Full text of Federal Reserve Bulletin : September 1927
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FEDERAL RESERVE BULLETIN SEPTEMBER, 192? ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Money Rates, Gold, and the Business Situation Factors in Supply and Demand for Reserve Funds Condition of All Member Banks UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1927 FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES, Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WTATT, General Counsel, J. C. NOELL, Assistant Secretary. E. M. MCCLELLAND, Assistant Secretary. W. M. IMLAY, Fiscal Agent. E. A. GOLDEN WEISER, Director•, Division of Research and Statistics. J. F. HERSON, Chief, Division of Examination, and, Chief Federal Reserve Examiner. CARL E. PARRY, Assistant Director, Division of Research and Statistics. E. L. SMEAB, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON)„___ . __„ „ District No. 2 ( N E W YORK) . District No. 3 (PHILADELPHIA) . . L. L. R U E . District No. 4 (CLEVELAND) HARRIS CREECH. District No. 5 (RICHMOND) „„ JOHN F. BRUTON, Vice President. District No, 6 (ATLANTA)-^ P. D. HOUSTON. District No. 7 (CHICAGO) District No. 8 (ST. LOUIS) FRANK O. WETMORB, President. . . BRECKINRIDGE JONES. District No. 9 (MINNEAPOLIS) District N O . 10 (KANSAS CITY) THEODORE WOLD. „ District No. 11 (DALLAS). District No. 12 (SAN FRANCISCO) II ARTHUR M. HEARD, JAMES S. ALEXANDER. P. W. GOEBEL. . . B. A. MCKINNEX, HENRY S. M C K E E . OFFICERS OF FEDERAL RESERVE BANKS Federal Keserve Bank of— Chairman W. P. G. Harding... Benj. Strong.... Boston New York_». Frederic H. Curtiss. G. W. McGarrah.._ PhiladelphiaCleveland.... Richmond....... Atlanta Chi cage..... K. L. Austin George DeCamp..__ Wm. W. Boston Oscar Newton _.._._ Wrn. A. Heath St. Louis Minneapolis. __ Wm. McC. Martin. JohnR Mitchell.... D. C. Biggs R. A. Young.... Kansas City... Dallas . M. L. McClure C C. Walsh......... Isaac B. Newton. W. J. Bailey.... Lynn P. Talley. J U. Calkins.... San Francisco. 1 Deputy governor Governor Geo. W. Norris E. R. Fancher..... George J. Seaym M. B.Wellborn.... J. B McDougal Controller Cashier W. W. Paddock J. H. Case L. F Sailer.......... G. L. Harrison „ E. R. Kenzel Wm. H. Hurt M. J. Fleming Frank J. Zurlinden.. C. A. Pepie... R. E. Brbaddus Hugh Foster.... Creed Taylor. C. R. McF cKay.. John BL Blair. W. Willott. A. W. Gilbart.i J. W. Jones.* Bay M. CAdneyA L. R. Rounds.* C. A. Mcllhenny W. G. McCreedy.i H. F. Strater. Geo. H. Keesee. John S. Walden, jr.i M. W. Bell. W. C. Bachman.i K. C. Childs.i J. H. Dillard.i D. A. Jones.i O. J. Netterstrom.* O. M. Attebery. Gray Warren. Frank C. Dunlop.* J. W. Helm. Fred Harris. ' W. N. Ambrose. 0. M. Attebery W. B. Geery.. B. V. Moore........ Harry tfaeger *_ C. A. Worthington.. R. R. Gilbert... R. B. Colenian Wm. A. Day—..... Ira Clerk L. C. Poutious...... * Assistant deputy governor. MANAGING' DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director New York: W. W. Sohneckenburger. Buffalo branch. Cincinnati branch C. F. McCombs J. C. Nevin Pittsburgh branch. „ . . . Richmond* Baltimore branch A. H Dudley Atlanta: New Orleans branch Marcus Walker. Jacksonville branch „ Geo. S. DeSaussure. Birmingham branch..... A. E. Walker Nashville branch _ J. B. Fort, Jr. Chicago: Detroit branch W .R Cation. St. Louis: Louisville branch W. P. Kincheioe Memphis branch , W. H. Glasgow Little Rock branch.. A. F Bailey Federal Reserve Bank of— Minneapolis: Helena branch _.._...__.. Kansas City: Omaha branch , „ Denver branch Oklahoma City branch........ Dallas: El Pasobranch.. Houston branch__ San Antonio branch.. „ San Francisco: Los Angeles branch.__„_ _ Portland br&neh .... Salt Lake City branch..... Seattle branch .. Spokane branch Managing director R. E. Towle. L. H . Earhart. J, E.. Olson. C. E Daniel W. 0. Ford. D P. Reordan. M. Crump. Wm. M. Hale. R. B. West. W. L. Partner. 0. 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 m TABLE OF CONTENTS Page Review of the month—Money rates, gold, and the business situation Factors in supply and demand for reserve funds Condition of all member banks Changes in membership in the Federal reserve system Balance of payments of the United States 627 632 634, 683 635 636 <_ . - National summary of business conditions 638 Financial, industrial, and commercial statistics: Reserve bank credit— Reserve bank credit in use Discounts and deposits of Federal reserve banks Gold imports and exports and money in circulation Money rates in New York City Federal reserve bank rates , Open-market rates , Rates charged customers by banks in principal cities Member bank credit— Member bank reserve balances and borrowings at Federal reserve banks Loans, investments, and deposits of reporting member banks Bankers' balances in Federal reserve bank and branch cities Commodity prices, security prices, and security issues Industrial production . Factory employment and pay rolls Building Commodity movements Wholesale trade Retail trade Bank suspensions and commercial failures , Foreign banking and business conditions: Annual report of the Central Bank of Chile Financial statistics for foreign countries: Conditions of central banks : Condition of commercial banks Discount rates of 32 central banks Money rates in foreign countries Gold exports and imports of principal countries Foreign exchange rates Price movements in principal countries— Wholesale prices . Retail food prices and cost of living . Industrial statistics for England, France, Germany, and Canada Changes in national and State bank membership . Fiduciary powers granted to national banks . Detailed banking statistics for the United States IV 640 640 641 642 642 642 643 644 644 645 646 647 648 649 650 650 651 652 : 653 ._' . __ '. 657 659 659 660 661 662 663 665 666 668 668 669 FEDERAL RESERVE BULLETIN VOL. 13 REVIEW OF THE MONTH Volume of reserve bank credit in use during the past month has been at a lower level than at any other time in the past two D e c l i n e in years, reflecting decreases both m< ney rates in the reserve banks7 holdings of acceptances purchased in the open market and in their discounts for member banks. Accommodation extended by the reserve banks has been in unusually small volume for the system as a whole and for most of the Federal reserve districts. Factors in the diminished requirements of member banks for reserve bank credit have been the continued receipt of gold from abroad this year and the decreased demand for currency by the public. Volume of member bank credit also decreased in recent weeks and there was some decline in the demand for loans for commercial purposes, reflecting a slowing down in industrial and trade activity. During the month the discount rates at eight Federal reserve banks were reduced from 4 to 3J^ per cent and there was a corresponding reduction in the rates charged on bankers' acceptances. These reductions in rates were supported by purchases of United States securities by the reserve banks. Money rates in the open market, which had been tending downward since midsummer, showed a sharp decline following upon the reduction in the reserve bank rates, and the lower rates in this country have been an influence causing funds to be transferred to foreign money centers where higher rates prevail, with the consequence that sterling and other exchanges have advanced. This rise in the exchanges is facilitating the autumn purchases of American agricultural products by foreign countries, and will be an influence against further imports of gold, while the lower level of interest rates in this No. 9 SEPTEMBER, 1927 country at the season when crops are moving in large volume both to domestic and to foreign markets is a favorable factor in the business situation. Reserve bank credit outstanding, as measured by total bills and securities of the 12 Federal reserve banks, has rem a i n e d sinCe t h e e a r tnis ^ P a r t °f y e a r c l o s e t o $1,000,000,000 and has been lower on a monthly average than at any other time in nearly three years. This lower level of reserve bank credit has been due to a continuous, though relatively small, inflow of gold from abroad this year sufficient to provide member banks with the additional reserves made necessary by the expansion of their deposits, and to the fact that the volume of money in circulation, the only other major domestic source of demand for reserve bank credit, has changed but little during the year, remaining at all times wiell below its level of a year ago. With gold imports supplying the member banks' additional reserve requirements, and the demand for currency remaining constant, the demand for reserve bank credit has shown but little change since the end of January. Factors accounting for the lack of change in the volume of reserve bank credit during the past few months have been the same as those in operation for several years, and it is, therefore, appropriate to review briefly at this time the influences causing changes in the outstanding volume of reserve bank credit in recent years. Since the autumn of 1920 there has been a continuous movement of gold to the United States from abroad, except for five months at the turn of 1924 and 1925. During the period of heavy liquidation of bank credit, from 1920 to the summer of 1922, the gold that flowed into this country was used by the credit 627 628 FEDEEAL RESERVE BULLETIN member banks to repay a large part of their heavy indebtedness to the reserve banks. Domestic demand for currency also declined during this period, as a consequence of declining prices and the reduced volume of industrial activity, and the volume of reserve bank credit decreased from the peak of about $3,500,000,000 in November, 1920, to slightly over $1,000,000,000 in August, 1922. The decrease in the indebtedness of member banks to the reserve banks eased. the credit situation and placed the member banks in a better position to finance the revival of trade and industry which was under way in the middle of 1922. Since the summer of 1922 the gold received from abroad has been sufficient to meet the increased reserve requirements and o f m e m b e r b a n k s a g Supply and demand of republic's growing serve funds well as t h e currency needs, and, taking the period as a whole, the demand for reserve bank credit has remained relatively constant.1 An analysis of the factors entering into the situation for the past two years is presented in the following table: [In millions of dollars] Average for— July, 1925 July, 1927 Change. 1 2 Gold stock in United Statesi 4,367 4, 585 +218 Member bank reserve balances 2,160 2,289 +129 Money in circulation^ Federal reserve bank credit outstanding 4,704 4,743 1,065 21,072 +39 +7 With adjustments for gold earmarked here and abroad. Including amounts due from foreign banks. During this period about $218,000,000 of gold has been added to the stock of this country through imports from abroad. This gold as it was received by the member banks was deposited by them with the reserve banks, to be credited to the members' reserve accounts. The member banks used about $40,000,000 of these additional reserve funds to meet a growth 1 A complete statement of the factors entering into changes in supply and demand for reserve funds for the five years, 1922-1927, is given elsewhere in this issue of the BULLETIN. SEPTEMBER, 1927 in the demand for currency, and about $130,000,000 remained in their reserves and formed a basis of a growth of more than $3,000,000,000 in their loans and investments. This more than usual rate of expansion of credit, on the basis of the additional reserves, was made possible by the fact that a large part of the growth of member bank liabilities was in time deposits requiring only a 3 per cent reserve, as compared with a 7 to 13 per cent reserve required against demand deposits. While the exact adjustment between the supply of reserve funds and the demand for these funds involves a number of minor factors that are analyzed in detail elsewhere in this issue, the table shows that there has been practically no change in the demand for reserve bank credit during the period. The figures indicate that the gold received from abroad during the past two years has exerted an important influence on credit conditions in this country by meeting the growth in the demand for currency and by becoming the basis of rapid expansion of the loans and investments of member banks. In considering the international significance of gold movements in recent years it should be borne in mind, furthermore, that much of the gold received by the member banks of the Federal reserve system and used by them as a basis for additional credit extension was sent here in order to create dollar balances, which under the laws and practices of many foreign countries may be counted as reserves against the note and deposit liabilities of the central banks of these countries.1 Thus a large part of the gold received from abroad has not only exerted a direct influence on the credit situation in the United States, but has at the same time continued to be a part of the reserves underlying the credit and currency structures of foreign countries. 1 For discussion of foreign balances in the United States and of reserve laws of foreign central banks, see FEDERAL RESERVE BULLETIN for June, 1927. SEPTEMBER, 1927 FEDERAL RESERVE BULLETIN 629 The influence of gold imports on the volume Consequently, an addition to the reserves of of member bank credit, which is sometimes member banks always gives rise to a growth referred to as primary expan- in the volume of their operations, while an s i n On the basis f additional addition to the reserves of the reserve banks, ° ° of credit reserves, has not been accom- though it adds to their potential lending power, panied by a growth in the is utilized only to the extent that there devolume of reserve bank credit, which is some- velops additional demand for credit or curtimes known as secondary expansion, notwith- rency by the member banks. Summarizing the influence of gold imports standing the fact that there has been a growth in the reserves of the reserve banks. While the since the autumn of 1920, it appears that durreceipt of gold in the United States has resulted ing the entire period the receipt of gold from in additions to the reserves of member banks abroad has had its customary effect of easing in the form of book credits at the reserve banks, the credit situation in the United States. Durthe only form in which member banks are per- ing the period from 1920 to the middle of 1922 mitted by law to hold their required reserves, the gold was an important factor in helping the title to the gold itself has passed to the reserve member banks to reduce their heavy indebtedbanks and has increased their reserves in ness at the reserve banks, and since that time excess of legal reserve requirements from it has furnished them with funds for meeting about $1,500,000,000 in July, 1925, to about their growing credit and currency needs with$1,650,000,000 in July, 1927. This growth out having additional recourse to the reserve in excess reserves has further increased the banks. Throughout the period changes in reserve banks7 potential power of credit ex- the volume of reserve bank credit have not pansion, and the absence of growth in the reflected changes in the reserve banks' reserve volume of reserve bank credit outstanding position, which for the past six years has been during the period is due to the fact that the at all times far above the legal reserve requirereserve banks issue additional credit only in ments, but rather changes in the demand for response to a growth in the demand by mem- credit and currency arising from changes in ber banks for additional reserves or for addi- the financial requirements of trade and intional currency. Since gold imports have dustry. In recent months the decline in supplied the member banks with the amount reserve bank credit has been due, in addition of additional reserve funds required to meet to gold imports, to the smaller currency and the credit and currency needs of their custo- credit needs caused by the slowing down of mers, the member banks have not had to resort business activity. to additional borrowing at the reserve banks, Industrial production, which in the early and consequently there has been no growth in part of the year was maintained at an unusually high level, declined in June the outstanding volume of reserve bank credit. Slowing down a n d j u j y m o r e t k a n j s u s u a } The absence of growth in reserve bank credit d during a time when their reserves increased * at this SeaSOn ° f the **** alid > may be contrasted with the full utilization according to early indications, of their additional reserves by the member showed no increase in August. Among the banks. As has been frequently pointed out principal industries showing a recession in by the board, member banks, as profit-making recent months are the metal and coal indusinstitutions, at all times make use of their tries and the manufacture of automobiles. reserves to the full extent authorized by law, Iron and steel production was smaller in July while the reserve banks extend additional than in any month since 1925, the output of credit only in response to an additional dezinc was the smallest for two years, and copper mand for reserve credit by the member banks. production fell below any month since 1924. 630 FEDERAL RESERVE BULLETIN Mining of coal, both bituminous and anthracite, has been in smaller volume this summer than in the two preceding years. The number of animals slaughtered and the output of flour and sugar also declined in July, while cotton consumption and the leather and shoe industries continued active, and there was some increase in the production of building materials. The volume of construction has continued to be large, but there has been a decrease in the erection of residences and of other buildings, while work on roads, dams, and bridges, which requires less labor and more machinery than the building of houses, has been in large volume. As a consequence of the recession in several lines of industry, there has been a decline in the number of workers employed in factories and in the total pay rolls of industrial establishments. The volume of employment and of pay rolls in July was at a lower level than at any other time in the past three years. The reduction in current earnings of industrial workers has been reflected in a slowing down of distribution of commodities, as is indicated by a decline in the volume of freight movements over the railroads, which has also been influenced by the continued strike in the bituminous coal industry. Dollar volume of trade, both at wholesale and at retail, was smaller in July than in June, and below last year. The reduction as compared with 1926 is explained in part but not entirely by the prevailing lower level of commodity prices. Although prices during the past four months have been steady with a slight upward tendency, the general level in July was 4 per cent lower than a year ago. At the member banks the reduced volume of industrial and trade activity was reflected in a smaller demand for loans for Accumulation • i , • i mdusto J -i a l a n d commercial purposes. Commercial loans of member banks in leading cities outside of New York have been in smaller volume this summer than a year ago, and the total of these loans for all reporting banks declined from the of surplus funds SEPTEMBER, 1927 middle of May to the end of July. The reduced demand for bank credit to supply the current financial needs of trade and industry, together with the inflow of gold from abroad and of currency from circulation, has resulted in the accumulation of a large volume of surplus funds in the hands of member banks, and particularly of the banks in the financial centers. This growth of available funds in the central money markets has been reflected in a rapid increase in the investment holdings of member banks and in their loans on stockexchange collateral. An additional source of funds available for short-term investment and for loans on securities has been the growth of balances held by American banks for foreign correspondents. It has been estimated by the Department of Commerce that total balances held by foreign banks on deposit in this country at the close of 1926 amounted to about $1,500,000,000, and were about $300,000,000 larger than at the end of the preceding year. While there are no figures showing changes in these balances since the beginning of 1927, there is reason to believe that there was a further movement of funds to the United States from abroad during the first half of the year. This growth in the volume of foreign funds in the New York money market during the first six months of 1927 has Money rates o c c u r r e c l a£ a time when the in New York level of money rates was higher and London in this country than in financial centers abroad. The chart shows the course of the rate on time money in New York and of the rate on three-month bills in London. While these rates do not represent the cost of strictly comparable types of credit in the two markets, they give a rough indication of changes in the relative position of New York and London in competing for liquid funds in the international money market. It will be seen from the chart that the recent decline of the time-loan rate in New York has occurred at a time when the bill rate in London remained unchanged, and this change in the SEPTEMBER, FEDERAL RESERVE BULLETIN 1927 631 relative position of the rates has resulted in a a tendency to attract a larger volume of the transfer of funds to London and has been financing of exports to the banks of this reflected in a rapid rise of sterling exchange. country, and consequently to reduce the demand for credit for this purpose abroad. Thus the establishment of lower rates for 6 m oney in the United States at this season of the year is facilitating the marketing of American crops and at the same time, by relieving the pressure for funds on foieign banks, is exerting a favorable influence on the international financial situation. EXCHANGE R A T E S DOLLARS PER POUND INTEREST RATES PER CENT Reduction of Discount Rates and Bill Rates 1927 1926 All rates are weekly averages. Time-loan rate is rate on stock exchange time loans. London bill rate is rate on three-month bankers' bills. Exchange rate is noon buying rate This advance of sterling and of other European exchanges will assist foreign buyers in making their autumn purchases of grain, cotton, and other American farm products. At the same time the decline in rates charged on bankers' acceptances in New York will have 60625—27 2 Reductions of discount rates on all classes of paper and on all maturities were made at the following Federal reserve banks, effective on the dates indicated. For completeness, the rate reductions announced in the August BULLETIN are included: Kansas City, July 29; St. Louis, August 4; Boston and New York, August 5; Cleveland, August 6; Dallas, August 12; Atlanta, August 13; Richmond, August 16; and Chicago, September 7. Between July 29 and August 5 the buying rates on prime bankers' acceptances at the Federal Reserve Bank of New York were reduced from a range of 3J^ -to 4 per cent, according to maturities, to a range of from 3 to 3% per cent. 632 FEDEEAL RESERVE BULLETIN SEPTEMBER, 1927 FACTORS IN SUPPLY AND DEMAND FOE RESERVE FUNDS During the five-year period from July, 1922, Jfactors, all the minor factors affecting the to July, 1927, taken as a whole, there was Federal reserve fund equation. An explanarelatively little change in the outstanding tion of these factors is made in the following volume of reserve bank credit, as measured by paragraphs. total bills and securities held by the 12 Federal Sources of supply of reserve funds.—The reserve banks. There was, however, during increase in the country's gold stock during the the period a large increase in the demand for five-year period amounted to $782,000,000, reserve bank funds arising from the two major which when deposited by the member banks sources of that demand—growth in the with the reserve banks added that amount to reserve requirements of member banks and the volume of reserve funds at their disposal. growth of the public's need for money in An additional source of reserve funds of circulation. This increase in the demand for considerable magnitude were the silver purreserve bank funds has been met largely chases by the Treasury during this period, through the use of gold received from abroad. which increased the monetary stock of silver The chart shows the course of the principal by $180,000,000. A part of these purchases elements of supply and demand for reserve was made to supply the increased demand for bank funds from the beginning of 1922. In subsidiary silver for circulation, but the greater the chart changes in reserve bank credit out- part represented purchases to replace silver standing, as measured by the reserve banks7 sold to the Orient immediately after the war, in holdings of bills and securities, and in the accordance with the provisions of the Pittman country's stock of gold are shown separately Act. As these purchases were made, silver and combined, the combined line showing certificates were placed in circulation, with the consequence that at the reserve banks a corresponding amount of Federal reserve bank notes 3000 and other currency was retired. Further factors in the supply of reserve funds during the period were an increase in the 2500 balances held by the reserve banks abroad amounting to $39,000,000 and a decrease of $20,000,000 in the deposit balances held by the 2000 reserve banks to the account of others than member banks. The foreign balances represent reserve funds paid out here but carried 1500 abroad and the decrease of "other 77 deposits a transfer of funds in that account to other uses. 1000 4000 Both of these operations are equivalent to the placing of a corresponding amount of reserve funds in the market. There was also a 3S00 net decrease in Treasury holdings of cash not 1923 1925 19241922 1926 1327 otherwise taken into consideration in making The reserve bank figures are daily averages and the gold stock and Although they are not considmoney in circulation figures are averages of figures for the first day this estimate. of two consecutive months. The curves representing reserve bank credit and member bank reserve balances are on a scale running from ered as money in circulation, Treasury holdings $500,000,000 to $3,000,000,000, and the curves of gold stock, money in of cash are in some respects similar to the circulation and of reserve bank credit plus gold stock on a scale runcurrency holdings of the public, and a decrease ning from $3,500,000,000 to $6,000,000,000 in these holdings constitutes a gain of reserve changes in the total supply of reserve bank funds to the member banks similar to a defunds. Against the curve of supply are shown crease in money in circulation. In estimating the two major sources of demand—reserve this figure, deductions were made from the total requirements of member banks and money in cash holdings of the Treasury as shown on their circulation statement, for gold and silver held circulation. In addition to the major factors shown in in trust against gold and silver certificates, for the chart there are a number of minor factors gold held for the Federal reserve banks and affecting the supply of reserve funds and the agents, and for the redemption fund against demand for such funds. In the accompany- national bank notes, as all these items have ing table an attempt has been made to already been included in other estimates in this present, in addition to the well-known major calculation. SCALE FOR t AMD SEPTEMBER, 1927 Factors in demand for reserve bank funds.— Demand for reserve bank funds increased between July, 1922, and July, 1927, by $926,000,000, of which $477,000,000 represented an increase in the reserve requirements of member banks, arising out of the growth of their deposit liabilities, and $388,000,000 represented an increase in the public's demand for currency. The remaining three factors of demand account together for less than 10 per cent of the growth in the demand. The largest of these factors, amounting to $47,000,000, represents the result of the retirement of a part of the national-bank notes. This operation resulted in an increase in the demand for reserve bank credit, not originating in a larger demand for cash by the public, but in the withdrawal of non-Federal reserve currency, which caused the public to turn to the reserve banks for more Federal reserve currency. The estimate of $47,000,000 for this item is obtained by deducting from the decrease in total national-bank notes issued the decrease in the redemption fund held against them at the Treasury. In so far as this redemption fund was paid out, the money thus released took the place of the retired national-bank notes, and it is only the retirements in excess of funds thus released that have resulted in an increase in the demand for reserve bank funds. There was also during the period a small increase in the demand for reserve bank funds as a result of an increase of $13,000,000 in the " unemployed capital and other items of the Federal reserve banks." This item measures the excess of funds paid in to the reserve banks as capital and as interest on investments and discount on loans, over funds disbursed by the banks for buildings, equipment, salaries, dividends, franchise taxes, and other expenses. In estimating the net increase on this account, the net change in the book value of "bank premises7' and "all other resources" on the reserve bank statement has been deducted from the net change in the book value of "capital/' "surplus." and "all other liabilities." Another factor in the reserve fund equation is the amount of float carried by the reserve banks. The float is determined by subtracting the deferred availability items of the reserve banks from their uncollected items. The difference between these two represents items for which the reserve banks have given credit to member banks prior to actual collection, and have thus extended credit to member banks against transit items. Thus the float 633 FEDERAL RESERVE BULLETIN is equivalent to reserve bank credit in use, and an increase in the float carried by the reserve banks results in a decrease in the demand for discounts, while a decrease in the float gives rise to an increased demand for credit at the reserve banks. Between July, 1922, and July, 1927, however, the period covered by this calculation, there was practically no change in the float carried by the reserve banks. Balance between supply and demand.—The total supply of reserve funds arising from the sources enumerated was $1,034,000,000 for the five-year period, according to this calculation, and was $108,000,000 in excess of the estimated increase of $926,000,000 in the demand for reserve funds. As a consequence, bills and securities of the Federal reserve banks might have been expected to decrease by $108,000,000, but in reality this decrease amounted to $102,000,000 for the period. The difference of $6,000,000 between the actual decrease and the decrease that would be expected in accordance with net changes in the factors affecting reserve bank credit represents inaccuracies in the calculation, due largely to the fact that the figures do not in all cases refer to exactly the same day, and a difference of one day, and even of one hour, may sometimes cause an even larger change in the accounts than the $6,000,000 of discrepancy in this calculation. FACTOES IN SUPPLY AND DEMAND FOR RESERVE FUNDS JULY, 1922, TO JULY, 1927 [Daily average figures unless otherwise stated] [In millions of dollars] July, 1922 Sources of supply of reserve bank funds: Increase in gold stock M_ Increase in monetary silver stock 1 Increase in due from foreign banks, Federal reserve banks! _ _. Decrease in United States Government, foreign, and other deposits at Federal reserve banks _ _ Decrease in Treasury holdings of cash not otherwise accounted for * ___ Total „ Factors of demand for reserve bank funds: Increase in member bank reserve balances. __ Increase in money circulation 1 Decrease in net issue of national bank notes 1. Increase in unemployed capital and other items of Federal reserve banks * _ _ Decrease2 in float carried by Federal reserve banks ... Total . Estimated decrease in demand for reserve bank credit Actual decrease in reserve bank credit __ Difference _ „__ 1 2 July, Net 1927 change 3,805 4,587 654 834 782 180 39 39 70 50 20 210 197 13 1,034 1,812 2,289 4,357 4,745 744 697 477 388 47 283 296 13 344 43 1 926 1,128 1,026 Average of figures for 1st of July and 1st of xVugust. Exclusive of Federal reserve notes of other Federal reserve banks. » Daily average for four weeks ending July 26. 4 Including gold held abroad by Federal reserve banks. 108 102 6 634 FEDEKAL EESEKVE BULLETIN SEPTEMBER, 1927 CONDITION OF ALL MEMBER BANKS Total loans and investments of all member increase was in loans chiefly for commercial banks of the Federal reserve system increased purposes and the balance was in loans on seby more than $800?000;GG0 during the second curities. The growth, $700,000,000, in memquarter of the year and on June 30 stood at ber banks' holdings of investments, for the year $33,000,000,000. Figures showing the condi- ending June 30, has occurred in a period when tion of all member banks on that date have foreign and domestic securities marketed in recently become available and are published this country were in record volume. in detail on page 683. Loans, which had de- Comparison between figures for all member clined during the first quarter of the year, banks and banks in leading cities shows increased during the succeeding three months changes which have occurred in the condition by about $600,000,000, and the banks' secu- of member banks outside these cities, chiefly in rity holdings, which had shown considerable relatively small agricultural centers. Changes increase during the first quarter of the year, in the principal resources and liabilities of showed a further increase of nearly $200,- banks in leading cities and of banks in smaller 000,000 between the end of March and the centers are shown, for the year ending June 30, end of June. Growth in member bank loans 1927, in the accompanying table. About two-thirds of the total increase of and investments was accompanied by marked increase in deposits, net demand deposits in- $900,000,000 in the volume of member bank creasing by nearly $700,000,000 during the loans was in the loans of banks in leading period and time deposits by about $400,000,000. cities, and the balance was in the loans of The volume of member bank borrowing at banks in smaller places. The growth at both the reserve banks showed a slight decrease for classes of banks w^as largely in the loans of the quarter. Principal resources and liabili- banks in the four eastern, and largely industrial, ties of all member banks are shown in the fol- districts and in the San Francisco district; in lowing table for June 30 and several earlier the other districts, in which agricultural actividates, together with changes since March 23, ties predominate, the loans of city banks in some instances increased, but. loans of banks in 1927, and June 30, 1926: small centers for the most part showed declines. PRINCIPAL RESOURCES AND LIABILITIES OF ALL Investment holdings of member banks in MEMBER BANKS leading cities and of banks in small centers [In millions of dollars] increased in about equal volume, and increases were general among both classes of banks in all Loans and investments districts. Investments Total Loans June 30, 1926 Dec. 31, 1926 _ Mar. 23, 1927 June 30, 1927—... 31,391 22,267 31,896 2 2 ,907 """ 32,154 22, 532 532 32, 967 23; 149 United All States other Total securities ties 9,124 8,990 9,622 9,818 Change since— Mar. 23,1927.: +813 +617 +1' June 30,1926.. +1, 576 +882 +6' 3,745 5,379 3,389! 5,601 3,835; 5,787 3,796 -39 +51 ! Net demand plus time deposits 29, 939 30,342 30,334 31,418 +235 +1,084 +643 +1,479 Accommodation at Federal reserve banks 516 640 464 441 -23 -75 CHANGE IN VOLUME OF MEMBER BANK CREDIT OUTSTANDING, YEAR ENDING JUNE 30, 1927 [In millions of dollars] Member All other All in member banks leading member banks banks cities Loans and investments Loans Investments, total United States securities All other securities.. ... +1, 576 1+952 +624 +882 -}-694 1+583 1+369 +299 +325 +51 +643 1+57 1+312 -6 +331 +472 The table shows that total loans and in vest- Net demand plus time deposits2 +1,405 +933 ments of all member banks on June 30 were Net demand deposits 2.__ +424 +354 +70 +402 +981 +579 Time deposits2 _ _ nearly $1,600,000,000 larger than a year earlier. l This represented a growth during the year of Federal reserve bank accommodation _. -38 -58 +20 about $900,000,000 in loans and $700,000,000 1 Change between June 30, 1926, and June 29, 1927. in investments. A classification of the loans 2 Change between June 23, 1926, and June 22, 1927. of all member banks at the end of this period is not yet available; however, nearly two-thirds Growth in loans and investments of member of the growth in loans was in the loans of banks was accompanied by marked increase weekly reporting banks in leading cities, and both in net demand and time deposits. The at these banks somewhat less than half of the increase in net demand deposits, amounting to SEPTEMBER, 635 FEDERAL KESEBVE BULLETIN 1927 more than $400,000,000 for the year, was chiefly in banks in leading cities, for the most part banks in the New York and Cleveland districts. Time deposits continued to accumulate in most districts, the growth for the year amounting to about $1,000,000,000. Of this amount nearly $600,000,000 was in the deposits of banks in leading cities and about $400,000,000 in the deposits of banks in small centers. Increases at both classes of banks were largest in the four eastern districts and the San Francisco district. CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM During the second quarter of the year there system. Mergers between member banks acwas a decline of 45 in the number of member counted for 43 losses, and there were 33 banks banks in active operation in the Federal reserve that suspended operations on account of system, as indicated by the number of banks financial difficulties. Two banks terminated submitting the required reports of condition operations by voluntary liquidation. on March 23, 1927, arid on June 30, 1927. The decrease of 45 in the number of member This compares with a decline of 116 for the banks was composed of decreases of 32 in the first quarter and brings the decline for the first number of national banks and 13 in the numsix months of the year to 161, ber of member State banks. Changes for the Decreases in the number of member banks second quarter of the year are shown, by class during the three months ending June 30 have of member banks, in the following table: resulted chiefly from mergers between member banks and from suspensions, as is shown in the CHANGES IN THE NUMBER OF MEMBER BANKS IN THE FEDERAL RESERVE SYSTEM, BY CLASS OF MEMBER, following table: MARCH 24 TO JUNE 30, 1927 CHANGES IN THE NUMBER OF MEMBER BANKS IN THE FEDERAL RESERVE SYSTEM, MARCH 24 TO JUNE 30, 1927 Number of member banks Class of change Active member banks, Mar. 24,1927 Active member banks, March 24,1927 9,144 Banks joining the system _ ___ Banks withdrawing from the system _ _ Net increase from banks joining and withdrawing Decrease in membership through mergers between member banks, suspensions, and voluntary liquidations _ Net decrease for the period Active member banks, June 30,1927 ___ 51 U8 33 78 45 __ 9,099 1 Includes 10 withdrawals which were incidental to the absorption of member banks by existing nonmember banks. During the period 51 banks joined the sj^stem and 18 withdrew from membership, resulting in a net voluntary accession of 33 banks. Of the banks that joined the system, 30 were newly organized national banks and 21 were former nonmember banks, 7 which converted into national banks and 14 which were admitted to membership with the status of State institutions. Of the banks that relinquished membership in the system, 10 did so as a result of mergers with nonmember banks, 5 were succeeded by nonmember banks organized for the purpose, and 3 withdrew after advance notice to the Federal Reserve Board. The net gain in membership from banks joining and withdrawing from the system was more than offset by losses, 78 in all, resulting from causes not related primarily to the banks7 choice in the matter of membership in the National Total Number of banks Additions to membership: Organization of national bank Conversion of nonmember bank to national __ _„ Admission of State bank Resumption following suspension— Conversion within the system Total additions Losses to membership: Merger between member banks— Intraclass Interclass Voluntary liquidation (terminal)... Suspension and insolvency. __ Absorption of member bank by nonmember bank Conversion of member bank to nonmember bank _. Withdrawal of State bank. Conversion within the system Total losses Net change ... Active member banks, June 30,1927 9,144 7,822 30 30 7 14 7 State 1,322 14, 13 51 40 14 30 13 2 33 25 8 2 24 5 5 9 10 8 2 5 3 5 3 13 96 72 27 -45 9,099 -32 7,790 -13 .. 1,309 1 Succession between members of one class and members of the other without effect on the number of banks in the system. Since the beginning of the year membership in the system has declined by 161. While there was a net increase of 37 as a result of banks joining and withdrawing from the system, the number of members was reduced by 198 as a result chiefly of mergers between member banks and of suspensions. Changes in membership during the first six months of the year are summarized in the following table: 636 FEDERAL RESERVE BULLETIN CHANGES IN NUMBER OF MEMBER BANKS IN THE FEDERAL RESERVE SYSTEM JANUARY 1 TO JUNE 30,1927 Number of banks Active member banks, January 1,1927.. _ Banks joining the system... _ Banks withdrawing from the system Net increase from banks joining and withdrawing Decrease in membership through mergers between member banks, suspensions, and voluntary liquidations Net decrease during the first half of 1927 Active member banks, June 30,1927 _ 9,260 84 47 SEPTEMBER, 1927 lowing table shows, for each Federal reserve district, the number of mergers of national banks with other national banks, of State banks with other State banks, and of national with State banks during the first six months of 1927: MERGERS BETWEEN.MEMBER BANKS JUNE 30, 1927 JANUARY 1 TO 37 198 161 Total 9,099 i Includes 28 withdrawals which were incident to the absorption of member banks by existing nonmember banks. There were 108 mergers between member banks during the first half of the year, compared with 88 during the entire year 1926. The largest number of mergers took place in the San Francisco district, where one large branch-operating bank in the State of California acquired 26 national banks. The fol- All districts Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis ___ Minneapolis Kansas Citv Dallas.. San Francisco...- _. Mergers Mergers between between national State banks banks 108 71 3 10 6 11 4 2 7 2 4 2 7 3 1 5 5 9 8 43 2 9 6 30 Mergers of national with State banks 11 26 1 3 2 4 1 1 2 3 2 3 2 7 6 BALANCE OF PAYMENTS OF THE UNITED STATES The table opposite shows the balance of eigners is much larger than the total amount of international payments of the United States securities held abroad for account of Americans. for the year 1926 compared with the balances ESTIMATED BALANCE OF INTERNATIONAL PAYMENTS OF of the four preceding years, as recently THE UNITED STATES, 1922-1926 1 estimated by the Department of Commerce.1 [In millions of dollars] The figures for 1926 show that the favorable 1922 1923 1924 1925 Items 1926 balance of the United States on account of Current items: merchandise movements was more than offset Visible current items—Merchanby a number of invisible items, among which dise 2 +734 +388 +970 +666 +426 Invisible current items— the largest ones were the flotation of foreign Interest on interally debt +126 +167 +159 +160 +160 Private interest and dividends. +225 +250 +305 +355 +528 loans in the United States, the purchase of Ocean freights. -8 +7 -62 +8 -8 foreign securities by Americans, and expendiGovernmental payments -19 -16 -5 Services to tourists 4 0 0 3 0 0 5 0 0 6 46 —560 tures of American tourists abroad. These Charitable and missionary expenditures _ 7 5 7 0 5 5 5 0 4 6 three items aggregated for the past year Immigrants' remittances -325 - 2 9 0 - 3 0 0 -310 -287 $1,978,000,000, or about 75 per cent of total • Motion-picture royalties +75 +71 debits. On the credit side, the continuous Total visible current items.. - 3 5 8 - 3 7 0 - 3 8 8 - 3 4 3 -287 Total, current items other decrease of the excess of merchandise exports than gold and silver +376 +18 +582 +323 +139 over imports has been accompanied by a steady Movement of capital: New foreign securities exclusive increase in receipts of interest on foreign invest-637 - 3 6 3 - 7 9 5 - 9 2 0 - 1 , 002 of refunding ments. The net receipts of interest on foreign Sale and purchase of outstanding -110 +358 +205 +321 securities -32 investments, including interest on account of Foreign bonds paid off.. _. +78 +23 +45 +140 +470 Principal of interally debt... +31 +91 +23 +27 the interally debts, amounted during the past +35 +50 -50 -62 United States currency. -40 year to $688,000,000, or $262,000,000 more Total capital items - 6 3 8 +159 - 5 7 2 - 4 9 4 -569 than the excess of exports over imports. For Gold and silver: Gold. _ the first time net receipts of interest on for- 2 3 8 -294 - 2 5 8 +134 -98 Silver ___ ___ +36 +34 -8 +22 eign loans and investments exceeded those deTotal gold and silver -246 - 2 9 6 - 2 2 2 +168 -76 rived from merchandise trade. _3 Miscellaneous _ The study of the Department of Commerce Total, all items - 5 0 8 - 1 1 9 -212 -509 shows that while there has been a large outflow Change in foreigners' bank deposits by questionnaires__ +359 +375 +3 +216 - 6 1 of long-term capital from the United States, as as revealeddifference (representing regards short-term funds the United States is Eesidual errors and omissions) +4 - 6 4 -133 -116 -150 a debtor to the rest of the world, and that the constructing this table the estimates for the years 1922,1923,1924, aggregate market value of stocks and bonds and1 In 1925 were revised in the light of more recent information and arranged to make all the data comparable. held by the American banks for account of for- in 2order Thefiguresfor merchandise exports include estimates for unrecorded 0 0 i See Trade Information Bulletin, No 503, August, 1927. parcel-post packages and those for merchandise imports include estimates of smuggled goods. FEDEKAL RESEKVE BULLETIN SEPTEMBEE, 1927 637 and investment houses of the country. Since many smaller banks and bond houses did not reply to the questionnaire, each amount has been arbitrarily increased by 10 per cent. The revised figures are shown in parentheses. BALANCE OF UNFUNDED D E B T AND OF SECURITY Deposits and short-term loans and investHOLDINGS BETWEEN THE UNITED STATES AND ments of foreigners in the United States FOREIGN COUNTRIES amounted at the end of 1926 to $2,042,000,000 and were $1,052,000,000 larger than total [In millions of dollars] deposits and short-term loans and investments of Americans abroad, and the total market 1925 1 1926 value of stocks and bonds held in this country for foreign account was larger by $1,681,000,D u e to foreigners 2 (debits): 1. Aggregate market value of stocks 000 than the value of those held abroad for and bonds held by American 1,563 (1,719) American account. The total net indebtedbanks for account of foreigners.- 1,707 (1,878) 2. Total deposits of foreigners with ness of the United States resulting from the 1,007 (1,108) American banks J 1,312 (1,443) 3. Total loans a n d advances, inreported international movement of securities cluding overdrafts of foreigners and unfunded short-term balances and invest349 (384) 407 (448) to A m e r i c a n s . . . 4. Short-term investments of forments amounted at the end of 1926 to $2,733,262 eigners in t h e United States 381 (419) (288) 000,000, as compared with the 1925 figure of Total.. . . _ . . . 3,749 (4,124) 3,239 (3,563) $2,268,000,000; or, if 10 per cent be added to D u e to Americans (credits): cover items not reported, to $3,006,000,000 as 1. Aggregate market value of stocks and bonds held b y foreigners compared with the 1925 figure of $2,495,000,for account of Americans _ _ (29) (22) 26 20 000. This indebtedness is partly due to the 2. Total deposits of Americans with foreign banks 297 (327) 334 (367) fact that a number of foreign central banks 3. Total loans a n d advances, including overdrafts b y Amerkeep a considerable part of their reserve in this i can banks to forei gners 620 538 (682) (592) country,1 and partly to the accumulation of 4. Short-term investments of Amer73 icans a b r o a d . . _ (80) (87) proceeds of foreign loans which have not been Total „ 1,016 (1,118) 971 (1,068) transferred to the borrowing countries. The increased holding of securities and of shortN e t indebtedness of t h e United States to foreign countries _ _ 2,733 (3,006) 2,268 (2,495) term investments by American banks for foreign account and the growth of short-term 1 Figures in parentheses have been increased by 10 per cent to allow for loans by Americans to foreigners indicate that nonreporting firms. The term "foreigners" includes foreign governments, banks and the United States is extending loans to forbankers, other residents abroad, and foreign branches of American eigners and at the same time is receiving surbanks. plus funds of foreign countries seeking tempoThese figures have been obtained on the rary investment. basis of a questionnaire sent by the Department of Commerce to a large number of banks See FEDERAL RESERVE BULLETIN for June, 1927. The following table shows the unfunded indebtedness of the United States and the amount of securities held for account of foreigners and Americans, respectively: 1 1 ' ] " M • • • . e 2 1 638 FEDERAL BESEKVE BULLETIN SEPTEMBER, 1927 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial production declined in July to a larger than a year ago, the increase reflecting level below that of a year ago, while the chiefly a growth in awards for engineering Department of Labor's index of wholesale projects. prices advanced for the first time since last autumn. Demand for bank credit showed a seasonal increase, but easy conditions prevailed in the money market. Production.—Output of manufacturers declined in July and was in practically the same volume as a year ago, and the production of minerals, which was further reduced during the month, was at the lowest level since early in 1926, when the anthracite strike was in progress. Iron and steel production in July 50 was in the smallest volume since 1925, and FACTORY EMPLOYMENT continued at practically the same level during AND PAVROLLS the first three weeks of August. Automobile PERCENT PERCENT 150 150 Minerals £\^£^ 100 100 / • Manuf actures 50 50 PRODUCTION OF MANUFAGTURES AND MINERALS 19241925 1326 1927 1923 Index of production of manufactures and minerals. (1923-1925 average= 100.) Latest figures, July output for July and the early weeks of August was considerably below that of the corresponding month of last year; production of rubber tires, nonferrous metals, and food products and activity of woolen mills were smaller in July than in the preceding month. Cotton consumption was smaller than in June but continued unusually large for this season of the year. Production of leather, shoes, and lumber increased in July as compared with June. Factory employment and pay rolls showed seasonal decreases in July and were smaller than in any month since 1924. Employment in coal mining has been reduced in recent months, and reports indicate some unemployment in certain of the building trades owing to the decline in the construction of houses. Building contract awards in July and in the first three weeks of August continued 1923 1927 19241925 1926 Federal Reserve Board's indexes of factory employment and pay rolls. (1919=100.) Latest figures, July The August 1 cotton report of the Department of Agriculture indicated a production of 13,492,000 bales, or 25 per cent less than the record yield of last year. The indicated production of corn, though considerably larger than the expectation in July, was 262,000,000 bushels lower than the harvested crop of 1926. The August estimate of 851,000,000 bushels of wheat indicated an increase of 18,000,000 bushels over the 1926 crop yield. Trade.—Distribution of merchandise at wholesale and retail showed about the usual seasonal decline in July. Compared with a year ago, sales of wholesale firms and department stores were slightly smaller, owing largely to the fact that there was one less business day in July of this year than in July, 1926. Sales of mail-order houses and chain stores were somewhat larger than a year ago. Inventories of department stores continued to decline in July and at the end of the month were slightly smaller than a year ago; and wholesale stocks also continued smaller than last year. Shipments of commodities by freight decreased, contrary to the usual seasonal trend, and were smaller in July and in the first two weeks of August than in the same period of last year. Prices.—The Bureau of Labor Statistics index of wholesale prices advanced slightly in July, reflecting chiefly increases in the prices of corn, livestock, cotton, and leather, while prices of wheat, silk, metals, and building materials declined. Since the latter part of 639 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 July prices of corn, cotton, and cattle have Bank credit.—There was an increase in the continued upward and those of wheat, non- volume of commercial loans at member banks PERCENT in leading cities between July 20 and August PER CENT [200 2001 17, as is usual at the beginning of the cropmoving season. Loans on securities, as well as commercial loans, increased, while investment holdings declined., and total loans and 150 150 investments were about $60,000,000 larger than a month earlier. Total borrowings of member banks at the 100 100 reserve banks increased slightly between July 20 and August 24; there was a growth of discounts at the Federal Reserve Bank of New York, partly offset by declines in other districts. 50 50 There was little change in the system's holdWHOLESALE PRJCES ings of acceptances and a growth in the portfolio of United States securities. 1927 Money rates on all classes of paper in the 1923 19241325 1926 Index of United States Bureau of Labor Statistics. (1913 = 100, open market declined sharply in August, and adopted by bureau.) Latest figures, July were at a lower level than a year ago. Disferrous metals, and rubber have also advanced, count rates at eight Federal reserve banks were while hogs, lumber, and hides have declined. reduced from 4 to 3}^ per cent. FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE Year and month Building contracts BailIndus- Production of Producroad awarded 1 trial tion of manucar producminerfacloadtion 1 als^ UnadAdtures i justed justed Factory Factory Wholeemploysale pay ment trade rolls Monthly average 1923-1925=100 Bank Department-store .Department-store debits sales i stocks 1 outside of New UnadAdUnadAdYork justed justed justed justed City i Monthly average 1919 = 100 1926 May June July August September.. October November.. December.. 1927 January.___ February March. _.•_. April May.. June July 107 107 107 111 113 111 108 105 107 107 107 112 113 110 106 103 103 104 105 109 111 116 118 120 134 133 126 146 137 126 119 131 125 125 124 129 130 126 130 136 108 109 108 108 109 109 108 106 106 109 111 109 111 108 105 104 107 110 109 111 108 107 117 120 122 106 108 103 97 94 96 151 147 135 154 130 123 131 131 128 126 144 128 105 109 109 108 107 104 101 95 94 92 94 94 92 91 ! 109 109 104 108 108 112 109 108 102 109 110 108 108 106 101 82 97 94 86 78 75 73 83 78 "I 137 130 99 105 131 158 156 234 132 130 133 134 144 139 138 146 138 131 125 130 142 153 156 128 138 138 133 130 132 137 138 137 124 127 136 126 126 126 123 126 114 107 129 143 131 130 97 130 139 129 140 127 130 129 124 131 142 143 138 129 124 139 139 140 139 138 136 133 125 133 134 137 133 334 132 78 1 The indexes of production, car loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of buil-Iing contracts and department-store sales and stocks are shown both with and without seasonal adjustments. 60625—27- 640 FEDEKAL EESEKVE BULLETIN SEPTEMBER, 1927 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS RESERVE BANK CREDIT RESERVE BANK CREDIT IN USE [Monthly averages of daily figures. In thousands of dollars] disUnited Keserve Bills counted Bills States bank for Month credit in member bought securities use * banks BILLIONS OF DOLLARS 2 BILLIONS OF DOLLARS 1926—January February March April May June July August September October November December 1927—January February... March.._ April . May. _ ._ 0 June 19241325 1926 1323 1927 July August Monthly averages of dailyfiguresfor 12 Federal reserve banks. Latest •_ 1,231,337 1,176, 328 1,176,439 1,158,891 1,155,191 1,139,808 1,166, 564 1,158,264 1, 225, 236 1, 269,356 1, 270, 057 1,380, 571 1,146, 523 1,007, 624 1, 029, 319 1,038, 857 999,504 1,033,123 1, 026,152 1, 021,830 526,042 525,049 558, 795 539,594 514, 559 476,044 548,966 555, 799 641, 797 665, 566 618,367 671, 722 486, 875 427, 716 472, 984 428, 563 453,997 409,439 327,179 305,631 269, 634 235,956 230, 555 244,038 231,132 245,094 263, 992 294, 296 346,859 384,826 345, 448 305, 013 254, 618 248,429 233,224 205,273 189, 774 173,122 368,099 335,367 369,779 398,249 408,776 379,745 353,903 315,747 306, 413 302,309 321,446 310, 637 306,707 344, 921 341, 081 291, 495 397,754 381,081 438, 511 figures are averages for August i Total holdings of bills and securities by all Federal reserve banks, including "other securities" and foreign loans on gold. DISCOUNTS AND DEPOSITS OF FEDERAL RESERVE BANKS [Monthly averages of daily figures. In thousands of dollars] Federal Reserve Bank Month Discounts: 1926—January ___ February.. March April May June July August September. October,. _ November. December. 1927—January. . . February.. March April. May June July August Deposits: 1926—January ._. February.. March April .. May June July August September. October. _. November. December. 1927—January __. FebruaryMarch "April...... May June July -. August Total 526,042 525,049 558, 795 539, 594 514,559 476,044 548.966 555', 799 641,797 665,566 618, 367 671,722 486,875 393,636 427,716 447,286 472,984 428,563 453, 997 409,439 2,289,298 2,274,728 2,276,724 2,251,846 2,253,294 2,241,415 2, 262,420 2,253,350 2, 273, 205 2, 280,180 2, 279,135 2,289, 632 2,300, 204 2,266,460 2, 284,809 2,301,120 2,326,816 2,355,428 2,339,478 2, 331, 452 New Boston ! York Philadelphia 31, 895 163, 247 38, 775 180,152 35,151 140,813 28,450 129,202 27,068 136,767 24,816 117,785 34,529 165,983 36,653 163,270 45,498 182,447 42,180 164,579 38,031 134,908 55,726 154,570 34,478 120,787 90,232 35,538 114,391 23,201 121,628 37,129 137,765 33,843 91,932 29, 689 122,892 29, 854 118, 418 48,172 56,248 59,901 53,295 49,722 49,243 48,135 45,851 46,224 49,918 43,826 60,785 44,184 36,158 41, 819 43,744 45,841 45,227 46, 791 39, 566 872,556 855, 864 862, 833 851,678 856,697 865, 577 857, 668 847,061 862,912 853,359 856, 416 879,596 885,641 856,053 878,285 882,386 908,188 941,867 918,918 902,138 137,443 134,093 134,749 137,832 137, 307 135,361 137,621 136,502 137f152 139,637 139,260 139,419 141,195 139,360 138,894 140,451 138,961 137,874 137,993 138, 571 148,192 148,884 148,287 148,224 146, 111 145,362 148, 013 145, 625 147,447 153, 231 155,409 150, 252 148,810 149,134 146,177 148,394 148,045 149,846 152, 568 151,977 Cleveland Richmond San AtSt. Minne- Kansas lanta Chicago Louis apolis City Dallas Francisco 59, 208 38,035 38,287 56,611 43, 558 56, 207 45,066 52,071 46,637 43,977 47,366 37,221 41,775 33,666 44,918 44,966 46,359 70,386 45,664 75, 602 35,516 90,051 29,620 62,107 22,498 39,424 23,409 31,888 22,221 53,890 22, 506 43,624 25,450 41,801 22,374 35, 393 21,839 27, 804 19, 671 26,953 80,112 26, 617 66,948 40,006 75, 507 44,354 75,266 35,183 56,311 38,384 52, 547 42,011 60,854 47,585 54,591 55,345 67,736 55,681 89,224 50,455 105,702 47,553 119,165 34,435 90,847 26,738 78,297 31, 389 70,691 34,140 56, 281 34,625 52, 679 32, 618 63,917 36, 273 59, 685 34,671 40,470 19,680 4,676 20,773 6,369 26,126 6,699 28, 236 6,386 26, 662 6,920 28, 536 5,254 30,642 7,556 35,196 13,076 43,462 11,212 42,163 11,145 37,548 8,613 37,844 5,101 19, 072 4,146 14,531 4,324 14, 374 4,609 16,202 6,058 24,024 6,737 26, 251 6,514 29, 818 5,952 24, 749 6,109 15, 511 17, 063 17, 499 19,044 20,149 18, 472 16,164 12,693 13,542 12,455 16, 866 13, 663 10,256 9,437 8,584 11, 902 17, 333 16,524 12,460 9,330 7,463 5,841 6,641 7,400 9,832 11,921 16.138 20.139 25,000 19,451 17, 223 10,320 5,606 3,215 3.197 4; 403 4,670 6,172 7,374 12,742 177,700 181,330 181,208 180,681 181,553 181,333 185,981 188,314 188,048 185,945 184,749 181,215 182,290 183,035 188,427 188,122 188,376 190,247 189, 620 192,145 83,104 85,237 84,476 80, 744 76,133 72,477 73,453 71, 873 72,718 74, 640 72,938 71, 802 72,723 72,531 71,134 72,766 71,126 68,810 68, 471 67,482 85,658 84,561 83,538 83,394 81,270 82, 917 82* 092 80,937 83,745 82,771 82,823 83,325 83,754 82,780 83,827 83,193 82,434 82, 622 81,589 55,560 54, 274 57,580 54, 663 52,934 51,698 51,538 49, 787 50,099 51, 574 53,070 52,550 52, 278 50,759 51,484 50,371 49,156 49,678 50, 607 49, 714 91,912 91, 859 89, 574 88,278 88,775 88,155 92,651 94,619 93,-706 92,848 91,393 91,127 90,880 91,425 90,789 90,832 89, 378 88,342 90,916 91, 611 64,389 64,244 63,315 61,580 59,399 57,087 57,478 57,595 58,913 60,984 61,148 62,902 62,156 70t 956 72,227 70, 073 69, 314 69,314 66,556 71,418 70, 054 70,061 72,240 72,626 71,010 73, 335 72, 276 70,484 71,211 72,586 71, 679 74, 262 74, 478 327,433 328,522 330,484 325,392 332, 762 329,191 335,306 338,071 336,643 332,040 329,801 331,215 329,680 328,167 332,363 338,974 338,545 337, 875 845,465 63,170 62, 587 61, 645 59,765 60, 209 59, 759 31,090 25, 307 50, 283 47,237 37,743 47,958 48,161 60,006 62.720 54,077 47.324 38,461 39,202 49,015 53,331 43,107 41,390 45,831 46,055 173,249 172,536 169,584 169,922 168,915 167,348 168,376 169,442 173,141 175,334 177,315 177,13S 176,356 174, 690 175,018 177,810 177.188 176,341 175, 417 176,523 641 FEDERAL EESEEVE BULLETIN SEPTEMBEB, 1927 GOLD IMPORTS AND EXPORTS AND MONEY IN CIRCULATION MILLIONS OF DOLLARS MILLIONS OF DOLLARS 100 MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5500 GOLD IMPORTS AND EXPORTS 5500 MONEY IN CIRCULATION 80 60 40 • tlF ill rHhrb f c - H—H~ 20 . Pip 40 60 5000 5000 20 4500 ^500 80 4000 4000 20 n ,. MM 1 20 60 II If . fl! iBars above base line represent Imports ^jBars below base line represent Exports Black portions represent access Imports or Exports 1 I 80 1S22 1923 1324 F1925 W26 1927 1926 1927 1925 1923 1924Based on averages. Latest figure, August, $4,747,000,000, average of figures for August 1 and September 1 GOLD STOCKi [First of month figures. In millions of dollars] Month January.. _ FebruaryMarch April _ May June July August September October... November. December. 1922 1923 1924 1925 1926 3,657 3,681 3,721 3,751 3,767 3,774 3,786 3,825 3.859 3,874 3, 902 3,909 3,933 3,938 3,961 3,969 3,982 4,023 4,049 4,079 4,109 4,135 4,168 4,210 4,247 4,289 4,338 4,368 4,417 4,460 4,491 4,517 4, 531 4, 548 4,554 4,570 4,547 4,482 4,424 4,405 4,394 4,396 4,390 4,391 4,400 4,399 4,442 4,426 4,409 4,415 4,445 4,495 4,497 4,494 4,500 4, 519 4,511 4,499 4,491 4,495 4,502 4,537 4,586 4,599 4,609 4,608 4,588 4,586 4,593 * Gold coin and bullion held by United States Treasury and Federal reserve banks (including gold held abroad) and gold coin in circulation. GOLD IMPORTS AND EXPORTS, BY COUNTRIES [In thousands of dollars] 1927 Country of origin or destination [First of month figures. In millions of dollars] Month January... February.. March April May June July August September, October... November. December. Total 67 4,529 4,766 86 462 42 121 125 122 172 568 166 5 322 125 142 32 .___ 10,738 47 39, 386 21, Oil 1 12, 686 51, 285 725 3,723 3,774 786 699 1,525 318 12,173 583 83 20 14 13, 990 4,356 253 4,036 1,001 330 83 1,674 974 20,000 967 403 1,803 1172,110 1923 1924 1925 1926 4,605 4,353 4,402 4,413 4,385 4,370 4,374 4,337 4,394 4,521 4,570 4,617 4,733 4,509 4,611 4,656 4,668 4,706 4,729 4,696 4,778 4,850 4,835 4,923 4,951 4,682 4,808 4,813 4,760 4,815 4,755 4,665 4,774 4,806 4,880 4,994 4,993 4,752 4,804 4,776 4,725 4,774 4,736 4,720 4,784 4,827 4,901 4,972 5,008 4,740 4,814 4,806 4,854 4,871 4,835 4,858 4,864 4,906 4,933 4,949 1927 5,001 4,713 4,779 4,758 4,784 4,786 4,745 4,744 4,750 KINDS OF MONEY IN CIRCULATION Calendar year [In millions of dollars] Imports Exports Imports Export: Imports Exports England France Germany Netherlands Canada Central America Mexico Chile Colombia . Ecuador Peru Venezuela Australia British India British Malaya China and Hong Kong Dutch East Indies._ Japan __ Philippine Islands __ All other countries.. 1922 1926 January-July July MONEY IN CIRCULATION 1927 1,212 351 1 82, 543 1,516 23, 913 21,180 1,663 1,307 2,644 647 51,119 5 18 47, 550 2,019 1,700 ""578 3,342 1,270 31, 674 213, 504 115, 708 1,507 Kind of money 42, 392 3,855 6, 202 6,540 1,707 14,000 1,990 1,166 3,679 576 First of month figures 4,495 2,221 60 Gold coin and bullion Gold certificates. _ ._ Standard silver dollars . Silver certificates Treasury notes of 1880 Subsidiary silver United States notes Federal reserve notes. Federal reserve bank notes._. National bank notes Total Averages 1 July. August SeptemJuly ber August 387 1,045 48 379 1 277 299 1,657 4 661 388 1,019 49 377 1 275 294 1,685 650 380 1,031 49 378 1 275 297 1,668 5 652 651 388 1,038 49 378 1 276 298 1,662 4 652 4,745 4, 744 4,750 4,745 4,747 386 1,007 49 376 1 276 292 1,703 5 • i Averages of figures for first of given month and first of following month. 642 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 MONEY RATES IN NEW YORK CITY PER PER CENT 5 A- u ,..M v Commercial Paper Rate A. \ V i /-ut 1/f.R.BankDiscRate. K / ,/«- i '•j „,-' Open Marker Acceptance Rate - 1 1923 1922 1925 192^ 1926 1927 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY IRates on all classes and maturities of eligible paper] Federal reserve bank Rate in effect on i Sept. 7 Average yield on— I Previous Date established I rate Month or week Boston New York.— Philadelphia.. Cleveland Richmond Atlanta ... Chicago St. Louis Minneapolis. _ Kansas City.. Dallas San Francisco ._, 33^i 33^j 3341 3H 4 3H ZYi Aug. 5, 1927... Aug. 5, 1927... Nov. 20, 1925.. Aug. 6, 1927..Aug. 16, 1927__ Aug. 13, 1927._ Sept. 7, 1927.. Aug. 4, 1927... Oct. 15. 1924... July 29, 1927__ Aug. 12, 1927._ Nov. 23, 1925.. BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York] Maturity 1-15 d a y s . . . 16-30 days— 31-45 days.. 46-60 d a y s . . 61-90 days.. 91-120 days. 121-180 days Rate in effect on Sept. 1 Date established Previous rate Aug. 5, 1927.. Aug. 22, 1927. do Aug. 5, 1927.. do .....do July 29, 1927. NOTE.—Rates on prime bankers' acceptances. Higher rates may be charged for other elasses of bills. 1927 January. February March April May June July August. Week ending— Aug. 6_ Aug. 13 Aug. 20 Aug. 27 1 1 3.75 3. 75 3.74 3.74 Stock exchange call loans; renewal rate. Stock exchange time loans; weekly average of daily average rates on principal maturities. 3 Change of issues on which yield is computed. FEDERAL EESEKVE SEPTEMBER, 1927 643 BULLETIN PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES TUe rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANK CITIES Month Boston New York Philadelphia Cleveland Richmond Atlanta j Chicago St. Louis Minneapolis Kansas City 4%-5 4%-5 5- 5V£ 5 -534 434-534 434-534 434-5J4 434-534 434-534 5 5 5 5 5 5 Dallas San Francisco Prime commercial loans 5 -6 1926— August.... September. October November. December. 1927—January.. _ FebruaryMarch April.! May June July August 51/2-6 5^4-6 5^-6 5^-6 5 4 -6 5*4-6 5 -6 5 -6 4%-6 5 -6 534-6 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 434-6 5 -6 5 -6 5 -6 5 -6 5 -6 4%-5 434-5 434-5 434-5 4%-5 434-5 434-5 4%-5 434-5 4%-534 4%-534 434-5*4 434-5 4H-5 434-4% 43>4~4% 4*6-5 434-4% 434-5 414-5 41^-5 434-5 434-5 434~5 434-5 41^-51^ 434-534 4 -534 4K-5^ -534 -534 -534 -534 -534 -534 5 5 5 5 5 5 5 4*£-5 434-6 5 -6 5 -6 4^-6 434-6 5 -6 4%-6 41^-6 434-6 434-6 Loans secured by prime stock exchange collateral 1927—February.. March April May June July August 434 434 434-5 41^-4% 434-4*4 434 3 4H-4 4 4H-5 434-5 434-5 434-5 434-5 434-5 4/4~5 434-434 434-5 4^-5 434-5 4^-5 434-5 6 6 6 6 6 6 53^-6 5 -6 5M-6 5 -6 6 6 434-6 5 -6 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 434-5 4H-5 4^-5 434-5 434-5 434-5 5 5 5 5 5 5 5 -534 -5^ -534 -534 -534 -5H 4%-6 4*4-6 434-6 434-6 434-6 4H-6 434-6 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 6 -7 6 -7 5 -7 6 5 -7 5 -7 5 -6 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 5 fi 5 5 5 5 5 5 5 5 5 5 5 5 -fi -fi -6 -fi -6 -fi -6 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 Loans secured by warehouse receipts 1927—February 5 5 5 5 5 April May June July August. 5 5 5 5 '-534 534-6 5-6 5 -534 434-5 4M-5 5 -G 5^-6 5 -6 434-5 434-5 5 -6 5 -6 6 6 6 6 5 6 5^-6 6 5 -6 5 -6 6 5^-6 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 434-534 4:14-5 41-^-5 434-5}4 434-53^ 434-5 434-5 4H434 434-534 4^-534 5 5 5 434--5 434-5 4^-5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 434-6 4^-6 4M-5H 4M-534 -6 -6 -7 -6 -7 -6 -6 Interbank loans 1927— February.. March April May.. June July August 434 434 434 434 434 434 4 -AH 434-5 434 434 434-5 434-5 4H-5 4 -5 434-5 434-5 . 434-5 4^-5 4^-5 434-5 434-0 5 5 5 5 5 5 5 5 5^-534 5 5 5 5 -534 5 5 5 5 5 5 5 5 -6 -6 -6 -6 -6 -6 -6 5 5 -5V2 5 -5V2 5 5 5 5 -534 -534 -534 -534 -534 -5H -534 -6 -6 -6 -6 -6 -6 -6 6 6 6 6 6 6 6 5 5 5 5 . 5 5 5 FEDERAL RESERVE BRANCH CITIES ] 3 rime commercial loans Loans secured by prime stock exchange collateral Loans secured by warehouse receipts Interbank loans City 5 -6 Pittsburgh Baltimore Birmingham Jacksonville Nashville New Orleans »Detroit -Little Bock Louisville Helena Denver Oklahoma City—— 5 -6 5 -6 534-6 5 -6 El Paso Houston _San Antonio Los Angeles Portland Salt Lake City Seattle Spokane 5*4-6 5 5 -6 5 -6 5 5 -6 5 -6 5 -6 -6 5 -6 8 4 -fi 6 h\ ^-6 5 -6 5 -6 5 -6 8 4 -6 5 -6 4%-6 5 -6 4%-6 8 5 -6 8 5 -6 4)i-1 6 514-6 6 6 6 6 6 6 6 6 6 -7 5 -6 June July August June July 5 5 -6 534-6 534-6 0 -6 5 -6 5 -534 5 -6 6 5*3-7 6 -7 6 6 6 -8 /2 6 6 -8 53^-6 5 -6 4 5 5 -6 5 -6 6 h\ ^-6 5 -6 5 -6 5 -6 8 5 -6 5 -6 414-534 8 5 -6 4* 6 6 6 6 6 -7 534-6 5 -6 5H-6 6 6 -8 5 -5% 6 5 -8 4%-534 5 -6 5 -8 6 6 534-6 6 5 -6 6 -7 5 -6 8 5 -6 6 534-6 8 5 -6 6 -7 5 -6 5 -6 6 —7 5 -6 g 5 5 -6 6 -7 6 6 6 -7 6 8 5 -6 6 5^-6 8 5 -6 6 -8 6 -7 6 6 6 -7 6 6 . 534-6 8 5 -6 6 -8 6 -7 6 6 fi -7 6 6 534-6 5 -6 5 -6 5 -7 5 -6 5 -6 5 -7 6 -8 5^-7 6 -8 5^-8 6 7 -8 5 -7 6 6 -7 7 6 -7 7 -8 5 -7 6 -8 7 6 -7 7 6 -7 7 7 7 August June July 6 6 -7 6 5 5 -6 5 -fi 5* 5* 5 *-6 5 -6 5 -6 JoosX Buffalo August CO CD July CC CO June 6 5*4-6 5 -6 5 -6 fi -7 6 6 -8 5K-8 6 6 7 -8 5 -7 7 -8 7 7 fi -7 fi -7 6 _Y fi 51,4-6 5 A 5 -fi 5 5 fi - 8 6 6 534-6 fi 5 fi fi 6 fi 6 5 5 -534 5 -6 6 534-6 5 -6 5 -6 5 -6 5 6 -8 6 -6*£ 6 5^-6 6 5 4H-6 6 6 6 6 6 August 5 5 -5H 5 -6 5H-6 5 -6 6 534-6 5 -534 5 -6 534-6 5 6 -8 6 -634 6 6 6 5 434-5 6 6 6 6 6 644 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 MEMBER BANK CREDIT M E M B E R BANK RESERVE BALANCES AND BORROWINGS AT FEDERAL RESERVE BANKS [Monthly averages of weekly figures. In thousands of dollars] Borrowings at Federal reserve banks Reserve balances Reporting member banks Reporting member banks Month New York City 1926—June «. July .„. August „ September October November December 1927—January February March April _._„ May June... __ July... August 713,944 699, 557 679,145 711,833 662,329 672,948 725,298 717,310 682,026 709,853 687, 972 720,255 775,900 728,491 724,240 Other leading cities 952,529 951,417 964,171 965,294 969,406 963,186 960,263 960,239 962, 691 961,184 971,108 976,346 973,318 967,062 983,241 Total Other member banks Total New York City 566,473 572, 903 571,988 578,811 583, 111 580, 514 579,291 587, 647 584, 612 593,492 594, 900 593,528 592, 650 603, 200 605,427 1,666,473 1,650,974 1,643,316 1, 677,127 1, 631, 735 1, 636,134 1,685,561 1,677,549 1, 644,717 1,671,037 1, 659,080 1,696, 601 1,749, 218 1, 695,553 1,707,481 2,232, 946 2,223,877 2,215,304 2,255, 938 2,214,846 2,216, 648 2,264,852 2,265,196 2,229,329 2,264,529 2,253, 980 2,290,129 2. 341, 868 2, 298, 753 2,312,608 54,944 117,229 111,296 128,173 84,406 71,162 99,611 75,894 59, 907 73,118 78,459 90,167 51,485 59,383 73,865 Other leading cities 196,811 197, 725 224,147 299,449 355, 892 350, 687 347,515 223,259 172, 986 195,001 191,883 213,476 219,307 213, 252 182,027 Total 251,755 314,954 335,443 427, 622 440,298 421,849 447,126 299,153 232,893 268,119 270,342 303,643 270,792 272,635 255,892 Other member banks 220,373 221,125 215,007 209,261 196,211 191,127 200,647 177,141 " 158,791 150, 734 151,086 155,476 163, 753 160,970 156,838 Total 472,128 536,079 550,450 636,883 636, 509 612, 976 647,773 476,294 391, 684 418,853 421,428 459,119 434, 545 433,605 412,730 LOANS, INVESTMENTS, AND DEPOSITS OF REPORTING MEMBER BANKS [Monthly averages of weekly- figures. In thousands of dollars] Loans and investments Month Total In New York City: 1926—July August September. _. October...... November.._ December.-.. 1927—January February March April May June _. July „_. August In other leading cities: 1926—July___ August September... October. November... December 1927—January.. „._. February March April May -_ June. July August Total: 1926—July August September.., October November... December 1927—January February March. „___„. April May _». June July August Net demand, time, and Government deposits Loans Total O n ^uri" ties Allo.ther Investments Total Net demand Time 850,761 865,354 839, 646 833,852 872,198 901,789 917, 608 929,499 929,103 950,045 956, 334 1,009,999 992,370 1,010,441 4,829,206 4, 843, 867 4, 848, 831 4,883.138 4,898; 171 4,881,382 4,951,288 4, 977, 558 5,082,378 5,091,851 5,179,428 5,174, 294 5,204,050 5,238,450 119,871 94, 787 145,532 148, 674 73,951 92,479 92,663 76, 747 164, 584 157.319 83,615 116. 230 95,421 46,615 5, 679,967 5,709,221 5, 688, 477 5, 716, 990 5,770,369 5,783,171 5,868, 896 5,907,057 6,011,481 6,041,896 6,135,762 6,184, 293 6,196,420 8, 248,891 145.506 115,265 189, 408 199,096 101,342 127,548 128, 641 106,720 230,971 221,062 117,707 137, 849 107,352 52,414 2,283,764 1,815,104 2,291t 542 1, 791, 740 2,375, 794 1, 753,523 2, 480, 052 1,707,070 2, 551, 836 1,709,834 2, 556,290 1, 733, 865 2, 495,472 1,747,735 2,455,400 1,752,391 2, 499,232 1,823,836 2,531,950 1,851,136 2, 550,005 1,906, 315 2, 558,178 1, 925,081 2, 556,358 1,881, 702 2,582,583 1,830,608 5,888,830 5,831,126 5,908,909 5,863,058 5, 858, 635 6,030, 809 6,341,114 6,189,052 6,349,701 6,421,165 6,534,882 6, 692, 243 6, 601, 841 6,578,660 4, 472,159 4,464, 416 4, 575,021 4, 593,379 4, 436, 661 4, 525,865 4,570,029 4,628, 567 4,767.162 4, 720,139 4,748,052 2,125,574 2,116,635 2,108,290 1,992,107 1, 912, 580 2,018, 731 2,097, 907 1,981,261 2,026, 633 2,038,079 2, 078, 562 2, 208, 984 2,163, 781 2,165,469 5,894,478 6,063,77] 6,079,869 6,169, 518 6, 421,358 6,268, 844 6,229,475 5,012,434 4,945,294. 5,025,387 4,978,784 4,959,046 5,093, 951 5,127,308 4,935,006 5,068,281 5,066,081 5,179,092 5,389, 740 5; 264, 543 5, 213,235 13, 437,826 13, 503,320 13, 654,395 13, 781, 837 13, 699, 690 13,644,289 13.549, 741 13,559, 444 13,816,867 13.813,141 13,911,812 13,990,132 13,948,103 13,965,603 9, 597,098 9,671,571 9, 785, 393 9,902, 614 9,859, 666 9,845,918 9, 775, 401 9,725,026 9, 810, 819 9,782,499 9, 826, 864 9, 870,964 9, 820,407 9,868,820 3, 491, 476 3, 526,212 3, 608, 494 3, 637,288 3,608,031 3, 639,043 3, 630,189 3, 618, 665 3, 654,953 3,657,805 3, 701, 027 3, 781, 252 3,776,316 3, 815,475 6,105, 622 6,145,359 6,176, 899 6,265,326 6,251, 635 6,206,875 6,145,212 6,106,361 6,155,866 6,124,694 6,125, 837 6,089, 712 6,044,091 6,053,345 3, 840, 728 3, 831,749 3,869,002 3.879,223 3, 840,024 3,798,371 3, 774,340 3,834,418 4,006.048 4,030,642 4, 084, 948 4,119,168 4,127, 696 4,096,783 12, 894, 660 12, 886,530 12,989,158 13,076, 639 12, 962,913 12,922,009 12,995,274 13,015,911 13,220,909 13,226,693 13, 274, 774 l£ 324,838 13,317,083 13,357,773 7,945,583 7,947,876 7,994,795 8,044,827 7, 990, 791 7,948,148 7,951,323 7,961, 606 7,973,947 7,977,523 8, 011,731 8,034,314 8, 017, 612 8,072,708 19,662,268 19, 703,237 19,892,002 19,961,066 19,873, 940 19,9.53,175 19,890,855 19,748, 496 20,166, 568 20,234,306 20,446,694 20, 682,375 20, 549,944 20,544,263 14,006,436 14,079, 748 14,269, 477 14,374,773 14,324, 082 14, 420, 939 14,368,780 14,161, 687 14,336, 684 14,352,528 14,455,431 14, 638,126 14, 540, 546 14,616,872 5, 617,050 5, 642, 847 8,436, 901 5, 716, 784 8, 552, 693 5,629,395 | 8,745,378 5,520,611 8,803,471 5, 657, 774 8,763,165 5,728,096 8,640,684 5,599,926 8,561,761 5, 681, 586 8,655,098 5,695,884 8,656,644 5, 779, 589 8,675, 842 5, 990, 236 8, 647, 890 5, 940, 097 8, 600,449 5,980,944 8, 635,928 5, 655,832 5, 623,489 5,622, 525 5,586,293 5,549,858 5,532,236 5,522,075 5,586,809 5,829,884 5,881, 778 5,991,263 6,044, 249 6, 009,398 5,927,391 18,783, 490 18,717, 656 18, 898,067 18,939, 697 18,821,548 18, 952, 818 19,076,168 18,910,389 19,284,680 19,306,562 19,444, 292 19,746,196 19, 585, 927 19,587,248 6,224,442 6,199,917 6, 237, 607 6,179,229 6,174,250 4,409,33» 4,408,177 12,958,017 12, 893,170 13,020,182 13,023, 611 12,949,837 13,042,099 13,078, 631 12,896,612 13,042,22S 13,043,604 13,190,823 13,424,054 13, 282,155 13,285,943 Government 25, 635 20,478 43,876 50, 422 27,391 35,069 35, 978 29,973 66,387 63,743 34, 092 21,619 11,931 5,799 645 FEDEKAL KESERVE BULLETIN SEPTEMBER, 1927 BANKERS' BALANCES IN FEDERAL RESERVE BANK AND BRANCH CITIES FEDERAL RESERVE BANK CITIES [Weekly reporting member banks. Monthly averages of weekly figures] [In thousands of dollars] City Month New York Boston Due from banks: 1926—January-.. February.. March...__ April... May.. June August September. October... November. December . 1927—January... February. . March April May June July August-.__ Due to banks* 1926—January.— February. > March April May... June July August September. October. __ November. December . 1927—January... February.. March April May June July August Philadelphia Richmond Cleveland Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 37,909 35,215 37,888 44,456 42,592 44,282 39,468 38,732 40,258 36,983 41,031 37,755 40,246 39,050 40,963 48,196 42,815 45, 846 45,947 44,126 101,482 96,667 96,886 108,123 101,225 107,517 104,846 91,973 102,4*95 111,081 102,636 96,640 100,303 93,479 100,235 106,574 101,680 94,870 92,480 85,330 69,977 62,687 67,948 69,635 63,658 65,922 58,791 53,441 59,256 53,385 56,828 55,079 55,212 58,036 55,362 54,430 53,447 56,374 50, 668 52,333 27,336 25,818 27,358 28,615 27,117 30,018 27,113 25,607 25,090 27,646 27,057 24,340 27,459 23,250 22,318 22,912 22,674 24,499 • 22,948 24,156 19,108 17,542 16,694 16,426 16,538 15,778 14,862 14,083 15,934 16,341 18,465 17,680 12,839 7,520 7,544 6,820 6,713 6,718 6,847 6,214 16,052 13,811 13,780 13,049 14,037 12,226 12,826 11,833 12,274 14,420 12,688 12,082 14,923 13,323 11,744 11,658 11,467 10, 511 11,675 10,867 154,366 149,257 150,144 153,225 165,357 168,279 157,130 148,873 151,706 155,581 154,580 152,680 148,857 139,348 143,846 147,663 169, 597 145,323 143,247 142,140 35,084 30,490 28,235 28,563 30,210 29,300 27,859 26,235 25,582 28,037 29,503 28,400 31,673 29,850 29, 852 28,208 27,296 26, 503 25,626 26,995 20,066 18,996 20,576 21,829 21,579 21,620 22,558 19,252 20,264 22,264 22,794 22,239 21,532 20,017 19,822 19,836 19,602 19, 932 21,744 19,844 45,567 41.692 39;894 38,373 39,537 37,831 46,989 46,947 44,939 43,654 50,466 43,733 44,621 41,884 40,646 38,649 33,490 33, 445 36 041 33,' 086 27,395 25,860 23,438 22,962 22,968 24,447 23 372 19J679 24,415 28,156 29,069 26,309 27,975 20,241 19,184 18,768 16,613 15,795 15,162 13,406 51,178 52,089 50,080 50,132 48,381 51,295 63,98C 50,277 53,917 53,016 50,605 54,380 50,798 52,112 54,371 50,832 51, 325 53, 515 52,269 53,313 134,453 127,188 130,312 135,075 131,158 126,416 130,199 119,858 119,490 125,816 128,262 126,533 136,801 135,794 134,562 142,243 137, 294 143,113 160,660 152,083 1,125,909 1,083,501 1,116,084 1,086,318 1,071,846 1,097,672 1,066,912 1,040,250 1,061,770 1,066,954 1,052,188 1,078,048 1,107,405 1,090,437 1,118,300 1,104,366 1,116,781 1,170, 711 1,164,095 1,159,580 184,843 179,098 178,180 180,893 180,040 179,362 174,699 167,796 169,984 170,767 165,589 163,054 173,041 173,142 172,512 170,573 169,109 164,173 169,079 167,855 46,708 46,931 45,931 47,470 45,049 46,344 49,529 48,949 49,932 48,214 46,647 45,143 48,845 53,578 54,017 55,613 55,089 56,135 60,290 60,420 37,343 36,983 33,523 31,672 32,177 29,568 30,812 29,173 30,147 31,654 33,067 33,095 33,256 33,585 33,460 31,223 29,585 30,346 30,359 31, 266 22,424 20,306 19,403 17,788 16,315 15,505 15,438 14,802 16,554 17,927 18,363 18,257 19,413 18,623 17,063 15,427 15, 544 14,113 15,394 14,872 375,921 377,337 387,489 383,232 379,873 381,543 373,312 371,742 374,605 359,722 349,234 347,137 370,264 362,476 371,986 362,808 372,351 346,052 361,439 361,869 " 95,549 92,001 84,896 84,286 83,691 81,441 83,870 82,664 80,331 79,292 78,936 79,495 88,533 88,347 87,039 86,085 81,810 81,401 81,920 78,639 58,578 55,753 54,832 47,331 50,378 48,613 46,733 43^113 45,627 50,364 52,698 50,771 53,080 55,471 53,586 50,934 47, 521 47, 514 46,463 45, 525 105,224 103,038 94,047 91,007 91,626 93,669 108,780 110,499 103,734 98,413 97,038 96,657 101,170 95,337 90,268 86,741 82, 551 82, 674 91, 837 91,238 34,798 32,090 27,557 26,720 25,149 24,860 25,516 24'072 26,679 32,764 33,771 32,340 32,575 33,234 31,913 28,624 27,036 24,894 24,801 24,222 105,511 102,393 94,420 89,010 87,764 94,849 101,182 106*473 109,046 107,215 105,774 107,583 105,868 127,068 104,055 94,916 98,387 99,877 108,422 107,400 FEDERAL RESERVE BRANCH CITIES [Weekly reporting member banks. Monthly averages of weekly figures for 1927] [In thousands of dollars] Due from banks Due to banks City Buffalo Cincinnati...... Pittsburgh Baltimore Birmingham... Jacksonville Nashville — New Orleans.-. Detroit Little Rock___. Louisville Memphis Helena Denver Oklahoma City Omaha El Paso _.. Houston San A n t o n i o . . . Los Angeles Portland Salt Lake City. Seattle Spokane —_. April May June July 13,047 16,338 36,836 13,298 7,873 14,118 4,218 15,826 37,779 3,573 10,410 13,771 1,488 15,264 13,005 15,314 13,465 15,555 38,402 13,271 7,610 13,411 5,335 15,438 36,231 3,325 8,307 13, 923 1,377 14,083 11,842 14.486 3; 078 16,116 12,864 14,949 40,852 14,406 8,065 11,325 5,095 15,495 37,256 3,484 9,150 13,085 1,410 14,884 11,454 15,384 2,532 16,571 7,251 52,742 10,776 4,924 16,010 3,986 53,645 9,802 5,171 16,433 3,778 12,893 14,042 36, .096 14,333 9,988 11,236 5,753 15,363 34,705 3,450 7,410 13,268 1,891 14,074 12,219 17,978 2,742 15,951 7,137 54,264 10,131 4,959 16,638 3,912 2,850 16,664 7,026 53,001 10,976 5,062 16,502 3,698 August 14,341 14,685 39,674 14,687 9,181 10,836 4,337 15,489 33,378 3,029 8,065 11,392 1,878 14,436 10,161 17,396 2,397 16,286 8,082 54,476 10, 586 4,561 17,646 4,857 City April May June Buffalo __ 23,263 23,214 23,593 Cincinnati; -___ 36,747 35,481 33,703 Pittsburgh 128, 754 124,289 121,277 Baltimore 37, 534 36,570 35,787 Birmingham . 6,925 6,592 6,092 Jacksonville 14,878 14,746 13,366 Nashville . 11,994 12,400 11,153 New Orleans 40,733 38,391 37,977 Detroit 43,499 41,013 44,516 Little Rock. 10,673 10,617 10,585 28,386 29,894 24,134 Louisville 14,793 13,628 12,909 Memphis ... Helena 2,7#0 2,379 2,359 Denver 16,255 15,681 14,531 Oklahoma C i t y . . 20,678 18,203 17,011 30,693 29, 981 31,906 Omaha El Paso 2,115 2,136 2,231 Houston . 25,618 26,680 24,730 San Antonio „.„_ 7,598 6,815 7,589 Los Angeles. 55,518 60,488 50,445 Portland 15,339 16,690 18,258 10,288 Salt Lake City 10,799 10,576 17,661 17,628 16,379 Seattle Spokane > 8,316 8,014 8,713 July 25,380 34, 863 125,049 38,346 7,479 12,942 12,507 37,384 41,897 10,489 27,085 12,303 2,381 13,836 18,639 33,298 2,173 22,659 7,017 59,987 15,863 10,007 16,790 7,783 August 24,510 38,047 128,467 40,449 7,224 18,559 10,851 36,782 41,885 9,417 27,216 10,870 2,406 16,792 16,290 40, 604 2,091 26,243 8,401 56,718 17,098 9,418 18,010 8,633 646 FEDERAL RESERVE BULLETIN S E P T E M B E R , 1927 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS 1 [1913 = 100] Month May All commodities Farm products Clothing materials 152 152 151 149 144 144 141 138 154 157 154 151 176 175 173 175 151 150 141 138 152 152 175 172 148 135 151 170 147 135 151 147 137 146 145 144 144 144 145 137 137 137 137 138 141 Foods Fuels Metals House and Building Chemifurand • nishing metal materials cals drugs products goods Miscellaneous Agricultural Nonagricultural 1926 . June July August.- . - _ September October November... December 1927 January February.. March April May _ June July 179 179 177 180 182 184 125 125 126 127 172 171 172 172 127 127 190 127 169 183 150 167 148 147 147 148 146 146 169 168 169 170 170 171 162 162 161 161 125 123 123 122 172 172 131 131 131 131 149 151 148 145 131 129 160 160 120 119 146 143 174 129 160 118 141 154 126 173 128 159 118 142 152 180 124 170 122 157 118 143 150 177 168 161 158 159 159 122 123 122 121 120 119 168 167 165 166 164 162 122 121 122 122 122 121 158 157 157 157 157 157 119 119 119 120 121 121 144 144 143 144 143 144 148 146 144 144 144 144 153 153 152 153 154 153 i Index numbers of Bureau of Labor Statistics. PRICES OF FARM PRODUCTS AT THE FARM i SECURITY PRICES [August, 1909-July, 1914=100] Month 30 commodities Fruit and Grains vegetables Meat animals Common stocks * Dairy Cotton Unand and classipoultry cottonprodfied seed ucts 1926 June July........ August September . October __. November . December-. 1927 J a n u a r y . __„ FebruaryMarch _ April May June July__ August___ _ 1 139 136 133 134 130 130 127 130 125 128 121 123 121 120 216 195 166 136 136 142 137 154 152 144 148 148 142 140 130 131 130 139 144 157 161 132 126 130 134 94 88 81 81 85 81 93 97 97 91 126 127 126 125 126 130 130 120 122 121 119 127 140 139 140 142 140 147 158 201 195 132 140 143 144 143 137 129 131 138 152 142 133 133 130 124 125 172 85 94 102 101 113 119 124 136 87 84 81 8C 79 82 81 81 Month or week August September October November December 1926 _. „. 1927 January February. March April May__ June July August Week en din gAug. 6__. Aug. 13-. Aug. 20-. Aug. 27_. [In millions of dollars] 159.2 159.8 155.4 157.5 161.7 131.4 134.6 129.6 132.4 135.2 151.1 152.5 147.9 150.2 153.9 95.03 95. OS 94.93 95.66 96.05 158.4 163.0 165.7 165.1 174.5 175.4 179.0 189. 0 136.7 142.1 143.1 147.4 150.5 151.9 153.9 156.0 153.5 156.9 159.0 166.2 167.5 168.5 171.7 179.3 96.43 96.44 96.63 97.24 97.55 97.06 97.03 97.76 187.6 184.9 190.4 193.1 155.9 153.8 157.1 157.1 178.3 175.8 180.6 182.6 97.40 97. 75 97.90 98.00 F O R E I G N CAPITAL I S S U E S June, 1927 July, 1926 [In millions of dollars] July 1927 New Refunding New 24.3 635.8 139.6 411.5 23.2 482. 0 136.7 316.5 53.7 15.1 1.4 6.7 334.0 36.9 110.9 17 152.1 211.6 10.5 94.4 60 89.0 34.9 12.2 6.6 New Refunding 362.9 Corporate issues __. 277.9 Bonds and n o t e s Long-term ._ 184.2 21.4 Short-term 72.3 Stocks 1 i Farm loan issues 83.9 Municipal i ssues Total . Total new and refunding 387.2 1.1 of 40 issues Index numbers of Standard Statistics Co. Average of 1917-1921 prices=100. 3 Average of yearly high and low prices, 1913-1922=100. D O M E S T I C CAPITAL I S S U E S Class of issue Bonds*. average price Total 229, stocks 1 2 Index numbers of Department of Agriculture. July, 1927 198 31 indus- railroad trial stocks * stocks 3 90.9 1.2 44.0 775.4 2.8 Refunding 465.6 54.1 0.4 Total. New issues Europe Canada and Newfoundland Latin America United States insular possessions International Refunding issues Total, Government and corporate- June 1927 July, 1926 Government Corporate Government Corporate Government 31.8 31.8 10.0 38.1 38.1 30.8 95.8 75.8 35.9 62.4 48.4 .8 32.2 31.9 11.0 1.2 26 2 10.9 51 .6 5.5 2.8 21.1 .7 20.0 69 . 9 7.5 20.9 35.0 14.0 .4 158.2 Corporate 10C5.3 71.1 65.1 26.3 89 30. & 6.0 647 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 INDUSTRIAL PRODUCTION (Index numbers, adjusted for seasonal variations. 1923-1925 average=100] Index of Industrial Production Manufactures Total Month 1922 January „_____ February March ._ April May June July August September. __ October November... December 94 97 100 Annual index 85 100 100 104 107 107 105 103 102 100 99 97 1923 1922 1923 1924 1925 105 105 105 103 103 101 103 103 102 105 106 108 106 106 107 109 108 1111 107 109 107 111 107 108 107 105 111 113 111 108 105 73 75 78 81 86 90 89 87 89 94 98 100 100 100 103 107 107 104 102 101 101 98 96 95 99 102 101 95 88 83 82 39 93 95 97 101 105 106 106 103 103 101 103 103 104 107 108 110 108 1104 107 108 110 108 109 107 107 Ull 107 108 107 107 112 113 110 106 103 100 100' 106 112 108 107 109 110 98 105 104 104 108 87 101 94 105 108 105 1925 102 101 95 89 85 83 89 94 95 97 100 95 1926 1926 1927 1927 1924 101 Minerals 1922 1924 1925 103 106 101 92 93 91 90 92 97 97 96 100 105 101 1926 104 99 102 107 90 91 94 94 108 107 103 104 105 109 111 116 118 120 99 107 1927 117 120 122 106 108 103 97 Index of Production of Manufactures, by Groups Month Iron and steel Total 1926 May June __ July August.September.. October November... December 1927 January February.... March April May June July Food products Paper Leather Cement, NonA nfA and Lumber AUGObrick, ferrous and printing mouiies shoes and glass metals Petro- Rubber Tobacco leum manutfrpc refining tires factures 104 102 99 101 99 105 110 110 110 109 94 99 100 103 103 102 99 96 115 113 114 115 116 118 115 113 102 97 99 94 100 97 95 98 112 110 106 128 124 105 88 65 93 98 102 103 105 106 100 100 111 122 118 119 119 114 106 94 114 107 109 111 111 113 120 119 125 126 126 128 128 129 133 135 108 117 118 128 138 126 106 112 111 113 109 113 113 116 116 110 105 113 114 115 116 104 102 107 107 114 113 118 121 11 93 92 100 99 103 U03 98 112 113 113 114 113 111 112 96 98 91 87 96 91 94 95 99 104 104 105 93 83 98 100 97 96 100 105 114 99 108 121 109 108 1108 110 116 112 107 111 110 108 105 135 134 135 134 132 134 136 117 114 122 131 127 133 125 114 113 118 122 122 116 107 107 107 107 112 113 110 106 103 U14 112 113 120 117 1104 107 110 109 Ull 108 107 Textiles 1115 Index of Production of Minerals, by Products Month Bituminous coal Anthracite coal Crude petroleum Iron ore shipments 108 114 125 124 120 124 118 121 127 125 113 111 98 99 103 306 106 112 117 121 95 103 109 128 116 134 97 117 120 122 130 98 95 122 106 108 103 97 139 93 91 88 81 Total May June July August September October November December 1926 _ _ „ _ _ ___ 103 104 105 109 111 116 118 120 Copper Lead Zinc Silver 108 106 112 108 114 113 116 112 112 110 107 119 124 122 121 119 116 108 113 116 116 118 115 122 92 98 90 93 93 93 93 109 120 124 115 111 124 119 120 119 120 100 105 106 116 114 114 109 107 113 106 113 113 115 122 113 1112 116 100 98 93 88 87 193 98 1927 January . February _ March April. May June July __ 109 119 101 74 120 100 98 104. 102 1 Revised, NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described and monthly indexes for the above groups were published in the BULLETINS for February and March, 1927. 60625—27- 648 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES July, 1927 Iron and steel: Pig iron Steel ingots Textiles: Cotton consumption WoolConsumption Machinery activity i _ Carpet and rug loom activity *.SilkDeliveries 1 Loom activity * Food products: Slaughtering and meat p a c k i n g Hogs. Cattle CalvesSheep Flour -_ Sugar meltings „ Paper and printing: Wood pulp and p a p e r Newsprint Book paper ._ Fine paper Wrapping paper Paper board — Wood pulp, mechanical.... Wood pulp, chemical -_„.. Paper boxes Newsprint consumption Lumber: Lumber, cut _ Flooring Transportation equipment: Automobiles. Locomotives Shipbuilding June, 1927 101 103 106 104 110 113 133 136 103 97 95 77 109 84 87 7.5 90 74 128 107 117 101 113 98 108 99 2106 107 104 91 101 100 99 115 107 110 96 113 134 125 97 2108 2111 2105 2115 2 88 109 123 123 113 106 121 101 115 111 118 135 116 92 108 89 108 97 115 83 93 46 175 106 74 87 128 114 June, July, 1927 July, 1926 103 103 106 Leather and products: Leather, t a n n i n g Sole leather * Upper l e a t h e r Cattle Calf and k i p — Goat and kid Boots and shoes Stone, clay, and glass: Cement „. BrickFace brick ______ Paving brick Plate glass Nonferrous metals: Copper Lead Zinc „„_ Tini Chemicals and allied products: Petroleum refining— Gasoline *__ Kerosene Fuel oil i __ Lubricating oil l __. Coke productionBy-product Beehive Rubber tires and tubes: Tires, pneumatic Inner tubes.. Tobacco products: Cigars .._. ... Cigarettes _ ___. Manufactured tobacco and snuff.. i Without seasonal adjustment. July, 1927 105 96 82 84 112 120 119 96 95 125 2107 104 97 125 104 121 2120 119 101 88 115 113 81 102 108 88 134 106 113 101 105 113 107 125 153 95 123 112 149 96 119 111 135 103 114 119 123 66 122 68 127 131 128 101 136 108 120 103 101 114 96 98 132 98 97 118 103 117 106 100 2113 2 Revised. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Metals and products Month Total Group Employment: 1926—June - . July August September. October NovemberDecember— 1927—January February-March April May June . July... Pay rolls: 1926—June. - _ July . .. August September. October NovemberDecember.. 1927—January __February March April __ May June July lion and steel Textiles and products Group Fabrics Products Lumber and products Monthly average, 1919=100] RailPaper and roaa Autovehi- mob iles printing cles Foods Leather Stone, and clay, and prod- prodand ucts glass ucts Tobacco products Chemicals and products 95.1 93.5 94.4 95.8 96.3 95.2 94.1 92.4 93.6 93.9 93.2 92.6 92.4 90.7 92.7 91.4 91.9 92.9 93.3 91.7 90.5 88.9 90.1 90.6 89.9 88.7 87.8 85.7 92.5 91.1 91.7 92.7 93.0 91.5 90.4 88.7 90.1 90.3 89.6 88.4 87.5 85.4 91.0 87.0 88.4 91.3 93.7 93.6 95.0 95.2 96.9 96.6 95.1 93.6 93.1 91.0 91.8 88.2 88.6 92.8 95.9 97.0 97.5 97.6 98.5 98.3 97.5 96.5 96.3 94.8 90.0 85.6 88.0 89.5 90.8 89.4 91.9 92.2 94.7 94.5 92.0 89.9 88.9 86.2 100.1 99.4 100.3 100.0 100.2 99.4 97.3 92.9 91.8 91.2 91.0 91.6 91.8 91.2 86.7 85.7 84.9 85.0 83.9 83.0 82.3 79.8 79.2 78.0 78.4 78.5 78.9 78.2 125.2 122.0 125.1 124.6 119.9 110.2 104.0 104.2 117.3 122.4 123.4 123.7 117.2 109.9 106.8 106.4 106.6 108.4 109.8 111.1 110.7 108.8 109.0 109.0 108.1 107.3 108.9 106.3 85.5 85.7 86.0 88.6 90.4 88.6 86.7 85.1 84.9 84.1 83.1 83.7 87.6 86.7 82.4 85.5 89.5 90.9 90.6 89.0 87.1 88.5 88.9 88.6 84.2 82.6 82.2 85.3 129.7 127.3 129.7 129.3 126.6 123.9 117.9 109.6 110.1 115.9 121.5 124.0 124.2 119.5 82.1 79.1 76.7 80.6 82.7 82.3 81.8 73.5 79.0 78.9 77.3 78.2 80.3 80.3 76.3 75.1 75.6 77.4 78.2 78.2 77.8 77.6 77.8 78.2 78.1 75.3 75.9 75.0 108.8 103.6 107.6 108.3 112.4 108.8 107.8 101.9 108.5 109.9 108.4 108.1 105. 8 101.1 100.6 94.8 97.0 98.4 102.6 99.3 99.3 94.1 99.1 100.7 99.5 96.8 95.2 87.4 100.3 94.5 96.7 97.9 102.2 99.0 99.1 93.8 98.7 100.1 99.1 96.2 94.7 86.7 97.4 91.6 96.5 98.9 105.3 102.0 106.3 105.3 111.0 110.8 105.1 103.3 102.8 99.1 98.2 92.7 96.0 100.7 108.2 107.3 109.8 107.6 111.7 111.3 108.1 107.6 107.0 102.8 96.4 90.2 97.0 96.7 101.7 95.5 102.0 102.6 110.3 110.3 101.4 98.1 97.6 94.6 112.9 107.5 112.6 113.7 117.8 116.4 112.9 101.6 103.4 104.6 103.2 105.3 104.8 101.1 96.2 89.6 93.1 88.9 93.4 92.1 91.9 84.6 89.3 87.0 88.0 89.8 87.9 83.0 147.7 136.7 152.7 148.9 151.3 131.3 111.5 94.0 140.2 153.4 157.7 158.7 131.4 125.2 146.9 144.0 144.4 146.8 151.0 152.3 154.7 150.3 150.8 152.2 150.7 150.3 148.2 145.4 101.6 100.8 100.5 103.6 105.6 102.9 102.1 99.3 99.3 99.1 98.0 100.7 104.6 103.1 85.4 90.3 97.6 97.4 97.3 90.4 88.5 90.0 95.6 93.2 87.0 84.4 85.1 90.2 162.9 152.9 162.3 157.0 159.5 154.6 147.6 129.5 136.8 144.9 151.6 157.6 154.5 143.7 87.1 83.6 82.8 87.6 91.3 90.6 88.4 76.2 79.2 80.9 77.9 83.6 86.7 85.7 105.0 101.7 101.1 102.3 109.0 108.6 109.1 107.0 108.9 111.7 109.9 107.0 109.1 103.6 NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published in the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. 649 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 BUILDING BUILDING CONTRACTS AWARDED 1 [Index numbers based on value of contracts. Monthly average, 1923-25=100] With seasonal adjustment Without seasonal adjustment Month 1922 January February _. March April May June July August -_ . _. __ September October November December 1924 1923 61 71 94 101 109 93 79 75 73 91 80 76 48 52 85 102 105 100 102 93 79 73 71 62 1925 1926 75 76 120 138 124 137 133 149 138 129 116 129 76 78 109 121 108 101 87 89 87 103 95 83 111 99 146 139 134 133 126 146 137 126 119 131 1927 1922 94 96 151 147 135 154 130 135 1924 1923 85 97 70 70 83 82 85 82 92 86 81 71 82 77 87 79 89 81 76 72 76 88 90 90 1925 101 101 99 96 95 91 84 85 90 100 103 94 1927 1926 101 104 107 112 115 125 128 135 135 129 127 138 146 136 128 120 125 125 124 130 130 126 130 136 Minneapolis Kansas City 123 131 131 128 126 144 128 119 BUILDING C O N T R A C T S A W A R D E D , BY FEDERAL R E S E R V E DISTRICTS i [Value of contracts in thousands of dollars] Federal Reserve District Month Total I 1926 New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Dallas i May June JulyAugust September. October November. December.. 1927 January February March April ... May_ June —. July BUILDING Boston 549,815 547,792 518,932 600,809 562, 371 515, 727 487,013 537,396 44,489 36,838 39,228 42,098 42,427 29, 297 34,584 31, 570 144, 232 129,051 110,671 158,608 151, 251 127,176 118,757 228,021 37,780 50, 576 37,483 39,767 39,189 28,843 28, 609 31,018 57,053 71,293 66,749 57,361 55,226 55,236 38,733 41, 795 31,859 27,817 25,009 29,252 38, 704 35, 250 44,318 22, 596 40,223 36,492 42, 715 31,656 37,194 34,979 40,084 28, 232 95,009 101,737 106,661 128,213 110, 760 108,944 114,456 92,113 34,212 35,033 34,752 48,743 35,187 40,981 30, 586 22,504 15,245 14,121 13,863 11,839 12,955 13,712 9,752 8,588 18,839 17,894 21,559 23,556 18,445 22,935 11,979 11, 520 30,874 26,940 20,242 29,716 21,033 18,374 15,155 19,439 384,455 11 393,583 i 620,738 604,391 552,349 632,478 15,848 20, 298 42,806 40, 649 39,023 33,569 29,658 116,973 105,958 157,873 168,170 141,177 175,991 157, 597 32, 353 33, 088 52, 351 52,925 36,172 47, 632 37, 578 48,509 45, 741 62, 733 74,366 72, 782 72,266 54,707 27, 776 24, 944 34,694 31,192 39, 736 35, 502 34, 241 32,454 31,928 45,921 31,004 31,100 31,188 28, 093 56,372 69, 898 121,426 112,070 103,226 138,187 105, 070 21,533 25, 697 42,704 34, 888 31,344 44,171 32,205 4,337 5,548 16,107 13,944 12,999 14,134 11,419 16,173 16,342 22, 644 21, 528 17,598 17,203 16,881 14,510 27,781 22,539 23,262 22,240 22, 517 534,380 j CONTRACTS AWARDED, BY TYPES BUILDING i [Value of contracts in thousands of dollars] Month 1926 May June July_,_ August— , September October........ November..... December 1927 January „___ February. ._. March „_. April May June July... Residential Indus- Comtrial mercial Public works Educaand tional public utilities 244,587 237,725 184, 940 223, 292 225, 516 226, 794 229, 821 203, 966 45,977 54, 515 62, 764 68, 279 49,113 46,465 64. 781 51; i8i 167,866 163,088 250,078 267, 417 219,980 239,814 186,935 27, 875 80,116 58, 955 17, 012 41, 247 67.896 52,180 22,046 48,077 113; 766 106,827 36, 522 44. 602 80, 754 116, 264 35, 678 44; 889 72,541 111,368 34,545 33, 879 88,122 151,399 42,122 30, 303 83, 010 143,916 36,434 70, 892 67,960 67, 219 81,343 97,378 63, 601 59, 657 75,196 100,961 98,200 111, 448 125. 683 98,167 103, 757 50,129 120, 290 39, 710 40, 753 42, 016 42,124 34, 531 23, 567 34,572 22,178 OF BUILDING PERMITS 15, 521 ISSUED, BY FEDERAL DISTRICTS RESERVE [Value of permits in thousands of dollars] All other Federal reserve district Number of cities July, 1927 June, July, 1926 United States. 168 237,728 293,477 295, 078 Boston New York.__. PhiladelphiaCleveland 14 22 14 12 8,894 81,162 17,316 20,505 12, 574 101, 388 20,816 18,964 10, 887 101, 974 18, 842 21, 785 Richmond Atlanta Chicago 32, 631 St. Louis 47,126 65,468 Minneapolis.. 59, 676 Kansas City.. 69,026 77,142 Dallas 53, 792 San Francisco. 15 15 19 5 9,081 8,814 44,444 8,363 13, 954 7,762 62,879 6, 916 13, 587 12, 852 56,602 7,106 3,779 7,108 5,418 22,844 4,938 5,482 7,390 6,900 31, 671 47, 688 48, 639 50,545 60,088 57,666 51, 543 48,053 64, 585 6,697 27,723 1 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. indexes by months from 1910 to date given in the Bulletin for August, 1927, p. 563. Adjusted 650. FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 COMMODITY MOVEMENTS AGRICULTURAL MOVEMENTS 1 FREIGHT-CAR LOADINGS, BY LINES 1 [Index numbers, adjusted for seasonal variations. 1923-1925=100] Grain and grain products Total 1926—June July August.' September October November December.... 1927—January February March . April. May June July 1 109 108 108 109 109 108 106 105 109 109 108 107 104 101 Livestock Coal 94 94 95 103 97 90 86 88 87 92 92 95 93 89 110 118 101 92 104 93 99 96 102 98 97 100 105 97 MerchanForest 1.dise c.l. prodand ucts miscellaneous 100 98 98 100 100 94 90 94 95 91 90 93 91 94 109 108 111 114 113 128 124 114 121 122 107 103 96 89 109 108 109 109 110 106 106 108 109 110 110 108 108 107 Revised. For description and early figures see p. 562 of August [Index numbers, without seasonal adjustment. 1919=100] AniLive- mal Grains Cot- Vege- Fruits ToTotal stock bacco prodton' tables ucts 1926—May June July August September— October November.. December.. 1927—January February. _. March April May June July 87 88 80 88 102 113 107 95 99 81 91 82 95 91 79 85 91 107 106 144 190 165 138 115 104 103 85 94 94 95 137 168 152 118 104 96 117 126 86 95 118 137 161 169 149 54 84 170 158 124 125 99 82 86 84 71 50 63 * 84 135 20 12 48 213 375 343 251 152 118 117 74 58 32 13 121 170 134 101 186 251 135 98 118 113 146 146 140 162 133 73 "1R 177 204 295 435 204 104 99 97 100 128 174 127 140 16 30 2 66 192 261 286 344 404 383 212 31 8 1 1 For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the BULLETIN for October, 1925. BULLETIN. WHOLESALE TRADE SALES, BY LINES [Index numbers,1 without seasonal adjustment. Mo. av. 1919=100] Month Total 1926—June.. July . August September... October November... December... 1927—January February March April May. 84 82 88 97 94 86 78 75 86 84 82 92 91 87 80 74 69 79 77 81 86 79 73 83 78 79 81 78 June_. July 1 Dry HardGroceries Meat goods Shoes ware Drugs 82 77 81 86 85 76 73 77 73 71 71 74 72 72 77 78 102 114 102 91 71 72 78 90 75 71 74 75 105 99 99 112 114 104 99 80 82 107 102 99 102 94 59 52 73 84 76 67 60 46 53 73 68 56 58 53 116 113 115 124 133 117 110 112 104 130 122 113 115 118 For description of wholesale trade index see BULLETIN for April, 1923 CHANGES IN SALES AND STOCKS, BY LINES AND DISTRICTS [Increase or decrease (—), per cent] Sales: July, 1927, compared with— Line and Federal reserve district Groceries: United States Boston _ _ New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis... Minneapolis Kansas City Dallas San Francisco ._ _ June, 1927 _ . . _. -8.6 —4.5 -9.9 -12.7 —9.3 -7.0 -12.0 -8.7 -11.3 -14.0 1.1 -5.9 -4.4 July, 1926 -6.8 —7.6 -8.1 72 —5.6 -8.0 -15.8 —6.1 -15.7 -1.0 -3.8 -7.6 -5.1 Stocks: July, 1927, compared with— June, 1927 0.8 8.8 2.9 —0.9 -2.9 -4.6 1.2 0.0 -6.8 16. 9 -7.8 July, 1926 Line and Federal reserve district Dry goods: United States New York Philadelphia Cleveland...... Richmond Atlanta __ «. . Chicago „ St. Louis Kansas City... Dallas.. San Francisco _ Shoes: United States Boston New York Philadelphia Cleveland Richmond Atlanta Chicago -. St. Louis Minneapolis-... „ San Francisco..Hardware: United States New York Philadelphia Cleveland _ .. Richmond Atlanta Chicago St. Louis.. Minneapolis 16.0 Kansas City -4.8 Dallas —5 7 San Francisco 3.6 Drugs: -7.0 United States -6.9 ' New York —5. 8 Philadelphia 0.0 Cleveland -10.6 Richmond -10.8 Atlanta -1.0 -6.3 NOTE.—Changes in stocks are computed as of end of month; figures for the United States are weighted averages computed on the basis of firms which have reported regularly since January, 1923. CHANGES IN SALES AND STOCKS—Continued Chicago St. Louis. Kansas City Dallas San Francisco ... __ Sales: July, 1927, compared with— June, 1927 July, 1926 2.3 -6.6 -14.3 -9.3 8.7 11.4 -2.7 16.7 17.7 26.0 0.2 -3.3 -8.2 —12.5 -3.0 6.3 9.8 -2.3 -0.4 -7.8 13.0 -9.7 -8.3 7.9 -22.5 2.2 -22.2 19.0 —4.7 -6.0 64.6 -15.0 -9.1 2.9 12.1 -2.4 -18.7 -13.5 16.3 —1.7 -6.6 19.9 -18.0 -0.3 -8.0 -20.3 -11.2 -2.3 -5.2 -1.0 -3.0 -0.2 0.0 -7.7 9.5 -13.7 1.8 32.6 -3.8 -3.1 -0.1 -0.1 -6.1 -5.6 4.6 1.6 -3.1 Stocks: July, 1927, compared with— June, 1927 July, 1926 9.1 -5.6 0.0 11.3 2.3 11.2 7.2 5.1 19.7 16.9 3.6 -36.3 -9.6 -3.5 -17.2 -4.4 1.0 9.0 —1.1 -3.1 2.1 —4.6 1.7 2.4 1.8 3.7 -5.2 -3.5 39.9 -33.5 -1.4 0.7 9.0 —2.0 17.0 2.6 -0.6 -5.3 -28.0 -11.6 -5.1 -11.9 -10.3 -2.1 -1.2 17.7 -3.6 -6. 5 0.0 -0.8 -8.4 -7.1 -0.3 3.1 -0.6 -0.9 -2.7 -0.3 -3.0 0.4 -1.0 -4.9 4.3 4.1 -5.1 -8.6 -1.6 —13.9 -8.0 -13.1 3. 8 -17.9 -6.0 -6.9 0.9 -10.6 3.6 2.0 -3.2 -2.6 -2.9 4.2 -3.1 0.8 7.9 -4.8 -7.1 -8.9 9.6 -4.8 -10.6 -17.6 14.3 0.7 -0.4 2.4 -0.9 —19 0 0.2 —8 9 7.3 651 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 RETAIL TRADE SALES OF DEPARTMENT STORES, MAIL-ORDER HOUSES, AND CHAIN STORES [Index numbers. 1 Average monthly sales 1919=100] Sales with seasonal adjustment Sales without seasonal adjustment De- Mailpart- order ment houses Gro- 5-and- Drug stores cery 10-cent (4) (359) (9) (27) (5) Month 1926 January..FebruaryMarch April May June July August SeptemberOctober November. December. 114 104 130 133 137 130 99 105 131 158 156 234 • 114 107 129 143 131 130 97 Chains Cigar (3) De- Mailpart- order ment houses Gro- 5-andShoe Music Candy stores cery 10-cent Drug (4) (4) (5) (359) (9) (6) (27) (5) Chains Cigar (3) Shoe Music Candy (6) (4) (5) 166 286 287 302 329 322 309 317 296 307 334 347 373 166 170 199 202 214 204 206 204 211 257 247 466 178 172 194 191 188 184 195 193 192 206 198 261 127 127 142 150 160 152 155 148 153 162 150 222 108 97 143 166 174 153 145 122 142 158 150 215 101 103 112 111 109 118 108 121 137 151 146 223 167 173 206 226 220 204 210 194 218 227 232 303 130 135 130 130 132 130 133 134 144 139 138 146 118 122 111 118 117 133 331 130 128 116 123 139 284 299 279 324 321 314 329 310 323 324 344 357 228 227 207 216 225 222 227 215 227 237 237' 252 185 189 192 196 191 187 194 192 195 202 210 215 146 151 147 156 157 156 157 151 152 155 151 164 142 145 143 143 151 144 159 155 148 140 138 164 122 126 124 130 131 149 145 136 137 125 117 118 199 205 204 226 228 218 214 193 221 221 244 208 108 107 132 128 106 114 100 347 332 392 385 383 399 373 177 191 213 244 224 224 221 209 201 224 223 206 210 217 134 137 153 157 157 151 153 106 110 125 198 143 155 140 94 98 108 104 88 87 80 178 194 216 257 216 215 211 130 139 129 140 127 130 129 118 113 125 119 135 135 no 345 346 361 380 382 405 388 243 256 222 261 236 244 243 217 222 222 230 209 213 214 154 162 158 163 154 155 154 140 164 126 170 124 145 153 114 119 120 122 106 109 107 212 230 213 257 224 229 215 116 111 130 120 105 113 97 98 121 151 153 1927 January... February.March April . . May June July i For description of retail trade indexes see BULLETINS for January and March, 1924. Index of sales of grocery chains revised in February, 1925; comparable figures since January, 1919, obtainable from Division of Research and Statistics, Federal Reserve Board. DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers. Monthly average 1919=100] Federa! Rese rve District United States Sales (unadjusted): 1926—May Boston New York Philadelphia Cleveland Richmond Atlanta Chicago Minneapolis Dallas San Francisco 137 130 99 131 130 97 134 - 134 94 130 139 90 139 137 99 134 143 96 137 129 87 124 126 80 137 126 100 132 124 98 129 123 £6 123 120 89 114 104 80 108 102 79 159 146 115 151 147 115 102 93 81 92 92 76 115 107 79 116 100 72 152 142 124 152 137 127 132 130 133 127 130 129 126 127 131 122 131 126 136 136 141 131 142 137 132 125 128 120 122 119 131 124 129 127 122 127 128 119 131 122 117 121 109 110 104 103 108 104 152 147 151 144 148 151 100 92 99 90 91 90 113 112 112 114 105 102 147 151 148 147 146 152 Stocks (unadjusted): 1926—Mav June July 1927—May June July 138 131 125 138 129 124 123 116 111 127 119 115 138 131 124 137 128 122 184 177 171 191 183 176 133 126 118 130 124 118 132 126 119 131 122 117 116 110 108 120 106 107 153 147 136 156 145 138 106 101 94 97 89 88' 125 114 110 109 101 95 139. 131 129 143 136 134 Stocks (adjusted): 1928—May June July 1927—Mav June July 138 138 133 138 136 133 123 122 121 126 125 125 138 138 135 136 134 133 189 183 184 195 190 189 132 129 124 129 127 124 134 134 127 132 130 125 119 115 115 123 112 113 154 156 146 157 154 102 106 99 93 94 93 123 l?0 118 108 106 102 139 138 135 142 142 140 June July 1927—May. June July Sales (adjusted): 1926—Mav June July 1927— May June July 148 NOTE.—Number of reporting firms included in sales and stocks indexes, respectively, for department stores are as follows, by Federal reserve districts: United States, 359-314; Boston, 24-24; New York, 63-63; Philadelphia, 22-13; Cleveland, 54-52; Richmond, 23-19; Atlanta, 35-22; Chicago, 63-51; Minneapolis, 23-22; Dallas, 21-19; San Francisco, 31-29. 652 FEDERAL EESEEVE BULLETIN SEPTEMBER, 1927 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE [Amounts in thousands of dollars] [Amounts in thousands of dollars] All banks Member banks Nonmember banks Number Num- Total Num- Total Num- Total ber deposits ber deposits ber deposits January Februarv March April May 1926 65 52 51 56 68 _ 77 140 52 July August - _ September October 37 88 -- - December Total 154 116 _ .— 1927 January February _„_ March April - 133 82 1 75 May June July 958 -- -Total 7 months - 48 47 41 37 463 13,384 11,763 10,249 12,512 16,324 34, 229 48, 618 10,001 12,050 18,209 45,983 39,166 272,488 38, 298 32, 918 44, 893 12, 492 14,185 12, 072 8,935 163,793 11 10 6 6 10 16 5 9 8 19 33 27 160 27 16 16 10 11 9 2 91 3,992 2,861 710 3,534 4,234 5,318 1,637 2,127 4,317 6,280 19,389 14, 413 68,812 11,830 8,895 8, 999 5,471 7,172 5,521 2,638 50, 532 M 42 45 50 58 61 135 43 29 69 121 89 796 106 66 59 38 36 32 35 372 9,392 8,902 9, 539 8,978 12,090 28,911 46,981 7,874 7,733 11,929 26, 594 24,753 203, 676 26,462 24, 023 35, 894 7,021 7,013 6,551 6,297 113,261 BANK SUSPENSIONS,! IN JULY, 1927, BY DISTRICTS [Amounts in thousands of dollars] All banks Federal reserve district Boston New York PhiladelDhia Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dallas -_ San Francisco Total Member banks 2 Nonmember banks Liabilities I ManuAgentSj ManuTotal factur^'(Tradbrokers, Total factur- Trading ing ing ing etc. 192C January February March April May June July August September.,, October November... December Total.. 1927 January February March April May June July 1,801 1, 984 1,957 1,730 1,708 1,605 1,593 1,437 1,763 1,830 2,f"~ 21, 773 2,465: 2,035J 2,143' l' 852 ! 1, 833; I 1,7, 510 447 469 494 437 435 396 449 374 1,696 1,282 1,424 1, 378 1, 216i 1,160| 1,1221 l,07l| 958 1,205 1,285 1,471 5,395|15,268 90 72 91 il 77 113 87 73 105 1081 105 104 43, 34, 30, 38, 33,5431 29,408 29,680! 28,130! 29,1 ' 33^2311 32,694, 45,620 122 116 106 134 116 96 121 501 1,842 411 1,508 1,468 492 1,342 1, 292 444 427 1.310 448] 1,187 51,290 46,941 57,891 53,156 37, 785 34,465 43,1 3 9 3 13 *8 277 1,517 875 2,494 1,797 37 8,935 1 [Amounts in thousands of dollars] 1,975 1 663 2 2.638 3 9 3 12 8 277 1,517 875 1,831 1,797 35 6,297 * Banks closed to the public by order of supervisory authorities or by thea directors of the banks on account of financial difficulties. National banks. 3 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, 4 Includes 2 banks for which deposit figures are not available. 24,530 23, 406 28,191 22, 308 19, 978 17, 856 16, 832 811324,678122,292153,101 Number 1,975 19, 996 10, 518 22, 368 25, 278 13, 802 13, 587 16, 743 COMMERCIAL FAILURES, BY DISTRICTS Total Num- Total Num- Total de- 3 ber de- 3 Numdeber posits ber posits posits 3 1 21, 502 20,317 18,623 19,094 15, 710 15, 525 14, 614 14,096 11, 243 15,874 14, 158 20, 579 1,110 409, 232 158,042 201,334 Total, 7 months...! 14,052: 3, 292! Federal reserve district - 16,094 10,822 9,862 16, 734 16,157 10,092 11,167 12, 516 10;»93 l l | 650 16,097 16,758 Eoston New York Philadelphia Cleveland Richmond.. Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco- Total July, 1927 June, 1927 Liabilities July, 1926 July, 1927 209 355 54 140 114 114 259 51 69 87 27 277 171 260 41 164 142 174 253 98 114 123 59 234 152 227 76 137 105 75 232 59 93 112 72 285 4,150 6,361 1,711 7,270 4, 066 •4,162 5,153 1,041 729 940 274 7,293 1,756 1,833 1,605 43,150 June, 1927 2,476 4,733 5, 610 3,573 2,255 ' 2,347 4,000 1,897 1,397 1,768 1,555 2,852 34,465 July, 1926 2,742 3,708 3,319 3,202 1,692 2,504 5,556 1,125 1,020 1,108 970 2,734 29, 680 SEPTEMBER, 1927 FEDERAL RESERVE 653 BULLETIN FOREIGN BANKING AND BUSINESS CONDITIONS FIRST ANNUAL REPORT OF THE CENTRAL BANK OF CHILE The first annual report of the Central Bank of Chile was presented to the banking superintendent on March 21, 1927. The report is divided into two parts, part one reviewing the monetary and banking history of the country and part two describing the development of economic conditions since the establishment of the central bank. The following discussion, derived in substance from part two of the report, deals with economic and financial developments in Chile during the past year: 1. General situation at the time of opening the bank.—On August 20, 1926, the finance commission of the Chamber of Deputies calculated that the end of the year would find a deficit in the Government finances of 174,000,000 pesos, which, added to the deficit of the previous year, would result in a total deficit of about 321,000,000 pesos. An intense crisis in the nitrate business had reduced the exportation of nitrate from 2,500,000 tons in 1925 to 1,700,000 tons in 1926. This resulted in a general stagnation of industry, agriculture, and commerce, which are always largely influenced by the principal element of wealth, nitrate, and which follow closely the variations of that business. The adverse fiscal situation of the Government, accentuated by the nitrate crisis and by heavy Government expenditures, was further aggravated by the forced closing of the Banco Espanol de Chile. On December 1, 1925, the suspension of payments by this bank resulted in a serious disturbance of general business and tied up Government deposits of more than 30,000,000 pesos. These factors naturally resulted in a lack of confidence on the part of the public at the time when the Banco Central de Chile commenced operations. Unquestionably all these factors made the normal development of business difficult; but a central bank, such as that proposed for Chile, having a gold reserve equal to its obligations, is an organization which can exercise a powerful influence in overcoming a temporary crisis such as that experienced in the early days of 1926. Thus, confronted by a lack of confidence on the part of some and high expectations on the part of others, and aided by a powerful public opinion which had insistently demanded its organization, the Banco Central opened its doors on January 11, 1926. The results of the first year of its operations demonstrate that it was the institution which circumstances required, because at the same time that it regulated circulation according to the needs of the country, it also maintained a stable rate of exchange with but insignificant fluctuations and aided in lowering the rate of interest throughout Chile. Above all, its moral effect was of great importance to the country. 2. Capital.—The authorized capital of the Banco Central is 150,000,000 pesos, which under certain circumstances may be increased to 200.000,000 pesos. The bank began operations with a subscribed capital of 79,558,000 pesos, divided into 79,558 shares of 1,000 pesos each, distributed in the following form: Shares Class Class Class Class • A, National Government B5 native barks C, foreign banks D, public Total __ • Pesos 20,000 38,006 15,171 8, 381 20,000,000 36,006, 000 15,171,000 8,381,000 79, 558 79, 558,000 The organization commission of the Banco Central collected from the shareholders of Class D—that is, from the public—the sum of 838,100 pesos, which is 10 per cent of the face value of the shares subscribed, amounting to 8,381,000 pesos. Upon beginning its operations the Banco Central, in conformity with its by-laws, called on January 11, 1926, for a second payment of 30 per cent from the shareholders of Class D and the payment of 40 per cent of the subscriptions of the shareholders of Classes A, B, and C. To enable the public to complete the payment of the second quota of the shares of Class D, it was necessary to extend the time until April 30, 1926. In accordance with the by-laws, the date for the payment of the next quota of 30 per cent was fixed as of June 28, 1926, and this was paid promptly by all of the shareholders of Classes B and C; that is, by the native and foreign banks. The time for the payment by the pub- 654 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 lie of their subscription to shares of Class D 262.25 pesos in all, of the original gold reserve was extended to September 9, 1926. received from the Government. The subscribed capital on December 31, Part of the gold received by the bank was in 1926, was: the form of bars more or less suitable for coining in Chile, although some of them contained a percentage of other metals which made Shares Pesos their coinage difficult or expensive, and part was in dollars or pounds sterling, which would Class A, National Government _„ 20,000 20,000,000 37,063 37,063,000 have been relatively expensive to recoin here. Class B, native banks 21, 227 21, 227,000 Class C, foreign banks^ 8,399,000 On the other hand, the exportation of the above8,399 Class D, public .__ --. 86, 689 86,689,000 mentioned gold does not in any way impair Total the maintenance of the gold standard in the country, because in case of necessity the The paid-up capital on December 31, 1926, bank can import gold from New York within a few days. was: Pesos It is well to state also that, besides aiding Class A 10, 295, 750 Class B 36, 349, 900 the bank in maintaining a stable rate of exClass C 21, 227, 000 change, the maintenance of large deposits of Class D 7, 964, 900 gold in London and New York has the decided advantage of causing the bank to be favorably Total 75, 837, 550 known in London and New York and of 3. Gold deposits abroad.—In accordance putting it in a position to obtain large credits with the law, on the day on which the bank abroad in case of necessity. This, of course, is in began to function the Government transferred addition to the advantage of the interest earned to ^the bank sufficient gold (409,715,702.30 on these deposits, which would be lost if the gold pesos) to pay in full the outstanding paper were kept idle here in the vaults of the bank. money of the Government at the ratio of The gold deposited abroad has been placed 0.183057 gram of gold per peso. This gold partly in the form of time deposits and partly reserve was stored partly in the vaults of the in the form of sight deposits. This distribution mint in Santiago and partly in banks in London. has been made in accordance with the exiSuch an organization as the Banco Central de gencies of the bank, always with a view to Chile, which establishes the conversion of the maintaining sight deposits to an amount paper money according to the system known amply sufficient for whatever urgent necessity as the "qualified gold exchange standard/' might arise, and placing the balance in the is under no obligation, except in the case of the most productive form for the institution. Article 83 of the law creating the bank proreserve of coined gold established to inspire confidence on the part of the public, to main- vides that in the calculation of the legal tain in the country a large stock of gold. reserve for its outstanding notes and deposits, It is the essence of this system that as large a the bank can only compute the gold actually part as possible of the gold reserve be concen- deposited in its vaults and at sight with banks trated in the hands of the central organization, in London and New York. From this it will be not to be held idle in its vaults, but to be used seen that, while at certain times the normal in such a manner as to permit it to maintain the business of the bank will permit the increase stability of the exchange and in this way to of time deposits, which are most productive, maintain the value of the currency of the nevertheless this can not be done beyond a country, as expressed in the currencies of certain amount without decreasing the proporforeign countries which are on a gold standard. tion of the legal reserve below the limit proFor this purpose it is essential that the Banco vided in the law. The time deposits which Central maintain large amounts of gold on the bank maintains abroad have been so deposit in London and New York, which are arranged that they can be converted within a the financial centers of the world and through very short period of time into sight deposits if which are liquidated the final commercial the business of the bank makes this necessary. balances of the world. The Banco Central 4. Note issues.—Article 74 of the law creattherefore immediately established heavy re- ing the bank imposes on it the obligation of serves in these two cities, and during the year redeeming and immediately canceling and rehas exported a considerable quantity, 189,949- tiring from circulation all of the Government SEPTEMBER, notes and." vales del Tesoro" which are presented to it. From the first day on which the bank began operations it has used every effort to comply with this legal requirement and to convert all of these notes into notes of the bank. During the time of the preliminary organization of the bank it was not possible to select the final design of the notes or to obtain the necessary plates for their printing. It requires considerable time to do these things, as well as to obtain a distinctive paper sufficiently strong to resist the hard wear to which bank notes are subjected; this kind of paper, unfortunately, is not manufactured in Chile. Up to this time the bank has been able only to issue provisional bank notes; that is, notes of the old Government issues which are stamped with the name and seal of the Banco Central and the signatures of the officials of the bank. With* this class of notes the bank proceeded from the beginning to redeem the old Government issues, the bad condition of which made imperative their immediate redemption. To this end the Banco Central has not only exchanged this paper money in Santiago, but has also sent to various Provinces, both north and south, large quantities of new bills, not only by its own messengers but also through the commercial banks and Cajas de Ahorros and the national treasuries. These remittances have been made at considerable expense to the bank, but the expense seemed fully justified in view of the amount of dirty paper money circulating in the country. Up to this time the bank has redeemed and canceled 274,141,070 pesos of the Government issues, while there remain outstanding at this date 131,488,049 pesos. * * * 5. Discount rates.—When the bank began operations in January, 1926, the rate for loans and discounts of the banks of Santiago, as well as for commissions, was about 12 per cent. In the Provinces the rates were higher. The Banco Central has been able to bring about a decided reduction in these rates of interest. During the year the bank has discounted a large amount of paper for banks in the agricultural regions as well as for national and foreign banks; considerable amounts have also been discounted for the public. These operations have been effected with a minimum of difficulty and delay. 60625—27 655 FEDERAL RESERVE BULLETIN 1927 -6 We give below a list of the different rates of interest which the bank fixed for its operations during the year 1926: Date Jan, 11 Tan. 25 Feb. 1 Aug. 9 Sept. 27 Rediscounts for banks Per cent 9 8 8 . 8 Discounts for the public Per cent 10 9 6. Exchange operations.—When the bank opened in January, 1926, the rate 7of exchange on London for drafts at 90 days sight was 39.77 per pound sterling. During the year the average rate of exchange has been 39.61 for drafts at 90 days' sight on London, and the maximum variation has been 0.62 pesos. To demonstrate clearly the benefit accruing to the country from the organization of the Banco Central, we would call attention to the fact that during the period of paper money there were many violent fluctuations in the exchange rate; thus in 1921 the difference in the monthly quotations of the pound sterling reached 13.31 pesos. Since the organization of the bank it has sold drafts on London and New York for a total sum of 219,278,036.71 pesos, and during the same period it has purchased drafts for a total of 334,334,674.10 pesos. 7. Operations with the Government.—Article 64 of the bank law makes the bank the fiscal agent for the Government. In compliance with this public function, the bank has carried out for the ; treasury department the liquidation of. the different foreign loans which the Government has issued during the year. These operations have been effected at prices which have been advantageous to the Government, and manifestly for the general interest of the nation, which has been spared violent fluctuations in exchange such as might have resulted from excessive and forced sales of foreign moneys. The bank also, as fiscal agent, has arranged for the purchase of drafts on behalf of the Government, for the service of the external debt, without forcing undue changes in the rate of exchange. The bank has also aided the 656 FEDERAL RESERVE BULLETIN Government in repaying a part of the internal debt. * * * Article 54, subsection D, of the bank law, authorizes the bank to make loans to the Government up to 30 per cent of the paid-in capital of the bank. In accordance with this authorization the Government contracted a loan on February 5, 1926, of 9,000,000 pesos, which was the limit authorized at that time. The loan has since been reduced to 8,537,549.64 pesos. •* * * 11. Branches,—The bank has from the beginning realized the necessit}^ of opening branches in some of the principal cities of the country, especially in Valparaiso. In that city there has been a demand for an office of the Banco Central, not only because of the large volume of business transacted there, but also SEPTEMBER, 1927 because of the necessity of organizing a clearing house under the supervision of the Banco Central and permitting the deposit in such office of the balances which the other banks need to carry and which can only be considered as legal reserve when deposited in the Banco Central. On December 20, 1926, the board of directors authorized the opening of an agency in Valparaiso. It has not been possible for the Banco Central to open branches or agencies earlier, because it was necessary^first to obtain a satisfactory organization of the central office, to establish an efficient system, and to prepare a well-trained staff of employees who could organize branches or agencies under the same system in ail parts of the organization. * * * SEPTEMBER, 657 FEDEKAL EBSEBVB BULLETIN 1927 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANES [Figures are for the last report date of month] 1927 1927 July B a n k of E n g l a n d (millions of pounds sterling): Issue department— Gold coin and bullion Notes issued.._ Banking department—^ Gold and silver coin Bank notes..„__ __ Government securities Other securities Public deposits... Other deposits Ratio of gold and note reserve to deposit liabilities (per cent) Bank notes in circulation 1 Currency notes and certificates. _ B a n k of F r a n c e2 (millions of francs): Gold reserve Silver reserve Gold, silver, and foreign exchangeCredits abroad. Loans and discounts Advances to the Government Miscellaneous assets Note circulation Total deposits. __ G e r m a n R e i e h s b a n k (millions of reichsmarks): Gold at home ._„_ Gold abroad... _-__ Reserves in foreign exchange Bills of exchange and checks Miscellaneous assets Deposits _ Reichsmarks in circulation Rentenmarks in circulation B a n k of Italy (millions of lire): Gold reserve Credit and balances abroad Loans and discounts Advances to the Government Note circulation for commerce...-. Note circulation for the State Total deposits. __„ B a n k of J a p a n (millions of yen): Gold at home and abroad _ Advances and discounts ... Advances on foreign bills Government bonds Total note and deposit liabilities.. Notes issued Total deposits ___ A u s t r i a n N a t i o n a l B a n k (millions of schillings): Gold Foreign bills of the reserve Other foreign bills Domestic bills Treasury bills. Note circulation Deposits N a t i o n a l B a n k of B e l g i u m (millions of francs): Gold 3 ----Foreign bills and balances in golds... ._• Domestic and foreign bills Loans to State... .„._. Note circulation Deposits... June May July 150.2 170.0 150.5 170.2 150.9 170.6 150.9 170.6 1.6 32.0 50.0 47.9 9.9 103.5 1.6 32.3 51.7 59.3 7.9 119.0 1.7 34.8 48.5 50.9 19.8 98.4 1.3 28.6 34.9 68.5 9.7 105. 5 29.6 81.7 298. 5 26.7 81.7 298.3 30.8 79.6 26.0 &5.8 293.9 3,682 3,683 3,683 344 343 345 2,222 2,181 2,140 55 50 53 3,382 4,096 3,787 25,650 26,850 26,600 24, 551 22,321 19,018 52,756 52,786 51,801 13,163 12,382 10, 583 3,684 338 1,743 58 179 2,512 471 553 3,928 1, 044 1,063 954 3 188 2,349 1,332 1,017 577 8,998 37,450 4,233 56,022 4,344 1,745 58 67 2,495 462 670 3,815 1,064 1,746 69 79 2,421 444 700 3,719 1,073 1,232 260 495 1,199 646 538 3,107 1,501 1,168 1,478 7,448 4,229 13,445 4,229 2,787 1,164 1,565 6,983 4,229 13,214 4,229 2,636 1,135 541 9,017 6,729 11,598 6,729 2,426 1,063 1,063 1,070 12 239 2,542 1,388 1,154 1,058 326 42 286 1,918 1,264 654 59 416 176 101 174 901 29 38 509 113 90 182 885 238 2,413 1,379 1,034 59 410 194 151 174 956 34 59 414 178 125 174 917 3,231 3,223 3,198 274 2,220 2,341 2,000 9,583 428 2,219 2,367 2,000 9,532 359 2,163 2,426 2,000 9,308 30 1,919 6,705 8,975 681 * Notes issued, less amounts held in banking department au^ in currency note account. »Not including gold held abroad. N a t i o n a l B a n k of B u l g a r i a (millions of4leva): Gold _ _ Foreign bills, etc Loans and discounts Advances to State Note circulation Deposits _ 1926 July June May 1,247 4,562 3,842 2,640 1,239 278 944 4,562 3,735 2,660 1,232 271 821 4,512 3,530 2,751 43 1,268 1,382 5,630 3,548 2,937 85 483 35 266 185 85 534 42 268 232 85 579 21 263 250 147 285 83 371 94 1,056 1,693 191 1,053 1,815 144 1, 053 1,824 74 1,033 1,290 193 533 7,046 787 540 7,118 890 555 6,762 1,237 667 7,199 849 July C e n t r a l B a n k of Chile (millions of Gold at home_.-» Gold abroad Loans and discounts. Note circulation. Deposits. Czechoslovak N a t i o n a l Bank (millions of Czechoslovak crowns): Gold and silver Foreign balances and currency... Loans and advances _ Assets of banking office in liquidation ._ Note circulation.. Deposits.... B a n k of B a n z i g (millions of Danzig gulden): Balances with Bank of England.. Foreign bills, etc. Loans and discounts._ Note circulation Deposits.. N a t i o n a l B a n k of D e n m a r k (millions of kroner): Gold. Foreign bills, etc. Loans and discounts. _ Note circulation .. Deposits 19 17 15 35 182 64 102 353 22 N a t i o n a l B a n k of E g y p t (thousands of Egyptian pounds sterling): Gold English Government securities..._ Egyptian Government securities. Note circulation Government deposits __ Other deposits.. B a n k of E s t o n i a (millions of Estonian marks): Gold. ._ C ash in foreign currency Foreign correspondents' account. Foreign bills . Loans and discounts Note circulation Total deposits B a n k of F i n l a n d (millions of Finnish marks): Gold . Balances abroad and foreign credits. _ Foreign bills._.„ _ Domestic bills State d e b t s . . . Note circulation Demand liabilities „ 510 39 399 81 5,674 1,934 4,494 193 58 101 368 24 193 45 130 367 27 209 43 108 389 26 3,657 21,805 26,276 24,790 21, 514 16,881 3,656 23,605 25,466 26,251 21,932 16,837 3,456 22, 304 26,924 25, 534 21,485 13, 617 509 28 341 89 5,749 1,904 4,490 509 29 399 110 5,883 1,922 4,609 500 31 228 127 5,860 1,842 4,794 324 330 974 47 629 122 1,411 890 60 566 262 [,289 368 323 914 69 666 122 1,377 303 901 43 622 122 1,398 282 3 Figures previous to Oct. 25,1926, carried at par. 4 Figures previous to 1927 carried at par. 658 FEDERAL BESERVE BULLETIN SEPTEMBER, 1927 CONDITION OF CENTRAL BANKS—Continued 1927 July National Bank of Greece (millions of drachmae): Gold and balances abroad Government loans and securities. Loans and discounts Note circulation Total deposits _ National Bank of Hungary (millions of pengo): Gold Foreign bills, etc. Loans and discounts _ Advances to treasury Other assets Note circulation Deposits Miscellaneous liabilities 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. Note circulation... ._ Government deposits ._ Other deposits 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 Bank of Norway (millions of kroner) : Gold. Foreign balances and bills Domestic credits... Note circulation Foreign deposits Total deposits Reserve Bank of Peru (thousands oflibras): Gold Gold against demand deposits Foreign exchange reserve Bills. _ _ Note circulation __ Deposits Bank of Poland (millions of zloty): Gold... Foreign exchange, etc Loans and discounts.. . Note circulation Current accounts— Private Treasury Liabilities in foreign currency J Not including gold held abroad. 196 115 268 466 226 226 185 31. 100 326 55 1926 June May July 2,705 3, 887. 3,054 4,825 4,186 2,708 3,868 4, 016 4,859 5,047 1,675 3,814 3,219 4,528 4,040 189 70 ' 273 116 285 428 248 231 169 92 249 117 221 429 249 143 141 94 182 152 231 424 159 167 185 23 71 315 56 185 21 72 308 53 194 26 70 335 49 387 128 291 790 52 404 122 275 783 55 140 265 813 31 147 5 291 331 6 97 147 10 303 332 6 120 147 10 309 315 9 144 147 77 340 340 4,097 318 709 1,884 6,124 637 4,086 330 681 1,852 5,892 4,188 228 669 1,471 5,819 458 4,026 396 694 2,928 6,779 792 164 221 447 745 181 219 427 728 157 230 414 705 135 91 378 511 119 108 120 96 22 121 99 30 426 224 195 814 76 47 1926 July I June May 168 207 1,791 172 207 1. 803 100 177 207 1,755 81 344 154 1,845 55 National Bank of Humania (millions of lei): Gold 5 147 Bills 8,764 Advances to State 16, 359 Note circulation.. 21, 051 Deposits 147 8,807 16, 359 21,032 8, 451 146 16, 359 21,001 8, 769 142 8,368 10, 679 21,003 7,762 State Bank of Russia (note-issuing department; thousands of chervontsi) : Gold Foreign currency „ Loans and discounts Bank notes 17. 748 7.369 66', 888 92,860 17,705 16, 685 7,946 8,374 65,377 64,738 92,029 90, 550 14,769 5,027 56,955 75,162 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 88 384 1,317 2,966 5,522 1,521 386 1,168 2,966 5,295 1,617 397 1,238 2,966 5, 337 1,231 81 296 1,346 2,966 5,422 529 South Afriean Reserve Bank (thousands of pounds sterling): Gold Foreign bills Domestic bills Note circulation Deposits..„ 7,942 4,957 1, 809 8,562 7,043 7,527 5,725 1,107 7,414 6,903 7,439 7,236 1,094 8,417 5,073 7,180 5,772 952 7,924 5,528 2,597 681 39 546 1,314 4,141 1,048 2,597 692 39 495 1,353 4,139 1,055 2,597 705 37 573 1,370 4,246 1,006 2,555 674 30 727 1,629 4,353 1,029 221 176 279 499 112 221 163 350 535 127 222 161 297 493 119 228 161 263 494 444 48 366 839 85 455 55 328 835 76 459 45 359 815 124 420 15 363 803 81 i 55,418 54,948 I 94,710 93,920 I 64,272 65,044 74, 596 73, 647 54,943 89,792 61,545 69,949 Bank of Portugal (millions of escu dos): Gold Balances abroad Bills. _ Note circulation Deposits _„ Bank of Spain (millions of pesetas): Gold... ._„... Silver ._ Balances abroad ._ Bills discounted Checks and drafts Note circulation Deposits . Bank of Sweden (millions of kroner) : Gold Foreign bills, etc . Loans and discounts Note circulation Deposits Swiss Natlonaa Bank (millions of francs): Gold Funds on demand abroad.__ Loans and discounts Note circulation .._ Deposits Bank of the Republic of Uruguay (thousands of pesos): Gold _ Loans and discounts Note circulation _. Deposits July 659 FEDEBAL BESEBVE BULLETIN SEPTEMBER, 1927 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] July June May July 133 1,135 237 1,682 139 1,122 237 1,685 127 1,110 237 1,650 119 1,107 246 1,646 216 1,955 1,788 1,753 193 2,008 1,801 2,044 1,653 122 2,542 1,946 3,172 1927 1926 June May April June 1,282 446 534 178 2,327 70 1,276 434 530 165 2,321 70 1,298 400 528 172 2,319 72 1,184 386 540 166 2,218 106 177 1C4 170 101 182 95 176 1,919 56 143 2, 025 1,890 53 145 1,994 1, 910 57 144 1,996 2,023 58 Chartered banks of Canada (millions of dollars): Gold coin and bullion 1 Current loans and discounts Money at call and short notice...Public and railway securities Note circulation Individual deposits Gold reserve against Dominion notes Dominion note circulation___ Joint-stock b a n k s of Denmark (millions of kroner): Loans and discounts Due from foreign banks. Due to foreign banks Deposits and current accounts.__ Joint-stock b a n k s of F i n l a n d (millions of Finnish marks): Loans and discounts Due from abroad Due to abroad Deposits 1 June Three commercial Nine London clearing banks (millions of pounds sterling): Money at call and short notice. _Advances and discounts.-_ Investments Deposits... _ T o k y o b a n k s (millions of yen): Cash on hand Total loans.Total deposits Total clearings-,. 1927 1926 1927 7,823 215 359 7.702 '202 371 6,538 7,501 223 355 6,507 123 2,183 7,102 127 383 5,872 1926 May April June banks of France (millions of francs): Bills and national defense bonds. 11, 766 13,318 5,146 4,915 Loans and advances 23,792 23,741 Demand deposits 394 371 Time deposits _Six Berlin banks (millions of reichsmarks) : 1,413 Bills and treasury notes _ 1,373 843 849 Due from other banks 4,660 4,827 Miscellaneous loans 6,409 Deposits __ 6,552 404 Acceptances 407 Four private b a n k s of Italy (millions of lire): Cash . _ 1,374 1,189 8,693 Bills discounted.. __ 8,486 5,423 Due from correspondents 5,649 13, 489 Due to correspondents 13,267 2,456 Deposits 2,430 J o i n t - s t o c k b a n k s of N o r w a y (millions of kroner): 1,645 Loans and discounts._ 1,678 1,701 66 Due from foreign banks 72 65 167 Due to foreign banks 187 212 137 Rediscounts 145 ! 150 1,807 Deposits.. 1,834 ! 1,855 J o i n t - s t o c k b a n k s of Sweden (millions of kroner): 4,152 Loans and discounts 4,174 4,227 179 Foreign bills and credits abroad.. 172 185 117 Due to foreign banks ___. 114 120 171 132 Rediscounts 112 3,515 Deposits. _ 3,538 3,506 Swiss C a n t o n a l b a n k s (millions of francs): 1,755 1.741 Loans and discounts 1,738 Mortgages 2,826 2,818 2,810 Foreign bills 21 23 24 Due from banks and correspondents 284 292 699 702 Commercial deposits 691 Savings deposits ._ 1, £51 1,549 1,547 14,605 5,408 21,691 311 1,397 703 3,076 4,857 233 1, 243 9,126 5,456 13,384 2,499 1,930 152 343 197 1,881 4, 267 144 130 173 3,507 1,689 2.705 22 650 1,444 Not including gold held abroad. DISCOUNT RATES OF 32 CENTRAL BANKS [Prevailing rates, with date of last change] Country Austria Belgium Bulgaria. ChileCzechoslovakia. Danzig.. Denmark England Rate 5 10 7" 5 6 5 4H In effect since— Aug. June Aug. Mar. Mar. June June Apr. 25,1927 23,1927 31,1924 7,1927 8,1927 21,1927 24,1926 21,1927 Country Rate Estonia. __ Finland-_ France Germany _ Greece HungaryIndia. Italy. 8 5 6 10 6 4 7 In effect since— Oct. Aug. Apr. June June Aug. July June 1,1926 10,1927 14,1927 10,1927 7,1927 26,1926 28,1927 18,1925 Country Japan Java Latvia Lithuania—. Netherlands. Norway Peru Poland. Rate 5.84 6 7 7 3K 6 8 In effect since— Mar. May Jan. Feb. Oct. Oct. Apr. May 9,1927 3,1925 1,1927 1,1925 2,1925 27,1926 1,1923 13,1927 Country Bate Portugal Rumania Russia South Africa Spain Sweden Switzerland. Yugoslavia- 8 6 8 5 4 6 In effect since— July Sept. Apr. Nov, Mar. Apr. Oct. June 27,1926 4,1920 —,1924 21,1924 23,1923 22,1927 22,1925 23,1922 Changes.—Bank of Finland from 7 to 6M per cent on August 10,1927; Austrian National Bank from 7 to 6M per cent on August 25, 1927. 660 FEDEBAL RESERVE BULLETIN SEPTEMBER, 1927 MONEY RATES IN FOREIGN COUNTRIES England (London) Month 1926 January.. February March April May June __ July August SeptemberOctober November__. December.,. 1927 January „ February March May June July Netherlands (Amsterdam) Germany (Berlin) Bankers' accept* ances, 3 months Treasury bills, 3 months 4.76 4.31 4.37 4.33 4.37 4.27 4.26 4.45 4.54 4.69 1.57 4.53 4.78 4.25 4.34 4.34 4.43 4.29 4.29 4.55 4.65 4.80 4.80 4.60 4.00 4.00 4,26 3.92 4.18 3.82 3.86 3.99 3.99 4.07 3.95 3.78 6.28 5.46 5.00 4.88 4.69 4.53 4.54 4.61 4.88 4.82 4.63 4.72 8.07 6.66 6.73 6.02 5.53 5.81 5.73 5.80 6.21 6.14 6.12 7.13 7.04 6.03 5.63 4.77 4.80 4,76 4.93 4.85 4.77 4.75 4.45 5.88 2.95 2.19 2.67 2.90 2.95 2.83 2.74 2.63 2.78 2.83 3.21 3.39 2.93 2.40 2.82 2.93 2.94 3.00 2.72 2.50 2.81 2.75 3.23 3.96 2.44 2.22 2.18 2.30 2.38 2.38 2.37 2.34 2.52 2.80 2.96 3.35 4.16 4,18 4.34 4.11 3.90 4.34 4.34 4.21 4.32 4.36 4.04 3.84 4.36 4.33 3.76 3.93 4.09 3.64 3.54 3.44 3.50 4.21 4.28 4.59 4.59 4.90 5.39 5.90 5.82 5.77 6.91 6.57 6.95 7.73 8.49 3.78 5.19 4.87 5.63 5.99 5.79 7.06 2.97 3.46 3.48 3.46 3.45 3.57 3.52 2.92 3.66 3.53 3.78 3.78 3.87 3.25 3.16 2.87 2.98 3.13 3.19 3.42 3.47 Day-to-day money Belgium (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate 1926 January February March April May_ June July — August September October November December 6.71 6.59 6.75 6.75 6.65 6.65 6.70 6.75 6.72 6.64 5.77 4.34 4.57 4.27 4.25 4.25 5.15 5.73 6.00 7.00 6.98 7.25 6.69 5.77 8.18 8.00 8.00 8.00 8.00 8.17 8.50 8.50 8.50 8.96 9.25 9.25 1927 January February March April..__ May June. July 3.90 3.99 4.19 4.33 4.23 4.17 3.84 4.99 4.45 3.89 3.17 2.46 2.25 2.13 9.25 9.25 9.25 9.25 8.50 7.60 7.00 Bankers' allowance on deposits Switzerland 2% Private discount rate Money for Day-to-day 1 month money Austria (Vienna) Hungary Private discount rate Sweden (Stockholm) Money for 1 month Private discount rate Japan (Tokyo) Month Private discount rate 734-7 Money for 1 month | Prime Loans up commer- Day-to-day to 3 money cial paper months 8 -l: 10 -1 10 -lli9^-10> 9 -10 6 -6M 7 -i 7 -i -73^ 6M- 8 6H- 73^! fAr 7 4 Discounted bills Call money overnight 6. 75-9.13 6. 57-8. 76 6. 57-8.40 6. 75-8. 76 6. 75-8. 76 7.12-8. 76 6. 94-8. 76 6. 75-8.40 6. 39-8. 40 6. 21-8. 40 6.39-8.40 6. 75-8. 76 4. 56-8.03 4. 38-7. 30 4. 75-7. 67 6. 02-7.30 4. 75-7.30 5.11-8. 76 5.11-8.03 5.84-7.48 4.93-7.30 5.11-7.12 4. 75-7.48 5.11-8.03 6.39-8. 76 6. 21-8.03 5. 84-7. 67 5.84-8. 03 6. 57-7.67 6. 57-8.76 4. 56-7. 30 2.92-7.30 4. 38-6. 21 4. 38-5. 29 4. 38-4. 75 4.38-5.11 -6 1 For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1926. Rates for Belgium, France, and Italy, added to this table in April, are from the same source as the figures for Switzerland—viz, Bulletin Mensuel, Banque National Suisse—and are quoted in the same way. 661 FEDERAL KESEEVE BULLETIN S E P T E M B E R , 1927 GOLD MOVEMENTS [In thousands of dollars] Month Imports 1925 January February March April May June— July August September October November December Total.. 5,038 3,603 7,337 8,870! 11,393 4,426 10,204 4,862 4,128 50,7411 10,4561 7,216| Exports 73,526 50,600 25,104 21,604 13,390 6,713 4,416 2,136 6,784 28.039 24^ 360 5r" Great Britain Germany United States Net imports or exports () -46,997 -17,767 -12, 734 -I,'"" -2,287 5,788 2,726 -2,656 22, 702 -13,904 1,248 Imports Exports Net imports Imor exports porte 23,354 18, 605 14,672 9,694 12,818 7,864 15,918 13,144 13, 324 49,517 41,570 21,257 -12,327 2,876 -5,611 - 4 , 677 78 19,486 27, 550 497 -9,265 -23,180 -24,508 -10, 653 2,648 3,637 29 86 5 12 119 1,029 931 4,892 9,204 9,566 8,883 143,867! 202,004 241, 739 - 3 9 , 735 32,157 4, 694! 22,021 11,913 10,108 13,290 16,809 7,611 8, 7931 6,278| 12,750 - 6 , 4 7 2 3,489 3,699 789! 7,188 6,852 11,835 145! 18, 687 16,103 4,881 11,222 19,510 6,210 13,300 8,959 9,908 9,9971 18,867 12,137 5,017 7,120 22,9061 35,474! 16,916 21,262 - 4 , 3 4 6 15,560! 18,561 24,590 - 6 , 029 17,549i 14,531 18, 609 - 4 , 0 7 8 6,615 156 619 87 270 1,010 330 136 800 580 464 108 20 28 200 51 2,014 60 656 150 174 2,613 55,468 11,174 6,483 18,181 - 6 , 6 6 7 15,480 262 632 6fr~" 3,735 20,943 26,580 -10,116 9,674 - 1 , 2 3 9 7,010 6,061 1,303 411 488 281 47 2,653 203 39 1,334 3,015 5,190 4f" Exports 19,737 10,969 14,912 16,218 18,759 12,928 5,287 28,976 7,251 8, 997 7,990 727 128,272 262,640 -134,367 152, 750 590 661 630 616 658 673 672 587 896 1,076 1,013 812 Net imports Imor exports p(orts 19,147 11,027 10,308 21,481 9,061 14,282 5,017 15, 602 18,101 12,896 12,255 27,350 4,615 43,468 28,389 13, 641 4,059 6,355 7,921 26,337 6,977j 17,062 - 8 5 10,604 South Africa Netherlands Exports India Net Net imports imports or exor exports ports 365 1,078 -224 -4,963 -5,054 -9,689 -14,512 -1,014 792 4,161 731 9,197 7 9,525 41 2,283 2,559 253 5,049 5,059 9,701 14,631 2,043 139 Net imports or exports -6,767 -8,361 -26,286 -14,388 - 1 0 , 566 -27,580 -21,363 -21,107 -18,976 -18,322 -9,479 - 1 5 , 734 28,241 44,240 53,957 4,746 11,376 8,492 9,228 9,810 13,967 15, 767 11,275 7,903 42,495 -10,338 -198,930| 219,000 1926 19,351 16,264 3,087 25,416 21,565 3.851 43,413 4; 225 39,188 13,116 17,884 -4,768 9,; ' -6,408 2,935 3,346 18,890 15,544 5,070 19,820 14, 750 11,979 29y 743 -17,764 15, 987 23,081 -7,094 1,156 8,857 7,701 7,727 16,738 9,011 7,196 17,004 January. February. March April May June— July August. September October November December Total. 5,517 14,030 9,561 1,393 838 571 626 10, 631 23, 608 36,343 16,462 18,407 213, 504 115,708 97, 796 137, 987 59, 355 14.890 22,309 2,414 16,383 5,625 14,493 2,592 34,212 2,510 14,611 1,8" 10, 373 1,8 44,465 14,088 19,895 10,329 10, 758 6,576 11,902 935 31,702 705 711 11,771 8,570 823 740 768 604 693 631 621 634 702 858 -eoj 8,720 129,267 187,608! 132,140 6,580 -327 599 59 70 -19,952 -14,892 -8,479 -29, 737 -18,003 -21,002 -22, 668 -15, 723 -8,r~ -29,1 -13,376 -10, 553 7,062 17,233 6,838 12,317 7,241 4,076 4,404 4,839 4,004 3,466 3,530 4,691 -212,152 83,627 -1, 76 144 430 290 -2,505 1927 January. February.. March April May. June. July 525 659 840 771 673 662 13,563 9,670 5,736 164 32 49 11,514 15,742 7,526 24,678 16,464 8,435 13,071 74 1,228 411 449 -1,1 -2,968 -2,537 -4,420 -17, 522 -14,079 -20,718 -23,146 -15, 717 M O V E M E N T S T O AND F R O M GREAT BRITAIN M O V E M E N T S T O AND F R O M INDIA [In thousands of dollars] [In thousands of dollars] Exports Imports Country of origin or destination All countries. France Netherlands Russia Spain and Canaries _ Switzerland United States South America.. British India British Malaya Egypt . Rhodesia- _ . . Transvaal _ West Africa All other countries Net imports or exports July, 1927 ._„ June, 1927 July, 1927 13, 071 8,435 6,061 19 17 67 27 224 150 35 .. 537 11,922 253 249 7,010 144 7,694 418 117 Imports Country of origin or destination June, 1927 9,674 ! 783 2,847 100 ~34~ 67^ 219 529 178 548 _ 497 2,025 253 76 2 4, 111 I 2,584 1,239 All countries _ England . _ France United States Aden a n d dependencies Arabia Bahrein Islands British Oceania Ceylon China-Mesopotamia Straits Settlements. Java . ... Egypt..__. Natal Mauritius and dependencies. All other countries Net imports ......__ June, 1927 2,518 6,543 10,041 4,941 4,890 7,122 Exports May, 1927 7,130 4,896 1 911 1,329 June, 1927 May, 1927 8 2 6 : 13 123 178 90 40 44 71 585 422 47 34 49 19 113 38 1 018 2,909 702 2,290 6 5 1 7,122 4,890 662 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.* In cents per unit of foreign currency] EUROPEAN COUNTRIES Austria (schilling) Belgium (belga) Bulgaria (lev) 19.30 Par value.. 14.07 13 90 1926—July. August September. _. October November. _. December 1927—January February March _ April May June July ..... August 14.0832 14.0787 14 0837 14.0842 14.0845 14.0802 14.0794 14.0841 14.0738 14. 0736 14. 0674 14. 0625 14. 0695 14.0629 * 2.4250 2.7538 2.7228 2. 7784 13.9088 13.9108 13. 9072 13.9023 13.9000 13. 9000 13. 8968 13. 8900 13. 8980 13.9107 Italy (lira) . 7266 .7262 . 7246 .7260 .7271 .7244 .7230 .7242 . 7246 .7249 .7238 .7218 .7232 . 7230 Czechoslovakia (crown) 2.9616 2.9618 2.9618 2. 9618 2. 9620 2. 9620 2. 9618 2. 9618 2. 9616 2. 9616 2. 9615 2. 9616 2. 9626 2. 9627 Denmark (krone) England (pound) Finland (markka) France (franc) 19.30 26.80 486.65 2.52 26. 5015 26. 5442 26. 5540 26. 5744 26. 6159 26.6369 26.6488 26.6495 26.6456 26. 6681 26. 6784 26. 7207 26. 7276 26.7785 486.3450 485. 8608 485.4168 485.0328 484.8758 485.1250 485.2648 485.0282 485.4025 485. 6546 485. 7020 485. 6088 485.5056 486.0233 2. 5209 2.5206 2.5209 2. 5211 2. 5208 2.5210 2.5208 2.5208 2.5205 2. 5206 2. 5201 2. 5194 2. 5196 2. 5189 Netherlands (florin) Norway (krone) Poland (zloty) Portugal (escudo) Rumania (leu) 40.20 26.80 19.30 108.05 19.30 Russia 3 (chervonetz) 2.4658 2. 8327 2.8548 2. 9404 3.4167 3. 9492 3. 9584 3.9232 3. 9126 3.9188 3. 9168 3.9169 3.9112 3.9193 Germany Greece Hungary (reichs- (drachma) (pengo) mark) 23.82 19.30 23.8035 23.8096 23.8120 23.8028 23. 7488 23.7958 23. 7216 23.6977 23.7137 23.7011 23.6924 23. 6923 23. 7428 23.7859 Spain (peseta) Sweden (krona) 514.60 19.30 26.80 515.0000 515. 0000 515.0000 515.0000 515.0000 515.0000 515. 0000 515. 0000 515. 0000 515.0000 515. 0000 515. 0000 515.0000 515.0G00 15. 7169 15.2942 15. 2240 15.1016 15.1533 15.2365 16.0340 16.7805 17.4088 17. 6385 17. 5912 17.1988 17. 0856 16.90 17.49 1.1758 1.1160 1.1609 1.2087 1.2343 1.2643 1.2895 1.2979 1.2898 1. 3295 1. 3211 1.3430 1.3232 1.3083 17. 5704 17. 5604 17. 5620 17. 5616 17.5642 17.5654 17.5332 17.5314 17.5074 17. 4773 17.4556 17. 4438 17. 4376 17. 4363 SwitzerYugoland ! si a via (franc) (dinar) • 19.30 Par value 1926—July August September. __ October November. _. December 1927—January February March April.. May June July August 3.3504 3.2950 3.6688 4.1196 4.2142 4. 4350 4.3448 4.3182 4. 5059 5. 0204 5. 4016 5. 5819 5.4488 5. 4396 40.1773 40.1123 40.0732 40.0036 39. 9850 39. 9927 39. 9868 40.0041 40.0137 40. 0023 40. 0196 40. 0515 40. 0600 40. 0719 21.9304 21. 9146 21.9140 . 23. 6060 25.3048 25. 2858 25. 5700 25. 7759 26. 0474 25. 8592 25. 8360 25. 8896 25. 8352 25. 9374 10.0654 10.8573 10. 9076 11.0892 11.2271 11.2665 11.3076 11.3391 11.3703 11.4226 1J. 3816 11. 3065 11. 2500 11. 2240 5.1296 5.1300 5.1256 5.1108 5.1C63 5.1196 5.1152 5.1155 5.1170 5.1138 5.1220 5. 0419 5.0008 4.9574 . 4601 .4672 .5105 .5357 .5488 .5206 . 5306 .5743 . 6128 .6157 . 6176 . 5964 . 6094 . 6163 26. 7954 26. 7654 26. 7476 .26.7288 26. 6904 26. 7196 26.7056 26. 6864 26.7452 26.7788 26. 7480 26. 7792 26. 7784 26. 8203 19.80 ; 19.3604 19. 3235 19. 3216 19.3084 19. 2846 19.3192 19.2740 19.2318 19.2359 19. 2323 19. 2324 19. 2365 19. 2528 19. 2759 19.30 1. 7672 1. 7649 1. 7662 1. 7674 1.7659 1. 7653 1. 7635 1. 7605 1. 7593 1. 7581 1. 7579 1. 7577 1. 7585 1. 7596 OTHER COUNTRIES 1; Country Canada Cuba Mexico _ _ Argentina Bolivia» Brazil ChileColombia3 3 Ecuador Peru 3 Uruguay Unit Dollar. _ _ Peso _do Peso (gold) Boliviano Milreis.. Peso __._ . . . . . d o Sucre Libra Peso _ ... Par August, 1927 value Julv, 1927 100. 00 99. 9404 100. 00 100. 0073 49. 85 47. 3931 99. 8520 100.1448 99. 9288 99. 9200 46. 5383 48. 7823 Unit Par August, value j 1927 July, 1927 August, 1926 i 96. 48 96. 8448 96. 5540 91. 9573 38.93 34. 7546 34. 5950 33.7500 32. 44 11. 8237 11. 7916 15.3715 12. 17 12. 0292 12. 0224 12. 1162 97. 33 98. 2798 97. 5345 99. 3750 19. 5750 in. sooo 48. 67 19. 375 486. 65 374. 9626 374. 6000 383.1600 103. 42 100.1381 99.1684 100.1900 ' Venezuela 3 j China ! Do I Hong Kong i India 1 Japan . . . . i Java 3 _ ; Straits Settle! ments. Turkey Egypt Bolivar * 19. 30i Mexican dollar _ MS. Hi Shanghai tael__. * 66.85] 47.77! Dollar 48. 66! Rupee 49.851 Yen 40. 20; Florin _ __ 56.78J Singapore dollarTurkish pound 439 60 Egyptian pound 494. 311 19.1552 43.3807 60.3781 48.16 36.1252 47.3322 40.1740 55.9711 19.1280 44. 6004 62. 2760 48.9772 36.1108 '47.1312 40.1S63 55.9600 19. 3500 50.1462 68. 6931 53.1954 36. 3642 47.8031 40.4700 56.1512 51. 0544 55. 0500 497.7768 498. 0808 1 1 Based on noon buying rates for cable transfers in New York, as certified to the Treasury by the Federal Reserve Bank of New York, in pursuance of the provisions of section 522 of the tariff act of 1922. 23 Rate on franc from July to October, inclusive. Averages based on daily quotations of closing rates as published by New York Journal of Commercer * Silver currency. Parity represents gold value of unit in 1913 computed by multiplying silver content of unit by New York average price of silver for 1913. This average price was $0.61241 per fine ounce, which compares with an average price of $0.55029 for August, 1927, $0.56670 for July, 1927, and $0.62699 for August, 1926. The corresponding London Drices (converted at average rate of exchange) were $0.55220, $0.56836, and $0.62970. 663 FEDEKAL EESEEVE BULLETIN SEPTEMBER, 1927 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Pre-war=100] Europe United States (Bureau ofLabor AusStatis- tria Beltics) (gold gium basis) Month France England Den- (Board Bul- Czechoslo- 1 mark ! garia vakia of Trade) Finland 1925 December 156 125 565 2,913 1926 January February March April May June July August— September... October November... December 156 155 152 151 152 152 151 149 151 150 148 147 122 120 119 119 118 124 126 126 123 125 128 127 560 556 583 621 692 761 876 836 859 856 865 860 2,901 2,899 2,844 2,774 2,938 2,842 2,838 2,759 2,723 2,716 2,739 2,718 147 146 145 144 144 144 145 130 130 133 135 137 142 140 856 854 2,706 2,688 2,649 2,592 2,751 2,823 977 950 938 923 962 973 972 978 978 160 152 1,120 157 151 145 141 141 140 141 143 141 145 150 145 151 149 144 144 145 146 149 149 151 152 152 146 1,094 1,091 1,081 1,081 1,070 1,079 1,079 1,092 1,093 1,095 1,097 1,101 141 140 139 138 139 142 142 143 144 143 141 140 14] 142 141 1,103 1,103 1,095 1,093 1,091 1,102 1,104 Statistical Bureau Federal Reserve Board Germany2 Hun(Federal gary Italy Nether- Norway Statis- (gold (Bachi) lands (Oslo) tical Bureau) 518 140 130 715 155 218 634 636 632 650 688 739 836 770 787 752 684 627 527 540 545 565 597 631 704 136 134 133 133 132 132 133 134 135 136 137 137 127 125 123 123 122 122 123 122 122 125 127 126 708 704 693 692 698 709 724 740 731 712 709 681 153 149 145 143 143 144 141 139 140 143 147 147 214 211 204 198 196 195 196 196 197 188 182 176 622 632 641 636 629 623 617 591 595 600 610 618 605 590 136 136 135 135 137 138 127 129 128 130 133 133 133 661 658 646 622 592 567 559 145 146 144 143 145 149 170 165 160 159 160 159 160 662 592 1927 January February March April May June July,.... August 851 845 979 975 976 979 988 990 992 Europe—Continued Month SwitzerPoland 2 Russia i Spain Sweden land 1925 December.._ 1926 January February March April May _ June _. July... August _ September.. October November. _ December... 1927 January February._. March April May June July. August Canada Peru Australia China Dutch India Japan (Shang- East (Cal(Tohai) Indies cutta) kyo) 179 187 156 157 164 203 170 158 j. 154 158 158 178 197 191 181 188 190 192 193 195 183 190 194 196 197 189 183 182 180 179 178 178 186 183 183 179 179 177 178 180 178 179 185 186 153 152 149 150 151 150 148 147 146 148 148 150 156 155 151 148 147 145 145 146 146 145 147 148 164 162 160 161 157 156 156 154 153 151 152 151 206 205 204 204 206 204 204 204 202 202 198 199 161 160 163 168 167 163 162 162 158 154 155 155 164 163 164 163 160 156 157 161 164 171 174 172 195 197 200 206 208 206 177 179 179 177 175 174 173 171 184 180 179 177 172 171 168 146 146 145 143 145 146 146 147 145 147 147 147 147 j 147 i 147 !. 151 150 149 149 152 154 152 200 204 206 201 207 206 205 204 154 153 150 151 152 155 161 173 172 175 173 171 169 171 1 Africa Asia and Oceania 160 157 156 156 155 156 158 157 156 156 157 154 154 155 South Africa fand 194 160 140 159 154 151 149 146 147 145 147 146 144 146 146 192 188 184 181 177 177 179 177 175 174 171 170 159 159 157 156 156 155 156 154 153 153 151 153 134 134 134 133 128 129 129 129 129 129 130 130 146 148 146 145 146 149 150 170 171 171 170 171 173 170 150 146 146 146 145 126 124 124 122 124 123 118 124 120 "122 "126 128 126 2 First of month figures. New index. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index number of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities, and period of the month to which thefiguresrefer may be found on page 48 of the January, 1924, issue of the BULLETIN. 664 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war=100] ENGLAND—BOARD OF TRADE ITALY- CHAMBER OF COMMERCE 1927 July July All commodities Total food Cereals Meat and fish__. Other foods Total, not food Iron and steel.__ Other minerals and metals Cotton Other textiles.-. Miscellaneous June May April March 141 154 156 134 171 135 118 142 156 157 137 175 134 120 141 153 154 133 172 135 122 140 148 148 132 163 135 125 141 147 148 132 161 137 126 149 153 151 152 158 146 125 115 160 157 142 117 155 154 141 121 150 153 141 126 141 155 141 131 141 154 141 160 158 157 143 617 597 551 624 623 611 557 653 629 630 574 674 636 646 603 678 641 643 621 640 718 575 797 622 616 637 650 679 840 640 574 804 606 633 574 767 608 629 579 734 615 629 588 738 608 641 616 742 612 932 922 1,217 801 GERMANY—FEDERAL STATISTICAL BUREAU All commodities. Total agricultural products Vegetable foods. Cattle -. Animal products Fodder. Colonial goods Total industrial raw materials and semi-finished products Coal_ Iron Nonferrous metals Textiles Hides and leather.. Chemicals Artificial fertilizers Technical oils and fats _ Rubber Paper materials and paper Building material Total industrial finished products. Producers' goods Consumers' goods 138 137 135 135 133 140 168 112 139 169 107 135 158 107 136 156 108 129 136 121 126 157 128 128 157 129 132 146 127 139 144 128 137 112 136 132 130 126 131 129 126 130 131 125 130 135 124 128 132 123 107 153 108 150 110 147 112 144 116 149 125 124 124 124 122 125 120 125 112 122 84 85 87 82 129 51 129 50 131 51 133 150 149 149 161 146 130 160 155 155 144 129 143 129 142 129 144 147 131 158 156 154 152 158 85 I 126 47 150 All commodities Total food Vegetable foods. Animal foods All industrial products Textiles Chemicals. Minerals and metals Building materials Other vegetable products Sundries April March July 491 534 563 497 509 558 579 531 537 590 621 552 565 618 642 589 593 640 670 603 677 706 744 658 475 436 455 490 446 470 516 475 498 544 501 523 574 540 546 665 715 617 471 483 503 546 580 677 566 589 601 618 640 683 445 540 494 550 536 571 559 594 593 612 644 654 145 146 130 122 148 144 141 121 122 125 164 171 119 120 168 135 175 138 145 150 134 154 149 154 137 158 SWEDEN—BOARD OF TRADE 146 All commodities 145 146 143 150 Vegetable products. _ 151 151 145 127 128 Animal products 128 128 117 113 Fuels and oils 118 116 Raw materials for manufacture in iron and metal industry 117 118 118 119 Paper pulp and pa162 per 158 158 163 Raw materials for manufacture in 122 leather industry... 119 118 116 Raw and manufactured chemicals.-. 169 170 170 168 Raw; materials 137 134 138 136 Semifinished mate151 148 151 145 rials 148 148 148 Finished materials __ 148 133 138 136 Producers' goods 137 152 Consumers' goods. __ 153 153 153 AUSTRALIA—BUREAU OF CENSUS AND All commodities Metals and coal Textiles Agricultural products Dairy products Groceries a n d tobacco Meat „__ Building m a t e r i a l s . . Chemicals STATISTICS 161 179 150 155 178 142 152 178 145 151 180 146 150 180 142 162 174 146 167 161 162 160 157 156 155 150 156 145 186 151 168 139 152 183 167 124 152 179 167 113 150 179 166 108 153 179 164 110 148 181 125 156 180 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS 1927 June 148 147 156 147 155 147 155 147 155 147 156 145 158 126 144 126 146 128 145 123 146 124 145 109 143 i First-of-month figures. May 1926 54 SWITZERLAND i—DR. J. LORENZ All commodities Consumers' goods Agricultural products__ Industrial products _ June July FRANCE—STATISTICAL BUREAU All commodities All foods. Animal foods Vegetable foods. Sugar, coffee, cocoa _ All industrial material.. _ Minerals. Textiles .._. Sundries 1926 1927 1926 All commodities Cereals Pulses Tea Other foods Oil seeds _ Raw jute Jute manufactures. _. Raw cotton Cotton manufactures Other textiles .. Hides and skins Metals Other articles May April FebMarch ruary June 149 140 155 179 171 155 90 139 169 146 140 154 138 165 141 86 132 160 145 141 154 138 167 144 88 142 148 146 141 155 138 166 134 93 145 148 148 142 156 138 167 143 91 139 150 147 143 141 182 154 133 126 141 149 154 129 110 332 155 158 126 112 137 154 159 126 116 137 144 163 127 119 138 145 163 128 123 140 150 177 112 104 138 136 SEPTEMBER, 665 FEDERAL RESERVE BULLETIN 1927 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] European countries Other countries United States AusSwit- Can- Aus- India New South (51 tria Bel- Bul- Eng- Es- France Ger- Greece Italy Neth- NorZeacities) (Vien- gium 1 garia land 2 tonia2 (Paris) many (Ath- (Mi- er- way Rus- zertralia (Bomens) lan) lands land bay) land Africa na) Month 1925 November... December... 164 162 1926 January February... March April May.. June July August October November.. December.. 1927 January February... March , April....... May. June July August 146 148 2,698 2,785 172 174 129 133 444 463 147 146 1,676 1,718 649 149 148 223 221 217 224 168 167 151 156 156 155 149 151 156 154 117 116 161 158 157 159 158 157 154 153 155 157 158 159 119 117 114 114 113 116 115 117 116 117 117 118 141 141 137 139 146 155 177 187 184 194 204 206 2,773 2,771 2,719 2,652 2,808 2,717 2,713 2,637 2,641 2,597 2,618 2,598 171 168 165 159 158 158 161 161 162 163 169 169 137 138 136 139 139 139 139 138 128 127 127 128 480 495 497 503 522 544 574 587 590 624 628 599 143 142 141 142 142 143 145 146 145 145 148 150 1,760 1,738 1,805 1,821 1,817 1,870 1,849 1,871 1,890 1,933 1,986 1,973 681 676 654 645 664 657 654 660 652 654 630 631 148 148 147 146 146 146 146 146 145 146 147 146 216 212 205 198 195 194 198 196 193 191 186 184 226 230 234 241 250 243 236 234 231 230 234 235 165 163 161 161 159 159 159 157 158 160 159 159 157 155 154 153 152 149 149 150 147 147 148 151 155 154 159 163 163 162 159 157 155 153 155 158 151 150 151 150 150 152 155 153 152 153 152 154 154 153 152 151 151 151 149 149 148 147 146 149 116 117 118 119 119 118 117 117 117 120 119 117 156 153 151 151 152 155 150 119 119 118 119 119 122 122 207 210 201 200 196 201 205 2,586 2,569 2,533 2,478 2,630 2,699 167 164 162 155 154 154 159 156 131 132 129 130 130 131 592 5S5 581 580 589 580 557 151 152 151 150 151 153 156 150 1,975 1,975 1,975 1,975 1,975 625 642 635 617 565 541 147 146 146 145 145 145 145 174 177 173 169 169 172 175 208 208 205 203 201 199 199 199 158 157 156 156 156 157 153 151 149 146 145 146 147 158 153 151 151 152 153 152 155 152 152 151 150 151 154 155 148 146 146 145 145 144 116 117 118 119 121 120 119 COST OF LIVING [Pre-war=100] European countries Other countries Massaehu- Bel- Czecho- Eng- FinItaly NethIndia South Can-2 AusFrance Ger- Greece Hun- (Mi- er- Nor- Po- Spain Swe- Switsetts gium tra- (Bom- Africa zer- ada slovakia land » land (Paris) many (Athgary way land den lia bay) ens) lan) lands land Month 1925 Nov Dec _ 1926 Jan _ Feb Mar Apr May June. July. Aug _ Sept Oct.. Nov.Dec __ 162 165 534 534 863 866 176 177 1,227 1,197 164 163 161 161 159 159 159 158 158 158 159 159 527 526 521 529 558 579 637 681 684 705 730 741 854 845 832 832 837 861 876 878 878 888 902 912 '175 173 172 168 167 168 170 170 172 174 179 179 1,166 1,175 1,172 1,163 1,159 1,175 1,183 1,213 1,203 1,197 1,193 1,197 158 157 156 156 157 156 155 755 770 771 774 776 785 790 787 914 914 915 923 930 949 962 175 172 171 165 164 163 166 164 1,187 1,189 1,183 1,173 1,166 1,184 1,203 421 451 485 539 545 141 141 1,610 1,644 123 123 643 649 140 139 138 140 140 141 142 143 142 142 144 144 1,673 1,664 1,706 1,731 1,741 1,791 1,808 1,818 1,833 1,862 1,895 1,889 122 121 119 119 118 116 117 116 114 114 116 116 865 661 647 642 652 650 649 652 647 672 657 657 119 120 119 119 119 121 119 655 667 663 651 612 586 177 234 174 225 171 218 164 217 188 213 166 203 167 201 157 173 186 183 168 168 152 154 " l 5 5 ~ 153 155 131 131 170 171 169 177 185 184 178 182 189 193 197 199 188 174 183 185 187 ~~173~ 183 183 172 186 178 187 190 ~~m~ 191 193 167 165 163 162 160 160 160 159 159 160 159 159 155 154 154 157 153 152 150 " 1 6 1 150 150 149 158 149 150 151 157 155 154 155 153 153 155 157 155 155 155 154 156 131 131 131 131 132 131 130 130 130 131 131 129 202 201 200 203 205 205 196 171 190 194 196 ~~170~ 179 179 189 169 158 158 157 156 156 157 152 151 150 148 148 149 149 156 155 155 153 152 154 156 157 130 130 131 131 132 132 132 1927 Jan Feb Mar Apr May June July August 11921=100. 524 525 2 145 145 145 146 147 148 150 147 First of the month figures. 3 Revised since January, 1927. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible. 666 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND PRODUCTION TRANSPORTATION Raw cotton, visible Fin- supPig ingots and ished ply 2 iron cast- steel ings Coal I Iron Cot- Woolen and Raw Raw Crude ton steel and man- Coal manworsted cotton wool rubber ufacufactures tissues tures Thous. bales Thousand long tons Million iq.yd. Thous. long tons Thous. sq. yd. Million pounds Ships Raw cleared wet with hides cargo Thousand pounds UnemployBritish railways ment among Freight- Freight- insured train train receipts traffic Million Thous. Thous. ster- tontons £ ling miles Per cent 1926 January February-. March April May June July August September. October NovemberDecember— 1927 January February-. March April May June July _ 640 704 784 661 46 35 32 52 96 94 98 319 558 585 558 498 124 184 141 146 184 175 191 370 1,181 1,186 1,114 1,089 1,133 1,107 1,072 1,034 1,021 1,186 1,452 1,657 337 339 407 313 274 231 244 164 160 194 166 159 4,148 4,340 4,703 4,291 1,448 34 7 2,184 5,225 4 5 1,609 360 370 407 285 308 331 364 301 315 312 281 242 17,315 15,817 14,534 9,135 9,720 12,635 17,998 16,521 12,315 11, 716 13,296 12,465 194 149 139 125 108 104 103 79 78 161 241 255 107 25,778 103 20,204 81 31,850 108 29,030 79 21,310 71 25,300 52 24,300 35 26,667 24 29,735 34 28,533 2,324 17,224 534 502 569 539 89 42 18 14 13 13 13 98 124,577 21,365 21,097 1 24,274 20,356 18,297 23,776 435 571 672 680 720 651 646 731 827 950 850 885 747 683 599 653 746 692 656 1,718 1,763 1,792 1,759 1,713 1,625 1,467 219 252 353 335 422 366 390 4,093 4,173 4,820 4,118 4,803 4,313 4,176 325 301 397 319 417 33; 339 15,90: 14,982 13,275 9,479 11,406 13,559 15,978 237 168 190 189 132 104 69 118 107 119 98 75 64 44 25,474 21,602 21,353 19,600 5,098 (4) 3 2 End-of-month figures. i Five weeks. 68 12,412 5,142 11,417 4,803 9,774 5,279 12,281 6,088 5,159 7,809 9,844 8,792 9,870 8,682 10,599 30,059 28,113 5,207 2,338 3,354 3,54r 3,341 3,411 3,364 3,007 4,177 30,760 11,612 4,949 27,492 6,712 4,682 30,910 10,793 5,383 35,577 5,698 5,202 25,249 6,720 5,516 21,537 7,919 5,371 26,059 6,829 Includes Irish Free state. 8,724 8,619 9,928 8,766 3,287 5,332 5,312 5,380 6,197 7,185 8,020 8,544 1,601 1,567 1,748 1,559 452 733 751 783 910 ,144 1,309 1,495 11.0 10.4 9.8 9.1 14.3 14.6 14.4 14.0 13.7 13.6 13.5 11.9 9,043 9,027 10,197 8,702 9,537 1,654 1,570 1,745 1,494 1"~ 12.1 10.9 9.4 9.3 i Coal strike. FRANCE PRODUCTION Coal i Pig iron Crude Thousand metric tons 1926 January February... March April May June July August September. October November.. December.. 1927 January February.March April May June Julv EXPORTS TRANSPORTATION Raw Raw Ships Freight- Receipts Coal cotton silk of princicar Cotton Cotton Total Total for confor con- for con- cleared cloth loadpal railyarn volume volume j sump- sump- sump- with ings tion cargo ways I tion tion Thous. Pieces i kilograms Thousand Metric tons 5,364 5,190 5,833 5,272 4,997 5,524 5,572 5,500 5,518 5,738 5,770 5,773 763 707 772 768 783 778 792 814 785 816 790 827 661 10,477 24,916 ! 2,267 630 10,455 24, 912 2,730 726 11,442 29,961 2,910 683 10, 505 26,009 2,648 667 9,824 24, 761 2,628 694 11,075 27,899 2, 763 718 10, 522 24,946 2,869 704 10, 772 26,736 2,860 706 10,783 27,194 2,629 742 11, 215 28, 372 2,689 714 10, 668 26,191 2,669 741 11,051 29, 643 2,809 3,613 4,124 4,064 4,087 3, 751 3,764 3,608 3,883 3,649 3,488 3,442 4,039 42, 716 29,473 34,861 30, 514 20, 561 22, 364 20,068 18,131 22,968 28, 686 44,881 53,023 545 193 842 429 548 687 548 535 471 5,821 5,662 6,112 5,427 5,462 5,402 805 716 801 774 794 747 673 628 704 681 712 672 2,791 3,209 2,952 2,835 3,385 3,159 4,064 4,780 4,363 4,333 4,610 3,906 41,331 34,136 27, 570 23, 661 27, 796 24, 596 400 260 253 332 439 10,631 26,814 10,255 27, 804 10,883 29,105 • Coal and lignite, including Lorraine and the Saar. End of month figures. Number of failures in the Department of the Seine. 1 3 Unemployed Busireceiving ness munici- failpal aid in ures 3 Paris 2 591 Thous. Thous. Average metric tons daily number tons Thous. francs 1,432 1,605 1,441 1,571 1,355 1,088 1,095 1, 294 1,108 1,075 1,058 1,280 2,823 2,429 3,064 3,225 3,191 3,362 3,183 3,336 788,411 880,126 891,903 4 1,081, 574 904,876 947,997 * 1,268,949 1,082,127 4 1,453,913 1,157,491 1,095,165 * 1,367,997 252 250 157 117 81 62 47 45 49 59 138 7,737 136 144 134 94 132 149 127 97 75 93 96 165 1,606 2,047 1,832 1,862 1,961 1,449 2,936 56, 663 866,732 2,528 I 61,967 944,463 3,186 61,881 963,699 3, 670 58,817 * 1,239, 544 3,772 60,858 985,138 3,771 59,495 1,003,013 1, 023,131 25, 576 36,951 30,185 23,719 IS, 924 9,355 7,531 194 185 187 3,462 3,125 3,177 60,808 66,179 67,329 63,193 62,075 64,856 61,478 63,487 64,600 67,923 66,125 60, 775 4 Five weeks. 5 Preliminary. ! Number Number 667 FEDEKAL RESERVE BULLETIN SEPTEMBER, 1927 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued GERMANY PRODUCTION Coal EXPORTS MaIron chinery Dyes and and and Pig Crude Pot- iron elec- dyeash manu- trical iron factures sup- stuffs plies Lignite Thousand metric tons TRANSPORTATION IMPORTS Raw Raw Cotwool copper ton Coal UNEMPLOYMENT Arrivals of Freight Trade union vesmemcar sels bers loadin ings unemHamployed burg Iron ore Thous. Thous. net wagons tons Metric tons Unem- Busiployed ness failpersons ures receiving State aid Per cent Number | 1926 J a n u a r y . . 11,190 12,222,' 689 February. 10,6111177 . 077 631 .111,42411,835 717 March llO, 086 10,1,067 668 April 736 May ... 10, 678 720 11, 756 11,202 June__ 768 13,07411,,482 July !l2, 879 11,421 850 August September 12, 7.786 11,, 713 880 October 13, 517 13, 223 935 November. 13,496 12, 754 983 December. 13, 775 1.3,197 1,065 816 950 868 901 976 1,022 1,141 1,144 1,174 1,258 1,303 1927 13,355 12,462 January February.. 12, 743 12,036 March_____ 14,046 12,973 April 11, 794 11,386 May |12,29712,O11 June |ll,820 11,782 July ! 12, 635 12, 089; 1,309 1,234 1,415 1,288 1,378 1,328 1,362 792 1,060 969 1, 1,052 1,130 1, 1,109 108 119 108 77 73 87 87 94 94 87 90 391,172 376, 553 466, 364 450, 555 400,645 423,094 466,680 461, 818 451,908 509, 762 472, 656 478,260 44,187 11, 798 1,005,440 16, 5,967 582 34,099 582, 730 45,496 12,030 1,379,351 ">, 5371 7, 7 t, 754 735,479 , 638, 734 53', 237 14', 234 )I) 178,541 13,377 11,065,524 21 ,156,3382 1140110 '" 620 13 13, 5311156382 5311,156; 11,40110', 995 17,632 777,368 47, ,832,1 172 loi 743 — 11', 560 ~ J 1,832', 9,75714,467 779,977 40,882 5177 15,91113,49116,224 793, 857 38,043 12, 525 2,517,730 38,342 12,,668 3,640,247 15,769 12,624 13, 256 830,810 38,059 10,946 3,973; 743 12; 830 13; 330 16; 695 784,465 44,352 11,5313,729,008 9,234 14,188 22, 633 979, 507 41,716 11,757 3,690,1,267 8,068 14,468 37,195 1, 123, 666 509 12,084 2,896;i,4f 424 11,213 12,423 44,423 " ~ 9; " 434 2, 244,1\'59 14, 40,815 :, 966 17,837 61, 593 1, 341,252 1, 285 1,220 1,296 1,343 1,317 1,461 1,714 1,675 122 132 140 92 514,961 387,302 418,947 371, 688 380, 827 335,210 ;, 292 1,256, 755 36,396 13,270 2,145,226 16,677 12, 656 56, 21,.939 16,152 36,68712,012 V2,155,686 ", V ~ 43, \ 881 1.385,071 40, 695 12, , 9472,042,436 2,042,43621,174 21,17418,843 18,84352, 52,59511,377,439 174 13,448 1,587, 608 17, 698 18, 340 44, 736 1,407,035 49,165 14, 512 2, 655,321 27, 585 20,911 40,615 1,394, 279 45,478 13,200 2,061, 747 19,676 19, 544 32,119 1, 820, 771 1,509 1,413 1,566 1, 593 l' 529 1,531 1,436 2,546 2,597 3,035 2,789 3,023 3,261 3,475 3,464 3,637 3,950 3,934 3,623 22.6 2,030,646 22.0 2,055,928 21.4 1,942,011 18. 6 1, 781,152 18.11, 744,126 18.11, 740, 754 17.71,652,281 16. 7 1,548,138 15.21,394,062 14.211,308,293 14. 2|l, 369,769 16.71,748,597 3,2161 3, 245! 3,888! 3,489 3,790 16.511,827,200 15. 5|l, 695, 515 473 11. 5|1,121, ]#() [557 8.911 870,378 421 7.0 649,274 464 6. 3; 540, 717 427 ! 452,007 428 1,696 1,666 2,092 1,998 1,871 1,302 1,046 913 701 493 467 485 471 435 CANADA Receipts at stockyards EXPORT.3 in Toronto Index Con- wheat and Winnipeg of atstrucindustion Fort Wiltrial conprotracts liam award- and ducPlanks ed Port Cat- Hogs and Wood Wheat tion Coal News- Flour print tle Arboards pulp thur Receipts PRODUCTION 19191924= 100 Thousand short tons IMPORTS of Thous. Thous. Thous. barrels dollars bushels Number Million feet Coal Crude Raw petro- cotton leum Machinery Total Busirev- Index of ness enue emfailcar load- ploy-1 ures 2 ings ment 17, NumThous, Thous. Thous. Thous. Thous. Num- Jan. bush- Thous. = ber gals. lbs. tons dollars ber 1920 lbs. els 100 1926 Tan Feb___ Mar.-. Apr May__ June... July... Aug... Sept... Oct Nov__. Dec___ 138.1 1,231 144.11,076 139. 21, 071 149.4 996 151.4 1,137 153.4=1, 395 147. 51,350 139.9:1,341 141.1jl,413 159. 6,1, 708 155. 6 1, 818 132.4 1,923 140 136 154 152 154 159 163 163 161 169 165 164 1,422 1,440 1,609 1,416 1,491 1,646 1,228 1,044 1,634 2,231 2.089 i; 715 12, 669 10, 536 53,831 71, 833 13, 478 3,968 40, 981 57, 898 19, 779 3,211 51, 535 61,115 37, 292 1,807 44,136 51, 486 57,140 17, 200 50,007 50, 633 54,186 13, 572 45,917 53,390 33,865 6,404 47,371 42, 618 31, 697 1,521 62, 998 38, 720 20,761 32, 797 68, 930 38, 990 43,384 58,098 78, 729 50,171 34, 973 60, 440 83, 755 72, 425 13, 725 26,310 50, 883 71, 630 127 159 190 127 172 201 203 209 186 198 202 158 166, 689 13,199 156, 477 14,074 186, 255 14,734 111, 959 5,526 138, 532 18,971 181, 236 27,792 180,639 16,306 135,171 9,541 214,148 10, 575 183,265 30, 573 189,084 43, 947 168,102 44,879 1,209 1,120 1,808 1,102 1,238 1,284 1, 474 1,449 1,398 1,576 1,460 1,462 38,332 35, 485 39, 570 23,957 43,143 48,072 56, 586 32,361 65, 377 73,870 55,181 58,460 19, 209 14,990 11, 291 7,380 9,732 8,568 6,929 4,958 5,536 12, 697 16,882 16, 517 2,462 227, 616 2,5711222,979 3, 688 246,028 2,939 238,045 3, 446 261, 514 3,515 269,680 3, 2311268, 654 2,950(257,100 3,363 303,798 3,729 355,181 3,429 336,964 3,362 279,422 89.6 90.7 91.5 91.4 94.3 101.0 103.7 104.2 104.9 105.2 102.8 101.1 184 144 136 131 120 142 137 115 126 178 165 171 1927 Jan Feb__. Mar... Apr May__ Tune... July... 151.0 1,569 148.0 1,383 172.8 1,406 157.5 1,314 163.7 1,305 161.8 152.7 ----- 162 151 174 166 172 171 163 1,496 1,231 1,454 1,154 1,455 1,314 16,772 19, 517 17, 466 38, 582 46, 759 52, 229 14,029 46, 224 71, 895 8,547 37,182 60, 455 6,307 38,414-61,076 12, 593 33, 652! 50,436 17, 330 39,056 50, 550 7,344 35, 830 50, 739 119 122 193 119 202 227 215 125,750 12, 571 114,927 11, 422 153,123 16, 395 93, 802 20,182 138,101 28, 698 191, 723 15, 863 154,801 6,620 1,563 52, 222 1,706 31,052 1,755 56,195 1,205 37, 725 1,472 49,049 1,561 103, 662 1,433 70, 305 21,278 12, 278 13, 041 10,375 10,129 10,697 8,484 3,075 243, 767 3,156 242, 222 4,887 284,119 3,211 256,357 3,980 259,394 3,843 273,733 3,488 94.8 95.4 96.3 96.2 100.6 105.9 108.4 191 142 152 123 126 138 1 First of month. 1 1 2 Total number of firms failing during the month. 668 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which The following list shows the changes affecting State State banks, trust companies, or other corporations bank membership during the month ended August 21, which come into competition with national banks are 1927, on which date 1,311 State institutions were permitted to act under the law of the State in which the national bank is located. members of the system: Changes in State Bank Membership ADMISSIONS Location Capital Surplus Total resources New Haven, Conn District No. 2 Columbus Trust Co.. Newark, N. J District No. 3 Miners Deposit Bank & Trust Co., Lykens, Pa ._ District No. 7 Peoples State Bank, Shannon, 111. District No. 11 Guaranty State Bank, San Antonio, Tex District No. 12 Peoples Bank & Trust Co., Seattle, Wash __ Providence, R. I $200,000 $100,000 $320,000 135,000 115,000 1,446,000 40,000 9,000 262,190 Highland Park, N.J__ Nutley, N. J Paters,on, N. J. _ Bay Shore, N. Y Rockville Center, N. Y Audubon, N. J Philadelphia, Pa 300,000 300, 000 5,472,495 Philadelphia, Pa Shenandoah, Pa 500,000 100,000 7,899,740 Coshocton, Ohio Youngstown, Ohio CHANGES District No. 2 Merged *with Manufacturers Trust Co., New York, N. Y. (a member): Commonwealth Bank, New York, N. Y. (a membsr) $2,500,000 Standard Bank, New York, N. Y. (a member).._ _250,000 District No. 8 Succeeded by Mi'ners Deposit Bank & Trust Co., Lykens, Pa. (a member): Miners Deposit Bank, Lykens, Pa 50,000 District No. 6 Consolidated with Talladega National Bank, Talladega, Ala.: Bank & Trust Co., Talladega, 100,000 Ala District No. 7 Closed: Malcom Savings Bank, Malcom, Iowa ___ 25,000 Voluntary liquidation: Wakeneld State Bank, Morenci, Mich 50,000 Consolidated with nonmember: Commercial State Savings Bank, Detroit, Mich 1,000,000 District No. 9 Converted to national bank: Columbia State Bank, Columbia Heights, Minn 25,000 District No. 11 Converted to national bank: Peoples State Bank, Tyler, Tex 100,000 District No. 12 Voluntary withdrawal: Commercial Bank, Turlock, Calif.. 75,000 $3,770,000 $29,883,535 250,000 8,767,000 175,000 1,446,000 Thomasville, N. C_--_ Waynesboro, Va __ Clarksburg, W. Va Rome, Ga Berwyn, 111 Janesville, Wis Belleville, 111 Washington, Ind Mayfield, Ky Eau Claire, Wis Hutchinson, Kans Ada, OklaOkemah, Okla Okmulgee, Okla__ Los Angeles, Calif District No. National Tradesmens Bank & Trust Co. Blackstone Canal National Bank. First National Bank Franklin National Bank. Columbus N a t i o n a l Bank. . First National Bank First National Bank Audubon N a t i o n a l Bank. Broad Street National Bank. Tioga National Bank__. Merchants N a t i o n a l Bank. Commercial National Bank. Mahoning N a t i o n a l Bank. First National Bank First National Bank Empire National Bank. National City Bank First National Bank First National Bank First National Bank Peoples National Bank.. First National Bank Union National Bank__. Exchange N a t i o n a l Bank. First National Bank Okemah National Bank. American N a t i o n a l Bank. First National Bank 5 to 9.1 1. Ito9. Ito9. Ito9. Ito9. 1. 1 to 9. 8 and 9.1 1 to 9. 1 to 9. 2,3, 5 to 7.1 1 to 3, 5 to 8.1 1 to 9. 1 to 9. 5 to 9.1 1 to 9. Ito9. 5 to 9.1 9.1 Ito9. 9.1 Ito9. Ito8. Ito9. 1 to9. Ito9. Ito9. i Supplemental. 29,000 753 000 3,000 238,000 30,000 1,031,000 200,000 1,392,000 5,000 368,000 46,000 69, 500 1,485,000 1,676,000 Fiduciary Powers Granted to National Banks Changes in National Bank Membership The Comptroller of the Currency reports the following increases and reductions in the number and capital of national banks during the period from July 23 to August 26, 1927, inclusive: Number of banks New charters issued Restored to solvency Increase of capital approved i _ Aggregate of new charters, banks restored to solvency, and banks increasing capital .Liquidations _ Reducing capital _ __ Total liquidations and reductions of capital.Consolidation of national banks under act of Nov. 7, 1918 Consolidation of national banks and State banks under act of Feb. 25, 1927 _ _ Total consolidations During the month ended August 21, 1927, the Federal Reserve Board approved applications of the Aggregate increased capital for period national banks listed below for permission to exercise Reduction of capital owing to liquidations, etc Net increase . „ one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; Powers granted Name of bank Amount of capital 9 1 20 $725,000 25,000 2, 648,000 30 3,_398y000 17 1 1, 575,000 25,000 18 1, 600,000 1 350,000 1 200,000 2 550,000 3,398,000 11,600,000 11,798,000 i Includes one increase in capital of $100,000 incident to a consolidation under act of Nov. 7, 1918, and one increase of $50,000 incident to consolidation of a State bank under act of Feb. 25,1927. 669 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank Total Gold with Federal reserve agents: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Gold redemption fund with United States Treasury: Aug. 3_ Aug. 10 . Aug. 17 Aug. 24 Aug. 31 Gold held exclusively against Federal reserve notes: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Gold settlement fund with Federal Reserve Board: Aug. 3 . Aug. 10 Aug. 17 .... Aug. 24 Aug. 31 Gold and gold certificates held by banks: Aug. 3.___ Aug. 10 .... Aug. 17 Aug. 24 „ Aug. 31 Total gold reserves: Aug. 3 _ Aug. 10 Aug. 17 Aug. 24 Aug. 31 Reserves other than gold: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Total reserves: Aug. 3 Aug. 10 Aug. 17 Aug. 24____ Aug. 31 Nonreserve cash: Aug. 3 Aug. 10 . Aug. 17 Aug. 24....__ Aug. 31 Bills discounted: Secured by U. S. Government obligations— Aug. 3 Aug. 10 Aug. 17_._ Aug. 24_» Aug. 31 1,588,341' 1,615, 882 j 1, 636,161 1,615,2711 1, 640, 260j Cleveland New York 134,280 136,831 134,357 131,730 134, 532 336.454 331,454 346,368 321,368 341,312 124, 765 131. 030 130, 670 133, 763 136,413 202,892 201, 595 206,"" 208,128 215, 660 50,541 54, 809 53,628 52,803 46, 567 138,820 140,411 140,254 140,564 141,960 263, 866 263,865 273,752 273, 752 273, 621 2,701 4,580 4,668 2,162 1,892 793 587 722 581 2,166 1,876 2,093 2,067 1,920 3,069 2,165 1,172 2,261 1,479 Philadelphia 40,219| 41, 752 42,178: 40,689: 36,670' 7,950 4,788 6,359 8,121 4,797 10,417 13, 918 12,174 10,634 9,222 4,245 5,012 6,329 7,545 9,010 1,628, 560; 1, 657,634 1,678,339 1,655,9601, 676,930! 142, 230 141, 619 140, 716 139,851 139,329 1 345,372 358, 542 332,002 350, 534 129, 010 136,042 136, 999 141,308. 145,423 205, 593 206,175 211,657 210,290 217, 552 664, 501 644,942 618,127 643, 573 631, 491 58,364 48, 858 51,422 53,348 44,804 250,012 230, 270 179, 034 216,348 214,116 42,139 41,845 47, 508 42,086 40, 261 64, 055 71,170 70,369 78,145 716, 966, 705,429 706,478 710,308 689, 502 30, 972 28, 966 29, 747 31, 700 29,408 477, 084 471, 095 27, 561 28, 097 468,482 28,371 465, 277 23,920 42,460 43, 558 42,825 42,805 33, 913 3,010,027 229,566 3, 008,005 219,443 3,002,944 221,885 3,009,841 224,r~~ 2, 997,923 213, 541 1,073,947 199, 845 1,046,737 205,448 1,003, 565 212,604 1,016,832 211,765 1,029,927 214, 604 312,108 320,903 324, 851 331,240 320,327 152,248; 146,158 145,871! 147, 6631 147,813 14, 539 14,821 14, 572 14, 793 14,833 3,162,275! 244,105 3,154,163 234,264 3,148,815; 236,457 3,157, 504 239,692 3,145, 736| 228,374 55,684 56, 560 54, 761 53,039' 48,0501 265, 503 225,487 220, 503 217, 677: 217, 8171 Richmond Atlanta Boston 51,334 55,396 54,350 53,384 47, 533 San Francisco 20,786 58, 756 27, 614. 57, 057 23, 766f 56, 654 20,568 56,466 21, 696 54, 296 59,581 62,676 62,858 63,023 62,820 25, 990 27,907 27,443 26, 759 27,190 171, 610 180,633 179,422 186,347 184,193 1,624 2,030 1,703 2,072! 1,111 627 813 827 810 2,182 2,791 2,301 1,726 1,588 1,137 1,075 1,218 1,343 1,351 2,455 2,709 2,299 1,719 1,563 266,935 22, 779 266, 030 29,238 274, 924 '25, 796 276,013 22,271 275,100 23, 768 57, 684 57,467 57,293 55,106 61, 763 65,467 65,159 64, 749 64, 4081 27,127 28, 982 28, 661 28,102 28, 541 174, 065 183,342 181, 721 188,066 185, 756 10,189 10,419 9,929 6,736 10,195 32, 581 30,361 28,444| 27,467| 28,167 12,619 10, 978 11,645 11,154 13, 238 31,885 37,376 47, 001 37,938 35, 595 55, 971 54, 690 56,325 55,393 51, 744 15,471 15, 090 13, 854 14,362 13, 249 7,926 8,212 8,414 8,440 7,918 8,502 .7, 767 8,442 8, 544 7 958 7, 958 9,445 9,527 9,545 9,546 9,514 31,250 30, 002 31, 070 30,381 29, 692 429,540 440,175 456,935 458, 648 462,055 56,451 55, 718 53,171 51,236 46,072 77,982 76,315 75,810 72,469 73, 219 102,846 103,595 102,045 100, 760 100, 533 49,191 49,487 49, 851 48, 802 24,465 15,730 -23,182 15, 993 23,687 15, 584 24,171 15, 516 24,162 15,406 4,320 4,175 4,474 4,567 4,460 5,682 5,248 5,654 5,903 5,683} 7,632 7,812 8,147 8,354 8,061 5,189 4,846 4,970 4,844 4,f~~ 4,020 4,115 7,200 7,440 7,811 237,200 250,720 259, 792 256,385 51, 2931 251,043 86,166 84,971 83, 677 82,125 75, 686 155,185 154,493 158,758 154,680 159, 623 14,525 14, 536 14,225 14,551 13, 658 169,710 189,029 172, 983 169,231 173, 281 454,005 463,357 480,622 482,819 486, 217 4,405 4,495 4,151. 9,123 9,223 8,211 7,814 7,124 3,508 3,702 3,344 3,433 3,315 1,126 1,267 1,150 1,217 1,076 2,845| 2,785 2,835 2,936 2,547 2,2r 2,402 1,963 4, 069 3,701 4,147 3,358 3,546 37,850 29,821 24,475 21,947 20, 503 12, 851 10, 672 11, 807 10, 723 11,146 1,194 468 1,925 1,957 2,1611 2, 9351 855 4,424 3,163 1,539 4,912 3,740 3,757 3,962 4,034. 10,799 7,364 6,892 6,720 6,261 6,133 1,105,311 206, 801 1, 077, 538 212, 210 1, 032,173 219, 36f 1,045,246 220,097 1,056, 831 223, 923 322, 795 329, 111 334,346 340,076 331,126 93, 530 91, 863 90, 397 88, 386 81,819 5,702 6,349 6,469 5,856 5,281 12,410 13, 815 13,039 13,304 11,451 1,421 1,221 1,235 1,180 1,042 4,009 4,070! 2,928! 3,503 5,565 5,155 4,943 4,829 4,17." 11,894 15,163 11, 648 15, 769 19,378 97,14.8 81, 537 79,050 74,108 71, 897 28,464 24,482 24,206 24,652 24, 443 27, 637 26, 095 20, 817 23,188 19,837 5,886 4,8281 5,909 6,901 6, 239 2,r~ Minne- Kansas Dallas apolis City 18, 201 11,390 13, 521 14,603 9,055 10, 687 8,208 9,495 8,836 28,414 26, 904 St. Louis 29, 643 10,179 108, 634 24,729 8,091 119, 455 24,357 9,211 125,686 23,897 4,609 127,242 24,055 7,932 135, 211 6,956 6,762 6,761 8,332 9,319 31,364 30,801 140, 986 142,287 142,347 142,631 143, 880 Chi- 7,728 7,944 7,965 8,395 72,181 82,302 108,528 56,823 246,184 71,711 80,490 108,843 57,299 258,448 68,755 80,284 107,699 57, r "~ 267,736 66,752 77,036 106,663! 57,156 264,350 61,478 77, 679 106, 216 59,354 259,438 2,296 2,467 3,072 3,033 2,762 2,645 2,419 30,663 24,125 27,949 33,094 670 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 R E S O U R C E S A N D L I A B I L I T I E S , BY W E E K S — C o n t i n u e d RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston Bills discounted—Continued. Other bills discounted— Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Total bills discounted: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Bills bought in open m a r k e t : Aug. 3 Aug. 1 0 — Aug. 17 Aug. 24 Aug. 31 TJ. S. Government securities: Bonds— Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Treasury notes— Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Certificates of indebtedness— Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Total U . S. Government securities: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Other securities: Aug. 3 Aug. 10 Aug. 17 . Aug. 24 Aug. 31____ Total bills a n d securities: Aug. 3 Aug. 10 Aug. 17 Aug. 24 __. Aug. 31 D u e from foreign b a n k s : Aug. 3 Aug. 10 Aug. 17 Aug. 24___ Aug. 31 Uncollected items: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 B a n k premises: Aug. 3 Aug. 10. Aug. 17. Aug. 24 Aug. 31 New York Phila- Clevedelphia land Richmond AAtlanta U a n t a Chi cago St. Louis Minneapolis San Kansas City Dallas Francisco 14,452 12,410 12,920 8,887 12, 947 7,065 5,523 13,406 12,360 8,203 13,275 12,496 15,374 13, 758 15, 651 29, 564 28, 467 29, 013 30,547 30, 065 20,473 17, 586 14, 656 15,072 12, 259 10,246 9,759 13, 623 15,475 17, 555 4,297 4,474 4,864 5,264 5,163 40, 047 34, 982 27,882 28, 711 28,040 19,161 17, 324 21, 283 20,659 21,890 33, 633 32,168 33,160 33,005 33, 611 58,323 47,407 39,131 37,019 32, 762 23,097 20,431 25,430 26,198 28, 701 5,491 4,942 6,789 7,221 7,324 10,362 7,691 11,150 9,924 8,765 11,1 11, 287 11,999 14,058 14,077 53,083 41,515 41,496 41,499 45,450 14, 667 9,133 12, 964 8,672 11, 281 9,201 11,023 10,034 11,436 12,492 21,928 18,921 20, 604 6,948 21, f " 7,123 20, 713 5,699 4,987 3,913 3,827 4,577 4,818 4,653 4,453 4,417 4,462 6,867 5,926 S,266 5,320 5. 837 6,597 5,908 5,650 6,068 15,148 13,730 11,161 13,450 26,332 9,596 27,392 9,956 23, 698 9,487 30,349 10, 903 32,328 11, 261 26,427 26,787 25,925 27, 913 28, 429 7,525 7,885 7,259 9,031 9,462 3,316 3,516 3,306 4,026 4,216 37,946 36,555 34,121 36,974 39, 294 11,134 12, 694 12,413 13, 781 14, 270 8, 700 8,835 8,294 9,265 9,522 15,543 15,723 14, 768 16,532 16,978 14.181 14,122 13.182 14,701 15,159 21, 233 21,004 19,429 21,969 22, 652 7,023 7,222 7,375 7,695 8,191 10,430 10,631 10,857 11,178 11, 673 3,946 4,146 4,324 4, 844 5,649 1,670 1,784 1,858 2,053 2,363 9,821 9,516 10,191 10,441 11,381 6,976 7,077 7, 240 7,400 7,648 5,790 5,865 5,981 6,101 6,287 5,778 5,877 6,080 6,240 6,488 4,995 5,071 5,253 5,373 5,559 7,821 7,971 8,281 8,521 4, 16,899 19, 874 24, 298 15,118 20, 644 133,737 139, 753 167,297 151,931 161,095 6,649 7,123 8,954 8,165 9,037 28,160 29,815 36,885 33,399 35,172 13,007 13,482 15, 201 14, 552 15, 457 10,576 6,963 11,047 7,437 13, 245 9,314 11,999 8,813 12,766 10, 416 6,437 16,047 6,746 17,043 7,665 20,929 7,428 18,763 8,034 20, 234 10, 276 10, 509 11,922 10,908 11,199 4,877 5,053 5,364 5,596 9,331 7,976 9,564 8,148 11, 220| 9,583 9,901 8,355 10,120 8,463 13,438 13,786 16,313 14,284 14, 601 407, 280 420, 277 441, 528 444,r~' 472, 814j 17,110 18,144 71, 391 77,081 84, 881 78,866 88,144 29,i 30, 660 32, 063| 33,150 34, T " 47,433 48,465 50,027 51,090 52, 868 63,814 63,114 65, 241 66,178 70, 909 28,386 30, 280 31,575 32,089 33,117 19,367 19, 753 20,341 20, 730 21, 405 30, 652 31,164 32, 068 32,673 33, 586 42,492 42, 761 44,023 44, 774 46,146 187, 618 169, 990 196,480 182, 707 11,979 17, 959 15,356 11,230 17, 535 26, 549 43, 297 28, 966 55,798 34, 291 445, 373 413,105 390,493i 414,157 400, 524 23,873 33,122 27,004 26,999 36, 913 123, 697 124,834 108,016 129, 906 106,188 42, 916 37,402 37,153 38,058 36, 803 177, 882 175, 707 170,932 178, 809 185,128 15, 216 12,115 15, 836 16,648 18,446 59, 232 72, 711 70, 017 75,222 77, 807 9,770 7,511 6,567 3,896 3,079 188, 7151 191,611 178,443 :03, 557! 212, 077| 6, 782 7,142 6,561 8,113 8, 50.6 84,823! 88, 913| 95, 788j 89,333 99, 642 3,679 3,879 4,050 179,870 4, r • • 19, 565 20,647 22,409 18,434 19,468 20,897 22, 688 25, 527 300 300! 300 300 300|- 1,000 1,000 l,3Oo!|. 1,300; I. 300! 320 320! 1,031,835 1,010, 389 1 003,253 1,038,107 .1, 058, 786 56,199 63,381 62,405 64,294 77, 768 11,423 12,046 12,829 13, 50" 14, 613 254, 320 274, 626 262, 914 283,994 272,139 83, 312 76, 573 75,7"" 75,104 74, 791 102,147 96,411 89,190 90,824 92,344 46, 728 45,464 51,381 53,381 59,909 54,163 52,123 53, 272 54,660 55,647 48,723 48,759 39,057 23,629 12,248 3, 64ol 3,643| 2,915 1,758j 902 13,632 13,641 10,952 6,684 3,553 4,659 4,663 3,731 2,250 1,154 5,145 5,149 4,124 2,484 1,275 2,524 2,526 2,021 1,219 625 1, 1,991 1,594 961 637,703 594,915 700,966 609,876 603,366 59,347 55, 749 68, 252 56,652 54, 839 162,088 147,312 184,199 154,355 160, 644 58,975 50, 069 59,920 52,523 50, 664 62, 249i 55, 791 j 67, 782 60,990 56,461 52, 255 51,223 56,368 50,557 49, 865 23,843 22,856 59,414 59,414 59,444 59,452 59,455 3,946 3,946 3,946 3,946 3,946 16, 271 16, 271 16, 271 16,27f 16,271 1,749 1,749 1,749 1,749 1,749 7,119 7,119 7,118 7,119 7,119 2,366 2,366 2,396 2,396 2,396 7,427 6,778 6, 836 7,547 6,726 8,242 6,761 10,096 7,226 10, 043 22,420 17,390 13,158 13,550 12,356 12, 758 27,152 27, 341 28, 018 28,429 29,181 20. 20. 144,065 57,182 29,676 47,881 45,439 110, 723 129,442 55,698 29,348 44,781 44,536 124,976 60,918 31,583 48,484 45, 667 125,153 62,114 32,388 47,917 48, 555 99,723 124,384 66,395 33,211 48,188 49, 656 104,354 6,703 5,364 3,234 1,660 2,087 2,089 1,671 1,008 517 1,456 1,457 1,166 703 361 23,654 23,696 77,318J 75, 378 90,044 73,506 72, 724 28,518 28, 284 32, 211 29,294 27,834 11,145 12,131 12,995 12,374 12,154 2,900 2,900 2,900 2,900 2,901 8,521 8,521 8,521 8,521 8,521 3,957 3,957 3,957 3,957 3,957 2,774 2,774 2,774 2,774 2,774 1,796 1, 797 1,438 867 445 1, 1,700 1,360 820 421 3,397 3,400 2,721 1,641 842 38,926 25,918 37,121 36,361 22,618 37,143 39,086 26,107 37,353 37,505 22,422 36,044 37,646 23,207 33,632 4,464 4,464 4,464 4,468 4,470 1,827 1,827 1,827 1,827 1,827 3,515 3,515 3,516 3,519 3,519 SEPTEMBER, 671 FEDERAL RESERVE BULLETIN 1927 RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston New York Chicago Phila- Cleve- Rich- Atlanta delphia land mond St. Louis San Francisco Minne- Kansas Dallas apolis City All other resources: Aug, Aug. Aug. Aug. Aug. 3 10 17_ 24 31 __. „ _. T o t a l resources: Aug. 3 Aug. 10 Aug. 17 Aug. 24 .... Aug. 31 5,094 5,512 6,227 6,885 7,453 15,152 15, 542 16,360 17,032 17,747 5,010,786 4, 939, 742 5,022,656 4, 958,639 4, 945,388 372,994 367, 394 380, 501 372,257 371,190 1, 1, 1, 1, 1, 327 319 357 326 569,131 357, 256 548,720 346,812 525, 780 362,102 526, 744 353,260 528,347 353, 649 1,323 1,347 1,366 1,402 1,399 504, 787 497, 613 507,996 505, 823 493, 227 334 317 402 402 203,302 198,914 207,875 201,170 199,194 1,461 1,428 1,405 1,421 1,386 907 912 936 945 917 1,748 1,775 1,832 1,722 2,002 656 639 602 590 567 571 565 582 591 588 1,091 1,087 1,104 1,109 1,075 258,786 701,191 255,328] 694,052 263,364| 719,143 257,4501 702,468 261,721 702,016 168,340 166, 353 171, 792 167, 503 164, 413 130,227 129, 242 131,784 128,214 129, 257 205,096 199, 670 204,608 200,946 200,079 134,573 131,012 135,839 133,773 137,016 405,103 404, 632 411, 872 409,031 405, 279 58,230 63,714 57, 558 63,892 37, 217 57,388 63, 530 37, 497 57,065 63,187 38,635 56, 840 62,'" 40, 292 170, 862 168, 649 168, 596 167, 770 167,336 1,573 1,571 1,561 1,549 1,552 LIABILITIES I federal reserve notes in circulation: Aug. 3 1, 672, 530 i 139,226 l , 6 6 8 , r ~ 137, 543 Aug. 7 1, 664, 502 137,162 Aug. 10 1,670,831 138, 224 Aug. 17 1, 676,440 139,005 Aug. 24 „ _ Deposits: Member bank—reserve ac- , count— I 2, 349, 898 148,040 Aug. 3 Aug. 10 I 2, 315,141 148,297 Aug. 17 .....I 2, 294, 893 147, 591 2, 305, 727 150,189 Aug. 24__ 150, 537 Aug. 3 1 . . I 2, Government— 13, 727 592 Aug. 3 10,125' 135 Aug. 10 21, 363! 2,602 Aug. 17 19,247 1,701 Aug. 24 12,1 " 353 Aug. 31 JForeign bank— 5,167 351 Aug. 3 351 4, 659 Aug. 10 351 5,334 Aug. 17 351 4,935 Aug. 24 351 5,536 Aug. 31 Other deposits— 24,857 107 Aug. 3 24, 229 211 Aug. 10 25, 379 65 Aug. 1 7 . . . . _ . 23,973 87 Aug. 24 24,168 Aug.31_... Total deposits: Aug. 3 . ... Aug. 10 Aug. 17 Aug. 24__-__ _._. Aug. 31 Deferred availability items: Aug. 3 Aug. 10___ Aug. 17 Aug. 24 Aug. 31 Capital paid in: Aug. 3 Aug. 10 Aug. 17 •___. Aug. 24 Aug. 31 i Surplus: Aug. 3_ Aug. 10 Aug. 17 __. Aug. 24 Aug. 31 _ 378, 754 370,099 368,012 370,532 374,046 129, 015 129,700 130, 683 129,927 131, 915 209,774 214, 999 211, 644 215, 399 212,822 57, 774 58,356 59, 037 59,225 59, 201 152, 881 153, 252 153, 697 154,006 156,189 236,160 237, 617 236, 834 236,030 235,020 39, 531 39, 606 40, 422 40,831 41, 276 937,180 929, 622 882, 511 900,744 892, 809 137,802 134, 585 138,180 137, 726 139, 279 194,907 189,030 190, 661 190,848 186,367 75,993 72, 511 75, 669 72,655 70,721 67, 373 63, 445 65, 708 62,881 65,900 340,960 334,623! 344,1281 344,638 347,027 81, 898 49, 287 79, 507 48, 705 80,177 49, 241 46, 621 76,317 48, 579 750 729 1,063 967 1,961 1,885 1,511 518 2,398 2, 905 1,857 1,604 1,382 1,851 1,443 1,507 2,023 363 858 419 1,035 1,137 1,188 1,912 2,572 1,781 1,273 1,948 1,549 2,150 450 450 450 450 450 495 496 496 496 496 244 244 244 244 244 192 192! 1921 1921 192! 17, 691 16, 672 18,189 16,792 16,974 64 206 133 135 62 958 1,011 1,214 1,134 1,008 100 53 72 77 61 •84j 152! 89 36 52 77,372 73, 945 77,173 74, 888 73, 598 68, 712 64, 756 67,950 64, 974 66, 742 949 1,320 1,104 1,747 197, 111 191,266 194,118 193,336 188, 290 2, 393, 849 2, 354,134 2, 346,969 2, 353,882 2, 341, 283 149, 090 148, 994 150, 609 152,328 151,339 958,236 948,929 904,499 920,528 913,440 140, 339 136,190 140,083 139,415 140,154 573,844! 545,023! 639,320 561,147 555,002! 57,264 53, 417 65, 318 54,214 53,154 129,098 126, 420 149, 783 131,836 137,066 53, 279 46, 266 56, 492 49,019 46, 701 58,976 49,092 52,380 47, 519 63, 227 52, 539 58,026 47,896 53,094 47, 222 129, 864 130,058 130,391 130, 730 130, 727 9,426 9,426 9,426 9,465 38,976 39,054 39,098 39,358 39,362 13,033 13,040 13,224 13,224 13, 224 13,912 13,897 13,949 13,948 13, 948 228, 775 228,775 228, 775 228,775 228, 775 17,606 17. 606 17, 606 17,606 17, 606 61, 614 61, 614 61, 614 61,614 61, 614 21,267 23,746 12,198 21, 267 23, 746 12,198 21,267 23, 746 12,198 21,267 23,746 12,198 21, 267 23,746 12,198 6,200 6,210 6,237 6,239 6, 239 90, 297 88,887 90,8251 89,3411 89,145 57,452 57,086 57, 714 57, 823 59, 283 168, 729 168, 843 172,488 173,390 172,916 780 719 1,438 1,296 1,379 1,983 755 1,408! 1,1721 567 1,185 1,227 1,681 1,049J 1,474 918 2,749 1,801 965 646 646 646 201 201 201 201 201 141 141 141 141 141 173! 173 173 173 173 164 164 164 164 164 328 328 328 328 328 1,118 1,074 1,027 874 1,082 313 ' 338 260 383 249 192 147 171 168 158 101 168 164 216 235 240 27 23 28 38 3,889 4,170 3,972 4,043 4,151 82, 757 50,400 80, 777 49,712 82,112 50,991 80,964 48, 226 77, 648 50, 257 92, 554 89,983 92, 570 90,902 90, 602 58,423 58,462 59,128 59, 696 60, 241 174,420 174,259 179, 537 179, 562 178,360 34, 913 31, 869 34, 600 32,930 26, 589 33, 865 22,331 35, 639 26, 210 37, 650 22,392 35, 536 23,454 33,464 344,235! 336,861, 348,199! 349,063! 350, 612| 345 731! 1,474 1,489! 881. 21, 767 69,174! 29, 736 21,869 67,193 29, 643 26, 255 82,419 32,909 22, 972 65, 596 29, 305 23, 287 64,715 29,109 10, 111 10, 477 11, 918 11,425 10,667 5,137 5,143 5,148 5,149 5,150 17,300 17, 299 17,316 17,326 17,325 5,266 5,287 5,295 5,295 5,291 3,009 4,224 3,009 4,224 3,005 4,220 3,003 • 4,220 3,003 4,220 4,251 4,262 4,262 4,270 4, 270 9,130 9,207 9,211 9,233 9,229 9,632 9,632 9,632 9,632 9,632 31,881 31,881 31, 881 31,-881 31, 881 9,939 9,939 9,939 9,939 7,527 7,527 7,527 7,527 7,527 8,215 8, 215 j 8,2151 8,215; 8, 215! 16,121 16,121 16,121 16,121 16,121 9,029 9,029 9,029 9,029 9,029 672 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Federal Reserve Bank Total NewYork Boston All other Aug. Aug. Aug. Aug. Aug. liabilities: 3 10 17 24 31 13, 264 12, 699 13,274 13,161 Total liabilities: , Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 5,010,786 4, 939,742 5,022, 65f 4,958,6391 . 4,945,388 ChiPhila- Cleve- Richdelphia land mond Atlanta cago 2,453i 2,604 2, 774! 2,876! 2,819; 323 349 353 372,994 1,569,131 367, 394 1, 548,720 380,501 1, 525,780 372; 257 1, 526,744 371,1901 1,528,347 357,256 346,812j 362,102 353,260 353,649 12,124 408 380 420 620 St. Louis San e Kansas Dallas Franapolis cisco City 657 676 682 717 721 2,441 3,201 2,494 2,572 2,463 1,111 1,101 1,115 1,169 1,150 950 959 955 968 963 662 673 691 724 736 504,7871 203,302 497,613; 198,914 507,996 207,875 505,823 201,170 493,227 199,194 258,786 255,328 263,364 257,450 261,721 701,191 694,052 719,143 702,468 702,016 168,340 166, 353 171,792 167,503 164,413 130,227 129, 242 131, 784 128,214 129,257 205,096 199,670 204, 608 200,946 200,079 79.3 81.0 82.4 83.2 82.6 69.2 69.4 66.4 65. 61. 76.6 77.5 78.0 77.3 77.7 78.2 80.7 82.2 82.5| 83. C 59.0 59.6 56.1 54.8 51.7 75.8 75.0 74.1 73.2 72.5 69.4 70.7 69.0 69.2 69.4 •60.0; 58.11 59.0 71.3 75.4 76.9 76.1 75.0 16, 033 16,271 16,803 17,133 17,609 7,865 7,r- 6,202 6,294 6,499 6,627 6,811 20, 874 21,183 , 21,875 22,305 22,925 6,504 6,601 6,816 6, 950 7,143 4,538 4,605 4,755 4, r" 4,984 5,597 5,680 5,865 5,980 6,147 5,294 5,373 5,548 5,657 5,814 10,588 10,745 11,096 11,314 11,629 28,340 19,819 26,007 20,192 22,800 14,153 14,869 14,757 13, 744 13,452 27, 792 26,311 26,109 26,810 25,833 53, 9551 53,499! 55,411!! 50.723 50,937! 4,500 6,112! 5,248 5,442 4,845 5,063 6,251 5,258 5,393 4,373 9} 344 9,181 10, 225 9,933 10,418 5,405 6,214 5,470 6,409 6,407 51,392 49,628 49, 270 48,021 49,181 1,' 1,325 1,312 1,368': 1,327 678 661 506 525 527 565 544 705 757 757 134,573 405,103 131,012 404,632 135,839. 411,872 133, 773| 409,031 137,016 405,279 MEMORANDA Ratio of total reserves .to Federal reserve note and deposit liabilities combined (per cent): Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Contingent liability on bills purchased for foreign correspondents: Aug. 3 Aug. 10 Aug. 17. Aug. 24 Aug. 31 Own Federal reserve notes held by Federal reserve bank: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 77. 78.4 78.5 78. 5 78.3 84.7 81. 82.2 82. 78. 82.7 81.7 81.1 81.0 82.1 150.745 155,453 160,540 162,087 165.746 11, 344 11,513 11, 889 12,122 12,459 41,385 44,470 45,934 45, 229 45,638 380, 318 375,811 390,626 371,458 363,417 23, 541 22,775 26, 382 27,493 24,514 I 79. 81.0 81.71 82. 3' 14, 521 14,736 15,217 15, 516 15, f" 117,083 39, 750, 123,822 37,330 130,902 35, 587 120,462 36,836 116,159 34,498: 8,243 8,405 8,639 59.8 59.9 673 EEDEBAL KESERVE BULLETIN SEPTEMBER, 1927 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total Boston Federal reserve notes received from comptroller: Aug. 3 Aug. 10 _. Aug. 17 Aug. 24 Aug. 31 Federal reserve notes held by Federal reserve agent: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Federal reserve notes issued to Federal reserve bank: Aug. 3 ^ Aug. 10 Aug. 17 Aug. 24 Aug. 31 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— Aug. 3____ Aug. 10 Aug. 17 Aug. 24 Aug. 31 Gold redemption fund— Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Gold fund, Federal Reserve Board— Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Eligible paper— Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Total collateral: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 2,913,409 244,167 2, 904, 294 241, 718 239, 244 236.617 2, . 2,885,2;32 240, 419 New York Phila- Cleve- Richdelphia land mond Atlanta Chicago St. Louis Minne- Kansas Dallas apolis City San Francisco 787,917 206,365 264,705 98,151 256,713 449,065 786,001 204,630! 261,408 98,919 254,603 448,666 790,994! 202,270' 261,841 99,738 253,646! 448,145 783,0741 200,163i 258,981 98,913 253,0161 444,753 782,285 202,813! 261,412 97,677 251,212 442,157 64,051 65,358 64, 990 65,753 65,361 85,822 87,083 86, 680 86,492 85,822 111, 358 111, 373 112,055 111,220 111,016 57,441 60,858 60,394 63, 711 63,141 287,654 283,677 283,266 281,191" 281,917 81,400 81,400 75,700 70,900 76,900 292, 080 292, 080 292,080 292,080 292,080 26,224 76,040 158,950 25,694 75,040 157,550! 25,944 73,840 155,900! 25,944 72,200 158,000 25,024 69,190 156,200 20,020 19,640 19,320 19,480 19,240 22, 529 23, 274 24,034 24,034 24,609 38, 300 38,300 38,300 38,100 38,100 15,427 17,427 17,427 18, 667 16,442 65,400 65,400 65,400 65,400 65,400 2,052,848,! 162,767 2,044, 299 160, 318 2,055,128! 163,544 2,042,289 165, 717 2.039,857 163,519 495,837 493,921 498,914 490, 994 490,205 168,765 238,114 167,030; 234,818 166, 270 237, 651 168, 763 235, 591 166,413 235,622 71,927 73,225 73,794 72, 969 72,653 180,673 179, 563 179, 806 180, 816 182,022 44,031 45,718 45,670 46,273 46^121. 63,293 63,809 62, 646 62,458 61,213 73,058 73,073 73, 755 73,120 72,916 42,014 43,431 42, 967 45,044 46,699 222,254 218,277 217,866 215, 791 216,517 215,150 215,150| 215,150 215,150 215,150 30,000 30, 000 30,000 30,000 38, 600 36,469 36,469 36,469 36,468 17,217 17, 218 17, 217 17,217 17,217 8,500 8,500 8,500 \ 500 8,500 12,267 12, 267 12, 267 12,267 12,267 18, 373 18,373 18, 373 18,373 18,373 40,000 40,000 40,000 40,000 40,000 12,892 21,304 9, 21, 304 12, 753 11,595 11,989 21,218 10, 393 21,218 8,286 13,128 21,162 10,936 12,060 5,323 4,590 6,409 5,584 7,349 6,653 4,543 9,037 8,047 6,243 1,286 3,114 2,266 2,068 1,196 1, 1,790 1.387 M99 1,029 114,950 118, 650 114,000 115,300 118,500 860, 561 859, 995 848,135 841,595 845,375 37, 600 37, 600 36,000 33,400 36, 400 26, 591 26, 580 24,190 23,390 25,790 413.275 413,277 413, 276 413.276 421,875 35,300 35,300 35,300 35,300 35,300 94,115 103,546 104, 500 96,938 94, Oil 9,980 17, 531 15,057 12,430 10,232 1,080,951 1,099,059! 1,118,385 1,105,057! 1,124,374 89,000 84,000 84,000 84,000 89,000 100,000 95,000 110,000 85,000 105,000 115,277 118,277 120, 277 125,477 125,477 160,000 160,000 165,000 165,000 165,000 8,750 13,750 10,750 10, 750 2,750 598,287 558,173 539,087 567,172 553,416' 45,237 42,840 43, 647 55, 359 173,154 183,337 171,000 196,052 168,833 44,727 36,333 36,822 33,886 31,189 53,468 46,062 37,274 37,565 37,449 27,518 25,356 29,171 29, 532 33, 500 2,186,628 2,174,055 2,175,248, 2,182,443 2,193,676 173, 369 182,068 177,197 175,377 189,891 509,608 514, 791 517,368 517,420 510,145 169,492 167,363 167,492 167,649 167,602 256, 360 247,657 244,263 245,693 253,109 78,059 80,165 82,799 82, 335 80,067 290.115 291.116 292, 245 286, 753 285^957! 1,! 1,752 1,752 1,621 262.000 262, 0001 272j000! 172.000i 272,000 41, 882i 39,198 39, 579 40,272! 40,119 j 180,702 179,609 179,833 180,836 182,079 78,485 64,576 57, r 57,152 51,553 342,351 328 441 331 736 330 904 325, 174 4.721 3,816 4,' 3,960 2,617 16,496 4,534 16, 111 4,070 15,924 3,386 15,677 2,817 15,406 54,860 58, r 57,860 58,860 58,860 28,138 9,912 16,673 24, 768 9,188 13,1 ' 28, 677 10,812 15,923 29,383 11,213 14,692 32,619 11,371 14,034 5,000 5,000 5,000 5,000 6,000 115,114 124,522 123,498 130, 670 128, 787 17,864 16, 749 17,194 19, 703 20,050 67, 377 54,283 51,811 54,075 57, 340 76, 254. 75,762 78,781 77, 715 76,854 43,854 44,656 44,637 46,462 47,240 234, 916 231,233 240,422 241,533 11,000 16,000 13,000 10,000 12,000 48,924 52, 382 52,443 49, 951 54,315 45,000 43,000 43,000 43,000 41,000 66, 245 67,466 67. 679 65,667 674 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 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: Aug. 3.. s ____ Aug. 10 , ... Aug. 17— Aug. 24... Aug. 31 -.._... Bills bought in open market: Aug. 3 „ Aug. 10....._ Aug. 17 Aug. 24.. Aug. 31. Certificates of indebtedness: Aug3.__ Aug. 10 Aug. 17 . Aug. 24_ Aug. 31. _._. _... Municipal warrants: A u g .24 Aug. 31 . 16 to 30 days 31 to 60 days 91 days to 6 months 445,373 413,105 390,493 414,157 400,524 349,810 322,069 300,567 317,677 307,428 20,146 20,860 22,945 21,681 21,396 37, 585 42,921 42,029 29,042 23,532 22,588 26,444 23,740 9,165 7,894 6,705 5,332 5,805 177,882 175,707 170,932 178,809 185,128 105,945 111,460 102,704 106,034 107,871 32,649 30,151 27,887 29,818 29,169 26,908 22,340 22,444 24,604 27,835 10,686 10,231 16,363 16,234 17,486 1,694 1,525 1,534 2,119 2,767 445 90,497 2,362 92,925 69,340 5 133,737 139, 753 167,297 151,931 161,095 20 20 37,099 61 to 90 days 66,464 63,408 70,102 Over 6 months 111 142 103 102 126 67, 273 73,983 74,372 12,044 70,593 20 20 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN AUGUST AND JULY, 1927 [Amounts in thousands of dollars] Total cash reserves Total deposits Federal reserve notes in circulation Reserve percentage Federal reserve bank August Boston New York Philadelphia. Cleveland Richmond Atlanta Chicago. St. Louis Minneapolis.. _ Kansas City... Dallas San': Francisco. _ Total. August 216,000 335,892 88, 290 171,070 476, 259 68,455 79, 573 107, 568 57, 072 257, 217 241,443 ., 118,669 201,700 323,074 90, 651 171,624 447,123 63,416 82.982 99.983 55, 902 259,637 151,977 902,138 138, 571 192,145 74, 478 67, 482 345, 465 81, 589 49,714 91, 611 59,759 176, 523 3,145,581 3,156,204 2, 331, 452 1,049, 519 ..._! July July 152,568 918,918 137, 993 189, 620 74,262 68,471 337,875 82, 622 50, 607 90,916 60,209 175,417 2, 339,478 August 138, 554 376, 608 132, 568 213, 555 59,002 154, 543 237, 415 40, 441 57, 502 63, 495 38,058 169,320 1, 681,059 August July July 177,623 82.1 82.1 79.7 82.8 66.1 77.0 81.7 56.1 74.2 69.4 58.3 74.4 82.5 85.3 74.6 79.7 67.6 76.1 77.5 51.8 74.8 64.6 58.5 73.5 1, 714, 666 78.4 77.9 140,174 393,146 132,434 215, 784 59,756 157,105 239,299 39,858 60, 284 63,845 35,358 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS, JULY 21 TO AUGUST 24, 1927, INCLUSIVE [In thousands of dollars] Transfers for Government account Transit clearing Federal reserve note clearing Changes in ownership of gold through transfers and clearings Debits Decrease Federal reserve bank Debits Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis _.. Kansas City... Dallas __.. San Francisco.. Total 5 weeks ending— Aug. 24, 1927 July 20, 1927 Aug. 25, 1926 July 21,1926 6,700 3, 500 6,000 3,500 2,000 4,500 1,000 500 1,000 1,000 Credits 1,000 12, 200 2,000 1,500 1,000 3,000 2,000 500 4,000 2,500 29, 700 206,000 55, 500 165, 700 29, 700 206,000 55, 500 165,700 Debits Credits 987, 651 1,001,431 3, 560,339 3,458, 928 915,031 933, 680 855. 739 886, 506 601, 395 602,415 346,438 352, 863 1, 532, 504 1, 573, 561 627,434 625, 813 205, 643 199,259 519,098 514, 797 346, 439 350, 799 402, 843 400,502 10, 900, 554 11,736,513 10, 678,090 11,240,562 10, 900, 554 11, 736, 513 10, 676,090 11. 240, 5G2 Credits 6,015 13,413 7,003 11,756 2,978 4,777 9, 342 1,723 2,066 2,963 1, 603 3,826 6,040 19, 780 7,194 4,622 3,667 3,162 9,670 3, 485 2,985 67,485 63,949 65, 557 57, 236 67, 465 63, 949 65, 557 57, 236 2,110 1,376 3,368 Increase 8,105 16,344 14, 840 21, 633 709 310 43, 385 2,141 5,465 2,148 3,133 299 94,258 Balance in fund at close of period 94,256 53,347 216,349 42,086 78,145 23, 897 4,609 127,241 14, 603 6,737 27,467 11,155 37,938 643, 574 549,380 881, 297 C52, 815 675 FEDEKAL BESERVE BULLETIN SEPTEMBER, 1927 FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES, JULY, 1927 [In thousands of dollars] Federal Reserve Bank Total St. Louis MinSan neap- Kansas City Dallas Francisco olis 60,020 141,687 39,192 52,622 9,901 26,984 10,627 62,081 300 63.475 28'. 477 7,816 27,182 29,998 5,419 5,740 18,839 49,168 11,245 7,975 29,948 45,564 10.448 8; 527 26, 589 110,667 53,175 16,556 40,936 26, 772 5 595 19,433 7,991 5,012 1 10,918 591 11,019 3 22 4,164 84 68 112 123 154 96 6 24 12 14 32, 710 6,427 19,107 6,782 6,636 420 5,175 6,522 32,134 310 14, 775 2,562 1,098 151 2,741 489 4,351 1,072 27,843 14,268 40,620 100,554 49,772 30,591 20,043 39,192 52,622 28,477 5,419 11,245 10,4.48 53,175 New Boston York Phila- Clevedelphia land Richmond 69,801 206,193 40,620 100,554 13,479 36,492 15, 702 69,147 90,939 49, 772 11,949 28,218 ],000 93,143 30,591 16, 527 46,025 47,206 20,043 10,137 17,026 132,208 9 2,435 12,594 6,905 10,329 4,280 12,791 63 301 293 354 707 85 13 253, 033 53,766 27,878 78, 585 14, 763 442,158 HOLDINGS ON JULY 31, 1927 Total bills and securities 1,007,861 Bills discounted 442,158 Bills bought in open market. 172,083 392,320 United States securities 1,300 Other securities ChiAtlanta cago Bills Discounted Redlscounted bills: Commercial and agricultural paper, n. e. s Demand and sight drafts Trade acceptances Secured by United States Government obligations.__ Member bank collateral notes: Secured by United States Government obligations. __ Otherwise secured Total discounted bills Bills Bought Bills payable in dollars: B ankers' acceptances based on— Tm ports Exports-. Domestic transactions.__ Dollar exchange Shipments between or storage of goods in foreign countries ... All other Trade acceptances based on— Imports Domestic transactions.. Bills payable in foreign currencies Total purchased bills. 132 58,656 38, 046 31,325 5,430 3,969 2,135 3,022 440 11,412 8,310 5,108 1,179 3,577 2,184 1,912 454 5,832 2,525 2,427 165 4,373 1,702 1,692 445 4,226 2,694 1,305 150 9,141 8,040 6,430 535 2,836 867 1,696 1,338 1,977 1,790 73 167 3,744 1,333 1,160 127 1,762 2,609 2,490 105 5,807 3,857 4,010 325 21,602 3,434 3,019 16 5,986 1,060 2,697 1,853 800 1,316 1,046 1,161 60 270 305 1,281 100 1,178 1,151 644 1,093 158 33 158 33 13,399 878 3,246 1,125 2,925 609 480 1,617 504 352 433 410 820 172,083 13,479 36,492 11, 949 16,527 10,137 9,901 26,984 7,816 5,740 7,975 8,527 16,556 182, 042 82,201 128,077 6,302 3,343 6,057 24,652 17,473 27,022 9,116 6,687 12,415 25,947 10,094 9,984 7,045 3,610 6,371 3,100 1,460 6,067 37,323 9,014 15,744 10,394 6,808 9,980 8,520 5,664 4,655 15,304 5,609 9,035 13, 966 4,870 7,753 20,373 7,569 12,994 392,320 15,702 69,147 28,218 46, 025 17,026 10, 627 62,081 27,182 18,839 29, 948 26,589 40,936 61,900 225,656 29,689 122,892 17,146 36,637 15,065 66,127 89, 527 46,791 14, 206 27,530 1,000 99,583 35,393 18, 701 45,489 47,746 21,839 9,611 16,296 57,064 145,543 36,273 59, 685 10,337 28,658 10,154 57,200 300 64,247 29,818 10,284 24,145 30,973 5,952 6,400 18,621 53,453 12,460 9,279 31,714 45,123 7,374 9,503 28,246 105,337 45,831 19,012 40,494 United States Securities United States bonds _. Treasury notes Certificates of indebtedness Total United States securities DAILY AVERAGE HOLDINGS DURING JULY Total bills and securities Bills discounted Bills bought United States securities Other securities _ . . 1,026,152 453,997 189,774 381,081 1,300 676 FEDERAL RESERVE BULLETIN SEPTEMBEE, 1927 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING JULY, 1927 [Amounts in thousands of dollars] Total Total Volume of Operations. Bills discounted for member banks i.__ Bills bought: In open, market From other Federal reserve banks. United States securities bought: In open market -_ From other Federal reserve banks. 2,460,305 New PhilaRich- Atdel- CleveYork phia land mond lanta Boston Min- KanSan St. I sas Dallas Fran Louis neapolis City cisco ', 270:286,523147,714 31,165; 41,515 33,461 238,097 161,120 939, 984 172, 540|225,881 115,035 67,270 2,144,783 129, 509 861 640156,174!202,454102,1,979 57,703 241,1191127,518 24,275( 25,8 149,140 26,097 43,420 9,000 500 98, 679 58,703 3,492 26,988 2,022 7,436 8,276 1 7, 620 1,100 5,512 1,400 4,321 16,198 1,400 800 3,008 1,900 3,511 1,633 2,923 23,818 4, 92l| 3,818 11,470 9, 642 18,748 196,728 2,609! 3,490 3,903 24,686 700, 1,200 2,234; 8,552 1,347] 2,337 8,717 2,093 10, 291 I Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s. 114,671 1,701 :,798 8,087 5,355 6,391 110 Demand and sight drafts _ 263 Trade acceptances 108 Secured by United States Government 30 464 obligations— Member bank collateral notes: Secured by United States Government 1,655, 756 84,032 752, 524 122,110 158, 881 36,304 obligations 372, 694 43,626104,102 25, S " 37, " 925 ,.60,149 Secured by eligible papers., 2,144, 783 129, 509 861,640 156,174 202,454|102, 979 Total.. Average rate (365-day basis), per cent _. Average maturity (in days): Member bank collateral notes., Rediscounted bills Number of member banks on July 31 Number of member banks accommodated during month •_ Per cent accomodated Chicago 21,377| 31,283 19,772 1,387 29!. 18 20L 171 60 50 26l. 19 3, 224 31 3,646 7 7,650 25 129 13 152 10 18,339 208,188 93, 7811 21,911 17,839 11, 089 130, 758 977 4,829 3,854 58,156 17, 748 1, 569 13,890 57,703 241,119 127, 518J 24,275J 25,936 18,748 196, 728 4. 00! 3.97 4.00 4.00 9.451 6.84 48.48! 96.18 740 597j 7.19 99.74 975 10.37 57.64 817 7.54 65.13 675 128 17.3 140 14.4 168 20.6 198 29.3 788 583 1,120 918 5,752 3,797 2,220 2,026 2,370 2,061 5,980 924 17, 737 4,321 16,198 3,008 2,609! 3,490 24,686 4.00 4.00 4.00 4.00 4.C . 00 • 4. 00 4.00 4.00 6.90 51.93 9,105 7.09 49.62 414 5.64 51.41 927 9.12 49.17 774 5. 38i 43. 51 839] 3. 05 58. 53 569 13.07 50. 85 471 10.34 45.20 1,307 2,669 29.3 152 36.7 312 33.7 370 47. 193J 23.0! 211 37.1 189 40.1 425 32.5 183 30.7 32,880 4,421 8,063 3431 4,493 2,119 2,414 6,649 57,759 5,942 15,048 58,501 15, 734 20, 309 7,933 3,127 3,393 1,907 8,276 -h 7,620 5, 512 4.00 Bills Bought in Open Market From member banks ; From nonmember banks, banking corporations, etc.: Bought outright Bought with resale agreement _. Total.. Bills payable in dollars: Rates charged— V/i per cent 3% per cent 3M per cent „— ZYs per cent 3% per cent. 3% per cent...... 4 per cent Average rate (385-day basis),3 per cent Average maturity (in days) Class of bills— 3 Bankers' acceptances based on— Imports Exports _____-. D omestic transactions _ Dollar exchange Shipments between or storage of goods in foreign countries All other Trade acceptances based on— Imports Domestic transactions Bills payable in foreign currencies. Total.. United States Securities Bought in Open Market Bought outright: United States bonds.. Treasury notes Certificates of indebtedness _ Bought with resale agreement — Total.. 149,140i 26,097 43,420 3,390j 17' 1,084 1,212 7,114 76,13o| 9,680 20,026 2,058 158 63 55, 327 14, 768 14,665 709 1, 085 123 3.64 3.84 3.62 35.98 33.56 29. 03 658 286 7,728 208 205 15 5,402 36 3,777 445 846 3.56 34.87 3.59 38.41 3.63 38.88 50 193 220 233 489 132 • - J - 2,558 2,346 11,571 2,690 2,085| 122 928 23 254| : 275 641 2,851 . . . . . . 494 78 982 3.66 3.54 3. 59| 3.57 3.73 43.99 40.34 31. 38! 41. 08 36.41 1,800 3,558 1, 363 2,930 437 3,983 530 27,989 19,132 20, 584 2,191 1,021 3,505 400 7,235 4,828 4,940 837 2,940 1,767 1,437 250 2,686 1,285 1, 583 2,137 1,343 706 140 16,754 1,439 3,133 4,57; 1,762 1,202 1,084 37 670 1,1 807 173 748 170 940 1,055 166 1,056 411 54 37 270 93; 54 25 345 120! 864 65 90,639! 10,363 23,111 8,276| 7,620 5,512 29,170 3,776 38,425 27, 981 250 1,938 1,813 260 254 2,992i 2,271 1,669 229 1,025 1,402 287 2,129 3,169 5,065 3,511 2,923 23,8181 3,818 1,062 12,813 253! 1,147 2,177i 10,228 I 2,800 3,4921 26,988 51j 3.71 53.47 38.90 1,302 434 827 938 504 1,279 102 5 1,959 1,602 1,296 250 279 673 1,082 3,490 2,979 1,949 634 101 1,499 1,067 141 2,644 4,700 1,275 159 2,383 4,900 2,130 212 4,050 2,234 8,552 8,717 6,392 709 30 20 M| 25 1,978 6,374 23 18,182 20 172 4,321 12,401 3,338 483 5,1 14,! 3,008j 2,e 46 87 i Includes $6,000 secured b y adjusted-service certificates discounted for nonmember banks; also $700,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif., and $217,000 discounted for the Federal Intermediate Credit Bank of Spokane, Wash. 3 Includes bills taken under a resale contract. 3 Exclusive of bills bought under a resale contract. 677 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 WEEKLY REPORTING MEMBER BANKS REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS [In thousands of dollars] Federal Reserve District Total Boston Loans and investmentstotal: Aug. 3 . Aug. 1O.__..__ Aug. 17 Aug. 24__._ Aug. 3 1 . . . . . . Loans and discountstotal: Aug. 3 . . — Aug. 10 __„ Aug. 17...... Aug. 24 Aug. 31 _ Secured by U. S. Gove r n m e n t obligations— Aug. 3 Aug. 10 Aug. 17 .._. Aug. 24. Aug. 31 _... Secured by stocks and bonds— Aug. 3 Aug. 10.— Aug. 17 Aug. 2 4 _ _ . . . . . . . . . Aug. 31 All other loans and discounts— Aug. 3._ Aug. 10 Aug. 17... Aug. 24..... Aug. 3 1 . . . . . . . . . . . . Investments—total: Aug. 3 _ Aug. 10 Aug. 17 Aug. 24.. Aug. 31_ ___. United States Government securities— Aug. 3 Aug. 10 Aug. 17 Aug. 24. Aug. 31 Other bonds, stocks, and securities— Aug. 3 Aug. 10 Aug. 17 _... Aug. 24 Aug. 31 _ Eeserve balances with Federal reserve bank: Aug. 3_._. Aug. 10 „. Aug. 17 Aug. 24 Aug. 31 Cash in vault: Aug. 3.___.._—._„ Aug. 10.... Aug. 17 „ Aug. 24 Aug. 31 _ Net demand deposits: Aug. 3..... Aug. 10.. Aug. 17—.-_—_ Aug. 24 Aug. 31 New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 1,452,722 7,702, 3541,L, 183,468 2. 082,436 685,925 !,564 3,001,058 697,455 ), 976 3,026,830 699,90, 1,457,610 7,668, , , 469 1, ., 200,3 30 2, 086,395 689,732 ,640, 6611,198,856 2,094; ~ "4,296 679,284 593,!, 432 3,030,360 698,410 1,447,802 7,640, 699,766 684,633 593,1,829 3,024,530 , , 2,090,669 l 4 3 6 7 4 7 7 5 9 f - - V183,873 " "~ 20, 624, 225 1, 439, 973 7,721,049 1,187,383 2,087,119 682, 931 597,370 3,038,733 701, 439 20,531,628 20,571,611 20,533,592 20,460,257 14,583,177 14,628,406 14,620,667 14, 555,133 14. 096, 975 116,589 120,492 117,460 113,693! 123,974i 999,8615,414,153 999, 999,994 5,392,174 996, ,698 5,380,686 997, ,082 5,349, 657 996, 654 5, 463,952 996 5,957 6,006 5,606 5,514 5,524 38,782 38,066 34,411 43, 627 796,3141 ,409,728 527,523 815,2411, 406,137 531, 568 814,305 li,413,766 522,393 798,209 1,, 411,020 524,664 802,131 li, 405,786 522,461 8,926 8,993 8,997 17,638 17,847 17,766 17,919 18,037 4,584 4,422 3,425 3,392 3,459 483,710 2,227, i 501,168 27,592 488,077 2,256,, 56,522 503,177 483,467 2,263,,446 < 503,535 481,2912, 242,898 ~" 504,804 485,' 191 2, 257,773506,866 5,011 5,766 5,056 5,020 4,991 19,902 19,826 19, 655 19, 638 20,332 Minneap- Kansas City Dallas olis 347,624 351,512 349,024 349,248 352, 944 621,716 632,515 639,222 635, 383 632,720 San Francisco 399,809 1. .,758,497 399,908 1,758,431 402,698 1., 759,547 405,0761,760,179 409,165 1., 773,399 229,704 418,967 308,5,707 1,,265,750 231,121 428,381 309,), 506 1,266,508 228,744 434,280 312,248 i;,267,099 229,039i 431,305 315, >, 580 1, 269,584 232,735! 426,851 319,I, 637 . 1. , 276,938 4,578 4,591 4,447 4,639 4,657 2,205 2,210 2,233 2,214 2,244 3,980 3,935 3,900 3,886 4,035 2,937 2,919 2,925 2,928 2,913 5,232 5,195 5,384 5,389 5,169 78,822 80,137 75,252 75, 736 74, 571 121,804 130,198 133,204 131,970 128, 254 75,537 76,553 74, 604 76, 530 76, 681 318,202 319,053 319,226 316,046 321, 560 290,632 293,648 296,285 296,482 298,707 148,677 148.774 15i; 259 151,089 155,920 293,183 294,248 297,176 295,449 294, 562 230,233 230,034 234, 719 236,122 240,043 942,316 942,260 942,489 948,149 950, 209 196,287 196, 726 194,875 194,962 194, 573 117,920 120,391 120,280 120,209 120, 209 202,749 204,134 204,942 204,078 205,869 91,102 90,402 90,450 89,496 89, 528 492,747 491,923 492,448 490,595 496, 461 5,872,955 5,874,639 5,847,179 5,822,264 5,895,474 351, 595 !, 480,958 352,487 1,450,601 ""7,104 355,3712,407, 357,023 2,404, I, 404,537 360,381 2,462, 716 396,971 417,215 411,795 401, 574 406,718 589,339 585,362 591,884 595,266 588, 500 161,353 159,203 155,138 155, 238 155,075 205,958 204,938 202,803 203,683 111, 395 1, , 006,121 203, 502 8, 593,633 8,633,275 8,656,028| 8, 619,176 8, 677, 527 642, !, 309 2,:, 897,556 641,5( ., 501 2,!, 902,791 635,721 2,935; 516 634, 545 2, 910,709 630,749 2,957, 609 390,417 389,033 393,513 387,892 386,427 802,751 802,928 804,116 797,835 799,249 361,586 367,94r 363,830 366,034 363,927 367,183 1,226, 790 370,404 1,249,711 368,296 1,233,108 365, 570 1,229, 300 368,805 1, 231,320 5,948,451 5,943,205 5,912,925i 5, 905,124; 5, 927, 250 452,8612,288,201 457,616 2,276, """" 76,295 451,104 2,259, \ 975 439, 665 2,246,1,667 443,319 2, 257,',097 387,154 385,089 384,551 158,402 114,854 1D8,164 111,899 156,891 109,965 159,969 112,538 160,470 112,179 2,510,921 2,502,737 2,485,136 2,483, 690 2,489, 894! 156,552 980,207 155,298 979,047 149,048 979,990 137, 582 981, 771 137, 588 988, 290 94,868 91,055 89,64 r 87,023 86, 551 287,846 73,432 54,926 293, 329 76.547 52,691 292,404 72,495 50,298 292, 279 72,289 50, 013 291, 527 73,136 49,745 305,989 71, 687 299,497 71,305 293, 544 70,942 306,286 70,412 305, 648 70, 447 62,899 64,663 64,361 64,131 63,880 96,053 96,310 95,810 97,577 97,983 62,; 61, 553 61,867 60, 634 60, 585 263, 594 261,442 264,730 3,437,530 3,440,468! 3,427,7891 3,421,434 3, 437,356 296, i, 309 1,307,994 1, 1, 302,!, 318 1,297,248 302,5,056 1,279,985 1, 302,083 11,264,896 305,7311, 268,807 292,286 294,034 294,904 298,641 298,701 384,862 386,929 388,126 387,370 389,806 84,970 81,617 84,396 87, 680 87,334 59,928 59,208 59,667 62,525 62,434 467,477 470,811 473, 370 475, 346 475,312 124,600 125,421 123, 933 124, 550 124,126 55,021 106,696 55, 728 107,824 55, 919 109,132 56,078 106,501 56,329 107,886 28,234 28,849 28,583 28,862 28,943 229,153 230,481 227, 718 226,902 231,947 136,591 130,558 132,229 133,140 128, 602 46,857 44,648 47,098 44,388 43, 598 41,393 36,640 39,083 37,033 39,196 257,539 251,836 258,343 263,279 47,474 45,056 46,195 57,012 29, 575 55,920 28,606 57,250 30,127 56,500 30.229 55,901 30,' 942 107,146 108,072 110,700 111,788 107,892 27,752 13,178 28,976 13,328 29,118 12,738 30,365 12, 684 28,342 13,056 10,275 10,883 10,150 10, 548 10, 641 45,154 45,273 43,180 44,123 672,708 680,258 680,530 679, 649 385, 252 681,333 1,745,143| 98,948 97,375 1,713,534 96, 359 1,668,195 1,713, 514 100,414 1,697,018 101,480 818,082 810,660 742,154 784,207 772,098 82,051 80, 580 83,967 83, 662 83, 748 17,620 17,925 17,847 17,712 17,386 69,231 70,443 67,181 68,066 68, 425 15,085 15,997 15,394 15, 587 15, 960 253,035 258,713 249,069 254,464 253, 257 13,290,862 _. 13,344,416 13,280,955 13,164,404 -_. 13,349,0771 i 111,516 980, 900 111, 907 986,985 110,115 ,010, 683 110,701 993, 960 773,466 770,308 766,914 781, 632 780; 960 44,077 7,476 24,475 23, 583 24,690 21,991 24, 598 7,224 7,174 7,363 5,590 11,301 5,955 12,150 5,597 11,484 5,863 12,050 5,827 11,738 8,682 9,123 8,565 9,077 8,727 320,1,3381,839,287 401,871 324,t, 915 1, , 858,401 402,696 322,4411,870,062 398,333 321,., '617 .1. , 859, 625 398,714; 919, 688 5, 827, 404 778,571 1,058,814 395.814 331,., 036 li , 872,173 392,252; 208, 738 495,521 211,025 504, 736 205,461 504,900 205,639 503,850 213,552| 501,513 265,703 268,825 936,3 >, 319 5,827,635 5, 764,8001 ,057,095 404,164 "7,459 786,037 i;., 062,223402,460 930,461 5', 807,5, ~744,935 784,8791 ,068,274 392,817 927,000 5, " 915, 930 5, 681,306 769, 678 1.., 061, 985 394.813 7,— 264, 514 21,691 21,371 20,591 21,215 21,494 769,391 785,178 792,025 268,719 782,528 273, 266] 784,994 678 FEDEKAL EESEKVE BULLETIN SEPTEMBER, 1927' REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS—Continued [In thousands of dollars] Federal Reserve District Total Boston Time deposits: Aug. 3 Aug. 10 Aug. 17 Aug. 24___ Aug. 31 Government deposits: Aug. 3 Aug. 10 Aug. 17.... Aug. 24 Aug. 31 _... Due from banks: Aug. 3 Aug. 10 Aug. 17. Aug. 24.. ... Aug. 31 Due to banks: Aug. 3__.. Aug. 10 Aug. 1 7 . - . - . _. Aug. 24 Aug. 31 Borrowings from Federal reserve bank—total: Aug. 3 . . . Aug. 10 -.-. Aug. 17 Aug. 24 Aug. 31 Secured by U. S. Gove r n m e n t o bligations— Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 All other— Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 N u m b e r of r e p o r t i n g banks: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 6,230,211 6,253,255 6,251,460 6,253,370 6, 256,158 New York Philadelphia Cleveland 466,,05811.483,622 637 464,, 1691,490, 1 465,868 1,485,012 1 466,107 1,479,755 '",0201,477,790 264,7 264,309 265,672 266, 031 263,186 900,707 902,537 905,800 909,138 909,811 Richmond Atlanta 235,105 235,443 " nnn 236,082 235,990 239,528 239,837|l,104,934 243,26211,112,398 238,119(1,120,064 238,133 1,120, 639 233,9701,125,447 M St. Chicago Louis Minneap- Kansas City Dallas olis San Francisco 233,891 235 r" 236' 385 236, 576 229,420 125,386 125,822 126, 998 126,105 124,919 152,724 155,474 155,659 156,034 156,087 110,025 109,950 109,303 109,732 110,626 913,213913,264 906,498 914,130< 916,354 1,232 737 563 563 563 4,748 2,849 2,180 2,180 2,182 14,188 8,513 6, 513 6,5ia 6,513 88, 232 52,750 40, 399 40, 377 40,311 12,131 7, 283 5,573 5, 573 5,573 12, 456 7,469 5,708 5,708 5,708 11, 435 6,859 5,247 5,247 5, 247 9,683 5,834 4,506 4,506 4,491 2,780 1,450 1,135 1,133 1,133 6,714 4,027 3,055 3,055 3,055 10, 395 6,250 4,781 4,765 4,721 1,342 620 612 1,128 673 518 514 513 1.133, 537 1.134, 569 1,143, 779 1,088, 554 1,129,495 65, 382 56, 239 55, 797 51, 257 124,806 123, 217 130.148 118,254 123.149 62, 609 58,006 58, 212 52, 591 58,446 111, 120 104, 466 110,420 107, 060 105, 698 55,179 54, 795 53,647 52, 970 77, 920 79,130 75, 254 75, 734 219, 935 228, 869 234,487 219, 688 220,' 51, 611 53, 619 49,613 47,239 54,301 48, 925 48,403 46,782 46,241 48, 014 114, 742 117,135 113,497 112,357 111, 465 57, 378 55, 658 56,077 54,408 55, 450 143, 930 157,032 159, 845 150,755 150, 451 166,3111,., 230, 962 163,051 1, 215, 891 163, • . , 228,061 i, "526 1, 157,', 486,1 186, 864 156,I, 521 ,1 254, 662 181,190 171,167 174, 591 173, 855 172,153 256,161 259, 714 262,304 256, 251 259,278 121,047 120, 859 119,324 117,913 118, 556 114, 257 112, 617 109,148 109,973 116,166 510, 370 515, 738 512, 813 509,088 512,134 131, 348 130, 375 133, 609 129,705 127, 989 82, 284 79, 644 77, 922 77,315 82, 751 229,952 229,858 224,931 223, 588 221, 814 87,624 85,456 85,323 88,376 92, 540 216, 657 285, 044 260, 644 236,043 257,353 240, 376 12, 206 98, 323 22,022 100,142 17,417 82,399 15, 974 102, 024 24, 661! 76, 066 18,398 14, 743 15,375 16,268 14, 655 30, 799 25,127 18, 520 19, 6171 19,374! 4, 815 2, 991 6, 601 5, 247 5, 689 16, 340 15, 290 15,445 15, 612 14, 314 39,411 32,010 22,420 21, 523 18, 808 14,162 12,164 14, 456 16,506 18,487 800 250 1,925 2,200 2,585 3,927 1,359 4,997 3,543 2,363 6,104 5,532 5,942 7,872 7,7;" 39, 759 29, 014 30, 546 30,967 35,586 201,337 171, 739 161, 230 159,151 155, 632| 4, 2151 8,440 6,090 9,065 11, 055 85, 693 70,856 20,233 20,319 14, 468 16,379 13, 017 2,228 948 1, 773 2,318 1,579 29,315 24,100 16, 370 15,275 14,575 7,110 7, 7711 7,568 7,410 800 250 1,475 1,450 1,735 2,110 75 3,705 62, 656 59, 751 12,050 9,470 9,335 9,920 9,255 4,293 3,171 3,084 3,225 3,194 28, 767 24,312 26, 087 26, 960 31,399 83,707 88, 905 74,813 98,202 84, 744 7,991 13,582 11, 327 6,909 13,606 12, 630 'z9,286 14,316 39,368 16,315 6,348 5,273 6,040 6,348 5,400 10, 566 2,587 2,043 4,828 2,929 4,110 1,811 2,361 2,858 4,6$; 4,594 10, 992 4,702 4,459 4,007 4,187 3, 328,163 3,310, 838 3, 321, 850 3, 260,077 3,339, 230 661 661 661 661 661 4^ 052 3,238 6,357 57, 626 2,110 2,187 13, 576 12, 602 12, 456 13, 502 12,127 10, 096 5,293 7,910 5,054 6,050 6,685 6,248 8,938 4,233 11,077 450 750 850 2 it 1,817 1,284 1,292 1,318 1,888 230, 298 229,663 224, 666 58 58 58 58 58 679 FEDEKAL BESEKVE BULLETIN --SEPTEMBER, 1927 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS [In thousands of dollars] City Total Boston /Loans and investmentstotal: New York Philadelphia Cleveland 13,013,371 970, 623 6.i, 613,104 [, 017,919 Aug. 3 13,039,147 973,207 6,585,0261,036,485 782,483 Aug. 10 12, 993,450 9 6 1 ,2016, " " \ 551,374 1,033,964 783,435 Aug. 17 12,924,063 951, 788 6,i, 509, 566 1,019,639 783,674 Aug. 24 13,071,014 959; 311 6,634,232 1,024,296 779,919 Aug. 31 ILoans and discounts—total: 9, 568,805 743,851 4,760,817 696,241 624,053 Aug. 3 • "" "~- 4, ' 742,772 716,474 618,936 9,600, 730 743,375 Aug. 10 724,819 715,483 624,066 9, 590, 722 737, Aug. 17 9,533,651 740,924 4.695,912 700,270 624,606 Aug. 24 _.. 9,668, 592 746,"" , 120''4,815,941 705,263 620,033 Aug. 31 >Secured by 17. S. Government obligations— 33,182 4,619 8,201 5,693 74,450 Aug. 3 4,667 36,354 8,270 5,745 77,795 Aug. 10 35, 649 8,268 4,275 5,712 76, 500 Aug. 17 ____. 7,770 4,220 31,986 5,677 72,481 Aug. 24 8,004 41,237 4,147 5,668 82,526 Aug. 31 .__. Secured by stocks and bonds— 4,148,088 251,0 .,079 2,!, 168, 546 338,064 224,081 Aug. 3 359,674 220,283 4,155,550 252,061 2,145,864 i Aug. 10._ " [, 149355,465 224,377 4,122, 476 251,908 2,094,: Aug. 17 346,173 226,850 084,531 4,093,195 255,803 2 "' Aug. 24 Aug. 31 ._.. 4,177,508 260,392 2,155,846 351,813 219,328 All other loans and discounts— !, 559,089 349,' 394,279 5,346,267 488,1,153 2. Aug. 3 !, 560,554 348, 530 392, 908 5,367,385' 486,647 2, Aug. 10.... 351,750 745 2,595,021 393,977 5,391,746 481, Aug. 17 5,367,975 480, 901 2,579,395 346,327 392,079 Aug. 24 345,446 395,037 5,408,558 480,581 581 2, 2, 618,858 Aug. 31 investments—total: ! [, 852,287321,678 158, 936 Aug. 3___. __.. 3,444,566 226,772 1, •, 842,254 320,011 163,547 3,438,417! 229,832 1, Aug. 10 3,402, 728 223,1,273 1., 826,555 318,481 159, 369 Aug. 17 L, 813,654 319,369 159,068 3,390,412: 210,1,864 I! Aug. 24 3,402,422 214,:, 191L,1.818,291 319,033 159,886 Aug. 31 United States Government securities— 67,412 1,540,659i 87,825 882,674 Aug. 3 75,521 71,389 1, 532,477 85,859 883,469 Aug. 10 _ 1, 518,826 79,520 886, 848 74,025 67,524 Aug. 17.. 1,520,073 i 68,307 889,976 71,289 •67,989 Aug. 24 1,520,261 68,053 890,434 70,925 67,845 Aug. 31 Other bonds, stocks, and securities— 1,903,907 138,947 969,613 242,730 91,524 Aug. 3 1,905,940 143,973 958, 785 244,490 92,158 Aug. 10 1,883,902i 143, 753 939,707 244,456 91,845 Aug. 17 1,870,339' 142,557 923,678 248,080 91,079 Aug. 24 1,882,161 146,138 927,857 248,108 92,041 Aug. 31 Reserve balances with Federal reserve bank: Aug. 3 _ _-. 1,250,658 .76,149 753,227 74,394 45,358 1,233,471 74,87] 751, 599 73,803 39,812 Aug. 10 1,179,981 75,588 682,306 76,284 41, 507 Aug. 17 Aug. 24___ __. 1,236,180 77,778 725,901 75,301 42,146 1,216,464 77,313 708,166 77,511 43, 692 Aug. 31 Cash in vault: 7,432 55,868 12, 396 8,630 118, 712 Aug. 3 . 7,463 56,566 13,200 8,760 119,915 Aug. 10 7,568 54,340 12,831 9,135 117, 063 Aug. 17 12,803 9,093 7,373 54,723 117,862 Aug. 24 _ 13,033 8,901 7,209 55,384 118,498 Aug. 31 Net demand deDosits: 9,204, 762 699, 428 5,260, 568 677, 991 280,379 Aug. 3 _"__ Aug. 10 ___. 9,238,041 695, 036 5,245,809 700,331 281,130 9,169,078 693, 322 5,174, 597 700,429 281,853 Aug. 17 _.i "i, 121,828 682,341 283,253 Aug. 24 _ . . „ . . . . 9,101,182 685, 992 5, 9S 254,597 689, 735 5,>, 263,372 692, 674 282,425 Aug. 31 -__ Time deposits: 3,108,461 239,), 4671.., 012, 884 199,791 601,364 Aug. 3 „ 199,390 503,156 1. 3,121,878 237,', 125 ,017,981 Aug. 10 „ \, 222, 012, 1 573 198,324 504,075 Aug. 17..._ _ _ - „ _ . 3,125,335 238, ., 006,896 197, 710 504,077 Aug. 24 •_. _. 3,117,413 238,334 1. ., 001,872 201,592 502,652 3,121,795 241,329 1, Aug. 31 Richmond Atlanta Chicago St. Minne- Kansas Louis apolis City Dallas San Francisco 112,8641 114, 677 108,276 110,358 107,597 961 1, 815,672438.627 7621 ,844,634 439,535 3391 ,853,355 437,831 047 1, 852,653 440,588 766 1, 861,529 441,419 169,149 170,629 170,091 169,366 173,224 179,184 183,170 183,938 182,468 178,068 94,032 96,226 91,081 .93,194 89,471 5891 , 426,338 323,569 2601, 458,594 324,386 8431 ,471,016 325,005 940 1, 455,493 327,266 6181 , 464,547 328,343 112,779 113,716 313,073 112,330 116,212 118,472 86,397 512,667 121, 758 86,043 509,190 122,424 509,704 120,146 88,411 507,159 115, 623 511,522 1,635 602 1,622 601 1.620 616 619' 1,606 601 f 1,627 14,206 14,170 14,012 14,106 14,686 23,661 22, 962 22,504 23,484 22,399 14,816 13,678 14,243 14,296 14,205 751,512 760,069 783,089 769,360 782, 911 69, 769 72,663 67,961 69,091 66,471 53,138 53, 960 51,980 52,038 51, 786 18,832 18,451 17,195 17,164 18,126 113,195 112,800 115,136 114,444 114,885 707,084 703.759 703, 510 698,472 705,768 565 564 576 568 570 953 975 978 387 421 414 410 411 145,187 143,054 142,365 143,174 143,037 33,640 34, 771 31,634 32,540 32,514 31,184 36,331 36, 228 33,370 28, 798 19,277 20,283 20,082 20,134 20,045 660,620 684,355 673,915 672,027 666. 950 175,629 178, 583 180,022 181,276 182,471 78, 574 78,381 80,863 79,222 83,128 86,337 84,452 85, 218 85,816 85,839 66, 733 363,970 65,339 361,013 67,784 361, 510 67,867 361,936 68,443 363,548 23,372 23,502 23,496 23,107 23,148 389,334 386,020 382,339 397,160 396,982 115,058 56,370 115,149 56, 913 112,826 57,018 113,322 57,036 113,076 57,012 60, 712 61,412 61, 514 62,322 62,445 26, 757 26,856 26,033 25,986 194,417 194,569 193,806 191,313 194,246 3,963 3,559 3,861 3,859 4,485 14,140 14,140 14,140 13,630 13, 631 175,022 168, 791 162,970 175,830 174,888 42,026 41, 724 41,087 41,022 41,043 30,670 31,054 30,918 30,892 30,739 30,765 31,004 30, 523 32,688 32,788 21,648 21,382 21,262 20,306 20,247 105,566 104, 785 106,148 104,285 105,183 14,869 14,892 13, 334 13,305 13,641 9,232 9,362 9,356 9,477 9,517 214,312 217.229 219,369 221,330 222,094 73,032 73,425 71, 739 72,300 72,033 25, 700 25,859 26,100 26,144 26,273 29,947 30,408 30,991 29,634 29, 657 5,150 88,851 5,575 89,784 5,594 87, 658 5,727 87,028 5,739 89,063 6,685 7,672 7,r~~ 7,911 7,607 7,622 5,850 6, """ 6,839 5, " " ] 76,337 173,551 179,106 190,698 188,199 29, 725 28, 359J 28,861 30,184 27,647 13,392 11,611 12, 709 11,009 12,771 19, 916 17,467 17,845 17,406! 18,205 8,678 8,339 7,976 7,962 8,033 39,175 40, 537 43,416 43,045 41, 621 772 806 748 745 801 1,141 1,087 1,117 1,063 1,072 18,554 18,218 17,674 18,059 18,056 3,387 3,205 3,197 3,322 3,363 1,515 1,736 1,650 1,801 1,675 2,317 2,424 2,362 2,432 2,47 1,220 1,235) 1, 216| 1,2981 1,199 5,480 5,215 5,225 5,200 5,331 65,339 53,170 1., 247,319 265,058 66,004 52,104] ,265,913 266,452 61,740 51,7f~ ., 267,093 263,574 65,338 51,6i ,281,872 264,118 64,274 52,563 1., 279, 696261,396 103,895 103,198 102,993 100,299 107,013 170,843 172,530 170, 527 171,288 167,794 75, < 78,338 79,780 76,452 76,791 305,113 311,196 321,462 316,796 316,864 59,125 59,375 58,848 59,264 58,211 19,230 19,212 19, 035! 18,950 18,645 17,829 17,883 17, 900 18,115 18,0451 307,266 307,469 307,899 307,424 309,320 32, 701 32, 724 32,654 32,397! 32,2361 35,677! 35,5771 35,658 35,584 35,456 549,8C0 558, "" - - • ,961 563,520 567,244 2,753 2,749 . 2,618 2,816 2,835 133,327 133, T 135,186 135,142 135,193 1,656 1,657 1,762 1,743 1,754 147,041 146, 520 146,432 14.3,480 146,220 680 PEDEKAL RESERVE BULLETIN SEPTEMBER., 1927 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS—Continued [In thousands of dollars] City Total Boston NewYork Philadelphia Cleveland Richmond Chicago Atlan- ta St. Louis San Francisco Minne- Kansas City apolis D alias Government deposits: Aug. 3 Aug. 10 Aug. 17 Aug. 24 __,_ Aug. 31 Due from banks: Aug. 3 ... Aug. 10 Aug. 17 Aug. 24 Aug. 31 Due to banks: Aug. 3 Aug. 10 Aug. 17 Aug. 24 -. Aug. 31._Borrowings from Federal reserve bank—total: Aug. 3.-_ Aug. 10 Aug. 17 „.-. Aug. 2 4 . . - . Aug. 31 Secured by U. S. Government obligations— Aug. 3 Aug. 10 Aug. 17.. Aug. 24 Aug. 3 1 . . _ - _ All other— Aug. 3 . Aug. 10 _ Aug. 17— Aug. 24 Aug. 31 ... Number of reporting banks: Aug. 3 Aug. 10.. Aug. 17 Aug. 24 Aug. 3 1 . . . 60,656 36,395 27,849 27,843 27,837 11,680 7,011 5,366 5,366 9,749 5,846 4,467 4,467 4,467 10,884 6,529 4,994 4,S~ 4,€ 863 682 682 682 515,400 513, 567 522,333 489, 949 517,793 46, 838 42,951 42, 331 39,640 87,138 83,056 90, 689 79,279 86,487 56,740 50, 531 53,363 47,619 53,412 24,008 23,778 24, 264 24, 865 174, 025 164, 475 168,027 167,319 165,430 58, 647 59, 568 63, 673 59, 421 60, 789 3.0, 657 32,119 31,712 30,676 31,166 9,700 2,000 750 2,306, 726 2, 288,316 2,311,478 2,251,177 2,317,139 5r" 157, 644 1., 164, 218 153,3541 152,186 153,357 1., 165, 229 148, 560 1., 124, 782 147,499 1,., 191,485 175,089 162, 840 151,091 165, 974 150,849 10, 745 20, 675 16, 292 13,517 20, 551 78, 714 81, 742 67, 618 86, 652 54, 600 16,100 13, 019 13, 455 14, 240 12,729 126,938 105,16: 104, 750 101, 839 96, 516 3, 290 8,015 5,640 8,165 8,305 67, 900 54, 450 55,350 50,200 39, 950 9,835 7,805 7,490 7,950 7,370 48,151 57, 678 46,341 64,135 54,333 7,455 12, 660 10,652 5,352 12, 246 10, 814 27, 292 12, 268 36,452 14,650 6,265 5,214 5,965 6,290 5,359 219 219 219 219 219 17 17 17 17 17 52 52 5! 5: 52 36 36 36 36 36 1,500 4,000 """250 5,700 2,000 50.0 1,500 197 118 90 90 90 1,848 1,109 832 832 832 6,571 3,941 3,014 3,013 3,013 1,065 641 493 493 485 1.079 '644 496 491 491 970 580 443 443 443 3,562 2,138 1,636 1,636 1,638 11, 625 6,975 5,336 5,336 5,336 11,011 137,153 146, 561 146,804 139, 917 140, 267 28, 452 30,004 25; 498 25, 904 25,119 19,165 20, 725 19, 663 18,642 21,025 34,359 35, 621 33,645 30,035 31,770 15, 376 12, 519 12,701 12,996 13,436 49,112 51,742 56,634 54,826 54,249 14, 434 14, 557 14, 871 14,937 15,560 362,175 365, 630 361, 954 358,810 360,774 77,718 78, 638 82, 061 79,471 75,306 46,390 44, 400 43,988 43,824 49,021 95, 297 93,456 89, 762 89,685 87,990 25, 665 23,345 22, 943 23,687 25,471 106, 588 113, 901 110,005 106,648 764 40 2,815 715 1,895 458 393 604 571 535 8,397 8,317 6,750 2,975 4,710 8,334 6,636 7,773 10,916 13, 207 800 250 925 950 1,000 1,434 873 3,198 1,441 1,799 4,005 3,275 4,059 5,668 4,950 35, 638 25, 620 26, 852 28,329 33,373 125 40 65 190 55 200 200 200 7,265 7,400 4,920 2,645 4,390 3,889 2, 496 1,837 3,073 3,225 800 250 475 200 150 2,155 500 350 2,450 1,300 1,662 1,910 1,575 27,384 23, 406 24,706 458 393 404 371 335 1.132 '917 1,830 330 320 4,445 4,140 5,936 7,843 9,982 450 750 , 850 1,434 873 1,043 941 1,449 1,555 1,975 2,397 3,758 3,375 8,254 2,214 2,146 1,523 2,427 c 45 45 45 45 45 13 13 13 13 13 5 5 5 5 5 13 13 13 13 13 7 10 10 10 10 10 6; 254 9,825 6,307 10,434 5,852 10,374 6,607 12, 689 639 2,750 525 5 5 5 5 7 7 7 7 30,946 681 FEDEEAL EESEEVE BULLETIN SEPTEMBER, 1927 . BROKERS' LOANS LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In thousands of dollars] Demand and time loans Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Total For own account For account of outof-town banks 3,171,845 3,190,329 3,188,969 3,168,074 3,184,058 1,109,556 1,063,670 1,022,037 1.000, 961 1,045,669 1,189,518 1,216,369 1,248,136 1. 246, 848 1,222,914 Demand loans Time loans For account of others Total For own account For account of outof-town banks For account of others Total For own account For account of outof-town banks 872,771 910, 290 918,796 920, 265 915,475 2,378,728 2,391,369 2,371,906 2. 335, 079 2,351,253 777,370 734,655 700, 677 683, 340 733, 638 831,212 852,367 871,946 856, 982 830,458 770,146 804,347 799,283 794, 757 787,157 793,117 798,960 817,063 832, 995 832,805 332,186 329,015 321,360 317, 621 312,031 358,306 364,002 376,190 389, 866 392,456 For account of others 102,625 105,943 119,513 125, 508 128,318 B R O K E R S ' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, R E P O R T E D BY T H E NEW YORK STOCK EXCHANGE [Net borrowings. In thousands of dollars] Borrowings from— Total New York banks and trust companies Date On demand Total On time Total 1926—Dec. 3 1 . . . 1927—Jan. 31—. Feb.. 28... Alar. 31... Apr. 30... May 31._. June 30__. July 30... Aug. 3 1 - 3,292,860 3,138, 786 3, 256,459 3, 289, 781 3, 341,210 3,457,869 3, 568,967 3,641,695 3,673,891 2, 541, 682 2,328, 340 2,475,498 2, 504, 688 2, 541,306 2,673,993 2, 756. 969 2,764,511 2,745, 571 Private banks, brokers, foreign banking agencies, etc. 751,178 810,446 780, 961 785, 093 799,904 783,876 811,998 877,184 928, 320 On demand 2, 803, 585 2,670,144 2, 757,385 2, 790, 080 2,864, 957 2,967,546 3, 064, 975 3,144,977 3,169,786 2,127,996 1, 963, 554 2, 084,852 2, 111, 565 2,146,447 % 254,153 2,316,440 2,343,316 2, 330, 261 On time Total On demand 489,275 468, 642 499, 074 499, 701 476,253 490, 323 503,992 496,718 504,105 675, 589 706, 590 672, 533 678, 515 718, 510 713, 393 748, 535 801,661 839,525 413, 686 364,786 390, 646 393,123 394,859 419,840 440, 529 421,195 415,310 On tim© 75, 589 103, 856 108,428 106, 578 81,394 70,483 63,463 75,523 88,795 ALL MEMBER BANKS DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY [In thousands of dollars] T i m e deposits N e t d e m a n d deposits 1927 B o s t o n . ___„___„ New York.. Philadelphia Cleveland ...... Richmond Atlanta... Chicago St. Louis „_„__, Minneapolis Kansas City._» Dallas San Francisco Total B a n k s in cities a n d towns having a population of— Less t h a n 5,000.. 5,000 to 14,999.... 15,000 to 99,999.. 100,000 a n d over. 1927 1926 1926 A p r . 27 M a y 25 June 22 J u l y 27 J u l y 28 Apr. 27 M a y 25 June 22 J u l y 27 J u l y 28 1,388,999 6, 592, 670 1,194, 758 1,515,128 607,826 614, 672 2,497,190 729, 554 405, 767 854,225 632, 818 1,312,106 1,395,009 6, 712,049 1,191,239 1,521,344 607,942 601,350 2, 551,378 724,384 399, 616 838, 619 613,136 1,314,887 1, 397,206 6, 771, 542 1,177, 296 1, 576, 897 612,324 587,188 2, 517,104 727,157 409, 701 846,366 606, 696 1,304,431 1,416, 273 6, 774, 590 1,173,116 1, 573, 860 633.759 574,848 2, 501, 570 722,073 409, 322 861, 280 603, 312 1,310, 292 1. 380, 743 6,345,551 1,188,398 1, 565, 592 606,891 639,592 2, 495, 601 728,450 421,196 890,483 589, 748 1, 259, 268 895,339 2,615,989 986,065 1, 534,888 548,611 456,010 1,956, 695 514,784 431,238 328,499 175,836 1, 557,879 906,358 2, 628, 743 987,946 1, 553,859 552, 642 462, 732 1,979,175 520,851 431,485 330,823 178,895 1, 590,128 914, 574 2, 682,325 989, 651 1,507,593 555,618 460,112 2,019,010 508,726 433,219 330,407 180, 545 1, 577,050 941,739 2,739,420 1, 007, 057 1, 532, 289 572,086 460,957 2,024,452 514, 589 430, 783 334,955 178,368 1, 546,054 855, 251 2,384,440 909, 625 1,461,811 522, 510 440, 615 1,941,063 481, 680 438,926 322,135 165,299 1.383.236 18,345,713 18,470,953 18, 533,908 18, 554, 295 18, 111, 513 12, 001,833 12,123,637 12,158,830 12, 282,749 11,306,591 1,613,762 1,114,248 2,358,158 13,259, 545 1,608, 719 1,104, 643 2,352, 628 13, 404,963 1, 597,148 1, 111, 583 2, 335,074 13,490,103 1, 609,447 1, 111, 573 2, 340,440 13, 492, 835 1, 653, 006 1,125,425 2,369,847 12,963,235 1,839, 547 1,219,967 2,337,857 6,604,462 1,857,083 1,222,435 2,358,077 6,686,042 1,855,311 1,233,482 2,363,066 6,706.971 1,896,838 1, 242,608 2, 390,221 6,753,082 1,808,924 1,164,083 2, 225,433 6,108,151 682 FEDERAL RESERVE BULLETIN SEPTEMBER, 1927 BANKERS' ACCEPTANCES OUTSTANDING [In thousands of dollars] Banks outside New York City Banks in New York City All reporting banks * End of— 1925 January February March _. April May June July „. August September—. October November—. December 1926 788,254 767,127 745,660 720,611 685,333 621,949 600,487 582,635 614,151 681,647 726,395 755,360 834,825 800,137 757,074 680,346 607,942 569,386 555.167 607,025 674.168 689, 768 773,736 1927 1925 588,501 562,405 560,007 544,603 499,509 451,844 425,725 404,247 447,387 502,810 507,592 579,836 773, 604 785,488 809,446 810,966 774,720 751,270 741,258 1926 574,042 559,731 543, 502 524,608 506,012 461,508 440,797 420,545 442,999 500,186 532,166 560,964 1927 1926 1925 567,554 574,202 598,536 604,052 579,698 561,274 555,262 246,324 245,954 240,130 212,471 180,837 156,098 143,661 150,920 159,638 171,358 182,176 193,900 1927 -I- 214,212 207,396 202,158 196,003 179,321 160,441 159,690 162,090 171,152 181,461 194,229 i. 194,396 !. 206,050 211,286 210,910 206,914 195,022 189,996 185, 996 i Figures collected and compiled by American Acceptance Council. LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OF FEDERAL AND JOINT-SfOCK LAND BANKS [In thousands of dollarsl LOANS OF INTERMEDIATE CREDIT BANKS [In thousands of dollars] 1927 Net amount of loans outstanding 1926 Class of loan Date Total 1926 Jan. 31 -._„_. Feb. 2 8 — . — _ _ . _ Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30___ Oct. 31__ Nov. 3 0 . — Dec. 31 1927 Jan. 31._ Feb. 28 Mar. 31 , Apr. 30 May 3 1 . June 30__ -__.. July 3 1 — . _-. Joint-stock Federal land banks land banks (12 banks) (54 banks) Aug. 6 Aug. 13 Aug. 20 Aug. 27 Aug. 28 Direct loans outstanding on— Cotton. Tobacco Wheat.... I Canned fruits and vege- j tables... ; Raisins. I Wool _ Rice All other ___ ! 1,566,844 1,587,030 1,606,818 1,620,214 1,632,413 1,644,105 1,653,902 1,664,130 1,671,856 1,682,273 1,692,826 1,710,295 1,011,088 1,019,486 1,027,361 1,033,045 1,038,385 1,043,955 1,048,184 1,053,336 1,057,217 1,063,056 :,068,596 ., 077,819 555,756 567,544 579,457 587,169 594,028 600,150 605,718 610,794 614,639 Total _ I' 619,217 Rediscounts o u t s t a n d i n g 624,230 for— 632, 476 Agricultural credit cor- 1,724,821 1,745,404 1,765,365 1,732,395 1, 741, 275 1,738,165 1,742,575 .,085,170 ,097,642 ,109,354 1,117,914 1,124,055 1,130, 648 1,134,896 639,651 647,762 656,011 614,481 617,220 607, 517 607,679 porations National banks State banks Livestock loan companies Savings banks and trust companies 6,339 825 6,324 1,075 6,243 1,161 443 5,000 1,360 718 6 664 5,000 1,324 675 6 722 5,000 1,351 642 859 5,000 1,381 612 1,505 2,450 2,234 512 134 14,462 14,919 15,206 15,345 34,436 29, 596 37 506 29,498 37 29,364 37 382 29,253 37 365 30,561 4 19,735 19,731 19,813 19,547 357 12,815 49,963 Total 4,882 19,819 2,900 6,174 675 49,485 49, 843 162 49,291 BANK DEBITS PAR COLLECTION SYSTEM DEBITS TO INDIVIDUAL ACCOUNTS BY FEDERAL RESERVE DISTRICTS M E M B E R S H I P , BY FEDERAL RESERVE DISTRICTS [Number of banks at end of July] [In thousands of dollars] Member banks Number of July, 1927 centers June, 1927 July, 1926 Federal reserve district On par list 1927 New York City Outside New York City.. 1 140 30,749,979 22, 937,320 33,008, 251 23,812, 953 27, 659,188 23, 299,917 Federal reserve districts: Boston - . New York Philadelphia. _ Cleveland Richmond Atlanta..... Chicago.St. Louis Minneapolis Kansas City Dallas San Francisco 11 7 10 13 7 15 21 5 9 15 10 18 2, 698,007 31,626, 586 2, 211, 496 2,775,779 738, 641 1,079, 627 5, 720, 524 1,161,058 676, 862 1, 286,051 580, 808 3,131,880 2, 33, 2, 2, 2, 28, 2, 2, 141 53, 687, 299 55, 821, 204 50, 959,105 Total United States 847,802 893, 620 294, 481 984, 591 766, 403 1,074, 650 6, 059, 258 1, 242. 557 665,021 1, 246, 250 580, 948 3,165, 623 664, 541 566,396 268,816 671,960 843, 461 1,153,753 5, 780, 262 1, 235,186 691,894 1, 416, 650 596,704 3,069,482 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis... Minneapolis Kansas City Dallas _. San Francisco... Nonmember banks Not on par list * 1928 1927 1926 1927 1928 9,105 9,377 13,528 14, 207 3,857 3,901 414 927 774 839 569 471 1,307 597 740 975 817 675 416 902 760 859 586 489 1,368 617 803 1,010 843 724 245 411 503 1,030 664 317 3,737 1,934 825 2,448 682 732 244 404 513 1,073 '692 331 3,759 2,030 1,036 2,598 745 782 10 604 1,023 185 435 1,112 231 197 60 9 651 1,035 233 420 1,092 205 190 66 i Incorporated banks other than mutual savings banks. CONDITION OF ALL MEMBER BANKS ALL MEMBER BANKS—CONDITION ON A SERIES OF CALL DATES ENDING WITH JUNE 30, 1927 [Amounts in thousands of dollars] June 30, 1924 Oct. 10, 1924 Dec. 31, 1924 Apr. 6, 1925 June 30, 1925 Sept. 28, 1925 Dec. 31, 1925 Apr. 12, 1926 June 30, 1926 Dec. 31, 1926 M a r . 23, 1927 June 30, 1927 RESOURCES Loans and discounts.. _-. ---. Overdrafts „ ... United States Government securities 1 . Other bonds, stocks, and securities L. Total loans and Investments „ Customers' liability on account of acceptances Banking house, furniture, and fixtures. Other real estate owned Cash in vault „ ___ Reserve with Federal reserve banks. _ Items with Federal reserve banks in process of collection. Due from banks, bankers, and trust companies Exchanges for clearing house and checks on other banks in same place Outside checks and other cash items _ Redemption fund and due from United States TreasurerUnited States securities borrowed K. Other securities borrowed 1 Other assets ___ 1,248,650 19, 801, 388 20,165,601 18, 510 15,369 15, 708 1,607,797 3,894,620 3,902, 793 =, 389,743 4, 736,126 4, 942,486 ,261,559 38,450,644 89,026,588 330,716 461,736 285,830 843,077 860, 614 836,699 158, 641 161,133 155, 753 527, 889 597,472 503,555 ,965,453 2,121,428 2, 227,569 613,494 582,475 ., 940,197 2,430,462 22,257, 763 21, 989,048 22,251,374 16,105 17, 260 17, 522 3, 761,065 3, 831, 078 3, 744,929 5,163,166 5, 232, 617 5, 378,479 31,199,516 31,070,003 31,390,887 431,307 498,143 955, 563 969,380 927, 357 172, 986 173,906 170, 763 534,120 540,261 574, 532 2, 238, 233 2,135, 948 2,236,172 588, 823 724, 926 675, 356 647,432 722,055 825, 543 2,339,488 2,090, 754 2,017,454 2, 031,130 2,155, 306 1,933, 501 ., 741,073 1,091, 300 1,935,114 100, 551 133,666 133,411 1,211,094 1, 882, 318 1, 268, 087 2,195,466 108,256 137,148 103,369 159,060 22,890, 655 22,514,115 15,895 18,304 3, 388, 963 3,835,151 5, 600, 708 5, 786, 776 31,896,231 32,154,346 512,945 500,232 998,212 1,012,103 173,727 178, 230 522,596 538, 305 2, 210, 048 2, 321,414 23,133,123 15,603 3, 796, 347 6, 021,927 33,967,000 502, 024 1.036, 731 ' 175,829' 537,856 2,280,439 732,161 810,250 673, 512 1,980, 051 2,065, 518 1, 896, 383 740,816 2,077,090 1, 222,670 181, 593 101, 676 1,912,942 177,771 1, 450, 457 1,762,736 142, 939 137,866 445,592 32,891 27,243 6,296 444,028 37,949,265 39,105,025 39,053,354 41,425, 295 40,075,440 40,845,189 42,029,644 41,118,464 42,810,192 2,030,336 2,034,943 2,037,481 2,077,502 2, 085, 732 2,092,909 2,105,308 2,162,434 2,169,484 2,203,447 2,248,210 760,076 1, 832, 691 1,880, 620 1,899, 565 1,955,349 1,992,174 1, 669,592 1,682, 646 1, 707,486 1, 732,076 1, 750,815 r1, 834,802 763,156 845,596 785,517 783,012 739,934 859,461 853,433 I 133,387 876, 516 786, 759 [ 786,547 124,484 139,315 120, 386 132, 688 108, 903 47, 221 49.933 40,124 45,214 39, 758 36, 508 51, 445 43, 648 47,893 33,976 51,112 3,820,125 4, 453, 412 4, 504,315 4, 041, 256 3,978,028 3,827,575 4,169,470 3,801,513 3, 935,113 4,002,995 3,834,194 2,273, 737 2,030,342 843,319 128,142 53,043 4,070,610 37,104 18,884 1,787 313,476 36,701 18,060 1,954 378, 953 36,284 19,087 2,541 460,649 35,777,256 37,103, 870 Total, 20,372,688 20, 798,714 21,427, 247 17,014 15,466 23,126 3.915,997 3, 802,370 3, 785,412 4, 979, 240 5, 085, 975 5,133, 273 39,284,939 29, 702,535 30,369,058 477,098 375,163 383,873 879,401 904, 755 919,046 166,828 167,140 171, 741 523, 297 524, 343 524, 592 2, 091, 545 2,190, 991 2,147, 111 33,094 12, 661 2,660 478, 815 33,013 11,636 1,925 481,258 32,850 11,429 3,112 440,524 32,982 11,152 2,160 435, 082 32,879 13,770 1,870 416, 029 32,997 37,593 7,038 419,895 32, 785 37,347 32, 480 32,825 504,314 LIABILITIES Capital stock paid in Surplus fund Undivided profits, less expenses and taxes paid Reserved for taxes, interest, etc., accrued __ Due to Federal reserve banks __ Due to banks, bankers, and trust companies Certified and cashiers' or treasurer's checks outstand- 788, 522 1,064,605 1,141,102 756, 757 1,032,804 808, 756 1,225,758 653, 342 1, 082,431 983,979 863,466 Demand deposits _ _____ _. 15,308,990 15,729,597 16, 684,038 15,849, 791 16,811,751 16, 617,456 17, 824,702 16,823,148 17,380, 041 17,638,648 16,830,709 17,735,244 Time deposits 9, 203.545 1, 597,395 1,804,738 10,126, 980 10,381,486 10,467,237 10, 653,028 10,954, 747 11,172,863 11,439, 859 11,817,694 12,209,834 217, 622 227, 647 234,116 406,850 176, 653 301,803 411,619 278,211 304,131 United States deposits " L" 178; 946 242,482 379,450 Total deposits 29,539,561 1,773,057 32,361,653 31,226,527 32,420,480 32,049,168 3_, 228,201 33,870,317 33,723,573 34,508,165 33,725,190 35,350,958 Agreements to repurchase United States Government 17,967 13,248 32, 537 5,632 6,450 or other securities sold _ _ _ 5,081 15, 800 7,081 381,133 415,296 556,301 360, 767 167,483 390,839 Bills payable _ _ 489,449 205,225 311,183 419,853 289,253 527,898 160,115 131,137 198, 031 203, 565 175,233 222,105 220, 780 157,906 Notes and bills rediscounted 237,778 118, 951 210,167 204,926 Acceptances of other banks and foreign bills of ex205,382 210,519 254,506 107,358 165,108 207, 292 change or drafts sold with indorsement 213, 780 158,903 248, 539 210, 838 59,904 278, 988 Letter of credit and travelers' checks sold for cash and 20,499 25,015 41,696 22, 514 outstanding. _. 22,158 37,403 25,643 38,415 36,041 23,266 21,709 21,965 515,046 505, 586 503, 595 474, 500 365,671 328, 526 460,383 384, 993 Acceptances executed for customers 470,292 425, 751 Acceptances executed by other banks for account of 35, 917 29,013 32,042 28, 532 37,322 42,144 reporting banks ___ 43,087 53.608 55,002 42,054 40,334 27, 720 642, 067 645,956 723,039 650,445 National-bank notes outstanding.. _ 714,333 647,994 648,954 648, 959 648, 719 647,951 650,662 729,186 37,347 32,850 46, 786 27, 268 United States securities borrowed ; 48, 017 34, 408 33,320 35,908 43,858 39,381 37,593 51,425 5,535 8,696 Other securities borrowed 6,296 6,481 5,455 5,785 5,923 5,946 7,038 7,038 4,252 150,029 159,689 Other liabilities___ ________ _... 146,993 152, 618 123,910 138,872 148,108 132,721 149,036 138,427 158,634 131, 650 TotalNumber of banks. 35, 777,256 37,103, 870 38,986, 867 37, 949, 265 39,105,025 39,053,354 41,425, 295 40,075, 440 40,845,189 42,029,644 41,118,464 42,810,192 9,144 9,099 9,650 9,635 9,587 9,531 i Securities borrowed by national banks included in securities owned prior to June 30,1926. 9,538 9,539 9,489 9,412 9,375 9,260 QO CO ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON JUNE 30, 1927, BY CLASSES OF BANKS Op [Amounts in thousands of dollars] National banks1 All member banks Total Central reserve city banks Other reserve city banks Country banks Total Central reserve city banks Other reserve city banks State members Country banks Total Central reserve city banks Other reserve city banks Country banks BESOURCES 23,133,123 Loans and discounts 15, 603 Overdrafts .-. 3,796,347 United States Government securities 6, 021,927 Other bonds, stocks, and securities 33, 967, 000 Total loans and investments _. 502,024 Customers' liability on account of acceptances 1, 036,731 Banking house, furniture, and fixtures _ 175,829 Other real estate owned.. _. 537,856 Cash in vault. __ 2, 280, 439 Reserve with Federal reserve banks _. Items with Federal reserve banks in process of collection. 740,816 Due from banks, bankers, and trust companies 1,968,326 Exchanges for clearing house and checks on other banks 1,912,942 in same place 177, 771 Outside checks and other cash items _ 32,891 Redemption fund and due from United States Treasurer. 27,243 United States securities borrowed 6,296 Other securities borrowed.. 444,028 Other assets _ Total. 42, 810,192 6,430,476 8, 328, 327 8,374,320 13,950,011 1,030, 532 4,645,101 6,743 9,785 2,601 6,259 858 3,461 1,079,814 1,408,386 1,308,147 2, 593,114 595, 797 920,421 1,115, 029 1, 782, 917 3,123, 981 3,794, 926 478,824 925,122 8,627, 920 11, 535, 889 12, 813,191 20, 347,836 '4, 106, 011 6, 494, 105 9,154 383, 555 109, 315 253,131 166,642 81, 553 153, 522 396, 543 679, 593 72,139 223, 025 117, 661 2,833 55, 335 115,815 323 24,132 296, 899 78, 714 162, 243 363,157 34, 551 94,736 633, 910 1, 406, 052 751,331 456, 275 457,493 116, 943 230, 215 393, 658 496, 916 142, 581 275, 628 936, 658 1,469,044 224, 818 806,850 109,233 581, 031 339, 648 91, 576 7,684 14, 937 1,878 123,401 1,489,677 56,519 1,860 35 744 277,070 83, 617 29,676 23, 347 12, 271 3,674 43, 557 1,048, 819 89, 458 32, 891 17, 721 3,726 242, 349 2,422,680 14, 780, 288 15, 607,224 26, 566, 508 775,150 10, 697 1,860 35 740 147,198 218,375 56, 298 7,684 9,672 730 71,947 6,274, 378 9,183,112 3,399,944 3,683, 226 1,743 5,818 2,798 5,466 484,017 487,965 1,076,896 1,203, 233 857, 795 2,390, 980 2, 227,001 636, 205 9, 747, 720 13, 619,164 4, 531, 909 5, 031, 784 4,936 27, 762 248, 893 216, 913 384,429 173, 518 357,138 81,383 91, 360 31, 203 60, 014 2,510 233, 870 67, 507 174, 699 44,163 492, 284 293,838 874, 387 438, 923 78, 707 118, 030 243, 900 87,634 778,780 225, 819 499, 282 115, 585 55, 294 22,463 23,347 8,014 2,256 23, 204 2,099,942 1,277 231, 251 733, 001 3,065,471 4,218 102, 237 26, 301 63, 029 141,626 38, 236 157,878 864,123 88,313 714, 527 45, 822 121, 273 35, 278 28, 323 7,213 9,522 2,570 201, 679 4 129,872 5,265 1,148 51,454 4,257 1,418 20,353 6,399, 245 16,183,879 3,660, 560 6, 023,435 8, 596,409 11, 946, 664 |l6, 243, 684 LIABILITIES Capital stock paid in... Surplus fund Undivided profits, less expenses and taxes paid Reserved for taxes, interest, etc., accrued Due to Federal reserve banks—, Due to banks, bankers, and trust companies Certified and cashiers' or treasurers' checks outstandingDemand deposits _ Time deposits __.. United States deposits... „ Total deposits ___ Agreements to repurchase United States Government or other securities sold _ _. Bills payable __. _ Notes and bills rediscounted. Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement Letters of credit and travelers' checks sold for cash and outstanding Acceptances executed for customers _ Acceptances executed by other banks for account of repoiting banks __ _. National-bank notes outstanding_.__ _ United States securities borrowed _ Other securities borrowed ___ Other liabilities 2,273, 737 2,030, 342 843,319 128,142 53, 043 4, 070, 610 1,064,605 17, 735,244 12, 209,834 217,622 35,350,958 Total Number of banks.. 12,810,192 1 541,700 962, 371 769, 666 595,988 686,154 748, 200 261,612 247,849 333, 858 48,402 33, 944 45, 796 24 39,806 13, 213 429,149 1,945,439 1, 696,022 816,457 161, 268 86, 880 5, 975. 707 5,879,879 5,879,658 1,445,208 4,484, 348 6, 280,280 30,816 138, 879 47,927 10,313,649 13, 373,609 1%, 763, 700 17,967 381,133 160,115 44 42,177 11,055 15, 516 184,868 58, 385 210, 519 166,374 43, 502 41,696 503, 595 33,586 382,685 7,559 113,177 551 7,733 32,042 650,445 27,268 6,296 152,618 23, 203 36, 792 p35 •^•m 744 64,634 7,750 152, 503 14,937 1 1,878 » 57,139 1,089 461,150 12, 296 3,674 30,845 3,529 248, 018 120,024 30, 727 9,550 111,010 80,128 15,441 248,184 8,641 162, 504 20, 353 650,445 17, 746 3,726 57,862. 13, 503 36, 792 " 7 740 751,452 800, 364 275,150 314, 295 210,919 585, 305 774,252 279,458 331,899 162, 895 254, 647 335,137 148, 352 107, 574 79,211 19,274 21, 357 25, 967 57, 828 12, 587 4,853 28,019 24 16, 664 11, 787 348, 261 1,251,316 771, 572 398, 856 80,888 63, 975 62, 388 437,333 525,800 24,492 4,475,127 6,818, 585 3,131, 397 2, 282, 657 1,404, 531 2,400,384 4, 707, 323 4, 896, 689 923, 348 1, 572,957 52,214 35, 336 79,693 14, 888 12, 591 9, 656,454 13, 588, 747 5,378, 563 5, 303, 939 3,107,346 14,438 133,115 40,091 44 11,450 1,505 13, 585 80,824 22,096 809 40, 841 16,490 30, 413 99, 509 86,246 13,089 174 6,402 81,738 3,942 26, 255 255,411 24, 945 220,181 1,157 31, 439 153 3,791 5,783 152, 503 9,672 730 19,811 1,067 461,150 8,039 2,256 11,098 11,689 9,700 1,967 22 4 37, 681 5,265 1,148 37, 328 4,257 1,418 19,747 6,399,245 6,183, 879 3, 660, 560 1,931 104,044 1,598 113, 247 74,185 9,522 2,570 94, 756 2,422, 680 14,780,288 15,607, 224 26, 566, 508 6,023,435 8, 596, 409 11,946,664 16,243, 684 84 Member banks only; i. e., exclusive of nationa banks in Alaska and Hawaii. 2,407 154, 088 90, 675 1,473,373 455, 371 266, 550 1,256,090 354, 255 316, 530 508,182 113, 260 140, 275 70, 314 22,435 26, 522 36, 379 8, 360 2, 819, 294 1,173, 867 1, 297,166 538,805 379,124 97, 293 10,916, 659 2,844, 310 3, 597, 222 7, 313,145 521,858 ~ 083,964 137, 929 15,928 86, 665 Si, 763,311 4, 935, 087 7,170,670 522 8,493 7,790 35 360 7,395 1,S 49 162 ALL MEMBER BANKS—CONDITION ON JUNE 30, 1927, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve District Total PhilaBoston New York delphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis San Francisco Kansas City Dallas 775, 250 850 183, 255 194,154 ,153,509 315 45,893 13, 738 27, 276 90, 771 652, 907 2,137,940 2,598 1,198 406, 685 121,634 419, 923 55,150 830,889 3,967,146 26, 329 2,488 104,196 41,646 19,875 12,129 48,333 22,107 164,024 62, 028 RESOURCES 23,133,123 Loans and discounts 15,603 Overdrafts _ 3,796, 347 United States Government securities. __ Other bonds, stocks, and securities _ 6,021,927 Total Soans and investments 33,967,000 502,024 Customers' liability on account of acceptances 1,036, 731 Banking house, furniture, and fixtures 175, 829 Other real estate owned Cash in vault.. _ __ _ 537,856 Reserve with Federal reserve banks 2, 280,439 Items with Federal reserve banks in process of collection 740,816 Due from banks, bankers, and trust companies Exchanges for clearing house and checks on other 1,912,942 banks in same place __ 177, 771 Outside checks and other cash items. Redemption fund and due from United States 32,891 Treasurer 27,243 United States securities borrowed ___ 6,296 Other securities borrowed 444,028 Other assets Total 42,810,192 1 764,387 594 254,097 537, 622 3,556,700 44,808 67, 958 6,785 40,041 149, 723 7,181,678 1,608, 548 2,184, 884 1, 014,001 886,811 3,466,829 929,417 2,913 429 626 966 1,456 1,975 1,402 1,176,808 132,422 233, 691 398, 760 148, 543 112,963 497,669 1,922,918 164, 794 692,909 142,651 257,841 689, 780 753,677 10,384,317 i, 535, 774 3,374,390 1,311,646 1,143,837 i, 730,150 1,337,357 369,416 14,806 4,969 10,290 836 7,039 20,057 218,031 62,162 57,482 82, 062 40,171 135,332 157, 958 13,457 15,039 13,271 12, 917 8,223 21, 457 26,072 27, 569 122,145 42,808 26,128 21, 950 57,154 83, 621 73,254 918,169 65,820 140, 900 180, 034 310,885 77, 050 530, 471 596 129,820 190,508 ' 851,395 671 23,840 12, 866 18, 724 47, 781 65, 563 103,185 262,022 227, 765 58, 034 112,284 69,351 168, 759 40,895 104, 877 23,955 136, 702 82,445 336, 691 34,433 111,535 8,013 105,616 36, 916 200,021 23,458 130,524 35, 731 230, 367 60, 273 1,453,980 44,002 59, 831 3,892 46, 812 10, 366 26, 253 5,148 20, 881 7,287 121, 291 39, 550 20,424 3,637 9,143 7,818 21, 335 5,022 11, 232 3,762 61,487 39,199 2,331 108 21 34, 716 4,257 181 805 261, 509 2,848 1,142 100 14, 291 4,107 8,486 590 18, 265 3,000 2,000 125 4,695 1,995 2,134 1,401 7,981 4,226 5,141 2,331 46, 280 2,020 4,827 24 13, 257 1,390 122 5 4,404 1,704 474 252 4,025 2,317 396 102 2,644 2,696 2,232 540 31,961 3,140, 300 14,181,638 3,081, 689 4,002,142 1,680,050 1, 519,154 1,675, 644 1, 091,7 1, 601, 251 1,145, 722 3, 734,116 LIABILITIES Capital stock paid in _ 2, 273,737 Surplus fund _ 2, 030,342 843,319 Undivided profits, less expenses and taxes paid 128,142 Reserved for taxes, interest, etc., accrued Due to Federal reserve banks 53,043 Due to banks, bankers, and trust companies 4,070, 610 Certified and cashiers' or treasurers' checks outstanding. _____ _ 1,064,605 17,735,244 Demand deposits Time deposits.. 12,209, 834 United States deposits 217, 622 Total deposits._ __ l^."llH^l 35,350,958 Agreements to repurchase United States Govern17, 967 ment or other securities sold,. Bills payable _ 381,133 Notes and bills rediscounted I I . I I I " " " " 160,115 Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement 210, 519 Letters of credit and travelers' checks sold for cash and outstanding 41,696 Acceptances executed for customers._ 503, 595 Acceptances executed by other banks for account of" reporting banks 32, 042 National-bank notes outstanding "_" 650,445 United States securities borrowed .-"."""""I 27,268 Other securities borrowed. __ 6,296 Other liabilities IIIIIIIIIII" 152,618 Total 42,810,192 Number of banks 9,099 165,482 147, 630 76,830 14,433 6,981 187, 263 633,280 216, 675 243, 387 79, 503 11, 559 4,151 251, 045 117, 230 88,012 32,107 4,592 9,695 128,860 26, 391 806,817 19, 072 24, 294 1, 375, 920 6,476, 620 1,141, 007 1,461,849 932, 343 2, 654, 557 1,000, 432 1, 523,854 23,936 32,922 25, 778 21, 243 3,553,834 11,686,863 2,395,378 3,386,436 12, 562 600, 893 566, 449 12, 922 303,800 41, 700 17,543 1, 698,404 160, 893 276, 934 82,328 7,257 7,214 201,875 954 39, 045 21,439 10, 289 99, 310 13, 250 3,638 53,091 12, 640 21,033 158, 513 1,037 45,482 30,668 366, 576 1,805 46,070 108 21 6,097 23, 471 84, 206 181 805 63,798 100,460 67, 731 24,046 4,336 2,191 148, 254 318, 924 254,030 106, 514 24, 314 2,870 570,191 114,430 61,417 29, 570 3,713 307 171,651 9,624 12,880 53,173 577,982 2, 355, 202 657, 482 509,282 461,993 2,029,289 6,981 16,844 23, 968 1,216,888 5,934,603 J, 358,583 63, 355 33, 925 15,087 4,189 9,813 19, 378 391, 293 800, 373 434, 987 331,110 5,693 7,038 940,386 1,393,873 545 42, 520 5,991 571 21,436 14, 043 21 19,060 23,435 70 39,765 28, 649 79 24, 525 13,928 25 1,694 3,372 4,694 7,325 820 2,731 8,216 506 13 600 12, 339 4,028 141 6,237 218 12, 922 3,607 20, 611 195 845 17 3,384 55,956 1,142 100 11,315 366 80,993 234 58,477 2,025 125 2,619 704 39,494 2,134 1,401 3,573 606 84, 293 5,141 2,331 24,934 40,074 4,827 24 22,928 27, 582 122 5 1,372 590 6,789 , 140,300 14,181, 638 3,081, 689 4,002,142 1,680,050 1, 519,154 5, 956, 698 1, 675, 644 1, 091, 788 414 927 773 841 569 469 1,308 599 93, 508 43,027 18, 767 3,079 134 235, 840 740 95,107 43, 707 22, 541 2,472 1,525 116,303 194,393 105,614 52, 226 432 262, 424 57. 789 12, 812 595, 625 1, 300, 998 1. 584. 708 180, 830 29,325 10,972 3,335,676 918,067 155 31,174 9, 476 40 1,500 10,392 1, 580 8,013 3,500 131 315 127 2,480 927 28,155 45,880 396 102 1,717 1,412 53, 490 2,232 540 5,513 33 33,930 474 • 252 1,963 686 FEDERAL RESERVE BULLETIN SEPTEMBEE, 1927" ALL MEMBER BANKS—RESERVE POSITION ON JUNE 30, 1927 [In thousands of dollars] Reserves with* Federal reserve banks Net demand deposits Demand Class of bank and Federal reserve district exclusive of bank and Government deposits 1 All member banks... -__ _ _ _ — _ Central reserve city banks: New York __• Chicago. Reserve city banks: Boston..New York Philadelphia Cleveland.. Richmond . Atlanta _ Chicago.. St. Louis___ Minneapolis Kansas City. Dallas San Francisco.. Country banks: Boston New York Philadelphia . Cleveland Richmond Atlanta _ Chicago St. Louis _ Minneapolis „ Kansas City Dallas. San Francisco 1 2 Time deTotal 17, 735,244 1,472, 797 19,208, 041 12, 209, 834 31,417,875 Central reserve city banks. _ Reserve city banks Country banks All member banks: Boston New York_ „ Philadelphia. Cleveland Richmond. Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco.. Due to banks net 2 Net demand plus time deposits Required _ _ 2,280,439 -33, 371 7.4 -21, 518 27, 793 11.3 7.1 4.9 148,879 936,337 134, 519 183. 387 69,173 66, 074 333, 529 78,777 47,433 85, 753 56,841 173,108 149, 723 844 918,169 -18,168 140,900 6,381 180,034 -3,353 73,254 4,081 65, 820 -254 310,885 -22, 644 77,050 -1,727 47,781 348 905 771 5,018 62,028 5,187 164,024 -9,084 6.3 9.5 6.1 6.0 5.8 6.2 7.2. 6.4 5.6 7.1 7.1 5.9 1, 003, 501 6, 684, 633 441, 705 1, 618,175 768, 652 166,192 751, 304 -17, 348 143, 894 -22,298 11.5 10.3 256, 475 272. 393 207, 076 765, 635 140, 274 208, 584 717,950 245, 327 99,681 153, 924 103, 553 1, 313, 476 976,127 655, 212 895, 758 1, 725, 709 407,784 521,723 1,423,993 673,086 271,489 654, 716 363,955 2, 297, 971 79,659 46,454 75, 080 118, 976 30,959 37, 572 92,143 50,136 20,171 54,697 29,148 137,854 81,389 1,730 43,752 - 2 , 702 76, 544 1,464 113, 224 - 5 , 752 31, 467 508 33,815 - 3 . 757 88, 951 -3,192 46,747 - 3 , 389 19, 249 -922 57,100 2,403 32, 234 3,086 126, 859 -10,995 8.2: 7.1 8.4 6.9 7.6 7.2 6.5 7.4 7.4 8.4 8.0 6.0 675,868 1,375,070 1, 378, 663 2, 519,673 793, 356 1,302,479 758, 219 1. 353,426 426,175 789,443 253, 409 551, 971 869, 634 1, 571.131 263, 955 559, 991 335, 306 581,064 177,186 544, 905 77, 277 439, 771 271, 232 658, 620 69,220 121, 231 59,439 64, 411 38, 214 28, 502 75,194 28, 641 27, 262 31,056 27, 693 35,254 68,334 123,113 64, 356 66,810 41, 787 32,005 78,040 30, 303 28, 532 33, 671 29,794 37,165 5.0 4.8 4.6 4.8 4.8 5.2 4.8 5.1 4.7 5.7 6.3 5.4 5, 975, 707 5,879, 879 5, 879, 658 881,895 6, 857, 602 1,445, 206 503, 296 6, 383,175 4,484,348 10,867, 523 87,606 j 5, 967, 264 6, 280, 280 12, 247, 544 934, 844 772,849 606,117 751,331 633,910 1,375,920 6,476, 620 1,141,007 1, 461,849 600,893 577,982 2,355,202 657,482 391,293 800, 373 595, 625 1, 300, 998 42,934 728, 341 56, 798 93, 432 29, 885 33, 719 1, 371,883 932,343 2, 654, 557 1,000,432 1, 523,854 566,449 461, 993 2,029,289 509, 282 434,987 331,110 180, 830 1, 584, 708 2, 351,197 9,859, 518 2,198,237 3,079,135 1,197, 227 1,073, 694 4, 613, 299 1,233, 077 852, 553 1,199,621 803, 726 2, 956, 591 4,964,971 1,010, 736 716,161 165,734 5, 681,132 1,176, 470 35, 956 5,808 55,163 18, 857 27.186 48, 721 51,197 21, 448 63, 535 21, 042 63, 202 719, 652 382, 819 688, 682 960, 074 267,510 313,139 706,043 427,759 171,808 500, 792 260, 402 984, 495 6,978 6,372 1,635 2,251 11, 028 6,533 14, 353 15,116 4, 825 4,603 6,229 7,683 699, 202 1,141,010 509,123 595, 207 363, 268 298, 562 701, 497 296,036 245, 758 367, 719 362, 494 387, 388 377,011 633, 519 868, 893 248, 653 285,953 657,322 376, 562 150, 360 437, 257 239, 360 921, 293 _ 2,313,810 Held 692,224 1,134,638 507, 488 592, 956 352, 240 292, 029 687,144 280,920 240,933 363,116 356, 265 379, 705 66, 313 26,273 68,138 27, 271 70, 885 91,181 1,418,854 7, 204, 961 1,197,805 1, 555, 281 630, 778 611, 701 2, 584, 010 723, 795 417, 566 868, 511 Ratio of reserves required to net demand plus time' Excess i deposits (per cent) 1,882 4,917 2,399 3,573 3,503 2,846 1,662 1,270 2,615 2,101 1,911 Exclusive also of certified and cashiers' or treasurers' checks outstanding. Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks. In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, and certified and cashiers' or treasurers' checks outstanding, and amounts due from banks include items with Federal reserve banks in process of collection, amounts due from banks, bankers, and trust companies, and exchanges for clearing house, also checks on other banks in same place. .3 Deficiencies in reserves indicated by a minus (—) sign. ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON A SERIES OF CALL BATES, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Loans and investments Investments Due from banks Date Total Loans 1 Total U.S. Government securities Other securities Capital, surplus, and Demand Total undi- deposits 5 deposits 3 vided profits United Time | States deposits I deposits Net Net NumBills demand, Reserve with payable ber of time, and Federal reportand Govern- reserve ing redisment banks counts banks deposits 1922 i, 463 14,479,460 21,471,3611, 722, 637 838,979 9,816 23,418, 982 17,161.135 6, 257, 847j 2, 754,846 3,!, 503,001 1, 613, 918 4,185,017 23, 641,418 13,484,054 6, 662,398 329,503 3,165, f, 815, 247 "".1, 646. 773;4,213, 919!25,516, 687 15, 035,179 7,175,005 118 3, ;, 150,385 15, 509,073 22, 840.1Q6J1.835,116 722, 744 9,892 24,358,014 17,295,943 7,062,071 3,246, 824 3, ., -.~, v—: 156, 799 3,492, 38316,186,983 24,293; 663jl, 939,028 877, 527 9,859 25,768, 503 18,080,787 7, 687, 716i 3,788,377 3, 899', 339 1., 805,579 4,363, 914 27, 271, 804 15, 672, 741 7, 644, 881 j 461, Mar. 10.. June 30-. Dec. 29.. 4 tei b 1923 Apr.3__. June 30_. Sept. 14. Dec. 31 26,332,1931 18,571, 825 7, 760,368 3,883,!, 266 3,;, 877,102 1, 774, 287 4,355, 582 27,182,459 15,127, 221 3. 924, 715 1, 596,184 4,367, 078J27, 053, 202 15,161, 059 947 3, 870, 232 3, 26,675,0051 18,, 880,058(7,794, . "5,0111,640,178J4,436,232 26, 914, 718 15,100,551 18,857,100 7,640,452 3,i, 722,441 3', 918, 26,497,552 18,857, 6 4 1 , " " 4,045,312 ' • " - ~ "" l]., 824,348,4,377, 566 28,486, 613 16,086, 731 |26,738,130 19,051, 686 7, 686,444 3)1 ,641,132 8.142, 574 404,427 3,508,23716,068,17] 24, 615,1721,908, 586 967, 819 9,850 8, 378, 211 296, 482)3,217,450 16,030, 725124,705,41811,871, 015|l, 073, 2111 9,856 8,466,416 144,478j3,203,273 15, 892,267124, 503,16lil, 868,926 1,121,362 9,843 8, 650, 610 236, 942J3,512,330 16,356,379 25,243, 931'1, 900,153 1, 017, 644 9,774 1924 Mar. 3 1 . June 30 _. Oct. 10-. Dec. 3 1 , . 26,832,034 27,261, 559 28,450, 644 29,026,588 19,175,i, 713 7, ',656, 321 3,569,653 4,086,668 1, 643,739 4,468,444 28,248, 08115, 586, 676 19,264,t, 019 7, \ 997, 540 13,607,797 4,389,743 1,940,197 4,486,475 29, 529, 561116,292, 969 898 8;. ,630; 19,819,... . . . , 746 3,894,620 4,736,126 2,430,462 4, 594,105J30,772,057|l6,382,939 20,181,309 8,845,279 3, 902,793 4, 942,486 2,339,488 4,531,726 32,361,65217, 766,469 29,284,939 29, 702, 525 30,369,058 31,199,516 20,389,702 20,814,180 21,450,373 22,275,285 8, 889, 923 291, 76713,479, 715 16,089, 676 25,271,366 1,893,301 744, 515 9,203, 545 178, 948J3, 854,10116,802,176 26,184, 667 1, 965,453 502, 907 9, 597,395 301,803 4,489, 920 17,781,391 27, 680,589 2,121,428 432, 747 9,804, 738 242,482 4,547,963 18,446,119 28,493,339 2,227, 569 658, 743 9,681 9,65C 9,635 9,587 1925 Apr. 6 - . . June 30.. Sept. 28. Dec. 3 1 . . 8,895,237 8, 888, 345 8, 938, 685 8,924,231 13,915,997 4,979,240 2,090, 754 4, 669,039 31,226,527 16, 606, 548 10,126,980 t, 081,380 17, 685, 631 28, 224,230 2, 091, 545 700,1969,531 3,802.370 5,085, 975 2,017,454 4, 689, 980 32,420,480 17, 844, 555 10,381,486 I, 017, 786 18,239, 939 28, 798,078 2,190, 991 717, 701 9,538 \, 877, 508 18, 232, 538 28,977,986 2,047, 111 876,662 3, 785,412 5,133,273 2, 031,130 4,687, 787 32,049,168 17,426, 212 10,467, 237 9,539 3,761,065 5,163,166 2,155,306 4, 677, 933 34,228, 20119, 050,460 10, 653,028 30< 131 4,220,58219,237,727 30,194,886 2,238,233 1,011,812 9,489 3 §1 3 3 1926 Apr. 12June 30. Dec. 3 1 . tel m 31,070,003 22,006,308 9,063,695 3,831,078 5,232,617 1., 933, 501 4,826,066 32,870,21717,686, 614 10,954, 74' 747 379,45G 3,849,406 18,368, 685 29, 702,882 2,135, 948 840,858 3,744,929 , . 832,205 7U, 929 5,378,479 1.. 980. 051 4,,832, 172; 803 227,647 3,980,327 18, 766, 357 30,166,867 2,236,172 818,911 31,390,887 22', 267; 479 9,123', 408 3, _ 33,. 723,, 57218,342, 73," 31,896,221 22,906,550 S, 989,671 3,388, 963 5,600, 708 % 065,518 4,, 944,313 34,508,165 18, 779, 750 11, 439, 859 234,116 4,054,44018,901, 829 30,575,804 2,210,048 1,014,372 9,412 9,375 9,260 32,154,346 22, 532,419 9, 621,927 3, 835,151 5,786,776 1,896,383 5,085,980 33,725,190 17, 619,231 11, 817, 694 406,850 3, 881,415 18,516,649 30, 741,093 2,321,414 32,967,000 23,148, 726 9,818,274 3, 796,347 6,021, 927 1, 968,326 5,147,398 35,350, 958 18,799,849 12,209,834 217, 622 4,123, 653 19,208,04.1 31,635,497 2,280,439 9,144 9,099 1927 Mar. 23.. June 30.. 546,433 541,248 1 Including discounts, rediscounts, and overdrafts. Includes demand deposits, certified and cashier's checks outstanding, time deposits, United States deposits, and due to banks. Including certified and cashier's or treasurer's checks outstanding, but excluding United States deposits and due to banks. * Including due to Federal reserve banks, and due to foreign banks. 2 3 O 00 FEDERAL RESERVE DISTRICTS M \ • O ; V / \ r jL f -T-i BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL R E S E R V E BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY
@FedFRASER