Full text of Federal Reserve Bulletin : November 1927
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J • • . • • - ••• •• FEDERAL RESERVE BULLETIN NOVEMBER, 1927 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Money Rates Abroad and in the United States Business Conditions in the United States Earnings and Expenses of State Member Banks UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1927 FEDERAL RESERVE BOARD Ex officio members: ROY A. YOUNG, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLFH G. CHARLES S. GEORGE R. EDWARD H. Secretary of the Treasury, Chairman. J. W. MCINTOSH, Comptroller of the Currency. MILLER. HAMLIN. JAMES. CUNNINGHAM. WALTER L. EDDY, Secretary, WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. M. MCCLELLAND, Assistant Secretary. W. M. IMLAY, Fiscal Agent. E. A, GOLDENWBISER, Director, Division of Research and Statistics. CARL E. PARRY, Assistant Director, Division of Re* search and Statistics. E. L. SMEAD, Chief, Division of Bank Operations. J. F. HERSON, Chief9 Division of Examination, and Chief Federal Reserve Examiner. FEDERAL ADVISORY COUNCIL District No. 1 ( B O S T O N ) . . . District No. 2 (NEW YORK) - .-.. .. ..-.ARTHUR M. HEARD. „._.„_.„_„„_ JAMES S. ALEXANDER. District No. 3 (PHILADELPHIA)..,-- . . . . L. L. RUE, District No. 4 (CLEVELAND) „___ District No. 5 ( R I C H M O N D ) . . . . . District District District District District District District II . „ HARRIS CREECH. . No. 6 (ATLANTA)---. . „ No. 7 (CHICAGO) „-. „ No. 8 (ST. LOUIS)_ No. 9 (MINNEAPOLIS) No. 10 (KANSAS CITY) NO. 11 ( D A L L A S ) . . . . . . . . No. 12 (SAN FRANCISCO)._---_ „ . . JOHN F. BRUTON, Vice President ... . . •_._ .... .-.--.-.-... .. . P. D. HOUSTON. FRANK O. WETMORB, President. BRECKINRIDGE JONES. THEODORE WOLD. P. W. GOEBEL. B. A. MCKINNEY, HENRY S. M C K E E . „ OFFICERS OF FEDERAL EESEEVE BANES Federal Reserve Bank of— Boston . . — New York...., Frederic H. Curtiss. W. P. G. Harding. G. W. McGarrah . . . . . . Benj. Strong... Philadelphia............ R. L. Austin.. ..„«,„.. Geo. W. Norris „_„ George DeCamp.. Cleveland. Richmond.*. E. R. Fancher ..._.„„ Wm, W. Hoxton........... George J. Seay... Atlanta Oscar Newton.. M. B. Wellborn. C ashlar Deputy governor Governor Chairman W* W. Paddock. J. H. C a s e . . . . . . . . L. F. Sailer ... . .. G. L. Harrison............. E. R. KenzeL..—. Wm. H. Hutt ......... M. J. Fleming......... Frank J. Zuriinden C. A. P e p l e . — _ . . „ . . . „ . . . R. H. Broaddus .... Hugh Foster.._. Creed Taylor C. R. M c K a y . — . . . . . . — . John H. B l a i r . . . . . . . . . . . . . . W. Willeti. A. W. Gilbart.s J. W. Jones.* Ray M. Gidney.i L. R. Rounds.» 0. A. Mcllhenny. W. G. McCreedy.* H. F. Strater. Geo. EL Keesee. John S. Walden, Jr.* M. W. BelL W. 0 . Bachmaxs*2 K. C. Childs.i J. H. Dillard.i B. A. Jones.i 0. J. Netterstrom.a St. Louis 0. M. Attebery. Wm. McC. Martin... D. C. Biggs . . . . . . . . . . . . . 0. M. Attebery. Gray Wan-en. B. V. Moore ........ W. B. Geery.. Minneapolis.... __...• John R. Mitchell... Frank C. Dunlop.2 Harry Yaeger J. W. Helm. Kansas City.. . . . . . . M. L. McClure........ W. J. Bailey...... C. A. WortbingtozL,. .. Dallas R. R. Gilbert :.„—... Fred Harris. 0 . C. W a l s h . . . . . . . . . . . . . . . Lynn P. Talley... R. B. Coleman.. „„. Wm. A. Day — W. No Ambrose. San Francisco.... Isaac B. Newton..... . . J. U. Calkins Ira C l e r k . — — . . — L. 0. Pontious............. Chicago.--..... . . . . . Wm. A, Heath.... J. B. McDougal. \. 1 j * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— New York: Buffalo b r a n c h . . . . . . . . . . . . . . W. W. Schneckenburger. Minneapolis: Helena branch Cincinnati b r a n c h . . . . . . . . . . . Pittsburgh branch Richmond* Baltimore branch... Atlanta: New Orleans branch......... Jacksonville branch.... Birmingham b r a n c h . . . . . . . . . Nashville branch ....... Chicago: Detroit branch St. Louis: Louisville branch Memphis branch .... Little Rock 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 C. F. McComb3. J. C. Nevin. A. H. Dudley. Marcus Walker. Geo. R. DeSanssure. A. E. Walker, J. B. Fort, jr. W. R. Cation, W. P. Kincheloe. W. H. Glasgow. A. F. Bailey. ... Managing director . . . . . . R. E. Towle, L. H.Earhart. J. E. Olson. C. E. Daniel. W. 0 . Ford. D. P. Reordan. M. Crump. Wm. M. Hale. H. B. West. W. L. Partner, C. R. Shaw. D. L. Davis. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RBSEEVE 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. in | TABLE OF CONTENTS Page Review of the month—Money rates abroad and in the United States Earnings and expenses of State member banks in the first six months of 1927 749 751, 794 National summary of business conditions 752 Financial^ industrial, and commercial statistics: Reserve bank c r e d i t Reserve bank credit in use Discounts and deposits of Federal reserve banks Gold imports and exports and money in circulation Money rates in New York City Federal reserve bank rates Open-market rates Rates charged customers by banks in principal cities Member bank credit— Member bank reserve balances and borrowings at Federal reserve banks Loans, investments, and deposits of reporting member banks Bankers' balances in Federal reserve bank and branch cities . Commodity prices, security prices, and security issues Industrial production Factory employment and pay rolls Building Commodity movements. Wholesale trade Retail trade. Bank suspensions and commercial failures 754 754 755 756 756 756 757 758 758 759 760 761 762 763 764 764 765 766 _, Foreign banking and business conditions: Currency and banking reform in Poland Description of wholesale price indexes 767 769 Financial statistics for foreign countries: Condition of central banks__. Condition of commercial banks Discount rates of 32 central banks Money rates in foreign countries Gold exports and imports of principal countries Foreign exchange rates_ _ > Price movements in principal countries— Wholesale prices Retail food prices and cost of living Changes in national and State bank membership Fiduciary powers granted to national banks Detailed banking statistics for the United States IV 771 773 773 774 775 776 ; 777 779 . . . - .__ 780 780 781 FEDERAL RESERVE BULLETIN VOL. 13 NOVEMBER, 1927 REVIEW OF THE MONTH Increased demand for bank credit in recent weeks carried the volume of loans and investments of member banks in Bank credit October to the highest level on andmoneyrates ^ ^ T h e growth ^ mem _ ber bank credit has been composed in part of increases in loans for commercial and agricultural purposes, as is usual at this season of the year, but in larger part it has reflected an increase in investments and especially in loans on securities. The increase in commercial loans since midsummer has been smaller than for the same period last year, while the rapid growth of loans on securities is in contrast to a decline in this Jjrpe of loans in the autumn of 1926. Deposits of member banks, and particularly their demand deposits, have also increased, and consequently there has been a considerable increase in the member banks' reserve balances at the reserve banks. Increased reserve requirements of member banks and some seasonal demand for currency have resulted in a growth of reserve bank credit, and there has also been an export of gold. As a consequence, the volume of reserve bank credit outstanding in October was larger than at any time since January. Conditions in the money market, however, have continued to be easy, and open-market rates for money, though some of them have had slight seasonal advances in October, are considerably lower than in midsummer. In foreign money markets there has been a more pronounced rise in money rates, reflecting the influence of seasonal requirements superimposed upon the continuous strong demand for bank credit. During October two of the important European central banks, the German Eeichsbank and the Netherlands Bank, established higher rates for their discounts and advances, and on November J the Bank of Norway also raised its rate. No. 11 In Germany the rate at the Reichsbank had been reduced in January to 5 per cent, the lowest rate since 1922. This ^ Credit condi- re d uc ti.on was made largely as tions in Ger- an adjustment to the prevailing many level of open-market rates. Demand for credit, however, increased rapidly after the early weeks of the year, owing to the growing financial requirements of industry and trade, as well as to the large volume of activity in the security market. At the Reichsbank the demand for additional funds was reflected in a constant growth of notes in circulation, partly to replace rentenmarks which were being retired, but chiefly to supply the increased currency needs of the public. At the same time there was a large demand for foreign bills, both to pay for goods purchased abroad and to transfer. funds for temporary investment in foreign markets. These demands gave rise to a. large increase in the volume of domestic bills discounted by the commercial banks at the Reichsbank. Changes in the position of the Reichsbank between January 22 and May 7 are shown in the table below: GERMAN REICHSBANK [In 'millions of dollars] . Jan. 22, 1927 Gold reserves Foreign exchange reservesBills and checks Notes in circulation Increase May 7, (+) or de1927 crease (—) 441 30 460 835 437 119 329 709 +131 +126 The growing demand for credit at the Reichsbank arising in part out of a continuous large volume of loans Credit re- m a c [ e w commercial banks on strictions and ,-, , -, -, i i ^ tlle s t o c k exchan e l e a t o a n rate advances g announcement on May 12 by these banks, supported by the Reichsbank, that by mid-June the}^ would reduce their loans 749 750 FEDERAL BESEKVE BULLETIN on the stock exchange by 25 per cent. The purpose of this measure was to limit loans on the stock exchange and thus to increase the volume of bank credit available for trade and industry. But, notwithstanding the fact that this program was carried out, demands upon the Reichsbank continued to grow, its foreign exchange reserve declined further, and there was a rapid rise in open-market money rates. Consequently, on June 10 the Reichsbank advanced its discount rate from 5 to 6 per cent. This measure was followed by a slowing down In the rate of growth of the Reichsbank's domestic portfolio and in some growth of its reserves. But the demand for circulation continued, and between June 15 and October 7 changes in the principal items of the Reichsbank statement were as follows: GERMAN REICHSBANK [In millions of dollars] June 15, 1927 Gold reserves - Foreign exchange reserves Bills and checks Notes in circulation -- 430 18 504 796 Oct. 7, 1927 441 37 620 Increase 11 19 116 158 This growth in Reichsbank credit was accompanied by an advance in open-market rates, the rate on acceptances rising from 5 to 6 per cent. In these circumstances the Reichsbank on October 4 advanced its discount rate from 6 to 7 per cent and its rate for advances from 7 to 8 per cent. This rise in central bank rates in Germany was followed by rate advances at the Nederlandsche Bank. The discount R a t e ad« r a t e m Netherlands at 3}^ per ! n the , cent had been much ands ... lower than Netherlands the level prevailing at other European central banks, with the exception of the Swiss National bank, and the open-market rates in Amsterdam had been correspondingly below the rates in other international money markets, as will be seen from the chart. This condition caused a movement of funds out of the Netherlands, resulting in an increased recourse by the commercial banks to the central bank and a decline in the gold and foreign exchange holdings of that bank. Changes in the principal items in the condition NOVEMBER, 1927 statement of the Netherlands Bank between January 24 and October 10 are shown below: NETHERLANDS BANK [In millions of dollars] Jan. 24, 1927 Gold reserves. Foreign bills__ Loans and discounts. Notes in circulation. Increase Oct. 10, (+) or de1927 crease (—) 155 50 124 331 167 78 81 319 -12 -28 +43 +12 The movement of funds out of the Netherlands increased further after the advance in the Reichsbank rate, and the exchange value of the guilder declined close to the gold export point. On October 13 the rate at the central bank on bills was advanced by one full per cent from 3 y% to 4 3^ per cent, the level prevailing at the Bank of England. In Great Britain the rate at the Bank of England, which had been maintained at 5 per cent since December, 1925, was Money rates r e d u c e d t o ±y p e r c e n t o n m England and France . n ni . ,, . r mi . April 21 of this year. I his reduction was made possible by the growth in the bank's gold holdings and by the relatively easy condition in the short-term money market in the spring. On the day following the reduction of the bank rate, the Bank of France, out of its holdings of London balances, repaid a debt of about $160,000,000 to the Bank of England and thus regained control of $90,000,000 in gold which had been held under pledge as partial security for this debt. The gold thus released was acquired by American interests, and $30,000,000 of it was exported to New York on private account, while $60,000,000 was purchased by the reserve banks and temporarily kept on deposit abroad. Subsequently the reserve banks sold this gold in Europe. In the meantime the strength of French exchange, and expectations of its further rise, attracted a large volume of foreign funds to Paris, and since the foreign exchange bills arising from the movement were sold to the Bank of France its holdings of foreign currencies increased rapidly. The accompanying abundance of short-term money in Paris put the Bank of France, which maintained a discount rate of 5 per cent, out of touch with the market. FEDEEAL KESERVE BULLETIN NOVEMBER, 1927 751 At the same time an increasingly large proportion of the central bank's portfolio was converted into foreign bills. These developments caused the Bank of France to convert a part of its exchange holdings, in London and elsewhere, into gold. The consequent withdrawal of gold from the London market was an influence in tightening money conditions there, and rates for bankers7 bills advanced sharply to within a small margin of bank rate, and have remained near this level since that time. Movements since the beginning of 1926 in open-market rates for bankers' acceptances in the principal foreign money markets and in in New York are shown on the chart. from 4 to 3 ^ per cent and the corresponding reduction of the reserve banks7 buying rates for bankers' acceptances. The decline in the rate on bankers' acceptances is shown on the chart. The reductions of discount rates at the reserve banks were accompanied by purchases of United States securities, and money rates in the open market declined to the lowest level since the spring of 1925. The reserve system's policy of rate reduction and open-market pur-9 chases adopted in July and its relation to domestic and international credit conditions was discussed in the review of the month for September. The increased holdings of Government securities by the reserve banks have enabled the member banks to meet the seasonal demands for credit and currency without mateMONEY BATES IN INTERNATIONAL CENTERS rially increasing their borrowings at the reserve banks, with the consequence that the volume of discounts for member banks was smaller in October of this year than at the same period of either of the two preceding years. The smaller indebtedness of the member banks at the reserve banks, together with the lower level of discount and bill rates of these banks, has been an important factor in maintaining an easy condition in the money market during the autumn. The relatively lower level of rates in this country than abroad has also had the effect of strengthening sterling and other foreign exchanges and thus facilitating the financing of our exports. At the same time the 1S2S . 1927 movement of gold, which had been into the Eates shown are open-market rates for bankers' acceptances, and United States in considerable volume earlier in figures are on a weekly basis the year, changed in direction, and during the In the United States money rates in the past six months there has been a small decrease spring and early summer were at a fairly con- in the country's stock of monetary gold. stant level, slightly higher than Rate policy i n t h e p r e c e dmg year. This in the United *. -, , . , : -, T -, , level was maintained largely by the continuous growth in the demand for bank credit from the securities market, since there was no considerable growth of commercial loans owing to the somewhat reduced rate of industrial activity. Toward the end of July, however, and during the month of August open-market money rates declined sharply following upon the reduction of the discount rates at the Federal reserve banks EARNINGS OF STATE MEMBER BANKS A statement showing the earnings and expenses of State member banks during the first half of 1927 is given on page 794. Corresponding figures for the first half of last year were given in the BULLETIN for last November, and for the last half of 1926 in the BULLETIN for May, 1927. Annual figures for the period 1919-1926 are given in Table 96 of the board's latest annual report. 752 FEDEKAL RESEKVE BULLETIN NOVEMBER, 1927' NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial and trade activity increased less in September than is usual at this season of the year and continued to be in smaller volume than a year ago. The general level of wholesale commodity prices showed a further rise, reflecting chiefly price advances for agricultural commodities. Production.—The Federal Reserve Board's indexes of both manufacturing and mineral production, in which allowance is made for usual seasonal variations, decreased between August and September. Production of iron and steel was in smaller volume in September Crop conditions improved in September, and the Department of Agriculture's estimates for October 1 indicate larger yields of most grain crops than were expected a month earlier. The estimate for the corn crop was increased by 148,000,000 bushels and was only 43,000,000 bushels smaller than the yield in 1926. Wheat production is expected to be 34,000,000 bushels larger than last year, while the estimated cotton crop of 12,678,000 bales is more than 5,000,000 bales below last year's yield. Trade.—Trade of wholesale and retail firms increased in September by somewhat less than the usual seasonal amount. Compared with a PER CENT PER CENT year ago, sales of wholesale firms in nearly all 150 tso lines, except shoes and drugs, were smaller. Sales of department stores were in about the same volume, and those of mail-order houses and chain stores were somewhat larger. In100 100 ventories of merchandise carried by reporting wholesale firms in leading lines were reduced in September and continued smaller than last year. Stocks of department stores, on the other hand, increased slightly more than is usual in 50 50 September and at the end of the month were somewhat larger than a year ago. INDUST RIAL PROD UCTION Freight-car loadings were in smaller volume during September and the first week of October than in the corresponding period of last 37ear 1923 1925 1926 1927 1924 for all groups of commodities, except grain Index number of production of manufactures and minerals and grain products, of which loadings were combined, adjusted for seasonal variations. (1923-1925 averlarger than in the same period of any previous age =100.) Latest figure, September year since 1924. than in any month since 1925. There were Prices.—Wholesale commodity prices adalso decreases from August to September in vanced in September for the fourth consecuthe output of nonferrous metals, automobiles, PER CENT PER CENT and rubber tires, while the textile and shoe 1501 1150 and leather industries continued active. The production of bituminous coal showed about the usual seasonal increase in September and October, but continued in smaller volume than 100 during the same period of other recent years. The output of anthracite was considerably reduced during September and the first half of October, following an increase in August, and the weekly output of crude petroleum has de50 creased slightly since the early part of August. 50 The value of building contracts awarded continued somewhat smaller during September and WHOLESALE PRICES the first three weeks of October than during the corresponding period of 1925 or 1926; de1927 1923 1925 19241926 clines occurred in contracts for residential, United States Bureau of Labor Statistics. (1926 = 100, commercial, industrial, and educational build- Index of base adopted by bureau.) Latest figure, September ings, while contracts for public works and public utilities were larger in September than in tive month, and the Bureau of Labor Statistics the corresponding month of any previous year. all-commodities index rose to the highest level 753 FEJDEBAL BE-SERVE BULLETIN NOVEMBER, 1927 since last January, There were large increases between August and September in the prices of livestock, meats, and cotton, and small advances in the prices of leather, coal, and chemicals, while prices of grains, building materials, and rubber declined. During the first three weeks in October the prices of spring wheat, corn, cotton, coal, and iron and steel declined, while prices of livestock, raw wool, and rubber advanced. Bank credit.—Total loans and investments of member banks in leading cities showed a further increase for the four weeks ending October 19 and on that date were about $660,000,000 larger than in midsummer. Of this growth in member bank credit about $325,000,000 represented an increase in commercial loans, a considerably smaller increase than for the same period last year, and about $335,000,000 increase in investments and loans on. securities. : At the reserve banks total bills and securities increased during the four weeks ending October 19, as is usual at this season, but were on the average about $60,000,000 below the level of the corresponding period last year. The increase, which was largely in the form of additions to the banks' holdings of acceptances, reflected chiefly an increase in member-bank reserve requirements and an export demand for gold. BILLIONS OF DOLLARS BILLIONS OV OOLLAr 10 10 - 2 1923 1926 1925 1924- 1327 Monthly averages of weekly figures for banks in 101 leadfng cities. Latest figures are for October Some seasonal firmness in the money market in October rwas reflected in an increase from 3 Y% to 334 P^ cent in rates on 90-day bankers' acceptances. The rate on commercial paper remained unchanged at 4 per cent. FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE Year and month Building contracts Indus- Production of Producawarded * trial tion of manuproducfac-1 miner" tion i" tures als^ UnadAdjusted justed Bank Department-store Department-store Raildebits . sales * stocks l road Factory Factory Wholeoutside sale employcar of New trade ment loadUnadUnadAdYork Adings 1 City i justed justed justed justed Monthly average 1919-100 Monthly average 1923-1925=100 1926 June.---.-_ July—„„_ August September.,October. _„_ November.. December.. 1927 January. = „„ February. __ March..... April--.— May....... June.,..-... July........ August __.__ September, _ 107 107 111 112 111 108 105 107 107 111 112 110 106 103 106 107 109 111 115 118 119 133 126 146 137 126 119 131 125 124 129 130 126 130 136 109 108 108 109 109 108 106 95 93 94 96 96 95 94 109 104 108 108 112 109 108 84 82 88 97 94 86 78 130 99 105 131 158 156 234 130 133 134 144 139 138 146 131 125 130 142 153 156 128 138 133 130 132 137 138 137 127 136 126 126 126 123 126 107 109 111 108 111 108 106 107 106 105 107 110 109 111 108 106 107 106 116 118 118 104 108 104 100 106 105 • 94 123 131 131 128 126 144 128 119 121 105 109 109 108 107 104 101 104 104 92 94 94 93 93 92 91 91 92 102 109 110 108 108 106 101 104 104 75 73 83 78 79 81 114 107 129 143 131 130 97 113 130 130 139 129 140 127 130 130 143 143 124 131 142 143 138 129 124 130 143 139 139 140 139 138 136 133 130 133 125 133 134 137 133 134 132 133 138 96 151 147 135 154 130 135 127 77 88 91 1 The indexes of production, car loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of building contracts and department-store sales and stocks are shown both with and without seasonal adjustments. 68914—27—2 754 FEDEKAL EESEKVE BULLETIN NOVEMBER, 1927 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS RESERVE BANK CREDIT RESERVE BANK CREDIT IN USE BILLIONS OF DOLLARS [Monthly averages of daily figures. In thousands of dollars] BILLIONS OF DOLLARS 2 2 1924 1923 1925 1926 1927 Monthly averages of daily figures for 12 Federal reserve banks. Latest figureslare averages for October Bills discounted for member banks Month bank credit1 in use 1926—April .-... May June _—_. July -I August.. September . „ October _ November December... 1927—January.. _._.___ February March April...... .__„ May—. June July ..._... August... September........... | October.... 1,158,891 1,155,191 1,139,808 1,166,564 1,158,264 1,225,236 1,269,356 1,270,057 1,380,571 1,146,523 1,007,624 1,029,319 1,038,857 999,504 1,033,123 1,026,152 1,021,830 1.139,342 1,213,155 539,594 514,559 476,044 555,799 641,797 665, 566 618,367 671,722 486,875 393,636 427,716 447,286 472,984 428,563 453,997 4Q9,439 422,192 424,426 I United Bills I States bought securities 235,956 230, 555 244,038 231,132 245,094 263,992 294,296 346,859 345, 448 305,013 254, 618 248,429 233,224 205,273 189,774 173,122 215,926 281,903 369,779 408,776 379,745 353,90S 315,747 306,413 302,30& 321,446 310,637 306; 707 344,921 341,081 291,495 397,754 381,081 438,511 500, 637 506,128 i Total holdings of bills and securities by all Federal reserve banks including "other securities" and foreign loans on gold. DISCOUNTS AND DEPOSITS OF FEDERAL RESERVE BANKS [Monthly averages of daily figures. In thousands of dollars] Federal Reserve Bank Month Total Boston Discounts: 1926—April _. May. ... June July August—.-. September October November... December 1927—January February March April May. _.__.._ June _._. July . . . . . . . . August September October Deposits: 1926—April May June July August September October . November December.-. 1927—January February March a ay_ June July August September. October. __ NewYork 539,594 514,559 476,044 648,966 555,799 641,797 665,566 618,367 671,722 486,875 393,636 427,716 447,286 472,984 428,563 453,997 409,439 422,192 424,426 28,450 27,068 24,816 34,629 36,653 45,493 42,180 38,031 55,726 34,476 35,538 23,201 37,129 33,843 29, 689 29,854 28,377 33,290 129,202 136,767 117,785 165,983 163,270 182,447 164,579 134,908 154,570 120,787 90,232 114,391 121,628 137,765 91.932 122,892 118,418 142, 360 126,862 2,251,846 2,253,294 2,241,415 2,262,420 2,253,350 2,273,205 2,280,180 2,279,135 148,224 146, 111 145,362 148,013 145,625 147,447 163,231 155,409 150,252 148,810 149,134 146,177 148,394 148,045 149,846 152, 568 151,977 153,393 157,165 851,678 856,697 865,577 857,668 847,061 862,912 853,359 856,416 879,596 885,641 856,053 878,285 882,386 908,188 941,867 918,918 902,138 911, 090 921,315 2,300,204 2,266,460 2, 284,809 2,301,120 2,326,816 2,355,428 2,339,478 2. 331,452 2, 350,875 Philadelphia Cleveland 53,295 49,722 49,243 48,135 45,851 46,224 49,918 43,826 60,785 44,184 36,158 41,819 43.744 45,841 45,227 46,791 39, 566 38,240 38,425 56,207 52,071 43,977 37,221 33,666 44,966 70,386 75,602 90,051 62,107 39,424 31,888 53,890 43,624 41,801 137,832 180,681 137,307 181,553 135,361 181,333 137,621 185,981 136,602 188,314 137,152 188,048 139,637 185,945 139,260 184,749 139,419 181,215 141,195 182,290 139,360 183,035 188,427 140, 451 188,122 188,376 138,961 137,874 190,247 137,993 189,620 138,571 192', 145 140,911 190, 489 141,539 190,085 Kichmond 45,068 46,637 47,366 41,775 44,918 46,359 45,664 35,516 29,620 22,498 23,409 22,221 22,506 25,450 22,374 21,839 27,804 19,671 34,762 26, 251 43,720 28,888 69,314 69,314 66,556 71,418 70,054 70,061 72,240 72,626 71,010 73,335 72,276 70,484 71,211 72,586 71,679 74, 262 74,478 74, 618 74,666 Atlanta St. Chicago I jjjjjjg i 44,354 35,183 38,384 42,011 47,586 55,345 55,681 50,455 47,553 34,435 26,738 31,389 34,140 34,625 32,618 36,273 34,671 31.085 25,999 75,266 66,311 62,547 60,854 i 54,691 I 67,736 89,224 105,702 119,165 90,847 78,297 70,691 56,281 52,679 63,917 59,685 40,470 31,414 36,483 I Minne- Kansas Dallas City apolis 28,236 6,386 26,662 6,920 28, 536 5,254 30,642 7,556 35,196 13,076 43,462 11,212 11,145 j42,163 37,548 8,613 37,844 5,101 19,072 4,146 14,531 4,324 14,374 4,609 16,202 6,058 24,024 6,737 26,253 6,514 29,818 5,952 24,749 6,109 27,992 4,435 21,484 2,672 325,392 83,538 54,663 332,762 83,394 62,934 329,191 81,270 51,698 82,917 51,638 340,386 82,092 49,787 338,071 80,937 50,099 83,745 51,574 332,040 82,771 53,070 329,801 82,823 52,550 331,215 83,325 52,278 329,680 83,754 50,759 328,167 82,780 51,484 83,827 50,371 338,974 83,193 49,156 338,545 82,434 49,678 337,875 82, 622 50,607 345,465 81,589 49,714 343,955 81, 575 52,578 70,827 346, 798 84, 745 55,623 80,744 76.133 72,477 73,453 71,873 72,718 74,640 72,938 71,802 72,723 72,531 71.134 72,766 71,126 68,810 68, 471 67,482 19,044 20,149 18,472 16,164 12,693 13,542 12,455 16,866 13,663 10,256 9,437 8,584 11,902 17,333 16,524 12,460 9,330 10,698 15, .730 San Francisco 7,400 9,8S2 11,921 16,138 20,139 25,000 19,451 17,223 10,320 6,606 3,215 3,197 4,403 4,670 6,172 7,374 12,742 10,981 7,151 46,688 47,237 37,743 47,958 48,161 60,006 62,720 54,077 47.324 38,461 39,202 49,015 53,331 43,107 41,390 45,831 46,055 35, 597 43,722 88,278 61,580 88,775 59,399 88,155 57,087 92,651 67,478 94,619 57,595 93,706 58,913 92,848 60,984 91,393 61,148 91,127 62,902 90,880 62,156 91,425 63,763 90,789 63,170 90,832 62,587 89,378 61,645 88,342 59,765 90,916 60,209 91,611 59,759 90,155 63,044 90, 542 66, 381 169,922 168,915 167,348 168,376 169,442 173,141 175,334 177,315 177,13S 176,356 174,690 175,018 177,810 177.188 176,341 175,417 176,523 180, 219 181,122 NOVEMBER, 755 FEDBBAL RESERVE BULLETIN 1927 GOLD IMPORTS AND EXPORTS AND MONEY IN CIRCULATION MILLIONS OF DOLLARS MH.U0NS OF DOLLARS US OF DOLLARS MILLIONS 8 F DOl 5500 5500 GOLD IMPORTS AND EXPORTS .MONEY IN CIBC ULAT10N 5000 5000 4500 60 A / 4500 i Bars above base line represent Imports -Bars below base line represent Exports • Black portions represent excess Imports or Ex 80 1921 1922 1923 1924- 1925 1926 4000 1927 GOLD STOCK i [First of month figures. In millions of dollars] Month January.—. February.. March.,... April May June July August September. October November. December. 1922 1923 1924 1925 1926 3,657 3,681 3,721 3,751 3,767 3,774 3,786 3,825 3,859 3,874 3,902 3,909 3,933 3,938 3,961 3,969 3,982 4,023 4,049 4,079 4,109 4., 135 4,168 4,210 4,247 4,289 4,338 4,368 4,417 4,460 4,491 4,517 4,531 4,548 4,554 4,570 4,547 4,482 4,424 4,405 4,394 4,396 4,390 4,391 4,400 4,399 4,442 4,426 4,409 4,415 4,445 4,495 4,497 4,494 4,500 4,519 4,511 4,499 4,491 4,495 1927 4,502 4,537 4,586 4,599 4,609 4,608 4,588 4586 4,593 4,582 4,548 GOLD IMPORTS AND EXPORTS, BY COUNTRIES [In thousands of dollars] January-September 855 106 574 23,140 34 164 1,085 110 62 9,739 1,134 1,925 1, 410 21,912 37 300 133 Philippine Islands __ 117 78 All other countries.. 12,979 Total 87 39,391 21,016 1 15,075 52,952 952 4,724 23 110 180 14 13,994 4,511 253 5,173 23,249 MONEY IN CIRCULATION Month January February.. March April May June July August September October. __ November December. 17 479 24,444 192,966 1922 1923 1924 1925 1926 4,605 4,353 4,402 4,413 4,385 4,370 4,374 4,337 4,394 4,521 4,570 4,617 4,733 4,509 4,611 4,656 4,668 4,708 4,729 4,696 4,778 4,850 4,835 4,923 4,951 4,682 4,808 4,813 4,760 4,815 4,755 4,665 4,774 4,806 4,880 4,994 4,993 4,752 4,804 4,776 4,725 4,774 4,736 4,720 4,784 4,827 4,901 4,972 5,008 4,740 4,814 4,806 4,854 4,871 4,835 4,858 4,864 4,906 4,933 4,949 KINDS OF MONEY IN Calendar year 1,212 351 1 18 47,550 82,543 1, 516 23,913 9 21,180 1,663 1,307 2,644 647 51,119 5 42,392 3,855 6,202 438 6,540 1,707 14,000 1,990 1,441 1,157 57,642 J213,504 4,495 2,221 60 ""17661" 119 2,316 1,674 1,232 20,000 1,229 .1327 [First of month figures. In millions of dollars] 1927 5,001 4,713 4,779 4,758 4,784 4,786 4,745 4,744 4,750 4,850 4,844 4,302 1,700 578 3,342 832 115, 708 CIRCULATION [In millions of dollars] Imports Exports Imports Exports Imports Exports England France Germany. _ Netherlands Canada Central America Mexico „.. Argentina Chile.. Colombia Ecuador Peru Venezuela Australia British India British Malaya China a n d Hong Kong Dutch East Indies._ 1S26 1925 1926 1927 September 1924. on averages. Latest figure, October, $4,847,000,000, averagela figures for October 1 and November 1 i Gold coin and bullion held by United States Treasury and Federal reserve banks (including gold held abroad) and gold coin in circulation. Country of origin or destination 4000> B23 First of month figures Kind of money Gold coin and bullion Gold certificates Standard silver dollars Silver certificates Treasury notes of 1890 Subsidiary silver United States notes.. ..„ Federal reserve notes.__ Federal reserve bank notes-_ National bank notes Total Averages 1 Septem- Octo- Novem- Septem- October ber ber ber ber 387 1,045 48 379 1 277 299 1,657 4 651 392 1,062 48 390 1 280 304 1,715 4 653 389 1,068 49 392 1 282 298 1,711 4 648 389 1,053 48 385 1 279 302 1,686 4 652 390 1,065 48 391 . 1 281 301 1,713 4 651 4,750 4,850 4,844 4,800 4,847 1 Averages of figures for first of given month and first of following month. 756 FEDERAL "RESERVE BULLETIN NOVEMBER, 1927 MONEY SATES IN NEW YORK CITY 3 - 1 - - 0 1922 192*+ 1923 1925 1926 1327 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT KATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Federal reserve bank -Boston... New York Philadelphia.. Cleveland. Richmond. Atlanta.. _ Chicago. ___._„ St. Louis...... Minneapolis... Kansas City...... Dallas SanTrancisco. Rate in effect on NOT. 1 1 Month or week 1-15 d a y s . . . 16-30 days.. 31-45 days.. 46-60 days __ 81-90 days. . 91-120 days. 121-180 days Date established 1926 August..__..__. September...... October __ November December.. Previous rate Aug. 5, 1927.. Aug. 22, 1927.. ......do Aug. 5, 1927.., do .... do July 29, 1927 _. NOTE.—Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Time loans, 90 days 2 [Buying rates at the Federal Reserve Bank of New York] Rate in effect on Nov. 1 A verage rate Average yield on— on— Call loans 1 BUYING BATES ON ACCEPTANCES Maturity Prevailing rate on- Date established ... 3H Aug. 5, 1927 Aug. 5, 1927 I Sept. 8, 1927. \ Aug. G, 1927..—-J Aug. 16, 1927 Aug. 13, 1927.. Sept. 7, 1927....._ Aug. 4, 1927.. Sept. 13, 1927 July 29, 1927.. Aug. 12, 1927 Sept. 10, 1927.. 1927 January. .„_„ February March April........ May June... July......... August ._ September...... October Week ending— Oct. 1 Oct. 8 Oct. 15 Oct. 22 Oct. 29 1 2 1 New U. S. Treasury notes TreasReand ury 5 newal certifi- bonds cates,, 3 to 6 months 4.58 5.05 4.70 4.60 5.16 4.52 5.02i 4.75! 4.56 5.16 4.27 4.06 4.13 4.21 4.27 4.26 3.95 3.66 3.84 3.88 4.32 4.03 4.13 4.18 4. 26 4.33 4.05 3.68 3.80 3.90 3.92 4.18 4.10 3.75 3.50 4.00 4.20 4.00 3.90 3.50 3.27 «3.47 3.58 3.35 < 3.11 3.75 3.74 3.73 3.68 3.64 3.23 3.29 3. 21 3.39 3.33 2. 2.70 4 2.81 3. :3.60 3.58 3.48 3.47 3.44 3.47 3.48 3.45 3.44 3.43 3.03 3.06 3. 3.10 3.09 3.44 3.44 3.44 3.44 3.43 4 Stock exchange call loans; new and renewal rates. Stock exchange 90-day time loans. 3 Three issues—3%, 4, and 4M per cent; yields calculated on basis of last redemption dates—1956, 1954, and 1952. * Change of issues on which yield is computed. 757 FEDERAL EESSEYE BULLETIN NOVEMBEE, 1927 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANK CITIES Month New York Boston Philadelphia Richmond Cleveland Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Prime commercial loana 1926—October November—. December 1927—January _„ February.. March April May j June July..— August.. _ September October 534-8 5^-6 5 -6 4 5 -6 5 -6 _ -4K -4M 5 -6 5^-6 5 -5> 5 -b1/ 4^-4 5 5 5 5 5 -6 -8 -6 -6 -6 5 5 5 5 o 5 -6 -6 -6 -6 -6 -6 4N-5 414-5 434-5 0- 5}4\ 5 -5%! tyi-^Al 4*4-534 4M5K| 4iJ-5 4^-5 4^-5 4 -5 5 „ 5 ~5M 5 -51 5 -5,5 5 5 5 5 5 5 5 5 5 -6 5 -6 5 -6 43^-6 43^-6 43^-6 Loans secured by prime stock exchange collateral 1927—April May— June.—. July August September. October 43^-5 4M-5 43^ 434-4^ 43^-4^2 43^-434 tm ty'l 4%-5 434*5 4^-5 41^-5 4/^-4^ 4M-4M 5 4M-5 4^4-5 4^|-5 4^-5 4H-5 4M-5 5 -6 5 -5H 5 -6 5^-6 5 -6 4H-6 5 -6 43^ 4^.-5 4.%-b 6 6 6 6 534-6 5 -6 6 6 4^-6 5 -6 5 -6 6 6 4M-6 5 5 5 5 5 5 5 -8 -6 -6 -6 -6 -6 -6 434-5 5 "~^A 434-6 434-5 4^-5 5 -oj^ 41I-6 5 ~~b\^2 4K-6 4^-6 434-6 5 -5H 5 / r / 43/2~5 4M-5 43 2-- >3 2 5 5 5 5 5 5 5 5 -7 6 -7 -7 -6 -6 -7 5 5 5 5 5 5 5 -8 -6 -6 -6 -6 -6 -6 6 6 6 6 6 6 5 5 5 5 5 -6 -6 -6 6 5 -6 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 6 5 5 5 5 Loans secured by warehouse receipts 1927—April May.— June July August September.. October 6 6 6 6 6 5 6 5 -6 5 -6 6 •5 - 6 6 -5 5 -6 5 -6 5 -6 6 5 -6 5 -6 5 -6 4^-5 434-534 4^-534 4^-5 4^-5 4H-5 5 5 5 4M-5 4H-5 4M-5 434-5 . 4K2-5 Interbank loans 1927—April_-> May.. „ June July -._August.. September October 4H Q/2 4M 4^ -4M 41^-5 4 -5 43^-43/2 4 -4M 4 4^-5 43^'"5 434-5 434-5^ 5 5 5 5 5 5 4^-5 5 5 5 5 -5H 5 5 5 5 5 5 5 5 5 5 ~6 -6 -6 -6 -6 -6 -6 5 -53^ 5 -534 5 -&H 5 5 5 5 5 5 5 ~~h /2 5 -51/2 5 ~b}/2 5 -5y2 4M-5M 5 5 5 5 5 5 5 -6 -6 -8 -6 -6 -6 -6 5 -6 -6 -G FEDERAL RESERVE BRANCH CITIES Prime commercial loans Loans secured by prime stock-exchange collateral Loans secured by warehouse receipts Interbank loans City August Buffalo—----------Cincinnati— Pittsburgh Baltimore — B irmingham Jacksonville » Nashville ..-.--. New Orleans.„ Detroit Little Kock— Louisville Helena — Denver. Oklahoma City Omaha El Paso.--. Houston San Antonio..Los Angeles..-. Portland Salt Lake City Seattle „...„..Spokane 5 -6 534-6 . 5 -6 5 -5H 5 -6 5 ~6 5 -8 5 -6 5 -6 S 5 -6 5 -6 8 5 -6 6 6 6 6 -7 Se ^eerm" October 434-8 5 -6 5 5 -5 5 -6 5 -6 6 5 -6 5 -6 5 -6 5 -6 8 4 -6 5 -6 5 -6 4^-534 5 -6 5 -8 6 5 -$ 6 /4 -8 6 6 6 6 5 -6 5K-6 5 -6 8 6 5 -6 4K-6 8 5 -6 6 -7 6 6 6 August Se gf r m - October August 5 -6 5 -6 5 sy oM-Q 5 -6 4>2'-6 6 5 -8 6 6 -7 6 534-6 6 8 -8 53^-6 5 -6 5 -6 6 -7 6 6 -8 5 -6 5 -6 6 5 -8 6 5 ~6 6 -8 6 -7 6 -7 5H-6 5 -6 6 -7 5 -6 8 6 -7 5 ~6 6 -8 5 -6 6 -8 6 -7 6 , 6 -7 i 6 ! V2 4M-6 6 -7 5 -6 8 53-^-6 6 5K-6 6 -8 0 -6 6 -8 6 -7 6 6 -6 -8 -7 -8 7 6 --7 7 6 -7 6 -7 5 7 5 7 Se t e m Pe r " 6 6 -8 5 -6 5 -6 6 -7 534-8 6 -8 6 -6M 7 5 6 6 6 -8 -7 -8 -7 -7 7 6 -7 7 October 6 G -7 6 6 6 6 -8 5 5 -5H 5 -£ 5M-6 5 -6 6 5. -6 5 -5 5 -6 5H-6 6 -8 6 2-7' 0 6 -8 5M-7 6 -6> -8 -6 -8 -7 -7 7 6 -7 6 7 5 6 6 6 Jm" August 5 o 5 5 5 -5K2 -8 -8 -6 6 October 5 £ 5 5 5 -534 -6 -5H -6 6 5 5 -6 5 -6 5 6 -8 6 -6> 6 5 -6 5 -hY 53-2-6 5 6 -8. 6-6H 6; 6 5 5 -6 6'55 -6 6'. 6 6 5 -6M; 758 FEDERAL RESERVE BULLETIN NOVEMBEK, 1927 MEMBER BANK CREDIT M E M B E R BANK RESERVE BALANCES AND BOKROWINGS AT FEDERAL RESERVE BANKS [Monthly averages of weekly figures. In thousands of dollars] Reserve balances Month Reporting member banks New York City 1926—August September.—... October. __„—. November ._ December 1927—January February March. . April... May lune. „ Inly....August September..... October Borrowings at Federal reserve banks 679,145 711,833 662,329 672,948 725,298 717,310 682,026 709,853 687,972 720,255 775,900 728,491 724,240 726,262 728,171 Other leading cities 964,171 965,294 969,406 983,186 960,263 960,239 962, 691 961,184 971,108 976, 346 973,318 967,062 983,241 982,785 996,927 Total 1,643,316 1,677,127 1,631, 735 1,636,134 1,685,561 1,677, 549 1,644, 717 1,671,037 1,659,080 1,696,601 1,749, 218 1,695,553 1,707,481 1,709,047 1,725,098 Reporting member banks Other member banks 571,988 578,811 583, 111 580,514 579,291 587,647 584, 612 593,492 594,900 593,528 592, 650 603,200 605,427 613, 709 629,976 Total 2,215,304 2,255,938 2,214,846 2,216,648 2,264,852 2,265,196 2,229,329 2,264, 529 2,253,980 2,290,129 2, 341, 868 2,298,753 2,312,908 2,322, 756 2,355, 074 New York City 111,296 128,173 84,406 71,162 99,611 75f894 59,907 73,118 78,459 90,167 51,485 59,383 73,865 90, 420 74, 502 Other leading cities 224,147 299,449 355,892 350, 687 347, 515 223,259 172,986 195,001 191,883 213,476 219,307 213,252 182,027 176,509 208,435 Total 335,443 427, 622 440,298 421,849 447,126 299,153 232,893 268,119 270,342 303,643 270, 792 272, 635 255,892 266,929 282, 937 Other member banks 215,007 209,261 196,211 191,127 200,647 177,141 158, 791 150, 734 151,086 155,476 163, 753 160,970 156,838 150,495 145,245 Total 550,450 636,883 636,509 612, 976 647,773 476,294 391,684 418,853 421,428 459,119 434, 545 433, 605 412,730 417,424 428,182 LOANS, INVESTMENTS, AND DEPOSITS OF REPORTING M E M B E R BANKS [Monthly averages of weekly figures. In thousands of dollars] Net demand, time, and Government deposits Loans and investments Loans Month Total Im"iNew York City: 1920—September October .„ November... December &9I7—•January.... February. ..... March — April.————,. May June — July.... August September October... In other leading cities § ~ 1926—September ,. October... ..... November . December 1927—January..-,......-. February March April...May June -—. July „ August September.. 'October. totals 1926—September.-—.... October November . . ... December.—„-.. 1927—January February — March — April „ .. May . June July August September — October i Revised figures Total 6,237,607 6,179,229 6,174,250 6,308,886 6,341,114 6,189,052 6,349,701 6,421,165 6,534,882 6,692, 243 6,601,841 6,578,660 6, 705,170 6, 782,502 4,484,084 4, 472,159 4,464,416 4,575,021 4,593,379 4,436,661 4,525,865 4,570,029 4,628,567 4,767,162 4, 720,139 4,748,052 4,910,943 5, 009, 556 13,654,395 13,781,837 13,699,690 13,644,289 13,549,741 13,559, 444 13,816,867 13,813,141 13,911,812 13,990,132 13,948,103 13,965,603 14,118, 660 14,336,762 9,785,393 9,902, 614 9,859, 666 9,845,918 9,775, 401 9,725,026 9,810,819 9,782,499 9,927, 355 10,042,416 19,892,002 19,961,066 19,873,940 19,953,175 19,890,855 19,748,496 20,166, 568 20,234,300 20,446,694 20,682,375 20,549,944 20.544,263 20,823,830 21.119,264 On securities All other Investments 2,375,794 2, 480,052 2,551,836 2,556,290 2, 495, 472 2, 455, 400 2,486,832 2,469,950 2,488,005 2,496,178 2,494,358 2, 519,442 2,642,283 2, 678,399 1,753,523 1,707,070 1,709,834 1,733,865 1,747, 735 1,752,391 1,823,836 1,851,136 1,906,315 1,925,081 1,881, 702 1,830,608 1,794,227 1, 772,946 3,608,494 6,176,899 3, 637,288 6,265,326 3,608,031 6,251, 635 3,639,043 6,206, 875 6,145,212 3, 630,189 6,106,361 3, 618, 665 3, 654,953 6,155,866 3,857,805 6,124, 694 3, 701,027 6,125,8S7 3,781, 252 6,089, 712 13,772,074 16,048,333 i 3, 799,286 i 6, 069,534 1 3,845,801 i 6, 081,554 3,909,278 6,133,138 5,716, 784 8,552,693 14,269,477 14,374,773 5, 629,395 8,745,378 14, 324,082 5,520,611 8,803,471 14, 420,939 5, 657,774 8,763,165 14,368, 780 5,728/.096 8,640,684 14,161,687 5,599,926 8,561,761 14,336, 684 5,693,986 14,352,528 5, 757,885 8,594,643 14,455,431 5,841,589 8,613,842 14,638,126 6,052,236 8,585,890 14,540, 546 i 5,997,855 1 8, 542,691 14,616,872 16,027,896 1 8, 588,976 14,838,298 i 6,114,461 i 8,723,837 15,051,972 6,240,435 8, 811, 537 9,870,964 9,820,407 2,108,290 1,992,107 1,912,580 2,018, 731 2,097,907 1,981,261 2,039,033 2,100, 079 2,140, 562 2, 270,984 2,225, 781 2,228, 610 2, 268, 660 2,331,157 Total 5,908,909 5,863,058 5,858,635 6,030,809 6,080,894 5,894, 478 6,063,771 6,079,869 6,169, 518 6,421,358 6,268,844 6,229,475 6,291, 879 6,371, 720 Net demand Time Government 43,878 50,422 27,391 35,069 35, 978 29,973 66,387 63,743 34, 092 21,619 11,931 5,799 63,910 102,567 5.025,387 4,978, 784 4,959,046 5,093,951 5,127,308 4,935,006 5,068,281 5,066,081 5,179,092 5,389,740 5,264,543 5,213,235 5,224,056 5, 254, 646 833,852 872,198 901, 789 917,608 929, 499 929,103 950,045 956, 334 1,009,999 992,370 1,010,441 1,003,913 1,014, 507 3,869,002 3,879,223 3,840,024 3,798,371 3,774,340 3,834, 418 4,006,048 4,030,642 4,084,948 4,119,168 4,127,696 4,096,783 4,191,305 4,294,346 12,989,158 7,994,795 13,076, 639 8,044, 827 12,962,913 7,990.791 12,922,009 7,948', 148 12, 995,274 7,951,323 13,015,911 7, 961, 606 13,220,909 7,973,947 13,226,693 7,977,523 13,274, 774 8,011, 731 13, 324,838 8,034,314 8,017,612 13,317,083 13,360,070 1 8,073,474 13, 507, 556 8,102,176 13, 694, 015 8,165,308 4,848,831 4,883,138 4,898,171 4,881,382 4,951,288 4,977,558 5,082,378 5,091,851 5,179,428 5.174, 294 5, 204,050 1 5,239,981 5, 289,126 5,351,448 145,532 148,674 73,951 92, 479 5,622,525 5,586,293 5,549,858 5,532,236 5,522,075 5,586,809 5,829,884 5,881,778 5,991,263 6,044,249 6,009,398 5,927,391 5,985, 532 6,067,292 18, 898,067 13,020,182 5, 688, 477 18,939,697 13,023, 611 5, 716, 990 18,821,548 12,949, 837 5,770,369 18, 952, 818 13,042,099 5,783,171 19,076,168 13,078, 631 5,868,896 18,910,389 12,896,612 5,907, 057 19,284,680 13,042,228 6,011,481 19,306,562 13,043,604 6,041,896 19,444, 292 13,190, 823 6,135, 762 19,746,196 13,424,054 6,184, 293 19, 585,927 13,282,155 6,196,420 19, 589, 545 113,286, 709 1 6,250,422 19, 799, 435 13,326. 232 6,293,039 20, 065, 735 13,419, 954 6,365,955 189, 408 199,096 101,342 127,548 128, 641 106,720 230,971 221,062 117,707 137,849 107,352 52,414 180.164 279,826 76,747 164, 584 157,319 83,615 116, 230 95, 421 46,615 116, 254 177,259 759 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 BANKERS*' BALANCES IN FEDERAL RESERVE BANK AND BRANCH CITIES FEDERAL RESERVE BANK CITIES [Weekly reporting member banks. Monthly averages of weekly figures] [In thousands of dollars] City Month New York Boston Dae from banks: 1926—April May.. June... July . _ August September. October. __ November. December . 1927—January... February.. March..-.. April—— May June July August.... SeptemberOctober LIU© tO D i l l l K S . 1926—April. May. June „_ July . . August. . . . September. October.._ November. December. 1927—January... February.. March..... April..— May....... June.. July August.-.. SeptemberOctober Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 44,456 42,592 44,282 39,468 88,732 40,258 36,983 41,031 37,755 40,246 39,050 40,963 48,196 42,815 45,846 45,947 44,126 43. 066 52, 594 108,123 101,225 107,517 104,846 91,973 102,4^5 111,081 102,636 96,640 100,303 93,479 100,235 106,574 101,680 94,870 92,480 85,330 95, 323 110,715 69,635 63,658 65,922 58,791 53,441 59,256 63,385 56,828 55,079 55,212 58,036 55,362 54,430 53,447 56,374 50, 668 52,333 51, 233 52,330 28,615 27,117 30,018 27,113 25,607 25,090 27,646 27,057 24,340 27,459 23,250 22,318 22,912 22,674 24 499 22,948 24,156 26, 380 24, 880 16,426 16,538 15,778 14,862 14,083 15,934 16,341 18,465 17,680 12,839 7,520 7,544 6,820 6,713 6,718 6,847 6,214 6,444 6,237 13,049 14,037 12,226 12,826 11,833 12,274 14,420 12,688 12,082 14,923 13,323 11,744 11,658 11,467 10, 511 11,675 10,867 12.578 12, 874 153,225 165,357 168,279 157,130 148,873 151,708 155 681 154,680 152,680 148,857 139,348 143,846 147,663 169,597 145,323 143,247 142,140 147, 293 145,935 28,663 30,210 29,300 27,859 26,235 25,582 28,037 29,503 28,400 31,673 29,850 29,852 28,208 27,296 26, 503 25,626 26,995 25, 581 27,958 21,829 21,679 21,620 22,658 19,252 20,264 22,264 22,794 22,239 21,632 20,017 19,822 19,836 19,602 19,932 21,744 19,844 27,654 29,302 38,373 39,537 37,831 46,989 46,947 44,939 43,654 50,466 43,733 44,621 41,884 40,646 38,649 33,490 33,445 36,041 33,086 32,942 36, 058 22,962 22,668 24,447 23,372 19,679 24,415 28,166 29,069 26,309 27,975 20,241 19,184 18,768 16,613 15,795 15,162 13,406 18,152 19,211 60,132 48,381 51,295 63,980 50,277 53,917 53,016 50,606 54,380 60,798 62,112 54,371 50,832 51,325 53, 516 52,269 53,313 58,846 56,817 135,075 131,158 126,416 130,199 119,858 119,490 125,816 128,262 126,533 136,801 135,794 134,562 142,243 137,294 143,113 160,660 152,083 141,354 146,826 1,086,318 1,071,846 1,097,672 1,066,912 1,040,250 1,061,770 1,066,954 1,052,188 1,078,048 1,107,405 1,090,437 1,118,300 1,104,366 1,116,781 1,170,711 1,164,095 1,159,580 1,177,091 1,208, 959 180,893 180,040 179,362 174,699 167,796 169,984 170,767 165,589 163,054 173,041 173,142 172,512 170,573 169,109 164,173 169,079 167,855 168, 581 172, 928 47,470 45,049 46,344 49,529 48,949 49,932 48,214 46,647 45,143 48,845 53,578 54,017 55,613 55,089 56.135 60,290 60,420 61,395 61,232 31,672 32,177 29,568 30,812* 29,173 30,147 31,654 33,067 33,095 33,256 33,585 33,460 31,223 29, 585 30,346 30,359 31,266 32, 428 33, 786 17,788 16,315 15,505 15,438 14,802 16,554 17,927 18,363 18,257 19,413 18,623 17,063 15,427 15,544 14,113 15,394 14,872 18, 682 20, 058 383,232 379,873 381,543 373,312 371,742 374,605 359,722 349,234 347,137 370,264 362,476 371,986 362,808 372,351 346,052 361,439 361,869 369, 798 374,500 84,286 83,691 81,441 83,870 82,664 80,331 79,292 78,936 79,495 88,533 88,347 87,039 86,085 81,810 81,401 81,920 78,639 78, 697 78, 930 47,331 50,378 48,613 46,733 43,113 45,627 50,364 52,698 50,771 53,080 55,471 53,586 50,934 47,521 47, 514 46,463 45, 525 57, 555 63, 751 91,007 91,626 93,669 108,780 110,499 103,734 98,413 97,038 96,657 101,170 95,337 90,268 86,741 82,551 82,674 91,837 91,238 87,872 83,780 26,720 25,149 24,860 25,516 24,072 26,679 32,764 33,771 32,340 32,575 33,234 31,913 28,624 27,036 24,894 24,801 24,222 32,023 37,433 89,010 87,764 94,849 101,182 106,473 109,046 107,216 105,774 107,583 105,868 127,068 104,055 94,916 98,387 99,877 108,422 107,400 105, 736 110, 056 FEDERAL RESERVE BRANCH CITIES [Weekly reporting member banks. Monthly averages of weeklyfiguresfor 1927] [In thousands of dollars] Due from banks City Buffalo . Cincinnati — Pittsburgh. __— Baltimore . -. Birmingham „_.. Jacksonville Nashville New Orleans _. Detroit..Little Rock.-..Louisville.._— Memphis Helena - — Denver . Oklahoma City Omaha .__ El Paso — Houston -_ San Antonio ...... Los Angeles Portland . Salt Lake City „ Seattle..— Spokane.... June July 12,864 14,94.9 40,852 14,406 8,085 11,325 5,095 15,495 37,256 3,484 9,150 13,085 1,410 14,884 11,454 15,448 2,532 16,571 6,968 53,645 9,802 5,171 16,433 3,778 12,893 14,042 36,096 14,333 9,988 11,236 5,753 15,363 34,705 3,450 7,410 13,268 1,891 14,074 12,219 17,978 2,742 15,951 7,137 54,264 10,131 4,959 16,638 3,912 Due to banks SeptemAugust October ber 14,341 14,685 39,674 14,687 9,181 10,836 4,337 15,489 33, 378 3,029 6,534 11,392 1,878 14,436 10,161 17,396 2,397 16,286 8,082 54,476 10,586 4,561 17,646 4,857 12, 834 14,013 38,310 13, 837 10, 481 10, 632 5,287 18, 833 34,237 3,761 7,227 11, 825 2,172 15, 465 10,023 17, 526 2,275 19,105 8,077 52, 682 11,108 4,909 18, 514 4,840 13, 244 16,387 41, 016 15, 648 12,331 11, 377 6,977 21, 552 34,004 4,349 7, 425 15, 526 2,468 16,411 13,263 19,482 3,024 17,654 7,350 55,124 10,643 5,457 18, 243 4,637 City June Buffalo Cincinnati,-. Pittsburgh.. _.„. Baltimore „. Birmingham Jacksonville Nashville . New Orleans Detroit Little Rock _«...„ Louisville..—— Memphis _„ Helena. Denver Oklahoma CityOmaha El Paso Houston San Antonio..— Los Angeles Portland Salt Lake City.. Seattle July August SeptemOctober ber 23,593 25, S80 24,510 25,175 33,703 34,863 38,047 36,454 121,277 125,049 128,467 127, 284 35,787 38,346 40,449 38, 644 7,224 9,123 6,092 7,479 13,366 12,942 18,559 18,048 11,153 12,507 10,851 11,114 37,977 37,384 36,782 42, 629 44,516 41,897 41,88C 43, 650 9,832 10,585 10,489 9,417 24,134 27,085 26, 450 27, 795 12,909 12,303 10,870 12,888 2,406 2.379 2,381 17,958 14,531 13,836 16,792 15,990 17,011 18,639 16,29C 38,142 32,199 33,298 40,604 1,977 2,115 2,091 2,173 34,484 24,730 22,659 9,086 7,598 7,017 8,403 44,688 55,518 59,987 56,718 20,467 15,339 15,863 17,098 10, 464 10,288 10,007 9,418 19,464 16,379 16,790 18,010 10,124 7,783 8,316 24, 886 130, 753 35,806 11,800 17, 707 12,872 46, 041 38, 847 12, 589 18,584 3,862 20, 764 21,103 35,349 2,566 35, 757 7,801 48,061 12,890 19,094 10,304 780 PEDEEAL EESEEVE BULLETIN NOVEMBER, 1927 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 1 [1926=100] All comFarm ' modities products Month July August..,.. SeptemberOctober November. December.. January February._ March...... April May -. June July August..... September. 1 1926 Hides Metals RouseBuilding Chemiand and MiscelTextile Fuel and and furnish- laneous metal materials cals leather products lighting drugs ing goods products products Foods 99.5 99.0 99.7 99.4 98.4 97.9 98.6 97.2 99.3 97.9 94.7 94.9 98.8 97.5 99.8 100.8 100.5 100.7 99.0 99.7 98.8 101.0 100.4 100.4 98.5 98.5 98.9 97.7 96.3 95.2 99.5 100.6 101.5 101.3 102.5 99.4 100.7 101.0 101.2 101.0 100.8 100.4 99.4 99.5 99.5 99.5 100.1 99.2 100.4 99.8 100. 2 99.1 98.6 98.8 95.9 94.5 93.7 93.7 93.8 94.1 95.2 96.5 96.5 95.4 94.2 94.3 102.1 100.2 101. 2 102.2 105.9 96.9 95.9 94.5 94.6 94.4 94.4 93.9 94.2 96.5 101.0 100.2 100. 5 101.7 103.7 107.3 111.7 111.7 112.5 94.3 94.6 94.0 94.2 93.9 94.3 94.3 96.2 98.5 97.7 95.8 90.0 84.9 83.9 84.2 84.2 84.1 84.2 98.8 98.0 98.2 97.8 98.6 98.2 97.7 98.0 97.6 97.5 96.2 95.3 95.0 95.1 94.6 93.7 92.9 92.1 97.6 97.6 97.1 97.8 95.4 95.8 95.3 95.4 96.4 1927 New index of Bureau of Labor Statistics. Month 1926 July August. September October November . December.. 1927 January February— March...... April May June July August September.. October.... 1 Grains 136 133 134 130 130 127 126 127 126 125 126 130 130 132 140 139 Fruit and vegetables 125 128 121 123 121 120 120 122 121 119 127 140 139 138 134 128 SECURITY PRICES Common stocks i Dairy Cotton Unand and classipoultry cottonfied prodseed ucts Meat animals 195 166 136 136 142 137 152 144 148 148 142 140 131 130 139 144 157 161 126 130 134 94 88 81 85 81 93 97 97 91 140 140 152 85 94 102 101 113 119 124 136 179 169 87 84 81 80 79 82 81 81 87 83 142 140 147 158 201 195 172 145 138 143 144 143 137 129 131 136 142 145 142 133 133 130 124 125 127 137 146 D O M E S T I C CAPITAL ISSUES [In millions of dollars] 31 railroad stocks* 1926—October... November. December. 155.4 157.5 161.7 129.6 132.4 135.2 147.9 150.2 | 153.9 94.93 95.66 96.05 1927—January... FebruaryMarch April May June _. July August September. October... Week ending— Oct. 1 Oct. 8 Oct. 15 158.4 163.0 165.7 165.1 174.5 175.4 179.0 189.0 197.0 197.5 136.7 142.1 143.1 147. 4 150.5 151.9 153.9 156.0 157.1 158.9 153.5 156.9 159.0 166.2 167.5 168.5 171.7 179.3 191.1 186.2 96.43 96.44 96.63 97.24 97.55 97.06 97.03 97.76 98.00 98.62 203.1 160. 2 160. 2 159.9 157.8 156.6 190.5 189.0 189.2 182.0 180.5 98.39 98.61 98.69 98.69 98.70 Month or week 200. 9 201. 4 191.8 190.3 Oct. 22 Oct. 29 September, 1927 1926 Class of issue Class of issue Re• New funding Total Corporate issues Bonds and notes— Long-term Short-term Stocks Farm loan issues Municipal issues Total new and refunding New Refunding New Refunding 413.3 76.4 4. 512. 3 1,363. 5 4,010. 8 296.1 75.2 3, 360.7 1,248. 4 2, 919. 9 470.2 524.6 71.8 2,166.0 1,017. 2 1, 846. 8 410.3 184.9 42.0 199.6 .5 160. 7 4.5 36.8 873.4 2 9 1, 033. 8 189.3 106.7 23.1 92.8 86.5 40.2 54.6 3.7.— 22.2 1,004. 6 113.5! 1.2 1,097.1 14.0 48 5.7 5,875. 9 Total, 229 stocks F O R E I G N CAPITAL ISSUES [In millions of dollars] January-September 1927 Bonds: Average price of 40 issues 198 industrial a stocks 1 Index numbers of Standard Statistics Co.. * Average of 1917-1921 prices=100. 3 Average of yearly high and low prices, 1913-1922=100. Index numbers of Department of Agriculture. September, 1927 90.3 90.6 90.9 91.3 91.3 90.2 89.3 89.9 89.2 97.9 97.9 97.8 97.8 97.8 98.0 98.0 98.6 See BULLETIN for October, 1927, pp. 696-699. P R I C E S OF FARM P R O D U C T S AT T H E FARM i [August, 1909-July, 1914=100] 30 com* rnod« ities 97.5 95.4 94.2 93.4 90.8 99.5 99.4 99.1 98.8 4,535.4 Total New issues Europe Canada and Newfoundland Latin America United States insular possessions Miscellaneous __ Refunding issues Total, Government and corporate January-September 1927 1926 Government Corporate Government Corporate Government Corporate 58.3 58.0 701.2 388.0 477.7 405.6 31.8 7.0 54.3 12.5 613.2 191.4 348.1 123.2 385.0 134. 2 325.7 154.4 12.0 12.8 21.8 2.0 97.5 204.0 73.1 63. 6 61.7 178.7 114.1 23.9 2.4 15.6 3.7 5.3 114.8 88.0 12.5 75.6 39.9 10.4 26.5 92.7 1.3 31.9 79.9 lit . 3 1, 089. 2 88? .3 761 FEDERAL EESERVE BULLETIN NOVEMBEK, 1927 INDUSTRIAL PRODUCTION [Index numbers, adjusted for seasonal variations. 1923-1925 average=100] Index of Industrial Production Month January February.... March April May June July August September. October. __ November. December. . 1922 1923 73 75 80 77 81 86 86 84 88 94 97 100 100 100 103 107 106 105 103 102 100 85 101 „ ____ Annual index. Minerals Manufactures Total 1925 1926 1927 1922 1923 100 102 100 95 89 85 83 89 94 94 97 101 105 105 104 103 103 102 103 103 102 105 106 108 106 107 107 107 106 107 107 111 112 111 108 105 106 109 111 108 ill 108 106 107 106 73 75 78 81 86 90 91 87 89 94 98 100 100 100 103 107 106 104 102 100 101 98 96 95 104 108 87 101 1924 1925 1926 1927 109 108 108 107 107 1G7 107 111 112 110 106 108 105 107 110 109 111 108 106 107 106 95 97 101 106 106 106 103 103 102 103 102 104 107 109 110 94 105 108 102 101 95 88 84 82 1923 1924 1925 1926 101 100 103 109 108 108 111 110 98 104 105 99 102 104 99 92 93 92 92 92 97 89 96 100 104 100 96 98 104 101 104 108 90 91 94 92 96 106 106 104 106 107 109 111 115 118 119 77 85 92 53 54 59 57 62 81 90 94 97 74 1927 116 118 118 104 108 104 100 106 105 107 96 Index of Production of Manufactures, by Groups Month Total Iron and steel Textiles 1926 July August September.. October November... December—. 107 111 112 110 106 103 113 120 117 115 104 102 99 105 109 110 110 110 1927 January February March April May June. July _." August September,.. 105 107 110 109 111 108 106 107 106 105 113 114 115 116 104 102 101 97 108 108 114 112 116 121 118 119 118 Paper Cement, NonAuto- Leather and and brick, ferrous Lumber mobiles printing shoes and glass metals Food products 102 103 102 98 96 100 103 102 113 115 116 137 116 113 100 95 106 128 124 105 88 65 112 113 113 114 113 112 113 111 113 95 99 104 104 105 93 83 88 81 101 101 105 106 99 100 102 100 105 113 106 113 Petro- Rubber Tobacco leum manutires refining factures 118 118 117 114 107 95 110 110 112 112 119 118 126 128 128 129 133 135 117 128 132 126 108 112 110 113 113 116 115 111 101 107 119 109 108 109 111 115 116 116 112 108 112 111 108 106 108 107 135 134 135 134 132 134 136 136 139 118 117 123 131 127 131 124 119 113 114 113 116 122 122 116 109 119 123 Index of Production of Minerals, by Products Month Total July August September October November December.... January..... February March April May June......... July.._. August September Bituminous coal Anthracite coal Crude peIron ore p t l h i t shipments troleum Copper Zinc Lead Silver 1926 _. 107 109 111 115 118 119 106 107 109 112 124 121 119 118 127 125 114 115 103 105 108 113 117 121 116 118 118 104 108 104 100 106 105 119 125 131 87 94 91 87 92 92 101 95 88 108 117 102 75 107 100 120 123 123 119 120 120 124 123 124 110 126 116 132 97 111 108 113 113 116 112 111 120 121 121 120 119 113 116 117 118 116 122 90 96 96 93 93 107 114 111 100 106 107 105 101 101 104 113 113 114 110 108 114 109 114 111 113 112 115 120 113 112 116 112 114 97 95 90 90 90 93 94 94 89 1927 120 101 99 99 87 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 daU and methods of construction were described and monthly indexes for the above groups were published in the BULLETINS for February and March, 1927 68914—27 3 762 FEDERAL RESEBVE BULLETIN NOVEMBER, 1927 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL IJNES Septem- August, ber, 1927 1927 September, 1926 100 102 108 118 Iron and steel: Pig iron Steel ingots. _ Textiles: Cotton consumption _ WoolConsumption 1 Machinery activity Carpet and rug loom activity 1 _ Silk— Deliveries.._ 1 __ Loom activity Pood products: Slaughtering and meat p a c k i n g Hogs Cattle Calves Sheep Flour .-Sugar meltings Paper and printing: Wood pulp and p a p e r Newsprint __ Book paper _ __ Fine paper Wrapping paper Paper board Wood pulp, mechanical Wood pulp, chemical Paper boxes Newsprint consumption _ Lumber: Lumber, c u t . . Flooring Transportation equipment: Automobiles Locomotives Shipbuilding _. 1 129 Septem- August, 1927 ber, 1927 137 99 92 91 85 142 104 124 110 125 105 33 96 91 109 93 111 95 103 99 110 88 103 113 104 112 99 129 107 117 103 114 92 112 121 129 97 112 113 122 120 114 111 116 104 116 128 116 139 122 94 107 96 133 57 165 124 83 57 100 107 124 Leather and products: Leather, tanning— Sole leather i Upper leather— Cattle Calf and k i p _ . Goat and kid.. Boot;; and shoes Stone, clay, and glass: Cement Bride— Face brick I aving brick Plate glass Nonferrous metals: Copper Zinc Chemicals and allied products: Petroleum refining— Gasoline * Kerosene ._ Fuel oil i Lubricating oil!___ Coke p r o d u c t i o n By-products Beehive. R u b b e r tires and tubes: Tires, pneumatic Inner t u b e s . __ Tobacco products: Cigars __ 101 97 87 85 107 135 116 87 107 130 108 105 88 118 110 120 123 114 110 103 89 122 110 80 137 104 114 111 112 105 112 114 110 112 113 121 101 155 95 122 120 152 124 115 139 106 115 114 120 52 113 59 122 101 134 11.9 116 . 105 140 95 Cigarettes Manufactured tobacco and snuff. Without seasonal adjustment. September, 1926 97 139 126 2 Revised FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919=100] Metals and products Month Total Group Employment; 1926—August SeptemberOctober. >_ NovemberDecember.. 1927—January February.March April May June July ._ „ August September Pay rolls: 1926—August SeptemberOctober NovemberDecember.. 1927—January February March April May June July - . _. August September. Iron and steel Textiles and product Group Fabrics Products 94.4 95.8 96.3 65.2 94.1 92.4 93.6 93.9 93.2 92.6 92.4 90.7 91.2 91.9 91.9 92.9 93.3 91. 7 90.5 88.9 90.1 90.6 89.9 88.7 87.8 85.7 85.4 85.1 91.7 92.7 93.0 91.6 90.4 88.7 90.1 90.3 89.6 88.4 87.5 85.4 85.0 84.7 88.4 91.3 93.7 93.6 95.0 95.2 96,9 96.6 95.1 93.6 93.1 91.0 92.3 93.9 88.6 92.8 95.9 97.0 97.5 97.6 98.5 98.3 97.5 96.5 96.3 94.8 95.6 96.5 107.6 108.3 112.4 108.8 107.8 101.9 108.5 109 9 108.4 108.1 105.8 101. 0 104.4 103.8 97.0 98.4 102.6 99.3 99.3 94.1 99.1 100.7 99.5 96.8 95.2 87.4 90.4 87.8 96.7 97.9 102.2 99,0 99.1 93.8 98.7 100.1 99.1 96.2 94.7 86.7 89.8 87.3 96.5 98.9 105.3 102.0 106.3 105.3 111.0 110.8 305.1 103.3 102.8 99.1 102.7 104.8 96.0 100. 7 108.2 107.3 109.8 107.6 111.7 111.3 108.1 107.6 107.0 102.8 105.8 107.3 Lumber and products 88.0 100.3 89.5 100.0 90.8 100.2 89.4 99.4 91.9 97.3 92.2 92.9 94.7 91.8 94.5 91.2 92.0 • 91.0 89.9 91.6 88.9 91.8 86.2 91.2 88.2 92.4 90.5 93.0 97.0 96.7 101.7 95.5 102.0 102. 6 110.3 110.3 101.4 98.1 97.6 94.6 98.9 101.9 112.6 113.7 117.8 116.4 112.9 101. 6 103.4 104.6 103.2 105.3 104.8 101.1 105.8 107.3 Paper RailAutorosd vehi- mobiles printing cles 125.1 84.9 85.0 124.6 83.9 119.9 83.0 110.2 82.3 - 104.0 79.8 104.2 79.2 117.3 78.0 122.4 78.4 123.4 78.5 123. 7 78. 9 117.2 78.2 109.9 76.7 114.3 76.1 111.0 93.1 88.9 93.4 92.1 91.9 84.6 89.3 87.0 88.0 89.8 87.9 83.0 85.4 81.3 152, 7 148.9 151.3 131.3 111.5 94.0 140.2 153.4 157.7 158.7 131.4 125.2 136.3 128.7 Foods Leather Stone, clay, prod- prodand ucts ucts glass products Chemicals and prod' ucts To- 106.6 108.4 109.8 111.1 110.7 108.8 109.0 109.0 108.1 107.3 106.9 106.3 106.9 107.8 86.0 88.6 90.4 88.6 86.7 85.1 84.9 84.1 83.1 83.7 87.6 86.7 85.8 88.7 89.5 90.9 90.6 89.0 87.1 88.5 88,9 88.6 84.2 82.6 82.2 85.3 88.2 88.5 129.7 129.3 126.6 123.9 117.9 109.6 110.1 115.9 121.5 124.0 124. 2 119. 5 120.2 119. 3 76.7 80.6 82.7 82.3 81.8 73.5 79.0 78.9 77.3 78.2 80.3 80.3 74.4 83.5 75.6 77.4 78.2 78.2 77.8 77.6 77.8 78.2 78.1 75.3 75.9 75.0 75.3 76.9 144.4 146.8 151.0 152.3 154.7 150.3 150.8 152.2 150.7 150.3 148.2 145.4 147.2 148.9 100.6 103.6 105.6 102.9 102.1 99.3 99.3 99.1 98.0 100.7 104.6 103.1 101.7 104.4 97.6 97.4 97.3 90.4 88.5 90.0 95.6 93.2 87.0 84.4 85.1 90.2 97.5 95.2 162.3 157.0 159.5 154.6 147.6 129.5 136.8 144.9 151.6 157.6 154.5 143.7 149.0 145.7 82.8 87.6 91.3 90.6 88.4 76.2 79.2 80.9 77.9 83.6 86.7 85.7 79.7 90.5 101.1 102.3 109.0 108.6 109.1 107.0 108.9 111. 7 109.9 107.0 109.1 103.6 105.2 105.7 NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919. were published in the BULLETIN for May, 1925. See also p. 668 of BULLETIN lor September, 1925, for certain revisions. 763 FEDEBAL EESEEVE BULLETIN NOVEMBER, 1927 BUILDING BUILDING CONTRACTS AWARDED 1 [Index numbers based on value of contracts. Monthly average, 1923-25-100] With seasonal adjustment Without seasonal adjustment Month 1922 January __ February March April May June July August September October November December « 61 71 94 101 109 93 79 48 52 85 102 105 100 102 93 79 73 71 62 . 1924 1923 1925 75 76 120 138 124 137 133 149 138 129 116 129 76 78 109 121 108 101 87 89 87 103 95 83 75 73 91 80 76 1926 111 99 146 139 134 133 126 146 137 126 119 131 1927 1922 94 96 151 147 135 154 130 135 127 137 1923 70 70 83 82 85 82 92 86 81 71 82 . 77 1924 85 97 87 79 89 81 76 72 76 88 90 90 1925 1926 101 104 107 112 115 125 128 135 135 129 127 138 146 136 128 120 125 125 124 129 130 126 130 136 Minneapolis Kansas City 101 101 99 96 95 91 84 85 90 100 103 94 1927 123 131 131 128 126 144 128 119 121 137 BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS i [Value of contracts in thousands of dollars] Federal Reserve District Month Total Boston 1926 July August September.. October November.. December... 1927 January February--March April May June __. JulyAugust September.. BUILDING Month New York Philadelphia 518,932 600, 809 562,371 515,727 487,013 537,396 39,228 42,098 42,427 29,297 34, 584 31,570 110,671 158, 608 151,251 127,176 118, 757 228,021 37,483 39, 767 39,189 384,455 393, 583 15,848 20,298 42,806 40, 649 39,023 33,569 29,658 37, 461 32, 863 116,973 105,958 157,873 168,170 141,177 175,991 157, 597 143, 088 107, 969 604,391 552,349 632,478 534,390 552, 488 521, 611 Cleveland Indus- Comtrial mercial Atlanta Chicago St. Louis Dallas 28,609 31,018 66, 749 57, 361 55,226 55,236 38, 733 41, 795 25,009 29, 252 38, 704 35,250 44, 318 22, 596 42,715 31, 656 37,194 34,979 40,084 28,232 106,661 128,213 110,760 108,944 114,456 92,113 34,752 48,743 35,187 40,981 30, 586 22,504 11,839 12,955 13,712 9,752 21, 559 23, 556 18,445 22,935 11,979 11, 520 20,242 29,716 21,033 18, 374 15,155 19,439 32,353 33,088 52,351 52, 925 36,172 47,632 37,578 45, 433 43, 237 48,509 45,741 62,733 74,366 72,782 72,266 54,707 71,494 61, 651 27,776 24,944 34,694 31,192 39,736 35,502 34, 241 31, 813 57,464 32,454 31,928 45,921 31,004 31,100 31,188 28,093 28,176 30, 917 56,372 69,698 121,426 112,070 103,226 138,187 105, 070 107, 554 104,015 21, 533 25, 697 42,704 34, 888 31,344 44,171 32,205 34,134 32,573 4,337 5,548 16,107 13, 944 12,999 14,134 15, 521 14,463 10,319 11,419 16,173 16, 342 22, 644 21,528 17,598 17,203 19,061 22, 253 16,881 14,510 27, 781 22,539 23,262 22,240 22,517 19,811 18,350 CONTRACTS AWARDED, BY TYPES BUILDING i [Value of contracts in thousands of dollars] Residential Richmond OF BUILDING PERMITS ISSUED, BY FEDERAL DISTRICTS RESERVE [Value of permits in thousands of dollars] Public works and public utilities Educational All other Federal reserve district 1926 July.. August September. October November. December.. 184,940 223, 292 225, 516 226, 794 229,821 62,764 88,279 49,113 46,465 64, 781 51,181 67,219 81,343 97, 378 63, 601 59, 657 75,196 111,448 125,683 98,167 103,757 50,129 120, 290 42,016 42,124 34,531 23, 567 34, 572 22,178 50,545 60,088 57,666 51,543 48,053 64, 585 1927 January February.. March April May June July August September. 167, 866 163,088 250, 078 267, 417 219,980 239,814 186,935 209, 456 202,877 27, 875 80,116 41, 247 67,896 48,077 113, 766 44, 602 80,754 44,889 72,541 33, 879 88,122 30, 303 83, 010 41,039 76, 915 48, 546 59,617 58,955 52,180 106, 827 116, 264 111,368 151,399 143,916 119, 741 126,230 17, 012 22,046 36, 522 35, 678 34, 545 42,122 36,434 41,035 29,244 32, 631 47,126 65; 468 59, 676 69,026 77,142 53,792 64, 302 55,097 Number of cities September, 1927 August, 1927 236,071 September, 1926 United States. 168 281, 726 272,519 Boston New York Philadelphia.. Cleveland 14 22 14 12 7,602 81, 823 16, 031 13,402 12,874 100,695 18,040 23,781 10,857 99,435 13,843 16,214 Richmond Atlanta. Chicago St. Louis 15 15 19 5 7,570 10,496 52, 496 7,423 10, 219 8,634 51, 605 7,421 14,987 11,056 56,678 7,677 Minneapolis.. Kansas City.. Dallas San Francisco. 9 14 9 20 3,008 5, 957 6, 430 23,833 5,585 5,703 8,212 28, 957 2,980 6,088 6,386 26,318 1 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. indexes by months from. 1910 to date given in the BULLETIN for August, 1927, p . 563. Adjusted 764 FEDERAL EESEEVE BULLETIN NOVEMBER, 1927 COMMODITY MOVEMENTS FREIGHT-CAR LOADINGS, BY LINES 1 [Index numbers, adjusted for seasonal variations. 1923-1925=1001 Total 1926—August September October November December 1927—January February March April May June July „_ August September Grain and grain products Livestock 101 92 104 93 99 96 102 98 97 100 105 97 98 108 95 103 97 90 86 88 87 92 92 95 93 89 91 87 108 109 109 108 106 105 109 109 108 107 104 101 104 104 Forest products Coal 111 114 113 128 124 114 121 122 107 103 96 89 102 102 98 100 100 94 90 94 95 91 90 93 91 94 95 95 Merchandise I.C.I. and miscellaneous 109 109 110 106 106 108 109 110 110 108 108 107 109 108 i Revised. For description and early figures see p. 562 of August AGRICULTURAL M O V E M E N T S ! [Indej numbers, without seasonal adjustment. 1919-100] AniLive- mal Grains Cot- Vege- Fruits ToTotal stock prodton tables bacco ucts 1926—July... August SeptemberOctober November.. December.. 1927—January „... February.-. March April. 107 106 144 190 165 138 115 104 103 85 94 May 94 June 95 July 123 August 165 September. _ 80 88 102 113 107 95 99 81 91 82 95 91 79 93 87 152 118 104 96 117 126 86 95 118 137 161 169 149 129 102 170 158 124 125 99 82 86 84 71 50 63 84 135 195 207 12 48 213 375 343 251 152 118 117 74 58 32 13 80 205 134 101 186 251 135 98 118 113 146 146 140 162 133 119 233 177 204 295 435 204 104 99 97 100 128 174 127 140 142 267 2 66 192 261 286 344 404 383 212 31 8 1 50 255 1 For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the BULLETIN for October, 1925. BULLETIN. WHOLESALE TRADE C KANGES IN SALES AND STOCKS—Continued SALES, BY LINES [Index numbers,1 without seasonal adjustment. Mo. av. 1919=100] Gro- Meat Dry Shoes Hard- Drugs Total ceries goods ware Month Line and Federal reserve district Sales: September, 1927, compared with— August, 1926—August September October. November... December... 1927—January February March. April May . . June July August September. _ 88 97 94 86 78 75 73 83 78 79 81 77 88 91 82 92 91 87 80 74 69 79 77 81 85 78 83 85 81 86 85 76 73 77 73 71 71 74 72 72 75 80 102 114 102 91 71 72 78 90 75 71 74 75 108 106 73 84 76 67 60 46 53 73 68 56 58 53 79 87 99 112 114 104 99 80 82 107 102 99 102 94 99 109 115 124 133 117 110 112 104 130 122 113 115 118 126 131 t For description of wholesale trade index see BULLETIN for April, 192 3 CHANGES IN SALES AND STOCKS, BY LINES AND DISTRICTS [Increase or decrease (—), per cent] Line and Federal reserve district Sales: September, Stocks: September, 1927, compared 1927, compared with— with— August, Septem- August, 1927 Groceries: United Boston States . . . . _.» ... New York Philadelphia Cleveland •...<...,.••._„. Richmond - . .Atlanta Chicago . .... St. Louis Minneapolis . Kansas City . Dallas San Francisco 3.5 1.8 6.3 2.4 7.1 9.3 8.1 2.5 17.1 —1.0 -5.2 11.2 1.0 ber, 1926 -7.1 -6.4 -3.2 -11.8 -9.7 -5.2 -12.6 -8.1 —16.5 6.0 -9.9 -6.2 -5.8 1927 2.4 7.5 9.4 2.9 0.8 10.4 -0.6 -0.1 4.1 -1.0 1.5 7.8 25.2 September, 1926 -6.2 —2 5 -4.9 -4.1 1 5 —0.1 -14.1 -14.2 —2.8 -6.0 -2.7 -2.6 -6.6 NOTE.—Changes in stocks are computed as of end of month; figures for the United States are weighted averages computed on the basis of firms which have reported regularly since January. 1923. 1927 Dry goods: United States. New York PhiladelphiaCleveland—... Richmond Atlanta Chicago St. Louis .. Kansas City.. Dallas San Francisco. Shoes: United States. Boston New York PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis Minneapolis.. San Francisco. Hardware: United States. New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. Drugs: United States. New York.... Philadelphia.. Cleveland Richmond.... Atlanta Chicago St. Louis Kansas City.. Dallas - San Francisco. Stocks: September 1927, comp with— Septem- August, September, 1926 1927 ber, 1926 -2.4 -15.0 23.9 3.8 3.4 9.8 5.0 -20.8 -13.5 -13.8 2.5 -7.0 -20.8 -8.4 -5.5 0.1 8.7 -18.3 -7.9 9.7 3.6 5.2 4.1 7.9 -3.7 8.4 -7.4 -1.1 -6.0 3.9 -6.0 -2.6 2.6 2.2 -6.6 -5.4 -3.1 -6.0 -8.6 -9.3 -7.4 -19.7 -10.3 4.6 -24.5 -15.0 13.6 13.0 -3.7 -1.5 4.0 6.6 7.6 -17.1 -16.1 0.6 5.0 -13.4 0.6 -17.0 —1.4 -1.9 —7.9 -12.6 -8.5 -13.9 -14.2 3.7 -3.8 40.8 -20.4 -4.6 -11.7 7.3 —7.8 -14.0 -0.6 8.2 -3.5 -29.0 -4.6 10.0 14.0 6.9 8.3 9.9 8.4 6.6 6.2 8.0 7.1 27.0 6.0 -2.5 -2.0 -4.5 -6.8 3.0 —8. 6 -9.0 -1.0 .4.0 -3.2 4.5 -0.8 -1.1 3.3 -0.5 -3.7 1.9 0.2 -5.0 -5.6 -1.0 -0.6 -1.3 -4.0 -3.0 -16.6 0.7 -3.3 -1.8 -12.9 —1.9 -20.9 -1.0 1.7 -1.6 3.9 5.5 4.1 -1.9 0.4 2.5 6.0 4.4 4.2 13.5 -1.2 6.8 -1.3 -1.9 3.5 -4.8 -12.2 25.8 27.7 2.0 5.4 7.6 9.4 8.7 14.4 4.4 6.3 5.3 -2.2 8.0 3.1 -1.5 I -2,9 -4.6 0.7 1.2 -9.6 3.2 765 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 RETAIL TRADE SALES OF D E P A R T M E N T STOKES, MAIL-ORDER HOUSES, AND CHAIN S T O R E S [Index numbers.^ Average monthly sales 1919=100] Sales with seasonal adjustment Sales without seasonal adjustment Month 1926 April May June July August.--.. SeptemberOctober NovemberDecember. De- Mailpart- order ment houses Gro- 5-andscores (4) cery 10-cent Drug (9) (359) (27) (5) Chains Cigar (3) Chains De- Mailpart- order ment Gro- 5-and- Drag Cigar Shoe Music Candy Shoe Music Candy stores houses cery 10-cent (4) (6) (4) (6) (5) (3) (4) (359) (5) (27) (5) m 133 137 130 99 105 131 158 156 234 120 105 113 97 98 121 151 153 166 329 322 309 317 296 307 334 347 373 202 214 204 206 204 211 257 247 466 191 188 184 195 193 192 206 198 261 150 160 152 155 148 153 162 150 222 166 174 153 145 122 142 158 150 215 111 109 118 108 121 137 151 146 223 226 220 204 210 194 218 227 232 303 130 132 130 133 134 144 139 138 146 118 117 133 131 130 128 116 123 139 324 321 314 329 310 323 324 344 357 216 225 222 227 215 227 237 237 252 196 191 187 194 192 195 202 210 215 156 157 156 157 151 152 155 151 164 143 151 144 159 155 148 140 138 164 130 131 149 145 136 137 125 117 118 226 228 218 214 193 221 221 244 208 114 107 129 143 132 130 97 113 130 108 107 132 128 106 114 100 113 126 347 332 392 385 383 399 373 382 384 177 191 213 244 224 224 221 237 232 209 201 224 223 206 210 217 215 210 134 137 153 157 157 151 153 147 146 106 110 125 198 143 155 145 132 140 94 98 108 104 88 87 80 98 126 178 194 216 257 216 215 211 208 223 130 139 129 140 127 130 130 144 143 110 118 113 125 119 135 135 150 134 345 346 361 380 382 405 388 401 404 243 256 222 261 236 244 243 249 250 217 222 222 230 209 213 214 215 214 154 162 158 163 154 155 154 150 146 140 164 126 170 124 145 159 168 146 114 119 120 122 106 109 107 110 125 212 230 213 257 224 229 215 207 226 1927 January... February.. March April May June July August.... September. i For description of retail trade indexes see BULLETINS for January and March, 1924. Index of sales of grocery chains revised in February, 1925; comparable figures since January, 1919, obtainable from Division of Research and Statistics, Federal Reserve Board D E P A R T M E N T S T O R E SALES AND S T O C K S , BY FEDERAL RESERVE DISTRICTS [Index numbers. Monthly average 1919=100]. Federal Reserve District United States Boston Sales (unadjusted): 1926—July August September. 1927—July August September. 105 131 97 113 130 97 122 90 106 124 Sales (adjusted) : 1926—July ... August September. 1927—July August September. 133 134 144 130 144 143 Stocks (unadjusted): 1926—July August. ___ September. 1927—July August September. Stocks (adjusted): 1926—July August September. 1927—July August.—. September. New York Philadelphia Cleveland Richmond Atlanta Chicago Minneapolis Dallas San Francisco 106 138 87 89 116 85 92 110 100 108 123 98 116 118 93 110 89 97 109 80 82 92 79 87 101 115 121 164 114 138 160 81 84 103 76 89 97 79 91 114 72 83 109 124 151 158 127 160 161 131 129 135 126 141 137 141 145 155 137 156 157 128 123 143 125 127 136 129 132 138 127 141 133 131 130 129 122 135 128 104 105 103 104 112 113 151 148 172 151 167 169 99 93 102 92 99 97 112 128 114 102 117 109 148 155 168 152 164 172 125 130 142 125 130 143 111 111 125 115 114 127 124 128 142 122 128 142 171 175 180 171 175 194 118 122 136 117 122 134 119 118 135 117 117 132 108 109 122 107 113 126 136 152 163 143 152 165 94 97 103 88 92 99 110 117 126 95 106 115 129 134 143 134 141 146 133 130 132 133 130 133 121 116 118 125 120 120 135 132 133 133 132 133 184 177 168 184 178 181 124 122 126 124 122 125 127 120 122 125 119 119 115 109 111 113 113 116 146 147 152 153 146 154 99 98 99 94 93 95 118 111 112 102 100 103 135 133 136 140 139 139 136 NOTE.—Number of reporting firms included in sales and stocks indexes, respectively, for department stores are as follows, by Federal reserve districts: United States, 359-314; Boston, 24-24; New York, 63-63; Philadelphia, 22-13; Cleveland, 54-52; Richmond, 23-19; Atlanta, 35-22* Chicago 63-51; Minneapolis, 23-22; Dallas, 21-19; San Francisco, 31-29. 766 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE i [Amounts in thousands of dollars] [Amounts in thousands of dollars] All banks Member banks Nonmember Number Sfum- Total Num- Total Num- Total ber deposits ber deposits ber deposits 1926 January February... March April...... May... June July August.. September October November December Total1927 January February March April._ May June July August September Total 9 months.. 65 52 51 56 68 77 140 52 37 88 154 116 956 13,384 11,763 10,249 12,512 16,324 34, 229 48, 618 10,001 12, 050 18, 209 45,983 39,166 272, 488 133 82 75 48 47 41 38 27 35 526 38, 298 32, 918 44, 893 12, 492 14,185 12,072 14,012 20, 111 197, 680 160 2,861 710 3,534 4,234 5,318 1,637 2.127 4,317 6,280 19,389 14, 413 54 42 45 50 58 61 135 43 29 69 121 89 68, 812 796 11,836 106 5,471 7,172 5,521 2,638 9,439 1,315 102 61,286 424 9,392 8,902 9,539 8,978 12,090 28,911 46,981 7,874 7,733 11,929 26, 594 24, 753 203, 676 26,462 24, 023 35, 894 7,021 7,013 6,551 11,374 10, 672 7,384 136,394 BANK SUSPENSIONS,! IN S E P T E M B E R , 1927, BY DISTRICTS Liabilities Manu- Agents, Manu- Trad- Total facturTotal factur- Trading brokers, ing ing etc. 1926 January. February March April May June July August September.. October November. _ December. . , Total.. 2,296 1,801 1,984 1,957 1,730 V" 1, 605 1,593 1,437 1,763 1,830 2,069 510 447 469 494| 437 435; 396 449, 374! 450 440 494 , 1,282 1,424 1,378 1,216 1,160 1,122 1,071 958 1,205 1,285 1,471 21, 773 5,395 15, 268 2,465| 2,035 2,143 1,968 1,852 1,833i 1,756 1,708 1,573 501 1,842 411| 1,508 569; 1,468 492! 1,342 444! 1,292 427! 1,310 448 1,187 438 1,174 389 1,083 90 72i 91! 85; 771 113i 87j 73 105 108 105 104 43,651 34,176 30,623 38,487 33,543 29,408 29,680 .28,130 29,990 33, 231 32, 694 45, 620 16, 094 10,822 9,862 16,734 16,157 10,092 11,167 12, 516 10,093 11, 650 16,097 16, 758 ing 21,502 20,317 18,623 19,094 15, 710 15, 525 14, 614 14,096 11, 243 15,874 14,158 20, 579 1,110 409, 232 158,042 201, 335 1927 January February March April May _ June July August September.. T o t a l 9 m o n t h s 17,333 4,11912,206 122 116 106 134 116 96 121 96 101 51, 290 46, 941 57,891 53,156 37,785 34, 465 43,150 39,196 32,786 19,996 10, 518 22.368 25, 278 13, 802 13, 587 16,743 14. 921 15', 349 24,530 23, 406 28,191 22, 308 19,978 17, 856 16,832 14, 702 12,052 1,008 396, 660 152, 562 179,855 [Amounts in thousands of dollars] All banks Federal reserve district Boston New York Philadelphia Cleveland Richmond Atlanta . Chicago St Louis Minneapolis Kansas City Dallas San Francisco Total Member banks 2 Nonmember banks C O M M E R C I A L F A I L U R E S , BY D I S T R I C T S 1 [Amounts in thousands of dollars] Total Num- Total Num- Total de- 3 ber de- 3 Numdeber posits ber posits posits 3 Number Federal reserve district Aug., 1927 Liabilities Sept., 1926 Sept., 1927 Aug., 1927 157 134 Boston 154 281 242 New York. _ _ 240 73 70 Philadelphia 54 149 155 Cleveland _ 173 104 85 Richmond 143 1 276 65 75 142 ._ Atlanta 242 197 Chicago . 251 435 2 435 2 53 48 103 St. Louis . 7,384 Minneapolis.. 29 1,315 6 8,699 35 81 95 85 82 87 Kansas City 92 J 58 44 54 _ Banks closed to the public by order of supervisory authorities or by Dallas 228 205 217 San Francisco the2 directors of the banks on account of financial difficulties. Comprise 2 national banks with deposits of $504,000 and 4 State member banks with deposits of $811,000. 1,437 1,573 Total.. 1,708 * Figures represent deposits for the latest available date prior to the suspensions and are subject to revision when information for the dates of i Figures furnished by R. G. Dun & Co. suspension becomes available. 2,199 11,058 1,295 3,213 3,740 1,319 3,252 185 536 852 1,054 4,084 2,675 14,541 1,106 4,276 2,156 3,020 3,741 750 1,820 1,468 897 2,746 2,346 13,299 1,278 1,889 1,605 932 2,905 548 1,106 1,140 432 2,511 32,786 39,196 29, 990 2 1 3 12 4 4 7 423 265 1,062 3,912 664 931 1,007 1 1 3 371 102 566 1 1 2 9 4 4 6 52 265 960 3,346 664 931 731 Sept., 1927 Sept., 1926 NOVEMBER, 1927 FEDEKAL EESEKVE BULLETIN 767 FOREIGN BANKING. AND BUSINESS CONDITIONS CURRENCY AND BANKING REFORM IN POLAND Adoption by the Polish Government of a program of currency and banking reform was announced on October 13. The program provides for the legal stabilization of the currency at approximately 11.22 cents per zloty; that is, on the basis of 5,924.44 zlotys per kilogram of pure gold. The actual exchange value of the zloty has been close to the level of its new parity for more than a year. The program includes also the appointment of an American adviser to the Government and the Bank Polski and the flotation of an international loan to be known as the stabilization loan of 1927. The stabilization loan.—The stabilization loan, which was floated simultaneously in the principal money markets of the world, amounts to $72,000,000, carries an interest rate of 7 per cent, and matures in October, 1947. The bonds are direct obligations of the Republic of Poland and will be retired by semiannual payments from a sinking fund. For the service of the loan the Government will assign the gross customs revenues, which will be paid into a special account of the fiscal agents of the loan with the Bank Polski. The proceeds of the loan will be available only for the purposes of the program of reform. The American adviser will be elected to the board of directors of the Bank Polski for three years; at the end of that time he may continue for a further period at his own discretion and with the approval of the bank. Charles S. Dewey, former Assistant Secretary of the United States Treasury, has been selected as financial adyiser. In addition to the stabilization loan to the Polish Government, an international credit has been extended to the Polish Central Bank— the Bank Polski—by 14 other banks of issue. Under the terms of these arrangements the Federal Reserve Bank of New York, with, the participation of the other Federal reserve banks, has agreed, if desired, to purchase from the Bank Polski up to a total of $5,250,000 of prime commercial bills. The terms of this arrangement are similar to those made with the Bank of Belgium in 1926. Currency reform.—The currency reform measures provide that the Bank Polski shaU have the exclusive privilege of note issue and that the Government shall renounce its right to issue currency notes. One-half of the outstanding treasury notes are to be replaced by notes of the Bank /Polski and the other half will be converted into silver coin. The notes of the Bank Polski are made redeemable in gold or in foreign exchange. Bank reform.—The Bank Polski, as stated above, is given the exclusive privilege of note issue. Against both note and deposit liabilities the bank is required to maintain a minimum reserve of 30 per cent in actual gold and of 40 per cent in gold or foreign exchange. Another measure provides that the capital of the bank shall be increased by 50 per cent; that is, to 150,000,000 zlotys. Budget reform.—The reform program provides for balanced budgets and for the control of departmental expenses through the establishment of monthly budgets. The budget for the year ending March 31, 1927, according to official figures, showed a surplus of about $17,500,000, as compared with a deficit of $26,500,000 during the previous year, while estimates for the fiscal year 1927-28, based on returns for the first five months, indicate that the current year will show a surplus of about $39,000,000. The floating debt of the treasury is to be redeemed, and a working fund for the treasury of 75,000,000 zlotys is to be created for the purpose of enabling the Government to meet any seasonal or temporary deficits. The Government will not borrow at long term for budgetary purposes. Unification of the currency.—The present currency reform is the final step in the unification of the currency which began during the war. Prior to the war the Russian ruble, the German mark, and the Austrian crown circulated in the portions of Poland under the control, respectively, of Russia, Germany, and Austria-Hungary. When the Germans occupied the country in 1916, they established 768 FEDEEAL RESERVE BULLETIN the Polish National Loan Bank and authorized it to issue paper money in terms of Polish marks. Early in 1920 these Polish marks were declared legal tender and gradually replaced all other currencies in Poland. T^hese marks, however, depreciated to such an extent that in 1924, in accordance with the recommendations of the Hon. Hilton-Young, Poland's British adviser, a new currency unit—the zloty—was adopted, having a par value equal to that of the French gold franc, namely, 19.30 cents in United States currency, and Polish marks were made redeemable in zlotys at the rate of 1,800,0.00 Polish marks per zloty. At the same time a new central bank—The Bank Polski—was organized with the exclusive right of note issue.1 Shortly after the opening of the Bank Polski on April 28, 1924, it had a reserve of gold and stable foreign exchange aggregating 286,000,000 zlotys and a note circulation of 245,000,000 zlotys. The fiduciary issues of the Government outstanding after the liquidation of the Polish State Loan Bank amounted tol95,000,000 zlotys, and by the end of 1924 their volume had been reduced to 125,000,000 zlotys. For more than a year the zloty remained practically at par. The financial crisis of 1925.—During the latter part of 1925, which was a year of poor crops and financial disturbance, the value of the zloty declined rapidly, and the foreign exchange reserve of the Bank Polski fell from 259,000,000 zlotys in March, 1925, to 49,000,000 zlotys by the eind of March, 1926. During this period the bank withdrew from circulation a considerable amount of the notes presented for redemption, reducing its note circulation from 563,000,000 zlotys at the end of March, 1925, to 389,000,000 zlotys at the end of March, 1926. During the same period, however, the Government increased its fiduciary issues from 192,000,000 zlotys to 460,000,000 zlotys, with the result that the total monetary circulation increased. The decline in the exchange value of the zloty continued until May, 1926, when it reached its low point of 9.03 cents. The iSee Federal Reserve Bulletin, June, 1924, p. 486. NOVEMBER, 1927 accompanjdng chart shows the movement of the exchange value of the zlotjT- from June, 1924, to September, 1927. CENTS PER ZLOTY CENTS PER ZLOTY 25 25 10 1925 1926 1927 Monthly average of noon buying rates in New York Recovery from the crisis.—Beginning wTith the summer of 1926, the foreign exchange reserve began once more to advance, and at the end of September, 1927, the foreign exchange holdings of the bank amounted to 243,000,000 zlotys. On the same date the gold reserves of the bank were 182,000,000 zlotys, having increased steadily from about 70,000,000 zlotys in April, 1924. The fiduciary issues of the Government were reduced by about 50,000,000 zlotys, while the note issues of the Bank Polski increased considerably. The percentage of gold and foreign exchange reserves against the note circulation of the Bank Polski alone at the end of September was about 50 per cent, and against the aggregate circulation of the bank and of the Government, about 35 per cent. The exchange value of the zloty began to appreciate during the summer of 1926 and in August of that year reached about 11 cents— a level which it has since maintained with slight fluctuations. A table showing movements of the reserves of the Bank Polski and of currency in Poland since May, 1924, is given on the following page. FEDERAL. RESERVE NOVEMBER, 1927 GOLD AND FOREIGN EXCHANGE RESERVES AND NOTE CIRCULATION OF THE BANK POLSKI; AND NOTE CIRCULATION OF THE TREASURY [In millions of zlotys] Reserves of the Bank Polski End of— Foreign exchange Gold Notes in circulation Total Bank Polski Treasury Total 1924 May June . July _ August _ September... October November... December.. _ 72 83 94 98 100 101 103 103 214 257 292 267 234 242 247 269 286 340 386 365 334 343 350 372 245 334 394 430 460 504 498 551 195 156 137 134 131 139 131 125 440 490 531 564 591 643 629 676 1925 January February March. April May June July. August September... October November.. _. December 104 107 117 117 119 120 122 132 132 132 133 133 242 206 259 216 173 120 92 63 72 61 60 70 346 313 376 333 292 240 214 195 204 193 193 203 553 550 563 567 557 503 462 440 397 382 362 381 141 187 192 185 209 244 284 306 343 380 383 434 694 737 755 752 766 747 746 746 740 762 745 815 1926 January February March April __ May_ June July August September.... October November.. _. December 134 134 134 134 134 135 135 135 135 135 136 138 195 194 183 185 187 214 226 243 244 249 274 303 362 377 389 393 413 448 511 560 581 585 558 593 436 442 460 470 447 427 451 447 427 451 426 428 •798 819 49 51 53 79 91 108 109 114 138 165 860 875 962 1,007 1,008 1,036 984 1,021 1927 January February March April May June July... August September... 144 149 152 157 157 161 164 174 182 187 220 235 237 230 219 221 236 243 331 369 387 394 387 380 385 410 425 588 634 407 413 423 434 399 394 384 397 °995 1,047 1,091 1,128 1,126 1,122 1,129 1,191 DESCRIPTION 727 728 745 794 844 OF WHOLESALE PRICE INDEXES Thirty index numbers of wholesale commodity prices in 29 countries are published regularly in the FEDERAL RESERVE BULLETIN. These index numbers are obtained from current publications or received by letter or cable directly from the various foreign statistical offices compiling them. Indexes of commodity groups for 9 of these 29 countries are currently published in the BULLETIN and for 10 more they are available in the office of the Division of Research and Statistics of the Board, from which they may be obtained at any time upon 68014—27—4 BULLETIN 769 request. A brief description of these various index numbers—base period, source, number of commodities, and period of month to which the figures refer—is given below. United States.—Index number compiled by the Bureau of Labor Statistics, including 550 commodities or price series; base, average for 1926 = 100; prices are monthly averages, usually of weekly quotations. Index numbers from January, 1923, to July, 1927, for all commodities and for 10 major groups were published in the October FEDERAL RESERVE BULLETIN, page 699, and the same figures together with indexes for subgroups, a list of commodities and weights, and information regarding methods of computation are given in Bureau of Labor Statistics Bulletin No. 453, September, 1927. Austria.—Official index number of the Federal Bureau of Statistics; 42 price series, base, average for first six months of 1914 = 100; prices are as of the 15th of the month. Belgium.—Official index number of the Ministry of Industry and Labor Statistics; 128 price series; base, April, 1914 = 100; prices are as of the last half of the month. Bulgaria.—Official index number of the General Statistical Office; 38 price series; base, average for 1913 = 100; the index refers to the month as a whole. Czechoslovakia.—Official index number published by the Statistical Office of the Republic of Czechoslovakia; 69 price series; base, July, 1914 = 100; prices are as of the 1st of the month. Denmark.—With this issue of the BULLETIN, the official index number of the Government Statistical Department is substituted for the Finanstidende index formerly published. The official index includes 118 price series; base, average for 1913 = 100. Prices are monthly averages of weekly quotations except for certain articles for which quotations are used for the 25th of the month. Monthly index numbers are available from January, 1925. England.—Index number of the Board of Trade; 150 price series; base, average for 1913 = 100; prices are monthly averages. Finland.—Official index number of the Central Statistical Office; 135 price series; base, corresponding month of 1913 = 100; the index refers to the month as a whole; gold basis. France.—Official index number of the Statistique Generale; 45 price series. For publication in the BULLETIN, the index has been recomputed from its original base (average, 1901- 770 FEDERAL EESERVE BULLETIN 1910 = 100) to a new base, average 1913 = 100. Most prices are as of the end of the month. Index number of the Federal Eeserve Board compiled by the Division of Research and Statistics; 98 price series; base, average for 1913 = 100; prices are monthly averages of weekly figures. Germany.—Official index number of the Federal Statistical Bureau; 400 price series; base, average for 1913 = 100; prices ace monthly averages. Hungary.—Official index number of the Central Statistical Office; 52 price series; base, average for 1913 = 100; prices are as of the end of the month. Italy.—With this issue of the BULLETIN, Prof. Biccardo Baehi's revised index number of wholesale prices for Italy is substituted for his old series. The new index is a geometric average of relatives for 100 series and the base of the index published in the BULLETIN is the average for 1913 = 100; prices are as of the end of the month. The index is also computed by Professor Bachi by means of an arithmetic average. Netherlands.—Official index number of the Central Bureau of Statistics; 48 price series. For publication in the BULLETIN, the index has been recomputed from its original base (average 1901-1910 = 100) to a new base, average 1913 = 100. Prices are as of the end of the month. Norway.—0konomisk Revue index number; 93 price series; base, average for December, 1913, to June, 1914 = 100; prices are as of the end of the month. Poland.—Official index number of the Central Statistical Office; 73 price series; base, January, 1914 = 100; prices are as of the last week in the month. Beginning January, 1926, a new series has been used. It is computed from average gold prices for the last week of the month for 73 commodities. Russia.—Official index number of the Conjuncture Institute of the State Planning Commission; 69 price series; base, average for 1913 = 100; prices are as of the 1st of the month. Spain.—Official index number published by the Institute of Geography and Statistics; 74 price series; base, average for 1913 = 100; prices are as of the 1st of the month. Sweden.—Official index number published by Kommerskollegium; 160 price series; base, NOVEMBER, 1927 average for 1913 = 100; prices are as of the 15th of the month. Switzerland.—Index number compiled by Dr. J. Lorenz; 71 price series; base, July, 1914 = 100; prices are as of the 1st of the month. Canada.—Official index number of the Dominion Bureau of Statistics; 236 price series; base, average for 1913 = 100; prices are monthly averages of weekly figures. Peru.—Official index number of the Director-General of Statistics; 58 price series; base, average for 1913 = 100; prices are as of the 15th of the month. Australia.—Official index number of the Bureau of Census and Statistics; 92 price series; base, July, 1914 = 100; prices are as of the end of the month. China.—Official index number of the Bureau of Markets; 147 price series; base, average for 1913 = 100; prices refer to Shanghai and are as of the last ¥v7ednesday in the month. Butch East Indies.—Official index number of the Statistical Bureau; 92 price series; base, average for 1913 = 100; prices are monthly averages of weekly figures. India.—Official index number of the Department of Statistics; 75 price series; base, July, 1914 = 100; prices refer to Calcutta and are as of the end of the month. Japan.—Index number of the Bank of Japan; 56 price series. For publication in the BULLETIN, the index has been recomputed from the original base (October, 1900 = 100) to a new base, average 1913 = 100. Prices refer to Tokyo and are averages for the month. New Zealand.—Official index number of the Census and Statistics Office; 180 price series. For publication in the BULLETIN the index has been recomputed from its original base (average 1909-1913 = 1,000) to a new base, average for 1913 = 100; prices are as of the 15th of the month. Egypt.—Official index number of the Statistical Department of the Ministry of Finance; 26 price series; base, average January, 1913July, 1914 = 100; prices refer to Cairo and are monthly averages of weekly figures. Union of South Africa.—Official quarterly index compiled by the Office of Census and Statistics; 188 price series. For publication in the BULLETIN the index has been recomputed from its original base (1910=1,000) to a new base, average for 1913 = 100; prices refer to the month as a whole. 771 FEDEBAL KESEEVE BULLETIN NOVEMBER, 1927 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1927 September August B a n k of IBngland (millions of pounds sterling): Issue department— Gold coin and bullion _ Notes issued ___ Banking d e p a r t m e n t Gold and silver coin Bank notes Government securities Other securities Public deposits Other deposits Ratio of gold and note reserve to deposit liabilities (per cent) __. Bank notes in circulation 1 Currency notes and certificates.. _ B a n k of F r a n c e2 (millions of francs): Gold reserve __..,. Silver reserve... Gold, silver, and foreign exchangeCredits abroad Loans and discounts Advances to the Government Miscellaneous assets. _ Note circulation Total deposits G e r m a n Heichs^auik (millions of reichsmarks): Gold at home ._ Gold abroad Reserves in foreign exchange Bills of exchange and checks Miscellaneous assets Deposits.. Reichsmarks in circulation Rentenmarks in circulation.. B a n k of Italy (millions of lire): Gold reserve Credit and balances abroad.. Loans and discounts Advances to the Government Note circulation for commerce, __ Note circulation for the State Total deposits S a n k of J a p a n (millions of yen): Gold at home and abroad Advances and discounts Advances on foreign bills Government bonds Total note and deposit liabilities.. Notes issued Total deposits __. 1926 July September 149.5 169.2 149.7 169.4 150.2 170.0 154.3 174.0 1.6 32.7 56.3 50.9 25.7 97.5 1.6 32.0 58.4 41.6 22.1 93.2 1.6 32.0 50.0 47.9 9.9 103.5 1.6 33.5 33.6 72.0 21.2 101.2 27.9 80.3 294.8 29.0 81.2 295.9 3,682 343 2,282 58 3,567 24, 400 23; 733 54,156 10, 439 3.682 343 2,245 53 3,357 25,050 23, 965 52, 672 12, 524 3,682 343 2,222 55 3,382 25, 650 24,551 52,756 13,163 3,684 339 7 579 8,030 36, 650 4,072 55,010 2,922 1,786 67 154 2,746 494 630 4,182 1,041 1,786 67 157 1,743 58 179 2,512 471 553 3,928 1,044 1,396 202 522 1,384 556 595 3,251 1,497 1,172 1,170 1,474 15473 6,132 6,572 4,227 4,227 13, 564 13,617 4,227 4,227 3,322 3,238 1,137 1,008 8,780 4,229 14,103 4,229 2,535 724 3,935 1,042 1,063 903 5 167 2,306 1,163 1,142 1,063 933 3 167 2,345 1,210 1,136 84 392 245 81 173 946 32 3,372 29.6 28.6 81.7 84.3 298. fi 287.9 1,063 954 3 188 2,349 1,332 1,017 1.058 224 44 289 1,841 1,125 717 84 393 221 113 173 939 47 410 194 151 174 956 34 47 481 138 87 178 865 70 3,291 3,231 274 2,225 2,353 2,000 9, 631 485 2,220 2,341 2,000 Austrian National Bank (millions of schillings): Gold Foreign bills of the reserve. Other foreign bills Domestic bills.. ,. Treasury bills _ Note circulation Deposits National Bank of Belgium (millions of francs): Golds _ Foreign bills and balances in golds . Domestic and foreign bills Loans to State... _ Note circulation Deposits 2,329 2,525 2,000 9,982 2,250 6,705 9,507 353 * Notes issued, less amounts held in banking d apartment and in currency note account. J Not including gold held abroad. 1926 1927 September August July Septem ier N a t i o n a l B a a k of B u l g a r i a (millions of4leva): Gold Foreign bills, etc ~_. Loans and discounts Advances to State Note circulation Deposits 1,266 602 1,105 4,516 4,104 2,719 1,258 526 1,015 4,562 4,086 2,747 1,247 330 964 4,562 3,842 2,640 624 1,519 5,558 3,708 3,151 Central B a n k of Chile (millions of s): Gold at home Gold abroad Loans and discounts Note circulation.. Deposits . 60 433 37 268 117 60 486 36 264 168 85 483 35 266 185 146 331 59 369 107 20,156 23, 336 12,992 40, 370 20. 214 22,106 13, 256 41,040 8,118 17,124 «18,855 * 11,813 «36, 512 «6.096 1,057 2,132 142 1,056 1,895 105 1,056 1,693 191 1,029 1,491 200 522 7,650 699 529 7,215 791 7,046 787 655 7,510 902 B a n k of t h e Republic of C o l o m bia (thousands of pesos): Gold at home ._. „__„_-. Gold abroad ~— Loans and discounts „„.„.->. Note circulation..., „__„_-. Deposits „_ „_„_ ._.. Czechoslovak N a t i o n a l Bank (millions of Czechoslovak crowns): Gold and silver Foreign balances and currency... Loans and advances Assets of banking office in liquidation.. Note circulation _ Deposits B a n k of Danzig (millions of Danzig gulden): Balances with Bank of England.. Foreign bills, etc Loans and discounts Note circulation Deposits . National Baiak of D e n m a r k (millions of kroner): Gold. Foreign bills, etc Loans and discounts.. Note circulation... _„ Deposits.__ ___ National B a n k of E g y p t (thousands of Egyptian pounds sterling): Gold English Government securities... Egyptian Government securities. Note circulation . Government deposits Other deposits B a n k of E s t o n i a (millions of Estonian marks): Gold. _ Cash in foreign currency Foreign correspondents' account. Foreign bills Loans and discounts Note circulation ..-__ Total deposits—_„„ ._>-., 3 21 14 17 36 4 182 78 85 351 19 182 64 102 353 22 209 30 110 377 22 3,676 3,665 21,105 20, 505 22,983 25, 639 23,840 23, 504 16,627 19, 546 17,648 16, 729 3,479 23,404 27,457 26,195 20, 588 14,484 510 39 399 81 5, 674 1,934 4,494 503 27 201 136 5,881 1,884 4,510 182 67 343 19 511 37 450 86 5. 543 i;S66 4,336 3 Figures previous to Oct. 25,1926, carried at par. * Figures previous to 1927 carried at par. • Figures are for August, 1926. 772 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 CONDITION OF CENTRAL BANKS—Continued 1927 | August Bank of Finland (millions of Finnish marks): Gold Balances abroad and foreign credits __. Foreign bills _. Domestic bills _ State debts Note circulation Demand liabilities 321 1,231 592 124 1,476 491 322 1,095 70 628 124 1,414 M&tioeai Bank of Greece (millions of drachmae): Gold and balances abroad Government loans and securities. Loans and discounts............. Note circulation...... .--Total deposits _ .--. July September 323 914 69 686 122 1, 377 303 2,429 3,837 2,924 4,772 4,158 329 956 104 521 262 1,335 392 lions of pengo): Gold __.. Foreign bills, etc Loans and discounts.... Advances to treasury Other assets Note circulation DepositsMiscellaneous liabilities —. .-. Bank of Java (millions of florins): Gold _.—_._..— Foreign bills.—... Loans and discounts „-„-_ Note circulation _.__ __. Deposits ..... 197 93 310 115 273 477 261 224 184 25 139 321 75 287 115 286 472 256 220 115 268 466 226 226 184 27 123 325 185 31 100 326 55 199 24 107 329 67 Bank of Latvia (millions of lats): Gold... Foreign exchange reserve Bill Loans _ Note circulation Government deposits. Other deposits._-._„. 196 52 Bank of Lithuania (millions of litas); Gold Foreign currency Loans and discounts „. Note circulation _ Deposits . Netherlands Bank (millions of florins): Gold . Foreign bills . Loans and discounts ~Note circulation ... Deposits — 127 273 768 35 386 132 266 803 22 387 128 291 790 52 Bank of Norway (millions of kroner): Gold........ Foreign balances and bills.. Domestic credits „ Note circulation.. Foreign deposits.._ Total deposits _-. 147 31 266 325 5 97 147 20 285 328 5 147 5 291 331 6 97 Reserve Bank of Pera (thousands of li bras): Gold Gold against demand deposits Foreign exchange reserve...._, Bills........ Note circulation Deposits 4.199 217 750 1,724 5,949 435 4,197 219 782 1,651 6, 046 438 4,097 318 709 1,884 6,124 637 1 Not including gold held abroad. B a n k of P o l a n d (millions of zlotys): Gold Foreign exchange, etc . Loans and discounts---.,... Note circulation Current a c c o u n t s Private Treasury... Liabilities in foreign currency 182 243 470 174 236 456 164 221 447 745 185 109 382 581 130 125 22 122 131 21 119 108 21 105 12 21 171 221 1,821 58 168 207 1,791 80 9 258 200 1, 879 71 148 147 148 9,087 8,783 8,764 16, 359 16, 359 16,359 21,022 21,042 21, 051 10,183 9,304 8,689 142 8,991 10, 679 21,044 8,032 1, 946 3, 732 3,253 4, 686 3,947 N a t i o n a l B a n k of R u m a n i a (mil169 81 182 150 265 441 182 195 197 90 419 218 185 824 45 September temper B a n k of P o r t u g a l (millions of escudos): Gold.. _. Balances abroad Bills... : Note circulation Deposits.. National Bank of Hungary (mil- 1926 1927 1926 lions of lei): Gold 6 . . Bills... -..Advances to State . Note circulation Deposits... S t a t e B a n k of Russia (note-issuing department; thousands of chervontsi): Gold Foreign currency ,. Loans and discounts Bank notes N a t i o n a l B a n k of t h e K i n g d o m of Serfos, C r o a t s , a n d Slovenes (millions of dinars): Gold _ Foreign notes and. credits Loans and discounts Advances to State ._.». Note circulation Deposits„..__S o u t h African Sleserve B a n k (thousands of pounds sterling): Gold Foreign bills . Domestic bills.. . Note circulation Deposits. . . B a n k of S p a i n (millions of pesetas): Gold......... Silver.—..r Balances abroad Bills discounted Checks and drafts Note circulation — Deposits „ --._. B a n k of S w e d e n (millions of kroner): Gold. Foreign bills, etc Loans and discounts.. Note circulation 147 Deposits. 69 National Bank (millions of 396 Swiss francs): 328 Gold... 8 Funds on demand abroad. 245 Loans and discounts... Note circulation Deposits. -_ 4,398 Bank of t h e Republic of Uruguay 1,154 (thousands of pesos): 684 Gold 1, 879 Loans and d i s c o u n t s — 6,505 Note circulation 1,178 Deposits 17,748 15,335 7,''". 5,120 64,296 85, 677 17, 363 7,440 76, 838 102, 657 17,303 7,285 70,419 95,330 384 1,543 2,966 5,763 1,310 1,449 2,966 5,628 1,443 384 1,317 2,966 5,522 1,521 7,992 6,186 1,646 8,586 7,063 7,636 6,184 1,645 7,577 7,218 7,942 4,957 1,809 8,562 7,043 7,624 7,037 180 6,862 7,152 2,598 678 39 464 1,241 4,142 2,598 681 38 527 1,237 4,123 1,053 2,597 681 39 546 1,314 4,141 1,048 2,557 669 33 657 1,629 4,356 1, 076 231 216 285 560 98 221 204 505 119 221 176 279 499 112 226 177 287 549 70 471 26 374 877 84 444 47 394 843 104 444 48 366 839 85 437 19 391 834 86 55, 419 97, 829 62, 738 77, 566 55,418 95, 552 64,930 74,059 54,943 91, 979 62,212 66,095 83 320 1,529 2,966 5>719 773 FEDEKAL BESERVE BULLETIN "NOVEMBER, 1927 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1927 tember •Nine L o n d o n clearing b a n k s (millions of pounds sterling): Money at call and short notice... Advances and discounts Investments Deposits ___ _ T o k y o foanSss (millions of yen): Cash on h a n d . . Total loans Total deposits Total clearings =_ 1926 September July August 134 1,131 234 1,668 138 1,123 236 1, 669 133 1,135 237 1,682 272 1,923 1,879 1,794 1,931 1,807 1,647 216 1,955 1,788 1,753 1927 July June 69 1,288 446 536 167 2,295 1,281 424 542 174 2,267 1,282 446 534 178 2,327 106 186 104 177 106 177 1,896 54 121 2,011 1, 915 56 124 2,024 1,919 56 August •Ctiartered banks of Canada (millions of dollars): Gold coin and bullion 1 Current loans and discounts Money at call and short notice... Public and railway securities Note circulation Individual deposits Gold reserve against Dominion notes Dominion note circulation ••Joint-stock banks of Denmark (millions of kroner): Loans and discounts Due from foreign banks.. Due to foreign banks Deposits and current accounts... •Joint-stock banks of Finland (millions of Finnish marks): Loans and discounts Due from abroad Due to abroad _ _ Deposits.- 7,955 437 326 7,116 143 2,025 7,952 378 321 7,033 1927 7,823 215 359 August T h r e e commercial b a n k s of F r a n c e (millions of francs): Bills and national defense bonds. Loans and advances Demand deposits Time deposits , Sis Berlin b a n k s (millions of reichs115 marks): 2,516 Bills and treasury notes , 1, 918 Due from other banks 2,902 Miscellaneous loans , Deposits Acceptances.1926 F o u r private b a n k s of Italy (millions of lire): Cash Bills discounted _ August Due from correspondents Due to correspondents... Deposits Joint-stock b a n k s of Norway 71 (millions of kroner): 1,207 Loans and discounts _. 384 Due from foreign banks 528 Due to foreign banks 167 Rediscounts 2,199 Deposits 110 Joint-stock b a n k s of Sweden (millions of kroner): 181 Loans and discounts Foreign bills and credits abroad.. Due to foreign banks Rediscounts _ 2,000 Deposits... 53 119 Swiss C a n t o n a l b a n k s (millions of francs): 2,151 Loans and discounts Mortgages Foreign b i l l s . . . . . Due from banks and correspond6,958 ents 191 Commercial deposits 329 5,876 Savings deposits 113 1,096 248 1,623 1926 July June August 12,147 11,127 5, 002 4,927 25, 237 24,045 447 424 14, 955 5, 285 21,928 297 1,373 843 4,660 6,409 404 1,339 731 3,348 5,102 1,249 1,374 5,423 13, 489 2,456 1,205 9,388 5,321 13, 759 2,313 1,429 880 4,788 6,600 1,635 83 151 133 1,789 1,655 75 149 136 1,792 1,645 66 167 137 1,807 1,888 134 263 186 1,897 4,151 197 119 115 3.557 4,172 185 127 125 3,552 4,352 179 117 171 3,515 4, 338 147 129 96 3,574 1,761 2,841 20 1,768 2,835 23 1,755 2,826 21 1,710 2,727 25 310 708 1,560 291 705 1,554 284 699 1,551 266 650 1,457 i Not including gold held abroad. DISCOUNT RATES OF 33 CENTRAL BANKS [Prevailing rates, with date of last change] Country Austria "Belgium Bulgaria Chile Colombia Czechoslovakia. Danzig Denmark ^England Rate 5 10 7 7 5 6 5 4H In effect since— Aug. June Aug. Mar. May Mar. June June Apr. 25,1927 23,1927 31,1924 7,1927 15,1924 8,1927 21,1927 24,1926 21,1927 Country Rate Estonia. . Finland. France. -Germany _ Greece __ Hungary.. India Italy 8 m 7 10 6 5 7 In effect since— Oct. Aug. Apr. Oct. June Aug. Sept. June 1,1926 11,1927 14,1927 4,1927 6,1927 26,1926 10,1927 18,1925 Country Japan Java Latvia Lithuania Netherlands Norway Peru Poland Rate 5.48 6 7 7 5 6 8 In effect since— Oct. May Jan. Feb. Oct. Nov. Apr. May 10,1927 3,1925 1,3927 1,1925 13,1927 1,1927 1,1923 13,1927 Country Rate Portugal Rumania Russia. South Africa Spain Sweden Switzerland. Yugoslavia.. 8 6 8 6 5 4l ZA 6 In effect since— Julv Sept. Apr. Sept. Mar. Apr. Oct. June 27,1926 4,1920 —,1924 10,1927 23,1923 22,1927 22,1925 23,1922 Changes: South African Reserve Bank from 53^ to 6 per cent on Sept. 10, 1927; German Reichsbank from 6 to 7 per cent on Oct. 4, 1927; Bank •of Japan from 5.84 to 5.48 per cent on Oct. 10, 1927; Netherlands Bank from 3K to AlA per cent on Oct. 13, 1927; Bank of Norway from 4-H to 5 per cent on November 1, 1927. 774 FEDEBAL KESEEVE BULLETIN NOVEMBER, 1927' MONEY RATES IN FOREIGN COUNTRIES Switzerland 1926 January February March April May June July-.. August SeptemberOctober NovemberDecember.-. 1927 January February March Aprils. May June July. August September... i For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1026. Rates for Belgium, France, and Italy, added to this table in April, are from the same source as the figures for Switzerland—viz, Bulletin Mensuel, Banque National Suisse—and are quoted in the same way. 775 FEDERAL RESERVE BULLETIN NOVEMBEK, 1927 GOLD MOVEMENTS [In thousands of dollars] Germany United States Imports Exports Net imports or exports 5,038 3,603 7,337 8,870 11,393 4,426 10,204 4,862 4,128 50, 741 10, 456 7,216 73,526 50, 600 25,104 21,604 13,390 6,713 4,416 2,136 6}784 28,039 24.360 5,968 -68,488 -46,997 - 1 7 . 767 -12.734 -1,997 - 2 , 287 5,788 2,726 - 2 , 656 22. 702 -13,904 Month 1925 January. ____.. February March __„ April May... June July... August September October November December ,. Total. 1926 January .. February March April May June July.. August _. September October November December.... Total,. Imports Net imports Imor exports ports () Exports 19,737 10,969 14,912 16,218 18, 759 12, 928 5,287 28,976 7, 251 8,997 7,990 727 590 661 630 616 658 673 672 587 896 1,076 1,013 812 128, 272| 262,640 -134,367 152, 750 19, 351 3,087 16, 264 25,416 3,851 21, 565 43, 413j 4,225 39,188 13,116 17, 884 - 4 , 768 2, 935 9,343 - 6 , 4 0 8 18,890j 3,346 15, 544 19,820 5.070 14, 750 11,979 29, 743 - 1 7 , 764 15.9S7 23,081 - 7 , 0 9 4 8,857j 1,156 7. 701 16, 738 7,727 9,011 7,196 17,004 9,808 213, 504 115, 708 11,027 21,481 9,061 5,017 12,896 27,350 43,468 13,641 4,059 26,337 17,062 10;604 Net imports Imor exports ports 823 740 768 604 621 634 702 869 902 858 4,694 13,290 789 145 -60 5 9,997 22, 906 35,474 15, 560 17, 549 22,021 16, 809 6,278 7. -"" 18, 687 16,103 19, 510 18,867 12,137 16,918 18, 561 14, 531 • 8,720 129,267 187, I 11,9131 7,611 12. 750 3,489! 6,852 4,881 6, 210 8, 959 5,017 21,262 2-1590 18, 609 Net Net imports imports or exor exports ports () 2,283 2,559 253 5,049 5,059 9,701 14,631 2,043 139 731 7 41 365 1,078 -224 -4,963 -5,054 - 9 , 689 -14, 512 -1,014 792 4,161 9,197 9,525 32,157 10,108 9,198 -6,472 7,120 -4,346 -6,029 -4,078 6,615 156 619 87 270 1,010 330 136 800 580 464 108 55,468 11,174 11,835 11,222 13.300 132,140 Exports 2,648 3, 637 29 86 5 12 119 1,029 931 4,892 9,204 9,566 23,354 -12,327 18, 605 2,876 14, 672 - 5 , 611 9,694 - 4 , 677 12,818 78 7,864 19.486 15, 918 27, 550 13,144 497 13, 324 -9,265 49, 517 -23,180 41,570 -24, 508 21, 257 -10, 653 143,867 202.004 241, 739]-39, 735 5,517 14,030 9,561 1,393 838 571 626 10.631 23, 608 36,343 i 16,4621 18, 407! 97, 796 137,987 19,147 10,308 14,282i 15, 602 18,1011 12, 2551 4, 615 j 28,389 6,355 7,921 6,977 -85 Exports South Africa Netherlands Great Britain India Net imports or ex- - 6 , 767 -8,361 - 2 6 , 286 -14, T" -10,566 -27,580 -21,363 —21,107 -18,976! -18,3221 -9,479j -15, 734! 28S 241 44,240 53, 957 4,746 11.376 8,492 9,226 9,810 13,967 15, 767 11,275 7,903 42,495 -10,338 -198,930| 219,000 35 6,580 483 -327 599 20 59 28 70 200 959 51 2,014 - 1 , 684 60 76 656 144 150 430 174 290 2,613 - 2 , 505 6,483 -19,952| -14,8921 -8,4791 - 2 9 , 737 -18,003 -21,002 - 2 2 , 668 - 1 5 , 723i 8,619 7,062 17,233 -29,082 —13, 376 - 1 0 , 553 12,317 7,241 4,076 4,404 4,83? 4,004 3,466 3,530 4,691 -212,152 83,627 1927 January February March _. April May June July August September 59,355 14,890 44, 465 22, 309 2,414 15,895 16, 383 5, 625 10. 758 14, 503 2,592 11,911 34,212 2,610 31,702 14.611 1,840 12,771 10, 738 1,803 8,935 7,877 1,524 6, 353 12, 979 24,444 -11,465 525 659 840 771 673 662 685 680 14, 088 10, 329 6, 576 935 705 711 705 11, 259 13, 563 9,670 5,736 164 32 49 20 10, 579 MOVEMENTS TO AND FROM GREAT BRITAIN 11,514 15,742 7,526 24, 678 16,464 8,435 13,071 21,469 8,381 18,181 -6,667 262 15,480 632 6,894 3, 735 20,943 26, 580 -10,116 9,674 -1,239 6,061 7,010 5,782 15, 687 7,637 744 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 . 1926 JanuarySeptember Imports Exports Imports 123 124 583 2,291 907 3,714 5,728 7,732 6,347 3,328 28,042 6, 959 9,752 2,153 2,976 802 1,175 12, 349 Country of origin or destination 467 2 245 277 5,282 4,892 104 521 3,916 2,384 8,148 9,842 153,240 6,293 18 23, 278 3,557 36 73,207 8,381 7,637 127, 281 100,025 187,607 132,138 Total... 74 ' 3,407 539 18 547 50 1,970 2.518 6,543 10,041 4,941 4,890 7.122 5,936 2,860 180 168 1926 8,257 14, 704 5 144 2,099 4 242 1,138 1,543 12,818 7,752 1,199 JanuaryAugust August Imports Exports England. France United States Aden and dependencies . Arabia.. Bahrein Islands British Oceania Ceylon China... Mesopotamia Straits Settlements. _ Java Egypt Natal . _ All other countries. . 10 486 - 1 7 , 522 -14,079 - 2 0 , 718 -23,146 -15,7171 -17,470 1927 Calendar year Exports 36 1,228 411 449 -1,053 -2,968 -2,537 -4,420 -2,372 78 [In thousands of dollars] 1927 September 39 1,334 3,015 5,190 4,623 2,477 47 M O V E M E N T S T O AND F R O M INDIA [In thousands of dollars] Country of origin or destination 74 1,303 411 488 281 47 2, 653 203 105 125 Exports 285 86 54 75 491 97 45 57 73 3 724 877 2,863 3 Calendar year Imports Exports Imports 9,418 39 77 2 12,833 1,032 552 47 1,133 358 485 11, 565 155 217 2,737 339 5,757 23, 597 10 3 2,865 49,837 14 44,905 53 84,123 727 661 535 1,613 966 156 1,025 322 Exports 7 4 242 144 85 11 497 776 FEDERAL BESEKVE BULLETIN NOVEMBER, 1927 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations. 1 In cents per unit of foreign currency] EUROPE Austria (schilling) Belgium (belga) Bulgaria (lev) 19.30 Par value 14.07 13.90 1926—October 1927—March "... April May June July August September October 14. 0842 14. 0738 14.0736 14. 0674 14. 0625 14. 0695 14. 0629 14. 0816 14. 0820 2 2. 7784 13.9000 13. 9000 13. 8968 13.8900 13. 8980 13. 9107 13. 9220 13. 9260 Par value _ 1926—October 1927—March April.. __ May June July August September October .7260 .7246 .7249 .7238 .7218 .7232 .7230 .7246 . 7229 Czechoslo- Denmark vakia (krone) (crown) 2. 9618 2.9618 2. 9616 2. 9615 2. 9616 2.9626 2. 9627 2.9626 2. 9627 England (pound) France (franc) Germany (reichsmark) Greece (drachma) 19.30 23.82 19.30 26.80 486. 65 2.52 26. 5744 26. 6456 26. 6681 26. 6784 26. 7207 26. 7276 26. 7785 26.7680 26. 7932 485. 0328 485.4025 485. 6546 485. 7020 485. 6088 485. 5056 486. 0233 486. 3528 486. 9676 .2. 5211 2. 5205 2. 5205 2. 5201 2. 5194 2. 5196 2. 5189 2. 51S9 2. 5187 Italy (lira) Netherlands (florin) Norway (krone) Poland (zloty) Portugal (escudo) Rumania (leu) 19.30 40.20 26.80 19.30 108.05 19.30 40. 0036 40.0137 40. 0023 40. 0196 40. 0515 40. 0600 40. 0719 40. 0776 40.1920 23. 6080 26. 0474 25.8592 25. 8360 25.8896 25.8352 25. 9374 26. 3620 26. 3404 11.0892 11. 3703 11.4226 11. 3816 11. 3065 11.2500 11. 2240 11.2168 11. 2096 4.1196 4. 5059 5. 0204 5.4016 5. 5819 5.4488 5.4396 5. 4432 5. 4616 Finland (markka) 5.1108 5.1170 5.1138 5.1220 5.0419 5. 0008 4. 9574 4.9288 4. 9458 . 5357 .6128 .6157 . 6176 .5964 .6094 .6163 .6181 .6193 NORTH AMERICA 2. 9404 3.912G 3. 9188 3. 9168 3. 9169 3.9112 3. 9193 3. 9200 3. 9236 Russia 3 (chervonetz) Spain (peseta) 514. 60 * 515.0000 4 515. 0000 4 515. 0000 4 515. 0000 4 515. 0000 4 515. 0000 4 515. 0000 4 515. 0000 4 515. 0000 23.8028 23.7137 23. 7011 23.6924 23.6923 23.7428 23. 7859 23. 8004 23.8624 1.2087 1.2898 1. 3295 1.3211 1. 3430 1.3232 1. 3083 1. 3243 1. 3262 Sweden (krona) Switzerland (franc) 19.30 26.80 19.30 15.1016 17.4088 17. 6385 17. 5912 17.1988 17. 0856 16. 9000 17.1504 17. 2540 •26. 7288 26. 7452 26. 7788 26. 7480 26. 779226. 7784 26. 8203 26. 8752 26. 9238 19. 3084 19.2359 19. 2323 19. 2324 19. 2385 19,2528 19. 2759 19.2816 19. 2868 Hungary (pengo) 17.49 17. 5816 17. 5074 17.4773 17. 4556 17.4438 17.4376 17. 4363 17.4688 17.4624 Yugoslavia (dinar) 19.30 1. 7674 1. 7593 1. 7581 1. 7579 1. 7577 1. 7585 1. 7596 1. 7604 1. 7607 SOUTH AMERICA Argentina Bolivia 3 (peso-gold) (boliviano) Canada (dollar) Cuba (peso) Mexico (peso) Par value 100.00 100.00 49.85 96.48 1926—October 1927—March April May June... July August __ September... October 100.0685 99.9019 100.0942 100. 0658 99.9360 99. 8520 99. 9404 100. 0497 100.1099 99.9252 100. 0265 100.0260 99. 9606 99. 9150 99. 9288 100.0073 99. 9524 99. 9387 48.0545 47. 0084 46. 8681 46. 5867 46.4197 46. 5383 47. 3931 47. 7219 47. 6667 92.7536 95. 9811 96.1738 96. 2008 96.4373 96. 5540 96. 8448 97.1248 97.1572 Colombia3 Ecuador (peso) (sucre) 3 Peru3 (libra) Brazil (miireis) Chile (peso) 38.93 32.44 12.17 97.33 48.67 486.65 103.42 33.7500 34. 0000 34.0000 34. 0000 34.4231 34. 5950 34. 7546 34. 8000 34. 8000 13. 9768 11. 8452 11. 7965 11.8084 11. 8050 11. 7916 11.8237 11. 8596 11.9172 12.1000 12.0041 12. 0327 12. 0204 12. 0235 12. 0224 12. 0292 12. 0736 12.1712 97.6656 97. 5663 95. 0181 97.4688 97.4196 97. 5345 98. 2798 97.9872 97. 4736 18.1875 18. 3125 18. 3125 18. 3125 19. 6019 19. 5750 19. 3750 19,3750 19. 3750 364.2200 366. 5926 363.3077 364. 6400 374.4231 374. 6000 374. 9626 388. 5600 384.1600 100.2104 101. 2763 101. 9750 100. 7088 100. 3708 99.1684 100.1381 100. 4052 101.8796 SOUTH AMERICA— Uruguay (peso) AFRICA ASIA continued Venezuela 3 (bolivar) China» (Mexican dollar) China 5 (Shanghai tael) Hong Kong 5 (dollar) India (rupee) Japan (yen) Java 3 (florin) Persia (kran) Straits Settlements (Singapore dollar) Par v a l u e . . . 19.30 48.11 66.85 47.77 36.50 49.85 40.20 9.46 56.78 1926—October 1927—March April ____ May June July ____ August September October 19.0000 18. 7500 18.7500 18.7500 18.7620 19.1280 19.1552 19.1700 19.1700 44. 8668 44.1341 45.5388 45. 6136 45. 5077 44.6004 43. 3807 43. 9572 44. 7376 59.9760 60.5048 62.0138 62.1680 62. 7362 62. 2760 60.3781 61. 2068 61. 8328 47. 7684 48.6855 49.6865 49. 2716 49. 0742 48. 9772 48.1600 48. 4980 48. 8552 36.1496 36.3004 36.1423 36.2332 36.1973 36.1108 36.1252 36. 3356 36. 4092 48. 6612 49.1411 48.3738 47. 0832 46.6896 47.1312 47.3322 46. 8248 46. 5664 40.3125 40.1702 40.1503 40.1638 40.2079 40.1963 40.1740 40.1675 40. 2618 9. 9124 9. 5952 9. 5946 9. 5692 9. 6562 9. 6976 9.6375 56. 0728 55. 9556 55. 9535 55. 9896 55. 9807 55. 9600 55. 9711 55. 9908 56. 0332 Turkey (Turkish pound) 439.65 51. 0884 50.3122 50.9035 52. 2232 51.9992 51.0544 49. 9774 Egypt (Egyptian pound) 494.31 497. 2896 497.6670 497.8981 497.9792 497.8950 497. 7768 498. 2844 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. 2 Rate on franc. 3 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 4 Nominal. 5 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 $0.56347 for October, 1927, $0.55757 for September, 1927, and $0.54817 for October, 1928. The corresponding London prices (converted at average rate of exchange) were $0.56533, $0.55988, and $0.55216. 777 FEDERAL KESERVE BULLETIN NOVEMBER, 1927 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES Europe United States (Bureau ofLabor AusStatis- tria tics) i (gold basis) Month January Belgium Bulgaria Finland (gold basis) Germany 8 H u n (Federal gary Statis- Feder(gold al Re- Statistical tical basis) serve Bureau) Bureau Board Italy 3 Nether- Norway (Bachi) lands (Oslo) 1926 February March April.— May June July . August . _ _ September. ._ __ . October November December January France England Czecho- Den(Board sloof vakia 2 m a r k 3 Trade) 104 102 100 100 101 101 100 99 100 99 98 98 122 120 119 119 118 124 126 126 123 125 128 127 560 556 583 621 692 761 876 836 859 856 865 860 2,901 2,899 2,844 2,774 2,938 2.842 2,838 2,759 2,728 2,716 2,739 2,718 966 950 938 923 928 926 948 962 973 972 978 978 172 165 158 157 158 157 158 162 162 178 170 158 151 149 144 144 145 146 149 149 151 152 152 146 143 142 141 141 140 141 141 143 143 143 143 144 634 636 632 850 688 739 836 770 787 752 684 627 527 540 545 565 597 631 704 691 691 695 662 592 136 134 133 133 132 132 133 134 135 136 137 137 127 125 123 123 122 122 123 122 122 125 127 126 608 604 592 590 598 605 618 633 622 597 594 574 154 150 145 143 144 144 142 140 140 143 147 146 214 211 204 198 196 195 196 196 197 188 182 176 97 96 95 94 94 94 94 95 97 130 130 333 135 137 142 140 133 130 856 854 858 846 848 851 845 850 837 2,706 2,688 2,649 2, 592 2,751 2,823 2,775 2,745 979 975 976 979 988 990 992 983 975 157 156 153 152 152 152 152 153 144 143 141 140 141 142 141 141 142 144 144 143 143 142 144 144 147 148 622 632 641 636 629 623 617 618 601 591 595 600 610 618 605 590 578 574 136 136 135 135 137 138 133 138 140 127 129 128 130 133 133 133 133 134 558 556 545 521 496 473 467 465 465 146 145 144 143 146 148 150 149 150 170 165 160 159 160 159 160 161 158 1927 February _. March April May „ June July August September . October Europe—Continued Month 2 Poland 3 Russia 1926 January February March. April May June July „.... August September October November December . . 1927 January February March April May June. __ July . August September October Switzer Spain Sweden lands Canada Peru Australia China (Shang hai) 154 158 158 178 197 191 181 188 190 192 193 195 183 190 194 196 197 189 183 182 180 179 178 178 186 183 183 179 179 177 178 180 178 179 185 186 153 152 149 150 151 150 148 147 146 148 148 150 156 155 151 148 147 145 145 146 146 145 147 148 164 162 160 161 157 156 156 154 153 151 152 151 206 205 204 204 206 204 204 204 202 202 198 199 161 160 163 168 167 163 162 162 158 154 155 155 164 163 164 163 160 156 157 161 164 171 174 172 195 197 200 206 208 206 207 207 206 177 179 179 177 175 174 173 171 170 170 184 180 179 177 172 171 168 168 146 146 145 143 145 146 146 146 148 147 145 147 147 147 147 147 147 148 148 151 150 149 149 152 154 152 152 151 200 204 206 201 207 206 205 204 205 200 154 153 150 151 152 155 161 165 170 173 172 175 173 171 169 171 171 172 » New index—1926=100. Africa Asia and Oceania 8 Dutch India Japan East (Cal- (ToIndies cutta) kyo) 160 157 156 156 155 156 158 157 156 156 157 154 154 155 155 153 New Zealand Egypt South (Cairo) Africa 159 154 151 149 146 147 145 147 146 144 146 146 192 188 184 181 177 177 179 177 175 174 171 170 159 159 157 156 156 155 156 154 153 153 151 153 134 134 134 133 128 129 129 129 129 129 130 130 146 148 146 145 146 149 150 151 150 170 171 171 170 171 173 170 167 169 150 146 146 146 145 146 146 126 124 124 122 124 123 118 117 120 First of month figures. 124 120 122 126 12S 126 120 _ 3 New index. p 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; 1901-1910; 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 this issue of the BULLETIN. 778 FEDERAL RESEEVE BULLETIN NOVEMBER, 1927 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war=100] ITALY—CHAMBER OF COMMERCE ENGLAND—BOARD OF TRADE September August All commodities Total food Cereals Meat and fish.... Other foods Total, not food Iron and steel_._ Other minerals and metals Cotton Other textiles-.. Miscellaneous July June May September 142 153 157 142 160 136 116 141 151 157 135 162 136 117 141 154 156 134 171 135 118 142 156 157 137 175 134 120 141 153 154 133 172 135 122 151 153 148 152 158 150 127 114 178 159 142 115 168 158 142 115 160 157 . 142 117 155 154 141 121 150 153 141 171 163 156 145 FRANCE—STATISTICAL BUREAU All commodities All foods.. __.. Animal foods Vegetable foods. Sugar, coffee, cocoa All industrial material Minerals Textiles Sundries 601 558 529 564 618 585 537 618 617 597 551 624 623 611 557 653 629 630 574 674 787 722 576 810 591 599 622 616 637 825 636 542 813 611 645 557 830 613 640 574 804 606 633 574 767 608 629 579 734 615 840 GERMANY—FEDERAL STATISTICAL All commodities Total agricultural products Vegetable foods. Cattle Animal products Fodder Provisions Total industrial raw materials and semi-finished products.. Coal. Iron. Non f e r r o u s metals Textiles. Hides and leather.. Chemicals Artificial fertilizers Technical oils and fats. Rubber Paper materials and paper Building material Total industrial finished products _ Producers' goods Consumers' goods BUREAU 140 138 138 138 137 135 139 144 121 139 150 116 138 162 111 140 168 112 139 169 107 134 139 128 152 142 130 138 146 129 129 151 130 126 157 128 128 157 129 146 116 132 134 130 124 133 130 126 132 130 127 132 130 126 131 129 126 130 134 124 105 166 107 159 106 155 107 153 108 150 118 150 139 124 136 124 134 123 125 124 124 124 120 122 82 81 80 85 84 84 121 42 123 45 125 44 126 47 129 51 131 151 150 151 150 150 162 161 161 161 160 151 131 148 130 147 130 146 130 144 129 147 144 130 166 162 160 158 156 155 1 All commodities Total food Vegetable foods. Animal foods All industrial products . Textiles.-_ Chemicals Minerals and metals Building materials Other vegetable products Sundries A u J u n e §ust 485 513 549 470 491 534 563 497 509 558 579 531 537 509 533 480 474 456 453 474 443 455 475 436 455 490 446 470 516 475 456 465 471 483 541 554 566 589 601 465 535 457 540 445 540 494 550 536 571 651 145 150 128 113 146 141 143 117 118 126 162 171 SWEDEN—BOARD OF TRADE All commodities 148 146 146 146 147 148 151 151 Vegetable products142 135 127 128 Animal products 114 116 117 118 Fuels and oils Raw materials for manufacture in i iron and metal 117 117 117 118 industry Paper pulp and pa158 159 158 158 per Raw materials for manufacture in 130 122 122 119 leather industry... Raw and manufac167 168 170 169 tured chemicals... 137 138 137 138 Raw materials Semifinished mate152 151 151 151 rials 151 148 148 148 Finished materials.. 137 137 137 138 Producers' goods 157 154 153 153 Consumers' goods... 621 552 700 727 665 701 622 709 118 123 170 136 171 138 148 148 136 153 146 151 135 156 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS All commodities 170 161 155 152 165 158 Metals and coal 176 178 178 179 178 178 Textiles.. _ 168 155 142 150 145 145 Agricultural prod162 ucts 181 174 167 157 189 Dairy products 157 157 161 160 140 156 Groceries and tobacco 168 169 168 167 169 167 Meat „. 164 124 153 104 139 113 Building materials.. 154 144 153 152 152 150 Chemicals 183 183 179 183 180 179 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS 1927 August 147 148 157 147 157 147 156 147 155 147 155 146 158 123 146 125 144 126 144 128 146 128 145 113 144 First-of-month figures. temb'er September 1926 55 S W I T Z E R L A N D i—DR. J. L O R E N Z All commodities Consumers' goods. __ Agricultural products Industrial products - 1926 1927 1926 1927 All commodities Cereals™ Pulses Tea Other foods Oil seeds Raw jute . „ Jute manufactures._. Raw cotton C o t t o n manufactures ___ Other textiles Hides and skins Metals Other articles - _ July June May April August 151 142 158 182 171 145 114 161 181 150 138 152 188 169 151 108 152 185 149 140 155 179 171 155 90 139 169 146 140 154 138 165 141 86 132 160 145 141 154 138 167 144 88 142 148 147 148 148 173 166 138 95 133 162 158 124 102 130 180 155 127 102 130 161 154 129 110 132 155 158 126 112 137 154 159 126 116 137 144 170 119 112 141 132 FSDEEAL BESERVE "NOVEMBER, 1927 779 BULLETIN RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] European countries Other countries United States AusNethSwit- Can- Aus- I n d i a New South (51 Bel- Bul- Eng- Es- France Ger- Greece Italy Rustria cities) (Vien(Mi- er- Norsia 2 zer- ada 2 tralia (Bom- Zea- Africa gium 1 garia land 2 tonia2 (Paris) many (Athway ens) lan) lands land bay) land na) Month 1926 January February..-., April May June July August September. __ October __November.-. December.... 1927 January February March -> April May June July August September. _ October 161 158 157 159 158 157 154 153 156 157 158 159 119 117 114 114 113 116 115 117 116 117 117 118 141 141 137 139 146 155 177 187 184 194 204 206 2,773 2,771 2,719 2,652 2,808 2,717 2,713 2,637 2,641 2, 597 2,618 2,598 171 168 165 159 158 158 161 161 162 163 169 169 137 138 136 139 139 139 139 138 128 127 127 128 480 495 497 503 522 544 574 587 590 624 628 599 143 142 141 142 142 143 145 146 145 145 148 150 1.7fiO L, 738 L, 805 L, 821 1L, 817 L, 870 L, 849 1,871 L,890 L933 1,986 1,973 681 156 153 151 151 152 155 150 149 151 119 119 118 119 119 122 122 119 207 210 201 200 196 201 205 202 206 2,586 2,569 2,533 2,478 2,630 2.699 2,653 2,625 167 164 162 155 154 154 159 156 157 131 132 129 130 130 131 134 130 592 585 581 580 589 580 557 539 532 151 152 151 150 151 153 156 150 151 152 1,975 1,975 1,975 1,975 1,975 625 642 635 617 565 541 524 518 676 654 645 664 657 654 660 652 654 630 631 148 148 147 146 146 146 146 146 145 146 147 146 216 212 205 198 195 194 198 196 193 191 186 184 226 230 234 241 250 243 236 234 231 230 234 335 165 163 161 161 159 159 159 157 158 160 159 159 157 155 154 153 152 149 149 150 147 147 148 151 155 154 159 163 163 162 159 157 155 153 155 158 151 150 151 150 150 152 155 153 152 153 152 154 154 153 152 151 151 151 149 149 148 147 146 149 116 117 118 119 119 118 117 117 117 120 119 117 147 146 146 145 145 145 144 143 143 180 177 173 169 169 172 175 175 174 208 208 205 203 201 199 199 199 198 198 158 157 156 156 156 157 157 157 153 151 149 146 145 146 147 147 147 158 153 151 151 152 153 152 155 155 152 152 151 150 151 154 155 151 148 148 146 146 145 145 144 144 116 117 118 119 121 120 119 118 COST OF LIVING [Pre-war = 100] Month European countries Other countries MassaNethchuSwit- Can- Aus- India South Hun- Italy Bel-1 Czecho- Eng- Fin- France Ger- Greece setts gium (Mi- er- Nor- Po- Spain Swezer- ada 2 tra- (Bom- Africa slovakia land 2 land (Paris) many (Athden land ens) gary lan) lands way land lia bay) 1926 January. _February._ March April _ May June July _ _-August SeptemberOctober November. December . 164 163 161 161 159 159 159 158 158 158 159 159 138 136 137 142 150 166 175 174 184 191 195 854 845 832 832 837 861 876 878 878 888 902 912 175 173 172 168 167 168 170 170 172 174 179 179 1,166 1,175 1,172 1,163 1,159 1,175 1,183 1,213 1,203 1,197 1,193 1,197 1927 January February.. March Anril May June July August September. October. 15b 157 1*6 156 157 156 155 155 155 198 200 195 195 193 196 199 198 202 914 914 915 923 930 949 962 914 910 175 172 171 165 164 163 166 164 165 1,187 1,189 1,183 1,173 1,166 1,184 1,203 1,237 1,230 138 451 485 539 545 524 525 665 661 140 139 138 140 140 141 142 143 142 142 144 144 1,673 1,664 1,706 1,731 1,741 1,791 1,808 1,818 1,833 1,862 1,895 1,889 122 121 119 119 118 116 117 116 114 114 116 116 647 642 652 650 649 652 647 672 657 657 145 145 145 146 147 148 150 147 147 150 1, 896 1,896 1,898 1,911 1,915 119 120 119 119 P9 121 119 119 655 667 663 651 612 586 548 543 170 171 174 171 164 225 218 217 168 213 166 203 367 201 167 197 169 177 185 184 178 182 189 193 197 199 202 201 200 203 205 205 199 201 202 188 183 185 187 183 183 186 178 187 190 191 193 196 190 194 196 179 179 189 221 174 173 172" "l7l" 171 170 169 167 165 163 162 160 160 160 159 159 160 159 159 160 160 159 158 159 160 160 160 155 154 154 153 152 150 150 150 149 149 150 151 152 151 150 148 148 149 149 1*9 149 157 161 158 157 156 155 154 155 153 153 155 157 155 155 155 154 156 131 131 156 155 155 153 152 154 156 157 154 151 130 130 131 131 132 132 132 131 131 131 132 131 130 130 130 131 131 129 1 1921=100. The cost of living index for Belgium has been changed from an average of seven provinces, on April, 1914, base, to a workingman's budget in 59 cities, on a 1921 base. 2 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. 780 FEDERAL RESERVE BULLETIN national banks are permitted to act under the laws of the State in which the national bank is located. Changes in State Bank Membership The following list shows the changes affecting State bank membership during the month ended October 21, 1927, on which date 1,299 State institutions were members of the system: ADMISSIONS Total resources Capital Surplus $700,000 $250,000 196, 950 40,370 1, 273,162 $200, 000 $9, 390,000 30,000 1,147,000 District No. 2 Trust Co. of Orange, Orange, N . J District No. 3 Dollar State Bank & Trust Co., Scranton, Pa District No. 2 $400,000 District No. 6 Evangeline Bank & Trust Co., Ville Platte, La. (voluntary withdrawal). 150,000 Pittard Banking Co., Winterville, Ga. (voluntary liquidation) 25,000 Wartrace Bank & Trust Co., Wartrace, Tenn. (closed) 25,000 800 54, 639 2,000 81,000 District No. 8 District No. Nashua, N. H -_. St. Johnsville, N. Y_. Little Falls, N. J West New York, N. J. Pemberton, N. J Altoona, Pa Covington, Ky Second National Bank First National Bank Little Falls National Bank.. First National B ank Peoples National Bank Second National Bank First National Bank & Trust Co. Waynesboro National Bank! First National Bank First National Bank Continental & Commercial National Bank. First National Bank Sterling National Bank Citizens National Bank Citizens National Bank Louisa County National Bank. Central National Bank United States National Bank. First National Bank __. First National Bank Joliet, 111 Sterling, 111 Tipton, Ind Charles City, Iowa_-. Columbus Junction, Iowa. Battle Creek, Mich__ Kenosha, Wis Calumet, Mich Laurium, Mich Minneapolis, Minn.. Bristow, Okla Abilene, Tex 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. Ito9. Ito9. Ito9. 5 to 9.1 Ito9. 5 to 9.1 Ito9. 1, 2, 3, and! 5. 5 to 9.1 1 to 9. Ito9. 2, 3, 5, and 8. First National Bank Ito9. American National Bank... 1 to 9. Farmers & Merchants Na- Ito9. tional Bank. First National Bank 5, 6, and 7.** Marshall National Bank.__. 5 1 Bonham, Tex Marshall, Tex 1 Powers granted Name of bank Supplemental approvals. 2 Powers granted Aug. 17. Changes in National Bank Membership Citv Trust Co., St. Louis, Mo. (title changed to Fidelity Bank & Trust Co.). The Comptroller of the Currency reports the following increases and reductions in the number and capital of national banks during the period from September 24 to October 21, 1927, inclusive: District No. 11 First State Bank, Seminole, Tex. (withdrawn on account of expiration of charter) ____ Location Waynesboro, Va $2, 587, 018 Fayette, Ala Statesboro, Ga Chicago, 111 CHANGES Springfield Avenue Trust Co., Newark, N.-J. (merged with Federal Trust Co., a member) NOVEMBER, 1927' 40,000 30,000 179, 700 Number of banks Amount of capital Acceptances to 100 Per Cent The following-named bank has been authorized by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of its capital and surplus: Rhode Island Hospital Trust Co., Providence, R. I. 8 1 9 $550,000 50,000 2,490,000 18 3,090,000 7 2 555,000 100,000 Total liquidations and reductions of capital.. 9 655,000 Consolidation of national banks under act of Nov. 7, 1918 Consolidation of a national bank and a State bank under act of Feb. 25, 1927 1 1,325,000 New charters issued Restored to solvency Increase of capital approved * Aggregate of new charters, banks restored to solvency, and banks increasing capital Liquidations Reducing capital 2 Fiduciary Powers Granted to National Banks _„ _ During the month ended October 21, 1927, the Fed1 1,200,000 eral Reserve Board approved applications of the 2 2,525,000 Total consolidations -. national banks listed below for permission to exercise one or more of the fiduciary powers named in section Aggregate increased capital for period._ 3,090,000 11 (k) of the Federal reserve act as amended, as fol655,000 lows: (1) Trustee; (2) executor; (3) administrator; Reduction of capital owing to liquidations, etc. Net increase 2,435,000 (4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capac- 1 Includes one increase in capital of $900,000 incident to the consolidaof a State bank under act of Feb. 25, 1927. ity in which State banks, trust companies, or other tion 2 one reduction in capital of $75,000 incident to a consolidacorporations which come into competition with tionIncludes under act of Nov. 7, 1918. 781 FEDERAL EESEKVE BULLETIN NOVEMBER, 1927 DETAILED BANKING STATISTICS FOE THE UNITED STATES FEDERAL-BESERVE BANKS RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] RESOURCES Federal Reserve Bank Total Gold with Federal reserve agents: Oct. 5 Oct. 12 Oct. 19, .__ _._. Oct. 26 Gold redemption fund with United States Treasury: Oct. 5-.. Oct. 12 Oct. 19 ..._. Oct. 26 Gold held exclusively against Federal reserve notes: Oct. 5 Oct. 12 Oct. 19 Oct. 26 —. Gold settlement fund with Federal Reserve Board: Oct. 5 -. Oct. 12 . Oct. 19 •_. Oct. 26 Gold and gold certificates held by banks: Oct. 5 Oct. 12 Oct. 19 Oct. 26 Total gold reserves: Oct. 5 Oct. 12 Oct. 19 Oct. 26 Reserves other than gold: Oct. 5 Oct. 12 Oct. 19 Oct. 26 Total reserves: Oct. 5 _. Oct. 12 Oct. 19 _. Oct. 26 Nonreserve cash: Oct. 5_— ... Oct. 12 Oct. 19__ Oct. 26 Bills discounted: Secured by U. S. Government obligations— Oct. 5 Oct., 12 ________ Oct. 19 Oct. 26 Other bills discounted— Oct.. 5 Oct. 12 Oct. 19 Oct. 26 Total bills discounted: Oct. 5 Oct. 12 Oct. 19 Oct. 26 Boston New York Philadelphia Cleveland 1, 561, 864 1, 604,948 1,632, 507 1, 623,253 132, 295 129, 756 127, 743 124,720 241,214 281, 214 331, 081 330,536 128,825 126,191 134, 399 131, 524 218, 984| 219,285! 203, 679 203, 980! 24, 331 23,250 22, 716 17,904 45, 695 47. 954i 40; 528 42,028 3,363 5,126 6,025 7,814 16, 768 9,478 15,1 11,184 12, 959 2,799 11,430 4,245 2, 222 2,671| 4, 111 4,304 2,187 2,7r" 2, 517 2,518 1,607, 55911 135,658 1,652,902! 134, 882 1,673,0351 133, 768 1,665,281 132, 534 Richmond 257, 982 296,301 344, 040 341, 966 138,303 137, 375 137,198 135,769 221, 206 221, 956 207, 790 2085 284; 26, 518 26, 018 25, 233 20,422 704,384 661, 099 637, 092 634, 8851 j 43, 817 43, 500 44, 312 25,656 290,620i 241,310 277,1721 289,219 49,563 47,273 32, 940 31,626 42,107 37, 685 41,219 51, 258 14,463 10, 266 17, 029 20,649 653, 841! 657,497 j 665, 378 656,886' 33, 309 34, 347 37,182 39, 643 413, 5401 409,323! 409,032 393,328 27, 651 27,893 28,606 28,166 36,170 37,137 37,409 39,128 21, 044 21, 521 21, 598 27,251 2, 965, 7841 212, 784 962,142 2, 971,498j 212, 729 946,934 2, 975, 505] 215,262 1, 030,244 2,957,052 197,833 1,024, 513 215, 517 212, 541 198, 744 195, 561 299,483 296, 778 286,418 298,670 Atlanta Chicago 163, 531 167,122 164,431 164,106 273,483 273,483 273, 285 273,164 St. Louis 37, 019 43, 715 37,867 37,839 Minne- Kansas Dallas City apolis Francisco 59,334 58,860 58,651 55,061 55,319 55,264 48,435 47,382 39, 540 40, 553 38, 592 33, 986 187, 989 186,255 191, 628 203,071 2,054 985 2,771 1,599 1, 768 1,379 1/583 1,729 885 1,112 1, 021 1,395 2,469 2,146 2,523 3,131 1,132 1,245 1,321 1,456 1,920 2,423 1,546 1,008 275, 537 274,468 276, 056 274, 763 38, 787 45, 094 39,450 39; 568 60, 219 59, 972 59, 672 56,456 57, 788 57,410 50,958 50,513 40, 672 41, 798 39, 913 35,422 189, 909 188, 678 193,174 204,079 12,940 134,873 16, 233 140,826 8,466 110, 359' 6,140 19, 628 18, 943 14, 559 21,849 14,394 15,209 11,887 11,580 23,843i 30,1301 18,546 27,674 19, 111 18,849 14, 837 17,103 8,014 7,522 7, 695 7,442 7,036 7,059 7, 045 6,998 30,501 31, 070 31, 546 31,627 66, 819 67, 706 61, 795 59,523 259,435 260, 623 270,486 273,959 8,063 8,268 8,193 8,298 8,824 1,449 1, 828 1,352 1,399 164, 980 168, 950 165, ^' 165,505 7,191 7,552 7,902 7,788 53, 304 56, 228 58, 335 56,932 62,025 185,111 57, r- 192, 7351 63, 860 182,151 68,322 179,433 463,714 471, 522 444,750 425,573 9,580 10,423 12,174 11,686 6,501 ,_,j 7,422 6,854! 6,897 i 39, 40, 45, 38, 025 875 766 253 I 136,774! 132,396 136,475 135,793 3.102, 558 3.103, r • 3,111,1 3,092,845 14,113 13, 029 14, 504 14, 232 25,6071 8,481 11,099 24,237 j 9,140 9,391 24,786 8,440 11, 610! 24,656 7, 976 226.897 987,749 223,998 225, 758 971,1711 221,681 229,766 1,055,030 207,184 212,065 1,049,169 203,537 51,150 50,328 59,695 61,137 5, 737 5,337 6,753 242.557 192; 753 224,821 236,428 17,397 18,768 14,378 28,953 110,947 36,644 54,953 68,34.8 219,928^ 237,496!1 192,776 165,970! 14,665 15,164 13,263 9,429 62, 538 83,143i 41,920 42,076' 462,485 ! 430, 249 417, 597; 402,398; 32,062 33, 932 27,641 38,382 310, 582 306,169 298,028i 308, 6G9J 4,151 4,192 4,643 5,843 11,935 11,825 11,925 12,903 r 560 61,997 66,176| 204, 197,046 68, 503 194,076 74,165 192,336 I 81,114 89,645 82, 603 95,062 78,413 77,199 74,933 85,629 22,170 12,160 4,036 6,135 21,352 12,909 3, 886 5, 521 20,921 12,885 4,171 5,202 20, 528 12,475 4, 212 5,580 485,884 80,155 492,874 87,369 465,671 79,068 446,101 85, 57" 2,607 2,509 2,592 2,546 1,754 1,817 2,209 2,413 2,732 37,768 30, 834 13,198 12,134 17, 782 16,228 766 4,592 208 276 3,297 2,227 11,727 1,970 2,035 5,660 5,794 11,139 25,177 15,590 21,184 20, 212! 19, 2541 21,151 17,922 21,155 12,639 18,121 12,107 20,033 13,361 18,101 13,340 7,875 6,671 10,478 6,682 2,028 1,901 1,799 3,143 2,762 1,877 8,826 10, 289 9,980 10,675 36,017 34,186 26, 261 15, 513 29,749 29,014 33,375 27,579 26,818 22, 505 25,129 22.438 21,073 18,805 2,794 6,493 2,0071 2,153| 12,123 12, 516 21,707 17,480 6,493 6,901 8,056 7,399 18, 509 22,348 24,537 25,089 I 9, 537j 24,899! 9,760 33, 748J 24,898 12,224 9, 657 18,9231 5,663 4,384 5,096 4,337 12,973 13,056 14,026 15,197 17, 857 20,842! 18,4081 10, 966 173,485' 31,482 119,7871 35,404 , 96873 38 38, 563 96,873 40,286 110,424| 42,756! 54,590 43,306 29,889J s 1,092 870 4,129: 2,675 i 4,772 3,590 95,780 74,881 100,583 75,974 269,269 82,401 69,988 279,681 91,209 67,821 283,110 1,002 1,295 1,158 1,111 3, 769 3,940 3,726 4, 292 1,0 85,150 86,489 82, 584 79,145 9,195 9,151 3,302 3,591 3,589 3,355; 2,991! 3,671? 4,141 15,436 15,872 18, 973 21, 555 67, 995 74,460 66,183 73,103 25, 235 37,874 33, 043 51,129J 44,1741 22,910 4,192 5,113 4, 797 7,756 9r~" 2,852 2,759 3,102 47,156 59,363 41,851 36,697 782 FEDERAL KESEKVE BULLETIN NOVEMBER, 1927 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] RESOURCES—Continued Federal Reserve Bank Total Boston Bills bought in open market: Oct. 5__ Oct. 12 _ Oct. 19 Oct. 26 U. S. Government securities: Bonds— Oct. 5 Oct. 12____ Oct. 19 Oct. 26 Treasury notes— Oct. 5___ Oct. 12 ._ _.. Oct. 19 „__. Oct. 26__ Certificates of indebtedness— Oct. 5_ Oct. 12 __. Oct. 19 Oct. 26 Total U. S. Government securities: Oct. 5_ Oct. 12 _ Oct. 19 .... Oct. 26.Other securities: Oct. 5_ Oct. 12 Oct. 19 „.. Oct. 26 — Total bills and securities: Oct. 5__ „_. Oct.l2__ „„.. Oct. 19 Oct.26__ Due from foreign banks: Oct.5_ m Oct. 12__ Oct. 19__—...___ Oct. 26 Uncollected items: Oct. 5 . _ Oct. 12 Oct. 19 Oct. 26 Bank premises: Oct. 5___._ Oct. 12 Oct. 19 _ Oct. 26 All other resources: Oct. 5 . . . . Oct. 12 Oct. 19_.„,_.__ Oct. 26 Total resources: Oct. 5. Oct. 12 Oct. 19 Oct. 26 -. __. _. _-. _„. -__- 262,165 274,361 282,503 301, 111 New York Philadelphia Cleve- Richland mond Atlanta Chicago St. Louis 19, 562 19, 590 20,053 20,500 17, 519 17,547 18,188 18,673 26.076 26.077 26, 271 26,753 11,: 11,424 11,349 11,077 7,246 7,369 7, 580 7,970 7,! 8,021 8,016 7,869 6,995 7,196 7,326 7,477 9,460 9,748 9,483 8,700 7,132 6,972 „,„.7,109 7, " ~ 4,468 4,346 4,812 5,107 7,673 7,471 7,763 8,044 6,461 6,280 6,713 7,039 10,265 9,977 10,049 10,299 22,852 36, 600 36,900 24, 230 77,954 37,118 25,318 35,054 35, 082 35,832 36,413 30,975 31,023 32, 227 33,189 45,801 45.802 45.803 45,752 35, 581 40,079 38,409 43,343 57,605 57,420 68,195 64,530 47,762 104,172 47,492| 114,753 53, 487 95,078 59,642 88,360 16 15 15 15 20 18 18 18 19 17 17 17 38 34 34 34 17,184 44,170 20,807 55, 760 19,934 49, 817 16,239 43,292 27,205 32,116 34, 702 29,273 44, 585 44,160 52,258 40,690 30,252 33,251 38,053 43,247 3,165 2,404 2,414 2,281 23,029 25,014 30, 533 36, 235 4,416 3,866 3,700 4,174 255, 972 12, 043 258, 780 12,415 255,075 12, 511 261,876 12,876 42, 561 44,116 43,400 45,233 13,368 13,395 14, 361 14,928 32,846 32,887 33,389 33,943 12, 625 12, 625 6,196 6,345 6,225 6,263 6,328 6,475 43,817 44, 496 44, 098 45,157 18,192 18,204 18, 442 18,752 126,624 133,114 124, 710 124,941 7,661 7,472 7,290 8,167 29,459 34, 402 28,636 26,912 9,207 9,376 6,215 6,425 2,641 10,276 13, 585 13, 825 14, 543 14,453 2r~ 3,399 14,314 3,481 14,375 3,559 14, 598 3,577 16,065 122,277 118, 235 120, 608 123,813 7,354 7,162 7,791 8,323 28,991 26, 698 29, 990 29,403 13,619 13, 451 14,122 14,541 9,113 8,873 9,271 9,627 8,615 8,405 3,618 3,696 3,323 3,244 3,483 3,713 504,873 510,129 500,393 510, 630 27, 058 27,049 27, 592 29,366 101, 011 105,216 102,026 101, 548 36,194 36, 222 38,172 39,745 55, 544 55, 585 57,203 58,023 27,455 27, 455 12, 455 12,439 12,947 12,988 13,370 13,765 15,263 15,356 15,887 16, 732 73,394 74,227 74,583 300 300 520 520 520 100 100 87,456 43,230' 134,297! 89,""" 38,1971 132, 284 83,1 40, 913 156,245 83,265 38,484 158,363! 28 57 75 22 25 51 67 20 25 51 67 20 25 51 67 20 114,366 126, 795 119,266 107,442 78,186 83, 566 89,436 95,668 563| 563 563 564 41 36 36 36 172 212 212 213 52 47 47 47 724, 370 775,265 851,251 688,277 68,960 67,742 83,894 65,538 187,254 186, 343 210, 008 166,825 59, 609 59, 774 59, 774 59,774! 3,946 3,946 3/946 3,946 16, 276 16,276 16,276 16,276 1,749 1,749 1,749 1,749 7,119 7,119 7,119 7,119 13,640 13, 522 12, 695 13,159 120 122 120 123 4, 058 4,429 4,178 4,621 125 138 145 137 5,182,233 5,218, 905 5,297,071 5,130,515 392, 288 392, 795 410,114 388,943 1, 589,969 1, 530,431 1,606,419 1,569,783 62, 566 64, 639 58, 605 75, 533 59,991 70, 332 78, 621 71,'"" 58,779 63,860 61,713 San Francisco 11,138 11,165 11, 838 12,241 16,066 16,620 18, 757 19,530 379,024 336,128 301, 742 311,124 Dallas 11,215 9,588 7,424 5,911 10,510 11,940 12,601 15,537 86,587 89,854 85, 599 100,336 City 11,674 11,672 13, 504 16,467 104, 528 111, 125 102,843 99,152 1,230,343 1,215,559 1,201,113 1, 214,759 apolis 9,415 10,428 10,186 9,822 11,652 10,656 15, 352 10, 637 27,467 28,873 30,366 32,588 820 820 620 620 Minne- Kansas 82, 595 80, 774 103,108 79,767 2,465 2,564 2,564 2,564 30,414 34,996 35.417 28.418 2,901 2,901 2,901 2,901 1,034 1,061 1,082 1,109 477 471 478 467 1,435 1,447 1,462 1,428 367, 704 501, 926 368,102 505,852 369, 985 360,787 491, 780 218, 562 233, 301 230, 530 226,340 278, 817 286, 061 278, 515 267,879 62,077[ 59,271! 68,860; 64,202 23 21 21 21 36,193 55,061 41, 754 33,883 8,602 3,957 3,957 8, 667 i 3, 957 8,667 3,957 2,774 2,774 2,774 2,774 4,474 4,475 4,, 475 4,475 1,827 1,827 1,827 1,827 3,519 3, 519 3,519 3,519 1,484 1,486 1,065 1,160 870 876 772 776 1,496 1,459 1,444 554 498 583 540 611 619 474 474 885 879 877 719,430 723, 053 742,879 701,524 186,263 209,857 198,023 192,006 143, 694 152, 955 146,333 144,071 205,210 221,263 208,081 206, 610 154, 060 159,862 162, 704 161.467 424, 310 435,373 434, 549 419,325 62,992 64,086 62,175 64,985 62,467 64,308 62,250 64,247 48,507 48,099 49,001 49,704 173, 759 174,264 171,109 168,536 LIABILITIES Federal reserve notes in circulation: Oct. 5 Oct. 12 Oct. 19 .„., Oct. 26 1,717,049 1, 733,829 1,716, 785 1,702,999 142, 586 143, 513 143,290 140,224 368, 536 365, 052 363,236 361,972 130, 594 136,435 131,143 129,664 210,829 66,895 163,339 216,124 69,478 162, 898 210,379 ' 70,800 160,551 211,820 71,232 156,511 239,425 47, 501 241,182 49,624 239,276 51,225 235,302 51, 537 783 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] LIABILITIES—Continued Federal Reserve Bank Total Boston Deposits: Member bank—reserve account— 2,360,378 152,339 Oct. 5._ _ Oct. 12__ 2,324,338 155,114 Oct. 19 2,383, 711 156,885 Oct. 26. ._. 2,351,870 155,347 Government— 1,791 37,215 Oct. 5__. 12,806 719 Oct. 12 .___. 8,808 166 Oct. 19__ ._._. 19,794 Oct. 28 ____. 45 foreign bank—• 5,382 Oct. 5_—_—_._——. 5,369 383 Oct. 12 12,383 785 Oct. 1 9 — _-. .570 Oct. 26 ._ Other deposits— 23,352 102 Oct. 5__ _ 62,454 105 Oct. 12 „_._ 24,196 513 Oct. 19_ ___ 23,928 435 Oct. 26__ Total deposits: Oct. 5 - . . Oct. 12. r Oct. 19—__~ Oct. 26.. Deferred availability items: Oct. 5__ — L. Oct. 12 Oct. 19. — Oct. 26 •Capital paid in: Oct. 5 — Oct. 12 Oct. 1 9 . . . Oct. 26 Surplus: Oct. 5 L Oct. 12 " Oct. 19.... Oct. 26 -.....--.-. All other liabilities: Oct. 5. -. Oct. 12 Oct. 19 Oct. 26 . Total liabilities: Oct. 5 Oct. 1 2 . . Oct. 19 Oct. 26 New York Phila- Cleve- RichChidelland mond Atlanta cago phia 142,205 188,497 72,754 879,142 140,252 187,962 69,992 936, 769 137, 702 186,687 72,555 933,776 139,902 176,597 73,010 22,877 1,223 1,433 5,159 1,406 897 367 284 647 422 1,050 1,643 1,753 96 2,958 490 490 1,005 730 541 541 1,109 806 265 265 544 395 15,967 15,847 15,918 15,505 296 174 245 974 945 988 961 95 183 145 142 I,1 4,817 2,863 69,524 66,595 66,822 65,926 San St. Minne- Kansas Louis apolis City Dallas Francisco 350,130 82,193 52,547 351,526 79,816 55,559 360,274 84,092 53,629 337,474 84,713 54,437 87,392 87, 616 84,126 87,928 63,025 66,226 63,673 66,190 174,944 184, 538 180,497 176,570 1,320 1,337 1,096 870 757 916 1,290 408 950 620 949 1,076 1,033 982 1,829 1,316 918 1,086 2,286 219 219 450 327 153 153 314 228 189 189 387 281 179 179 366 357 357 733 532 279 14,678 303 465 447 6,248 237 123 170 9,575 164 184 353,521 84,359 353,814 96,033 363,261 340,721 86,601 54,017 62,717 55,096 56,078 88,159 98,330 85,297 89,342 1,677 2,097 967 1,802 1.635 '492 416 1,046 209 704 209 704 429 . 1,444 312 1,049 1,052 1,092 1,127 1,152 9,579 143 116 3,997 4,368 4,218 2,426,327 2,404,967 2,429,098 2,403,951 154,615 156,321 158,349 156,397 965,365 897,892 958,937 957,303 144,397 141,813 139', 319 141,479 664,038 704,844 775,545 646,615 67, 569 65,420 80,917 64,659 153,231 162, 562 179,158 144,691 57,710 54,799 64,460 54,506 61,013 60,330 70,036 61,161 131,098 131,171 131, 275 131,293 9,466 9,462 9,428 9,428 39, 627 39, 697 39,813 39,820 13, 228 13, 243 13, 243 13,245 13,939 13,939 13,938 13,953 6,253 6,253 6,253 6,248 5,140 17,329 5,142 17,310 5,140 17, 308 5,140 17,301 5,291 5,293 5,323 5,323 3,000 3,011 3,011 3,011 4,220 4,220 4,220 4,225 4,281 4,280 4,277 4,277 228, 775 228, 775 228, 775 228,775 17, 606 17, 606 17, 606 17,606 61, 614 61, 614 61, 614 61,614 21, 267 21, 267 21, 267 21,267 23,746 23, 746 23, 746 23,746 12,198 12,198 12,198 12,198 9,632 31,881 9,632 31,881 9,632 31, 881 9,632 31,881 9,939 9,939 9,939 7,527 7,527 7,527 7,527 9,029 9,029 8,215 16,121 8,215 16,121 8,215 16,121 8,215 16,121 14, 946 15,319 15, 593 16,882 446 473 524 629 3,596 3,614 3,661 4,383 508 545 553 626 ,5 1,618 1,634 928 956 1,021 1,070 2,645 2, 728 2,782 2,842 1,233 1,259 1,297 1,327 1,005 1,016 1,014 1,012 758 780 785 829 605 607 601 907 950 954 987 719,430 723,053 742, 879 701,524 186, 263 209, 857 198,023 192,006 143,694 152, 955 146,333 144,071 205, 210 221, 263 208,081 206,610 154,060 159, 862 162, 704 161,467 424,310 435, 373 434, 549 419,325 81.9 82.8 77.3 77.4 60.8 60.0 57.5 62.0 72.8 69.3 70.2| 62.9 61. 55.1 59.4 66.4 65.7 61.4 57.4 75.7 74.0 78.2 80.4 7,718 25,979 8,179 27, 530 8,179 27, 530 7,978 26,852 8,095 8,578 8,578 8,367 5, 648| 5,985| 5,985 5,837 6,965 7,381 7,381 7,199 6,589 13,178 6,982 13,965 13,965 6,810 13,621 39, 217 7,437 29,915 51,194 34, 423 10,473 48, 645 38, 863 11, 277 31,182 50,143 53,024 37,323 11,771 32,067 9,123 8,536 6,487 7,847 4,974 5,317 4,816 5,843| 8,350 7,875 8,393 9,002 6,042 7,239 7,698 8,907 190,860 74,757 71,478 190,095 72,193 78,480 189,206 73,340 68,361 179,414 76,505 68,156 64,317 67,469 65,066 68,349 180,482 189, 810 186,684 183,606 57,531 28,452 74,629 37,940 15,153 38,958 28,135 43,717 72,223 29,136 76,138 47, 709 16,509 43,919 31,192 44,907 66,918 34,064 88,371 44,057 17,218 44,442 35, 544 50,360 59,087 27,646 73,477 37,279 14,193 30,225 40,753 776 773 767 794 9,324 9,321 9,321 9,322 I - _ 5,182, 233 392, 288 1, 589,' 367, 704 501,926 218,562 278, 817 5, 218,905 392, 795 1, 530,431 368,102 505,852 233,301 286,061 230, 530 278, 515 5, 297,071 410,114 1, 606,419 369, 985 1,569,783 360,787 491,780 226,340 267,879 5,130,515 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Oct. 5 Oct. 12 Oct. 19 Oct. 26 Contingent liability on bills purchased for foreign correspondents: Oct. 5 Oct. 12 ._ Oct. 19. -._._ Oct. 26 ._._ •Own Federal reserve notes held by Federal reserve bank: Oct. 5 Oct. 12 Oct. 19 ._•_. Oct. 26 76.3 75.3 76.2 71.5 74.2 76.9 79.8 79.5 189,168 14,119 201,956 14, 962 198, 810 14, 962 194,886 14,593 53,061 57, 721 54, 574 54,206 74.9 75.0 75.1 75.3 385,370 372, 042 405, 227 421,787 29, 796 30, 530 28, 740 31,983 118,017 117, 477 131,891 135,181 81.5 79.7 76.6 75.1 77.3 75.4 74.6 78.9 46.7 43.8 47.5 50.2 18,072 19,955 19,152 21,147 10,374 19,152 21, 147 10,374 18,680 20,625 10,118 33, 231 26, 756 34. 856 36,460 83.9 84.7 84.8 85.6 48,074 45, 835 50, 883 52,379 784 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total Federal reserve notes received from comptroller: Oct. 5 Oct. 12 Oct. 19___.__ Oct. 26 Federal reserve notes held by Federal reserve agent: Oct. 5 Oct. 12 _ Oct. 19 Oct. 26 Federal reserve notes issued to Federal reserve bank: Oct. 5 Oct. 12__ Oct. 19 Oct. 26 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— Oct. 5 Oct. 12 Oct. 19 Oct. 26 Gold redemption fund— Oct. 5 Oct. 12 ._.. Oct. 19 Oct. 26 Gold fund— Oct. 5 _. Oct. 12 Oct. 19 Oct. 26. Eligible paper— Oct. 5 Oct. 12 Oct. 19 Oct. 26 Total collateral: Oct. 5 Oct. 12 Oct. 19 Oct.28 2,908, 2, 901,096J 2, 920, 217! 2,928,021 246, 782 244,243 242,230i 239,2071 Atlanta Chicago 776,633! 205,825 771,809 207,191 778,207 205,399 780,233 ^ 206,524 272,0361 271,537; 278,272! 276,973, 104,286 103,205 110,171 114,757 244,484 244, 574 242,683 240,358 435,119 433,327 438,319 441,226 74, 804 76,260 76, 772 78,524 85, 580 110,336 110, 760 87,817 110, 551 87,227 110,899 70,451 69, 765 69,304 72,678 282,333 280, 599 280,492 279,415 29, 954 23,254 28,094 31,754 51,230 52, 740 50, 950 51, 780 144, 500 143, 500 148, 900 152,900 18,180 18,100 19, 060 19,140 17,614 20, 534 20, 534 19,134 37,900 37, 900 37,850 37,650 15,902 14,427 12, 607 14,067 60, 500 60, 500 58, 500 58, 500 74,332 51,780 290,619 79,951 191,834 289,827 82,077 191, 733 289,419 83,003 188,578 288,326 56, 624 58,160 57, 712' 59, 384 67, 966 67,492| 67,283! 68,0931 72,436 72,860 72,701 73,249 54, 549 55,338 56,697 58, 611 221, 833 220,099 221,992 220,915 8,100 ~ • 8,100 8,100 7,800 12. 267 12,267 12, 267 12,267 17, 613 17,313| 17,313| 17, 313 40, 000 40,000 40,000 40,000 74,400 70,200 70,200 67,000 292,080! 289,080 283,080 283,080 42,000 44,000 39,400 40,400 21,990: 20,9901 29,030 27,830! 172, 382 174,043 172,030 172,207 484, 553 482, 529 495,127 497,153 163, 825 163,191 165, 999 166,124 250,046! 250, 547 249,242 249,143 408, 631 406, 332 406, 691 400,994 35, 300 35, 300 35, 300 35,300 215,150 215,150 215,150 215,150 104, 556 103,992 101, 802 95, 537 17, 995 15, 456 13,443 10,420 21,064 21, 064 20, 931 20,386 1,050, 677 1,094, 624 1,124,014 1,126,722 79,000 79,000 79, 000 79,000 705, 356 674, 592 669, 786 674,931 2, 267, 220 2, 279, 540 2, 302, 293 2,298,184 806,250 795,225 798, 205 803,235 2,102,419 2,105,871 2,122, 012 2,124, 788 San Francisco Cleve- ; Richland : m o n d Boston 40,000 40,000 40, 000 40,000 20,084i 20, 084 20, 444 15,046 18.117 18.118 18; 117 18,118 10,948 8,314 11, 522 8,647 13, 984] 14,285! 13, 679j 13,980| 4,247 3,166 2, 272 2,858 9,514 7,604 5,714 .1,483 1,483 1, 2851 1,164 5, 000 45,000 95,000 95,000 117,8771 117,877 122,877 122,877 165,000L 165,000!. 150,000!. 150,000:- 135,900 141,400 140,600! 137,600 272,000 272,000 272,000 272,000 59, 529 62,805 58,007 70,970 266, 463 214, 592 178, 347 190, 599 37, 937j 38,075 46,999 50,432 57, 957; 69', 723| 60, 320 "" • " - 58,000 60, 307 69,050 68,212 29,831 24, 772 27. 421 24, 579 60,840 57,918 81,595 80,333 191,824 192,561 185,750! 195,690, 507,6771 495,8061 509,428! 521,135 166,762; 184,266 181,398! 181,956: 276,941! 289,008 263,999 252,478 82, 331 83, 557 91, 766 86,116 St. Louis Minne- Kansas apolis City 1 2, 067! 1, 593 1.384 '794 i 26,000 45, OOOJ 33, OOO! 45, 0001 26,000 45,000! 27,000 42,000 3,459 4,404 3,57 2,522 2,927 3, 240 3,779 3,153| 13,949 20, 768 20,451 20,186 51,860 50,860 44,860 44,860 19,000| 20,000i 17,500 13,500! 134,040 125,487 131,177 142,885 25, 351 22, 531 31,843 26,971 22,460 22,253 32,255 28,028 16, 731 16,413 21,244 26,428 58,304 49,194 42,527 77. 779 77, 517 80, 690 75,410 56,271 56, 966 59,836 60,394 246, 293 255, 048 240, 822 245,59S 2,919 2,615 3, 767 11,953 16, 410 13, 511 17,354 193,362! 334,323 62, 370 71, 287 191,8941 331,401 66,246 75, 270 191,852' 354,880 69, 710 72,162 188,685 353,497! 64, 810 72,415 \ M A T U R I T Y D I S T R I B U T I O N O F BILLS, C E R T I F I C A T E S O F I N D E B T E D N E S S , A N D M U N I C I P A L W A R R A N T S H E L D B Y FEDERAL RESERVE BANKS [In thousands of dollars] Total Bills discounted: Oct. 5 . . Oct 12 Oct 19 . Oct. 26 Bills bought in open market: Oct. 5 Oct. 12 Oct 19 Oct. 26 Certificates of indebtedness: Oct 5 Oct. 12 _ Oct 19 Oct 26 Municipal warrants: Oct 5 Oct 12 Oct 19 Oct 26 W i t h i n 15 days 18 to 30 days 31 to 60 days 61 to 90 days 91 days to 6 months -. 462, 485 430, 249 417, 597 402,398 389,835 361, 063 344,124 330,843 21,277 19,158 20, 926 17,524 30,246 28, 740 29, 579 31,467 17,960 17,835 18, 728 17,276 3,007 3,267 4,035 5,044 -. 262,165 274,361 282, 503 301, 111 130,133 130, 006 141,989 125,700 60, 964 63, 966 57, 474 66, 361 53, 775 56,081 51, 264 59,583 14,190 21, 263 29, 520 45,566 3.103 3,045 2,256 3,901 122, 277 118,235 120, 608 123,813 1,593 45 1.845 '158 20 20 120 120 20 20 _ _ - - 120, 684 118,190 118, 763 123,655 20 20 100 100 Over 6 months 160 186 205 244 785 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN OCTOBER AND SEPTEMBER, 1927 [Amounts in thousands of dollars] Total cash reserves Total deposits. Federal reserve notes in circulation Heserve percentage Federal reserve bank October Boston. _ New York Philadelphia.. Cleveland Richmond Atlanta Chicago __ St. Louis Minneapolis. __ Kansas City..Dallas •San Francisco. _ . September October September October September 153, 393 911, 090 140,911 190,489 74, 618 68,848 343,955 81, 575 52, 578 90,155 63, 044 180, 219 143, 513 370,137 134,393 213,283 69,952 161, 520 240, 380 50, 484 62, 504 64, 330 49,099 172, 601 141,908 371,303 136,708 215,119 i 63, 221 162,420 245,327 43,738 58, 782 64,134 45,920 173,146 74.5 77.5 77.2 76.6 45.8 84.7 80.8 60.7 71.2 60.7 61.9 77.3 79.9 77.7 80.0 80.2 52.7 80.5 82.3 53.1 74.1 66.0 62.2 77.9 3, 089, 483 I i 3,117, 062 2,| 380, 808 2, 350.875 1, 732,196 i 1. 721, 726 75.1 76.5 71, 476 273, 480 Total., October 157,165 921, 315 141, 539 190,085 74,666 70, 827 346, 798 84, 745 55, 623 90, 542 66, 381 181,122 224,079 I 1,001,225 212, 939 308, 831 66,265 196, 780 474,171 82,147 84,121 . September 235,978 996, 027 222, 081 325,166 i 72, 644 186,169 484,897 66,511 82, 572 101,853 67, 797 275,367 i Revised. GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS, SEPTEMBER 22-OCTOBSR 19, 1927, INCLUSIVE [In thousands of dollars] Transfers for Government account Transit clearing Federal reserve note clearing Federal reserve bank Debits Boston New York Philadelphia Cleveland RichmondAtlanta Chicago St. Louis... Minneapolis Kansas City Dallas San Francisco.... 4.500 27; 000 _ . _ Total, four weeks endin; Oct. 19, 1927 Sept. 21, 1927 Oct. 20, 1926 Sept. 22, 1928 Credits 1,800 21, 500 4,000 2,000 5,500 2.500 1,500 1,000 500 500 2,000 5,000 800 3,500 3, 500 1, 500 6, 900 3,500 500 8,700 300 3,500 56, 000 178, 900 28,000 131,000 56, 000 178,900 28, 000 131,000 Debits 880,340 3,055,588 770,970 752.165 628; 200 343,118 1, 314, 291 588,040 206, 615 456. 218 380,055 401,963 Credits 880,334 3,124,470 763,291 731, 243 634, 662 354, 457 1, 289,056 594,129 208. 571 421,879 382, 541 392,930 9, 777, 563 9, 777, 563 9,281.534 j 9,281,534 9, 320; 737 9,320,737 8,213,996 I 8,213,996 Debits Credits 5,269 10,717 6,081 9, 956 2,162 3,386 8,050 1,463 1,711 2,425 1,353 3,023 4, 565 17,163 4,960 3,741 3,290 3,021 7,958 3,143 1,372 2,131 1,251 3,001 55, 596 57,120 62,450 51, 072 55, 596 57,120 62,450 51,072 Changes in ownership of gold through trans- Balance in fers and clearings fund at close of period. Decrease Increase 3,410 69,828 12,000 25, 637 5,590 9,974 19,927 10,269 1,617 26,433 ~W~ 555" 97,962 97,962 44,312 277.172 32; 940 41, 219 17,029 110,358 14. 559 Hi 886 18,546 14,837 45,766 637,090 . 614,773 745,617 743, 657 786 FEDERAL RESERVE BULLETIN NOVEMBER, 1927' FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES, SEPTEMBER, 1927 [In thousands of dollars] Federal Reserve Bank Total Cleve- Rich- Atlanta land mond New Boston York Philadelphia 84,832 325,074 33,664 126,212 26,745 92,727 24,423 106,135 83,695 113, 704 35, 917 42, 313 12,099 16,581 35,679 54,810 Chicago San St. Minne- Kansas Louis apolis City Dallas Francisco Holdings on Sept. 30,1927 1,194,211 Total bills and securities Bills discounted. . __ _ 437,425 Bills bought in open_market 249,836 United States securities _ 506,130 Other securities 820 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s 115,304 314 Demand and sight drafts Bankers acceptances... 76 Trade acceptances 1,852 Secured by United States Government obligation s _ _ _ 766 Member bank collateral notes: Secured by United States Government obligations... 229,374 Otherwise secured. I . 89,739 Total discounted bills * 437,425 83,473 29.124 26, 822 27,527 46,168 135,647 28,863 36,841 3,904 24,473 13,101 74,333 300 71,702 30,834 4,470 36,398 34,854 3,531 8,481 22,322 520 58,482 13,989 9,941 34,552 47,601 5,639 11,012 30,950 108,979 50,498 12,581 45,900 2,294 9,197 3,445 205 6,778 19 13,631 8,401 8,792 7,685 12.074 19,127 29 11,899 11,981 61 76 29 101 75 533 73 297 589 68 3 65 68 135 77 44 14 12 261 6 73,759 43,951 21,529 5,518 26,715 7,315 10,831 6,078 4,322 4,953 23,074 1,202 17,065 1,615 1,112 111 4,346 434 1,332 396 25,443> 18,166 33, 664 126,212 35,917 42,313 29,124 28, 863 36, 841 30,834 3,531 13, 989 5,639 50,498- 82 19,846 87 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports Exports Domestic transactions.._ D ollar exchange Shipments between or storage of goods in foreign countries _-All other Trade acceptances based on— Pmnorts Domestic transactions . . . Bills payable in foreign currencies Total bills purchased United States Securities United States bonds Treasury notes Certificates of indebtedness Total United States securities Dally average holdings during September Total bills and securities Bills discounted Bills bought United States securities. Other securities 66,892 71,989 47,213 6,672 9,365 4,075 7,141 360 20,834 29,124 12, 005 2,942 3,026 3,189 3,010 285 4,327 3,751 3,008 490 10,000 8,757 2,453 789 1,626 1,154 623 40 6,747 5,771 8,087 813 1,328 1,049 1,228 30 2,442 3,135 1,037 248 3,073 3,223 1,621 257 2,118 4,319 2,672 93 2,006 4, 442* 4,328 325 42,986 4 790 5,315 21,703 3,515 1,714 250 2,335 4,349 135 194 2,156 555 1,153 270 1,376 150 1,562 20 574 450 _ 689 110 689 110 i 8,495 489 1,805 625 2,670 339 267 899 280 196 241 228 456- 249,836 26,745 92, 727 12,099 16,581 26,822 3,904 24,473 4,470 8,481 9,941 11,012 12,581 256,751 142,012 107,367 11,292 6,763 6,368 44,388 36,862 24,885 13,340 9,565 12, 774 32,809 14,095 7,906 12,595 7,330 7,602 6,422 3,739 2,940 43, 571 17,447 13,315 18,168 11,885 6,345 11,118 7,360 3,844 19, 531 8,357 6,664 17,481 7,614 5,855 26,036 10,995 8,869 506,130 24,423 106,135 35,679 54,810 27,527 13,101 74,333 36,398 22,322 34, 552 30,950 45,900 1,139,342 422,192 215, 926 500,637 587 73,642 329,759 28,377 142,360 22,259 78,899 23,006 108,500 82,009 103,294 38,240 34, 762 8,430 14, 718 35, 339 53,814 73,154 26,251 20,476 26,427 51,545 128,118 31,085 31,414 6,476 23,327 13,684 73,377 67,461 27,992 4,967 34,502 33,368 4,435 6,604 22,042 287 52, 709 10,698 8,024 33,987 49, 534 10,981 8,638 29,915 94, 749 35, 597 13,108 46,044 300 i Includes $81,000 secured by adjusted service certificates held under discount for nonmember banks. B NOVEMBER, 1927 787 FEDERAL EESEKVE BULLETIN FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING SEPTEMBER, 1927 [Amounts in thousands of dollars] Total Total Volume of Operations. Boston New York Phila- Cleve- Rich- Atdelphia land mond lanta 13,744,504 214,803 1,930,592 203,636 317,028 180,77' Chicago San Min- KanSt. sas Dallas FranLouis neapCity cisco olis 73,527 275,177134,899 133,132 64,535 62, 111 254,287 26,814192,079 Bills discounted for member banks 2 „_. 2,468,430 143,988 1,195,285 169,718 272,358 136,848 58,995 130,098 105,162 3,398 Bills bought: 403, 755 47,634 227,136 10,169 12,588 19,523 2,856 27,833 2,359 5,922 6,674 9,712 31,349 In open market . 3,001 From other Federal reserve banks 10,501 2,000 700 1,800 1,900 1,100 United States securities bought: In open market 851,195 22,670 507,043 20,288 30,395 21,832 11,487 116,,104 24,464 21,186 21,71 23,989 30,020 189 1,142 2,214 460 1,687 574 10,123 1,128 839 From other Federal reserve banks 55 496 511 326 Bills Discounted Rediscounted bills: Commercial and agricultural^ paper, 2,749 97,760 n. e. s 797 Demand and sight drafts 1,375 51 Trade acceptances 1,329 5 Secured by U. S. Govt. obligations.... Member bank collateral notes: 1,734,456 82,247 Secured by U. S. Govt. obligations 632,713 58,936 Secured by eligible paper 3 _ Total Average rate (365-day basis), per cent .„ Average maturity (in days): Member-bank collateral n o t e s . . . . . . . . . Rediscounted bills. Number of member banks on Sept. 30..... Number of member banks accommodated during month ....._...._. Per cent accommodated. .„ Bills Bought in Open Market From member banks _ From nonmember banks, banking corporations, etc.; Bought outright Bought with resale agreement Total Bills payble in dollars: Rates charged— 3 per cent... V/i per cent _ Zl/i per cent. _ _ ZVs per cent ____ er 3H P cent ZYs per cent....... _ 3% per cent. __ 3% per cent... __ 4 per cent Average rate (365-day basis),4 per cent Average maturity (in days) _. Class of bills: * Bankers' acceptances based on— Imports Exports. _ __ Domestic transactions Dollar exchange . Shipments between or storage of goods in foreign countries All other _ Trade acceptances based on— Imports _ Domestic transactions Bills payable in foreign currencies. _. Total U. S. Securities Bought in Open Market Bought outright: United States bonds.. _ Treasury notes.... Certificates of indebtedness B ought, with resale agreement Total.. 6,034 7,400 7,147 607 8 71 5,417 25, 686 12,210 16,228 141 ' 148 367 38 47 84 48 67 248 6,318 3,54: 488 1,048 4,781 20 87 2 831,70S 127,754 235,i, 558 71,907 10,688 109,939 75,135 357,472 34,505 29,038 59,438 22,029 7,834 13,537 2,928 26,401 13,776 146,415 222 968 7,960 40,774 2,468,430 143,988 1,195,285 169, 718 272,358 136,848 58,995 130,098105,162 3,398 33,687 26,814192,079 3.53 3.50 3.50 3.62 3.50 3.50 3.50 3.57 3.50 5.90 48.70 9,088 7.23 47.88 414 4.85 53.80 930 7.42 46.59 773 4.13 51.32 836 3.28 51.02 568 12.76 50.44 466 12.63 54.86 1,301 7.12 39.16 597 2,361 26.0 141 34.1 319 34.3 347 44.9 204 24.4 199 35.0 14^ 31.5 361 27.7 198 33.2 56 7.6 154 15.8 55,348 11,124 10,948 6,389 4,636 2,324 8,461 971 1,695 2,239 95,026j 8,857 253,381 27,653 25,919 190,269 403, 755 47,634 227,136 10,169 12,588 19,523 2,856 27,833 122,327 19,054 2,459 291 261, 724 27,693 5,928 54 3,290 14 166 8 9 3.12 3.20 39.42 37.67 32,545 74 191,443 274 788 7 2 445 14,901 1,976 5,464 6,261 5,881 8,903 10 123 6 55 1,346 8 137 7,819 208 138 3,281 21,813 2,179 287 27 403 7 163 8 9 3.14 3.17 3.47 3.22 3.06 3.05 3.06 40.28 38.69 34.69 36.48 35.98 41.29 38.48 33, 783 47, 577 26, 705 4,248 5,017 3.727 4,847 350 27, 088 2,454 5,498 596 93 7,830 542 150,374 19,981 76,592 4,573 119,295 7,053 « 563,577 10,417 627 91,731 851,195 22, 670 3.24 29.50 1,: 8,343 6,199 14,887 7,261 10,764 223 1,850 443 141 14 8,872 323 6,836 2,943 172 3.15 40.67 3.26 62.07 3.06 38.38 532 7,856 11,516 3.62 3.50 3.50 , 3.68 12.52 4.83 9.77 8.2S 95.86 60.02 32..59 44.36 818 670 741 974 104 12.7 131 19.6 2,155 2,580 1,388 4,227 4,435 4,883 7,500 2,674 21,269 2,359 5,922 6,674 9,712 31,349 2921 2,823 575 1,874 2,088 1,544 963 7,136 2,480 2,686 6,305 12,836 2,909 3,724 6,745 1,469 3,878 685 1,403 2,177 2,589 5,435 575 5,146 392 1,021 4,348 1,706 2,138 2,004 754 1,061 2,713 145 94 75 708 1,445 160 659 55 207 50 7,fi 519 1,720 500 2,213 3,249 185 596 93 2,003 694 1,367 376 36,867 10,169 12, 588 19, 523 17,960 4,014 6,202 27,619 6,250 9,340 398,185 10,024 14,853 63,279 507,043 20,288 5, 527 7, 784 8,521 224 2, 564 200 296 998 311 217 267 2,856 16,317 2,359 5,922 6,674 346 1,067 285 4,274 9,923 3,833 2,956 3,861 17,952 9,043 4,519 3,352 60, 929 11,588 13,711 27,300 1,026 155 1,252 245 38 350 253 506 7,038 10,080 4,892 4,738 7,700 7,765 7,081 11,028 9,060 11,645 11,292 525 21,832 11,487116,104 24,464 21,186 21,717 30,020 i Includes $500,000 Federal intermediate credit bank debentures for Minneapolis. * Includes $7,000 secured by adjusted service certificates discounted for nonmember banks. 34 Includes bills taken under a resale contract. Exclusive of bills bought under a resale contract. «Includes special 1-day certificates issued by the Treasury to Federal reserve banks as follows: Boston $3,000,000; New York $367,000,000; Philadelphia $3,500,000; Chicago $45,000,000; St. Louis $4,000,000; Minneapolis $9,000,000; Kansas City $1,000,000; and Dallas $4,500,000; and excludes $95,000,000 of special 1-day certificates sold under repurchase agreement and subsequently repurchased. 788 FEDERAL KESEKVE BULLETIN NOVEMBER, 1927 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 New York Philadelphia Cleveland Richmond Atlanta Chicago i San St. iMinne-: Kansas Louis i apolis j City Dallas I! FranCisco Loans and investments— total: Oct. 5 21,147,821 1, 505, 564 7, 968, 705, 230 1. s 384 2,117, 2, 377 Oct. 12 21,105,786 1, 502, 770 7, 891, 286, 231, 1. , 512 2,123, 2, 084 Oct. 19 . . 21,138,737 1,517,846 7,910,184 1, 224,, 677 2,123, 2, 608 Oct. 26 21,084,659 :, 521,21317,907,9051, 220088 22,098,962 ,220,088 Loans and discountstotal: Oct. 5__ 15,092,192 1 , 0,269 4 4 ,5, i,,747,092 , 813,777 1.., 412, 560 Oct. 12 .... 15,039,259 1,045, 550 5, i, 666, 666, 440 440 811,., 361 1,, 416, 516 Oct. 19__.._. 15,055,990 1,051,186 5. >, 677,980 809,), 397 1,., 417,245 Oct. 26. _ „ 15,020,446 1,060,623 5. 805, ., 404,337 Secured by U. S. Government obligations— Oct. 5 122,817 43,923 8, 620 17, 925 Oct. 12 125,896 8 327 6, 561 44, 764 17, 711 8,108 Oct. 19.___ 121,""" 6,079 40, 633 17,120 8,074 Oct. 26 119,846 6,536 40,441 17,182 Secured by stocks and bonds— 2, 679, 353 416, 208 599, 540 Oct. 5 — . . . - 6,167,896 391, 329 2, Oct. 12 6,072,353 385, 446 2, 5, 580,863 409,188 602, 265 Oct. 19 _ 6,104,716 389, 078 07 2, 5, 600, 984 406, 932 600, 015 194 2, Oct. 26... __,. 6,126,613 394,19 1,606,789 403,562 614, 668 All other loans and discounts— Oct. 5 8,801,479 646,458 3, 795,095 i, 023,816 Oct. 12 8,841,010 653, 5433,040,813 393,846 796, 540 3i Oct. 19 „ 8,829,672 656; 029 3, 036, 363 394,357 800,110 Oct. 26 8,773,987 659, 893 3,030,992 394,350 772,487 Investments—total: Oct. 5-_ 6,055,629 461, 295 2, 221, 613 416,607 704,817 Oct. 12 __.. 6,066,527 457. 220 2, 224,846 420,151 706, 568 Oct. 19 6,082,797 466,660 2, 232,204 415, 280 706, 363 Oct. 26 6,064,213 460,590 2,229, ' 414,102 694, 625 IT. S. Government securities— Oct. 5 -2,601,621 153, 344 984,287 117,024 310,850 Oct. 12... 2,609,019 152, 004 984, 954 117, 225 314, 090 Oct. 19 2,619.016! 163, 572 992, 018 112,685 311,356 Oct. 26 2,606,045| 157, 622 994, 836 111, 562 309,081 Other bonds, stocks, and securities— Oct. 5 . . . 3,454,008 307,9511,237,326 299,583 Oct. 12 3,457,508 305,216 1,239,892 302,926 392,478 Oct. 19 3,463,781 303,088 1.'.,240,1*86 302, 595 395.007 Oct. 26 3,458,168 302,!, 968 1.., 234, 847 302, 540 385', 544 Reserve with Federal reserve bank: 84,303! 130,473 Oct. 5 ._ 1,712,525 100,962 778,326 85,544 131,532 Oct. 12 1,704,678 103,867 757,123 81,8571 127,099 Oct. 19 ______ 1,753,868 104,269 813,867 • 83,896; 119,177 Oct. 26.. 1,729,319 104,284 811, Cash in vault: i 73,664 18,273 15,410 ! 29, Oct. 5 . j 263,909 17, 946 73,8011 16,444 : 30,117 Oct. 12 268,215 19, 075 70, 719| 16, 545 31,663 Oct. 19 264,761 19,065 73,303 16,663. 30,421 Oct. 26 267,130 Net demand deposits: ! Oct. 5. . . . 13,418,320 958, 965 5, 853, 997 790,434:1,026.46' Oct. 12 _13,409, 572 940,742 5, 790,150 783,7991,042,573 Oct. 19 !13,449,821 959,825 5,872, 969 779,362jl,040,879 Oct. 26 13,402,102 952,890 5,838,489 782,93811,035,446 Time deposits: Oct.'5.._ 6,356,138 480,4891 ,499,721 273,472! 920,228 Oct. 12 6,374,855 479,), 472 1, 518,973 273,685! 917,439 Oct. 19 6,368,609 476,>,085 1., 512, 531 272,791! 918,106 Oct. 26 6,364,217 475,>, 490 1,, 522,159 272, 863 j 911,490 Government deposits: Oct. Oct. Oct. Oct. 5 12 19. 26... _ 336,28' 337,232 252,093 193,692 31, 669 31,669 23,656 18,006 130,491 130,491 97, 548| 74,896i 33,878! 33, 879; 25,327; 19, 504J 23,14' 24,083 17,988 13,872 7 2 6 1L, 829,834 2 3 3 11,835, 647 144 i;L, 827,886 4 9 3 1L, 810,623 702,879 706, 709 "19,986 >,441| 619,937 3,040,970 624, 402 3,047, 754 619,694 3,058,368 616,413 3,061,803 712,340 716, 408| 715.953 713; 325 370,177 373,452 376,152 380,501 625,928 629,529 633, 309 625,892 423, 423, 431, 432, 533,134! 536, 4521 530. 046) 526,136 501,967 2,248,422 504, 628 2,254, 461 501,260 2, 262, 642 498,260|2,258,847 513, 416 515,076 514,319 511. 928 250,714 254, 362 255, 635 258,865 414,144 415,106 419,173 415,358 328,15011,284,547 328,199 1, 291,108 335, 809 1, 281,298 336,0611, 265, 823 17, 231! 19, 983 20,025| 18, 847 4, 570 4,401 4,233 4, 303 2, 325 2, 358 2,444 2,384 4,060 3,923 3,955 2, 650! 2, 649! 2,6551 3,r~ 2,704! 9 704 157, 749 158,842 157, 928 155,018J 118,872 982,719 994, 943 113, 117, 0 0 5 1., 008,481 117; 638 1.014,727 207,153 207, 573 207, 656 207, 705 80, 086 84,117 82,886 81,624 370, 625 372, 9121 367, 025 366,287 377,933 1.,248,472 385, 788 1,, 239, 535 378, 978 1,234,136 375,350 I], 225,273 4, 760| 4, 698| 5,093 4, 831 5,162 5, 351 5,277 5,272J 5,109 5,170 5,980 5,363 " " 120,275 123, 074 82, 061 123, 560 81,046 122,063 82,107 331,553 330,492 329,145 326,518 301. 693 303; 102 302, 430 299,920 168, 303 289,809 242,441 167,887 288,109 243,489; 170, 305 291, 658 252,108 251,250 174,857 947,885 955,446 946,173 933,942 119,463 119, 090 120, 517 121, 636 545, 287 544, 539 546, 568 544,800 i 169, 745| 170, 2571 169, 940 169,305! 117, 970 119, 774 118,434 118,153 792, 548 793, 293 795, 726 802,956 198, 924 201, 332 201, 634 201,397 80,411 80, 583 80,365 78,875 56, 768 58, 501 56,371 55,259 313,829 315, 792 317,523 316,182 74,726 75,195 75, 585 75, 790 61,202 61,273 62,063 6 2 , T" • 478,719 477, 501 478,203 486,774 124,198 126,137 126,049 125, 607 55,606 55,460; 56,179i 56,371- 43,321 42,179 43,233 42,647 40,814 39,105 38, 935 37, 844 266,994 266,068 274', 660 254,315 48, 096 46,653 48, 613 51,317 13,753 14,244 13,420 13,816 11,427 12, 361 11, 746 11, 527 44,024 44,878 43,106 43,511 7,711 8,108 7,715 7 "" 26,180 28, 864 26, 743 27,719! I 5, 89, 674 89,575 90,430 211, 784 95, 57 214,423 214,136 95,3351 210, 534 96,432 i 63,857 100,042 64,859 281, 624 63, f " 100, 889 63,290 282,866 64, 338 100, 346 63, 583 281,274 65,265 95, 631 65,058 280,884 111,742 113,534 113,790 114,903 30,717 31, 744 261,673 31,752 265,294 31,374 283,916 53,740 31,832 53. 792 34,227 51,156 31,902 53, 532 33,928 107,484 115,724 111, 534 109,591 9,667 9,758 10,229 10,407 21,961 21,869 22, 579 21,724 12,291 6,112; 12, 577 5,709 12,255 6,002 13,002 395,281 395,299 386,370 387,420 336,323 1,852,511 410,153 234, 598 343,4271,875,754 415,440 336,62811,859,473 407,177 332,039 1, 858,480 239,777 486,310 492,025 4.78,824 482,748 290, 510 296,296 295, 919 296,310 782, 771 793,084 794,386 786,763 238,755 241, 83/ 242,296 242, 380 240,330 1.., 127,195 240, 218 1.., 126,046 2 4 1, ,956 " - - 1., 134,754 243,;, 334 L,1 134,727 157,944 157,954 158,276 158,331 110,113 109,937 110, 537 111, 372 943,853 945,438 933,392 923,570 1,420| 4, 1,420 4,183 1,057 3,129 11, 514 11, 513 8,604 6,628 30,212 30,212 22, 587 17,395 11,259 11,268 8,518 6,508 17,242 33,283 17,242 j 33,283 12, 864| 24,847 9, 887 i 19,054 238,622 237,988 237,689 237,943 7, 7,989 5,968 4, 790 125,416 125,872! 130,196 130,558 744: 2,408 789 FEDERAL JRESERVE BULLETIN NOVEMBER, 1927 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: Oct. 5 _. Oct. 12. _ Oct. 19__ .„ Oct.26__ _ Due to banks: Oct. 5 ... Oct. 12 Oct. 19 Oct. 26 Borrowings from Federal reserve bank—total: Oct. 5__ Oct. 12 „ Oct. 19 __. Oct. 26 _„ Secured by U. S. Government obligations— Oct. 5_. Oct. 12__ ___. Oct. 19 Oct. 26__ ___. All other— Oct. 5 Oct. 12__ ___. Oct. 19 Oct. 26 Number of reporting banks: Oct. 5__ .... Oct. 12__ Oct. 19 ___. Oct. 26 1,285,139 1,278,258 1,229,125 1,191,660 3,587,307 3,447,849 3,478,974 3,375,85r 75,602 73,258 58, 537 65,126 New York 153,803j 161,150| 146,062j 140,448 159, 360 1,331,574 155,3891, 229,943 160,720 1,287,508 153, 740 1,244, 873 Philadelphia Cleveland Richmond Atlanta Chicago St. Minne- Kansas' Louis apoiis City '; 59,749 57, 961 58,420 55, 595 114,643 105,068 105,940 113,760 67,113 61,201 57,105 57,536 95,584 99,391 93, 792 87,608 237,065 235,179 234, 628 218,467 56,310 190,144 " 179,732 179,97f 175,254 265, 952 261,052 255,618 247, 292 128,760 126,871 125,723 121, 733 141, 844 140, 627 136,342 133,360 539,881 530,490 509,707 493, 621 144,118 142,997 142,646 141,435 112,654 108,921 108,446 108,025 215,598; 213,662| 212,003i 208,85o! 57,955 71,3081 115,983! 73,983 57,167 73,171 122,129! 68,776 63,947| 128,394! 67,599 59,0541 121,799! 68,206 319,907 286, 452 270,936 254,452 20,288 20,966 17,715 29,216 143,118 88, 684 67,152 77,770 12,211 15,244 16,749 16,873 32, 758 43,538 31,838 18,940 15,637 15, 664 19,827 14.695 11,496 9,539 11,717 9,389 24, 691 18, 337 33,938 27,096 11,874 9,955 16,227 .13,129 275 4,150 6,340! 6,346! 14,766! 9, 725 i 189,958 146,935 163,945 169,933 9,905 9,830 8,180 22,450 98, 761 36,020 43,670 52,870 5,375 8,416 8,944 8,895 18,065 27,131 17,266| 11, 510 5,592 5,822 8,006 5, 866 3,013 2, 738 2.358 2,508 19, 335 13, 764 28,269 21, 584 9,420 8,070 15,700 11,455 275 4,150 2,470 1,130 4,585 3,665 129,949 139, 517 106,991 84,519 10.383 11,136 9,535 6,766 44,3571 52,664 23,482 24,900 6,836 6,828 7,805 7,978 14,693 16,407 14. 572 7; 430 10,045 9,842 11,821 8,829 8,483 6,801 9.359 6.881 5,356 4,573 2,454 660 660 36 67j 67| 67! 67j 5,512 Dallas 'o27 1,674 3,870 5,216 10,181 6,060 126,943 124,""" 130,041 129,129 I,1 1,934 5.721 7.572 San Francisco 162,351 163:807 157,836 147,751 230,479 233,372 230,244 218, 540 39,263 52,095 35,286 30,047 1, 555 16,192 1,625 28,239 5,375 21,592 5,425 23, 705 401 309 346 2,147 23,071 23,856 13,694 6.342 57 57 57 57 790 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total Boston New York Philadelphia Loans and investmentstotal: 13,452,775 017,699 6,840,6661 056,782 Oct. 5 13,387,219 , 014,950 6,759,267 Oct. 12 „. l] ,058,411 . . 13,403,655 028, 533 6,765,020 1,053,409 Oct. 19 13, 381, 472 i; 030, 294 6, 765,055 1, 050, 013 Oct. 26 Loans and discounts—total: Oct. 5 . 10,022,608 787,799 5,073,024 712,036 9,949,262 788,169 4, — • " 709, 672 Oct. 12 9,959,556 793,216 4,:, 990,142 709,774 Oct. 19. 9, 949,471 801,.,—757•:,4,989, 651 707, 370 Oct. 26 Secured by U. S. Government obligations— Oct. 5 80,601 5,025 41,719 8,220 83,295 5,124 42,408 Oct. 12 _ 7,927 78,736 4,608 38,302 7,709 Oct. 19....„ 5,048 38,156 77,872 7,678 Oct. 26 _ Secured by stocks and bonds— 4,438,957 288,052 2,361,999 364,296 Oct. 5 _ 4,329,755 281,212 2,257,329 358,700 Oct. 12_. 4,356,532 285,107 2,270,302 356,673 Oct. 19__ 4, 369,297 288,001 2. 274, 414 353, 961 Oct. 26.All other loans and discounts— Oct. 5 5,503,050 494,722 2,669,306 339,520 5,536,212 501,833 2,685,671 343,045 Oct. 12 __ 5,524,288 503,501 2,681,538 Oct. 1 9 . . . Oct. 26-.— 5, 502, 302 508, 708 2, 677,081 345, 731 Investments—total: 3,430,167 229,900 1,767,642 344,746 Oct. 5__ Oct. 12 __ 3,437,957 226,7811,773,859 348,739 3,444,099 235,3171,774,878 343,635 Oct. 19. 3,432,001 228, 537 1,775,404 342, 643 Oct. 26_ United States Government securities— 1,582,786 83,761 882,025 99,540 Oct. 5_ 1,586,444 82, 535 883,736 99,823 Oct. 12 1,595,806 93,978 887,496 95,273 Oct. 19 1, 585,022 87, 424 892,262 94,180 Oct. 26. Other bonds, stocks, and securities— 1,847,381 146,139 885,617 245,206 Oct. 5 1,851,513 144,246 890,123 248,916 Oct. 12 „-Oct. 19__ — ~ 1, 848,293 141,339 887,382 248,362 1,846,979 141,113 883,142 Oct. 26_ Reserve with Federal reserve bank: 715,091 75,951 1,223,263 Oct. 5 - _ 79,704 694,140 77,786 Oct. 12__ -..-.„ 1,211,963 1,264,097 80,641 751,463 74,275 Oct. 19_ _ 1, 251,079 78,828 751, 991 75,878 Oct. 26__-_ Cash in vault: 7,578 59,745 12,717 124,200 Oct. 5__ 7,659 13,535 125,123 59,853 Oct. 12__ 8,161 123,310 56,861 13,580 Oct. 19 _. 8,079 125,627 59,518 13,788 Oct. 26 Net demand deposits: Oct. 5— ,- 9,290,203 718,285 5,268,975 696,439 5,203,021 691,330 Oct. 12-. — 9,217,386 9,310,620 716,772 5,285,922j 689,080 Oct. 19 9, 296,371 710,066 5,260, 667 692,779 Oct. 26 Time deposits: 3,162,05' 252,543 1,,008,167 206,983 Oct. 5 3,169,298 252,5961., 018,620 207,132 Oct. 12_ 3,157,861 249,127 1., 011,317 206,340 Oct. 19 , 019,924 206,757 Oct. 26_ _. 3,149,478 249,154 I] Government deposits: 30,553 123,521 32,573 Oct. 5 - 260,212 260,409 30,553 123,521 32,574 Oct. 12 194,616 22,812 92,339 24,352 Oct. 19 149,394 17,363 70,885 18,752 Oct. 26_ San Francisco Cleveland RichSt. Minne- Kansas Dallas mond Atlanta Chicago Louis apolis City 797,447 797, 685 796,860 782, 696 114,327 11/5,096 114,200 115, 458 627,209 628, 617 624,070 617, 586 94,971 95, 368 94,495 95, 345 4,861 4,534 4,479 4,480 653 656 590 596 1,654 1, "" 1,619 1, "~ 226,996 228,946 225,021 227, 301 22,989 23,192 23,204 23,223 18,130 13,198 17,552 17, 542 395,352 395,137 394,570 385, 805 71,329 71,520 70,701 71, 526 177,438 88,325 77,401 54,771 60,167 677,920 179,376 86,941 76,403 54,343 668,620 177,067 52, 082 665, 759 174, 270 89, 677 76,286 71,452 72,341 385,858 78,822 384,652 78,127 377,250 170,238 169,068 72,790 165,110 19,356 19,728 19,705 20,113 23,797 24,847 24,480 25,948 400, 258 400,978 402,160 410,459 115,688 116,457 115,952 115, 411 56,980 56,901 65,503 56,949 64,219 57, 418 60,073 29,000 28,995 206,101 28,895 205,119 29, 027 201, 858 77,161 77,167 77,367 74, 689 5,073 5,079 5,059 5,051 14,247 15,255 14,276 15,275 176,318 177,721 178,835 177,973 43,664 43,782 44,046 44, 286 31,007 31,015 30,936 31. 647 34,562 34,963 34,276 29, 210 23,073 22,402 22,322 22, 552 112,355 112,966 111, 942 110,473 93,077 91,901 95,423 90,421 14,283 14,649 14,646 15,062 9,550 9,592 10,204 10, 673 223,940 223,257 223,325 232,486 72,024 72, 675 71,906 71,125 25,973 25,886 26, 013 25, 771 29,337 30, 540 29,943 30,863 5,927 6,593 6,573 6, 475 96,308 93,135 93,177 91,385 43,403 7,722 7,231 7,532 6,234 7,802 6,185 5,916 187,847 31,234 185,714 30,791 192,182 31,083 179,143 32,886 13,935 15,179 13,742 14, 472 16,274 8,527 38,652 16,777 8,595 44, 918 14,696 8,415 42,407 16, 512 10,067 41, 261 805 919 828 799 1,294 1,278 1,278 1,190 41,476 37,227 8,486 8,716 9,358 8,821 98,352 864,143 443,978 183,957 173,209 99,911 , 870,296446,424 186,429 174,278 97, 994 , 876,722443,471 186,390 175,560 440.167 185, 403 170,489 97,181 122,067 122,839 126,182 128, 659 740,148 741, 633 739,314 727,971 328,290 74,555 75,064 , 469,318329,967 73, 514 ,474,562 327,519 71, 233 , 477,627 324, 756 126,977 129,528 129,441 127,985 109,310 108,775 111, 341 110,416 93,067 93,844 97,287 99, 632 531,485 535,532 534,195 526,113 12,013 14,631 14,991 13,797 2,697 2,544 2,377 2,431 618 614 958 924 932 439 449 436 472 1,773 1,781 2,079 2,063 768,786 776,767 790,951 798, 071 148,155 148,047 148,075 148, 055 30,951 31,448 33,513 33,196 21,176 21,054 18,029 21,033 149,364 147,893 147,464 146,800 19,135 18,498 18,068 18,680 3,184 3,251 3,317 3,347 38,063 41, -r ' 40,641 37, 700 1,920 1,919 1,712 1,805 281,913 279,001 275,870 275,826 55,3751 269,205 271,898 ' 279,535 275,115 3,446 57, 61,425 55,055 1,278,139 271,192 66,156 53, 678 1, 282, 278270,812 119,293 120,705 121,309 120, 914 504,216 500,535 499,819 492, 831 32,012 32,171 31,952 31, 931 36,268 36,235 36,358 36, 509 565,223 563,195 571,385 569,174 134,918 134,469 134,090 134, 784 57,526 57,946 58,980 58,986 6,229 6,425 4,801 3,698 1,326 1,326 991 763 3,689 3,689 2,748 2,108 21,672 21,672 16,194 12,430 7,010 7,010 5,236 4,032 1,054 1,054 784 603 2,423 2,538 2,503 2,668 157,105 159,794 151,794 155,177 1,401 1,319 1,379 1,448 82,505 83,967 85,953 88,492 5,512 5,638 6,265 5,484 307,124 307,199 318,109 319, 526 19,008 18,130 327,063 19,087 18,267 329,045 19,197 18,338 320,958 19,223 18,334 311, 871 3,481 3,481 2,603 2,005 7,829 7,829 5,851 4,506 21,275 21,275 15,905 .12, 249 791 FEDERAL RESERVE BULLETIN NOVEMBEB, 1927 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] City Total Boston Due from banks: Oct. 5_ _. Oct. 12__ _. Oct. 19_ Oct. 26___, .... Due to banks: Oct. 5 Oct. 12_ Oct. 19.._ Oct. 2 6 - - . . Borrowings from Federal reserve bank—total: Oct. 5 Oct. 12..... Oct. 19_ Oct. 26 _... Secured by U. S. Government obligations— Oct. 5_ Oct. 12__ „.»_. Oct. 19 Oct. 26All other— Oct. 5 .......... Oct. 12 Oct. 1 9 . . . . . . Oct. 26-_ Number of reporting banks: Oct. 5 . — . Oct. 12 Oct. 19.. Oct. 26 .._,... 592,702 587,0381 571,733 548,168 2,475, 527 2,354, 594 2,406, 707 2, 332,119 New York Philadelphia 115,340 118,372 106, 501 102,648 53,104 52, 686 53,332 50,197 148, 5711. ., 261,800 144,:, 522,1168,034 150,1,065 1,, 224,125 144,:, 145.,L181,876 58, 515 59,234 41,956 50, 670 Cleveland 26,102 24,153 23,035 26,229 Richmond Atlanta Chicago St. Louis Minne- Kansas Dallas apolis City 6,010 6,776 6,371 5,790 13,824 12,611 12,412 12,650 145,863 146,082 154,405 137, 390 29,274 31, 256 35,096 27,855 31,222 33, 514 26,827 28,479 41, 279 27, 874 26,251 34,343 181,104 170, 698 172,162 167,746 64,125 32, 643 61,450 34,826 60, 546 34,136 58,807 33, 540 20,912 20,369 19, 985 18,964 386,427 381, 244 371,357 358,970 80, 535 79,932 78, 505 76,749 8,081 12,384 434 249 334 233 10, 245 4,226 12, 859 11, 583 5,800 4,450 6,250 3.290 275 4,150 2,676 1,993 7,619 2,486 9,620 200 . 11, 244 100 9,709 3,500 2,900 5,750 2,090 275 4,150 1,000 300 480 434 249 134 133 625 1,537 1, 615 1,874 2,300 1,550 500 1,200 1,676 1,693 7,139 2,486 5 5 5 5 45 45 45 45 13 13 13 13 13 13 13 13 222,156 186, 560 152,707 149,496 17,120 19,135 15,015 24,075 124,476 70, 732 46, 651 56,149 11, 586 ' 14, 719 15,904 15,453 125,739 77,647 81,728 97,804 7,805 8,530 6,855 18, 450 82, 500 20,100 25,150 33,650 4,775 7,916 8,174 7,525 3,409 96,417 108,913 70,979 51, 692 9,315 10,605 8,160 5,625 41,976 50, 632 21,501 22,499 6, 811 6,803 7,730 7,928 7,081 8,975 6,935 900 219 219 219 219 17 17 17 17 52 52 52 52 36 36 36 36 7,594 1,400 7,310 6,316 7,812 4,120 1,000 659 500 7,: 6,286 7,782 4,060 19,673 18, 562 20,059 18, 550 San Francisco 58, 645 55,971 57,077 55, 576 66, 587 85,917 37,462 109,444 62,925 85,391 36,424 108, 779 62, 738 83,100 37,360 112,628 62, 753 80,711 38,487 109,371 192 33,961 646 47, 560 3,650 29,019 5,495 25,212 500 3,650 3,695 192 146 "1,166 ' 7 7 7 7 15, 214 27,123 19, 536 22,025 18,747 20,437 9,483 3,187 10 10 10 10 792 FEDERAL RESERVE BULLETIN NOVEMBER, 1927 BROKERS' LOANS LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY R E P O R T I N G M E M B E R BANKS IN NEW YORK CITY [In thousands of dollars] Demand and time loans Oct. Oct. Oct. Oct. 5_. 12. 19. 26. For account of outof-town banks Total For own account 3,395,235 3, 394,290 3,434,107 3, 343, 777 1,175,491 1.093,153 li 095,947 1,048,234 ! ! ! I Demand loans For account of others 1,297,239 1,333,596 1,350,201 1,324,068 922, 505 967, 541 987, 959 971,475 j| For own j account Total 2, 593, 722 2, 604,998 2, 651,025 2, 559, 885 887, 616 806,967 818,188 766,751 1 Time loans For account of outof-town banks For account of others 900, 441 951,107 967, 797 946, 859 805, 665 846,924 865, 040 846, 275 Total 801, 789, 783, 783, 513 292 082 892 For own account For account ot outof-town banks 287,875 286,186 277,759 281,483 396,798 382,489 382,404 377, 209 For account of others 116,840 120, 617 122,919 125, 200 B R O K E R S ' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, R E P O R T E D BY T H E N E W YORK STOCK EXCHANGE [Net borrowings. In thousands of dollars] Borrowings from— Total New York b a n k s a n d 1trust coinpames Date Total On demand On time Total 1926—Dec. 31 1927—Jan. 31 Feb. 28 Mar. 31 Apr. 30. May 31. June 30. July 30 Aug. 31 Sept. 30 Oct. 31. j 3,292,860 _; 3,138,786 3, 258, 459 3, 289, 781 3, 341,210 3,457, 869 3, 568, 967 j 3,641,... 3, 673, 891 _.._ 3,914,628 3,946,137 2. 541, 682 2, 328, 340 2,475,498 2, 504, 688 2, 541. 306 2, 673, 993 2, 756, 969 2, 764, 511 2, 745, 571 3,017, 675 3,023,238 Private banks, brokers, foreign banking agencies, etc. 751,178 810,446 780, 981 785, 093 799, 904 783, 876 811, 998 877,184 928,320 896, 953 On demand On time 2,127, 996 1,963, 554 2, 084, 852 2, 111, 565 2,146, 447 2, 254,153 2, 316, 440 2, 343, 316 2,330,261 2, 538, 526 2, 548,572 675,589 706,590 672, 533 678, 515 718, 510 713,393 748, 535 801,661 839, 525 801,123 814,438 2,803, 585 2, 670,144 2, 757,385 2, 790, 080 2, 864, 957 2, 967, 546 3, 064, 975 3,144, 977 3,169, 786 3,339, 649 3,363,010 Total 489, 275 468, 642 499, 074 499, 701 476,253 490, 323 503, 992 496,718 504,105 574,979 583,127 On demand 413,686 364,786 390,646 393,123 394, 859 419, 840 440, 529 421,195 415,310 479,148 474,666 On time ' 75, 589 103,856 108,428 106,578 81,394 70,483 63,463 75, 523 88,795 95,831 108,461 ALL MEMBER BANKS DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY [In thousands of dollars] T i m e deposit N e t demand deposits 1926 1927 1926 1927 June 22 July27 Aug. 24 Sept. 28 Sept. 22 J u n e 22 J u l y 27 Aug. 24 Sept. 28 1,397,206 6.771,542 1,177,296 1,576,897 612,324 587,188 2, 517,104 727,157 409, 701 846,366 608, 696 1,304,431 1,416,273 6, 774,590 1,173,116 1,573, 880 633, 759 574,848 2, 501, 570 722, 073 409,322 861,280 603,312 1,310,292 1,412, 041 6,602,784 1,194,419 1, 571,276 626,391 579, 772 2, 573, 432 713,229 406,245 871,474 611,818 1,330,279 1,425,472 6,689, 763 1,219, 643 1, 535, 809 636, 223 600, 597 2, 537, 563 7.17,414 445, 796 852,161 • 667, 854 1,342,634 1,399, 250 6,340,656 1,209,239 1,548,821 613, 973 633, 564 2, 543, 217 718, 580 420,655 878,450 612, 834 1,314,693 914,574 2,682,325 989,651 1,507,593 ' 555, 618 460,112 2,019, 010 508,726 433,219 330,407 180, 545 1, 577,050 941,739 2,739, 420 1, 007,057 1, 532,289 572,086 460, 957 2,024,452 514, 589 430,783 334,955 178,368 1, 546,054 948,368 2,726,305 1,005,762 1, 554,030 577,094 456, G19 2,040, 586 519,789 434,411 338,519 182,793 1, 549,911 971,929 2,744,296 1,023,376 1, 572,135 575,168 458,129 2, 046,417 518,958 432,851 340,542 183,131 1,574,386 871, 559 2, 370,375 928,265 1.427,422. 528,354: 438,738 1,942,804 487,071 436, 744 325,290: 165, 732 1,429,159 18,533,908 18,554,295 18,493,160 18, 670,929 18, 233,932 12,158, 830 12,282, 749 12,334, 487 12,441,318 11,351,513 Banks in cities and towns having a population of— Less than 5,000. _ 1, 597,148 5,000 to 14,999— 1, 111, 583 15,000 to 99,999_._ 2, 335,074 100,000 and over. 13,490,103 1, 609,447 1, 111, 573 2,340, 440 13,492, 835 1, 631, 865 1,114,345 2,335, 573 13, 411,377 1 1, 691.083 1,155, 550 2, 356; 595 IS) 467, 701 1, 702, 490 1, 855,311 1, 233, 482 1,144, 075 2, 364, 987 ! 2,363, 066 6, 706, 971 13.022.3S0 1, 896,838 1,242,608 2,390,221 6, 753, 082 1,873,396 1,252,553 2,410, 706 65 797. 832 1, 872,092 1,274, 815 2,409, 694 6, 884, 717 1,802,329 1,180,084 2, 244,200 6,124,900 Boston _ New York.*. Philadelphia Cleveland Richmond __ . Atlanta Chicago St. Louis.. Minneapolis Kansas City Dallas San Francisco Total.... Sept. 22 793 FEDERAL BESEKVE BULLETIN NOVEMBER, 1927 BANKERS' ACCEPTANCES OUTSTANDING [In thousands of dollars] All reporting banks 1 Banks outside New York City Banks in New York City E n d of— 1925 January February March April May.__ June July August September October November December 1 _ . 834,825 808,359 800,137 757,074 680,346 607,942 569,386 555,167 607,025 674,168 ! 689,768 I 773,736 .___ .__ _ 1926 788,254 767,127 745, 660 720, 611 685, 333 621,949 600,487 582, 635 614,151 681, 647 726,395 755,360 1927 1925 773, 604 809,446 810,966 774,720 751,270 741,258 782,055 863, 823 588,501 562,405 560,007 544, 603 499,509 451,844 425, 725 404,247 447,387 502, 810 507,592 579,836 1927 1926 574,042 559,731 543, 502 524, 608 506,012 461, 508 440, 797 420, 545 442, 999 500,186 532,166 560, 964 1926 1925 246,324 245, 954 240,130 212,471 180,837 156,098 143, 661 150, 920 159, 638 171,358 182,176 193, 900 567, 554 574,202 598,536 604,052 579, 698 561,274 555.262 573', 019 632,139 1927 214,212 206,050 207,396 211,286 202,158 210,910 196,003 206,914 179,321 195, 022 160,441 189, 996 159,690 I 185, 996 162,090 209,036 171,152 231, 684 181,461 194,229 194,396 Figures collected and compiled by American Acceptance Council. LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS L O A N S O F I N T E R M E D I A T E C R E D I T BANKS [In thousands of dollars] [In thousands of dollars'] Net amount of loans outstanding 1927 Class of loan Data Total Jan. 31 Feb. 2 8 — Mar. 3 1 — . Apr. 30 May 31.___. June 30 July 31 Aug. 31.._-. Sept. 30.__. Oct. 31__._ Nov. 30.... Dec. 31 1926 1,566,844 1,587,030 1,606,818 1,620,214 1,632,413 1,644,105 1,653,902 1,664,130 1,671,856 1,682,273 1,692,826 1,710,295 1,011,088 1,019,486 1,027,361 1,033,045 1,038,385 1,043,955 1,048,184 1,053,336 1,057,217 i; 063,056 1,068,596 1,077,819 555,756 567,544 579,457 587,169 594,028 600,150 605,718 610,794 614,639 619,217 624,230 632,476 1,724,821 1,085,170 1,745,404 1,097,642 1,765,365 1,109,354 1,732,395 1,117,914 1, 741, 275 1,124,055 1,738,165 1,130, 648 1,742,575 1,134,896 1, 749, 393 1,139,502 1, 752, 665 1,143,130 639,651 647,762 656,011 614,481 617,220 607. 517 607,679 609,891 609, 535 1927 Jan. 31. _ Feb. 2 8 . . Mar. 31.. Apr. 80— May 31.. June 30_. July 3 1 . . Aug. 3 1 Sept. 30_. 1926 Oct. 1 ! Oct. 8Oct. lojOct. 22jOct. 29 Oct. 30 I Direct loans outstanding onCotton Tobacco ... Wheat Canned fruits and vegetables Raisins Wool Rice Allother Total 2, 628 5,976 2,068 4,077 5, 924 2,246 5,372 5,891 2, 255 7,081 9,125 5,843 5,778 2,377 I 2,413 15,287 17, 802 3,379 1,388 3, 900 1,255 1, 474 3,650 1, 241 436 14 1,469 3,400 1. 202 '393 311 1,441 1,414 3,700 3,800 1,127 1,015 371 538 360 367 1, 635 3,500 1,766 1,036 196 17,687 119,062 20,293 122,300 24,450 44, 601 466 Rediscounts outstanding I for— i Agricultural credit corporations 26,391 [25, 738 25,485 25,096 24, 668 1,878 32 I National banks 32 ! 25 25 ! 26 32 State banks 251 i 233 228 i 273 281 266 Livestock loan companies 17,471 17,171 117,034 12,773 Savings banks and 18, 001 17, 695 ! j trust companies 90 I 32 j 32 I 112 105 I 103 I Total 43,329 42,557 ;41,987 40,062 44, 810 143,834 BANK DEBITS PAR COLLECTION SYSTEM DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Num- September, August, September, ber of 1927 1926 1927 centers NewitYork City | Outside NewYork City.j Federal reserve district: j Boston I NewYork. j Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas CityDallas .___ San Francisco.„... Total. 1 140 141 Nonmember banks Federal reserve bank 33,368,870 23, 387,316 31,653,452 22,054,344 25,618, 089 21,336,331 2, 620, 624 34,216, 604 2,223,059 2, 521,242 760,441 1,213,870 5,852, 904 1,196,821 912,323 1,263,071 701,194 3,274, 033 2,427, 251 32,449,623 2, 087,160 2,468, 506 747, 566 1,057,109 5,798,321 1,114, 545 667, 756 1,283,398 577,883 3,028, 678 2,265, 743 United S t a t e s . . 26,367,283 2,095,388 Boston 2,406,948 NewYork 723,082 Philadelphia 1,142,964 Cleveland 5, 209,363 Richmond. 1,165, 929 Atlanta 729,468 Chicago 1,249, 597 St. Louis Minneapolis 670,203 2,928,452 Kansas City 56, 756,186 53, 707, 796 46, 954, 420 1 Incorporated banks other than mutual savings banks, M E M B E R S H I P , BY F E D E R A L R E S E R V E D I S T R I C T S [Number of b a n k s at end of September] Dallas__ San Francisco.._ Member banks On par list 1927 1926 9,C 9,360 13,430 414 930 773 836 568 466 1,301 597 741 974 818 670 415 907 764 857 587 489 1,361 618 789 1,006 842 725 246 408 503 1,030 658 319 3,717 1,913 809 2,417 683 727 Not on par list 1 1926 1927 14,130 3,877 244 407 511 1,075 691 334 3,736 2,023 1,006 2.579 741 783 10 602 1,018 187 442 1,126 234 1926 3,924 650 1,050 231 422 1,098 205 192 67 794 FEDERAL RESERVE BULLETIN NOVEMBEE, 1927" STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS ABSTRACT OF REPORTS FOR THE FIRST SIX MONTHS OF 1927, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Federal Reserve District—Continued Total Boston Gross earnings: Interest received— On 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 soldOther earnings Total earnings Expenses: Salaries and wages -. Interest paid— On borrowed money2. On depositsBank Demand Time Unclassified Taxes Other expenses Total expenses Net earnings . Recoveries on charge d-off 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 off charged Net addition to profits __ New York Philadelphia Cleveland San RichSt. Minne- Kansas mond Atlanta Chicago Louis apolis City Dallas Francisco * 222,273 80,432 15,352 6,374 79, 571 33,718 10,885 6,956 30,769 9,859 5,340 710 7,401 1,132 37,010 11,804 9,238 3,474 897 331 1,731 987 1,428 55 4,115 11, 587 268 950 4,458 142 591 118 129 84 168 128 807 5,380 240 613 61 304 117 43 115 1,933 9,323 8,713 18,775 19, 556 30, 094 76 91 590 1,263 762 1,032 239 7,386 4,194 7,218 7,309 9,400 37 15 157 2,299 1,850 924 104 213 329 2,077 2,090 5,499 64 100 162 305 457 501 200 155 231 269 288 1,041 576 992 2,217 2,979 4,503 6,936 287 24 570 546 876 1, 343 37 1 49 15 8 64 21 6 19 102 651 643 35 1 77 257 340 186 1, 702 761 2,634 406,801 25, 808 154,443 23,265 51, 649 7,852 11, 013 73,204 I 17,211 1,767 4,277 1,763 34, 54S< 81, 536 4,306 30, 951 4,420 9,385 1,516 2,146 15,335 3,467 452 947 535 8,076 4,681 181 1,346 277 468 93 500 756 650 11 40 69 290 9,842 37, 679 69,310 21,433 20, 235 49, 847 605 4, 520 5,723 268 2,774 2,696 800 1,329 2,634 1,440 5,025 13, 520 350 2,854 5,172 325 536 1,452 135 368 1,001 526 1,005 1,426 31 681 1,638 1,734 6,616 14,710 1,261 5,694 9,646 459 1,441 3,244 146 794 2,464 57 110 535 38 52 237 254 620 344 905 2,825 3,643 13, 011 14, 522 18, 657 5,894 18,423 294,563 19, 065 106,447 15,198 38,214 5,426 7,953 55, 752 12,665 1,492 3,207 1,236 27, 90& 112, 238 6,743 47, 996 8,067 13,435 2,426 3,060 17,452 4,548 275 1,070 527 6,641 2,936 1,812 3,293 161 386 249 723 923 678 21 73 207 494 220 391 66 7 52 164 11 115 602 146 182 294 21 78 40 12 5 40 1 43 49 14 282 12 1,279- 120,279 7,539 50,320 8,368 14,540 2,551 3,350 18,382 4,939 332 1,154 590 8,214 13, 899 4,488 910 391 4,458 2,022 151 179 2,567 396 510 63 656 49 1,861 938 964 172 220 24 370 30 153 4 1, 079 220* 3,898 2,724 275 158 783 342 78 35 370 210 51 18 28 122 1,476 355 95 110 9 57 5 306 3 76 727 935 131 871 9 22,651 5,032 . 599 387 501 30 1,946 75 n.nfiR. 83 3 1 12 124 1,409 4,619 317 25, 009 1,734 7,605 443 3,543 642 853 4,630 1,341 310 711 236 2.961 95,270 5,805 42, 715 7,925 10.997 1,909 2,497 13,752 3,598 22 443 354 5,253 54,165 2,984 23,930 4,388 6,437 952 1,364 8,077 2,231 175 457 71 3,099 800,365 774,252 44, 525 45,166 315, 506 294,510 SI, 899 90,213 91, 995 116, 058 21,099 14,786 27,425 17,198 128,537 129,458 40, 640 25,188 4,272 1,818 8,715 3,297 6,002 2,259 59,750 34,301 Total capital and sur1,574,617 plus 4 89, 691 610, 016 142,112 208, 053 35,885 44,623 257,995 65,828 6,090 12, 012 8,261 94, 051 12.1 12.0 12.5 12.9 8.0 10.3 14.0 14.7 14.9 11.2 10.0 10.4 10.6 11.0 9.1 10.6 7.1 10.3 11.2 4.4 13.1 10.7 13.7 13.9 10.9 8.6 12.2 .7 3.8 2.8 7.4 9.3 9.7 8.6 10*. 9 11.2 11.3 15.5 1,309 38 166 90 110 52 91 314 114 66 26 107 135 Dividends declared Capital stock paid in 4_. SurDlus fund 4 Percentage of net profits to capital and surplus (annual basis): 1927—First six months __ 1926—Last six m o n t h s . . . 1926—First six months... Number of banks 4 1 In comparing these figures with those for 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. 3 Including dividends. 4 As on June 30, 1927. « Net loss. FEDERAL RESERVE DISTRICTS ! \/ >-.; \ r .' I \— -BOUNDARIES OF FEDERAL RESERVE DISTRICTS -BOUNDARIES OF FEDERAL PXSERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY
@FedFRASER