Full text of Federal Reserve Bulletin : November 1928

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FEDERAL RESERVE
BULLETIN
NOVEMBER, W28

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Money Rates and Bank Credit
District Data on Currency Demand
State Laws Relating to Bank Reserves

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON
1928

FEDERAL RESERVE BOARD
Ex officio members:

ROY A. YOUNG, Governor,
EDMUND PLATT, Vice Governor.

A. W. MELLON,

Secretary of the Treasury, Chairman.
J. W. MCINTOSH,

Comptroller of the Currency.

ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.

WALTER L. EDDY, Secretary.

WALTER WYATT, General Counsel.

J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.

E. A. GOLDENWEISER, Director, Division of Research
and Statistics.

CARL E. PARRY, Assistant Director^ Division of Research and Statistics.
Chief\ Division of Examination, and Chief Federal
E. L. SMEAD, Chief, Division of Bank Operations.
Reserve Examiner.

J. F. HERSON,

FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 ( N E W YORK)
District No. 3 (PHILADELPHIA)
District No. 4 (CLEVELAND)
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)
District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
District No. 9 (MINNEAPOLIS)
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)




ARTHUR M. HEARD.
JAMES S. ALEXANDER.
L. L. R U E .
HARRIS CREECH.
JOHN F. BRUTON, Vice Presidents
. P. D. HOUSTON.
FRANK O. WETMORE, President.
.__„___ W. W. SMITH.
THEODORE WOLD.
P. W. GOEBEL.
B. A. MCKINNEY.
F. L. LIPMAN.




OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank of-

C hair man

W. P. G. Harding.
Gates W. McGarrah (acting).

Boston
New York...

Frederic H. Curtiss.
G. W. MeGarrah...

Philadelphia..

R. L. Austin

Geo. W. Norris___

Cleveland

George DeCamp

E. R. Fancher

Richmond

George J. Seay

Win, W. Hoxton

Atlanta

.! Oscar Newton
!
i Wm. A. Heath

Chicago

Eugene R. Black..
J. B. McDougal...

St. Louis.

Wm. McC. Martin

Minneapolis
Kansas City...
Dallas
San Francisco.

Deputy governor

Governor

W. Willett.
J. W. Jones.1
1
Ray M. Gidney
J. E. Crane 1
W. B. Matteson. 1
C. H. Coe.i

W. W. Paddock._._
J. H. Case
L. F. Sailer
G. L. Harrison
E JR. Kenzel
A. W. Gilbart
_
L. R. Rounds,
Wm. H. H i t t

C. A. Mcllhenny 2
W. G. McCreedy.
H. F. Strater.

M. J. Fleming.
Frank J. Zurlindeii.
C. A. Peple
R. H. Broaddus
Hugh Foster.,
Creed Taylor
0 . R. McKay
John H. Blair

D. C. Biggs

O. M. Attebery.

John R. Mitchell-.

W. B. Geery

M. L. McClure
C. C. Walsh
Isaac B. Newton.

W. J. Bailey
Lynn P. Talley
J. U. Calkins-

B. V. Moore
Harry Yaeger
C. A. Worthington..
R. R. Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk

1

Cashier

i

Assistant deputy governor.

Geo. II. Keesee.
John S. Walden, ji
M. W. Bell.

2

W. C. Bachman 2
K. C. Childs 2
J. H. Dillard2 a
D. A. Jones
O. J. Netterstrom 2
A. H. Haill 2
F. N. Hall.2 2
S. F. Gil more.
G. O. Hollocher.2
C. A. Schacht.2
Gray Warren.
Frank C. Dunlop. 2
J. W. Helm.
Fred Harris.
W. D. Gentry 1
Wm. M. Hale.

Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch

Managing director

W. W. Schneckenburger.
C. F. McCombs.
J. C. Nevin.
A. H. Dudley.
Hugh Leach.
„

Marcus Walker.
W. S. McLarin, jr.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
_ W. P. Kincheloe.
W. H. Glasgow.
A. F. Bailey.

Managing director

Federal Reserve Bank of—
Minneapolis
Helena branch

^

Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch.
Houston branch..
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch..
Spokane branch

R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
W. 0. Ford.
D. P. Reordan.
M. Crump.
W. N . Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
!

SUBSCRIPTION PRICE OF BULLETIN

is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. The BULLETIN will be sent to all member
banks without charge. To others the subscription price, which covers the cost of
paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the
United States, Canada, Mexico, and the insular possessions, $2*60; single copies, 25
cents.
THE FEDERAL RESERVE BULLETIN

in

TABLE OF CONTENTS

Review of the month—Recent course of money rates and bank credit
Easing of money conditions—Growth of acceptance credit—High level of money rates—Effect on
volume of bank credit—Cost of commercial credit—Rates in the United States and abroad.
District data on currency demand
Provisions of State laws relating to bank reserves

735
740
746

National summary of business conditions

,.

749

Financial, industrial, and commercial statistics:
Reserve bank credit
Monetary gold stock and money in circulation
Discount rates and money rates
Member bank credit
Bankers' balances
._
Bankers' acceptances and commercial paper outstanding
Brokers' loans
__
Commodity prices, security prices, and security issues
Production, employment, and trade
Industrial production
Factory employment and pay rolls
Building
Trade and distribution
Bank suspensions and commercial failures
October crop report

750, -752
753
754
756
757
757
758
759
760
761
762
763
764
766
767

Financial statistics for foreign countries:
Condition of central banks
768
Condition of commercial banks
770
Discount rates of central banks
770
Money rates
771
Gold exports and imports
772
Foreign exchange rates
773
Price movements
.-_
.-_
774-776
Law department:
Amendment to regulation re bankers' acceptances
777
Amendment to regulation re rediscount of paper for Federal intermediate credit banks
777
Provisions of State laws relating to bank reserves
778-805
Rulings of the Federal Reserve Board:
Eligibility of paper rediscounted for Federal intermediate credit banks as collateral security for
Federal reserve notes
806
Changes in national and State bank membership..
807
Fiduciary powers granted to national banks
807
Detailed banking statistics for the United States
IV




808-822




FEDERAL

RESERVE BULLETIN

REVIEW OF THE MONTH
Conditions in the money market have become
somewhat easier in recent weeks, notwithstanding an increase in the outstandE a sing of ing volume of member bank
money condi- c r e d i t a n d s o m e g r o w t h i n foe
demand for reserve bank credit.
At the reserve banks the effects of an inflow
of gold from abroad have been more than offset
by an increase in member bank reserve requirements, caused by an increase in the banks7
deposit liabilities, and by the seasonal growth
in the demand for currency. An influence in
easing money r^tes has been a growth of about
$200,000,000 since the middle of September
in reserve bank holdings of bankers' acceptances purchased in the open market. Funds
released by the reserve banks through the
purchase of acceptances have been used to
meet the demand for currency and for reserve
balances and also to reduce the indebtedness
of member banks to the reserve banks. As a
consequence, in October, for the first time
since last June, discounts for member banks
declined below $1,000,000,000, and this reduction in indebtedness has been an influence
toward easier conditions in the money market.
American bankers' acceptances outstanding
at the end of September were in excess of
$1,000,000,000, the largest volGrowthofac- u m e Q n r e c o r d for fois s e a s o n
ceptance credit.

No. 11

NOVEMBER, 1928

VOL. 14

» ,

mi

i

r

oi the year, lhe volume ot
bankers' bills accepted in this country increased
rapidly in the autumn of 1927, when rates and
credit conditions in the United States were
more favorable than abroad, and the volume of
bills has remained at a high level throughout
this year. Changes in the volume of acceptances by classes during the past three years, as
compiled by the American Acceptance Council,
are shown in the following table:

DOLLAR BANKERS' ACGEPTANCES

OUTSTANDING

[In millions of dollars]
Sept. 30, Sept. 30,
Increase
1925
1928
Imports
Exports
_
Domestic
Warehouse credits
Dollar exchange
Based on goods stored in or shipped between foreign countries
__
Total

321
370
15
99
28

283
205
15
74
16

38
165
25
12

14

171

157

607

1,004

397

Compared with September, 1925, the volume
of acceptances has increased by nearly $400,000,000. The larger part of dollar acceptances,
as is shown by the table, is used to finance
imports and exports of commodities. Acceptances for domestic use are still in relatively
small amount. A large increase in the three
years has occurred in the volume of acceptances
based on goods stored in or shipped between
foreign countries. The volume of such acceptances at the present time is about $170,000,000.
The growth of this class of acceptances may
be due in part to a liberalization by the Federal
Eeserve Board of its rulings relating to acceptances in November, 1927. At that time the
board ruled that " acceptances may be properly considered as growing out of transactions
involving the importation or exportation of
goods when drawn for the purpose of financing
the sale and distribution * * * of imported or exported goods, * * * whether
or not the bills are accepted after the physical
importation or exportation has been completed/7
The larger volume of acceptances outstanding in the United States has been accompanied
by an increase in acceptance holdings of the
reserve banks. Growth of the reserve bank
bill portfolio is usual at this season of the year,
735

736

FEDERAL RESERVE BULLETIN

when the total volume of acceptances increases
in connection with the marketing of crops and
when the autumn demand for currency and
credit brings pressure on the money market,
causing bill dealers to dispose of a larger part
of their portfolios to the reserve banks. The
increase in acceptances held by the reserve
banks has been larger than usual this autumn,
the increase from the low point early in August
to the end of October being about $280,000,000,
compared with about $130,000,000 for the
corresponding period of last year. A factor
in the larger offerings of acceptances to the
reserve banks this year has been the greater
difference between the rate borne by acceptances
and other money rates. The higher level of
money rates has made acceptances less attractive for investors and has exerted a pressure on bill dealers to reduce their portfolios.
Another factor has been the sale of dollar
acceptances in this market by foreign central
banks, which have supported the exchange
value of their currencies during the period of
seasonal pressure on the exchanges by disposing
of a part of their dollar assets. An indication
of such sales of bills by the foreign central
banks is seen in the decrease of over $50,000,000
in the bills carried by the Federal reserve banks
for account of their foreign correspondents.
The amount of these bills, which appears in
the weekly statement of the reserve banks
under the caption " Contingent liability on
bills purchased for foreign correspondents,"
declined from $305,000,000 on August 8
to $251,000,000 on October 31. Increased bill
purchases by the reserve banks at the time of
seasonal growth in currency demand have been
an influence toward easier conditions in the
money market.
Recessions in recent weeks have occurred in
rates on all classes of short-time money in the
open markets. In the last week

mSyVatS °f

of

October the renewal rate on

call loans averaged about 7J4
per cent, as compared with 7 Y2 per cent during
the last week in August. During the same
period the rate on 90-day bankers' acceptances
declined from 4% per cent to 4}^ per cent.




NOVEMBER, 1928

Since the middle of September the rate on
4 to 6 months' commercial paper declined from
5 / ^ - 5 ^ per cent to a level of 5J^ per cent
and the rate on time loans secured by stock
exchange collateral from 734~7H> VeT cent to
slightly under 7 per cent. Notwithstanding
these recent reductions in short-term money
rates in the open market, the general level of
rates continues to be higher than at any other
time in nearly eight years. The chart shows
the course of the rate on call loans in the New
York market since 1921. Movements of
open-market rates on bankers' acceptances
and on commercial paper are shown in other
connections in this review and also appear for a
longer period in the regular monthly chart
on page 754 of this issue of the BULLETIN.
The rise of money rates over the level of a
year ago has been due to causes that have

1921

7922

1923

192<h

1925

1926

192.7

1928

Renewal rate on call loans. Monthly averages of daily figures. Latest
figures are for October

been frequently discussed in these reviews.
During the past 16 months member banks have
had to meet a demand for nearly $500,000,000
of gold for export, which was obtained at the
reserve banks and charged in the first instance
to the member banks' reserve accounts. Since
the member banks' reserve requirements increased, reflecting the continued growth in the
banks' loans and investments and in their
deposits, they had to make up the loss of reserves through gold withdrawals by additional
borrowing at the reserve banks. Furthermore,
the reserve banks during the first half of this
year, in view of the rapid growth of bank
credit with only moderate demand from trade

NOVEMBER, 1928

and industry, disposed of a considerable part
of their holdings of United States securities,
and these security sales by the reserve banks
made it necessary for the member banks further to increase their discounts with the reserve
banks. In June of this year the total volume of
member bank indebtedness rose above $1,000,000,000 for the first time in nearly seven years,
and remained above that level practically continuously until recent weeks. The reserve
banks, furthermore, during the same period
increased their discount rates from the level of
33^ per cent that prevailed at the beginning of
the year to a level of 5 per cent at eight of the
reserve banks and 4}4 per cent at the remaining
four banks. The present high level of money
rates, therefore, reflects the combined effect
on the money market of a large loss of gold
and of a firm money policy by the reserve banks
during a period in which the volume of bank
credit continued to expand.
The steady advance in money rates, which
began early in the year and continued until
Effect on vol- t h e m i d d l e o f September, has
ume of bank exerted a restraining influence
credlt#
on the growth of bank credit.
In the autumn of 1927 and in the early part of
this year loans and investments of reporting
member banks were increasing at a very rapid
rate. A large part of this growth, furthermore,
was in loans on securities, and during part of
the time in investments, though loans for commercial purposes also increased. The volume
of loans and investments of reporting member
banks reached its peak in the middle of May,
and between that time and the third week in
August it decreased by nearly $500,000,000.
In September and October seasonal and other
demands for credit began to be felt by the
banks, the volume of loans and investments
once more increased, and by the end of October the total was nearly $400,000,000 above
the August level. A part of the growth since
August has been in loans for commercial and
agricultural purposes required to finance autumn
trade expansion and the marketing of crops.
A larger part of the growth, however, has been
in security loans, and particularly in loans to




737

FEDERAL RESERVE BULLETIN

brokers and dealers in securities. Of the growth
in brokers7 loans, amounting to $700,000^000
between August 22 and the end of October,
about $270,000,000 represented an increase in
loans by others than banks, and about $430,000,000 in loans by New York banks for their
own account and for account of out-of-town
banks. Total bank loans to brokers on October 31, however, were still about $50,000,000
below the level reached in the early part of
June.
The course of bank credit for the period since
last spring, taken as a whole, appears to indicate that firmer money conditions have had
the effect of causing member banks to reduce
their investment holdings and also to reduce
their loans on securities. Loans for commercial

1926

'

1927

1928

Figures for rates charged customers are weighted averages of prevailing
rates. Latest figures are for September

purposes, however, have continued to increase,
and in October were at the highest level in
about eight years.
Continued growth in commercial credit, notwithstanding the rise in money rates, has been
due in part to the fact that adi n rates for commercial
paper have not been as large
as advances in rates charged for loans on securities. Compared with a year ago, rates on openmarket security loans have increased from
about 4 per cent to about 7 per cent, while
open-market rates on commercial paper have
increased from 4 to 5}^ per cent and rates on
bankers' acceptances from 3J4 to 43^ per cent.
mercial Credit!"

yances

738

FEDERAL RESERVE BULLETIN

The rise in rates charged by member banks to
their regular customers has been even smaller
than the rise in open-market commercial rates,
as is brought out by the chart.
This chart shows for the period beginning in
1926 the course of open-market rates on commercial paper compared with the movement of
rates charged to customers by member banks
in New York City, by banks in eight other
cities in the North and East, and by banks in
25 cities in the South and West. The rates
shown in the chart are averages for different
kinds of loans made to customers, weighted by
the volume of each class of loans and also by the
volume of loans in the cities included in the
averages. The chart brings out the.fact that,
while open-market rates for commercial paper
have increased by about 1}/% per cent since last
year, rates charged to customers by New York
banks increased by more than 1 per cent, rates
charged customers by banks in other northern
and eastern cities increased by less than 1 per
cent, and rates charged to customers by banks
in southern and western cities increased by less
than one-half per cent.
These figures indicate that the greatest pressure of the higher money rates has been felt
in the open-market where rates are most sensitive to changes in credit conditions. Among
open-market rates those for call loans and other
security loans have shown the largest advance.
Among the factors causing this differential has
been a preference accorded by member banks
to their regular commercial and industrial
customers as against borrowers in the open
market with whom the banks have no established customer relationship. Another factor
has been the tendency of member banks, in
view of their heavy indebtedness at the reserve
banks, to prefer loans of a nature that makes
them eligible for discount with the reserve
banks.
Geographical differences in the rate movements indicate that the largest advances have
occurred at banks in New York City, that
banks at other financial and industrial centers
have raised their rates to customers by a
smaller amount, and that rate advances made
by banks in the South and West have been
relatively insignificant.




NOVEMBER, 1928

A comparison of rate changes in the United
States with those in foreign countries over the
past three years is made in the
a s
he
&
TT
?*
*?
V
?
*
i
United States following
. chart.
„ ,_ Rates. on
. ac.
J
and abroad.
ceptances m all the principal
foreign centers, after declining
early in 1928, rose in subsequent months, but
were this autumn still somewhat below the
level of a year ago. During this period the
rate in New York advanced steadily, and from
its position as the cheapest money market New
York has changed to a level of rates higher than
any other international center with the exception
of Berlin. The decline in rates in New York in
1927 was a factor in enabling foreign countries
to go through the period of autumn credit
demand last year without an advance in interest rates to trade and industry. This year

ACCEPTANCE RATES
IN INTERNATIONAL CENTERS

1926

1927

1928

Open-market rates on a weekly basis

financial conditions abroad are greatly improved and, notwithstanding the higher rates
in New York, rates in foreign centers remain
somewhat lower than in the autumn of last
year.
To summarize, banking developments in
recent weeks indicate that the early autumn
peak of credit demand has been
Summary.
passed without causing the
banks to increase their borrowings at the reserve
banks, and that, on the contrary, sales of bills to
the reserve banks have enabled member banks
to reduce their rediscounts with the reserve
banks. As a consequence, conditions in the

NOVEMBER, 1928

FEDERAL RESERVE BULLETIN

money market have become somewhat easier,
though the level of rates is still much higher than
in other recent years. The rise in rates during
the past year has been larger for loans on the
stock exchange than for other open-market
loans, while the advance in rates charged to
commercial customers has been still smaller.
Thus the pressure of higher rates has been felt
most by operators in the security market and
least by persons engaged in trade and industry.
While the cost of credit has been higher this
year than in other recent years, the growth since
August in commercial loans and in outstanding
acceptances indicates that credit has been
available in adequate volume to finance autumn
trade expansion and the movement of crops to
market.
Death of Governor Strong

739

with all other Federal reserve banks, participated in a credit arrangement granted by
various banks of issue to the Bank of Poland
in furtherance of the plans which were completed last year for the stabilization of the
Polish currency on a gold basis. Under the
terms of this arrangement, the Federal Reserve
Bank of New York agreed, for a period of one
year, to purchase from the Bank of Poland, if
desired, up to a total of $5,250,000 of prime
commercial bills. Following a request of the
Bank of Poland, the Federal Reserve Bank of
New York and all of the other Federal reserve
banks have agreed to extend their participation
for a period of one year from October 13, 1928.
Each of the foreign banks of issue participating
in the original arrangement has agreed to do
likewise.
New Handbook of Federal Reserve System

The revised edition of the Digest of Rulings
of the Federal Reserve Board has been received
from the printer and is now ready for distribution. This book, which has been described in
some detail in previous announcements (page
449 of the July BULLETIN and page 657 of the
September BULLETIN), constitutes a complete
handbook of the law, regulations, and rulings
pertaining to the Federal reserve system and
Renewal of Polish Credit
the national banking system. Copies bound
As reported in October, 1927, the Federal in buckram may be obtained from the Federal
Reserve Bank of New York, in association Reserve Board at the price of $2 per volume.

Benjamin Strong, governor of the Federal
Reserve Bank of New York since its organization in 1914, died on October 16, 1928. Gates
W. McGarrah, Federal reserve agent and chairman of the board of directors, has been designated acting governor.




740

FEDERAL RESERVE BULLETIN

NOVEMBER, 192S

DISTRICT DATA ON CURRENCY DEMAND

Since changes in the demand for currency are
one of the principal factors in fluctuations in
the demand for reserve bank credit, an analysis of this demand as it is felt at the different
Federal reserve banks throws light on credit
conditions in the twelve Federal reserve districts. For such an analysis the statistical
basis has recently been developed by the Federal Reserve Board and data have been compiled for the period since March 31, 1927.
The nature of the figures now made available
is described in the following paragraphs, and
some characteristics of currency movements
into and out of the different Federal reserve
banks are illustrated graphically in the accompanying charts.
Description of district currency

figures.—

these banks. Such an excess of deposits would
in general reflect a decrease in the local demand
for currency, while an excess of withdrawals
would indicate an increase in the currency
demand.
A limitation on the accuracy of these figures
as indicators of changes in the volume of currency in circulation within a given district
arises from the fact that currency deposited by
a local bank may have been brought or shipped
in from outside the district and currency withdrawn may ultimately be carried or sent to
other districts. There are no figures available
to measure accurately this interdistrict flow
of currency, and for this reason the figures here
presented give only an approximate measure
of changes in the demand for currency for circulation within a Federal reserve district.
They do, however, afford an accurate measure
of those changes in currency demand which
affect the local demand for reserve bank credit,
and are, therefore, an important aid in analyzing the credit situation in a given Federal
reserve district.
A test of the accuracy of the district figures
has been made by comparing their combined
totals with changes in money in circulation for
the country as a whole, derived from other
sources. Since practically all changes in the
volume of money in circulation involve reserve
bank transactions,3 figures obtained by combining the calculated net flow of currency into
or from circulation at each Federal reserve bank
should agree, for the country as a whole, with
Treasury figures of changes in the total volume
of money in circulation. Detailed comparisons
of the two series show that they are in close
agreement, though the figures for individual districts show a persistent but slight tendency to
fall below the published figures for total money
in circulation. Thus between the last of
March, 1927, and the middle of October of this
year the series based on combined district calculations show a discrepancy of about $10,000,000
for the 18-month period, which represents the
cumulative effect of an average discrepancy
of less than $600,000 per month.

Statistics have been compiled showing for each
week the excess of currency, including coin as well
as paper, paid out by each Federal reserve bank
(and its branches) to member and nonmember
banks in its district, or the excess deposited
with the reserve bank by these banks.2 The
method used in arriving at the net movement of
currency between a reserve bank and other banks
in its district is explained in detail in a note at
the end of this article. It consists essentially
of measuring changes in the bank's holdings
of cash and in its Federal reserve note circulation, and thenT making allowances for cash
transactions w ith the Treasury and with other
reserve banks and, in the case of certain re-2
serve banks, for gold imports and exports.
The method may be illustrated by the following
simplified example. Assume that the cash
holdings of a reserve bank during the period
for which the net currency flow is to be calculated show an increase of $5,000,000. If during that period the reserve bank received
$1,000,000 of imported gold, $1,000,000 of gold
from another reserve bank through the gold
settlement fund, and $1,000,000 in currency
from the Treasury, and if there was no change
in the volume of the bank's notes in circulation,
then the three transactions would account for
all but $2,000,000 of the increase in cash holdings. If these were the only cash transactions
with others than member or nonmember banks
Changes in currency demand at New York
in the district, it would appear that the increase
in cash holdings of the reserve bank must, and elsewhere.—In connection with changes in
in the amount of $2,000,000, represent excess 3 Relatively small amounts of currency enter into circulation or are
of deposits by local banks over withdrawals by retired from circulation through mints and. assay offices (particularly
1 The series of currency statistics, by Federal reserve districts, have been
developed
by Walter R. Stark of the Division of Research and Statistics.
2
Allowance is made, in the case of certain of the reserve banks, for
currency transactions of the Treasury or its agencies.




those in New York, Philadelphia, and San Francisco), through the cash
operations in Washington of the United States Treasury, and through
the passage of national-bank notes between the Comptroller of the Currency and the national banks. In deriving the figures used in this article
these factors have been taken into account and their statistical effect
allowed for in the Federal reserve districts affected.

NOVEMBEE, 1928

FEDERAL RESERVE BULLETIN

the demand for currency throughout the country, interest attaches to a comparison of figures
compiled separately for the New York district
with those for the rest of the country. Such a
comparison covering the past 18 months is
made in the following chart.

100

100

200

200
J. F. M. A. M. J. J. A. S, O. N. D. J. F. M. A. M. J . J. A. S. 0. N. D.

1927
1928
Cumulative change from March 31, 1927

The chart indicates that in 1927 the demand
for currency was at its seasonal peak at the
same time (Christmas week) in the New York
district and in other Federal reserve districts.
Temporary movements around important holidays—Memorial Day, Fourth of July, Labor
Day, and Christmas—were also general
throughout the country. The autumn increase
in demand for currency, however, made itself
felt in other districts nearly four months earlier
than in the New York district—at the end of
July as compared with the middle of November.
From the third week in November until December 21 increased demand for currency was felt
both at the Federal Reserve Bank of New
York—in the amount of about $65,000,000—
and at the reserve banks in the other districts—
in the amount of about $140,000,000. This
movement was largely seasonal in character,
reflecting primarily increased trade activity
preceding the Christmas holiday season. After
Christmas, when the total amount of currency
in circulation decreased by nearly $440,000,000
(to the end of January), it was in the Federal
reserve districts other than New York that most
of the currency returned, the approximate
figures being $130,000,000 for New York and
$310,000,000 for all other districts combined.
Both in the New York district and in the other
districts more currency returned from circulation over the turn of the year than had gone into
circulation in the autumn.
In April of this year total money in circulation was about $160,000,000 below the level of a
year earlier. The decline represented a net
inflow of currency in about equal volume at the




741

New York Federal Reserve Bank and at all
other reserve banks taken together. Since
April this net decline has been somewhat
reduced by an outflow of currency from the
reserve banks other than New York.
Interdistrict currency movements.—As has
been pointed out, the currency series for the
several Federal reserve districts represent the
net flow of currency between the reserve banks
and other banks in their districts, without regard
to movements of currency from district to district, in the pockets of travelers or otherwise.
Some indication of the direction and magnitude
of the interdistrict flow of currency is provided
by records of the daily note-settlement4 operations between Federal reserve banks. This
information is not, however, adequate for adjusting the figures here presented in such manner as to show changes in the amount of
currency actually in circulation within each
district, because it is available only for the
time at which notes return to the issuing bank,
not for the time at which they have left the
district, and because it relates only to Federal
reserve notes. While it is possible, therefore,
to obtain for any week the amount of Cleveland
Federal reserve notes, for example, which have
at some time in the past moved eastward, finally
reaching the Boston district and the Boston
Federel Reserve Bank to be returned to Cleveland for redemption, it is impossible to determine the time at which these notes left the
Cleveland district. This means that from
existing records it is not possible to say what
portion of the currency paid into circulation in
a given district circulates in that district and
what portion finds its way into other districts.
Figures derived from records of the Federal
reserve note-clearing operations help, however,
to interpret the currency movement at individual reserve banks, as may be illustrated by
reference to the figures for the Cleveland
district. The chart on the following page
shows the course of currency movements between the Cleveland Federal Reserve Bank
and other banks in the Cleveland district.
Throughout much of the period to which it
relates the curve shows an upward trend, which
reflects a persistent outflow of currency from
the Cleveland Federal Reserve Bank. The
outflow indicated for the autumn of last year
was doubtless in part a seasonal movement,
and the increase since the spring of this year
4
Under the law no Federal reserve bank may pay out the notes of other
reserve banks into circulation. When Federal reserve notes issued by
one reserve bank come into the possession of another they are returned
to the issuing bank for redemption. The necessary payments between
reserve banks are effected by means of a daily clearing accomplished
through the agency of the gold settlement fund.

742

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

of amounts of notes of other Federal reserve
banks which had come into the Cleveland district
from outside and were presented by Cleveland
to other Federal reserve banks for redemption.
This indicates that more currency was carried
out of the Cleveland district during this period
than was brought into the district from surrounding
territory. The districts into which
120
CURRENCY DEMAND
most of this currency ultimately found its way
( CHANGES BY WEEKS )
CLEVELAND F. R.BANK
are naturally those in closest proximity to the
Cleveland district—New York, Chicago, Richmond, St. Louis, and Philadelphia. Records
for these districts in turn show similar evidence
of a persistent interdistrict movement of currency. For example, the note settlement records for this same period indicate for the
20
Chicago district a recurrent net inflow of currency from the Cleveland district, but this
movement appears to have been somewhat
more than offset by a persistent outward flow
,
28
J. F. M. A. M. J. J. A. S. 0. N. D. J . F. M. A. M. J. J. A. S. 0. N. D
of currency from Chicago into the New York,
1927
1928
St. Louis, and Kansas City districts, indicating
Cumulative change from March 31,1927
that the net movement of currency between
each month of the year ending in June, 1928, the Chicago district and all others taken tothe net position of the Cleveland Federal gether was relatively small.
Reserve Bank in the note settlement.
Currency movements in three northeastern
districts,—Differences between districts in re-

reflected to some extent marked growth in
employment and pay rolls in the district.
During the entire period, however, there appears to have been an outflow of currency from
the Cleveland district. This indication is confirmed by the following table, which shows for
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

PARTICIPATION
OF FEDERAL RESERVE
BANK OF
CLEVELAND IN FEDERAL RESERVE NOTE CLEARING OPERATIONS

LIOHS OF DOLLARS

( CHANGES BY WEEKS )
BOSTON, NEWYORK,AND PHILADELPHIA F. R. BANKS

[Netfiguresfor calendar months in millions of dollars]

100
80

Excess of Cleveland Federal reserve notes returned
from other reserve banks over notes returned by
the Cleveland Federal Reserve : Bank to other
reserve banks
All
Fed- New Phila- Richdeleral re- York
phia mond
serve
banks

Ni'.LI0xNS OF DOUARS

CURRENCY DEMAND

60
40
20

20

20

20

All

Chicago

other
FedSt.
Louis eral reserve
banks

4-0
1927
July

August
September
October
November
December

.

4.2
7 3
6.9
5 5
4 9
4.6

•

1.9

23
3.0

18
19

1.9

0.2
9
.7
5
.2
.4

0.3
.7
.6
.7
.4
.6

1.0
1 8
1.2
1 3
1 2
.7

0.5
.6
.3
6
6
.3

0 3
1 0
1.0
6
6

.8

.4
5
.3
5
3
.7

1.0
.8
.9
5
5
.5

5.7

8.4

60

60

80

80

100

500

120

120*

1928

January
February
March
April
May
June
Year ending June
30, 1928

4.6
4 0
5.0
2 5
4 5
o o

1.6
1.8
7
1.0
1.3

.2
.2
.2
3
.3
.2

.6
.4
.9
5
.4

3
.9
.0
1 2
.6

57.8

21.5

4.3

6.8

11.1

18

During each month of the fiscal year the
Cleveland bank was called upon to redeem
amounts of its own notes which had reached
other Federal reserve districts and were returned
to the Cleveland bank for redemption in excess




140

no

J. F. M. A. M, J. J. A. S. 0. H. D. J. F. M. A. M. J. J A S 0 N D

1927

1928

Cumulative change from March 31,1927

spect to the character of their major activities—
as industrial and financial on the on3 hand and
agricultural on the other—are reflected in the
course of their currency movements. The
accompanying chart shows the course of the
combined demands for currency at the Boston,

NOVEMBER,

1928

FEDERAL RESERVE BULLETIN

743

and Dallas, which serve districts that are
primarily agricultural in character.
The chart indicates that in these districts
the week-to-week fluctuations in the currency
flow are much less pronounced than in the case
of the three industrial and financial districts.
This characteristic of the currency movement
in agricultural districts is explained in part by
the smaller volume in these districts of the
periodic demand for currency arising from industrial pay-roll requirements and other similar sources. Another influence may be found
in the greater area of the agricultural districts
and the greater distances separating many
member banks from their reserve banks or
branches, since this remoteness may cause a
member bank to rely somewhat more on its
vault cash and somewhat less on the reserve
bank for meeting minor changes in the currency demand. A further contrast between
the three eastern and the four selected agricultural districts is evident in the relatively rapid
and persistent outflow of money into circulation which began after the end of July, 1927,
and reached its peak early in November. Following this autumn peak there was a return
flow of currency to the reserve banks during
November, and a recurrence of net payments of
money into circulation up to the week before
Christmas. From this date to the end of January currency returned rapidly to the reserve
banks, a movement which was continued at a
more moderate pace during the remainder of
the first half of this year. The usual fall increase in the demand for currency appears to
have been felt by these four reserve banks somewhat earlier this year than last, but the net
outflow from the last week in June to the second
week in October, nearly $50,000,000, was about
the same as in the corresponding period last
60
60
year.
CURRENCY DEMAND
( CHANGES BY WEEKS )
ST. LOUIS, MINNEAPOLIS, KANSAS CITY, AND DALLAS F.R. BANKS
Charts for individual districts.—On page
40
40
745 appear charts which show the course
20
20
of currency movements between each Federal
reserve
bank and the member and non0
0
member banks in its district. Since the
underlying data are cumulative, comparison
20
20
between any two points on the curve for any
40
40
district indicates the amount of the net inflow
or outflow of currency during the intervening
60 J. F. M. A. M. J. J. A. S. 0. H. D. J. F. M. A. M- J. J- A. S. 0. N- D. 60
period. As already stated, the charts give only
1927
1928
an approximate measure of changes in the deCumulative change from March 31,1927
mand for currency for local use in the districts,
owing to the fact that complete data on intercurrency movements at the Federal Reserve district currency movements are not available.
Banks of St. Louis, Minneapolis, Kansas City, The charts, however, reflect accurately changes
New York, and Philadelphia reserve banks,
which serve three districts of industrial and
financial character.
It appears to be characteristic of these three
districts that changes in the demand for
currency, as indicated by the figures here
presented, are frequent and abrupt. This
doubtless reflects in considerable part fluctuations in the currency requirements of banks in
large cities, particularly New York, Boston,
and Philadelphia. In these cities member
banks can without delay obtain currency from
the reserve banks to meet sudden cash withdiawals. As a consequence banks in these
centers depend less upon their own vault cash
and more upon accommodation at the reserve
bank to meet current changes in demands for
currency. The chart shows that the broadest
of the currency movements during the past
year and a half occurred at the time of the
Fourth of July holiday both in 1927 and in
1928, and around the Christmas holiday and
the turn of the year. The net inflow of currency in January of this year was considerably
in excess of the net outflow during the latter
part of 1927. The net movement of currency
in subsequent months of this year has been
small, and at the end of the second week in
October the figures indicated a net inflow of
currency into these three banks of about
$70,000,000 for the preceding year.
Currency movements at reserve banks in
agricultural districts.—Currency movements
in districts which are characterized mainly by
the importance of their agricultural activities
are in sharp contrast with those shown for the
Boston, New York, and Philadelphia districts.
The accompanying chart shows the course of




MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

744

FEDERAL RESERVE BULLETIN

in currency demand as it reaches the Federal
reserve banks from whatever source and, therefore, give a complete picture of the influence
exerted by these changes on credit conditions
in each Federal reserve district.
Note on derivation of district currency figures.—
The sources of information utilized in deriving the
series here presented are the balance sheets of the
Federal reserve banks, the records of the gold settlement fund, certain special reports made to the board
by Federal reserve banks with reference to (1) gold
deposited and withdrawn and (2) certain transactions
between the reserve bank and the Treasury, and reports
from the Bureau of the Mint on gold bullion sales by
certain of the mints and assay offices, and from the
Comptroller of the Currency on new issues of national
bank notes.
The manner in which the net currency movement in
or out of a reserve bank is derived is illustrated below
by an example showing the derivation of the $10,940,000
inflow of currency at the Federal Reserve Bank of New
York for the week ending October 17, 1928. This
figure is derived by ascertaining, first, the change for
the week in the reserve bank's total cash, and then
the amount of this change that resulted from operations
which did not involve receipts and payments of currency
between the reserve bank and other banks in the district. The balance of the change in cash, therefore,
measures the net inflow of currency to the reserve bank
from other banks in the district.
Some currency that passes into and from circulation
does not go through the reserve banks but through
the United States Treasury and certain of its agencies—
the Bureau of the Mint and the Comptroller of the
Currency. For example, in the illustration given
below, $30,000 of gold certificates and coin was received
by the New York assay office in payment for gold
bullion sold. Since these currency movements, which
are relatively small in volume, are in all essential
respects of the same nature as currency movements
through the reserve banks, they have been included
in the calculations for the district in which they occur.
CALCULATIONS FOE N E W YORK DISTRICT, W E E K ENDING OCTOBER

17, 1928
Actual increase in cash holdings of Federal
Reserve Bank of New York*
$24,930,000
Net result of operations that have the effect of
increasing cash holdings of New York Federal
Reserve Bank but are not in the nature of
currency receipts from other banks in the
^district:
Excess of cash receipts from the Treasury
(or from other reserve banks on Treasury
account) over payments to the Treasury
,(or to other reserve banks on Treasury
account)
$40,480,000




NOVEMBER, 1928

CALCULATIONS FOR N E W YORK DISTRICT, W E E K ENDING

OCTOBER

17,1928—Continued
Net result of operations, etc.—Continued.
Excess of imported gold deposited with this
bank over (1) gold sold by this bank to
other Federal reserve banks, (2) gold
withdrawn from this bank for export, and
(3) gold sold by this bank to other banks in
this district for use in industry and the
arts 2

7,370,000

Total
.._
_
47,850,000
LessExcess cash payments by this bank
(own account) to other reserve banks
over receipts (own account) from other
reserve banks 3
28,970,000
Net increase in cash resulting from operations
not in the nature of currency receipts and payments between the New York Federal Reserve
Bank and other banks in the district
Increase in cash resulting from net receipts of
currency at the New York Federal Reserve
Bank from other banks in the district.
AddExcess of Federal reserve notes of New York
Federal Reserve Bank returned from circulation over
notes of this bank put into
circulation 4 .
Excess of currency (gold coin and gold
certificates) received by New York assay
office in payment for gold bullion sold
chiefly for use in industry and the arts
($30,000) over new issues of national bank
notes put into circulation (shipped direct
to issuing national banks) by the Comptroller 5of the Currency (none in this
period)
Net inflow of (decrease in demand for) currency.

18,880,000

6,050,000

4,860,000

30,000
10,940,000

1 Underlying data as follows: Oct. 17—total gold reserves, $811,832,000;
reserves other than gold (legal tender notes, silver certificates, standard
silver dollars), $22,038,000; nonreserve cash (national-bank notes, Federal
reserve bank notes, subsidiary silver, nickels and cents), $16,366,000;
Federal reserve notes of other Federal reserve banks, $7,395,000; total
cash, $857,631,000, Oct. 10—total gold reserves, $788,079,000; reserves
other than gold, $21,055,000; nonreserve cash, $15,403,000; Federal reserve
notes of other Federal reserve banks, $8,170,000; total cash $832,707,000.
2
When imported gold is deposited by the importing bank directly
with the New York assay office, as frequently occurs, the Treasury
sheck received in payment is ultimately deposited with the reserve
bank. Such checks are included in imported gold "deposited with
this bank" and an offsetting adjustment is made in the figures relating
to 3transactions with the Treasury.
The receipts and payments here specified are exclusive of those which
arise from the daily note settlement among the reserve banks and which
register
themselves elsewhere in the calculation.
4
Difference between notes of this bank in circulation on Oct. 17 ($337,556,000)
and Oct. 10 ($342,420,000).
5
Only notes representing additions to existing issues are here taken
into account. When notes are reissued to take the place of old notes
which have been redeemed (by charge to national bank 5 per cent redemption accounts kept with the Treasury) national banks are required to
bring their redemption accounts up to the required limits, and the
necessary transfers of funds to these accounts are usually made through
the reserve banks; they are effected by payment to the Treasurer through
the gold settlement fund: Thus the reissuance of national-bank notes is
in effect registered elsewhere in the calculation—in change in cash holdings of the reserve bank.




745

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

CURRENCY DEMAND

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS
60

~f CHANGES BY WEEKS )~

60

DALLAS
wF.RBANK

J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.

1927

1928

.
/

J. F.. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. j . A. S. 0. N. D.

1927

Cumulative change from March 31,1927

1928

746

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928-

PROVISIONS OF STATE LAWS RELATING TO BANK RESERVES

A summarization of provisions in State laws
relating to banking reserves is given on pages
778-805 of this issue of the BULLETIN. Comparison from State to State of these provisions
is rendered somewhat difficult not only by the
varying classification of banking institutions
implied or expressed in the provisions, but as
well by the varying terminology of the State
banking codes and the overlapping of requirements imposed under different enactments and
amendments of these codes. The considerable
variation from State to State shown in the reserve percentages designated for different
classes of institutions and in the proportion
required or permitted of vault cash and of balances in reserve depositary banks, or of investment of reserve funds in certain securities,
indicates clearly that State banking codes have
developed more or less independently of one
another and with reference to local conditions
and banking experience. Nevertheless, a general similarity of provisions as regards the character and amount of reserves is in evidence, and
it will be found on comparison with earlier summaries of reserve provisions in State laws that
the legal character of bank reserves has not on
the whole
changed very materially in recent
years.1 Some of these general characteristics
are noted in the paragraphs following.
Classification of institutions.—In a number
of States the laws specify reserve requirements
for banking institutions generally, without differentiation of requirements with reference to
the character of the institution. The requirements are imposed indifferently upon "any
bank" or "all banks," or "all banking companies," or, more specifically, as in the case of
Pennsylvania, upon "all banks, banking companies, savings banks, savings institutions, and
trust companies authorized to receive deposits
which are incorporated under the laws of Pennsylvania," or still more inclusively, as in Alabama, upon "all banks, firms, persons, and
corporations doing banking business."
Where two or more general classes of institutions are designated, separate provisions may
be made respectively for commercial banks,
trust companies, mutual and joint-stock savings banks, reserve depositary banks, institutions located in cities of specified size, or in
centers designated by State laws as reserve
centers, and institutions operating with a speci* The board 'published tabular summaries of reserve provisions in
State laws similar to the present summary in the FEDERAL RESERVE
BULLETIN for March, 1924, and October, 1917, and in its Annual Report
for 1915, pp. 104-113.




fled amount of capital, or operating as members
of the Federal reserve system.
While the provisions generally relate to banking institutions incorporated under State laws,
the classifications are in some instances extended to cover unincorporated persons or firms
engaged in banking.
It is specifically provided in some States
that provision for commercial banks, or trust
companies, or savings banks, shall apply tocommercial, or trust, or savings departments in
any banks operating such departments, and
very generally lower reserve percentages are
designated for time or savings deposits than
for demand deposits in commercial banks and
trust companies.
Member and nonmember State banks.—
Comparison with earlier summaries prepared
by the board indicates that in general the
classifications implied or expressed in State
laws—i. e., the incidence of reserve provisions
in State laws with respect to the character
and location of institutions affected by specific
reserve provisions—has continued throughout
the period since the establishment of the Federal reserve system with relatively few material
changes. One change of importance is associated with the establishment of the reserve
system itself, and is found in those provisions
of State laws which authorize State banking
institutions to become members of the reserve
system and to comply with the reserve requirements of the Federal reserve act in lieu of
the State law requirements. Forty-six of the
48 States have expressly or by implication authorized State banks to become members of the
Federal reserve system, and some 35 of these
States authorize banks operating as member
banks to comply with the reserve requirements
of the Federal reserve act in lieu of the State
law requirements. Illinois, one of the two remaining States, has enacted no reserve provisions whatever for its banking institutions, the
requirement of reserves in this State being left
as an administrative matter within the discretion of the State auditor. Florida, the one
remaining State, has not legally authorized for
its banking institutions membership in the reserve system or compliance with the requirements of the Federal reserve act. The effect of
legislation authorizing Federal reserve membership and compliance with requirements of the
Federal reserve act has been to set up a dual
system of reserves for State institutions in a.
majority of the States.




ft OVEMBER, 1928

FEDERAL RESERVE BULLETIN

Percentage basis of reserve requirements.—
The reserve provisions of State laws indicate
different bases for calculating reserve percentages, including aggregate deposits, or aggregate
demand, or time, or savings deposits. Other
designations found in the statutes include
"deposits received from7 other banks/ 7 "deposits subject to check/ "commercial deposits7
payable on demand and subject to 7 check/
" deposits in commercial department/ " commercial deposits," "immediate77liabilities/7 "deposits and demand liabilities
of commercial
banks, "general deposits/7 "matured obligations (of trust companies) and money due and
payable/ 7 "liabilities to depositors77 of banking
associations and trust companies, "deposits exclusive 7of public deposits secured as required
by law/ "savings deposits and time 7certificates
having definite time of maturity/
and, in
Texas, the "whole amount of assets77 of savings
banks.
Requirements expressed in these terms may
in given instances apply to all banks in the
State or to specified classes of banks. Alabama, for example, requires 15 per cent of
demand deposits to be held by "all banks,
firms, persons,7 and corporations doing a banking business/ no requirement being specified
for time deposits of any
institutions. Arkansas
requires "all banks77 to hold 15 per cent of
aggregate deposits, but provides that reserve
agents shall hold 20 per cent of their aggregate
deposits. Michigan designates certain percentages of total deposits for commercial banks
and for savings banks, and a percentage of
"matured obligations and money due and payable77 for trust companies. "All banks77 in
New Mexico are required to hold 12 per cent
of "general deposits.77 Banks and trust companies in New York, including private bankers,
are required to hold specified percentages of
their "aggregate demand deposits/7 no percentages being designated for their time deposits; but it is provided that savings banks,
savings and loan associations, land banks, and
credit unions shall maintain guaranty funds for
the security of their depositors or to meet contingencies, and it is provided further by New
York, as by a majority of other States, that
compliance with the reserve requirements of
the Federal reserve act, which covers time as
well as demand deposits, shall exempt member
banks and trust companies from compliance
with State law requirements.
In a number of States, however, the reserve
percentage applicable to a given class of institutions varies with the character of the deposits,
as for example, in Connecticut, which requires

747

State banks and trust companies to hold 12 per
cent of demand and 5 per cent of time deposits,
and in Kansas, where banks are required to
hold 15 per cent of demand and 5 per cent of
time deposits and trust companies to hold 25
per cent of deposits subject to check and 10
per cent of time deposits. Similar variations
will be noted in the requirements of some other
States.
It would seem that precise interpretation of
the reserve requirements of State laws expressed in terms such as are noted above must
in some instances depend upon other provisions
of the banking codes or upon administrative
rulings and practice involving the exercise of
discretionary powers in considerable latitude.
Further, it may be noted that where the reserve
requirements relate to total deposits and vary
with reference to the general character of the
institution, as a commercial or savings bank or
a trust company, rather than with the character of the deposit, the diversification f of
activities of individual banks—which may
carry time or savings deposits and at the same
time engage in a general commercial banking
and trust company business—is not fully
reflected in the reserve requirements of the
banking code.
Percentages designated.—With respect to
the specific percentages designated, the requirements of the State codes show a wide range
of variation—for time or savings deposits from
3 to 15 per cent with 5 per cent most frequently
designated; for total or demand deposits from
7 to 20 per cent, the proportion most frequently
specified being 15 per cent; and for deposits in
reserve depositaries a somewhat higher range
of from 15 to 25 per cent. In a number of
States, including California, Iowa, Kentucky,
Michigan, Massachusetts, Minnesota, Mississippi, Missouri, Nebraska, New York, Texas,,
and Utah, reserve requirements are varied
with reference to the location of institutions in
larger or smaller cities, or in reserve or nonreserve cities.
Vault reserves.—Under the State codes
bank reserves in the several States may include in varying proportions cash or lawful
money in vault, balances carried with reserve
depositaries, and in some instances assets in
the form of designated securities.
The proportion required to be held in the
form of vault cash varies from State to State,
and in any given State may or may not vary
with the character of the institution or of the
deposit liability. No State requires its entire
banking reserves to be held in the form of
vault cash, and in some States as, for example,,

748

FEDERAL RESERVE BULLETIN

in Georgia, Mississippi, Montana, North and
South Carolina, South Dakota, Tennessee,
Virginia, and Wyoming, no specified proportion
is required to be in vault. Specified proportions required in other States to be in vault
range from one-tenth to two-thirds of the
reserve required, including such portions as
three-twentieths, one-eighth, one-fifth, onefourth, one-third, two-fifths and one-half. In
these proportions, or in some proportion administratively determined, the reserve required
to be in vault must generally take the form of
cash, variously defined to include as items,
lawful money, gold or silver coin and certificates, national-bank currency, and Federal
reserve notes. But one-fifth of the vault
reserves of Nebraska banks may consist of
United States* bonds at their market value;
one-half of vault reserves of Massachusetts
trust companies may consist of United States
bonds or certificates of indebtedness or of Massachusetts bonds; clearing-house certificates
may be carried in the vault reserves of Pennsylvania banks; and it would appear that in
Wisconsin and Wyoming balances carried with
other banks may be counted as vault reserve.
Balances and other reserve items.—Reserves
not held in vault must commonly consist of
balances in approved reserve depositaries, or
as the law may provide, in any bank in the
State or any such bank having a specified
capital and surplus, or any national bank located in a reserve city, or any member of a
clearing-house association of designated cities,
or any correspondent bank, or any bank located not more than 100 miles from the depositing bank, or more inclusively any solvent
bank, Federal reserve banks being specifically
designated in some States. The proportion




lM OVEMBER, 1928

designated for reserve balances varies inversely
with the proportion of reserves required to be
in vault cash or permitted to be invested in
certain securities.
More than one-third of the States permit
banks of one kind or another to carry some
portion of their reserves in holdings of securities. One-half of the reserves of California
savings banks may consist of United States
bonds; Colorado banks of all classes may hold
30 per cent of required reserves in the form
of Liberty bonds or United States certificates
of indebtedness; one-sixth of the required reserves of Connecticut banks may consist of
bonds which are legal investments for savings
banks; Delaware banks may hold one-half of
their required reserves in United States obligations to the amount of 90 per cent of the
face value of such obligations. And similar
provisions, in some cases covering State and
municipal securities, are found in the laws of
Oregon, Pennsylvania, South Dakota, Florida,
Georgia, Idaho, Kansas, Louisiana, Maine,
Maryland, Massachusetts, North Dakota, Oklahoma, Vermont, and Wisconsin.
Miscellaneous provisions of State laws.—In
the summary of reserve provisions of State
laws some detail is given covering procedures
for enforcement of regulations in event of failure of any bank to maintain the required
reserves, the usual provision being that banks
shall not during any period of deficiency of
their reserves make any new loans or discounts
(except of sight drafts) or pay any dividends.
Provisions for maintenance of guaranty funds
for the protection of depositors in certain
States are noted and finally certain miscellaneous statutory provisions with such explanatory comments as have seemed to be required.

NOVEMBER, 1928

FEDERAL RESERVE BULLETIN

749

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Volume of production and distribution of
commodities increased seasonally in September
and was larger than a year ago. There was
a further advance in the general price level.
Loans of member banks in leading cities increased in September and October in response
to the seasonal demand for commercial credit.
Production.—Industrial production increased
further in September, and the output of manufactures was in larger volume than in any
previous month.
Factory employment and
pay rolls also increased. Production of iron
and steel and of automobiles was unusually
large during September and October, although
there has recently been some curtailment of
operations in these industries. There were
also increases in September in the activity of
the textile, meat-packing, and tire industries,
and in the output of coal, petroleum, and copper, while lumber production showed a decline.
Building contracts awarded, after declining
in volume for three months, increased considerably in September and exceeded all previous
records for that month. The increase was due
chiefly to certain large contracts for industrial
plants and subway construction. During the
first three weeks of October awards exceeded
those for the same period last year, the excess
being especially large in the eastern districts.
Department of Agriculture estimates of this
year's crop yields indicate that the production
of all crops in the aggregate will exceed last
year's output by about 5 per cent. The corn
crop is estimated at 2,903,000,000 bushels, or
5 per cent above last year's production. The
October 8 estimate indicated a cotton crop of
13,993,000 bales, or 446,000 bales less than was
forecast on September 8, compared with a yield
of 12,955,000 in 1927.
Trade.—Department-store sales increased
considerably in September and were larger than
a year ago, reflecting in part the influence of
cooler weather. Inventories of department
stores at the end of the month were smaller




than on the same date of last year. Wholesale
distribution in all leading lines except meats
was somewhat smaller than in September,
1927. Freight-car loadings showed more than
a seasonal increase in September and continued
large in October. Shipments of miscellaneous
commodities in recent weeks have continued
in larger volume than in previous years.
Prices.—Wholesale commodity prices increased further in September, and the Bureau
of Labor Statistics index advanced to 100.1 per
cent of the 1926 average. Increases, which
were largest in farm products and foods, occurred in nearly all groups except hides and
leather and textiles, which showed slight declines. Since the latter part of September
there have been decreases in the prices of livestock and meats, grains, wool, and hides, and
increases in cotton, silk, rubber, and iron and
steel.
Bank credit.—Demand for bank credit for
commercial purposes increased between the
middle of September and the middle of October,
reflecting seasonal activity in trade and the
marketing of crops. There was also a growth
in loans to brokers and dealers in securities,
though total loans on securities of reporting
member banks showed little change.
During the four weeks ending October 24
a growth of about $40,000,000 in the total
volume of reserve bank credit in use was due
chiefly to continued increase in the demand for
currency, offset in part by a small inflow of
gold from abroad. Reserve bank holdings
of acceptances increased by about $140,000,000
during the period, while the volume of discounts for member banks declined by about
$100,000,000. United States security holdings
remained practically unchanged.
Open-market rates on commercial paper
and on bank acceptances remained unchanged
between the middle of September and the
latter part of October, while rates on security
loans declined in October.

750

FEDERAL RESERVE BULLETIN

NOVEMBER,

RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

2600f




Member Bank
Reserve Balances

1924

1925

1926

1927

Based on weekly averages of daily figures given for past year on following page

1928

1928-

751

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

RESERVE BANE CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES, BY WEEKS
[Weekly averages of daily figures. In millions of dollars. For monthly data see pages 753 and 810.]
Reserve bank credit outstanding
Bills and securities held by Federal
reserve banks
Week endingTotal
volume *
>tal»

Bills discounted
for
member
banks

1,203
1,254
1,267
1,238
1,250

1,169
1,212
1,225
1,187
1,219

430
445
442
405
409

Nov. 5
Nov. 12
Nov. 19
Nov. 26

1,301
1,369
1,411
1,380

1,257
1,305
1,358
1,348

396
433
376
413

Dec.
Dec.
Dec.
Dec.
Dec.

3
10
17
24
31

1,437
1,488
1,546
1,634
1,647

1,403
1,449
1,497
1,553
1,592

482
468
481
585
599

Jan.
Jan.
Jan.
Jan.

7
14
21
28

1,593
1,422
1,329
1,258

1,536
1,382
1,294
1,235

Feb.
Feb.
Feb.
Feb.

4
11
18
25

1,271
1,267
1,272
1,247

Mar.
Mar.
Mar.
Mar.
Mar.

3
10
17
24
31

Apr.
Apr.
Apr.
Apr.

Oct. 1
Oct. 8
Oct. 15
Oct. 32
Oct. 29

1927

Bills
bought

Change as compared with preceding
week
Monetary
gold
stock

United
States
securities

Money Member
bank
in circu- reserve
lation
balances Reservebank
credit
outstanding

497
506
510
505
503

4,574
4,571
4,573
4,572
4,555

4,917
4, 942
4,951
4,929
4,909

2,299
2,322
2,332
2,324
2,328

523
532
646

4,530
4,508
4,487
4,465

358
379
373
375

562
601
642
592
605

545
461
436
432

387
386
364
352

1,246
1,240
1,238
1,223

445
465
475
471

1,285
1,292
1,308
1,262
1,309

1,262
1,266
1,280
1,243
1,289

7
14
21
28

1,407
1,392
1,409
1,397

May
May
May
May

5
12
19
26

June
June
June
June
June
July
July
July
July

Monetary
gold
stock

Money Memberbank
in circu- reserve
lation
balances

+8

+39
+51
+13
-29
+12

-17

4,926
4,949
4,926
4,934

2,338
2,342
2,416
2,372

+51
+69
+42
-31

-25
—22
-21
-22

+17
+23
-23

4,449
4,437
4,420
4,403
4,391

4,956
4,997
5,033
5,120
5,075

2,395
2,399
2,405
2,377
2,415

+57
+52
+58
+87
+13

-16
-12
-17
-17
-12

+22
+41
+36
+87
-45

-29
+39

603
533
493
450

4,377
4,376
4,376
4,380

4,951
4,811
4,729
4,690

2,466
2,441
2,424
2,390

-53
-171
-93
-71

-14
-1
0

-124
-140
-82
-39

+50
-24
-17
-33

375
370
358
350

426
405
404
401

4,374
4,376
4,376
4,373

+13
-4

+2

510
519
491
490
543

348
341
340
340
347

403
405
448
412
398

4,362
4,357
4,335
4,324
4,310

4,719
4,718
4,705
4,699
4,705

2,366
2,369
2,392
2,342
2,353

-25
+38
+8
+15
-45
+46

-11
-5
-22
-11
-14

+6
+12
+2
+4
+5

-4

4,708
4,710
4,714

2,387
2,378
2,372
2,351

1,368
1, 358
1,368
1,371

627
615
705

348
363
360
361

393
379
346
303

4,304
4,301
4,280
4,267

4,751
4,735
4,718
4,710

2,397
2,400
2,401
2,382

+99
-15
+17
-12

-6
-3
-21
-13

1,458
1,456
1,477
1,472

1,426
1,424
1,442
1,447

768
781
827
870

370
367
353
337 |

287
275
260
239

4,738
4,726
4,717
4,709

2,407 |
2,401 !
2,391 i
2,377

+62

2
9
16
23
30

1,531
1,526
1,556
1,499
1,522

1,507
1,488
1,515
1,463
1,492

985

1,004
1,006
1,004
1,017

302
265
242
231
224

219
218
267
227
221

4,263
4,236
4,194
4,180 I
4,165
4,148
4,106
4,103
4,105

4,742
4,737
4,728
4,727
4,740

2,379
2,372
2,377
2,325
2,326

+59
-6
+30
-57
+22

7
14
21
28

1,662
1,558
1,480
1, 453

1,610
1,510
1,435
1,420

1,183
1,103
1,045
1,041

207
190
180
171

220
216
209
207

4,110
4,115
4,114
4,115

4,816
4,769
4,720
4,696

Aug. 4
Aug. 11
Aug. 18
Aug. 25

1, 486
1,490
1,472
1,474

1,451
1,456
1,429
1,440

1,073
1,077
1,038
1,048

165
169
183
184

213
210
207
207

4,113
4,115
4,119
4,120

4,714
4,733
4,744
4,752

2,298
2,274
2,271
2,259

Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29

1,507
1,556
1,581
1,600
1,582

1,475
1, 516
1, 529
1,539
1,544

1,075
1,103
1,064
1,012
1,040

186
194
210
232

214
217
253
260
235

4,123
4,123
4,124
4,126
4,128

4,769
4,818
4,797
4,789
4,806

2,278
2,284
2,324
2,335
2,312

+33
+50
+25
+19
-18

+1
+2
+2

•Oct.
Oct.
Oct.
Oct.

1,634
1,637
1,633
1,598

1,589
1, 604
1,588
1,566

1,045
1,019

305
340
374
406

234
240
242
235

4,125
4,128
4,136
4,139

4,836
4,852
4,848
4, 824

2,334
2,331
2,340
2,324

+52
+3
-4
-35

+3
+8
+3




1
2

6
13
20
27

1928

660'

967
921

241
261
272
277

340
335
326

!
S
I
I

2,337

2,294

Includes total bills and securities, amounts due from foreign banks, and reserve-bank float (see p. I
Includes " Other securities."

+5

Q

+21
-5

+141
-105
-78
-27
+33
+4
-18

+2

-3

+2

+4

0
-3

+25

+9

-22
-20

+8

-13
-6

+15
+23
+10
—8

+4
+10
+5
+73
-44

+23
+3
+7

-21
+15
+3
+23
-50

-16
-17

+11
+44
+3
+1

-4
-27
-42
-14

+28
-12

+26

-15
-17
-42
-3

+33
-5
-9
-1
+13

+2
+5
+5
-1

+1
o

+2
+4
+1
+3

-3

+6
+46

-19

+76
-47
-49
-24

-9
-15

+2
-7
+5
-53
+1
+43
-32
-28
-14

+4

+18
+19
+11
+8

-24
-3
-13

+17
+49
-21
-8
+17

+20
+6
+40
+11
-23

+30
+16
-6
-22

+22
-3

+9

-17

752

FEDERAL RESERVE BULLETIN

NOVEMBER,

MILLIONS OF DOLLARS

1928

2000

2000

RESERVE BANK CREDIT

1500

1500

1000

1000

500

500

1924-

1925

1926

1927

1928

This chart is based on weekly averages of daily figures given for the past year on preceding page
MILLIONS OF DOLLARS
1100

MILLIONS OF DOLLARS'
1100

DISCOUNTS FOR MEMBER BANKS

DISCOUNTS FOR M E M B E R BANKS
[Monthly averages of weekly figures. In millions of dollars]
Reporting member banks in
leading cities

1000




Month

1925

1S27

1927—January.
February
March
_
April
May
June.
July
August
September...
October
November
December
1928—January
February
March
April...
May
June
July
August
September...
October

All
member
banks

476
392
419
421
459
435
434
413
417
428
421
532
439
463
489
637
826
1,012
1,079
1,045
1,063
960

Total

299
233
268
270
302
271
273
256
267
283
276
388
315
338
362
488
644
796
854
806
823
736

New
York
City

76
60
73
78
90
51
59
74
90
75
73
127
94
78
75
145
222
271
274
223
266
202

Other leading
cities
Total
223
173
195
192
212
219
213
182
177
208
203
261
221
260
287
343
422
525
580
583
557
534

Chicago
18
14
20
20
19
20
12
6
8
10
11
21
23
13
25
35
49
61
80
80
41
58

Member
banks
outside
leading
cities

177
159
151
151
157
164
161
157
150
145
145
143
124
125
127
149
182
216
225
239
240
224

753

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

MONETARY GOLD STOCK AND MONEY IN CIRCULATION
MONETARY »GOLD STOCK OF THE UNITED STATES

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

100

-jpeo

CHANGES IN
MONETARY GOLD STOCK

[In millions of dollars]
80

1925

I 1923

60

End of month:
January...
February..
March...
April
May
June
July
August
September
October.._
November
December.
Daily average:
January..
February
March.
April
May
June.
July.
August..
September
October
November
December

3,953
3,963
3,970
3,982
4,028
4,050
4,079
4,111
4,136
_j 4,167
4,207
i 4,244
j
3, 945
3,960
3,966
3,975
3,993
4,040
4,061
4,097
4,123
4,155
4,182
4,226

60

1926

4,289
4,323
4,384
4,411
4,455
4,488
4,511
4,521
4,511
4,509
4,527
4,499

4,423
4,369
4,346
4,350
4, 361
4,365
4,370
4,383
4,382
4,407
4,397
4,399

4,412
4,423
4,442
4,438
4,433
4,447
4,471
4,473
4,466
4,473
4,477
4,492

4,564
4,586
4,597
4,610
4,608
4,587
4,580
4,588
4,571
4,541
4,451
4,379

4,373
4,362
4, 305
4,266
4,160
4,109
4,113
4,123
4,125
1
4,143

4,266
4,302
4,340
4,383
4,433
4,471
4, 503
4,516
4,515
4,506
4,517
4,507

4,468
4,393
4,347
4, 346
4,359
4,364
4,365
4,374
4,386
4,391
4,407
4,397

4,407
4,425
4,444
4,448
4,434
4,438
4,460
4,467
4,471
4,472
4,477
4,481

4,527
4,576
4,595
4,601
4,651
4,606
4,575
4,585
4,584
4, 566
4,490
4,416

4,377
4,373
4,335
4,287
4,207
4,119
4,113
4,118
4,125
14,133

1

NOTE.—For current weekly data see p. 751.

40
on
0

Ilil

60

INCREASES

40

• u

IWpL
U 14-h

20
0

20

II

DECREASES

' | j|J

20

40

40

60

60

80
100

1921

1922 1923 1924- 1925 192§ 1927
Based on figures for end of month

1

80
10G

UNITED STATES MONEY IN CIRCULATION
[In millions of dollars]

Preliminary.
1923

1924

1925

1926

1927

1928

4,777
4,887
4,899
4,853
4,905
4,849
4,756
4,859
4,863
4,942
5,052
5,047

4,802
4,853
4,818
4,789
4,841
4,815
4,795
4, 867
4,916
4,969
5,044
5,104

4,841
4,904
4,860
4,907
4,923
4,885
4,909
4,930
4,978
5,021
5,037
5,095

4,846
4,885
4,862
4,891
4,893
4,851
4,846
4,854
4,948
4,946
4,952
5,003

4,677
4,690
4,749
4,748
4,744
4,797
4,701
4,803
4,846
1
4, 808

4,847
4,832
4,870

4,863
4,807
4,821
4,809
4,797
4,794
4,798
4,819
4,908
4,945
4,960
5,119

4,891
4,854
4,864
4,882
4,871
4,881
4,916
4,912
4,969
5,001
5,008
5,131

4,903
4,843
4,856
4,880
4,860
4,831
4,851
4,849
4,917
4,934
4,936
5,049

4,785
4,709
4, 710
4,730
4,722
4,736
4,746
4,743
4,804
H837

NET IMPORTS OR NET EXPORTS ( - ) OF GOLD
[In thousands of dollars]
Month

1922

January
February. __
March
April
May
June
July
August
September..
October
November..
December..

25,708
27,007
32,525
10,665
5,587
11,376
42,343
18,136
23,066
3,275
14,877
23,730

1923

1924

24,348 44,855
6,984 34,606
5,659 33,505
8,533 44,027
45,332 40,481
18,885 24,913
27,407 18, 507
30,655 15,752
26,941
2,076
28,488 15,577
39,010 13,173
31,930 -29,401

1925

1926

1927

-68,488 16,264 44,465
-46,997 21,565 19,895
-17,768 39,188 10,757
-12,734 -4,768 11,911
-1,997 -6,408 31, 702
-2,287 15,544 12,771
8,935
5,787 14,751
6,353
2,726 - 1 7 , 764
-2,656 -7,094 -11,465
22,702
7,701 -8,642
-13,904
9,011 -53,184
1,248
9,808 -67,418

Total.. 238,295 294,073 258,073 -134,367

97,796

NOTE.—For current data by countries see p. 772.

1928
-13,766
-11,120
-94,853
-91,150
- 8 1 , 721
-79,932
-63,859
747
463
112,197

6,080
1

Prelimiary.

INCREASE OR DECREASE ( - ) IN GOLD STOCK
THROUGH CHANGES IN GOLD UNDER EARMARK FOR FOREIGN ACCOUNT

1922

1923 ! 1924

1925 I 1926

1927

1928
End of month

January
-1,629
February
4,329
593
March
-2,452
April
T666 - 5 5 8
May
1,000
June
2,000
-1,500 -2,583
July
-7,984
August
September
500 - 1 3 , 229
October
- 1 , 5 0 0 -2,000 -17,000
November... - 2 0 0
-500
December.._ - 2 , 0 0 0
-1,500




Total.. -3,700

-8101
-1,3661
-6,825J
14,850|
12,725
5,075
-3,901
8,725
901
2,870
2,000
-2,000

-6,043
-11,000
-22,988
-580
4,000
19,200
-2,400
4
-7,498
1,008

19,487
5,500
3,180
- 1 , 5 0 2 35,800
- 1 , 0 0 0 45,740
-95,000 -26,539
-500
30, 053
184 60, 947
~ 2 , 501
5,916
- 9 , 0 0 0 —1,200
-25,001
1,200
-40,000
-8,500

+700 - 4 2 , 2 1 3 + 3 2 , 2 4 4 j - 2 6 , 2 9 7 - 1 6 0 , 1 5 3

4,866
4,830
4,810
4,800
4,853
4,891
4,970
5,088

1
NOTE.—For current weekly data see p. 751.
Prelimiary.
KINDS OF MONEY IN CIRCULATION
[In millions of dollars]

[In thousands of dollars j
Month

End of month:
January
4,614
February...
4,703
March
4,747
4,759
April
4,797
May_
June
4, 823
July
4.787
August.
4,876
September
4,945
October
4,929
November
5, 018
December...
5,044
Daily average:
January
4,679
4, 672
February
March
I 4, 713
April
I 4.731
May
_ 4,764
June.
4,779
July.__
_..| 4,812
August
4,833
September
„ 4,901
October
4, 941
4.953
November
5,071
December

1928—January
February

March
April
May
June
July
August
September..
Octoberi . . .
i Preliminary.

Total

Gold
coin

4,677
4,690
4,749
4,748
4,744
4,797
4,701
4,803
4,846
4,808

389
386
383
381
380
377
375
374
373
375

U.S.
notes,
Nasilver cerGold Federal tional
certifi- reserve bank tificates,
notes notes and all
cates
other
money
1,016
1,004
1,025
1,020
1,013
1,019
977
9S2
978
960

1,561
1,570
1,588
1,586
1,587
1,626
1,592
1,662
1,699
1,689

617
639
654
652
649
650
637
«650
649
639

L.094
,091
1,099
1,109
1,115
1,125
L, 120
L, 135
1,147
L, 145

754

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

MONEY RATES IN NEW YORK CITY

1923

1927

1926

1925

1928

FEDERAL RESERVE BANK RATES

OPEN-MARKET RATES

DISCOUNT RATES

RATES IN N E W YORK CITY

[Rates on all classes and maturities of eligible papei]
Prevailing rate on—
Federal reserve bank

Boston
New York
Philadelphia
Cleveland
Richmond..
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

....

Rate in
effect on
Nov.l

Date established

Previous
rate

July 19, 192J
July 13, 1928
July 26, 1928
Aug. 1, 1928.
July 13, 1928
July 14, 1928
July 11, 1928
July 19, 1928
Apr. 25, 1928
June 7,1928
4H May 7, 1928
June 2,1928
4H

BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New YorkJ

Maturity

1-15 d a y s . - .
18-30 d a y s . .
31-45 days—
46-60 d a y s . .
61-90 d a y s . .
01-120 days.,
121-180 days

Rate in
effect on
Nov.l

Date established

Ay2\ July 26, 1928.
4^
do__
4M!
do..._...
4MI
do
4V£l
do
*H\
do
5 I
do

Previous
rate

Prime
Month or week commercial
paper,
4 to 6
months
1927
October
November
December
1928
January
February
March
April
May
June
July
August
September
October...
Week ending—
Oct. 6
Oct. 13
Oct. 20
Oct. 27
1
1

Prime
bank- Time
ers'
accept- loans,
90
ances,
days 1
90
days

4 -4H
3H 4^-41/2

W4H

k

4 -Q

5 -5H
bVh%
6

7 -7M

Average rate Average yield
U.S.
Call loans 1 Treasury
notes Treasand
ury
Re- certifi- bonds3
New
newal cates,
3 to 6
months
3.88
3.60
4.43

3.90
3.60
4.

4.15
4 33

4.24
4.38

4.48

4.47

3.08
3.04
<3.17

5.06
5.69
6.21
6.06
6.91
7.40
7.12

3.31!
3 33 i
3. 23 1
i. 5 3.30)
5.08
5 3.62!
fi3.90
5.70
6.32 •"3 3.92
*4.12!
6.05
*4. 36J
6.87
7 26( * 7
4.70
6.98

7.70
6.4!
7.06
6.85

7.50
6.50
7.00
6.50

4.86
4! 77
4.71
4.53

3.43
3.39
3.34
3.35
3.36
3.32
3.35
3.40
3.50
3.56
3.54
3.55
3.56
3.58
3.55
3.52

Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
» 3 issues~3%, 4, and ili per cent; yields calculated on basis of last
redemption dates—1956, 1954, and 1952.
4 Change of issues on which yield is computed.
NOTE.—Rates on prime bankers' acceptances, Higher rates m a y be
charged for other classes of bills.
« Maturities of 6 to 9 months.
*Revised.




755

FEDERAL RESERVE BULLETIN

N O V E M B E R , 1928

PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
The rates shown are those at which the bulk of the loans of each class were made by representative banks
during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding
$7,500,000,000.
FEDERAL RESERVE BANK CITIES

Month

Boston

New
York

Cleveland

Philadelphia

Richmond

Atlanta

Chicago St. Louis

Minneapolis

Kansas
City

FranDallas Sancisco

Prime commercial loans
1927— October. _.
NovemberDecember .
1928—January...
February..
March
April
May
June
July
August
September.
October...

4K-5

-5

4
4
4
4

4^-6
4 -6
4^-6
4^-6

-5
-5
-5
-5

88
4^-6
434-6
4^-6
5 -6

434-5

5H-6

5
5 -5)4
534-5%
5H-5H

5^-6

4tf-6

5 -6
5^-6

5M-5U

Loans secured by prime stock-exchange collateral
1928—April
May
June.
July
August
September.
October...

5
5 -534
5 -5%
5 -6

4H-5
4M-5
5M~5>

5^-5^
534-6

5 -6
4i/2-6
534-6
5 -6

5 -5^
5 -6
5^-6

5
5
5
5

-6
-6
-6
-6

5

5
5
-6
-6
-6
-6
-6

5
5
6
5
5
6
6

-7
-7
-7
-7
-8
-7
-7

5 -6

5
5
5
5
5

-6
-6
-6
-6
-6

5
5
5
5

-6
-6
-6
-6

5 -6
5 -6
5 -6

4^-534
5 -6

5
5
5
5
5

5H-5H

5H-6

5 -6

534-6

5H-6
Loans secured by warehouse receipts

1928—April
May
June
July
August
September.
October...

5 -5%
5 5y
5J4-6
6
%

4%-5
5 -6
5 -6
5 -6

5Y2~t

4%-6
4%-6
4%-6

6

5 -6
5 -6
5 -6
534-6
6

6

6
6
6

6

5K2-6

6
6
6
6

6
6
6

5 -6
5 -6
5 -6
5 -6
534-6
534-6
5H-6

4K-5
4%-534
5 -5M

43^-6
5 -534

5 -6
5 -6
5^-6
53^-6
5^-6

534^6
5^-6

4^-5
434-5

Interbank loans
1928—April
May
June
July
August
SeptemberOctober

4%-5
5
5 -6

43^-4%
4M-5
434-5
5 -534
5H
534-6
5^-6

434-5
4%-5
5 -534
534-6
534
5Yi

5H-5-K

43^-53^
434-5
4%-534
5 -5)4
5yir5Yi
5)4

534-6

5
5 x -5H
5Yz~5*A
&}/z~5%

53^-5%
534-5%

1)4-6

5 -6
5 -6
5 -6
51^-6
5H-6

5
5

5 -534
5 -53^
5 -534
5 -53^
5)4,-5)4
534-6

5 -5H
5 -6
5 -514
5 -534

5 -6

5 -6
5 -6

6
6
6

5>|-6

5^-6

5^-6

5^-6

5
5
5
5
5

5

5 -6
5
5

5 -6

-6
-6
-6
-6
-6

5

5 -5H

FEDERAL RESERVE BRANCH CITIES

Prime commercial loans
City

October, August,
August, September,
1928

Buffalo
Cincinnati
Pittsburgh
Baltimore
,_.
Charlotte
B irmingham
Jacksonville
Nashville
New Orleans...
Detroit
Little Rock
Louisville
Helena
Denver
Oklahoma City.
Omaha
El Paso
Houston
San Antonio
Los Angeles
Portland
Salt Lake City.
Seattle
Spokane




> Revised.

Loans secured by prime
stock-exchange oollateral

1928

5

6
-6

5 -6
5 -7
6
5*1-7
6
8
5 -6
8
534-6
5 -8
6 -7
6 -7

1928

1928

53^-6
6
53^-6

t5\_

5 -6
5 -7
6
51/2-6
534-6
51/2-6

3

5 -6
-6
8
5 -8
6

534-6
6
6
5 -8
5M-7
5 -6
6
6
6 -8
5 -6
6 -8
6 -7
-7
-7

Septem- October,
ber,
1928
1928
53^-6
6 -634

6 -6I/2
514-6
53^-6
6
6 -8
6 -8
6
6 -6H

5 -6
5 -6
6
6 -8
8 -8
6
6 -6Y2
5Y2-6
6 -7

6

6 -7
6 -8
534-6
5 -8
6 -7
6
6
6 -7
6 -7

6 -7
6
6 -8
5^-7
6 -8
6 -7
6
7
6 -7
6 -7

-7

Loans secured by warehouse
receipts
August,
1928

September,
1928
6
-7
6

6

6
6 -7
5H-7

6

6

534-6
5^-6
6 -7
5Y2-W2
534-6
534-7

6 2 -6^
5 -6
6 -7

6
6
6
7

6 -8
6 -7
63^-7
7 -8
6 -7
6 -8
6 -7
6 -7
7
634-7

-8
-7
-7
-8

5Y2-7

7 -8
6 -7
6 -7
634-7

October,
1928
-7
6
6
6
-7

6
51/
6 -7

6 -8
6 -7
63^-7
7 -8
6 -7
6 -8
6 -7
6 -7
7

Interbank loans
August,
1928

September,
1928
5Y2

5Y2

5

-6
6

5H-6
5^-6
5H
534-6
5 -5Y2
6 -8
6 -6J*
6
6
6
5 -6
5 -6
6 -7

Y6
H

5 -6

5 -6
5 -6
5Y2
6
6

-8
-6JK

6
6
6
5 -51.
5 -6
6
6
6
6

October,
1928
/
534-6
6
53^-6
5 -6
6
/
51/2-6
1-6
6

m
6

6
6
5 -5H
5 -6

756

FEDERAL RESERVE BULLETIN

NOVEMBER,

1928

MEMBER BANK CREDIT
ALL M E M B E R B A N E S
[In millions of dollars]

MILLIONS OF D9LLARS

MILLIONS OF DOLLARS

10000

10000

REPORTING MEMBER BANKS

Reporting member banks in
leading cities
Month

Borrowings at Federal
reserve bank:
1927- October
November
December
1928—January
February
March
April
May
June
July
—
August
..
September
October
<Reeerve balances:
1927—October
November
December
1928—January
February
March
April
May
June
July.August
September
October
Net d e m a n d p l u s
time deposits:
1927—October
November
December
1928— January
February
March
April
May
June
July._
August.
September
October
Net demand deposits:
1927—October
November
December
1928—January
February
March. _
April
May
June
July.
August.
_.
September
October
_.
Time deposits:
1927—October
November
December
1928—January
February
March
April
May
Juno..
July
August
September
October
._

All
member
banks

Total

New
York
City

Member
banks
Other leading outside
cities
leading
ChiTotal cago cities

428
421
532
439
463
489
637
826
1,012
1,079
1,045
1,063
960

283
276
388
315
338
362
488
644
796
854
806
823
736

75
73
127
94
78
75
145
222
271
274
223
266
202

208
203
261
221
260
287
343
422
525
580
583
557
534

10
11
21
23
13
25
35
49
61
80
80
41
58

145
145
143
124
125
127
149
182
216
225
239
240
224

2,355
2,400
2,410
2,436
2,384
2, 351
2,411
2,395
2,364
2,344
2,289
2,325
2,343

1,725
1,767
1,787
1,805
1,765
1,733
1,789
1,778
1,747
1,730
1,679
1,707
1,714

728
768
769
781
754
738
777
767
749
730
705
716
720

997
939
1,018
1,024
1,011
995
1,012
1,011
998
1,000
974
991
994

186
180
189
193
186
181
182
187
184
190
180
184
179

630
634
623
631
620
618
622
617
617
614
610
618
629

6,269 13,602
6,485 13,732
6,604 13,791
6,732 13,914
6,564 13,833
6,547 13,828
6,727 13,959
6,759 14,001
6,589 13,895
6,447 13,779
6,222 13, 626
6,267 13, 732
6,358 13,813

8000

8000

6000

6000

4000

4000

2000

1923

1924




19,871
20,217
20,395
20, 646
20,397
20,375
20,686
20,760
20,484
20,226
19, 848
19, 999
20,171

1926

1927

1928

2000

REPORTING MEMBER BANKS
[Monthly averages of weekly figures. In millions of dollars]
Total
loans
and investments

Month

1,929 11,721
1,939 11,823
1,931 11,832
1,964 11,911 Total:
1,919 11,761
1927—October. _.
1,923 11, 800
November.
1,944 11, 921
December
1,995 11,933
1928—January
1,991 11,894
February
1,931 11,914
March
1,908 11,874
April
1,932 12,060
May
1,943 12, 070
June
July
18,960 13,447 5,255
8,192 1,304 5, 558
August..
19,180 13,734 5,430
8,304 1,317 5,650
September
19,586 13,904 5,570
8,334 1,298 5,627
October
19,719 14,012 5,633
8,379 1,326 5,611
19,162 13,707 5,471 8,236 1,272 5,476 New York City:
1927—October
19,106 13, 611 5,467
8,144 1,262 5,455
November
19, 391 13,849 5,607
8,242 1,255 5,486
December
19, 315 13, 794 5,566
8,228 1,281 5,472
1928—January
19, 170 13, 488 5,379
8,109 1,266 5,453
February
18, 789 13,288 5,273
8,015 1,242 5,451
March
18,273 12., 943 5,061
7,882 1,230 5,394
April
'18, 691 * 13,094 5,092 *8,002 1, 251 *5,597
May
18, 779 13, 255 5,152
8,103 1,266 5,524
June
July
12, 527 6,424 1,015 5,409
625 5,163
August
12, 579 6,483 1,055 5,428
622 5,174
September
5,457
12, 677 6,491 1,034
633 5,205
October
5,535
12,928 6,634 1,099
638 6,300
leading cities:
12,990
6,690 1,093 5, 597
647 6,285 Other
1927—October
13,059
6,764 1,080 5,684
661 6,345
November
6,837 1,120 5,717
689 6,435
13, 259
December
6,966 1,193 5,773
714 6,461
13,420
1928—January
1,210
5,786
725
6,441
13, 443
February
1,174
5,764
689 6,463
13, 422
March___
678 6,480
13,378
6,905 1,161 5,744
C
April
681 *6, 463
13, 368 *6,905 1,175 *5,730
May
5,710
677 6,546
13,462 6,916 1,206
June
July
* Revised.
August
NOTE.—All figures in this table are monthly averages of weekly figures
September
except those for deposits of (1) all member banks, and (2) banks outside
October
leading cities; these are for a single date in the month. See BULLETIN
c
for December. 1927. p. 828.
Revised.
31,487
31,759
32,263
32,647
32,152
32,165
32,650
32,735
32, 613
32, 211
31,651
'32, 059
32, 241

1925

Loans
Investments

Total

On securities

All
other

15,112
15,198
15,332
15,395
15,177
15, 323
15, 758
15, 906
15,816
15,842
15,766
15, 834
15, 961

6,325
6,410
6,594
6,731
6,527
6,502
6,841
6,991
6,873
*6, 845
*6,704
*6, 729
6,768

8,787
8,787
8,739
8,664
8,650
8,821
8,917
8,915
8,943
*8,997
*9,061
*9,105
9,193

6,115
6,265
6,396
6,522
6,560
6,599
6,608
6,662
6,670
6,588
6, 461
*6,454
6,416

5,009
5,115
5,228
5,312
5,111
5,143
5,435
5,539
5,380
5,400
5, 308
5,337
5,342

2,370
2,465
2,605
2,692
2,509
2,429
2,655
2,765
2,589
2,601
2,493
2,519
2,534

2,640
2, 651
2,622
2,619
2,602
2,714
2,780
2,774
2,791
2,799
2,815
2,818
2,808

1,773
1,838
1,897
1,965
1,992
2,005
1,948
1, 975
2,019
2,000
1,880
1,907
1,911

14, 444 10,102
14, 508 10, 083
14,604 10,105
14, 640 10,083
_. 14,634 10, 066
14,774 10,180
14,983 10,323
15,054 10,367
15,087 10,436
15,030 10,442
15, 039 10,458
"15, 045 10, 497
15,125 10, 619

3,956
3,946
3,988
4,039
4,018
4,073
4,186
4,226
4,284
*4, 244
*4, 211
% 210
4,234

6,147
6,136
6,116
6,045
6,048
6,107
6,137
6,141
6,152
*6,198
*6, 246
*6, 287
6,385

4,342
4,427
4,499
4,557
4,568
4,594
4,660
4,687
4,651
4,588
4, 581
*4, 547
4, 505

21,227
21,462
21, 728
21,917
21, 737
21, 922
22,366
22,568
22,486
22,430
22,227
_ >22, 288
_ 22, 378

__.
__

_

6,783
6,954
7,124
7,277
7,103
7,148
7,383
7,514
7,399
7,400
7,188
7,243
7,253

757

FEDERAL RESEHVE BULLETIN

NOVEMBER, 1928

BANKERS' BALANCES OF REPORTING MEMBER BANKS IN LEADING CITIES
(Monthly averages of weekly figures. In millions of dollars]
Other leading cities

Total

Doe to banks:
1926—September
October
November.,.
December
-.
1927—January
February..
March...
April
May
June
..-July
August
September
October
November
December
1928—January
February
_„_
March
_.
April
May
June
_.
July
August.
September
October.
Dae from banks:
1926—September
October
November
December
1927—January
February
March
April
May
June
July
August
_
September
October
November....
December .
1928—January
.
February. _
March
April...,
May
June
July__
August.
September
October

New
York
City

3,302
3,304
3,243
3,225
3,229
3,308
3,313
3,379
3,475
3,653
3,587
3,748
3,634
3,548
3,463
3,320
3,153
3,184
3,039
3,177
3,307

1,062
1,067
1,052
1,078
1,107
1,090
1,118
1,104
1,117
1,171
1,164
1,160
1,177
1,209
1,324
1,282
1,373
1,331
1,318
1,281
1,247
1,160
1,175
1,110
1,134
1,195

1,177
1,194
1,175
"., 166
,152
,148
,129
,194
.253
1,275
1,215
1,289
1,189
1,169
1,192
1,160
1,124
1,135
1,053
1,150
1,177

102
111
103
97
100
93
100
107
102
95
92
85
95
111
104
103
112
105
110
123
115
104
102
88
102
100

Phila- PittsTotal |iBoston delphia
burgh

2,212
2,186
2,139
2,108
2,058
2,144
2,154
2,202
2,266
2,330
2,306
2,375
2,303
2,230
2,182
2,073
1,993
2.009
1,929
2,042
2,112

119.5
125.8
128.3
126.5
136.8
135.8
134.6
142.2
137,3
143.1
160.7
152.1
141.4
146.8
156.5
150.7
167.5
148.9
141.3
149.8
141.2
130.0
136.2
122.7
130.9
136.8

170.0
170.8
165.6
163.1
173.0
173.1
172. 5
170.6
169.1
164.2
169.1
167.9
168.6
172.9
173.5
168.0
204.2
192.4
188.2
185.8
174.2
162.9
163.1
153. 7
•162. 2
166.8

1,083
1,094
1,068
1,064
1, 057
1,056
1,044
1,099
1,142
1,171
1,113
1,157
1,084
1,059
1,069
1,045
1,020
1,033
965
1,048
1,077

40.3
37.0
41.0
37.8
40.2
39.1
41.0
48.2
42.8
45.8
45.9
44.1
43.1
52.6
45.7
42.2
52.3
41.2
36.7
42.8
40.1
37.1
41.9
34.6
34.5
37.8

59.3
53.4
56.8
55.1
55. 2
58.0
55.4
54.4
53.4
56.4
50.7
52.3
51.2
52.3
60.9
52.6
56.7
52.1
50.3
57.8
56. 6
53.5
53.3
60. 7
•51.5
56.5

Cleveland

Chicage

San
Min- Kansas FranSt.
Louis neapolis City
cisco

All
other

134.5
128.8
128.8
124.3
121.3
125.0
128.5
127.3
130.8
132.9
131.2
131.3
132.2
118.4
118.5
112.2
101.8
101.1
99.2
108.9
112.3

49.9
48.2
46.6
45.1
48.8
63.6
54.0
55.6
55.1
56.1
60.3
60.4
61.4
61.2
63.1
59.6
62.0
62.9
61.2
60.2
59.1
58.8
59.5
58.3
64.5
63.0

374.6
359.7
349.2
349.1
372.4
364.5
374.1
364.8
374. 4
347.9
363.4
363.9
372.0
376.8
368.1
370.0
379.8
375.0
378.6
381.7
357.7
367.4
353.5
344.0
352. 3
352.6

80.3
79.3
78.9
79.5
88.5
88.3
87.0
86.1
81.8
81.4
81.9
78.6
78.7
78.9
85.3
86.4
88.5
85.9
77.9
77.5
78.6
74.4
74.0
73.0
75.7
77.2

45.6
50.4
52.7
50.8
53.1
55.5
53.6
50.9
47.5
47.5
46.5
45.5
57.6
63.8
62.3
58.4
57.1
58.1
61.8
58.5
55.1
52.8
50.9
47.4
53. 2
60.2

103.7
98.4
97.0
96.7
101.2
95.3
90.3
86.7
82.6
82.7
91.8
91.2
87.9
83.8
83.8
88.1
92.2
92.9
89.4
84.5
82.2
77.0
90.0
91.3
88.6
85.5

109.0
107.2
105.8
107.6
105. 9
127.1
104.1
919
98.4
99.9
108.4
107.4
105.7
110.1
127.9
126.3
117.7
114. 5
117.1
114.1
96.6
101.3
100.8
90.1
102.5
101.6

983.8
986.7
958.2
937.8
913.8
936.6
958.2
l, ooi. a
1,040. 8
1, 076.1
1,066.9
1,074.7
1,040.2
996.1
951.4
916.1
866.6
879.9
849.3
*903. 5
956.1

35.5
43.2
36.8
38.4
40.9
36.1
39.7
38.3
41.0
37.3
33.3
36.7
34.6
32.7
32.3
31.0
29.3
31.0
33.2
37.0
34.9

25.1
27.6
27.1
24.3
27.5
23.3
22.3
22.9
22.7
24.5
22.9
24.2
26.4
24.9
24.3
22.3
23.6
24.9
23.1
23.9
23.6
22.7
25.1
23.6
24.1
24.4

151.7
155.6
154.6
161.8
154.2
144.5
154.9
151.8
173.9
150.6
148.3
146.8
152.2
152.7
158.1
150.4
147.7
145.9
150.8
161.1
173.7
169.0
162.0
151.4
165. 4
161.4

25.6
28.0
29.5
28.4
31.7
29.9
29.9
28.2
27.3
26.5
25.6
27.0
25.6
28.0
30.6
33.1
36.6
32.9
29.9
29.6
28.6
27.2
25.8
25.3
25.3
26.8

20 3
22.3
22.8
22.2
21.5
20.0
19.8
19.8
19.6
19.9
21.7
19.8
27.7
29.3
24.5
20.5
21.0
18.8
19.7
17.4
20.7
19.8
23.8
19.1
21.0
24.0

44.9
43.7
50.5
43.7
44.6
41.9
40.6
38.6
33.5
33.4
36.0
33.1
32.9
36.1
35.1
36.0
35.2
33.1
31.8
32.4
30.1
30.5
34.5
33.5
35.6
32.8

53.9
53.0
50.6
54.4
50.8
52.1
54.4
50.8
51.3
53.5
52.3
53.3
58.8
56.8
66.8
70.5
68.8
64.7
61.8
56.2
55.8
58.5
54.6
49.0
55.8
53.3

639.2
632.5
616.7
601.4
605.9
616.1
603.8
642.6
668.4
687.7
651.9
678.4
635.8
622.2
615.5
584.8
572. 4
581.0
544.6
*597. 9
625.0

* Revised.

BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING
[In millions of dollars!
i

Total outstanding

Bankers' acceptances

Commercial paper J

l

E r i of month
1925

January .
February
March
April
May
June
July .
August
September
October
. _
November
December

1,655
1,628
1,613
1, 558
1,456
1,367
1,296
1,277
1,315
1,358
1,356
1,395

1926
1,442
1,422
1,414
1,384
1,353
1,274
1,255
1,221
1,226
1,275
1,292
1,281

1927
1,325
1,362
1,415
1,410
1,357
1,330
1,310
1,373
1,464
1,586
1,632
1,636

1928
1,635
1, 623
1,655
1,642
1,582
1,529
1,461
1,410
1,434

1925
!
!

835
808

:

8oo

I
!

757
680
608
569
555
607
674
690
774

1926
788
767
746
721
685
622
600
583
614
682
726
755

1927
774
785
809
811
775
751
741
782
864
975
1,029
1,081

1928
1,058
1,056
1,085
1,071
1,041
1,026
978
952
1. 004

1925
820
820
813
801
776
759
727
722
708
684
666
621

1926
654
655
668
663
668
652
655
638
612
593
566
526

1927
551
577
606
599
582
579
569
591
600
611
603
555

1928
577
567
570
571
541
503
483
458
430

1i Figures collected and compiled by American Acceptance Council.
Paper maturing within 7 months. Figures reported by 24 dealers to the Federal Reserve Bank of New York. Prior to May, 1928, reports
were received from 25 dealers and prior to January, 1928, from 26 dealers.




758

FEDERAL RESERVE BULLETIN

NOVEMBEB, 1928-

BROKERS' LOANS
B R O K E R S ' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY T H E NEW YORK STOCK EXCHANGE
[Net borrowings. In millions of dollars]
On demand

On demand and on time

Date

Total

1926—Sept. 30...
Oct. 3 0 . . .
Nov. 30...
Dec. 3 1 . . .
1927—Jan. 31.
Feb. 2 8 . . .
Mar. 31...
Apr. 3 0 . . .
May 31—
June 30...
July 3 0 . . .
Aug. 31—
Sept. 30...
Oct. 3 1 . . .
Nov. 30...
Dec. 3 1 —
1928—Jan. 31.._.
Feb. 2 9 . . .
Mar. 31...
Apr. 3 0 . . .
May 31—
June 3 0 . . .
July 3 1 . . .
Aug. 31—
Sept. 2 9 . . .
Oct. 31_...

From
New York
banks and
trust companies

3,219
3,111
3,129
3,293
3,139
3,256
3,290
3,341
3,458
3,569
3,642
3,674
3,915
3,946
4,092
4,433
4,420
4,323
4,640
4,908
5,274
4,898
4,837
5,051
5,514
5,880

From
private

banks,
brokers,
foreign
banking
agencies,
etc.

2,745
2,667
2,636
2,804
2,671
2,758
2,791
2,865
2,967
3,065
3,145
3,170
3,340
3,363
3,519
3,812
3,805
3,737
3,947
4,246
4,568
4,169
4,150
4,260
4,647
4,994

474
444
493
489
469
499
500
476
490
504
497
504
575
583
573
621
615
585
693
662
707
730
687
791
866
886

From
New York
banks and
trust companies

Total

2,419
2,289
2,330
2,542
2,328
2,475
2,505
2,541
2,674
2,757
2,765
2,746
3,018
3,023
3,134
3,481
3,393
3,294
3,580
3,739
4,070
3,742
3,768
4,094
4,690
5,116

On time
From
private
banks,
brokers,
foreign
banking
agencies,
etc.

2,021
1,924
1,932
2,128
1,964
2,085
2,112
2,146
2,254
2,316
2,343
2,330
2,539
2,549
2,675
2,963
2,882
2,807
3,016
3,201
3,455
3,122
3,183
3,420
3,939
4,360

Total

From
New York
banks and
trust companies

From
private
banks,
brokers,
foreign
banking
agencies,

etc.

398
365
397
414
365
391
393
395
420
441
421
415
479
475
459
518
511
488
564
537
616
619
585
674
751
756

800
822
800
751
810
781
785
800
784
812
877
928
897
923
958
952
1,027
1,028
1,060
1,169
1,204
1,157
1,070
958
824
764

724
743
704
676
707
673
679
719
713
749
802
840
801
814
844
849
923
931
931
1,045
1,113
1,046
967
840
709
634

75.8
78.5
95.9
75.6
103.9
108.4
106.6
81.4
70.5
63.5
75.5
88.8
95.8
108.5
113.4
103.4
104.2
97.7
128.8
124.2
90.8
110.3
102.5
117.3
115.6
129.9

LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY
[In millions of dollars. Monthly data are averages of weekly figures]
Demand anc1 time loans
Month or date

1926—September-..
October
November-..
December
1927—January
February
March
April
May
June- _
July
August
September...
October
November...
December
1928—January
Febmary
MarchApril..
May
June
July
August
September. _.
October
Oct. 3
Oct. 10
Oct. 17.. .
Oct. 24
Oct. 31




Total

For acof
For own count
out-ofaccount
town
banks

2,783
2,698
2,615
2,698
2,778
2,733
2,816
2,866
2,933
3.115
S,096
3,181
3,261
3,392
3,441
3,621
3,802
3,784
3,761
4,062
4,414
4,360
4,232
4,239
4,417
4,701

974
866
819
887
933
841
901
929
936
L,077
,032
,048
1,061
1,103
L, 175
1,282
L.342
1,167
L.064
,193
1,272
.048
929
835
887
933

1,128
1,106
1,048
1,045
1,104
1,127
1,091
1,131
L, 191
1,180
,188
.225

4,570
4,590
4,664
4,772
4,907

930
867
890
957
1,021

Demand loans

For account of
others

Total

Time loans

For own
account

For account of
out-oftown
banks

For account of
others

1,326
1,276
1,354
1,470
1,500
1,450
1,617
1,628
1,568
1,543
1,522
1,607
1,720

682
726
748
766
741
765
824
806
805
858
877
908
916
962
990
985
990
1,117
1,247
1,252
1,514
1,744
1,760
1,881
1,924
2,048

2,074
1,975
1,911
2,012
2,094
2,069
2,154
2,190
2,219
2,385
2,336
2,360
2,463
2,603
2,632
2,782
2,938
2,871
2,861
3,122
3,368
3,309
3,207
3,359
3,684
4,075

656
549
520
596
639
548
615
642
639
772
705
726
777
820
879
948
992
820
741
843
885
687
614
590
675
744

807
773
728
737
799
843
805
830
861
851
857
849
891
942
902
981
1,083
1,084
1,036
1,204
1,198
1,143
1,136
1,178
1,332
1,507

611
653
663
679
656
678
734
718
719
762
774
791
795
841
851
853
863
967
1,084
1,075
1,285
1,479
1,456
1, 591
1,677
1,825

1,682
1,715
1,733
1,737
1,732

1,958
2,008
2,041
2,078
2,154

3,917
3,953
4,048
4,162
4,296

739
677
706
770
828

1,448
1,490
1,524
1,539
1,532

1,730
1,785
1,818
1,853
1,936

M85

Total

For own
account

For account of For acout-of- count of
town
others
banks
321
333
320
308
305
284
286
301
330
328
330
376
394
385
374

880
733
625

318
317
298
291
295
293
285
287
297
306
327
322
284
283
296
334
350
847
323
350
386
361
315
245
212
189

416
414
413
431
425
407
344
276
213

71.0
72.8
85.4
87.0
84.8
87.1
89.9
88.4
86.4
95.8
102.9s
116.4
120.5
121.4
138.7
132.3
126.8
150.0
162.9
177.3
229.1
265.2
303.2
290.2
246.1
223. £

652
637
616
610
611

190
189
184
187
192

234
225
209
198
200

228
222
222
225
219

710
723
704
686
685
664
661
677
714
730
760
815
799
789
809
839
863
913
900
940

1,046
1,051
1,025

373
387

759

FEDERAL RESERVE BULLETIN

N O V E M B E R , 1928

COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES
WHOLESALE PRICES, BY COMMODITY GROUPS i
[1926-100]
All comFarm
modities products

Month

1927—July
August
September...
October
November. __
December
1928—January
February
March
April
May
June
.
July
August
September...

94.1
95.2
96.5
97.0
96.7
96.8
96.3
96.4
96.0
97.4
98.6
97.6
98.3
98.9
100.1

Foods

97.6
102.2
105.9
105.0
104.3
104.4
106.1
104.5
103.5
107.6
109.8
106.7
107.1
107.0
108.8

Hides
Metals
House- Misceland
and
Building ChemiTextile Fuel and
and furnish- laneous
leather products lighting
metal materials cals
drugs
ing
goods
products
products
111.7
111.7
112.5
113.0
114.3
116.9
121.0
124.1
124.0
126.7
126.3
123.7
124.2
121.0
120.7

93.9
94.2
96.5
100.0
101.5
100.7
98.5
98.7
98.0
99.5
101.2
100.3
102.3
104.1
106.9

94.3
96.2
98.5
98.4
97.5
97.2
96.7
96.6
96.5
96.5
96.6
96.3
96.8
96.3
95.6

84.2
84.1
84.2
83.8
82.9
82.5
80.8
81.2
• 80.8
80.8
81.8
82.1
82.8
84.6
85.1

97.7
98.0
97.6
97.1
97.0
98.4
98.1
98.3
98.4
98.4
98.6
98.7
98.6
100.4
100.5

93.7
92.9
92*1
91.6
90.2
90.4
90.8
91.0
91.0
92.5
93.5
93.9
94.4
94.6
94.7

95.3
95.4
96.4
97.1
97.4
97.2
96.3
95.8
95.6
95.8
95.3
94.9
94. 5
94.7
95.1

98.0
98.6
98.6
98.5
98.9
98,8
98.6
98.4
98.3
97.9
97.8
97.0
96.9
97.2
97.2

Nonagricultural
commodities

89.3
89.9
89.2
88.3
88.3
89.0
89.0
87.3
86.8
84.9
85.1
82.2
80.8
79.3
79.7

93.2
93.3
94.0
94.8
94.6
94.8
93.7
94.2
94.0
94.7
95.6
95.2
95.9
96.7
97.8

* New index of Bureau of Labor Statistics.
SECURITY PRICES

PRICES OF FARM PRODUCTS AT THE FARM »
August, 1909-July, 1914-100]

Month

Common stocks * (1926 = 100)

Dairy Cotton
Fruit
Unand
30 comand
Meat poultry
and
mod- Orains vegecotton- classianimals
prodities
fied
seed
tables
ucts

1927
July
August
September.
October
November..
December..

130
132
140
139
137
137

139
138
134
128
120
123

195
172
145
138
136
141

131
136
142
145
141
138

125
127
137
146
153
158

124
136
179
169
162
153

81
81
87
83
86
90

1928
January
February. _March
April
May
June
July
August
September..
October

137
135
137
140
148
145
145
139
141
137

125

144
153
174
179
181
168
156
137
127
114

138
139
139
142
151
150
157
162
174
160

154
144
137
134
134
132
134
136
145
150

152
141
147
154
166
162
170
153
142
147

91
90
89
85
86
87
88
87
85
83

128

130
144
160
152
142
120
117
116

»Index numbers of Department of Agriculture.

Month or week

394

325

stocks
combined

industrials

1927—August
September. .
October
November..
December.. .
1928—January
February
March
April
May.
June
July
August
September. .
October
Week ending—
Oct. 6
Oct. 13 .
Oct. 20
Oct. 27

36

33 rails

public
utilities

Bonds:
Average
price of
40 issues

122.0
127.7
126.7
129.6
133.1
134.4
132.3
137.9
145.9
152.1
145.3
144.2
148.3
156.1
159.1

112.3
128.9
127.5
131.3
135.5
137.4
134.8
141.1
149.5
154.9
148.2
147.8
152.6
161.6
166.2

123.1
125.2
124.3
124.9
126.8
125.3
121.6
125.9
130.7
133.2
126.7
124.6
126.5
129.7
128.2

118.5
124.1
124.5
125.6
127.2
129.5
130.9
134.4
142.5
155.3
148.1
145.3
147.9
155.2
154.5

97.76
98.00
98.62
98.98
99.25
99.35
99.31
99.20
99.18
98.79
97.38
96.56
95.82
96.47
96.58

156.4
157.9
161.7
160.2

162.8
164.8
169.5
167.7

127.4
127.4
129.5
128.6

153.5
154.3
155.7
154.5

96.56
96.51
96.59
96.67

i Index of common stock market values (revised series) computed by
Standard Statistics Co. from closing prices on Friday.
FOREIGN CAPITAL ISSUES

DOMESTIC CAPITAL ISSUES

[In millions of dollars]

[In millions of dollars]

1928

Class of issue

Total

New

Refunding

New

393.1

39.1

4,199.3

Corporate issues
328.5
Bonds and notes—
Long-term. __ 174.1
Short-term. __ 6.8
Stocks- 147. 6.
Farm-loan issues
2.0
Municipal issues
62.6
Total new and
refunding




37.1
23.7
13.4

432.2

2.0

September,
1928

January-September

September,
1928

Refunding

1927

New

Refunding

Class of issue
Gov- Corern- po-

January-September
1928

1927

Gov- Cor- Governernment porate ment

Total .
53.0 54.8 713.1 502.5
1, 406.8 4, 512.1 1,363. 5 New issue...
52.0 39.8 611.3 378.7
Europe
_.. 12.5 30.6 281.5 202.9
3,198.7 1, 387. 5 3, 360.5 1, 248.4
Canada and Newfound80.4
land
4.2 33.3
960.3 2, 166. 0 1, 017. 2
1, 531. 7
23.0
Latin America.
3.0 233.8
157. 3
38.3
160.7
42.0
United States insular
1, 509. 7
388.9 1, 033. 8 189.3
6.2
possessions
40.1
54.6
92.8
Miscellaneous
; 2.0 56.5 72.4
960.5
22.2 Refunding
19.3 1, 097. 1
issues.
1.0 I 15.0 ! 101.9 123.9
Total Government and
5, 606.1
5,875.7
corporate..
1, 215. 6
107.8

Corporate

17.7

760

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers of the Federal Reserve Board]
Build ing contracts
Wholesale disawarded i
Freight
tribution
Indus- Producof ProducFactory Factory
tion
of
car
trial tion
manu- miner- employ- pay
load-1 |
producfacment
rolls
UnadAdings ! Unad- AdYear and month tion i tures » als i
justed justed
justed justed
Mo. av. 1923-1925=100

Departmentstore sales *
Unadjusted

Adjusted

Departmentstore stocks *
Unadjusted

Adjusted

Monthly average 1923-1925=-100

Mo. av. 1919=100

ANNUAL INDEX
1919
1920
1921_
1922_-.1923
1924
1925.
1926_
1927.

87
67
85
101
95
104
108
106

77
89
70
74
105
96
99
107
107

00
03
82
90
04
95
95
96
92

100
124
84
89
113
104
107
109
105

95
122
129
128

84
82
88
93
95
97
101

92
92
92
97
89
96
100

96
93
89
89
91
93
92
94

105
100
92
gg
99
103
101
106

108
101
87
89
87
103
95
83

95
91
84
85
90
100
103
94

97
92
92
95
99
99
99
100

104
100
96
98
104
101
104
108
90
91
94
93

94
96
96
96
95
94
93
94
95
97
97
97

103
109
110
107
107
105
102
105
104
111
112
112

75
76
120
138
124
137
133
149
138
129
116
129

101
104
107
112
115
125
128
135
135
129
127
138

103
103
100
104
105
101
101
105
102
100
104
105

84
87
67
87
101
94
105
108
106

110
114

84
91
79
86
100
98
103
107
103

81
84

105 j

87
89
101
98

89 I

101

101
101
103
102

103
106
106

95

MONTHLY INDEX

I

1924
May
June
July.
August
September
October
November
December

94 |
97
101

1925
January
February
March
April
May
June
July
August
September
October.
November
December

105
105
104
103
103
102
103
103
102
105
106
108

106
106
106
103
103
102
103
102
104
107
109

1926
January
February
March
April
May
June
July
August
September
October-_
November
December

106
107
107
107
106
107
107
111
112
111
108
105

109
108 |
108
107
107
107
107
111
112
110
106
103

92
96
106
106
104
106
107
109
111
115
118
119

96
97
97
96
96
95
93
94
96
96
95
94

107
112
113
110
109
109
104
108
108
112
109
108

111
106
146
139
134
133
126
148
137
126
119
131

146
145
128
120
125
125
124
131
130
126
130
136

102
104

105
107
108
109
108
108
109
109
108
106

107
94
91
91
91
107
117
111
97
84

107
109
111
108
111
108
106
107
105
103

105
107
110
109
111
108
106
107
105
102
98

116
118
118
104
108
104
100
106
105
105
101
103

92
94
94
93
93
92
91
91
92
92
90
89

102
109
110
108
108
106
101
104
104
105
101
102

94
96
151
147
135
154
130
135
127
137
114
116

123
131
131
128
126
144
128
119
121
137
125
121

105
109
109
108
107
104
101
104
104
101

86
91
103
90
88
87
88
111
112

103
103
105
103
105
99
101
105
108

88
89
90
89
89
90
88
90
91

98
104
105
103
104
104
100
104
105

104
113
144
157
163
158
142
126
143

137
155
125
136
152
148
139
111
136

100
102
103
104
106
102
102
104
106

1927
January
February
March....
April
May
June
July
August
September
October. _
November
December
1928
January
February
March
April
._._
May
_
June
July.
August.
_
September

85 j
83
89

94 I

106
109
109
109
109
108
109
112
115

no

106

no
110
110
110
110
in

114
116

yo
94

i
j
!
|
I

87
82
80
105

95
91
no
DO

95

118
118
97
88

101
99
99
101

93
97
109
98
90
91
94
113
117
124
96

102
101
100
100
99
100
102
101
100
105
100

94 !
97 !

106
no
yo

82

87
93
99
86
89
84
87
*109

1C9

100
94
72
74
93
111
111
168

97
100
96
95
100
95
101 I

100 j

104
97
93
96
105
Ill
113
94

!
|
!
i
!
j
!
i

98 I
103 I

102
100
100
100
101
101
100
100
102
101
101
101
100
100
101
102
102
101
102
103

103 !
102 |

104 !
106 !

101 i
100 i
100 i
101 |
102
110
104
106

102
97
94
98
06
111
115
97

89
81
102
103
107
101
78
83
101
124
121
184

106
105
101
103
107
102
104
107
109
110
106
110

98 !
107
107
103
98
94
97
107
114
117
96

105
103
104
103
101
101
101
101
103
103
104
102

94
95
96
93
95
93
95
100
96
91
95
93

89
83
100
111
102
101
75
89
100
119
122
186

106
107
105
105
103
103
104
111
108
1C6
107
111

92
97
106
106
103
97
94
97
107
113
116
96

103
102
103
102
101
100
101
101
103
103
103
102

94
97
93
89
96
89
*93
•98
94

105
85
103
102
107
103
78
85
106

91
96
103
104
101
95
92
96
101

103
101
100
100

95
106
100
99
75
78
95
129
114
178

102
101
100
97
99
99
97
97
100
94
98
95

105

105
104
104
105
108
106
120

I
!
j
i
;
!
j

93 I

100

* The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts wholesale distribution, and department-store sales and stocks are shown both with and without seasonal adjustments.
* Revised.




761

FEDERAL RESERVE BULLETIN

KOVEMBER, 1928

INDUSTRIAL PRODUCTION
INDEX O F INDUSTRIAL P R O D U C T I O N
PRODUCTION OF
MANUFACTURES AND MINERALS

[Index numbers, adjusted for seasonal variations.
1923-1925 average *100]

Month
January
_
J
February
.
March
April
May
June
.
July
...I
August,......*
.....:
September.
i
October.^
November....
..{
December
„
_<

1922

1923

1924

1925

1926

1927

73
76
80
77
81
86
86
84
88
94
§7
100

100
100
103
107
107
105
103
102
100
99
97
96

100
102
100
95
89
85
83
80
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

107
109
111
108
111
108
106
107
105
103
99
99

8f>

101

95

104

108

106

Annual index .

1928
106
109
109
109
109
108
109
112
115

80

60
1924-

1925

1927

1926

1928

INDEX OP PRODUCTION OF MANUFACTURES, BY GROUPS

Year and month

Total

Iron
and
steel

Textiles

Food
products

Paper
| NonPetro- Rubber Tobacco
Auto- Leather Cement,
hrick, | ferrous j leum
Lumber mobiles
manuand
tires
shoes and glass! metals ; refining
factures
printing

1927
May
June...
July
August.
September...
October
November....
December

111
108
106
107
105
102
98
99

116
105
103
102
98
94
88
93

116
121
118
119
118
113
112
105

303
102
96
97
93
94
94
95

112
112
114
112
113
111
110
112

103
95
84
89
81
70
47
53

100
105
113
112
113
108
97
96

109
111
115
113
108
107
105

1928
January
February
March
April
May
June
_
July
August.
September

106
110
110
110
110
110
111
114
116

110
115
114
125
117
112
121
121
127

106
107
106
101
107
109
100
109
108

102
110
105
97
96
93
89
91
97

116
117
118
119
121
117
117
117
118

92
103
114
110
108
119
120
*133
139

99
102
101
96
66
105
112
*112
111

111
115
109
108
113
112
117
124
126

108 i

|
i
i
I
I
|
j

!
!
|
j
I
i
!

Ill
108
106
108 !
107
106
106
111

132
134
136
136
139
142
140
137

127
131
124
119
113
116
117
110

122
116
109
119
123
121
122
112

101
109
107
110
111
115
112
116
118

135
139
141
147
150
153
160
160
162

124
139
135
131
134
145
155
154
166

118
118
119
119
120
126
125
131
129

!
,'
i
|
!
I

INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS
Total

Year and month

1927
May.
June«_.™
July .
August
September ..
October
November.. ...
December
1928
January..
._
February
March
April
May___ . .
June
July
August
September

. .

. .

Bitumi- Anthracite Crude petroleum
coal
nous coal

108
104
100
106
105
105
101
103

*93
*90
87
92
92
90
85
87

•116
*101
*74
*106
*99
*106
*iO5
*91

120
120
124
123
124
124
124
124

103
103
105
103
105
99
101
105
108

92
94
99
87
93
89
94
91
94

88
88
79
109
114
74
66
95
95

121
119
121
119
119
117
119
*123
125

Iron-ore
shipments

120
101
99
99
87
95
49

80
107
103
105
109

Copper

Zinc

Lead

Silver

107
105
101
101
104
102
106
105

108
114
109
114
111
110
107
109

113
112
116
112
111
105
110
109

90
93
94
94
90
91
100
95

102
104
102
103
110
110
113
116
121

104
107
112
114
113
117
117
121
114

103
109
109
100
101
99
97
*107
116

93
83
94
89
85
93
76
*87
79

•Revised.
NOTB.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals.
Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and
methods of construction were described and monthly indexes for the above groups were published in the BULLETIN for February and March, 1927.




762

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES
Septem- August,
1928
ber, 1928
Iron and steel:
Pig iron
Steel ingots
.
Textiles:
Cotton consumption
. .
Wool—
0 on siiTi P tion
Machinery activity *
Carpet and rug loom activity ! .
SilkDeliveries
Loom activity *
.
.. .
Food products:
Slaughtering and meat packingHogs
Cattle . . .
.
...
Calves
Sheep
Flour
Sugar meltings. .
..
Paoer and printing:
Wood pulp and paper—
Newsprint . . . . . . . .
.........
Book paper
. .
Fine paper .
. . . . . .....
WraDDins DaDer
Paper board
Wood pulp, mechanical
Wood pulp, chemical
Paper boxes
Newsprint consumption
Flooring
Transportation equipment:
\utomobiles .
..............
Locomotives
... ....
Shipbuilding

September, 1927

Septem- August,
ber, 1928
1928

106
112

*111
104
104

146
130

134
127

Leather and products:
Leather, tanningSole leather»
Upper leather129
Cattle
Calf and kip
;
98
Goat and kid
Boots and shoes
91
88 Stone, clay, and glass:
Cement
Brick142
104
Face brick
Plate glass
Nonferrous metals:
Copper
83
L«ad.
I...::..:::::::
96
Zinc
91
Tin*
109
Chemicals and allied products:
93
111
Petroleum refining •
Gasoline *
Kerosene
Fuel oil i
96
Lubricating oil *
..... .
107
Coke production117
103 1
By-product
Beehive
_
. _
115
87 Rubber tires and tubes:
Tires, pneumatic
112
Inner tubes
121
Tobacco products:
130

84
126

*89
124

97
112

139
23

*133

105
130

106
122

108

114

95
84

96
79

87

86

145

134

117

114

86
92

80
88

93
125
94
127

94
113
97
106

90

91

123
114
103

95
98

124
122
#

123

Cigarettes
Manufactured tobacco and snufl

September, 1928

107

101

101

71
99

77
96

85
107

150
113

138

•117

134
117

123

126

120

131
127

109
132

110
112

119
116

119
*107

104
111

114
121

121
109

111
112

188
103
139

185
114
136

155
95
122
120

122

121

132

137

37

35

120
53

173
119

158
123

113
88

104
152
93

99
158
93

105
140
95

81 '

21

70

99 :

i Without seasonal adjustment.

• Revised.

FACTORY EMPLOYMENT AND PAY ROLLS
[Index numbers without seasonal adjustment.
Metals and
products
Month

Textiles and products

LumDOT

Total
Group

Iron
and
steel

T>__ J

Group Fabrics
i

rTOQ*

ucts

and
products

Monthly average, 1919-100]

Railroad
vehicles

Paper
and
Automobiles printing

Foods Leather Stone,
and
clay,
and
prod- prodand
ucts
glass
ucts

Tobacco
products

Chemi/tola

icais
and
prod*
ucts

Employment:
1927—June
July
August
September
October..._
November.
December.
1928—January. . .
February._
March
April
May
June.—_...
July
August
September-

92.4
90.7
91.2
91.9
91.7
90.2
89.1
87.9
89.4
89.9
89.3
89.5
89.6
88.5
90.0
91.2

87.8
85.7
85.2
85.1
84.5
82.8
81.9
80.9
83.0
84.3
84.6
85.3
85.5
84.7
86.0
87.2

87.5
85.4
85.0
84.7
84.0
82.3
81.4
80.7
82.7
84.0
84.2
84.9
85.0
84.6
86.0
87.2

93.1
91.0
92.3
93.9
94.5
94.2
93.6
92.9
93.8
92.9
90.0
87.8
87.4
84.5
85.3
86.8

96 3
94.8
95.6
96.5
97.0
97.2
96.4
95.1
95.1
93.6
91.0
88.9
88.6
86.2
86.3
87.0

88.9
86.2
88.2
90.5
91.4
90.3
89.9
89.9
92.3
92.0
88.7
86.3
85.9
82.2
84.1
86.6

91.8
91.2
92.3
93.0
92.5
91.3
88.2
84.9
85.0
86.0
87.0
87.0
87.7
86.7
89.1
89.6

78.9
78.2
76.7
76.1
75.5
73.4
72.0
70.5
70.4
71.3
72.0
72.5
72.7
71.7
71.6
71.2

117.2
109.9
114.3
111.0
109.9
100.7
105.0
114.0
124.8
130.2
133.6
141.2
141.1
141.0
149.9
154.2

106.9
106.3
106.9
107.8
108.6
109.7
110.1
108.6
108.1
107.0
105.9
106.3
106.1
106.1
106.3
106.7

87.6
86.7
85.8
88.7
89.2
87.7
86.7
83.8
84.8
84.4
82.8
83.0
84.2
84.4
83.9
86.8

82.2
85.3
88.2
88.5
86.5
81.5
79.8
83.2
84.6
84.1
79.8
77.7
77.6
81.2
82.9
83.1

124.2
119.5
120.2
119.3
116.2
114.7
109.0
101.6
101.9
105.7
109.1
113.8
114.9
112.8
115.7
114.6

80.3
80.3
74.4
83.5
85.3
84.6
80.3
73.8
77.1
77.9
76.0
76.8
77.5
73.4
79.0
80.6

75.9
75.0
75.3
76.9
77.8
78.5
77.2
75.1
77.2
76.9
76.7
74.5
75.1
73.9
73.9
77.0

Pay rolls:
1927—June
July
August
September.
October. __
November.
December.
1928—January...
February..
March
April
May
June
July
August
September.

105.8
101.1
104.4
103.8
105.1
101.0
im 9
67.8
103.5
104.9
102.6
103.7
103.6
100.1
103.9
105.0

95.2
87.4
90.3
88.1
89.0
86.0
87.5
84.7
91.9
93.9
92.9
95.1
94.5
90.0
94.3
94.3

94.7
86.7
89.8
87.3
88.2
85.2
86.6
84.1
91.2
93.3
92.2
94.3
93.7
89.3
93.3
93.5

102.8
99.1
102.7
104.8
106.9
101.6
103.6
100.2
103.5
101.9
94.7
93.4
93.5
88.7
91.7
94.4

107.0
102.8
105. 8
107.3
108.9
104.5
106.1
100.3
102.4
100.3
95.5
95.3
94.2
90.2
91.4
93.3

97.6
94.6
98.9
101.9
104.3
98.1
100.6
100.0
104.8
103.9
93.8
91.1
92.6
86.9
92.0
95.7

104.8
101.1
105.5
107.1
109.0
106.3
103.1
91.9
96.1
98.1
98.3
98.8
99.9
96.4
100.3
102.6

87.9
83.0
85.4
81.3
83.6
82.2
8p.2
75.1
78.2
80.4
81.2
80.7
81.3
76.5
77.0
75.7

131.4
125.2
136.3
128.7
133.6
117.6
127.8
127.2
160.0
168.9
171.8
178.8
169.5
166.0
184.9
185.8

148.2
145.4
147.2
148.9
151.0
149.0
152.7
148.8
147.5
147.7
146.7
146.7
146.7
144.6
144.5
146.8

104.6
103.1
101.7
104.4
104.8
103.0
102.2
99.0
100.8
100.4
96.5
99.0
101.3
101.4
100.1
103.4

85.1
90.2
97.5
95.2
88.5
76.8
77.8
83.5
88.9
87.5
75.3
72.7
76.3
82.6
88.0
87.2

154.5
143.7
149.0
145.7
145.0
140.8
133.6
122.1
123.8
128.7
134.6
140.9
141.3
136.1
143.3
139.6

86.7
85.7
79.7
90.5
91.3
90.5
87.0
78.1
78.1
79.4
73.8
77.3
82.5
78.1
81.6
85.4

109.1
103.6
105.2
105.7
110.0
109.7
112.4
106.3
109.3
110.2
108.8
106.6
106.1
103.4
104.0
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 Mav, 1925. See also p. 668 or
BULLETIN for September 1925, for certain revisions.




763

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

BUILDING
BUILDING CONTRACTS AWARDED

PER CENT

Without seasonal
adjustment

PERCENT

200

[Index numbers based on value of contracts. Monthly average,
1923-1925-100]
With seasonal
adjustment

200

150

150

r A

Month

\

January.. __
February..
March
April
May
June
.._ .
July .
August .
September
October
November
December.

1925

1926

1927

1928

1925

1926

1927

75
76
120
138
124
137
133
149
138
129
116
129

111
106
146
139
134
133
126
148
137
126
119
131

94
96
151
147
135
154
130
135
127
137
114
116

104
113
144
157
163
158
142
126
143

101
104
107
112
115
125
128
135
135
129
127
138

146
145
128
120
125
125
124
131
130
126
130
136

123
131
131
128
126
144
128
119
121
137
125
121

1928
137
155
125
136
152
148
139
111
136
147

1

100

100

U

50

50
BUILDING CONTRACTS AWARDED
_

I*'ith Seasona/Adjustment
I*'itftot/Md/i/st/i ?ei7t

1924-

1925

1926

1927

1928

BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Value of contracts in thousands of dollars]
Federal Reserve District
Month

Total
Boston

1927
August
September
October..
November.
December
1928
January
February.
March,
ApriL.
May..
June..
July.__
August..
September

I
| 552,488
! - 521,611
562,816
466,393

_...l 477,364

New
York

Philadelphia

1927
August
September
October
November
December
1928
January
February
March
April
May
June
July
August
September

209,456
202,877
I 243,562
214,963
207,281

Chicago St. Louis Minneapolis

62, 447
65,235
49,315
39,136
35,275

31,813
57,464
29,553
24,811
37,285

28,176
30,917
26,023
39,151
24,816

109,646
106,296
141,523
84,182
126,841

34,134
32,573
41,405
27,793
33,352

12,371
8,038
9,305
7,138
4,473

19,061
22,253
19,317
16,516
12,316

19,811
18,350
15,379
24,977

33,410 133,271
21,826 140,227
39,694 155,154
42,957 154,369
56,097 | 188,687
38,519 178,448
34,456 1 139,821
36,370 129, 524
69,918 156, 588

35, 765
34, 980
46, 317

26,403
37,841
66,821
70,184
63,813
69,605
56,103
50,408
67,748

27,607
22,301
42,061
66,591
39,421
46,227
32, 884
30,172
39,843

27,696
23,376
29,826
24,371
32,497
28,600
31,996
28,548
25,989

77,806
108,789
108,093
128,643
139,784
128,607
140,689
108,306
99,176

29,187
35,294
40,626
43,818
36,360
44,225
50,557
40, 706
33,241

4,428
8,339
10,249
13,178
11,042
11,088
12,944
9,213

13,318
13,793
33,174
20,658
20,199
28,070
23,807
26,177
22, 611

18, 278
22,938
22,463
20,315
28,318
28,426
20, 771
19,847
17,715

QfiO

oU,
49, 743
48,698

41, 259
33, 967
45, 634

[Value of contracts in thousands of dollars]

Month

Atlanta

53,519
40,174
34,211
30,138
28,634

BUILDING CONTRACTS AWARDED, BY TYPES O F BUILDING

Residential

Richmond

144,049
107, 448
169,299
132,481
130,346

37,461
32,863
27,486
40,070
29,407

|
427,169
465,331
592, 567
643,137
668,097
650,466
,| 58M32
I 516,970
587,674

Cleveland

Indus- Commercial
trial

41,039
48, 546
50, 712
52,890
29,989

193,189 37,970
238,985 34,881
275.192 48,804
I 276,586 85,093
j 288,826 37,146
258,084 63,537
228,703 31,400
! 213,705 42,607
! 202,807 114, 780

Public
works Educa- All
and
public tional other
utilities

14, 619

BUILDING P E R M I T S ISSUED, BY FEDERAL RESERVE
DISTRICTS
[Value of permits in thousands of dollars]

Federal reserve district

Number Septem- August,
1928
of cities ber, 1928

September, 1927
236,062

76,915 119,741 41,035
59,617 126,230 29,244
79,720 108,210 30,170
43,521 76,089 31,741
86,933 92,657 23,248

64,302
55,097
50,442
47,189
37,256

United States.

168

217, 626

259,530

Boston
New Y o r k . . . .
PhiladelphiaCleveland

14
22
14
12

8,438
72,056
11,100
15, 624

8,500
106, 932
16,690
21, 519

7,602
81,823
16, 031
13, 402

68,852
57,695
73,075
82,758
91,200
93,942
95,697
58,911
60, 068

31,750
55,139
51,277
48,413
52,851
57, 917
53,632
47,144
52, 205

Richmond
Atlanta
Chicago
St. Louis.

15
15
19
5

42,857 !
6,067 |

8,399
7,627
41,187
7,790

7,570
10, 496
52, 496
7,423

Minneapolis..
Kansas City..
Dallas..
San Francisco.

9
14
9
20

4,421
8.021
5,620
21,907

3,591
7,478
7,261
22, 557

3,008
5,957
6,421
23,834

72,039
59,980
110,338
117,401
150,223
130,852
137,075
118,890
119, 014

23,369
18,651
33,881
32,885
47,851
46,135
36,926
35,713
38,801

13,226 I

I
NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation.
Adjusted indexes by months from 1910 to date given in the BULLETIN for August, 1927, p . 563.




764

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

TRADE AND DISTRIBUTION
FREIGHT-CAR LOADINGS, BY LINES
[Index numbers, adjusted for seasonal variations. 1923-1925=100]

Month

1927—September— .
October
November
December
1928—January
February
March.
April
May
June
July
August
September

PER CENT

WHOLESALE DISTRIBUTION

MerchanForest 1.dise
c. 1.
prodand
ucts miscellaneous

Total

Grain
and
grain
products

Livestock

Coal

104
101
96
94
100
102
103
104
106
102
102
104
106

108
106
94
94
102
108
116
109
102
89
109
102
109

87
94
87
82
91
101
96
89
88
86
80
82
93

102
94
91
93
94
96
96
99
101
90
88
9f>
102

108
106
102
99
106
106
108
108
110
107
109
111
111

95
93
87
82
90
93
89
85
90
88
89
92
91

80
• •

With SeasonalAdjustment
Without Adjustment

70

1926

1925

1924-

1928

1927

For description and early figures see p. 562 of August, 1927, BULLETIN.
INDEX OF WHOLESALE DISTRIBUTION—NINE LINES OF TRADE
[1923-1925 average -100]
Sales without seasonal adjustment

Sales with seasonal adjustment
Month
1923
January
February .
March
April
May
June
July
August
September .
October.
November
December
._ ._

1924

102
100
104
100
103
102
101
103
99
103
100
95

1925

103
102
94
99
95
91
93
95
101
99
99
101

1927

1926
102
101
100
97
99
99
97
97
100
94
98
95

102
101
100
100
99
100
102
101
100
105
100
98

1928
94
97
93
89
96
89
*93
*98
94

94
95
96
93
95
93
95
100
96
91

1924

1923

95
93

Annual average

1925

1927

1926

1928

93
96
114
97
94
92
92
115
115
123
100
82

94
98
102
96
87
82
86
105
118
118
97
88

93
97
109
98
90
91
94
113
117
124
99
89

94
97
107
94
91
91
91
107
117
111
97
84

86
91
103
90
88
87
88
111
112
106
93
82

101

98

101

98

95

87
93
99
86
89
84
87
109
109

SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE
Without seasonal adjustment

With seasonal adjustment
Month

Wom- Boots
WomFurGroen's
Dry Men's en's Boots
Fur- Gro- Meats Dry Men's
clothand Hard- Drugs niand HardDrugs
ceries Meats goods clothclothceries
ware
niture
goods ing cloth- shoes ware
ing
ture
shoes
ing
ing

1927
August
SeptemberOctober
November..
December..

97
94
90
94
92

109
109
109
105
109

102
91
86
89
87

101
92
81
86
93

72
66
54
67
61

111
104
91
105
101

97
99
94
100
97

112
114
111
112
106

109
103
99
100
89

97
102
102
100
90

111
117
122
101
103

125
113
99
88
70

165
140
101
61
48

98
95
87
45
39

122
127
114
110
82

98
106
105
98
90

110
122
128
113
99

111
117
118
105
83

1928
January
February...
March
April
May
June__
July
August
September..

93
98
97
93
99
94
91
*100
92

106
113
109
112
109
112
111
*116
122

89
88
83
78
86
79
80
90
84

99
99
94
77
96
76
79
90
89

70
70
55
57
62
49
83
68
62

115
110
96
94
113
82
123
109
90

92
93
91
87
94
92
91
*95
92

108
110
110
111
117
110
107
117
112

89
96
95
87
92
95
95
106
112

85
85
95
88
96
97
92
*101
100

106
108
105
105
109
114
113
*118
130

85
89
87
70
75
71
74
110
105

76
128
131
75
57
39
68
148
137

65
88
89
.53
35
21
46
92
88

94
87
111
99
114
77
98
119
110

82
82
95
89
97
95
90
96
100

106
101
121
113
110
103
102
115
119

78
96
107
88
87
83
78
108
127

* Revised.
NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexes from
January, 1919, to October, 1927, were published in the BULLETIN for December, 1927, pp. 817-828. Indexes of sales of furniture revised in May, 1928.




765

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

DEPARTMENT STORES: SALES AND STOCKS. BY FEDERAL RESERVE DISTRICTS
[Index numbers. Monthly average 1923-1925»100]
Federal Reserve District

Month

Sales (unadjusted):
1927—May
June
July
August
September _.
1928—May
June
July.
August
September..

i United
States

1

Bos-

New

ton

York

Phila- Clevedelphia land

Richmond

Atlanta

Chicago

St.
Louis

Minne- Kansas
apolis Cityi

89
100
107
104
78
85
106

102
109
74
84
106
109
112
77
78
110

94
97
65
73
83
94
95
64
65
88

105
99
78
93
95
106
100
78
85
101

103
100
72
80
91
106
102
75
78
96

108
99
76
86
97
114
98
77
86
98

108
107
82
99
114
122
114
91
101
136

96
93
68
90
97
104
94
73
83
107

91
91
75
92
93
90
84
68
80
96

Sales (adjusted):
1927—May
June
July
August
September..
1928—May...
June._l
July
....
August
September..

103
103
104
111
108
104
105
108
106
120

102
105
105
112
110
98
106
107
104
113

104
111
108
119
117
107
114
112
111
127

96
96
96
100
98
92
94
95
89
108

103
99
107
110
102
100
100
106
101
114

105
99
103
111
103
104
101
107
109
114

105
105
105
110
107
107
104
106
110
112

107
107
112
120
114
116
115
124
123
143

98
98
100
117
96
103
99
108
108
110

90
91
97
103
95
85
84
89
89
102

Stocks (unadjusted):
1927—May
June
July
August
September..
1928—May
June
July
August
September. _

103
97
94
97
107
101
95
92
96
101

106
99
95
95
106
106
97
91
91
101

105
98
95
99
109
104
99
96
100
106

98
92
89
91
101
93
87
85
86
92

102
98
93
97
107
100
94
91
95
100

104
98
94
93
107
100
95
91
92
102

103
92
91
96
107
103
96
93
95
103

101
95
93
99
108
103
96
94
102
109

102
97
95
97
108
96
91
87
93
98

91
84
83
87
94
83
78
78
81
84

101
100

105
103
104
102
102
105
101
100
98
97

105
103
104
105
103
104
103
105
106
101

98
97
97
97
97
93
91
93
92
88

98
99
100
101
103
96
95
98
98
96

10
lOi
10L
101
102
99
99
100
100
97

102
97
99
98
101
102
101
101
97
98

100
100
101
100
102
102
101
102
103
102

100
101
101
97
102
94
95
93
93
93

88
87
88
88
90
80
81
83
81
80

Stocks (adjusted):
1927—May
June
July
August
September...
1928—May
June
_
July...
August
September...

75

ioi !
101 1

103
99
98
99
100
98

San
Fran*
cisco

1C1
110
74
84
99
101
111
75
78
97

102

101
i

Dallas

88
86
68
83
96
94
84
71
85
102

112
104
101
116
123
116
108
106
118
123

112
95
69
80
105
116
98
71
80
112

107
95
89
114
111
116
101
92
116
113

108
99
100
110
102
107
103
103
110
113

106
103
111
116
120
111

90
83
79
88
96
83
76
72
82
88

107
103
101
103
108
108
103
101
104
106

89
89
85
86
88
81
81
78
80
81

106
106
105
104
104
107
106
105
105
102

1091

116
119
127

* Monthly average in 1925=100.
NOTE.—For description of indexes given in this table see BULLETIN for February, 1928.
SALES OF CHAIN STORES AND MAIL-ORDER HOUSES i
[Index numbers of sales. Monthly average 1923-1925=100]
N u m b e r of stores

Number
of reporting

Chains:
Grocery
5-and-10-cent_
Apparel
Drug
Cigar
Shoe
Candy

34
14
5
13
4
7
4

Mail-order houses

4

September, 1928

August,
1928

Sales without seasonal adjustment

September, 1927

September, 1928

143
200
144
246
164
105
130

205
133
197
169
104
109
123

122

2 127

29,809
3,126
1,247
1,020
3,608

29, 253
3,082
1,213
1,019
3, 591

28, 892
2,878
1,056

673
326

669
329

610
280

0)

0)

868
3,457

0)

August,
1928

Sales with seasonal adjustment

September, 1927

September, 1928

171
128
198
137
106
108
119

154
222
165
248
177
111
145

2

118

127

August,
1928

2

September, 1927

215
144
230
169
105
131
122

182
141
192
141
107
115
118

160

'122

1
It is to be noted that some of the reporting mail-order houses have been establishing throughout the country during recent years an increasing
number of branch stores in which sales are made "over the counter." Changes in the volume of sales by these firms, therefore, no longer
measure
changes in sales through the mails.
2
Including sales made through branch stores.
NOTE.—For description of indexes given in this table see BULLETIN for April, 1928.




766

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

BANK SUSPENSIONS AND COMMERCIAL FAILURES
BANK SUSPENSIONS, BY CLASS OF BANK

COMMERCIAL FAILURES. BY CLASS OF ENTERPRISE »

[Amounts in thousands of dollars]

[Amounts in thousands of dollars]

All banks
Month

Member banks Nonmember
banks

Total Num- Total
Num- Total
dede- Numdeber posits
ber posits
ber posits

1926
June.-,.
July
August
September
October.
November
December
Total for year. _.
',.'
1927
January..
February
March ,.___
April
May
June
July
August
_
September.... _
October
November
December

77
140

37
154
116

662

1928

January
February
March
April
May
June
July
August
September.
Total, 9 months.

10,001
12,050
18,209
45,983
39,166

956 272,488
133
81
75
49
47
41
37
27
36
44
43
49

Total

34,229

160

32,038
25,157
31,222
11,750
13,198
10,784
12,162
17,364
11,542
11,210
8,476

61
135
43

68,812

796

11, 555
8,744
7,700
5,462
6,434
5,521
2,638
8,881
1,257
3,729
3,105
1,310

106
65
59
39
36
32
35
22
30
35
37
42

193,891 I 124
12, 721
20,767
19,399
9,910
6,968
15,209
6,076
6,927
8,816

332

5,318
1,637
2,127
4,317
6,280
19,389
14,413

106,793

121

538

3,456
10,082
4,373
3,361
2,287
1,699
468
2,493
3,806
51

32,025

281

Number
Month

ManuTotal factur
ing

1926
January...
February.
March
April
May
June
July
203,676 August
September
October. _.
20,483 November
December.
16,413
28,911
46,981
7,874
7,733
11,929
26, 594
24, 753

2,296;
1,801 j
1,984
1,957
1, 730l
1,708i
1, 605|
1,593!
1,437|
1,763
1,830!
2,069|

23,522
6,288
6,764
5,263
9,524
8,483
7,731
7,813
8,105
7,166

Total ___ 21,773

1927
January...
February.
March
April
May
June
July
127,555 August
September
October...
November
9,265
10,685 December.

2,465!
2,035|
2,143
1,9681
l,852jj
1,83311
l,756|l
l,708|!
l,573|j
1,787
1,864||
2,162 |

15,026
Total...- 23,146
6,549
4,681
1928
13, 510 January...
2,643
5,608
2,176
4,434 February. 2,236
March
5,010
1,818
April
2,008
May
74, 768 June
1,947
1,723
July..
1,852
August
September 1,635

BANK SUSPENSIONS^ IN SEPTEMBER, 1928, BY DISTRICTS

Total,
months _ 18,038H

510
447
469
494
437
435
396
449
374
450
440
494

Liabilities
_Agents

1,6
1,282
1,424
1,378
1,216
1,160
1,122
1,071
958
1,205
1,285
1,471

5,395 15,268
501
411
569
492
444
427
448
438
389
488
478
597

1,842
1,508
1,468
1,342
1,292
1,310
1,187
1,174
1,083
1,170
1,276
1,430

5,682; 16,082
553|
4681
5461
432|
470'
5131
450|
493!
454

1,946
1,581
1,566
1,276
1,407
1,325
1,161
1,241
1,073!

4,37912,576!

ManuAgents,
Total factur- Trading brokers,
ing
etc.
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
11,168
12,516
10,093
11,650
16,097
16,759

21,502
20,317
18,623
19,094
15,710
15,525
14,614
14,096
11,243
15,874
14,158
20,579

6,055
3,037
2,138
2,659
1,676
3,791
3,898
1,518
8,654
5,707
2,439
8,282

1,110 409,233 158,044 201,335

49,854

90
72
91
85
77
113
87
73
105
108
105
104

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
36,236 17,134
36,147 12,786
51,062 29,024

24, 530
23,406
28,191
22,308
19,978
17,856
16,832
14, 702
12,052
14,657
16,949
16,733

6,764
13,017
7,332
5,570
4,005
3,022
9,575
9,573
5,385
4,445
6,412
5,305

1,382 520,105 211,506 228,194

80,405

122
116
106
134
116
96
121
96
101
129j
110!
135J

26,446
24,952
26,186
16,049
18,900
13,781
12,899
19,096
13,567

6,318
7,368
8,216
5,700
2.987
3,324
3,755
22,229
5,662

1,083 373,194 135,759 171,876

65,558

144
127
124
1101
13l|
109
112!
118j
108;

47,634
45,071
54,814
37,985
36,117
29,827
29,587
58,202
33,957

14,870
12,751
20,412
16,236
14,230
12,723
12,932
16,877
14, 727

[Amounts in thousands of dollars]
All banks

Member
banks >

Nonmember
banks

COMMERCIAL FAILURES. BY DISTRICTS *
[Amounts in thousands of dollars]

Federal reserve district
Num- Total Num- Total 8 Num- Total 3
ber deposits' ber deposits ber deposits
Boston
New York
Philadelphia
Cleveland
Richmond .
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.

1
1

1,130
609

1

277

3
4

1,836
1,807

1

I

1,130

1,565
1,111

1

609

1

277

2
2

271
696

Number
Federal reserve
district

September
1928

August,
1928

Liabilities
SepSeptember tember
1927

212
169
157
Boston
--._
318
297
281
New York
_. ___
87
66
73
Philadelphia
266
266
156
159
149
Cleveland
114
119
104
Richmond
2,754
6
2,754
6
90
111
65
1
1
137
137 Atlanta
311
224
242
Chicago
99
53
85
St.
Louis
4
3,806
5,010 Minneapolis
19
15
8,816
46
81
67
93
82
71
Kansas City
41
58
41
1 Banks closed to the public by order of supervisory authorities or by Dallas....
285
228
226
the directors of the banks on account offinancialdifficulties.
San Francisco
2 Includes 3 national banks with deposits of $3,239,000 and 1 State
1,852
member bank with deposits of $567,000.
1,573
1,635
Total
« Figures represent deposits for the latest available date prior to the
suspensions and are subject to revision when information for the dates of
suspension becomes available.
i Figures furnished by R. G. Dun & Co.




2

2

2

1928

A u g u s t , September
1928

1927

5,843
9,510
2,336
3,716
2,701
1,788
3,246
1,010
406
839
533
2,029

4,050
12,024
3,150
4,231
2,547
1,310
20,437
4,766
404
916
628
3,740

2,199
11,058
1,295
3,213
3,740
1,319
3,252
185
536
852
1,054
4,084

33,957

58, 202

32, 786

767

FEDERAL RESERVE BULLETIN

NOVEMBEE, 1928

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[District figures derived from October estimates, by States, made by the Department of Agriculture]
[In thousands of units]
Corn
Federal reserve district

Estimate, Yield, 1927 Estimate, Yield, 1927 Estimate,
Yield, 1927 Oct.
1,1928
Oct. 1,1928
Oct. 1,1928
Bushels

Boston
New York
Philadelphia. _
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San FranciscoTotal
Tame hay
Federal reserve district




Total.
1

Bushels

Bushels

8,493
26,394
45, 929
150, 323
163, 763
184,477
787,986
342,426
304, 986
612,497
134,968
11,476

9,546
27,430
47, 704
177,652
139, 461
140, 208
1,049, 658
381,943
287,282
515, 509
117,015

9,215
36, 636
24, 844
78, 362
26,104
14, 282
454,805
40, 547
283, 709
138,400
43,807
33,435

Bushels
8,891
35,230
21,427
108,286
22,849
10, 600
616,324
68,403
323,499
164,988
38,029
34,420

2,773,708

2,903,272

1,184,146

1,452,966

Bushels
92
222
110
114

209
85
164

5,304
509
253,804
12, 713
143
46,296

6,812
723
261, 580
15, 759
188
39, 651

319,307

325,266

White potatoes

Tobacco

Bushels

Cotton

Estimate, Yield, 1927 E s t i m a t e , i VYii e ll d , Q 9 8 Estimate, Yield, 1927 Estimate,
Yield, 1927 Oct.
Oct. 1,1928 I
< M 9 2 8 Oct. 1,1928
Oct. 1,1928
1,1928
Tons

Boston
New York
Philadelphia.Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas City...
Dallas
San Francisco.

Spring wheat

Oats

4,733
7,683
3,636
7,620
4,584
3,033
20, 940
9,038
14,070
14,401
1,552
15,178
106,468

Tons
5,187
7,039
5,800
4,408
3,028
16, 782
7,224
11,712
11,951
1,528
14,631
92, 688

Includes 7,000 bales grown in miscellaneous territory.

Pounds

Pounds

37, 280
1,249
44,880
80, 647
706, 036
121,134
32, 840
166, 876
1,990
2,948

41, 540
1,472
45, 570
118, 752
679,211
158,885
46, 087
256,270
2,734
2,737

1,195,880

1,353,258

Bushels
45,287
33,152
25,998
21, 501
40,798
12,303
51, 925
14,061
65,833
36, 928
3,128
56,050

Bushels
46,107
37,352
29, 651
24,359
45, 626
15,495
77,086
20,423
71, 658
42, 982
3,407
49, 576
463,722

Bales

Bales

1,622
2,836

1,790
2,535

i 2,319

2 2,450

976
5,029
173

1,161
5,793
264

12, 955

13, 993

Includes 9,000 bales grown in miscellaneous territory.

768

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1927

1928

September August
Bank of England (millions of pounds
sterling):
Issue d e p a r t m e n t Gold coin and bullion
Notes issued
Banking departmentGold 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 *
Currency notes and certificates ._
B»nk of France (millions of francs):
Gold
Sight balances abroad
Foreign bills
Foreign exchange loaned
Loans and discountsNegotiable bonds
Note circulation.
Public deposits
Other deposits
German Reichsbank (millions of
reichsmarks):
Gold reserve
Gold abroad
Reserves in foreign exchange
Bills of exchange and checks
Miscellaneous assets
Deposits
Reichsmarks in circulation
Rentenmarks in circulation
Bank of Italy (millions of lire 1 ):
Gold at home
Credits and balances abroad
Loans and discounts
Advances to treasury
Total note circulation
Public deposits
Other deposits
Bank of Japan (millions of yen):
Gold
Advances and discounts
Advances on foreign bills _ _
Government bonds
Notes issued.
Total deposits
Austrian National Bank (millions of
schillings):
Gold
Foreign bills of the reserve
Other foreign bills
Domestic bills
Treasury bills.
Note circulation
Deposits
National Bank of Belgium (millions
of belgas):
Gold
Foreign bills and balances in gold.
Domestic and foreign bills
Loans to State
Note circulation
Deposits

July

1928

September August

September

170.6
190.3

173. 2
192.9

173.2
193.0

149.5
169.2

2.6
55.8
31.7
41.6
9.7
103.7

2.7
57.5
29.1
43.4
19.2
95.3

2.8
57.0
28.3
48.4
11.5
106.8

1.6
32.7
56.3
50.9
25.7
97.5

51.5
78.2
293.9

52.5
79.2
296.9

50.4
79.8
295.1

27.9
80.3
294.8

30,623
12,692
18,473
3,455
8,173
5,930
62,654
10,960
5,169

30,351
14, 242
17, 721
4,426
4,083
5,930
62,184
10, 231
5,751

29,918
16,811
12,642
6,975
5,199
5,930
60,436
9,354
5,869

2,311
86
179
2,576
545
503
4,830
577

2,163
86
195
2,604
490
565
4, 673
579

2,114
86
184
2,510
579
542
4,569
581

1,786
67
154
2,746
494
630
4,182
1,041

5,052
6,594
4,414

5,002
6,744
4,641

5,001
6,883
4,395

17,476
300
2,561

17,140
300
3,019

17,395
168
3,277

4,301
* 4,155
5,931
4,227
18, 023
14
3, 344

1,063
838
30
188
1,308
916

1,083
837
14
188
1,270
956

1,063
840
11
192
1,271
958

1,063
903
5
167
1,163
1,142

134
298
327
120
166
1,008
40

134
308
332
131
166
1,003
70

119
298
315
159
168
1,009
52

84
392
245
81
173
946
32

807
505
584
377
2,220
116

805
496
563
381
2,224
97

803
468
559
384
2,140
134

674
466
505
400
1,996
97

July

September

National Bank of Bulgaria (millions
of leva):
Gold
Foreign bills, etc
Loans and discounts
Advances to State
Note circulation
Deposits

1,312
969
1,155
4,371
4,501
2,567

1,308
788
1,038
4,471
4,285
2,591

1,304
543
1,012
4,518
4,131
2,504

1.266
602
1,105
4,516
4,104
2,719

Central Bank of Chile (millions of
pesos):
Gold at home
Deposits abroad
Loans and discounts
Note circulation
Deposits

61
530
11
309
200

61
476
17
314
137

61
488
15
317
146

60
433
37
268
117

Bank of the Republic of Colombia
(thousands of pesos):
Gold at home
_._.
Gold abroad
Loans and discounts
Note circulation
Deposits
Czechoslovak National Bank (millions of Czechoslovak crowns):
Gold and silver
Foreign balances and currencyLoans and advances
Assets of banking office in liquidation
Note circulation
Deposits
Bank of Danzig (thousands of Danzig gulden):
Gold
Balances with Bank of EnglandForeign bills, etc
Loans and discounts. __
__
Note circulation
Deposits
National Bank of Denmark (millions
of kroner):
Gold
Foreign bills, etc
Loans and discounts.
Note circulation
Deposits..
National Bank of Egypt (thousands
of Egyptian pounds sterling):
Gold
English Government seciu'ties..
Egyptian Government securities.
Note circulation.
Government deposits
Other deposits
Bank of Estonia (thousands of
krones):
Gold
Net foreign exchange
Loans and discounts
Note circulation
DepositsGovernment
Bankers
Other

1 Notes issued, less amounts held in banking department and
in 1currency note account.
New form of bank statement adopted in June.




1927

24, 651
41,291
5,988
49,851
11,903

24, 542
42,094
4,501
49,443
11, 544

24,401
43,204
4,293
50,457
13,006

20, 314
23.077
13,849
40,182
8,892

1,159
2,092
473

1,158
1,990
389

1,129
1,868
244

1,057
2,132
142

450
7,806
590

456
7,549
547

522
460 !
7,344 | 7,650
451 !

2,418 2,356 2,356
15,372 16,100 15,883
22,086 24,978 27, 308
22,987 22,473 20,452
38,651 38,150 37, 681
2,659 3,839 3, 577

2,243
18, 077
41, 209
19,007
38,113
1,372

60
340
26

182
78
85
351
20

3,802
18, 660
23,410
22, 067
19,152
14,341

3,676
27,105
21,441
29, 602
17, 332
15, 490

10,045 10, 048 10,040
25,943 26, 888 27,455
26,522 25, 017 25, 062
39,564 38, 288 37, 243

5,117
6,304
56,005
20, 476

173
99
85
360
32

182
92
63
341
24

, J

15,803 16,833 17,002 J 34,641
1,346 1,329 1, 515 j \\
5,038 4,681 j 4,955
4955 1/

1
New par.
* Not including 1,535 million lire of gold pledged abroad.

769

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

CONDITION OF CENTRAL BANKS—Continued
[Figures are for the last report date of month]
1927

1928

September August
Bank of Finland (millions of Finnish marks):
Gold
307
Balances abroad and foreign
credits....
Foreign bills..
Domestic bills
1,183
State debts
|
Note circulation.__
1,599
Demand liabilities
I 182
National Bank of Greece (millions of
drachmae).: *
Gold
Net foreign exchange in reserve. _
Total foreign exchange
Government obligations
Note circulation
Other sight liabilities
National Bank of Hungary (millions of pengd):
Gold
Foreign bills, etc—
Loans and discounts
Advances to treasury
Other assets.
Note circulation. __
Deposits
Miscellaneous liabilities

September

309

310

321

616
74
1,122

674
62

1,565
154

1,543
115

1,231
69
592
124
1,476
491

537
3,362
4,268
3,790
5,719
1,707

533
3,037
3,945
3,790
5,258
1,847

531
3,261
4,140
3,790
5,131
2,187

197
47
398
104
129
500
223
126

197
67
369
104
155
497
239
130

197
58
104
168
206
135

197
93
310
115
273
477
261
224

173
31
105
316
53

173
24
105
313
56

184
25
139
321
75

24
81
83
42
44
113
65

24
78
83
43
42
113
67

Bank of Java (millions of florins):
Gold.
„_
Foreign bills
Loans and discounts
Note circulation
Deposits
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills.
Loans
Notecirculation...
Government deposits
Other deposits.

July

24
86
84
41
46
114

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

435
193
154
797
38

Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation...
Foreign deposits
Total deposits

268 !
313
2
85

Reserve Bank of Peru (thousands of
libra):
Gold
Gold against demand deposits...
Foreign exchange reserve
Bills
Note circulation
Deposits




1
1 New

|
i
i
I

147 j
37 i

4,128
288
1,220
1,362
6,028
576

458
202
149
792
34

435
204
155
810
37

386
127
273
796
35

147
39
282
318
3
102

147
32
281
319
2
82

147
31
266
325
5
97

4,145
271
1,265
1,366
6,091
542

4,126
290
1,487
1,251
6,210
580

4,199
217
750
1,724
5,949
435

form of bank statement adopted in May.
Foreign balances only.

Bank of Poland (millions of zlotys):
Gold at home
Gold abroad
Foreign exchange, etc.—
Serving as note cover
All other
Loans and discounts
Note circulation
Current account of the treasury..
Other current accounts._
Bank of Portugal (millions of escudos):
Gold
Balances abroad
Bills.
Notecirculation
Deposits
National Bank of Rumania (millions
of lei):
Gold at home
Loans and discounts .
Advances to State
Note circulation
State Bank of Russia (note issuing
department; thousands of chervontsi):
Gold
14,810
8,432
Foreign currency
81,777
Loans and discounts.

14,653
7,420
73,771
99,633

16,543
7,010
77,261
.01,397

17, 363
7,440
76, 838
102, 657

90
268
1,664
2,966
694

90
250
1,595
2,966
5,313
678

88
384
1,543
2,966
5, 763
1,310

7,657
737
9,011

8,064
7,351
697
9,124

7,820
8,095
578
8,476

7,992
6,186
1,646
8,58o

1,190
5,282
210

1,688
5,006
248

1,757
5,040
485

1,978
4,842
243

2,609
700
39
2,013
4,323
903

2,609
706
39
1,893
4,251
977

709
37
1,902
4,243
959

2,598
678
39
1,705
4,142
985

238
119
401
565
121

230
123
377
514
145

230
136
339
497
139

231
216
285
560

468
211
238
892
64

449
227
224
864
81

448
199
240
860
73

471
2 26
374
877
3 84

Bank notes
109,010
National Bank of the Kingdom of

Serbs, Croats, and Slovenes (millions of dinars):
Gold
Foreign notes and credits
Loans and discounts
Advances to State
Note circulation
Deposits
South African Reserve Bank (thousands of pounds sterling):
Gold
Foreign bills
Domestic bills
Note circulation
DepositsGovernment
Bankers
Others
Bank of Spain (millions of pesetas):
Gold
_•
Silver...
Balances abroad
Loans and discounts. _
_.
Notecirculation
Deposits.
Bank of Sweden (millions of kronor):
Gold....
Foreign bills, etc...
Loans and discounts
Notecirculation
Deposits
I
Swiss National Bank (millions of |
francs):
!
Gold
Foreign balances and bills
Loans and discounts
Notecirculation
Dimand deposits..
__
Bank .of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Notecirculation
Deposits

91
275
1,698
2,966
5,751
648

*Total deposits.

5,562

66,072
97,268
65,908
81,313

55,421
98, 563
63,195
76,096

770

FEDERAL RESERVE BULLETIN

NOVEMBER,

1928

CONDITION OF COMMERCIAL BANES
[Figures are for the last report date of month except for London clearing banks, which are daily averages!
1927

1928

August

September
Nine London clearing banks (millions of pounds sterling):
Money at call and short noticeAdvances and discounts
Investments
-Deposits
Six Berlin banks (millions of reichs*
marks):
Bills and treasury notes1
Due from other banks
Miscellaneous loans
Deposits 1
Acceptances
Tokyo banks (millions of yen): 3
Cash on hand
Total loans
Total deposits
Total clearings

SepJuly Itember
I

142
1,175
244
1,732

137
1,186
237
1, 732'

2,189
1,013
5,865

2,016
944
5,993
8,292
406

270
2,061
2,067
2,553

294
2,083
2,085
2,720

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
1, 948 21,429
Due from abroad._
975 2 2 880
Due to abroad
5,922
4,788
Deposits
8,229 2 6, 600
402
2 399
Three commercial banks of France
(millions of francs):
Bills and national defense bonds
278
272
Loans and advances
1,923
2,072
Demand deposits
1,879
2,040
Time deposits
1,794
2,986
Four private banks of Italy (millions
I
of lire):
1927
Cash
Bills discounted
Due from correspondents,
AuJune
Due to correspondents
gust
Deposits
Joint-stock banks of Norway (millions of kroner):
Loans and discounts.
140
Due from foreign banks
12
Due to foreign banks
Rediscounts
^
147
153
Deposits
183
231
Joint-stock banks of Poland (mil541
485
lions of zlotys):
743
732
Loans and discounts
Due from foreign banks
764
895
Due to foreign banks
;
953
Rediscounts
874
Deposits
146 !
134
1,190 jj 1,131
236
234
1,749
1,668

1928

August
Banks of Buenos Aires, Argentina
(millions of gold pesos):
GoldBank of the Nation
Other banks
Other cashBank of the Nation
Other banks
Loans and discountsBank of the Nation
Other banks.
Deposits—
Bank of the Nation
Other banks
Chartered banks of Canada (millions of dollars):
Gold coin and bullion 4
Current loans and discounts
Money at call and short noticePublic and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion
notes. _
Dominion note circulation

July

140
12

140
12

158
216

156
207

485
770

753

778
970

776
945

'

1,407
566
500
176
2,533

1,421
538
i
i
508
172
!
| 2,521

77 !
197 !

1928

1,457
508
531
183
2,561

69
1,288
446
536
167
2, 295

81
201

106
186

75
200

August

July

June

1,873
134
95
1,972

1,872
118
84
1,975

1,860
110
77
1,964

1,896
54
121
2,011

9,463
291
432
7,659

9,458
212
458
7,744

9,430
195
501
7,807

7,955
437
326
7,116

19,254
8,413
31,970
470

12, 659
5,198
23, 523
444

1,175
8,871
5,082
13,775

1,348
8,849
5,538
13,756
2,533

1,424
99
101
145
1,610

1,429
80
108
147
1,611

1,635
83
152
133
1,789

5 729
«33
« 136
« 150
5
468

•715
33
124
142
•473

36
119
137
450

456
25
52
105
306

4,128
303
125
215

4,142
269
119
187
3,567

4,102
257
133
252
3,487

4,151
197
119
115
3,557

1,185
8,871
4,975
13, 628
2,926

1,410
102
98
146
1,615

August

Joint-stock banks of Sweden (millions of kroner):

Loans and discounts.
Foreign bills and credits abroadDue to foreign banks..
Rediscounts
Deposits...

3,547

* Revised.

1 Checks formerly included under "Acceptances" are included under " Bills and treasury notes" beginning with the March statement.
2 Figures are for August, 1927.
3 Beginning in November, 1927,figureshave been included for 10 banks not previously covered by the reports.
* Not including gold held abroad.
5 Preliminary.

DISCOUNT RATES OF 33 CENTRAL BANKS
{Prevailing rates, with date of last change]
Country
Austria
Belgium
Bulgaria
Chile
_
Colombia
CzechoslovakiaDanzig
,
Denmark
England

Rate

10
6
7
5
6
5

In effect
since—
July
June
Aug.
Oct.
May
Mar.
June
June
Apr.

17,1928
30,1928
31,1924
22,1928
15,1924
8,1927
21,1927
24,1926
21,1927

Country
Estonia. __
Finland...
France
Germany.
Greece
Hungary..
India.
Italy

Rate

m
10

I

In effect
since—

|

Jan. 2,192S
Aug.
Jan.
Oct.
May
Oct.
July
June

Country

In effect
since—

Country

Japan
5.48 Oct. 10,1927 [ Portugal
6
May 3,1925 1 Rumania
Java....,
6-7 Apr. 1,1928
Latvia
Russia
Feb. 1,1925
Lithuania „ 7
South Africa
Oct. 13,1927
NetherlandsSpain
Norway
5H Mar. 27,1928 Sweden
May 17,1928
Peru
Switzerland6
May 13,1927
Poland
Yugoslavia—
8

7,1928
19,1928
4,1927
14,1928
2,1928
19,1928
25,1928
j

Change: Central Bank of Chile from 63^ to 6 per cent on October 22, 1928.




Rate

Rate
8
6
8
5

m
6

In effect
since—
July
Sept.
Mar.
Jan.
Mar.
Aug.
Oct.
June

2?, 1926
4,1920
22,1927
9,1928
23,1923
24,1928
22,1925
23,1922

771

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month

Netherlands (Amsterdam)

Germany (Berlin)

Switzer*
land

Bankers'
acceptances, 3
months

Treasury
bills, 3
months

4.54

4.65
4.80
4.80
4.60

3.99
4.07
3.95
3.78

4.88
4.82
4.63
4.72

6.21
6.14
6.12
7.13

4.77J

4.57
4.53

4.75 !
4.45
5.88

2.78
2.83
3.21
3.39

2.81
2.75
3.23
3.96

2.52
2.80
2.96
3.35

1927
January
February
March
April
May
June
July
August
September
October
November. _.
December...

4.17
4.19
4.33
4.04
3.88
4.34
4.33
4.33
4.32
4.32
4.33
4.31

4.21
4.32
4.36
4.04
3.84
4.36
4.33
4.35
4.33
4.33
4.34
4.31

3.65
3.93
4.07
3,64
3.73
3.43
3.50
3.61
3.55
3.57
3.62
3.44

4.20
4.23
4.59
4.61
4.90
5.39
5.00
5.82
5.90
6.69
6.76
6.87

6.06
5.77
6.91
6.57
6.95
7.73
8.49
8.38
8.30
8.72
8.72
9.10

3.78
5.19
4.87
5.63
5.99
5.79
7.06
5.81
6.00
7.19
6.03
7.24

2.97
3.47 I
3.50 '
3.47 j
3.46 !
3.57 !
3.53 I
3.45 !
3.56 !
4.11 I
4.50 !
4.49 !

2.93
3.62
3.55
3.72
3.76
3,87
3.25
3.40
3.82
4.29
4.73
4.85

3.16
2.87
2.98
3.13
3.19
3.42
3.47
3.44
3.39
3.38
3.39
3.40

1928
January
February
March
April
May
June
July
August
September..

4.19
4.18
4.12
4.02
3.97
3.82
3.99
4.27
4.23

4.13
4.18
4.07
4.01
3.95
3.80
3.97
4.26
4.19

3.49
3.63
3.63
3.57
3.58
3.26
3.27
3.50
3.55

6.27
6.20
6.72
6.71
6.66
6.59
6.74
6.68
6.65

7.66
7.30
7.51
7.57
7.80
8.08
8.18
8.19

5.16
6.66
6.81
6.64
7.00
6.37
7.74
6.12
6.65

4.29 i
3.97 !
3.97 I
4.18 |
4.27 !
4.18
4.10 I
4.13 i
4.35

4.10
3.80
3.89
3.93
4.17
4.11
3.84
3.90
4.39

3.29
3.12
3.20
3.29
3.32
3.40
3.44
3.41
3.38

1926
September...
October
November...
December...

Belgium
(Brussels)

France
(Paris)

Day-to-day
money

Bankers'
allowance on
deposits

Private
discount
rate

Money for Day-to-day
1 month
money

Private
discount
rate

Italy
(Milan)

Money for
1 month

Private
discount
rate

Japan (Tokyo)

Month
Private [ Private
discount j discount
rate
rate
1926
September....
October
November
December

Private | Private
discount i discount
rate
j
rate

Money
forl
month

up
Day-to-day Loans
to 3
money
months

Call
money
overnight

6. 39-8.40
6. 21-8. 40
6. 39-8.40
6.75-8.76

6.72 j
6.64
5.77
4.34

6.98
7.25

January
February
March
April
May
June
July
August...
September
October
November...,
December

3.90
3.99
4.19
4.33
4.23
4.17
3.84
3.84
3.75
3.87
4.09
4.15

4.99
4.45
3.89
3.17
2.46
2.25
2.13
2.04
2.01
1.82
2.75
2.95

9.25
9.25
9.25
9.25
8.50
7.60
7.00
7.00
6.81
6.50
6.27
6.00

6.39-8.76
6. 21-8.03
5.84-7. 67
5. 84-8.03
6. 57-7.67
6. 67-8. 76
6.21-8.40
5. 48-8.03
5.11-7.67
4. 75-7. 30
5,11-7.30
5 48-7 67

1928
January......
February
March
April..
May
June
July
August
September

4.08
3.90
4.10
4.25
4.25
4.27
4.02
4.00
3.96

2.81
2.75
2.72
2.62
2.62
2.90
3.12
3.23
3.26

6.00
5.89
5.75
5.49
5.25
5.25
5.25
5.25
5.25

4,38-7.67
4.38-6. 21
4.02-5.84
4.75-5.84
4. 75-5. 84
4.38-5. 84
4. 38-5. 84
4. 38-5. 84

1927

5.77

NOTS.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETINS for November, 1926, and April, 1927.




772

FEDERAL RESERVE BULLETIN

NOVEMBER,

1928

GOLD MOVEMENTS
[In thousands of dollars]
Germany

United States
Month
Imports

Exports

Net
imports
or ex-

Exports

Imports

Great Britain

I Net
sports

Net
ImEx- imports
or ex- ports
ports port,

Imports

South
Africa

Netherlands

India

Net
Net
imports
Ex- imports
or
exor
exports ports

Net
imports
or ex-

I
1927

January
February
March
April
May
June
July
August
September.. _
October
November.._
December
Total...

44,465
59,355 14,890
2,414
19,895
22,309
16,3821 5,625
10,757
14, 5031 2,592
11,911
34, 212
31, 702
2,510
12, 771
14,611
1,840
8,935
1,803
10,738
1,524
7,877
6,353
12,979 24,444 -11,465
2,056 10,698 - 8 , 6 4 2
2,082 55, 266 -53,184
10, 431 77,849 -67,418
207,535 201,455J

6,080

47,622

1928

January
February
March
April
May
June
July
August
September. __

525 13,563
659
5,572
840 5,736
666
269
673)
32
662
49
685
20
680 10,579
876
607
969
699
975
652
925
710

14,088
6,231
6,576
935
705
711
705
11,259
1,483
1, "
1,627
1,635

52,086 -13,766
25,806 -11,120
97,536 -94,853
-91,150
—81, 721
99, 932 -79.932
74,190 -63,859
747
U
463
3,810

11,514 18,181 -6,667
15,742 15.480
262
6,894
632
7,526i
3,735 20.943
24,678!
16,464! 26. 580 -10,116
9,674 -1,239
8,435
6,061
13,071
7,010
5,782 15,687
21.469
7,637
8,381
744
4,726
1,400
15,012 21, 709 - 6 , 696
9,485 10. 546 -1,060

74

1,303
411
488
281
46

4,264

1, 334
3,015
5,190
4,623
2.477
47
35
102
2

9,135

38,487j 157,905 137,008

20,896

10,498

16,937

704
844
1,008
• 822
688
707
632
765

409
5,230
8,010
29,0121
487!
10, 569
27,392
13,293
36,302

20,042
13,026
6,289
11,760
18,746
39, 672
23, 958
24, 055
19, 233

9,16
-6,231
-72,316
8,816
13,248
33,263
14, 522
3,87;
-9,014

12,725
227
192
66
157
89
107
125

10,875
19,257
78,605
2,943
5,498
6,409
9,436
20,180
28, 247

2,653
202
103
125
189
433

1.147
19
379
38
31

1!

1,228
411
449
-1,053
-2,969
-2,537
-4. 421
-2,373
78
154
331
4,262

-18,89y
-15,036
-16,924
-21,785
-14,720
-16,923
-21,896
-12,053
-23,064
-15,435
-16,456
-19,087

2,518
6.543
10.041
< 941
4,890
7,122
5,93f
2 860
3,315
2,685
4,408
3,916

-6,439 -212,279

59,176

12, 716
-920
185
47
-222
51
76
103
386

-12,834
-21,339
-18,303
-17,923
—17,339
—21,028
-16,919

8,590
6,952
9,544
8,250
8,664
6,238
2,128
2,994

M O V E M E N T S TO A N D F R O M U N I T E D S T A T E S

M O V E M E N T S TO A N D F R O M GREAT BRITAIN

[In thousands of dollars]

[In thousands of dollars]

1928

Country of origin
or destination

Belgium
England .

France
Germany. .
Italy
Netherlands
CanadaCentral America .
Mexico..
Argentina
Brazil
Chile
ColombiaEcuador
Peru.
Uruguay. .
Venezuela

Exports

Total

Imports

Exports

2,434

10,173

141

779
74
301

January to
September
Imports

2,447
139
204
2,031
61
23
519

2
77, 234
809
3,552

2,000

13

British India
China and Hong
K o n g . __

Dutch East Indies
Japan
Philippine Islands
All other countries. _

September

October 1

Imports

192S

2

551

12, 724

2

Exports
2,000
32, 525
308, 002
28,080
26,093
4,000
421
323
4,115
69, 400
25, 012

27
73
116
54

505
1,020
1,107
1,168

2,053

10
2

409
2

9,000
5,470
1,448
8,050
2,190
187

109

177
532

925

20
353

185
106

263

1,247
9,458

6,847

527

4,273

3,810 100, 026

535, 216

1
October figures are preliminary—3 customs districts: New York,
St. Lawrence, and San Francisco.
|
includes all movements of unreported origin or destination.




Country of origin
or destination

September
Imports

France
48
Netherlands
Russia
Spain and Canaries.
Switzerland
United States
South America
British India
British Malaya
Egypt
Rhodesia
!
464
Transvaal..
___! 17,807
West Africa
j
272
All other countries..:
634
Total

19,233

Exports
205
365
54
691
2,434
704
123

1927

JanuarySeptember
Imports

Exports

96
125
18, 414

96, 229
5,862

32. 520
1,099
71

4,045
106, 233
I 2,530
23,671 I 11,646

Calendar year
Exports

Imports

178
9,003
2,434

973
8,275
1,196
1,384

627
2,313
1,049

4,718
6, 486
7,732
7,445
6,213

8,567
2,017

28,042
6,959
12,462
3,452
3,799

5, 958
124, 348
4, 705
8,320

16
55,901

28,247 176,780 181,451 |157,905

I

20
49, 680
137,008

I

773

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations. 1 In cents per unit of foreign currency]

Austria
(schilling)

Belgium
(belga)

Bulgaria
(lev)

Par value

14.07

13.90

19.30

1927—October
March
April
May
June
July....
August..
September...
October

14. 0820
14.0728
14.0674
14.0656
14. 0685
14.0852
14.0860
14. 0788
14. 6079

13. 9260
13.9387
13.9641
13. 9597
13.9615
13.9351
13. 9070
13. 8988
13. 8959

.7229
.7218
.7211
.7191
.7199
.7212
.7213
.7213
.7203

Italy
(lira)

Netherlands
(florin)

Norway
(krone)

Par value.

5.26

40.20

1927—October

5. 4616
5. 2822
5. 2764
5.2688
5. 2607
5. 2406
5. 2334
5. 2303
5. 2365

40.1920
40, 2501
40.3091
40. 3473
40.3331
40. 2479
40. 1056
40. 9fi46
40. 0908

March.
April
May
June
July
August.
!
September.._ i
October
|

Czechoslo- Denmark
vakia
(krone)
(crown)

2.9627
2.9622
2.9624
2.9624
2.9625
2.9624
2.9623
2. 9624
2. 9627

England
Finland
(pound) I (markka)

26.80

486.65

2.52

26. 7932
26.7912
26.8224
26.8245
26.8173
26. 7349
26. 6890
26. 6662
26. 6578

486.9676
487.9944
488.2045
488.1594 I
488.0262 |
486.3571
485.3525
485.0516
484.9500 i

2. 5187
2. 5176
2.5176
2. 5174
2. 5171
2. 5171
2. 5169
2. 5166
2. 5167

Poland
(zloty)

Portugal
(esoudo)

Rumania
(leu)

26.80

11.22

108.05

19.30

26. 3404
26.6634
26.7390
26.7829
26. 7845
26. 7270
26. 6881
26. 6656
26. 6543

11. 2096
11.2255
11.1968
11.2133
11.2094
11.2011
11.2053
11.2032
11. 2012

4. 9456
4. 2572
4. 2101
4.2207
4. 4258
4.4565
4. 5260
4. 4966
4.4993

»3.92
3.9236
3.9343
3.9363
3,9359
3. 9311
3.9163
3.9070
3.9055
3. 9061

Russia i
Spain
(chervo- | (peseta)
netz)
514. 60

.6193 * 515.0000 i
.6185 * 515. 0000 I
.6273 • 515.0000 |
.6194 « 515.0000 I
.6152 • 515.0000
.6136 •515.0000 l
.6110 « 515. 00,00
. fiOP8< 515.0000
. 6072 « 515. 0000

NORTH AMERICA

France
(franc)

Germany
Hungary
Greece
(reichs- (drachma)
(pengo)
mark)
23.82

1.3

17.49

23. 8624
23.9047
23.9154
23.9292
23.9009
23.8626
23.8327
23. 8287
23. 8143

1. 3262
1.3237
.3158
:. 3036
. 3023
.. 2991
.. 2952
.. 2937

17.4624
17.4685
17.4608
17.4589
17.4475
17.4350
17.4273
17.4251
17. 4256

Sweden
(krona)

Switzerland
(franc)

19.30

2&S0

19.30

17.2540 !
16,8212
16.7641
16.7309
16.5681 |
16.4759
16.6101
16. 5325
16.1798

26. 9236

19. 2868
19.2561
19. 2713
19.2724
19.2754
19. 2612
19.2521
19. 2491
19. 2447

26.8492
26.8300
26.8334
26.7843
26. 7619
26. 7556
26. 7378

Yugoslavia
(dinar)
19.30
1.7607
1.7596
1.7599
1.7602
1. 7605
1.7602
1.7598
1. 7596
1. 7591

SOUTH AMERICA

Canada
(dollar)

Cuba
(peso)

Mexico
(peso)

Far value

100.00

100.00

49.85

96.48

1927—October
March
April
Mav
June
July...
August.
September...
October

100.1099
99.9963
100.0290
99. 9117
99. 7605
99. 7894
99. 9958
100. 0382
99. 9667

99. 9387
100.0644
99. 9877
99.9615
99. 9495
99.9344
99. 9667
99. 9441
99. 9270

47. 6667
48.7436
48. 7387
48.5588
47. 8267
47. 2920
47. 4859
47.8517
47. 5742

97.1572
97 2547
97.1915
97.2008
96. 9438
96.1408
95.8955
95. 6642
95. 5933

Colombia 3 Ecuador •
(peso)
(sucre)

Peru a
(libra)

Uruguay
(peso)

Brazil
(milreis)

Chile
(peso)

38.93

32.44

12.17

97.33

20.00

486.65

103.42

34.8000
34.8000
34. 8000
34.8000
34.7615
34.8000
35. 3007
36. 4900
36.4900

11.9172
12.0265
12. 0329
12.0327
11. 9924
11.9385
11. 9404
11. 9293
11. 9477

12.1712
12.2115
12.2038
12.1910
12.1980
12.1390
12. 0779
12. 0860
12.0843

97. 4736
97. 7944
98.2128
98.1923
98.1046
98.1024
97. 2604
97. 2596
97. 5146

19. 3750
19.9537
20.0000
20.0000
20.0000
20.0000
20.0000
20. 0000
20. 0000

384.1600
391.0925
397. 7600
399.2692
399.5000
400.4800
398. 0000
398.1250
399.0385

101. 8796
103.677fi
103. 5345
102. 9908
102.2513
102.2849
102. 5100
102.1055
101. 8431

Argentina Bolivia >
(peso-gold) (boliviano)

SOUTE
AFBICA

ASIA

AMERTCA—

continued

Par value
1927—October
March.
April
May
June
July...
August
September.._
October

Venezuela i
(bolivar)

China
(Mexican
dollar) »

China
(Shanghai
tael)'

(Yuan
dollar)«

China

Hong
Kong
(dollar) «

India
(rupee)

19.30

48.11

66.85

47.50

47.77

19.1700
19. 2500
19. 2500
19. 2500
19.2500
19. 2500
19. 2500
19. 2500
19. 2500

44. 7376
45. 6106
45. 7972
47. 7899
47.7930
47.0840
46. 9617
46.1813
46. 5591

61.8328
63. 0545
63. 2502
66. 4450
66.2321
65. 2332
64. 9965
63. 6945
64.0374

44. 0600
45.3688
45.4958
47. 2948
47.4815
46. 8483
46.8549
45. 9461
46.1963

48. 8552
49. 8008
49.8658
51.0168
50. 5411
49. 9917
49. 8974
49. 7146
49.9471

Straits
SettleTurkey
ments
(Turkish
(Singapore pound)
dollar)

Japan
(yen)

Java»
(florin)

36.50

49.85

40.20

56.78

36. 4092
36. 5280
36. 5647
36. 5913
36.4618
36.2571
36. 2501
36. 3312
36.4541

46. 5664
47.1463
47.7136
46. 6097
46.6149
45.8476
45.0505
45. 7832
46. 2019

40.2618
40. 3498
40. 2228
40. 2446
40.2327
40.1528
39. 9752
40. 0300
40.1161

56. 0332
56.3469
56.2508
56.1362
56.1426
56.0416
55.9815
56. 0731
56. 3404

439.65
52. 9624
50.5000
50.9084
51.2023
51.0877
50. 8384
51.4607

Egypt
(Egyptian
pound)
494 31
499. 2900
500.3780
500.6343
500.5540
500.4409
498. 9014
497.8298

» Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pursuance of the provisions of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January, 1928, pp. 56-62.
* Effective June 25, 1928.
* Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
* Nominal.
» Silver currency. Parity represents gold value of unit in 1913 computed by multiplying silver content oi 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 $0.58398 for October, 1928, $0.57849 for
September. 1928, and $0.£6347 for October, 1927 The corresponding London prices (converted at average rate of exchange) were $0.58382, $0.57758,
and $0.56533.




774

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
EUBOPS

Month

1927
January « .
February.....
March......
April
May
Juno
.
.
July
August......
September.
October
November .
December.. . . . _.
1928
January
....
February
March
April
May

June
_. . . . . .
Julv . . .
August
._
September
October.

United
States
(Bureau AusofLabor tria
Statis- (gold
tics) i basis)

Belgium

Bulgaria

Germany
(Federal
Statis- Federal Statistitical Resei ve cal BuBureau Board reau)
France

Czecho- Denslovakia « mark

England
(Board
of
Trade)

Finland
(gold
basis)

97
98
95
94
94
94
94
95
97
97
97
97

130
130
133
135
137
142
140
133
130
129
127
127

856
854
858
846
848
851
845
850
837
839
838
841

2,706
2,688
2,649
2,692
2,751
2,823
2,775
2,745
2,736
2,747
2,707
2,739

979
975
976
979
988
990
992
983
975
966
967
975

157
156
153
152
152
152
152
153
153
154
154
154

144
143
,141
140
141
142
141
141
142
141
141
140

144
144
143
143
142
144
144
147
148
148
149
148

622
632
641
636
629
623
617
618
601
587
595
604

591
595
600
610
618
605
590
578
574
554
545
567

136
136
135
135
137
138
138
138
140
140
140
140

127
129
128
130
133
133
133
134
133
133
133
135

558
556
545
521
496
473
467
465
465
468
466
463

148
145
144
143
148
148
160
149
150
150
152
152

175
165
160
159
160
159
160
161
158
157
157
156

96
96
96
97
99
98
98
99
100

129
128
129
131
131
133
133
133
131

851
848
848
847
844
844
841
831
830

2,782
2,826
2,839
2,891
2,906
2,866
2,911
2,790

982
985
978
984
987
986
979
996
986

153
152
153
154
155
155
155
154
151

141
140
141
143
144
143
141
139
138

144
143
144
145
143
145
145
147
146

607
609
623
619
632
626
624
616
620

569
569
587
601
617
621
613
607
598

139
138
139
140
141
141
142
142
140

135
134
136
136
135
135
133
134

463
461
464
464
465
462
453
*456
458

154
151
153
153
152
152
148
145
146

157
157
157
156
156
158
160
153
153

EUROPE—continued

Month
Poland
1927
January. . . . . .
February.........
March . . . . . . . . .
April . . # .
May
June...
July
August...
. .
September
October
November
December
.•
1928
January...
February...
March..
April
May
June _
July
August... _
September
October

HunItaly Nether- Norgary
way
(gold (Bachi) lands (Oslo)
basis)

ASIA AND OCEANIA

Russia1 Spain Sweden Switzerland*

Canada

Peru
Australia

China Dutch
(Shang- East
hai)
Indies

AFRICA

India
(Calcutta)

Japan
(Tokyo)

New
Zealand

South
(Cairo) Africa

195
197
200
206
208
206
207
207
206
206
208
205

177
179
179
177
175
174
173
171
170
170
170
170

184
180
179
177
172
171
168
168
169
169
168
169

146
146
145
143
145
146
146
146
148
147
148
148

141
141
141
140
142
141
141
143
144
145
147
146

151
150
149
149
152
154
152
152
151
152
152
152

200
204
206
201
207
206
205
204
205
200
200
199

154
153
150
151
152
155
161
165
170
173
166
162

173
172
175
173
171
169
171
171
172
169
166
164

156
156
154
154
155
155
153
154
153
152
151
150

146
148
146
145
146
149
150
151
150
147
148
148

170
171
171
170
171
173
170
167
169
170
168
168

151
147
147
147
145
146
143
148
146
146
147
148

126
124
124
122
124
123
118
117
120
118
115
114

128

204
203
214
215
215
215
162
158

171
171
171
171
171
172
172
173
173

166
166
165
166
164
164
164
164
168

148
147
149
151
152
151
150
149
146

145
144
145
146
145
145
144
*145
145

151
151
153
153
153
150
150
149
150

199
195
193
197
195
195
193
190
188
187

163
160
160
162
159
158
157
154
153

163
164
163
163
165
160
159
157
156

150
149
149
150
151
150
150

145
144
144
146
147
145
148
143
142

169
169
169
170
171
169
169
170
174

150
147
147
147
148
148
148
147

114
114
116
120
117
117
117
119
120

120

126
120
122

121
119

""-"
1
8
First of month figures.
»New index—1926=100.
New official index.
• Revised.
NOTE .—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Netherlands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1910-1910; October, 1900; 1909-1913;
1910) to a 1913 base. Index numbers of commodity groups for mast" of the countries are also available in the office of the Division of Research and
Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the month
to which the figures refer may be found on pages 769-770 of the BULLETIN for November, 1927.




775

FEDERAL RESERVE BULLETIN

hj OVEMBER, 1928

WHOLESALE PRICES—Continued
G R O U P S OF C O M M O D I T I E S
[Pre-war-100]
ENGLAND—BOARD OF T R A D E

S W E D E N — B O A R D OF T R A D E
1928

1927
September
All commodities
Vegetable products
Animal products
Fuels and oils__
Raw materials for manufacture in iron and metal
industry
Paper pulp and paper
Raw materials for manufacture in leather industry
Raw and manufactured
chemicals
_
Raw materials
Semifinished materials
Finished materials
Producers' goods
Consumers' goods

All commodities
Total food
Cereals
Meat and fish
Other foods
Industrial products.
Iron and steel
Other minerals and
metals.
Cotton
Other textiles..,
Miscellaneous
FRANCE—STATISTICAL BUREAU
All commodities
All foods
Animal foods
Vegetable foods
Sugar, coffee, cocoa
All industrial material
Minerals
Textiles
Sundries

620
603
565
594
690
634
535
784
627

616
589
545
586
676
639
525
812
629

624
610
546
624
703
636
525
813
623

626
615
548
648
675
635
525
817
618

632
623
536
678
675
640
533
811
628

601
558
529
564
591
636
542
813
611

G E R M A N Y - F E D E R A L STATISTICAL BUREAU
All commodities. __
. 140 I
Total agricultural products * 134 i
Vegetable foods
134
Cattle
119 !
Animal products
149 !
Fodder
139 I
Provisions
131 i
Total industrial raw mateI
rials and semi-finished
!
products
134 i
Coal
133
Iron
128 !
Nonferrous metals
105 I
Textiles.
155 j
Hides and leather
149 |
Chemicals
127
Artificial fertilizers....
81
Technical oils and fats.
125
Rubber
25
Paper materials and
I
paper
151 j
Building material
160 j
Total industrial
finished
|
products
1C0 i
Producers* goods
! 138 |
Consumers' goods
176 I

142
138
145 j
120 !
142 |
149 j
136
|

142
137
150
115
136
155
138

141
136
153
115
126
160
139

141
136
156
105
132
162
140

140
139
144
121
152
142
130

134
133
128
105
160
151
127
96
124
28

135
132
128
104
165
153
127
78
122
28

135
131
128
105
164
151
126
82
120
27

135
131
128
104
167
156
126
82
118
25

134
130
124
105
166
139
124
82
121
42

151
160

151 ,
161 |

151
161

148
160

151
162

160
138
176

160
138
176

159
137
176

158
136
175

151
131
166

August

July

1927
June

May

Sep
tern
ber

!
i
;
!

149
140
143
111

150
143
142
112

151
148
140
112

152
152
138
112

148
147
142
114

115 i
161

114
161

114
161

114
161

113
161

117
158

145

146

148

146

149

130

164
139
147
149
137
154

164
147
149
149
141
155

165
147
154
149
143
155

165
146
155
150
143
157

166
149
167
151
143
159

167
137
152
151
137
157

146
134
145
112

CANADA—DOMINION BUREAU OF STATISTICS
All commodities
—
Total raw materials-_.._..
Total manufactured goods.
Vegetable products
Animal products
Textiles
Wood and paper products.
Iron and its products
Nonferrous metals _
Nonmetallic minerals
Chemicals..

150 I

149
149
148
148
152
166
156
139
95 I 96
172 i 172
149 i 149
150
148
144
161
163
156
139

I
I
j
I
i
!
!

150
150
148
152
147
169
156
138
96
171
149

150
152
148
159
141
168
156
140
96
171
149

153
156
149
169
138
168
156
142
96
170
150

151
153
148
162
144
165
154
143
94
170
152

AUSTRALIA—BUREAU OF CENSUS A N D STATISTICS
All commodities
Metals and coal
Textiles
Agricultural products
Dairy products
Groceries and tobacco
Meat
Building materials
Chemicals
-

153
174
152
157
147
165
116
161
186

154
174
155
157
145
165
117
162
186

157
174
166
162
148
165
122
159
186

168
174
165
163
149
165
126
159
189

159
174
169
163
151
165
122
158
189

170
178
168
181
157
168
164
144
183

INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS

August

July

1928

1927

June

AuMay April gust

ITALY—CHAMBER OF C O M M E R C E OF MILAN
All commodities
Total food...
Vegetable foods
Animal foods
All industrial products
Textiles
Chemicals.Minerals and metals—
Building materials
Other vegetable products
Sundries
•Revised.




488
549
584
506
465
462
438
426
517

493
565
617
503
466
456
441
427
517

496
567
621
504
469
466
443
425
518

484
509
533
480
474
456
453
456
541

483
556

506
552

516
553

465
535

All commodities
Cereals
Pulses
Tea
Other foods
Oil seeds
Raw jute
Jute manufacturesRaw cotton
Cotton manufactures
Other textiles
Hides and skins
Metals
Other articles

143
133
154
167
153
143
111
160
154
lfil
139
115
124
140

148
133
155
166
160
139
112
166
180
162
144
115
121
142

145
132
150
165
155
139
108
157
182
161
147
130
124
136

147
132
150
176
155
140
102
149
179
159
144
149
125
137

146
130
148
172
162
139
101
152
173
157
145
156
125
137

151
142
158
182
171
145
114
161
181
158
124
102
130
159

776

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

RETAIL FOOD PRICES AND COST OF LIVING
RETAIL FOOD PRICES
[Pre-war = 100]
EUROPEAN COUNTRIES

Month

United
States
(51 cit- Ausies)
enna)

OTHER COUNTRIES

Neth
Czecho- Eng- Esto-1 France Ger- Greece! Italy
(Mi- erslovakia land2 nia23, (Paris)m a n y (Athens) | Ian) I lands;

(vf-

1927
January. _February..
March
April
May
I
June
I
July.
[
August
|
September.!
October. __ i
November, i
December. j

156
153
151
151
152
155
150
149
151
153
153
153

119
119
118
119
119
122
122
120
119
120
119
118

207
210
201
200
196
201
205
202
206
210
211
212

1928 i
January.._
February. _
March
April
May
June
July
August
September.
October, _.

152
149
148
149
151
150
150
151
155

118
117
116
117
117
122
119
120
120

211 2,660
207 2,701
201 2,713
202 2,766
197 2,778 !
200 2,740 I
202 | 2,783 I
205 I 2,667
210 I.
J

2.586
2,569
2,533
2,478
2,630
2,699
2,653
2,625
2,615
2,626
2,587
2,618

914
914
915
923
930
949
962
914
910
907
905
913

167
164
162
155
154
154
159
156
157
161
163
163

119
120
118
118
119
120
122
118
111
112
113
113

592
585
581
580
589
580
557
539
532
520
500
523

913
910
902
905
908
928
943
943
923

162
159
155
155
156
157
156

118
118
122
128
126
126
130

530
152 2,127 !
522
151 2.098 I
524
151 2,087
532 I 152 2,119
3
546 I 151
145 !
152 33 144 !
113
111
154 i 138

156
156 |
157

3

3 110
3 111

151
152
151
150
151
153
156
150
151
152
152
153

156

625
642
635
617
565
541
524
518
509
509
510
513

2,002
1,995
1,997
2,021
2,063
2,063
2,059
2,044
2,070
2,071
2,086
2,101

3

134
I 3132

147
146
146
! 145
145
I 145

148
149
150
150
150
150
150
150

Rus-2
sia

Switzerland

180
177
173
169
139
172
175
175
174
173
171
171

208
208
205
203
201
199
199
199
198
198
199
200

158
158
157
156
156
157
156
156
158
158
159
159

153
151
149
146
145
146
147
147
147
148
149
151

155
152
152
151
150
151
154
155
151
148
147
149

170
170
171
171
172
170
173
170

201
202
203
203
205
206
211
211
210

158
157
156
156
156
157
157
156
157

151
149
147
146
146
145
146
149
150

151 147
146 I 145
142 I 145
140 144
140 146
142 147
143 ! 147
142 ! 146
141 | 147
142 !_.__.

w a y

148 ! 164

Aus-j I n d i a New South
tra- i(Bom- Zealia b a y ) land Africa

152

148

144
1 143
143
j 143
! 144
I 146

116
117
118
119
121
120
119
118
117
119
116
119
119
118
118
119
120
114
116
115
115

COST OF LIVING
[Pre-war=100]
OTHER COUNTRIES

EUROPEAN COUNTRIES

MasMonth

chusetts

Italy NethBel- Czecho- Eng-| Fin- France Ger- Greece
(Ath- Hun- (Mi- er- Norgium* slovakia land land (Paris) many ens)
lan) lands way

1927
January. _.
February...
March
April
_
May
June—.
July
August
SeptemberOctober...
NovemberDecember.

158
157
156
156
157
156
155
155
155
155
157
157

198
200
195
195
193
196
199
198
202
207
208
208

747
746
744
749
756
761
753
739
738
734
735
740

175
172
171
165
164
163
166
164
165
187
169
169

1,187
1,189
1,183
1.173
1, 166
1,184
1,203
1,237
1,230
1,237
1,251
1, 243

1928
January...
February..
March
April
May
June
July
August
SeptemberOctober..-

157
156
155
155
156
155
157
157
158

210
207
204
205
202
204
205
207
211

741
739
737
741
743
741
753
761
756

168
166
164
164
165
165
165
165
165
166

1,216
1,206
1,214
1,212
1,207
1,219
1,236
1. 258
1,249

524
525
507
"498*

507
3 105

145
145
145
146
147
148
150
147
147
150
151
151

1.900
1,896
1,898
1,911 I
1,938 j
1,951
1,960
1,951
1,955
1,956
1,964
1,978

151
151
151
151
151
151
153
154
152
152

1,973
1,966
1,991
3 135
3 135
3
131
129
127

119
120
119
119
119
121
U9
119
119
120
120
120

651
612
588
548
543
537
539
536
531

121
120
119
121
121
121
121
126

145
145
145
145
144
3 145
3
143
3
142

655 j
667
663

"l6fi" "203"
167

201

167

197

170

195

169

193

170

193

169

185

India South
Can- Aus- (BomSwe- Switzer- ada'
traden land
lia bay) Africa

202 i
201 1
200 I
203
205
205
199
201
202
205
210
205
207
204
205
208
209
209
210
210

i
!
I
j
'
}
!
!
I

195 171 160 I 152
194
160 I 151
197
159 I 150
170 i 158 148
160 14S
160
149
155
149
169 160
160
149
161
149
157
150
172 161
162
150
162
151
159
178 I 171
175 i
176 j
175 !
171 I
172
173 173
*175
174"l72"

"in

161
151
161
150
160 j 149
160 I 149
160 149
148
161
148
161
150
161
161 ! 151

157

156
155
155
153
152
154
156
157
154
151
150
151

130
130
131
131
132
132
132
131
131
132
132
132

154
148
145
144
147
146
146
146
145
146

132
131
132
133
133
132
131
131
131

1
1
First of month figures.
• Revised on a gold basis.
U921 = 100.
NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of t h e
April, 1925, issue of the BULLETIN.




NOVEMBER, 1928

FEDERAL RESERVE BULLETIN

777

LAW DEPARTMENT
Amendment to regulation re rediscount of paper for drawn under a credit opened for the purpose of conducting or settling accounts resulting from a transacFederal intermediate credit banks.
tion or transactions involving any one of the following:
The Federal Reserve Board recently amended
(1) The shipment of goods between the United
subdivision (d) of Section VI of Regulation A,
States and any foreign country, or between the
series of 1928, relating to rediscounts by Federal
United States and any of its dependencies or
reserve banks for intermediate credit banks, to
insular possessions, or between foreign countries,
or between dependencies or insular possessions
read as follows:
and foreign countries;
(d) Discounts for Federal intermediaie credit banks.—
(2) The shipment of goods within the United
Any Federal reserve bank may discount agricultural
States, provided shipping documents conveying
paper for any Federal intermediate credit bank; but no
security title are attached at the time of acceptFederal reserve bank shall discount for any Federal
ance; or
intermediate credit bank any such paper which bears
(3) The storage in the United States or in any
the indorsement of any nonmember State bank or trust
foreign country of readily marketable staples,
company which is eligible for membership in the
provided that the bill is secured at the time of
Federal reserve system under the terms of section 9 of
acceptance by a warehouse, terminal, or other
the Federal reserve act as amended. In discounting
similar receipt, conveying security title to such
such paper each Federal reserve bank shall give preferstaples, issued by a party independent of the cusence to the demands of its own member banks and shah
tomer, or issued by a grain elevator or warehouse
have due regard to the probable future needs of its own
company duly bonded and licensed and regularly
member banks. Except with the permission of the
inspected by State or Federal authorities with
Federal Reserve Board, no Federal reserve bank shall
whom all receipts for such staples and all transdiscount paper for any Federal intermediate credit
fers thereof are registered and without whose
bank when its own reserves amount to less than 50 per
consent no staples may be withdrawn; and procent of its own aggregate liabilities for deposits and
vided further that the acceptor remains secured
Federal reserve notes in actual circulation. Except
throughout the life of the acceptance. In the
with the permission of the Federal Reserve Board, the
event that the goods must be withdrawn from
aggregate amount of paper discounted by all Federal
storage prior to the maturity of the acceptance or
reserve banks for any one Federal intermediate credit
the retirement of the credit, a trust receipt or
bank shall at no time exceed an amount equal to the
other similar document covering the goods may
paid-up and unimpaired capital and surplus of such
be substituted in lieu of the original document,
Federal intermediate credit bank.
provided that such substitution is conditioned upon
a reasonably prompt liquidation of the credit. In
order to insure compliance with this condition it
should be required, when the original document
Amendment to regulation re bankers' acceptances.
is released, either (a) that the proceeds of the
The Federal Reserve Board, on October 9,
goods will be applied within a specified time
toward a liquidation of the acceptance credit or
amended Section XI (3) of Regulation A,
(b) that a new document, similar to the original
series of 1928, which has to do with the
one, will be resubstituted within a specified time.
eligibility for discount at a Federal reserve
Provided, That acceptances for any one customer in
bank of bankers' acceptances arising out of
of 10 per cent of the capital and surplus of the
the storage of readily marketable staples, so excess
accepting bank must remain actually secured throughas to provide that warehouse, terminal, or out the life of the acceptance, and in the case of the
other similar receipts securing such accept- acceptances of member banks this security must
ances be issued by a party independent of the consist of shipping documents, warehouse receipts, or
such documents, or some other actual security
customer "or issued by a grain elevator or other
growing out of the same transaction as the acceptance,
warehouse company duly bonded and licensed such as documentary drafts, trade acceptances, terand regularly inspected by State or Federal minal receipts, or trust receipts which have been
authorities with whom all receipts for such issued under such circumstances, and which cover
goods of such a character, as to insure at all times a
staples and all transfers thereof are registered continuance
of an effective and lawful lien in favor
and without whose consent no staples may of the accepting bank, other trust receipts not being
be withdrawn." The entire Section XI of considered such actual security if they permit the
customer to have access to or control over the goods.
Regulation A now reads as follows:
A Federal reserve bank may also discount any bill
drawn by a bank or banker in a foreign country or
SECTION XI. ELIGIBILITY
dependency or insular possession of the United States
A Federal reserve bank may discount any such bill for the purpose of furnishing dollar exchange as probearing the indorsement of a member bank and having vided in Regulation C, provided that it has a maa maturity at the time of discount not greater than turity at the time of discount of not more than three
that prescribed by Section XII (a) which has been months, exclusive of days of grace.




778

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS
[NOTE.—The following summary of the legal provisions in force in the various States on the subject of bank reserves brings up to date a similar
cited in the last column. The amounts expressed in percentages are based
State
Alabama. _.

Arizona

District
No.

Institutions affected

Total amount of
reserve required

All banks, firms, persons and corporations doing banking
business (1).

15 per cent of demand deposits
(1).

California. _




Amount

May consist of—

Amount

May be carried in—

2/5

Cash on hand (1).

3/5

Banks and bankers; provided said
balances are payable on demand
(1).

2/3

Solvent banks approved by the
superintendent other than savings banks. Reserve deposit in
any bank shall not exceed 15 per
cent of the capital and surplus
of the depositary bank, and not
more than 25 per cent of a bank's
reserve on deposit shall be kept
in any bank with a capital and
surplus of less than $200,000 (2).

3/4

Solvent banks other than savings
banks (3).

6

1-12

Any bank authorized
by law to receive 15 per cent of agdeposits, d e a l in
gregate deposits
commercial paper,
and demand lior to make loans
abilities (2).
thereon, and to lend 20 per cent in cities
money on real or
over 50,000 (2).
personal property (1).

1/3

10 per cent of deposit liabilities
(3).

1/4

Savings banks (3).

Arkansas. _.

Balances in reserve depositaries

Vault reserve

Lawful money of
United States
(2).

Lawful money of
United States.

j

8

12

Reserve agents (2).

20 per cent of aggregate deposits
(2).

All other banks (1).

15 per cent of aggregate deposits A part (1). Cash (1).
(1).

All commercial banks
and all trust companies doing commercial
business
which have principal place of business in cities of 100,000 or over (2), (9).

18 per cent of deposits exclusive
of pubic deposits secured as required by law
(2).

All commercial banks
and trust companies
doing commercial
business in cities of
50,000 to 100,000 and
all reserve depositaries in judicial
townships of less
than 50,000 (2), (9).

15 per cent of deposits exclusive
of public deposits secured as required by law
(2).

All commercial banks
and trust companies
doing commercial
business and located
elsewhere in the
State (2), (9).

12 per cent of deposits exclusive
of public deposits secured as
required by law
(2).

3/5

Other banks or trust companies,
in or out of State, approved by
commissioner (2).

Remainder (1).

Any other bank, banks, or trust
companies which have been approved by commissioner as reserve agents (1).

6 per cent
of such
deposits
unless a
bullion or
reserve Gold
any form of
deposimoney
author- Remaint ary,
der.
ized by laws of
then y2
United
States
of t h e
(2).
total reserves
required (2).

Federal reserve bank or bank designated as depositary by superintendent of banks. Such depositaries may be banks or
national banking associations
located in the State, or banking
corporations with capital and
surplus of $1,000,000 or more
located in any city in United
States. But no bank or national
banking association shall be
designated as a depositary unless
it has a capital and surplus of the
following amounts: $250,000 if in
a city of 300,000 or over; $200,000
if in a city of 100,000 to 300,000;
$150,000 if in a city of 50,000 to
100,000; $100,000 elsewhere in the
State (2).

2/5

Cash(l).

i

NOVEMBER, 1928

779

PEDEEAL RESERVE BULLETIN

RELATING TO BANK RESERVES
statement which was published in the FEDERAL RESERVE BULLETIN for March, 1924. The figures in parentheses refer to the authorities
on the amount of deposits; those expressed in fractions, on the total reserve]
Remainder
Amount




May consist of—

Carried in Federal
reserve bank

Provisions for enforcement of
regulations

Banks and trust companies may become
members and authorized to keep reserve required by
Federal reserve act
and amendments in
lieu of State law requirements (3).

If a bank violates any of the provisions of the State law, it may
be taken charge of and liquidated by the State banking
authorities (2).

Banks and trust companies may become Any bank failing to make good
members and may
its reserve within 30 days after
comply with reserve
receipt of notice from the
r e q u i r e m e n t s of
superintendent of banks so to
Federal reserve act
do may be deemed insolvent
in lieu of State law
and proceeded against as such
reserve require(2).
ments (5).

Remarks

Banking L a w s
of 1928, sec. 19,
and Code of
Alabama, 1923.
(1) Sec. 6337.
(2) Sec. 6299.
(3) Act of Sept.
17, 1919.

Banks maintaining commercial
and savings departments required to maintain reserves for
each department as provided
for commercial and savings
banks respectively (4).

No new loans shall be made
while reserves are impaired(3).

Any bank, trust company, or savings
bank including reserve agents becoming a member of the
Federal reserve system ma^y carry such
reserves as are required by the Federal reserve act in
lieu of State law requirements (5).

If two consecutive statements
of reserve agent show deficiency in its reserve, commissioner shall notify bank to restore it, and if third consecutive statement does not show
that it has been restored the
commissioner shall immediately revoke the right to act
as reserve agent. National
banks may substitute copies
of statement required by the
national banking act (3).
While the reserve of any bank
not a reserve agent is below
the required amount, it must
make no new loans or discounts (except sight drafts),
pay no dividends, and, after
30 days' notice, receiver may
be appointed (4).

Authorities

Any State or national bank
doing business in the State
may, after examination and
approval by bank commissioner, become reserve agent. Reserve agent must furnish commissioner five statements each
year (2), (3).

If any bank fails to maintain
total reserves required, the
superintendent of banks may
impose a penalty on it for any
encroachment amounting to 1
per cent or more of its deposits
All State banks alas follows: 6 per cent per an- All banks must maintain sepalowed to become
num
upon any encroachment
rate reserves for each departmembers of Federal
not exceeding 2 per cent; 8 per
reserve system and
ment, of the kind required for
cent
per
annum upon any enconform to all rethat department (3).
croachment in excess of 2 per Trust
quirements thereof
funds held by a bank or
cent
and
not
exceeding
3
per
(5). And banks betrust company can not be
cent; 10 per cent upon any encoming members excounted as part of reserve (4).
croachment
in
excess
of
3
per
pressly permitted to
or any part of the reserves
cent and not exceeding 4 per All
comply with the rerequired by State law may be
cent; and at the rate of 12 per
serve requirements
deposited
subject to call with
cent per annum upon any adof the Federal rethe Federal reserve bank of
ditional encroachment in exserve act in lieu of
the
district
in which the bank
cess of 4 per cent of deposits (2).
the State law reis located (2).
While reserves are below the requirements (2).
quired amount, no new loans
or discounts (except of sight
drafts) nor any dividends
shall be made; and, after 30
days' notice from the bank
superintendent, it may be
deemed insolvent (2).

General Banking
Laws, 1922, and
Session Laws of
1922, chap. 31.
(1) Sec. 16.
(2) Sec. 31 as
amended by
Chap. 92 of
Session Laws
of 1927.
(3) Sec. 32.
(4) Sec. 33.
(5) Sees. 72, 73,
74.

Banking Laws of
1925, and Cranford & Moses
Digest of the
Statutes of Arkansas, 1926.
(1) Sec. 689.
(2) Sec. 690.
(3) Sec. 691.
(4) Sec. 692.
(5) Sec. 738.

780

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT

State

District
No.

Institutions affected

Total amount of
reserve required

CaliforniaOontd.

Colorado. _.

Connecticut




10

Savings banks and
savings d e p a r t ments of banks (8).

5 per cent of aggregate deposits, exclusive
of public deposits secured
as required by
law (8).

Mutual s a v i n g s
banks existing at
time of enactment
of statute (1).

10 per cent of any
amount up to
and including
$1,000,000; 5 per
c e n t of a n y
amount in excess of $1,000,000
and to and including $3,000,000; 3 per cent of
any amount in
excess of $3,000,000 and to and
including $25,000,000; 1 per
cent of any
amount in excess of $25,000,000 (1).

Mutual savings
banks created after
enactment of the
statute (6).

At least $1,000,000
(6).

Reserve banks (1).

25 per cent of de- |
posits (1).

Savings banks (1).

15 per cent of savings
deposits
and 20 per cent
of o t h e r d e posits (1).

All other banks (1).

20 per cent of deposits (1).

Vault reserve
Amount

May consist of—

Balances in reserve depositaries
Amount

May be carried in—

2Y2 per cent
of d e posits;
but re- Gold bullion or
serves
any form of cur- 2)4, per cent Reserve depositaries same as for
on hand
subject
rency authorcommercial banks (see above)
in any
to call.
ized by the laws
(8).
c a s e
of United States
need not
(8).
exceed
$400,000
(8).

20 per cent
of r e q u i r e d Cash (1).
reserve
(1).

National banks located in cities
designated by Federal law as reserve cities, or banks or trust
companies designated by the
State bank commissioner. The
That part
State bank commissioner must
not r e designate as reserve banks such
quired
banks or trust companies in
to be
other States as he may deem
held in
necessary (1); but no bank shall
cash (1).
carry on deposit with any other
bank for more than 60 days in
any year more than 20 per cent
of its own deposits (2).

1-2

State banks and trust
companies (1).

12 per cent of demand deposits,
5 per cent of
time
deposits
(1).

1/3

Federal reserve banks; or another
Gold and silver
bank being member of Clearing
coin, demand
House Association of New York,
obligations of
Boston, Philadelphia, Chicago,
United States,
Albany, or Buffalo; or a national
or national bank T h e r e banking association, State bank,
currency, orFedmainder.
or trust company located in New
eral r e s e r v e
Haven, Hartford, Bridgeport,
notes and FedStamford, or Waterbury, and
eral r e s e r v e
approved by bank commisbank notes (1).
sioner (1).

781

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ING TO BANK RESERVES—Continued
Remainder
! Amount

\y2 per
cent
(8).




May consist of—

Carried in Federal
reserve bank

Provisions for enforcement of
regulations

Reserves on h a n d ,
bonds of the United Members of Federal
to penalties provided
States or gold coin or
reserve system may Subject
bullion, U n i t e d
in section 20 for commercial j
comply with reserve
States gold certifibanks.
j
requirements
of
cates or notes, or any
Federal reserve act No new loans may be made dur- i
other form of curing
deficiency
in
total
reserves
in lieu of State law
rency authorized by
(8).
!
requirements (8).
laws of U n i t e d
States (8).

The deposits shall not be increased while the reserve requirements are not complied
with (1).

| Liberty bonds and
| United States cerI tificates of indebtedness not to exceed
30 per cent of its required reserves (1).

1/6

Bonds which are legal
investments for savings banks of the
State (1).

Remarks

' No savings bank or savings department shall receive deposits
of other banks other than savings deposits, and such deposits shall not be treated or
considered as part of the reserves on deposit of such depositing bank; provided, that
the sum so deposited shall not
exceed 30 per cent of the paidin capital and surplus of the
depositing bank nor more
than 15 per cent of the capital
and surplus of the depositary
bank" (8).

Authorities
Bank act of California,
approved M a r .
1, 1 9 0 9 , a s
amended.
(1) Sec. 19 as
amended, 1923.
(2) Sec. 20 as
amended
in
1925 and 1927.
(3) Sec. 25.
(4) Sec. 32.
(5) Sec. 56.
(6) Sec. 60.
(7) Sec. 64.
(8) Sec. 68.
(9) Sec. 106.

The directors of any mutual savings bank must, before each
dividend, carry at least yV of
the net profits for the preceding 6 months to reserve fund;
but such bank may provide
by its by-laws for the disposal
of any reserves above the required amounts (7). Losses
may be paid from the reserve
fund; but the fund must not
be reduced below the required amount (7).

reserve is impaired the
Banks and trust com- While
bank may make no new loans
panies b e c o m i n g
or discounts (except of sight
members of the
drafts against actually existFederal
reserve
ing values) nor pay any divisystem are relieved
dends,
and it must be fully reof State law reserve
stored within 30 days' notice
requirements (4).
from bank commissioner (3).

(1) B a n k i n g
Laws, 1928, sec.
29, p. 17, and
Comp. Laws
of
Colorado,
1921, Sec. 2679.
(2) Id., sec. 46
and sec. 2694,
respectively.
(3) Id., sees. 30,
54, and sees.
2680, 2700, respectively.
(4) Laws of 1923,
ch. 70 and
banking laws,
1928, sec. 149.

Statute expressly permits reserve to consist of balances in
Federal r e s e r v e
bank (1).
The provisions of the
State law relating
to reserves and cash
balances of banks
and trust companies
shall not apply to
any bank or trust
company which is a
stockholder in any
Federal r e s e r v e
bank (2).

(1) General Statutes, 1918, as
amended by
ch. 45, Pub.
Acts of 1927,
and Banking
Laws of 1927,
sec. 3919.
(2) Public Acts,
1925, ch. 135,
and Banking
Laws of 1927,
p. 17.

No new loans, discounts, or dividends may be made while reserve is below requirement;
and if requirement not met
after 30 days' notice, receiver
may be appointed (1).

"Demand deposits" include all
deposits payable within 30
days, and "time deposits" include all deposits payable
after 30 days (1).

782

FEDERAL RESERVE BULLETIN

Is OVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT
State

District
No.

Delaware.. _

Institutions affected

Total amount of
reserve required

Vault reserve
Amount

Savings banks (1).
District of
Columbia.

5

Florida

6

May be carried in—

10 per cent of de- H of re- Lawful money of % of re- Any bank or trust company in
mand deposits
United States,
Delaware having capital of at
serves
serves
and 5 per cent
gold or silver
least $50,000 and surplus of at
required
required
of its savings
certificates, o r
least $50,000, or any bank or
against
against
deposits (1).
notes and bills
trust company, or individual
demand
demand
issued by nationbanker or firm of bankers doing
deposits
deposits
al banking assobusiness in Philadelphia, New
(1). (Al(1). (Alciations or FedYork City, or Baltimore, all of
so see
so see
eral r e s e r v e
which must bo approved by
" Re' ' Remarks".) bank notes (1).
marks".) bank commissioner (1).
5 per cent of deposits (1).

per cent of agAll banking compa- 20gregate
deposits
nies (1).
(1).

Georgia

6

Banks whose deposits
are subject to check
(1).

2/5

5 per cent of savings and time
deposits and 15
per cent of demand deposits
(1).

Savings banks and 5 per cent of
amount of detrust companies not
subject to check (1).
posits.
Idaho

12

•

Every bank (including trust companies) 15 per cent of agnot a member of the
gregate deposits
Federal reserve sys(1).
tem (1).
Savings banks and
trust companies not
engaged in commer- 5 per cent of savcial banking and
ings deposits (4).
maintaining a savings department (4).

Indiana

Amount

3

Every bank and trust
company except savings banks (1).

Illinois

May consist of—

Balances in reserve depositaries

7-8

Lawful money of
United States
(1).

Banks and bankers approved by 1
superintendent of banks (1).

Cash in its vaults

On deposit subject to check with
any other bank approved by the
commissioner as reserve depository (1).

Actual cash (4).

Banks and trust com- 15 per cent of aggregate deposits.
panies.

Approved reserve agents.
i

7-8




All banks of discount
and deposit, savper cent of agings banks, loan and 12H
gregate commertrust and safe decial d e p o s i t s
posit companies, and payable
on deprivate banks remand and subceiving commercial
ject
to
check
deposits
payable
(1).
upon demand and
subject to check (1).

Banks or bankers in other cities
with which such company may
keep its current account (2).

Lawful money of
United States,
gold and silver
certificates, Federal r e s e r v e
notes, national
bank notes.

(1).

All.

3/5

"On hand or in
bank, in cash or
currency" (1).

783

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ING TO BANK RESERVES—Continued
Remainder
Amount

May consist of—

1/2

Bonds or other obligations of the United
States owned absolutely by bank or
trust company, unhypotheeated and
unpledged, to extent of 90 per cent
of face value, with
express approval of
bank commissioner
(1).

Carried in Federal
reserve bank

Provisions for enforcement of
regulations

Remarks

Authorities

Member bank not required to c a r r y
greater reserve than
that required by
Federal Reserve act
(2).

While the reserve of any institution is below required amount,
it must not make any new
loans or discounts (except on
sight drafts) or make any dividends; and if reserve is not
restored after 30 days' notice
from bank commissioner, the
institution will be deemed insolvent (1).

The whole of the reserve required against savings deposits may be kept on deposit subject to call with depositaries
specified as reserve depositaries of banks and trust companies or a part of such reserve
may consist of lawful money
of the United States, gold certificates, silver certificates, or
notes and bills issued by a
national bank, or Federal
reserve bank notes (1).

(1) Laws of 1921,
pp. 294, 295,
and 296, and
Banking Laws
of 1921, pp. 20,
21, and 22.
(2) Laws of 1919
p. 255, sec. 9,
and Banking
Laws of 1921,
p. 9.

There is no statutory requirement of reserves in the District of Columbia.
While the reserve is below the
required amount the company
must make no new loans or
discounts (except of sight
drafts) nor make any dividends; and, after 30 days'
notice, a receiver may be appointed (1).

(1) Code
and
Banking Laws
of 1926, sec.
2710.
(2) Code and
Banking Laws
of 1926, sec.
2711.

Reserves against savings and time deposits may be invested in bonds of
United States and
Georgia (1).

Any bank which is a
member of Federal
reserve system may
keep such reserve as
is required by Federal reserve act in
lieu of that required
by State law (1).

While reserve is below required
amount, no bank or trust
company shall increase its liabilities nor make new loans or
discounts (except sight drafts)
nor pay any dividends. If
reserve not raised to requirements within 30 days superintendent of banks may take
charge of its business and
assets (2).

Banking Laws
of 1919, art.
XIX,
and
Michie's Ann.
Code, 1926.
(1) Sec. 27 and
and sec. 2366
(173), respectively.
(2) Sec. 28 and
sec. 2366 (174),
respectively.

consist of United
1/3 of May
States Government
such
bonds not hypother e cated (1).
serve.

All State banks and
trust companies expressly permitted to
become members of
Federal reserve system, and such members may comply
with the reserve requirements of the
Federal reserve act
in lieu of the State
law requirements
(1) (3).

While reserve of any bank or
trust company engaged in
commercial banking is below
required amount no new loans
or discounts (except of sight
drafts) shall be made; and,
after 30 days' notice, bank
commissioner may proceed as
in act provided (2).

3/5




Balances; or bonds of
the United States,
Florida, or counties
or cities of Florida
approved by the
Comptroller (2).

There is no provision regulating
the proportions of the various
kinds of reserve.

Banking Laws
of 1925 and Session Laws 1925,
ch. 133.
(1) Sec. 26.
(2) Sec. 27.
(3) Sec. 47.
(4) B a n k i n g
Laws of 1925,
p. 52, and Session Laws of
1925, chap. 230,
sec. 5.
No reserve required by statute,
but auditor requires reserves
indicated, as matter of practice.

Banks, trust companies, or savings
banks which are
members of the Federal reserve system
may comply with
reserve
requirements of Federal
reserve act in lieu of
State law requirements (3).

Banking is under supervision of
bank commissioner.
Savings banks are also permitted
to "keep in reserve not exceeding 20 per cent of the total
amount of deposits without
investment, or deposit the
same on call with or without
interest in any bank organized under the laws of this
State, or in any bank in any
adjoining State organized under the laws of such State, or
in any national bank in the
United States, provided that
no such deposit shall be made
outside the State of Indiana,
excepting in national banks
as aforesaid, without the approval of the auditor of the
State of Indiana" (2).

Burns A n n o tated
Stats.
1926 and Banking Laws ol
1927.
(1) Sec. 3865 and
p. 79, respectively.
(2) Sec. 3892 and
p. 57, respectively.
(3) Act of 1927,
chap. 152, and
Banking Laws
of 1927, p. 80.

784

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT

State

District , Institutions affected
No.

Iowa__

Kentucky..

Vault reserve
Amount

Savings banks doing
commercial business
and located in cities
or towns of less than
3,000 (1).

15 per cent of sight
and demand deposits and 8 per
cent of savings
d e p o s i t s and
time certificates
having definite
time of maturity (1).

Savings banks doing
commercial business
and located in cities
and towns of 3,000
or more (1).

20 per cent of sight Ho of reand demand deserve
fund.
posits and 8 per
cent of time and
savings deposits
(1).

Savings banks doing
exclusively savings
bank business (1).

8 per cent of deposits (1).

State banks and trust
companies.

(See "Remarks.")

Every bank doing
business under the
act (1)

15 per cent of demand deposits
and 5 per cent of
time deposits (1)

Trust companies receiving deposits (4).

25 per cent of deposits subject to
check and 10
per cent of time
deposits (4).

Banks and trust companies in central reserve cities under
Federal reserve act

13 per cent of demand deposits
and 3 per cent of
time deposits (1).

Banks and trust companies located in reserve cities (1).

10 per cent of demand deposits
and 3 per cent of
time deposits (1).

All other banks and
trust companies incorporated
under
laws of Kentucky
(1).

7 per cent of demand deposits
and 3 per cent of
time deposits

7

Kansas

Total amount of
reserve required

May consist of—

Cash (1).

Balances in reserve depositaries
Amount

May be carried in—

17/20

On deposit subject to call with
other State or National banks
(1), (2).

10

4,8




0).

(1).

H of required
reserve.

1/3

Cash in its vaults
or in balances
with correspondent banks
(1)

Correspondent banks none of the
stockholders of which are stockholders in the depositing bank,
except when approved by State
bank commissioner (1).

(See "Remainder.")

(See "Remainder.")

"Money" (1).

2/3

"Other banks subject to call" (1).

785

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ING TO BANK RESERVES—Continued
Remainder
Amount

1/2




May consist of—

Carried in Federal
reserve bank

Remarks

Authorities

All State banks, savings banks, and trust
companies are empowered to become
members of Federal
reserve banks and
need carry only such
reserve funds as may
be required from
time to time to be
maintained by national bank members of Federal reserve system (3).

Code of Iov.a
19 2 7 , a n d
By a later enactment, all the
Banking Laws
provisions of the section reguof
1927.
lating reserves of savings banks (1) Sec.
9201.
are made applicable to trust (2) Sec. 9216.
companies (4) and State banks (3) Sees. 9269 and
(2).
9270.
(4) Sec. 9304.

Any bank may become a member of a
Federal reserve
bank (1).

Rev. Stats, of
Kansas, 1923,
and banking
laws of 1927.
Sec. 9-112, as
The bank commissioner may (1)amended
1927,
suspend any of the reserve reand
p. 7, requirements for a period not to
spectively.
exceed 30 days and may renew (2) Sec. 9-115 and
such suspension for periods
p. 7, respecnot to exceed 15 days (2).
There are also very detailed pro- (3)tively.
Sec. 9-116 and
visions for a guaranty fund to
p. 8, respecthe benefits of which any bank
tively.
filling certain requirement and (4) Sec. 17-2003
making certain contributions
and p. 38, remay become entitled (5).
spectively.
(5) Sec. 9-201 to
sec. 9-215 and
p. 29 to p. 35,
respectively.

May be invested in
bonds or other evidences of indebtedness of the United
States or in Kansas
municipal bonds or
warrants or secured
bonds of private corporations subject to
certain stipulated
conditions (1)
Reserves are to be
kept in same manner and subject to
same rules as State
banks, except
United States bonds
and demand loans
secured by United
States, State, county, or municipal
bonds to cash value
of such loan shall be
accepted as part of
legal reserves of
trust companies in
lieu of deposits in
banks (4).

Provisions for enforcement of
regulations

No bank shall make new loans or
pay dividends unless at the
time the required reserve is
maintained (1).
Any bank the reserves of which
are below the required amount
which shall violate any regulation of the bank commissioner as to such reserve, and
shall fail to restore its reserves
after 30 days' notice, may be
deemed insolvent (3).

I
Banks and trust companies may become
members of the Fed- While reserve is below required
eral Reserve system
amount, no new loans or disand may comply
counts (except of sight drafts)
with the reserve reshall be made; and, after 30
quirements of the
days' notice, receiver may be
Federal reserve act
appointed (3).
in lieu of State law
requirements (1), (2). !

"Demand deposits" include all
deposits payable within 30
days, and "time deposits" include all deposits payable
after 30 days and all savings
accounts and certificates of deposit which are subject to not
less than 30 days' notice before
payment (1).

Carroll's
Ky.
Stats.,
sixth
e d i t i o n as
amended
by
Session Laws
of 1922.
(1) Sec. 584.
(2) Sec. 584(a)
(3) Sec. 585.

786

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT

State

District
No.

Institutions affected

Balances in reserve depositaries

Vault reserve

Total amount of
reserve required

Amount

j May consist of-

Amount

May be carried in—

Louisiana. _ 6,11
All banking associations carrying on the
business of a bank
of discount, deposit,
and exchange and
circulation (1).

Cash (1).

16 per cent
of d e - Cash balances in other banks (1).
mand
(See also " Remainder.")
deposits
(1).

per cent
Corporations conduct- 20 per cent of de- 4 of
deing savings, safe demand deposits
mand
posit, or trust bank(3).
deposits
ing business (3).
(3).

Cash (3).

16 per cent
of d e balances in other banks (3).
m a n d Cash
(See also "Kemainder.")
deposits
(3).

Trust and banking
companies having
authority to receive
deposits (1).

Lawful money or
national-bank
notes of United
States (1).

4 per cent
of d e mand
deposits
(1).

20 per cent of demand deposits
(1).

Maine

Savings banks (2).

Maryland..




15 per cent of demand deposits
(1).

2/3

Any national bank or any trust
company created under laws of
Maine or any trust company located in New England States or
New York and approved by
bank examiner (1), (but see
Federal reserve act).

of 1 per cent of
average amount
of deposits every 5 per cent
6 months until
(2).
reserve
fund
amounts to 10
per cent (2).

5

All banks except savings banks without
capital stock (1).

15 per cent of demand deposits
(1).

All trust companies (1)

15 per cent of de- j
mand deposits i

(1).

i

!

per
cent of
demand
deposits
(1).

Cash (1).

10 p e r
cent of
demand
deposits
(1).

Such banks or trust companies
of the State of Maryland or elsewhere, of good standing, as the
board of directors may direct
(1).

(See "Balances.")

10 p e r
cent of
demand
deposits
(1).

Same as above, except part of |
this may be cash in hand (1). I

787

FEDERAL RESERVE BULLETIN

NOVEMBER 1928

ING TO BANK RESERVES—Continued
Remainder
Amount

16 p e r
cent
of demand
deposits.

16 per
cent
of demand
deposits.

1/3

5 per




cent
of demand j
deposits(l)

Carried in Federal
reserve bank

May consist of—

Provisions for enforcement of
regulations

Remarks

Authorities

All State banks, sav- If the amount of lawful money
on the premises, cash deposits
ings banks, and trust
in other banks, or short paper
companies are exfalls
below the required
pressly permitted to
amount and remains so for 10
become members of
days,
it
is the duty of the
the Federal reserve
president of the bank to notify
Wolf's Const,
bank of their disthe
bank
examiner of the
and Statutes of
Same as below (1).
trict (4); cash reshortage, and it is unlawful for
Louisiana
serves of member
the
bank
to
discount
any
new
(1920) a n d
banks deposited in
paper until the proper reserve
Banking Laws
Federal reserve
is
reestablished.
By
failure
of
1923.
bank are construed
to comply with this regula(1) P . 117 and
as cash on hand (1)
tion
a
bank
forfeits
$10
for
each
p. 8 respec(3).
Savings deposits not subject to
day it is in default (2).
withdrawal "except upon (2)tively.
P . 118 and
notice"
are
not
considered
dep. 9 respecLawful money of the
mand deposits (1) (3).
tively.
United States, or
(3) P . 112 and
cash due from other
p. 27 respecbanks or bills of extively.
change or discounted
(4) Act 305 of
paper m a t u r i n g
1914 sec. 1, and
within not more
banking laws
than one year, or
of 1923, p. 73.
bonds, stocks, or
securities of the
United States, or of (See above.)any of the United
States or of the
municipalities o r
corporations, public
or private, thereof,
or of the levee boards
of the State of Louisiana (3).
Trust companies permitted to become
members of Federal
reserve system, and
thereupon become
subject to the reserve requirements
of the Federal reserve act instead of
State reserve requirements (1).

Bonds of the United
States or State of
Maine (1), (but see
Federal reserve act).

Whenever the reserve falls.below
the required percentage, it
must not be further diminished by new loans until the
required reserve is restored (1).
Public Laws of
1923 and Banking Laws of
Before declaring dividend }4 of 1 j 1927.
per cent of average amount of I (1) Chap. 144,
deposits for preceding 6 | sec. 80.
months must be "passed to (2) Chap. 144,
sec. 34.
the reserve fund" until the
reserve fund amounts to 10
per cent of the deposits. The
reserve fund must be kept \
constantly " t o secure against
losses and contingencies" until it amounts to 5 per cent of
the deposits. All losses mus 1
be passed to the debit of the
reserve fund (2).
\

Any banking institution which is a member of the Federal
In estimating the amount of dereserve system shall When reserve is below required
posits of a trust company for
not be required to
the purpose of determining the
amount no new loans or diskeep any reserves
amount of reserve, deposits
counts may be made (except
other than those remade by city of Baltimore and
of sight drafts); and, after 30
quired of banking
secured by counter deposits of
days' notice, a receiver may
institutions which
Baltimore city stock are not
be appointed (2).
are members of the
counted (1).
Federal reserve system (3).

Balances, or bonds, or
public stock of United States or Maryland, or Baltimore,
or bonds of any
county or municipal
corporation of Maryland, which shall be
approved by the
banking commissioner; securities deposited with State
treasurer may be
counted in this reserve (1).
I

Banking Laws of
Maryland in
force in 1922
and Maryland
Annotated
Code 1911, Art.
XL
(1) Sec. 62.
(2) Sec. 63.
(3) Sec. 62 (c).
(Amendment
approved Mar.
22, 1918.)

788

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT
District
No.

State
Massachusetts.

1

Total amount of
reserve required

Institutions affected

I

1
All trust companies
doing business in
State (1).

15 per cent of demand deposits
(1).

Trust companies in 20 per cent of deBoston and less than
mand deposits
3 miles from state(1).
house.

Trust companies authorized to act as
reserve agents (3).

Michigan...

Minnesota..




7.9

9

Vault reserve
Amount

All banks in cities less
than 100,000 which
have been designated as reserve
cities (3).

20 per cent of total
deposits rec e i v e d from
other banks (3).

Commercial banks.
Located in cities less
than 100,000 (2).

12 per cent of total
deposits.

Located in cities over
100,000 (2).

20 per cent of said
deposits.

Savings banks (5).

12 per cent of total
deposits (5).

Trust companies (7).

20 per cent of matured obligations
and money due
and payable (7).

12 per cent of demand deposits
and 5 per cent of
time deposits (2).

Balances in reserve depositaries
Amount

May be carried in—

At least one-half
of said two-fifths
shall consist of
lawful money of
United States,
gold or silver
certificates, or
notes and bills
issued by any
national bank- 3/5 (b u t
ing association
see "Reor Federal remarks").
serve bank; the
other one-half
may consist of
United States or
Massachusetts
bonds or United
States
certificates of indebtedness (2).

Any trust company in Boston authorized to act as reserve agent,
with consent of bank commissioner; or any national banking
association doing business in
Massachusetts, New York City,
Philadelphia, Chicago, or Albany; or the Federal Reserve
Bank of Boston (2) (3).

1/2

Lawful money of
the United
States, gold certificates, silver
certificates, or
notes and bills
issued by any
lawfully organized
national
banking association (3).

Any trust company in Boston authorized to act as reserve agent,
any national banking association doing business in Massachusetts, New York City, Philadelphia, Chicago, or Albany (3).

1/2

Lawful money (3).

2/5; b u t
t h i s
must
always
equal at
least 5
per cent
of t h e
aggreg a t e
amount
of time
and demand
deposits
exclusive of
savings
deposits
(2).

1/2

On hand (2).

Any banks in cities approved by
the commissioner as reserve
cities (2).

On hand (5).

National or State banks or trust
companies in State reserve cities
(5).

1/4

On hand (7).

3/4

Any bank or trust company approved by the commissioner (7).

1/4

Cash, including
specie, legal tender,
national
bank notes, and
Federal reserve
bank notes (2).

3/4

Solvent banks; but no bank having less than $25,000 capital and
surplus shall act as reserve agent,
except with approval of superintendent of banks (2).

per cent of deState banks and trust 15mand
deposits
companies in reserve
and 5 per cent of
cities (2).
time deposits(2).

State banks and trust
companies not in reserve cities (2).

May consist of—

789

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ING TO BANK RESERVES—Continued
Remainder
Amount

Carried in Federal
reserve bank

May consist of—

Provisions for enforcement of
regulations

Remarks

Authorities

I

Member trust companies may carry reBonds of United States
serves required by
or
Massachusetts
Federal reserve act
computed at fair
in lieu of those remarket value, which
quired by State law
are absolute property and in possession
Not over
of
corporation
(2).
Balances
required to
1/5
(This may be subbe carried in reserve
stituted for part of
depositaries are exrequired balances
pressly permitted to
with reserve deposbe carried in the
itaries.)
Federal
Reserve
Bank of Boston (2).

No new loans or investments
may be made while reserve is
below required amount; and
if reserve is not restored after
30 days' notice from bank
commissioner, he may take
possession of the business and
liquidate its affairs, or if bank
acting as reserve agent fails to
meet reserve requirements
after 10 days' notice from bank
commissioner he may revoke
authority to act as reserve
agent (4).

The bank commissioner may
authorize any trust company
in Boston to act as reserve
agent (3).

General L a w s
and Banking
Laws of 1926,
ch. 172.
(1) Sec. 73.
(2) Sec. 74.
(3) Sec. 75.
(4) Sec. 76 as
amended 1922.
(5) Sec. 81.

State banks are permitted to become
members of Federal
reserve bank, and
s t a t u t e provides
that reserve of bank
doing so shall be
fixed by Federal reserve act (1).

When the reserve of a commercial bank is below the required
amount, it may make no new
loans or discounts (except of
sight drafts); and, after 30
days' notice, a receiver may be
appointed (4); and a bank in a
reserve city failing to comply
with the reserve requirements
may be denied the right to act
as a legal depositary of reserve
funds (3).
Savings banks may be closed if
reserves not made good within
30 days.

It is the duty of the bank commissioner to annually designate certain cities as reserve
cities (3).
When a bank combines commercial and savings business
separate reserves must be kept
for each (6).
Trust companies are not permitted to do general banking
business.

Compiled Laws
of
1915 as
amended and
Banking Laws
of 1927.
(1) Sec. 7970.
(2) Sec. 7993.
(3) Sec. 7991.
(4) Sec. 7994.
(5) Sec. 7996.
(6) Sec. 7998.
(7) Sec. 8053.

The term "reserve city" means
cities designated as reserve
cities by Federal authority
(2).

Banking Laws of
1927 and Mason's
Minn.
Stats., 1927.
(1) p. 22 and sec.
7649, respectively.
(2) pp. 21 and 50
and sees. 7680
and 7726, respectively.




State banks and trust
companies expressly
permitted to become members of
Federal reserve system (1).

While reserve is impaired no
new loans or discounts (except of sight drafts) shall be
made and no dividends declared (2).

790

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT
State

District
No.

Mississippi _ 6,8

Institutions affected

8,10

Vault reserve
Amount

May consist of—

Balances in reserve depositaries
Amount

May be carried i n -

per cent of deBanks doing business 15mand
deposits
in cities or towns of
and
7 per cent of
less than 50,000 (1).
time deposits (1).

Banks doing business
in cities of over
50,000 (1).

Missouri

Total amount of
reserve required

Actual cash or
balances (1).

25 per cent of demand deposits
and 10 per cent
of time deposits (1).

18 per cent of deBanks and trust command deposits
panies in cities of
and 3 per cent of
200,000 or over (1) (2). time deposits
U), (2).

7 per cent
of demand
deposits,
and 3
per cent
of time
deposits.

per cent of deBanks and trust com- 15mand
deposits
panies in cities of
and
3 per cent
25,000 to 200,000 (1),
of
time
deposits
(2).
(1), (2).

on hand
6 per cent Reserves
in any .form of
of decoin
or
currency
mand
authorized bv
deposits, law
of United
and 3
States (1), (2).
per cent
of time
deposits.

Banks and trust companies located elsewhere (1), (2).

Good solvent banks (1).

Banks, trust companies, or national banking associations approved by bank commissioner
(3), (4).

15 per cent of demand deposits 3 per cent
and 3 per cent of of time
time deposits
deposits.
(1), (2).

Montana.. . 9,12 Banks not reserve 10 per cent of debanks (1).
posit liabilities
(1).

Reserve banks (1).

Nebraska,..




Such part
as board Banks approved by superintendof direcof banks as reserve banks
tors may ent
(1).
determine(l).

15 per cent of deposit liabilities
(1).

10

per cent of deBanks in cities of more 20mand
deposits
than 25,000 (1).
(1).
Cash; but onefifth may consist
of United States
bonds at their
market value
(1).
Banks elsewhere (1).

15 per cent of demand deposits
(1).

Savings banks and
savings depart- 5 per cent of dements of commerposits (1).
cial banks (1).

Depositaries approved by the
banking department (1).

791

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ING TO BANK RESERVES—Continued
Remainder
Amount




May consist of—

Carried in Federal
reserve bank

Banks and trust companies may become
members of Federal
reserve system and
may carry reserves
required by Federal
act in lieu of
i reserve
those required by
State law (3).

Provisions for enforcement of
regulations

Any impairment of cash reserve
shall be made good in 30 days
(2).

Remarks

Reserve must be in "actual cash
or balances due from good solvent banks"; and no certain
proportion of each is required

a).

Authorities
(1) Miss. Code
(1927) sec. 3852
and Banking
Laws 1925, p.
64.
(2) Acts of 1922,
ch. 72, sec. 21,
a n d Banking
Laws of 1925,
p. 41.
(3) Miss. Code
(1927) sec. 3874
and Banking
Laws of 1925,
p. 83.

Banking Laws;
State banks and trust
Rev. Stats, of
companies are ex1919, as amendpressly permitted to Upon relation of the bank commissioner the Attorney Gened by the acts
become members of
eral may institute proceedings
of 1927.
Federal reserve
against any institution failing Savings banks must create guar- (1) Sec. 11743.
banks and comply
to comply with the banking
(2)
11810.
with and enjoy the
anty fund by setting aside at (3) Sec.
laws (7).
Sec. 11744.
privileges of the Fedleast & of net profits before (4) Sec.
11811.
eral reserve act (5), While any bank or trust comeach dividend until the (5) Sec. 11737.
pany has less than required
(6). Member trust
amount equals the capital (10). (6) Sec. 11799.
amount of reserve it shall make
companies and memno
new
loans,
discounts,
or
(7) Sees. 11698,
ber banks shall only
acceptances except discounts
11697.
be required to carry
of
sight
drafts
(8),
(9).
(8) Sec. 11745.
reserves required by
(9) Sec. 11812.
Federal reserve act
(10) Sec. 11881.
(1), (2).

Any bank becoming While reserve is below required
member of Federal
amount, no new loans or disreserve system and
counts (except of sight drafts)
c o m p l y i n g with
shall be made. Where reserve
regulations of same
falls below required amount
shall be deemed to
and so remains for stated pehave complied with
riod, or continually falls below
State regulations (1),
required amount, superintend(3).
ent may close bank (4).

Any solvent bank having paidup capital and surplus of
$100,000 which does business
in any State of United States
may be designated by the
superintendent of banks as a
reserve agent for Montana
banks (1).
The term " b a n k " includes any
corporation formed to conduct
the business of receiving deposits or transacting a trust or
investment business (2).

Any State bank or
trust company may
become a member of
the Federal reserve
system and shall
have power to assume such liabilities and exercise
such powers as
granted by the Federal reserve act (2).

(1) B a n k i n g
Laws, 1925, p.
11, Comp. Stat.
1922, sec. 8003.
(2) B a n k i n g
Laws, 1925, pp.
51, 52, Comp.
Stat. 1922, sees.
For the purpose of providing a
8044-8045.
guaranty fund for the protec(3)
Ban k ing
tion of depositors, every State
L a w s , 1925,
banking corporation is subject
p.
11, Comp.
to assessments (4). New banks
Stat. 1922, sec.
must contribute to the fund 4
8004.
per cent of their capital stock
(5). When the fund amounts (4) B a n k i n g
Laws, 1925, p.
to 1£ per cent of the average de21,Comp. Stat.
posits no new assessments will
1922, sec. 8024.
be made until it is depleted
below 1 per cent, and if it falls (5) B a n k i n g
Laws, 1925, p.
below 1 per cent a special as22, Comp. Stat.
sessment may be made to re1922, sec. 8026.
store it (6), (7).
(6) B a n k i n g
Laws, 1925, p.
23,Comp. Stat.
1922, sec. 8027.
(7) B a n k i n g
Laws, 1925, p.,
24, Comp. Stat.
1922, sec.L8028.

May not make new loans or discounts (except sight drafts)
nor pay dividends, while reserves are below requirements,
and if reserves not made good
in stated time bank may be
placed in hands of receiver (3).

Session Laws of
1927, ch. 89,
and Banking
Laws of 1927.
(1) Sec. 53.
(2) Sec. 2.
(3) Sec. 28.
(4) Sec. 121.

792

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT
District
No.

State
Nevada

_

New Hampshire.

New Jersey.

12

Institutions affected

Total amount of
reserve required

Vault reserve
Amount

May consist of—

Balances in reserve depositaries
Amount

May be carried in—

Banks acting as reserve depositaries
(1).

25 per cent of deposits (1).

1/3

Actual cash (1).

2/3

All other State banks
(I).'

15 per cent of entire deposits (1).

1/3

Actual cash (1).

2/3

Banks doing savings
bank or trust company business but
not general banking
business (1).

10 per cent of deposits (1).

1/2

Actual cash (1).

1/2

Trust companies or
similar corporations
incorporated for the
purpose of doing the
business of trust
companies or a general banking business (1).

15 per cent of aggregate deposits
in commercial
department (1).

J/3

Lawful money of
United States,
gold or silver
certificates, Federal reserve
notes or nationalbank notes (1).

2/3

Other banks approved by bank
commissioner (1).

All banks except savings banks (1).

15 per cent of immediate liabilities (1).

2/5

Cash on hand (1).

3/5

Good solvent banks or trust companies (1).

cent of imAll trust companies re- 15mper
e d i a t e deceiving demand demand
liabilities
posits (2).
(2).

1/5

Cash on hand (2).

4/5

Good solvent banks or trust companies (2).

Good solvent banks approved by
bank examiner (1). But bank
examiner may refuse to consider
as part of its reserves balances
due from any bank which shall
fail to furnish him with information required to enable him to
determine its solvency (1).

1

2-3

New Mexico 10-11




All banks (1), (2).
(See "Remarks.")

12 per cent of
general deposits
(2).

Reserve shall be kept on deposit
with any bank authorized to do !
business in State having capital \
of not less than $50,000 or any
other bank approved by State
bank examiner (2).

793

FEDERAL RESERVE BULLETIN

MOVEMBER, 1928

ING TO BANK RESERVES—Continued
Remainder
Amount




May consist of—

Carried in Federal
reserve bank

Provisions for enforcement of
regulations

Compliance with reserve requirements
of Federal reserve
act by members accepted in lieu of
compliance
with
State law requirements (2).

While reserve is below required
amount no new loans or discounts (except of sight drafts)
nor any dividends shall be
made; and, after 60 days' notice, the bank may be deemed
insolvent (1).

(1) Rev. Laws of
1912, vol. 1,
sec. 629 and
Banking Laws
of 1927, sec. 14.
(2) Acts 1919, ch.
126, p. 241 and
Banking Laws
of 1927, p. 34.

No new loan or investment permitted when reserve requirements not met (1).

Every State bank, trust company, or similar corporation
doing a general banking business, must set aside annually
at least 10 per cent of its net
earnings as a guaranty fund
until such fund amounts to 25
per cent of its capital stock (3).
Every savings bank must annually pass to its guaranty fund
10 per cent of its net earnings
until such fund amounts to 5
per cent of its deposits (4).

(1) Pub. Laws,
1926, ch. 264,
s e c . 6, a n d
Banking Laws,
1925, p. 29.
(2) Pub. Laws,
1926, ch. 264,
s e c . 7, a n d
Banking Laws,
1925, p. 29.
(3)|Pub. Laws,
1926, ch.*265,
sec. 34, and ch.
264, sec. 8 and
Banking Laws,
1925, pp. 37
and 29.
(4) Pub. Laws,
1926, ch. 261,
sec. 18 and
Banking Laws,
1925, p. 12.

Whenever the reserve is below
the required amount the bank
or trust company shall not
make any new loans or discounts, except of sight drafts,
nor make any dividends (1),
(2).

(1) Laws, 1899,
ch. 173, sec. 20;
Savings banks are required to inBanking Laws,
vest their deposits; but are
p. 31.
allowed to keep not over 10 per (2)1928,
Laws, 1899,
cent as an "available fund"
ch.
174,
sec. 20;
for the purpose of meeting curBanking Laws,
rent expenses and payments.
1928,
p.
78.
This fund may be kept on
hand or on deposit in any sol- (3) Laws, 1914,
ch.
159;
Bankvent New Jersey bank or trust |
company or national bank in | ing Laws, 1928,
p.
123.
New Jersey; or deposited on
call, at interest, in a solvent (4) Laws, 1906,
ch. 195, sec. 36
New Jersey, New York, or
as
amended;
Pennsylvania bank or trust
Savings
Bank
company or national bank in
Laws, 1925, p.
New York or Pennsylvania;
14.
or loaned upon proper securities; or not more than one-half (5) Act Mar. 29,
1917; Laws of
of the "available fund" may
1917, ch. 225;
be invested in certain securiBanking Laws,
ties (4).
1928, p. 124.

While capital or reserve is impaired the bank shall make no
new loans or discounts (except of sight drafts against
actual existing values); and if
not restored after 60 days'
notice its capital stock may be
reduced equal to the amount
of such impairment, except
that in no event shall the capital stock be reduced below
$25,000 (3).

(1) Laws of 1915
ch. 67, sec. 2
and Banking
Laws of 1927,
sec. 2.
(2) Laws of 1923,
ch. 149, sec. 2,
a n d Banking
Laws of 1927,
sec. 28.
(3) Id., ch. 149,
sec. 7,
and
Banking Laws
of 1927, sec. 30.
(4) Id., ch. 149,
sec. 3, and1
Banking Law
of 1927, sec. 29.
(5) Laws of 1919,
ch. 120, sec. 35,
and Banking
Laws of 1927,
sees. 96 and 97.

Trust companies permitted to become
members of Federal
reserve system, and
thereupon become
subject to the reserve requirements
of the Federal reserve act instead of
the State reserve requirements (2).

All trust companies
and State banks permitted to become
members oi Federal
reserve system and
assume
liabilities
and become entitled
to benefits under
Federal reserve act
(3); and upon doing
so they become subject to reserve requirements of Federal reserve act instead of State reserve requirements
(3), (5).

Any incorporated
State bank may become a member of
the Federal reserve
system and exercise
all powers of member banks (5).
Compliance with Federal reserve act reserve requirements
deemed compliance
with State law requirements (2), (5).

Remarks

The bank act provides: "The
word 'bank' as used in this act
includes every person, firm,
company, copartnership or
corporation, except national
banks, engaged in the business
of banking in the State of New
Mexico. Banks are divided
into the following classes: (a)
Commercial banks; (b) savings banks; and (c) trust companies" (1).
Any State bank maintaining the
required reserve and making
proper application to the State
bank examiner may be designated a reserve bank (2), (4).

Authorities

794

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT
State
New York_.

District
No.
2 !

Institutions affected

Total amount of
reserve required

Banks having an office 18 per cent of agin boroughs of 1,500,- gregate demand
000 or over (1).
deposits (1).
Banks with offices in
boroughs of between 15 per cent of ag1,000,000 and 1,500,
gregate demand
000 and no office in
deposits (1).
a borough of 1,500,
000 or over (1).
Banks located elsewhere in State (1).

12 per cent of aggregate demand
deposits (1).

per cent of agTrust companies with 15gregate
demand
offices in boroughs of
deposits
(3).
1,500,000 or over (3).
Trust companies with
offices in boroughs 13 per cent of agof from 1,000,000 to
gregate demand
1,500,000 and no ofdeposits (3).
fice in a borough of
1,500,000 or over (3).
Trust companies in
cities offirstand sec- 10 per cent of aggregate demand
ond class with less
deposits (3).
than 1,000,000 population (3).
per cent of agTrust companies in 10gregate
demand
cities of third class
deposits
(3).
and in villages (3).

Balances in reserve depositaries

Vault reserve
Amount

May consist of—

Amount

12 per cent
of aggregate de- Any part of a
mand de- bank's reserves
on hand in exposits
cess of 4 per cent
(1).
of its aggregate
10 per cent d e m a n deposits and any
ofaggrepart of a trust
gate demand de- company's reserves on hand
posits
in excess of 3
(1).
per cent of its
4 per cent
aggregate deofaggremand deposits
gate demay be deposmand de-j ited, subject to
p o s i t s i call, with a Fed(1).
I eral r e s e r v e
10 per cent bank in the district in which
of aggresuch bank or
gate de. mand de- trust company
is located; and
posits
the reserves on
(3).
hand not so dei 8 per cent
p o s i t e d shall
ofaggreconsist of gold j
gate debullion, g o l d
mand de- coin, U n i t e d
posits
States gold cer(3).
tificates, United
4 per cent of States notes or
aggregate any form of currency authorized
demand
by the laws of the
deposits
United States
(3).
(1), (3). (But
3 per cent
see "Carried in
of aggreFederal reserve
gate debank.")
mand deposits
(3).

May be carried in—

Depositaries designated by superintendent of banking, which
may be a bank, trust company,
or national banking association
in the State having combined
capital and surplus of at least
(a) $1,000,000, if located in a
borough of 1,500,000 or over; (b)
$750,000, if located in a borough of
1,000,000 to 1,500,000, or in a city
of 400,000 or over; (c) $500,000, if
located elsewhere in the State.
No corporation, if located in a
borough of 1,500,000 or more
shall be a depositary for an institution having a combined
capital and surplus greater than
its own, unless the combined
capital and surplus of such depositary exceeds $2,000,000.
Such depositary may also be a
banking corporation with capital and surplus of $2,000,000 or
more located in Chicago, Boston, or Philadelphia, provided
such banking corporation makes
reports and submits to examinations as required by superintendent of banking (5).

per cent of dePrivate bankers in 15mand
deposits
cities offirstclass (4). (4).
per cent of dePrivate bankers in 10mand
deposits
other cities (4).
(4).

1/10

9/10

Any State bank, national banking
association, or trust company (4).

North Carolina.
All banks (1)

15 per cent of aggregate demand
deposits and 5
per cent of time
deposits (1).

North Dakota.




Other solvent banks designated as
depositaries (2).

Cash.

Actual

cash

on

All State banking corporations and associations (1).

20 per cent of demand deposits
and 10 per cent
of time deposits
(1).

2/5

hand. Cash
items will not be
counted and no
association shall
carry as cash or
cash items anything except legitimate bank
exchange which
will be cleared
on same or next
business day (1).

All State banks or
trust companies (5).

10 per cent of" Secured Savings
Deposits" (5).

1/5

In another department of the
bank.

3/5

Bank of North Dakota or good
solvent State or national banks,
or trust companies carrying
sufficient reserve to entitle them
to act as such depositary banks,
located in such commercial centers as will facilitate the purposes of banking exchange, and
approved by State banking
board (1).

4/5

Balances due from reserve agents
to be approved by the State
banking board (5).




795

FEDERAL RESERVE BULLETIN

NOVEMBEB, 1928

ING TO BANK RESERVES—Continued
Remainder
Amount I

May consist of—

Carried in Federal
reserve bank

Provisions for enforcement of
regulations

Remarks

Any part of a bank's
reserve on hand in
excess of 4 per cent
of its aggregate demand deposits and
any part of a trust
company's reserves
The reserves indicated in the colon hand in excess of
umn headed "Vault reserve"
3 per cent of its agare the reserves which the
gregate demand deNew York law defines as "reposits may be deserves on hand," which under
posited, subject to Banks, trust companies, and prithat law includes reserves in
call, with a Federal
vault and balances with a
vate bankers failing to mainreserve bank in the
Federal reserve bank (17).
tain the required reserves are
district in which
liable to assessments varying All savings banks, savings and
such bank or trust
with the amount of shortage
loan associations, land banks,
company is located
(1), (2), (3), (4).
and credit unions are required
(1), (3). (See "Reto maintain guaranty funds
marks;" "Vault refor the security of their depositserve.")
ors or to meet contingencies
Compliance with re(6), (7), (8), (9), (10), (11), (12),
serve requirements
(13), (14), (15), (16).
of Federal reserve
act by member
banks and trust companies exempts them
from
compliance
with State law requirements (1), (3).

Banks becoming members shall maintain
reserves required of
member banks in
lieu of those required
byStatelaw(l),(3).

1/4

Authorities

(1) Laws 1914,
chap. 369, sec.
112 (as amended by Laws of
1927).
(2) Id., sec. 30.
(3) Id., sec. 197 (as
amended by
Laws of 1927,
chap. 44).
(4) Id., sec. 166.
(5) Id., sec. 38,
(a s amended
by L a w s of
1927, chap. 44).
(6) Id., sec. 252,
(as amended
b y L a w s of
1915, chap. 372).
(7) Id., sec. 253.
(8) Id., sec. 254.
(9) Id., sec. 255,
(10) Id., sec. 234.
(11) Id., sec. 236.
(12) Id., sec. 392.
(13) Id., sec. 393.
(14) Id., sec. 395,
(as amended by
Laws of 1921,
chap. 75).
(15) Id., sec. 427.
(16) Id., sec. 457,
(a s amended
b y L a w s of
1925, ch. 383).
(17) Id., sec. 3 (as
amended b y
Laws of 1917,
chap. 579).

When reserve is below required
amount the bank shall not No provision as to amount to be Banking Laws of
make any new loans or dis1921 and Acts
as cash on hand.
counts, except of sight drafts, Nocarried
1921, ch. 4.
reserve is required on deposnor make any dividends (2).
(1)
Sec. 31.
its secured by a deposit of
Upon failure to repair reserves
(2)
Sec. 32.
United
States
bonds
or
bonds
within 30 days, corporation
(3)
Sec. 42.
of the State of North Carolina
commission may take charge
(4)
Sec. 71.
(1).
of bank until reserve is adjusted or bank is liquidated(4).

May carry, with permission of State
banking board, in
While reserve is below required
United States bonds,
amount, no new loans or disor certificates of in- Banks may become
counts, except of sight drafts,
debtedness, North
and no dividends shall be
members
of
the
FedDakota Land series
made; and, after 30 days' noeral reserve system
bonds, Bank of
tice, State banking board may
(4).
North Dakota
impose penalty of from $100
bonds, or North Dato
$500 (1).
kota mill and elevator bonds (1).

State banking associations, savings banks, trust companies,
building and loan associations,
and all other corporations
which make a business of receiving money on deposit are
subject to the provisions of the
bank act (2).
North Dakota law provides for
a depositors' guaranty fund
(3).
The reserves, bonds, and investments of the secured savings department shall be kept
separate and apart from the
other reserves, bonds, investments, loans, and discounts of
the bank and shall be applicable only to the repayment of
such secured savings deposits
(5).

Supplement to
the 1913 Compiled
Laws
(1913-1925) and
Banking Laws
of 1927.
(1) Sec. 5170.
(2) Sec. 5191 a 12.
(3) Sec. 5220 b 1,
et sequi.
(4) Sec. 5187.
(5)
Laws of
North Dakota,
1927, chap. 96,
and Banking
Laws of 1927, p .
57.

796

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT

State
Ohio

District
No.

Institutions affected

Total amount of
reserve required

4

Oklahoma.. 10,11 Banks in towns of

more than 2,500 (1).

20 per cent of deposits (1).

Banks in towns or
cities of less than
2,500(1).

15 per cent of deposits (1).

Reserve banks (1).

25 per cent of deposits (1).

May consist of—

Amount

May be carried i n -

Lawful money,
national bank 11 p e r
cent of
notes, Federal
banks or trust companies
reserve notes,
demand Other
designated by resolution of
Federal reserve
deposits
board
of directors and subject
bank notes, or
a n d 13
to approval of superintendent
bills, notes, and
per cent
of
banks.
No two banks shall
gold or silver
of time
be reciprocal depositaries (2).
certificates of
deposits
United States
(1).
(1).

4

per
cent of
demand
deposits
and 2
per cent
of time
deposits
(1).

4

11 p e r
per
cent of
cent of
demand
demand
deposits
deposits
a n d 2 Same as above (4). a n d 7 Same as above (2).
per cent
per cent
of time
of time
deposits
deposits
(4), (7),
(4), (7),
(6).
(6).

Commercial banks (1). 15 per cent (1).

Savings banks (4), 15 per cent of demand deposits
trust companies (6),
and 10 per cent
and special plan
of time deposbanks (7).
its (4), (7), (6).

Balances in reserve depositaries

Vault reserve
Amount

1/3

Actual cash (1).

2/3

Good solvent banks selected from
time to time with approval of
bank commissioner (1). (See
also "Remarks.")

Savings banks which
cent
do not transact a 20 per cent of de- 10ofper
depos- Actual cash (1).
general banking
posits (1).
its
(l).
business (1).
Oregon

Pennsylvania.




12

15 per cent of total
demand deposits and 10 per
cent of total
time deposits of
All State banks and
the commercial
trust companies (1).
department, excepting deposits
of United States
or postal savings
funds (1), (2).

3/20

Actual money of
United States.

17/20

Savings banks and
savings departments 5 per cent of savof banks and trust
ings deposits.
companies (1).

1/2

Lawful money of
the United
States.

1/2

3,4

All banks, banking
companies, savings
banks, savings insti- 15 per cent of detutions and trust
mand deposits
companies author(2); 7M per cent
ized to receive depos- of time deposits which are incorits (3).
porated under laws
of Pennsylvania (1).

H of r e serve
against
demand
deposits
(2) and
p a r t of
reserve
against
time de-

posits
(3).

Banks or trust companies having
unimpaired capital and surplus
of not less than $75,000 and approved by superintendent of
banks (1), (2), (3).

Lawful money of }£ reserve
United States,
against
gold or silver cer- demand
tificates, notes
deposits
bank or trust company in
or bills of any
(2) and Any
Pennsylvania, or in any other
national bankp a r t of
State,
approved by commising association
reserve
sioner of banking (2).
or Federal reagainst
serve bank, or
time declearing-house
posits
certificates (2).
(3).

797

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ING TO BANK RESERVES-Continued
Remainder
Amount

May consist of—

Carried in Federal
reserve bank

Compliance by member banks with reserve requirements
of the Federal reserve act expressly
accepted in lieu of
State reserve requirements (3).

Provisions for enforcement of
regulations

Remarks

Authorities

Trust companies are not required to keep reserve on trust
funds (6). Special plan banks
are not required to keep reserves against deposits hypothecated to secure indebtedness of the depositor to the
bank (7).

(1) Gen. Code,
s e c . 710-138;
Banking Laws,
1921, p. 55.
(2) Gen. Code,
s e c . 710-127,
128, B a n k i n g
Laws, 1921, p.
51.
(3) Gen. Code,
sec.
710-5;
Banking Laws,
1921, p. 7.
(4) Gen. Code,
s e c . 710-144;
Banking Laws,
1921, p. 57.
(5) Gen. Code,
s e c . 710-129;
Banking Laws,
1921, p. 51.
(6) Gen. Code,
s e c . 710-167;
Banking Laws,
1921, p. 65.
(7) Gen. Code,
s e c . 710-180;
Banking Laws,
1921, p. 69.

The banking commissioner may
refuse to consider as part of the
reserve of any bank balances
due to it from any other bank
which shall refuse or neglect to
furnish such information as he
may require relating to its
business with any other State
bank which shall enable him
to determine its solvency (1).
The commercial banking and
savings department of a trust
company is subject to the State
laws relating to State banks (4).

Comp. Stat. 1921
and Banking
Laws of 1926.
(1) Sec. 4124 as
amended 1924
and p. 16, respectively.
(2) Sec. 4156-7
and p. 34, respectively.
(3) Sec. 4158 and
p. 34, respectively.
(4) Sec. 4217 as
amended
by
act of April 8,
1925, and p. 75,
respectively.

Cash items are not considered as
part of the reserve, excepting
unpresented checks on other
solvent banks in same town or
city received in regular course
of business (1).
Banks and trust companies are
required to maintain for each
department the reserves required for that department
and to keep the reserves for
each department separate and
distinct from any other department (6).

Banking Laws of
1925 and General L a w s of
1925, ch. 207.
(1) Sec. 92.
(2) Sec. 93.
(3) Sec. 94.
(4) Sec. 95.
(5) Sec. 96.
(6) Sec. 134.

While the reserve is below the
required amount, no new loans •'Immediate demand liabilities "
or discounts (except of sight
include all deposits and claims
drafts) and no dividends shall
payable on demand; and
be made; and if it is not re"time deposits" include all
stored after 30 days' notice the
deposits not payable by the
institution may be proceeded
contract of deposit on deagainst by the commissioner
mand (4).
of banking (5).

(1) Act of May
8, 1907 (as
amended by
act of July 11,
1917), sec. 1.
(2) Id., sec. 2.
(3) Id., sec. 3.
(4) Id., sec. 4.
(5) Id., sec. 5.
(6) Act of June
15,1923.

While reserve fund is below required amount no new loans
or discounts, except of sight
drafts, can be made; and after
30 days' notice the superintendent of banking may take
possession of the property and
wind up the affairs of the institution (5).

Any bank or trust
company organized
under the laws of the
State may become
m e m b e r s of the
Federal reserve system and exercise all
powers of members While reserve is below the re(2).
quired amount the bank shall
Compliance with remake no new loans or disserve requirements
counts, except of sight drafts,
of F e d e r a l r e nor make any dividends; and
serve act deemed
after 30 days' notice from the
compliance
with
bank
commissioner it may be
State law (3).
declared insolvent (1).
10 p e r
cent
of deposits.

Good bonds of United
States, or State,
county, school, district, or municipal
bonds of State of
Oklahoma
worth
not less than par (1).

H of reserve
required
against
savings
deposits

Bonds or interest-bearing obligations of
the United States at
the actual cash market value thereof.

While reserve of any bank or
trust company is below reState reserve laws do
quired amount it shall not innot apply to memcrease its loans and discounts
ber banks and trust
(except of sight drafts) nor
companies who main- make
any investment of its
tain the reserves refunds or dividend of its profits,
quired by Federal reand
after
30 days' notice from
serve act (1).
superintendent of banks may
be declared insolvent (4), (5).

1/3

B o n d s of U n i t e d
States, Pennsylvania, or any city,
county, or borough
of Pennsylvania, or
bonds authorized as
investments by savings banks and institutions (2).

State banks and trust
companies expressly
permitted to become
members of Federal
reserve system, and
thereupon become
subject to all provisions of Federal reserve act and shall
comply with reserve
requirements of Federal reserve act in
lieu of State requirements (6).




798

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT
State

District
No.

Rhode Island.

South Car, olina.

South Dakota.

Institutions affected

Total amount of
reserve required

Vault reserve
Amount

May consist of—

Balances in reserve depositaries
Amount

May be carried in—

3/5

Banks, national banking associations or trust companies, being
members of clearing-house associations of Providence, and national banks and Federal re. serve banks and banks or trust
companies incorporated in the
State where located and located
in cities of New York, Boston,
Philadelphia, Chicago, and Albany, all of which must be approved by bank commissioner
and must be members of the Federal reserve system or maintain
the reserve required by the Federal reserve act, except that
banks and trust companies in
cities other than Providence may
deposit reserve in any bank, national banking association, or
trust company in Providence
which is member of Providence
clearing-house association and
maintains merely same reserve
as banks not acting as reserve
agents (2).

1

All banks and trust
companies in the
State except savings banks (1).

15 per cent of aggregate deposits,
excepting savings or participating deposits

All banks (1).

7 per cent of demand deposits
and 3 per cent of
time deposits.

All banks (1).

173^ per cent of total deposits (1).

2/5

Gold and silver,
demand obligations of United
States, or national bank currency (1).

5

Cash (1).

Any bank (1).

9

Reserve banks (1).

20 per cent of total
deposits (1).»

All banks, firms, persons, and corporations doing banking
business (1).

10 per cent of demand deposits
and 3 per cent
of time and savings deposits
(1).

Amount
determined Banks approved by superintendby board ent of banks as reserve banks (1).
of directors (1).

Tennessee.. 6,8




Cash (1).

Banks and bankers (1).

799

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ING TO BANK RESERVES-Continued
Remainder
Amount




May consist of—

Carried in Federal
reserve bank

Banks and trust companies are expressly
permitted to become
members of the Federal raserve system,
and thereupon become subject to all
provisions of the
Federal reserve act
and entitled to all
powers and privileges of member
banks (4).

Provisions for enforcement of
regulations

United States bonds
owned by the bank.

Authorities

Gen. Laws, 1923,
ch. 277, and
Every savings bank must reBanking Laws,
serve as a guaranty fund from
ch. 277.
the net profits each year not (1)1925,
While reserve fund is below 15
1.
less than
Y% per cent nor more(2) Sec.
per cent the company must
x
Sec.
3, as
than /i per cent of the whole
make no loans or discounts,examended
by
amount of deposits, until such
cept of sight drafts, nor make
P
u
b
.
L
aws,
fund amounts to 5 per cent of
any dividends; and if company
1925,
ch.
653.
the whole amount of deposits, (3) Sec. 2.
fails to restore reserve in 30
which fund shall be thereafter (4)
days after notice from bank
Gen. Laws,
maintained and held to meet
commissioner, receiver may be
1923, ch. 271,
losses in its business from deappointed (1).
sec.
9, a n d
preciation of its securities, or
Banking Laws,
otherwise (3).
1925, ch. 271,
sec. 9.

There is no provision as to the
amount which must be carried as cash in vault.
Cash items standing longer than
10 days may not be counted as
cash reserves (1).

Banks are authorized
to become members
of the Federal reserve system (2).

3/5

Remarks

State banks and trust
companies may become members of
Federal reserve system (4).

While reserve is below required
amount no new loans or discounts (except of sight drafts)
shall be made; and after 30
days' notice bank examiner
may wind up affairs of bank
(2).

Compliance by member banks and trust
companies with reserve requirements
of Federal reserve
act is accepted in
lieu of State law requirement (2).

While reserve is below required
amount, the bank may make
no new loans or discounts (except of sight drafts) nor make
any dividends; and, after 30
days' notice, superintendent
may take charge (1).

Cash items not considered as part
of reserve (1).
There are also very detailed provisions for a depositors' guaranty fund (3).

The reserve may consist of cash
or balances and the proportion
of each is not stipulated (1).

Code of South
Carolina, 1922y
and Banking
Laws of 1923.
(1) Sec. 3993 as
amended by
c h a p . I l l of
acts 1923.
(2) Sec. 4202.
Revised Code of
1919 as amended and Banking L a w s of
1927.
(1) Sec. 8978.
(2) Sec. 8979,
(3) Sec. 9005 et
(4) Ch. 120 of the
Laws of 1919
and Banking
Laws, 1927, p.
59.
(1) Code (1917),
sees. 3273a-51,
3273a-52,
as
amended by
Pub. Acts 1927,
pp. 80, 82.
(2) Code Sup.
(1920), s e c .
3625a-6.

800

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT

State

District
No.

Institutions affected

Total amount of
reserve required

State banks with capital stock less than 20 per cent of de$25,000 and not
mand deposits
members of Federal
(5).
reserve bank (5).

Texas-

Balances in reserve depositaries

Vault reserve
Amount

May c'onsist of—

Amount

Any bank or banking association
of Texas or any State or United
States bank, banking association, or trust company approved
by commissioner and having
paid-up capital stock of $50,000
or more; but the deposit in any
one bank or trust company
shall not exceed 20 per cent of
total deposits, capital, and surplus of the depositing bank (5).

Actual cash (3).

Banks not in central
reserve city, having capital stock of 15 per cent of de$25,000 or more and
mand
nonmembers of
(5).
Federal reserve
bank (5).

Banks members of 12 per cent of deFederal reserve
mand deposits
bank not in reserve
and 5 per cent
or central reserve
of time deposits
cities (3).
(3).

A for 36
months
after establish- Same as required
ment of
of n a t i o n a l
reserve
banks under
bank
United States
and perlaws (3).
manently thereafter n
(3).
\

Banks members of
F e d e r a l reserve
bank and in reserve
city (3).

15 per cent of demand deposits
and 5 per cent
of time deposits
(3).

per cent of
Savings departments 15whole
amount
of State banks and
of
savings de*
trust companies (2).
posits (2).

Utah.




12

Savings banks (1).

15 per cent of Any part
whole amount
(1).
of assets (1).

Commercial banks in
cities of 50,000 or
more (1).

20 per cent of aggregate amount
of deposits and
demand liabilities (1).

1/8

15 per cent of aggregate amount
Commercial banks
of deposits and
elsewhere (1).
demand liabilities (1).

Savings banks (2).

10 per cent of deposit liabilities
(2).

5/12

In Federal reserve bank, & for
12 months after establishment
thereof and additional •& semiannually thereafter until it
amounts to &, which shall be
amount permanently required
(3).

6/15

In Federal reserve bank, -^ for
12 months after establishment
thereof and additional TV semiannually thereafter until it
amounts to T \, which shall be
amount permanently required
(3).

2/3

Reserve agents designated and approved by the commissioner of
insurance and banking (2).

On hand (1).

Any part.

Any bank or banking association
of Texas or under laws of the
United States approved by superintendent of banking and
having paid-up capital stock of
$50,000 or more; but the deposits
in any one bank or trust company must not exceed 20 per cent
of the total deposits, capital, and
surplus of such savings banks (1).

Lawful money of
United States
(1).

7/8

for 36
months
after establishment of Same as required
Federal
of n a t i o n a l
reserve
banks under
bank
laws of United
and perStates (3).
manently thereafter tv
(3).
1/3

May be carried in—

Actual cash in
such savings
department (2).

j Solvent banks other than savings
banks (1).

1/4

Lawful money of
United States
(2).

3/4

801

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ING TO BANK RESERVES—Continued
Eemainder
Amount




May consist of—

Carried in Federal
reserve bank

All State banks and
trust companies expressly permitted to
become members of
Federal reserve sysFor 36 months after estem (4).
tablishment of Federal reserve bank in
vaults of Federal reserve bank or national bank in reserve or central reserve city. Thereafter in own vaults
or in Federal reserve
bank or in both (3).

Provisions for enforcement of
regulations

Remarks

Whenever the reserve of any
bank falls below the required
amount it shall make no new
loans or discounts until it shall
restore it by collection (5).

'Demand deposits" include all
deposits payable in 30 days;
and "time deposits" include
all deposits payable after 30
days and all savings accounts
and certificates of deposit subject to not less than 30 days'
notice before payment (6).

Authorities

Baldwin's Texas
Stats, and
Banking Laws
of 1927.
(1) Art. 417.
(2) Art. 432 as
a m e n d e d by
acts of 1927.
(3) Art. 521.
(4) Art. 519.
(5) Art. 522.
(6) Art. 523.

Any part may be invested in United
States bonds (2).

Compliance by member banks and trust
companies with reserve requirements
of Federal reserve
act shall be in lieu of
compliance with reserve requirements
of State law (4).

While reserve is below required
amount the loans and dis- Banks having both commercial
and savings departments must
counts (except of sight drafts)
shall not be increased; and,
maintain required reserve for
after 30 days' notice from bank
each (3).
commissioner, the bank may
be deemed insolvent (1).

Compiled Laws
of Utah, 1917,
Title 19, chap.
6, and Banking Laws, 1927.
(1) Sec. 996.
(2) Sec. 997.
(3) Sec. 998.
(4) Session Laws
cf 1919, chap.
. 19, and Banking Laws, 1927,
p. 21.

802

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT

State

District
No.

Vermont

1

Virginia

Washington

West Virginia.




Institutions affected

Total amount of
reserve required

Balances in reserve depositaries

Vault reserve
Amount

May consist of—

Amount

May be carried in—

1/10

Banks or national banking associations located not more than 100
miles from the depositing bank
Banking associations and trust
companies approved by bank
commissioner under supervision
of State or Federal authority in
Vermont or in cities of New
York, Boston, Chicago, Albany,
Philadelphia, Concord, N . H.,
or any other bank designated as
United States depositary, and
national banks in St. Paul, Minneapolis, and Kansas City (1),
(2), or not exceeding 4 per cent
in aggregate of depositing bank's
assets in chartered Canadian
banks (2).

All banks (1).

15 per cent of commercial deposits
and 3 per cent of
savings deposits
(1).

All banks.

10 per cent of demand deposits
and 3 per cent
of time deposits.

Cash.

Other solvent banks.

Banks and trust companies, except members of Federal reserve system complying with requirements of Federal
reserve act (1).

15 per cent of total
deposits and 100
per cent of its
uninvested trust
funds (1).

Actual cash or
checks on solvent banks in
same city (1).

Such banks or trust companies
as State bank examiner may
approve (1).

All banks and trust
companies (1).

10 per cent of demand deposits
and 5 per cent
of time deposits
(1).

Lawful money of
United States
(1).

Any national or State bank
doing business in the State, or
any solvent banking institution
outside of State approved by
State supervisor, provided sucn
balances are payable on demand (1).

1/10

Cash on hand (1).

1/5

5

12

4,5

3/5

4/5

803

FEDERAL RESERVE BULLETIN

ISOVEMBER, 1928

ING TO BANK RESERVES—Continued
Remainder
Amount

!




3/5

May consist of—

B o n d s of U n i t e d
States, any State, or
any city of United
States of at least
100,000 inhabitants
(1).

Carried in Federal
reserve bank

Compliance by member banks and trust
companies with reserve requirements
of Federal reserve
act deemed compliance with State
law (3).

Provisions for enforcement of
regulations

Remarks

Authorities

(1) Gen. Laws,
1917, chap. 226,
Banking Laws
of 1918, sees.
5398, 5399, as
amended
by
Act approved
Mar. 24,1927.
(2) I d . , s e c .
5363, VI-B, as
amended by
acts of 1921,
No. 152.
(3) Act Feb. 21,
1919 and Banking Laws of
1927, p. 10.

No new loans may be made
when bank's reserve does not
meet requirement (1).

State banks may become members of
Federal reserve system (2).

No provision as to the amount
which shall be carried as cash
and in solvent banks.

V a . C o d e as
amended
by
acts of 1920
and Bariking
Laws of 1922.
(1) Sec. 4113.
(2) Sec. 4135.

State banks and trust
companies are expressly permitted to
become members of
the Federal reserve
system and to that
end may comply
with any United
States laws (2).
State banks and trust
companies becoming members of the
Federal reserve system and duly complying with all reserve and other requirements thereof
are expressly excepted from the
State reserve requirements (1).

Mutual savings banks are required to invest their deposits;
but, for the purpose of paying
withdrawals or meeting expenses or awaiting more favorable opportunities for investment, they are allowed to
keep on hand or on deposit in
any bank or trust company in
the State or in any bank or
trust company in New York
City, Chicago, Portland, San
Francisco, or Los Angeles, an
available fund not exceeding
20 per cent of its aggregate deposits, but the sum deposited
by any such savings bank in
any one bank or trust company shall not exceed 25 per
cent of the paid-up capital or
surplus of such bank or trust
company, and no more than 5
per cent of the aggregate deposits of any savings bank
shall be deposited in a ^ank or
trust company of which a
trustee of such savings bank
is a director (3).
Mutual savings banks are also
required to maintain guaranty
funds for the security of their
depositors, and the statute
contains detailed provisions
for the regulation of such
funds (4).

(1) Laws of 1917,
ch. 80, sec. 46;
and Banking
Laws of 1921,
sec. 59.
(2) Laws of 1919,
ch. 209, sec. 7;
and Banking
Laws of 1921,
sec. 28.
(3) Laws of 1915,
c h . 1 7 5 , as
amended by
Extra Session
Laws of 1925,
ch. 80, sec. 11.
(4) Laws of 1915,
ch. 175, sec. 20
et sequi; and
Banking Laws
of 1921, sec. 144
et sequi.

Compliance by member banks and trust
companies with reserve requirements
of Federal reserve
act accepted in lieu
of compliance with
State law reserve
requirements (3).

While reserve is below required
amount no new loans may be
made (1).

i

Barnes Code,
chap 54 and
Banking Laws
Savings banks must, every
6
X
months, set aside % to A per (1)of 1925.
Sec. 80 as
cent of total deposits from any
amended 1925
profits until this amounts to 5
and
sec. 15 reper cent of deposits, and this
must be held as guaranty fund (2)spectively.
Sec.
81 (b).
to meet losses (2).
(3) Sec. 79 (a)
and sec. 13 (e)
respectively.

804

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

PROVISIONS OF STATE LAWS RELAT

State

District
No.

Institutions affected

Total amount of
reserve required

Wisconsin..

7,9

State banks not State
reserve banks (1).

12 per cent of total
deposits (1).

Reserve banks (1).

20 per cent of total
deposits (1).

Trust companies (2).

12 per cent of deposits (2).

Mutual savings banks
(4).

5 per cent of total
deposits (4).

Savings
(1).

associations

10 per cent of savings deposits (1).

Banking associations
and trust companies
(2).

20 per cent of liabilities to depositors (2).

Wyoming. _




10

Vault reserve
Amount

#

May consist of—

Balances in reserve depositaries
Amount

May be carried in—

Lawful money or
balances (1), (2),
(4).

Banks approved by commissioner
(D,(2),(4).

Reserves may be
kept either on
hand or on deposit (1).

National banks or other banks
organized under general laws (1).

Cash in vaults or
safes of the association, or balances (2).

National or State banks approved
by the State examiner as reserve
agents (2).

805

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ING TO BANK RESERVES—Continued
Remainder
Amount




1/3

May consist of—

United States Government bonds (in
the case of State
banks only) (1).

Carried in Federal
reserve bank

Provisions for enforcement of
regulations

Banks and trust companies
becoming
the reserve of banks
members of the Fed- Whenever
is below required amount no
eral Reserve System
loans
or
discounts (except of
are required to mainsight drafts) may be made;
tain only the reserve
and, after 30 days' notice,
required to be kept
receiver may be appointed (3).
by member banks
(1).

the reserve of a bank
Any bank or trust Whenever
is below the required amount
company that is a
it shall not increase its loans
member of the Fed(except by discounting sight
eral Reserve System
drafts) nor make investments
may keep the reor
pay dividends and if the
serve required by
bank fails to make good its rethe Federal reserve
serve
within 30 days after
act in lieu of State
notice it shall be deemed inlaw requirements (3).
solvent (4).

Remarks

Authorities

Cash items are not considered as
part of reserve of any bank
(1).
Mutual savings banks are also
required to semiannually set
aside from the net profits 14
per cent to 1 per cent of their
total deposits as a guaranty
fund until it amounts to 10 per
cent of deposits (5).

Wisconsin Stats.
1927 and Banking Laws of
1925.
(1) Sec. 221.27.
(2) Sec. 223.04.
(3) Sec. 221.36.
(4) Sec. 222.20.
(5) Sec. 222.16.

Trust companies doing a banking business are subject to the
provisions of the act with reference to State banks (5).

Session Laws of
1925, chap. 155
and Banking
Laws of 1925.
(1) Sec. 61.
(2) Sees. 39 and
73.
(3) Sees. 39 and
69.
(4) Sec. 40.
(5) Sec. 69.

806

FEDERAL RESERVE BULLETIN

TNOVEMBER, 1928

RULINGS OF THE FEDERAL RESERVE BOARD
Eligibility of paper rediscounted for Federal intermediate credit banks as collateral security for
Federal reserve notes.

The Federal Reserve Board has recently been
asked for a ruling on the question whether
agricultural paper rediscounted by a Federal
reserve bank for a Federal intermediate credit
bank under the provisions of section 13 (a) of
the Federal reserve act may be used as collateral security for Federal reserve notes.
After considering this question the board has
reached the conclusion that notes, drafts, and
bills of exchange rediscounted by a Federal
reserve bank for a Federal intermediate credit
bank under the provisions of section 13 (a)
may lawfully be used as collateral security for
Federal reserve notes. Section 13 (a) provides
that upon the indorsement of a member bank a
Federal reserve bank may discount notes,
drafts, and bills of exchange issued or drawn for
an agricultural purpose or based upon live
stock and having a maturity not exceeding
nine months and makes such notes, drafts,
and bills eligible as collateral security for
Federal reserve notes. It is then provided that
Federal reserve banks may " rediscount such




notes, drafts, and bills for any Federal intermediate credit bank" (with a stated exception). In the board's opinion it is the intention
of the statute that all notes, drafts, and bills
lawfully discounted by a Federal reserve bank
under the provisions of section 13 (a), whether
rediscounted for a member bank or for a
Federal intermediate credit bank, may be
used as collateral security for the issuance of
Federal reserve notes. Where the maturity of
such paper exceeds six months, it must, in order
to be used as security for Federal reserve
notes, be secured by warehouse receipts or
other such documents as required by the
statute.
In this connection it may be noted that the
Federal Reserve Board is authorized to prescribe regulations and limitations governing
the rediscount of notes, drafts, and bills for
Federal intermediate credit banks. This authority clearly is broad enough to permit
the board to regulate, limit, or prohibit the
use of such paper rediscounted for Federal
intermediate credit banks as collateral security
for Federal reserve notes, if at any time it
sees fit to do so.

807

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

one or more of the fiduciary powers named in section
11 (k) of the Federal reserve act as amended, as
The following list shows the changes affecting State follows: (1) Trustee; (2) executor; (3) administrator;
bank membership during the month ended October 21, (4) regist ar of stocks and bonds; (5) guardian of
1928, on which date 1,231 State institutions were mem- estates; (6) assignee; (7) receiver; (8) committee of
estates of lunatics; (9) in any other fiduciary capacity
bers of the system:
in which State banks, trust companies, or other corpoADMISSIONS
rations which come into competition with national
banks are permitted to act under the laws of the State
in which the national bank is located.
Total re-

Changes in State Bank Membership

Capital

Surplus

sources

The Merchants Bank, New York,
N. Y

$300,000

$100,000

Ipswich, Mass
Medford, Mass.

The Bank of Auburn, Auburn, Pa...

50,000

50,000

300,000

60,000

75,000

25,000

District No. 4

Union Trust Co., Newark, Ohio
District No. 11
Texas Bank & Trust Co., Brownsville, Tex

777,670

Manasquan, N. J
Newark, N. J
Alexandria, Va
Biloxi, Miss
7,300,440 Waterloo, Iowa.*.
Green Bay, Wis
Manhattan, Kans
Tulsa, Okla
1, 307, 501
Do
Seattle, Wash
Tonopah, Nev
Chehalis, Wash

CHANGES
District No. 2

District No. 4
500,000

750,000

28,643,000

000,000

250,000

7,774,000

100,000

100,000

25,000

2,000

6,824,315

103,609

Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Liquidations
Reducing capital 2~

- - .

Total liquidations and reductions of capital __
500,000

250,000

District No. 9
Joliet State Bank, Joliet, Mont, (voluntary withdrawal)

Ito9.
1 to 9.
3, 5 to 9.1
1 to 9.
9.1
1 to 9.

The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from September
22 to October 19, 1928, inclusive:

New charters issued..
Restored to solvency
Increase of capital approved *

District No. 8

Citizens Bank, Gillett, Ark. (voluntary withdrawal)
Fidelity Bank & Trust Co., Memphis, Tenn. (absorbed by Manhattan Savings Bank & Trust Co.,
Memphis, Tenn., nonmember)

1 to 9.
1, 2, 3, and
5.
1 to 9.
1 to 9.
5 to 9.i
5.i
5 to 9.1
Ito9.

Changes in National Bank Membership

Number of
banks

District No. 6

Southern Bank & Trust Co., Miami,
Fla. (voluntary withdrawal)
_.

_

1 First National Bank.
1 First National Bank in
Medford.
2 Manasquan National Bank2 Port Newark National Bank
5 Citizens National Bank
6 First National Bank..
7 Commercial National Bank_
7 Kellogg Citizens National
Bank.
10 First National Bank
10 Producers National Bank...
10 First National Bank &
Trust Co.
12 Pacific National Bank.
12 Nevada First National
_._
12 First National Bank

i Supplemental.

Guardian Trust Co. of New Jersey,
Newark, N. J. (consolidated with
Broad & Market National Bank &
Trust Co., Newark, N. J.)
$5,000,00« $2,500,000 i$29,077,000
United Banking & Trust Co., Cleveland, Ohio..
_
Lake Erie Trust Co., Cleveland,
Ohio
(The above members have consolidated under the title of the
United Banking & Trust Co.)
City Deposit Bank, Pittsburgh, Pa.
(title changed to City Deposit
Bank & Trust Co.).

Powers
granted

Name of bank

$1,743,429

District No. 3

25,000

1,000

Consolidation of national banks under act of Nov.
5,846, 241
7, 1918
CoDSolidation of a national bank and a State bank
under act of Feb. 25, 1927
274,620

Fiduciary Powers Granted to National Banks
During the month ended October 20, 1928, the
Federal Reserve Board approved applications of the
national banks listed below for permission to exercise




District
No.

Location

District No. 2

Total consolidations
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc
Net increase

. - _.._

Amount
of
capital

6
1
18

$325, OCO
25, OCO
5,025,000

25

5, 375, 000

17
3

4,590,000
337,500

20

4,927, 500

2

312,500

3

5,900,000

5

6,212,500
5,376, 000
4, 927, 500
447,500

1 Includes three increases in capital aggregating $2,075,000 incident to
consolidations
of State banks under act of Feb. 25, 1927.
2
Includes one reduction in capital of $37,500 incident to a consolidation under act of Nov. 7,1918.

808

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

DETAILED BANKING STATISTICS FOR THE UNITED STATES
FEDERAL RESERVE BANES
BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve Bank
Total
Boston

Bills discounted:
1927—September . . .
October.....
November.
...
December
February,....
Mareh .
. .
April
May
July
August
September
October
Total deposits:
1927—September
October
November
December
1028—January
February
March
April
May
June
July
August
September
October
Memberbank reserve balances:
1927—September
October
November . __
December
1028—January
February
March
April
May
June
July
August
September
October
_. _
Government deposits:
i 1927—September
October
November
December
1028—January
February
March
April
May
. _ __
June..
July
. .
August .
September
October
All other deposits:
1027— September
October
.....
November
December
1028—January. . . . . . .
February . . . . . . .
March
April
May
June..... .
July
August
September
October




New
York

Philadelphia

Cleveland

Richmond

Atlanta

St.
Minne- Kansas Dallas
Chicago Louis
apolis City

San
Francisco

422.2
424.4
415.2
528.6
465.3
470.7
513.2
660 0
835.5
1,018. 7
1,089.6
1,060. 8
1,064.3
974.9

28.4
33.3
36.4
40.2
23.5
45.2
49.5
44.4
59.6
84.8
68.0
61.1
50.9
45.9

142.4
126.9
106.5
171.1
152.9
119.3
130.0
210.9
296.9
376.1
382.6
321.3
3o2.3
300.4

38.2
38.4
38.1
47.9
44.4
53.1
49.2
52.7
60.4
80.2
93.8
99.1
106.5
93.7

318
43.7
46.8
58.6
51.0
50.857.0
60.8
68.4
89.3
100.8
80.1
77.8
75.5

26.3
28.0
21.5
24.4
26.9
27.3
27.8
34.6
43.0
48.0
54.9
56.6
57.2
47.8

31.1
26.0
32.7
36.1
29.3
28.3
25.2
38.9
51.9
59.8
68.5
76.8
82.9
79.4

31.4
36.5
46.9
65.0
59.0
50.0
67.9
87.6
109.5
136.1
156.7
159.4
113.8
134.1

28.0
21.5
18.1
19.3
16.6
24.0
26.1
33.1
39.0
52.9
55.1
58.8
65.0
49.8

2,350.9
2,380.9
2,430.0
% 436.0
2,472.4
2.419. 5
2,411.7
2,450.2
2,438.8
2,394. 9
2,372. 6
2,330. 2
2,370.1
2,380.6

153.4
157.2
161.7
156.8
158.4
154.1
153.7
159.0
155.7
150.6
151.4
149.6
152.6
155.0

011.1
921.3
946.3
959.1
974.4
942.7
948.8
972.8
965.1
942.1
919.4
889.8
897.8
902.9

140.9
141.5
142.3
140.1
143.8
140.4
140.7
142.3
140.8
137.8
137.2
134.4
137.9
137.0

190.5
190.1
192.8
188.8
192.0
192.2
189.5
190.3
191.8
188.9
190.1
189.3
195.8
190.9

74.6
74.7
76.7
75.1
76.0
75.1
72.9
73.4
71.8
70.2
70.1
69.7
70.8
71.3

68.8
70.8
70.4
70.5
72.6
72.5
71.2
72.4
70.9
67.8
66.5
66.4
65.2
65.8

344.0
346.8
345.7
350.0
355.8
349.7
349.7
353.5
358.2
355.9
355.4
350.6
357.0
357.7

2,300. 5
2,326.0
2,373.0
2,399. 2
2,426.4
2,368.1
2,365.0
2,396.5
2,387.6
2,354. 5
2,323. 5
2,273. 9
2,314. 3
2,332.2

151.0
155.0
157.4
155.1
155.9
151.0
151.2
156.3
153.6
149.3
149.9
147.1
149.6
152.5

888.7
895.9
922.5
944.9
957.9
924.4
931.6
955.5
946.8
925.9
902.4
872. 0
883.2
889.7

138.6
139.4
139.8
138.7
141.7
138.5
138.6
139.3
138.5
136. 2
134.7
132.0
134.9
134.8

187.4
187.4
188.5
186.3
188.9
188.1
186.0
186.7
188.7
185.9
186.8
185.8
190.3
187.8

72.1
71.8
74.1
73.5
73.8
72.4
70.6
69.9
69.0
68.5
67.2
66.2
67.6
68.3

67.6
68.5
68.6
69.3
70.7
70.0
69.4
69.1
68.3
66.6
64.7
63.7
62.7
63.4

20.3
20.4
12.8
10.0
19.4
25.6
23.0
26.8
23.8
12.8
19.5
27.9
17.6
18.7

1.4
1.1
.9

4.2
5.4
2.9

1.6
1.3
1.2

1.3
.9
.9

2.1
2.4
1.3

.6
1.4

.7
1.4

1.0
1.8

.9
1.6
.8

.7
1.5

.8
1.9

.6
1.0

.6
1.3

.7
,6
1.3

2.0
2.0
2.1
1.6
.6

6.8
5.9
5.2
5.3
4.1
3.7
6.9
4.2
3.3

1.3
1.6
2.3
1.6
.8
1.3
1.4
1.3
1.2

2.2
1.9
1.7
1.6
.8
1.0
1.2
1.3
.9

2.3
2.0
3.0
2.3
1.2
2.2
2.7
1.7
2.2

1.9
1.5
2.7
2.0
.8
1.4
2.2
1.6
1.6

2.3
2.2
3.0
2.8
1.1
1.8
2.7
1.2
1.4

1.4
1.2
1.2
1.3
.7
1.1
1.2
.8
1.2

1.2
1.0
1.0
1.1
.6
.9
1.4
.8
.9

1.4
1.1
1.3
1.4
.6
1.2
1.4
.7
1.1

1.0
1.2
1.4
1.1
.7
1.5
2.0
1.2
1.6

1.8
l.«
1.9
1.9
.9
2.7
3.2
1.1
1.6

.3
.7
1.0
.4

1.8
2.0
2.3
2.0

.4

1.7
1.0

.8
.6

4.3
4.5

.3
.6
.3
.6
.6
.4
.5
.6
1.0
.8

1.8
1.7
1.8
2.4
2.3
2.8
2.7
3.1
3.5
3.0

.6
1.0
.5
.6
.6
.7
.8
1.0
2.8
1.7

.4
.3
.4
.5
.4
.5
.5
.5
1.2
1.0

.2
.3
.5
.3
.3
.2

30.1
34.4
44.2
26.8
26.6
25.8
23.7
26.9
27.3
27.5
29.7
28.4
38.2
29.7

.8
1.0

.7
1.6
1.6
1.7
1.0
1.1

3.4
.0
.6
1.2
.5
.6
.6
.7
.9
.9
1.4
.7

2.2
2.6

18.2
20.0
20.0
12.1
13.0
11.5
11.3
12.1
13.1
12.1
13.4
10.8
10.4
9.9

.7

1.8

.0

1.8

.4
.5

1.4
.8
.7

3.4
1.0

1.3
.7

1.8
1.0
1.6
1.9
1.6
2.1
2.3
2.3
4.2
2.1

.5
.4

.6
.6
.8
.8
.9
1.1
1.0
1.7
1.0

.3

.5
.4
.5
.7
.7
1.5
.8

12.2
18.5
17.8
18.1

10.7
15,7
18.1
15.2
12.7
11.4
10.5
18 8
22.9
22.4
23.9
22.7
24.0
31.3

11.3
16.7
29.8
29.6
25.3

63.1
61.3
64.3
49.4
56.5
76.7
86.5
73.5

81.6
84.7
87.9
87.9
87.6
87.5
84.5
84.3
84.1
81.6
81.6
80.8
83.6
83.5

52.6
55.6
57.8
56.4
65.1
54.6
55.3
53.9
53.1
54.0
53.3
52.6
55.0
57.0

90.2
00.5
94.2
93.3
94.3
95.0
94.4
94.1
92.8
91.8
93.7
94.8
97.5
95.7

63.0
66.4
69.2
69.8
70.6
70.6
68.5
67.0
66.3
65.2
65.6
64.8
67.3
70.8

180.2
181.1
184.0
188.1
191.9
185.0
182.5
187.3
188.0
189.0
188.3
187.4
189.5
193.1

339.7
343.0
342.5
347.2
352.1
345.8
345.7
348.1
353.2
352.0
351.0
344.8
352.3
353.3

80.1
82.5
85.3
86.3
86.1
85.0
82.8
82.5
82.3
80.3
79.7
78.5
80.1
80.5

51.0
54.0
56.3
55.2
53.3
53.1
53.9
52.4
51.6
52.9
52.0
50.7
53.0
55.1

88.9
88.8
91.0
91.3
92.1
92.4
92.4
91.9
90.6
90.3
91.7
92.4
92.8
92.5

61.7
64.8
67.7
69.0
68.8
69.3
67.1
65.4
64.9
64.1
63.7
62.5
65.5
68.9

173.8
174.9
179.3
182.3
185.2
178.2
175.8
179.5
180.3
182.5
179.9
178.2
182.4
185.2

2.4
1.7
.9

1,0
1.2
.9

1.3
1.0
.7

.9
.9

1.1
1.3
1.0

2.1
1.7
.8

.5
1.1

4.4
2.7
2.6
3.0
3.7
4.0
3.3

10.1
10.6
8.5

.3
.6

.8
2.6
1.3
1.0
1.2
.9
.S
.9
.9
.8
1.0
4.0
2.1

11.0
72
8.4

5.4
4.3
4.1
3.8
8.0
9.0

.5
1.4

.2
.3
.3
.3
.4
.4
.5
.3

35.6
43.7
30.1
42.4
41.0
52.1

.8
20

4.8

4.0
4.7

5.0
5.2
5.9
5.9
5.6
5.7
6.0
6.1
6.3

809

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH
[In thousands of dollars]
1928
S e p t . 29

1927
A u g . 31

Sept. 30

RESOURCES

Total gold reserves
Reserve other than gold. H
Total reserves
Nonreserve cash

_

Bills discounted
Bills bought:
Outright
Under resale agreement._.

_

_

.

"

..
.
-

_

Total bills bought . .
United States securities:
Bought outright
Under resale agreement

.

Total United States securities
Other securities.

.

.

.

_

_.

_

Total bills and securities..
Due from foreign banks
Reserve bank float! .
Total reserve bank credit outstanding

_

Federal reserve notes of other reserve banks
Other uncollected items not included in float.. .
Bank premises
All other resources
_

_

_

2, 608,652
130, 771

2, 600,049
137,170

2,964, 273
131, 225

2, 739,423
47, 265

2, 737, 219
49, 470

3,095, 498
42, 340

1, 070, 759

1,107, 512

437,425

223,479
60,171

160, 143
31, 524

173, 613
76, 223

283, 650

191, 667

249, 836

213, 807
28,837

208, 677
10, 516

486, 645
19,485

242, 644
4, 580

219,193
990

506,130
820

1, 601, 633
571
38,437

1, 519, 362
574
33,400

1,194,211
833
35, 729

1, 640, 641

1, 553, 336

1, 230, 773

18, 720
614, 677
60, 318
8,655

_

Total resources

22,
546,
60,
8,

999
315
140
794

18,
605,
59,
12,

228
268
609
975

5,129, 699

4,978, 273

5, 064, 691

18, 720
1, 699,891

22,999
1, 663, 287

18, 228
1, 718,116

LIABILITIES

Federal reserve notes:
Held by other Federal reserve banks
Outside Federal reserve banks
Total notes in circulation
Deposits:
Member bank—reserve account
Government
Foreign bank
Other deposits
Total deposits
Deferred availabilitv items
Capital paid in
Surplus
All other liabilities
Total liabilities

_

..

.
. -. -.

-.

._

.

_ __ . .

_

Contingent liability on bills purchased for foreign correspondents. __ __




1

-

_
___
.

--

.

1, 718, 611

1, 686, 286

1, 736, 344

2, 334,197
17, 676
6,586
30,137

2, 293, 729
21, 596
9,927
17, 590

2, 292, 632
27,417
5,105
23, 574

2, 388, 596
614, 677
145, 618
233, 319
28,878

2,342, 842
546,315
144, 896
233,319
24,615

2, 348,728
605, 268
131, 074
228, 775
14, 502

5,129, 699

4,978,273

5,064,691

265,411

278, 332

188, 254

Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess, of deferred availability items.

810

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928-

FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN OCTOBER AND
S E P T E M B E R , 1928
[In thousands of dollars]
Total cash reserves

Total deposits

Federal reserve notes
in circulation

Reserve percentages

October

October

Federal reserve bank
October
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City..Dallas
San Francisco.
Total..

September

October

September

September

September

236,206
835,532
164,471
278,509
80, 054
97,530
491,215
80,535
79, 207
95, 271
64,345
251,081

238,338
831,378
158,223
287,137
68,618
97,720
507,752
82,099
76,322
105,355
55,489
242,786

154,950
902,865
136,994
190,870
71,296
65,829
357,722
83,500
56,991
95,650
70,798
193,129

152,642
897,823
137,855
195,757
70,832
65,219
357,045
83,622
55,010
97,469
67,287
189,514

151,843
341,068
130,390
204,052
69,556
129,345
297,649
60,315
61,589
63,748
47,114
168,793

151,597
349,566
133,318
202,991
59,826
127,084
290,031
57,647
55,927
61,130
39,568
172,552

77.0
67.2
61.5
70.5
56.8
50.0
75.0
56.0
66.8
59.8
54.6
69.4

78.3
66.6
58.3
72.0
52.5
50.8
78.558.1
68.8
66.4
51.9
67.0

2,753,956

2,751,167

2,380,594

2,370,075

1,725,464

1,701,237

67.1

67.6

RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES, BY M O N T H S
[Monthly averages of daily figures. In millions of dollars. Changes in monetary gold stock, money in circulation, and member bank reserve
balances are based on figures appearing on pages 753 and 808]
Change as compared with preceding month

Reserve bank credit outstanding
Bills and securities held by Federal reserve banks
Month
Total
volume

1927
February
March
April
May
June .
July
September..
October
November
December

--

.

1928
January »
February
.
March-.
. .
April. . May
July
August
._
September
October

_.

_.
. . .

l

Total»

Bills discounted for
member
banks

Bills
bought

United
States
securities

1,186
1,043
1,055
1,087
1,041
1,081
1,115
1,093
1,187
1,254
1,377
1,568

1,138
1,006
1,024
1,039
1,000
1,033
1,026
1,022
1,139
1,213
1,331
1,513

481
393
425
447
473
429
454
409
422
424
415
529

343
304
253
248
233
205
190
173
216
282
336
378

310
307
345
341
291
398
381
439
501
506
579
606

1,389
1,264
1,295
1,405
1,472
1,531
1,531
1,485
1,581
1,622

1,350
1,237
1,272
1,371
1,442

465
471
513
661
836

1,495
1,488
1,449
1,534
1,584

1,019
1,090
1,061
1,064
975

373
360
343
358
349
244
185
178
226
368

512
406
415
351
257
232
213
210
240
237

•

Volume
of reserve Monetary Money in
bank
credit out- gold stock circulation
standing

-263
-143
+12
+32
-46
+40
+34
-21

+94
+67
+123
+191
179
-125
+32
+110
+67
+59
-46
+96
+41

* Includes total bills and securities, amounts due from foreign banks, and reserve bank float (see p. 809).
»Including " other securities ".
Back figures.—See annual report of Federal Reserve Board for 1927 (Table 1).




+46
+49
+19

+7

+49
-44
-81
+10
-18
-76
-74

-39
—4
-38
-48
-80
-88
-6

+5
+7
+8

-224
-§1

+14
+24
—21
-29
+21
-3
+69
+17

+2

+112
-264
-76

+1

+20
—7
-13
+10
-3
+61
+33

Member
bank
reserve
balances

+25
-31

+28
+8

+14
+39
-12
-6
+17
+26
+47
+26
+27
-58
-3
+32
-9
-33
-31
-50

+40
+18

NOVEMBER,

811

FEDERAL RESERVE BULLETIN

1928

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars]
Federal Reser/e Bank
Total
Boston

Gold with
agents:

Philadelphia

Cleveland

Richmond

!Atlanta

Chicago

St.
Louis

Minneapo- Kansas
City Dallas
lis

San
Francisco

Federal reserve

Oct. 3
Oct. 10
Oct. 17
Oct. 24
_
Oct. 31
Gold redemption fund with
United States Treasury:
Oct. 3
Oct. 1 0 . . .
Oct. 17
Oct. 24
Oct. 31
Gold held exclusively against
Federal reserve notes:
Oct. 3
Oct. 10
Oct. 17
_
Oct. 24
Oct. 31
Gold settlement fund with
Federal Reserve Board:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
'.
Gold and gold certificates held
by banks:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31

1,178,312
1,198, 568
1,207,448
1,180, 352
1,182,044

124,017
122,216
120,860
123, 446
121,047

69,947
69,439
72, 282
68, 558
71,833

7,
8,689
9,189
6,008
7,567

Total reserves:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31

-

Nonreserve cash:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Bills discounted:
Secured by U. S. Government obligatioms—
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Other bills discounted—

Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31

175,040 82,121 153,180
174,932 79, 669 152,601
174,932 85,632 151,560
174,800 82, 654 153,363
174,703 84,763 152, 210

59,419
64, 770
66, 617
62, 762
59,189

254,136
254,136
254, 014
253, 934
253,824

16,774
29,468
28,076
22, 896
21,324

44,621
45, 533
45, 533
44, 586
44,586

49,161
48,531
47,726
41,930
40, 295

20,991
25, 263
24,928
24, 376
23, 701

171,297
170,080
172, 251
161, 312
173, 371

2,400 5,160
2,505 4,634
2,514
4,775
2,527 5,334
2,852i 4, 765

5,601
7,463
6,337
8,270

5,921
5,701
6,533
6,082
5,144

2,840
3,686
3,435
4,122
3,905

3,721
3,928
2,303
2,705
3,975

2,199
2,283
2,280
2,097
2,123

3,772
3,376
3,628
3,996
3,574

27,555
31,369
35,319,
34, 293
33,031

16, 500
15,11,
18, 576
16,959
15,472

7,978
9,491
5,
7,442
9,408

5,115
4,430
6,093
4,949
4,778

1, 248, 259' 131, 660
1,268,007 130,905!
1, 279, 730 130, 049J
1, 248, 910 129, 454
1, 253,877 128, 614!

191, 5401
190,047
193, 508
191, 759
190,175

90,099
89,160
91,125
90,096
94,1711

158,295
157,031
157,653
158,312
156,988

29,955
33,874
37, 833
36, 820

64, 579
69,404
71,392
68,096
63,954

260, 834
259, 737
261,477
260, 271
262,094

22,695
35,169
34,609
28, 978
26,468

47,461
49, 219
48,968
48,708
48,491

52,882
52, 459
50,029
44, 635
44, 270

23,190
27, 546
27, 208
26, 473
25,824

175,069
173,456
175,879
165, 308
176,945

677, 753
706, 947
709, 223

68, 334
52, 231i
66,973;
60,4361
56,400j

148,841
162, 531
177,895
214, 795
271, 502

34, 099
28, 642
46, 857
50, 066

73,309
69,451
57,487
55, 637
53, 672

31, 277
28,154
27, 573
27, 576
33,927

11,322
11, 245
12,337
11,885
16,294

156, 017
177, 061
155, 504
142, 255
102,972

37, 732
27,466
22^ 606
22,437

27, 043
25, 603
21,426
20,481
25,712

39, 346
34,148
27,852
33,089
26, 604

26, 019
25, 547
28, 911
27, 668
28, 005

34, 715
40, 913
34, 953
40, 453
32, 818

680, 32:
673, 726
678, 629
690, 373
677,996

33,143'
33,6181
34,167!
35, 514
35, 409

435,723
435, 501
440,429
448,447
434, 008

28,379
28,651
28,867
27, 914
28,119

44,738
45, 751
45, 385
46,444
45, "

7,300
7,567
7,682

8,462

4,062
4,000
4,287
4,466
4,594

61, 361
59, 331
58,853
60,478
62,091

9,542
9,388
8,583
8,982
8,873

5,540
5, 031
5,229
5,520
5,285

7,326
6,734
6,392
6,150:
6, 564|

776,104
788,079
811832
811,832
855, 001
895,685

152,577
146,453
,
166849
166,849
168,076
161,170

276,342
272,233
, 3
260525
260,525
260,393
256,350

68, 532
69, 595
73,1
72, 585
78, 272

79, 963
84, 649
88,016
84, 447
84,842

478,212
496,129
475,834
463, 004
427,157

69,969
72, 023
63,177
60, 566
57,778

80,044
79,853
75,623
74, 709
79,488

99, 554
93,341 j
84,273
83, 874
77,438

7,563 14,009
7,188 11, 233
7,r~ 13,747
7,352 11, 959
7,044 12, 44r

8,555

13, 526
13, 559
13, 387
13, 213
12, 277

17,711
17,052
17, 383
16,062
16, 073

15, 34'
15,200
14,897
15, 502
15, 544

1,955
2,087
1,862
1,854
2,127

495,923
513,181
493,2171
479,066
443, 230

85,316
87,223
78,074
76,068
73, 322

81,999
81,940
77,485
76, 563
81,615
1,0
8
1,087
1,113
1,284

688,054

Total gold reserves:
Oct. 3
- - - - - 2. 616, 635 233,137
Oct. 10.
- 2, 624, 725 216, 754
2, 636,112 231,189j
Oct. 17
2, 646, 230 225,404
Oct. 24
Oct. 31
-. 2, 641,096 220,423
Reserves other than gold:
134, 766 13,744
Oet. 3
--.
128, 213 13,925
Oct. 10
—
133, 275 14,697
Oct. 17
132, 064 15, 071
Oct. 24.
..131,900 15,924
Oct. 31




New
York

22, 672
21,055
22,038
22, 586!
21,046

290, 351
283,466
274,272
272,352
268,792

77,087
77,463
81, 554
80,991

93,489
98,208
101,403
97,680
97,119

17,074
16,097

1,!
1,218]
1, 310i
945
1,054

4,475
2,575
4,553*
3,233
4,106

3,892
3,335
3,718
3,718
4,178

3,330
3,569
3,850
4,134
3,589

7,968
7,801
8,148
8,296
8,234

2,719
3,110
2,7'
3,355
3,201

24,123
26,453!
18, 859!
17,867
20,198

230, 767
222,920
193, 806
155, 646
191,345

78,660
86,146
68,867
63, 644
70,434

39,178
44,987
41,008
47,659
46,871

16,296
18,451
17,377
21, 880
19,391

24, 623
23,940
22,319
23,048
20, 563

93, 559
81,130
92, 984
101, 311
100,182

25,817
21,777
27,300
23,932
24,278

22,934
30, 680
16, 834
15,132
12,628

123,231
115,084
104, 503
91, 607
70,116

24,651 29,795
20,223 31,615
16,329 32, 609
14,822 29,367
15,684 24,259

30,336
29,186
26,454
•24,756
25, 224

59,965
53, 606
53,374
53, 827
55,623

29, 541
28,324
32, 820
42, 206
67,849

31, 587
23,463
23,831
22, 931
23,115

246, 881
230, 679|
245,886
240, 4751
236, 347 j

798,776
809,134
833,870
877, 587
916,731

160,140
153,641
174, 538
175,428
168,214

53,801
50, 266
56,192
57, 487
56,874

6,132
5,407
6, 647
7,331!
7, 455|

16,097
15,403

616,087
609, 355
569, 984
553, 393
562,096
409,831
384,047
365,826
358, 534
370,175

2, 751,401
2,752, 938
2, 769, 387
2, 778, 294
2,772,996

8^466
8,406
8,326

9,812 33,396
7,281 30, 873
7,103 31,165
7,123 31,146
7,030 31,871
59,021
60,374
63,222
61, 264
60, 859

243,180
245, 242
242,484
236, 907
241, 634

5,276 4,:
5,167 i 5,069
5,053' 5,064
5,482, 5,646
5,966! 5,418

9,520
8,810

104,830
98, 508
89, 326
89, 356
83,404

63,909
65,443
68, 286
66, 910
66, 277

252,700
254,052
251,476
245, 838
251,347

1,835
1,829
1,751
2,102
2,131

•1,792
1,940
2,167
2,541
1,966

3,170
3,185
3,847
3,645
3,579

9,400 9,307
9,115
8,520
14,400 13,387
13, 506 18, 032
7,058 13, 722

14,930
14,687
13,419
14, 783
12,731

49,427
51,229
51,258
52,085
35,323

14,690 11,363
16, 604 8,160
19, 295 8,543
7,055 21,400 10, 057
6,585 24,35& 9,743

26,138
21,148
24, 845
25, 374
£4,993

5,600
5,954

8,931
9,713

812

FEDERAL RESERVE BULLETIN

N O V E M B E R , 1928

FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS—Continued
EESOURCES—Continued
[In thousands of dollars]
Federal Reserve Bank

Total

Total bills discounted:
Oct. 3
_
Oct. 10
Oct. 17.
Oct. 24
_
Oct. 31
Bills bought in open market:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
U. S. Government securities:
Bonds—
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Treasury notes—
Oct. 3
Oct. 10
.-.
Oct. 17
Oct. 24
Oct. 31
Certificates of indebtedness—
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31.Total U. S. Government securities:
Oct. 3
Oct. 10.
Oct. 17
Oct. 24
Oct. 31.
Other securities:
Oct. 3_
Oct. 10
Oct. 17__
Oct. 24
Oct. 31_
-.
_..
Total bills and securities:
Oct. 3__
—Oct. 10.
Oct. 17
Oct. 24__
Oct. 31__
Due from foreign banks:
Oct. 3
_.
Oct. 10_
Oct. 17
Oct. 24
Oct. 31
Uncollected items:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Bank premises:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
_
All other resources:
Oct. 3_
Oct. 10
_
Oct. 17
Oct. 24
_
Oct. 31
Total resources:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31




Boston

New
York

phia

land

Rich- Atmond | lanta

Chicago

Min- Kansas
San
St.
Louis neapoCity Dallas Franlis
cisco

1,025,918
993,402
935,810
911,927
932, 271

47,057
57,133
35,693
32,999
32,826

353,998
3d8,004
298,309
247,253
261,461

103,311
106,369
80,196
78,466
86,118

68,973
76,602
73,617
77,026
71,130

46,632;
47,637
43,831
46,636
44,615

84,588
77,546
— -""
75,693
76,875
76,186

123,100
109,454
125,804
143, 517
168,031

57,404
45,240
51,131
46, 863
47,393

15,000
15,069
20,789
20, 561
13, 643

23, 997
25,124
32,682
39,4321
38, 078!

26,293
22,847
21,962|
24,840}
22,474!

75, 565
72,377
76,103
77, 459
70, 316

309,976
331,768!
379,409
401,478*
440, 376J

26,984
29,821
34,462
44, 238
43,895

99,902
100,510
131,402
121,454
138,196

16,449
17,277
18,472
19,131
20, 671

28,032
30,489
32,122
37, 647)
41, 531!

14,211
15,961
17,391
19,112
20,998

15,783
17,667
18,496
21,553'
25,614

21,291
23,271
28,024
29,336
31,619

11
1,238
4,520
9,465
11,918

13,265
14,429
15,224
16, 522
19,018

17,613
19,965
20,502
22, 806
24,908

16,526
18,583
18,901
20,366
21, 732

39,909
42,557
39,893
39, 848
40, 276

53,149I

1,296
702
702

3,425
1,384
1,384
1,384
1,384

964
585
585
585
585

1,153
1,153
1,153
1,152
1,152

1,398
970
19
270

19,927
19,927
19,927
19,927
19,927

2,125
7,125
7,125
7,125
7,125

4,722
4,519
4,519
4,519
4,519

8,312
7,755
8,505
8,505
8,505

7,938
8,563
8,563
8,653
8,663

701
40
41
42
42

90,363
86,281
124,339
125,667
121, 582

1,713
1,271
3,588
3,809
3,482

11,873 9,002
12,431 8,589
27,596 10,750
29,966 11,003
29,044 10, 693

27,0091
26,531
29,031
29,347
28,986

594
441
1,242
1,400
1,279

3,755
3,620
3,626
3,816
3,695

5,512
3,069
8,247
8,630
7,688

9,500
10,340
11,868
12,057
11, 837

3,925
3,703
4,862
4,989
4,824

2,412
2,022
5,058
1,902
1,^,02

3,515
3,203
4,831
4,824
4, 596

11,553
11,061
13,640
13, 924
13, 556

87,092
87,1G0
53,955
51,968
52,158

4,427
4,556
2,351
2,488
2,705

36,413 11,340
32,381 11,461
20,260 9,330
19,182 9,484
16,899 9,794

6,136
6,266
3,761
3,956
3,752

1,529
1,574
773
872
993

2,168
2,160
1,466
1,261
1,367

9,256
5,542
5,663
6,710

3,004
1,476
1,594
1,814

2,214
2,279
1,120
1,198
1,363

4,962
5,076
3,041
1,075
1, 075|

3,109
4,076
2,343
2,526
2,649

4,927
5,071
2,492
2,689
3,037

230,604
226,712
231,365
231,047
227, 099

7,436
6,529
6,641
6,999

51,711
46,196
49,240
50, 532
47,327

21,306
20,635
20,665
21,072
21, 072

34,333
33,345
33,340
33,851
33,286

3,276
3,168
3,168
3,424
3,424

7,321
6,750
5,111
5,347
5,270

35,306
32,252
33,716
34, 220
34, 325

11,625
20,469
20,469
20, 776
20,776

10,861
10,501
10,501
10, 706
10,708

15,686
14,853
16,604
11,482
11,482

14,562
15,842
15,737
16,003
15,908

17,181
16.172
16.173
16,635

1,050
1,050
1,750
200
200

30
30!
30i
30;
30|

53,271!
53,071I
53,412!
53,359j

I

4, 580
4, 580
5, 280
3, 730|
3,730|

500
500
500
500|
500

1, 571, 078
1, 556,462
1, 551,864
1,548,182
1,603,476

81,477
93,483
76, 796
84, 236
83, 609

506, 661
485,760
480, 701
419,439
447,184

141,096
144,311
119, 363
118, 699
127,891

131,338
140, 436
139,079
148, 524
145,947

64,119
66, 766
64, 390
69,172
69,037

107,692
101, 963
99,300
103,775
107,070j

574
574
574
732'
732

37
37
3
37
37

218
218
218
376
376

47
47
47
47
47

52
52
52
52
52

25
25
25
25
25

21
21.
2l|
21
21

75,143
65, 351
95, 208
70, 731
68,499

217, 268
184, 722
279,696
199,289
192, 578

71,020
55,651
76,004
57, 625
56,678

70,929

716, 985
975,181
734, 235
694,479
60,318
60,368
60,493
60, 513
60,548

3,824
3,824
3,824
3,824
3,824

16,675
16,675
16,675
16, 675
16, 675

1,752
1,751
1,752
1,752
1,751

6,806
6,806
6,806

8,909|
9,135
10,4731
8,449
8,933;

156
157
168
171
166

1,107
1,126
1,163
1,294
1,142

126
227
165
153
151

5,226,430
5,146, 728
5,424,164
5,187, 892
5,198,038

56,029 25,074
58, 532 24,523
90,789 70,934 33,606
67,405 59, 680 27,181
61,229 55,471 24,473

179, 697
164, 977
187, 544
207,073
233,975

69,040
66, 947
76,120
77,104
80,087

16, 635

3,000
3,000
3,000
3,000
3,000

39,626 57, 296
40, 499 59,942
47,014 69,788
73, 720|
43,867 74,468

60, 381
60,272
59, 600
64,209
63,114

132,655
131,106
132,169
133, 942
127, 227

21
21
21
21
21

14
14
14
14
14

18
18
18
18
18

17
17
17
17
17

35
35
35
35
35

93,763
88,713
117,714
88,062
82,834

36, 227
35,842
41,766
34,004
31,794

17,161

19, 583
21,128
16,917
15,380

48, 232
47,601
52,192
41, 824
39,707

28,945
30,786
40,231
30, 638
28,844

40, 558
41,996
55,913
40, 879
36,992

3,532
3,538
3,656
3,661
3,698

2,844
2,852
2,852
2,867
2,867

8,720
8,720
8,720
8,720
8,720

3,910
3,930
3,931
3,931
3,930

2,202
2,202
2,202
2,202
2,202

4,308
4,308
4,308
4,308
4,308

1,917
1,934
1,939
1,939
If'"""

3,828
3,828

1,288
1,300!
1,317
1,346
1,335|

541
467
424
378

1,828
1,761
1,734
1,701
lr"

1,078
1,114
708
723
707

545
2,339
465
448

739
846
1,058
804
1,408

488
408
370
367
359

554
558
406
419
410

621
626
621
628
654

413,650 1,556,802 375,487 505,239
1,513,038 356,846 498,320;
428,566 1,628,689 373,179 516,8681
406,805 1,531,734 354,649 499,718
399,937 1,590,783 355,786 488,267

205,225
210,126
224,701
217,625
219,470

234,278
232,897
242,766
237,339
236,829

787, 218
784,575
816,120
792,009
777,769

197,616
197,618
204,999
194,948
192,803

142,826
145,978
149,988
145, 902
145,770

217,007
212,614
217,753
211, 695
204,395

157,515
160,950
172,646
166,673
162,567

433,567
434, 828
447,889
428,795
423,662

6,806




813

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES
[In thousands of dollars]
Federal R e s e r v e B a n k
Total

Federal reserve notes in circulation:
Oct. 3_.
Oct. 10
Oct. 17
Oct. 24
Oct. 31
_
Deposits:
Member bank—reserve account—
Oct. 3 . . .
Oct. 10.
Oct. 17
Oct. 24
Oct. 31
Government—
Oct. 3
Oct. 1 0 . . .
Oct. 17
Oct. 24
Oct. 3 1 . .
Foreign bank—
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Other deposits—
Oct. 3
Oct. 10
Oct. 17.
Oct. 24
Oct. 31
Total deposits:
Oct. 3.
Oct. 10
Oct. 17
Oct. 24
Oct. 3 1 . .
Deferred availability items:
Oct. 3.
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Capital paid in:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
_.
Surplus:
Oct. 3.
Oct. 10..
._
Oct. 17
.._
Oct. 24
Oct. 31
All other liabilities:
Oct.
Oct.
Oct.
Oct.
Oct.

3
10
17
24
31

Total naDilities:
Oct. 3_
Oct. 10_
Oct. 17.
Oct. 24
Oct. 31_

Minneapo- Kansas
City
lis

San
Francisco

Boston

New
York

Philadelphia

Cleveland

1,703,630
1,725,212
1,717,050
1, 710,409
1,709,816

151, 585
152, 599
151,036
149, 238
149, 712

339,506'
342,420
337,556;
332,304:
333,457i

128,012!
131, 714|
128,238!
126,2181
128,123!

200,385
206,452
202,122
205,175
200,927

63, 521
66,809
69,312
71, 503
73, 481

128,710!
128,227
129,026
128,922
128, 684

296,901
297.737
297, 041

58,813
59, 058
60,667
60, 718
60,974

60,136
61,848
62,198
62,103
61,768

63, 723
63,995
63,603
63,269

44,609
45,841
47,351
48, 581
48,042

171,055
170,493
168, 648
164,307
164, 338

2,349, 553
2, 313,195
2,358,874
2,321, ""
2,370,988;

155, 679
151,899
155, 589
153,180
151,171

902,802
878,495|
905,153)
881,428
944,109;

140,731
134,056!
135,879
134,719
133,368

190,665
188,557
187,223
186,755
184,739

68, 275
67, 314
69,139
67,351
70,026

63,463
63,877
64,956
64, 296
65,125

346,027
348, 673
351,050
350, 756
342, 218

81,997
82, 927
81,267
79,125
79,718

54,909
54,176
56, 721
55,899
56,433

93,271
90,198
92, 586
92,479
89, 544

67,554
69,384
70, 625
70, 566
70,352

184,180
183,639
188,686
185,284
184,185

32, 569
3,194
6,210
25, 240
20,498

2.864
105
212
4,525
1.865

10,117!
970!
663!
4, 4501
2,307

2,771
114
135
1,091
884

2,370
85
355
1,239
1,""

99
122
134
2,629
3,264

1,655
521
703
2,635
2,328

4,779
104;
556i
1,680:
2,431!

1,41
61!
22
1,427
1,198

416
391
674
917
1,048

832
67
630
1,318
1,025

5,942
5,266
6,945

494
494
395
395

1, 215!
538|
3,1641
2,905|
2,318

626
626
500
500
500

685
685
548
548
548

336
336
269
269

276
277
221
221
221

915;
915;
7321
732!

732j

283
283
226
226
226

635
378
227
219
213

7,992
7, 218
8, 232!
7, 557|
10,428;

753
446
378
221
136

2,383
1,527
1,378
1,086
1,145

960
566
452
267
379

499
423
261
241
176

1, 404|
3,140;
2, 534!
2,531|
2, 281"

1,477
1,074
1,028
693
721

65,893
65,098
66,141
67, 393
67,850

353,125!
352, 8321
354,872!
355, 699!
347,662

85, 225
84,345
82, 543
81, 471
81,863

6,099
25, 926
24,101
23,085
20, 709
21,437

Richmond

Atlanta

Chicago

294,262

St.
Louis

2,
537
482
1,929

2,800
117
1,644
1,400
2,172

230
230!
184
184
184

467
467
374
374
374

2,995
1,884
1,248
855

168
104
168
96!
77

5,787
6,500
6,530
6,479
4,828

56,376
55, 5861
58,186|
57, 422
58, 027

97,335
92, 386
94, 654
94, 842
91, 408

70,350
70,255;
71,459!
72, 775|
71,50l|

193,234
190,723
197,234
193,537
191,559

178!
178!
142
142
142
873
841
649
464
404

237
237
190|
l!

2,413,990
2, 345, 756
2,395,114
2,374, 473
2,419, 022

159,672'
152,87'
156,423
158, 319
153,644

922,126
887, 2211
917, 212;
896, 340!
959,162j

144,881
135, 242
136,892
136, 531
134,888

700,191
666,067
900,479
689,914
655, 508

72, 759
63, 748
91, 328
69. 316
66, 685

173,495'
161,678i
250,989!
179,811!
174,705|

64, 393
51,426
69, 528
53, 290
54,110

67,534
59, 669
83,812
63, 273
58,136

52,094
55, 008!
65, 376i
55, 517
51,947

22, 612
22,433
30,431
23, 749
22,953

84,074
79, 8341
108,314J
82, 282!
76, 524!

36,374
36,975
44,472
35, 363
32, 588

15,034
17, 223
18, 271
15, 011
14,601

42, 443!
42, 224)
44, 796
38, 841
35,315

29,000
31,23li
40,2111
31, 653
29,316

40,379
44,618
52,951
41,808
38, 628

145,658
145, 588
145,677
145, 926
145,878

10.056
10.057
10,092
10. 122
; ,122

49,343'
49,128
49,146
49,191
49, 206

14,419
14,578
14,578
14, 57
14, 578

14,317
14,310
14,325)
14,402
14, 392

6,102
6,102|
6,102J
6,102!
6,102

5,237
5,230
5,239
5,239
5,239

18, 362;
18,362!
18, 361
18,449
18,447

5,399
5,412
5,413
5,405

3,014
3,014
3,014
3,014
3,008

4,200
4,200
4,200J
4, 200!
4,197

4,312
4,312
4,312!
4,316
4,317

10,897
10,896
10,896
10, 899
10,865

233, 319
233, 319
^33,319
233,319
233,319

17,893
17, 893
17, 893
17, 893
17,893

63,007
63,007
63,007
63,007
63,007

21,662
21,662
21, 662
21, 662
21,662

24,021
24,021
24,021
24, 021
24,021

12,324
12,324
12,324
12, 324
12,324

9,996
9,996
9,996

32, 778
32, T~'
32, 778'
32, 778!
32,778i

10, 397
10,397
10, 397
10, 397
10, 397

7,039
7,039
7, <"
7,039

7r~

9,046
9,046
9, 046!
9,0461
9,046|

8,527
8,527
8,527
8,527
8,527

16,629
16,629
16,629
16, 629
16,629

29,642
30,786
32,525
33,851
34,495

1,685
1,765
1,794
1,917
1,8811

9,325
9, 584
10, 779
11, 081
11,246

2,120
2,224
2,281
2,369
2,425

2,879
3,014
3,084
3,219
3,271

1,514
1,545
1,593
1,663
1,678

1,830
1,913
1,933
2,040
2,107

4,617
4,741
4,894
5,064|
5,3171

1,408
1,444
1,508
1,586
1,576

1,227
l,'28O
1,313
1,327

9471
1,035
1,062!
1,163
1,160!

717
784
786
821
864

5,226,430
5,146,728
5,424,164
5,187,892
5,198,038

413,650
398,938
428, 566
406,805
399,937

234,278
232,897
242, 766
237,339
219,470! 236,829!

787,218!
784,575
816,120
792,0091
777,7691

197,616
197,618
204,999
194,948
192,803

217,007
212,6141
217,753;
145, 902 211,695;
145,770 204,395

157,515
160,950
172,646
166,673
162,567

1,556,802 375,487
1,513,038 356,846
1,628,689. 373,179
1,531,734| 354,649
1,590, 783j 355,""

196,103 19, 670
190,854
189,504
18!). 628 70, 516!
187, i
73,938

505,239
498,320
516,868
499, 718
488, 267

205,225
210,126
224, 701
217,625

142,826
145,978

1,373
1,469
1,531
1,615
1,643

433,567
434,828
447, 889
428,795
423,662

814

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928-

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES—Continued
[In thousands of dollars]
Federal Reserve Bank
Total
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapo- Kansas
City Dallas
lis

San
Francisco

MEMORANDA

Ratio of total reserves to Federal reserve note and deposit
liabilities combined (per
cent):
Oct. 3
Oct. 10__
Oct. 17
Oct. 24
Oct. 31
Contingent liability on bills
purchased for foreign correspondents:
Oct. 3
1
Oct. 10_
Oct. 17_._
Oct. 24_
Oct. 31
Own Federal reserve notes
held by Federal reserve
banks:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31




79.3
75.5
80.0
78.2
77.9

63.3
65.8
66.5
71.4
70.9

58.7
57.6
65.8
66.8
64.0

267, 635
268,863
258,979
262,421
250,941

19,913
19,913
20,165
19,424
19,424

76,999
78,226
65,936
76,474
64,994

375, 039
396, 502
404,073
387,572

27, 269
27, 254
31,061
33, 045
33, 772

116,148
109,347
119,398
115,196
100, 668

66.8
67.6;
67.3i
68.0!
67. 2j

1

70.4
69.8
64.4
64.1
68.1

65.4
63.1
56.3
56.4
53.9

55.6
56.4
57.5
55.1
55.4

66.4
70.368.7
68.7
70.6

11,417
11,417
11, 561
11,136
11,136

7,169
7,169
7, 2591
6,992
6,992

9,558
9,558
9,679
9,323
9,323

9,293
9,293
9,410
9,064
9,064

18,851
18,851
19,089
18,388
18,388

12,016
13, 465
12,264
13, 233
12, 205

7,792 8,022
6,452 8,365
7,462! 8, 288
6, 810 10, 363
7,145 10,063

8,351
7,891
8,046
9,345
10,448

57,18&
57, 731
56,987
63,069
60,097

48.0
50.8
52.0
49.7
49.4

76.6
79.1
75.7;
73.3
68.7

59.2
60.8
54.5
53.5
51.3

25, 224
25, 224
25, 542
24,603
24,603

27,613 13, 541 11.151
27, 613! 13, 541 11.152
,
11,292
27,962
26,934 13, 712 10, 877
13, 208 10, 877
13, 208

36,906
36,906
37,372
35,998
35,998

30,109
25,755
29, 394
32, 436
30,440

28, 057
26,411
27, 700
28, 551
30,446

45, 701
45, 547S
46,864;
45, 006
45,475 j

73.2
71.3
70.0
69.0
69.2

57.9
57.3
58.5
57.0
58.7

16, 674
15,939
18,3471
15, 729
15, 599

29,368
30,882
30, 691
31, 290
31, 214

815

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Federal Reserve Bank

Total

New
Boston York

Phila- Cleve- Richdelland mond
phia

Atlanta

Chicago

San
Min- Kansas
St.
Louis neapoCity Dallas Franlis
cisco

Federal reserve notes received
from comptroller:
Oct. 3
2,864,043 245,464 710,494 194,121 263,672 103,094 221,788 458,633 87,239 81,367 101,638 69,892 326,641
Oct. 10
Oct. 1 7 . . .
Oct. 24
Oct. 31
_
Federal reserve notes held byFederal reserve agent:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
_
Federal reserve notes issued to
Federal reserve bank:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
.._.
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificates—
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Gold redemption fund—
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Gold fund—
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Eligible paper—
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31

"Total collateral:
Oct. 3
Oct. 10
_
Oct. 17
Oct. 24
Oct. 31




2,872,292
2,883,012
2, 912, 632
2, 911,308

243,663
242,307
242,893
240,494

707,607
712, 794
722,280
720,905

193,669
199, 632
204,454
208, 563

265,093
262, 052
271, 756
268, 603

102, 907
107, 578
113,151
113, 589

221,359
220,207
220,972
220,098

458, 245
461,935
460,313
462, 786

89,493
89,381
90,881
90, 589

85,599
85,599
84,652
84,652

102,668
102,463
102,626
105,992

75,365
75,029
74,478
73,802

326,624
324,035
324,176
321, 235

773, 720
772,041
769,460
798,150
813,920

66,610
63,810
60, 210
60, 610
57,010

254,840
255,840
255,840
274, 780
286,780

36,000
36,200
42,000
45,800
50,000

35, 230
32, 230
32,230
38,030
37, 230

22,899
20,159
19, 919
25, 919
24, 509

63, 710
62, 250
60,490
60, 760
60, 200

118,670
116, 670
118,170
117, 570
120, 270

16,4101 13,439
16,970! 17,299
16,450! 15,939
16, 9301 15, 739
17,410 15,739

30,580
30,580
30,180
28,660
32, 660

16,932
21,633
19,632
16, 552
15,312

98,400
98,400
98,400
96,800
96,800

2,090,323
2,100,251
2,113,552
2,114,482
2,097,388

178,854
179,853
182,097
182, 283
183,484

455, 654
451,767
456,954
447, 500
434,125

158,121
157,469
157,632
158, 654
158, 56T

228,442
232,863
229,822
233, 726
231, 37f

80,195
82,74:
87,659
87,232
89,080

158,078
159,109
159,717
160,212
159,898

339,963r
341,57,
343,765
342, 743
342, 516

70,829
72,523!
72, 931 i
73, 9511
73,179!

67,928
68,300
69,660
68,913
68,913

71,058
72,088
72,283
73,966
73,332

52,960
53,732
55,397
57,926
58,490

228,241
228,224
225,635
227,376
224,435

344,06'
346,568
346,568
346, 567
346,567

35,300
35,300
35,300
35, 300
35, 300

153.407
153,408
153.408
153,407
153,407

50,000
50,000
50,000
50,000
50,000

6,690
6,690
6,690
6,690
6,690

27,100
27,100
27,100
27,100
27,100

7,600
7,600
7,600
7,600
7,600

14,167
14,167
14,167
14,167
14,167

14,803
17,303
17,303
17,303
17,303

35,000
35,000
35,000
35,000
35,000

98, 510
92,755
92,360
92,470
102,686

15, 71
13,916
12, 560
10,146
17,747

9,319
7,670
6,517
5,162
4,089

1,136
1,136
1,014
2,934
2,824

1,174
1,868
2,476
2,296
2,724

2,454
3, T
3,366
2,419
2,419

4,301
3,671
2,866
4,070
2,435

3,188
4,460
4,125
3,573

13,399
13,172
19,868
19, 634
19,217

735, 735
759, 245
768,520
741,315
732, 791

73,000
73,000
73,000
78,000
68,000

5,000
5,000
5,000
5,000
5,000

70,977
70, 97"
78, 777
73, 777
73,777

90,000
90,000
90, 000
90,000
90,000

6,865
5, 679
4,629
3,603
7,341
i
14,000
19, OOOj
24.000
24.0001
19,000!

23,000
30,000
33, 000
30,500
28,000

253,000
253,000
253, 000
251,000
251,000

8,000
20,000
18, 000
13,000
11,000

28,000
28,000
28,000
28,000
28,000

44,860
44,860
44,860
37,860
37,860

3,000
3,500
3,500
3,500
2,000

121,908
117,383
106,678
119,154

1, 291, 675
1, 270,638
1,244, 281
1,257, 740
1,318,367

74,022
86,934
70,135
77,218
76, 701

427,018!
419,156
394,219
345,414
375,669

110,870
103,676
74,"'"
76,635
86, 764

95, 578
103,096
102,287
112,486
110, 759

57,386
56,396!
57,333|
59,949
60,462'

100,044
95,162
94,135
98,356
101,737

144, 248
132,548
153,652
172,651
199,436

57,305
46, 381
55,556
56,292
59,260

25,928
27, 284
33, 784
34,878
30,451

41,501
44,982
52,976
62,004
62,715

42,730
41,339
40,837
45,181
44,161

115,045
113, 684
114,725
116, 676
110, 252

2,469,987
2,469, 206
2,451, 729
2,438,092
2,500,411

198,039
209,150
190,995
200,664
197,748

602,058
594,088
569,151
520, 214
550,372

192, 991
183, 345
160, 274
159, 289
171,527

248,758
255,697
253,847
265,849
262,969

84,941
87,765|
92,652|
94,242)
93,493!

159,463
159,932
160,752
161,118
160,926

398, 384
386, 684
407,666
426, 585
453,260

74,079
75,849
83,632
79,188
80, 584

70,549 90,662
72,817 93, 513
79,317 100,702
79,464 103,934
75,037 103, 010

63, 721
66,602
65,765
69, 557
67,862

286,342
283,764
286,976
277,988
283,623

16, 633 11,144 13,180
16, 524
12, 601
16, 524 6,855 11,560
16,393] 8,877 13, 363
16,296! 10,986 12,210

V"

816

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY
FEDERAL RESERVE BANKS
[In thousands of dollars]
Within
15 days

Total
Bills discounted:
Oct. 3 .
Oct. 10
__.
Oct. 17
Oct. 24.
Oct. 31
Bills bought in open market:
Oct. 3
Oct. 10
Oct. 17..
__
_._
Oct. 24
Oct. 3 1 . . - .
_..
Certificates of indebtedness:
Oct. 3 - .
_ _
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Municipal warrants:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31.
-

16 to 30
days

31 to 60
days

61 to 90
days

91 days to
6 months

1,025,918
993,402
935,810
911,927
932, 271

887,007
860,385
800,659
770,689
770,441

39,193
35,788
37,457
38,516
42, 312

55,401
54,174
56,490
57, 780
66,556

34,308
31,357
27,942
29,251
35,014

9,732
11,419
12,705
15,055
17,096

309,976
331,768
379,409
401, 478
440,376

121,609
114, 237
132,637
119,1)5
131,511

30,889
30, 579
37,781
39, 703
52, 332

57,777
73, 626
96,808
123, 392
139, 843

94,304
107, 588
105,813
114,293
111,296

5,397
5,738
6,370
4,975
5,394

87, 092
87,160
53, 955
51, 968
52,158

5,380
4,275
4,126
4,461
4,830

37, 759
32,805
26

41,665
48,749
37,479
34, (73
34,029

11, 058
11, 596
11, 229

30
30 i
30 i
30
30

Over 6
months

277
279
557
636
852

2,288
1,331
1,266
1,238
2,070

30
30
30
30
30

GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM SEPTEMBER 19 TO OCTOBER 17, 1928, INCLUSIVE
[In thousands of dollars]

Transfers for Government account

Transit clearing

Federal reserve note
clearing

Federal reserve bank
Debits
Boston.
_.
New York
Philadelphia-..
Cleveland
Richmond
Atlanta
Chicago
._.
St. Louis
Minneapolis-..
Kansas City...
Dallas
San Francisco..
Total 4 weeks ending—
Oct. 17, 1928
Sept. 19, 1928
Oct. 19, 1927
Sept. 21, 1927




Credits

26, 200
46,100
6,000
5,500
10,000
18,000
3,000
1, 500
3,000
5,000
17,000

1,000
81, 200
2,400
8, 500
8,000
700
26, 800
7,700
3,000
13,800

16,500

4,700

157,800
193,000
56,000
178,900

157,800
193,000
56,000
r

Debits
899, 524
3, 323, 556
771, 777
827,169
825,180
327,153
1. 449, 739
596,379
204,040
505, 659
399, 248
427,341
10, 556, 765
9,164, 441
9, 777, 563
9, 281, 534

Credits
920,556
3,344,861 I
786, 679
797, 502
830, 656
351,166
1,393, 555
577,961
201,603
477,434
423,937
450,855
10, 556, 765
9,164, 441
9, 777,563
9, 281, 534

Debits

Credits

5,732
10, 577
6,788
9,511
2, 262
2,903
9,973
2,472
1,602
2,447
1,221
3,018

4,881
16,913
5,045
4,100
4,445
2,687
7,765
3,782
2,293
2,319
1,332
2,944

58, 506
57,021
55, 596
57,120

58, 506
57, 021
55, 596
57,120

Changes in ownership
of gold through
transfers and clear- Balance in
fund at
close of
period
Decrease
Increase
5,019
62, 741
9,559
32,078
5,659
6,497
34, 592
10, 908
1,746
19, 553
7,800
11,640
103, 896

103,896

66,973
177,895
46,858
57,487
27, 572
12,337
155,505
19,985
21,425
27,852
28,911
34, 953
677, 753
720,345
637,090
614, 773

817

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ALL MEMBER BANKS
BORROWINGS FROM FEDERAL RESERVE BANKS, BY STATES
[End of month figures. In thousands of dollars]
1928

1927

State

j Septem-

United States .
New England:
Maine.i
New Hampshire
I
Vermont
j
Massachusetts
Rhode Island
|
Connecticut.
...|
Middle Atlantic:
!
New York
New Jersey
Pennsylvania...
East North Central:
Ohio
|
Indiana
I
Illinois
Michigan..J
Wisconsin
!
West North Central:
j
Minnesota
j
Iowa
I
Missouri...
j
North Dakota
;
South Dakota
Nebraska
i
Kansas
...I
South Atlantic:
I
Delaware_.j!
Maryland
District of Columbia-!
Virginia
_
_ I
West Virginia
!
North Carolina.- ...|
South Carolina
i
Georgia
.\
Florida
\
East South Central:
I
Kentucky
j
Tennessee
j
Alabama.
aa
pp
Mississippi
West
Central:
st South Ce
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Pacifc:
Washington..
Oregon
California




October

437,425

2,394
875
783
25, 520
1,772
2,530
104,472
25,258
51, 733

Febru- March
ary

Novem- December
ber

411, 525 477,025 581, 503

423,310

492, 568

909
805
558
24,314
304
3,083

752
1,112
534
33, 751
102
2,196

718
1,305
698
49,918
396
3,260

266, 687 103,025|
19,150 19,923
104, 21r 59,006

69,063
19,642
83,277

1,808
730
1,128
20, 388
787
2,504

1,473
636

649
33,404
552
3,096

83,170! 129,769
22,2251 22,140
46, 622
57,920

598,681

April

May

June

July

August

September

834,22S 1,021,352 1,095,423 1,030,980 1,107,512 1,070,759

1,072
1,332
2, 746j
934
992
36,340
44,350
593
1,2251
1, 759
1,809!
I
128,0011 262,280
32, 784
23,0511
82, 553
80,029 j

2,123
2,334
1,029
69, 264
5,918
5,203

2,672
2,584
1,711
62, 703
4,291
7,619

1,901
1,340
1,358
48, 727
8,310
6,713

1,309
1,675
1,204
39,314
7,368
6,246

1,378
1,738
937
34, 270
8,923
7,092

328,125 415, 561 273, 071
52, 000
35, 636 44,111
103, 524 143,416 123, 920

247,904
49,245
149,496

324,420
51, 620
135,274

21,483
3, 545
17, 639
10, 691
3, 944

24,403 15, 868
3,577
1, 686
25, 266 2 3 , " "
21,582 27, 696
4,132
3,320

15, 535
3, llf
14. 2CS
27, 231
6,658

33,392!
4,825!
66,4471
23,1521
16, 557 j

28, 779
5,491
63,390
33, 599
14, 781

42,039
4, 361
64, 288
52, 692
13,837

43,741
5,191
74,320
59,147
15,555

50,436
8,940
77, 2431
50,501
12, 528!

44,738
9,992
99,335
42, 281
17,025

39,432
7,628
49,009
47,418
17,161

1,416
2,888
1Q, 94"
830
794
1, 697
1,417

2,37.
1,033
4, 555 6,8701
9, 913 11, 83
427
312
570
69.
5,167
9,119
3, 639 2,980

722
4,023
'319
640
4, 705
1,246

2,696
3,887
24,168
543
3811
4,429i
1,052

12, 814
3, 599
20, 753
57,e
391
5,990
1,452

8,371
4,015
45,216
734
421
4,992
3,269

5,696
1,547
43,707
688
611
2,329
1,969

11, 674J
2,927
39, 304
1, 050
558
3,723
963

17,550
2,833
52, 773
1,475
547
2,523
1,722

12,391
4,618
34,464
972
436
4,644
4,026

474
5,498
920
500
5,877 11,894
1,631
5,363
2,429
1,998
1, 671 1,42.*
6, £ 75 3,582
3, 502 2, 619

597
3,747
550
13, 347
3, 543
7,449
3,471
7,041
1,345

979
9,54
245
14.25:
3,497
10,043
4,358
20,600
1,360

1,977
11,214
1,520
15,394
3,951
10,105
3,739
23,114
2, 643

3,063
8,323
3,T~
19,755
5,84"
12, 563
2,812

1,431
8,161
1,470|
22,832
6, 225
21,614
4,496
19, 306
4,512

1,295
7,652
1,320

14,191
985

1,283
5, 894
3,770
20, 703
5, 665
18,407
5,101
22, 523
3,353

20,461
4,052
18,310
4,066
20, 242
3,903

8, 276
1,900
6,412
3,456

14, 69'
4, 540
10.412
4,103

14, 78*
4.378
8, 632
5,464

13,935
5,444
11,075
5,180

15, 242
7,349
13,879
5,846

19,175
9,148
19,019
6,814

17,460
14,607
19,136
6,815

1,606
9,014
2V287
3,991

2,529
2,077
13,889 20,703
3, 656 5,006
9,802 9,938

2,680
15,688
4,646
8,192

4,973
21,788
3,986
24,133

7,559
28,900
4,618
27,780

7,788
30,972
4,248
26,156

317
5,150
1,315
11,26'
3,227
6,377
1, 529
5,467
4,142

711
5, 547
1,405
n,28P
2,497
5, 293
1,323
4,722
4,40^

9,575
6,879
3,670
3, 72f

9, 667
a, 914
2,830
1,945

6,911
3,096
5,380
1, 563

2.845
2,411
1,239

4, 55C
8,736
4, 695
4,767

2,3321
11,156
2,388
10,323

2,001
21,557
1, 245
6,436

210
16, 620
688
84!

779
230
1,388
200
325
1,171

79
551
104
1,938
99
284
952

30
351
1,282
10
180
198

21
1G1
48
1,018

1,613
492
46,218

2,254
875
38,955

1,788
24^
38,490

783
7,098

6, em

13,853
1,325
4,960

190
168
330
393
3,978

1,543
958
45,210

2,017
12,926 !
1,6011
1,949

33
241
2
2,527
187
198

126
339
103
3,407
175
184
2,163

250
405
129
3,773
77
180
1,644

231
554
96
1,305
178
187
1,278

275
664
151
2,792
176
205
1,657

505
658
212
3,541
242
193
1,912

21S
251
222
2,766
242
170

1, 566
2,203
48,191

3.540
3,463
81,553

3,720
3,077
66.068

2,492
1,886
9,873

6,104
1,890
55,984

5,079
1,948
83,607

2,011
1,763
65,784

818

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

ALL MEMBER BANKS AND MEMBER BANKS IN SMALL CENTERS
NET DEMAND AND TIME DEPOSITS, BY DISTRICTS AND BY STATES
[In thousands of dollars]
Member banks in centers having a population under 15,000

All member banks
Net demand deposits

Net demand deposits

Time deposits

Federal reserve
district or State
1928
Oct. 10
United States

Sept. 12

1927
Oct. 26

1928
Oct. 10

Sept. 12

1927
Oct. 26

1927
Oct. 10

Sept. 12

Oct. 26

Time deposits
1928
Oct. 10

1927

Sept. 12

Oct. 26

18,779,257 18,691,49218; 959, 750 13,461,881•13,367,77312,527,013 2,933,306 2,839,788 2,888,058 3,363,466 3,316,271 3,152,385

DISTRICT

Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
STATE

Maine
New Hampshire
Vermont...
...
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Ohio.
_
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
District of Columbia..
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Kentucky...
Tennessee...
Alabama
Mississippi
Arkansas
Louisiana.
Oklahoma
Texas
Montana
Idaho.._
_
Wyoming
Colorado
New Mexico
_
Arizona...
_
Utah
Nevada
_
Washington
Oregon
California

1,414,923 1,404,324 1, 473, 400 973,929 *980,015 964, 236
6, 596,597 6, 647, 735 6, 795, 500 3,120,921 3,087, 923 2,802,092
1,153,963 1,161,237 1, 214, 588 1,092,963 1,090, 696 1,029, 543
1,533,568 1, 531, 2.54 1, 524, 750 1,639,185 1, 635, 785 1, 560,007
591,569 574, 838 638, 583 600,446 595,133 584, 913
560,961 550, 543 606, 959 468,768 466. 857 465, 342
2,655,174 2, 659, 683 2, 574, 257 2, 264,062 2, 239, 522 2,066, 318
721, 208 694, 656 735, 947 544,910 539, 876 522,076
473,224 445,021 465, 967 471,498 465, 640 440,060
905,489 892,360
864, 645 375,113 372,367 341, 477
215,395 210, 985 185,366
730,6761 691, r~"
1,441,905 1,437,848 1, 366, 215 1,694,691 111,682,974 1, 565, 583

137,139
366, 351
229,423
265,113
159,509
140,260
328,926
173,431
201,614
344,135
335,717
251,688

135, 555
368,826
225, 434
263,019
148,468
134,479
328, 910
165,124
188,184
332, 891
305, 977
242, 921

135,310
348,090
222,013
271,854
171, 627
158, 916
314, 209
175, 683
193,403
330, 700
322, 579
243, 674

178,925
638,466
466,967
388,480
256,275
139,680
460,161
159, 111
272,998
166,239
56,258
179,906

100,464 *99,732 117, 293
39,401 *40,885
52,464
22, 757
40,965
41,183
22,163
38, 941
20, 235
40,428
20,436J
19, 459
39, 838
37,124
18, 493
1,039,9671 •1,022,291 1,076, 732 554,099 *557,472 534,905
124, 710 *127,183 134, 614 180.643 •185, 707 184, 918
178,273 *182, 530 180, 913 106, 545 *106,056
97, 602
6,054,785 6,098,861 6, 260. 677 2,453,262 2, 424, 944 2,179,038
619,032 635, 561 616, 667 762.644 757, 242 716, 722
1,647,043 1,630,641 1, 706,451 1,482, 320 1, 481, 747 1, 390, 864
832,986 847, 222 820, 663 1,048,844 1,045, 545 1,006,067
218,763 213,184 209, 346 183,564 182, 501 168, 650
1,603, 362 1, 591, 833 1,601, 781 1,008,414 996, 849 872, 864
569, 722 598, 341 508, 668 858,223 846, 596 811,363
228, 570 229, 709 223,117 242, 251 239, 925 229,190
277,074 263, 782 287, 280 250,292 246,059 244, 256
188,846 179, 391 179, 949 185,054 184,418 181, 478
582,139 564, 293 574, 940 278, 209 277, 253 269, 397
41,711
42,185
41. 865
42,496
40,637
34,816
31,934
38, 617
31, 440
28, 694
42, 363
41,168
55,951
54, 947
51,611
128,014 131, 523 115, 935
60,422
60,
202
139,
352
56, 570
155, If" 156.. 273
41, 274
42,6:
15,628
15,341
13,852
37,069
138, 463 139, 702 147,978 151,900 149, 338 148, 400
45,182
80,976
44, 799
79,077
76,661
42, 323
159,148 151,921
168,892 173,833 173, 771 169,834
96,354
83,160
94, 609
91,440
93,548
79,998
89,389
101,473
86, 044
97,119 116,070
62, 246
41,856
61,634
64,520
48,961
39,708
125,068 122,843 135, 522 107,896 106, 768 104, 581
101, 215 102, 032 106, 201
90,854
95,333 111,213
142,087 134,879 150,247 123, 546 122,009 116,943
130,258 128,677 127, 296 118,958 118,318 118, 023
80,265
113,521 107,631
80,187
124,926
74,5901
33, 557
37,435
39,738
33,823
34, 310
50,148
69, 727
65, 715
49,17
71,895
48,428
79,010
147,310 144,057 159,227
78,112
79, 725
250,957 241,267 251, 038 104, 772 104,058
88, 951
681,356 646,107 651,552 194,128 189,583 165,098
61, 580
61,121
64.596
71,831
48,695
62, 765
22,577
32,858
37,171
21,812
20,88:
36,538
15,030
24, 2601 21.597
14,920
14,455
23,053
100,981 100,461
142,683] 140,365 142,323
94,231
22,104
8,224
21, 763
6,461
20, 707
29, 256
16,062
29,427
13,590
23, 501
15,808
51,3571
33,491
47,131
30,361
47,158
33,581
9, 736!
8,894
8,742
8,024
7,191
7,925
206, 490| 203,848 187, 627 138, 719 137,672 133,472
123,682 119, 733 103,324 102,086
125,841
97,219
998,014 947,985 1, 377,811
1,267, 710

19,886
23, 280
18,055
53,907
991
23,692
241,158
171,990
289, 508
119, 271
60,798
154,605
81, 231
47, 861
60,492
82,983
42,057
35, 542
35,169
48,444
95, 026
3,709
24, 755

20, 740
23,7
16,958
52, 644
978
23, 215
243, 471
173, 950
278,004
122, 951
59,891
154, 882
85, 519
47, 912
59,135
78, 871
41,029
29,037
34,157
48, 662
94, 432
3,749
23, 332

20, 385
22,104
16,190
54.311
1,070
23, 965
228, 796
164, 785
283, 996
122, 527
61, 951
147, 667
73, 949
44, 600
61,280

66,323
14,444

45,230
37,061
40,809
15,581
26,419
30,064
49,894
28,595
32,122
23, 779
35, 529
19,314
121,902
309,943
42,072
26,706
24,260
44,510
16,905
6,828
11,016
9,736
50,347
58,820
91,454

41,835
35,211
37,552
14, 386
24,543
31,614
49,342
27, 704
29,479
21,018
32, 260
17,556
114,318
282,510
36,051
24,674
21,597
42,806
16, 740
6,458
9,096
8,894
49,175
56, 708
91, 034

43,016
42, 267
44,819
20,004
33,805
37,471
53,114
27, 744
38, 620
26, 049
36,384
19,267
125,929
298,829
'38,420
26,254
23, 053
44,591
15,585
5,576
10,359
8,742
46,051
55,655
93,705

39, 725
35, 666
32, 407
40, 861
85, 956
3,651
26, 021

44,692
37
18,398
441,859
260,289
611, 230
132,550
57,951
170,933
193,087
96, 357
111, 860
90,143
27,749
35,180
29,522
36, 391
40,175
10,659
61,122
78,978
50,421
45,911
26,349
24,940
34,517
48,499
30,933
28, 772
19, 516j
23,328
12,495
39,407
47,817
30,750
14,043
15,030
30, 252
4,521
4,078
11, 594
8,024
36,441
71,879

175,802
629,432
457, 655
381, 655
253, 492
138, 645
454,064
156, 342
271, 277
165,391
55,154
177,362

165,128
579, 234
432, 672
371,170
247,101
132,389
439, 542
147,935
257, 298
157,469
49,887
172, 560

14,168
37,452
43,158
35
18,110
436, 935
254, 658
600,028
129, 715
56, 510
168,349
190,080
95, 307
111, 229
89,909
27.467
35, 357
29,043
35, 637
40, 485
10.468
59, 741

62,054
12, 507
35, 272
41,489
7
16, 718
403,711
232, 692
577, 280
125, 662
54,118
161,140
179, 884
90,456
109,014
91, 269
26, 277
34, 696
26, 567
34,022
39, 543
9,484
57,178

78,741
49,130
46,298
25,889
24,848
33,865
47,769
30,496
28,580
19, 941
22,994
12,328
39,495
46,689
30,589
13,484
14,920
30,082
4,461
3,990
11,595
7,925
36,377
35,279
70,776

74,336
47,548
45,395
28,860
24,412
32,678
43, 258
28,030
26,363
20,008
22,154
11,890
37, 760
41,234
26, 771
13,334
14,455
27,639
3,776
4,034
10, 781
7,191
34,060
34,353
71,025

•Revised.
NOTE: For back figures and explanatory notes, especially as regards California, see Bulletin for December. 1927. pp. 828, 873. and 886-925







819

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

WEEKLY REPORTING MEMBER BANKS
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[Amounts in thousands of dollars]
Federal Reserve District

Total
Boston

New
York

Philadelphia

Cleveland

Richmond Atlanta Chicago

St.
Louis

Loans and investments—
total:
Oct. 3
22,337,381
521,144 8,475,239 1,., 244, 524 2, 201,727 677,687
901 3,303, 673 728,463
22,261,922
Oct. 10_._
507,777 8,411,924 1., 239,780J2,198,208 674,331 638,833
" " 3,
1,301,102 722,483
22,410, 509
524,764 8,470,9551 , 236,457 2,203, 699 678,317 650,), 274 3,
',332,206 724,215
Oct. 17-.
22,378,701
521,857 8,459, 627 1, 227,23512,195, 798 678, 969 644,{, 938 i,3,338,152 715,812
Oct. 24
22,499, 270
537,078 8, 527, 578 1, 236, 503 {2, 206,973 677,900 643,i, 634 3,
!, 349,198 719, 551
Oct. 31__
Loans and discountstotal:
15, 939, 905 1, 079,237 6,162,153 847,', 772 1,477,
Oct. 3__
1,
914 521,176 503,835 2,435,660 523,264
15,909,479 1,072,899 6 , 1 14,163
Oct. 10
4 . " " 845,202 11,477,580 517,947 503,154 2,443,724 517, 991
15,946,213 1,090,165
6,115',
625 840J 6621,468,0721 520,703 509,118 2,461,,430
Oct. 17.
" " 518,375
.
.
. 5,625
*"" 570
" 6,117,100 835,635 1,467, 545 522, 732 507, 690 2, 467,r,952 511,236
15,944,849 1,, 091,
Oct. 24
16,066,870 1., 111, 695 6,168,498 846,319 1,479,147 521,413 508, 222 2,477, 252 516, 513
Oct. 31_
Secured by U. S. Government obligations—
Oct. 3__
119,660
13,003
12,818 2,621
6,541
2,892
21,202 3,297
44,336
108,103
12,564
12, 575 2,553
Oct. 10
6,401
2,773
17,839 3,443
37,187
110,449
11,409
12,305 2,565
Oct. 17
5,760
39,965
2,725
19,647 3,322
113,149
11, 744
12, 085 2,592
Oct. 24__
38,741
6,525
3,565
22,107 3,377
114, 221
11,857
38,769
12,064 2,554
Oct. 31
7,736
3,586
21,454 3,933
Secured by stocks and
bonds—
Oct. 3
6,639,461
384,6812,910,684 444,390 648,166 182,773 137,', 9811:, 060,891 215,945
Oct. 10__
6,593,191
387,809 2,843,518 446,432 646, 921 179, 626 140,265 1,L, 061,127 210,604
Oct. 17._
6,640,017
399,204 2,894,379 444,378 637,841 180,058 140,4651,059,720 211,164
Oct. 24
, 6,663, 727 410,496 2,905,173 439,869 640,177 184,123 138,162 1,068,051 209.606
424,053 2,950,914 445, 67f 644, 776 183,436 132,159 1,074,412 209,865
Oct. 31
6,737,993
All other loans and discounts—
Oct. 3_
9,180,784
681,553 3,207,133 396,841 816,930 335, 782 362,9621 ,353,567 304,022
Oct. 10
9,208,185
672,526 3,233,458 392,369 818,084 335,768 360,116 1,364,758
Oct. 17__
, 9,195,747 679,5523,181,281 390,524 817,926 338,080 365, 928 1,382,063 303,889
669,330 3,173,186 389,241 815, 283 336,017 365,963.1,377,794 298,253
9,167,973
Oct. 24
675, 785 3,178,815 392, 907 822,307 335, 423 372,477 1, 381, 386 302,715
9,214,656
Oct. 31._
Investments—total:
Oct. 3__
6,397,476
441,907 2,313,086 396,752 723,813 156,511 136,066 868,013 205,199
Oct. 10.
6,352,443
434,878 2,297,761 394,578 720,628 156,384 135,679 857,378 204,4921
Oct. 17._
6,464,296
434,599 2,355,330 395,795 735,627 157,614 141,156 870,776 205,840
6,433,852
Oct. 24
430, 287 2,342, 527 391,600 728, 253 156, 237 137, 248 870,200 204, 576
6,432,400
425,383 2,359,080 390,184 727,826 156,487 135,412 871,946 203,038
Oct. 31
United States Government securities—
Oct. 3
2,992,059
168,420 1,161,784 119,341 330,695 71,792 63,929 366,871 76,036
Oct. 10
2,979,411
163,910 11,161,902 117, 911 330,348 70,892 63, 758 362, 708
3,081,137
Oct. 17
167,601 1, 210,467 119,226 341,936 73,192 68,928 372,456 78,182
162, 0111% 201,345 116,106 340, 211 72,173 64,320 371,184 77, 344
3,059, 416
Oct. 24
157,', 083
~~~ .,I 196,019 115,488 340, 907 71,914 59, 680 368, 205 77,003
3,031,956
Oct. 31
Other bonds, stocks,
and securities—
3,405,417! 273,48711,151, 302 277,411 393,118 84, 719 72,137 501,142 129,163
Oct. 3
3,373,032
270,968 I]
L, 135,859 276,667 390, 280 85,492 71,921 494,670 128,799
Oct. 10
3,383,159:
1,144,863 276,569 393,691 84,422 72,228 498,320 127,658
Oct. 17
3,374,436| 268; 276 1,141,182 275,494 388,042 84,064 72,928 499,016 127, 232
Oct. 24
3,400,444
268,300 1,163,061 274, 696
84,573 75, 732 503,741 126,035
Oct. 31
Keserve balances with Federal reserve bank:
1,715,043
103,296 780,993
80,604 131,870 39, 740 38,234 256,046 46,172
Oct. 3
1,688,513
101,874 760,027
78,452 131,497 40,832 39,141 257,255 48,035
Oct. 10
1,724,506! 102,679 785,946
78,446 128,450 41,103 39, 344 259, 755 46,825
Oct. 17
78, 727 129, 238 39,889 39,106 261, 342 45, 557
Oct. 24
__.. 1,696,410 102,090 762,491
1,745,087
102, 226 821,257
Oct. 31
77,006 129,976 41, r - 40,163 253,470 45, 361
Cash in vault:
249,547
Oct. 3
19,514
66,587
13,875 29,600 14,789 10, 223 40,273 7,318
268,305'
Oct. 10
20,552
15,865 30,865 12,759 10,812 41,801 7,174
78,304
249,179
19,953
Oct. 17
14,583 31, 278 12,276 10,576 39,873 7,388
65,331
253,528:
19, 670
Oct. 24
14,863 31,619 12,311 10,177 40,633 7,359
66,818
250,070
19,
523
29,498 12,020 10, 693 42,149 7,853
14,117
Oct. 31
65,991
Net demand deposits:
Oct. 3
13,219,781
935,274 5,695,273 723,198 1,i, 063,479 363, 915 309,437 1,
L, 868,450 386,974
13,197,421
922,150 5,669,749 715,
1,056,685 359,350 317,020 1,
L, 871, 772 397,658
Oct. 10
13,291,026
944,676 5,691,015 724,
L, 894,696 392,322
Oct. 17
L. 058,749 367,082 318,387 1|
13,203,720
939,084 5,690, 777 718,495 1,1,038,949 360,166 310,8011L, 884, 056 383,413
Oct. 24
13, 364, 2611 950,819 5,826,481 721,., 670
., 856, 520388,007
Oct. 31
— ''1L, 047,910 360,441 311,705 1,
Time deposits:
6,896,657: 480,366 1,.,719,334 296,819 962,187 246,352 237,
Oct. 3
', 163 ,1,263,237 241,088
477, , 114 1,, 727,690 291,375 956, 523 247,445 234,
Oct. 10..
6,906,075
:, 230.,
1, 269,674240,915
955,588 245,684 234,:, 100 ,1,262,860 240,296
477,', 2411:, 754,232
Oct. 17
6,921,380
474,>., 442., 1,760,345 295,911 953,538 245,928 235,935 1, 259,187 240,053
Oct. 24
6,918,320
472,298 1,,758,856 295,014 962,569 244, 746 235; 309 1, 265,929 240,813
Oct. 31

Minne- Kansas
apolis
City Dallas

San
Francisco

382,010
390, 773
394,992
397,109
400,020

678,322
684,530
685,144
685,107
686,411

475,193 2,009,498
476, 219 2,015,962
482,04712,027,439483,242 2,030,855
484,169 2,030, 255

249,357
257, 622
262,118
262,999
267, 792

438,198
444,105
440,989
439,932
442,975

351,, 6 8 1 1,349,658
353,1,3131.,361,779
356,1,991 li., 361,965
360,8351'., 359, 623
363,4781., 363,566
2,363
2,263
2,267
2,247
2,369

4,88&
4,895
4,734
4,404
4,109

2,495
2,460
2,486
2,570
2,560

3,203
3,150
3,264
3,192
3,230

74,337
78,066
80,505
83,351
84,252

118,730
121,488
117,617
113,950
113,637

172, 525
177,096
179,127
177,078
180,980

316,265
319,467
320,108
322, 790
326,108

263, 564
258,303
264,398
270, 597
272, 644

969,640
972,296
972,871
972,441
973,109

132,653
133,151
132,874
134,110
132, 228

240,124
240,425
244,155
245,175
243,436

123,512
122,906
125,056
122,407
120,691

659,840'
654,183
665,474
671, 232

73,422
73,495
73,043
74, 252
72,952

117.419
118.420
121,832
121, 991
121,290

81,700
82,851
86,607
84,925
82,964

360,650
357,52a
367,667
373,554
368,451

59,231
59,656
59,831
59,858
59, 276

122, 705
122,005
122,323
123,184
122,146

41,812
40,055
38,449
37, 482
37, 727

299,190
296,660
297,807 .
297,678

26,315
25, 456
27,811
27, 349
27,622

57,867
54,433
56,542
56, 610
54,165

33,804
35,345
37,310
35, 518
34,755

120,102;
116,166
120,295
118,493
118,028

5,886
6,146
6,166
6,137
6,072

11,147
11,955
11,174
12,063
11,271

8,863
9,446
8,928
9,953

21,472
22,626
21,65a
21,925
21,803

227, 700
234,238
235,023
232,694
244,656

508, 769
506, 505
499,396
498,387
503,620

304,178 833,134
311,435 835,150
314,163 851,007
313,407 833,491
312,893 839,530

130,726
133,967
134,284
134,606
134,894

179,103
179,307
180,728
179, 741
182,448

130,750 1,009,532
494".',1 016,341
131,.,""'
1,677 1,013,080
129,
1,
130,>, 052 ,008,582
130,L 6411.,016,159-

85,754 375,129
92,747
90,326 384,36a
87,991 382, 778
88,465

820

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

REPORTING MEMBER BANKS IN LEADING CITIES—Continued
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS-Continued
[Amounts in thousands of dollars]
Federal Reserve District

I

Total
Boston

Government deposits:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Due from banks:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Due to banks:
Oct.3
Oct. 10
_..
Oct. 17
Oct. 24
_
_.
Oct. 31
Borrowings from Federal
reserve bank—total:
Oct.3
Oct. 10
Oct. 17
Oct. 24
_
Oct. 31
_..
Secured by U. S. Government obligations—
Oct.3
Oct. 10
Oct. 17
Oct. 24
_..
Oct. 31
All other—
Oct.3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Number of r e p o r t i n g
banks:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Oct. 31




98,583
64,934
190,431
141, 523
134,733

9,971
6,546
15,006
10,654
10,465

1,203,595
1,145,359
1,239,543!
1,135,913
1,161,121

50,585
44,773
57,402
48,903
57,11

3,406,261
3,263,382
3,383,958
3,169,929
3,309,540

New
York

Philadelphia

28,346 • 4,814
18,731
3,189
61,392 14,779
45,839 11,038
43,541 10,486

Cleveland

RichSt.
mond Atlanta Chicago Louis

Minne- Kansas Dallas
apolis
City

8,077
5,299
16,454
12,112
11,513

2,503
2.275
7,143
5,380
5,055

7,001
4,301
16,139
12,068
11,451

9,868
6,348
17,343
12,934
12, 294

3,422
2,107
5,234
3,907
3,713

1,010
662
1,104
823
787

1,905
1,254
4,364
3,262
3,097

San
Francisco

6,217
4,083
13, 921
10,397
9,875

15,449
10,139
17,552
13,109
12,456

138,374
125,087
147,583
140,347
141,543

66,953
58,351
61,324
57, 063
63,122

99,947
94,732
107,230
96,367
94,402

55, 868
53, 699
55,351
51,378
52,816

81,481
80,444
84,378
79, 217
75,660

250, 747
232,593
258,092
231,810
237, 521

52,626
52,286
55,509
53,062
53,255

55,953
61,254
58,572
51,928
58,271

133, 234
129,029
127,062
118,474
116, 526

67,396
65,978
69,195
65, 503
65,146

150,431
147,133
157,845
141,861
145, 691

154,623 1,249, 700
144,6781,177,775
147,077 1,310,931
139,157 1,215, 583
145,80211,330,462

190,749
170,717
174,429
162, 790
168,922

253,471
239,927
233,574
222,292
216,199

108,336
107,602
113,164
103, 854
105,783

104,763
107,226
111,034
105,491
105,274

530,179
506,164
492, 725
465,112
467, 242

133, 814
128,945
131,323
122, 021
125,140

102,01(
103,505
102,003
95,843
98, 773

235,244
228,473
221,641
210, 531
210, 600

125, 056
126,878
129,859
128,321
127,005

218,307
221,492
216,198
198, 934
208, 338

39,326
28,615
33,256
30, 754
34,893

10,099
10,965
16,237
15, 740
8,725

14,327 21,023
13,198 17,512
19,420 16,986
23,280 19,411
20,114 16, 797

70,216
68,142
71, 205
71, 690
64,041

800, 525
770,121
720,010
688,174
702, 518

29,691
39,549
19,343
16,f
18,186

291,962
254,394
202, 731
213, 749

75,472
77,878
53, 563
50,310
56,541

56,119
63,115
61,262
63,106
56, 283

21,877
22,490
20,666
24, 295
22, 794

53,484
47,541
48,448
48, 296
47,229

102,308
89,154
105,230
121, 565
143,166

509,501
499,833
466,995
445,175
463,077

15,095
17,195
10,225]
9, 235!
11,23, r!

202,537
195, 910
166,420
130, 070
163,791

58,984
65,464
45, 074
43,364
49,830

31,554
35,885
33,906
38, 557
37,453

8, 015
8, 905
8,794
14, 056
11,716

15,754
15,042
14,503
14, 600
12, 548

80,457
68, 782
79,935
87,115
84,136

17,773 5,980 7,785
13,511 6,000 6,417
18,864 10,940 10,861
15, 737 9,815 15,127
20,155 3,240 10, 621

291,024
270,288
253,015
242,999
239,441

14,596
22,354
9,118!
7,76l!
6,9511

104,046
96,052
87,974
72,661
49,958

16,488
12, 414
8,489
6,946
6, 711

24,565
27,230
27,356
24, 549
18,830

13, 862
13,585
11,872
10, 239
11, 078

37, 730
32,499
33,945
33, 696
34, 681

21,851
20,372
25,295
34,450
59,030

21,553
15,104
14,392
15, 017
14, 738

632
632
632
632
632

36
36;
36
36
36i

47
47
47
47
47

70
70
70
70
70

64
64
64
64
64

31
31
31
31
31

92
92
92
92
92

4,119
4,9651
5,297
5, 925
5,485

6,542
6,781
8,559
8,153
9,493

13, 880
13,238
11,688|
11,763 i
9,363|

51,687
53,484
55, 785
55, 736

7,143
4,274
5,298
7,648
7,434

18, 529
14, 658
15, 420
15,954
15,052
54
54
54
54
54

NOVEMBER, 1928

821

FEDERAL RESERVE BULLETIN
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
City

New
York

Philadelphia

Cleveland

Richmond

Loans and investments:
14,135, 634 022,!, 400 7,, 258,636 .1, 063,874804,708 109,209
Oct3
14,050,484 015,337 ,195,791 1,060,367 804,04" 105,919
OctlO
14,144, 973 025,977 7,, 249,8811
1,058,014 801,055 106, 756
Oct. 17
14,143, 538 027, 528 7, 248^ 689 1,05l| 354 801,655 111, 448
Oct. 24
14,247,780 1 043,201 7,310,395 1,055, 752 807,306 110,600
Oct. 31
Loans:
Oct,3
10,485,227 811,793 5,370,405 734,114 628,051
10,438,197 810,067 5,320,636 732,736 629,746 85, 715
Oct. 10
10, 455, 709 821,"' 1,318,319 729,085 625,407 86,466
Oct. 17
_
10, 473,072 827,180 5,327,
Oct. 24
" 7 7 1 0 725, 788 625, 971 91, 36"
10, 570, 565 847, 509 5, 373,337 731, 514 631,470 90, 375
Oct. 31
____
On securities—
4, 679,805 272,216 2,547,307
2
Oct. 3
383,025 227,349 25, 994
~ 75,661 385, 751 229,490 24,434
Oct. 10
4,616,957 274,003 2,47i
Oct. 17
4, 672, 367 283, 382 2, 525, 517 384,042 223,678 23, 837
HI,
Oct. 24
377, 590 226, 518
4, 709, 775 297, 294 2, ""1,525
Oct. 3 1 . . .
4, 779, 984 314, 734 2, 581, 400 384, 852 225,424 27, 204
All other—
Oct. 3
5,805,422 539, 577 2, 823, 098 351,081 400, 702 62, 87£
Oct. 1 0 . . .
5,821,240 536,'" "1,844,975 346, 985 400,256 61,281
Oct. 17..
5,783,342 537, 914 2, 792,802 345, 043 401, 729 62, 629
Oct. 24
5, 763, 297 529, 886 2,786,185 348,198 399,453 63,024
Oct. 31
5, 790, 581 532,775 2, 791,937 346, 662 406,046 63,171
Investments:
Oct. 3
3,650,407 210, 6071,, 888, 231 329, 760 176,65' 20,340
Oct. 10
3,612,28' 205, 2701 ,875,155 327,631 174,301 20,204
Oct. 17
3, 689, 264 204, 681 1, 931, 562 328,929 175, 648 20, 290
Oct. 24
~ ~:, 920, 979 325, 566 175, 684 20, 081
3, 670,466 200, 3481,
Oct. 31
3, 677, 215 195, 692 1, 937,058 324, 238 175,836 20, 225
Reserve with F. R. bank:
Oct. 3
- . . 1,221,382
72, 761 45,230 7,156
80,254 719,408
Oct. 10
7,266
1, ISO, 03' 77,862 697,417 70,389 43,53"
Oct. 17
1, 225, 895 79, 481 723,312 70,480 43, 227 7,396
Oct. 24
700, 779 7 0 , "
41,900 6,316
1, 201,869 79,81
Oct. 31
-.
1, 251, 770 80,489 758, 505 69, 760 43,129 7,029
Cash in vault:
Oct. 3
8,559
52,280 11,428 9,002
848
113,132
Oct. 10
845
61,981
13,064 9,477
127,613
8,899
Oct. 17.
787
50,822 11,896 9,282
112,938
8,688
Oct. 24.
848
52,654 12, 306 9,654
116,116
8,538
Oct. 31
891
53,161
11, 553 9, 247
116,448
8,695
Net demand deposits:
Oct. 3
9,063,728 702,925 5,122, 717 633,023 287,105 58, 221
Oct. 10
285,274 57, 681
9,026,133 689,816 5,104, 573
Oct. 17
9,072,772 707,613 5,121,542 636,115 282,593 57,848!
Oct. 24
9,086,695 704, % \ 138,311 631,658 283,556 60,105!
Oct. 31
9, 241,886 716, 5525, 273,188 634, 504 292,187 60, 246
Time deposits:
Oct. 3
3,474,104 253,!, 679 1,., 183, 792 234, 708 502,357 33, 545
Oct. 10
3,482,683 251,700 1,192,630 229,994 498,928 33, 519
Oct. 17
3,507,194 252,133 1", 219, 015 233,284 497,875 33,416
3,494,619 249,
,219,241 235,017 495,923 33, 706
Oct. 24
3, 504, 579 247, 252 1,216,949 234, 258 499,398 33, 601
Oct. 31
Government deposits:
26, 511
4,650 2,777
405
9,000
73,160
Oct. 3
17,392
3,043 1,823
26'
47,819
5,907
Oct. 10
__
134,937
57, 792 14, 291 3,488
13, 270
1,036
Oct. 17
100,131
43,154 10,675 2,452
9,419
774|
Oct. 24
95,402
40,991
10,140' 2,330
9,238
Oct. 31
735|
Due from banks:
568,464
34, 746
97,880 61,799 25,808J 5,666
Oct. 3
32,150
88,274 53.865 24, 2071 5,943
531,053
Oct. 10
7,0421
42, 213 108,240
586,865
Oct. 17
_
55,929 25,164
36,005
102,939
539,090
52, 897 23, 055 6,135
Oct. 24
44,070 103,192
560,408
58, 200 23,941 6,693
Oct. 31
Due to banks:
2,375,824 144,530 1,184,827 182,821 68, 799 24,2521
Oct. 3
2,254,310 134,674 1,1,116,224 164,104 62,474 25,271
Oct. 10
1,246,184 167, 709 64,888 26,969
2,375, 777 137,
Oct. 17
156, 705 60,173 25,044
1
2, 219,966 130,148 1,156,536
Oct. 24
Oct. 31
2, 360, 05' 137,465"1, 272,192 162, 629 58, 884 24,465 j
Borrowings from F. R. banks:
514,461
15,185 255,989 68.866 11, 665 4,799
Oct. 3
25,944 236,319 69,332 14,607 4,812
486,312
Oct. 10
9,015 201,323 44,574 15,974 4,812
Oct. 17
436,515
8,515 156,535 41,411 11,154 4,163
Oct. 24
386,370
Oct. 31
160, 388 48, 867 6,434 3,906
393,965
Number of reporting banks:
45
35
Oct. 3
206
35
45
Oct. 10
206
35
45j
Oct. 17
206
35
45
Oct. 24
206
35
45:
Oct. 31
206




Chicago

Minneapolis

Kansas
City

n
cisoo

94,508 2,055,158
3 2,047,152
, 547 2,064,100
, 318 2,071, 549
98, 789 2,083,934

444,432
439,162
440, 370
434,976
438, 775

186, 814
193,225
194, 853
194,405
192,869

186,312
189,275
189, 250
186,051
187, 930

142,036
141, 898
144,350
146, 296
146,959

767,547
761,443
770, 820
770, 269
771, 270

68,0401 591,981
592,363
70,
',710
71,473 1, 597,
72,296 1 606,361
""'
72,109 1,616, 841

323,552
319,345
319,431
314, 367
319,201

119, 359
125,247
127,158
125,894
126,141

117,692
119,803
119, 359
116, 235
118, 564

104,368
104,83"
107, 845
110,849
111, 150

527,003
527,509
532,160
529,054
532,354

22, 837
24,640
24, 018
24,113
23, 384

804,378
799, 576
798, 597
808,165
813,522

31,880
33, 213
33, 738
34, 075!
31, 696

32,005 20,118 161,302
32,949 23,755 166,010
33,103 23,933 168,971
31,112 23,884 168, 630
33,041 23, 783 171,885

45,203
45, 553
47,455
48,183
48, 725

787, 603
792,787
799,11:
798,196
803, 319

151,394
147,475
149, 551
148, 526
149, 059
172,158
171,870
169,880
165,841
170,142

87,479
92,034
93,420
91, 819
94,445

85,687
86, 854
86, 256
85,123
85, 523

84,250
81,082
83, 912
86,965
87,367

365,701
361,499
363,189
360,424
360,469

26,468
26, 675
28, 074
27, 022
26, 680

463, T
454, 789
466, 390
465,188
467,093

120,880
119, 817
120, 939
120,609
119, 574

67,455
67,978
67, 695
68, 511
66, 728

69,472
69,891
69,816
69, 366

37, 668
37,061
36, 505
35,447
35,809

240,544
233,934
238, 660
241, 215
238, 916

6,383
6,281
6,991
7,15"
7,105

178, 586
178,109
181,143
182, 771
176,209

30,134
30, 694
30, 504
29, 704
29, 323

13, 693
12,459
15,148
14, 737
13,049

1,054
1,041
1,053
1,056
1,160

16,370
17,659
16,419
16,837
17,083

3,110
3,170
3,231
3,264
3, 680

1,949
1,979
1,864
1,912
1, r-

52,088 1,,268,713 255,237 115,340[
53, 714 1.262,109 262,126 120,962!
o«o nr.i I 263,337120,265
55,1611,262,061
54,085 1,276, 000 254,446 118,779
53,371 1, 258,857 257, 079 121,406
134, 710
134, 941
134, 583
134,490
134,563

41, 894
17,281
17,180 10,126 38,717
16, 710 11,449 40,054
17, 223 8,949 41, 627
15,849 9, 503 41,820
1,192
5,184
2,156
5,759
2,344 1,395
5,262
2,121
1,513
5,145
2,346 1,556
5,625
2,214
1,480
164,803 86,557 316,999
166,155 90,381 304,894
161,726 89,554 314,957
159,665 89,909 315,940
161,764 89,409 323, 323

57,820:
57, 933
58,053
58,073
58,110

19,402
19,178
20,461
20,640
23, 675

30,445 307,048
30,440; 312,028
28,898[ 316,672
28,691! 312,306
28,882 315,739

751
492
825|
615
7,987
584!
13,929 164,149 28,029 26,333!
13,442 153,441 27,262| 26, 733
12,301 173,371 25,880! 24,960
12, 714 155,510 25,937 19,420
12, 706 160,333 26,771 22, 664

962
632
2,250
1,6811
1,598

12,705
4,:
2,854 8,338
9,348 11,008
6,982 8,222
6,632 7,811

36,415
36,400
36.349
36,803
37, 013
1,852
1,231
5,533
4,140
3,927

680,183
684,992
676,455
670,306
675,139
6,563
4,248
11,261

13,165 379,225
13,907 362, 327
14,705 352,170
15.350 333,303
15,230 335, 774
3,95'
4,917
2,490
3,213
3,407

2,
1, 592
4,835
3,609
3,429

80,424
78,160
78,717
73,739
74,803

62,096
63,012!
60, 581
56,475
58, 981

47,409 17,811 6,839
40,317 8,873 6,619
57,878 9,655 11,579
66, 591 7,802 10, 733
79,495 9,207 3,801
43
43j
43 j
43
43

11
11
11
11
11

5

I
5
5

36, 021
35,065
32, 577
32, 382
28,142

20,210
20, 729
22,726
20,483
18,907

53,894
49,942
56,462
51,613
54,789

93,161 37,587 104,937
89,436 39,264 105,457
84,829 38,877 102,987
79,195 39,601 93,697
80,916 37,910 100,808
7,457

6,418
6,214
7,675
8,632
7,532

6,445
7,755
7,612

13
13
13
13
13

7
7
7
7
7

61,692
65,095
59,866
54,421

822

FEDERAL RESERVE BULLETIN

NOVEMBER, 1928

LAND BANKS AND INTERMEDIATE CREDIT BANKS
LOANS OP FEDERAL AND JOINT-STOCK LAND BANKS

LOANSOF INTERMEDIATE CREDIT BANKS

[In thousands of dollars]

[In thousands of dollars]

Net amount of loans outstanding
Date
Total

Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30.
Dec. 31
Jan. 31
Feb. 29
Mar. 31
Apr. 30.
May 31
June 30.
July 31
Aug,31
Sept. 30

1927
,

Federal Joint-stock
land banks land
banks *
(12 banks)

1,724,821
1,745,404
1,765,365
1, 732,395
1, 741,275
1,738,165
1,742,575
1,749,393
1,752,665
1,757,185
1,758,834
1,765,121

1,085,170
1,097,642
1,109,354
1,117,914
1,124,055
1,130,648
1,134,896
1,139,502
1,143,130
1,147,135
1,150,943
1,155,644

639,651
647,762
656,011
614,481
617,220
607,517
607,679
609,891
609,535
610,050
607,891
609,477

1028
1,767,515
1,778,338
1,786,862
1,791,341
1,793,035
1,794,236
1,793,610
1, 796,591
1, 797, 796

1,158,717
1,168,354
1,175,858
1,180,420
1,183, 672
1,184,656
1,185, 714
1,187,365
1,189,345

608,708
609,984
611,004
610,921
609,363
609,580
607,896
609,226
608,451

1927

1928

Class of loan

Direct loans outstanding
onCotton .
Tobacco
. - _. - .
Wheat
Canned fruits and vegetables
Raisins .
Wool
Rice
All other
Total
Rediscounts o u t s t a n d i n g
for—
Agricultural credit corporations
.
National banks
State banks
Livestock loan companies
.
Savings banks and trust
companies
Total

Sept.
30

Aug.
31

July
31

June
30

4,172
1,955
2,123

192
2,230
1,734

2,052
2,335
700

3,137
2,441
361

1,606
6,040
1,952

2,983
5,039
946
415
108

2,157
5,555
951
569
89

913
5,555
934
751
60

476
5,571
577
858
69

1,189
4,250
1,343
504
6

17, 741

13,477

13,300

13,490

16,890

30,461
3
305

32,201
2
331

32,311
2
386

32,289
3
396

27,359
37

19,992

20,846

21,745

22,355

18,315

Sept.
24

28a

117

121

71

46

105

50,878

53,501

54,515

55,089

46,099

1
2

Arrangements have been made for continuing these two tables.
Number of banks, 1927: January-March, 55; April-May, 54; JuneAugust, 53; September-November, 52; December, 51. 1928: JanuaryApril, 51; May to date, 50.

PAR COLLECTION SYSTEM

BANK DEBITS
DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL
RESERVE DISTRICTS
[In thousands of dollars]
Number of
centers
New York City
Outside New York City.
Federal reserve district:
BostonNew York
Philadelphia
Cleveland
Richmond
Atlanta-.. .
Chicago
St. Louis....
Minneapolis
Kansas City
Dallas...
San Francisco
Total
* Revised.




MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS
[Number of banks end of September]
Nonmember banks

September, 1928

August,
1928

September, 1927

1
140

38, 725,290
24,450,348

35,102, 280
23,401, 299

33,368,870
23,381,147

11
7
10
13
7
15
21
5
9
15
10
18

2, 518,906
39,609,970
2,383,107
2,656, 764
672,403
1,061,090
6,438,021
1,186,385
869,135
1,362,914
739,429
3, 677,514

2,536,386
35,978,762
2,157,841
2, 553,261
693,466
1,047,013
6,221,393
1,156,661
720,975
1,389,075
640,636
3,408,110

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
•1,256,902
701,194
3,274,033

141

63,175,638

58,503, 579

*56,750,017

Member banks
Federal reserve
district

United States
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco._.

On par list

Not on par list *

1928

1927

1928

1927

1928

8,901

9,088

12,800

13,430

3,954

3,877

408
935
784
819
554
455
1,261
591
724
940
786
644

414
930
773
836
568
466
1,301
597
741
974
818
670

251
411
496
1,021
635
305
3,602
1,788
700
2,255
637
699

246
408
503
1,030
658
319
3,717
1,913
809
2,417
683
727

10
581
1,003
208
474
1,132
286
204
56

10
602
1,018
187
442
1,126
234
198
60

i Incorporated banks other than mutual savings banks.

1927




FEDERAL RESERVE DISTRICTS

N.DAK,

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9

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MINN. :

MINOTAPOLIS
S.DAK.

IOWA

PHtrAG

KANSAS CITY
KANS.

OKLA.

Oklahoma City 1

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