dec. 31. 1925—Apr. 6 . . June 30. Sept. 28. Dec. 311926—Apr. 12. June 30_ Dec. 31- 26,675 26,738 26,832 27,262 28,451 29,027 29,285 29,702 30,369 31,199 31,070 31,391 31,896 2,051 2,049 2,026 2,060 2,172 2,172 2,207 2,252 2,325 2,395 2,391 2,426 2,458 7,597 7,656 7,693 8,121 8,554 8,849 8,638 8,869 8,957 9,516 9,213 9,477 9,849 1,966 1,973 1,994 2,033 2,139 2,170 2,232 2,251 2,312 2,341 2,412 2,423 2,482 2,749 2,742 2,799 2,839 2, 941 2,934 3,007 3,033 3,098 3,061 3,131 3,167 3,139 1,188 1,210 1,217 1,198 1,220 1,228 1,250 1,256 1,281 1,297 1,298 1,282 1,278 1923—June 30. Dec. 31. 1924—Mar. 31. June 30Oct. 10. Dec. 31. 1925—Apr. 6 , . June 30. Sept. 28. Dec. 311926—Apr. 12. June 30_ Dec. 31. 18,880 19,052 19,176 19,264 19,820 20,182 20,390 20,814 21,450 22,275 22,006 22,267 22,906 ]L.463 5,114 5,225 5,278 5,452 5,625 5,901 5,771 5,970 6,104 6,726 6,380 6,567 7,044 1,176 1,192 1,220 1,241 1,287 1,289 1,352 1,382 1,450 1,489 1,552 1,578 1,620 1,840 1,843 1,864 1,877 1,900 1,903 1,978 2,016 2,071 2,064 2,117 2,141 2,151 925 950 959 954 959 960 980 991 1,019 1,033 1,030 1,017 1,014 922 985 970 937 957 1,000 1,061 1,085 1,201 1,250 1,241 1,173 1,163 746 3,915 3,909 3,940 4,014 4,227 4,220 4,290 4,382 4,443 4,491 4,503 4,582 4,552 1,160 1,188 1,181 1,162 1,187 1,226 1,249 1,230 1,283 1,312 1,335 1,320 1,314 897 864 854 825 867 907 907 888 896 893 890 881 862 1,148 1,098 1,059 1,040 1,059 1,081 1,117 1,116 1,137 1,133 1,139 1,157 1,136 812 777 733 767 791 814 792 823 833 833 808 808 2,336 2,252 2,322 2,300 2,361 2,449 2,513 2,548 2,613 2,677 2,684 2,695 2,855 2,885 2,878 2,922 2,952 3,079 3,039 3,082 3,190 3,252 3,284 3,295 3,377 3,398 820 854 856 844 874 885 892 878 930 951 972 952 948 691 656 640 611 629 631 612 597 600 586 576 568 554 886 849 823 800 795 801 812 805 817 805 794 811 777 601 650 629 597 625 646 651 638 664 668 668 650 652 1,741 1,686 1,740 1,722 1,731 1,769 1,818 1,849 1,890 1,943 1,944 1,959 2,079 340 334 325 318 313 341 357 352 • 353 361 363 368 366 206 208 214 214 238 276 295 291 296 307 314 313 308 262 249 236 240 264 280 305 311 320 328 345 346 359 145 162 148 136 142 145 163 154 159 165 165 158 156 595 566 582 578 630 680 695 699 723 734 740 736 776 816 807 800 805 842 876 875 871 868 880 869 861 847 1,046 1,021 645 779 719 676 754 795 796 764 791 822 805 761 800 LOANS 1,471 1,458 L,450 :1,536 L, 542 :L, 580 1,620 .L, 690 L, 726 L686 1,707 ]1,738 738 798 787 764 780 816 862 878 963 1,000 992 940 931 INVESTMENTS 1923-June 30. Dec. 31. 1924—Mar. 31. June 30. Oct. 10. Dec. 31. 1925—Apr. 6. June 30. Sept. 28. Dec. 31. 1926—Apr. 12. June 30. Dec. 31. 7,795 7,686 7,656 7,998 8,631 8,845 8,895 8,888 8,919 8,924 9,064 9,124 8,990 588 578 568 610 636 630 627 632 635 669 705 719 720 2,483 2,431 2,415 2,669 2,929 2,948 2,867 2,899 2,853 2,790 2,833 2,910 2,805 790 781 774 792 852 881 880 869 862 852 860 845 862 1923—June 30. Dec. 31, 1924—Mar. 31. June 30. Oct. 10. Dec. 31. 1925—Apr. 6. June 30. Sept. 28. Dec. 31. 1926—Apr. 12. June 30. Dec. 31. 23,837 24,974 24, 768 25,675 26,282 27,814 27,145 28,403 28,172 30,007 29,021 29,743 30,454 1,830 1,879 1,850 1,938 2,041 2,050 2,023 2,112 2,148 2,245 2,228 2,296 2,285 6,778 7,418 7,425 7,925 7,818 8,800 7,994 8,838 8,346 9,453 8,631 9,177 9,686 1,657 1,727 1,699 1,757 1,849 1,894 1,915 1,959 1,986 2,076 2,079 2,094 2,166 1923—June 30. Dec. 31. 1924—Mar. 31. June 30. Oct. 10. Dec. 31. 1925—Apr. 6. June 30. Sept. 28. Dec. 31. 1926—Apr. 12. June 30. Dec. 31. 1,073 1,018 745 503 433 657 700 718 877 1,011 841 819 1,014 91 105 58 28 22 300 325 206 110 128 280 306 261 353 472 329 279 394 88 71 56 34 24 49 42 57 58 65 72 70 79 909 899 935 962 1,041 1,031 1,029 1,017 1,027 997 1,014 1,026 988 263 260 258 244 261 268 270 265 262 264 268 265 264 184 187 183 173 177 184 199 207 238 250 249 233 232 1,030 1,031 1,018 1,062 1,148 1,181 1,208 1,192 1,191 1,207 1,208 1,205 1,154 DEPOSITS (EXCLUSIVE OF BANK DEPOSITS) 2,447 2,494 2,536 2,604 2,659 2,637 2,730 2,781 2,806 2,804 2,856 2,929 2,882 . 988 1,044 1,026 1,018 1,052 1,092 1,084 1,090 1,105 1,157 1,137 1,138 1,164 817 879 855 850 877 953 1,004 1,027 1,127 1,220 1,168 1,108 1,092 3,562 3,618 3,568 3,762 3,873 4,004 3,986 4,185 4,166 4,285 4,224 4,340 4,316 980 1,016 1,005 1,014 1,050 1,121 1,122 1,097 1,114 1,182 1,196 1,171 1,186 997 1,013 1,050 1,082 1,091 1,113 1,113 1,140 1,126 1,154 1,148 2,271 2,292 2,288 2,313 2,417 2,510 2,525 2,566 2,602 2,743 2,702 2,714 2,882 REDISCOUNTS AND BILLS PAYABLE 78 74 74 66 105 49 65 113 85 59 48 32 32 62 48 52 73 81 72 65 98 86 66 73 69 53 51 52 69 71 58 55 60 40 44 69 62 47 41 30 27 31 38 37 55 50 57 95 117 74 52 38 52 84 79 73 102 90 101 118 51 65 48 32 37 15 18 25 49 30 31 36 37 43 27 18 19 12 6 6 59 53 25 23 10 6 7 8 5 9 11 17 20 17 7 6 5 5 7 47 13 17 24 16 7 4 13 16 6 12 25 11 84 48 60 33 20 21 32 41 61 33 50 46 55 380 FEDERAL RESERVE BULLETIN MAY, 1927 NONMEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, BY FEDERAL RESERVE DISTRICTS fin millions of dollars. Figures are for dates indicated or dates nearest thereto for which figures are available] Federal Reserve District Call date Total Boston PhilNew adel York ~ Yorlc I phia Cleveland Richmond ! Atlanta Chicago St. Louis Minne- Kansas apolis City j Dallas San Francisco LOANS AND INVESTMENTS 1923—June 30. Dec. 31. 1924—Mar. 31. June 30. Oct. 10. Dec. 31. 1925—Apr. 6 . . June 30. Sept. 28 Dec. 31. 1926—Apr. 12. June 30. Dec. 31. 17,230 17,516 17,790 18,037 18,137 18,437 18,865 19,312 19, 650 19,720 20,011 20,370 20,225 2,916 2,972 3,005 3,087 3,130 3,151 3,269 3, 2S9 3,339 3,343 3,397 3,482 3,512 4,738 4,786 4,938 5,116 5,175 5,356 5,400 5,652 5,712 5,628 5,780 6,056 5,943 1,232 1,255 1,290 1,303 1,313 1,343 1,398 1,403 1,447 1,474 1,491 1,500 1,556 1923—June 30. Dec. 31. 1924—Mar. 31. June 30. Oct. 10, Dec. 31. 1925—Apr. 6.. June 30. Sept. 28. Dec. 31. 1926—Apr. 12. June 30. Dec. 31, 1,620 11,309 11, 594 1,675 11,802 1,697 11,954 1,777 12,012 1,811 12,157 1,829 12,466 1,907 12,843 1,928 13,171 1,976 13, 258 1,990 13,524 2,014 13, 691 i 2,089 13,542 2,109 2,760 2,815 2,951 3,088 3,143 3,218 3,280 3,509 3,578 3,525 3,730 3,911 3,805 632 689 713 699 733 754 790 1.296 1.297 1,308 1,310 1,319 1,322 1,362 1,361 1,363 1,353 1,383 1,393 1,403 1,978 1,971 1,987 2,028 2,032 2,138 2,120 2,143 , 2,134 2,103 2,050 2,145 2,138 2,751 4,615 4,553 4,598 5,045 5,000 4,747 5,175 5,496 5,795 4,945 5,549 5,794 5,467 1,163 1,185 1,211 1,223 1,232 1, 243 1,271 1,289 1,311 1,313 1,341 1,327 1,349 1,018 1,020 1,029 1,044 1,052 1,053 1,070 1,081 1,099 1,102 1,112 1,120 1,124 844 879 893 860 931 756 779 804 803 814 826 850 863 893 899 926 903 924 752 765 775 788 792 788 799 813 831 833 843 849 858 600 566 577 604 580 589 608 626 603 595 598 640 625 407 406 407 420 418 417 421 426 418 414 415 424 425 490 512 523 520 520 536 591 615 688 752 754 677 629 2,26S 2,291 2,331 2,314 2,312 2,352 2,433 2,464 2,493 2,520 2,559 2,607 2,601 728 725 718 721 721 714 702 756 761 757 739 757 738 1,573 1,593 1,600 1,567 1,514 1,561 1,608 1,632 1,638 1,665 1,684 1,686 1,683 609 610 605 612 611 591 587 617 619 613 595 615 587 LOANS i j | i ! I 777 I 428 446 456 457 457 468 511 535 602 652 646 579 531 191 j 181 i 204 204 204 201 201 199 201 207 199 205 189 502 504 484 475 463 433 691 792 802 805 805 800 819 844 862 884 902 925 INVESTMENTS 1923—June 30_ Dee. 31. 1924—Mar. 31. June 30. Oct. 10Dec. 31. 1925—Apr. 6.. June 30. Sept. 28 Dec. 31. 1926—Apr. 12. June 30. Dec. 31. 5,921 5,922 5,988 6,083 6,125 1923—June 30. Dec. 31. 1924—Mar. 31. June 30_ Oct. 10. Dec. 31, 1925—Apr. 6.. June 30. Sept. 28. Dec, 31. 1926- Apr. 12. June 30. Dec. 31. 16,816 17,169 17,190 17, 694 17,880 17, 999 6, 6,479 6,462 6,487 6, 679 266 255 254 256 260 265 271 268 268 269 269 271 266 274 302 298 312 299 302 313 304 313 319 330 324 331 731 747 798 791 825 832 855 855 875 921 918 80 86 100 108 'DEPOSITS (EXCLUSIVE OF BANK DEPOSITS) 2,827 2,929 2,982 3,085 3,106 3,138 3,157 3,199 3,283 3,308 19,172 19, 796 19,195 19,692 19,950 19,552 1,119 1,171 1,188 1,214 1,217 1,272 1,307 1,319 1, 332 1,374 1,366 | 1,385 1,436 | 2,300 2,333 2,382 2,357 j 2,381 I 2,442 | 2,500 2,552 2,581 2,570 2,620 2,665 2, 654 1,149 1,168 1,192 1,204 1,211 1,218 1,232 1,261 1,281 1,274 1,265 1,293 1,258 R E D I S C O U N T S AND BILLS 1923—June 30. Dec. 31. 1924—Mar. 31. June 30_ Oct. 10. Dec. 31. 1925—Apr. 6.. June 30. Sept. 28 Dec. 31. 1926—Apr. 12. June 30_ Dec. 31. 322 339 292 313 277 227 215 274 263 249 242 301 323 10 10 16 9 9 10 11 10 10 i 9 12 10 8 11 29 8 12 24 15 12 20 26 24 2 25 42 27 26 23 20 16 19 17 23 27 30 33 29 36 19 20 16 17 13 19 18 19 19 22 21 20 29 40 27 33 43 44 29 35 51 49 31 36 46 36 27 30 24 33 31 22 21 26 31 16 22 40 36 747 721 702 706 713 752 743 807 836 849 793 816 781 754 731 707 676 706 720 727 731 758 742 734 715 679 768 744 728 719 759 819 811 809 822 810 792 766 776 59 50 40 40 31 22 17 19 17 15 12 15 14 22 33 31 29 22 10 9 14 12 14 13 15 14 206 280 242 241 265 280 282 242 242 277 251 247 253 981 1,132 1,115 1,126 1,149 1,156 1,155 1,179 1,199 1, 250 1,245 1,257 1,233 PAYABLE 62 64 60 54 45 50 46 44 35 56 53 54 73 18 34 24 31 27 21 16 28 20 20 21 23 30 12 4 6 12 j 7 15 12 11 13 S 7 10 13 11 9 10 12 1 381 FEDERAL RESERVE BULLETIN MAY, 1927 ALL BANKS IN THE UNITED STATESi—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31, 1926, AND JUNE 30, 1926, BY STATES 2 [In thousands of dollars] Loans and investments Deposits (exclusive Rediscounts and of bank deposits) bills payable3 Total December June Loans December June December June December June December June N@w England: 394,636 389,202 187,600 183, 819 207,036 205,383 373,038 367, 724 Maine 3,783 3,269 New Hampshire 269,924 131,112 243,498 138,812 2,820 Vermont 152,374 ""227," 840 227, 214 "~151~353 4,051 74,840 """215," 270 211, 527 """3," 142 Massachusetts 3,729,562 3,700,789 2, 611,100 2,577,487 1,118,462 1,123,302 3,480,558 3,509,639 104,400 54,622 Rhode Island.. 474,409 460,106 1,819 495, 026 479,198 265, 796 258,865 229,230 220, 333 737 Connecticut 6,862 1,101, 072 1, "" 620,148 615,499 480,924 473,184 1,039,315 1,021,523 9,738 Middle Atlantic: New York_._ 13,775,694131,605,847 9, 604, 207 9,314,443 4,171,487 4,291,404 13, i, 214, 238 13, !, 118,224 406,090 274,986 New Jersey..«. 2,175,476 2,073,078 1,412,821 1,315,611 762,655 757,467 2, 087,251 1,983,812 44,276 46,562 Pennsylvania „ 5,287,792 5,184,995 3,197,483 3,072,474 2,090,309 2,112,521 4, 4,573,280 137,888 108,046 East North Central: Ohio 2,458,739 2,471,907 1,864,323 1,86!, 594,416 608,419! 2,324,586 2,433,279 80,975 49,101 Indiana 868,762 869,263 676, 224 676, 091 192,538 193,172| _ §25,108 832,506 48,379 42, 062 Illinois 3,525,987 3,516,978 2,660,473 2,608,719 865,514 908,259 3,393,723 3,361,263 51,733 63,420 Michigan 1,727,587 69,405 30,407 1,730,859 1,736,710 844,922 849,336 885,937 887,374 1,6 18,344 16,450 Wisconsin 876,319 874,763 625,238 625,825 251, 081 248,938 867,779 W©st North Central: Minnesota 902, 551 923,046 580,251 589,855 322,300 333,191 4 905, 728 11,690 9,697 Iowa _ 791, 065 95, 567 102,469 824; 602 4856,473 16,646 13,701 695,498 733,910 Missouri 1,237,737 1,254, 228 906, 514 921, 353 331, 223 332,875 1,173,944 1,184,656 30,172 25,975 North Dakota „._ 135,029 148,042 102,980 113, 035 2,102 3,104 32,049 35,007! 148, 788 158,912 South Dakota 122,941 144/553 3,184 4,036 94,262 114,737 28,679 29,816i 136,382 160,154 412, 704 419, 092 350,959 360,465 Nebraska 8,905 5,647 61, 745 58,627J i 421,216 4 433,264 404,568 408,436 318,432 331, 639 5,333 9,037 Kansas 86,136 76,797 422,999 418,281 South Atlantic: Delaware 124, 054 118,962 69,453 111,572 106, 242 1,725 1,281 50,645 73,409 Maryland. 774,324 749,898 493,076 465,340 281,248 284, 558 725, 028 10,370 10,241 232, 752 232, 207 174,400 171,339 District of Columbia. 225,179 231, 555 58,352 4,013 533,868 533, 701 458, 421 459,133 Virginia. __ 451,616 436, 589 19,357 29,472 75,447 74, 568 364,010 366,260 306,491 305, 547 West Virginia 338,811 332,876 13,977 16, 780 57,519 60,713 393,081 358,857 21,004 32, 586 North Carolina 397,393 353,150 357,191 39,931 40, 202| 371,259 181,604 201, 078 148, 542 169, 704 182, 726 South Carolina... 181,973 6,985 16, 292 33,062 31,374! 346, 510 374,577 299, 093 326, 947 325,294 11,792 47,417 47,630! 320,168 Georgia™. 486, 765 566, 771 18,405 121,889 Florida.__ __.' 460,670 501, 702 343,377 379,813 117,293 10,721 East South Central: Kentucky 364,341 397,939 454,127 9,325 89,786 13,076| Tennessee. 48,071 47,084 4 375,657 384,703 393,670 391, 255 345, 599 344,171 270,769 4 254,275 7,642 14,705j Alabama 45, 654 48, 065 267,311 269,185 219,246 223,531 216, 789 214, 653 Mississippi 7,440 14,368 206,017 216,979 160,938 173,280 45, 079 West South Central: 8,104 14,2451 24,807 201, 772 206, 961 Arkansas 198,691 213,821 173,884 186,906j 26,915| 63,382 399,332 381,213 34,240 24,747 Louisiana 421,461 406, 043 358,079 341,890 64,153 411,741 6,982 Oklahoma..356,179 367,659 236,535 255,651i 119, 644 112,008 2,438 Texas 905,391 920,139 741,322 754.1081 164,0691 166,031 913,818 881,884 13,303 32,366 Mountain: 494 129,268 123,914 80,6261 48,005 135,137 1,767 Montana 145,491 81,263 538 1,611 76,705 49, 359 26, 882 23,945 81,228 73,304 86,755 • Idaho 49,823 120 748 52,408 37,420 14,326 12, 918 54,200 50,338 59,196 38,082 Wyoming . 1,117 3,131 96,268 93,696 293, 485 275,705 262,353 256,583 166,085 162,887! Colorado 28 20,425! 10,305 ' 8,585 4 35,396 29,010 846 31,005 20,700 New Mexico ._. 31,353 42, 937! 14,699 57, 636 58,319 40,176 18.143 71,287 i 67,680 81,187 31,635! Arizona 28,960 129,208 118,448 2,134 1,762! 29.144 143,406 135,412 114, 262 106,452 Utah 7, 707| 27,133 37,694 35,267 34,840 7,734 27,533 Nevada __36,905 Pacific: 141,079 133,911 418,865 413, 938 3,923 2,143 401,079 398,446 260,000 264,535 Washington 85,109 270,307 269,732 4,582 255,7841 254,695 164,208 169,586 j 91,576 Oregon _______ 771,671} 3,126,484 3,008,035 45,945 California.. __.. 3,132,321 3,010,111 2,332,698 2, 238,440j Total... 1 Number of reporting banks Investments DecemJune ber 145 105 445 37 231 148 123 105 443 38 229 1,156 562 1,668 1,144 541 1,658 1,081 1,084 1,873 739 1,084 1,087 1,882 736 983 1,238 1,412 1,481 555 422 1,043 1,223 1,298 1,476 1,522 599 474 1,058 1,254 48 244 43 509 346 489 301 512 336 48 245 43 512 346 495 330 557 337 530 357 326 610 543 355 337 465 234 717 478 239 738 214 152 92 305 61 47 110 34 220 156 93 309 63 47 112 34 362 265 626 164 272 621 52,120,787 5l, 761,602 36,447,953 35,958,282 15,672,834 15,803,320 50,005, 659 49, 693,100 1,337,244 1,120,541 27, 377 27,854 Includes all national, State, and private banks in the United States except a certain number of nonreporting private banks not under State supervision. 2 Figures for State institutions are taken from the following table and represent in some cases the condition of banks as of dates other than December 31 and June 30, 1926. 3 Includes acceptances of other banks and foreign bills of exchange sold by member banks with indorsement. i Includes due to banks. * Includes all other liabilities. 382 FEDERAL RESERVE BULLETIN MAY, 1927 ALL STATE BANKSi—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31, 1926 , AND JUNE 30, 1926,» BY STATES [In thousands of dollars] Loans and investments Total December New England: Maine ___ New Hampshire Vermont Massachusetts _ Rhode Island Connecticut.--Middle Atlantic: New York _.New Jersey __. Pennsylvania East North Central: Ohio Indiana ..__ Illinois Michigan Wisconsin. West North Central: Minnesota Iowa Missouri North Dakota... South Dakota Nebraska Kansas _._ South Atlantic: Delaware _.. Maryland _ ___ District of Columbia Virginia _ _ West Virginia . North Carolina _. South Carolina Georgia Florida East South Central: Kentucky.... _ Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana.. Idaho Wyoming Colorado New Mexico Arizona .. Utah Nevada Pacific: Washington Oregon _ California Total... _ Deposits (exclusive of bank deposits) Loans June 259,404 256,422 204, 656 166,217j 167,942 December Investments June 118,306 114,930 92,440 115,582 117,795 2,586,417' 2,559,900 1,782,888 1,753,050 440,437 428,078 230,895 873,497 850,174 466,373 449, 871 December 141,098 50, 635 209,542 407,124 June December June Rediscounts and bills payable DecemJune ber 1,655 243,877 141,492 248,017 189,215 112,216 162,166 " l , 4 7 4 50,147 "~I62,~533 806,850 2,446,796 2, 446,893 21,394 420,004 201,694 430,123 1,713 400,303 829,432 2,871 2,155 57 1,763 6,848 Number of reporting banks December June 90 4,345 59 290 24 168 289^ 25 166 9,334, 227 9,177,784 6,481,936 6,286,461 2, 852,2912,891,323 9,160,740 9,102,272 1,360, 865 1,281,974 905,755 830,358 455,110 451, 616 1,306,997 1,223,529 2,771,718 2,715,703 1, 1,547,2861, 138,825 1.., 168,417 2,494,674 2,437,391 62,012 21,871 70,721 59,308 25,563 48,258 610 272 792 602 258 787 1,701,018 1,706,139 1,339,203 1,337,799 531,535 527,065 438,539 434,069 2,189,593 2,181,035 1, 638,200 1, 599,953 1,287,367 1,284, 683 529,449 532,235 513, 523 371,181 509, 732 373,920 47,225 41,053 25,232 51,409 7,702 23,000 33,122 23,094 14,185 5,360 734 844 1,379 605 823 733 847 1,385 606 9,194 ; 10,369 19, 839 16', 703 1,552 2,048 2,114 2,987 5,222 4,034 3,736 5,387 952 1,112 1,345 409 322 883 967 1,000 1,161 1,386 442 551, 393 757, 918 139,603 1,743,893 524,099 513', 170 92,996 581,082 2, 209, 674 2,200,115 752,448 1,255,071 1,277,316 527.581 529,171 138,551 158,409 25, 207 214,316 8,547 8,481 24,198 28,033 361,815 403,960 517,268 747,329 60,327 67,010 243,333 218, 642 421, 841 545,856 763,666 67,835 81, 501 243,956 223, 202 251,742 495,391 529,971 53, 288 58,338 218,142 186,262 263,432 520, 649 549,350 59,288 73,020 219,758 195,169 152, 218 21, 877 217,358 7,039 8,672 25,191 32,380 101,951 534,772 115,404 212, 596 198,945 246,151 83, 643 196,821 97,715 515,998 114, 660 217,265 201,052 244, 697 102,294 222,433 260,571 60,915 333,214 87,762 191,348 174,311 226,218 71,709 178,787 57,793 310,118 41,036 39,922 201, 558 205, 880 27, 642 28, 631 21,248 20,793 24,634 25,719 19,933 20, 681 11,934 12,021 18,034 19,509 44,685 47,319 202,761 123,042 134,530 222,887 200,745 128,347 144, 988 183,332 110, 767 109,983 186,365 182,240 116, 295 120, 526 19,429 12,275 24,547 36, 522 18,505 12,052 24,462 123,091 315,178 65,780 196,160 134,357 308, 544 68, 879 216, 711 113, 590 264, 584 47,080 170,385 124,379 258,498 51,066 192,106 9,501 50,594 18,700 25,775 9,978 50,046 17,813 24, 605 128,113 307, 651 83,272 220,218 131,180 295,212 81,809 221, 568 63,191 30, 659 18, 529 58,295 60,658 29, 468 18,125 58,121 7,583 38,218 94,392 19, 883 39, 459 18, 732 15,242 41,105 5,848 27,247 80,972 16,857 18, 792 15,384 41,185 5,842 28,833 76,264 16, 834 23,732 11,927 3,287 17,190 2,221 11,825 18,711 3,031 21, 595 10, 676 2,741 16,936 1,741 9,385 18,128 3,049 72, 668 36,497 22,129 67,182 33,977 20,003 65,295 9,471 s 47, 596 87,485 22,988 334 183 111 262 25 s 45,045 81,058 22,783 107,417 108,246 161,956 157,520 58,219 82,480 59, 886 82,322 2,231,813 2,227, 669 1, 661, 857 1, 656, 594 54, 539 24, 261 569, 956 163, 550 49,274 170, 597 22,436 88,944 89,220 571,075 2,275,634 2,281, 642 435,025 3 590,921 788,339 75,950 94,872 275,201 3 234,383 419,128 » 565,376 765,140 69,466 77,146 268,048 3 233,511 997 88, 675 491,788 111,450 171, 814 187,235 228, 943 91,563 188.582 307,262 958 4,603 1,504 8,785 7,855 15,045 3,728 9,626 13,472 558 5,684 967 15, 667 9,136 20,493 10,896 20,984 9,305 29 160 30 339 222 410 233 430 273 29 161 30 340 222 415 260 475 274 204,311 205, 659| 215,921 » 131,304 3124,920 146,149 146,395 16,579 4,314 4,516 6,410 8,921 10,038 427 253 290 471 437 253 300 5,889 10,630 21,074 17,076 705 2,644 4,885 13,211 384 201 359 782 394 207 368 806 <477 1,797 875 671 509 1,032 293 *628 1,432 139 97 60 178 31 32 90 24 100 61 182 32 32 92 24 916 1,722 10,669 1,641 2,080 20,947 25J 168 358 256 175 357 32,599,039 32,395,246 22,711,482 22,429,086 9,887,557 9,966,160 31,991,751 31,959,976 552,429 491,293 19,471 19,882 39,072 99,683 19,888 196,472 175,333 224,016 90,273 202,924 213,252 93,059 509,834 111, 925 177,012 189,380! 239,070 85, 722' 179,501 [ 255,167 I 144 * Includes all State and private banks in the United States except a certain number of nonre porting private banks not under State supervision Or dates nearest thereto for which figures are available. * Includes due to banks. * Includes ail other liabilities. 1 NOTE.—All figures used in the June column are as of June 30 except as follows: Alabama, July 29,1926; Kentucky, June 30, 1925; Tennessee Apr. 12, 1926; North Dakota, June 29, 1926; Kansas, May 20, 1926; Missouri, Apr. 30, 1926. All figures used in the December column are as of Dec. 31 except as follows: New Hampshire, June 30; Massachusetts (savings banks), Oct. 30; New York—State banks, NOT. 15, savings banks, July 1; Kentucky, June 30, 1925; North Carolina, Nov. 4; Alabama, Dec. 30 Te nnessee, Nov. 22; Missouri. Nov. 22; Kansas, Dec. 27; Oklahoma, Dec. 30; Georgia, Dec. 27. 383 FEDERAL RESERVE BULLETIN M A Y , 1927 STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS ABSTRACT OF REPORTS FOR THE LAST SIX MONTHS OF 1926, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Federal Reserve District New Boston York (39 (163 banks) banks) Capital stock paid in. Surplus fund Total capital and surplus . - . 41,525 43,750 297, 856 267, 816 85,275 565, 672 135, 829 198,119 Gross earnings: Interest and discount on loans 15,166 Interest (including dividends) on investments __ 5,543 Interest on balances with other banks. 358 Interest, unclassified 1 Domestic exchange and 72 collection charges 90 Foreign department 472 Commissions received 1,218 Trust department 608 Profits on securities sold... 878 Other earnings Total earnings Expenses: Salaries and wages «... Interest and discount on borrowed money „ Interest on bank deposits. Interest on demand deposits „. . Interest on time deposits _. Interest, unclassified l Taxes Other expenses Total expenses Net earnings since last reportRecoveries on charged-ofC assets: Loans and discounts Bonds, securities, etc All other Total net earnings and recoveries . Losses charged off: On loans and discounts On bonds, securities, etc__ On banking house, furniture, and fixtures All other losses „__ Total losses charged off.. Net addition to profits Dividends declared 1 „__ •,. Total San Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran(1,34.5 delphia land Louis apolis City (27 (110 (97 (318 (110 mond cisco banks) (85 (118 (55 (71 (152 banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) 48, 855 85,595 86,974 112,524 20,837 30,250 14,685 19,361 121,407 121,088 40,416 26,053 4,787 2,065 8,765 3,344 35,522 49,611 242,495 66,469 6,852 12,109 6,112 2,274 86,515 38,976 792,920 738,910 8,386 125,491 1,531,830 74,090 10,971 29,899 4,944 9,132 36,302 9,568 1,158 1,960 1,152 33, 971 228,313 32,160 6,663 9,743 738 1,113 12,521 3,287 402 993 63 7,776 81,002 895 5,722 130 22 404 323 87 712 197 268 757 6,528 206 911 112 130 39 128 680 597 3,919 15,755 291 7,265 4,033 6,341 6,496 13,027 32 19 168 2,653 1,354 965 84 194 375 2,269 2,509 3,926 77 95 152 250 330 490 435 248 251 344 488 1,315 620 545 1,822 2,908 4,750 6,707 385 23 658 436 694 1,786 54 414 51 1 59 30 15 88 27 9 23 130 130 1,043 78 4 14 7 69 258 685 214 1,677 1,353 3,705 2,410 9,178 8,241 18,256 18,734 33,999 24,405 150,320 22, 977 49, 726 7,875 13, 791 73, 460 17,954 2,272 4,557 1,554 50,916 419, 807 4,308 29,079 4,350 9,283 1,738 2,808 15,399 3,611 503 950 574 10, 848 83,451 198 300 1,632 3,347 341 224 665 1,117 259 280 667 624 885 1,719 940 393 51 265 78 35 12,379 13,310 17,703 6,609 16,937 2,560 2,790 1,177 i;064 2,504 4,488 13,193 413 2,424 4,687 521 1,353 278 583 976 1,056 1,756 81 1,055 2,074 7,102 13,166 2,502 3,043 9,445 1,366 3,008 234 1,073 2,335 714 309 41 258 791 82 81 10 90 331 609 787 2,857 15,453 164 1,692 6,126 6,340 9,145 4,535 5,402 618 1,191 2,756 15 54 107 507 135 87 248 37,767 70,328 23,356 19,169 49,210 19,308 100, 996 15,010 36, 270 5,988 10,121 53,261 12,960 1,656 3,379 1,281 38, 536 298, 766 5,097 49, 324 7,967 13,456 1,887 3,670 20,199 4,994 616 1,178 273 12,380 121, 041 162 481 470 1,102 596 333 20 240 36 190 50 60 84 80 10 267 100 77 484 135 79 •332 19 450 46 21 6 59 5 26 32 2 15 336 241 3,114 1,736 1,803 6,210 51,355 8,263 13,756 2,061 4,114 20,. 897 5,795 689 1,268 322 12, 964 127,694 1,229 805 5,916 1,046 924 922 557 94 2,440 135 417 41 510 86 20,280 5,144 766 232 65 80 311 143 185 805 37 65 5 103 298 18 33 144 3,698 240 1,153 1,725 2,353 781 662 481 4,277 1,698 246 189 573 240 730 238 245 4,846 5,353 2,934 560 704 493 1,202 757 5, 897 35, 623 129 564 2 171 7,067 92,071 145 493 196 5,853 57,272 2,796 9,840 1,453 2,844 796 3,029 3,414 41,515 6,810 10, 912 1,265 1,085 16, 620 2,861 2,918 23, 491 4,263 5,913 1,188 2,025 8,666 2,121 • 7 Represents interest received or paid by those banks which could not readily obtain from their records the more detailed information called for for the first time in the December report. . 2 Net loss. 384 FEDEKAL RESERVE BULLETIN MAY, 1927 BRANCH BANKING [See also tables on pages 316-318] TABLE I.-BANKS OPERATING AND NOT OPERATING BRANCHES Number of banks December, 1926 Class of bank Total Not Decem- DecemOperat- operatber, ber, June, ing ing 1926 branches branches 1925 1924 Total 27,377 789 26,588 2.9 2.8 2.5 9,260 7,906 1,354 336 141 195 8,924 7,765 1,159 3.6 1.8 14.4 3.5 1.6 13.7 3.1 1.3 12.2 18,117 453 17,664 2.5 2.5 2.2 Nonmember State, total member and nonmember-__ 19,471 648 18,823 3.3 3.3 3.0 TABLE 2.—INCREASE IN NUMBER OF B A N E S OPERATING BRANCHES Increase Decem- Decem- June, Decem- June, June, ber, ber, ber, 1924 19241926 1925 1925- 1924- DecemDecem- December, ber, ber, 1925 1926 1926 789 786 714 3 72 75 Member, total National State- 336 141 195 329 132 197 299 108 191 6 9 -2 31 24 6 37 33 4 Nonmember Commercial and trust Mutual savings. Private 453 457 415 -4 42 38 394 50 9 410 47 0) 387 28 -16 3 23 19 7 22 Total State, total member and nonmember_.. 648 i Not separately tabulated. 654 0 606 -6 48 Class of bank December, 1926. December, 1925_ Increase..- 786 3 446 446 131 135 124 118 6 38 39 -1 100 December, 1926 Member banks, total: National 1 State -Nonmember State banks, total Commercial and trust Mutual savings Private 141 195 453 34 100 86 78 70 282 12 394 50 235 41 6 i Maximum number of branches operated b y any one bank. Number of banks operating branches Class of bank Banks operating specified number of branches Percentage operating branches Member, total. National State - TABLE 3.—SIZE OP BRANCH SYSTEMS 42 45 45 13 TABLE 4 . - B R A N C H S Y S T E M S A N D N U M B E R O F BRANCHES, CLASSIFIED BY POPULATION OF CITY OF PARENT BANK Number of banks operating branches Population of city of parent bank 2 3-5 Over 10 6-10 Total 1 branch branches branches branches branches Total 789 446 Less than 25,000 25,000 to 50,00050,000 to 100,000. 100,000 or more. . 297 51 71 370 210 ' 30 46 160 131 124 38 50 48 14 12 57 32 6 10 76 4 3 1 46 3 31 MAY, 385 FEDEKAL KESEKVE BULLETIN 1927 TABLE 5.—NATIONAL, STATE MEMBER, AND NONMEMBER BANKS OPERATING BRANCHES IN AND OUTSIDE THE HOME CITY, CLASSIFIED BY POPULATION OF THE HOME CITY, DECEMBER, 1926 Banks operating branches, December, 1926 Total Population of home city State member National Nonmember Number of branches N umber of branches Number of branches Number of branches Nmn NumNumNumber ber ber ber of of of of Home OutOutHome Outbanks Total Home Outbanks Total Home city side banks Total city side banks Total city side city side Total-. 2,777 133 188 164 302 51 92 71 128 225 1,291 145 776 U n d e r 2,500 _. 2,500 t o 25,000 25,000 t o 5 0 , 0 0 0 . - ~ 50,000 t o 100,000... 100,000 t o 1,000,000. 1,000,000 a n d o v e r . 404 141 11 48 57 97 939 776 177 254 35 31 352 4 25 8 30 204 133 TABLE 6.—PARENT B A N K S CLASSIFIED AS O P E R A T I N G B R A N C H E S I N A N D O U T S I D E T H E H O M E CITY 377 8 28 192 133 27 195 1,363 1,037 13 44 36 48 733 10 326 453 1,010 12 35 17 17 245 118 122 28 30 87 171 233 48 50 354 154 489 Total National banks: Total Only in home city In and outside home city _--.. Only o u t s i d e home city.Member State banks: Total Only in home city... In and outside home city Only o u t s i d e home city Nonmember banks: Total Only in home city In and outside home city Only o u t s i d e home city 162 209 18 12 95 Number of branches Increase Only in home city- In and outside home city _ Only outside home city 24 30 38 259 154 TABLE 7.—NUMBER OF HOME-CITY AND OUTSIDE BRANCHES Number of banks operating branches Location of branches 514 Increase Decem- Decem- June, Decem- June, June, ber, ber, ber, 1924 1924- 19241926 1925 1925DecemDecem- December, ber, ber, 1925 1926 1926 789 786 714 3 72 75 473 466 391 7 75 82 47 55 40 —8 15 8 -15 269 265 283 4 -18 141 132 108 9 24 33 129 120 97 9 23 32 4 2 2 2 8 10 9 -2 1 _1 Class of bank Decem- Decem- June, ber, ber, 1924 1926 1925 Total Total 2,777 2,645 2,293 132 352 484 Member, total National.__„ State... 1,767 404 1,363 1,612 332 1,280 1,385 248 1,137 155 72 83 227 84 143 382 156 226 Nonmember 1,010 1,033 908 -23 125 102 Home-city branches 2 195 197 191 -2 6 140 149 137 -9 12 3 20 18 16 2 2 4 35 30 38 5 -8 -3 453 457 415 -4 42 204 197 157 7 40 4 • 38 47 23 35 22 -12 13 1 226 225 236 1 -11 -10 Decem- June, June, ber, 1924- 19241925DecemDecem- Decem- ber, ber, ber, 1926 1925 1926 Total Member, total National State Nonmember 1,928 1,810 1,508 118 302 420 1,414 377 1,037 1,290 310 980 1,073 227 846 124 67 57 217 83 134 341 150 191 514 520 435 -6 85 79 Branches outside the home city Total Member, total National State Nonmember _ 849 835 785 14 50 64 353 27 326 322 22 300 312 21 291 31 5 26 10 1 9 41 6 S5 496 513 473 -17 40 23 386 FEDERAL RESERVE BULLETIN MAY, 192 TABLE 8 . - N U M B E R OF BANKS OPERATING BRANCHES, NUMBER OF BRANCHES, AND MAXIMUM SIZE OF BRANCH SYSTEMS, BY STATES Number of branches Banks operating branches Increase State (States arranged in order, according to number of banks reporting branches in December, Decem- Decem- June, Decem- June, Decem- Decem- June, ber, ber, ber, ber, ber, 1926) 1924 1924 192419251925 1926 1926 1925 Decem- December, ber, 1925 1926 Total New York California.._ Pennsylvania Massachusetts Michigan ... Maine Georgia-_ _ Tennessee New Jersey Mississippi .. . District of Columbia Rhode Island Arizona South Carolina Wisconsin Alabama Delaware Washington Indiana Kentucky Arkansas Minnesota Nebraska Oregon Florida New Hampshire _. Decem- June, ber, 1924- Decem- Decem- June, 1925ber, ber, 1924 Decem- December, 1926 1925 ber, 1925 1926 789 786 714 3 72 2,777 2,645 2,293 132 352 100 98 83 105 88 83 78 98 100 85 72 77 99 67 61 7 -12 -2 6 4 21 1 18 11 1 507 668 127 132 459 640 122 117 362 538 98 98 97 102 24 19 62 100 5 11 58 98 4 10 57 88 4 397 384 332 48 28 5 15 13 52 48 46 1 1 227 213 203 14 10 52 51 53 2 9 104 74 59 95 69 50 93 66 45 2 3 5 20 6 5 19 8 5 114 109 88 9 5 9 5 21 20 19 20 6 4 19 50 47 3 5 4 2 3 53 38 56 20 56 58 21 53 53 21 3 5 9 12 4 20 13 4 25 25 12 12 -1 1 1 20 20 19 27 22 25 27 21 19 21 20 20 9 9 9 2 2 2 19 19 19 15 15 15 15 18 2 5 5 15 7 2 5 5 2 2 2 3 1 1 5 1 1 1 3 5 1 1 1 68 Ohio. Louisiana _._ North Carolina- _ Virginia Maryland Maximum size of system Increase 64 63 52 52 51 40 40 37 35 39 33 34 40 31 36 36 27 24 24 23 22 22 13 23 24 14 21 21 14 11 11 10 10 11 9 7 7 10 7 8 9 6 9 7 7 5 5 5 5 5 5 5 4 4 6 4 4 5 4 4 2 2 2 2 2 1 3 2 1 1 1 3 2 1 1 7 5 1 4 -1 2 —1 25 11 -1 -i -1 i 1 -1 i -1 1 7 8 12 7 8 12 -18 -2 -1 1 6 1 6 1 -1 -3 7 8 12 3 3 3 6 2 1 10 2 1 1 3 11 2 1 1 A -1 —1 Q 3 4 4 13 11 9 12 10 9 7 9 33 4 18 12 4 12 4 11 10 9 10 2 5 5 MAY, 387 FEDEKAL KESERVE BULLETIN 1927 TABLE 9.—SIZE OF BRANCH SYSTEMS AND NUMBER OF BRANCHES, BY STATES, DECEMBER 31, 1926 Number of banks operating branches Maximum size (number of 6-10 Over 10 branches 3-5 2 1 branch of one branches branches branches branches system) State and class of bank Total Number of branches In home city Total Outside home city Total-. 789 446 131 124 38 50 100 2,777 1,928 849 National Member State Nonmember 141 86 13 34 30 12 100 45 404 78 282 8 18 12 8 195 453 26 1,363 1,010 377 1,037 514 326 496 5 4 1 15 19 19 1 4 1 3 1 1 15 1 18 1 18 Arizona National Member State Nonmember __ 7 3 1 11 22 22 2 5 1 11 4 12 10 12 10 Arkansas -National Member State Nonmember 2 1 2 1 2 3 3 California National Member State. Nonmember Delaware National. Member State Nonmember - - - __•_ _ - . __ 2 2 41 70 1 1 1 2 1 1 88 16 16 56 5 42 9 5 28 1 13 2 2 9 2 16 1 2 13 1 KitO tO tO Alabama National M!ember State Nonmember 28 77 1 1 2 1 1 4 fi 11 2 5 4 2 3 100 34 100 45 7 668 85 355 228 15 331 75 143 113 1 1 1 1 7 14 20 3 10 2 3 4 5 5 3 1 1 4 9 20 9 5 2 1 2 4 11 11 Georgia National Member State.Nonmember 22 3 6 13 15 1 4 10 5 1 1 3 1 1 9 4 9 2 38 7 15 16 4 3 12 6 2 4 7 Indiana National Member State Nonmember y3 LouisianaNational Member State . Nonmember __ _ ___ - . • _ Maine -'National .__ Member State Nonmember - - . Maryland National.. Member State Nonmember... . Michigan National Member State,. __ Nonmember Minnesota National . Member State Nonmember Mississippi National _ Member State Nonmember.--. __ _ _.-__„_ _ . -. 8 5 5 5 2 2 1 1 5 12 5 5 7 5 12 7 5 20 8 20 8 104 8 45 51 39 1 3 4 3 1 2 40 1 24 6 5 4 1 1 8 2 1 2 2 1 1 2 3 52 26 1 13 12 1 1 31 22 5 3 13 52 86 38 24 - ..... 10 5 9 5 53 4 49 3 4 1 5 11 42 3 39 20 2 14 20 114 6 19 89 58 6 19 33 56 13 13 5 3 132 49 28 55 116 49 27 40 16 48 9 48 13 397 20 328 49 390 20 327 43 7 3 3 6 6 6 6 12 1 12 2 25 1 12 12 1 1 20 9 5 36 18 2 5 2 2 30 Massachusetts National _ Member State Nonmember 5 1 OS ___. 1 CO Kentucky National Member State Nonmember - 1 337 10 212 115 14 District of Columbia National Member State Nonmember 1 27 16 3 78 16 16 . 46 58 9 10 39 10 2 3 68 11 34 23 36 9 13 14 10 1 5 4 2 2 11 1 1 9 7 1 3 1 8 7 2 3 2 1 3 1 1 2 2 2 1 1 6 4 1 12 2 4 2 2 3 11 1 1 1 6 3 1 10 56 1 15 1 6 24 1 12 11 388 FEDERAL RESERVE BULLETIN MAY, 1927 TABLE 9.—SIZE OF BRANCH SYSTEMS AND NUMBER OF BRANCHES, BY STATES, DECEMBER 31, 1926—Continued Number of banks operating branches Maximum size (number of 2 Over 10 branches 3-5 6-10 1 branch branches branches branches branches of one system) State and class of bank Total .. 2 2 13 2 8 1 4 1 6 5 4 3 105 26 38 41 47 12 9 26 2 1 18 6 4 8 19 2 13 4 9 1 7 40 25 6 1 2 2 1 1 8 33 21 4 52 5 22 25 24 5 5 14 5 7 13 4 1 6 7 3 4 . . 1 1 1 1 83 21 57 16 17 13 _ 1 12 5 5 2 1 11 1 1 6 4 4 2 2 4 2 20 3 8 9 10 1 10 2 2 4 3 5 62 27 62 13 507 128 286 93 5 4 506 128 286 92 1 6 74 8 66 2 5 4 9 4 1 3 6 61 3 58 52 1 52 9 227 5 158 64 194 5 131 58 33 1 1 1 1 1 5 127 29 118 29 9 25 23 2 1 27 6 45 28 4 73 66 7 9 5 1 2 1 13 27 10 17 1 2 1 13 22 5 7 3 15 1 9 25 7 18 6 1 9 8 2 15 6 1 2 1 15 12 3 56 9 24 9 32 2 2 5 5 7 2 2 2 3 2 22 6 13 4 1 _. 1 2 2 15 41 10 4 _ 1 1 1 7 2 1 1 2 1 1 1 4 1 2 1 1 2 15 9 2 1 25 6 1 18 8 1 4 1 1 2 3 i 2 2 1 5 2 1 2 1 37 8 2 27 5 2 1 2 7 1 5 45 3 4 1 7 1 1 1 1 2 2 12 45 13 32 5 4 5 5 59 12 6 41 28 10 6 12 31 2 2 2 2 1 7 3 4 3 tOtO New York National Member State Nonmember North Carolina National Member State _ Nonmember . Ohio . . . National ._ Member State Nonmember Oregon _» National Member State Nonmember _ Pennsylvania National Member State Nonmember Rhode Island . National Member State Nonmember South Carolina National . _ ._ Member State Nonmember Tennessee National _ Member State Nonmember _ _ __ Virginia National Member State Nonmember _. Washington National _. _ . . Member State Nonmember.. Wisconsin.. __ „_ „ National Member State Nonmember 2 2 In home Outside home city city Total CD _ ._ coco Nebraska National Member State Nonmember. New Jersey National Member State. . Number of branches 2 2 2 2 6 1 1 29 3 1 1 2 7 2 2 5 1 1 MAY, 389 FEDERAL RESERVE BULLETIN 1927 TABLE 10.—SIZE OF BRANCH[ SYSTEMS FOR CITIES REPORTING 30 OR MORE BRANCHES, DECEMBER, 1926 Number of banks with branches City and class of bank (cities arranged by number of branches in 1926) New York, total—- Total -- National State member Nonmember Los Angeles, total- - -- National State member Nonmember ____ _ .___ San Francisco, total National State member Nonmember National State member Nonmember- _ _ _ _ Philadelphia, total •_ National State member _ National State member N onmember Baltimore, total .... National. _ State member Nonmember Toledo, total._ National State member. Nonmember—Grand Rapids, total National State member Nonmember— Nashville, total _. National State member Nonmember 14 7 11 62 408 408 4 3 1 10 6 3 1 5 1 5 4 2 27 62 13 115 212 81 115 212 81 12 2 2 3 95 306 213 93 6 2 4 2 1 34 95 45 71 144 91 65 77 71 6 67 20 16 2 2 48 284 284 3 10 3 2 1 1 2 48 13 4 261 19 4 261 19 14 2 4 100 247 75 172 3 3 _ ... „ _ . 2 4 „ „ 1 1 5 2 4 2 1 1 i 9 2 3 1 100 32 202 42 65 10 137 32 1 1 2 52 89 70 19 511 2 84 2 65 19 1 3 35 9 12 10 2 6 19 7 1 3 1 2 1 2 2 2 3 84 4 4 14 14 16 54 16 54 1 33 62 61 5 33 5 56 5 56 3 6 2 3 84 9 1 1 2 1 2 1 2 1 14 2 14 13 11 6 19 32 51 6 19 30 51 1 1 16 1 7 4 4 2 10 18 2 2 5 12 2 1 1 2 1 2 1 1 7 6 5 3 4 1 1 2 1 1 11 4 1 36 10 5 36 10 5 11 2 2 5 2 11 46 44 2 6 5 2 2 3 2 2 1 1 57 55 1 2 2 2 11 4 34 12 32 12 5 1 3 1 20 46 46 4 1 1 2 1 1 1 2 3 20 8 10 38 8 37 38 8 36 1 1 1 1 1 2 1 10 9 14 23 14 22 1 2 15 35 35 2 9 15 9 26 9 26 2 12 30 18 3 6 6 12 24 12 7 1 3 4 1 1 2 _ _. 2 3 10 1 3 . 1 1 1 _ •_ „ 1 1 1 4 _ __ ' 1 9 6 National State member Nonmember Cincinnati, total National.. State member Nonmember New Orleans, total 13 8 2 21 9 32 _ Buffalo, total National State member Nonmember Boston, total 31 8 5 Cleveland, total Outside the home city 19 24 33 1 - In the home city Total 76 CO Detroit, total 1 branch CO National State member Nonmember. Number of branches operated Maximum size Number operating (number of branches Over 10 of 1 2 3-5 6-10 branches branches branches branches system) 1 6 2 1 1 3 1 1 1 3 1 2 12 12 FEDERAL RESERVE DISTRICTS w—«j BOUNDARIES OF FEDERAL RESERVE DISTRICTS — — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES @ FEDERAL RESERVE BANK CITIES 9 FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY