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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

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— — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
@ FEDERAL RESERVE BANK CITIES
9
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