Full text of Federal Reserve Bulletin : May 1928
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FEDERAL RESERVE
BULLETIN
MAY, 1928
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Business Conditions in the First Quarter of 1928
Annual Report of the German Reichsbank
Condition of All Member Banks
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON
1928
FEDERAL RESERVE BOARD
Ex officio members:
ROT A. YOUNG, Governor,
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. MCINTOSH,
Comptroller of the Currency.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
WALTER WYATT, General Counsel.
J. C. NOELL. Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Research and Statistics.
Chief, Division of Examination, and Chief Federal
E. L. SMEAD, Chief, Division of Bank Operations.
Reserve Examiner.
J. F. HERSON,
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
District
District
District
P. D. HOUSTON.
FRANK O. WETMORE, President.
W. W. SMITH.
THEODORE WOLD.
No.
No.
No.
No.
6
7
8
9
(ATLANTA).
(CHICAGO)
(ST. LOUIS)
(MINNEAPOLIS)
District No. 10 (Kansas City)
P. W. GOEBEL.
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISC^)...
B. A. MCKINNEY.
F. L. LIPMAN.
II
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
Chairman
__ W. P. G. Harding...
Benj. Strong
Boston
New York..
Frederic H. Curtiss
G. W. McGarrah
Philadelphia
Cleveland..!
Richmond
Atlanta....
Chicago
R. L. Austin
Geo. W. Norris__.
George DeCamp.
E. R. Fancher
Wm. W. Hox
xton..
Oscar Newton
Wm. A. Heath...
Eugene R. Black
J. B. McDougal
St. Louis.
Wm. McC. Martin
D. C. Biggs
Minneapolis..
Kansas City..
Dallas
John R. Mitchell
M. L. McClure
C. C. Walsh
Isaac B. Newton.
W. B. Geery
W. J. Bailey
Lynn P. Talley
J. U. Calkins
San Francisco.
1
Deputy governor
Governor
George J. Seay
Cashier
W. W. Paddock....
H. Case
__ J.
L. F. Sailer
G. L. Harrison
R. R. Kenzel
A. W. Gilbart
L. R. Rounds.
Wm. H. Hitt
M. J. Fleming
Frank J. Zurlinden.
C. A. Peple
R. If. Broaddus
Hugh Foster
Creed Taylor
C. R. McKay
John H. Blair
W. Willett.
J. W. Jones.*
Ray M. Gidney.*
J. E. Crane.*
W. B. Matteson.i
C. A. Mcllhenny.
W. G. McCreedy.'
H. F. Strater.
Geo. II. Keesee.
John S. Walden, jr.»
M. W. Bell.
W. C. Bachman.2
K. C. Childs.2
J. H. Dillard.J
D. A. Jones.2
O. J. Netterstrom.*
A. H. Haill.2
F. N. Hall.» 1
S. F. Gilmore.
J. W. Rinkleff.*
C. A. Schacht.*
Gray Warren.
Frank C. Dunlop.1
J. W. Helm.
Fred Harris.
W. D. Gentry.1
Wm M. Hale.
O. M Attebery— -
B. V. Moore
Harry Yaeger
C. A. Worthington.
R. R. Gilbert
R. B. Coleman
„ . . . Wm. A. Day
Ira Clerk
Assistant deputy governor.
* Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESE VE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cincinnati branch
Pittsburgh branch
Richmond:
B altimore branch
Charlotte 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.
Hugh Leach.
Marcus Walker.
W. S McLarin, jr.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
W. H. Glasgow.
A. F. Bailey.
Managing director
Federal Reserve Bank of—
Minneapolis:
Helena branch
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch..
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
_
Salt Lake City branch
Seattle branch
Spokane branch
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
W. 0. Ford.
D. P. Reordan.
M. Cramp.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. 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 FEDEEAL RESERVE BULLETIN
in
TABLE OF CONTENTS
Page
Review of the month—Business conditions in the first quarter of 1928
Condition of all member banksEarnings, expenses, and dividends of State bank members
Annual report of the German Reichsbank
Annual report of the Bank of Japan
Annual report of the Bank of Poland
Report of the financial adviser to the Polish Government
National summary of business conditions
305
309, 366-370
371
326
330
333
338
310
.Financial, industrial, and commercial statistics
Reserve bank credit (311)—Monetary gold stock of the United States (312)—United States
money in circulation (312)—Money rates: Federal reserve bank rates, Open-market rates,
Rates charged customers (313-314)—Member bank credit: All member banks, Reporting
member banks in leading cities (315)—Bankers' balances of reporting member banks
(316)—Bankers' acceptances and commercial paper outstanding (316)—Brokers' loans
(317)—Commodity prices, security prices, and security issues (318)—Production, employment, and trade (319)—Industrial production (320)—Factory employment and pay rolls
(321)—Building (322)—Commodity movements: Freight car loadings, Agricultural movements (323)—Wholesale trade (323)—Retail trade: Department stores, mail-order houses,
chain stores (324)—Bank suspensions and commercial failures (325).
311-325
Financial statistics for foreign countries
Condition of central banks (343)—Condition of commercial banks (345)—Discount rates of
central banks (345)—Money rates (346)—Gold exports and imports (347)—Foreign exchange
rates (348)—Price movements: Wholesale prices, retail food prices, cost of living (349-351).
343-351
Changes in State bank membership
Fiduciary powers granted to national banks
Detailed banking statistics for the United States
352
352
353-365
IV
FEDERAL RESERVE BULLETIN
VOL. 14
MAY, 1928
REVIEW OF THE MONTH
Industry and trade in the United States,
which experienced recession in the late months
of last year, have become conGrowth in in- s id e r a bly more active since that
dustry a n d time, with the consequence that
trade.
by the end of the first quarter
commodities in general were being produced
and distributed in about the same volume as
a year ago. The output of manufactures increased rapidly during the quarter from an
exceptionally low level, was unusually large in
March, and for the quarter as a whole was
slightly larger than in any previous year.
Building activity increased seasonally, especially in February, and contracts awarded
during the quarter slightly exceeded awards in
the corresponding period of last year. The
volume of mineral production, on the other
hand, has not changed much for several
months and has continued to be considerably
smaller than during the early part of last year.
Distribution of goods through wholesale and
retail channels, taking the country as a whole,
was slightly larger in the first quarter of this
year than in the same quarter of 1927, partly in
consequence of larger purchases this year than
last by residents of agricultural districts, but in
part also because of recent improvement in
industrial districts. The expansion of industry and trade was accompanied in February,
March, and April by an increasing demand for
bank credit and an increase by more than the
usual seasonal amount in commercial loans of
member banks in leading cities. In March
and April loans made by these banks on the
security of stocks and bonds, including loans
to brokers, increased rapidly to the highest
level on record.
No. 5
Production of manufactures in March was
nearly 20 per cent larger than in December
and exceeded in volume the
Manufactur-. O u t, u t, .
.
.-,
ing production.
P ™ ^ P reY1OUS °\°f^
for which records are available.
Much of this increase, however, was of seasonal
character. Factory output in March is commonly larger than in any other month of the
year and, making allowance for usual seasonal
variation, manufacturing production was in
fact no larger in March of this year than
PRODUCTION OF
MANUFACTURES AND MINERALS
100
80
80
60
1928
1927
Indexes of production of manufactures and minerals adjusted for seasonal variations. (1923-1925 average=100.) Latest figures, March
60
192A-
1925
1926
in certain earlier months of exceptional activity—specifically May, 1927, and August and
September, 1926. This fact is brought out by
the accompanying chart which shows the
course of production of manufactures and
minerals during recent years. The present
high level of manufacturing is due almost
entirely to increases in the steel, automobile,
food, and paper industries, as other important
groups, notably the textile and leather industries, have been less active during recent
months. Steel production, which declined
sharply during the last half of 1927 to the
lowest levels since 1924, has risen even more
305
306
FEDERAL RESERVE BULLETIN
rapidly since December, and in March the
output of steel ingots was only slight smaller
than that for March of last year, which was
the largest ever recorded. Orders for iron
and steel from automobile manufactures have
been especially heavy, and demand for structural steel has also been in seasonally large
volume. Earlier in the year railroads bought
a considerable volume of rails and bridge
material, and there was some increase in orders
given for freight cars. Industries manufacturing machinery have been unusually active
this year; pay rolls of agricultural-implement
producers have increased sharply since last
autumn and in March were the largest for any
month in the past six years, and orders and
shipments reported by machine-tool manufacturers in March were the largest since 1920.
A large part of the recent increase in industrial activity, as well as of last year's decline,
has reflected fluctuations in the production of
automobiles and of the supplies and materials
used in the automobile industry. The reduction in automobile output in 1927, after two
years of large production, was due in large part
to suspension of operations in the Ford plant in
preparation for the manufacture of a new
model, of which production did not begin until
late in the year and was then only on a small
scale. Within recent months, however, Ford
production has increased, and other companies
have also expanded operations rapidly, with
the result that the output of automobiles,
which in December was the smallest for any
month since 1922, totaled in March about
413,000 cars, the largest number or any month
since August, 1926.
Production in the textile and leather industries, on the other hand, which in 1927 exceeded
that of any other year since 1923, has fallen off
somewhat since last autumn. Cotton consumption last year was the largest on record,
but in the autumn demand for cotton goods
began to decline, orders and shipments fell
off, and later production was curtailed. In
March sales were slightly larger than shipments and there was a corresponding increase
in unfilled orders, but production continued
larger than either new orders or shipments, and
MAY,
1928
stocks were further increased. The woolen
and worsted industry, which also showed some
increase in production in 1927 above the low
level of 1926, was less active in the first three
months of this year than in the preceding
quarter. Tanning of leather was larger in
1927 than in any other year since 1923; stocks
of hides and skins and of finished leather, as
well as supplies of cattle ior slaughter, have
decreased during the past few years, and prices
of hides and leather have advanced in recent
months to new high levels for the postwar
period. Boot and shoe production also increased last year. Since last autumn, however, the output of both leather and shoes has
declined relatively to the usual seasonal trend,
and stocks of some types of leather have increased slightly.
Production of minerals in the first quarter of
the current year, as during the last threequarters
of cent
last year,
more
r
than
10 per
below was
the rel
°"
"
atively high levels prevailing
earlier in 1927 and late in 1926, when the
foreign demand for coal was unusually large
in consequence of the British coal strike,
and when the output of petroleum was also in
exceptional volume. Petroleum output has
been curtailed somewhat during the last few
months. Output of the various nonferrous
metals also has been smaller in recent months
than at the same time in 1927, notwithstanding
some increase since last autumn in the production of copper and zinc.
Building construction during recent months
has continued in practically the same large volume as in 1926 and 1927. EstiBuildmg.
poration for the country as a whole indicate
that building and construction contracts
awarded in the first quarter of 1928 totaled
$1,595,000,000 in value, as compared with
$1,513,000,000 and $1,621,000,000,respectively,
in corresponding periods of 1927 and 1926. An
important characteristic of contracts this year
has been the large volume awarded for residential construction. The value of residential
contracts declined somewhat in 1927 but has
increased this year, and in March was larger
MAY,
1928
FEDERAL RESERVE BULLETIN
than for any previous month. This increase occurred in most of the States for
which reports are received. Contracts for
public works and public utilities—particularly
for highways and bridges—also were larger in
the quarter than in the same period of previous
years. Awards for commercial and industrial
buildings, on the other hand, were smaller.
Activity in building has been fairly well distributed throughout the country. Total awards
for all types of construction during the quarter
were considerably larger than a year ago in the
Boston, New York, Chicago, St. Louis, and
Kansas City districts, while the larger decreases occurred in the Cleveland and Atlanta
districts. The decline in the Cleveland district
was due chiefly to smaller contracts for industrial and commercial building and public works,
while that in the Atlanta district, occurring
in nearly all types of construction, was localized
almost altogether in Florida.
As a consequence of the large building program at the beginning of the season of active
operations, there have been the customary
increases in production and shipments of
building materials. Buying of lumber has been
particularly active this spring and production
has been larger than a year ago. Prices of
lumber, which declined steadily all of last year,
have recently become firmer and some quotations have been advanced.
At the beginning of 1928, reports from
industrial centers indicated that the volume of
employment was smaller than
Employment.
at any time in several years
past. The recession in industrial activity,
which reached a low point at that time, had
resulted in a decrease in factory employment,
as measured by current index numbers, to
approximately the low level of 1924. These
index numbers over a long period of time somewhat overstate the extent of decline, but from
all available evidence it is clear that there was
during last year a substantial reduction in
factory employment. Some of the indicated
decline in the factory demand for workers
within recent years may be attributed to improvements in the technique of producing and
handling certain lines of goods, which have
made possible a larger output of products with
307
a smaller number of workers, but the unusually
small volume of factory employment at the
beginning of this year was due in considerable
part to the temporary recession in industry at
that time. There has also been a considerable
reduction in employment at coal mines during
the past year. In addition to reduced industrial employment, seasonal curtailment of
operations in building and agriculture, usual
in midwinter, released workers from employment. Thus at the end of 1927, as had not
previously happened since 1921, the low point
of an industrial recession coincided with the
inactive season for building and agriculture,
and this exceptional combination of unfavorable circumstances had a depressing effect on
the general labor market. Since January,
however, the expansion of industrial activity
has brought about an increase in factory employment; there has been, furthermore, the
usual seasonal increase in demand for workers
in building and agriculture, and the volume of
employment in general has been increased
substantially. Available data indicate, however, that in most manufacturing industries
the number of workers in employment during
March was smaller than a year earlier. J The
chief exceptions, in which employment was
larger than a year ago, were the automobile,
rubber tire, agricultural implement, meat packing, and flour industries. The most pronounced decreases since March, 1927, were in
shipbuilding, petroleum refining, and in some
of the industries making iron and steel products and building materials.
Movement of commodities through the
channels of trade, after declining at the end of
1927, increased during the first
<l™^
<>f 1928 to a level about
of merchandise"
the same as that of the same
period of last year. Sales reported by wholesale firms in a number of important lines have
increased since last autumn by more than the
usual seasonal amount and for the first quarter
were in about the same volume as in the corresponding period of last year. Sales at least as
large as those of a year ago have been reported
by wholesalers of groceries, dry goods, men's
clothing, shoes, and drugs, but there have been
smaller sales of meats, women's clothing, hard-
308
FEDERAL RESERVE BULLETIN
ware, and furniture. Increases in sales at
wholesale have been especially large in some
of the agricultural districts, and sales of agricultural implements and farm machinery have
been much larger during the quarter than in
the first quarter of 1927. Sales by department stores, after allowances for an extra day
in February and for the earlier date of Easter,
were in the first three months of 1928 in about
the same volume as a year ago for the country
as a whole and in certain Federal reserve
districts—New York, Cleveland, and Kansas
City—with marked increases in the Atlanta,
Chicago, St. Louis, and Dallas districts and
decreases in the Boston, Philadelphia, and
Minneapolis districts.
It has been in agricultural sections of the
country, rather than in industrial sections,
that the volume of trade daring the first quarter of this year has compared most favorably
with that of a year ago. This reflects a larger
income received by farmers from crops and
other products in 1927 than in 1926. Prices of
farm products advanced considerably last year
and have remained since early in the autumn at
higher levels than a year earlier, enabling farmers to market their produce at favorable prices.
Within recent months marketings of livestock
have also brought larger returns to farmers
than in the same period of last year. The
slaughter of cattle during the first quarter was
smaller in volume but, owing to higher prices,
much larger in value than a year ago, while the
slaughter of hogs was larger both in volume
and in value, although prices for hogs have
declined.
The general average of wholesale commodity
prices has shown no appreciable change during
recent months, remaining at
Prices.
between 96 and 97 per cent of
the average for 1926. During the past six
months, in fact, changes in commodity prices
have shown no pronounced general tendency.
Dairy products and eggs have shown the usual
midwinter advance and subsequent decline;
livestock and meats have declined from the high
levels reached last autumn; and there have also
been substantial decreases in cotton, coal, rubber, and grain alcohol. Prices have advanced,
MAY,
1928
on the other hand, for grains, cattle feed, hides
and leather products, wool, and structural steel.
In March and April there were sharp increases
in prices of grains and more moderate advances
in flour, hogs, cotton, and lumber. Rubber,
however, declined in April to below 18 cents a
pound, the lowest price recorded since 1922, and
cattle prices have also declined somewhat from
high levels reached early in the year.
The increase during the early months of 1928
in production, employment, and trade was
accompanied by a substantial
Bank credit.
increase in the volume of bank
credit in use. Loans and investments of
member banks in leading cities, after some
liquidation in the early weeks of the year,
subsequently increased by more than $700,000,000, and were in April nearly $350,000,000
larger than at the beginning of the year and
considerably larger than at any previous time.
Somewhat less than half of the recent large
increase represented a rapid growth in February, March, and April in commercial loans.
These loans in November, December, and
January, however, when industry and trade
were relatively inactive, were for the first
time in several years no higher than at the
same time in the preceding year. The recent
increase, therefore, which has been the most
rapid for this season of the year since 1923, may
be taken in considerable part as reflecting
coincident growth, from an unusually low level
and in more than the usual seasonal amount,
in the production and distribution of goods.
There has not been at this same time, however,
any sustained increase in the demand for
currency for circulation, which was late in
April at a level but little higher than two or
three months before and continued, as in
other recent months, to be more than $125,000,000 below the level of the corresponding
month a year ago.
Advances in Discount Rates
Advances of discount rates from 4 to 4j/£ per
cent on all classes of paper of all maturities
were made at the following Federal reserve
banks, effective on the dates indicated: Boston
and Chicago, April 20; St. Louis, April 23;
Richmond, April 24; and Minneapolis, April 25.
MAY, 1928
CONDITION OF ALL MEMBER BANKS
During the first two months of the year total
loans and investments of all member banks
decreased by about $535,000,000 from the high
point reached at the end of 1927, according to
the member bank call report for February 28,
1928, but on that date, at $34,143,000,000, they
were still nearly $700,000,000 larger than at the
time of the autumn call on October 10, and
BILLIONS OF DOLLARS
fiJLLIONS OF DOLLARS'
"140
40 r
309
FEDERAL RESERVE BULLETIN
offset further growth in the banks' investment
holdings. At the end of February, with the
period of demand for credit for year-end settlements passed and with the customary spring increase in the demand for credit not yet begun,
member bank loans showed a decline of about
$764,000,000. Investments, which had increased throughout 1927, showed a further
increase of $228,000,000 in January and February and on February 28 constituted 31 per
cent of the banks' total loans and investments,
the highest proportion since the middle of 1919.
Decline in total loans and investments was
accompanied by declines in deposits and in
required reserve balances; there was a decrease
also in the volume of borrowing at the reserve
banks. The table summarizes the changes in
principal resources and liabilities for selected
periods:
ALL MEMBER BANKS
[In millions of dollars]
. Loans and investments
Total
Mar. 23,1927.
June 30, 1927
Oct. 10, 1927
Dec. 31, 1927
Feb. 28, 1928
1919 1920 1921 1922 1923 1924 192S 1926 1927 1928
nearly $2,000,000,000 larger than in March of
last year.
Condition figures for all member banks are
published on pages 366—370 of this issue of the
BULLETIN, and in more detail, by States and
cities, in Member Bank Call Report No. 39.
The accompanying chart shows the coarse of
member bank loans, investments, and deposits
since the beginning of 1919.
Decline in member bank credit during the
first two months of the year reflected a decline
inpoans, in a measure seasonal, which more than
Net
deInvestments
mand
plus
time
Loans
United All
deStates
other
posits
Total secu- securities rities
32,154 22,532 9,622
32,967 23,149 9,818
33, 451 I 23,492 9,959
„ 34, 679 24, 318 10,361
34,143 23, 554 10, 589
Change since—
-764
-536
Dec. 31, 1927
+62
+692
Oct. 10, 1927
Mar. 23, 1927... +1,989 +1,022
+228
+630
+967
3,835
3,796
3,856
3,978
4,216
5,787
6,022
6,103
b,383
6,373
Borrowings
at
Federal
reserve
banks
30,334
31,418
31,603
32, 848
32,129
4b4
441
458
583
480
+238 - 1 0 - 7 1 9
+3bO +270 +526
+381 +586 +1, 795
+28
+22
-97
Notwithstanding the decline after the first
of the year, member bank loans on February
28 were about $1,(300,000,000 larger than on
March 23, 1927. Growth of investment holdings during the same period amounted to about
$970,000,000. This increase in loans and investments during the year was accompanied by
a growth of nearly $1,800,000,000 in the volume
of net demand and time deposits, and by some
increase in member bank reserve balances.
310
FEDERAL RESERVE BULLETIN
MAY,
1928
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Industrial production during March was in
about the same volume as in February, and
there was a seasonal increase in the distribution
of commodities. Wholesale prices remained
practically unchanged. During the past month
there have been increases in bank credit in use
and in member-bank borrowing at the reserve
banks, and open-market money rates have
shown further advances.
Production.—Production of manufactures
was maintained during March at the high level
reached in February, and the output of minerals also showed little change. Production
of passenger automobiles and trucks during
March totaled 413,000, the largest output recorded for any month since August, 1926, and
production schedules in automobile plants continued large during April. Activity in the iron
and steel industry was also maintained at a
high level during March and April, and lumber
production was in larger volume than a year
ago. Cotton and wool consumption declined
in March, but silk deliveries were the largest
on record. There was some decline in meat
packing and in the production of sole leather,
and the output of boots and shoes in March
showed less than the usual seasonal increase.
Mining of bituminous coal decreased during
March by less than the usual seasonal amount,
but as the result of a strike in certain Middle
Western mines, production in the early weeks
of April was considerably curtailed. Building
contracts awarded were smaller in March than
a year ago, while those for the first three weeks
in April were in about the same volume as in
the corresponding period of last year. As a
result of large contracts during the first two
months of this year, total awards for the year
to April 20 exceeded those for the same period
of 1927. Contracts for residential buildings
and for public works have been especially large.
Trade.—Sales of wholesale firms increased
less than usual in March and were somewhat
smaller than in the same month of last year.
Sales of department stores, on the other hand,
after allowance is made for customary seasonal
changes and the early date of Easter, were
about the same in March as in the preceding
month and in March, 1927. Stocks of merchandise carried in March by wholesale firms
were larger, while those of department stores
were smaller, than at this time last year.
The volume of freight-car loadings showed
more than the usual seasonal increase in March,
but declined in the first two weeks of April.
Loadings continued smaller than a year ago for
all classes of commodities except grains and
livestock.
Prices.—The general level of wholesale commodity prices showed little change in March, the
index of the Bureau of Labor Statistics declining
slightly from 96.4 to 96 percent of the 1926 average. There were decreases in the prices of livestock, dairy products, meats, coal, and rubber;
prices of grains, cattle feed, cotton, and steel,
on the other hand, advanced. During the first
three weeks in April there were further substantial increases in the prices of grains and more
moderate advances in flour, hogs, cotton, and
lumber, while prices of cattle and rubber declined.
Bank credit.—Between March 21 and April
18 total loans and investments of member
banks in leading cities increased by about
$410,000,000, reaching the highest level on
record. The advance was largely in loans on
securities, which showed an increase of nearly
$380,000,000 and in April were close to the
high point of the first of the year. Loans for
commercial purposes continued the increase
which began in February and notwithstanding
a small decline during the last week of the
period were nearly $350,000,000 larger on
April 18 than at the end of January.
The volume of reserve bank credit in use increased by $180,000,000 during the five weeks
ending April 25, reflecting increased reserve requirements of member banks and a further net
outflow of gold amounting to more than
$50,000,000. Reserve bank holdings of securities were reduced by about $80,000,000 during
the period, while discounts for member banks
increased by $230,000,000. Acceptance holdings also showed a small increase.
A firmer tendency in the money market was
evidenced at the end of March and during
April by further increases in rates on call and
time loans on securities, and by increases of
from 4-4j^ P e r cent to 4 J^ per cent in ethe
rates
on commercial paper and from 3 3^2 P r cent 7to
3 Y% per cent in the rate on 90-day bankers acceptances. Between April 20 and April 25 discount rates were raised from 4 to 4 ^ per cent
at the Boston, Chicago, St. Louis, Richmond,
and Minneapolis Federal reserve banks.
311
FEDERAL RESERVE BULLETIN
M A T , 1928
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
RESERVE BANK CREDIT
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
CURVES 1 AND 4
CURVES 2 , 3 AND 5
MILLIONS OF DOLLARS
2500
2500
3000
6000
2000
j 2000
2500
5500
1500
1500
2000
5000
1000
1000
1500
4500
1000
4000
500
1924
1925
1926
1927
1928
Monthly averages of daily figures for the 12 Federal reserve banks.
Latest figures are averages for April
3500
1924
1925
1926
1927
1928
Qold stock and money in circulation are averages of end-of-month
figures.
RESERVE BANK CREDIT IN USE
[Monthly averages of daily figures. In thousands of dollars]
Deposits of Federal reserve banks
Reserve bank credit in use
Month
Total i
Discounts
United
Acceptfor
States
(bills
member ances
securities
bought)
banks
26,224
26,394
23,248
24,629
27,343
30,115
294,296
346.859
384,826
42,143
27,671
12,193
26,246
25,098
31,723
34,264
28,229
39,758
480,622
392,996
424,543
447,286
472,984
428,563
453,997
409,439
422,192
424,413
415,216
528,624
343,448
304,071
252,722
248,429
233,224
205,273
189,774
173,122
215,926
281,903
335,908
377,712
310,486
306,606
344,922
341,081
291,495
397, 754
381,081
438,511
500,637
506,177
579,238
605,841
2,300,204
2, 260,460
2,284,809
2,301,120
2,326,816
2,355,428
2,339,478
2,331,452
2,350,875
2,380,856
2,429,976
2,435,984
2,242,854
2,212, 206
2,239,952
2,248,302
2,262,397
2,300,897
2,288,948
2,283,097
2,300,450
2,326,009
2,372,954
24,132
28,132
21,823
29,622
25,374
20,660
17,420
17,890
20,324
20,426
12,812
9,976
33,218
26,122
23,034
23,196
39,045
33,871
33,110
30,460
30,101
34,421
44,210
26,826
465, 275
470,680
513,233
660,927
372,538
359,883
342,790
358,026
511,852
405,551
414,681
351,105
2,472,428
2,419,482
2,411,714
2,450,188
2,426,360
2,368,092
2,365,030
2,396,460
19,438
25,606
23,018
26,796
26,630
25,784
235,956
230,555
244,038
231,132
245,094
1927—-January
February
March
April
May
June
July
August
September
October
November
December
1,138,106
1,005,923
1,024,251
1,038,857
999,504
1,033,123
1,026,152
1,021,830
1,139,342
1,213,191
1,331,008
1,513,119
1,350,322
1,236,649
1,271,525
1,371,048
i Total holdings of bills and securities by all Federal reserve banks, including " other securities " and foreign loans on gold.
Other
deposits
2,183,479
2,199,229
2,205,974
2, 211,545
2,200,909
2,211,367
2,219,023
2,214,441
2,218,186
539,594
514,559
476,044
548,966
555,799
641,797
665,566
618.367
071,722
_
Government
deposits
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
1,158,891
1,155,191
1,139,808
1,166,564
1,158,264
1,225, 236
1, 269,356
1. 270.057
1,66U, 571
1928—January
February
March
April
i Member
I bank reserve bal-
369,779
398,249
408,776
379,745
353,903
315,747
306,413
302,309
321,446
1926—April
May
June
July
August
September
October
November
December
_
Total
36,465
31,688
312
FEDERAL RESERVE BULLETIN
MAY,
1928
MONETARY GOLD STOCK AND MONEY IN CIRCULATION
MONETARY COLD STOCK OP THE UNITED STATES
[In millions of dollars]
MILLIONS OP DOLLARS
MILLIONS OF DOLLARS
100
1
CHANGES IN
MONETARY GOLD STOCK
1100
End of month figures
Month
1922
January...
February..
March
April
May
June
July
August
September.
October
November.
December.
1
100
3,685
3,723
3,760
3,764
3,771
3,785
3,829
3,855
3,873
3,888
3,906
3,929
1923
3,953
3,963
3,970
3,982
4,028
4,050
4,079
4,111
4,136
4,167
4,207
4,244
1922 1923
1924- 1925
Month
January
February...
March
April
May
June
July
August
SeptemberOctober
November.
December..
Total.
1925
1926
-46,997
-17,768
-12,734
-1,997
-2,287
5,787
2,726
-2,656
22, 702
-13,904
1,248
16,264
21,565
39,188
-4,768
-6,408
15,544
14,751
-17,764
-7,094
7,701
9,011
9,808
238,295 294,073 258,073 -134,367
97,796
1923
1924
25,708 24,348 44,855
27,007 6,984 34,606
32,525 5,559 33,505
10,665
44,027
5,587 45,332 40,481
11,376 18,885 24,913
42,343 27,407 18, 507
18,136 30,655 15,752
23,066 26,941
2,076
3,275 "28,488 15, 577
14,877 39,010 13,173
23, 730 31,930 -29,401
2
i Revised.
1927
1922 j 1923
1928
44,465 -13,766
19, r -11,120
10, 757 -94,853
11,911 2-90,907
31,702
12,771
8,935
6,353
-11,465
-8,642
-53,184
-67,418
January
February
March
April.
4,441
4,491
I 4,497
4,468
4,455
4,463
4,424
4,480
4,608
4,646
4,704
4,817
May
June
July.
August
September.
October
November..
December..
1
4,614
4,703
4,747
4,759
4,797
4,823
4,787
4,876
4,945
4,925
5,018
5,044
January
February
March
April
May
June
July
August
September
October
November...
December. _.
Total..
1923
1924
1926
4,373
4,362
4,305
14,267
1924
4,777
4,887
4,899
4,853
4,905
4,849
4,756
4,859
4,863
4,942
5,052
5,047
1925
1926
4,802
4,853
4,818
4,789
4,841
4,815
4,795
4,867
4,916
4,969
5,044
5,104
4,841
4,904
4,860
4,907
4,923
4,885
4,909
4,930
4,978
5,021
5,037
5,095
1927 1928
4,846
4,885
4,862
4,891
4,893
4,851
4,846
4,854
4,948
4,946
4, 952
5,003
4,677
4,690
4,749
*4,750
[End of m o n t h figures]
[In millions of dollars]
1927
-1,629
4,329
-810 -6,043
19,487
593 - V
-11,000
3,180
-2,452 -6,825
-1,502
- 5 5 8 14,850
1,000
-1,000
1,000 12, 725
-95,000
2,000
-580
-500
5,075
4,000
-1,500 -2,583 -3,901
184
-7,984
8,725 19,200 - 2 , 501
-13,229
2
,
4
0
0
-9,000
901
-17,000
-1,500
4 -25,001
2,870
-200
-500
2,000 - 7 , 4 9 8 -40,000
-2,000
-1,500 -2,000
1,008 - 8 , 5 0 0
-3,700
4,564
4,586
4,597
4,610
4,608
4,587
4,580
4,588
4,571
4,541
4,451
4,379
KINDS O F M O N E Y IN CIRCULATION
Preliminary.
1925
4,412
4,423
4,442
4,438
4,433
4,447
4,471
4,473
4,466
4,473
4,477
4,492
Preliminary.
Month
Total
Gold-
1927—February...
March
April
May
June
July
August
SeptemberOctober
November..
December. 1928—January
February...
March
April i
4,885
4,862
4,891
4,893
4,851
4,846
4,854
4,948
4,946
4,952
5,003
4,677
4,690
4,749
4,750
393
390
389
387
385
383
382
380
381
383
402
389
386
383
383
coin
[In thousands of dollars
1922
1927 1928
Month
INCREASE O R D E C R E A S E ( - ) I N GOLD STOCK
T H R O U G H C H A N G E S I N GOLD UNDER EARMARK F O R F O R E I G N ACCOUNT
Month
4,423
4,369
4,346
4,350
4,361
4,365
4,370
4,383
4,382
4,407
4,397
4,399
1926
End of month figures
1926 1927 1928
NET IMPORTS OR NET EXPORTS (~) OF GOLD
[In thousands of dollars]
1922
4,289
4,323
4,364
4,411
4,455
4,488
4,511
4,521
4,511
4,509
4,527
4,499
1925
Preliminary.
UNITED STATES MONEY IN CIRCULATION
[In millions of dollars]
J100
1921
1924
+ 7 0 0 - 4 2 , 2 1 3 +32,2441-26,297 -160,153
1928
5,500
2,868
35,800
45,740
U. S.
notes,
Na- silver
Gold Federal tional
cercertifi- reserve bank tificates,
cates notes notes and all
other
money
1,035
1,019
1,019
1,004
,007
L,031
1,045
1,061
1,068
1,095
1,074
1,016
1,004
L, 025
1,020
1,710
1,707
1,724
1,734
1,703
1,668
1,657
1,715
1,711
1,694
1,763
1,561
1,570
1,588
1,586
645
648
654
660
650
652
651
653
648
639
619
617
639
654
652
1,102
1,097
1,104
1,100
1,106
1,112
1,119
1 138
1,137
1,141
1,145
1,094
1,091
1,099
1,109
i Preliminary.
For back figures see FEDERAL RESERVE BULLETIN, March, 1928, p.
176.
313
FEDERAL RESERVE BULLETIN
M A T , 1928
MONEY RATES IN NEW YORK CITY
,i ^— Open Market
# Acceptance Rate
1 -
1923
192**
1925
1926
1927
1928
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
DISCOUNT RATES
RATES IN NEW YORK CITY
[Rates on all classes and maturities of eligible papei]
Rate in
effect on
May 1
Federal reserve bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago....
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
„„
_
_.
_„
Prevailing rate o n Previous
rate
Date established
Month or week
Apr. 20, 1928
Feb. 3, 1928
Feb: 16, 1928......
Mar. 1, 1928.
Apr. 24, 1928
Feb. 11, 1928
Apr. 20. 1928
H| Apr. 23, 1928
4H Apr. 25, 1928,
Feb. 10, 1928
Feb. 8, 1928
Feb. 4, 1928
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New Yorkl
Maturity
1-15 days—
16-30 days..
31-45 days..
46-60 days..
61-90 days..
91-120 days.
121-180 days
Rate in [
effect on Date established
Mayl I
Apr. 13, 1928
do__
.do
do
_
do
Mar.30, 1928
do
NOTE.—Rates on prime bankers' acceptances.
charged for other classes of bills.
| Averagerate | Averageyield
Previous
rate
I
_
Higher rates may be
1927
January
February
March
April
May
June
July
August
September.
October
November
December
1928
January
February
March
April
Week endingApr. 7 - . .
Apr. 14...
Apr. 2 1 . . .
Apr. 2 8 . . .
3.30
3.31
3.33
3.34
1 Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
3 issues—334, 4, and AH per cent; yields calculated on basis of last
redemption
dates—1956, 1954, and 1952.
4
Change of issues on which yield is computed.
« Revised.
1
1
314
FEDERAL RESERVE BULLETIN
MAT.
1928
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
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago | St. Louis Minneapolis
Dallas
City
Prime commercial loans
1927—April
May
June
-..
July
August
September.
Ockber...
NovemberDecember, .
1928—January...
February..,
March
April
5 -6
5 -6
4*4-6
5 -6
4*4-5
5
5
Loans secured by prime stock exchange collateral
1927—October
NovemberDecember,.
1928—January
February...
March
April
5
5
5
5
5
5
5
5 -6
5 -6
4^-6
5 -6
-6
-6
-6
-6
-6
-6
-6
-7
-7
-7
-7
-7
-7
-7
5
5
5
5
5
5
5
-6
-8
-6
-6
-6
-6
-6
5 -6
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
5
5
5
5
5
5
5
Loans secured by warehouse receipts
1927—October
November.
December,.
192&—January...,
February..
March
April
5 -6
5Y2
6
6
6
5 -6
6
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
4^-5
4^-5
Interbank loans
1927—October...
November.
December.
1928—January
February..
March
April
4 -4H
4 -4y2
4 -4%
4)4
4X-4H
4*£-4^
4}i-4%
4]4
4V£
4V2-5
4}/ r5
4V
4Vi-5
4V
u
4\ i-5
5
5
4 -5
5
41^-5
%
5 -6 *
5
5
4)
5 -6
5 -6
5 -6
5 -6
5 -6
5 -6
5 -6
5
4*4-6
*5 -5H
5 -6
5 -5M
5 -6
-6
4H-6
6
8
6
6
6
6
5
5
5
5
5 -6
5
FEDERAL RESERVE BRANCH CITIES
Prime commercial loans
City
Buffalo
Cincinnati
,
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Helena
Denver
Oklahoma City.
Omaha
El Paso
Houston
San Antonio
Los Angeles
Portland
Salt Lake City..
Seattle
Spokane
1
Revised.
Febru- March,
ary, 1928 1928
5 -6
5
5
5
5
2
-5>
-6
-6
-6
6
5 -6
5 -6
5 -6
8
6
5 -6
4H-6
8
5 -6
5 -7
6 -7
5 -6
5
-8M
5 -6
5 -6
5 -6
6
5 -6
5
-6
5 -6
4H-6
8
5 -6
6
-7
Loans secured by priLine
iteral
stock-exchange collate
April,
1928
February, 1928
3^
5 4^-
5 -6
4H-6
5 -6
5H-6
5 -6
6
5 -8
6
5H-6
5 -6
5 -7
5 -6
5 -5H
^6
5 -6
5 -6
6
5 -6
-6
-6
8
5 -6
8
5 -6
4H-6
6 -7
6
6- 61
6
6
5H-6
6 -8
5 -6
6 -8
6 -7
6
6
6 -7
March,
1928
5
February, 1928
-6
March, I April,
1928
1928
6
6—7
6
4
5 -6
514-6
5 -6
6
5 -8
6
5M-6
5^6
5 -6
8
5 -6
6
5M-6
6 -8
5 -6
6 -8
6 -7
6
6
6 -7
6
Loans secured by warehouse
receipts
5H-6
6 -8
5 -6
6- 7
6
6 -W2
6 -7
-6
6
5 -7
-6
6
5 -6
5 -6
6 -7
6
6 -8
6
6 -8
5
6
6
6
-7
-8
-7
-7
7
6
7
5
6
6
6
6
6
6
-6>
-8
-7
-8
-7
-7
7
-7
-8
5 -6
6 -7
6
6
5 -6
6
5 -6
5H-6
6 -8
6
7
5
6
66-
6
-6H
-8
-7
-8
7
7
7
7 -8
Interbank loans
Febru- March,
ary, 1928 1928
5
5 -6
5 -6
5 -5V
5 -5>
6
5
6 -8
6 -6*
5
5
5
5
5
5
-6
-6
-5H
-6
-6
6
5 -6
5 -6
6
5
6 -8
6
6
H-5
5 -6
6
5
-6
6
-6
6
6
6
April,
1928
5
5 -6
5 -6
5 -5
5 -6
5 -6
6
5
6 -8
6 -6
MAY,
315
FEDERAL RESERVE BULLETIN
1928
MEMBER BANK CREDIT
ALL MEMBER BANKS
(In millions of dollarsl
Month
Borrowings at Federal
reserve bank:
1927—April
May...
June
July.,
August
September
October
November
December ...
1928—January
February
March
April
Reserve balances:
1927—April
May
J
July
„„
August
September
October
November
December
1928—January
February
March
April
Net d e m a n d p l u s
time deposits:
1927—April
May
June
July
August
September
October..
November
December
1928—January
February
March
April
Net demand deposits:
1927—April
May
June
July
August
September
October
November
December
1928—January
February
March
April
Time deposits:
1927—April
May
June
July
August
September
October
November
December
1928—January
February
March
April
All
member
banks
MILLIONS OF DOLLARS
10000
Reporting member banks in Memleading cities
ber
banks
Other leading outside
cities
New
leadTotal York
ing
City Total Chi- cities
421
459
435
434
413
417
428
421
532
439
463
489
637
270
302
271
273
256
267
283
276
388
315
338
362
488
78
90
51
59
74
90
75
73
127
94
78
75
145
192
212
220
214
182
177
208
203
261
221
260
287
343
2,254
2,290
2,342
2,299
2,313
2,323
2,355
2,400
2,410
2,436
2,384
2,351
2,411
659
697
749
696
707
709
725
767
787
805
765
733
,789
689
720
776
728
724
726
728
768
769
781
754
738
777
970
977
973
983
997
999
1,018
1,024
1,011
995
1,012
10
11
21
23
13
25
35
169
175
173
167
182
182
186
180
189
193
186
181
182
595
594
593
603
605
614
623
631
11,218
11, 253
11, 252
11,405
11,409
11,567
11,721
11,823
11, 832
ill, 911
ill, 761
111,794
11,914
6,016 13,150
6,135 13, 270
6,400 13, 288
6,257 13,336
6,224 13, 392
6,228 13,495
6,269
6,485 13,732
6,604 [13, 791
6,732 13,914
6,564 U3,833
6,547 13,828
6,727 13,959
1,777
1,833
1,839
1,864
1,908
1,914
1,929
1,939
1,931
1,964
1,919
1,923
1,944
18,346
18,471
18,534
18,555
18,493
18,667
18,960
19,180
19,586
19,719
19,162
19,104
19,388
13,069
13,215
13,449
13, 340
13,309
13, 374
13,447
13, 734
13,904
U4,012
U3,707
'13,611
13,849
5,066
5,179
5,390
5,265
5,213
5,224
5,255
5,430
5,570
5,633
5,471
5,467
5,607
1,203 5,305
1,249 5,279
1,245 5,280
1,260 5,355
1,291 5,329
1,301 5,437
1,304 5, 558
1,317 5,650
1,298 1 5,627
1,326
5, 611
1,272 i 5,476
1,262 1 5, 453
1,255 5,483
12,002
12,124
12,159
12,261
12,334
12,452
12,527
12,579
12, 677
12,928
12,990
13,055
13, 255
950
956
1,010
992
1,010
1,004
1,015
1,055
1,034
1,099
1,093
1
1,080
6,764
6,837 1,120
6,097
6,190
6,239
6,253
6,307
6,349
6,424
6,483
6,491
6,634
8,334
8,379
8,236
8,144
8,242
5,147
5,234
5,229
5,261
5,297
5,345
5,409
5,428
5,457
5,535
1
5, 597
i 5,684
5,717
574 5,914
584 5,974
594 5,973
604 5,051
617 5,081
613 5,130
625 5,163
622 5,174
633 5,205
638 6,300
647 i1 6,285
6, 341
661
689 6,431
i Revised.
NOTE.—All figures in this table are monthly averages of weekly figures
except those for deposits of (1) all member banks, and (2) banks outside
leading cities; these are for a single date in the month. See BULLETIN
or December, 1927, p. 828.
8000
8000
6000
4000
2000
1923
1924
1925
1926
1927
2000
1928
REPORTING MEMBER BANES
[Monthly averages of weekly figures. In millions of dollarsl
618
622
19,166
19,405
19, 688
19,593
19,616
19, 723
19,871
20,217
20,395
'20,646
120,397
l
20,375
8,150
8,192
10000
151
157
164
161
157
150
145
145
143
124
125
127
149
30,348
30,595
30,693
30,816
30,827
31,119
31,487
31,759
32,263
32,647
32,152
32,159
32, 643
8,003
8,036
8,059
8,075
MILLIOMS OF DOLLARS
REPORTING MEMBER BANKS
Month
Total:
1927—April
May
June
July...
August
September...
October
November
December
1928—January
February....
March
April
New York City:
1927—April
May
June
July
August
September
October
November...
December
1928—January
February
March
April
Other leading cities:
1927—April
May
June
July
August
September. .
October
November..
December...
1928—January
February
March
April
i Revised.
| Total
loans
and investments
Loans
Total
20,333 14,401
20, 542 14,502
20, 779 14, 685
20, 682 14,616
20, 641 14, 666
20,946 14,913
21, 222 15,108
21,458 15,193
21, 724 15,328
_ *21,917 U5,395
_j *21,737 115,177
121,922 15,323
._! 22,366 15,758
6,421
6,535
6,692
6,602
6,579
6,705
6,783
6,954
7,124
7,277
7,103
7,148
7,383
4,570
4,629
4,767
4,720
4,748
4,911
5,009
5,115
5,228
5,312
5,111
5,143
5,435
13,912
14,008
14,087
14,080
14,063
14,241
14,439
14, 504
14, 600
J
14,640
U4,634
1
14,774
14, 983
9,831
9,874
9,918
9,896
9,918
10,002
10,098
10,078
10,101
U0,083
1
10,066
UO, 180
10,323
On securities
All
other
8,547
5,854
5,941
8,562
6,146
8, 539
6,116
8, 500
6,125
8,541
6,221
8,692
6,325 8,782
6,410
8,783
6,594 8,735
6,731 i 8,664
6,527 i 8,650
6, 502 ' 8,821
6,841 8,917
2,156
2,201
2,326
2,281
2,275
2,313
2,370
2,465
2,605
2,692
2,509
2,429
2,655
3,740
3,820
3,833
3,850
3,908
3,956
3,946
i 4,039
i 4,018
14,073
4,186
Investments
5,933
6,040
6,094
6,066
5,975
6,033
6,114
6,264
6,396
i 6, 522
i 6,560
i 6, 599
6,608
2,414
2,428
2,441
2,439
2,473
2,598
2,640
2,651
2,622
2,619
2,602
2,714
2,780
1,851
1,906
1,925
1,882
1,831
1,794
1,773
1,838
1,897
1,965
1,992
2,005
1,948
6,133
6,134
6,097
6,063
6,068
6,094
6,142
6,132
6,112
i 6,045
*6,048
i 6,107
6,137
4,082
4,134
4,169
4,184
4,145
4,239
4,341
4,426
4,499
1
4,557
U,568
l 4,594
4,660
316
FEDERAL RESERVE BULLETIN
MAT, 1928
BANKERS' BALANCES OF REPORTING MEMBER BANES IN LEADING CITIES
[Monthly averages of weekly figures. In millions of dollars]
Other leading cities
Total
Due to banks:
1926—March
April
May
June
July
August
September
October
November
December
1927—January
February. _
March
April
May
June
July
August—
September
October
November
December
1928—January
February.
March
ApriL...
Due from banks:
1926—March
April
May
June
July
August
September
October
November
December
1927—January.
February
March
April
May
._
June
'
July
August
September..
October.
November
December
1928—January..
February
March
April
-
3,302
3,304
3,243
3,225
3,229
3,308
3,313
3,379
3,475
3,653
3,587
i 3, 748
3, 634
i 3, 548
3,463
1,116
1,086
1,072
1.
1,067
1,040
1,062
1,067
1,052
1,078
1,107
1,090
1,118
1,104
1,117
1,171
1,164
1,160
1,177
1,209
1,324
1,282
1,373
1,331
1,318
1,281
1,177
1,194
1,175
1,166
1,152
1,148
1,129
1,194
1,253
1,275
1,215
1,269
1,189
1,169
1,192
97
108
101
108
105
92
102
111
103
97
100
93
100
107
102
95
92
85
95
111
104
103
112
105
110
123
-.
„
New
York
City
Total
2,212
2,186
2,139
2,108
2,058
2,144
2,154
2,202
2,266
2,330
2,306
1 2,375
* 2, 303
i 2, 230
2,182
1,083
1,094
1,068
1,064
1,057
1,056
1,044
1,099
1,142
1,171
1,113
1,157
1,084
1,059
1,069
130.3
135.1
131.2
126.4
130.2
119.9
119.5
125.8
128.3
126.5
136.8
135.8
134.6
142.2
137,3
143.1
160.7
152.1
141.4
146.8
156.5
150.7
167.5
148.9
141.3
149.8
178.2
180.9
180.0
179.4
174.7
167.8
170.0
170.8
165.6
163.1
173.0
173.1
172.5
170.6
169.1
164.2
169.1
167.9
168.6
172.9
173.5
168.0
i 204.2
1192.4
1 188.2
185.8
37.9
44.5
42.6
44.3
39.5
38.7
40.3
37.0
41.0
37.8
40.2
39.1
41.0
48.2
42.8
45.8
45.9
44.1
43.1
52.6
45.7
42.2
52.3
41.2
36.7
42.8
67.9
69.6
63.7
65.9
58.8
53.4
59.3
53.4
56.8
55.1
55.2
58.0
55.4
54.4
53.4
56.4
50.7
52.3
51.2
52.3
60.9
52.6
56.7
52.1
50.3
57.8
San
Min- Kansas FranSt.
Louis neapolis City
cisco
All
other
Cleveland
Chicago
134.5
128.8
128.8
124.3
121.3
125.0
128.5
127.3
130.8
132.9
131.2
131.3
132.2
118.4
118.5
45.9
47.5
45.0
46.3
49.5
48.9
49.9
48.2
46.6
45.1
48.8
53.6
54.0
55.6
55.1
56.1
60.3
60.4
61.4
61.2
63.1
59.6
62.0
62.9
61.2
60.2
387.5
383.2
379.9
381.5
373.3
371.7
374.6
359.7
349.2
349.1
372.4
364.5
374.1
364.8
374.4
347.9
363.4
363.9
372.0
376.8
368.1
370.0
379.8
375. 0
378.6
381.7
84.9
84.3
83.7
81.4
83.9
82.7
80.3
79.3
78.9
79.5
88.5
88.3
87.0
86.1
81.8
81.4
81.9
78.6
78.7
78.9
85.3
86.4
88.5
85.9
77.9
77.5
54.8
47.3
50.4
48.6
46.7
43.1
45.6
50.4
52.7
50.8
53.1
55.5
53.6
50.9
47.5
47.5
46.5
45.5
57.6
63.8
62.3
58.4
57.1
58.1
61.8
58.5
94.0
91.0
91.6
93.7
108.8
110.5
103.7
98.4
97.0
96.7
101.2
95.3
90.3
86.7
82.6
82.7
91.8
91.2
87.9
83.8
83.8
88.1
92.2
92.9
89.4
84.5
94.4
89.0
87.8
94.8
101.2
106.5
109.0
107,2
105.8
107.6
105.9
127.1
104.1
94.9
98.4
99.9
108.4
107.4
105.7
110.1
127.9
126.3
117.7
114.5
117.1
114.1
983.8
986.7
958.2
937.8
913.8
936.6
958.2
1,001. 5
1,040.8
1.078.1
1,066.9
1, 074.7
1.040.2
998.1
951.4
35.5
43.2
36.8
38.4
40.9
36.1
39.7
38.3
41.0
37.3
33.3
36.7
34.6
32.7
32.3
27.4
28.6
27.1
30.0
27.1
25.6
25.1
27.6
27.1
24.3
27.5
23.3
22.3
22.9
22.7
24.5
22.0
24.2
26.4
24.9
24.3
22.3
23.6
24.9
23.1
23.9
150.1
153.2
165.4
168.3
157.1
148.9
151.7
155.6
154.6
161.8
154.2
144.5
154.9
151.8
173.9
150.6
148.3
146.8
152.2
152.7
158.1
150.4
147.7
145.9
150.8
161.1
28.2
28.6
30.2
29.3
27.9
26.2
25.6
28.0
29.5
28.4
31.7
29.9
29.9
28.2
27.3
26.5
25.6
27.0
25.6
28.0
30.6
33.1
36.6
32.9
29.9
29.6
20.6
21.8
21.6
21.6
22.6
19.3
20.3
22.3
22.8
22.2
21.5
20.0
19.8
19.8
19.6
19.9
21.7
19.8
27.7
29.3
24.5
20.5
21.0
18.8
19.7
17.4
39.9
38.4
39.5
37.8
47.0
46.9
44.9
43.7
50.5
43.7
44.6
41.9
40.6
38.6
33.5
33.4
36.0
33.1
32.9
36.1
35.1
36.0
35.2
33.1
31.8
32.4
50.1
50.1
48.4
51.3
54.0
50.3
53.9
53.0
50.6
54.4
50.8
52.1
54.4
50.8
51.3
53.5
52.3
53.3
58.8
56.8
66.8
70.5
68.8
64.7
61.8
56.2
639.2
632.5
616.7
601.4
605.9
616.1
603.5
642.6
668.4
687.7
651.9
678.4
635.8
622.2
615.5
Phila- PittsBoston delphia burgh
* Revised (increased) account of correction averaging about $24,000,000 in figures of a reporting bank in Philadelphia; correction not made
for earlier months.
BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING
[In millions of dollars]
Bankers' acceptances outstanding l
(Commercial paper outstanding I
End of—
1925
January
February..
March
April
May
June
>
July
August
September
October.
November
December
1
.
835
808
800
757
680
608
569
555
607
674
690
774
1926
788
767
746
721
685
622
600
583
614
682
726
755
1927
774
785
809
811
775
751
741
782
864
975
1,029
1,081
1928
1,058
1,056
1,085
1922
705
718
760
792
791
795
805
807
805
775
748
722
1923
807
838
864
867
888
885
854
831
803
815
799
763
1924
818
867
889
871
852
864
879
911
915
925
888
798
1925
820
820
813
801
776
759
727
722
708
684
666
621
1926
654
655
668
663
668
652
655
638
612
593
566
526
1927
551
577
606
599
582
579
569
591
600
611
603
555
1928
577
567
570
Figures collected and compiled by American Acceptance Council.
* Paper maturing within 7 months. Figures reported by 25 dealers to the Federal Reserve Bank of New York; prior to January, 1928,26 dealers
reported.
MAY,
317
FEDERAL RESERVE BULLETIN
1928
BROKERS' LOANS
BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings. In millions of dollars]
On demand and on time
Date
>tal
From
New York
banks and
trust companies
On demand
From
private
banks,
brokers,
foreign
banking
agencies,
From
New York
banks and
trust companies
Total
etc.
1926-Feb. 27...
Mar. 31...
Apr. 30. _.
May 3 1 . .
June 30...
July 3 1 . . .
Aug. 31...
Sept. 30..
Oct. 30...
Nov. 30...
Dec. 31...
1927—Jan. 3 1 . . .
Feb. 28...
Mar. 31...
Apr. 30...
May 31...
June 30—.
July 30,..
Aug. 31...
Sept. 30..
Oct. 3U-.
Nov. 30...
Dec. 31...
1928—Jan. 3 1 . . .
Feb. 29...
Mar. 31...
Apr. 30...
3,536
3,000
2,836
2,767
2,926
2,998
3,142
3,219
3,111
3,129
3.293
3,139
3,256
3,290
3,341
3, 458
3,509
3,642
3,674
3,915
3,946
4,092
4,433
4,420
4,323
4,640
4,908
3,081
2,553
2,469
2,393
2,509
2, 583
2,697
2,745
2,667
2,636
2,804
2,671
2,758
2,791
2,865
2,967
3,065
3,145
3,170
3,340
3,363
3,519
3,812
3,805
3,737
3,947
4,246
455
447
367
375
417
415
444
474
444
493
489
469
499
500
476
490
504
497
o04
575
583
573
621
615
585
693
662
2,495
2,033
1,970
1,987
2,225
2,283
2,364
2,419
2,289
2,330
2,542
2,328
2,475
2,505
2,541
2,674
2,757
2,765
2,746
3,018 |
3,023
3,134
3,481
3,393
3,294
3,580
3,739
On time
From
private
banks,
brokers,
foreign
banking
agencies,
etc.
2,123
1,678
1,699
1,703
1,852
1,918
1,984
2,021
1,924
1,932
2>128
1,964
2,085
2,112
2,146
2,254
2,316
2,343
2,330
2,539
2,549
2,675
2,963
Total
372
355
271
285
374
365
379
398
365
397
414
365
391
393
395
420
441
421
415
479
475
459
518
511
488
564
537
2,807
3,016
3,201
From
New York
banks and
trust companies
958
875
770
690
657
665
713
724
743
704
676
707
673
679
719
713
749
802
840
801
814
844
849
923
931
931
1,045
1,041
967
866
780
701
715
778
800
822
800
751
810
781
785
800
784
812
877
928
897
923
958
952
1,027
1,028
1,060
1,169
From
private
banks,
brokers,
foreign
banking
agencies,
etc.
83.0
91.6
96.1
90.4
43.4
50.2
65.0
75.8
78.fi
95.9
75.6
103.9
108.4
106.6
81.4
70.5
63.5
75.5
88.8
95.8
108.5
113.4
103.4
104.2
P7.7
128.8
124.2
LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY
[In millions of dollars. Monthly data are averages of weekly figures]
Demand and time loans
i
Month or date
1926—February
March
April
May
....
June__
July .
August
September...
October
November. __
December
1927—January
February
March
April-
May
June
July
August
September...
October
November...
December
1928—January
February
March. _April
Apr.
Apr.
Apr.
Apr.
4
11
18
25
Total
For acof
For own count
out-ofaccount
town
banks
Demand loans
For account of
others
Total
For acof
For own count
out-ofaccount
town
banks
Time loans
For account of
others
Total
For acof For acFor own count
out-of- count of
account
town
others
banks
3,119
2,800
2,467
2,452
2,517
2,607
2,720
2,783
2,698
2,615
2,698
2,778
2,733
2,816
2,866
2,933
3,115
3,096
3,181
3,261
3,392
3,441
3,621
3,802
3,784
3,761
4,062
1,182
1,051
905
913
973
960
948
974
866
819
887
933
841
901
929
936
1,077
1,032
1,048
1,061
1,103
1,175
1,282
1,342
1,167
1,064
1,193
1,329
1,173
1,035
998
944
3.000
1,073
1,128
1,106
1,048
1,045
L, 104
L, 127
1,091
1,131
1,191
L, 180
1,188
1,225
1,285
L,326
1,276
L,354
1,470
1,500
1,450
1,617
608
576
528
541
600
646
699
682
726
748
766
741
765
824
806
805
858
877
908
916
962
990
985
990
1,117
1,247
1,252
2,153
1,878
1,645
1,719
1,838
1,935
2,027
2,074
1,975
1,911
2,012
2,094
2,069
2,154
2,190
2,219
2,385
2,336
2,366
2,463
2,603
2,632
2,782
2,938
2,871
2,861
3,122
695
587
472
516
613
605
610
656
549
520
596
639
548
615
642
639
772
705
726
777
820
879
948
992
820
741
843
922
785
705
717
689
746
793
807
773
728
737
799
843
805
830
861
851
857
849
891
942
902
981
1,083
1,084
1,036
1,204
536
506
468
486
536
584
624
611
653
663
679
656
678
734
718
719
762
774
791
795
841
851
853
863
967
1,084
1,075
967
922
822
733
678
671
693
710
723
704
686
€85
664
661
677
714
730
760
815
799
789
809
839
863
913
900
940
487
464
433
396
359
355
337
318
317
298
291
295
293
285
287
297
306
327
322
284
283
296
334
350
347
323
350
408
388
330
282
255
254
280
321
333
320
308
305
284
286
301
330
328
330
376
394
385
374
373
387
416
414
413
71.8
70.6
59.6
55.3
63.8
62.1
75.4
71.0
72.8
85.4
87.0
84.8
87.1
89.9
88.4
86.4
95.8
102.9
116.4
120.5
121.4
138.7
132.3
126.8
160.0
162.9
177.3
3,979
3,994
4,129
4,144
1,264
1,144
1,163
1,200
1,500
1,649
1,703
1,614
1,215
1,201
1,263
1,330
3,074
3,068
3,174
3,170
927
794
811
840
1,104
1,247
1,279
1,184
1,043
1,027
1,084
1,146
905
926
955
974
338
350
353
360
395
402
424
429
172.1
173.9
178.2
184.9
318
FEDERAL RESERVE BULLETIN
1928
MAY,
COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES
WHOLESALE P R I C E S , BY C O M M O D I T Y G R O U P S »
[1926 = 100]
All com- Farm
modities products
Month
Hides
Metals
House- MiscelBuilding Chemiand
and
Textile Fuel and
and furnish- laneous
leather | products lighting
metal materials cals
drugs
ing
goods
products
products
Foods
I
95.9
94.5
94.6
94.4
94.4
93.9
94.2
96.5
100.0
101.5
100.7
98.5
98.7
98.0
95.4
94.2
94.3
96.3
96.5
97.6
102.2
105.9
105.0
104.3
104.4
106.1
104.5
103.5
95.9
94.5
93.7
93.7
93.8
94.1
95.2
96.5
97.0
96.7
96.8
96.3
96.4
96.0
1927—February..
March
April
May
June
July
August
September.
October...
November.
December.
1928—January .....
February..
March
100.2
100.5
101.7
103.7
107.3
111.7
111.7
112.5
113.0
114.3
116.9
121.0
124.1
124.0
94.6
94.0
94.2
93.9
94.3
94.3
96.2
98.5
98.4
97.5
97.2
96.7
96.6
96.5
95.8
90.0
84.9
83.9
84.2
84.2
84.1
84.2
83.8
82.9
82.5
80.8
81.2
80.8
96.2
95.3
95.0
95.1
94.6
93.7
92.9
92.1
91.6
90.2
90.4
90.8
91.0
91.0
98.0
98.2
97.8
98.6
98.2
97.7
98.0
97.6
97.1
97.0
98.4
98.1
98.3
98.4
97.6
97.1
97.8
95.4
95.8
95.3
95.4
96.4
97.1
97.4
97.2
96.3
95.8
95.6
97.9
97.8
97.8
90.6
90.9
91.3
91.3
90.2
89.3
89.9
89.2
88.3
88.3
89.0
89.0
87.3
86.8
97.8
98.0 !
98.0
98.6
98.6
98.5
98.9
98.8
98.6
98.4
98.3
i New index of Bureau of Labor Statistics. See BULLETIN for October, 1927, pp. 696-699.
P R I C E S O F FARM P R O D U C T S AT T H E F A R M i
SECURITY P R I C E S
[August, 1909-July, 1914=100]
Month
Common stocks *
Fruit
Dairy Cotton
30 comand
and
Unand
Meat poultry
mod- Grains vege- animals
classitables
prod- cottonfied
ities
seed
ucts
1927
122
121
119
127
140
139
138
134
128
120
123
142
140
147
158
201
195
172
145
138
136
141
143
144
143
137
129
131
136
142
145
141
138
142
133
133
130
124
125
127
137
146
153
158
94
102
101
113
119
124
136
179
169
162
153
84
June
July - ~
August
September .
October
November..
December..
127
126
125
126
130
130
132
140
139
137
137
1928
January _.„.
February.. _
March
April
137
135
137
140
125
128
136
144
144
153
174
179
138
139
139
142
154
144
137
134
152
141
147
154
91
90
89
85
February...
March
April
May
81
80
79
82
81
81
87
83
86
90
Bonds:
Average
197 I 31
price of
Total
228
industrial) railroad
40 issues
stocks 2 stocks * stocks
Month or week
1927—April
May
June
July
August
September
October.. _
November
December.
1928—January...
February..
March
April
Week ending—
Apr. 7_
Apr. 14
Apr. 21
Apr. 28
165.1
174.5
175.4
179.0
189.0
197.0
197.5
202.1
208.7
210.4
207.6
221.0
236.2
147.4
150.5
151.9
153.9
156.0
157.1
158.9
158.6
160.6
158.2
153.7
159.0
164.8
166.2
167.5
168.5
171.7
179.3
191.1
186.2
189. 4
194.6
195.2
191.9
202.9
215.3
97.24
97.55
97.06
97.03
97.76
98.00
98.62
232.7
237.8
235.1
239.0
164.7
164. 6
161.9
167.8
212.7
216.4
213.7
218.2
99.31
99.26
99.16
1
Index numbers of Standard Statistics Co.
»3 Average of 1917-1921 prices-100.
Average of yearly high and low prices, 1913-1922= 100.
i Index numbers of Department of Agriculture.
DOMESTIC CAPITAL ISSUES
F O R E I G N CAPITAL ISSUES
[In millions of dollars]
[In millions of dollars]
January-March
March,
1928
New
Refunding
March,
1928
1928
Class of issue
New
1927
Refunding
Class of issue
New
Refunding
455.1
Corporate issues
Bonds and notesLong-term
Short-term
Stocks.
Farm-loan issues
Municipal issues
Total new and
refunding
462. 7 363.3
1,404.3
713.3
1, 686.9
332.0
361.3
1,041.3
708.0
1,327. 8 449.5
180.4
16.2
135.4
1.8
128.9
252.8
10.0
98.5
628. 5
53.5
359.3
5.6
357.4
542.6
29.8
135.6
833. 5 399.4
36.1
8.6
458 2 41.5
32.5
326.7 ~~~5.~5
826.0
2.6^
2,117.6
5.3
2,142 . 0
January-March
1928
1927
Gov- Cor- Gov- Cor- Govern- po- ern- porate erniment
ment
ment
Total
Total..
99.25
99.35
99.31
99.20
99.18
New issues
Europe
Canada and Newfoundland
Latin America
United States insular
possessions.
Miscellaneous
Refunding issues
Corporate
i 87. e
26.3
297.7 i 115.2 247.8
114.5
87.6
50.8
26.3
26.0
222.7
103.5
104.4
76.0
210.8
44.1
100.8
49.5
.3
13.3
98.3
16.9
2.5
30.6
10.4
11.3
j
I
Total,Government and i
corporate
36.7
1.1
6.5 I 9.0
75.0 j 10.7
113.9
412.9
1.4
4.6
51.1 25.0
37.0 j 13.7
362.3
319
FEDERAL RESERVE BULLETIN
M A T , 1928
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers of the Federal Reserve Board]
Industrial
producYear and month tion i
Building contracts
Wholesale dis- DepartmentProduc- Producawarded 1
tribution
store sales l
Freight
tion of tion of Factory Factory
car
manu- miner- employ- pay
load'
facrolls
ment
Unadings Unad- Ad- UnadAdAdtures * als^
justed
justed justed justed I justed
justed
Mo. av. 1923-1925=100
ANNUAL INDEX
1919__
19201921
1922__
1923__
1924
1925_
1926
1927__
MONTHLY INDEX
1923
August.
September.
October
November
December
1924
January. __
February
March
April
May....
June
July
August
September
October.
November
December
1925
January
February
March
April
May
June
July
August
September
October.November
December
1926
January
February
March
April
May
_
June
July
August
September
October__
November
December
1927
January
February
March
April
May
June
July
August
September
October.
November
December
1928
January
February
March
,
84
87
67
87
101
94
105
108
106
77
89
70
74
105
96
99
107
107
100
103
82
90
104
95
95
96
92
100
124
84
89
113
104
107
109
105
102
100
99
98
96
100
101
110
98
104
105
99
104
104
104
103
101
113
114
117
115
113
100
102
100
95
89
85
83
89
94
94
99
102
101
95
88
84
82
88
93
95
97
101
102
104
99
92
93
92
92
92
97
89
96
100
100 !
105
105
104
103
103
102
103
103
102
105
106
108
106
106
106
103
103
102
103
102
104
107
109
110
106
107
107
107
106
107
107
111
112
111
108
105
Unadjusted
Adjusted
Monthly average 1923-1925-100
Mo. av. 1919=100
83
87
67
85
101
95
104
108
106
Department-l
store stocks
64
63
57
81
,
84 !
95 i
122
129
128
84
91
79
86
100
98
103
107
103
110
114
87
89
101
98
101
98
95
101
99
97
99
95
115
115
123
100
82
103
99
103
100
95
79
89
117
113
161
99
100
100
99
100
94
98
102
96
87
82
86
105
118
118
97
103
102
94
99
95
91
93
95
101
99
99
101
87
82
91
104
100
94
72
74
93
111
111
168
99
105
99
99
97
100
96
95
100
95
101
100
90
97
105 j
107
104
97
102
101
100
100
99
100
102
101
100
105
100
86
80
95
106
100
99
75
78
95
129
114
178
98
103
103
102
101
100
100
101
102
110
104
106
90
96
104
106
103
97
94
98
106
111
115
97
102
101
101
101
100
100
101
102
102
101
102
103
102
101
100
97
89
81
102
103
107
101
78
83
101
124
121
184
106
104
101
103
107
102
104
107
109
110
106
110
107
107
103
98
94
97
107
114
117
105
103
104
103
101
101
101
101
103
103
104
102
78
94
87
88
98
99
103
106
106
79
105
98
101
101
103
102
i
100
101
100
101
100
75
73
91
80
76
72
76
88
90
90
103
101
106
76
78
109
121
108
101
87
89
87
103
95
83
101
101
99
96
95
91
84
85
90
100
103
94
100 I
104
100
96
98
104
101
104
108
90
91
94
93
103
109
110
107
107
105
102
105
104
111
112
112
75
76
120
138
124
137
133
149
138
129
116
129
101
104
107
112
115
125
128
135
135
129
127
138
103
103
100
104
105
101
101
105
102
100
104
105
97
109
98
90
91
94
113
117
124
99
109
108
108
107
107
107
107
111
112
110
106
103
92
96
106
106
104
106
107
109
111
115
118
119
107
112
113
110
109
109
104
108
108
112
109
111
99
146
139
134
133
126
146
137
126
119
131
146
136
128
120
125
125
124
129
130
126
130
136
102
104
105
107
108
109
108
108
109
109
108
106
94
97
107
94
91
91
91
107
117
111
97
84
107
109
111
108
111
108
106
107
105
103
99
99
105
107
110
109
111
108
106
107
105
102
116
118
118
104
108
104
100
106
105
105
101
103
102
109
110
108
108
106
101
104
104
105
101
102
94
96
151
147
135
154
130
135
127
137
114
116
123
131
131
128
126
144
128
119
121
137
125
121
105
109
109
108
107
104
101
104
104
101
96
94
91
103
90
88
87
88
111
112
106
93
82
94
95
96
93
95
93
95
100
96
91
95
93
89
83
100
111
102
101
75
89
100
119
122
186
106
106
105
105
103
103
103
111
108
105
107
111
92
97
106
106
103
97
94
97
107
113
116
90
103
102
103
102
101
100
101
101
103
103
103
102
106
110
109
107
111
110
103
103
104
104
105
104
113
144
137
155
125
100
102
103
87
93
100
94
97
93
88
85
103
105
105
105
86
104
103
102
101
_,
101 I
101
95
93
94
96
96
95
94
92
94
94
93
93
92
91
91
92
92
90
90
114
113
111
105
100
92
103
97
97
100
94
105
111 !
114 I
94
105
111
113
101
102
102
103
102
100
100
100
101
101
100
100
i The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts, wholesale distribution, and department-store sales and stocks are shown both with and without seasonal adjustments.
320
FEDERAL RESERVE BULLETIN
M A Y , 1928
INDUSTRIAL PRODUCTION
INDEX OF INDUSTRIAL PRODUCTION
[Index numbers, adjusted for seasonal variations.
1923-1925 average* 100]
Month
January
February
March...
April
..
.
May
June
July
August
...
September. ..
.October. _
November .
...
December
.
m
Annual index
-.
1922
1923
1924
1925
1926
1927
73
76
80
100
100
103
100
102
100
105
105
104
106
107
107
107
109
111
77
81
86
107
107
105
95
89
85
103
103
102
107
106
107
108
111
108
86
84
88
94
103
102
100
99
83
89
94
94
103
103
102
105
107
111
112
111
106
107
105
103
97
97
97
106
108
99
100
96
101
108
105
99
85
101
95
104
108
106
1928
106
110
109
1924
1925
1927
1926
1928
INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS
Year and month
Textiles
1927
January
February
March
April
May
June
July
August..
September
October
November
December
January
February
March
|
Food
Paper
Non- I Petro- Rubber | T ° b -?°
Auto- Leather Cement,(
m a
prodand
leum
brick, ! ferrous
Lumber mobiles and
ucts I printing
shoes and glass metals refining t i r e s
108 i
108 I
114 i
112 i
116 i
121 |
118 i
119 j
118 I
113
112 !
105 i
103
102
96
97
93
94
94
95
113
113
113
114
112
112
114
112
113
111
110
112
106 i
107 i
106 !
102
110
105
i 116
i 117
118
197
U01
U06
U06
U03
195
184
189
81
170
47
53
102
100
105
113
112
113
108
97
101
107
119
109
108
109
111
115
113
108
107
105
116
112
108
112
111
108
106
108
107
106
106
111
135
134
135
134
132
134
136
136
139
142
140
137
118
117
123
131
127
131
124
119
113
116
117
110
114
113
116
122
122
116
109
119
123
121
122
112
111
115
109
101
109
107
135
139
141
1124
118
118
119
1928
97
197
92
102
113
199
102
100
U39
136
INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS
Year and month
Total
Bitumi- Anthracite Crude pe- Iron-ore
nous coal
troleum shipments
coal
Copper
Zinc
Lead
Silver
1927
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
116
118
118
104
108
104
100
106
105
105
101
103
119
125
131
87
94
91
87
92
92
90
85
87
103
103
104
92
101
95
88
108
117
102
75
107
100
107
106
92
120
123
123
119
120
120
124
123
124
124
124
124
120
101
99
99
87
95
49
114
111
100
106
107
105
101
101
104
102
106
105
113
113
114
110
108
114
109
114
111
110
107
109
113
112
115
120
113
112
116
112
111
105
110
109
97
95
90
90
90
93
94
94
90
91
100
102
104
101
104
107
112
105
109
109
93
83
92
1928
121
119
121
»Revised.
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 BULLETIN for February and March, 1927.
MAY,
321
FEDERAL RESERVE BULLETIN
1928
PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES
March,
1928
Iron and steel:
Pig iron
Steel ingots
Textiles:
Cotton consumption
.
WoolConsumption. _
Machinery activityl
Carpet and rug loom activity 1 .
SilkDeliveries
Loom activity * - . . Food products:
Slaughtering and meat packingHogs
Cattle
Calves ._
Sheep
Flour..
Sugar meltings
Paper and printing:
Wood pulp and paperNewsprint
Book paper
Fine paper. _ .
W r a p p i n g paper
Paper board
Wood pulp, mechanical
Wood pulp, chemical
„
Paper boxes
. .__
Newsprint consumption
Lumber:
Lumber, cut
Flooring ._ _ ._
Transportation equipment:
Automobiles
__ _. „
Locomotives
February,
1928
March,
March,
1927
1928
102
115
100
117
102
104
119
94
82
93
97
86
92
107
86
91
152
124
144
124
129
115
120
90
92
102
105
66
130
98
100
112
113
78
89
103
103
103
101
122 !
93
128
86
109
119
90
106
127
131
94
123
129
107
120
106
105
119
125
103 :
115
108 :
105
112
104
108
123
124 ;
95
104
96
109
90
109
113
102
39
90
106
71
159
Shipbuilding
111
116
Leather and products:
Leather, tanningSole leatherl .
Upper leatherCattle
Calf and kip .
Goat and kid
Boots and shoes
Stone, clay, and glass:
Cement
Brick—
Face brick
Plate glass. . .
Nonferrous metals:
Copper
Lead
Zinc
Tini
Chemicals and allied products:
Petroleum refining—
Gasoline i
Kerosene
.
.
Fuel oil i
Lubricating oil i
Coke production—
By-products
Beehive
Rubber tires and tubes:
Tires, pneumatic. „ _
Inner tubes
Tobacco products:
Cigars
Cigarettes.
Manufactured tobacco and snuff
February,
1928
March,
1927
95
98
98
71
101
120
101
68
103
122
104
87
85
107
97
100
111
112
100
124
109
122
134
128
102
110
112
118
112
110
107
96
105
116
114
107
159
98
124
121
155
101
120
122
151
100
118
115
125
34
123
29
119
67
139
110
142
115
125
107
90
143
92
90
140
94
94
133
95
i W i t h o u t seasonal adjustment.
FACTORY EMPLOYMENT AND PAY ROLLS
[Index numbers w i t h o u t seasonal adjustment.
Metals and
products
Month
Total
Group
Iron
and
steel
Textiles and products
Group Fabrics Products
M o n t h l y average, 1919=»100}
Lumber
and
products
Eailroad
vehicles
Automobiles
Paper Foods Leather Stone,
clay,
and
and
and
print- prod- prod- and
glass
ucts
ucts
ing
Tobacco
products
Chemicals
and
products
Employment:
February..
March
April
May
June.... ,„_
July
August
September
October
November.
December.
1928—January...
February..
March
93.6
93.9
93.2
92.6
92.4
90.7
91.2
91.9
91.7
90.1
89.0
87.9
89.4
89.9
90.1
90.6
89.9
88.7
87.8
85.7
85.4
85.1
84.4
82.8
81.8
80.9
83.1
84.5
90.1
90.3
89.6
88.4
87.5
85.4
85.0
84.7
84.0
82.3
81.4
80.7
82.7
84.0
96.9
96.6
95.1
93.6
93.1
91.0
92.3
93.9
94.5
94.2
93.6
92.9
93.8
92.9
98.5
98.3
97.5
96.5
96.3
94.8
95.6
96.5
97.0
97.2
96.4
95.1
95.1
93.6
94.7
94.5
92.0
89.9
88.9
86.2
88.2
90.5
91.4
90.3
89.9
89.9
92.3
92.0
91.8
91.2
91.0
91.6
91.8
91.2
92.4
93.0
92.4
91.2
88.0
84.5
84.7
85.7
79.2
78.0
78.4
78.5
78.9
78.2
76.7
76.1
75.5
73.4
72.0
70.5
70.4
71.3
117.3
122.4
123.4
123. 7
117.2
109.9
114.3
111.0
109.9
100.7
105.0
114.0
124.8
130.2
109.0
109.0
108.1
107.3
106.9
106.3
106.9
107.8
108.6
109.7
110.1
108.6
108.1
107.0
84.9
84.1
83.1
83.7
87.6
86.7
85.8
88.7
89.2
87.7
86.7
83.8
84.8
84.4
88.9
88.6
84.2
82.6
82.2
85.3
88.2
88.5
86.5
81.5
79.8
83.2
84.6
84.1
110.1
115.9
121.5
124.0
124.2
119.5
120.2
119.3
116.2
114.7
109.0
101.6
101.9
105.7
79.0
78.9
77.3
78.2
80.3
80.3
74.4
83.5
85.3
84.6
80.3
73.8
77.1
77.9
77.8
78.2
78.1
75.3
75.9
75.0
75.3
76. U
77.8
78.5
77.?
75.1
77.2
76.9
108.6
110.0
108.5
108.1
105.8
101.1
104.4
103.8
105.1
101.0
101.8
97.7
103.5
104.9
99.1
100.7
99.5
96.8
95.2
87.4
90.4
87.9
88.9
86.0
87.6
84.8
92.1
94.1
98.7
100.1
99.1
96.2
94.7
86.7
89.8
87.3
88.2
85.2
86.6
84.1
91.2
93.3
111.0
110.8
105.1
103.3
102.8
99.1
102.7
104.8
106.9
101.6
103.6
100.2
103.5
101.9
111.7
111.3
108.1
107.6
107.0
102.8
105.8
107.3
108.9
104.5
106.1
100.3
102.4
100.3
110.3
110.3
101.4
98.1
97.6
94.6
98.9
101.9
104.3
98.1
100.6
100.0
104.8
103.9
103.4
104.6
103.2
105.3
104.8
101.1
105.8
107.3
109.1
106.3
102.5
91.2
95.4
97.8
89.3
87.0
88.0
89.8
87.9
83.0
85.4
81.3
83.6
82.2
80.2
75.1
78.2
80.4
140.2
153.4
157.7
158.7
131.4
125.2
136.3
128.7
133.6
117.6
127.8
127.2
160.0
168.9
150.8
152.2
150.7
150.3
148.2
145.4
147.2
148.9
151.0
149.0
152.7
148.8
147.5
147.7
99.3
99.1
98.0
100.7
104.6
103.1
101.7
104.4
104.8
103.0
102.2
99.0
100.8
100.4
95.6
93.2
87.0
84.4
85.1
90.2
97.5
95.2
88.5
76.8
77.8
83.5
88.9
87.5
136.8
144.9
151.6
157.6
154.5
143.7
149.0
145.7
145.0
140.8
133.6
122.1
123.8
128.7
79.2
80.9
77.9
83.6
86.7
85.7
79.7
90.5
91.3
90.5
87.0
78.1
78.1
79.4
108.9
111.7
109.9
107.0
109.1
103.6
105.2
105.7
110.0
109.7
112.4
106.3
109.3
110.2
Pay rolls:
February..
March.
April
May
June
July.
August
September.
October
November.
December.
1928—January...
February-_
March
N O T E . — T h i s table contains for certain m o n t h s general index n u m b e r s of employment and p a y rolls, together with group indexes for i m p o r t a n t
industrial components. T h e general index is a weighted average of relatives for 34 individual industries. T h e m e t h o d of construction was
described in detail and indexes for the above groups since J a n u a r y , 1919, were published in t h e BULLETIN for M a y , 1925. See also p . 668 of
BULLETIN for September, 1925, for certain revisions.
322
FEDERAL RESERVE BULLETIN
MAY, 1928
BUILDING
BUILDING CONTRACTS AWARDED
[Index numbers based on value of contracts. Monthly average,
1923-1925-100]
With seasonal
adjustment
Without seasonal
adjustment
Month
1925
January
February...
March
April
May
June
July
August
September..
October
November..
December..
1
1926
1927
1928
75 111
76
99
120 i1152
138 139
124 134
137 133
133 126
149 146
138 137
129 126
116 119
129 131
94
96
151
147
135
154
130
135
127
137
114
116
104
113
144
157
1925 I 1926 1927 1928
100
I
101
104
107
112
115
125
128
135
135
129
127
138
146
136
1133
120
125
125
124
129
130
126
130
136
123 !
131
131
128
126
144
128
119
121
137
125
121
137
155
125
136
50
50
BUILDING CONTRACTS AWARDED
• » • • With Seasonal'Adjustment
i
W/t/jouMdjastmer/t1924-
1925
1926
1927
1928
Revised.
BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Value of contracts in thousands of dollars]
Federal Reserve District
Month
Total
Boston
1927
March
April
May
June
July
August
September..
October
November..
December...
New
Yorki
Philadelphia 1-
Cleveland i
Richmond
Louis Minneapolis i
Atlanta
Kansas
City
Dallas
42,807
40,649
39,023
33,569
29, 658
37,461
32, 863
27,486
40,070
29, 407
156,074
165,459
141,469
177,235
158,435
144,049
107,448
169,299
132,481
130,346
60,141
52,652
37, 724
54, 644
33, 982
53, 519
40,174
34,211
30,138
28, 634
56, 741
77, 350
70, 938
64, 011
57,465
62,447
65, 235
49, 315
39,136
35, 275
34, 694
31,192
39, 736
35,502
34, 241
31,813
57,464
29,553
24,811
37,285
45,921
31,004
31,100
31,188
28,093
28,176
30, 917
26, 023
39,151
24, 816
124, 235
114,013
105, 089
140,608
107, 480
109, 646
106, 296
141, 523
84,182
126, 841
42,704
34,888
31, 344
44,171
32, 205
34,134
32,573
41, 405
27, 793
33,352
13,298
12,001
11,136
11, 712
13, 111
12, 371
8, 038
9,305
7,138
4,473
16,342
22,644
21, 528
17, 598
17, 203
19, 061
22, 253
19, 317
16,516
12, 316
27,781
22,539
23, 262
22,240
22, 517
19, 811
18, 350
15, 379
24,977
14, 619
33, 410
21,826
39, 694
133, 271
140,227
155,154
35, 765
34,980
46, 317
26,403
37,841
66,821
27, 607
22,301
42,061
27, 696
23,376
29, 826
77,806
108,789
108, 093
29,187
35,294
40, 626
4,428
3,968
8,339
13, 318
13,793
33,174
18, 278
22,936
22,463
1928
January
February....
March
'..-•-.;
•
BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in thousands of dollars]
Month
Resi- I Indus- Comdent ial | trial
mercial
Public
works Educaand
public tional
utilities
1927
March
April
May
June
July
August
September.
October
November.
December.
250,078 48,077
267,417 44,602
219,980 44.889
239,814 33,879
186,935 , 30,303
209,458 41,039
202,877 48,546
243, 562 50,712
214,963 52.890
207, 281 29,989
113, 766
80,754
72, 541
88,122
83, 010
76,915
59, 617
79, 720
43, 521
86, 933
106,827
116,264
111,368
151,399
143,916
119,741
126, 230
108, 210
1928
January
February..
March
193,189 37,970
238,985 34,881
275.192 48, 804
68,852
57,695
73,075
1
BUILDING
PERMITS
ISSUED, BY FEDERAL RESERVE
DISTRICTS
[Value of permits in thousands of dollars]
All
other
Federal reserve district
Number
of cities
United States.
92,657
36,522
35,678
34,545
42,122
36,434
41,035
29, 244
30,170
31, 741
23,248
65,468
59,676
69, 026
77,142
53, 792
64,302
55, 097
50, 442
47,189
37,256
Richmond
Atlanta
Chicago
St. Louis
72,039
59,980
110, 338
23,369
18,651
33, 881
31, 750
55,139
51, 277
Minneapolis..
Kansas City..
Dallas
San Francisco.
Boston
New York
Philadelphia..
Cleveland
33,064
Figures for these districts have been revised. Information for earlier years will be furnished upon request.
NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation.
Adjusted indexes by months from 1910 to date given in the BULLETIN for August, 1927, p. 563.
MAY,
323
FEDERAL RESERVE BULLETIN
1928
COMMODITY MOVEMENTS
AGRICULTURAL MOVEMENTS
F R E I G H T - C A R L O A D I N G S , BY LINES
[Index n u m b e r s , adjusted for seasonal v a r i a t i o n s . 1923-1925=1001
Month
! Grain
and
grain
products
Total
1927—March
April
May...
June
July
August.
September
October
November
December
1928—January
February
• March
109
108
107
104 i
101 !
104
104
101
96
94
100
102
103
Live%"£
stock
98
97
100
105
97
98
108
106
94
94
102
108
116 !
MerchanForest L diseL
£d
products miscellaneous
Coal
92
92
95
93
89
91
87
94
87
82
91
101
96
122
107
103
91
90
93
91
94
95
95
93
87
82
90
93
89
102
102
110
110
108
108
107
109
108
106
102
99
106
106
108
[Index numbers, without seasonal adjustment.
1919= 100]
AniLive- mal Grains Cot- Vege- Fruits ToTotal stock
prodton tables
bacco
ucts
Month
1927—March.
April
May
June
July
August
September..
October
November..
December. _
1928—January
February.__
March
91
82
95
91
79
93
87
111
105
95
110
103
94
103
85
94
94
95
123
165
185
149
121
112
97
97
118
137
161
169
149
129
102
95
110
116
101
102
121
71
50
63
84
135
195
207
182
119
108
108
107
117
117
74
58
32
13
80
205
284
244
155
87
59
62
100
128
174
127
140
142
267
357
154
88
72
69
72
146
146
140
162
133
119
233
266
145
96
133
140
145
212
31
8
1
50
255
323
328
317
425
179
23
For description and early figures see BULLETIN for March, 1924, and
for certain revisions see p. 739 of the BULLETIN for October, 1925.
For description and early figures see p. 562 of August BULLETIN.
WHOLESALE TRADE
INDEX OF WHOLESALE DISTRIBUTION—NINE LINES O F TRADE
[1923-1925 a v e r a g e - 1 0 0 ]
Sales with seasonal adjustment
Sales without seasonal adjustment
Month
1924
1923
January
February
March
April . ,
May
June . . .
July
August
September..
October
November.
December.
102
100
104
100
103
102
101
103
99
103
100
95
1925
103
102
94
99
95
91
93
95
101
99
99
101
102
101
100
100
99
100
102
101
100
105
100
98
1926
1927
!
1923
94
97
93
94
95
96
93
95
93
95
100
96
91
95
93
102
101
100
97
99
99
97
97
100
94
98
95
1
|
1
:
1928
Annual average
1925
1924
1926
1928
1927
93
96
114
97
94
92
92
115
115
123
100
82
94
98
102
96
87
82
86
105
118
118
97
88
93
97
109
98
90
91
94
113
117
124
99
89
94
97
107
94
91
91
91
107
117
311
97
84
86
91
103
90
88
87
88
111
112
106
93
82
101
98
101
98
95
87
93
100
SALES IN INDIVIDUAL LINES OF TRADE
With seasonal adjustment
Month
Men's
ceries ! -M-ea^s goods clothing
^ H Boots
Without seasonal adjustment
Wom- Boots
Furen's
Hard- Drugs Fur- 1 Gro- Meats Dry Men's
ni- 1
and Hardcloth- clothniture ceries
ware
ware Drugs ture
goods ing
shoes
ing
1927
March
April
June
July
August
September..
October
November..
December..
96
95
B7
98
91
G7
94
90
94
92
1928
January
February
March.
93
98
97
108
111
109
104
102
109
109
109
105
109
j
1
i
|
!
!
!
|
!
|
106
114 !
109 i
90
86
87
88
88
102
91
86
89
87
101
87
87
90
90
101
92
81
86
93
89
88
83
99
99
94
67
es
69
65
79
72
68
54
67
ei
70
70
55
97
94
110
GO
134
111
104
91
105
101
98
94
91
92
92
87
99
94
100
97
106
106
1C4
106
105
112
114
111
112
106
101
96
C8
102
102
109
103
99
100
89
94
90
95
101
92
97
102
102
100
90
104
104
109
106
104
HI
117
122
101
103
05
76
76
78
81
125
113
99
88
70
138
85
52
46
78
165
140
101
61
48
108
64
39
28
43
98
95
87
45
39
114
109
96
92
93
91
108
109
110
89
95
95
85
85
95
106
108
105
85
89
87
76
128
131
65
88
89
111
100
111
85
107
122
127
114
110
82
94
87
110
102
98
93
96
90
98
106
105
98
90
117
108
98
99
82
82
95
106
101
120
too
110
122
128
113
99
114
97
93
90
84
111
117
118
105
83
79
95
107
1
Revised indexes of sales of furniture. Revised indexes for earlier years may be had upon request from Division of Research and Statistics,
Federal Reserve Board.
NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexes from
January, 1919, t o October, 1927, w e r e p u b l i s h e d in t h e B U L L E T I N for D e c e m b e r , 1927, p p . 817-828.
324
FEDERAL RESERVE BULLETIN
MAY,
1928
RETAIL TRADE
DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers.* Monthly average 1923-1925=* 100]
Federal Reserve District
United
Month
States
Sales (unadjusted):
1927—January
February
March.
1928—January
February
March
.
. __
Sales (adjusted):
1927—January
. _ _
1928—January
February..
March.
Stocks ( u n a d j u s t e d ) :
1927—January
February
March
1928—January
February
March
Stocks (adjusted):
1927—January _ . . .
February
March.
.
1928—January
February
March
_. . .
-„_>..
. ._
_
_.
Atlanta
Chicago
St. Minne- Kansas
Louis apolis City'
89
83
100
88
85
103
103
78
97
98
78
96
96
85
99
94
89
102
80
78
94
74
71
95
85
82
98
85
85
101
84
78
99
81
82
105
85
88
99
85
91
110
84
90
108
86
89
109
79
83
98
82
85
105
81
76
92
76
75
94
106
107
105
105
105
105
114
104
104
108
100
98
111
109
107
108
109
106
96
97
96
88
85
94
105
104
103
104
103
102
107
104
102
103
105
105
107
109
105
107
108
113
105
114
114
113
114
117
100
103
101
104
101
105
98
103
99
90
96
97
92
97
106
91
96
104
91
95
105
93
97
105
98
97
107
96
97
105
91
95
105
88
91
97
87
96
105
90
93
103
91
97
107
89
96
103
90
100
108
92
101
105
92
97
105
92
99
105
90
95
102
84
93
96
81
87
94
80
88
91
103
102
103
103
102
101
101
101
103
102
103
103
106
105
105
104
104
103
99
100
100
96
96
93
103
101
101
106
98
99
104
102
103
102
101
100
97
102
105
101
103
102
104
102
102
103
104
102
103
101
100
97
99
94
91
90
91
90
91
88
i For description of department store indexes given in this table see BULLETIN for February, 1928.
Dallas
80
76
89
79
77
92
San
Francisco
87
86
97
89
88
109
96
85
109
98
92
110
105
inn
109
112
111
112
114
115
110
77
85
89
75
83
86
97
102
109
98
105
111
89
88
86
86
86
84
105
106
107
106
109
109
HI
February
March
New Phila- Cleve- RichYork delphia land mond
Boston
96
109
116
98
111
117
* Monthly average in 1925=100.
SALES O F MAIL-ORDER H O U S E S AND CHAIN S T O R E S
[Index numbers of sales.
Monthly average 1923-1925= 100]
Sales without seasonal adjustment
Sales with seasonal adjustment
Chains
Chains
Mailorder
houses Gro- 5-and(4) cery 10-cent Pa?l
p
(34)
(14)
1927—January..
February.
March
1928—January..
February.
March _..
103
101
125
105
108
125
155
148
174
188
194
209
104
116
104
115
133
(5)
100
114
148
121
137
200
_j Mailj order
g Cigar
(5)
(13)^
134
129
143
146
148
163
97
99
111
90
96
107
5-and- ApShoe Candy! h0(4)
/lf s Grocery 10-cent parel
(4)
(7)
82
84
87
117 I
95
103
115
100
106
119 !
NOTE.—For description of indexes given in this table see BULLETIN for April, 1928.
111
112
117
113
116 |
113
(34)
(14)
157
155
163
191
195
196
130
133
128
140
142
142
(5)
163
173
175
197
201
224
Drug I Cigar
(13) ! (5)
140
139
139
153
153
157
113
115
113
105
107
109
Shoe Candy
(4)
(7)
111
121
104
117
120
119
120
121
116
126
120
120
325
FEDERAL RESERVE BULLETIN
M A Y , 1928
BANK SUSPENSIONS AND COMMERCIAL FAILURES
BANK SUSPENSIONS, BY CLASS O F BANK
[Amounts in thousands of dollars]
All banks
Member
banks
COMMERCIAL FAILURES. BY CLASS OF ENTERPRISE »
[Amounts in thousands of dollars]
Nonmember
banks
Number
Num- Total
Num- Total
Num- Total
dededeber posits
ber posits
ber posits
1926
January.
February
March
April
May
June
July
August
SeptemberOctober
November...
December...
Total..
1927
January
February
March
April
May
June
July
August
September...
October
November...
December...
Total..
1928
January..
February.
March
Total, 3 months
65
52
51
56
68
77
140
52
37
88
154
116
13,384
11,763
10,249
12,512
16,324
34,229
48,618
10,001
12,050
18,209
45,983
39,166
133
81
75
49
47
41
37
27
36
44
43
32,038
25,157
31, 222
11, 750
13,198
10,784
12,162
17, 364
11,542
11,210
8,476
662 193,891
53 12,535
50 20,669
64 j 17,682
167 | 50,
54 9,392
42 8,902
45 9,539
1926
50 8,978 January
2,296
58 12,090 February _ 1,801
61 28,911 March
1,984
46,981
135
1,957
April
43 7,874 May
1,730
7,733
29
1,708
June
69 11,929 July
1,605
121 26,594 August
1,593
24,753 September 1,437
796 203,676 October.— 1,763
November 1,830
December. 2,069
11, 555
106 20,483
8,744
65 16,413
TotaL _. 21,773
7,700
59 23, 522
5,462
39
1927
6,434
36 6,764 January...
i 5,521
32 5,263 February _
i 2,638
35 9,524 March
I 8,881 22 8,483 April
i 1,257 30 7,731 May
35 7,813 June
I 3, 729
37 8,105 July.
3,105
42 7,166 August—
1,310
538 127,555 September
66,336
1
October. __
—> November
3,456
9,079 December.
10,082
10, 587
4,373
13,309
T o t a l — 23,146
28 j 17,911
139 32,975
BANK SUSPENSIONS i IN MARCH, 1928, BY DISTRICTS
[Amounts in thousands of dollars]
All banks
Federal reserve district
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco..
Agents,
ManuManuAgents,
Total factur- Tradirokers,
Total factur Trading brokers,
ing
ing
ing
etc.
etc.
3,992
2,861
710
3,534
4,234
5,318
1,637
2,127
4,317
6,280
19,389
27 14,413
160 j 68,812
9
2
5
6
9
6
7
124
Member
banks J
Nonmember
banks
Liabilities
1928
January.. _ 2,643
February. 2,176
2,236
March
Total, 3
7,055
510
447
469
494
437
435
396
449
374
450
440
494
5,395 15,268
501
411
569
492
444
42'
448
438
389
488
478
597
90
72
91
85
77
113
87
73
105
108
105
104
1,282
1,424
1,378
1,216
1,160
1,122
1,071
958
1,205
1,285
1,471
16,094
10,822
9,862
16,734
16,157
10,092
11,168
12, 516
10,093
11,650
16,097
16,759
21,502
20,317
18, 623
19,094
15,710
15,525
14,614
14,096
11,243
15,874
14,158
20,579
6,055
3,037
2,138
2,659
1,676
3,791
3,898
1,518
8,654
5,707
2,439
8,282
1,110 409,233 158,044 201,335 49,854
1,842
1,508
1,468
1,342
1,292
1,310
1,187
1,174
1,083
1,170
1,276
1,430
5,682 16,082
43,651
34,176
30,623
38,487
33,543
29,408
29,680
28,130
29,990
33,231
32,694
45,620
122
116
106
134
116
96
121
96
101
129
110
135
51,290
46,941
57,891
53,156
37,785
34,465
43,150
39,196
32,786
36,236
36,147
51,062
19,996
10, 518
22,368
25,278
13,802
13,587
16,743
14,921
15,349
17,134
12,786
29,024
24,530 6,764
23,406 13,017
28,191 7,332
22,308 5,570
19,978 4,005
17,856 3,022
16,832 9,575
14,702 9,573
12,052 5,385
14, 657 4,445
16,949
6,412
16, 733 5,305
1,382 520,105 211, 506 228,194 80,405
553 1,946
468 1,581
546 1,566
1,567 5,093
47, 634 14,870 26,446
45,071 12, 751 24, 952
124 54,814 20,412 26,186
6,318
7,368
8,216
395 147,519 48,033 77,584 21,902
COMMERCIAL FAILURES. BY DISTRICTS i
Total NumNum- Total
dede- Numfer posits
* ber posits « b e r posits'
it
[Amounts in thousands of dollars]
Liabilities
Number
Federal reserve
district
Mar.,
1927
Mar.,
1928
Feb.,
1928
241
238
234
Boston
443
380
New Y o r k . . . .
126
83
Philadelphia..
186
183
193
Cleveland
158
141
147
Richmond
294
147
152
Atlanta
128
348
322
4,373
Total....
55 13,309 Chicago
*64 17,682
105
104
111
St. Louis
72
83
89
Minneapolis. 144
83
116
i Banks closed to the public by order of supervisory authorities or by Kansas C i t y . .
47
66
59
the directors of the banks on account of financial difficulties.
Dallas
336
271
257
> Includes 6 national banks with deposits of $2,441,000 and 3 State San Francisco.
member banks with deposits of $1,932,000.
2,236
2,176 2,143
• Figures represent deposits for the latest available date prior to the
Totalsuspensions and are subject to revision when information for the dates
of suspension becomes available.
i Figures furnished by R. G. Dun <fc Co.
* Includes 14 banks for which deposit figures are not available.
5,853
9,979
2,174
8,434
4,755
7,572
997
1,696
945
2,540
3,950
9,285
2,297
4,728
4,304
7,254
2,205
1,853
384
2,284
1,637
4,890
7,961
10,932
3,967
4,725
3,586
4,531
11,840
1,089
869
1,684
1,415
5,293
54,814
45,071
57,891
2
1
3
12
9
11
22
2
2
409
158
4,276
3,428
2,605
2,333
410
494
217
1
2
1
2
2
1,524
517
900
713
502
192
158
2,752
2,911
2,669
1,892
1,831
410
494
Mar.,
1928
Feb.,
1928
Mar.,
1927
326
FEDERAL RESERVE BULLETIN
MAY,
1928
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE GERMAN REICHSBANK
The annual report of the German Reichsbank
for 1927 was presented to the general meeting
of shareholders on March 14, 1928. The full
text of the report is given herewith.
General economic improvement.—In the
German business situation the gradual improvement which began in the second half of
1926 became more and more marked until the
second half of 1927, and thereafter for the remainder of the year maintained its level. It
exhibited in general the character of a domestic
development, and in all its phases was effected
by extensive use of foreign capital loans.
Although "rationalizing" of business enterprises was prosecuted with all possible energy,
the number of employed persons continued to
rise. Unfortunately the improvement achieved
was not always consolidated; and it will not be
consolidated so long as the restraints imposed
by foreign politics create in German business
circles that uncertainty which we now find
everywhere. To enable her to live, Germany
requires not only freedom from foreign political
fetters but also, in consideration of her reparations obligations, a willingness on the part of
foreign countries to receive relatively larger
amounts of products and deliveries in kind
from her than Germany receives from them.
Changes in Reichsbank discount rates.—Improvement in the general situation was a primary cause of the activity in the money market
which began at the end of February, 1927. A
superabundant inflow of foreign loans, under
conditions of business depression and of a correspondingly moderate demand for capital, had
brought about a very considerable lowering of
interest rates during 1926 and had brought the
Reichsbank out of touch with the money market in spite of successive reductions in the discount rate from 9 to 6 per cent. As early as
November or December of 1926 it would have
been possible to reduce the discount rate still
further, except that it seemed advisable to wait
until after the year-end settlements. As interest rates in the open market, after the usual
tension at the end of the year, declined rapidly
during the early days of January, and a strong
return flow of funds to the Reichsbank set in
during the first week of January, a reduction
of the discount rate from 6 to 5 per cent was
made effective on January 11, 1927. On this
occasion the Reichsbank stated emphatically
that only actual developments could determine
whether the new rate should be regarded as
established for any considerable period. At
the same time a lessening of the inflow of foreign funds was expected because of the decline
of German interest rates. This expectation
proved correct until the beginning of the second half of February. From that time on openmarket interest rates advanced, the increase
being induced by a rapidly growing demand on
the domestic capital market arising out of the
floating of public loans, particularly the surprisingly well received great loan of the Reich;
induced, also, by continuous improvement of
the business situation, and especially by a vigorous expansion of speculative business on the
bourse financed largely by credit. Interest
rates paid for funds on the bourse reached such
a height that, with substantially lower rates
prevailing at the same time in the bill market,
foreign short-term funds flowed into the German banking and stock-exchange business in
large amounts. This development showed that
the level of the Reichsbank rate was effective in
only one section of the money market, namely,
that occupied with dealings in bills, and exerted no effective influence over the inflow or
outflow of foreign funds. In order, therefore,
to prevent undue extension of bank credit for
various activities which escaped the normal
influence of the Reichsbank rate, the Reichsbank repeatedly took occasion to impress upon
the private banks the necessity of maintaining
their assets in liquid condition. After this advice had been heeded to the extent of contracting stock-exchange credit operations in particular, an advance in the discount rate from 5 to
6 per cent followed on June 10. On October
4 the increasing demands of commerce and
industry necessitated another advance to 7
per cent.
At the time of reduction of the discount rate
on January 11, the Lombard rate was still
maintained at 7 per cent in order to check the
extensive borrowing on collateral which had
taken the place of earlier month-end bill offerings. It was possible still to maintain the
Lombard rate unchanged when the discount
rate was raised on June 10, 1927, and not until
October 4 was it raised to 8 per cent.
The money market.—The movement of
interest rates in the open market in comparison
MAY,
with the Reichsbank discount rate is shown in
the accompanying chart. From this chart it
may be seen that the rate for month-to-month
money showed a rising tendency from the end
of February throughout the year. For day-today money the same tendency is unmistakable,
although sharp fluctuations are shown—for
this reason among others, that very often as a
result of large end-of-month settlements a temporary but great abundance of day-to-day
money was created, the effect of which was
that rates were depressed for a brief period.
Funds available in the private discount market
at no time reached any considerable amount.
Acceptances of the Berlin "great banks/' for
example, amounted to 263,800,000 reichsmarks at the end of October, 1926, and to
386,600,000 reichsmarks at the end of October,
1927, as compared with 1,260,200,000 reichsMONEY RATES
IN THE BERLIN MARKET
PEJFt CEjjT
327
FEDERAL RESERVE BULLETIN
1928
( MONTHLY
AVERAGBS
of May amounted almost always to more than
2,000,000,000 reichsmarks; at the month's end
in August, September, and October to more
than 2,500,000,000 reichsmarks; and at the end
of 1927 it had advanced to almost 3,000,000,000
reichsmarks. (Chart II.) Examination of the
gross increase in domestic bills (Chart I I I )
shows very clearly the extent of the demands
made on the banks. The largest part of the
MONEY IN CIRCULATION AND
REICHSBANK HOLDINGS OF GOLD AND FOREIGN EXCHANGE
AND D O M E S T I C BILLS
BILL.ft.M.
( END OF MONTH F/GUfiES )
Total money \
in Circulation
6.0
5.5
Re/chsbank and
ft en fenbank Notes
)
9 8
5.0
4.5
3.0
J
To reign Exchange
2.5
5
-'
2.0
1.5
marks on October 31, 1913. The demand for
private discounts arose chiefly in connection
with public funds administered by the Reichsbank. The rate fluctuated for the most part
slightly below the Reichsbank rate, or now and
then even reached that level for a short time.
The rate for commodity bills with bank indorsement, which was often a merely nominal
rate, was lower than the Reichsbank rate until
about the middle of the year, and thereafter
above it.
Domestic bill portfolio.—The volume of
domestic bills, which during 1926 averaged
863,000,000 reichsmarks, rose considerably
after February of last year, and since the end
1.0
CHART II
bill offerings was made through the agency of
banks and other financial institutions, while
direct offerings by industry, handicrafts, commerce, agriculture, and other borrowers, in
spite of a similar tendency to increase, declined
in relative importance. The average maturities of discounted bills from the time of their
purchase, moreover, were longer as compared
with maturities of discounted bills in the year
1926.
The credit operations of the Reichsbank
were supplemented in a sense by the export
328
FEDERAL RESERVE BULLETIN
credits granted by the Gold Discount Bank.
Since April, 1927, the latter bank has held
bills in reichsmark currency as well as sterling
and dollar bills. On the whole, however, the
discount operations of the Gold Discount Bank
were somewhat curtailed for the reason that
the bank is gradually approaching its appointed
end. It must also be borne in mind that the
cooperation of the Gold Discount Bank in
the administration of public funds will be
discontinued within a measurable period of
time after the plan of the Reichsbank to take
over the management of these balances shall
have received the general approval of the
parties concerned. The business undertaken
by the Gold Discount Bank at the beginning of
PURCHASES BY THE REICHSBANK
OF DOMESTIC BILLS
M ILL. R. M.
(AMOUNTS PURCHASED MONTHLY )
2400
1926
1927
CHART III
1926—namely, the acceptance of 360,000,000
reichsmarks of agricultural 7 per cent mortgage
bonds of the Rentenbank-Kreditanstalt with a
maturity of three to five years—was almost
completed at the close of the year under
review, after a further sum of about 65,000,000
reichsmarks had been appropriated for agriculture in 1927, and the statutory limit had thus
been almost reached. Of these mortgage
bonds, 118,400,000 reichsmarks will mature
on July 15, 1929; 118,600,000 reichsmarks on
July 15, 1930; and 118,700,000 reichsmarks on
July 15, 1931.
The volume of public funds declined considerably during the past year, and accordingly
their importance for the money market and the
discount policy of the Reichsbank diminished.
MAY,
1928
Nevertheless a unified management of all these
balances for the benefit of the country as a
whole continued to be essential. Unfortunately this matter is not yet seen by everyone
in its true light. Short-term funds tend for
the most part to seek investment in a central
money market for the sake of the interest to
be earned; the result is that even such important places as Frankfurt and Hamburg try
with good reason to establish close relations
with the Berlin money market. Only a central money market is in a position to distribute
its available balances to all parts of the country. The Reichsbank has contributed to make
this possible, especially through the establishment of clearing facilities by telegraph. By this
means all unemployed balances are made available to the whole German business world; the
entire administration of public funds is more
rationally organized; and excessive hoarding
and dissipation of reserves is avoided. This
does not mean the withdrawal of funds from
less important districts, but quite the reverse—
namely, the possibility of placing at any time
otherwise idle funds of the business world and
of the Government wherever they are needed;
in this way enabling local markets to participate in the advantages of the great central
market. Germany is not rich enough to permit
herself the luxury of uncoordinated employment of capital.
Foreign credit policy.—Considering the
dearth of capital in Germany, the necessity of
seeking foreign credits is admitted without
further argument. So far as a satisfactory
increase in production is the aim in seeking the
assistance of foreign loans, no objections can be
raised. This assumption can generally be accepted in the case of private business, which is
faced with the necessity of calculating profits
very closely. Naturally many objections arise
in the case of private loans if they are employed
to excess or in unproductive ways, especially
in consideration of possible future changes in
price levels and conditions of production. In
the case of public organizations the same considerations do not always apply, owing to the
special character of most of their operations
and owing to the interplay of political factors.
A most economical financial policy in general,
and most careful management of public undertakings in particular, must therefore be constantly demanded. The effort which the Beratungsstelle (Loan Advisory Committee) under
the direction of the Finance Minister of the
Reich has been making in the direction of stern
self-denial in respect to seeking new public
loans abroad has strengthened the confidence
MAY,
1928
FEDERAL RESERVE BULLETIN
of foreign countries in Germany's financiapolicy. Self-discipline and self-denial in finanl
cial matters will be essential in the future also—
all the more since the Agent General for Reparations in his latest report has revived the question of a precise definition of German reparation obligations. The close relationship which
the solution of this problem bears to the currency question imposes new tasks of great
difficulty and responsibility upon the Reichsbank.
Gold and foreign exchange policy.—The gold
and foreign exchange policy of the Reichsbank
was deeply influenced during 1927 by foreign
credits. Rates of the dollar and of sterling
fluctuated near the gold export point until the
end of June. The causes for this lay especially in the temporary decline of the inflow
of foreign capital and in the very unfavorable trade balance; the latter constitutes a
problem of the greatest importance for the
further economic development of Germany.
The delivery by the Reichsbank of almost
1,000,000,000 reichsmarks in foreign exchange—and in gold also to a small amount—
together with the inflow of short-term foreign
credits, could not change the course of the
exchanges. During the second half year the
value abroad of the reichsmark rose again,
especially as a result of the larger inflow of
foreign loans. When, owing to this development the exchanges had declined almost to the
gold import point, and the possibility emerged
that foreign credits might come to Germany in
the form of gold, the Reichsbank decided to
reduce the purchasing price of gold to 2,784
reichsmarks.
Circulation and the price level.—A considerable increase in. money in circulation,
even though fully covered by gold, can not
fail to have an unfavorable influence on the
course of prices, which seems all the more
serious because an advance in prices, even
though it may have quite natural causes from
the point of view of commodities and production, will be regarded generally among the population as a sign of inflation because of their
previous experience. The situation of the reserves, therefore, can not and ought not to
serve as the only standard for the guidance of
the Reichsbank: in such case the Reichsbank
would mislead business by the devious path of
price advances and wage advances to a misconception of profits, and to unsound measures in
the placing of their investments and the conduct
of their business. The monetary circulation of
any country should be maintained in wellbalanced proportion to the volume of business
329
activity. It should be larger in periods of
keen business activity than in quieter periods.
For this reason the increase in the German
monetary circulation which took place as a
result of the improvement in economic conditions during 1927 is a case in point. The fact
that the German price level showed a rising
tendency during almost the whole of 1927—in
direct contrast to the price movement in
England, and except for the last month or two
in the United States also—showed the need of
checking any further expansion in circulation,
and was a contributory cause of the autumn
rise in the discount rate.
Gold imports.—Gold imports into Germany
during 1927 amounted to 186,000,000 reichsmarks and gold exports to 9,000,000 reichsmarks, giving a net import of 177,000,000
reichsmarks. Of this amount, 133,700,000
reichsmarks came to the Reichsbank—45,000,000 reichsmarks being acquired by purchase during 1927, while the remainder was
withdrawn from gold deposits held abroad and
was therefore already in possession of the
Reichsbank.
International clearing facilities.—The international clearing facilities arranged with certain foreign banks of issue toward the end of
1926 were extended to a larger number of foreign banks during the past year, so that by
the end of 1927 similar arrangements were in
force with 17 countries—Belgium, Denmark,
Danzig, Estonia, Finland, France, Great Britain,
Holland, Latvia, Lithuania, Norway, Austria,
Sweden, Switzerland, Czechoslovakia, Hungary, and the United States of America. In
practice the international clearance is used
especially for the transfer of rather small individual accounts. During 1927 10,987 clearing
operations were put through, in a total value
of 39,000,000 reichsmarks.
Security and capital market.—After February the market for long-term securities with
fixed yield showed increasing stringency. This
was not only closely connected with the activity
of the mortgage institutions and public organizations during preceding months—an activity
which, being supported by an expansion in the
volume of credit, had already to some extent
anticipated future capital accumulation—but
was also the result of the business revival.
Even though figures for the issues for 1927,
particularly for the first half of the year,
indicate a fairly considerable supply of funds in
the domestic capital market, they were nevertheless inadequate to meet the demand.
Interest rates on the capital market continued
to be unfavorable for borrowers. The 10 per
330
FEDERAL RESERVE BULLETIN
cent agricultural mortgage bonds of East
Prussia, Saxony, and Schleswig-Holstein could,
it is true, be converted at the beginning of the
year at 7 per cent, but the average return of
securities with fixed yield fluctuated almost
continuously above 7 per cent; mortgage bonds
with an interest rate below 8 per cent could
scarcely be disposed of during the closing
months of 1927. The demand on a great part
of the savings of the German people for reparation deliveries is one of the chief causes of the
higher level of interest in comparison with
other countries which weighs so heavily upon
German business.
On the security market the high level of
prices prevailing until May was considerably
influenced by the inflow of short-term foreign
balances; but in addition the aftereffects of the
inflation psychosis prevalent throughout the
population and a temporary superabundance
of credit facilities available for security purchases had the same effect.
MAY,
1928
Revision of balance sheets.—Negotiations
between the Keichsbank and the banks and
clearing houses with regard to improving and
elaborating their published balance sheets led
to the following result at the beginning of
1928: Instead of bimonthly, monthly condition statements are to be published; thus the
interval between publications is shortened.
The plan of the balance sheet has been revised
in several particulars for the sake of more
correct and more precise wording and form.
The new form has been drawn up in such a
way that it can be uniformly applied in the
case of private credit banks, public banks,
clearing houses, and mortgage banks. At the
same time the Reichsbank came to an agreement with these institutions that a number
of additional items should be included for the
clearer interpretation of the entries shown on
the condition statement.
ANNUAL REPORT OF THE BANK OF JAPAN
The annual report of the Bank of Japan for
1927, presented to the meeting of shareholders
on February 18, 1928, contains the following
sections dealing with financial and economic
developments during the year:
General conditions.—The past year brought
little improvement in general business conditions, which continued to be slack during the
early months. Money had become easier since
the preceding year with rates tending to decline
still further, and the prospect seemed more
favorable for proceeding with necessary business readjustments. Foreign-trade conditions
proved less adverse than the year before. A
marked recovery in the value of the yen brought
exchange rates very near to par, while prices of
some of the staple commodities were, if only
slightly, upon the upward grade. The nation,
however, had not fully recovered from the
economic effects of the crisis of 1920 and the
earthquake damage of 1923; and the persistent
fall of commodity prices in 1925 and 1926, resulting from an improvement in the value of the
yen, made itself keenly felt in our trade and industries. Although the probability of the removal of the embargo on gold exports had been
increasing since the latter part of the preceding
year, there were still disquieting factors of no
little importance beneath the surface.
\ Banking panic.—Such was the state of affairs
until March, when a deadlock in the debates in
the Diet on the Government measures relating
to the liquidation of the earthquake bills inci-
dentally disclosed the insecure position of a few
banks. This was sufficient to arouse suspicion
in the minds of depositors and to start a banking panic which resulted in the failure of such
banks as the Tokyo Watanabe, the Nakai, the
Murai, the Eighty-four, the Nakazawa, and the
Soda. Some minor provincial banks also announced suspension of payment.
Meanwhile, the measures under discussion
passed the legislature, and there was a temporary lull in developments; but the shock to
the credit system was too great to pass so easily.
Bankers became extremely cautious and were
especially on their guard with such firms as
Suzuki & Co. and affiliated concerns. On
account of its close business relations with
Suzuki & Co., the Bank of Taiwan was soon
called upon to repay its short-term borrowings,
while banks in the western Provinces suspected
of similar relations suffered heavy withdrawals
of deposits. As the Bank of Taiwan had no
means of raising funds to meet its short-term
loans, the Government, fearing serious credit
disturbances as a consequence of the failure of
this institution, drafted an emergency imperial
ordinance authorizing the Bank of Japan to
provide the Bank of Taiwan with such funds as
it needed to tide over the situation. The Privy
Council, however, rejected the plan on April
17—an action which was immediately followed
by the closing of all branches of the Bank of
Taiwan on the Main Island, and the subsequent
failure of the Fifteenth Bank and the Omi
MAY,
1928
FEDERAL RESERVE BULLETIN
Bank. This caused great alarm and resulted
in runs on banks throughout the whole country.
All the banks in the country, therefore,
unanimously decided to make April 22 and 23
holidays; on April 22 the Government proclaimed a three-week moratorium, and an
extraordinary session of the Diet was convened
to take action on two Government bills. One
bill authorized the Bank of Japan to make
special advances under Government guarantee
against loss; the other provided accommodation for financial institutions on the Island of
Taiwan. These two bills, passed and promulgated on May 8, proved sufficiently reassuring
and the panic subsided. Public confidence
was gradually restored, and the difficult
situation caused by excessive contraction of
credit began to improve. The effects of the
financial disturbances, however, were far reaching. The futures markets were for the most
part closed during the moratorium; and for
some time after reopening they continued to
be inactive. The yen broke on the foreign
exchange market. There was an active transfer of funds from the secondary and minor
banks to the larger banks, trust companies,
and the Post Office Savings Bank; and the
resulting^concentration of funds in the larger
establishments brought about a lowering of
interest rates and activity in the bond markets.
The volume of general business, however,
declined considerably.
The rural community was in distress as a
result of the decline in price of the two most
important agricultural products—cocoons and
rice; to save the situation the Government restored the import duty on rice, carried out
purchases under the rice control act, and assisted the sericulturists by providing them with
necessary monetary accommodation. The depression of markets abroad was reflected in our
export merchandise by a serious decline in cotton goods, one of the most important staples; as
to raw silk, in order to prevent a further slump
in the market that had already seen a heavy
fall in prices, the Third Imperial Silk Co. (Ltd.)
was organized. Production in other lines of
industry was more or less curtailed.
Emergency measures of Bank of Japan.—
At this point a brief review of the measures
taken by this bank during and after the financial disturbances is in order. When the panic
broke out, first in March and again in April,
we disregarded our usual practice and gave
liberal accommodation to all banks applying
for funds to meet withdrawals of deposits;
we extended credits directly and freely even
to institutions which had had no previous busi-
331
ness connections with us; and in cooperation
with the Government and leading banks we
endeavored to tide over the crisis and stabilize
the situation. The enactment intp law of the
two bills mentioned above was immediately
followed by the appointment of a council to
pass upon the proposed special advances; in
conformity with the provisions of the law and
with the approval of this council, the bank
began at once to supply needed accommodation.
Advances were also made by Government
order to the Bank of Taiwan under authority
of the second law. As to the question of reopening the closed banks, we decided to furnish
funds under the provision of the new law to
those banks which gave promise of being able
to continue in operation after reorganization;
when there was little or no prospect that an
institution could maintain itself, we required
it to surrender all assets and liabilities to a new
bank established in consultation with the
Government, leading bankers, and business
men for this specific purpose, or to some other
suitable bank to which advances could be made
under the above-mentioned law. This policy
was intended to expedite the payment of the
claims of depositors of the defaulting banks and
to minimize their loss as much as possible.
The bank accordingly set about the examination of the affairs of the closed banks, and put
forth its best efforts for their reorganization and
for general economic stabilization. Two provincial banks, the Imabari Shogyo and the
Kurate, were thus enabled to resume operations
during the past year, and the Soda Bank of
Yokohama completed readjustment by surrendering all its assets and liabilities to another
bank which undertook the payment of its
deposits. Special advances by the Bank of
Japan under the indemnity act amounted to
181,000,000 yen at the end of the year, while
accommodations granted under the relief measure for the Island of Taiwan amounted to
185,000,000 yen.
Money market.—In the money market, as a
result of the inconsiderable demand for fresh
funds for commercial purposes, easy conditions
obtained from the beginning of the year, and
there was a notable decline in rates. In early
February discount rates for ordinary commercial paper, quoted in the Tokyo market at
from 1.7 sen to 2.2 sen, showed a general
decrease of 0.2 sen in comparison with the
rates of the corresponding period of the preceding year. The associated banks in Tokyo
and Osaka, as well as most other city banks,
reduced their interest rates on deposits. The
Bank of Japan lowered its official rates on
332
FEDERAL RESERVE BULLETIN
March 9 by 0.2 sen in the case of commercial
bills and bills secured by collateral other than
Government bonds, and by 0.1 sen for all other
loans and discounts. After banking disturbances arose in the middle of Marcn, the shortloan market almost ceased to function; but owing partly to the expansion of our advances and
partly to a smaller commercial demand for
new money, there was no appreciable increase
in rates. Moreover, when the panic passed,
the concentration of funds in the larger banks
brought about further ease in the central
market, and as most banks were amply supplied with funds no strain was experienced even
in June and July when seasonal debt settlements usually give rise to heavy currency requirements. Monetary conditions were made
still easier by the repayment of outstanding
call loans and acceptances by the Bank of
Taiwan at the end of July; and by October
the discount rates in Tokyo for ordinary commercial paper had declined to the level of from
1.4 to 2 sen, while rates on overnight loans
ranged between 0.93/2 to 1.2 sen. The associated banks in Tokyo, Osaka, and provincial
cities again reduced their interest rates on
deposits, and on October 10 the Bank of Japan
also announced a reduction of 0.1 sen in its
official rates.
As a result of the abundance of unemployed
funds in the market and the currency situation
in general, we sold Government bonds from
time to time during the year in an amount of
some 200,000,000 yen. A marked tendency
among the leading banks to invest their large
supplies of surplus funds in high-grade securities resulted in a rising market for bonds
and debentures. New issues of debentures
increased; conversion of loans bearing a high
rate of interest was encouraged; and the total
capital issue of the year amounted to
981,000,000 yen. Although seasonal currency
requirements caused the rates to advance
somewhat toward the end of the year, the
market in general continued easy, and the turn
of the year was made without difficulty. Discount rates were quoted on commercial paper
at from 1.7 to 2.1 sen, and overnight loans
were obtainable at from 1.5 to 1.6 sen at the
year end.
Foreign trade.—The chief factors in the decline of our foreign trade, which in both exports and imports showed lower returns than
in 1926, were continued civil war in China and
business depression and financial disturbances
at home. Including returns for Taiwan and
Chosen, exports amounted to 2,065,000,000
yen, imports to 2,358,000,000 yen, and the
MAY,
1928
total to 4,423,000,000 yen. There was an active
demand from America throughout the year
for raw silk and silk textiles, so that, in spite
of the decline in prices, exports of these commodities exceeded those of the preceding year
both in value and volume. The export of
cotton goods, on the other hand, fell 53,000,000
yen short of the year before, chiefly as the result of disturbances in China and business depression in India. On the import side there
was some increase in rice as a result of temporary exemption from import duties, and in
wool, woolen yarns, and textiles as a result of
increased consumption. Imports declined in
the aggregate 204,000,000 yen in comparison
with the figures for the preceding year. The
293,000,000 yen excess of imports, including returns for Chosen and Taiwan, was 150,000,000
yen less than that of 1926, so that, viewed from
the standpoint of the balance of trade, 1927
compares favorably with any recent years.
Movement of the exchange.—The exchange
value of the yen continued the upward movement begun in the preceding year, and the
Yokohama Specie Bank quotation rose to $49
in March. Forced from this high point by the
monetary disturbances, it declined to $463^ in
the latter part of May and failed to make an
appreciable recovery even in the export season.
Among the chief factors causing the depression
were investment by big banks and trust companies in Japanese bonds and debentures issued
abroad, repayment of foreign loans, the rise of
the price of silver, and the action of our mills
and merchants in rushing to purchase new
crop cotton abroad in order to make up arrears
of demand. The rate, which fluctuated for
the most part between the $46 and $47 levels,
touched the minimum for the year at $ 4 5 ^ in
the latter part of November, but rallied to
$46 J/2 toward the end of the year.
Operations of the bank.—Advances of the
Bank of Japan fluctuated in general between
the 200,000,000 and 300,000,000 yen levels
until March, when in consequence of the banking panic the total rose on the 23d to 630,000,000 yen. There was a decline to 500,000,000 during the lull that followed, but the
second panic in April brought about the record
high level of 2,095,000,000 yen on the 25th.
Subsequents substantial repayments resulted
in a steady contraction to the 700,000,000800,000,000 yen level, but later increases
brought the advances to 893,000,000 yen at
the end of the year. This amount included
some 402,000,000 yen of special advances made
under the Government guarantee against loss.
There was also a striking gain during the year
MAY,
1928
FEDERAL RESERVE BULLETIN
in deposits with this bank; for on May 20
Government deposits increased to 840,000,000
yen and private deposts to 385,000,000 yen.
Government deposits subsequently fluctuated
between 750,000,000 and 870,000,000 yen, and
private deposits varied from about 150,000,000
to 300,000,000. The movement of advances
and deposits was reflected in the note issue.
An increase to 1,408,000,000 yen on March 23
was followed by temporary contraction to the
1,200,000,000 yen level and the following
month by expansion that resulted in the peak
of 2,659,000,000 on April 25. A gradual
decline from this peak brought the issue nearly
down to normal, and it stood at 1,682,000,000
at the end of the year. The large gain in
deposits is the principal reason for the fact
that the increase in the volume of the note
issue did not follow the great increase in
advances.
National loans other than Government rice
purchase notes were issued to the amount of
651,000,000 yen during the year; and as redemptions including purchases out of the sinking fund amounted to 451,000,000 yen, the net
increase in the debt was 199,000,000 yen.
Offerings of loans in the open market were
limited to conversion issues. Redemption by
means of the sinking fund was carried on
during the year both by purchase in the open
market and by the drawing of lots.
333
While the causes of the financial disturbances
of last spring may be traced to the economic
crisis of 1920 and the heavy blow dealt by
the earthquake of 1923, banks did not lack
prudence in the management of their affairs
during these years; it was the accidental disclosure of their weakness which excited anxiety
among depositors generally and precipitated
the panic. There was in fact nothing in the
nature of a sudden change in the fundamental
economic situation of our country to account
for this incident; and should our banking and
financial institutions be restored by improvements in their management, we need not take
a pessimistic view of the future. All depends,
however, upon what readjustments are effected.
It is the duty of this bank to give everypossible assistance to efforts which are being
made to improve the situation. The measures
taken by the bank since the outbreak of the
panic necessarily brought about an expansion
in the currency. This must be endured if it
contributes to financial stabilization; but considering the essential function of this bank as
the central bank, and bearing in mind that
the problem of lifting the embargo on the
export of gold is yet to be solved, we must
direct our efforts toward readjusting the present
abnormal situation and preparing for a return
to normal conditions.
ANNUAL REPORT OF THE BANK OF POLAND FOR 1927
The annual report of the National Bank of
Poland for 1927, presented to the meeting of
shareholders on February 10, 1928, contains
the following sections dealing with economic
conditions in Poland and with the operations
of the bank:
General situation.—The favorable turn taken
by the economic situation of the country beginning with the second part of the year 1926 was
still more marked during the past year. In
this year the equilibrium o£ the budget,
achieved for the first time in 1926, was established on a more permanent basis as a result
of increase in receipts and in treasury reserves.
The stability of exchange, brought about by
domestic resources, was placed upon a solid
foundation through the stabilization loan,
which safeguards the national currency from
any combination of unfavorable circumstances.
Although our commercial balance was unfavorable, the increasing volume of imports has
been to date of a productive character, and
the excess of imports was covered by foreign
credits. The metallic reserve and the available
funds held abroad by the Bank of Poland in
October, 1926, that is to say, before receiving
the stabilization loan, were greater by 15 per
cent than the reserves at the end of 1924,
when they stood at the highest level attained
up to that time. Production has developed
in proportion to the increased purchasing
power of money, as is shown by the decline in
unemployment figures. In spite of certain
temporary fluctuations toward the end of the
year, a distinct improvement is observable in
every field of our economic life. * * *
The stabilization plan published on October
13, 1927, after the floating of the international
loan, included provisions designed to insure
budget equilibrium which had been achieved
for the first time in 1926-27. The plan provided for an increase in receipts of at least
300,000,000 zlotys during the budget year
1927-28 to cover additional administrative
expenditures as well as annual amortization
payments for the stabilization loan, and to
create an effective surplus. Part of the yield
of the foreign loan was allocated to a special
334
FEDERAL RESERVE BULLETIN
treasury reserve which should insure permanent
equilibrium of the budget; and the Government, in accordance with the plan of stabilization, agreed for the next three years not to
float any long-term loan either at home or
abroad to provide for budgetary needs. The
system of monthly appropriations was maintained, and arrangements were made that
treasury balances should be deposited with
the Bank of Poland.
The money market.—The situation in the
money market underwent some changes.
During the first five months of the year the
market was sufficiently supplied with liquid
capital from increase of savings, from funds
made available under the more liberal credit
policy of the Bank of Poland, and also from
funds forthcoming in the prospect of a foreign
loan, which stimulated an influx of foreign
capital in the form of merchandise credits,
capital loans, or the purchase of shares and
securities.
Beginning with the month of June a general
stringency became apparent in the market,
caused partly by a less liberal credit policy on
the part of the Bank of Poland—which policy
in turn followed upon the unfavorable commercial balance and the suspension of conversations regarding the international loan; partly
by a moderate revival in industry and agriculture and the increasing demands for liquid
funds which this revival brought about.
The total volume of money in circulation
increased during the course of the year, from
about 1,021,000,000 zlotys at the beginning of
January to 1,312,300,000 zlotys on December
31. Thus the volume of circulation increased
by 28.5. per cent, whereas the wholesale price
index for principal commodities increased by
only 6 per cent. The expansion in circulation
was due entirely to increase in the issue of
bank notes. Notes issued by the State declined
not only relatively as new issues of bank
notes were put out but even absolutely in
amount.
The exchange value of the zloty, which was
stabilized at about 9 zlotys to the dollar in the
second half of 1926, was maintained throughout the past year at nearly this level. Reconstruction of the gold and foreign exchange reserves enabled the Bank of Poland to control the exchange market and to check speculation on depreciation of the national currency—
even to the extent of inducing a slight appreciation of the zloty. There was the danger,
however, that any considerable rise in the
exchange might easily bring about a disparity
between the level of prices in Poland and in
MAY,
1928
foreign countries, which might develop a premium on importations and expose the country
to the danger of an increase in the volume of
imports, a lowering of production, and an increase of unemployment. Under these circumstances legal stabilization of the exchange
was much to be desired. The Bank of Poland
was of the opinion that any considerable
fluctuations in the exchange were undesirable.
At Warsaw, the dollar, which was quoted at
about 8.99 zlotys in January, declined to 8.95
zlotys in February and to 8.93 zlotys in April.
Following stabilization of the zloty, the rate
on New York was reduced in October to 8.90
zlotys, which corresponds to the ratio of 172
zlotys for 100 gold francs, the ratio established
as the basis of stabilization. * * *
On examination of the increase in the Bank
of Poland's gold and foreign exchange reserves
one may distinguish two periods—the first,
from the beginning of the year to the end of
September, when the bank increased its gold
reserve by ordinary purchases; and the second,
including the last three months of the year,
during which the metallic reserve, entirely
aside from its revaluation on the basis of the
new parity, was considerably strengthened from
proceeds of the stabilization loan.
Throughout most of the year the reserves in
foreign exchange rose steadily, at first as the
result of a favorable balance of payments until
April, and thereafter as reflecting a stability of
economic conditions in the country; this caused
foreign currencies hoarded in Poland as well as
capital sums from abroad to be presented for
deposit at the bank. The gold and foreign
exchange reserves rose during the first nine
months of the year from 264,000,000 to
400,000,000 zlotys, or by 53 per cent. A large
part of its foreign holdings were used by the
bank for the purchase of gold, so that reserves,
which at the beginning of the year amounted
to only 138,000,000 gold francs, increased in
the nine months by 44,000,000 gold francs.
Currency reform made two important
changes in the account of gold and foreignexchange reserves. The first, a purely formal
one, concerns revaluation of these reserves
which until October 10 were reported at their
former metallic parity (1 zloty equal to 1 gold
franc), and beginning with October 13 at the
new gold parity (1.72 zlotys equal to 1 gold
franc). As a result of this revaluation the
metallic reserves and the available deposits
abroad rose to 761,000,000 zlotys on October
20, the profit from the revaluation amounting
to about 311,300,000 zlotys. After having set
aside 231,600,000 zlotys out of this exchange
MAT,
FEDERAL RESERVE BULLETIN
1928
profit for capital account there remained a
special reserve of 79,700,000 zlotys which at
the end of the year was added to the reserve
fund.
The second change effected by the currency
reform was the strengthening of the metallic
reserves and the creation of a considerable
reserve of foreign exchange in the amount of
549,300,000 zlotys—proceeds of the stabilization loan.
Acting in conformity with the new bank law
which requires that at least three-quarters of
the legal cover shall be in gold, the bank purchased abroad in November $20,000,000 worth
of gold. At the same time a considerable part
of the gold which had been deposited with the
Bank of England since 1925 was brought back
to Poland. The gold reserve on December 31
totaled 517,300,000 zlotys, an amount equivalent to 31.1 per cent of the aggregate of banknote circulation and demand liabilities and
exceeding the minimum required under the
statutes by 1.1 per cent. More than twothirds of the gold reserve is now domiciled in
Warsaw.
In accordance with the requirements of the
currency reform in general and in particular
with the obligation of the bank to redeem its
notes in foreign exchange, the restrictions on
foreign exchange and foreign currency which
had been in effect for several years were entirely abolished as of November 5.
The credit market.—As a result of better
conditions in the credit market bank deposits
have increased. Deposits in the several classes
of credit institutions have been as follows:
[In millions of zlotys]
Dec. 31, Mar. 31, June 30, Sept. 30,
1927
1927
1927
1926
1,218. 3
Total deposits 1
501.3
State banks
514.0
Private banks
Savings banks and credit
cooperatives
_. _ _
203.0
1, 395.6
612.7
534.9
1,468. 9
597.6
568.3
248.0
303.0
1, 616.9
633.2
646. 7
337.0
i
* Exclusive of treasury deposits in the Bank of National Economy,
State Agricultural Bank, Postal Savings Bank, and two communal
banks.
The total volume of bank deposits may serve
as a basis on which to estimate the liquid capital in Poland in comparison with savings before
the war. Deposits in the credit establishments
then amounted to about 3,000,000,000 gold
francs, of which 80.8 per cent were held in
savings banks and credit cooperatives. These
deposits represented national thrift and resulted from savings out of income by the middle
classes. As the deposits were for long periods,
the funds could be employed in organization
335
of long-term credit. At the present time deposits constitute for the most part available
balances in current account and at sight; as
these are in the nature of cash reserves of commercial undertakings, subject to withdrawal
on demand, they are suitable only for the organization of short-term credits.
The volume of savings increased steadily
throughout the year, principally of funds on
deposit with the postal savings bank. It would
seem that the habit of saving is beginning to
reassert itself throughout the nation.
In Warsaw the rate of interest on bank deposits at the beginning of the year ranged from
7 to 12 per cent per annum, according to the
period of maturity, and, beginning with April,
the rate ranged from 6 to 10 per cent.
Following the decline in the rate of interest,
the increasing available funds were used for
the purchase of securities with a fixed yield,
thus forming the nucleus of long-term credit.
Evidence of this is found in the fact that bonds
put on the market in 1927 by the Bank of National Economy and by the State Bank for
Agriculture could be placed within the country
(about 63,000,000 gold francs during 10
months), as was true also of obligations of private institutions for long-term credit. The
bourse of Warsaw also was very active in purchasing stocks and bonds.
With the increase of funds in the money
market and under influence of the decline in
private interest rates, the general price level
for Government loans and securities rose on
the Warsaw bourse during the first half year.
The long uninterrupted upward swing particularly affected railway bonds.
Discount rates.—The decline in price of
credit, which began in the second half of 1926,
continued throughout the past year. The
Bank of Poland lowered its discount rate three
times—on February 10 from 9J^ per cent to
9 per cent, on March 10 to 8 ^ per cent, on
May 12 to 8 per cent—and it lowered its rate
for advances collateraled on securities four
times—on February 10 from 11 to 103^ per
cent, on March 10 to 10 per cent, on May 12
to 93^2 P ^ cent, and on October 14 to 9 per
cent.
Private banks lowered their discount rate on
March 11 from 15 to 14 per cent, on May 14
to 13 per cent, and on July 15 to 12 per cent.
The legal rate of interest was reduced as of
March 1, 1927, from 15 to 10 per cent.
Credit operations.—Favorable conditions
prevailing in the money market enabled the
Bank of Poland to enlarge its credit operations
very considerably during the year.
336
FEDERAL RESERVE BULLETIN
1
See Report of Financial Adviser, published on pp. 338-342 of
1928
the position of the private banks shall have
become firmly established.
Depression in the cotton industry toward the
md of the year resulted in the immediate
appearance on the market of numerous drafts
having a maturity in excess of the legal three
months, and being, therefore, ineligible to discount at the Bank of Poland. In this emergency advances were extended to the banks on
this kind of bills up to 90 per cent of their face
value, under article 63 of the bank statutes.
International loan and stabilization plan.—
The outstanding feature of the monetary reform of October 19, 1927, was that with the aid
of foreign capital it assured the stabilization of
the zloty at a level which had already been
attained through national efforts and maintained for a whole year preceding the reform.
Legal stabilization of the zloty was made possible by the 7 per cent 20-year loan floated by
the treasury for $62,000,000 and £2,000,000,
face value, at an issue price of 92. At the same
time, under initiative of the New York Federal
Reserve Bank and of the Bank of France, the
Bank of Poland obtained a rediscount credit of
£0,000,000 from 14 banks of issue, which thus
participated in the work of monetary reform in
Poland and indicated their confidence in the
regular execution of the stabilization plan. It
may be recalled that the Bank of Poland on its
part participated in a similar credit arranged in
December, 1927, in favor of the Bank of Italy
on occasion of the stabilization of the lira.
The entire yield of the stabilization loan was
turned over in foreign exchange to the Bank of
Poland and placed to a special account, while
the equivalent thereof, amounting to 540,000,000 zlotys, was allocated in the following
manner: 75,000,000 zlotys to increase the capital of the Bank of Poland; 140,000,000 zlotys
for redemption by the bank of one-half the
State note issue; 90,000,000 zlotys for conversion into silver money of the other half of the
State note issue; 25,000,000 zlotys for redemption of treasury bonds; 75,000,000 zlotys to
treasury reserves; and 140,000,000 zlotys to
aid Government enterprises and agriculture.
Although the proceeds of the stabilization
loan were not turned over to the Bank of Poland
until November 9, a large part of the loan was
utilized in accordance with its allocation before
the end of the year.
All of the second issue of shares of the Bank
of Poland are covered by the treasury in the
ratio of 150 zlotys for each share of 100 zlotys.
The shares will be assigned at the appointed
this
time in the first place to the former share-
The bank admits foreign exchange bills to
rediscount at a rate equal to the discount rate
in the country of payment plus from 1 to 3
per cent. Under article 51 of the bank law as
revised in 1927, only those foreign bills which
have been accepted or indorsed by banks of
the highest standing abroad can be used as
cover for note issues. Advances are made on
Government obligations up to 80 per cent of
their quoted value.
In conformity with the principles of the stabilization plan, the bank has, since publication
of the new bank law, discontinued its practice
of acquiring bills [payable in stable foreign
currencies]
under a form of repurchase agreement.1
On comparison of the credit operations of
the bank during the past year with those of
the preceding year it becomes apparent that, as
a result of more extensive operations by the
establishments for providing long-term credit,
the character of the portfolio of short-term
bills held by private banks which formerly were
overloaded with obligations having constantly
to be renewed, has greatly improved. In proportion as the situation of the private banks
improved, the Bank of Poland imposed, as it
will continue to do in the future, more and
more exacting conditions for the admission of
bills to discount—to the end that the portfolio
of the bank of issue shall contain only paper
representative of equivalent wealth actually
produced. During the year credit restrictions
were considerably relaxed, so as to permit
larger credits based on good commercial paper.
Within limitations the bank permitted credit
to expand or contract in response to actual
needs of the commodity market in accord with
the requirements of a sound monetary circulation. Admission of good commercial paper
to discount, whether directly by the Bank of
Poland or by first-class banking houses, presented no great difficulties during the past year,
and will probably present still fewer during the
year 1928. If, nevertheless, people complain of
certain difficulties and of the high discount rate,
these complaints, while they are not wholly
without foundation, refer especially to another
line of credit strictly financial in its effects; or
perhaps come from people who deal exclusively
with second-rate banks or with cooperatives
not yet firmly established, for whom the collection of interest higher than the legal rate is a
condition of existence. This situation is extremely undesirable, but it will not pass until
BULLETIN.
MAY,
MAT,
1928
FEDERAL RESERVE BULLETIN
holders. Of the 75,000,000 zlotys deposited
by the treasury, 50,000,000 will be added to
the capital and 25,000,000 to the reserves of
the bank.
Under an agreement between the Minister
of Finance and the Bank of Poland, withdrawal
of half the State note issue—that is to say, withdrawal in the sum of 140,000,000 zlotys—was
begun even before publication of the stabilization plan and was accelerated during the last
two months of the year so as to be finished on
December 31. The remainder of the State
notes in circulation on December 31 in the
amount of 167,000,000 zlotys will be exchanged
in part for subsidiary coins now in the treasury,
and, to the amount of 140,000,000 zlotys, for
new silver coins to be minted during 1928.
Thereafter the monetary circulation will be
composed exclusively of notes of the Bank of
Poland and silver and copper coins. Total
circulation for account of the State may not
exceed 320,000,000 zlotys. Moreover, under
the above-mentioned law in respect to monetary
circulation, the stabilization plan provides for
several other arrangements which assure to the
bank control over the money market. For example, the treasury undertakes, exclusive of
the redemption of treasury bonds in the
amount of 25,000,000 zlotys, not to increase
the item of advances with the Bank of Poland
beyond the 25,000,000 zlotys actually utilized;
it will deposit all its available balances with
the bank; and will keep the bank constantly
informed as to the condition of the treasury
accounts at the Postal Savings Bank and at the
treasury.
The sum of 75,000,000 zlotys allocated to
treasury reserves may be employed by the
Government under special conditions provided
for in the stabilization plan, and for this
reason does not figure in the account of demand
obligations.
The remaining sum of about 140,000,000
zlotys constitutes a special fund intended to
assist economic development and will be administered by the bank under a special law
approved by the Minister of Finance. To
December 31 there had been used out of this
fund 17,700,000 zlotys for agricultural credit
extended solely through purchase of mortgage
bonds of the Credit Foncier and obligations
of the Bank of National Economy and the
Government Bank for Agriculture.
The monetary system and the statutes of the
Bank of Poland.—Following the decree of the
President of the Republic on October 13 con-
337
cerning the stabilization plan and the conclusion
of the international loan, it became necessary to
introduce some changes in the monetary system.
Conformably to the stabilization plan the
monetary system of Poland is based on gold.
Coins are to be minted in the proportion of
5,924.44 zlotys to one kilogram of fine gold,
which corresponds to 1.72 zlotys for one gold
franc, and to 8.9141 zlotys for one United
States dollar. As the last phase of monetary
reform, changes in the statutes of the Bank of
Poland which were voted by the extraordinary
meeting of shareholders on November 5 may
be examined. The more important of these
changes are the following:
(1) Under article 47 the bank will redeem
its notes at its discretion in gold coin or in bills
of foreign exchange. The redemption shall take
place only at the head office in Warsaw and
for amounts in excess of 20,000 zlotys.
(2) Article 51 provides that bank notes in
circulation and demand obligations of the
bank shall be covered in the minimum proportion of 40 per cent. The gold reserve in coins
and bullion shall represent at least three-fourths
of the minimum cover. Only such foreign
exchange bills shall serve as cover as have been
accepted or indorsed by foreign banks of
highest rank.
(3) Article 5 provides that at the request
of owners shares to bearer may with consent
of the president of the bank be exchanged for
registered shares.
(4) Under article 77 shares of the bank, as
well as regular and supplementary dividends,
are exempt from all taxation until December
31, 1937.
In carrying out the stabilization plan adopted
by the Polish Government and the provision for
election of a foreign member to the council
of the Bank of Poland, a new article (article
26 A) was introduced into the statutes of the
bank. Under this article Mr. Charles S. Dewey,
former Assistant Secretary of the Treasury at
Washington, was appointed on November 5
to the board of directors of the bank, and
assumed his functions on November 22 as a
member of the board and as counselor to the
Government within the limits provided by the
stabilization plan. The bank authorities take
pleasure in stating emphatically that collaboration of a foreign member on the board is of
great advantage to the Bank of Poland and
also for realization of the aims set forth in the
stabilization plan.
338
FEDERAL RESERVE BULLETIN
MAT,
1928
REPORT OF THE FINANCIAL ADVISER TO THE POLISH GOVERNMENT
On January 18, 1928, Mr. Charles S. Dewey,
the foreign member of the council of the Bank
of Poland and financial adviser to the Polish
Government, submitted his first quarterly report to the Bank of Poland. Selected sections
from this report are given below:
Monetary stabilization.—The Bank of Poland
is charged with, and henceforward will by all
means in its power seek, the permanent stability of the zloty, and with this end in view
has taken a number of measures which required a modification of its statutes. By a
decree of the President of the Polish Republic
dated November 5, 1927, the new statutes
became legally effective. The chief changes
are given below, and their effect may be
traced by reference to the Bank of Poland's
statements.
(1) The old statutes provided that the bank
should maintain a 30 per cent cash reserve
against its note circulation liability. This percentage was increased and the requirements
broadened in the new statutes by directing
the bank to maintain a 40 per cent cash reserve against its deposit liability as well as
its note circulation liability. Of this 40 per
cent the statutes require three-quarters, that
is, 30 per cent, to be in gold coin or bullion.
The Bank of Poland has recently completed
its purchase of sufficient gold to bring its
holdings up to the requirement, and now
(December 31, 1927) has in vault or under
"earmark" 31.1 per cent of its note and deposit
liability. It is the policy of the bank to hold
only substantially the minimum amount of
gold required by the statutes, investing the
balance of its cover in foreign bills readily
convertible into gold.
(2) During the year 1925 the Bank of Poland
was doing all in its power to arrest the depreciation in the value of the zloty, using as one
method the making of loans secured by deyisen
arising from credits granted by foreign business
concerns to Polish concerns. Holders of bills
payable in stable foreign currencies w^ere often
unwilling to sell their bills to the bank to be
added to its depleted exchange reserve. To
overcome the reluctance of the bill holders to
relinquish their ownership by sale, the Bank of
Poland instituted a plan of acquiring the bills
under a form of repurchase agreement. Transactions of this kind were shown in the bank's
statement under the asset item "avances sur
reports" and the contra liability "engagements
provenants de reports." New transactions of
this^'sort have now been suppressed, and the
outstanding amounts, together with the item
of accounts in foreign currencies ("comptes en
monnaies 6trang6res") have been consolidated
under the items "divers" on both sides of the
statement. * * *
Modification of periodical statement of the
hank.—On November 10 the Polish Government was notified that $53,209,333.33 and
£1,729,333.0.8 had been placed to its credit as
the proceeds of the stabilization loan. The
treasury at once opened an account with the
Bank of Poland under the caption "Special account of the Minister of Finance" and deposited therein the zloty equivalent to its credit,
amounting to 549,326,477.30 zlotys.
In order to fulfill the statutory requirements
pertaining to gold cover, the Bank of Poland
at once purchased $20,000,000 of gold in the
New York and London markets, and invested
the balance of the special account of the Minister of Finance in "devisen," i. e., assets in
stable foreign currencies. As a result of these
transactions the percentage of the cover against
note and deposit liabilities, pending a realignment of the balance sheet, rose temporarily to
over 100 per cent.
During the latter days of November consideration was given to the subject of redrafting
the form of the periodical statement of the
bank. No radical changes were suggested, but
merely the changing of certain items in order
that the statement might be more easily read
by the general public.
It will be noted that the first modification
introduced among the assets is the dividing of
item No. 1 to show (a) gold in Poland, (6) gold
under earmark abroad, (c) silver at its gold
value, instead of the general items of gold and
silver. Further, it was agreed that asset
item No. 2 should be divided into item No. 2
showing devisen serving as cover, and item
No. 3 showing devisen not serving as cover.
This latter includes devisen which will have to
be taken out of the bank in carrying out certain
details of the plan, for example, to buy silver
abroad, or to reimburse the suppressed "engagements provenant de reports." It includes
also the countervalue, in devisen, of the 75,000,000 zloty fund assigned as a treasury reserve.
Turning to the liability side of the statement,
items No. 1 and No. 2 reflect the increase of
capital of 50,000,000 zlotys and the increase of
the reserve by 25,000,000 zlotys.
Item No. 3 represents the deposit liabilities
requiring statutory cover. It includes, besides
other current deposits, certain special subitems
arising in connection with the operation of the
stabilization plan. These will be best under
M A Y , 1928
FEDERAL RESERVE BULLETIN
339
stood by reference to the purposes to which the not mentioned in the bank's statement of
stabilization loan is applicable, listed as cap- November 30.
tions A to F in Part IV of the stabilization
Item " F " of 135,000,000 zlotys is mentioned
plan.
in the bank's statement as "State fund provided for economic development" but for a
BANK OF POLAND—STATEMENT OF NOVEMBEH 30, 1927
sum amounting to 146,136,583 zlotys, this
fund having been increased over the amount
originally estimated in the stabilization plan,
Zlotys
1. Coin and bullion:
I
Zlotys
owing to an increase in the principal amount of
Gold in vault.
277,387,808 I
Gold earmarked abroad
| 230,832,137
the loan at the time of its issue. Part of this
Silver in vault at its gold value
2,257,488 i
sum has since been used for the purposes
contemplated.
510,495,433 j
2. Balances in foreign banks, devisen and
This fund " F , " as it is called locally, is of
foreign currencies serving as cover
651,173,691 1,161, 669,124
particular interest to Poland, as its prompt but
3. Balances in foreign banks, devisen and
229, 776,803
foreign currencies not serving as cover.
743,030 well considered use will be of great benefit to
4. Polish silver money and small coins
430,905,047 internal economic and credit conditions.
5. Portfolio
_
The
34, 246, 268
6. Loans on collateral
plan provides that the principles and rules for
7. Securities bought and coupons dis6,082,372
counted
_
_._
30,656, 387 investment of the fund shall be agreed upon
8. Investments of bank reserve-.
25,000,000 between the Government, the Bank of Poland,
9. Advance to the treasury
36,282,185
30. Buildings and equipment-.
_
An agreement has been
56,407,046 and the adviser.
11. Miscellaneous
_
reached by them under which a committee of
2,011, 768,262
three persons, two representing the GovernLIABILITIES
1. Capital stock
150,000,000 ment and one the Bank of Poland, shall con2. Reserve:
sider and make unanimous recommendations
4,653,130
(a) Statutory reserve..
_„104, 674,422
(6) Special reserve
to the Minister of Finance for the investment
109,327,552
3. Demand liabilities:
of
the fund, which will be released by the
(a) Current deposit account of the
adviser in tranches of 20,000,000 zlotys. A
226,936,845
treasury
146,136,584
(6) Other current deposit accounts
detailed report will be made by this committee
(c) Account for redemption of treasury
30,000,000
notes
of three to the Finance Minister, the Bank of
90,000,000
(d) Account for purchase of silver
Poland, and the adviser, explaining the exact
(e) State fund designated for economic
141,342,480
development
use made of each tranche. This report will be
10,108,820
(/) Miscellaneous accounts
considered by them and recommendation made
644, 524, 729
to the committee for further investment, prior
939,895,830
4. Bank notes in circulation.
1,584,421,559 to the release of the next tranche. In this way
75,000, 000
5. Special treasury account_.
93,019,151 current requirements will be better served than
6. Miscellaneous
2,011,768,262 if set rules were made at the beginning for the
investment of the entire fund.
The securities received by the Government
Item "A" of 75,000,000 zlotys is allocated
for the increase of the capital of the Bank of representing advances made from fund " F "
Poland and its use has already been described. will be deposited with the Bank of Poland in
Item " B " of 140,000,000 zlotys, the balance a special portfolio. It is the duty of the bank
of which is mentioned under item No. 3 of the to make sales of these securities in Poland or
bank statement of November 30 as "Account abroad from time to time as the opportunity
for purchase of treasury notes/' has already presents itself, and to reimburse fund " F "
of the sales. It is to be hoped
been entirely used for that purpose, and no with the proceeds
a
part appears in the bank statements of recent that in this w y new working capital will be
progressively injected into Poland.
date.
Item " E " of the plan, amounting to 75,000,Item "C" of 90,000,000 zlotys, mentioned in
000 zlotys, mentioned in the bank's statement
the bank statement
as
"Account
for
the
purchase of silver/7 is to be applied to that purpose (item 5) as "Special account of the treasury/'
as soon as arrangements are completed for is to provide a working fund for the Governthe minting of 140,000,000 zlotys of silver ment to enable it to meet current expenses
coins to be given in exchange for an equivalent when current receipts are insufficient. The
amount of treasury notes, thus retiring their receipts of the Government being sufficient,
there is no immediate use for this fund, and it
entire outstanding circulation.
Item " D " of 25,000,000 zlotys, allocated to is not placed among the sight liabilities of the
the discharge of the treasury floating debt, bank, and therefore requires no statutory
was immediately used for that purpose and is reserve.
340
FEDERAL RESERVE BULLETIN
The rearrangement of the Bank of Poland's
statement simplifies its reading and makes the
development of the stabilization plan more
easily understood. Greater knowledge due to
better understanding should increase Poland's
credit. * * *
The short-term credit situation.—Since 1921
Poland has substantially completed her task
of reconstruction and replaced the vast amount
of physical equipment destroyed during the
period of hostilities. The rapidity with which
Poland has replaced her capital losses severely
strained her banking system and was directly
responsible for bringing into existence certain
Statfe banking institutions through the medium
of which the Government attempted to alleviate the shortage of capital and thereby assist
economic reconstruction.
In May, 1924, the Government organized
the National Economic Bank, known as Bank
Gospodarstwa Krajowego, Under its charter
it is permitted to grant long-term loans through
issuing mortgage bonds, municipal and railway
bonds and, for industrial needs, bank bonds,
to foster building activities and the reconstruction of devastated land, and to carry on all
banking business with particular consideration for the needs of the State, State enterprises, and self-governing units. The by-laws
further define the activities of the bank by
enumerating them as granting authority: (a)
To make long-term loans; (6) to make building
loans for the needs of reconstruction; (c) to
make loans to savings instituitons of selfgoverning units; (d) to carry on all banking
operations.
In May, 1924, by a decree of the President
of the Republic, the Agrarian Bank, known
as Polski Panstwowy Bank Rolny, was reorganized under the name of the Panstwowy Bank
Rolny. This decree provided that the by-laws
governing the above bank shall be issued by
the Minister of Land Reform in agreement
with the Minister of Finance and the Minister
of Agriculture. The object of the bank is to
foster land parcellation, to promote the development of Polish agriculture, and to cooperate
in organizing agricultural credits. This institution under the pressure of economic conditions somewhat broadened the sphere of
activites for which it was originally intended,
and has been granting short-term credits out of
funds provided by the State.
As a result the operations of the Agrarian
Bank and the National Economic Bank somewhat overlapped. At the present time the
authorities at the head of these banks, together
MAT,
1928
with the interested departments of the Government, are endeavoring by mutual agreement
to agree upon the exact activities of each
institution.
During the period of inflation the joint-stock
banks were unable adequately to supply the
short-term credit requirements of the country,
and influenced by this fact, and with a view
to tiding over the emergency, the National
Economic Bank began to deal directly with
business firms. This practice has continued
up to the present time, and raises a question
which should be given considerable study,
namely, the extent to which a government institution should compete in commercial business with privately owned banks.
During the period of most active reconstruction the private banks took their part in the
work of extending loans, but in doing so were
obliged to accept as collateral the only security
to be had, namely, an interest in the enterprise
itself. With the fall of the zloty during the
year 1925, much of this type of collateral became frozen assets, and while deposits have
recently commenced to increase rapidly, the
commercial banks still lack cash with which
adequately to meet the constantly growing demand for short-term credits. At the present
time the private banks' discount rate on shortterm credit bills is 12 per cent, and while this
rate invites foreign deposits into the country,
yet they do not come in sufficiently large
amounts to satisfy current demands, and may
cease entirely should interest rates fall.
A somewhat paradoxical aspect of the situation is the fact that, despite the great credit
needs of the country, the Bank of Poland is
unable to employ all of the funds that are at
its disposal. This condition is explained by
the fact that the bank, as a note-issuing institution requiring prompt liquidity of assets,
can not loan beyond three months, while the
commercial practices and conditions are such
that credits of somewhat longer term are
chiefly demanded. At the present time neither
industry nor agriculture arrange their finances
in such a manner as to produce a sufficient
supply of commercial paper eligible for rediscount by the Bank of Poland under its statutes.
Consequently the bank's rediscount rate of 8
per cent is not effective in reducing the general
level of interest rates.
The demand for short-term credits is still
unsatisfied, and the inability of the Bank of
Poland to take an important position in extending it is demonstrated by the following figures,
which show the total short-term credits granted
MAY, 1928
FEDERAL RESERVE BULLETIN
341
by all Polish banks in comparison with those was considerably better still; broadly speaking,
granted (including rediscounts) by the Bank the output of the major crops was about onetenth greater than the year before. The inof Poland:
crease was due primarily to higher yields per
unit of area resulting from favorable weather
Dec. 31,1924 July 30,1927
conditions, greater use of fertilizers, and imZlotys
Zlotys
There was a slight increase in
694,400,000 1,829,000,000 proved tillage.
Total short-term credits
288,900,000
427,000,000
area planted, but Poland has reached a point
Portfolio Bank of Poland...
where, unless by sacrificing its forests, little
Discounts and overdrafts at present bear can be added to the productive lands without
the maximum legal rate of 12 per cent, but the large capital outlay for drainage of swamp
small merchant who has no banking credit is lands.
in even more difficult position. He is financed
Polish agriculture now stands at substanby the wholesaler and purchases his require- tially its pre-war level. The planted area is
ments on open account. This type of indebt- only slightly less than the average of the years
ness bears an interest rate varying from 1 y% to immediately before the war, and taking the
3 per cent per month in the different sections last three years together the average yield
of Poland, and as the retailer attempts to pass per acre for most crops has equaled or exhis costs on to the purchaser, prices are main- ceeded the pre-war figure.
tained at a high level and industry stifled. The
Perhaps the best single indicator of the volGovernment is taking steps to prosecute those ume of production of all branches of industry
exacting such usury.
combined is furnished by the number of cars
It would appear of paramount importance, loaded on the railways. The figures for 1927
if the present situation is to be remedied, that were much higher than those of any other posta campaign of education be undertaken by the war year. Already in 1926 a considerable
banks to bring industry into the realization of increase had appeared as compared with the
the necessity of producing commercial paper two years preceding; this gain, however, had
eligible for rediscount under the statutes of the been chiefly in export traffic, the shipment
Bank of Poland. The present high rates of abroad of coal having been greatly stimulated
interest may be productive of temporary profits by the British coal strike. In 1927, with car
for the banks, but if continued will injure the loadings for export at a slightly lower level, the
total number loaded for all purposes was about
prosperity of the country.
Economic conditions.—Notwithstanding the one-eighth greater than in 1926, which in turn
many difficulties under which Poland has la- had exceeded slightly the highest previous
bored—war destruction and disorganization, record, that of 1923. The increase over 1926
scarcity of capital, instability of currency, in the number of cars loaded for destinations
diversity of previous economic and political within Poland itself was 25 per cent. The inlife in the several regions now combined into crease was shared by practically every class of
one state—the country has made very decided commodities. It was particularly conspicuous
economic progress since the close of the war. in building materials, apparently reflecting
The year 1927 witnessed a marked recovery gain in construction activity. Excluding crops,
from the depression which ruled during the the movement of which is highly seasonal, the
greater part of 1925 and 1926. Economic con- domestic car loadings in Poland during the last
ditions, considered as a whole, have been more quarter of 1927 were about 11 per cent greater
satisfactory than in any other year of the his- than in the same quarter of 1926 and more than
tory of the Republic. The same statement 50 per cent greater than in the first quarter of
holds good of almost every separate branch of 1926.
The enhanced activity of the industries duractivity.
Agriculture is by far the most important fac- ing 1927 is likewise brought out by the data as
tor in Polish economic life. Nearly two-thirds to employment. The total number employed
of the population lives on the land. From an in manufacturing, mining, metallurgy, public
agricultural standpoint the year 1927 was rea- enterprises and utilities (not including the
sonably satisfactory. The crops harvested State railways), and public works reached in
in the autumn of 1926, although below the the latter part of the year a figure materially
altogether exceptional " bumper" figures of higher than any previously recorded (792,000
1925, were in general a little above the average in October). For the year as a whole the
of recent years. The harvest of 1927 itself average number so employed was about one-
342
FEDERAL RESERVE BULLETIN
fourth greater than the average for 1926 and
about one-tenth greater than for 1925.
^ Correspondingly, the number of unemployed
fell off in 1927. The number of persons actually out of work is somewhat less than the
number registered at employment offices as
seeking jobs. Some, for example, are at work
on farms, but desire factory or mine employment. At the height of the depression of 1926
about 300,000 were registered as seeking work.
The number fell below 200,000 at the end of
that year, rose slightly in the spring of 1927,
and then declined rapidly to a minimum of a
little over 100,000 in the fall of the year. The
proportion of factory workers on part time was
also much less in 1927 than in either of the two
years preceding.
The increase in number employed and the
decrease in part-time employment in 1927 as
compared with 1926 was general in practically
all branches of manufacturing industry.
f Statistics of actual output are available for
the mining and metallurgical industries of
Poland. The production of coal, the most
important mineral product, was greater in 1927
than in any other postwar year, notwithstanding the fact that the export of coal was less
than in 1926. It was nearly equal to the prewar output. The quantity of petroleum
produced has never since the war attained its
former proportions; it shows little change from
year to year. Salt production is substantially
stationary, but that of potash, a postwar
development, becomes year by year more important. Iron-ore production in Poland is
highly variable, depending in part on the
demand for steel and in part on the accessibility
and price of imported ores; a certain proportion
of the latter is required in any case, owing to
the low iron content of the domestic ore. The
output of iron ore in the first 10 months of 1927
was 65 per cent greater than in the same period
of 1926, and at a rate considerably greater than
in 1913.
Polish production of pig iron and crude steel
reached a postwar record in 1927, although
still considerably less than in 1913. As compared with 1924, 1925, and 1926, in all of
which years the iron and steel industry was
considerably depressed, a very marked gain in
output appeared. For the 11 months ending
November 30 pig-iron production was 95 per
MAY,
192S
cent and steel production 59 per cent greater
than in the corresponding period of 1926.
Poland is one of the largest zinc-producing
countries of the world. Part of the product of
the smelters is from ore brought across the
border from neighboring mines in German
Upper Silesia. The production was substantially stationary for several years before 1927,
at a level about one-fourth less than before
the war. In 1927 an increase appeared of more
than one-fifth over 1926, bringing the total
nearly up to the pre-war figure.
Foreign trade.—There have been extraordinary changes in the balance of Poland's
foreign trade during recent years, changes
which are by no means fully reflected in
annual totals of exports and imports, and
that can be appreciated only from monthly data.
One of the aims of the economic policy for the
future must be to make more stable both the
outflow and the inflow of goods. * * *
On a gold basis the total annual value of
exports showed little change during the three
years 1924 to 1926, but in 1927 was about 13
per cent greater than the year before. On the
other hand, imports, which were considerably
larger in 1925 than in 1924, fell off greatly in
1926, following the decline in the buying power
of the zloty and the imposition of the various
restrictions on the inflow of commodities.
In 1927, on the other hand, imports were
nearly twice as great as the year before, and
in gold value were the greatest ever recorded.
While these large imports consisted in great
proportion of necessary raw materials and of
machinery and other equipment, they caused
the balance of trade to again become " unfavorable. " * * *
Although the recent unfavorable trade balance does not appear entirely satisfactory from
the point of view of international payments, no
solicitude is felt at this time on this account,
for the reason that much of the increase has
been for the purchase of productive goods.
Furthermore, it is an indication of an enhancement of the purchasing power of the population.
The increasing excess of imports over exports
during 1927, viewed in conjunction with
enlarged national production for the domestic
market, denotes an augmentation of the per
capita consumption of the country, and may be
considered a sign of increasing prosperity.
MAY,
1928
343
FEDERAL RESERVE BULLETIN
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1928
March February
Bank of England (millions of pounds
sterling):
Issue department—
157.3
156.4
Gold coin and bullion
177.0
Notes issued
176.2
Banking department—
Gold and silver coin
41.6
Bank notes
40.8
30.8
Government securities
30.7
56.9
Other securities
54.6
13.6
10.1
Public deposits
98.2
98.5
Other deposits
Ratio of gold and note reserve to deposit liabilities
38.0
(per cent)
38.3
79.2
79.1
Bank notes in circulation 1
287.5
Currency notes and certificates. _ 289.5
Bank of France (millions of francs):
3,680
3,680
Gold reserve 2
343
343
Silver reserve..
1
2,424
Gold, silver, and foreign exchange 2,430
57
55
Credits abroad
4,056 3,408
Loans and discounts
23,150 22,400
Advances t o the Government
26,001 26, 365
Miscellaneous assets _
58, 580 57, 702
Note circulation
8,391 8,372
Total deposits
German Reichsbank (millions of
reichsmarks):
1,845 1,803
Gold reserve
86
86
Gold abroad
189
282
Reserves in foreign exchange
2,652 2,336
Bills of exchange and checks
624
552
Miscellaneous assets
533
491
Deposits...
4,513 4,268
Reichsmarks in circulation
642
649
Rentenmarks in circulation.
1927
January
149.1
168.8
40.4
35.3
56.7
16.5
98.7
1.5
30.9
32.7
83.7
33.0
97.5
i
35.8
78.4
288.0
24.8
81.7
288.1
3,680
343
2,406
56
3,316
23, 500
27,302
57,128
10, 932
3,684
342
1,950
76
5,252
28,150
11,104
52,385
3,837
1,782
84
296
2,373
599
498
4, 251
651
»1, 750
101
203
1,963
426
616
3,589
1,129
4,212
3,152
7,220
4,229
17, 675
31
2,284
4
1,058
554
47
303
1,310
438
146
81
174
883
21
633
416
453
400
1,874
91
1 Notes issued, less amounts held in banking department and
n2currency note account.
Not including gold held abroad.
March February
March
155.3
175.0
Bank of Italy (millions of lire 3 ):
4,660
4,547 4,547
Gold at home
7,885
7,927 7,570
Credits and balances abroad
3,853
4,053 4,355
Loans and discounts
Advances to treasury
17, 265 17, 270 17,381
Total note circulation
181
352
114
Public deposits
3,627 3,653 3,636
Other deposits
Bank of Japan (millions of yen):
1,063 1,063 1,082
Gold
831
860
795
Advances and discounts
23
13
10
Advances on foreign bills
205
192
174
Government bonds
1,240 1,397
Notes issued
__ 1,355
844
875
919
Total deposits
Austrian National Bank (millions of
schillings):
117
84
117
Gold
_.
337
314
308
Foreign bills of the reserve
264
262
271
Other foreign bills.
105
94
107
Domestic bills
173
173
168
Treasury b i l l s . .
920
917
944
Note circulation
47
44
31
Deposits
National Bank of Belgium (millions
of belgas):
743
751
Gold...
741
454
449
Foreign bills and balances in gold475
537
522
559
Domestic and foreign bills
386
393
394
Loans to S t a t e . .
2,076 2,066
2,056
Note circulation
_
110
106
155
Deposits
1928
National Bank of Bulgaria (millions
of leva):
Gold
Foreign bills, etc
_
Loans and discounts
Advances to State.
Note circulation
Deposits
1,287
429
850
4,471
3,638
2,603
1,283
513
788
4,471
3,494
2,723
Central Bank of Chile (millions of
pesos):
Gold at home
Gold abroad
Loans and discounts.
Note circulation
Deposits
_
61
500
32
297
178
61
471
36
276
173
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home
Gold abroad
Loans and discounts
Note circulation
_
Deposits
_
Czechoslovak National Bank (millions of Czechoslovak crowns):
Gold and silver
Foreign balances and currency._.
Loans and advances...
_.
Assets of banking office in liquidation
Note circulation
_
Deposits...
Bank of Danzig (thousands of Danzig gulden):
Gold
Balances with Bank of EnglandForeign bills, etc
_
Loans and discounts.
Note circulation
Deposits
_
National Bank of Denmark (millions
of kroner):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
National Bank of Egypt (thousands
of Egyptian pounds sterling):
Gold...
English Government securities..
Egyptian Government securities.
Note circulation
Government deposits
Other deposits
Bank of Estonia (thousands of
krones):
Gold
Net foreign exchange
Loans and discounts
Note circulation.
DepositsGovernment
Bankers
Other
1927
Jan-
March
1,279 I 1,218
374
439
832 | 1,059
4,471
4,512
3,588 I 3,382
2,775
2,424
61
408
44
270
123
85
563
20
270
213
21, 009
25, 613
15,677
45, 510
8,612
19,942
23, 016
14,606
41,172
9,263
1,118 ! 1,118 1,108
1,827 I 1,963 2,052
83
250 I 68
1,050
1,897
85
484
491
7,396 I 7,075
411
813
495
7,099
949
562
7,028
1,262
2,393
14,292
28,106
22, 724
36,184
2,056
2,571
14,485
30,452
21, 267
35,038
2,389
2,595
15, 019
32, 284
20,417
34, 824
3,461
2,952
13, 644
14, 374
21, 390
35, 592
2,479
182
72
182
68
79
336
22
182
76
81
336
24
193
36
129
361
23
3,806
22,160
22, 519
25, 521
17, 655
16,188
3,791
22,860
22, 851
26,126
17,709
16, 512
3,646
23,805
26,348
26,963
21,569
16,122
10,281
29,822
28,862
38, 529
10, 285
30,843
29,281
37,106
5,072
6,254
57,947
20,009
13,102 15, 237
2,048 2,111
6,715 7,094
37,692
9,174
21,399
28,935
11, 583
45,427
353
24
21, 305
26, 724
14, 601
46, 092
8,651
3 New par.
« Not including 1,535 million lire of gold pledged abroad.
* Revised.
344
FEDERAL RESERVE BULLETIN
MAT,
1928
CONDITION OF CENTRAL BANKS—Continued
[Figures are for the last report date of month]
1928
March February
Bank of Finland (millions of Finnish marks):
Gold
Balances abroad and foreign
credits
Foreign bills.
._..
Domestic bills
State debts
Note circulation..
Demand liabilities.
314
315
1,077
35
802
1,202
46
753
1,644
285
1,593
428
National Bank of Hungary (millions of pengo):
Gold
Foreign bills, etc
—
Loans and discounts
Advances to treasury
Other assets
Note circulation..
Deposits
_.
Miscellaneous liabilities
197
100
301
106
205
455
281
147
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation.._
Deposits
January
316
326
1,185
51
556
124
1,473
406
2,608
3,702
3,586
4,831
4,621
2,330
3,858
3,786
4,972
4,623
197
105
304
106
218
442
314
149
197
106
313
111
217
467
295
159
169
105
209
119
255
418
252
159
174
29
176
30
109
315
44
190
21
79
304
47
309
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
.
Bills.
Loans
Note circulation
Government deposits
Other deposits
24
67
80
44
40
108
64
24
61
80
47
39
100
65
Bank of Lithuania (millions of litas):
Gold
Foreign currency
__
Loans and discounts
Note circulation..
_
Deposits
34
54
81
102
63
34
57
78
100
Netherlands Bank (millions of florins):
Gold
Foreign bills
Loans and discounts.
Note circulation
Depos ; ts
435
181
164
435
182
180
777
48
433
183
221
788
91
419
147
227
782
51
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits
147
51
304
323
2
137
147
33
314
314
4
139
147
10
309
325
4
101
147
45
374
324
15
240
4,176
240
893
1,562
5,909
481
4,171
245
806
1,736
5,938
490
4,154
262
719
1,760
5,897
525
4,087
329
704
1,920
5,847
Reserve Bank of Peru (thousands of
libras):
Gold
Gold against demand deposits. __
Foreign exchange reserve
Bills
_
Note circulation
_.
Deposits
1
Not including gold held abroad.
33
57
82
101
65
2
1927
March February
March
1,312
43
692
107
1, 503
665
National Bank of Greece (millions of
drachmae):
Gold and balances abroad
Government loans and securities.
Loans and discounts
Note circulation
Total deposits
_
1928
1927
Bank of Poland (millions of zlotys):
Gold at home
Gold a b r o a d . .
Foreign exchange, etc.—
Serving as note cover
All other
Loans and discounts
Note circulation
Current account of the treasury..
Other current accounts
_
Bank of Portugal (millions of escudos):
Gold
Balances abroad
Bills.
Note circulation
Deposits
National Bank of Rumania (millions
of lei):
Goldi
Bills.
Advances to State
Note circulation
Deposits
__.
State Bank of Russia (note issuing
department; thousands of ctiervontsi):
Gold.
Foreign currency
Loans and discounts.._
Bank notes
National Bank of the Kingdom of
Serbs, Croats, and Slovenes (millions of dinars):
Gold.
Foreign notes and credits
Loans and discounts
Advances to State
Note circulation
Deposits
South African Reserve Bank (thousands of pounds sterling):
Gold
Foreign bills
_
Domestic bills
Note circulation.
DepositsGovernment
Bankers
_
Others
Bank of Spain (millions of pesetas):
Gold
Silver
Balances abroad
Loans and discounts.
Note circulation
Deposits
Bank of Sweden (millions of kronor):
Gold.
Foreign bills, etc
Loans and discounts.
Note circulation.
Deposits
-._
Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills
Loans and discounts
Note circulation
Demand deposits
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
_.
Note circulation
Deposits
Foreign balances only.
3 Total deposits.
January
March
353
200
353
173
353
173
152
211
544
1,128
333
276
646
206
515
1,048
400
234
637
200
502
1,003
406
231
235
173
225
1,820
71
9
175
226
1,834
79
172
218
1,785
64
151
8,877
16,803 16,803
21,026 21,027
10,171? 10,656
145
8,995
10,679
21,036
18,021 17, 745 19,183
5,095 6,985 6,710
70, 266 68,536 70,373
94,182 94,121 97,489
16,588
8,374
59, 733
85,731
152
9,203
16,803
21,024
10, 218
90
283
1,609
2,966
5,453
295
1,570
2,966
5,397
316
1,613
2,966
5,382
1,198
1,248
5,048
110
8,145
7, 039
821
602
7,638 8,152
1,603
1,696
6,626 i 5,014
505
346 i
2,608
705
41
1,720
4,185
975
2,606
698
43
1,703
4,170
991
7,418
7,888
841
8,852
175
87
300
1,322
2,966
5,476
701
8,638
233
186
352
536
167
233
217 i
274 !
478
179
432
200
242
859
68
433
2 24
378
819
3
65
6,028
702
7,253
1,823
5,399
168
2,606
695
41
1,673
4,157
1,077
2,588
698
38
1,997
4,526
975
234
240
260
473
195
222
178
525
92
451
2 63
357
814
a 114
458
241
347
838
60,258 54,944
97,344 100, 218
70, 730 69,809
78,132 69, 460
* Revised.
MAT,
FEDERAL RESERVE
1928
345
BULLETIN
CONDITION OF COMMERCIAL
BANKS
[Figures are for the last report date of month except for London clearing banks, which are daily averages)
1927
1928
March February
January
March
Nine London clearing banks (millions of pounds sterling):
Money at call and short notice...
Advances and discounts
Investments
.«
Deposits
147
1,125
235
1,672
143
1,142
244
1,698
146
1,179
245
1,747
119
1,106
239
1,632
Tokyo banks (millions of yen): 1
Cash on hand
Total loans
Total deposits
Total clearings
263
2,157
1,977
2,467
282
2,191
1,548
2,210
266
2,262
1,932
2,407
212
2,492
1,977
3,222
1928
February
Chartered banks of Canada (millions of dollars):
Gold coin and bullion 2
Current loans and discounts
Money at call and short n o t i c e Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion
notes
Dominion note circulation
_.
1927
JanuDeFebruary cember
ary
70
1,379
482
555
161
2,463
70
1,356
480
552
162
2,454
69
1,347
533
529
183
2,503
73
1,243
439
508
165
2,262
91
176
96
179
128
221
93
173
Joint-stock banks of Denmark (millions of kroner):
Loans and discounts
Due from foreign banks
Due to foreign banks
Deposits and current accounts,..
1,869
55
103
2,042
1,872
59
110
2,029
1,890
60
122
2,028
1,940
53
146
2,018
Joint-stock banks of Finland (millions of Finnish marks):
Loans and discounts
Due from abroad
Due to abroad
Deposits
8,514
280
358
7,208
8,279
405
364
7,187
8,118
367
359
6,982
7,251
308
325
6,343
1927
1928
JanuDe- February cember
ary
February
Three commercial banks of France
(millions of francs):
Bills and national defense bonds.
Loans and advances . . _.
Demand deposits
Time deposits
Six Berlin banks (millions of reichsmarks):
Bills and treasury notes
Due from other banks__
Miscellaneous loans
Deposits
Acceptances
16,396
5,971
26,233
430
2,022
920
5,435
7,737
409
Four private banks of Italy (millions
of lire):
1,282
Cash
9,175
Bills discounted
5,090
Due from correspondents
Due to corresDondents
14 177
2,739
Deposits
_
Joint-stock banks of Norway (millions of kroner):
Loans and discounts
Due from foreign banks
Due to foreign banks
Rediscounts _
_ .
Deposits
Joint-stock banks of Sweden (mil- -------lions of kronor):
Loans and discounts
4,106
Foreign bills and credits a b r o a d 299
Due to foreign banks
140
Rediscounts
125
3,565
Deposits.
Swiss Cantonal banks (millions of
francs):
1,803
Loans and discounts
2,918
Mortgages
19
Foreign bills
Due from banks and correspond331
ents
Commercial deposits.
758
1,625
Savings deposits
15,473
5,682
25,543
409
14,861
5,278
22,838
338
»1,858
31,034
8 5,101
«7,608
«394
1,427
816
4,563
6,274
361
1,182
8,859
5,312
13,177
2,387
1,706
65
214
158
1,902
4,096
303
133
111
3,541
4,044
321
144
186
3,484
4,263
164
125
92
3,549
1,808
2,908
22
1,803
2,885
23
1,734
2,792
24
324
755
1,621
295
738
1,567
279
687
1,542
1 Beginning in November figures are included for 10 banks not previously covered by the reports.
> Not including gold held abroad.
» Revised.
DISCOUNT RATES OF 33 CENTRAL BANKS
[Prevailing rates, with date of last change]
Country
Austria
Belgium
Bulgaria
Chile
Colombia
CzechoslovakiaDanzig
Denmark
England
Rate
In effect
since—
6 Jan.
Nov.
1 0 * Aug.
Dec.
«A May
5 Mar.
6 June
5 June
4H Apr.
28,1928
16,1927
31,1924
12,1927
15,1924
8,1927
21,1927
24,1926
21,1927
Country
Estonia.»
Finland...
France
Germany _
Greece
Hungary..
India
Italy
Rate
6
10
6
7
6
In effect
since—
Jan.
Nov.
Jan.
Oct.
June
Aug.
Dec.
Apr.
2, 1928
24,1927
19,1928
4,1927
6,1927
26,1926
22,1927
3,1928
Country
Japan
Java
Latvia
Lithuania...
Netherlands.
Norway.
Peru
Poland
Rate
In effect
since—
Oct.
May
Apr.
Nov.
Oct.
VA Mar.
Jan.
May
8
5.48
6
6-7
6
10,1927
3,1925
1,1928
9,1927
13,1927
27,1928
31,1928
13,1927
Country
Portugal
Rumania....
Russia
South Africa
Spain
Sweden
SwitzerlandYugoslavia..
Changes: Bank of Latvia from 7 to 6-7 per cent on Apr. 1, 1928; Bank of Sweden from 3H to 4 per cent on May 1, 1928.
Rate
8
6
8
5H
5
4
3H
6
In effect
since—
July
Sept.
Mar.
Jan.
Mar.
May
Oct.
June
27,1926
4,1920
22,1927
9,1928
23,1923
1,1928
22,1925
23,1922
346
FEDERAL RESERVE BULLETIN
MAY,
1928
MONEY RATES IN FOREIGN COUNTRIES
Month
Netherlands (Amsterdam)
Germany (Berlin)
England (London)
Bankers'
allowance on
deposits
Bankers'
acceptances, 3
months
Treasury
bills, 3
months
1926
February
March
April
May
June
July
August
September
October
November...
December...
4.31
4.37
4.33
4.37
4.27
4.26
4.45
4.54
4.69
4.57
4.53
4.25
4.34
4.34
4.43
4.29
4.29
4.55
4.65
4.80
4.80
4.60
4.00
4.26
3.92
4.18
3.82
3.86
3.99
3.99
4.07
3.95
3.78
5.46
5.00
4.88
4.69
4.53
4.54
4.61
4.88
4.82
4.63
4.72
6.66
6.73
6.02
5.53
5.81
5.73
5.80
6.21
6.14
6.12
7.13
6.03
5.63
4.77
4.80
4.76
4.93
4.85
4.77
4.75
4.45
5.88
2.90
2.95
2.83
2.74
2.63
2.78
1927
January
February
March.
April
May
June
July
August—
September
October
November...
December.—
4.16
4.18
4.34
4.11
3.90
4.34
4.34
4.34
4.32
4.33
4.34
4.31
4.21
4.32
4.36
4.04
3.84
4.36
4.33
4.35
4.33
4.33
4.34
4.31
3.76
3.93
4.09
3.64
3.54
3.44
3.50
3.61
3.57
3.58
3.65
3.43
4.21
4.28
4.59
4.59
4.90
5.39
5.90
5.83
5.90
6.74
6.76
7.24
5.82
5.77
6.91
6.57
6.95
7.73
8.49
8.37
8.30
8.72
8.72
9.10
4.19
4.19
4.12
4.13
4.18
4.07
3.48
3.62
3.64
6.25
6.20
6.72
7.66
7.30
7.51
1928
January
February
March
Day-to-day
money
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Austria (Vienna)
Private
Money for Day-to-day discount
1 month
money
rate
Hungary
Switzer.
land
*Kr £g&
3.21 I
3.39 |
2.40
2.82
2.93
2.94
3.00
2.72
2.50
2.81
2.75
3.23
3.96
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
5.63
5.99
5.79
7.06
5.81
6.00
7.19
6.03
6.87
2.97
3.46
3.48
3.46
3.45
3.57
3.52
3.45
3.55
4.08
4.47
4.50
2.92
3.66
3.53
3.78
3.78
3.87
3.25
3.40
3.82
4.29
4.72
4.84
3.16
2.87
2.98
3.13
3.19
3.42
3.47
3.44
3.39
3.38
3.39
3.40
5.16
6.66
6.81
4.26
3.94
3.86
4.11
3.79
3.90
3.29
3.12
3.20
2.19
2.67
2.83 j
Sweden
(Stock,
holm)
Japan (Tokyo)
Month
1926
February
March
April
May
June
July
August
September
October
November...
December...
6.59
6.75
6.75
6.65
6.65
6.70
6.75
6.72
6.64
5.77
4.34
4.27
4.25
4.25
5.15
5.73
6.00
7.00
6.98
7.25
6.69
5.77
8.00
8.00
8.00
8.00
8.17
8.50
8.50
8.50
8.96
9.25
9.25
January
February
March...
April
May__
June
July
August
September
October
November...
December...
3.90
3.99
4.19
4.33
4.23
4.17
3.84
3.84
3.75
3.87
4.09
4.15
4.99
4.45
3.89
3.17
2.46
2.25
2.13
2.04
2.01
1.82
2.75
2.95
9.25
9.25
9.25
9.25
8.50
7.60
7.00
7.00
6.81
6.50
6.27
6.00
1928
January
February
March
4.08
3.00
4.10
2.81
2.75
2.72
6.00
5.89
5.75
1927
Private
discount
rate
Money
forl
month
Prime
Dav-to-dav' L»ans up
commer- -uay^o^ay
to
to 3
money
cial paper
months
4^-6
4H-6
4J46
Discounted
bills
Call
money
overnight
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
4.38-7.30
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
6. 39-8. 76
6. 21-8.03
5.84-7.67
5.84-8. 03
6. 57-7. 67
6.57-8. 76
6. 21-8. 40
5.48-8.03
5.11-7.67
4.75-7.30
5.11-7. 30
5.48-7 67
4.56-7.30
2. 92-7.30
4. 38-6.21
4. 38-5. 29
4.38-4. 75
4. 38-5.11
3. 65-5.11
3. 65-4. 75
2.19-4. 38
2.19-4.38
2.74-4.02
2.19-5.84
4.38-7.67
4.38-6.21
1.64-5.11
1.46-4.02
NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETINS for November, 1926, and April, 1927.
MAY,
347
FEDERAL RESERVE BULLETIN
1928
GOLD MOVEMENTS
[In thousands of dollars]
Germany
United States
Net
Ex- imports
Imor
ex- ports
ports ports
Month
Imports
Great Britain
Net
Ex- imports
Imor
ex- ports
ports ports
Net
Ex- imports
Imor
ex- ports
ports ports
()
1926
August.
September
October
November
December
Total (12 months) . .
1927
January
February
March
April
May
June
July
August
September.
October
November
December
Total—
1928
January
February
March
10,631
23,608
36, 343
16,462
18,407
29,743 -17,764
23,081 -7,094
1,156
7,701
7,727
9,011
7,196
11,979
15,987
8,857
16,738
17,004
97, 796 137,987
213, 504 115, 708
59, 355 14,890
22,309 2,414
16, 382 5,625
14, 503 2,592
34,212 2,510
634
702
902
858
525
659
840
666
673
662
10, 738 1,803
7,877 1,524
12,979 24,4441
2,056
2,082 55, 266|
10,431 77,8491
14,088
6,231
6,576
935
705
711
705
11,259
1,483
1,668
1,627
1,635
876
969
975
925
207, 535 201,455
6,080
47, 622
9,135
38,320 52,0861 -13,766
14,686 »25,806,*-11,120
2,683 97,536! -94,853
1,113
6,074
9,018
704
1844
1,008
1,840
18,867 8,959
12,13" 5,017 7,120
16,916 21, 262 - 4 , 346
18, 561 24, 590 -6,029
14, 531 18, 609 -4,078
8,720 129,267 187, 608 132,140
44,465
19,895
10,757
11,911
31,702
12, 771
8,935
6,353
-11,465
-8,642
-53,184
-67,4181
14,611
9,997
22,906
35,474
15, 560
17, 549
13, 563
5,572
5,736
269
32
49
20
10,579
607
699
652
710
11,514
15, 742
7,526
24, 678
16,464
8,435
13,071
21,469
8,381
6,126
15,012
9,485
18,181
15, 480
6,894
3,735
26, 580
9,674
6,061
5,782
7,637
4,726
21, 709
10, 546
409 20, 042
5,230 13,026
8,010 6,289
India
Net
Net
imports
Ex- imports
or
exor
exports ports
ports
()
()
60
76
656
144
150
430
174
290
2,613 -2, 505
136
800
464
108
Net
imports
or ex-
-15,723!
-8,686
—29,082
-13,376
-10,553
4,404
4,839
4,004
3,466
3,530
55,468
11,174
6,483
4,691 -212,152
83,627
-6, 667
262
632
20, 943
-10,116
- 1 , 239
7,010
15, 687
744
1,400
1,303
411
488
281
46
2,653
202
103
125
189
433
74
-1,060
4,264
1,228 - 1 7 , 522
411 -14,079
449 -20,718
-1,053 -23,146
-2, 969 -15,717
~2, 537 -17,470
-4, 421
-2,373
78
154
331
4,262
2,518
6,543
10,041
4,941
4,890
7,122
5,936
2,860
3,315
2,685
4,408
3,916
38,487 157, 905 137,008
1
South
Africa
Netherlands
39
1,334
3,015
5,190
4,623
2,477
47
35
102
2
20, 896 10,498 i 16,937 -6,439
10, 875
9,167
19,257 -6,231
78, 605 -72,316
12,725
227
192
59,175
12, 716
-920
185
1,147
7
8,590
6,952
i Revised.
MOVEMENTS TO AND FROM GREAT BRITAIN
[In thousands of dollars!
MOVEMENTS TO AND FROM UNITED STATES
[In thousands of dollars]
1928
Country of origin
or destination
Belgium
England
France
_
Germany .
Netherlands
Canada.. .
Central America
Mexico
__.
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela. . . .
Australia.
British India
British Malaya. _
China and Hong
Kong
Dutch East Indies. .
Japan
Philippine Islands..
All other countries...
Total
JanuaryMarch
March
Imports
8
914
79
483
Exports
Imports
1,020
35, 799
21, 208
2
10
89
46,155
284
1,392
519
20, 450
8,504
22
166
289
200
74
1927
97
350
528
511
410
130
Calendar year
Exports
Imports
Exports
2,000
1,020
50, 799
21, 523
4,000
164
1
39,396
21, 048
1
15, 075
63, 653
1,224
6, 001
23
2,200
8, 562
10,000
13, 994
8,055
29, 698
253
6,984
61,499
34, 351
7,021
1,489
2,247
2, 266
1,001
1,538
52, 200
20, 304
6,666
2,310
531
21, 920
222
396
131
438
181
44
9,010
""in
2,683
97, 536
2,471
361
62
2,000
1,530
2,974
3,064
1,408
238
1,674
1,499
20,000
1 667
800
9,030
5,419
55, 688 175, 428 207, 535
1927
1928
7,166
1,960
21
6,141
201, 455
Country of origin
or destination
Imports
France
Netherlands
Russia
Spain and Canaries
Switzerland
United States
South America
British India
British Malaya
Egypt
Rhodesia
Transvaal.
West Africa
All other countries...
Total
JanuaryMarch
March
7
34
91
Exports
75, 074
22
Imports
8
66
5,574
Exports
90, 808
4,965
Imports
627
2,313
1,049
106
2,401
621
8,567
2,017
26
17
14
Calendar year
1,404
274
387
3,965
821
666
571
5,297
232
32
5
818
1 439
27, 552
935
3,740
6,289
78, 605
39, 356
Exports
4,718
6,486
7,732
7,445
6,213
28, 042
6,959
12,462
3,452
3,799
5,958
124,348
4,705
8,320
20
49, 680
108, 737 157, 905
137, 008
10
4,995
348
FEDERAL RESERVE BULLETIN
M A T , 1928
FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations. 1
In cents per unit of foreign currency]
EUROPE
Austria
(schilling)
Belgium
(belga)
Bulgaria
(lev)
Par value
14.07
13.90
19.30
1927—April
September...
October
November
December....
1928—January
February
March
April
14.0736
14.0816
14.0820
14.0874
14.0946
14.0936
14.0823
14.0728
14.0674
13.9000
13.9220
13.9260
13.9467
13.9885
13.9444
13.9232
13.9387
13.9641
Par value
1927-April
September-..
October
November-_.
December....
1928—January
February....
March
April
.7249
.7246
.7229
.7230
.7235
.7234
.7214
.7218
.7211
England
(pound)
Finland
(markka)
France
(franc)
Germany
(reichsmark)
26.80
486.65
2.52
19.30
23.82
26.6681
26.7680
26.7932
26.7988
26.8192
26. 7829
26.7733
26.7912
26.8224
485.6546
486.3528
486.9676
487.4012
488. 2542
487.5330
487.4840
487.9944
488.2045
2.5206
2.5189
2.5187
2.5191
2.5191
2.5187
2.5179
2.5176
2. 5176
Poland
(zloty)
Portugal
(escudo)
Rumania
(leu)
Russia *
(chervonetz)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
108.05
19.30
514.60
19.30
26.80
19.30
17.6385
17.1504
17.2540
16.9400
16. 6623
17.0975
16.9782
16.8212
16.7641
26. 7788
26.8752
26.9236
26.9246
27. 0015
26.8780
26.8371
26.8388
26.8492
19.2323
19.2816
19.2868
19.2850
19.3150
19.2695
19.2389
19.2561
19.2713
Czechoslo- Denmark
vakia
(krone)
(crown)
2. 9616
2.9626
2.9627
2.9629
2.9630
2.9628
2.9625
2.9622
2.9624
Italy
(lira)
Netherlands
(florin)
Norway
(krone)
5.26
40.20
26.80
11.22
40.0023
40.0776
40.1920
40.3612
40.4381
40. 3334
40. 2550
40.2501
40.3091
25.8592
26.3620
26. 3404
26.4871
26.6169
26.5985
26. 6098
26.6634
26. 7390
11.4226
11.2168
11.2096
11.2063
11.2204
11.2402
11. 2312
11.2255
11.1968
5.0204
5.4432
5.4616
5.4458
5.3800
5. 2881
5.2930
. 5. 2822
5. 2764
5.1138
4.9288
4.9456
4. 9396
4.9550
4. 9285
4. 7573
4.2572
4.2101
.6157
.6181
.6193
.6155
.6188
.6177
.6145
.6185
.6273
3 515. 0000
«515. 0000
«515.0000
» 514.1700
> 515. 0000
»515.0000
« 515.0000
« 515.0000
3
515.0000
3.9188
3.9200
3.9236
3.9288
3.9396
3.9308
3.9304
3.9343
3.9363
23.7011
23.8004
23.8624
23.8629
23.8904
23.8264
23.8577
23.9047
23.9154
Hungary
Greece
(drachma) (pengo)
19.30
1.3295
1.3243
1.3262
1.3242
1.3294
1.3255
1.3229
1.3237
1.3158
17.49
17.4773
17.4688
17.4624
17.4658
17.4773
17.4748
17.4663
17.4685
17.4608
Yugoslavia
(dinar)
19.30
1.7581
1.7604
1.7607
1. 7607
1.7615
1.7625
1.7598
1. 7596
1. 7599
SOUTH AMERICA
NORTH AMERICA
Cuba
(peso)
Mexico
(peso)
Par value
100.00
100.00
49.85
96.48
1927—April....
September. „
October.
November. __
December
1928—January
February
March
April
100.0942
100.0497
100.1099
100.1369
99.8974
99.8159
99.8126
99. 9963
100.0290
100.0260
99.9524
99. 9387
99.9289
99.9154
99.9157
100.0428
100.0644
99. 9877
46.8681
47.7219
47.6667
47.9125
48.4506
48.6946
48. 6710
48.7436
48. 7387
96.1738
97.1248
97.1572
97.0521
97.2304
97.1136
97.1376
97.2547
97.1915
Colombia 2 Ecuador 2
(peso)
(sucre)
Brazil
(milreis)
Chile
(peso)
38.93
32.44
12.17
97.33
20.00
486.65
103.42
34.0000
34.8000
34.8000
34.8000
34.8000
34.8000
34.8000
34.8000
34.8000
11.7965
11.8596
11.9172
11.9333
11.9677
11.9977
12.0088
12.0265
12.0329
12.0327
12.0736
12.1712
12.1763
12.2062
12. 2098
12.2065
12.2115
12.2038
97.3258
97.9872
97.4736
97.4950
97.7381
98.0036
98.0400
97.7944
98.2128
18.3125
19.3750
19.3750
19.3750
19.3750
19.3750
19.5870
19.9537
20.0000
363.3077
388. 5600
384.1600
376.1458
389.8500
390.3400
390.1600
391.0925
397. 7600
101.9750
100.4052
101.8796
103.3658
103.8692
102.7734
102.9357
103.6775
103.5345
Argentina Bolivia»
(peso-gold) (boliviano)
Canada
(dollar)
SOUTH
AMERICA—
continued
Peru «
(libra)
ASIA
Venezuela '
(bolivar)
China«
(Mexican
dollar)
Par value
19.30
48.11
66.85
1927-April
September...
October
November. _ .
December....
1928—January
February
March
April
18.7500
19.1700
19.1700
19.1700
19.1700
19.1700
19.1943
19.2500
19.2500
45.5388
43.9572
44. 7376
45.5958
45.9092
45. 7410
45.3620
45.6106
45. 7972
62.0138
61.2068
61.8328
63.2663
63.7884
63.7548
63.1137
63.0545
63.2502
China «
(Shanghai
tael)
AFRICA
Java*
(florin)
Straits
Settlements
(Singapore
dollar)
49.85
40.20
56.78
48.3738
46.8248
46. 5664
45.9796
46.1881
46.8784
46.8740
47.1463
47.7136
40.1503
40.1675
40.2618
40.4090
40.5319
40.5596
40.5243
40.3498
40.2228
55.9535
55.9908
56.0332
66.0687
56.7269
56.7650
56.7038
£6.3469
56.2508
China«
(Yuan
dollar)
Hong
Kong<
(dollar)
India
(rupee)
Japan
(yen)
47.50
47.77
36.50
49. 6865
48.4980
48.8552
49.7917
50.3085
50.4096
49.8564
49.8008
49.8658
36.1423
36.3356
36.4092
36.4504
36.7369
36.7224
36.5189
36.5280
36.5647
43.9062
43.2164
44.0600
44.8638
45.1877
. 45.1408
44. 9818
45.3688
45. 4958
Uruguay
(peso)
Turkey
Egypt
(Turkish (Egyptian
pound)
pound)
439.65
50.9035
50.9640
52.9624
52.4871
51.7846
51.5040
50.4843
50.5000
494.31
497.8981
498.6508
499.2900
499.6888
500.5719
499.8315
499.7511
500. 3780
1
Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pursuance of the provisions of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January, 1928, pp. 56-62.
1
Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
1
Nominal.
« 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 $0.57707 for April, 1928, $0.57557 for March,
1928, and $0.57176 for April, 1927. The corresponding London prices (converted at average rate of exchange) were $0.58076, $0.57875, and $0.56711.
MAY,
349
FEDERAL RESERVE BULLETIN
1928
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
Month
United
States
(Bureau
ofLabor Austria
Statis- (gold
tics) i basis)
GerFrance
Engmany8 HunFinCzecho- Denland
(Fedland
gary Italy« Nether- Nor
sloeral
(Board (gold
way
(gold (Bachi) lands (Oslo)
Statis- Federal Statistivakia ' mark *
of
tical Reserve cal Bu- basis)
Trade) basis) Bureau
Board reau)
Belgium
Bulgaria
123
125
128
127
859
856
865
2,723
2,716
2,739
2,718
973
972
978
978
162
178
170
158
151
152
152
146
143
143
143
144
787
752
684
627
662
592
135
136
137
137
122
125
127
126
622
597
594
574
140
143
147
146
197
188
182
176
1927
January
February
March
,
April
May
....
June
July
August
September..
October
November...
December...
130
130
133
135
137
142
140
133
130
129
127
127
856
854
858
846
848
851
845
850
837
2,706
2,688
2,649
2,592
2,751
2,823
2,775
2,745
2,736
2.747
979
975
976
979
988
990
992
983
975
966
967
975
157
156
153
152
152
152
152
153
153
154
154
154
144
143
141
140
141
142
141
141
142
141
141
140
144
144
143
143
142
144
144
147
148
148
149
148
622
632
641
636
629
623
617
618
601
587
595
604
591
595
600
610
618
605
590
578
574
554
545
567
136
136
135
135
137
138
138
138
140
140
140
140
127
129
128
130
133
133
133
134
133
133
133
135
558
556
545
521
496
473
467
465
465
468
466
463
146
145
144
143
146
148
150
149
150
150
152
152
176
165
160
159
160
159
160
161
158
157
157
156
1928
January
February
March
April
129
128
129
851
2,782
982
985
978
153
152
153
141
140
141
144
143
144
607
609
623
569
569
587
139
138
139
135
135
463
461
464
154
151
157
157
157
India
(Calcutta)
Japan
(Tokyo)
New
Zealand
1926
September..
October
November..
December
100
99
98
841
EUEOPE—continued
Month
Poland
691
ASIA A N D OCEANIA
SwitzerRussia' Spain Sweden land 2
Canada Peru
I
Australia
China Dutch
(Shang- East
hai)
Indies
Egypt South
(Cairo) Africa
1926
September..
October
November..
December.. _
180
179
178
178
178
179
185
186
146
148
148
150
146
145
147
148
153
151
152
151
202
202
198
199
158
154
155
155
164
171
174
172
158
158
157
156
146
144
146
146
175
174
171
170
1927
January
February...
March
April
May
June
July
August
September..
October
November..
December...
177
179
179
177
175
174
173
171
170
170
170
170
184
180
179
177
172
171
168
168
169
169
168
146
146
145
143
145 j
146
146
146
148
147
148
148
147
145
147
146
147
147
147
147
148
148
149
150
151
150
149
149
152
154
152
152
151
152
152
152
200
204
206
201
207
206
205
204
205
200
200
199
154
153
150
151
152
155
161
165
170
173
166
162
173
172
175
173
171
169
171
171
172
169
166
164
156
156
154
154
155
155
153
154
153
152
151
150
146
148
146
145
146
149
150
151
150
147
148
148
170
171
171
170
171
173
170
167
169
170
168
168
151
147
147
147
145
146
148
146
146
146
147
148
126
124
124
122
124
123
118
117
120
118
115
114
» 145
8 145
151
151
.153
199
195
193
197
163
160
163
164
163
150
145
144
144
169
169
169
150
114
114
116
1928
January
February
March
April
171
171
171
171
148
147
149
1
129
129
130
130
126
128
126
"120
"122
120
»New official index.
i N e w index—1926=100.
» First of month figures.
NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Netherlands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1910-1910; October, 1900; 1909-1913;
1910) to a 1913 base. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and
Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the month
to which the figures refer may be found on pages 769-770 of the November, 1927, BULLETIN.
350
FEDERAL RESERVE BULLETIN
M A Y , 1928
WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES
[Pre-war=100]
SWEDEN—BOARD OF T R A D E
ENGLAND—BOARD OF TRADE
1927
1928
November
March
140
151
151
140
161
135 !
114 i
141
152
152
138
166
135
114
141
147
148
132
161
137
126
114
161
162
146
114
167
161
144
131
141
154
141
595
543
505
55J
594
636
535
773
638
641
643
621
640
679
641
616
742
612
December
All commodities
Total food
Cereals
Meat and fish
Other foods
Industrial products
Iron and steel
Other minerals
metals
Cotton
Other textiles
Miscellaneous
and
FRANCE-STATISTICAL
All commodities
All foods
Animal foods
Vegetable foods..
Sugar, coffee, cocoa
All industrial material
Minerals
Textiles...
Sundries
623
606
571
615
644
637
530
806
626
GERMANY—FEDERAL
All commodities
Total agricultural products
Vegetable foods
..!
Cattle
_j
Animal products
Fodder..._
Provisions
Total industrial raw materials and semi-finished
products
_
Coal
J
Iron
|
Nonferrous metals
Textiles.
I
Hides and leather
j
Chemicals
j
Artificial fertilizers
Technical oils and fats.
Rubber
Paper materials and
paper.
Building material
j
Total industrial finished
products...
Producers' goods
_
Consumers' goods
609
577
548
575
624
636
517
796
637
BUREAU
607
568
534
575
611
639
531
777
643
STATISTICAL
604
564
546
558
604
636
540
756
644
BUREAU
139
131
146
100
139
148
134
138
130
141
103
143
141
130
139
132
145
102
147
141
130
140
136
144
105
158
141
130
140
137
142
109
163
142
132
135
136
156
108
139
144
128
134
131
127
103
162
157
126
83
112
33
134
131
127
104
159
160
126
82
113
40
134
131
126
106
159
167
126
82
115
48
134
131
125
107
159
161
124
81
119
50
134
131
124
105
162
153
124
80
120
46
130
135
124
112
144
120
125
87
131
51
149
158
150
158
152
158
152
158
152
161
149
155
157
136
173
157
135
173
156
134
173
156
134
172
155
132
172
142
129
152
All commodities
Vegetable products
Animal products
Fuels and oils
Raw materials for manufacture in iron and metal
industry
Paper pulp and paper
Raw materials for manuj facture in leather industry
Raw and manufactured
chemicals
Raw materials
Semifinished materials
Finished materials
Producers' goods
Consumers' goods
January
149
146
136
111
147
142
137
112
148
143
137
116
148
142
142
113
148
141
146
113
145
146
130
122
112
161
112
160
114
160
115
157
115
157
122
164
148
146
149
144
140
119
165
145
150
150
140
157
165
142
149
149
138
156
166
143
150
149
138
156
166
142
150
149
137
156
166
142
149
150
137
156
168
135
145
150
134
154
491
553
588
510
467
456
448
422
522
507
554
548
579
509
466
437
450
426
522
490
540
569
505
470
439
451
433
531
483
525
550
493
466
434
445
435
532
484
525
549
496
468
441
446
441
535
593
640
670
603
574
540
546
580
640
509
566
511
574
503
563
495
553
593
612
March
CANADA—DOMINION BUREAU OF STATISTICS
All commodities
Total raw materials
Total manufactured goods.
Vegetable p r o d u c t s . _
Animal products
Textiles
Wood and paper products.
Iron and its products
Nonferrous metals
Nonmetallic minerals
Chemicals._
151
152
147
158
143
170
155
142
94
170
151
153
155
148
164
145
171
155
142
94
170
150
151
152
148
i 158
| 146
171
I 154
142
95
170
151
i
152
153
148
157
150
171
154
142
96
170
151
152
154
148
160
147
172
154
141
95
170
151
149
149
149
160
140
151
154
145
96
172
156
A U S T R A L I A — B U R E A U OF C E N S U S A N D S T A T I S T I C S
All commodities
Metals and coal
Textiles
'
!
Agricultural products
Dairy products
_i
Groceries and tobacco
Meat
. _
Building materials
_ _ J
Chemicals
160
175
170
166
140
166
136
157
190
- -
163
176
169
174
143
168
136
156
186
162
175
167
176
145
169
128
148
186
166
176
168
180
147
169
148
141
186
150
180
142
156
145
164
110
148
181
I N D I A ( C A L C U T T A ) — D E P A R T M E N T OF S T A T I S T I C S
1928
1927
February
January
144
131
151
169
167
136
88
143
170
157
129
139
126
135
145
135
149
175
165
139
89
143
170
158
131
153
125
136
I T A L Y — C H A M B E R OF C O M M E R C E OF M I L A N
All commodities
_.
Total food..
Vegetable foods
Animal foods
All industrial products
Textiles
_
Chemicals
Minerals and metals...
Building materials
Other vegetable products
Sundries.
November
December
February
March
All commodities
Cereals
Pulses
_-.
Tea
Other foods
Oil seeds
Raw jute
Jute manufactures__
R a w cotton
Cotton manufactures
Other textiles
Hides and skins
Metals
Other articles
December
148
137
155
185
166
141
91
151
170
157
123
152
127
149
No- !
vem- Octo- i Febber i ruary
ber
148
139
154
192
167
138
86
146
180
158
127
141
126
148
147
133
155
180
172
142
87
146
180
161
127
121
129
148
148
142
156
138
167
143
91
139
150
163
128
123
140
150
351
FEDERAL RESERVE BULLETIN
MAY, 1928
RETAIL FOOD PRICES AND COST OF LIVING
RETAIL F O O D PRICES
[ Pre-war =* 100]
EUROPEAN COUNTRIES
OTHER COUNTRIES
i United
Month
Italy Neth- Nor- Rus- Swit- Can- Aus-| India New South
(Mi- er- w a y sia * zer- ada* tra- l(Bom- Zea- Africa
lia ! bay) land
lan) lands
land
Eng-1 Es- France
land 2 tonia* (Paris)
162 ! 128 I 590
163
127 I 624
169 j 127 ; 628
169 ! 128 599
145
145
148
150
1,890
1,933
1,986
1,973
652
654
630
631
145
146
147
146
l
193
231 158
191 I 230 160
186
234 159
184
235 159
147
147
148
151
152
153
152
154
117
120
119
117
131
132
129
130
130
131
134
130
122
123
124
124
151
152
151
150
151
153
156
150
151
152
152
153
2,002
1,995
1,997
2,021
2,063
2,063
2,059
2,044
2,070
2,071
2,086
2,101
625
642
635
617
565
541
524
518
509
509
510
513
147
146
146
145
145
145
144
143
143
146
148
148
180
208
158
177
208
158
173
157
205
169
, 156
169
201 156
172
199 I 157
175
199 ! 156
175 i 199
156
174
198
158
173
158
159
171
199
159
171
200
153
151
149
146
145
146
147 152
147 i 155
147
148
149
151
155
152
152
110
117
118
119
121
120
119
118
117
119
119
119
1926
September.
October...
NovemberDecember,
167
164
162
155
154
154
159
156
157
161
163
163
2,533
2,478
2,630
2,
2,653 i
2,625 i
2,615
2,626
592
585
581
580
589
580
557
539
532
520
500
523
150
151
154
155
151
148
147
149
145
144
144
143
143
143
144
146
}
1928
January I
February..
March
!
April
!
152 i 129 211
149 ! 128 ! 207
!
148 i.
i
913 I 162 i
910 I 159 i
i 155 !
530 ! 152 i 2,127 I
522 I 151 !
i
524
151 I
!
201 159
I 148 170
170 ! 202 |
149
171 ! 203
I.
i 203 I
151 j 146 117
146 i
I 115
151
149
147
142 |
140 |
i
COST OF LIVING
[Pre-war=100]
OTHER COUNTRIES
EUROPEAN COUNTRIES
Month
1926
September.
October. . .
November
December.
1927
January
February..
March
April
May
June
.
July
August
SeptemberOctober. __
No vem ber
December.
1928
January...
February..
March
April
MassaSwit- Can- Aus- India South
ehu- Bel- Czecho- Eng- Fin- France Ger- Greece Hun- Italy Neth- Nor- Potra- (Bomzer(Mi- er- way land Spain Swesetts gium
1
den
gary
slovakia land* land (Paris) many (Athland ada* lia bay) Africa
lan) lands
ens)
158
158
159
159
174
184
191
195
727
732
740
741
172
174
179
179
1,203
1,197
1,193
1,197
158
157
156
156
157
156
155
155
155
155
157
157
198
200
195
195
193
196
199
198
202
207
208
208
747
746
744
749
756
761
753
739
736
734
735
740
175
172
171
165
164
163
166
164
165
167
169
169
1,187
1,189
1,183
1,173
1,166
1,184
1,203
1,237
1,230
1,237
1,251
1,243
157
156
155
210
207
741
739
168
166
164
1,2J6
1, 206
1,214
539
545
524
525
507
498
142
142
144
144
1,833
1,862
1,895
1,889
114
114
116
116
647
672
657
657
145
145
145
146
147
148
150
147
147
150
151
151
1,900
1,896
1,898
1,911
1,938
1,951
1,960
1,951
1,955
1,956
1,964
1,978
119
120
119
119
119
121
119
119
119
120
120
120
655
667 : : : : :
663
166
651
612
586 - 1 6 7 548
543
537
167
536
536
531
170
151
151
151
1,986
121
120
164
217
168
213
203
197
195
193
189
193
197
199
187
190
191
193
202
201
200
203
205
205
199
201
202
205
210
205
195
171
194
197
191 ""l70~
186
185
184
169
192
187
189 " 1 7 2 "
188
186
207
204
178
175
175
"in"
171
159
160
159
159
149
149
150
151
157
155
155
154
156
130
131
131
129
160
160
159
158
160
160
160
160
161
161
162
162
152
151
150
156
148
148 - - - - 149
149
149
149
150
150
151
156
155
155
153
152
154
156
157
154
151
150
151
130
130
131
131
132
132
132
131
131
132
132
132
161
161
151
150
149
154
148
145
144
132
158
!
11921 =» 100. The cost of living index for Belgium has been changed from an average of 7 provinces, on April, 1914, base, to a workingman's
budget
in 59 cities, on a 1921 base.
1
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.
352
FEDERAL RESERVE BULLETIN
Changes in State Bank Membership
The following list shows the changes affecting State
bank membership during the month ended April 21,
1928, on which date 1,261 State institutions were members of the system:
ADMISSIONS
Capital
District No. 2
State Bank of Mayville, Mayville,
N.Y
District No. S
Liberty State Bank & Trust Co.,
Mount Carmel, Pa
District No. 7
Center Line State Savings Bank,
Center Line, Mich
District No. 8
Community Bank & Trust Co.,
Hot Springs, Ark
Sarah-Olive Bank, St, Louis, Mo
District No. 9
Iron Exchange Bank, Hurley, Wis_ _
Surplus
Total
resources
M A T , 1928
CHAN GE S—Continued
Capital
Total
resources
District No. 10
Fort Lupton State Bank, Fort Lupton, Colo, (voluntary withdrawal). $25,000
$15,000
$451,000
40,000
1,275,550
District No. 1%
Farmers & Merchants Bank, Walla
Walla, Wash, (merged with nonmember)
200,000
$50,000
$100,000
$1,269,318
Fiduciary Powers Granted to National Banks
150,000
150,000
1,636,645
60,000
60,000
1,249,062
75,000
120,000
25,000
24,000
684,644
412,618
75,000
37,500
1,375,658
During the month ended April 21, 1928, the Federal
Reserve Board approved applications of the national
banks listed below for permission to exercise one or
more of the fiduciary powers named in section 11 (k)
of the Federal reserve act as amended, as follows: (1)
Trustee; (2) executor; (3) administrator; (4) registrar
of stocks and bonds; (5) guardian of estates; (6)
assignee; (7) receiver; (8) committee of estates l(of
lunatics; (9) in any other fiduciary capacity injwhich
State banks, trust companies, or other corporations
which come into competition with national banks *are
permitted to act under the laws of the State in which
the national bank is located.
CHANGES
District No. 2
DisBank of Genesee, Batavia, N. Y.
Location
trict
(title changed to Genesee Trust
No.
Co.).
Bank of America, New York, N . Y.
$6,500,000 $5,000,000 $134,532,000
(converted to national bank)
Athol, Mass
District No. 4
West Lafayette Bank Co., West
Townsend, Mass
Lafayette, Ohio (voluntary withRochester, N. H
drawal)
100,000
50,000
1,130,000
Chagrin Falls Banking Co., Chagrin j
Allenhurst, N. J
Falls, Ohio, member, absorbed
Freehold, N. J
the First National Bank of ChaCarmel, N . Y
grin Falls, Ohio..
| 50,000
10,000
524,422
Hornell, N . Y
District No 5
j
Bank of Cheraw, Cheraw, S. C.
New York, N. Y
(merged with Bank of Chesterfield County, Cheraw, S. C , nonNew York, N . Y
member)
150,000
75,000
1,215,000
Saratoga Springs, N. Y.
District No. 6
Penns Grove, N. J
Central Bank & Trust Co., Lakeland, Fla. (closed)....150,000
75,000
1,628,000
Chester, Pa
Farmers & Merchants Bank, Hurtsboro, Ala. (voluntary withdrawal). 31,400
23,000
230,200
Lewistown, P a . .
District No. 7
Littlestown, Pa
La G ange State Bank, La Grange,
Montoursville, Pa
HI
200,000
100,000
2,421,000 State College, Pa
La Grange Trust & Savings Bank,
Tyrone, P a . . .
137,500
La Grange, 111-_
200,000
2,254,000 Hagerstown, Md
(Above members were succeeded
Roanoke, Va
by the La Grange State Trust &
Mobile, Ala
Savings Bank, La Grange, 111.,
Sanford, Fla
nonmember.)
Knoxville, Tenn
Farmers Savings Bank, Palmer,
Iowa (closed)
35,000
8,000
268,325 Chicago, 111
Guaranty State Bank, Knoxville,
Batesville, Ind__
Iowa (absorbed by Knoxville NaTrenton, Mo
tional Bank & Trust Co., KnoxHelena, Mont
15,000
ville, Iowa)
50,000
448,000 Floresville, Tex
Farmers & Merchants State Bank,
Tyler, Tex
Sebewaing, Mich., a member, has
Reno, Nev._
absorbed the Sebewaing State
Bank, Sebewaing, Mich., a nonAthena, Oreg
member
17,000
25,000
693,000 Eugene, Oreg
Pendleton, Oreg
District No. 8
Salt Lake City, Utah..
American Trust Co., St. Louis, Mo. 1,000,000
and Franklin Bank, St. Louis, Mo.1,200,000
(Consolidated under title Franklin-American Trust Co., member.)
Surplus
500,000
300,000
16, 111, 111 Coifax, Wash
15,898,182 Waitsburg, Wash
i Supplemental.
Name of bank
Powers
granted
1 to 3, 5 to
8.
Townsend National Bank. 1 to 3.
Public National Bank
1, 2, 4, 6, 7,
Athol National Bank
Allenhurst National Bank.
First National Bank
Putnam County National
Bank.
First National Bank
Bank of America National
Association.
Commercial E x c h a n g e \
National Bank.
I
Saratoga National Bank_.
Penns Grove National
Bank.
Delaware County National
Bank.
Citizens National Bank
Littlestown National Bank
First National Bank
Peoples National Bank
First National Bank
Nicodemus National Bank
American National BankMobile National Bank
Sanford Atlantic National
Bank.
East Tennessee National
Bank.
Roseland National Bank..
First National Bank
Trenton National Bank...
National Bank of Montana
City National Bank
Peoples National Bank
Farmers & Merchants
National Bank.
First National Bank
First National Bank
First National Bank
C o n t i n e n t a l National
Bank.
Farmers National Bank...
First National Bank...
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 3, 5 to
9.1
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
5 to 9.1
1 to 9.
Ito9.
Ito9.
Ito9.
5 to 9»
Ito9.
Ito9.
Ito9.
Ito9.
2, 3, 5 to 7,
and 9.i
Ito9.
5.1
5 to 9.1
5 to 7, and
9.1
5.1
1 to 9.
MAY,
353
FEDERAL RESERVE BULLETIN
1928
DETAILED BANKING STATISTICS FOR THE UNITED STATES
FEDERAL RESERVE BANKS
BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve Bank
Total
Boston
Bills discounted:
1927—March
April
May
June
July
September
October
November.-. _ _
December
1928—January _ _ _
February
March
April.Total deposits:
1927—March
April .'.
May
June
July
August _
September
October
November
December
1928—January
February
March
April..
Member bank reserve balances:
1927—March
April
May
June
July
August.
September . . .
October
November
December
1928—January.
February
March
April
dovernment deposits:
1927—March
April
May
..__
June
. . .
July
August
September _ .
October
November.. _ _.
December
1928—January
February _
March
April
.
Jill other deposits:
1927—March
April
May
June
July
August. September
October
November
—
December
1928—January.. February
March
April. .
New
York
Philadelphia
Cleveland
Richmond
Atlanta
St.
Minne- Kansas Dallas
Chicago Louis
apolis City
San
Francisco
424.5
447.3
473.0
428.6
454.0
409.4
422.2
424.4
415.2
528.6
465.3
470.7
513.2
660.9
35.8
23.2
37.1
33.8
29.7
29.9
28.4
33.3
36.4
40.2
23.5
45.2
49.5
44.4
112.2
121.6
137.8
91.9
122.9
118.4
142.4
126.9
106.5
171.1
152.9
119.3
130.0
210.9
41.0
43.7
45.8
45.2
46.8
39.6
38.2
38.4
38.1
47.9
44.4
53.1
49.2
52.7
31.7
53.9
43.6
41.8
35.4
27.8
34.8
43.7
46.8
58.6
51.0
50.8
57.0
60.8
22.1
22.5
25.5
22.4
21.8
19.7
26.3
28.9
21.5
24.4
26.9
27.3
27.8
34.6
31.7
34.1
34.6
32.6
36.3
34.7
31.1
26.0
32.7
36.1
29.3
28.3
25.2
38.9
71.1
56.3
52.7
63.9
59.7
40.5
31.4
36.5
46.9
65.0
59.0
50.9
67.9
87.6
14.4
16.2
24.0
26.3
29.8
24.7
28.0
21.5
18.1
19.3
16.6
24.0
26.1
33.1
4.5
6.1
6.7
6.5
6.0
6.1
4.4
2.7
2.6
3.0
3.7
4.0
3.3
10.1
8.6
11.9
17.3
16.5
12.5
9.3
10.7
15.7
18.1
15.2
12.7
11.4
10.5
18.8
3.2
4.4
4.7
6.2
7.4
12.7
11.0
7.2
8.4
5.4
4.3
4.1
3.8
8.0
48.3
53.3
43.1
41.4
45.8
46.1
35.6
43.7
39.1
42.4
41.0
52.3
63.1
61.3
2,284.8
2,301.1
2,326.8
2,355.4
2,339. 5
2,331. 5
2,350. 9
2,380. 9
2,430.0
2,436.0
2,472.4
2,419. 5
2,411. 7
2,450. 2
146.2
148.4
148.0
149.8
152.6
152.0
153.4
157.2
161.7
156.8
158.4
154.1
153.7
159.0
878.3
882.4
908.2
941.9
918.9
902.1
911.1
921.3
946.3
959.1
974.4
942.7
948.8
972.8
138.9
140.5
139.0
137.9
138.0
138.6
140.9
141.5
142.3
140.1
143.8
140.4
140.7
142.3
188.4
188.1
188.4
190.2
189.6
192.1
190.5
190.1
192.8
188.8
192.0
192.2
189.5
190.3
70.5
71.2
72.6
71.7
74.3
74.5
74.6
74.7
76.7
75.1
76.0
75.1
72.9
73.4
71.1
72.8
71.1
68.8
68.5
67.5
68.8
70.8
70.4
70.5
72.6
72.5
71.2
72.4
328.2
332.4
339.0
338. 5
337.9
345.5
344.0
346.8
345.7
350.0
355.8
349.7
349.7
353.5
82.8
83.8
83.2
82.4
82.6
81.6
81.6
84.7
87.9
87.9
87.6
87.5
84.5
84.3
51.5
50.4
49.2
49.7
50.6
49.7
52.6
55.6
57.8
56.4
55.1
54.6
55.3
53.9
90.8
90.8
89.4
88.3
90.9
91.6
90.2
90.5
94.2
93.3
94.3
95.0
94.4
94.1
63.2
62.6
61.6
59.8
60.2
59.8
63.0
66.4
69.2
69.8
70.6
70.6
68.5
67.0
175.0
177.8
177.2
176.3
175.4
176.5
180.2
181.1
184.9
188.1
191.9
185.0
182.5
187.3
2, 240. 0
2, 248.3
2,262.4
2, 300.9
2,288.9
2,283.1
2,300.5
2,326.0
2,373. 0
2,399.2
2,426.4
2, 368.1
2, 365.0
2, 396. 5
144.1
145.6
146.2
147.9
151.1
150.2
151.0
155.0
157.4
155.1
155.9
151.0
151.2
156.3
856.6
863.3
875.3
913.3
894.8
880.9
888.7
895.9
922.5
944.9
957.9
924.4
931.6
955.5
136.9
137.4
136.1
135.8
136.4
136.8
138.6
139.4
139.8
138.7
141.7
138.5
138.6
139.3
185.7
184.7
185.2
187.2
187.1
189.3
187.4
187.4
188.5
186.3
188.9
188.1
186.0
186.7
68.9
68.3
68.8
69.5
71.6
72.0
72.1
71.8
74.1
73.5
73.8
72.4
70.6
69.9
69.5
69.4
68.4
67.1
66.7
65.6
67.6
68.5
68.6
69.3
70.7
70.0
69.4
69.1
325.1
328.0
335.1
334.5
333.9
341.2
339.7
343.0
342.5
347.2
352.1
345.8
345.7
348.1
81.4
81.6
81.1
80.8
81.0
80.0
80.1
82.5
85.3
86.3
86.1
85.0
82.8
82.5
50.3
48.9
47.7
48.5
49.1
48.3
51.0
54.0
56.3
55.2
53.3
53.1
53.9
52.4
89.6
89.0
87.4
87.2
88.8
89.9
88.9
88.8
91.0
91.JP
92.1
92.4
92.4
91.9
62.2
60.9
59.7
58.5
58.8
58.3
61.7
64.8
67.7
69.0
68.8
69,3
67.1
65.4
169.7
171.3
171.3
170.5
169.6
170.5
173.8
174.9
179.3
182.3
185.2
178.2
175.8
179.5
21.8
29.6
25.4
20.7
17.4
17.9
20.3
20.4
12.8
10.0
19.4
25.6
23.0
26.8
1.4
2.3
1.3
1.2
.8
1.0
1.4
10.4
7.8
4.7
5.9
2.4
2.0
4.2
1.2
2.3
2.3
1.4
.9
1.2
1.6
.9
1.5
1.6
1.2
.9
1.1
1.3
1.2
2.5
3.4
1.8
2.3
2.2
2.1
1.2
3.0
2.1
1.4
1.4
1.6
.9
1.3
2.4
2.2
2.2
2.1
2.6
2.4
.8
1.7
1.6
1.0
1.1
1.1
1.0
.8
1.1
1.1
.9
1.2
1.1
1.3
.7
1.4
1.6
.8
1.7
1.3
.9
.7
1.4
1.7
1.1
1.0
1.2
1.1
1.2
2.3
1.8
1.8
1.6
1.6
2.1
1.3
.9
2.4
1.6
1.7
1.2
1.0
.9
1.3
1.7
23.0
23.2
39.0
33.9
33.1
30.5
30.1
34.4
44.2
26.8
26.6
25.8
23.7
26.9
.7
.6
.6
.7
.7
.8
1.1
.9
.8
1.9
2.0
2.0
2.1
1.0
1.1
3.4
.9
.6
1.2
.5
.7
5.4
1.2
.6
1.4
1.3
.9
.7
1.4
2.2
5.9
5.2
1.6
2.3
1.9
1.7
11.3
11.3
28.2
22.7
21.7
19.3
18.2
20.0
20.9
12.1
13.9
11.5
11.3
12.1
.7
.8
.6
.6
.7
.6
.7
.9
1.4
.8
.7
1.8
2.9
2.2
2.6
6.8
.6
.6
.8
.8
.7
1.5
1.9
.9
.8
1.9
2.3
2.0
3.0
1.5
2.7
2.2
3.0
.4
1.8
2.0
1.6
1.8
1.8
1.7
1.8
2.0
2.3
2.0
1.8
1.7
1.8
2.4
1.3
1.0
1.8
2.3
1.9
1.8
.7
.5
.4
.4
.6
.3
.3
.3
.3
.7
1.0
.4
.3
1.9
1.6
1.9
.4
.3
.5
.6
.3
.6
1.9
1.6
1.9
1.6
1.7
.4
.3
.3
.4
.3
1.8
1.8
3.4
.4
.5
1.3
.9
.6
1.0
1.4
.7
.6
1.3
1.2
.7
.6
1.3
1.4
1.0
.5
1.4
1.0
.8
.8
2.0
1.8
1.2
1.2
1.0
1.0
1.1
1.3
1.2
1.4
1.5
1.9
.6
.4
.3
4.1
.4
.6
.5
.6
.6
.5
.4
.3
.3
.3
.3
.4
.3
.4
.3
.4
.5
1.1
1.7
.3
.6
.8
.4
.8
2.6
1.0
.6
.6
.4
1.0
.5
.6
.3
.4
.5
.2
.2
.2
.4
.2
.2
.3
.5
1.3
1.0
.3
.3
1.2
.9
.9
.2
.2
.3
4.2
4.2
4.1
4.2
4.4
4.3
4.5
4.8
4.9
4.7
5.0
5.2
5.9
354
FEDERAL RESERVE BULLETIN
MAY,
1928
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT THE END OF EACH MONTH
[In millions of dollars]
1927
February March April
June
May
1928
July
August
September
NoOcto- vember
ber
DeFebcem- January ruary March
ber
1
RESOURCES
Total gold reserves
Reserves other than gold
Total reserves
Nonreserve cash
Federal reserve notes of other Federal
reserve banks
Bills discounted
Bills bought:
Outright .
Under resale agreement
Total bills bought
United States securities:
Bought outright
Under resale agreement
Total United States securities
Other securities
Total bills and securities
Gold held abroadDue from foreign banks __ TTnnn]1fiftf.ftf1 if-fvms I
Bank premises . . All other resources
,
Total resources
2,976
154
3,010
157
3,029
157
2,982
156
2,998
158
3,002
149
2,998
148
2,964
131
2,922
131
2,805
135
2,733
134
2,797
169
2,808
166
2,729
162
3,130
63
3,168
60
3,187
56
3,138
51
3,152
51
3,095
42
3,054
52
2,867
77
24
2,966
85
2,974
70
16
16
18
13
3,156
52
17
19
3,146
48
17
18
22
2,940
58
20
20
17
2,891
57
13
470
451
477
459
443
442
401
437
412
477
582
423
493
599
230
67
185
54
197
41
159
69
181
30
153
19
118
67
m
76
266
76
288
66
310
82
333
46
303
41
296
54
296
239
238
228
211
172
185
250
342
355
392
379
344
350
305
317
322
4.5
336
7.5
367
3.1
385
7.5
470
2.9
487
31.0
519
2.9
544
4.1
560
431
6.1
399
8.5
386
8.5
348
2.5
327
1.8
10.8
316
2.0
19.5
56.6
392
522
343
617
370
473
437
408
548
506
395
.5
1.3
.8
.3
.9
1.3
.9
1.0
1.0
.6
1.8
1,032 1,025 1,008 1,059 1,194 1,276 1,381 1,591 1,240 1,245 1, 345
1,040
1,044
580
58
599
58
600
59
547
59
28.8
631
59
48.7
550
59
12.2
586
59
641
60
595
60
672
60
714
58
577
59
598
59
13
13
14
14
15
18
13
14
14
15
10
11
10
4,946
4,955
4,976
4,914
5,006
4,903
4,945
5,065
5,072
5,145
5,346
4,957
4,975
4,935
1,727
1,724
1,744
1,748
1,721
1,688
1,676
1, 736 1,734
1,717
1,790
1,581
1.588
1,603
1,084
23
60
.7
14
.7
7
.8
.6
.6
.6
.6
.6
559
59
LIABILITIES
Federal reserve notes in actual circulation....
Deposits:
Member bank—reserve account
Government
.
Foreign bank.
Other deposits
Total deposits.,
Deferred availability items
Capital paid in
Surplus.—
3I
All other liabilities
Total liabilities
Contingent liability on bills purchased
for foreign correspondents
2,229 2,237 2,257 2,197 2,249 2,277 2,299 2,293 2,324 2,379 2,487 2,391 2. 375 2,366
43.3 37.9
19.9
27. fi 21 1
2.1
25.1
21.2
30.7
18.4
27.4
22.8 32.2
12.7
6
5.1
6.4
4.7
9.5
4.5
5.3
5.4
4.6
5.5
4.6
4.6
4.8
62
18
15
17
29
27
23
24
24
31
28
21
19
17
17
2,296
2,296
2,302
2,262
2,313
2,330
2,341
2,349
2,386
2,413
2,531
2,435
2,426
2,410
567
128
560
129
555
131
605
131
576
131
638
132
651
132
563
580
540
136
557
127
229
10.9
229
12.1
229
12.8
533 ! 603
129
129
229 | 229
13.8, 11.3
514
130
229
11.8
229
13.2
4,946
4,955
4,976
4,914
5,006
4,903
4,945
93
148
147
160
146
151
166
229 ! 229
14.5
16.1
233
8.2
134
233
10.4
137
233
11.6
233
13.6
5,072
5,145
5,346
4,957
4,975
4,935
188 i 189
186
229
237
239
242
5,065
* Exclusive of Federal reserve notes of other Federal reserve banks, which are shown separately.
229
17.5
MAY,
355
FEDERAL RESERVE BULLETIN
1928
FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN APRIL AND MARCH, 1928
[In thousands of dollars]
Total cash reserves
Federal reserve notes
in circulation
Total deposits
Federal reserve bank
March
April
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Mmneapolis...
Kansas City...
Dallas
San Francisco.
Total..
182,115
991,035
185, 849
272, 791
86,145
157, 774
448, 821
80, 907
72, 879
94,577
64, 435
248, 036
2, 885, 364
174,812
1, 026, 295
182, 678
273, 731
93, 538
175, 653
448, 509
79, 400
83,171
103, 302
70, 656
228, 980
2, 940, 725
April
March
153,
948,
140,
189,
72,
71,
349,
84,
55,
94,
68,
182,
2, 411,
159,016
972, 759
142, 306
190, 349
73, 356
72, 360
353, 467
84, 334
53, 875
94, 066
66, 997
187, 303
2, 450,188
675
778
742
480
942
203
665
549
308
366
536
470
714
March
April
123,540
346, 405
128, 551
194,071
59, 094
143.767
248,540
52, 787
56, 766
57, 062
34,112
155, 661
1, 600, 356
Reserve percentages
April
March
64.5
121,056
349, 408
127, 469
194,176
62, 508
142, 976
239,140
52, 712
56, 340
58, 447
36, 305
151, 078
1, 591, 615
63.6
79.1
68.1
71.3
69.1
82.0
76.2
57.8
74.5
67.6
67.4
68.6
73.5
75.1
68.6
71.0
65.0
73.0
74.6
59.0
65.9
62.6
63.7
72.3
71.2
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars]
Federal Reserve Bank
Total
! Boston
Gold with Federal reserve
agents:
Apr. 4
Apr. 11-.-.._
Apr. 18
Apr. 25
Gold redemption fund with
United States Treasury:
Apr. 4_______
Apr. 11.
Apr. 18
Apr. 25_.._
Gold held exclusively against
Federal reserve notes:
Apr. 4_
„
Apr. 11
Apr. 18
Apr. 25
Gold settlement fund with
Federal Reserve Board:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Gold and gold certificates held
by banks:
Apr. 4-.
Apr. 11..._
Apr. 18
Apr. 25_.
T o t a l gold reserves:
Apr. 4
A p r . 11
A p r . 18
Apr. 25.
Reserves other t h a n gold:
Apr. 4
A p r . 11
A p r . 18
A p r . 25
1, 247, 0591
1,287,08911 76, S
1,279,070
75,472!
1, 207, 7031 73, 822i
4
11
18
25
228,
228,
278,
228,
[ Phila- I Cleve- Richdelphial land
mond
646 104,7671 143,544
568 102,402| 145,649
477 99,1031 145,410
393 96,307 145,631
45,880
44, 921
43, 774
42, 713
15, 624
14,152
12,994
16, 294
10, 874
12,123 !
5,4231
7,261
5,134
3, 783
4,725
4,645
1, 305, 9001
1, 344,472;
1, 329, 741
1, 266, 793|
85,469
84, 788
79, 228
78, 498
244,2701
242,720
291,471
244, 6 "
115,641
114,525
104, 526
103, 568
M8,67J
149,432
794, 067
750, 575
773, 029!
835,001
53, 303
41,621
72, 217
288, 469
297, 475
315,437
314,345
45,906
38,092
45, 756
53, 009
64,280
61, 701
67, 360
74, 888
643,562
653, 750
616, 668
621,479|
24,502
25, 490
24, 216
26,809
413,995
424,591
388, 444
387, 244
26,128
25,867
25, 715
24, 645
743, 529
748, 797
719,438
723, 273
178,809
163, 581
145, 065
177, 524
946,734
964,786
995,352
946,276
187,675
178,484
175,997
181,222
258, 289
254,578
264,101
269, 281
80,335
78, 528
70, 982
71,007
164, 442
163,864
165,087
162, 551
15,722
15,173
14, 950
15,172
7,823
7, 519
7,426
7,491
14, 621
13,834
15, 548
13, 528
980,457 195,498
194, 531
999,198 186,003
178,754
160, 015 1,029,227 183,423
979,242 188,713
192,696
272,910
268,412
279, 649
282,809
2,
2,
2,
2,
841
383 '•
671
090
2, 907, 971
2,912, 661
2, 884, 525
2,885, 824
33,
34,
33,
32,
723
412
875
966
Atlanta
129, 817
125, 657
115,129
108, 416
Chicago
186,384!
216,230!
216,120|
216,010
! San
St.
Minne- Kansas Dallas FranLouis apolis
City
cisco
32,639
36,811
25,286
27,334
1, 485! 2,174 5, 999! 4, 232
1,4841 2, 486 4, 918! 4,108
1, 682| 2,839 8,836j 3,129
1, 8661 3, 261 7, 721| 3,607
6, 342!
7,879
3,756
4, 676
58,
57,
50,
59,
Total reserves:
Apr.
Apr.
Apr.
Apr.
New
York
51,379
51, 379
43, 458
39, 749
49,
48,
48,
44,
634
996
013
259
1, 764! 1, 5201
1,498| 1,783
2,106
2, 333
2, 590! 2, 759
28, 598
26, 007
22, 473
21, 805
166, 644
183, 560
166, 355
163, 264
1,17
1,036
1,363
1,448
2,517
2,133
1,485
2,962
192,3831
221,148|
224, 956
223, 731
36, 871
40,919
28,415
30, 941
53,143
52,877
45, 564
42, 339
51,154
50, 779
50, 346
47,018
29, 774
27,043
23, r'
23, 253
169,161
185, 693
167,840
166, 226
167,885
159, 4181
159,284
157, 500
23,733
20, 341
20,480
25, 705
15,634
13, 032
16,855
17,476
29, 338
29, 412
24, 889
35, 464
20, 635
18,948
22, 678
23, 283
34, 705
28,408
32, 322
37,447
9,701 52, 312
45, 331
43,445 10, 029 9,920 50,890
46, 606 7,127 10,182 51,4701
44,117 10, 595 10,402 54,132!
11, 525
11,832
11, 719
12,125
5,241
5,431
4,930
4,929
6,448
6,242
6,302
6,652
8,831
8, 950
8, 989
9, 0621
153,048
146,414
136, 098
129, 913
412, 580
431,456
435, 710
435, 363
72,129
73,092
60, 614
68, 771
74, 018
71, 340 86,433
67,349 81, 537
64, 744 89,134
59,240
54,941
55,503!
55,598
233,732
245,164
231,130
234,440
10, 523
10,5211
10, 807
11,238
14, 883
16,071
16, 279
15,652
19,899
19, 222
18, 695
18, 769
13,717
14,156
14, 212
14, 929
3,471
3,514
3,838
3,550
7,603
7,032
7,400
7,363
10, 248
10,122
9,998
9,819
12,209
12, 288
12,059
12, 074
90,858
89,049'
81,789;
82,245|
167,931
162,485
152,377
145,565
432,479
450, 678
454,405
454,132
85,846
87, 248
74,826
83, 700
77,489
74,854
71,187
68, 294
94, 543
93,465
88, 937
96,497
69,488
65,063
65, 501
65,417
245, 941
257,452
243,189
246, 514
47,365 131,991
46,405 128,143
150,135 45,456 117,968
150, 276 44,579 111,677
23, 288 11, 356
22, 094 8,351
18, 399 7,948
15,833 7,834
29,866
31, 063
30,968
30, 767
356
FEDERAL RESERVE BULLETIN
MAY, 1928
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES
[In thousands of dollars]
Federal Reserve Bank
Total
Boston
Nonreserve cash:
Apr. 4
Apr. ll._
Apr. 18
Apr. 2 5 . _
Bills discounted:
Secured by U. S. Government obligations—
Apr. 4 . . .
Apr. 11
Apr. 18
Apr. 25
Other bills discounted—
April 4_
Apr. 11—..,
Apr. 18.
Apr. 25
Total bills discounted:
Apr. 4
,
Apr. 11
Apr. 18
Apr. 25
Bills bought in open market:
Apr. 4
Apr. 11
_„
—
Apr. 18
Apr. 25
,
U. S. Government securities:
BondsApr. 4
Apr. 11
_-_
Apr. 18.___
Apr. 25
Treasury n o t e s Apr. 4
Apr. 11
Apr. 18
Apr. 25
Certificates of indebtednessApr. 4
Apr. 11
_
Apr. 18
Apr. 25—
Total U. S. Government securities:
Apr. 4 . —
Apr. 11
Apr. 18-__
-_.
Apr. 25
Other securities:
Apr. 4
Apr. 11
„
Apr. 18
Apr. 25
,
-—
Total bills and securities:
Apr. 4.
Apr. 11
Apr. 18.__
Apr. 25
Due from foreign banks:
Apr. 4 . . . _
Apr. ll._
Apr. 18
Apr. 25
Uncollected items:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Bank premises:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
61,504
67,115
67, 323
65,499
4,972
5,598
4,896
5,663
350,602
391,357
391, 580
462, 771
17,474
20, 906
29,944
26,422
250,874
227,322
228,037|
246,302'
22,079
24,566
26,452
14,895
601,4761
618,679|
619,617
709,073
New
York
Cleveland
Richmond
Atlanta
Chicago
St.
Minne- Kansas Dallas
Louis apolis
City
San
Francisco
4,289
4,821
4,332
6,923
6,901
6,591
7,"""
3,923
4,772
4,073
4,390
1,016
1,722
1,271
1,373
1,878
2,205
2,097
2,398
2,767
3,022
2,714
3,243
3,629
4,194
3,807
4,442
28,129
42,704
30,586
35, 679
5,951
9,383
8,107
9,430 13, 722
11,948 16,943
55,160
46,477
49,234
69, 569
10,450
12,754
21,725
17,635
5,010
6,200
11,570
11,108
11,480
12,432
14,311
9, 335!
1,460
3,024
4,507
3,492
48,467
43,626
62,115
55, 996
13,498
13, 694
11,491
12, 877
22,413
20,940
26,665
20, 570
21,954 23,104
22,901 24,437
23,929 28,995
24,460 30, 787
33, 958
24, 566
25,064
27,975
15, 598
13,049
19,712
17,021
1,332
1,380
2,520
2,759
6,043
6, 864
9,058
10,113
3,483
4,148
4,198
5,97-
8,947
7,538
4,660
9,559
206,859
207,043|
153,029
242,617|
45,316
55, 634
48,191
44, 211
50,542
63,644
57,251
56, 249
28,763 29,055
31,008 33,820
33,359 42,717
36,408 47, 730
89,118
71,043
74,298
97, 544
26,048 6,342 17,523
25,803 7,580 19,296
41,437 14,090 23,369
34, 656 13,867 19, 448
4,943
7,172
8,705
9,471
57,414
51,164
66, 775
65, 555
46,141
53, 547
67, 384
50,926
102,660
119,154J
82,328
95, 264
25,153
25,449
30,110
32,885
32,494
30,811
29,678
33,115
14,369
12, 568
13, 337
15, 836
56,233
56,609
56,559!
55, 237
707
707
707
707
1,514
1,384!
1,3841
1,434
585
585
585
585
505
505
505
505!
1,153
1,153
1,153
1,153
163,947
151, 763
123,124
107, 560;
7,946
7,020
4,549
3,352
27, 629 14, 814 33, 738
24,143! 13, 950 32, 737
18,837 11,645 30,069
14, 742 10, 529 28, 777
2,748
2,428
1,574
1,160
163,052
169, 644
161,003
141,958;
11,822
12,113
10,890
9,779
41, 239
44, 515
47, 305
38,459
18, 231
18, 502
17, 362
16,325
13.409
13/724
12,404
11, 204
383,232
378,016
20,475
19,840
16,146
13,838
70,382
70,042
67,526
54, 635
33,630
33,037
29,592
27, 439
47, 652
46, 966
42,978
40,486
2, 333
2,319
2,411
2,252
5, 224
4, 204
5,478
4 3.«
4,355
128, 394! 31,818
143,804 41,940
107,736! 36,700
173, 310 31,334
78,465
63,239
45,293
69,307
39,553
45,472
56,396
41,317
343, 636
361,595
350,756
365,841
304, 755
19,465
22, 207
20,874!
19, 762
5,085
5,150
8,779
5,465
15,829 42, 725
15,037 38,962
15,592 39,937
18,880 41,345
4,472
3,r~"
4,497
3,667
20,327
20, 527
21,007
19,927
4,945
4,664
3,913
3,550
4,189
3,766
3,381
7,990
7,770
6,493
5, r~'
15,191
18,490
13,375
14, 797
12,404
13,222
14, 578
14,427
20, 335
22,855
24,749
26,209
7,125
7,125
7,125
7,125
4,519
4,519
4,519
4,519
11,890
12,190
11, 690
11,390
7,809
7,815
7,815
7,815
55
55
37
38
16, 209
14,475
9,713
7,239
14, 740
14,129
12,499
11, 710
7,041
6,577
5,342
4,743
7,887
7,073
4,902
3,850
7,759
7,108
5,372
4,532
18,491
17,459
14, 709
13,376
3,713
3,813
3,904
3,518
24,191
25,097
22, 026
20,004
7,797
7,f""
7,183
6,450
5,914
6,060
5,448
4,893
10, 828
11, 084
10,009
9,033
8,656
9,071
8,581
8,025
13,163
13,487
12,125
10,887
8,702
8,521
7,849
7,107
60, 727
60,099 29, 243
52, 746 26,807
47,170 25,285
17,474
17,156
15, 309
14,155
30, 605
30, 347
26, 601
24, 273
24,224
23,994
21, 768
20,372
31,709
31,001
26,871
24,301
990
990
990
990
990
990
990
1,329,334
1, 359, 280
1,312,049
1, 380,659
14,062 12,992
14, 429 12,475
106,169
118,859
139,926
106,081
379,901
396,239
302, 883
392, 516
104,099
114,120
107,893
104,535
130,688
141,421
129,907
129,850!
51,122
51,346
53,189
57,938
53, 586
57, 378
66,158
73, 717
570
570
570
570
37
37
37
37
217
217
217
217
47
47
47
47
51
51
51
51
25
25
25
25
21
21
21
21
674,074
660,197
755, 687
633, 613
68,363
63, 669
75,161'
62, 692
183, 030
172,179
211,457
173, 644
60, 750
54,609
63,068
51, 204
59, 790
59,347
71,878
59,188
50, 56:
53, 956
56,175
48,302
59, 274
59, 375
59,378
3,824
3,824
3,824
3,824
16, 548
16,548
16, 548
16,548
1,756
1,756
1,756
1,756
6,865
6,865
6,865
6,865
3,148
3,244
3,244
3,272
192,570 60,182
170,104 58,132
166, 981 72, 741
186,059
38,868
40,155
45,580
47, 502
61,120
62,118
63,345
58, 518
41, 571
44,388
45,051
44,270
109,458
105,020
118,395
116, 065
68
21
21
21
21
13
13
13
13
18
18
18
18
17
17
17
17
35
35
35
35
25, 244
29,374
30, 382
23,807
87, 231
77, 288
90,459
76,631
30,157
33, 328
33, 292
28, 776
11,634
14, 600
14, 219
11,828
38, 201
35, 851
38,913
33, 894
23,382
24,538
26, 758
26,351
35, 725
41,458
43,921
37,296
2,829
2,829
2,829
2,829
8,720
8,720
8,720
8,720
3,891
3,892
3,892
3,891
2,202
2,202
2,202
2,202
4, 308 1,806 3,377
4, 308' 1, 810 3,377
4, 308 1,813 3,377
4,308; 1, 81.7 3,377
MAY,
357
FEDERAL RESERVE BULLETIN
1928
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS-Continued
RESOURCES—Continued
[In thousands of dollars]
Federal Reserve Bank
Total
Boston
All other resources:
Apr.
Apr
Apr.
Apr.
Apr.
Apr.
Apr
Apr.
10,131
10,396
9,452
9,677
70
67
66
65
1,635
1,952
1,831
1,896
. — 5, 042, 858
5,069, 594
5,088,984
5, 035, 251
377, 966
370, 808
383, 929
371,058
1, 581, 253
1, 608, 540
1, 583, 037
1, 583, 825
4
11
18
25._
Total resources:
4
11
18
25
New
York
Phila- Clevedelphia land
364,
358,
358,
348,
Richmond
Atlanta
Chicago
San
St. Minne- Kansas
Louis apolis City Dallas Francisco
122
129
138
136
1,143
1,192
1,178
1,199
387
396
388
433
1,421
1,402
1,384
1,373
1,269
1,267
869
847
717
727
626
633
605
983
736
643
476, 671
481,492
495,006
484,317
201,192
203,166
203, 589
197, 680
255, 321
258, 310
257,483
251, 780
729, 260
715, 026
728, 093
734,145
184, 737
188,120
189,471
185,019
144,681
144,096!
142,709!
141,506:
245,288
246,152
248,381
248,0541
69,746 346,328|
67,896; 341,552
69,967! 341,439
68, 8G7| 356,343
548
536
491
641
566
632
486
427
1,105
1,090
1,133
1,094
370
552
334
245
200, 616
198, 501
198,109
196,174
139,597
139,470
142, 340
141, 542
399, 270
412,626
413,857
408, 823
52,408
52,975
52, 629
52, 064
57,331
57, 258!
56,344!
56,247'
57, 538
57,074
56, 834j
56, 395
34, 905
34, 369
33,980
32, 887
153,777
156, 691
155, 397
153,477
82, 832
82, 709
82,948
83,387
52,962
53, 508
54, 706
52,275
176,642
92,435
91, 952 65,197 180, 697
91, 320 66, 239 181, 707
91,3411 63, 311 180,026
1,147
326
3,171
l,05l|
566
463
1,449
615i
890!
416:
1,437!
667
66:
903
903
206
206
279!
279!
1301
130!
175!
175|
2341
1,314
1,759
1,039
1,014
332!
356
267
310
1,148
1,006
862
1,033
132,
134,
135,
132,
LIABILITIES
Federal reserve notes in circulation:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Deposits:
Member bank—reserve account—
Apr. 4
Apr. 1 1 . .
Apr. 18
Apr. 25
GovernmentApr. 4
Apr. 1 1 . .
Apr. 18
Apr. 25
Foreign b a n k Apr. 4
Apr. 11
Apr. 18
Apr. 25
Other deposits—
Apr. 4_.
Apr. 1 1 . Apr. 18
Apr. 25
_
Total deposits:
Apr. 4
Apr. 11
Apr. 18
--.
Apr. 25
—
Deferred availability items:
April 4
Apr. 1 1 . .
Apr. 18
Apr. 25
Capital paid in:
Apr. 4 . . .
Apr. 11
Apr. 18
Apr. 2 5 . .
Surplus:
Apr. 4.
Apr. 1 1 . .
Apr. 18
Apr. 25
All other liabilities:
Apr. 4
Apr. 11
,—Apr. 18
Apr. 2 5 . .
Total liabilities:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
123, 598
121, 551
123, 652
122,129
350, 748
336,101
338,067
335, 683
130, 770
127, 268
124,496
123, 590
189, 695'
195, 772'
191, 770|
194, 020!
60,271
59,462
57, 755
56,560;
2,400, 808 158, 361
2,432,311 155, 816
2, 392, 347 156,197
2,417,377 155, 072
955,!
995, 222
946,080
971, 935
140,601 186,819!
142,670 185,984|
139,822! 192, 547i
137.888 188,893!
71, 2981
69,108!
69, 375
68, 039
9,980
19,195
6,303
33, 587
704
1,842
540
2, 537
2, 581
5,245
1,311
3,970
761
1,187|
373;
2. 735j
627!
526
979)
2, 218!
308
1,534
287
4,1
733
3,075j
764!
4,413!
5,310
7,291
5,661
5,377
360
360
487
487
1,863
3,843
998
714
456J
456
617
617!
499
500
676
676
245
245
331
331
8,790
9,203
9,369
52J
67!
204
104
1,284
1,171
1,044 j
995
171
70
73
202|
202
273
273:
256!
341
210
248
159, 512 969,114 141,870
013, 513 144,
380
158,127 1,013513
144380
157, 340 957, 758, 141, 016
158, 374 985, 500 141, 344
189, 229
188,181
195, 246|
192, 782|
71,950
71, 058
70, 063
73,139
1, 601, 010
1, 588, 769
1, 582, 014
1, 572, 612
18,889
19, 644
18, 955
18. 278
2, 434. 987
2, 478, 441
2, 423, 266
2, 474, 619
109
116
278
8.881
I
574
1,365
758
2,628
179
973
3
2,721
173!
173!
234!
168
168
227
227
341
341
461
461
249|
315'
236|
2731
9Oo!
667
575.
5341
30
26
35
5,496
5,459
5,790
5,542
94,375j
93, 637
92,212;
93,721!
349,289
345,125
343,707
361,431
80,974
69,981
82, 221
70, 771
84,42l!
83, 837J
83,957!
85, 425
53,956
54,843!
55, 533|
54,1GO|
67,676
66,756
67,259
66,192
182,658
187,470
187,961
188,750
31, 346
34, 709
36, 228
30, 860
10,117J 34,844! 23, 771
ll,475j 33,917J 25,078
12, 465! 35,189J 27,835
10, 797! 32,146! 29.155
36, 457
40,662
42,540
38, 557
18,134
18,136
18,135
18,138
5,301
5,304
5,322
5,323
3,028
3,027
3,027
3,027
4,242
4,241
4,241
4,236
4,311
4,311
4,313
4,323
9, 255
10,583
10, 726
10,726
10, 397
10,397
10,397
10,397
7,039
7,039
7,039
7,039
9,046!
9,046|
9,046
9,046|
8,527
8,527
8,527
8,527
16, 629
16,629
16,629
16, 629
571
586
587
630
407
429
426
458
494
591
604
200,616
198,501
198,109
196,174
139,597
139,470
142,340
141,542
399,270
412,626
413,857
408, 823
623, 648
616, 919
697,397
600, 791
66, 562
62, 702
74,070
61, 707
152, 389
149, 518
177, 770
152, 881
55,861 i
51,144!
56, 992
47,407
135,731
137,145
137,606
137, 613
9,586
9,592
9,879
9,878
42,468
42, 545
42, 545
42, 545
13, 703
13,721
13, 730
13, 730
70,937!
71, 514!
71,214
73,801
57,831 49,487 24,009
57, 575! 53,179 26,979j
68, 018] 56,262 27,807
57, 436! 48, 431 20, 6431
5,174!
14, 278 6,251
14,257
6,251
5,177!
5,177!
14, 260 6,251
14, 260 6,251
5,176!
233, 319
233,319
233,319
233,319
17,893
17,893
17,893
17, 893
63,007
63, 007
63,007
63,007;
21, 662
21, 662
21, 662
21, 662
24,021
24,021
24,021
24,021
12, 324
12,324
12, 324
12,324
9,996
9,996
9,996
9,996!
32, 778
32, 778
32,778
32,778
14,163
15,001
15, 382
16, 297
815
943
1,095
1,077
3,52'
3,856
3,890
4,209
739 1,617
1,686
1,691
840
1,798
910
892
934
975
524
548
580
658
2,797
2,854
2,871
2,973
938
950
910
926
975
5,042,858
5, 069,594
5,088,984
5, 035, 251
377, 966
370,808
383,929
371, 058
201,192
203,166
203,589
197,680
255,321
258, 310
257,483
251,780
729,260
715,026
728,093
734,145
184,737
188,120
189,471
185.019
132,370
134,552
135,334
132, 245
1, 581, 253 364, 605
1, 608, 540 358,983
1,583,037 358,736
1, 583, 825 348, 643
476,671
481,492
495,006
484,3171
845
83
1,612
358
FEDERAL RESERVE BULLETIN
MAT,
1928
FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Federal Reserve Bank
Total
Boston
New
York
Phila- Clevedelphia land
Richmond
Atlanta
Chicago
St.
Minne- Kansas Dallas
Louis apolis
City
Fran-
MEMORANDA
Ratio of total reserves to Federal reserve note and deposit
liabilities combined (per
cent):
Apr. 4. —
Apr. 11
Apr. 18
Apr. 25
Contingent liability on bills
purchased for foreign correspondents:
Apr. 4
Apr. 11—
Apr. 18
Apr. 25..
Own Federal reserve notes
held by Federal reserve
bank:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
72.1
71.6
72.0
71.3
68.7
63.9
56.9
68.7
74.3
74.0
79.4
74.1
71.7
68.5
69.1
71.2
72.3
73.1
68.7
68.2|
64. Ol
63.41
77.9
75.4
71.2
67.6
72.7
76.2
76.7
74.5
62.7
63.8
54.8
60.9
69.6
66.8
63.6
61.9
62.2
62.0
59.7
64.3
67.7
64.3
64.7
66.0
73.1
74.8
70.8
72.0
242,084
242,373'
262,645'
261, 543
18,122
18,122
19,723
19,723
68,595
73,832
72, 730
22,955
22,955
24,9821
24,982
25,129
25,129
27,349
27,349
12, 323|
12,323|
13,411)
13,411!
10,148
10,148
11,045
11,045
33,586
33,586
36,553
36,553
10,390
10, 390
11,308
11, 308i
6,524
6,524
7,100
7,100
8,699
8,699
9,467
9,467
8,457
8,457
9,204
9,204
17,156
17,156
18,671
18, 671
358,042
381,183
375,044
376,835
21,506
21,335
23,557
25,030
107, 513
131,086
119,924
115,942
24,997
29,134
29,607
31,117
29,162
24,289
25,253
24, 624
19,173! 28,666
19,023! 29,531
19,583 29,789
19, 797 29, 889
44,7921
44,967i
44,019
45,002
8,126
9,03l!
9,852|
11,665
4,520
6,328
5,901
5,529
6,823
8,349
7,805
7,591
7,113
7,057
6,912
7,338
55,651
51,053
52,842
53,311
72.0
F E D E R A L R E S E R V E N O T E S — F E D E R A L R E S E R V E A G E N T S ' A C C O U N T S , BY W E E K S
[In thousands of dollars]
Federal Reserve Bank
Total
Boston
New
York
Phila- Clevedelphia land
Richmond
Atlanta
Chicago
Federal reserve notes received
from comptroller:
2,812,162 225,414 743,621 174,867 259,837 105,568 235,187 440, 580
Apr. 4
2,823, 286 229,596 751,907! 176,502 259,141 104,608 234,627 440,619
Apr. 11
2,802,933 228,159 742,711 175,203 256,103 103,462 234,498 435,800
Apr. 18
_
2,795.282 226.509 736,345 174,407 256,324 102,401 233,885 431,986
Apr. 25
Federal reserve notes held by
Federal reserve agent:
Apr. 4 . .
853,110; 80,310 285,360 19,100 40, 980 26,124 61,840 150,500
853,334 86,710 284,720 20,100 39,080 26,123 61,000 149,500
Apr. 11._
845,875 80,950 284,720 21,100 39,080 26,124 62,000 143,400
Apr. 18
845,835 79,350 284, 720 19,700 37,680 26,044 62,490 138,930
Apr. 25
Federal reserve notes issued to
Federal reserve bank:
1,959,052 145,104 458, 261 155, 767 218,857 79,444 173,347 290,080
Apr. 4
1,969,952 142,886 467,187 156,402 220,061 78, 485 173,627 291,119
Apr. 11
1,957,058 147,209 457,991 154,103 217,023 77,338 172,498 292,400
Apr. 18
1.949,447 147,159 451, 625 154, 707 218,644 76,357 171,395 293,056
Apr. 25
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificatesApr. 4
414,140 35,300 205,150
42,600 31.020 20,000
Apr. 11._.
413,841 35,300 205,150
42,600 31,021 20,000L_.
I
Apr. 18
413,841 35,300 205,150
42,600 31.021 20,000!.
Apr. 25
415, 242 35,300 205,150
44,000 31,021 2 0 , 0 0 1 . . .
Gold redemption f u n d Apr. 4-.__.
100, 639 15,827 18,496 11,790 10,944 5,360
7,517
1,384
Apr. 11
95,943 13,609 18,418 9,425 13,049 4,400
6,457
1,230
99,360 12,172 18,327 11,126 12,810 8,253 5,329
Apr. 18...
1,120
91,083 10,522 18,243 8,330 11,631 7,192
Apr. 25
4,315
1,010
Gold f u n d Apr. 4
732,280 28, OOOl 5,000 92,97' 90,000 9,500 102,300 185,000
Apr. 11..._
777,305 28,000 5,000 92,97' 90,000 9,500 99,200 215,000
Apr. 18..
765,869 28,000 55,000 87,97' 90,000 4,500 89,800 215,000
Apr.25
701,378 28,000 5,000 87,977 90,000 4,500 84,100 215,000
Eligible p a p e r Apr. 4
_
910,945 85,694 292, 500 59,314 80,900 41,941 44,;
131,714
Apr. 11
928,547 99,019 300,304 65,062 92,904 38,147 48, 372 109,875
Apr. 18
917,412 123,780 205, 321 63,083 86,021 42, 296 57,885 114,111
Apr.25
1, 024,456 92, 243 304, 713 68,700 86,478 48, 776 66,197 138,765
Total collateral:
Apr. 4
2,158,004 164,821 521,146 164,081 224,444 87,821 174, 203 318,098
Apr. 11....
2,215, 636 175,928 528,872 167,464 238, 553 83,068 174,029 326,105
Apr. 18
2,196,482 199,252 483, 798 162,186 231,431 86, 070 173, 014 330, 231
Apr. 25
2, 232,159 166, 065 533,106 165, 007 232,109 91,489 174, 613 354, 775
Minne- Kansas
St.
City Dallas
Louis apolis
San
Francisco
78,444
80, 556
81,391
81,799
79,045
79,045
81,044
80,335
17,910
18,550
18,910
18,070
17,194
15,459
18,799
18.559
38,710
37,010
36,810
36,710
22,382
22,382
22,382
22,382
92, 700
92,700
91,600
101,200
60, 534
62,006
62,481
63, 729
61,851
63, 586
62,245
61,776|
64,361
65,423
64,639
63,986
42,018
41,426
40,892
40, 225
209,428
207,744
208, 239
206,788
8,600
8,300
8,300
8,300
14,1671
14,1671
14,167}
14,1671.
17,303
17,303
17,303
17,303
40,000
40,000
40,000
40,000
539
1,011
2,486
1,534
2,212
2,212
1,291
2,582
2,295
2,704
2,170
2,502
20,501
20, 292
20,123
19, 823
9,000
6,000
3,000
2,000
106,143
123, 268
106,232
103,441
103,071 64,400! 302,128
102,433 63,808 300,444
101,449 63,274 299,839
100,696 62,607 307,988
3,774
3,136
4,153
3,399
23,500
27,500
14,500
17,500
35,000 45,860
35,000 45,860
28,000
23,000 40, 860
29,364
27, 521
44, 797
37,088
20,313 30,230 17,065 77, 524
21,908 31,496 20,093 73,846
29,175 36, 508 23,116 91,319
32,235 33, 948 23, 743 91,570
62,003
64,332
70,083
64,422
71,692
73, 287
72,633
71,984
79,864
80,492
84,521
78, 207
45,663
46,100
45, 589
45,548
244,168
257, 406
257,674
254, 834
MAY,
359
FEDERAL RESERVE BULLETIN
1928
MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Within
15 days
16 to 30
days
31 to 60
61 to 90
days
days
91 days to
6 months
Bills discounted:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Bills bought in open market:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Certificates of indebtedness:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
601,476
618, 679
619,617
709, 073
507,860
515,987
504,323
585, 962
23,851
23,930
27,325
26, 741
36,347
40,831
47,999
50,317
23,957
27,689
28,708
31,899
6,957
7,527
9,140
11,857
343, 636
361, 595
350, 756
365, 841
150,047
163,852
128,163
120, 797
75,649
61,176
60, 536
68, 806
57, 775
58, 903
68,287
83,644
54,808
73, 968
86, 713
82,147
5,357
3,696
7,057
10,447
163,052
169, 644
161,003
141,958
940
3,425
5,790
4,100
2
1,773
Over 6
months
2,504
2,715
2,122
2,297
162,110
164,446
132,185
122, 616
23,028
15,242
GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM MARCH 22 TO APRIL 18, 1928, INCLUSIVE
[In thousands of dollars]
Transfers for Government account
Transit clearing
Federal reserve
note clearing
Federal reserve bank
Debits
Boston
New York
Philadelphia-..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
_.
Minneapolis.-.
Kansas City...
Dallas
San Francisco..
Total 4 weeks ending—
Apr. 18, 1928
Mar. 21, 1928
Apr. 20, 1927
Mar. 23, 1927...
11,000
7,100
3,800
5,000
8,000
11,500
7,000
1,000
1,000
1,500
9,000
65,900
179,900
48, 400
191, 500
Credits
44,300
2,500
500
500
6,500
4,000
500
2,100
Debits
012,136
413,351
756,191
761,881
687,929
332, 657
437,636
539,064
158,747
421,119
312,236
5,000
65,900
179, 900
48,400
191, 500
10,296,933
10,491, 811
8, 943, 768
9,646,964
Credits
1,005,715
3,403,113
757, 394
784,974
687,749
320,782
1,458,663
528,252
151,911
404,018
310,483
483,879
10,296,933
10,491, 811
8,943,768
9, 646,964
Debits
Credits
Changes in ownership of gold
through transfers and clearings
Balance
in fund
at close
of period
Decrease Increase
3,480
7,750
4,246
5,896
1,816
2,878
5,826
1,672
1,178
1,815
1,170
2,114
2,777
10, 032
4,087
2,820
3,361
2,604
4,934
2,722
1,082
1,921
1,466
2,035
18,124
39,841
47, 537
44, 667
44,249
39,841
47,537
44,667
44,249
79,710
29, 244
256
15, 017
6,135
23,149
19, 635
5,762
7,432
15,895
2,957
15,814
79,710
41,621
315,437
45,756
67,360
18,399
7,948
159,285
20,479
16,855
24,889
22,678
32,322
773,029
684,562
598,327
608,962
360
FEDERAL RESERVE BULLETIN
MAY,
1928
FEDERAL RESERVE BANKS—HOLDINGS OF BILLS DISCOUNTED, BY STATES IN WHICH BORROWING BANKS ARE
LOCATED
[End of month figures. In thousands of dollars]
1927
1928
State
March
United States
January
FebruMarch
ary
May
June
July
August
459,086
443,450
442,158
400,524
2,300
1,319
2,113
2,231
1,041
1,375
45, 293
35,360
4,263 I
487
3,005 !
4,354
733
1,366
1,078
33,511
1,304
3,343
951
927
884
28,760
2,047
4,439
72,497 |
24,989
77,521 I
73,559
25, 548
76,794
30,156
49,741
84,443
24,924
45,242
17,458
3,522
24,408
11,122
9,030
15,633 | 20, 777
4, 055 I 4,975
26,334 I 18,996
14,864 | 24, 644
11, 008
21, 992
5,189
19,662
18, 445
7,513
13,485
3,321
9,712
13, 751
4,679
21,483
3,545
17, 639
10, 691
3,944
24,403
3,577
25,266
21,582
4,132
15,868
1,686
23,797
27, 696
3,320
15,535
3,115
14,203
27,231
6,658
12,783
3,587 !
15,356 i
17,884 I
2,735 I
3,754
6,280
17,232
1,082
1,037
7,467
2,078
3,471 |
876
5,810 ! 3,463
23,104
27, 646
1,199
1,171
1,095 ! 1,262
6,745
2,289
2,927 j
2,314
1,547
3, 509
17,141
1,554
1,479
1, 674
1,794
3,461
2,913
17, 850
1,761
1,283
1,310
1,338
1,416
2,888
16, 947
830
794
1,697
1,417
1,033
4.555
9,913
427
570
5,167
3,639
2,375
6,870
11,837
312
695
9,119
2,980
317
5,150
1,315
11,267
3,227
6,977
1,529
5,467
4,142
711
5,547
1,465
11, 289
2,497
5,293
1,323
4,722
4,406
451,183 476,647
New England:
1,781
Maine
1,644
New Hampshire
1,530
Vermont
Massachusetts
40,281
394
Rhode Island
5,088
Connecticut
Middle Atlantic:
53, 083
New York
24,434
New Jersey
Pennsylvania
80,587
East North Central:
Ohio
17.136
Indiana
4,302
51,134
Illinois
20, 585
Michigan
;
9,228
Wisconsin
West North Central:
3,772
Minnesota
5,303
Iowa
Missouri....
17.137
791
North Dakota.
|
South Dakota
953
2,434
Nebraska
1,493
Kansas.
_
South Atlantic:
Delaware
Maryland
District of ColumbiaVirginia...
West Virginia
North Carolina
South Carolina
Georgia
Florida
.
East South Central:
Kentucky
Tennessee
Alabama.
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana,.
Idaho
Wyoming.
Colorado
New Mexico.-.
Arizona
Utah
Pacific:
Washington
Oregon
_.
California
April
1,155
1,225
1,248
16,966 !
30
3,443
127,888
25,012
57,341
i
813
3,163
1,020
6,491
2,984
6,484
4,242
5,374
2,441
949 i
4,342 !
704 !
7,349 |
2.954 !
7,447 i
2,636 |
5,505 j
1.955 i
836
8, 629
81
5,278
3,441
6,338
2,030
6,571
1,817
4,231
3,033
8,557
1,869
2,283
3,633
7,139
2,520
1,185
19, 688
1,787
3,531
1,542
13,961 |
2,094
5,147
303
770
87
1,702
144
198
1,938
534
1,184
152
2,729
96
534
1,719
855
2,332
52,647
October
437,425
1,808
2,394
730
875
783
1,128
20,388
25, 520
787
1,772 j
2,504
2,530 j
I
34,405
6,209
18, 645
23, 093
12,932
33, 392
4,825
66,447
23,152
16, 557
722
4,023
11,475
319
640
4,705
1,246
2,408
2,895
4,586
3,772
16,228
20, 277
472
369
619
508
4,182
2,940
1,199 | 1,061
2,696
3,887
24,168
543
381
4,429
1,052
620
719
11,744
5,315
320
9,297
11, 868
3,367
2,710
4,738 !
7,602
2,172 ! 2,610
4,013 i 5,229
1,799 ! 1, 946
597
3,747
550
13, 347
3,543
7,449
3,471
7,041
1,345
3,587
2,803
4,961
1,639
8,276
1,900
6,412
3,456
2,688
13, 853
1,325
4,960
2,017
12,926
1,661
1,949
1,606
9,014
2,287
3,991
41
199
48
1,542
129
164
255
39
234
33
241
2
2, 527
187
198
860
5,877
1,631
2,429
1,671
6,575
3,502
11,894
5,363
1,998
1,425
3,582
2,619
9, 667
3,914
2,830
1,945
6,911
3,096
5,380
1,563
6,663
2,845
2,411
1,239
4,550
8,736
4,695
4,767
2,332
11,156
2,388
10, 323
2,001
21, 557
1,245
6,436
393
779
230
1,388
200
325
1,171
79
551
104
1,938
99
284
952
30
351
1,613
492
46,218
2,254
875
38,955
7,799
2,314
6,107
2,189
8,199
4,028
6,177
3,045
6,593
5,276
5, 310
4,028
9, 575
6,879
3,670
3,725
1,353
11,125
2,316
5,481
2,343
20,169
1, 995
9,393
3,306
12, 612
2,583
12, 574
761
768
1,217
192
1,503
170
240
995
1,582
1,328
278
427
3,568
1,366
258
346
186
389
672
128, 001
23,051
80,029
920
7, 520
2,455
7,S56
2,607
6,457
3,445
38,763
69, 063
19, 642
83, 277
500
5,002
2,281
6,802
2,800
5,882
2,504
44,064
2,746
992
44,350
1,225
1,809
474
115
1,977
718
1,305
698
49,918
396
3,260
5,498
485
2,421
752
1,112
909
805
558
24,314
304
3,083
783
532
1,477
3,271
1,811
1,473
636
649
33,404
552
3,096
7,098
646
2,201
492,568
534
33,751
102
2,196
104,472 i 83,170 129,769 266,687 103,025
25,258 i 22, 225 22,140 I 19,150
19,923
51,733 ; 46, 622 | 57,920 104, 217 59,006
2,742
2,116 | 1,946
1,850
1,684
29,754
30,470
423,310
411,525 |477,025 581,503
210
16, 620
688
848
21
161
48
1,282
1,018
10
180
198
190
168
1,788
330
247
393
3,978
38,490
I
2,177 |
1,842
4,641
1,225
1,543
958
45,210
2,561
124
183
368
1, 317
1,
1,566
2,203
48,191
361
FEDERAL RESERVE BULLETIN
MAT, 1928
ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, APRIL 11, 1928
[In thousands of dollars]
Net demand de posits in places having a population of—
Federal reserve district or State
United States
Less than
5,000
5,000 to
15,000
1,655,926
1,150,820
45,773
210,976
141,248
135,370
92,173
85,961
193,267
102,022
102,866
201,437
196,134
76,021
128,971
74,305
124,337
67,672
77,090
136,104
74,155
83,881
121,782
106,452
80.050
211,237
326,636
156,272
191, 901
176,413
208,150
428,854
97,051
79, 781
244,164
135, 599
147,204
7,081
12,301
8,291
35,008
27,326
17,445
2,324
121,205
3,598
49,505
Time deposits in places having a population of—
Less than
5,000
5,000 to
15,000
15,000 to
100,000
100,000
and over
Total
1,958,066
1,320,600
2,546,026
7,430,244
13,254,936
1,137,965 1,470,996
6,491,020 7,157, 603
844,630 1,216,455
1,079,312 1,530,920
274,299
610, 557
240,985
612,186
1,866.815 2,625,040
474,104
747,332
184,976
451, 504
318,331
885,714
250,970
689,155
1,014,126 1, 390, 079
74,952
405,892
300,076
215, 548
154,627
67,611
257, 749
93,902
153,807
99,613
206,189
151,464
167,568
101,005
71,961
187,934
60,458
115, 580
64,301
31,986
62, 541
223,022
549,937
279,423
242,223
169,403
184,469
456,545
89,323
85,141
107,693
59. 787
99,060
604,512
1.861,289
343,435
1,000,464
177,352
143,310
1,318,023
300,096
97,281
86,057
1,389,456
1,002,099
3,023,307
1,074,398
1,625,803
602,387
467,351
2,220,251
543,779
463,497
368,204
199,178
1,664,682
907,185
133,172
113,473
45, 552
37,886
16, 790
1,075,102
137, 795
186,439
36,830
6,759
18,126
7,795
6
8,419
28, 618
6,944
19,046
35,512
44,851
7,964
2,169
129, 649
6,540
43,929
392, 007
184, 752
42,454
110, 299
21, 667
39,341
564,963
191,298
104,295
198, 303 6,189,307
135,694
335,581
210, 692 1,224,387
6, 611,178
628,944
1,710,637
295,796
144,003
367,871
127,316
104,160
232,046
334,738 1,605,076
282,370
222, 676
510,161
374,686
2,363,926
753,209
1,484, 764
75,142
30, 204
96,190
102,619
95,042
118, 009
151,198
71,420
788,135
24,361
720,071
490, 215
73, 513
1, 019,343
175,693
1, 003,152
827,145
237,322
15,000 to 100,000
100,000
and over
Total
2,403,262 14,177, 533 19,387,541
DISTRICT
Boston
New York
Philadelphia
Cleveland
Eichmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas...
San Francisco
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:
MinnesotaIowa
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
Tennessee
Alabama
Mississippi
West South Central:
Arkansas..
Louisiana..
__
Oklahoma
_Texas.
Mountain:
Montana
Idaho..
Wyoming.
Co
Colorado..
New MexicoArizona
Utah
Nevada
Pacific:
Washington.
Oregon
California
11,145 I
8,140 i
6,175
11,704 !
1,025
10,121
157, 572
76,298
164, 783
13, 340
65, 996
81,371
110, 775
59,346
30,277 |
93,561
36,163
23, 647
58,864
27,854
61,077
45, 865
24, 324
35, 791
61,650 1
23,482
20,301
20,074 |
31,699
49, 855
23, 216
23, 896
16, 785
10,960
12, 444
14.191
36.192
5,903
3,612
29, 911
15,982
6,919
16,131
25, 867
14, 822
9,709
26, 980
10, 625
13, 045
20, 680
33, 344
48, 374
72, 268
27, 798
46, 548
78, 285
34,393
19,136
24, 286
4,803
18,471
10, 574
11,023
21, 216
22,294
33, 881
36, 281
14,133
74, 848
70, 208
45,958
22,614
5,700
78, 545
183,054
13, 573
12,428
37, 737
95, 663
34, 414
22,406
127,249
112,828
114, 644
15, 007
13,606
7,755
29,185
8,237
3,361
6,549
3,970
20, 056
10,952
12,426
15,474
7,481
3,053
3,530
4,084
24,482
9,474
16, 461
5,402
23,676
4,996
85,157
32,639
32, 318
56,513
16, 836
18, 727
25,921
28, 223
2,471
81,488
126, 579
62,631
792, 247
3,425
17,078 !
26,133
184,976
34,336
516, 761
63, 794
7,728
38, 639
105, 773
82, 006
86, 520
54,322
~250,~976'
9,493
50, 773
53,447
26,086
68,882
97, 344
41,616
274, 978
194, 518
592, 671
37, 651
38,905
127,424
145, 357
76,487
63,054
16,441
24, 814
17, 940
25, 389
24, 360
36, 310
26, 659
10, 514
10,994
9,596
8,471
17, 098
31,187
85,189
15,888
6,525
2,384
3,625
15,991
42, 064
132, 366
82, 006
160, 819
87,994
115, 230
45, 342
130,046
124,832
9,884
41,173
18,100
12,077
53, 720
36, 381
19.173
10,079
11,617
17,159
25,498
12, 584
29,171
15, 981
13,461
17,538
41,489
45, 311
43,689
38, 797
40,021
72, 703
150,006
133, 799
117, 548
40,152
32,992
22, 532
15.174
3,071
15,651
3,938
23, 770
17,088
13,641
8,230
12, 500
17,435
20,855
38,136
22, 991
13,855
54,185
53,105
26,826
121,673
122,003
77,491
34,361
7,233
8,353
15,385
27,809
27,897
8,678
63,504
48, 516
54, 421
50, 781
75, 390
102,659
179,470
25, 284
8,409
10,489
3,793
11,441
1,775
58, 783
23,617
1,498
54,922
71,068
65,300
1, 233,419
93, 748
823,141
611,183
89, 307
207, 320
59,882
158, 757 1, 288,036 1, 601,431
370, 901
96, 383
549, 312
113,660
65, 214
226, 845
30, 995
74, 636
35, 643
6,390
6,387
17, 740
51, 582
21,348
113, 625
70,601
155,178
243, 531
642, 515
59,545
34,032
20,181
146, 277
21,120
30,090
47, 744
8,054
7,491
5,295
17,667
2,169
2,047
7,331
5,080
19, 724
6,883
9,433
11, 563
2,169
2,099
4,516
2,700
204, 277
116,147
956,169
27,428
20,198
44,175
8,970
15,058
24,414
236, 397
15, 531
3,143
4,745
76, 767
44,466
56,119
38, 296
86,057
19, 669
252, 953
184,765
279, 240
42, 333
29,920
53,016
60, 592
14,629
148,117
44,466
176,826
94,276
92,033
64,857
103,395
107,400
55,004
22, 783
14,728
98, 502
8,131
15, 587
33, 291
7,780
131,083
102,054
1,356, 930
362
FEDERAL RESERVE BULLETIN
MAY,
1928
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
Loans and investmentstotal:
Apr. 4
22,392,790
Apr. 11
22,350,651
Apr. 18
22,381,264
Apr. 25
22,338,396
Loans and discounts—total:
Apr. 4
15,786,686
Apr. 11
15,759,055
Apr. 18
15,762,979
Apr. 25
15,722,013
Secured by U. S. Government obligations—
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Secured b y stocks and
bondsApr. 4
A p r . 11
A p r . 18
A p r . 25
AH other loans a n d discounts—
Apr. 4
A p r . 11
A p r . 18
A p r . 25
In vestments—total:
Apr. 4
A p r . 11
A p r . 18
A p r . 25
United States Government securitiesApr. 4
A p r . 11
_.
A p r . 18
A p r . 25
Other bonds, stocks,
and securities—
Apr. 4
Apr. 11
Apr. 18
_
Apr. 25. _
Reserve balances with Federal reserve b a n k :
Apr. 4
Apr. 11
Apr. 18.
Apr. 25
Cash in vault:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
N e t d e m a n d deposits:
Apr. 4
Apr. 11
Apr. 18
A p r . 25
T i m e deposits:
Apr. 4.
A p r . 11
A p r . 18
A p r . 25
G o v e r n m e n t deposits:
Apr. 4
A p r . 11
Apr. 18
Apr. 25
New
York
Philadelphia
Cleveland
Richmond Atlanta Chicago
Dallas
San
Francisco
1,589,482 8,660,209 1,236,952 2,197,
694,283
1,597,353|8, 546,409 1,251,755 2,192,826 696,947
1,607,5018, 570,969 1,246,981 2,185,521 692,000
1,587,763 8,605,669 1,225,179 2,184, 535 693,124
621, ,412 3,1,206,044
), 227,221
629,380 3,227
627,186 T;, 233,279
~"
628, 645 3, 221, 336
724,870
673,509 446,7631,955,998
728,342 387,668 682,439 448,4001,961,911
732,403 384,578 682,311 447,022 1,971,513
720,368 382, 048
443, 772 1,970,674
1,106, 6816,232,723
1,114,913 6| 135;
.,158
1,114,039 6,154,
:,501
1,094,624 6,196,
5,313
492,772 2,299,371
502,640 2,313,959
501,906 2,308,895
504,169 T " • " -
502,134
505,797
509,496
499,162
252,180
252,671
251,417
249,150
444,184
448,159
446,453
438,407
24,365
20,518
19,851
20,352
4,019
4,042
4,166
4,227
2,489
2,450
2,463
2,467
3,550
3,577
3,558
3,566
821,6241,452,862
831,0941L, 460,242
824,567 I!.,454,598
804,:, 552 1.,: 448,368
517,:
521,452
517,093
521, 211
338,i, 958 1,L, 325,311
341, , 195 I]L, 331,775
339,',593i;L,
; 340,421
335,279 I]L, 336,082
66,473
65,212
68,290
63,601
8,150
8,944
8,902
8,406
15,066
15,071
15,089
14,608
3,275
2,837
2,777
2,846
6,723,169
6,649,419
6,692,701
6,727,726
446,802 3,016,130
3,,
449,890 2901,999
2,901,
, , 72,947,
,279
443,360
426,041
3,031,176
426041 3031
456,429
461,025
456.600
439.601
653,159
660,842
660,318
660,425
166,410
170,205
170,164
176,947
123,0511,008,697
124,447 1,020,577
125,776 1 020,790
126,», 220 1. 009,912
198,715
201,627
206,069
202,634
73,619
72,718
72,012
70,475
8,917,321
8,967,674
8,926,058
8,855,624
6 5 ,165
4 , ,3,150,120
659,089 3,167
,167,947
664,939
, , 1 33138
8,932
663309 33,101, 536
663,309
357,045 784,637 348,201 364,:, 284 1, 266,309
361,125 784,329 348,410 372, 749 1,,272,864
359,065 779,191 344,152 371,
, 268,254
356,545 773, 335 341, 418 372, 894 i;, 264,432
299,400
300,128
299,261
292, 301
176,072
177,503
176,942
176,208
304,937
308,279
309,657
308,581
251,319
251,675
249,356
245,627
960,832
963, 576
965,307
959,438
6,606,104
6,591,596
6,618,285
6,616,383
482,8012,427,486
482,440 2,411,251
493,462 2,416,468
493,139 2,409,356
415,328
420,661
422,414
420,627
744,320
732,584
730,923
736,167
176, 397
175,495
174,907
171,913
222,736
222,545
222,907
221, 206
133,906
134,997
133,161
132,898
229,325
234,280
235,858
236,876
107,805
107,205
107,429
108,493
630,687
630,136
631,092
634,592
2,974,373
2,982,875
3,003,896
3,001,841
179,
,
1,442 L,
1. 165,173
178,939 1,159,
,159,149
192,534 I,"•
164,064
190,948 1,154, 674
114,860
116,014
116,017
115,451
330,189
326,233
325,626
326,621
77, 926
77,683
75,766
75, 837
86,019
86,372
86,281
86,304
69,995
69,898
68,624.
68,388
107,277
110,245
110,159
110,000
77,521
76, 623
77,113
77,149
346,559
346,559
345,894
354,595
3,631,731
3,608,721
3,614,389
3,614,542
303,359 1, 262,313
., 252,102
303,501 i;
300,928 1,252,404
302,1911, 254, 682
300,468 414,131
304,647 406,351
306,397 405,297
305,176 409,546
98,471
97,812
99,141
96,076
65,278
64,214
63, 2941
62,967|
550,623
540,628
544,552
546,275
136,717
136,173
136,626
134,902
63,911
65,099
64,537
64,510
122,048
124,035
125,699
126,876
30,284
30,582
30,316
31,344
284,128
283,577
285,198
279,997
1,779,562
1,807,274
1,766,793
1,803,679
108,135
106, 590
105,813
104,947
831,022
864,960
821,401
849, 692
83,893
85,940
84,128
82,467
130,180
131,594
135,231
134,225
42,195
42,080
41,498
40, 235
41,529
40,678
41,869
41, 253
260,144
253, 717
252,901
268, 794
48,007
48,133
48,050
49,480
26,052
26,902
28,116
26,155
245,204
250,088
240,851
243,389
18,319
18,926
18,557
18,154
65,425
65,798
62,602
64,337
15,245
15,271
14,575
13,914
29,776
28,625
29,286
12,192
12,416
12,186
11,028
11,199
10,713
10,758|
40,034
40,112
40,107
39, 546
7,409
7,323
6,859
5,531
5,805
5,678
5,512
11,264
11,928
11,141
11,907
335,90l|l,837,670
338,21611,859,456
334,912il,851,390
331,288 1,832,439
400,399
414, 727
404,332
401, 641
146,196
141,962
144,220
138,663
5,714
5,934
5,740
5,274
12,116
5,437
5,444
5,128
5,055
128,640
126, 740
125,280
124,476
906,673
913,262
924,384
926, 640
3,485
3,471
3,499
3,475
4,173
4,462
4,757
4,786
135,697 84,154 360,306
136,303 86,049 363,737
133,238
370,357
126,260 86,177 371, 858
58,455 34,852 115,098
58,045 32,953 115,682
56,973 34,224 116, 589
58,925 31,945 115,561
8,706
9,062
8,616
8,523j
21,803
22,472
21,192
22,347
13,857,278
13,905,181
13,889,932
13,742,309
979,932 6,233,460
982,415 6,217,444
984,979 6,238,367
964,238 6,175,484
779,1781,067,335
785,2861,059,329
786,236jl,057,942
764,7361,059,263
369,618
373,391
369,444
365,346
227,934
228,836
222,217
218,146
513,617
510,9S7
502,932
500,452
302, 222 810,03 2
302,425 832,669
299, 786| 837, 395
292,283 836,993
6,805,043
6,824,164
6,840,772
6,877,947
503,614 1,
L, 647,958
502,9621,L, 641,796
503,4461L, 650,472
505,710 I
L, 672,613
292,978
293,762
296,373
296,849
955,861
953,745
957,924
961,991
247,712 240,688 1, 249,491 248,846 134,059
247, 682 238,56l!l,262,835 248,316 134,578
246,666 240,6201,264,418 247,265 134,470
248, 777 239, 235 1,263, 703 248,069 133,687
167,964
176, 755
177,011
177,603
118,179 997,693
120,4211,L, 002,751
120,7811,1,001,326
121,183 1,L, 008,527
15,139
12,951
9,3261
6,463j
19,864
' V "
12,174
8,475
273,178
234,825
168,566
117,100
20,189
17,273
12,442
8,624
90.652
77,541
55,823
38,682
9,537
8,463
5,856
4,064
20,365
17,4971
12,577|
8, 771
34,101
29,183
20,826
14, 552
6,874
4,234
2,944
3,314
2,815
2,036
1,410
6,722 11,521
5,552 9,935
7,152
2,769 4,958
34,900
30,730
22,124
15,388
363
FEDERAL RESERVE BULLETIN
MAY, 1928
REPORTING MEMBER BANKS IN LEADING CITIES—Continued
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Federal Reserve District
Total
Boston
Due from banks:
Apr. 4
Apr. 11
Apr. 18
._.
Apr. 25
_
Due to banks:
Apr. 4__
Apr. 11
_
Apr. 18
Apr. 25
Borrowings from Federal
reserve bank—total:
Apr. 4
—
Apr. 11
Apr. 18
Apr. 25
Secured by U. S. Gov- j
ernment obligationsApr. 4
...
Apr. 11
Apr. 18._
Apr. 25
All otherApr. 4
Apr. 11
Apr. 18
Apr. 25..
Number of r e p o r t i n g
banks:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
1,255,635
1,191,075
1,188,482
1,131,946 |
3,654,459
3,469,439
3,424,726
3,304,075
57,656
57,494
61, 737
59,879
New
York
Phila- Clevedelphia land
167,232
160,612
178,407
160,925
68,712 106, 620 55,393
63,767 95,342 56,016
63, 616 93, 729 51, 926
56,473 94,179 49,112
170,4411,448,883 206,065
163,199 1
158,990 1, 318,792 197,991
152,665 1,
, 282,572 182,304
82,272
83,546
73,287
67,102
167,450
158,288
155,819
147,280
223,160 99,190
216,832 95,720
212,035 98,372
208,867
223,056
227,935
226,625
213,050
13,044
14,823
18,534
14,376
2,730
4,783
6,045
6,695
52,448
46,530
61,724
60,144
4,550 10, 525
5,
7,760 5,600 11,385
13,175j
10,890
15,904
16,019 10,320
47 2,519
18,412 11, 028
3,438
16,788 7,562
5,359
17,487 13,053 1,
20,354 5,920 1,210 6,481
975
2,550
3,857
2,857
44,434
60,054
57,675
1,755
2,233
2,188
3,768
2,096
1,670
2,469
110,652
105,106
105,869
99,641
123, 539
122,300
117,491
111,279
554,396
527,845
527,399
511,463
16,918
18,560
18,400
19,810
16,049
13, 734
27,871
30, 595
72,907
51,733
55, 820
77,784
3,005
3,825
3,027
5,203
5,051
1,956
11, 719
14, 236
54,495
34,945
38,333
57,430
18,699 13,913
17,165 14,735
22,751 15,373
16,485 14,607
10,998
11,778
16,152
16,359
24,586
31,289
183,082
177,520
25,200
35,949
41,110
26,474
123, 573
207,468
22,607
39,466
53,775
46,484
45,585
294,928
316,239
315,231
386,139
8,303
12,238
21,388
17,613
114,955
126,851
90,301
151,911
18,017
28,085
22,850
15,880
20,767
36,610
23,733
29,100
172, 732
153,415
154,234
158,868
16,283
19,051
19,722
68,127
50,669
33,272
55,557
7,183
7,864
6,119
6,727
36
80
36
36
80
San
Francisco
58,925
61, 573
59,222
58,642
260,123 57, 111
235,381 54,195
238,319 53,303
232,741 50,167
251,620
240,673
237,135
228,789
467,660
469,654
469,465
545,007
647
646
645
644
RichSt.
Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas
136,607
133,388
127,287
120,678
45,907
43,222
43,787
42,624
106,850
103,442
96,740
93,834
16,633 4,597
15,322 5,636
28,957 11,978
21,939 11,530
30
128,234
121,639
115,330
112,822
64|
64j
641
64
56
56
56
56
364
FEDERAL RESERVE BULLETIN
MAY,
1928
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
City
Total
Loans and investments:
Apr. 4
14,315,698
Apr. 11
14, 220, 738
Apr. 18
14, 242, 929
Apr. 25
14, 210, 580
Loans:
Apr. 4
10, 527,714
Apr. 11
10,441,049
Apr. 18
10,434, 997
Apr. 25
10, 408, 822
On securitiesApr. 4
4, 910, 009
Apr. 11
4,796, 907
Apr. 18
4,820, 317
4,848, 312
, Apr. 25
All o t h e r Apr. 4
5,617,705
Apr. 11
5,644,142
Apr. 18
5,614, 680
Apr. 25
5, 560, 510
Investments:
Apr. 4
3,787,984
Apr. 11
3,779,689
Apr. 18
3,807,932
Apr. 25
3,801, 758
Reserve with F. R. Bank:
Apr. 4___.
1,273,936
Apr. 11
_. 1,305,473
Apr. 18
1,261, 816
Apr.25...
1,300, 756
Cash in vault:
Apr. 4
111, 408
Apr. 11
113,335
Apr. 18
109, 598
Apr. 25
110, 786
Net demand deposits:
Apr. 4___.
9,632,058
Apr. 11...
9,627,827
Apr. 18
9,635,951
9, 532,488
Apr. 25
Time deposits:
Apr. 4.___
.._
Apr. 11
Apr. 18
Apr.25.
Government deposits:
Apr. 4
Apr. 11
Apr. 18
Apr.25
Due from banks:
Apr. 4
Apr. 11_
Apr. 18
_
Apr. 25..
Due to banks:
Apr. 4
Apr. 11..
Apr. 18—
Apr. 25
Borrowings from F. R. bank:
Apr. 4
Apr. 1 1 Apr. 18.
Apr.25
Number of reporting banks:
Apr. 4 . .
Apr. 11
Apr. 18
Apr. 25
1
3, 390, 610
3, 394, 370
3,407, 541
3,438, 520
New
York
791,539!
784,808j
781, 285'
779, 580J
115,499
115,453
113,419
115, 987
103, 274 2,012, 236
111, 442i2, 022, 395
110,308|2,025,728
112,199 2,014, 942
452, 778
454,199
455,165
446,095
189,143 186,504 126,914 734,849
126,681 730,721
189,148
189,115 189,023 127, 757 739,839
187, 665 184, 846 126, 235 744,038
615,488
613,176
610, 216
605, 530
92, 693
93,142
91,852
94, 298
70,1661,507,215
78,4111,511,683
77,328 1,504,478
79, 247 1, 492, 736
321,748
323, 526
324,279
315,066
124,961
123,895
124, 567
123, 337
121,300
123,276
122,442
118,199
338, 513:2, 713,461 400,498 225, 940
338,353J2, 586, 740 407, 3291 224,483
327, 785 2, 623, 285 403, 680 223,481
311,624 2, 695,996 389^263| 223,401
26, 034
26, 627
26, 222
28,195
18,
20,
22,
22,
143, 888
146, 520
149, 951
146, 586
33,458
32,386
32,085
30, —
39, 384
41, 508
39, 738
34, 619
21,423 167, 900
506,752 2,793,625
512, 521 2,807,332
517,361 2, 779,338
515,149 2, 741, 413
309,055 389, 548
313,394!
312, 563 386, 735
310,153! 382,129
66,659
66, 515
65, 630
66,103
51,861 718, 721 177,860
58,098 720,653 177,006
54, 543! 717, 570 174,328
56, 723
716, 631 168, 480
91,503
91,509
92,482
92, 661
81,916
81,768
82, 704
83, 580
75,410
73,556
74,903
72, 954
354,795
353,097
356,523
354, 534
239,4301,958,714
238,405 1,944,659
248,785 1,948,423
248,052 1,938, 273
342,914j
348,269
350,070
349,070
176,051
171,632!
171,069
174, 050
22,806
22,311
21, 567
21, 689
33,108
33, 031
32,980
32,952
505, 021
510, 712
521, 250
522, 206
131,030
130,673
130,886
131,029
64,182
65,253
64,548
64,328
65,204
65,613
66, 581
66,647
31,281
31,636
31,368
31, 858
218,243
217,495
220,405
221, 604
1,084,,695 7,, 465,800 1,., 052,467
1 , 0 8,279
9 , 7,
, , 338, 731 1,068,992
1, 093, 931 7,, 351,:, 046
" 1,., 066,313
1,074,825 7,,375,\, 682 1, 048, 486
845,i, 265 5,
5, 507,086
850,874 5,
5,394,072
845,146 5,
5,402,623
826, 773 5,437, 409
709, 553
720, 723
716, 243
699, 416
Atlanta
305
313
785
524
Chicago
788,494
791, 030
786, 908
776,105
95,633
95,045
96,389J
94,377
516,606
513,226
519,434
522,434
20,223 161,811
21,489 160,129
21,486 162,911
21486
162911
83,301
83,062
81, 506
81, 624
767,291
800,845
757, 562
781,134
74,878
76,575
76,481
74, 327
41, 297
41,817
43,3001
44, 374
7,577
7,406
7,575
7,003
6,096
6,707
6,591
6,709
180,976
176, 953
177, 710
192,125
30, 766
31,327
31,404
32, 291
13,791
13,916
14,480
13, 748
17,373
17,698
16, 214
18, 017
9,877
9,104
9,240
7,970
40, 713
40,063
39, 753
41,434
7,938
7,925
8,022
7,803
50, 763
51,503
49,049
50, 694
12,443
12, 525
11, 860
11, 264
8,236
8,332
8,205!
8,458
712
838
794
789
1,250
1,177
1,111
1,083
16,343
16,990
16,971
3,405
3,224
3,197
3,175
1,812
1,820
1,719
2,079
2,299
2,133
2,313
1,221
1,307
1,222
1,219
5,206
5,395
5,315
5,300
733, 463
729, 274
733, 558
721, 467
5,
5, 635, 672
\5, 609, 072
5,i, 625,960
625,
5,1, 559,005
""
674,065
683,047
687,080
669,166
272,644
275,184
268,641
271,778
62,440
61, 941
59,312
61, 775
52, 538 1, 251, 781
55,47311,261,103
55,179 1, 256, 591
53, 226 1, 252, 204
266, 612
272,175
267, 807
266,803
159,975
163, 720
160,447
162,080
87,330
84, 670
85, 318
81,997
317,853
314, 753
322,929
320,132
268,8371,116,411
2 8 4 2 3 11,109, 369
268,423
365
268,038
,038 11,117,
1
269,, 230 1,138,060
1
229,894
231,091
233,648
234,240
489,092
486, (
488,075J
490,606
34,872
35,167
34,984
35, 056
37, 430
37, 343
37,479
37, 522
140, 520 61, 330 19, 587
19, 859
19, 958
19, 991
5,975
5,111
3,678
2,548
1,870
1, 601
1,153
800
5,919
5,082
3,667
2,573
21.043
18,012
12, 946
8,983
5,999
5,130
3,694
2,570
2,790
2,384
1,714
1,187
4,677
4,000
2,880
lf~
27,164
23, 538i 6,126
21,269! 7,048
23, 639| 5,593
13, 770
9,1271
8,950
9,246
170, 855
154, 258
161, 578
157,522
30,431
29,850
29,899
28,319
19,021
16, 275
18,732
15, 671
33, 695
31,960
32,990
31,025
16, 202
17, 233
15, 767
16,538
60,856
55,166
55,131
53,708
62,917
61, 343
59,170
57,329
27, 335
26,037
25, 927
25,120
15, 827
15, 621
15,070
14,001
397, 279
381,002
381,071
367,333
79, 597
79,085
77,378
73,800
62,169 86,105
60,020 84, 517
56,246 84, 756
55,403 82, 797
29, 265
27, 368
27, 700
27,264
114,015
117,623
119,096
105,587
22,355 11,835
31,930 9,723
25,449 13,824
18, 762 11,155
4,410
4,873
5,764
4,890
3,750
2,287
10,152
12,902
39,931
24.044
30,097
45,634
13,708
11,877
17,023
9,743
1,150
1,800
7,700
7,180
4,983
5,558
7,218
3,659
125
950
2,532
2,947
47,700
42,990
56,774
56,572
5
5
5
5
43
43
43
43
12
12
12
11
5
5
5
5
13
13
13
13
7
7
7
7
19,336
16, 543
11,915
8,259
81,457
69, 677
50,163
34, 761
14,729
12, 600
9,074
605, 217
563,009
584,415
555, 783
39, 836
42, 345
43,161
45, 956
123,836
118,845
131,000
117,105
62, 669
58, 286
58,890
51, 461
158,082 1,378, 738
152, 250 :,1 271,886
147,r, 620 1., 252,834
141,., 258 1, 219,859
335, 758
321,381
307,407
368, 795
23,397
30, 348
39, 383
23, 779
162,414
155,001
91,491
171, 572
213
212
211
210
17
17
17
17
47
47
47
47
1 196, 429
1 184,196
1 188,808
1 173, 569
39
38
37
37
1,740
117, 685
117,415
113,129
112,855
692, 516 139, 809 61,116
692,030 139, 741 60,700
690, 042 140,124
Figures not strictly comparable with those heretofore published for earlier months; see note on p. 316.
San
Francisco
Richmond
Philadelphia
193,178
165, 275
118, 978
82, 506
12,607,758
12,460,948
12,435,676
12,343,320
St. Minne- Kansas Dallas
City
Louis apolis
Cleveland
Boston
20, 744 289,433
22, 281 291, 336
22, 553 292, 970
22,651
301,102
7,081 22, 302
6,058 19,077
4,360 13, 734
3,023
9,518
365
FEDERAL RESERVE BULLETIN
M A Y , 1928
LAND BANKS AND INTERMEDIATE CREDIT BANKS
LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS
LOANS OF INTERMEDIATE CREDIT BANKS
[In thousands of dollars]
[In thousands of dollars]
Net amount of loans outstanding
1927
1928
Class of loan
Date
Total
Federal
Joint-stock
land banks land banks
(12 banks) (54 banks)
1926
., 644,105
,653,902
,664,130
,671,856
., 682, 273
June 30..
July 3 1 . .
Aug. 31..
Sept. 30.
Oct. 31 _ ,
Nov. 30..
Dec. 3 1 . .
,710,295
1,043,955
1,048,184
1,053,336
1,057,217
1,063,056
1,068,596
1,077,819
600,150
605,718
610,794
614,639
619,217
624,230
632,476
1,724,821
1,745,404
1,765,365
1,732,395
1,741,275
1,738,165
1,742,575
1,749,393
1,752,665
1,757,185
1,758,834
1,765,121
1,085,170
1,097,642
1,109,354
1,117,914
1,124,055
1,130,648
1,134,896
1,139,502
1,143,130
1,147,135
1,150,943
1,155,644
639,651
647,762
656,011
614,481
617,220
607,517
607,679
609,891
609,535
610,050
607,891
609,477
1927
Jan.31..
Feb. 2 8 . .
Mar. 31..
Apr. 30..
M a y 31..
June 30..
July 3 1 . .
Aug. 31..
Sept. 30.
Oct. 31__
Nov. 30,.
Dec. 3 1 . .
Jan. 31. _
Feb. 29..
Mar. 31..
Apr. 7 A p r . 14 A p r . 21 A p r . 28 A p r . 30
Direct loans outstanding
onCotton
10,724
Tobacco.
. . . 2,992
968
Wheat
Canned fruits and vegetables
618
5,510
Raisins
315
Wool
1,486
Rice
150
All other
Total
Rediscounts o u t s t a n d i n g
for—
Agricultural credit corporations
._
National banks
State banks
Livestock loan companies
Savings banks and trust
companies
1928
1,767,515
1,778,338
1,158,717
1,168,354
Total
8,908
2,964
1,126
8,752
2,781
1,100
8,482
2,746
1,039
11,006
6,246
2,340
571
5,476
29
1,420
150
556
5,538
29
1,379
141
493
5,512
29
1,302
141
1,127
5,000
97
1,744
254
22,763
20,644
20, 276
19, 744
27,814
29,604
8
412
30, 226
411
30, 512
8
411
30,614
8
411
29,396
24
570
21,871
21,804
21, 672
21, 565
19,059
20
20
8
8
32
51,915
52,469
52, 611
52,606
49,081
608,798
609,984
PAR COLLECTION SYSTEM
BANK DEBITS
M E M B E R S H I P , BY FEDERAL RESERVE
DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL
RESERVE DISTRICTS
DISTRICTS
[Number of banks at end of March]
[In thousands of dollars]
Nonmember banks
Number of
centers
New York City.
Outside New York City
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Member banks
March,
1928
February,
1928
March,
1927
l
140
44, 786, 293
25, 847, 279
32, 739,886
21,754, 528
34,492,180
24,026,009
11
7
10
13
7
15
21
5
9
15
10
18
2,960,121
45,741,132
2,558, 226
2,649,641
784,971
1,178,289
6, 685,034
1, 282, 792
734,703
1,323,194
676,091
4,059, 378
2,399,661
33,532,207
2,042,399
2,375,108
1,043,215
5,461,309
1,154,840
604,875
1,163, 944
615, 235
3,419,234
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, 254,110
644,634
3, 557,821
141
70,633, 572
54,494,414
58, 518,189
Federal reserve
bank
United States
Boston
New York
Philadelphia—.
Cleveland
Richmond
Atlanta
_ -_
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
.
San F r a n c i s c o 1
On par list
Not on par list *
1927
1928
1927
1928
1927
1928
8,971
9,143
13,035
13,700
3,910
3,839
414
931
783
833
562
460
1,274
592
729
956
794
643
416
926
771
846
572
471
1,317
602
744
980
818
680
248
407
499
1,027
640
304
3,669
1,855
728
2,310
652
696
244
410
510
1,035
672
313
3,761
1,963
877
2,493
681
741
10
581
1,012
192
451
1,134
274
199
57
10
610
1,031
179
431
1,101
213
204
60
Incorporated banks other than mutual savings banks.
CONDITION OF ALL MEMBER BANKS
00
ALL MEMBER BANKS—CONDITION ON A SERIES OF CALL DATES ENDING WITH FEBRUARY 28, 1928
[Amounts in thousands of dollars]
Apr. 6,
1925
June 30,
1925
Sept. 28t
1925
Dec. 31,
1925
Apr. 12,
1926
June 30,
1926
21,450,373
3,785,412
5,133,273
30,369,058
383,873
919,046
171,741
524,592
2,147, 111
22,275,285
3,761,065
5,163,166
31,199,516
498,143
927,357
170,763
574,532
2,238,233
22,006,308
3,831,078
5,232,617
31,070,003
486,259
955,563
173,906
540,261
2,135,948
22,267,479
3,744,929
5,378,479
31,390,887
431,307
Dec. 31,
1926
Mar. 23,
1927
June 30,
1927
22,532,419
3,835,151
5,786,776
32,154,346
500,232
1,012,103
178,230
538,305
2,321,414
23,148,726
3,796,347
6,021,927
32,967,000
502,024
1,036, 731
175,829
537,856
2,280,439
Oct. 10,
1927
Dec. 31,
1927
Feb. 28,
1928
RESOURCES
Loans and discounts (including overdrafts)
United States Government securities
*-*
Other bonds, stocks, and securitiesl
Total loans and investments
, 20,389,702
3,915,997
4,979,240
29,284,939
477,098
879,401
166,828
....
Customers' liability on account of acceptances
Banking house, furiture, and fixtures
Other real estate owned
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection.
Due from banks, bankers, and trust companies
Exchanges for clearing house and checks on other
banks in same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Securities borrowed *_
Other assets
Total.
20,814,180
3,802,370
5,085,975
29,702,525
375,163
904,755
167,140
524,343
2,091,545 2,190,991
588,823
675,356
647,432
825,543
2,090,754 2,017,454 2,031,130 2,155,306
22,906,550
3,388,963
5,600,708
31,896,221
512,945
998, 212
172,986
173,727
534,120
522, 596
2,236,172 2,210,048
23,491,520
3,856,149
6,103,119
33,450,788
576,223
1,059,930
180,546
539,137
2,319,736
24,318,361 23,553,894
3,977,557 4,215,822
6,382,962 6,373,630
34,678,880 34,143,346
699,701
695,319
1,067,200 1,077,529
177,229
180,511
523,370
525,992
2,514,465 2,366,605
739,871
784,391
673,512
740,816
722,055
732,161
810,250
1,933, 501 1,980,051 2,065,518 1,896,383 1,968,326 2,077,441 2,209,831
1,211,094
108,256
1,882,318 1,268,087 2,195,466 1,450,457 1,762,736 2,077,090 1,222,670 1,912,942 1,564,796 1,508,418
101,676
157,841
103,369
142,939
181, 593
137,148
159,060
137,866
200,159
177,771
33,094
32,891
32,982
32,997
33,013
32,480
33,054
32,879
32,785
33,281
32,850
41,521
29,464
13,312
44,631
44,345
15,321
13,561
14,541
33,539
15,640
35,212
440,524
445,592
426,891
435,082
504,314
481,258
444,028
416,029
419,895
478,815
456,003
1,940,619
1,311,817
134,916
32,823
29,248
456,050
37,949,265 39,105,025 39,053,354 41,425,295 40,075,440 40,845,189 42,029,644 41,118,464 42,810,192 43,155,718 44,888,140 43,581,656
LIABILITIES
2,077,502 2,085,732 2, 092,909 2,105,308 2,162,434 2,169,484 2, 203,447 2,248,210
Capital stock paid in
Surplus fund
1,732,076 1,750,815 1,760,076 1,832, 691 1,880,620 1,899,565 1,955,349 1,992,174
739,934
785, 517
Undivided profits, less expenses and taxes paid
845,596
783,012
763,156
853,433 rL 834,802
[ 859,461
108,903
Reserved for taxes, interest, etc., accrued
120, 386
139,315
133,387
132,688
124,484
40,124
39,758
51,112
Due to Federal reserve banks.
51, 445
47, 221
49,933
47,893
45,214
Due to banks, bankers, and trust companies
4,041,256 3,978,028 3, 827, 575 4,169,470 3,801, 513 3,935,113 4,002,995 3,834,194
Certified and cashiers' or treasurers' checks outstand808,756 1,225,758
962,694 1,141,102
ing
756,757 1,032,804
788,522
863,466
15,849,791 16,811,751 16,617,456 17,824, 702 16,823,148 17,380,041 17,638,648 16, 830,709
Demand deposits
10,126,980 10,381,486 10,467,237 10, 653,028 10, 954,747 11,172,863 11,439,859 11,817,694
Time deposits
278,211
304,131
411,619
234,116
406,850
227, 647
176,653
379, 450
United States deposits
31,226,527 32,420,480 32,049,168 34,228,201 32,870,217 33,723,572 34,508,165 83,725,190
Total deposits
Agreements to repurchase United States Government
6,450
7,081
13,248
5,081
15,800
5,632
or other securities sold >
32,537
360,767
527,898
311,183
556,301
415,296
489,449
419,853
390,839
Bills payable
198,031
203, 565
204,926
175,233
131,137
222,105
210,167
220, 780
Notes and bills rediscounted
Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement
213,780
254,506
205,382
165,108
278,988
207,292
158,903
210,838
Letters of credit and travelers' checks sold for cash and
21,965
25,015
25,643
outstanding
22,158
37,403
20,499
23,266
38,415
474, 500
384,993
365,671
505, 586
486, 548
515,046
470,292
425,751
Acceptances executed for customers
Acceptances executed by other banks for account of
40,334
55,002
reporting banks
43,087
42,144
29, 013
53,608
35,917
42,054
648,719
647,994
642,067
647,951
648, 954
645,956
650,662
National-bank notes outstanding
42,946
40,889
41,546
38, 775
49, 643
45,304
44,631
Securities borrowed
44,345
158,634
159,689
123,910
138,872
Other liabilities
138,427
131,650
146,993
148,108
Total..
Number of banks.
1
a
2,273,737 2,304,708 2,337,780 2,345,519
2,030,342 2,049,325 2,124,020 2,144,182
843,319
940,505
879,480
914,114
128,142
152,531
128,757
137,345
53,043
54,402
52,073
45,360
4,070,610 4,148,273 4, 541, 516 4,131,048
1,064,605
977,944
839,556
848,064
17,735,244 17,374,426 18,170,140 17,304,646
12,209,834 12,459,248 12,764,798 12,922,638
217,622
435,475
266,981
86,032
35,350,958 35,449,768 36,635,064 35,337,788
17,967
381,133
160,115
17,845
414,311
113,904
32,785
562,095
101,380
21,375
451,081
129,811
210, 519
265,007
431,968
454,958
41, 696
503,595
26,391
575,636
21,641
721,473
29,015
705,001
32,042
650,445
33, 564
152,618
26,075
649,390
29,471
140,851
22,318
649,877
35,936
203,566
26,008
646,162
29,352
209,945
37,949,265 39,105,025 39, 053, 354 41,425,295 40,075,440 40, 845,189 42,029, 644 41,118,464 42,810,192 43,155,718 44,888,140 43,581,656
9,531
9,538
9,539
9,489
9,412
9,375
9,260
9,144
Securities borrowed by national banks included in securities owned prior to June 30,1926.
Prior to June 30,1925, included in bills payable by national banks and reported only as a contingent liability by State bank members.
9,087
9,034
ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON FEBRUARY 28, 1928, BY CLASSES OF BANES
[Amounts in thousands of dollars]
National banks l
All member banks
Total
Central re- Other re- Country
serve city serve city banks
banks
banks
Total
State bank members
Central Other rereserve serve city Country
banks
city
banks
banks
Total
Central Other re-1
reserve
city
banks
EESOURCES
23,553,894
Loans and discounts (including overdrafts)
4,215,822
United States Government securities
6,373,630
Other bonds, stocks, and securities
34,143,346
Total loans and investments
695,319
Customers' liability on account of acceptances
1,077,529
Banking house, furniture, and fixtures
180,511
Other real estate owned
525,992
Cash in vault
2,366,605
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection.. 686,881
1,940,619
Due from banks, bankers, and trust companies
Exchanges for clearing house and checks on other banks
1,311,817
in same place
134,916
Outside checks and other cash items
32,823
Redemption fund and due from United States Treasurer..
29,248
Securities borrowed
456,050
Other assets
43,581,656
Total
6,731,936 8,425,581 8,396,377 14,405,632 3,186,438
1,289,887 1,631,868 1,294,067 2,897,859
706,385
1,089,718 1,876,636 3,407,276 4,177,478
511,079
9, 111, 541 11,934,085 13,097,720 21,480,969 4,403,902
519,302
247,239
159, 928
375,185
16,089
170,878
402, 593
504,058
711,666
81,246
4,633
58, 596
117,282
123,646
1,294
65,467
157, 051
303,474
369,115
31,597
923,955
800, 687
641,963 1,457,431
465,968
211,790
372,695
102,396
454,166
127,809
195,593
803,601
941,425 1,484,120
101,208
991,492
40,256
1,925
350
271,511
261,336
72,544
7,857
15,334
138,386
58,989
22,116
23,041
13,564
46,153
715,948
76,897
32,823
17,657
258,853
12,508,693 15,184,693 15,888,270 27,558,476
506,438
8,965
1,925
350
151,174
4,928,842
1,124,632
1,027,145
7,080,619
121,545
236,646
29,769
96,249
497,466
256,386
586,309
167,469
50,718
7,857
8,520
82,834
6,290,352 9,148,262 3,545,498 3,496,739
583,502
1,066,842 1,317,963
507,236
578,639
2,639,254 2,196,152
849,491
9,996,448 12,662,377 4,707,639 4,853,466
272,063
320,134
6,401
38,383
365,863
393,774
165,947
56,865
3,339
92,583
28,827
33,870
156,877
241,269
60,802
457,987
909,174
493,997
303,221
232,715
69,971
116,309
94,385
456,499
796,603
217,292
42,041
17,214
23,041
8,787
24,845
2,106,025
227,225
768,022
3,101,272
9,688
110,284
24,699
62,205
147,966
32,425
144,822
595,869
58,019
485,054
31,291
93,867 I
21,826 I
16,948
4,902
11,591
197,197
120,337
6,814
55,552 !
4,777
21,308
6,129,115 9,222,387 12,206,974 16,023,180
6,379, 578 5,962,306 i 3,681.296
LIABaiTIES
2,345,519
Capital stock paid in
2,144,182
Surplus fund
914,114
Undivided profits, less expenses and taxes paid
137,345
Reserved for taxes, interest, etc., accrued
45,360
Due to Federal reserve banks
4,131,048
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding-. 848,064
17,304,646
Demand deposits
12,922,638
Time deposits
86,032
United States deposits
35,337,788
Total deposits
Agreements to repurchase United States Government or
21,375
other securities sold
451,081
Bills payable
129,811
Notes and bills rediscounted
Acceptances of other banks and foreign bills of exchange
454,958
or drafts sold with indorsement
Letters of credit and travelers' checks sold for cash and
29,015
outstanding
705,001
Acceptances executed for customers
Acceptances executed by other banks for account of re26,008
porting banks
r
646,162
National-bank notes outstanding
29,352
Securities borrowed
209,945
Other liabilities
Total
43,581, 656
Number of banks
1
584,655
663,413
49,141
82
1,878,429
586,543
5,651,742
1,631,338
16,165
9,764,399
3,593
96,650
4,568
15,835
223, 794
65,430
1,947
130,637
59,813
383,655
69,271
2,032
21,885
524,718
6,841
166,460
17,820
38,413
350
76,865
6,792
154,661
15,334
98,013
12,524
302,199
92,499
279,004
24,305
25,274
376, 511
64,379
4,474,758
4,956,383
17,818
9,915,123
809,155
815,061
355,603
63,725
11,628
1,223,210
393,981
6,484,354
4,932,924
25,227
13,071,324
3,583
69,825
3,350
7,260
133,938
43,227
1,681
98,436
45,922
8,851
148,882
37,312
Member banks only; i. e., exclusive of national banks in Alaska and Hawaii.
532
289,905
307,431
310,343
329,025
157,392
118,139
29,405
21,093
82
2,555
717,440
425,496
322,771
51,364
2,955,551 2,140,748
995,769 2,320,948
9,974
12,901
5,001,587 4,954,012
211,819
175,693
80,072
13,227
8,991
80,274
19,846
1,388,055
1,616,207
2,352
3,115,725
10
26, 825
1,218
8,575
89,856
22,203
266
32,201
13,891
161,742
46,053
1,072
246,091
221,913
23,218
13,823
12,155
375,075
5,793
246,803
6,143
122,981
219
5,291
16,860
329,926
16,092
277,915
698
43,479
70
8,532
1,396
453,088
13,668
35,067
17,121
646,162
17,657
110,137
10,023
38,413
350
37,689
1,204
453,088
8,787
11,300
8,887
7,797
154,661
8,520
61,148
11,695
6,814
4,881
23,767
9,222,387 12,206,974 16,023,180
6,379,578 5,962,306
==
43
161
3,681,296
15,184, 693 15, 888,270 27,558,476
78
757, 562
484,052
372,071
158,231
29,579
8,468
1,370,338
125,932
3,649,343
2,397,762
36,796
7,588,629
791,483
969,381 1,536,364
294,750
701,096
779,673 1,329,121
353,070
558,511
276,370
359,076
121,276
50,672
37,532
73,620
19,736
34,265
11,013
33,732
1, 795,834
456,785 2,907,838 1,160,989
177,296
84,225
454,083
263,772
5, 790,091 5,862,813 10,820,292 2,696,191
4,718,710 6,572,590 7,989, 714
635, 569
49,697
20,170
6,191
60,805
13,543,641 13,030,848 22,266,464 4,762,712
8,373
7,728
371
7,322
w
d
192
9,176
1,255
I
1,051
CO
ALL MEMBER BANKS—CONDITION ON FEBRUARY 28, 1928, BY FEDERAL RESERVE DISTRICTS
CO
00
[Amounts in thousands of dollars]
Federal Reserve District
Total
Boston
Cleveland
York
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San Francisco
544,748
787,727
137,347
189,019
222,571
220,320
904,666 1,197,066
782
348
24,216
45,628
12,008
12,098
19,095
27,184
53,499
92,138
701,468
136,835
66.432
904,735
4,668
42, 587
11,873
23,361
67,861
2,091,966
521,495
463,450
3,076,911
24,079
102,892
19,941
45,545
171,724
24,510
152,311
36,084
237,807
BESOURCES
Loans and discounts (including overdrafts)
23,553,894
United States Government securities
4,215,822
Other bonds, stocks, and securities
6,373,630
Total loans and investments
34,143,346
Customers' liability on account of acceptances
695,319
Banking house, furniture, and fixtures
1,077,529
Other real estate owned
180,511
Cash in vault
525,992
Reserve with Federal reserve banks
2,366,605
Items with Federal reserve banks in process of collection...
686,881
Due from banks, bankers, and trust companies
1,940,619
Exchanges for clearing house and checks on other
banks in same place
1,311,817
Outside checks and other cash items
134,916
Redemption fund and due from United States
Treasurer
32,823
Securities borrowed
29,248
456,050
Other assets
Total
1
43,581,656
1,778,194 7,541,025 1, 602,103 2,196,939 1,016,697
882,693 3,473,492
936,842
267,776 1,341,430
135,934
241, 325 434,356
113,431
542,576
154,298
555,253 1,918,408
193,439
735, 823 725,140
145,030
844,400
283,364
3,601,223 10,800,863 2,579,251 3,356,435 1,346,070 1,141,154 4,860,468 1,374,504
83, 648
494,610
15, 950
14, 982
8,681
11,144
34,521
1,906
70,041
241,969
85,133
137,068
62,924
60,201
163,086
41,784
7,625
15, 381
16,164
21,222
14,566
14,538
25,928
9,167
42,008
42,004
110,164
58,143
28,161
27,408
80,116
149,208
933,218
70,583
141,136
196,926
82,822
71,705
335,785
57,586
82,106
228,740
188,780
51,922
99,071
71,010
179,299
36,475
97,880
26,354
141,847
74.568
318,925
36,379
110,726
7,264
114,559
32,781
6,888
951,454
31,031
44,262
2,744
45,799
7,168
15,463
2,437
16,721
4,822
100,738
25.569
17,146
3,717
8,321
4,969
17,042
8,701
3,133
53,389
38,069
2,289
109
43,094
4,328
556
248,726
2,791
2,295
15,906
4,090
9,398
17,193
2,913
2,007
4,704
2,055
2,809
7,087
4,211
6,189
57,852
2,008
3,242
17,972
1,405
90
4,827
1,674
688
3,916
2,297
384
3,339
2,762
1,481
31,434
3,178,606 14,249,820 3,098,629 4,118,733 1, 693,205 1,527,504 6,087,956 1, 724,176 1,155,701 1,655,448 1,249,760
3,842,118
217,308
LIABILITIES
167,049
Capital stock paid in.674,263
164,970
219,315
117,038
2,345, 519
100,241
63,770
329,910
113,545
95,602
93,427
152,020
736,559
253,235
89,390
Surplus fund
290,278
2,144,182
68, 573
34,569
270,716
62,591
44, 569
43,370
81,760
80,613
35,708
Undivided profits, less expenses and taxes paid
331, 249
94,834
914,114
28,027
17,169
112,601
32,174
21,573
11,888
5,082
Reserved for taxes, interest, etc., accrued
44, 259
5,788
12,805
137, 345
3,926
4,241
29,546
3,492
3,281
2,495
6,340
6,234
Due to Federal reserve banks
5,344
4,495
45,360
13,948
2,519
3,442
1,961
346
148
178,767 1,608,913
134,847
Due to banks, bankers, and trust companies
274, 733
4,131,048
191,776
166,885
590,142
121,343
142,033
188,990
272,112
Certified and cashiers' or treasurers' checks out9,249
standing
18,407
575,316
17,036
30,726
848,064
10,353
54,799
12,467
14,004
11,752
17,492
Demand deposits.
577,863
17,304,646 1,345,611 6,113,931 1,098,429 1,422,675
404,246
583,905 2,323,392
669,431
797,102
669,817
Time deposits
975,087 2,902,196 1,070,330 1,610,144
599,928
12,922,638
460,308
537,775
458,559 (2,138,482
355,464
195,227
4,833
9,267
United States deposits
17, 542
8,525
86,032
5,729
3,274
5,000
7,795
4,370
5,219
4,122
Total deposits.
35,337,788 2,529,941 11,231,846 2,387,748 3,352,040 1,336,646 1,227,221 5,118,052 1,412,664 1,001,638 1,447,537 1,027,164
Agreements to repurchase United States Govern47
439
640
ment or other securities sold
1,000
151
10,640
310
21,375
1,534
165
57.875
60,267
24,623
Bills payable
35,758
128,313
13,283
44,944
21,040
2,428
4,737
451,081
2,710
Notes and bills rediscounted
14,604
8,521
13,957
9,416
26,331
20,295
18,871
1,419
7,918
1,446
129,811
5,036
Acceptances of other banks and foreign bills of ex373,221
4,635
9,312
4,422
exchange or drafts sold with indorsement
35, 568
454,958
2,093
1,063
11,256
266
Letters of credit and travelers' checks sold for cash
19,648
244
4,726
521
59
and outstanding
29,015
75
66
2,612
46
30
84, 674
497, 675
13,040
Acceptances executed for customers
15,202
8,610
705,001
16,324
1,459
343
4,650
874
Acceptances executed by other banks for account of
18,404
239
3,455
1,901
143
reporting banks
571
531
26,008
243
134
13
85,611
54, 773
80,904
National-bank notes outstanding
45,000
56,736
40,571
39,889
646,162
83,379
27,638
33,202
45,536
556
109
2,295
9,398
2,007
Securities borrowed
2,911
3,242
6,191
29,352
90
688
384
82,972
2,685
Other liabilities
5,086
10,126
6,281
3,593
24,480
22,544
209,945
1,689
1,681
1,657
Total
Number of banks
.43,581,656
3,178,606 14,249,820 3,098,629 4,118,733 1,693,205
413
934
779
834 )
561
6,087,956
1,274
98,312
55,320
10,542
583
260,507
76,463
1,298,244
1, 619,138
10,356
3,265,291
6,449
55,103
1,997
12,810
27,081
374
52,923
1,481
47,151
1,155,701 1,655,448 1,249,760
3,842,118
794
649
731
961
M A Y , 1928
369
FEDERAL RESERVE BULLETIN
ALL MEMBER BANKS—RESERVE POSITION ON FEBRUARY 28, 1928
[Amounts in thousands of dollars]
Reserves with Federal reserve
banks
Net demand deposits
Class of bank and Federal reserve
district
Demand
deposits,
exclusive
of bank
and Government1
Due to
banks, net 2
Total
Time
deposits
Net demand plus
time
deposits
Required
Held
Excess 3
Ratio of
required
reserves
to net
demand
plus time
deposits
(per cent)
deposits
All member banks
17,304,646
1,901,895
19, 206, 541
12, 922, 638
32,129,179
2,331, 786
2,366,605
34,819
7.3
Central reserve city banks.
Reserve city banks
Country banks
5,651, 742
5, 790, 091
5, 862,813
1,103,198
688, 315
110, 382
6, 754,940
6, 478, 406
5, 973,195
1,631,338
4, 718,710
6, 572, 590
8, 386, 278
11,197,116
12, 545, 785
927,082
789, 403
615,301
923, 955
800, 687
641,963
-3,127
11,284
26,662
11.1
All member banks:
Boston
New York
Philadelphia....
Cleveland—
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco-_.
1,345.611
6,113,931
1,098,429
1, 422,675
577,863
583,905
2, 323, 392
669, 431
404, 246
797,102
669, 817
1, 298, 244
65,138
934, 316
78,080
107, 556
44,433
46, 252
271,107
78,485
50,138
88, 275
42, 862
95, 253
1,410,749
7,048,247
1,176, 509
1,530, 231
622, 296
630,157
2, 594, 499
747,916
454, 384
885,377
712, 679
1,393, 497
975, 087
2,902,196
1, 070,330
1,610,144
599,928
458, 559
2,138,482
537, 775
460,308
355,464
195, 227
1, 619,138
2,385,836
9,950,443
2, 246, 839
3,140,375
1, 222, 224
1, 088, 716
4, 732,981
1, 285, 691
914, 692
1, 240,841
907,906
3,012, 635
149,428
924,440
134, 723
183, 971
69,883
67, 581
339, 021
82, 220
51, 367
87,881
64, 547
176, 724
149, 208
933, 218
141,136
196,926
71, 705
70, 583
335, 785
82,822
53, 499
92,138
67, 861
171, 724
-220
8,778
6,413
12, 955
1,822
3,002
-3,236
602
2,132
4,257
3,314
-5,000
6.3
9.3
6.0
5.9
5.7
6.2
7.2
6.4
5.6
7.1
7.1
5.9
Central reserve city banks:
New York
Chicago
4, 638,810
1,012,932
903,447
199, 751
5, 542, 257
1, 212, 683
1,101, 537
529, 801
6,643, 794
1,742,484
753, 540
173, 542
756, 235
167, 720
2,695
-5,822
11.3
10.0
Reserve city banks:
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco. _.
656,286
362,958
599, 089
848,002
247,236
286, 565
629, 698
394,394
149,999
426,384
258,103
931,377
57,756
19,118
76,204
103,681
30,242
37,205
53,308
63,394
41,662
81,663
35,259
88,823
714,042
382,076
675,293
951,683
277,478
323,770
683,006
457, 788
191,661
508,047
293,362
1,020,200
280,696
310,545
1*33,392
822,971
166,745
203,169
717,581
263, 598
105, 945
168,258
110,732
1,335,078
994, 738
692,621
908,685
1,774,654
444,223
526,939
1,400. 587
721,386
297,606
676,305
404,094
2,355,278
79,826
47, 523
74,531
119,858
32, 750
38,472
89, S28
53,687
22, 345
55,853
32,658
142,072
79,163
48,654
78, 563
129,496
34,026
39,238
88,622
53,008
23,104
57,939
33,572
135,302
-663
1,131
4,032
9,638
1,276
766
-1,206
—679
759
2,086
914
- 6 , 770
8.0
6.9
8.2
6.8
7.4
7.3
6.4
7.4
7.5
8.3
8.1
6.0
Country banks:
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
689,325
1,112,163
499,340
574,673
330,627
297,340
680, 762
275, 037
254,247
370,718
411,714
366, 867
7,382
11,751
1,876
3,875
14,191
9,047
18,048
15,091
8,476
6,612
7,603
6,430
696,707
1,123,914
501,216
578,548
344,818
306,387
698,810
290,128
262,723
377,330
419,317
373,297
694,391
1,490,114
836,938
787,173
433,183
255,390
891,100
274,177
354,363
187,206
84,495
284,060
1,391,098
2,614,028
1,338,154
1, 365, 721
778,001
561,777
1,589,910
564,305
617,086
564,536
503,812
657,357
69,602
123,377
60,192
64,113
37,133
29,109
75,651
28,533
29,022
32,028
31, 889
34,652
70,045
128,329
62,573
67,430
37,679
31,345
79,443
29,814
30,395
34,199
34,289
36,422
443
4,952
2,381
3,317
546
2,236
3,792
1,281
1,373
2,171
2,400
1,770
5.0
4.7
4.5
4.7
4.8
5.2
4.8
5.1
4.7
5.7
6.3
5.3
7.1
4.9
* Exclusive also of certified and cashiers' or treasurers' checks outstanding.
* Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank amounts
due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are computed,
and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks. In
this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, and certified and cashiers' or
treasurers' checks outstanding, and amounts due from banks include items with Federal reserve banks in process of collection, amounts due from
banks, bankers, and trust companies, and exchanges for clearing house, also checks on other banks in same place.
* Deficiencies in reserves indicated by a minus (—) sign.
CO
O
ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, MARCH, 1922-FEBRUARY, 1928
[Amounts in thousands of dollars]
Loans and investments
Investments
Date
Total
Loans l
Total
U.S.
Govern- Other
securiment
securities
Due,
from
banks
Capital,
surplus,
and
Demand
Total
Time
undi- deposits5 deposits3 deposits
vided
profits
United
States
deposits
Net
Due to
banks * demand
deposits
Net
Reserve
Bills
Numdemand
with
payable ber of
time and Federal
reportand
Govern- reserve
ing
redisment
banks
counts banks
deposits
1922
Mar. 10
June 30
Dec. 29
...
23,418,982 17,161,135 6,, 257,847 2,754,L 846 3,i, 503,0011, 613,918 4,185,i, 017 23,641,418 13, 484,054 6,662,398 329, 503 3,165,463 14,479,460 21,471,3611, 722, 637
035,179
24,358,014 17,295,943 7,, 062,071 3,246,824 Z;,t 815,24711, 646, 773 4, 213,919
1,919 25,516,
25, 516; 687 15,035;
179 7,175,005 156,118 3,150,385 15,509,073 22,840,196 1,835,116 722,744
25, 768, 503 18,080,787 7,, 687,716 3; 788; 377 3,899,339 1,805,579 4,363,!, 914 27,271,804 15, 672,741 7,644,881 461,799 3,492,383 16,186, 983 24, 293, 663 1, 939,028 877,527
9,816
9,892
9,859
1923
Apr. 3
June 30
Sept. 14
Dec. 31
26,332,193 18,571,825 7,760,368
26, 675,005! 18,880,058 7,794,947
26,497,552 18,857,100,7,640,452
19,051,686 7,686,444
26, 738,130 19
1,877,1021,774,287 4,355, 582 27,182,459
3,883, 266 3,
', 182, 15, 127,221 8,142, 574
r
I,924,715 1, 596,184 4,367,078 27,053,
, 053,202 15, 161,059 8,378, 211
3,870, 232 3,
3,722,441 3,918,0111, 640,178 4,436, 232 26,914, 718 15,100,551 8,466,416
3,641,132 4,045,3121,824, 348 4,377, 566 28,486, 613 16,086, 731 8, 650, 610
404,427 3, 508, 237 16,068,171
., . ., 24,
172 1 ,908,586 967,819
\, ,...,.....
615,17
217,
296,4823,1, "
~ 450 16, 030, 725 24, 705,418 1,871,015 1,073, 211
1,868,92611,121,362
144,478 3,i, 203, 273 15,892, 267 24, 503,1611
:, 512, 330 16', 356,379 25, 243', 931 1,900,153J 1,017,644
236, 942 3,
9,850
9,856
9,843
9,774
26,832, 034
27, 261,559
28, 450, 644
29,026,588
19,175, 713 7, 656, 321
19,264,019 7,997, 540
19,819,898 8,630, 746
20,181,309 8,845, 279
3, 569, 653 :,4,086, 6681,643, 739 4,468,444 28, 248,081 15, 586, 676
3,607,—
', 797'[,4,389, 743|1,940,197 4,486,475 29,529, 561 16,292,969
3,894,
[, 736,126j2,430,462
4, 594;
" " 105 30,772,057
*~
16,382,939
[, 620
4,
3; 902; 793 4,942,486 2,339,488 4, 531, 726 32,361,652 17, 766,469
291, 767 3, 479,715 16, 089, 676 25, 271, 366 1, 893,301 744,515
178,946 3!,,854,
" 101 16,802,176 26,184, 667J1,965,453 502,907
301, 803 4,
:, 489, 920 17, 781,391127, 680,589 2,121,428 432, 747
242,4824,:, 547, 963 18,446,119 28, 493,339 2, 227,569 656, 743
9,681
9,650
9,635
9,587
29,284, 939
29, 702, 525
30,369,058
31,199,516
', 685,631 28,224, 230 2,091, 545 700,196
20,389,7028,895,237 3,915,997 4,979, 240 2,090, 754 4, 669,039 31, 226, 527 16, 606, 548 10,126,980 411,619 4,081,38017,
20,389,708,895,37
4, 017, 786 18, 239,939 28, 798, 078 2,190,991 717, 701
20,814,180 8,888,345
8 8 8 8 3 4 5 3,802,370 5,085,975 2,017,454 4,689,980 32,420,480 17,844, 555 10,381,486 176,653 4,017,
278,2113,877,
— 211 3,877,508 18, 232, 538 28,977,986 2,047,111 876, 662
221,450,
1 4 5 0,3 7 3, 8 9,1 8 6 8 5 3,785,4125, 133, 27312,031,
.
130
4,687,787
32,049,16817,426,21210,467,237
, 3 7 3 8,918,685 3, 761,065 5,163,166 2,155,306 i
22, 275
" 4,220,
— 582 19, 237, 727 30,194,8& 2,238,233 1,011,812
" " ' 677,933 34, 228, 20119, 050, 460 10, 653, 028 304, 131
22, 275, 285 8, 924, 231
t
)
7
0
5
)
•
•
;
d
1924
Mar. 3 1 . .
June 30
Oct. 10
Dec. 31
8,889, 923
9,203, 545
9, 597,395
9,804,738
GO*
1925
Apr. 6
June 30
Sept. 28
Dec. 31
9,531
9,538
9,539
9,489
1926
I, 702,882i2,135,948 840, 858
31,070,003 22,006, 308 9,
3,831,078 5, 232, 617 1,933, 501 4,826,066 32,870, 217 17,686,614 10,954,
. .747 379,450 3,849,406 18, 368, 685 29,
I,166,86712,
818,911
30,166',
867J2,236,172
236,
31, 390,887 22,267,479 9,123,408 3 744 929 5
980,051 4,832,205 33, 723, 572 18, 342, 735 11,., 172,863 227,647 3, 980,327 18,766,357
o m
™ 30,
™ "575,804
* <""!«>2, 01
n
210,048
1, 014,372
31,896,221 22,906, 550 8,989, ""3^ 388^ 963 5*, 600', 708 2,065; 518 4; 944', 313 34; 508,165 18', 779; 750 llj., 439,859 234,116 4,054, 440 18, 90i; °829
Apr. 12
June 30
Dec. 31
9,412
9,375
9,260
1927
, 151 >,5,786, 776 1,896,
1
383 5, 085,980_ 33, 725,190 17,619,23111,817,694
22, 532,419 9,621,927
9
^ g 3 4 406,850 3,1,881,415 18, 516, 549 30, 741,093 2, 321, 414
2 3 1 4 8 726 9,
9,818, 274 Z, 796^ 347 1,021,
- •4,123, 653 19, 208, 041 31,635,497,2, 280,439
6 8 , " " 326 5; 147; 398 35; 350; 958 18; 799; 849 12; 209;217,
6', 02i; 927, 91,968;
J 622
23,148,
,959, 268 3,856,149 6,103,119
5209
9,
103
2, 077,441 5, 294, 538 35,449, 768 18,352,370 12,459, 248435,475 4, 202,675 19,143,905 32,038, 628 2, 319, 736
23,491,,520
9,959,
0360519 3,977,557 6,382,962 2, 209,831 5, 341,280 36,635,064 19, 009, 696 12,764, 798266, 981 4, 593, 589 20,082,844 33,114, 623 2,514,465
24 318
24,
318, 361 10,360,519
546,433
541, 248
528, 215
663,475
34,143,346 23,553,894 10,589,452 4,215, 822 6,373,6301,940, 619 5, 403,815 35,337, 788 18,152, 710 12,922,638 86, 032 4,176, 408 19, 206, 541 32, 215, 2112, 366, 605
580, 892
32,154,346
32,967, 000
33,450,788
34, 678, 880
Mar. 23
June 30
Oct. 10
Dec. 3 1 . .
1928
Feb. 28
1 Including discounts, rediscounts, and overdrafts.
Includes demand deposits, certified and cashier's checks outstanding, time deposits, United States deposits, and due to banks.
3
Including certified and cashier's or treasurer's checks outstanding, but excluding United States deposits and due to banks.
* Including due to Federal reserve banks and due to foreign banks.
2
9,144
9,099
9,087
9,034
w
I
. M A Y , 1928
371
FEDERAL RESERVE BULLETIN
STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS
ABSTRACT OF REPORTS FOR THE LAST SIX MONTHS OF 1927, BY FEDERAL RESERVE DISTRICTS
[In thousands of dollars]
1
Federal Reserve District
Total
Gross earnings:
InterestOn loans 2
On investments 3
On balances with
other banks
Unclassified
Domestic exchange and
collection charges
Foreign department
Commissions received...
Trust department
Profits on securities sold.
Other earnings
Total earnings
Expenses:
Salaries and wages
InterestOn borrowed money 2
On depositsBank
Demand _ __
Time
Unclassified
Taxes
Other expenses
Total expenses
Net earnings
Recoveries on charged-ofl
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-
Boston
New
York
232,990
85,271
14,450
6,816
4,364
734
RichSt. Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas
San
Francisco i
Philadelphia
Cleveland
87,678
34,286
11,003
7,545
32,209
10,576
5,383
1,001
6,348
1,092
41,376
13,797
9,760
3,372
1,419
383
1,836
1,100
1,348
68
20,180
5,235
358
923
9
145
641
35
139
16
175
156
903
263
240
244
50
125
57
608
2,037
8,933
10,264
20,851
24,108
34,627
66
94
437
1,165
2,040
950
208
7,591
5,666
8,086
9,755
13, 751
31
14
196
3,044
1,790
1,005
114
195
398
2,567
3,096
3,881
86
104
173
286
572
489
228
146
320
328
339
1,205
625
475
2,210
3,465
4,622
8,272
352
25
599
494
986
1,542
55
1
63
53
15
80
23
12
19
108
140
1,276
95
1
17
1
5
87
154
275
166
1,254
748
2,089
424,179
26,376
167,953
24, 773
53,712
8,249
10,337
76,008
17,614
2,119
4,639
1,679
30,720
84,958
4,417
33,518
4,768
9,799
1,701
2,107
16,088
3,698
453
971
564
6,874
4,404
140
1,421
266
410
99
458
591
718
9
36
38
218
11,812
53, 247
77,068
884
20,322
49, 630
497
4,959
5,772
344
3,361
3,931
487
925
1,379
64
106
533
2
115
240
553
1,872
9,362
932
1,538
387
1,460
3,197
147
1,054
2,178
41
79
106
563
1,030
1,577
7,186
15,971
593
4,918
10,157
266
676
334
1,270
3,014
1,413
5,375
14,529
85
3,062
4,910
338
602
1,658
1,284
2,750
5,845
26,646
20,296
57
5,625
18,955
160
905
109
290
1,232
3,661
302, 325
19,819
112,363
16,954
39,583
5,991
7,826
57,081
12,839
1,522
3,348
1,227
23, 772
121,854
6,557
55,590
7,819
14,129
2,258
2,511
18,927
4,775
597
1,291
452
6,948
3,324
1,988
2,749
168
162
275
1,341
1,182
464
23
166
18
231
44
719
42
1
410
114
583
139
367
335
229
54
61
2
5
79
2
31
63
242
19
284
61
145
129,915
7,162
58, 577
8,026
15,123
2,711
2,867
20,016
5,393
665
1,403
534
7,438
18, 632
7,131
1,482
460
4,025
2,884
382
152
2,402
980
916
536
1,368
414
2,913
456
1,233
301
335
31
548
38
394
9
2,634
870
6,220
3,476
162
219
1,639
494
386
128
883
468
397
60
86
117
954
416
229
149
37
54
9
451
42
225
1,396
695
35,459
2,323
9,042
1,048
4,733
1,909
1,985
4,739
1,912
457
1,046
670
5,595
10,390
802
882
15, 277
3,481
208
357
5 136
1,843
1,176
1,713
8,984
2,138
149
500
272
3,545
Net additions to profits
94,456
4,839
49, 535
6,978
Dividends paid
60,960
3,131
27,339
4,961
810,071
810,552
45, 275
47,437
324, 555
324, 375
53,838
93,745
93,445
120,408
20,848
15,163
24,651
15,316
132,426
133,652
39,990
25,801
4,087
1,758
8,990
3,390
5,882
2,368
56,084
27,139
Total capital and sur1,620,623
plus
92, 712
648,930
147, 583
213, 853
36,011
39,967
266,078
65,791
5,845
12,380
8,250
83, 223
11.7
12.1
12.0
12.5
10.4
12.9
8.0
10.3
15.3
14.0
14.7
14.9
9.5
11.2
10.0
10.4
9.7
10.6
11.0
19.1
4.5
10.6
7.1
10.3
4.4
11.2
4.4
13.1
11.5
10.7
13.7
13.9
10.6
10.9
8.6
12.2
7.1
.7
3.8
2.8
5.8
7.4
9.3
9.7
S3. 3
8.6
5 4.1
10.9
4.4
11.2
11.3
15.5
1,275
37
166
90
109
52
84
308
111
61
27
98
132
Capital stock paid in *
Surplus fund *
Percentage of net profits to
capital and surplus (annual basis):
1927—Last 6 months
1927—First 6 months
1926—Last 6 months
1926—First 6 months——
Number of banks 4 .
.__
7,052
1 In comparing these figures with those of the last half of 1926 and earlier dates it is necessary to allow for the taking out of a national charter
by the Bank of Italy, formerly a State bank member.
2 Including discount.
s Including dividends.
* As on Dec. 31, 1927.
* Net loss.
FEDERAL RESERVE DISTRICTS
i, V
/
f
—
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
.... BOUNDARIES OF FEDERAL RESERVE. BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
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