Full text of Federal Reserve Bulletin : September 1928
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FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Reserve Bank Credit and the Banking Situation Condition of All Member Banks Italian'jCurrency Legislation UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1I2S FEDERAL RESERVE BOARD R O T A. YOXJNG, Governor. EDMUND PLATT, Vice Governor. Ex officio members: A. W. MELLON, ADOLPH C. M I L L E R . CHARLES S. HAMLIN. GEORGE H. JAMBS. EDWARD H. CUNNINGHAM. Secretary of the Treasury, Chairman. J. W. MCINTOSH, Comptroller of the Currency. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. M. MCCLELLAND, Assistant Secretary. W. M. IMLAY, Fiscal Agent E. A. GOLDENWEISER, Director, Division of Research and Statistics. CARL.E. PARRY, Assistant Director, Division of Research and Statistics. Chief\ Division of Examination, and Chief Federal E. L. SMEAD, Chief, Division of Bank Operations. Reserve Examiner. J. F. HERSON, FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) District No. 2 ( N E W YORK) District No. 3 (PHILADELPHIA) District No. 4 (CLEVELAND) District No. 5 (RICHMOND) District No. 6 (ATLANTA) District No. 7 (CHICAGO) District No. 8 (ST. LOUIS) District No. 9 (MINNEAPOLIS) District No. 10 (KANSAS C I T Y ) . « . District No. 11 (DALLAS) District No. 12 (SAN FRANCISCO)— II i _ „ _ ARTHUR M. HEARD* . JAMES S. ALEXANDER. L. L. R U B . HARRIS CREECH. ._ JOHN F . BRTJTON, Vice President. P . D. HOUSTON. FRANK 0 . WETMORE, President. W. W. SMITH. THEODORE WOLD. p . W. GOEBEL. ___ B . A. M C K I N N E Y . F . L. LIPMAN. OFFICERS OF FEDERAL RESERVE BANES Federal Reserve Bank of— Boston... New York. • Chairman Governor Frederic H. Curtiss . . . . . W. P. G. Harding. G. W. McOarrah BenJ. Strong - . * Philadelphia Cleveland R. L. Austin Qeorge DeCamp Geo. W. Norrls £. R. Fancher Richmond Wm. W. Hoxton . . George J. Seay Atlanta Chicago Oscar Newton Wm. A. Heath Eugene R. Black J. B. McDougal St. Louis Wm. McC. Martin D. C. Bfggs Minneapolis John R. Mitchell. W* B. Geery Kansas City Dallas Ban Francisco M. L. McClure C. C. Walsh Isaac B. Newton W. J. Bailey Lynn P. Talley. J. IT. Calkins...* Cashier Deputy governor .-*. * W. W. Paddock J. H. Case...L.F. Sailer U. L. Harrison E K. Keniel A. W. Gilbart L. R. Huuuds Wm. U. H at M. J. Fleming W. WUlett J. W. Jonea.» Ray M. Ufdney.i J. E. Crane.» W. B. Matteson.i C. A. Peple R. H. Broaddus Hugh Foster C. R. McKay John H. Blair Geo. D. Keese*. John S. Walden, Jr.« M. W. Bell. W. 0. Bachman.' K. C. Childs.* J. U. DfUard.i D. A. Jones.' 0. J. Nctterstrom*1 A. H. Halll.* F. N. HalU 1 8. F. Gllmore. G. 0 . Hollocher.i C. A. SchachU Gray Warren. Frank C. Dunlop.1 J. W. Helm. FredD.Harris. W. Gentry.» Wm. M. Hale. C. A. Mcllhenny. w -. 0. M. Attebery B. V. Moore Harry Yaeger C. A. Worthington R. R. Gilbert R. B. Coleman Wm. A. Day Ira Clerk * Assistant deputy governor. n MAPMAIID I H. F. Strater. > Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director New York: Buffalo branch W. W. Schneckenburger. Cleveland: Cincinnati branch C. F. McCombs. Pittsburgh branch........... J. C. Novin. Richmond: Baltimore branch.. A. IT. Dudley* Charlotte branch.* . Hugh Leach. Atlanta: New Orleans branch .. Marcus Walker. Jacksonville branch W. S. McLarin, Jr. Birmingham branch . . . ... A. E. Walker. N ash villa branch . • „ -T -, „,-J. B. Fort, Jr. Chicago: Detroit branch...* W. R. Cation. 8t. Louis: Louisville branch-..—. • W. P. Kincheloe. 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 Paso branch Houston branch.. San Antonio branch. San Francisco: Los Angeles branch Portland branch Salt Lake City branch . Seattle branch Spokane branch.. ......... Managing director R. E. Towle* L. H. Earhart. J. E. Olson. C. E. Daniel. W. 0. Ford. D. P. Reordan M. Crump. W. N. Ambrose. R. B. West. W. L. Partner. C. R. Shaw. D. L. Davis. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE 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. TABLE OF CONTENTS Page Review of the month—Reserve bank credit and the banking situation Reserve bank and member bank credit—Position of reserve banks—Composition of the reserve bank portfolio—Conditions in the bill market—Distribution of documents—Position of New York City member banks. Condition of all member banks Annual report of the Netherlands Bank Italian currency legislation 613 6l8, 673 638 641 -- T National summary of business conditions 621 Financial, industrial, and commercial statistics: Reserve bank credit Monetary gold stock and money in circulation Discount rates and money rates Member bank credit Bankers1 balances *. Bankers* acceptances and commercial paper outstanding Brokers' loans _ -» Commodity prices, security prices, and security issues Production, employment, and trade Industrial production Factory employment and pay rolls Building Trade and distribution Bank suspensions and commercial failures August crop report 622 623 624 626 627 627 628 629 630 631 632 633 634 636 637 Financial statistics for foreign countries: Condition of central banks Condition of commercial banks ± Discount rates of central banks Money rates Gold exports and imports.i Foreign exchange rates Price movements Industrial statistics for England, France, Germany, and Canada ._ — - : ... __ 645 647 647 648 649 650 651 654 Rulings of Federal Reserve Board: Liability incurred by a member bank through issuance of cashier's check for Federal reserve exchange purchased Balances in foreign branches of American banks carried in foreign currency but repayable in dollars.Law department Changes in national and State bank membership 1 " Fiduciary powers granted to national banks 656 656 657 658 658 Detailed banking statistics for the United States.- 659 IV FEDERAL RESERVE BULLETIN VOL. 14 SEPTEMBER, 1928 REVIEW OF THE MONTH Volume of reserve bank credit, after increasing rapidly for several months, declined in recent weeks, but was still at a Reserve bank higher level for this season of bankcTedit.1^ the y e a r t h a n a t a n y t i m e ^ the past six years. Compared with a year ago bills and securities of the reserve banks were larger by about $400,000,000, reflecting a greater outflow of gold, offset in part by a decrease in the demand for currency. Growth of member bank credit, which has been rapid for the year, has not given rise to an increase in reserve requirements, and consequently in demand for reserve bank credit by member banks, owing to the fact that the entire growth in member bank deposit liabilities has been in time deposits, while, owing largely to gold exports, net demand deposits showed a decrease for the year. Since the middle of May loans and investments of member banks in leading cities, which are about 65 per cent of the loans and investments of all member banks, have declined. Whether this decline is representative of changes in the condition of all member banks, it is impossible to say. The decline for banks in leading cities has represented reductions in the banks' holdings of investments and in their loans on securities. Notwithstanding this liquidation, the banks of the country approach the season of heaviest demand for bank credit and currency in connection with the financing of the movements of crops to market and of the autumn trade—with a greatly increased volume of loans and investments and a heavy indebtedness at the reserve banks. No. 9 Total reserve bank credit outstanding in the third week of August averaged $1,470,000,000, showing an increase of $370,000,000 over the corresponding period in 1927. This increase in reserve bank credit was brought about by a loss of $467,000,000 from the country's stock of monetary gold, offset in part by a decrease of $107,000,000 in the demand for currency. Changes for the year in other factors in the reserve bank position have been of relatively minor importance. As a*consequence of the loss of gold during the year the ratio of reserves of the Federal reserve banks to their combined note and deposit liabilities declined from 78.5 per cent on August 24,1927, to 69.6 per cent on August 22 of this year. The present ratio for the system as a whole, furthermore, represents an average of the ratios for the 12 Federal reserve banks, which range from 46.6 per cent for the Federal Reserve Bank of St. Louis to 76.5 per cent1 for the Federal Reserve Bank of Boston. The amount of reserves held by the Federal reserve system in excess of its legal requirements^ of 40 per cent against Federal reserve notes in circulation and 35 per cent against deposits was about $1,300,000,000 on August 22. The amount of gold legally required by the reserve banks, however, is measured under present conditions not by their reserve requirements alone, but also by their requirements of collateral against outstanding Federal reserve notes, which under the law must be covered up to 100 per cent by gold or eligible paper pledged with the Federal reserve agent.&The volume of Federal reserve notes outstanding on August 22, i. e., of notes issued by the 813 614 FEDERAL RESERVE BULLETIN Federal reserve agents to the Federal reserve banks, was $2,027,000,000, including about $385,000,000 of notes held by the issuing banks for counter requirements. On that date eligible paper available as collateral was $1,190,000,000, leaving about $838,000,000 of notes to be covered by gold. In addition a 5 per cent redemption fund must be carried with the Treasurer of the United States against the part of the notes that is not covered by gold; this redemption fund requires another $60,000,000 of gold. The 35 per cent reserves necessary against deposits would absorb about $814,000,000 of reserves, bringing the total of reserve money required by the reserve banks to $1,712,000,000. With the total reserves amounting to $2,761,000,000 the reserve banks thus have more than $1,000,000,000 in gold above their legal requirements. This relatively large amount of surplus gold reflects the fact, however, that the volume of eligible paper at the present time is between $400,000,000 and $500,000,000 larger than the average amount for the preceding five years, as the result of the unusually heavy indebtedness of member banks. If member bank borrowings declined to a more usual level, gold would have to be used to replace the liquidated eligible paper as collateral with the Federal reserve agents, and this would reduce the amount of surplus gold to between $500,000,000 and $600,000,000, or by more than was exported last year. It is often stated that the Federal reserve banks could increase their surplus gold by paying out Federal reserve notes and substituting them for the gold certificates now in circulation. This statement overlooks the fact that collateral will be required against the additional Federal reserve notes put into circulation, and that the entire amount of gold drawn into the Federal reserve banks would thus have to be impounded with the Federal reserve agents as cover for the additional notes issued. There would, therefore, be no addition to the surplus gold from this source. Even leaving out of consideration the necessity for additional collateral for Federal reserve notes, gold withdrawn from circulation would SEPTEMBER, 192$ have but a slight effect on the reserve position of the reserve banks, because their liabilities on Federal reserve notes would increase by the same amount through the paying out of notes as their reserves would increase through the receipt of gold certificates from circulation. If the entire amount of gold certificates in circulation, which is about $1,000,000,000, were withdrawn from circulation * and Federal reserve notes were paid out* to replace them, the reserve ratio of the Federal reserve banks would advance only from 69.6 to 75.6 per cent. It is, therefore, evident that, while the Federal reserve banks have a considerable volume of excess reserves, or unused lending power, this amount is much smaller than is popularly believed and in the present circumstances can not be materially increased by the device of substituting Federal reserve notes for gold certificates in the country's circulation. Growth in the volume of reserve bank credit Composition of outstanding during the past the reserve bank year has been entirely inthe portfolio. f o r m o f d i g c o u n t 9 f o r m ember banks, as is brought out by the following table: FEDEKAL RESERVE BANKS [Weekly averages In millions of dollars] Increase Week Week (+)or ending ending Aug. 27, Aug. 25, decrease 1923 1927 Bills and securities, total. Discounts Acceptances U. S. securities- 1,032 1,440 +408 401 174 457 , 1,048 184 207 +647 >10 -260 Reserve bank holdings of United States securities, which were in unusually large volume a year ago, have been reduced by about $250,000,000 during the year. Security sales, which were begun last January as a part of the system's credit policy, continued for five months, and during that period the volume of United States securities held by the reserve banks decreased by about $400,000,000 to slightly over $200,000,000 by the end of May, the lowest level in nearly five years. 1 Withdrawal of such a large amount of certificates could not be accomplished without considerable delay, and some certificates held in hoards at home and abroad could not be called in. The low point in the circulation of gold certificates, after several years of effort to concentrate them in the Federal reserve banks, was $170,000,000 in February, 1922. SEPTEMBEB, 1923 FEDERAL RESERVE BULLETIN 615 The system's acceptance holdings in August tors outside of the Federal reserve banks. were in about the same volume as a year ago. Other investors have also been more active The total volume of bills out- takers of bankers' bills owing to the relatively Conditions in , T I • * high rates of return prevailing on these the bill market, standing, however, increased securities. by about $237,000,000 during Since last November the total volume of the year. In the following table is shown the dollar acceptances has been in record volume distribution of outstanding acceptances at the above $1,000,000,000, as is brought out by the end of July, 1927 and 1928, and the chart chart, though on July 31 a seasonal decline in MILLIONS OF DOLLARS MILLIONS OF DOLLARS I200 1200 bills outstanding had carried them slightly below the billion-dollar mark. In addition, branches of American banks abroad have 1000 1000 issued acceptances in foreign currencies, which have been estimated to aggregate as much as 600 800 $100,000,000. The continuance of dollar acceptances in large volume in recent months, 600 600 notwithstanding the lower rates on bills prevailing in other markets, has been explained by the fact that dollar bills have continued to be as 400 400 cheap or cheaper a way for American exporters to finance their transactions as bills in foreign 200 200 currencies, for the reason that such bills reAMERICAN BANKERS' ACCEPTANCES quire the purchase of forward exchange at a I OUTSTANDING I considerable premium. Whether the recent 1925 1926 1928 X1927 advance in American rates will influence the Monthly figures reported by the American Acceptance Council volume of dollar bills that will be drawn to finance crop exports, it is too early to detershows changes in the volume of acceptances mine. Autumn, however, is always a season outstanding since 1924, as reported by the of increased activity in the American bill marAmerican Acceptance Council: ket in connection with exports of cotton, wheat, DISTRIBUTION OP ACCEPTANCE HOLDINGS and other products, and it is to be expected [In millions of dollars] that in the next few months the volume of acceptances in this market will increase. The July 31, July 31, Increase 1928 1927 seasonal growth in the volume of acceptances, coming at a time when the demand for reserve 237 978 741 Total outstanding bank credit increases to meet the currency and Held by Federal reserve banks, 159 credit requirements of the autumn, generally 468 309 total 4 162 158 For own account * — results in large additions, amounting to as For account of foreign cor155 306 151 respondents * much as $200,000,000, to the reserve banks7 510 432 78 Held elsewhere -holdings of purchased bills. This year, with * Bankers' acceptances in dollars held by Federal reserve banks. member bank indebtedness at the reserve banks * Contingent liability of Federal reserve banks on bills purchased for foreign correspondents. in exceptionally large volume, sales of acceptThe larger part of the increase in accept- ances to the reserve banks may be in even ances for the year was in holdings by Federal larger volume than usual, because by this reserve banks for account of their foreign means member banks are able to obtain reserve correspondents, which also participate to a bank funds without increasing their indebtedconsiderable extent in the holdings of inves- ness to the reserve banks. v\ 616 FEDERAL RESERVE BULLETIN Discounts for member banks in August were larger than at any time since early in 1922. As already indicated, this inDistribution c r e & s e ^ ^ d i r e c t i n d e b t e d . of discounts. ness of member banks has been due to the withdrawals of gold for export during the past year and to the sale of securities1 by the reserve banks since the beginning of 1928. Volume of member bank indebtedness has increased in all the Federal reserve districts, the percentage of increase ranging from 79 per cent at the Federal Reserve Bank of San Francisco to 325 per cent at the Federal Reserve Bank of Chicago. The figures are shown, by Federal reserve districts, in the following table: SEPTEMBER, 102S the banks in financial centers, which feel the larger part of the demand for currency. It is the city banks, therefore, that may be expected to be called upon in the next few months to provide trade and industry with their requirements of additional credit and currency. MIUJOUS OF 0OU.MS 6001 BORROWINGS FROM FEDERAL RESERVE BANKS 500 500 DISCOUNTS FOR MEMBER BANKS [Weekly averages in millions of dollars] 1923 Week Week Per cent ending ending of inAug. 27, Aug. 25, Increase crease 1927 1928 Boston New York— Philadelphia. Cleveland Richmond _ „ Atlanta Chicago St. Louis Minneapolis.. Kansas City., Dallas SanFrancisco. Total.., 115 33 25 21 320 101 70 56 77 153 65 19 21 30 77 31 205 63 45 35 41 117 37 12 11 16 34 401 1,04$ 647 111 178 166 180 167 114 325 132 171 110 114 79 161 A chart is also presented showing the course of discounts for member banks in New York City, in other leading cities, and outside of these cities. Rapid increases in discounts since the beginning of the year are shown for all three classes of banks, the growth for banks in leading cities other than New York being the largest. The chart brings out the further fact that the peak of borrowing from the reserve banks for banks outside the leading cities is reached in late summer, and that as the crops move to market and bank loans are liquidated by the producers and their commercial creditors, the volume of borrowing at the reserve banks diminishes. The continued growth of the demand for reserve bank credit in the autumn and early winter comes largely from 1924- 1925 1926 1927 1928 Discounts by Federal reserve banks for member banks. Monthly averages of weekly figures Between the middle of May and August 22 total loans and investments of reporting member banks in leading cities J d e c . r e a s e d b y $485,000,000. member banks This decrease was in large part at the banks in New York City, the total for all other reporting member banks showing only a slight decline for the period. During these three months member banks in New York City reduced their holdings of investments by about $123,000,000, and their loans on securities by $345,000,000, while their other loans increased by $42,000,000. These figures indicate that the banks in New York City, under the influence of the pressure exerted by higher discount rates and heavy indebtedness at the reserve banks, have sold considerable amounts of securities out of their own portfolios and have liquidated a part of their loans on securities. In the liquidation of security loans by New York banks an important factor has been the taking over of loans to brokers by corporations having surplus funds and wishing to profit by the prevailing high rates on call and time money. Changes between the middle of May and August 22 in total security loans of New York City banks and in the dif- FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 617 ferent classes of loans to brokers and dealers in the use of their deposits. This procedure, by securities are shown below: diminishing the reserve requirements of member banks, has tended to reduce their requireSECURITY LOANS OF N E W YORK CITY MEMBER BANKS ments of reserve bank credit. If the present AND BROKERS' LOANS nonbank lenders to brokers should find it [In millions of dollars] necessary to convert some of their brokers' Increase May 16, August (+) loans once more into deposits in order to meet 192S 22,1928 decrease the financial needs of their own enterprises, (-) the greater part of these loans would be taken Security loans of New.York^City mem-345 ber banks „-.__. .. . . . . . 2,790 2,445 over by the New York banks, and the accomLoans to brokers and dealers, total. 4,201 -301 4,502 panying growth in their deposits would increase 809 -503 For own account 1,312 1,513 -143 1,656 For account of out-of-town banks—. 1,880 +345 their reserve requirements, and consequently 1,535 For account of others would have a tightening influence on the credit Loans to brokers and dealers in the aggregate situation. declined by $301,000,000 during the period; MILLIONS OF DOLLARS MILLIONS OF DOLLARS 14000 LOANS TO BROKERS loans for account of out-of-town banks declined 40001 by §143,000,000, and loans for account of others increased by $345,000,000, while loans for own account declined by $503,000,000. The chart 3000 presents a comparison of the movement of loans 3000 placed by New York banks for their bank and By Ouf-of-fown Banks other customers, with the movement of their and Others own loans to brokers, which have declined 2000 sharply since the middle of May. That a part of the decline in own loans to brokers by New York banks represented a By N.YCffy Banks transfer of loans placed through brokers to 1000 loans by security holders directly from the 1000 banks is indicated by the fact that while brokers' loans by New York banks declined by $503,000,000 during the period, the decline in their total security loans was much smaller. J_ 1926 1927 1928 These developments may be summarized by Loans to brokers and dealers in securities by weekly reporting member .saying that, under the influence of high money banks in New York City rates and-closer scrutiny of brokers' loans, New This analysis of the banking situation at the York City banks have withdrawn a part of beginning of the crop-moving period indicates their accommodation to brokers, and have that the seasonal credit pressure for banks in granted additional loans on securities directly smaller towns and in agricultural districts, to their customers; at the same time they have taking the total for the country, has reached transferred a considerable part of their own its peak and is likely to decline, and that durstreet loans to corporations and others seeking ing the next few months the demand for additemporary investment for their surplus funds. tional credit will be felt chiefly by banks in the Brokers' loans for account of others were about financial centers. In recent months these $1,880,000,000 in August, the largest volume banks have reduced the volume of their loans on record. One of the consequences of the taking over and investments and in consequence are in a of brokers' loans by corporations has been the somewhat better position to meet the demands loss of deposits by the New York banks, since that will be made upon them during the the corporations had to pay for the loans by autumn. 7687—28 2 618 FEDERAL RESERVE BULLETIN CONDITION OF ALL MEMBER BANKS ON JUNE 30 Total loans and investments of all member banks, after a relatively small seasonal decline during the first two months of the year, increased rapidly during the subsequent four months. On June 30, the date of the latest member bank call report, loans and investments of member banks were $35,498,000,000, showing an increase of $1,354,000,000 since February 28 and of $2,531,000,000 since June 30 of last year. The following table summarizes the condition of all member banks on call dates during the past year and shows changes in principal items for the year and for the past four months: SEPTEMBER, 1028 The growth in the volume of member bank loans and investments during the four-month period from the end of February to the end of June was not accompanied by a corresponding advance in deposits, owing largely to the outflow of gold from this country and the sale of United States securities b y the Federal reserve banks. Time deposits continued to grow at about the same rate as in other recent years, showing an increase of nearly .$520,000,000, or about 4 per cent, for the fourmonth period, while net ^demand deposits decreased. BILLIONS OF DOLLARS BILUOMS OF DOLLARS ALL MEMBER BANES [In millions of dollars] Loans and investments BorNet rowings demand at and FedAll time eral Total Loans U.S. other deTotal secur- securposits banks ities ities Investments Jun«30, 1927 Oct. 10, 1927 Dec, 31,1927 Feb. 28,1928 June 30,1928 Change since— Feb. 28,1928... June 30,1927 .. 32,967 33,451 34,679 34.H3 35,498 23,149 23,492 24,318 23,654 24,739 6,022 31,418 6,103 31,603 32,848 6,374 32,129 6,534 32,586 441 458 583 486 1,096 +1,354+1,185 +169 +9 +160 +457 +2,531+1,591 +941 +428 +512 +1,168 +610 +655 9,818 9,959 10,361 10,589 10,758 3,796 3,856 3,978 4,216 4,225 Growth in the volume of member bank credit between the end of February and the end of June reflected chiefly an increase of SMSS^OO 000 in the bank^ loans, which have port# advanced almost without interruption since the spring of 1922. Investment holdings also showed some further increase during the period, and constituted on June 30 more than 30 per cent of total member bank credit. This proportion was not far below the highest reached since the middle of 1919. 15 IS 10 10 1919 1920 1921 1922 1923 1924 1925 1926 1927 1328 Figures for dates on which member banks made call reports As a consequence of the more rapid growth in loans and investments than in deposits, member banks greatly increased their borrowings at the reserve banks, which at the end of June were about $600,000,000 larger than four months earlier. The accompanying chart shows the course of principal resources and liabilities of all member banks since the beginning of 1919. During the year ending June 30, 1928, the total volume of member bank loans increased by nearly $1,600,000,000 and' Changes for fo^t,,^ holdings by their year * more than $900,000,000, making a total increase of more than $2,500,000,000, or nearly 8 per cent of the year. This is a more rapid rate of growth than the annual average rate since the middle of 1922 and is almost as large a percentage increase as in the fiscal years 1922-23 and 1924-25, when industrial and trade activity was expanding. During the fiscal year 1927-28 the growth of member bank credit was not accompanied by a considerable increase in the current credit requirements of trade and industry and represented in large measure a growth in the use of bank credit for other purposes, including the purchase of investments and the financing of transactions in securities. Of the increase of $1,590,000,000 in member bank loans during the year, $1,320,000,000, or Anal s* f credit* growth.** 619 FEDERAL RESERVE BULLETIN SEPTEMBER, 192S a ^out 83 Per l o a n s of b a n k s c e n t ) WaS m ^e ^ fading cities and for the most part in New York City and Chicago. Growth in the loans of banks in smaller communities, supplying chiefly the needs of agricultural sections, amounted to $272,000,000 for the year. Classification of the loans of all member banks for June 30, 1928, is not yet available. Figures for banks in leading cities, however, which represent about 65 per cent of the loans for all member banks and account for most of the increase during the year, give an indication of the character of this increase.1 The following table shows changes in principal resources and liabilities during the year ending June 30, 1928, for member banks in leading cities and for other member banks: »Comparisons between figures for all member banks and weekly reporting member banks are not entirely accurate, since the dates to which they relate are not exactly the same. ALL M E M B E R BANKS, J U N E 30, 1923 [In millions of dollars] Member banks in leading cities * All mem* ber banks New York All City Total and , other Chicago Other member banks Amounts Loans and investments fc, Loans, total -. On securities Allother Investments— -. Net demand and time deposits Net demand deposits— Time deposits Borrowing at Federal reserve banks l ......... «. 12,762 8,650 9 t 703 7; 062 9,027 8f647 7,182 3,585 3,597 2,521 13,033 8,907 3,477 5,430 4,126 32,686 20,551 19,148 13,574 13,439 6,977 8,662 6,775 1,887 11,889 Ul,920 6,799 ^5,457 5,090 16,463 22,736 35,498 24,739 10,759 1,191 I 960 | 411 | 549 | 4,112 231 Changes since year before +2,531 +1,867 +1 076 Loans and investments +915 +1,591 +1,319 Loans, total +447 +847 On securities --468 +472 Allother +101 +548 Investments . . . . +940 Net demand and time de+385 +880 posits — +109 +170 Net demand deposits \ +276 +710 +1,229 Time deposits..— Borrowing at Federal reserve +343 +651 +714 banks * +791 +404 +400 +664 +271 +387 +392 +495 +61 +434 t+745 t+200 >+545 +308 +93 1 Amounts as on July 3,1928; changes between June 29,1927, and July 3,1928. 3 Amounts as on July 11,1928; changes between June 22,1927 and July 11,1928. At member banks in leading cities loans on securities increased rapidly during the last half of 1927 and, after declining considerablyfollowing the turn of the year, advanced to new high levels in May and June and on June 30 of this year were nearly $850,000,000 larger than a year earlier. While the larger part of this increase was in loans of banks in New York and Chicago, security loans of banks in other cities showed an increase of $400,000,000. Growth in loans to brokers and dealers in securities by member banks in New York City for their own account and for account of correspondent domestic banks accounts for about $370,000,000, or about 44 per cent, of the total 620 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 growth in security loans. The loans to brokers, reflecting a growth of $1,230,000,000 in time however, include some loans for banks that are deposits and a slight decline in net demand denot members of the Federal reserve system * posits. Member banks in leading cities showed and are not included in the totals given for a growth in time deposits of more than $700,member banks. All other loans of banks in 000,000 and banks in smaller centers an increase leading cities, which include loans for com- of about $500,000,000 for the year. mercial, industrial, and agricultural purposes, Increase during the year in the volume of as* well as real-estate loans and a large variety reserve bank discounts for member banks of other loans, showed an increase of $470,- reflected chiefly increased borrowing by banks 000,000 for the year. This increase was almost in leading cities. Discounts for banks in New entirely in New York City and Chicago. York City, and Chicago increased by $340,Investment holdings of all member banks 000,000 and discounts for banks in other leadshowed an increase of $940,000,000 for the ing cities by $310,000,000, while discounts for year. Investments of banks in New York City banks in smaller centers showed an increase of and Chicago increased by $160,000,000, hold- about $90,000,000 for the period. ings of banks in other leading cities by nearly Detailed figures of condition for all member $390,000,000, and holdings of banks in smaller banks, based on required reports for June 30, centers increased by a similar amount. are published in some detail on pages 673-677 During the year ending June 30, 1928, net of this issue of the BULLETIN, and in greater demand and time deposits of all member detail by States, cities, and class of bank in banks showed an increase of $1,170,000,000, Member Bank Call Keport No. 40. FEDEKAIi KESERVE BULLETIN SEPTEMBER, 1028 621 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial and trade activity was in larger volume in July than is usual in midsummer and the general level of commodity prices advanced slightly. Member bank holdings of securities and loans on securities declined in July and August, while all other loans increased to the highest level since 1921. Conditions in the money market remained firm. Production.—Production of manufactures and minerals showed a smaller decrease than usual in July, and the index of industrial production, which makes allowance for seasonal variations, advanced. Production of steel, bituminous coal, petroleum, automobiles, and footwear was larger in July than in June, while activity in textile mills, meat packing, and copper and anthracite mines declined. Lumber production showed less than the usual seasonal decrease. Steel mill activity, while during July was at an unusually high level for the summer season, was well maintained during August. Weekly reports from Detroit factories show a larger volume of employment in the middle of August than at any previous date, indicating that automobile production continued large in that month. Building contracts awarded declined by somewhat more than the usual seasonal amount in July, but were larger than in any previous July, the increase over last year being chiefly in residential building. Contracts awarded in the first two weeks in August were slightly smaller than in the same period of last year. Estimates of the Department of Agriculture as of August 1 indicate considerable improvement in crop conditions during July. Estimated wheat production was 891,000,000 bushels, larger by 91,000,000 than on July 1 and slightly Jarger than the yield in 1927, The corn crop is expected to be more than 3,000,000,000 bushels, an increase of 250,000,000 bushels from last year. Forecasts for other grain crops were also larger than the July 1 estimates and in most cases exceeded last year's yields. The August 1 forecast of cotton production was 14,290,000, as compared with yields of 12,955,000 bales in 1927 and nearly 18,000,000 bales in 1926. Trade.—Distribution of commodities at wholesale and retail was in large volume in July. Sales of dry goods and shoes at wholesale were larger than in June, and those of other lines were only slightly smaller. Department store sales, after allowance for seasonal changes, increased in July. Compared with July a year ago trade of both wholesale and retail firms was larger. Stocks of department stores and of wholesale firms continued smaller than a year ago. Freight-car loadings increased by more than the usual seasonal amount in July and for the first time this year were larger than in the corresponding month of 1927. Increases, compared with last year, were reported in loadings of miscellaneous commodities and of grain, reflecting the early harvesting of the crop this year. The largest decrease, as compared with a year ago, was in livestock shipments. During the first two weeks in August total loadings were in about the same volume as in the corresponding weeks of last year. Prices.—The general level of wholesale commodity prices increased slightly in July, reflecting chiefly advances in the prices of livestock and meats, although there*were also small increases in hide and leather products, textiles, petroleum products, and building materials. There was a sharp decline in the price of grains, other than corn, and some decrease in chemicals and drugs, silk, rubber, and automobile tires. During the first half of August there were increases in the prices of sugar, hogs and pork products, coke, and lumber, and decreases in grains, cotton, wool, and hides. Bank credit.—Between July 18 and August 15 total loans and investments of member banks in leading cities decreased by about $130,000,000. This decline reflected a considerable reduction in investments, chiefly at banks in New York City, and some further decline in loans on securities. All other loansr which include loans for commercial purposes, showed a small seasonal increase and at the middle of August were in the largest volume since early in 1921 and nearly $230,000,000 larger than at the autumn peak of last year. There was a further large decline in net demand deposits, and practically no change in time depositsVolume of reserve bank credit outstanding showed little change between July 25 and August 22. Discounts and acceptance holdings increased slightly, while United States security holdings were practically unchanged. Increased demand for currency, which is usual at this time of the year, has not resulted in an equivalent growth in reserve bank credit, because it was offset in part by a decline in reserves required by momber banks, which reflected the decrease in their deposits. There were further increases between the middle of July and the middle of August in open-market rates on collateral loans, commercial paper, and bankers' acceptances. 622 FEDERAL RESERVE BULLETIN SEPTEMBER, 1923 RESERVE BANE CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES l\ '$200,000,000 J924 1925 1926 1927 1928 Based on weekly averages of daily figures given for 1928 on page 666 EE3EBVEJBANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS I N CHANGES, BY M O N T H S Monthly averages of daily'flgures. In millions of dollars. Changes in monetary gold stock, money in circulation, and member bank reserve balances are based on figures appearing on pages 623 and 659] Changes as compared with preceding month Reserve bank credit outstanding Bills and securities held by Federal reserve banks Month Total volume * January February... March. April May June «. July August September.. October November- December... 1927 1928 January... February March...... April May June — July August Total* ..* * Includ, i Including " other securities " Bills discounted for member banks Bills bought 1,186 1,043 1,055 1,087 1,041 1,081 1,115 1,093 1,187 1,254 1,377 1,568 1,138 1,006 1,024 1,039 1,000 1,033 1,026 1,022 1,139 1,213 11331 1,513 481 393 425 447 473 429 454 409 422 424 415 529 343 304 253 1,389 1,261 1,295 1,405 1,472 1,631 1,531 1,435 1,350 1,237 1,272 1,371 1,442 1,495 1,488 1.449 465 471 513 661 836 1,019 1,090 1,061 373 205 190 173 216 282 336 378 358 349 244 185 178 United States securities Volume of reserve Monetary Money in bank credit out- gold stock circulation standing +25 -31 +28 +8 +14 +39 -18 -76 -74 -224 -61 +14 +24 -21 -29 +21 -3 +69 +17 +2 +112 -39 —4 -264 -76 +27 310 307 345 341 291 398 381 439 501 506 579 606 -263 -143 +12 +32 -46 +40 +34 -21 +94 +67 +123 +191 +46 +49 512 406 415 351 257 232 213 210 -179 -125 +32 +110 +67 +59 -46 Member bank reserve balances +49 -44 -31 +10 -38 -48 -80 -12 -6 +17 +26 +47 +26 -58 -3 +32 -13 +10 -9 -33 -31 -50 623 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 MONETARY GOLD STOCK AND MONEY IN CIRCULATION MONETARY <GOLD STOCK OF THE UNITED STATES MILLIONS OF DOLLARS MILLIONS O f DOLLARS 100 CHANGES IN MONETARY GOLD STOCK [In millions of dollars] 60 End of month: January February March__ April May_. June. July. August September October November December. Daily average: January. . February March April,.. May June July. . August September.. October November December. 1923 1924 1925 1926 1927 1923 3,953 3,963 3,970 3,982 4,028 4,050 4,079 4,111 4,136 4,167 4,207 4,244 4,289 4,323 4,364 4,411 4,455 4,483 4,511 4,521 4,511 4,509 4,527 4,499 4,423 4,346 4,350 4,361 4,365 4,370 4,383 4,382 4,407 4,397 4,399 4,412 4,423 4,442 4,438 4,433 4,447 4,471 4,473 4,466 4,473 4,477 4,492 4,564 4,586 4,597 4,610 4,608 4,587 4,580 4,588 4,571 <M1 4,451 4,379 4,373 4,362 4,305 4,266 4,160 4,109 4,113 14,125 3,945 3,960 3,966 3,975 3,993 4,040 4,061 4,097 4,123 4,155 4,182 4,226 4,266 4,302 4,340 4,383 4,433 4,471 4,503 4,516 4,515 4,506 4*517 4,507 4,407 4,425 4,444 4,448 4,434 4,438 4,460 ?467 4,471 4,472 4,477 4,527 4,576 4,595 4,601 4,651 4,606 4,575 4,585 4,377 4,373 4,335 4,287 4,207 4,119 4,113 KH8 4,468 4,347 4,346 4,359 4,364 -4,365 4,374 4,386 4,391 4,407 4,397 ?584 4,566 4,490 4,416 100 1921 1922 1923 1924- 1925 1926 1927 Based on figures for end of month 1828 UNITED STATES MONEY IN CIRCULATION [In millions of dollars] i Preliminary. 1023 1924 1925 1926 1027 1928 4,777 4,887 4,899 4,853 4,905 4,849 4,756 4,859 4,863 4,942 5,052 5,047 4,802 4,853 4,818 4,789 4,841 4,815 4,795 4,867 4,916 4,969 5,044 5,104 4,841 4,904 4,860 4,907 4,923 4,885 4,909 4,930 4,978 5,021 5,037 5,095 4,846 4,885 4,862 4,891 4,893 4,851 4,846 4,854 4,948 4,946 4,952 5,003 4,677 4,690 4,749 4,748 4,744 4,797 4,701 »4,806 4,847 i83 i832 4,870 4,886 4,866 4,830 4,810 4,800 4,853 4,891 4,970 5,088 4,863 4,807 4,821 4,809 4,797 4,794 4,798 4,819 4,908 4,945 4,960 5,119 4,891 4,854 4,864 4,882 4,871 4,881 4,916 4,912 4,969 5,001 5,008 •5,131 4,903 4,843 4,856 4,880 4,860 4,831 4,851 4,849 4,917 4,934 4,936 5,049 4,785 4,709 4,710 4,730 4,722 4,736 4,74« 14,743 NET IMPORTS OB NET EXPORTS < - ) OF GOLD [In thousands of dollars] End of month: January 4,614 4,703 February 4,747 March 192S 1027 Month 1926 1924 1922 1923 1925 4,759 April 4,797 May 4,823 June January.... 25,708 24,348 44,855 -68,488 16,264 44,465 -13,766 4,787 July -11,120 19,895 February 27,007 6,984 34,606 -46,997 21,565 4,876 August March 32,525 5,559 33,505 -17,768 39,188 10,757 -M,853 4,045 September— 11,911 -91,150 10,665 8,533 44,027 -12,734 -4,768 4,929 October 5,587 45,332 40,431 -1,997 -6,408 31,702 -31,721 November *. 5,018 11,376 18,885 24,913 -2,287 15,544 12,771 •-79,932 5,044 December.... 5,787 14,751 8,935 -62,659 42,343 27,407 18,507 6,353 55 Dally average: 2,726 -17,764 18,130 30,655 15,752 August 4,679 January -11,465 -7,094 -2,656 2,076 23,066 26,941 September.. 4,672 February 3,275 28,488 15,577 22,702 7,701 -8,642 October 4,713 March 9,011 -53,184 November.. 14,877 39,010 13,173 -13,904 4,731 April -67,418 9,808 1,248 December.. 23,730 31,930 -29,401 4,764 May 4,779 J u n e . . • Total.. 238,295 294,073 258,073 -134,367 07,796 6,080 4,812 July 4,833 August-4,901 September * Eevised. 4,941 October. O53 November,.. 5,071 December INCREASE O B DECREASE ( - ) I N GOLD STOCK T H R O U G H CHANGES I N GOLD UNDEB EAR•Revised. MARK FOR FOREIGN ACCOUNT Jfc:::: Jfc:::: * Preliminary. KINDS O P MONEY IN CIRCULATION [In thousands of dollars] Month 1922 1923 1924 1925 [In millions of dollars] 1926 1927 1928 19,487 6,600 -810 -6,043 January -1,629 2,868 3,180 February.... 4,329 "593 -1,366 -11,000 March -2,452 -6,825 -22,988 -1,502 35,800 45.740 -1,000 -558 14,850 April ".I 1,666 1,000 -95,000 -26,539 12,725 May«_ -500 30,053 2,000 5,075 June 184 60,947 July I -1,500 -2,583 -3,901 4,000 -2,501 5,916 8,725 19.200 -7,084 August 901 -2,400 -9,000 September.. 500 -13,229 -25,001 October -1,500 -2,000 -17,000 2,870 2,000 -7,498 -40,000 --------500 November -200 1,008 -8,500 -1,500 -2,000 December... -2,000 Total.. -3,700 +700 -42,213 +32,244 -26,297 -160,153 -m E n d of month Total W2fr-Jinuary February— March April. .. May June July August» 4,677 4,690 4,749 4,748 4,744 4,797 4,701 4,806 Gold coin 389 386 383 381 380 377 375 376 U.S. notes, Na- silver cer* Gold Federal tional certifi- reserve bank tificates, cates notes notes and all other money 1,016 1,004 1,025 1,020 1,013 1,019 977 9S2 1,601 1,570 1,688 1,586 1,587 1,626 1,592 1,662 en 630 654 652 649 650 637 650 1,094 1,001 1,099 1,109 1,115 1,125 1,120 1,136 J Preliminary. For back figures seo^BuiXETiN for March, p. 176. FEDERAL RESERVE BULLETIN 624 SEPTEMBER, 1928 MONEY RATES IN NEW YORK CITY 1923 1924- 1925 1927 1926 1928 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible papex] Federal reserve bank Rate in effect on Sept. 1 Date established Previous rate July 19, 1928... July 13, 1928.., July 26, 1928.., Aug. 1, 1928 July 13, 1928 July 14, 1928... July 11, 1928 July 19, 1928..., Apr. 25,1928..., June 7,1928 May 7,1928 June 2,1928 Boston.. ... New York Philadelphia Cleveland Richmond . Atlanta Chicago St. L o u i s . . . . . . . . . . . . . Minneapolis Kansas City Dallas San Francisco........ BUYING BATES ON ACCEPTANCES (Buying rates at tne Federal Reserve Bank of New Yotk] Maturity 1-15 d a y s . . . . 16-30 days... 31-45 days... 46-60 days... 61-90 days... 91-120 days.., 121-180 days. Rate in effect on Sept. 1 Date established Previous rate July 26, 1928. .. do . do. . do do do .-...do NOTE.—Bates on prime bankers' acceptances. Higher rates may be charged for other classes of bills, Month or week 1927 July August :„ September.. October November December... 1928 January _. February March.. April May June.. , July August Weekending— Aug.4,...r. Aug. 1 1 . . . . . Aug. 18 Aug. 25 1 Stock exchange call loans; new and renewal rates. »Stock exchange 90-day time loans. , , af > 3 issues—ZH, 4, and \M per cent; yields calculatedlon basis of last redemption dates—1956,1954, and 1952. **••-* * Change of issues on which yield is computed. 625 FEDERAL RESERVE BULLETIN S E P T E M B E R , 1928 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANE CITIES Month Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Prime commercial loans 1927-August September.. October November.. December.., 1928—January...., February..., March April May... June. July August fi 6 ft 5 fi 6 6 1*1 *Ji*"0 4H-0 E 5 4K-5M 5 -5H 5 -5H 4^-0 fi -0 4JHJ 6 -0 6 -0 5 HJ fi - 0 5 -0 5 -6 M 6 6 5 5 5 -0 fi -6 5 -6 5 5 5 5 6 6 5 -7 -7 -7 -7 -7 -7 -8 5 -0 6 -0 & -6 5 5 5 5 S 5 5 5 5 5 5 5 5 fi fi fi 5 fi 5 5 -0 -0 -8 -0 -6 -0 -0 6 5 5 fi 6 -6 -ft ~0 -0 ~6 0 5 6 5 6 6 -« -« -6 5 -0 Loans secured by prime stock-exchange collateral 1028—February. March . . . April May June July August... 5 -0 H 5 -6 6 -6 1W8—February. March April May June July , August... 5 5 -0 5H-6 H Loans secured by warehouse receipts -0 6 -0 6 5 -0 5 -0 5 -0 -0 -0 -6 -0 -0 -6 -6 -6 -6 -6 -6 -6 -0 Interbank loans 5 5 fi 5 1928— February., March Sfc: June July August .. -6 -5K -0 -0 5 6 -« 5 5 -« b 5 5 -6 5 -6 5 -6 5 5 -8 -6 FEDERAL RESERVE BRANCH CITIES Prime commercial loans City June, 1928 July, 1928 Buffalo .... Cincinnati Pittsburgh.... Baltimore ..... Charlotte Birmingham. Jacksonville Nashville New Orleans Detroit Little Rock Louisville... Helena Denver Oklahoma City.-... Omaha............. El Paso Houston San Antonio Los Angeles Portland...... 45i-0 5J4-0 4-fi fi -8 5 -0 6 -8 0 5 -0 g 4>4~8 5 -0 fi m -0 fi*-7 6 8 0 Spokane. 7687—28 5) 4-0 5 -0 5 -6 0 5;4-0 4-0 <H* 8 0 August, 1928 n -fi 33 SI -f-0 -6 5 -6 6 a 0 8 fi - 6 5 -0 5 -0 5>£-0 6 -8 5 -0 fi 0 -7 6 6 8 5} 5 -8 5 -8 0 0 4> 6 6 6 3 Loans secured by prime stock-exchange collateral June, 1028 fi - 8 5J4-0 5 -0 0 6 -8 0 5J4-6.J4 63^-0 5 -0 5J£'-0 July, 1028 5 -0 5U-8 5J4-0 5 -0 5J4-6 0 0 5 -8 6 6 0 5 -S 6 5j£~6J4 H> 8 6 8 5^4-0 8 0 0 5 0 0 August, 1023 -8 -6 -8 -7 0 0 0 0 fi 0 0 -« -0 0 0 -7 6 6 0 -7 -7 6 8 5 -0 0 0 0 -S 5 -8 0 -8 8 -7 0 6 0 -7 0 -7 Loans secured by warehouse receipts June, 1928' July, 1928 6 0 0 5 -1 6 -7 5 g ©H-7 7 8 5> !* f? I 5 -7 4-7 0 0 -8 0 8 -8 0 -8 fi -1 6 -7 0 0 -8 6 *8 0 0 7 -8 5 -7 0 -8 6 -7 0 -7 0 -7 0 0 -7 6 0 6 "I0 5|4"*0£4 0 -1 August, 1028 6> 8 6 0 -8 5 0 -8 6 -7 6 -7 7 8 -7 7 -8 -8 0 -7 0 -7 V 6)4-7 7 Interbank loans June, 1928 5 6 -0 5 -0 5 -0 1>> fi - 0 0 5> 6 —8 % b 0 -a8 0 0 0 4> -t>h 5 0 -7 0 0 0 0 • July, 1928 5 5H fi - 0 *r0 6 -0 5 0 5 -8 5 -0 5) 5 0 -8 0 5) 0 0 b 5 August, 1928 -0 0 8 0 00 fiJ4"*0 5^6 5 -0 6 5M-6 534~0 5>4-0 5 -5H 8 ~8 6 -0J4 6 0 0 5 -8 fi -0 0 -7 8 6 8 0 626 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 MEMBER BANK CREDIT ALL MEMBER BANES MILLIONS OF DOLLARS MILLIONS OF DOLLARS [In millions of dollars] 10000 "10000 REPORTING MEMBER BANKS Reporting member banks In leading cities Month All member banks Total New York City 637 826 1,012 1,079 1,045 256 267 283 276 388 315 338 362 488 644 796 854 804 74 90 75 73 127 94 78 75 145 222 271 274 223 182 177 208 203 261 221 260 287 343 422 625 580 581 6 8 10 11 21 23 l; 25 35 49 61 80 80 157 150 145 145 143 124 125 127 149 182 216 225 241 2,313 2,323 2,355 2,400 2,410 2,436 2,384 2,351 2,411 2,395 2,364 2*344 2,289 1,707 1,709 1,725 1,767 1,787 1,805 1,765 1,733 1,789 1,778 1,747 1,730 1,679 724 726 728 768 769 781 754 738 777 767 749 730 705 983' 9S3 997 999 1,018 1,024 1,011 995 1,012 1,011 998 1,000 974 182 182 186 180 189 193 186 181 182 187 184 190 ISO 605 614 630 634 623 631 620 618 622 617 617 614 610 30,827 19,616 31,119 19,723 31,487 19,871 31,759 20,217 20,395 32,647 20,646 32,152 20,397 32,165 20,375 32,650 20,686 32t735 20,760 32,613 20,484 '32,211 20,226 31,651 19,848 6,224 6,228 6,269 6,485 6,604 6,732 6,564 6,547 6,727 6,759 Borrowings at Federal reserve bank: 1927-August... September.... October November.-. December. 1928—January February March April lay. May June July August &e*em> balances: 1927—August September October November December 1928—January. February March... April May June July August Net d e m a n d p l u s time deposits: 1927—August September October November December 1928—January February March April May June... July.-. August. Net demand deposits: 1927—August September October November December..... 1928—January _ February.. March. Member banks Other leading outside cities leading Chi-, Total cago" cities 413 41 428 421 53! 43S 463 48S 8000 8000 6000' 6000 4000 2000 1923 1924 1926 2000 1927 1928 REPORTING M E M B E R BANES [Monthly averages of weekly figures. In millions of dollars] 1,908 11,409 Month 1,914 11,567 1,929 11,721 1,939 11,823 1,931 11,832 1,964 11,911 Total: 1,919 11,761 1927—August 1,923 11,800 September—. 1,944 11,921 October 1,995 11,933 November... 1,991 11,894 December.,. 1,031 '11,914 1928—January 1,908 11,874 February—.. March.. 18,493 13,309 5,213 8,096 1,291 5,329 April IS, 667 13,374 5,224 8,160 1,301 5,437 May 18,960 13,447 5,255 8,192 1,304 5,558 June 19,180 13,734 5,430 8,304 1,317 5,650 July 19,586 13,904 5,570 8,334 1,298 6,627 August.. 19,719 14,012 5,633 8,379 1,326 5,611 New York City: 19,162 13,707 6,471 8,236 1,272 5,476 1927—August 19,106 13,611 5,467 8,144 1,262 5,455 September... 19,391 13,849 5,607 8,242 1,255 6,486 October 19,315 13,794 5,566 8,228 1,281 5,472 November... June ___ 19,170 13,488 5,379 8,109 1,266 5,453 December July..."., 18,789 13,288 5,273 8,015 1,242 %451 1928—January 18,273 li.943 5,061 7,882 1,230 August.., 5,394 February. Time deposits: March 1927—August.. 12,334 6,307 ,010 5,297 617 5,081 April September 12,452 6,349 ,004 5,345 613 5,130 May October . 12,527 6,424 ,015 6,409 625 5,163 June November I 12,579 6,483 ,055 5,428 622 5,174 July December 12,677 6,491 ,034 5,457 633 5,205 August...... 1028—January 6,634 1,099 5,535 638 6,300 Other leading cities: February .__ 12,990 [,093 5,597 647 6,285 1927—August March ^3,059 6,764 [,080 5,684 661 6,345 September... April 3,259 6,837 ,120 5,717 689 6,435 October May..... 13,420 6,966 1,193 5,773 714 6,461 November.... June 3,443 6,996 ,210 5,786 725 6,441 December ,174 July .3,422 6,938 5,764 689 6,463 1928—January. . „ _ . August 13,378 6,905 ,161 5,744 678 6,480 February. March •Revised. April May NOTE.—All figures in this table are monthly averages of weekly figures June except those for deposits of (1) all member banks, and (2) banks outside July leading cities; these are for a single date In the month. See BULLETIN August lor December, 1927, p. 823. 13,392 13,495 13,602 13,732 13,791 13,914 13,833 13,828 13,959 14,001 13,895 6,447 13,779 6,222 13,626 1925 Total loans and in^ vestments Loans Investments Total On securities All other 20,646 20,951 21,227 21,462 21,728 21,917 21,737 21,922 22,366 22,568 22,486 22,430 22,227 14,671 14,917 15,112 15,198 15,332 15t 395 15,177 15,323 15,758 15,906 15,816 15,842 15,766 6,125 6,221 6,325 6,410 6,594 6,731 6,527 6,502 6,841 6,991 6,873 6,866 6,725 8,545 8,696 8,787 8,787 8,739 8,664 8,650 8,821 8,917 8,915 8,943 8,976 9,041 5,976 6,033 6,115 6,265 6,396 6,522 6,560 6,599 6,608 6,662 6,670 6,588 6,461 6,579 6,705 6,783 6,954 7,124 7,277 7,103 7,148 7,383 7,514 7,399 7,400 7,188 4,748 4,911 5,009 5,115 5,228 5,312 5,111 5,143 5,435 5,539 5,380 5,400 5,308 2,275 2,313 2,370 2,465 2,605 2,692 2,509 2,429 2,655 2,765 2,689 2,601 2,493 2,473 2,598 2,640 2,651 2,622 2,619 2,714 2,780 2,774 2,791 2,799 2,815 1,831 1,794 1,773 1,838 1,897 1,965 1,992 2,005 1,948 1,975 2,019 2,000 1,880 14,068 14,246 14,444 14,508 14,604 14,640 14,634 14,774 14,983 15,054 15,087 15,030 15,039 9,923 10,006 10,102 10,083 10,105 10,083 10,066 10,180 10,323 10,367 10,436 10,442 10,458 3,850 3,908 3,956 3,946 6,072 6,093 6,147 6,136 6,116 6,045 6,048 6,107 6,137 6,141 6,152 6,177 6,226 4,146 4,239 4,342 4,427 4,499 4,557 4,568 4,594 4,660 4,687 4,651 4,588 4,581 4,039 4,018 4,073 4,186 4,226 4,284 4,265 4,232 FEDERAL RESERVE SEPTEMBER, 1923 627 BULLETIN BANKERS' BALANCES OF REPORTING MEMBER BANKS IN LEADING CITIES (Monthly averages of weekly figures. In millions of dollars] Other leading cities Total Due to banks: 1926-July August September. October November-.. December—.. 1927—January February March April.* May June July August September—. October November.-, December 1928—January-* February March April May June July August Doe from banks i . 1926—July August September . . . October.—.. November... December 1927—January... February March A April., Ml aa y . . June July AUgUSt:. September. October November.. December... 1928—January February--. March April May June , July August .. 3,302 3,304 3,243 3,225 3,229 3,308 3,313 3,379 3,475 3,653 3,587 3,748 3,634 3,548 3,463 3,320 3,153 3,184 3,039 1,177 1,194 1,175 1,166 1,152 1,148 1,129 1,194 1,253 1,275 1,215 1,269 1,189 1,169 1,192 1,160 1,124 1,135 1,053 New York City 1,067 1,040 1,062 1,067 1,052 1,078 1,107 1,090 1,118 1,104 1,117 1,171 U64 1,160 1,177 1,209 1,324 1,282 1,373 1,331 1,318 1,281 1,247 1,160 1,175 1,110 105 92 102 111 103 97 100 93 100 107 102 95 92 85 95 in 104 103 112 105 110 123 115 104 102 8S Total Pfaila. PittsBoston delphla burgh 2,212 2,186 2,139 2,103 2,058 2,144 2,154 2,202 2,266 2,330 2,306 2,375 2,303 2,230 2,182 2,073 1,993 2,009 1,929 130.2 119.9 119,5 125.8 128.3 126.5 136.8 135,8 134.8 142.2 137,3 143.1 160.7 152.1 141.4 146.8 156.5 150.7 167.5 148.9 141.3 149.8 141.2 130.0 136.2 122.7 172.9 173.5 168.0 204.2 192.4 188.2 185.8 174.2 162.9 163.1 153.7 1,083 1,094 1,068 1,064 1,057 1,056 1,044 1,099 1,142 1,171 1,113 1,157 1,084 1,059 1,069 1,045 1,020 1,033 965 39.5 38.7 40.3 37.0 41.0 37.8 40.2 39.1 41.0 48.2 42.8 45.8 45.9 44.1 43.1 52.6 45.7 42.2 52.3 41.2 38.7 42.8 40.1 37.1 41.9 34.6 58.8 53.4 59.3 53.4 56,8 55.1 55.2 58.0 55.4 64.4 53.4 56.4 50.7 52.3 51.2 52.3 60.9 52,6 50.7 52.1 £0.3 57.8 56.6 53.5 53.3 ' 50.7 174.7 167.8 170.0 170.8 165.0 163.1 173.0 173.1 172.6 170.6 169.1 164.2 169.1 167.9 16a 6 Cleveland cago 134.5 123.8 12a 8 124,3 12L3 125.0 128.5 127.3 130.8 132.9 131.2 131.3 132.2 118.4 118.5 112.2 101.8 101.1 99.2 49.5 4a 9 49.9 48.2 46.6 45.1 48.8 53.6 54.0 55.6 55.1 56.1 60.3 60.4 61.4 61.2 63.1 59.6 62.0 62.9 61.2 60.2 59.1 58.8 59.5 58.3 373.3 37L7 374.6 359.7 349.2 349.1 372.4 364.5 374.1 3618 374.4 347.9 363.4 363.9 372.0 376.8 363.1 370.0 379.8 375.0 378.6 381.7 357.7 307.4 353.5 344.0 35.5 43.2 38.8 38.4 40.9 36.1 39.7 38.3 41.0 37.3 33.3 36.7 34.6 32.7 32.3 31.0 29.3 31.0 33.2 27.1 25.6 25.1 27.fi 27.1 24.3 27.5 23.3 22.3 22.9 22.7 24.6 22.9 24.2 26.4 24.9 24.3 22.3 23.6 24.9 23.1 23.9 23,6 22.7 25.1 23.6 157.1 148.9 151.7 155.6 154.6 161.8 164.2 144.5 154.9 151.8 173.9 150.6 148.3 146.8 152.2 152.7 15a 1 150.4 147.7 145.9 15a 8 161.1 173.7 169.0 162.0 151.4 San Min- Kansas FranSt. Louis neapolis City cisco 83.9 82.7 80.3 79.3 7ao 79.5 88.5 8a3 87.0 86.1 81.8 81.4 81.9 78.6 78.7 78.9 85.3 86.4 85.5 85.9 77.9 77.5 78.6 74.4 74.0 73,0 27.9 26,2 25.6 28.0 29.5 2a4 31.7 29.9 29.9 2a2 27.3 26.5 25.6 27.0 25.6 2ao 30.6 33.1 36.6 32.9 29.8 29.6 28,6 27.2 25.8 25.3 46.7 43.1 45.6 50.4 52.7 50.8 53,1 55.5 63.6 50.9 47.5 47.5 46,5 45.5 57.8 63.8 62.3 58.4 57.1 68.1 61.8 58.5 55.1 52.8 50.9 47.4 108.8 110.5 103.7 9a 4 97.0 96.7 101.2 95.3 90.3 86.7 82.6 82.7 91.8 91.2 87.9 83.8 83.8 88.1 92.2 92.9 89.4 84.6 82.2 77.0 90.0 91.3 22.6 19.3 20.3 22,3 22.8 22.2 21.5 20.0 19.8 19.8 19.6 19.9 21.7 19.8 27.7 29.3 24.5 20.5 21.0 18.8 19.7 17.4 20.7 19.8 23.8 19.1 47.0 46.9 44.9 43.7 50.6 43.7 44.6 41.9 40.6 38,6 33.5 33.4 36.0 33.1 32.9 36.1 35.1 36.0 35.2 33.1 31.8 32.4 30.1 30.5 34.5 33.5 101.2 106.5 109.0 107.2 105.8 107.6 105.9 127,1 104.1 04.9 oa4 99.9 108,4 107.4 105.7 110.1 127.9 126.3 117.7 1115 117.1 114.1 96.6 101.3 100.8 oa l 54.0 50.3 53.9 53.0 60.6 54.4 50.8 £2.1 64.4 60.8 51.3 53.5 62.3 63.3 68.8 56.8 66.8 70.5 68.3 64.7 61.8 66.2 55.8 sas 64,6 49.0 All other 983.8 986.7 95a 2 937.8 913.8 938.6 058.2 001.5 ,040.8 076.1 ,068.9 074.7 040.2 998.1 951.4 916.1 666.6 879.9 819.3 639.2 632.6 018.7 601.4 605.9 618.1 603.5 642.6 668.4 687,7 651.9 67a 4 635.8 622.2 615.5 584.8 672.4 581.0 544.6 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING [In millions of dollars] Bankers' acceptances1 Total outstanding Commercial paper • End of month 1925 January. February March April May June I July „ August „ September -. October,.. November. „ December, 1,655 1,628 1,613 1,558 1,456 1,367 1,296 1,277 1,315 1,358 1,356 1,395 1926 1,442 1,422 1,414 1384 1,353 1,274 1,255 1,221 1,226 1,275 1,292 1,281 1927 1,325 1,362 1,415 1,410 1,357 1,330 1,310 1,373 1,464 1,586 1,632 1,636 1928 1,635 1,623 1,655 1,642 1,582 1,529 1,461 ^ S w f f i r U S i reported. 1926 1925 835 808 SOO 757 680 608 569 555 607 674 690 774 788 767 746 721 685 622 600 583 614 682 726 755 1927 774 785 809 811 775 751 741 782 864 975 1,029 1,081 1928 1,058 1,056 1,085 1,071 1,041 1,026 978 1925 820 820 813 801 776 769 727 722 708 684 666 621 1926 654 655 668 663 668 652 656 638 612 593 566 526 1927 1928 551 577 577 667 606 670 599 671 682 541 579 503 669 4S3 591 600 ---------611 603 655 to the Federal Reserve Bank oJ New York; prior to January. im,26 deal*. 628 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 BROKERS' LOANS BROKERS* BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings. In millions of dollars] Date Total 1026—June 30 July 31 Aug. 31 Bept. 30 2,926 2,998 3,142 3,219 3,111 3,129 3.293 3,139 3,256 3,290 3,341 3,458 3,569 3,642 3,674 3,915 3,046 4,002 4,433 4,420 4,323 4,640 4,908 5,274 ....... Oct. 30 Nov. 30 Dec. 31 1027—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 30 Aug. 31 Sept. 30 Oct. 31 Nov. 30.. Dec. 31 1028—Jan. 31 Feb. 29 Mar. 31 Apr. 30.. May 31.. June 30.. July 31.. Aug. 31., From New York banks and trust companies .. - From private banks, brokers, foreign banking agencies, etc. 2,509 2,583 2,697 2,745 2,667 2,804 2,671 2,758 2,791 2,865 2,067 3,065 3,145 3,170 3,340 3,363 3,510 3,812 3,805 3,737 3,947 4.246 4,568 4,169 4,150 4,260 4,837 5,051 On time On demand On demand and on time 417 415 444 474 444 493 489 460 499 600 476 490 £04 407 504 575 583 573 621 615 585 693 662 707 730 687 791 From New York banks and trust companies Total 2,225 2,233 2,364 2,419 2,289 2,330 2,542 2,323 2,475 2,505 2,641 2,674 2,757 2,765 2,746 3,018 3,023 3,134 3,481 3,294 3,580 3.739 4,070 3,742 3,768 4,094 From private banks, brokers, foreign banking agencies, etc. 1,852 1,918 1,084 2,021 1,924 1,932 2,128 1,064 2,085 2,112 2,146 2,254 2,316 2,343 2,330 2,539 2,540 2,675 2,063 2,882 2,807 3,016 3,201 3,455 3,122 3,183 3,420 Total 374 365 370 398 365 307 414 365 301 43.4 50.2 65.0 75.8 78.5 05.0 75.6 103.0 108.4 106.6 81.4 70.5 63.5 75.5 88.8 05.8 lO8.fi 113.4 103.4 104.2 07.7 128.fi 124.2 90.8 110.3 102.5 117.3 657 665 713 724 743 704 676 707 673 670 710 713 740 802 840 801 814 844 849 023 031 031 1,045 1,113 1,046 967 840 701 715 778 800 822 800 751 810 781 785 800 784 812 877 028 807 023 058 053 1,027 1,028 1,060 1,169 1,201 1,157 1,070 958 420 441 421 415 470 475 450 518 511 488 564 537 616 619 585 674 From private banks, brokers, foreign banking agencies, etc* From New York banks and trust companies LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In millions of dollars. Monthly data are averages of weekly figures] Demand and time loans Montb or date 1026—June July , . . . August ,.. September... October November... December 1027—January February March April May June . July August....... September October November... December 1028—January. February March. "ttf June July. August Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Total For acof For own count account out-oftown banks Demand loans For account of others Total For acof For own count out-ofaccount town banks T i m e loans For account of others Total For acof For acFor own count out-of- count of account others town banks 2,517 2,607 2,720 2,783 2,698 2,615 2,698 2,778 2,733 2,816 2,866 2,033 3.115 S,096 3,181 3,261 3,302 3,441 3,621 3,802 3,784 3,761 4,062 4,414 4,360 4,232 4,239 073 060 043 974 866 819 887 033 841 001 029 936 1,077 1,032 1,048 1,061 1,103 1,175 1,282 1,342 1,167 1,064 1,193 1,272 1,048 929 835 044 1,000 1,073 1,128 1,106 2,018 1,045 1,104 1,127 1,091 1,131 1,191 1,180 1,188 1,225 1,285 1,326 1,276 1,354 1,470 1,600 1,450 1,617 1,628 1,571 1,559 1,535 600 646 699 682 726 748 766 741 765 824 806 805 858 877 008 016 062 090 085 1 090 1,117 1,247 1,252 1,514 1,741 1,744 1,869 1,833 1,935 2,027 2,074 1,075 1,911 2,012 2; 094 2,069 2,154 2,190 2,219 2,385 2,336 2,364 2,463 2,603 2,632 2,782 2,938 2,871 2,861 3,122 '3,368 3,309 3,207 3,359 613 605 610 656 549 520 596 639 543 615 642 639 772 705 726 777 820 879 043 092 820 741 843 885 687 614 590 689 746 793 807 773 728 737 709 843 805 830 861 851 857 840 801 042 002 931 11,083 ]1* 084 ]1,036 1,204 1,198 1,147 1,155 ,193 636 584 624 611 653 663 670 656 678 734 718 710 762 774 701 705 841 851 853 863 067 1,084 1,075 1,285 1,475 1,438 1,577 678 671 693 710 723 704 686 685 664 661 677 714 730 760 815 709 780 800 830 863 613 000 040 1,046 1,051 1,025 880 359 355 337 318 317 293 291 295 293 285 287 297 306 327 322 284 283 206 334 350 347 323 350 386 361 315 245 255 254 280 321 333 320 308 305 284 286 301 330 338 330 376 394 385 374 373 387 416 414 413 431 424 404 342 63.8 62.1 75.4 71.0 72.8 85.4 87.0 84.8 87.1 89.0 88.4 86.4 05.8 102.0 116.4 12a A 121.4 138.7 132.3 126.8 150.0 162.0 177.3 229.1 265.0 305.9 292.1 4,259 4,274 4,223 4,201 4,235 928 860 783 809 793 1,498 1,549 1,580 1,513 1,535 1,833 1,864 1,860 1,880 1,907 3,304 3,360 3,362 3,350 3,418 655 608 547 575 563 L,128 1,195 1,239 ]M 7 8 J1,223 1,521 1,557 1,576 1,597 1,632 955 014 861 851 817 273 252 237 234 230 370 354 341 334 312 311.4 307.1 283.8 283.0 275.4 629 FEDERAL EESERVE BULLETIN SEPTEMBER, 1928 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS 1 [1926-100] All comFarm modities products Month 1927—May June... July August September „_ October November.-. December—. 1928—January- February March April May June July..,. 93.7 93.8 94.1 95.2 96.5 97.0 96.7 96.8 96.3 96.4 96.0 97.4 98.6 97.6 98.3 Foods Hides Metals House- Miscel- Nonagrland Textile Fuel and and Building Chemicultural and furnish* laneous leather products lighting metal materials cals commoddrugs ing goods products products ities 94.4 94.4 93.9 94.2 96.5 100.0 101.5 100.7 98.5 98.7 98.0 99.5 101.2 100.3 102.3 96.3 96.5 97.6 102.2 105.9 105.0 104.3 104.4 106.1 104.5 103.5 107.6 109.8 10fi.7 107.1 103.7 107.3 111.7 111.7 112,5 113.0 114.3 116.9 121.0 124.1 124.0 126.7 126.3 123.7 124.2 93.9 94.3 94.3 96.2 98.5 98.4 97.5 97.296.7 96.6 96.5 96.5 96.6 9fi.3 96.8 98.6 98.2 97.7 98.0 07.6 97.1 97.0 98.4 93.1 98.3 98.4' 98.4 98.6 98.7 98.6 S3.9 84.2 84.2 84.1 84.2 83.8 82.9 82.5 80.8 81.2 80.8 80.8 81.8 82.1 82.8 95.1 94.6 93.7 92.9 911 91.6 90.2 90.4 90.8 91.0 91.0 92.5 93.5 93.9 914 95.4 95.8 95.3 95.4 96.4 97.1 97.4 97.2 96.3 95.8 95.6 95.8 95.3 94.9 94.5 97.8 08.0 98.0 98.6 98.6 98.5 98.9 98.8 98.6 93.4 98,3 97.9 97.8 97.0 96.9 91.3 90.2 89.3 89.9 89.2 S8.3 88.3 89.0 89.0 87.3 86.8 84.9 35.1 82.2 80.8 93.2 93.1 93.2 93.3 94.0 94.8 94.6 94.8 93.7 94.2 94.0 94.7 95.6 95.2 95.9 * New index of Bureau of Labor Statistics. SECURITY PRICES PRICES OF FARM PRODUCTS AT T H E FARM » August, 1909-July, 1914-100] Month Common stocks » Dairy Cotton Unand 30 comand Meat classipoultry mod- Grains fied tables animals prod- cottonities seed ucts Fruit and 1927 May... June,-...... July August September. October November.. December.. 126 130 130 132 140 139 137 137 127 140 139 138 134 123 120 123 158 201 195 172 145 133 136 141 137 129 131 136 142 145 141 138 130 124 125 127 137 146 153 153 113 119 124 .136 179 169 162 153 79 82 81 81 87 83 86 90 192S January February... March April May.. June.. July August 137 135 137 140 148 145 145 139 125 128 136 144 160 152 142 120 144 153 174 179 181 168 156 137 133 139 139 142 151 150 157 162 154 144 137 134 134 132 134 136 152 141 147 154 166 162 170 153 91 90 89 85 86 87 88 87 » Index numbers of Department of Agriculture. DOMESTIC CAPITAL ISSUES [In millions of dollars} 1927—July August . . . . . . . . . .... September October!. ....... . . November......... ... December...... 1028—January..... ...... February ... March April May July August Week e n d i n g August 4 «. August 11 August 18 August 25 Heing * TotalCorporate issues Bonds and notes— ' Long-term... Short-term. __ Stocks Farm-loan issues ' Municipal issues New New 3,559.6 1,348.1 3,767.3 1,118.1 273.5 38.9 2,690.0 1,331.7 2,816.5 1,006.8 87.1 14.2 172.2 1.0 75.1 9.5 1,283.9 104.6 1,301.5 38.1 831.5 Total new and refunding 389.5 933.3 1,841.8 126.9 35.7 362.7 847.7 50.9 16.4 900.0 4,907.7 235.3 233.4 238.1 247.0 157.1 156.2 159.3 161.2 212.4 210.8 215.0 222.0 95.80 95.72 95.76 95.98 866.5 28.4 111.9 92.8 18.4 4,885.4 January-July 1923 1927 33.4 9.5 653.2 New issues ! 8.4 Europe ' Canada and Newfoundland Latin America United States insular 9.5 8.3 544.5 321.9 266.0 172.8 486.1 280.0 169.2 107.8 1.2 20.8 189.2 61.5 17.8 85.5 151.2 40.4 61.6 12.0 56.5 108.7 69.9 95.9 5.3 74.8 61.5 10.2 60.0 36.2 Total- 39.9 "To" 97.03 97.76 93.00 98.62 98.98 99.25 99.35 99,31 99.20 99.18 98.79 97.38 96.56 95.82 Gov- Cor- Gov- Cor- Gov- Corern- po- ernernpoment rate ment porate ment rate Refunding 349.6 1.4 28.0 171.7 179.3 191.1 186.2 189.4 194.6 195.2 191.9 202.9 215.3 221.8 210.4 210.1 215.1 Class of issue 1927 Refunding 153.9 156.0 157.1 158.9 158.6 160.6 158.2 153.7 159.0 164.8 168.1 159.3 157.1 158.5 July, 1923 Class of issue New fund- - 179.0 189.0 197.0 197.5 202.1 203.7 210.4 207.6 221.0 236.2 243.9 231.5 232.0 238.5 i Index numbers of Standard Statistics Co. * Average of 1917-1921 prices* 100. i Average of yearly high and low prices, 1913-1922-100. FOREIGN CAPITAL ISSUES [In millions of dollars] January-July 1928 Bonds: A verage 197 31 228 price of industrial railroad Total stocks^ stocks * stocks 40 Issues Month or week Miscellaneous Refunding issues Total Government and corporate.- 47.9 417.8 547.0 1,071.0 316.2 863.8 FEDERAL RESERVE BULLETIN 630 SEPTEMBER, 1928 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] Industrial producYear and month tion i Wholesale dis- DepartmentBuilding contracts store sales» tribution Produc- Producawarded i Freight tion of tion of Factory Factory car manu- miner* employ- pay loadment rolls facAdings^ Unad- Ad- UnadAdUnadtures i justed justed justed justed justed justed Mo. av. 1923-1925-100 Departmentstore stocks i Unadjusted Adjusted .Monthly average 1923-1925-100 Mo. av. 1919-100 ANNUAL INDEX 1919 1920 1921 1922. 1923 1924 1925 1926 1927 79 105 89 88 98 101 101 103 102 78 04 87 88 98 99 103 106 105 84 91 79 86 100 •98 103 107 103 110 114 87 89 101 93 101 93 95 101 101 99 96 95 91 84 85 90 100 103 94 103 99 OS 97 92 92 95 99 99 99 100 94 98 102 06 87 82 86 105 118 118 97 38 103 102 ,94 99 95 91 93 95 101 99 99 101 87 82 91 104 100 94 72 74 93 111 111 168 99 101 09 99 97 100 96 95 100 95 101 100 97 105 107 104 97 93 96 105 111 113 94 75 76 120 138 124 137 133 149 138 129 116 129 101 104 107 112 115 125 128 135 135 129 127 138 103 103 100 104 105 101 101 105 102 100 104 105 93 97 109 98 90 91 94 113 117 124 99 89 102 101 100 100 99 100 102 101 100 105 100 86 80 95 106 100 99 75 78 95 129 114 178 98 103 103 102 101 100 100 101 102 110 104 106 90 96 104 106 102 97 94 93 106 111 115 97 107 112 113 110 109 109 104 103 103 112 109 108 111 106 146 139 134 133 126 148 137 126 119 131 146 145 128 120 125 125 124 131 130 126 130 136 102 104 105 107 103 109 103 103 109 100 103 106 94 97 107 94 91 91 91 107 117 111 97 84 102 101 100 97 99 99 97 97 100 94 98 95 81 102 103 107 101 78 S3 101 124 121 184 106 104 101 103 107 102 104 107 109 110 106 110 107 107 103 98 94 97 107 114 117 96 100 101 102 102 101 102 103 105 103 104 103 101 101 101 101 103 103 104 102 116 118 118 104 103 104 100 106 105 105 101 103 102 109 110 108 108 106 101 104 104 105 101 102 94 96 151 147 135 154 130 135 127 137 114 116 123 131 131 128 126 144 128 119 121 137 125 121 105 109 109 103 107 104 101 101 104 101 96 94 86 91 103 90 83 87 88 111 112 106 93 82 94 95 96 93 95 93 95 100 96 91 95 93 89 83 100 111 102 101 75 89 100 119 122 186 106 107 105 105 103 104 103 111 109 105 107 111 02 97 106 106 103 97 94 97 107 113 116 96 103 102 103 102 101 100 101 101 103 103 103 102 103 103 105 103 105 99 101 104 105 103 104 104 100 104 113 144 157 163 158 142 137 155 125 136 152 148 139 100 102 103 104 106 102 102 87 93 99 86 89 84 87 94 97 93 89 96 89 94 85 103 102 107 103 78 105 105 105 103 104 105 108 91 96 103 104 101 95 92 101 100 100 99 98 99 100 103 82 90 101 95 95 96 92 100 124 84 89 113 104 107 109 105 64 63 57 81 84 95 122 129 128 100 101 101 99 96 93 108 114 113 111 105 100 92 103 101 106 76 78 109 121 103 101 87 89 87 103 95 83 104 100 96 98 104 101 104 103 90 91 94 93 103 -109 110 107 107 105 102 105 104 111 112 112 109 103 108 107 107 107 107 111 112 110 106 103 92 96 106 106 104 106 107 109 111 116 118 119 107 109 111 108 111 108 106 107 105 103 99 99 105 107 110 109 111 108 106 107 105 102 93 99 106 109 109 109 109 108 109 106 110 110 110 110 •110 111 n 83 87 67 85 101 95 104 103 106 84 87 67 87 101 94 105 103 106 89 70 74 105 96 99 107 107 100 102 100 95 89 85 83 89 94 94 97 101 99 102 101 95 83 84 82 83 93 95 97 101 102 104 99 92 93 92 92 92 97 89 96 100 105 105 104 103 103 102 103 103 102 105 106 103 106 106 106 103 103 102 103 102 104 107 109 110 106 107 107 107 106 107 107 111 112 111 103 105 MONTHLY INDEX 1924 January. February March April May June July August September*..*-. October November December 1925 January,February.* . March April May June July August .., September October , November December. 1026 January February March April t May June July August September October November December 1927 January February March April May June July August September October.. November December 1928 January February ..„„ March June July 101 102 102 103 102 100 100 100 101 101 100 100 102 101 101 101 mo 103 i The indexes of production and car loadings are adjusted to allow for seasonal variation; the Indexes of building contracts wholesale distribution, and department-store sales and stocks are shown both with and without seasonal adjustments. •Bevlsed. 631 FEDERAL RESERVE BULLETIN SEPTEMBER, 1923 INDUSTRIAL PRODUCTION INDEX OF INDUSTRIAL PRODUCTION PER CENT VtOI Month 1922 1923 1924 1925 1926 1927 100 100 103 107 107 105 103 102 100 99 07 00 100 102 100 95 89 June.. July August,,..*.,... September ., October— , November...... December 73 76 80 77 81 86 80 84 88 94 07 100 94 94 97 101 105 105 104 103 103 102 103 103 102 105 106 108 106 107 107 107 106 107 107 111 112 111 108 105 107 109 111 108 111 108 106 107 105 103 99 99 Annual index.*, 85 101 95 104 108 106 January February Mareh.« , ifc:::::: PER CENT |1tt> INDUSTRIAL PRODUCTION [Iodex numbers, adjusted for seasonal variations. 1923-1925 average=100] 120 120 192$ 106 109 109 109 109 108 109 100 80 V 100 80 60 60 1927 1926 1925 1928 INDEX OP PRODUCTION OP MANUFACTURES, BY GBOUPS Year and month Iron and steel Total Textiles Paper Cement, NonAuto- Leather and . Lumber mobiles brick, ferrous and printing shoes and glass metals Food products Petro- Rubber Tobacco leum mann* tires refining facturei 1927 March.......... . . . April May June... . . July August „. SeptemberOctober November . December.... ... 110 109 111 108 106 107 105 102 98 99 115 116 116 105 103 102 98 94 88 93 114 112 116 121 118 119 118 113 112 105 99 98 103 102 96 97 93 94 94 95 113 114 112 112 114 112 113 111 110 112 91 88 95 93 95 95 99 94 96 93 106 106 103 95 84 89 81 70 47 53 98 93 100 105 113 112 113 108 97 96 119 109 108 109 111 115 113 108 107 105 10S 112 111 108 106 108 107 106 106 111 135 134 132 134 136 136 139 142 140 137 123 131 127 131 124 119 113 116 117 110 116 122 122 116 109 119 123 121 122 112 1928 January...... February March April May June July 106 110 110 110 110 110 115 114 125 117 112 121 106 107 106 101 107 •109 101 102 110 105 97 96 93 89 116 117 118 119 121 117 118 91 92 94 97 91 92 96 92 103 114 110 108 119 120 99 102 101 96 *96 •105 109 111 115 109 108 113 112 117 101 109 107 110 111 115 112 135 139 141 147 150 153 155 124 139 135 131 134 •145 156 118 118 119 119 120 126 125 . ... . •110 111 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS Bituminous coal Anthracite coal Crude petroleum Iron-ore shipments 131 87 94 91 87 92 92 90 85 87 88 103 117 102 75 107 100 107 106 92 123 119 120 120 124 123 124 124 124 124 120 101 99 99 87 95 49 . 118 104 108 104 100 106 105 105 101 103 January February. March Jl April * " May..:;;;;:; :""::":::* June July " ' 103 103 105 103 105 99 101 92 94 99 87 93 89 94 88 88 79 109 114 74 66 121 119 121 119 119 117 119 Total Year and month March.. April "™ May June......... July. . . . August..... September October November . December.. . . "./""""I" "" . .. 1928 ... 80 107 103 Copper Zinc Lead Silver 100 106 • 107 105 101 101 104 102 106 105 114 110 108 114 109 114 111 110 107 109 115 120 113 112 116 112 111 105 110 109 90 90 90 93 94 94 90 91 100 95 102 104 102 103 110 110 113 104 107 112 114 113 117 117 103 109 109 100 100 99 97 93 S3 94 89 •85 •93 84 •Eevised. NOT*.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for Important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described and monthly indexes for the above groups were published in the BULLETIN for February and March, 1027 632 FEDBBAL RESERVE BULLETIN SEPTEMBER, 1928 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES July, 1928 Iron and steel: Pig iron.* Steel ingots Textiles: Cotton consumption WoolConsumption Machinery activity» Carpet and rug loom activity »SilkDeliveries Loom activity l Food products: Slaughtering and meat packingHogs Cattle Calves Sbeep Flour Sugar meltings Paper and printing: Wood pulp and paperNewsprint............. 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 , 1 June, 1928 # July, July, 1927 105 123 106 113 101 103 101 107 133 92 76 75 97 79 85 77 132 117 151 123 129 114 83 86 92 123 92 97 95 93 91 113 94 87 05 97 90 105 90 105 120 113 *107 123 90 110 148 126 100 112 113 107 111 06 113 131 125 90 108 93 109 119 31 84 42 143 92 131 116 113 114 99 114 135 122 120 June, 1928 1928 Leather and products; Leather, tanningSole leather i , Upper leatherCattle Calf and kip Goat and kid... Boots and shoes , Stone, clay, and glass: Cement BrickFace brick Plate glass Nonferrous metals: Lead Zinc Tin* Chemicals and allied products: Petroleum refining— Gasoline».... Kerosene Fuel oil i Lubricating oil» ducton Coke pproductionBy-products B o d t Beehiv eeve i and tubes: Rubber tires Tires, pneumatic Inner tubes Tobacco products: Cigars Cigarettes Manufactured tobacco and snuff- Without seasonal adjustment. iy, 1927 109 104 104 77 91 143 111 85 91 140 •106 112 120 117 121 122 121 101 122 104 107 101 116 115 97 117 107 120 99 117 106 103 114 109 100 178 107 134 118 172 108 134 130 153 96 123 112 129 34 134 34 121 160 125 *148 •122 127 101 96 151 90 90 149 97 100 117 96 • Revised. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Metals and * products Month Total Group Employment: 1927-May June July mm August September October... November. ,ooo D e c e m b e r 1928—January . . . February.. March us June July P*7 rolls: 1927-May June July August September. October... November. December. 1928—January... February*. March April I Afay. June.. July. Iron and stoel 92.6. 92.4 90.7 91.2 91.9 91.7 90.2 89.1 87.9 89.4 89.9 89.3 89.5 89.6 88.5 88.7 87.8 85.7 85.2 85.1 84.5 82.8 81.9 80.9 83.0 84.3 84.6 85.3 85.5 84-7 88.4 87.6 85.4 86.0 84.7 84.0 82.3 81.4 80.7 8Z7 84.0 84.2 84.9 86.0 84.6 108.1 105.8 101.1 104.4 103.8 105.1 101.0 101.9 97.8 103.5 104.9 102.6 103.7 103.6 100.1 96.8 95.2 87.4 90.3 83.1 89.0 86.0 87.5 84.7 91.9 93.9 92.9 95.1 94.5 90.0 96.2 94.7 86.7 89.8 87.3 88.2 85.2 86.6 84.1 91.2 93.3 92.2 94.3 93.7 89.3 Textiles and products Group Fabrics Products 93.6 93.1 91.0 92.3 93.9 04.5 94.2 93.6 92.9 93.8 92.9 90.0 87.8 87.4 84,5 RailPaper road Auto* and vehi- mobiles printcles ing Poods Leather Stone, and and clay, prod- prodand ucts ucts glass Tobacco products Chemicals and prod* acts 96.6 96.3 94.8 95.6 96.5 97.0 97.2 96.4 96.1 95.1 93.6 91.0 88.9 88.6 86.2 89.9 88.9 86.2 88.2 90.5 91.4 90.3 89.9 89.9 92.3 92.0 88.7 86.3 85.9 82.2 91.6 91.8 91.2 •92.3 93.0 *92.5 •91.3 •88.2 •84.9 •85.0 •86.0 •87.0 •87.0 •87.7 86.7 78.5 78.9 78.2 76.7 76.1 75.5 73.4 72.0 70.5 70.4 71.3 7Z0 72.5 72.7 71.7 123.7 117.2 109.9 1113 111.0 109.9 100.7 105.0 114.0 124.8 130.2 133.6 141.2 141.1 141.0 107.3 106.9 106.3 106.9 107.8 108.6 109.7 110.1 108.6 IO&I 107.0 105.9 106.3 106.1 106.1 83.7 87.6 86.7 85.8 88.7 89.2 87.7 86.7 83.8 818 84.4 82.8 83.0 84.2 84.4 82.6 82.2 85.3 88.2 88.5 86.5 81.5 79.8 83.2 84.6 84.1 79.8 77.7 77.6 81.2 124.0 124.2 119.5 120.2 119.3 116.2 1117 109.0 101.6 101.9 105.7 109.1 113.8 114.9 112.8 78.2 80.3 80.3 74.4 83.5 85.3 84.6 80.3 73.8 77.1 77.9 76.0 76.8 77.5 73.4 76.3 75.9 75.0 75.3 76.9 77.8 78.5 77.2 75.1 77.2 76.9 76.7 74.5 75.1 73.9 103.3 107.6 102.8 107.0 99.1 102.8 102.7 105.8 104.8 ' 107.3 106.9 108.9 101.6 104.6 103.6 106.1 100.2 100.3 103.5 102.4 101.9 100.3 94.7 95.5 93.4 95.3 93.5 94.2 88.7 90.2 98.1 97.6 94.6 98.9 101.9 104.3 98.1 100.6 100.0 104.8 103.9 93.8 91.1 92.6 86.9 105.3 104.8 101.1 •105.5 •107.1 •109.0 106.3 •103.1 •91.9 •96.1 •98.1 •98.3 •98.8 •99.9 96.4 89.8 87.9 83.0 85.4 81.3 83.6 82.2 80.2 75.1 78.2 80.4 81.2 80.7 81.3 76.5 158.7 131.4 125.2 136.3 128.7 133.6 117.6 127.8 127.2 160.0 168.9 171.8 178.8 169.5 166.0 150.3 148.2 145.4 147.2 148.9 151.0 149.0 152.7 148.8 147.5 147.7 146.7 146.7 146.7 144.6 100.7 104.6 103.1 101.7 104.4 104.8 103.0 102.2 99.0 100.8 100.4 96.5 99.0 101.3 101.4 84.4 85.1 90.2 97.5 96.2 88.5 76.8 77.8 83.5 88.9 87.5 75.3 72.7 76.3 82.6 157.6 164.5 143.7 149.0 145.7 145.0 140.8 133.6 122.1 123.8 128.7 134.6 140,9 141.3 136.1 83.6 86.7 85.7 79.7 90.6 91.3 90.5 87.0 78.1 107.0 109.1 103.6 105.2 105.7 110.0 109.7 112.4 106.3 109.3 110.2 108.8 106.6 106.1 103.4 •Revised. NOTJB.-' Industrial components. The general index is a weighted average of described in detail and indexes for the above groups since Januaryr BULLETIN for September, 1925, for certain revisions. Lumber and products Monthly average, 1919*-100] i - -- 7a 1 79.4 73.8 77.3 82.5 78.1 t i r t t P S F u fnH?d1*S0 ayir?l nUJ'u rtt0lSt l eMt h erTwith for Important h e mgroup e t h d indexes wire^ISIISS? ? ?! 5 ° ot construction was , were published in the BULLBTIN for May. 1925. See also p. 668 of 633 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average* 1923-1925-1001 Without seasonal adjustment With seasonal adjustment Month janu&ry * . . . . . . . February. .....*.*,. March . __ April May June.. . . . . . . . • . * . . July August............... September * October November.. . . „ _ . December... * 1925 1926 1927 1923 1925 1926 1927 75 76 120 138 124 137 133 149 138 129 116 129 111 106 146 139 134 133 126 148 137 123 119 131 94 96 151 147 135 154 130 135 127 137 114 116 104 113 144 157 163 158 142 126 101 104 107 112 115 125 128 135 135 129 127 138 146 145 128 120 125 125 124 131 130 126 130 136 123 131 131 128 126 144 128 119 121 137 125 121 1928 137 155 125 136 152 14S •139 111 100 50 50 BUILDING CONTRACTS AWARDED «— W/th Seasonal* Adjustment Without Adjustment 1924- 1925 1926 1928 1927 •Revised. BUILDING CONTRACTS AWARDED. BY FEDERAL RESERVE DISTRICTS (Value of contracts in thousands of dollars] Federal Reserve District Month Total New York Boston 1927 June July August September. October November. December 632,478 534,390 552,488 521,611 562,816 466,393 477,364 1928 January February March 427,169 465,331 592,567 643,137 668,097 650,466 583,432 &?::::::: June.. July 33,569 29,658 37,461 27,486 40,070 29,407 33,410 21,826 42,957 56,097 38,519 34,456 Philadelphia Cleveland 1927 June July August September October November.. December........ 1928 January February March June. . July Chicago St. Louis Minneapolis Kansas City Dallas 54,644 33,982 53,519 40,174 34,211 30,138 28,634 64,011 57,465 62,447 65,235 49,315 39,136 35,275 35,502 34,241 31,813 57,464 29,553 24,811 37,285 31,188 28,093 28,176 3a 017 26,023 39,151 24,816 140,608 107,480 109,646 106,296 141,523 84,182 126,841 44,171 32,205 34,134 32,573 41,405 27,793 33,352 11,712 13,111 12,371 8,038 9,305 7,138 4,473 17,598 17,203 19,061 22,253 19,317 16,516 12,316 22,240 22,617 19,811 18,350 15,379 24,977 14,619 133,271 140,227 155,154 154,369 188,687 178,448 139,821 35,765 34,980 46,317 26,403 37,841 66,821 70,184 63,813 69,605 56,103 27,607 22,301 42,061 66,591 39,421 46,227 32,884 27,696 23,376 29,826 24,371 32,497 28,600 31,996 77,806 108,789 108,093 128,643 139,784 128,607 140,689 29,187 35,294 40,626 43,818 36,360 44,225 50,557 4,428 3,968 8,339 10,249 13,178 11,042 11,088 13,318 13,793 33,174 20,658 20,199 28,070 23,807 18,278 22,936 22,463 20,315 28,318 28,426 20,771 49,743 48,693 41,259 [Value of contracts in thousands of dollars] Month Atlanta 177,235 158,435 144,049 107,448 169,299 132,481 130,346 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING Residential Richmond Indus- Comtrial mercial BUILDING PERMITS ISSUED, BY FEDERAL RESERVE DISTRICTS [Value of permits in thousands of dollars] Public works Educaand public tional utilities All other 239,814 186,935 209,456 202,877 243,562 214,963 207,281 33,879 30,303 41,039 48,546 50,712 52,890 29,989 88,122 83,010 76,915 59,617 79,720 43,521 86,933 151,399 143,916 119,741 126,230 108,210 76,089 92,657 42,122 36,434 41,035 29,244 30,170 31,741 23,248 77,142 53,792 64,302 55,097 50,442 47,189 37,256 193,189 238,985 275,192 276,586 288,826 258,084 228,703 37,970 34,881 48,804 85,093 37f 146 63,637 31,400 68,852 57,695 73,075 82,758 91,200 93,942 95,697 72,039 59,980 110,338 117,401 150,223 130,852 137,075 23,369 18,651 33,881 32,885 47,851 46,135 36,926 31,750 55,139 51,277 48,413 52,851 57,917 53,632 Federal reserve district Number of cities July, 1928 June, 1928 July, 1927 United States.. 168 267,581 302,087 237,747 Boston New York Philadelphia... Cleveland 14 22 14 12 8,146 97,650 18,426 19,178 10,159 116,637 21,160 25,760 8,894 81,162 17,316 20,505 Richmond Atlanta Chicago St. Louis 15 15 19 5 11,506 8,515 53,767 8,314 9,081 8,813 44,444 8,363 Minneapolis _., Kansas City.., Dallas .... San Francisco.. 9 14 9 20 5,072 7,675 5,424 23,903 11,479 7,370 49,454 8,411 4,012 0,435 6,357 31,852 3,798 7,108 5,418 22,844 NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, aa reported by the F. W. Dodge Corporation. Adjusted indexes by months from 1910 to date given in the BULLETIN for August, 1927, p. 563. 7687—28 4 634 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 TRADE AND DISTRIBUTION FREIGHT-CAR LOADINGS, BY LINES [Index numbers, adjusted (or seasonal variations. 1923-1925=100] Total Month Grain and grain products Livestock WHOLESALE DISTRIBUTION MerchanForest 1.dise c. 1, prodand ucts miscellane- Coal ous 101 104 104 101 , 96 94 100 102 103 104 106 102 102 1027—July August September October November December 1928—January February March^ April May June July 89 91 87 94 87 82 01 101 0ft 80 88 86 80 07 03 108 106 04 04 102 108 116 109 102 89 109 94 95 95 93 87 82 90 93 89 85 90 88 89 80 102 102 94 01 03 94 06 96 00 101 90 88 ' 107 109 103 106 102 09 106 106 108 108 110 107 109 i — With SeasonalAdjustment — Without Adjustment 1928 1927 1926 1925 1924For description and early figures see p. 562 of August, 1927, BULLETIN. INDEX OP WHOLESALE DISTRIBUTION—NINE LINES OF T R A D E {1923-1025 average-100] Sales without seasonal adjustment Salea with seasonal adjustment Month 1923 January... February MarchApril May June. July August September. October.. November. December- -„...... .„ 1924 102 100 104 100 103 102 101 103 99 103 100 95 1925 103 102 94 99 95 91 93 05 101 99 99 101 1926 102 101 100 100 99 100 102 101 100 105 100 98 1927 102 101 100 97 09 09 07 07 100 04 08 05 1928 04 05 06 03 95 93 95 100 96 91 95 93 1924 1923 94 97 93 89 96 89 94 Annual average. .. 1926 1925 1927 03 96 114 97 94 92 92 115 115 123 100 82 94 98 102 96 87 82 86 105 118 118 97 88 93 97 109 98 90 91 94 113 117 124 99 89 94 97 107 94 91 91 91 107 117 111 97 84 86 91 103 90 88 87 88 111 112 106 93 82 101 08 101 98 95 1928 87 03 99 86 89 84 87 SALES I N INDIVIDUAL LINES O F WHOLESALE TRADE With seasonal adjustment Month Without seasonal adjustment WomFurMen's Women's Boots Fur- GroDry Men's en's Boots Hard- Drugs nicloth- clothand Hardware Drugs niture ceries Meats goods cloth- cloth- and ware ing ture shoes ing shoes ing ing Groceries Meats 1927 June July August September. October.—, NovemberDecember.. 102 109 109 109 105 109 102 91 86 89 87 1928 January.... February... March April , May June , July ( 106 113 109 112 109 112 111 89 88 83 78 87 79 80 90 90 101 92 '81 86 90 134 111 104 91 105 101 92 92 97 99 94 100 97 106 105 112 114 111 112 106 •115 •110 96 •94 113 •82 123 92 93 91 87 94 •92 91 108 109 109 110 116 109 107 102 102 109 103 99 100 101 92 97 102 102 100 90 106 104 111 117 122 101 103 106 103 105 105 109 114 113 78 81 125 113 99 88 70 85 107 122 127 114 110 82 46 78 165 140 101 61 48 76 128 131 75 57 39 65 94 87 •ill 99 114 •77 98 96 90 98 106 105 98 90 100 110 122 128 113 99 106 101 120 112 109 •102 102 90 84 111 117 118 105 78 96 107 88 87 83 77 • Revised. NoTE.~The basic data used and the methods of construction of the Index of wholesale distribution were described and monthly indexes from January uary, 1919, to October, 1927, were published m the BULLETIN for December, 1927, pp!si7^28. Inde?*Toi^sats^f f u r n l f u r e ^ c d in May, 1928. 635 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 D E P A R T M E N T S T O R E S : SALES AND STOCKS. BY FEDERAL RESERVE DISTRICTS [Index numbers. Monthly average 1923-1025* 100] Federal Reserve District United States Month Boston New York Sales (unadjusted): 1927—March April May June July 1928—March April May June July 100 111 102 101 75 103 102 107 103 78 99 101 111 75 99 112 102 109 74 102 103 109 112 76 Sales (adjusted): 1927—March.. April.... May..— June...July 1928—March.. April.... May.... June July 105 105 103 104 103 105 103 104 105 10S 104 102 102 305 105 98 97 98 106 107 107 107 104 111 108 106 106 107 114 111 Stocks (unadjusted): 1927—March April May June July 1928—March...... April.. May June July 106 106 103 97 94 103 104 101 95 92 105 107 106 99 95 105 107 106 97 91 107 109 105 98 95 105 103 •104 98 96 Slocks (adjusted)! 1927—March April May June July 1928—March April May • June July 103 102 101 100 101 100 100 99 103 104 105 103 104 103 103 105 101 100 105 105 105 103 104 103 104 104 102 104 97 111 101 110 74 Phila- Cleve- Richdelphia land mond 94 103 94 97 65 95 90 94 95 64 Atlanta Chicago Bt. Minne- Kansas Louis apolis Cityi 116 105 99 78 101 101 106 100 78 110 103 100 72 105 99 106 102 75 99 109 108 99 76 110 102 114 93 77 108 117 108 107 82 115 113 122 114 92 103 107 103 99 107 102 100 100 100 106 102 105 105 99 103 105 102 104 101 107 105 104 105 105 105 113 103 107 104 100 114 106 107 107 112 118 105 103 98 92 105 106 102 98 93 103 103 100 95 91 107 107 104 98 94 103 104 100 95 91 108 110 103 92 91 105 108 103 96 93 105 105 101 95 93 105 107 103 96 92 102 103 102 97 95 100 99 9S 97 97 93 92 93 91 93 101 99 98 99 100 99 96 96 96 103 102 103 102 103 100 99 99 99 100 105 105 102 97 99 102 103 102 101 101 102 101 100 100 101 102 103 102 101 100 100 98 100 101 101 94 94 94 95 92 104 91 91 75 91 82 90 84 108 96 93 68 105 99 104 94 73 101 101 100 105 100 103 99 108 no 116 115 126 NOTE.™For description of indexes given in this table see BULLETIN for February, 1928. Dallas Ban Francisco 97 109 112 95 69 109 102 116 98 71 109 115 107 95 89 110 114 116 101 92 ' 100 108 108 99 112 114 106 103 111 110 121 111 100 116 too 109 108 107 103 103 109 110 107 103 101 111 111 108 103 101 116 115 112 104 101 118 116 116 108 106 107 104 106 106 105 109 106 107 106 105 87 i Monthly average in 1925=100. SALES OF MAIL-ORDER HOUSES AND CHAIN STORES [Index numbers of sales. Monthly average 1923-1925** 100] Sales with seasonal adjustmen t Sales without seasonal adjustment Chains Chains Month 1»7-Mareh April May. June,. July-. . W28-March April... May June July Mailorder houses Gro- 5-and- Apcery 10-cent parel (4) (34) (5) (14) ::;::.„. ._ 125 120 99 107 93 125 115 115 127 119 174 172 171 178 166 227 202 214 208 198 116 135 123 123 121 133 135 139 139 128 148 199 171 172 157 200 195 221 216 180 Drug (13) Cigar (5) 143 144 134 136 141 163 154 164 162 1&4 111 113 113 109 111 107 100 110 108 100 Mailorder Gro- 5-and- ApShoe Candy houses cery 10-cent parel (4) (4) (7) (34) (14) (5) 96 150 109 118 109 117 130 130 147 116 115 136 115 114 112 119 130 127 122 117 NOTB.—For description of indexes given in this table see BUIXKTIK for April, 1923. 117 113 118 121 127 113 117 132 144 153 163 166 171 178 176 213 203 206 209 209 128 137 132 135 139 142 147 144 153 148 176 192 172 175 199 224 205 213 219 228 Drug Cigar (13) (6) 139 144 137 138 144 157 161 161 164 168 113 115 113 112 114 109 105 105 111 103 Shoe Candy (7) (4) 104 117 99 108 124 119 109 113 134 132 US 127 120 121 119 120 125 127 129 125 636 FEDERAL RESERVE BULLETIN SEPTEMBER, 1923 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANE COMMERCIAL FAILURES, BY CLASS O F E N T E R P R I S E 1 [Amounts in thousands of dollars] [Amounts in thousands of dollars] All banks Month Number 1926 January., February March April May June July August September October November December..... Total. 1927 13,384 11,763 10,249 12,512 16,324 H229 48,618 10,001 12,050 18,209 45,983 3,992 2,861 710 3,534 4,234 5,318 1,637 2,127 4,317 6,280 956 272,488 160 | 68,812 Total., 32,038 25,157 31,222 11,750 13,193 10,784 12,162 17,364 11,542 11,210 8,476 11,555 8,744 7,700 5,462 6,434 5,521 2,638 8,881 1,257 3,729 3,105 1,310 193,891 1923 January. February.. March April May June July .*. 12,721 20,767 19,399 9,910 15,209 6,076 Total, 7 months-. 292 9,392 8,902 9,539 8,978 12,090 28,911 46,981 7,874 7,733 11,929 26,594 24,753 796 203,676 14,413 91,050 106 65 59 39 36 32 35 22 30 35 37 42 20,483 16,413 23,522 538 127,555 3,456 10,082 4,373 3,361 2,287 1,699 25,726 Month Total deposits 54 42 45 50 58 61 135 43 29 69 121 6,764 5,263 9,524 8,483 7,731 7,813 8,105 7,166 9,265 10,685 15,026 6,549 4,681 13,510 5,608 249 f NOTE.—Certain figures of deposits for 1928 have been revised account of receipt of additional data. Liabilities Number Nonmember banks Num Num- Total deber ber posits 65 62 51 56 68 77 140 52 37 88 154 116 133 81 75 49 47 41 37 27 36 44 43 49 January. February March April May June July August September October November December Total deposits Member banks Manu- Trad- Agents, Manu Trad Agents, Total factur ing brokers, Total factur- ing brokers, etc. ing etc. ing 1926 January... February. March April May June July August September October... November December. 510 447 1,282 2,296 1,801 1,984 1,957 1,730 1,708 1,605 1,593 1,437 1,763 1,830 2,069 437 435 396 449 374 450 440 494 T o t a l . . , 21,773 1927 January February. March.... April May June July August September October... November December. 5,39515,268 411 569 492 444 427 448 438 389 488 478 597 122 116 106 134 116 96 121 96 101 129 110 135 1,508 1,468 1,342 1,292 1,310 1,187 1,174 1,053 1,170 1,276 1,430 23,146 6,68216,082 1928 January February. March April. May June July.. 2,643 2,176 2,236 1,818 2,008 1,W7 1,723 553 ,946 468 ,581 546 ,566 432 ,276 470 :,4O7 513 1,325 450 1,161 14,551 3,43210,262 16,094 10,822 9,862 16,734 16,157 10,092 11,168 12,516 10,093 11,650 16,097 16,759 43,651 34,176 30,623 38,487 33,543 29,408 29,680 28,130 29,990 33,231 32,694 45,620 21,502 20,317 18,623 19,094 15,710 15,525 14,614 14,096 11,243 15,874 14,158 20,679 6,055 3,037 2,138 2,659 1,676 3,791 3,898 1,518 8,654 6,707 2,439 8,282 1,110 409,233 158,044 201,335 49,854 501 1,842 2,465 2,035 2,143 1,968 1,852 1,833 1,756 1,708 1,573 1,787 1,864 2,162 Total- Total, mos 90 72 91 85 77 113 87 73 105 108 105 104 1,424 1,378 1,216 1,160 1,122 lt071 958 1,205 1,285 1,471 51,290 46,941 57,891 53,156 37,785 34,465 43,150' 39,1961 32,786 36,236 36,147 51,062 19,996 24,630 10,518 23,406 28,191 25,278 22,308 13,802 19,978 13,587 17,856 16,743 16,832 14,921 14,702 15,349 12,052 17f134 14,657 12,786 16,949 29,024 16,733 6.764 13,017 7,332 6,570 4,005 3,022 9,575 9,573 5,385 4,445 6,412 5,305 1,382 520,105 211,506 228,194 80,405 26,446 24,952 26,186 16,049 18,900 13,781 6,318 7,368 8,210 5,700 2.987 3,324 3,755 857 281,035 104,155139,213 37,667 144 127 124 110 131 109 112 7 47,634 45,071 54,814 37,985 14,870 12,751 20,412 16,236 36,117 14,230 29,827 12,723 29,587 12,932 BANK S U S P E N S I O N S i IN JULY, 1928, BY DISTRICTS [Amounts in thousands of dollars] All banks banks Member banks * COMMERCIAL FAILURES. BY D I S T R I C T S » Nonmember banks [Amounts in thousands of dollars] Federal reserve district Num- Total Num- Total Num- Total ber deposits^ ber deposits' ber deposits* Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago....... St. Louis Minneapolis... Kansas C i t y . . . Dallas San Francisco. Total...: 747 747 443 443 585 1,804 355 1,492 585 1,336 355 1,492 133 517 468 133 517 24 6,076 4GS 22 5,608 * Banks closed to the public b y order of supervisory authorities or by the directors of the banks on account of financial difficulties. » '.Comprise 1 national bank with deposits of $229,000 and 1 State member bank with deposits of $239,000. • Figures represent deposits for the latest available date prior to the suspensions and are subject to revision when information for the dates of suspension becomes available. I Federal reserve district Boston New York Philadelphia Cleveland Richmond Atlanta Chicago. St. Louis Minneapolis Kansas CityDallas San Francisco Total.. 1 Number July, 1928 I 137 364 76 132 122 110 243 93 74 78 54 235 1,723 June, 1928 Liabilities July, 1927 July, 1928 June, 1928 July, 1927 278 304 79 136 98 108 265 105 55 88 46 325 209 355 54 140 114 114 259 51 69 87 27 277 2,345 7,973 1,367 3,248 1,839 1,997 3,295 2,288 496 468 1,072 3,197" 3,242 6,476 1,807 2,847 1,396 1,984 4,901 963 499 1,060 540 4,111 4,150 6,361 1,710 7,270 4,066 4,162 5,153 1,041 729 940 274 7,293 1,&47 1,756 29,587 29,827 43,150 Figures furnished b y R. Q. D u n & Co. 637 FEDERAL RESERVE BULLETIN SEPTEMBEB. i»2S AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS District figures derived from August estimates by States, made by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district Estimate, Yield, 1927 Estimate, Estimate, Estimate, Yield, 1927 Aug. 1,1928 Aug. 1,1928 Yield, 1927 Aug. 1, 1928 Yield, 1927 Aug. 1,1928 Boston _ New York Philadelphia Cleveland Richmond Atlanta Chicago »St. Louis Minneapolis Kansas City Dallas San Francisco ',. __ •„ . „ „ „. _ Total Boston Mew York Philadelphia Cleveland Richmond Atlanta. Chicago at. L o u i s . . . . : : : " : : : : Minneapolis Kansas City ._ Dallas San^Francisco Total Bushels 8,906 26,689 51,401 189,423 153,468 149,418 1,033,313 380,940 315,264 590,540 120,562 9,637 Bushels 92 7,216 18,761 33,931 25,233 4,528 65,560 42,210 274,028 249,167 18,356 133,513 Bushels 108 6,446 16,481 13,499 25,753 4,490 41,565 30,021 269,118 340,524 23,135 120,152 Bushels . 6,994 18,651 33,817 25,233 4,528 60,256 41,701 20,224 236,454 18,213 87,217 6,245 16,389 13,301 25,753 4,490 34,730 29,261 15,503 325,226 22,947 84,754 2,773,708 3,029,561 " 872,595 891,292 553,288 578,599 Tobacco Hay Oats Federal reserve district Bushels 8,493 26,394 45,929 150,323 163,753 184,477 787,986 342,426 304,986612,497 134,968 11,476 Bushels Bushels 92 222 110 114 Bushelt 103 201 92 198 5,304 509 253,804 12,713 143 46,296 6,835 7C0 253,615 15,298 188 35,398 319,307 312,693 Cotton White potatoes Estimate, Yield, 1927 Estimate, Yield, 1927 Estimate, Yield, 1927 Estimate, Yield, 1927 Estimate, Yield, 1927 Aug. Aug. 1,1928 Aug. 1,1928 Aug. 1,1928 Aug. 1,1928 1,1928 Bushels 9,215 36,636 24,844 78,362 26,104 14,282 454,805 40,547 283,709 138,400 43,807 33,435 Bushels 9,263 37,354 24,355 118,407 22,415 10,832 608,469 67,834 308,295 164,943 38,038 31,968 Tons 4,802 7,780 3,664 7,652 4,693 3,141 21,626 9,411 22,980 20,122 1,809 16,114 Tons 4,842 6,972 3,223 5,498 4,398 2,886 15,525 6,951 10,164 13,005 1,728 13,626 Pounds 37,280 1,249 44,880 80,647 706,036 121,134 32,840 166,876 1,990 2,948 Pounds 43,218 1,432 48,160 112,486 727,447 138,634 45,432 235,494 2,666 2,743 Bushels 45,287 33,152 25,998 21,501 40,798 12,303 51,925 14,061 65,833 36,928 3,128 56,050 Bushels 46,654 35,534 29,833 25,004 45,429 15,591 74,270 19,329 67,729 45,849 3,441 51,074 1,184,146 1,442,173 123,794 88,818 1,195,880 1,357,712 406,964 459,737 Bales Bales 1,622 2,836 1,918 2,472 2,319 2,403 976 5,029 173 1,311 5,910 277 12,955 14,291 638 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF NETHERLANDS* The report of the.president of the Netherlands Bank, covering the year ended March, 31, 1928, and delivered to the general meeting of shareholders on June 26, 1928, is as follows: In my report of last year, I was able to point out that great improvement had gradually taken place in the economic and financial situation of nations. Fortunately progress in the return to more normal conditions has on the whole continued during 1927. In many respects, of course, the consequences of the war and of the subsequent crisis have not yet entirely disappeared: the work of reconstruction is still being diligently carried on; it is meeting, however, with an increasing measure of friendly cooperation. Less and less frequently one hears the opinion expressed that one's own country can prosper only by putting other—former enemy—countries at a disadvantage; more and more the idea prevails of the restoration of friendship between those who formerly fought and for a long time thereafter continued to hate one another. In all this the influence of the conferences held at Geneva is very great. Currency stabilization in Poland.—In the domain of banking also cooperation has been striven after to more definite purpose, and with good results. Our report of last year contained the announcement that stabilization in Belgium had been completely successful. Similarly stabilization has now been achieved in Poland. Once again 14 banks of issue declared themselves ready to participate in a bank credit— amounting to $20,000,000—which should serve as a contingent revolving credit to maintain the zloty at its gold value. As in the case of Belgium, the administration of the guaranties for this revolving credit was entrusted to the Netherlands Bank. In addition, the Polish Government floated a long-term loan for 862,000,000 in 7 per cent sinking fund gold bonds, and for the nominal amount of £2,000,000 in 7 per cent stabilization bonds. The participants in the dollar loan were: United States France Sweden Switzerland £?land Netherlands Total. $47,000,000 2, 000, 000 2,000,000 „ 6, 000, 000 1, 000, 000 __ 4,000,000 _ __ _ __ 62, 000, 000 »For previous reports of the Bank of Netherlands, see FEDERAL RESERVE BITLLKTIN, August, 1927, p. 596; August, 1926, p. 592: and November, 1925, p. 811. while that part of the loan which was issued in sterling and amounted to £2,000,000, as noted above, was floated in England. The loan was used for consolidating anct assuring the permanence of the conditions necessary for monetary stability and for balancing the budget. The entire floating debt was to be redeemed by the public treasury, and a working capital of 75,000,000 zlotys was provided to enable the Polish Government to meet any possible seasonal deficits. This loan was a great success, especially in America. The issue price of the allotment of $4,000,000 floated in this country, as shown above, was 92 per cent; since its issue, however, the loan has been at some further discount in the Netherlands; after declining to 85 per cent the price on May 12 stood at 90% per cent. By the stabilization arrangement, the value of the zloty is fixed at 5,924.44 zlotys to 1 kilogram of fine gold, corresponding to a mint parity of 8.914 zlotys to one United States dollar and of 27.908 Netherlands florins to 100 zlotys. Currency stabilization in Italy.—On December 22, 1927, the Italian Government announced that it bad arranged for the stabilization of the lira at 7.91905 grams of fine gold per 100 lire (equivalent to 12,627.778 lire per 1 kilogram of fine gold), corresponding to a mint parity of 92.465 lire to £1 sterling, and about 13.094 Netherlands florins per 100 lire. Following the precedents set in the case of Belgium and of Poland, a revolving credit was again created by a number of banks of issue (namely, those of the United States, Belgium, Denmark, Germany, England, Egypt, Finland, France, Hungary, Japan, Netherlands, Austria, Poland, Czechoslovakia, Sweden, and Switzerland) in the amount of $75,000,000, while the Bank of Italy arranged in addition a separate credit with private bankers in the amount of $50,000,000. The administration of the guaranties of the credit of $75,000,000 extended by the banks of issue was in this case intrusted to the National Bank of Switzerland at Zurich. The Italian stabilization also has been entirely successful. Expiration of the Belgian credit.—The stabilization credit for Belgium, opened in 1926 by the group of central banks previously mentioned, expired during the past year without an^ necessity having arisen to use it for the protection of the stabilized currency. Yet undoubtedly the moral support furnished by the very existence of this credit supplied an. 639 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 effective reenforcement against any possible speculative attack. Other stabilization measures.—In the field of stabilization several other important steps have been taken in the right direction. In South America gold has been established as the standard by Argentina, Chile, Colombia, Ecuador, and Venezuela. Besides France, there are now on the eve of stabilization, Rumania, Bulgaria, Yugoslavia and probably Turkey. In Europe, Greece adopted the gold standard on May 14,1928, as a result of which 375 drachmas were made equivalent to £1 sterlings which corresponds to 3.229 Netherlands florins per 100 drachmas. During the past year Denmark and Norway have revalorized their currencies to their former gold basis. The Netherlands money market.—Money has been tighter in this market during the past year than during the two years previous; rates in the open market reflect this situation clearly. The placing of a considerable amount of foreign issues in this market has undoubtedly contributed to the stringency. As early as February 3, 1927, therefore, we had given a mild warning by raising our discount rate one-half of 1 per cent; this measure served the purpose well enough for the time being, but during the course of the year the situation became still further strained; money in the open market became steadily tighter; the exchanges on London and America stood almost uninterruptedly close to the gold export point, and more than once we had to declare ourselves ready to release gold because on certain days the gold export point was passed. This generally took place, moreover, in connection with a^ sudden reduction of transportation costs, which was granted by the steamship companies upon the departure of certain ships. In this way we released gold for shipment to America as follows: Florins 1927—May 15. _ May 24 I . . .II. June 5 _ July5__ July 19---I— July 21 .1 July 26___ Total . -- 1,823,000 7,464,000 4,958,000 4,961,000 6,320,000 4,962,000 1,000,000 31, 488, 000 Meanwhile we gave the exchange value of theflorinconsiderable additional support by converting dollars into pounds in the fonn of checks. As a result our foreign balances were very considerably reduced in the months of May, June, and October, 1927. When later on the course of the exchanges turned once more in our favor, we took advantago of the change gradually to build up again our foreign exchange portfolio. How considerable the changes in our bill holdings have been during the course of the year may bo seen from their lowest and highest levels as shown below: In thousands of florins Domestic bills 1927 Beginning of fiseal year May 23 June 13 Aug. 1 Oct. 13 Foreign bills 09,377 08 803 153 036 i 175,500 150,718 146,785 140 380 114 103 127,040 * 101,655 69,951 * 49,755 1190,675 181,312 192S Feb. 20 Mar. 24 i Maximum. 3 Minimum. The above figures indicate that fluctuations in domestic discounts and in foreign bills have repeatedly created a certain equilibrium, and from this it is evident to what a great extent the foreign bill portfolio has acted as a sort of regulator; with the increase of one there has followed shortly a decline of the other. Both the rapid increase in our domestic portfolio and the rapid decline in our foreign demand bills added to the tension in our money market. Discount rates.—Thus there was every reason for us to consider seriously an advance in the discount rate. We waited for a time, however, before doing this until the temporary influence of monthly settlements had passed; as the "same state of things continued after the first week in October we decided on October 13, 1927, to put into effect an increase in the rate. The increase amounted to a full 1 per cent for discounts and loans on collateral, and to onehalf per cent for other loans. We made the latter decision in order to reestablish the former differential between this rate and the discount rate. Certain conditions developing during the year might very well have led us to consider making a slight reduction in our interest charges. We made, however, but one change in our rates during the year, since this one change had accomplished the purpose for which we are constantly striving; so far as possible we try to avoid rate changes, because we are convinced that steadiness of the rate is of more importance to trade and industry than are any slight gains which might be reaped from lower rates over a short period. 640 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 again to those obtaining previous to these special demands. Prices.—Price index numbers, which in recent years had followed a declining course, showed a rising tendency during the past nine months. It is not easy at this time to determine the cause of the advance. The rise is FloriDS An equivalent value of— In London 11,240,000 the more remarkable because in this most In New York 29,730,000 recent period increasing monetary stringency In Amsterdam 124,000 has been prevalent, as may be seen from the Total gold purchases 41, 094, 000 almost universally higher rates paid for money. Not only were the official rates of the NetherWe did not in every instance have the gold lands Bank advanced, but rates for private disthus acquired shipped to this country at once; count, call money, and contango in the open in some cases we left the sums abroad for the market were also higher than during recent time being under earmark in banks of issue. years. Later on, however, we brought to this country Interest rates.—The average contango rate all of the gold temporarily on deposit abroad. in the Amsterdam bourse during 1927-28 was Inasmuch as gold held abroad was carried by 3.9476 per cent, as against 3.07 per cent during the bank under the caption "Debits/' the in- 1926-27; the average rate for call money was crease in our gold stock first appeared among 3.6 per cent, as against 2.4825 per cent in the bank's holdings of precious metals when the 1926-27; the average private discount rate gold was actually placed in our own vaults 3.86345, as against 3.01 per cent in 1926-27. in this country. Plethora of Government funds.—It is a Reserve ratio*—During the fiscal year 1927- noteworthy fact that during the past year the 28 our demand liabilities were on the average Government was too amply provided with covered by coin and bullion in the proportion of funds. It was in a position gradually to 50.77 per cent. For earlier years the corre- accumulate large funds and with these to sponding percentages were as follows: effect considerable redemptions of GovernPer cent Per cent ment loans. The funds were lent "on call" in 1921-22 57.71 1926-27 51.57 56.97 the Amsterdam market, and this naturally 1925-26 50.57" 1920-21 1919-20 58.42 had its influence on open-market rates; if these 1924r-25 52.82 1918-19 . 67.37 funds had not been available, the rates for 1923-24 58.25 1917-18. . „ 75.99 day-to-day money in the market would almost 1922-23 59.07 German Reichsbank purchase price for certainly have often been still higher. The gold.—It should be noted that during the past withdrawal of this call money at the time of year the Reichsbank has lowered its buying redemption of Government loans brought about price for gold from 2,790 reichsmarks per fine a temporary stiffening of the money market. In still another way the abundance of funds kilogram to 2,784 reichsmarks, the figure which was formerly customary. This change held by the Government was clearly shown. is advantageous for us in that as a result the For months at a time the Government export point of gold from the Netherlands to had a credit at the bank. For this reason Germany is raised by more than 2 per cent. there was almost no occasion for the GovernCirculation.—Furthermore we can perceive a ment to offer us treasury bills through the steady improvement in the economic and finan- agency of bankers. Only once did the Governcial situation of our country. The circulation ment place 6,000,000 florins in treasury bills of fiduciary means of payment has steadily de- through bankers; this took place in September. clined since 1920-21, and the decrease has con- After 10 days this advance was liquidated. tinued during the past fiscal year. It is true Thus the issues of treasury notes and treasury that temporary demands for currency at the end bills in the open market have been less extenof certain months, in preparation for the usual sive than in previous years. "Anticipationlarge payments to be made immediately there- notes" of municipalities were discounted by the after (as on January 1, May 1, July 1, and No- bank this year in only relatively small amounts, vember 1), were in very considerable amount and even then for periods of only a few days. but it was always evident that these extra Gold coins in circulation.—The issue of gold demands were occasioned by special settlements 10-florin pieces has been further restricted; it and after a few weeks the expansion gave place was evident that recently the gold coins put to a contraction which brought the figures down into circulation were for the most part being Purchases of gold.—Meanwhile^ we felt obliged to strengthen our position in respect to foreign countries not only by a rise in discount rates; we also initiated purchases of gold. By this means, during the year, we acquired the following sums of gold: FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 sold abroad at a premium; this result was certainly not in accord with the purpose for which the 10-florin pieces were issued. We have therefore reduced the issue per day to 50 florins per application. The result of this has been that during the past year we have put into circulation only 2,218,990 florins in 10florin pieces and that an amount of 892,340 florins has come back to us from circulation. Silver certificates.—On March 31,1928 there were still 12,032,000 florins outstanding in silver certificates. I t is the purpose of the Government to convert all of this "coin-paper" (subsidiary notes) as soon as .sufficient half crowns shall have been minted. Domestic and foreign loans.—During the past fiscal year domestic loans have been floated in the total amount of 278,144,000 florins, of which 75,593,000 florins were conversions. In addition during the same period foreign loans were floated in Holland in the following currencies and amounts: Florins Pounds sterling Canadian dollars United States dollars Reichsmarks Belgas Swedish kronor Swiss francs Belgian francs_ French francs 1 89, 749, 000 1,837,000 1, 500, 000 54, 617, 000 64, 652, 000 13, 500, 000 2, 000, 000 22, 000, 000 157,000,000 1, 200, 000 New central credit bank,—In the domain of banking several important measures have become effective in this country. Through the cooperation of jthe various institutions which make a business of extending credit to the middle class, there was established during the past fiscal year the Netherlands Middle Class Bank as a central institution for the whole country. This new organization has absorbed the General Central Bank Union for the Middle Class, the Cooperative Central Savings and Loan Bank "Boaz," and the Middle-Class Bank for the Province of Limburg at Maast- 641 richt. The new institution began operations on November 14, 1927. Under the regulation made in the years 1915-1918 respecting the distribution of risk of the first 3,000,000 florins of possible loss, the guaranty is valid which the Government has given us for the liability of this institution in a maximum amount of 9,000,000 florins. Also the readjustment of the Rotterdam Banking Co. has now been definitely concluded since the two Houses of the States-General have approved the guaranty which the Government in 1924 and in 1925 had promised the Netherlands Bank. Special accounts*—In previous annual reports we have mentioned a temporary account, the so-called "Reorganization account" which we opened on the books of the bank for the purpose of winding up certain concerns which as a result of the war and the crisis had become involved in difficulties, and from which we felt that in the general interest we should not withhold our assistance. Although the final settlement of these concerns has not yet taken place, and in some cases may perhaps still take several years, we are convinced that there is no longer any occasion to continue holding a separate account of this kind. We have therefore included the "Reorganization account" under the caption "Outstanding accounts." This year the bank has had no opportunity to add any sum to the special reserve or to write any amount of it off. The special reserve, therefore, with the approval of His Excellency the Minister of Finance, remains at about 8,000,000 florins on our balance sheet, for the purpose for which it was created several years ago. t We have again written down our buildings this year by a considerable sum; detailed figures are given later in the report. We may say with satisfaction that on the whole this past year has been favorable for the bank. ITALIAN CURRENCY LEGISLATION In pursuance of its adopted program for reestablishment of Italian currency on a gold basis,1 the Italian Government has issued a number of decrees, four of which are reproduced below. The first of these, dated December 21, 1927, provided for convertibility of the bank-note circulation, for legal stabilization of the lira, for revaluation offgold reserves of the Bank of Italy, and for maintenance by the 1 See FEDERAL RESERVE BULLETIN, January, 1928, p. 27. 7687—28 5 bank of a 40 per cent reserve against its note circulation and other demand liabilities. On February 26, 1928, two decrees were issued, one promulgating regulations governing conversion of Bank of Italy notes in gold or gold exchange and the purchase and sale of gold by the Bank of Italy in support of Italian exchange; and the other fixing the gold import and export points of the lira. Arrangements were concluded by the decree of June 17,1928, 642 FEDERAL RESERVE BULLETIN between the royal treasury and the Bank of Italy, according to which the bank is to insure the maintenance of the 40 per cent reserve, to make specified advances to the treasury, and to perform certain services for the treasury. CONVERTIBILITY OF NOTES OP THE BANK OP ITALY INTO GOLD [Royal decree law, December 21,1927, No. 2325] Under the law of January 31, 1926, No. 100, in consideration of the urgent need of definitely systematizing Italian currency so as to render it convertible into gold or negotiable values on a gold basis, after hearing the council of ministers, upon motion made by our minister, the Secretary of State for Finance, acting with the Prime Minister and Head of the Government, and the Minister of Justice and Public Worship, we (Victor Emanuel III) have decreed and do hereby decree: ARTICLE 1 SEPTEMBER, 1028 debt of the royal treasury to the said bank, in accordance with article 1 of royal decree law of September 7, 1926, No. 1506; (d) To the settlement of the difference in value, expressed in paper lire, resulting from revaluation at the above-mentioned gold parity, of purchases of,other foreign exchange on countries in which bank notes are convertible into gold, which foreign exchange has been transferred by the State or the National Institute of Foreign Exchange to the Bank of Italy. ARTICLE 4 As from the date on Avhich the present decree lawbecomes effective the Bank of Italy shall hold a reserve in gold and in exchange on foreign countries in which bank notes are convertible into gold, of not less than 40 per cent of the amount of its notes in circulation and of its other obligations payable at sight. Notes issued by the Bank of Italy shall be secured not only by the said reserve in gold or its equivalent but by all other assets of the institution, in accordance with existing legislative provisions. ARTICLE 5 As from the day following that on which the present decree is promulgated, the Bank of Italy shall, on presentation at its head office in Rome, convert its own notes into gold, or at the option of the bank into exchange on foreign countries in which bank notes are convertible into gold. The gold parity is fixed on the basis of a standard gold weight of 7.919 grams to each 100 Italian lire. The Royal Government is authorized to provide by royal decree, on motion by the Minister of Finance, and after hearing the council of ministers and the director general of the Bank of Italy, for the issue of regulations for execution of the present decree law and for its coordination with the legislative provisions which at present apply to the bank of issue. ARTICLE 2 ARTICLE 6 Notes of the Bank of Italy, State notes until the time appointed for their retirement from circulation, and silver money coined in virtue of royal decree laws of September 7, 1926, No. 1506, and June 23, 1927, No. 1148, shall continue to have within the Kingdom their full legal value. Nothing is changed in regard to the legal tender quality of said currency, nor in regard to the obligation of public banks and private individuals to accept it within the Kingdom as legal tender, any agreement to the contrary notwithstanding. By royal decree, on motion by the Minister of Finance, measures will be taken to coordinate the rules now in force regarding the minting and issue into circulation of gold coins as provided in article 1 of the present decree. ARTICLE 3 The Bank of Italy is authorized to revalue in its assets its reserves of gold, and of foreign exchange on countries in which bank notes are convertible into gold, in Italian lire on the gold basis defined in article 1. The net profits resulting from revaluation of reserves of the Bank of Italy shall be credited to the State. Such profits shall be applied: (a) To the liquidation of the debt in notes of the Bank of Italy issued for account of the State; (6) To the settlement of the difference in value, expressed in paper lire, resulting from revaluation at the gold parity prescribed by article 1 of the reserves in gold or its equivalent of the Bank of Naples and the Bank of Sicily, transferred to the Bank of Italy at the time of the unification of the issue of notes at the said bank, in conformity with the provisions of article 2, of royal decree law of May 6,1926, No. 812; (c) To the settlement of the difference in value, expressed in paper lire, resulting from revaluation at the above-mentioned gold parity, of the sum of $90,000,000 transferred by the State to the Bank of Italy against a reduction of 2,500,000,000 lire in the ARTICLE 7 The Minister of Finance is authorized to conclude special agreements with the Bank of Italy for execution of the present decree law. The present decree shall become effective on the day following that of its promulgation and shall be submitted to Parliament for enactment into law. The minister introducing the decree is authorized to submit the plan for its execution. We order that the present decree, bearing the State seal, be included in the official collection of laws and decrees of the Kingdom of Italy, enjoining on all whom it may concern to observe it and to see that it is observed. Given at Rome, December 21, 1927, sixth year. VICTOR EMANUEL. MUSSOLINI. VOLPI. Rocco. REGULATIONS FOR CONVERSION OP NOTES OF THE BANK OF ITALY INTO GOLD AND GOLD EXCHANGE [Royal decree, February 2G, 1928, No. 252] Under decree law of December 21, 1927, No. 2325, concerning convertibility of notes of the Bank of Italy into gold, after hearing the council of ministers and the director general of the Bank of Italy, upon motion by our minister, the Secretary of State for Finance, we 643 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 (Victor Emmanuel III) have decreed and do hereby decree: ARTICLE 2 The present decree shall become effective on the day following that of its promulgation. * * * Under article 1 of royal decree law of December 21, Given at Rome, February 26, 1928, sixth year. 1927, No. 2325, the Bank of Italy shall be obligated to VICTOR EMANUEL. redeem its notes, when presented at its head office in MUSSOLINI. Rome, in gold bullion in minimum amounts of 5 kiloVOLPI. grams, at the rate of 100 lire for 7.919113 grams. ARTICLE 1 ARTICLE 2 ARRANGEMENTS CONCLUDED BETWEEN THE ROYAL TREASURY AND THE BANK OF ITALY, UNDER ROYAL According to said article 1 the Bank of Italy may DECREE OP DECEMBER 21, 1927, No. 2325 redeem its notes in exchange on foreign countries in which bank notes are convertible into gold. [Royal decree of June 17,1928, No. 1377] The conversion shall be made at a rate of exchange to be established by the Bank of Italy, according to Under the royal decree law of December 21, 1927, quotations prevailing in the exchange market. Such No. 2325, and the law governing banks of issue, aprate shall never exceed the limits of the gold export proved by royal decree of April 28, 1910, No. 204, and points as provided for in article 4 below. amendments thereto, after hearing the director general of the Bank of Italy and the council of ministers, upon ARTICLE 3 motion by our minister, the Secretary of State for Finance, acting with the Prime Minister and Head of the It shall be the duty of the Bank of Italy in regulating Government, and with the Minister of Justice and circulation, through the purchase or sale of gold and Public Worship, under the authorization conferred through intervention in the exchange market, to hold on the Government by article 5 of royal decree law of the fluctuations of Italian currency in relation to December 21, 1927, No. 2325, we (Victor Emanuel III) exchange on foreign countries in which bank notes are have decreed and do hereby decree: convertible into gold within the limits prescribed in the following article. ARTICLE 1 ARTICLE 4 The circulation of notes of the Bank of Italy shall be so regulated as always to fulfill the requirement in article 4 of the royal decree law of December 21, 1927, No. 2325, that at all times a reserve shall be maintained in gold or in exchange and credits on foreign countries in which bank notes are convertible into gold, of not less than 40 per cent of the amount of the notes outstanding and all other demand liabilities of the bank. Should the reserve fall below 40 per cent of the circulation the ARTICLE 5 uncovered portion of the latter, if not in excess of 10 per cent, shall be subject to a tax equal to the official The present decree shall take effect on the day follow- discount rate increased by one-tenth. This tax shall ing that of its promulgation. * * * be further increased by one additional tenth of the Given at Rome, February 26, 1928, sixth year. ruling bank rate for each subsequent fall of 10 in the VICTOR EMANUEL. percentage ratio of reserve to circulation. MUSSOLINI. Agreements shall be concluded between the Minister of Finance and the Bank of Italy to avoid increases in VOLPI. circulation even within the limits established under the ratio fixed in said article 4 of royal decree law of DecemFIXING THE LIMITS OP THE GOLD POINTS ber 21, 1927, No. 2325. [Royal decree law, February 26,1928, No. 253] The limits of the gold export and import points in relation to the gold parity established in article 1 of royal decree law of December 21, 1927, No. 2325, shall be fixed in a royal decree to be issued on the motion of the Minister of Finance, after hearing the council of ministers and the director general of the Bank of Italy. Under the royal decree law of December 21, 1927, No. 2325, concerning convertibility of notes of the Bank of Italy into gold, under the royal decree of February 26,1928, No. 252, which gives the regulations for conversion of notes of the Bank of Italy into gold or into exchange on foreign countries in which bank notes are convertible into gold, after hearing the council of ministers and the director general of the Bank of Italy, upon motion by our minister, the Secretary of btate for Finance, we (Victor Emanuel III) have decreed and do hereby decree: ARTICLE 2 The conversion of notes of the Bank of Italy shall be regulated in accordance with article 1 of the abovementioned royal decree law of December 21, 1927, No. 2325, and with the provisions of royal decrees No. 253 and No. 252 of February 26, 1928. ARTICLE 3 The average circulation of notes and drafts of the Bank of Italy, after deducting the entire amount of the reserves in gold and gold equivalents held by the ARTICLE l bank, shall be subject to an annual tax at the rate of l j ^ per mille, without further additions. The limits of the gold export and import points in Notes issued by the bank for advances to the relation to gold parity shall be fixed onL the foUowing treasury, in accordance with the following article (4), basis: 19.10 lire per dollar for export and 19.80 lire tor shall be tax exempt. import. 644 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 ARTICLE- 4 ARTICLE 8 The Bank of Italy, at the request of the Minister of Finance, shall furnish temporary advances to the treasury up to an amount of 450,000,000 lire, upon which interest shall be payable at the rate of 2 per cent net per annum. Notes put into circulation for such advances shall be secured by reserve to the amount of at least 40 per cent. All provisions authorizing the State treasury to demand extraordinary advances and through such advances additional bank notes are hereby repealed. The provision of article 4, subsection (b), of royal decree law of September 27, 1923, No. 2158, remains in force; it is understood that it is applicable also to the newly issued shares of the Bank of Italy. AKTICLE 5 The provisions of the law of April 28, 1910, limiting holdings of the. Bank of Italy in securities issued or guaranteed by the State, are hereby repealed. The repeal of the royal decree law of November 23, 1914, No. 1284, which repeal was later enacted into the law of April 30, 1916, No. 528, regarding the amount of interest-bearing deposits and the rate of interest thereon, is hereby confirmed. ARTICLE 6 In connection with its services to the royal treasury in the Provinces, the Bank of Italy shall not be required to give sureties. Relations between the treasury and the bank in respect to the performance of such services shall be governed by a special convention. For the performance of regular treasury services, the treasury shall maintain on deposit with the bank a permanent balance of 50,000,000 lire. Whenever this balance exceeds or falls below 50,000,000 lire by any amount up to a maximum of 300,000,000, an annual interest of 1J^ per cent net of any tax on the excess or deficiency shall be charged to the bank or to the treasury, as the case may be. ; Apart from this working balance, representing a current account available on demand and, therefore, to be covered by a reserve of not less than 40 per cent, the treasury may maintain at the bank a separate fund as a fixed deposit. On the combined balances in these two accounts up to a maximum of 500,000,000 lire interest at the rate of 1J^ per cent per annum shall be paid. On any excess over the 500,000,000 lire interest shall be paid at the rate of 3 per cent per annum. ARTICLE 9 Notes outstanding representing credit extended by the Bank of Italy to the Instituto di Liquidazioni, and the securities issued by the latter are subject to circulation tax at the regular rate, but the equivalent of the tax shall be refunded to the bank by the Instituto di Liquidazioni. In accordance with the provisions of article 2 of royal decree law of January 2, 1923, No. 4, article 5 of royal decree law of September 27, 1923, No. 2158, and article 3, subsection (c), of royal decree law of November 6, 1926, No. 1832, three-fourths of the total proceeds of the circulation tax shall be set aside until the end of the year 1930. Article 3 of royal decree law of November 6, 1926, No. 1832, remains in force as regards subsections (a), (b).and(c). Profits on the securities issued by the Instituto di Liquidazioni shall accrue to the instituto itself, while the state is guarantor to the Bank of Italy for the liabilities of that institution. Bank notes actually paid in to the Bank of Italy as a result of operations of the Instituto di Liquidazioni reduce the total note circulation. ARTICLE 10 The provision of article 2 of royal decree law of June 10, 1921, No. 736, and of article 2 of royal decree law of March 5, 1925, No. 258, are repealed in so far as they affect the Bank of Italy. The provisions of articles 6 and 7 of the law approved by royal decree of April 28, 1910, No. 204; the royal decrees of August 4, August 13, and November 23, 1914, Nos. 791, 825, and 1284; and the royal decree law of September 7, 1926, No. 1506, are likewise repealed, as are all other provisions in respect to the bank of issue which may be inconsistent with the present decree. ARTICLE 11 ARTICLE 7 The Bank of Italy may convert its gold-exchange reserves into actual gold reserves. When the position of the bank and the general conditions of the monetary market permit, the Bank of Italy is also authorized to reduce its own circulation of notes by prudent liquidation of a portion of its gold-exchange reserves. Profits arising from investment of the reserves shall be divided between the State and the bank, under special convention in accordance with article 7 of royal decree law of December 21, 1927, No. 2325. The present decree becomes effective as from January 1, 1928. We order that the present decree, bearing the seal of the state, be included in the official collection of laws and decrees of the Kingdom of Italy, enjoining on all whom it may concern to observe it and to see that it is observed. Given at San Rossore, June 17, 1928, sixth year. VICTOR EMANUEL. MUSSOLINI. VOLPI. Rocco. 645 FEDBEAL EESERVE BULLETIN SEPTEMBER, 1923 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS (Figures are for the last report date of month] 1028 July Bank of England (millions of pounds sterling): Issue department— Gold coin and bullion Notes issued Banking d e p a r t m e n t Gold and silver coin Bank notes Government securities ... Other securities Public deposits Other deposits Ratio of gold and note reserve to deposit liabilities (per cent) Bank notes in circulation l Currency notes and certificates. B*nk of France (millions of francs): 3 Gold Sight balances abroad Foreign bills _ Foreign exchange loaned Loans and discounts--. Negotiable bonds Note circulation Public deposits Other deposits German Reichsbank (millions or reichsinarks): Gold reserve Gold abroad, Bills of exchange and Miscellaneous assets, Deposits Reichsmarks in circulation Rentenmarks in circulation. Bank of Italy (millions of lire'): Gold at home . Credits and balances abroad Loans and discounts Advances to treasury.. Total note circulation Public deposits Other deposits Bank of Japan (millions of yen): May 169.6 189.4 160.9 180.6 150.2 170.0 2.8 57.0 28.3 48.4 11.5 106.8 2.7 53.1 30.8 60.9 23.9 105.6 2.1 44.6 29.0 54.0 22.3 1.6 32.0 50.0 47.9 9.9 103.5 50.4 79.8 295.1 43.0 80.0 296.0 41.8 79.7 293.7 29.6 81.7 298.5 29,918 28,990 16,811 15,559 12,642 11,702 6,975 8,936 5,199 5,404 5,930 5,930 60,436 9,354 6,488 5,869 5,294 2,114 86 184 2,516 579 542 4,569 581 1,998 86 250 2,477 684 525 4,674 1,955 86 274 2,469 667 582 4,487 610 5,001 6,883 4,395 4,925 7,151 4,798 4,835 7,289 3,981 17,395 17,324 17,105 300 300 166 3,277 2,968 3,151 1,063 833 10 283 1,463 904 1,063 1,066 9 118 1,207 1,116 117 286 290 168 163 993 32 117 289 279 126 168 948 34 799 466 568 387 2,102 167 780 476 543 391 2,155 140 1023 July 173.2 193.0 1,063 Gold _ 840 Advances and discounts 11 Advances on foreign bills 192 Government bonda 1,271 Notes issued 958 Total deposits ~_Jl Austrian National Bank (millions of schillings): Gold.... 119 Foreign bills of thee reserve 298 Other foreign bills 315 Oth f i billsbill Domestic 159 Treasury bills 168 Note circulation 1,009 Deposits 52 National Bank of Belgium (millions ofbelgas): Gold.;. 803 468 Foreign bills and balances in gold. 559 Domestic and foreign bills 384 Loans to State Note circulation * 2,140 134 Deposits 1 Notes issued, less amounts held in in currency note account. * New form of bank statement adopted June 1927 1,743 58 179 2,512 471 553 National Bank of Bulgaria (millions of leva): Gold Foreign bills, etc , Loans and discounts.. Advances to State..., Note circulation , Deposits , Central Bank of Chile (millions of pesos): Gold at home Deposits abroad Loans and discounts.. .... Note circulation Deposits Bank of t h e Republic of Colombia (thousands of pesos): Gold a t home Gold abroad Loans a n d discounts N o t e circulation Deposits... Czechoslovak National Bank (millions of Czechoslovak crowns): Gold a n d silver Foreign balances and currency Loans a n d advances Assets of banking office In liquidation N o t e circulation Deposits Bank of Danzig (thousands of D a n zig gulden): Gold Balances with B a n k of E n g l a n d . . Foreign bills, etc. 4,291 Loans a n d discounts * 4,151 N o t e circulation 6,572 Deposits 4,227 17,844 National Bank of Denmark (millions 198 of kroner): 3,160 Gold Foreign bills, etc Loans and discounts , 1,063 Note circulation.-. 954 Deposits 3 188 1,333 National Bank of Egypt (thousands of Egyptian pounds sterling): 1,017 Gold English Government secur'ties.. Egyptian Government securities. 59 Note circulation 410 Government deposits 194 Other deposits 151 174 956 Bank of Estonia (thousands of krones): 34 Gold Net foreign exchange Loans and discounts 646 Note circulation... 444 Deposits— 468 Government 400 Bankers 1,917 Other. 1,044 banking department and in June. July June May 1,304 543 1,012 4,518 4,131 2,504 1,301 384 1,013 4,518 3,899 2,419 1,296 339 933 4,471 3,784 2,394 1,247 330 904 4,502 3,842 2,640 61 140 62 501 20 321 151 62 509 24 312 1G5 35 483 35 206 185 24,401 43,204 4,293 50,457 13,000 23,410 39,008 7,360 50,977 9,596 22,959 36,307 7,377 43,360 9,515 20,214 22,100 13,250 41,040 8,118 1,129 1,868 244 1,119 1,890 516 1,119 1,737 359 1,050 1,093 191 7,344 451 469 7,584 538 477 7,111 586 533 7,046 787 2,356 15,883 27,303 20,452 37,681 3,577 2,510 15,668 26,660 21,545 37,352 3,459 2,707 15,118 25,794 22,208 35,709 3,787 2,229 14,174 13,834 21,199 37,072 2,114 182 93 GO 340 132 93 67 360 23 182 104 62 347 182 04 102 353 22 3,774 22,260 22,466 25,363 17,134 15,044 3,0G5 20,505 25,639 23,504 19,546 14,910 10,201 27,404 27,252 37,133 5,095 4,713 56,736 19,344 17,002 15,373 16,313 1,515 1,342 2,121 4,955 4,648 4,078 36,781 8,100 483 25 317 10,040 27,455 25,062 37,243 10,370 27,312 25,014 36,676 July * New par. * Not including 1,535 million lire of gold pledged abroad. SEPTEMBER, 1928 FEDERAL RESERVE BULLETIN 646 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] Bank of Finland (millions of Finnish marks): Gold Balances abroad and foreign credits Foreign bills Domestic bills State d e b t s . . Note circulation._. I Demand liabilities National Dankl of Greece (millions of drachmae); Gold Net foreign exchange in reserve.. Total foreign exchange Government obligations Note circulation Other sight liabilities , 1928 1927 1928 1927 July | June | M a y July July | June | M a y July 310 311 312 674 62 983 712 43 1,033 784 29 93G 1,543 115 1,685 145 1,576 160 531 3,261 4,140 3,790 5,131 2,187 518 3,355 4,296 3,790 5,155 2,196 879 3,132 3,246 3,760 5,250 2,148 National Bank of Hungary (millions of pongo): Gold. Foreign bills, etc Loans and discounts ... Advances to treasury Other assets Note circulation Deposits Miscellaneous liabilities 197 58 336 104 163 496 206 135 197 83 314 105 174 479 243 125 197 95 307 106 191 451 283 137 196 Bank of Java (millions of florins): Gold Foreign bills ...*... Loans and discounts Note circulation.. Deposits 173 24 105 313 56 174 21 99 311 48 174 17 79 305 41 185 31 100 326 55 Bank of Latvia (millions of lats): Gold *«..„_. Forefgn exchange reserve Bills Loans Note circulation Government deposits Other deposits .. 24 78 83 43 42 113 67 24 78 82 42 42 117 24 79 82 43 42 120 64 914 69 666 122 1,377 303 115 268 466 226 225 Bank of Lithuania (millions of Iitas): Oold 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 i Total deposits Reserve Bank of Pent (thousands of libras): Gold Gold against demand deposits Foreign exchange reserve .„! Bills , Note circulation Deposits . 435 204 155 810 37 435 197 151 768 50 435 194 165 797 36 387 128 291 790 52 147 32 281 319 2 147 37 291 325 2 147 41 290 313 2 121 14' J 291 331 6 97 4,094 322 1,223 1,235 5,847 645 4,097 318 709 1,884 6,124 637 4,126 4,086 290 330 1,487 1,404 1,251 1,255 "6,210 , 6,026 580 661 i New form of bank statement adopted in May. Not including gold held abroad. 1 Bank of Poland (millions of zlotys): Gold at home Gold abroad Foreign exchange, etc.— Serving as note cover All other Loans and discounts. Note circulation-__ Current account of the treasury.. Other current accounts Bank of Portugal (millions of escudos): Gold Balances abroad Bills Note circulation Deposits National Bank of Rumania (millions ofioi): Gold' Bills Advances to State Note circulation Deposits State Bank of Russia (note issuing department; thousands of chervontsi): Gold •Foreign currency Loans and discounts. Bank notes National Bank of the Kingdom of Serbs, Croats, and Slovenes (millions of dinars): Gold Foreign notes and credits Loans and discounts Advances to State Note circulation Deposits * South African Reserve Bank (thou- sands of pounds sterling); Gold Foreign bills Domestic bills ..... Note circulation Deposits— Governments Bankers , Others Bank of Spain (millions of pesetas); Gold Silver Balances abroad ... Loans and discounts ' Note circulation.-. Deposits Bank of Sweden (millions of kronor): Gold Foreign bills, etc.... Loans and discounts Note circulation Deposits ; Swiss National Bank (millions of francs): Gold Foreign balances and bills.._ Loans and discounts Note circulation Demand deposits... Bank of t h e Republic of Uruguay (thousands of pesos): Gold Loans and discounts ... Note circulation Deposits * ....... 407 195 381 221 380 186 164 502 208 655 1,159 336 241 524 210 641 1,184 328 267 540 213 618 1,133 361 221 221 447 745 108 119 9 219 231 1,902 92 9 197 227 9 168 207 1,791 80 153 154 154 10,096 9,883 9,684 16,803 16,803 16,803 21,039 21,042 21,038 5,782 5,599 10,299 147 8,764 16,359 21,051 16,543 15,545 15,513 7,010 7,010 6,747 77,261 78,208 72,602 101,397 .04,606 97,373 17,748 7,369 66,888 92,860 90 250 1,595 2,966 5,313 678 90 254 1,560 2,966 5,354 617 90 263 1,482 2,966 5,280 759 88 384 1,317 2,966 5,522 1,521 7,820 8,095 578 8,476 8,274 8,268 176 7,572 7,637 528 7,851 7,942 4,957 1,809 8,562 1,757 6,040 485 1,734 5,311 290 1,911 4,790 373 1,457 5,185 400 2,608 709 37 1,902 4,243 959 2,608 710 33 1,770 4,236 993 2,608 707 39 2,597 681 39 1,711 4,231 1,054 1,860 4,141 1,048 230 136 339 497 139 231 125 451 539 191 231 112 421 494 202 221 176 279 499 112 448 199 240 860 73 44; 195 262 860 95 440 199 220 831 76 444 3 48 366 '839 85 66,065 97,222 67,64^ 83,622 66,06: 96,48 70,64 81,483 55,418 95,552 64,930 74,059 1 Foreign balances only. < Total deposits. 647 FEDERAL BESEBVE BULLETIN SEPTEMBER, 1928 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages) 1928 1927 July June May Nine London clearing banks (millions of pounds sterling); Money at call and short notice... Advances and discounts Investments Deposits 146 1,190 236 1,749 154 1,164 231 1,731 148 1,135 232 1,688 133 1,135 237 1,682 Six Berlin banks (millions of reichsmarks): Bills and treasury notes 1 Due from other b a n k s . . Miscellaneous loans D posits Acceptances 1 . 3,947 975 5,922 8,229 402 2,081 930 5,777 8,201 385 2,090 979 5,729 8,225 a 1,373 *843 *4,6G0 2 6,409 M04 Tokyo banks (millions of yen): * Cash on hand Total loans Total deposits Total clearings 278 2,072 2,040 2,986 292 2,092 2,075 2,839 July 2,074 2,622 1928 June May 216 1,955 1,788 1,753 1927 April June Banks of Buenos Aires, Argentina (millions of gold pesos): GoldBank of the Nation Other banks _ Other c a s h Bank of the Nation Other banks Loans and discountsBank of the Nation.. Other banks DepositsBank of the Nation ;.. Other banks , 153 231 155 219 145 210 140 200 485 732 485 750 487 751 549 735 759 944 744 695 871 Chartered banks of Canada (millions of dollars): Gold coin and bullion * 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 1,457 508 531 183 2,561 70 1,486 532 535 162 70 1,452 491 541 171 2,561 1,282 446 534 178 2,327 100 205 95 192 106 177 129 11 140 12 764 953 81 201 1928 June 1927 May April Juno Joint-stock banks of Denmark (millions of kroner): Loans and discounts Due from foreign banks Due to foreign banks Deposits and current accounts... 1,800 110 77 1,964 1,860 105 90 1,992 1,890 60 122 2,028 2,025 Joint-stock banks of Finland (millions of Finnish marks): Loans and discounts Due from abroad Due to abroad Deposits 9,430 195 501 7,807 9,290 184 • 510 7,60'J 8,9fi3 202 421 7,500 7,S23 215 359 0,6% 18,024 8,231 32,822 472 16,092 6,545 28,539 461 11.127 4,027 24,015 421 1,250 9,078 5,237 14, 'J94 2,839 1,374 8,693 5,423 13,489 2,456 Three commercial banks of France (millions of francs): Bills and national defense bonds. Loans and advances Demand deposits— Time deposits Four private banks of Italy (millions of lire): 1,175 Cash 8,871 Bills discounted 5,082 Due from correspondents 13,775 Due to correspondents 2,868 • Deposits 1,91U 56 143 Joint-stock banks of Norway (millions of kroner): Loans and discounts Due from foreign banks Due to foreign banks Rediscounts Deposits 1,429 80 10S 147 1,611 1,435 79 118 150 1,625 1,442 78 138 162 1,635 1,645 60 167 137 1,807 Joint-stock banks of Sweden (millions of kronor): Loans and discounts Foreign bills and credits abroad.. Due to foreign banks.__ Rediscounts Deposits -— 4,102 257 133 252 3,487 4,084 260 141 255 3,492 4,091 283 158 243 3,509 4,152 179 117 171 3,515 | Checks formerly included under "Acceptances » are included under " Bills and treasury notes" beginning with the March statement. 1 4 BegInnln|ein°November, 1927, figures have been included for 10 banks not previously covered by the reports. Not including gold held abroad. DISCOUNT RATES OF 33 CENTRAL BANKS [Prevailing rates, with date of last change] Country In effect since— Rate Austria Belgium Bsir8--.--- F 10 Colombia../'" Czechoslovakia gantig * Denmark England Change: Bank Jbly June Aug. Dec. May Mar. June June Apr. 17,1928 30,1928 31,1924 12,1927 15,1924 8,1927 21.1927 24.1926 21,1927 Country Estonia... Finland... France Germany Greece Hungary.. India, Italy Bate In effect since— Jan. 2,1928 Oct. May Aug. July June 4.1927 14,1928 26.1926 19,1928 25,1928 7,1928 % Aug. Jan. 19.1928 fi 10 6 5 5 6 VA 5 4H of Sweden from 4 to iH P<* cent on Aug. 24,1928. Country Japan Java Latvia Lithuania... NetherlandsNorway Peru Poland Rate In effect since— 5.48 Oct. May 6 6-7 Apr. Feb. Oct. Mar. May 6 May 8 10,1927 3,1925 1,1928 1,1925 13,1927 27,1928 17,1928 13,1927 Country Rate Portugal Rumania.... Russia South Africa Spain Sweden Switzerland. Yugoslavia.. 8 6 1H In effect since— July Sept. Mar. Jan. Mar. Aug. Oct. June 37,1926 4,1920 22.1927 9.1928 23,1923 24,1928 22,1925 23,1923 648 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 MONEY RATES IN FOREIGN COUNTRIES Netherlands (Am sterdam) England (London) Bankers' accept* ances, 3 months * 1026 July , August September October November December _ „ Treasury bills, 3 months 4.29 4.55 4.65 4.80 4.80 4.60 1927 January February March April >&F June July August September October November December... 1923 January Kebruary March April May Juno July Bay-to-day moneyl Bankers' allowance on deposits Private discount ratei 3.86 3.99 3.99 4.07 3.95 ! 3.78 5.73 5.80 6.21 6.14 6.12 7.13 4.20 4.23 4.59 4.61 4.90 5.39 5.90 6.82 5.90 6.69 6.76 6.87 4.19 4.18 4.12 4.02 3.97 3.82 3.99 Private discount rate* 4.13 4.18 4.07 4.01 3.95 3.80 3.97 Money for 1 month i 2.74 2,63 a 78 2.83 3.21 3.39 2.72 2.60 2.81 2.75 3.23 3.96 2.93 3.62 3.55 3.72 3.76 3.87 3.25 3.40 3.82 4.29 4.73 4.85 6.06 5.77 6.91 6.57 6.95 7.73 8.49 a 38 8.30 8.72 8.72 9.10 3.78 6.19 4.87 5.63 5.99 5.79 7.06 5.81 6.00 7.19 6.03 7.24 2.97 3.47 3.50 3.47 3.46 3.57 3.53 3.45 3.56 4.11 4.50 4.49 7,66 7.30 7.51 7.57 7.80 8.08 8.18 5.16 6.66 6.81 6.64 7.00 6.37 7.74 4.29 3.97 3.97 4.18 4.27 4.18 4.08 Private discount rate 3.16 2.87 2.98 3.13 3.19 3.42 3.47 3.44 3.39 Sweden (Stockholm) Private discount rate Private discount rate 6.70 6.75 6.72 6.64 5.77 4.34 6.00 7.00 6.98 7.25 6.69 5.77 8.60 8.50 8.50 a 96 9.25 9.25 6.94-8.76 6.75-8.40 6.39-8.40 6.21-8.40 6.3&-8.40 6.75-S.76 5.11-8.03 5,84-7.48 4.93-7.30 5.11-7.12 4.75-7.48 5.11-8.03 1927 January.. February. March... April May June July August*..^.. September Octobor._. November^ December*, 4.99 4.45 3.89 117 2.46 2.25 2.13 2.04 2.01 1.82 2.75 2.95 9.25 9.25 9.25 9.25 8.50 7.60 7.00 7.00 6.81 6.50 6.27 6,00 6.3&-S.76 6.21-8.03 fi. 84-7.67 fi. 84-8.03 6.57-7.67 6.67-8.76 6.21-8.40 5.48-8.03 fi.U-7.67 4.75-7.30 fi. 11-7.30 6.48-7.67 4.56-7.30 2.92-7.30 4.38-6.21 4.38-5.29 4.38-4.76 4.38-5.11 3.65-5.11 3.65-4.7fl 2.19-4.38 2.19-4.38 2.74-4.02 2.19-5.84 1923 January..„.„ FebruaryMarch April May June July 2.81 176 2.72 2.62 2.62 2.90 3.12 6.00 5.89 6.75 5.49 5.25 5.25 5.25 1926 July August September October November. December Private discount rate Private discount rate up Day-to-day] Loans to 3 money months Call money overnight 4.38-7.67 4.38-6.21 4.02-5.84 4.75-5.84 *4.75-5.84 4.38-5.84 1.64-5.11 1.46-4.02 2.92-4.02 2.56-4.02 1.46-4.02 1.46-4.02 i Figures are revised for 1927 and January-June, 1928. • Revised. MOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETINS for November, 1926, and April, 1927. SEPTEMBER, 1928 649 FEDERAL EBSEEVE BULLETIN GOLD MOVEMENTS [In thousands of dollars] United States Month Imports 1926 November December , Total (12 months) • 1927 January.... February March April May June July August September October November. December _• , , , , Total Net imports or ex- Ex* ports 16,738 17,004 Great Britain 7,727 7,196 9,011 9,808 213,504 115,708 97,796 59,355 22,309 16,382 14,503 34,212 14,611 10,738 7,877 12,979 2,056 2,082 10,431 14,890 44,465 2,414 19,895 5,625 10,757 2,592 11,911 2,610 31,702 1,840 12,771 1,803 8,935 1,524 6,353 24,444 -11,465 10,698 -8,642 55,266 -53,184 77,849 -67,418 207,535 201,455 Net imports Im* or ex ports Imports Exports 18,561 14,531 24,590 -6,029 18,609 -4,078 187,591 132,019 6,080 South Africa i Netherlands 55,572 India Net Net imports Ex- Imports or ex- or ex* ports Net imports or ex- n 464 108 174 290 2,613 -2,505 11,174 -13,020 -13,560 3,406 3,530 6,483 4,691 -200,795 83,627 74 11,514 18,181 -6,667 15,742 15,480 262 7,526 6,894 632 24,678 3,735 20,943 16,464 26,580 -10,116 8,435 9,674 -1,239 13,071 6,061 7,010 21,4r 5,782 15,687 7,637 8, 744 4,726 1,400 6,126 15,012 21,709 -6,696 9,485 10,546 -1,060 1,228 411 449 1,334 -1,053 3,015 5,190 -2,537 4,623 -4 f 421 2,477 -2,373 47 78 35 154 102 331 2 4,202 -18,899 -15,036 -10,924 -21,785 -14,720 -16,923 -21,896 -12,053 -23,0G4 -15,435 -16,456 -19,087 2,513 6,543 10,041 4,941 4,890 7,122 6,038 2,800 3,315 2,685 4,40S 3,916 157,905 137,008 20,896 10,498 16,937 -6,439 .-212,279 £9,176 8 12,716 -12,834 8,590 6,952 9,544 8,250 8,664 6,238 39 1928 January February March April May June « July „.. _ " 33,320 14,686 2,683 5,319 1,968 •20,000 11,531 52,086 -13,766 1,113 25,806 -11,120 6,074 97,536 -94,853 9,018 -91,150 29,834 1,175 —81,721 99,932 •-79,932 11,275 74,190 -62,659 28,024 409 5,230 8,010 29,012 487 10,568 27,392 1 1 9,016 76 402 34 137 106 141 Uruguay Venezuela... Australia British India...:"!" China and Hong Kong Exports 61,447 209 4,062 23 368 2,999 44 2 Dutch East Indies Japan Philippine Islands AU other c o u n t r i e s . . Total January-July July 2,000 12 32,525 125 308,002 27,610 2 24,062 4,000 304 75,516 300 656 3,161 2,899 69,400 24,984 269 810 2,053 873 953 9,000 303 5,470 2 "I,"448* 101 1,545 502 . 716 182 87 31 944 9,226 10,331 74,190 Exports Imports Calendar year Imports Exports 1 39,396 21,048 2,200 8,562 10,000 13,994 7 15,075 63f65Q 1,224 6,001 23 7,021 1,489 2,247 2,268 531 21,920 1,674 7,149 1,499 1,658 20,000 125 1,667 793 6,459 8,055 29,698 253 6,984 61,499 34,351 1,001 2,000 1,530 "*2;"974 7,166 1,960 21 9,206 93,308 (529,708 207,535 201,455 t 1927 1923 1927 1923 Belgium England France Germany.. Italy Netherlands Canada Central A m e r i c a . . . . Mexico Argentina Brazil choe ;::: Colombia Ecuador Peru 19 379 38 31 -920 -21.339 135 - 1 8 303 47 -17,923 -222 —17,339 51 76 M O V E M E N T S T O AND F R O M G R E A T BRITAIN [In thousands of dollars! M O V E M E N T S T O AND F R O M UNITED STATES [In thousands of dollars] Imports 192 66 157 89 107 i Figures are revised for 1926 and January-June, 1927. ' Revised. Country of origin or destination 20,042 10,875 9,167 13,026 19,257 -6,231 6,289 78,605 -72,316 11.760 2,943 8,816 18,746 5,498 13,248 39,672 6,409 33,263 23,958 9,436 14,522 Country of origin or destination Imports Netherlands...--.-. 4,915 Russia. — Spain and CanariesSwitzerland United States 24 South America British India British Malaya Egypt.. Rhodesia. 402 Transvaal 17,740 West Africa . . . . 248 629 All other countries-. Total January-July July 23,958 Exports Imports Exports Calendar year Imports 627 8 95,826 105 5,423 2,313 18,414 1,049 121 1,883 09 Eon 7,518 "fL5&7~ 973 2,017 973 1,011 125 7,400 925 . . . . . . . . 7 124 : : : : : : : : 1,374 3,194 124,348 70,665 16" 4,705 6~ 1,8S9 5,911 5,655 13,445 8,320 305 93 Exports 4,718 6,486 7,732 7,445 6,213 2£6,959 (142 12,462 3,452 3,799 20 49,680 9,436 133,492 133,023 157,905 137,008 650 FEDERAL KESERVE BULLETIN ^EPTEMBKE, 1928 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations. 1 In cents per unit of foreign currency] EUROPE Austria (schilling) Belgium (belga) Par value 14.07 13.90 1927—August 1928—January February March April May June July August 14.0629 14.0936 14.0823 14.0723 14.0674 14.0656 14.0685 14.0852 14.0S60 13.9107 13.9444 13.9232 13.9387 13.9641 13.9597 13.9615 13.9351 13.9070 oslo* Denmark Bulgaria Czech vakia (krone) (lev) (crown) 19.30 .7230 .7234 .7214 .7218 .7211 .7191 .7199 .7212 .7213 2.9627 2.9623 2.9625 2.9622 2.9624 2.9624 2.9625 2.9621 2.9623 England (pound) Finland (markka) France (franc) 26.80 486.65 2,52 »3.92 26.7785 2ft.7829 26.7733 26.7912 26.8224 26.8245 26.8173 26.7349 26.6S90 486.0233 487.5330 487.4840 437.6944 488.2045 488.1594 488.0262 4S6.3571 485.3525 2.5189 2.6187 2.5179 2.5176 2.5176 2.5174 2.5171 2.5171 2.5169 Italy (lira) Netherlands (florin) Norway (krone) Poland (iloty) Portugal (escudo) Rumania (leu) Far value 126 40.20 26.80 11.22 10S.05 19.30 1927—August 1928—January February— March AprilMay June July August 5.4396 6.2881 6.2930 6.2822 5.2764 6.2688 6.2607 5.2406 5.2334 40.0719 40.3334 40.2550 40.2501 40.3091 40.3473 40.3331 40.2479 40.1056 25.9374 26.5985 26.609S 26.6634 26.7390 26.7829 26.7845 26.7270 20.6881 11.2240 11.2402 11.2312 11,2255 11.1968 11.2133 11.2094 11.2011 11.2053 4.9574 4.9285 4.7573 4.2672 4.2101 4.2207 4.4258 4.4565 4.5260 .6163 .6177 .6145 .6185 .6273 .6194 .6152 .6136 .6110 NORTH AMERICA 3.9193 3.9308 3.0304 3.9343 3.9363 3,9359 3.9311 3.9163 3.9070 Russia > Spain (chervo- (peseta) netz) 514.60 * 515.0000 4 515.0000 « 515.0000 < 515.0000 « 615.0000 « 515.0000 * 515.0000 < 515.0000 * 515.0000 17.49 1.3083 1.3255 1.3229 1.3237 1.3168 1.3036 1.3023 1.2991 1.2952 17.4363 17.4748 17.4663 17.4685 17.4608 17.4589 17.4475 17.4350 17.4273 19.30 26.80 19.30 16.9000 17.0975 16.9782 16.8212 16.7641 16.7309 16.5681 16.4759 16.6101 26.8203 26.8780. 26.8371 26.83S8 26.8492 26.8300 26.8334 26.7843 26.7619 19.2759 19.2695 19.2389 19.2561 19.2713 19.2724 19.2754 19.2612 19.2521 Par value 100.00 100.00 49.85 96.48 38.93 32.44 12.17 97.33 1927—August 1928—January February.... March April May Juno July August 99.9-104 99.8159 99.8126 99.9963 100.0290 99.9117 99.7605 99.7894 99.9958 100.0073 99.9157 100.0428 100.0644 99.9877 99.9615 99.9495 99.9344 99.9667 47.3931 48.6946 48.6710 48.7436 48,7387 48.5583 47.8267 47.2920 47.4859 96.844S 97.1136 97.1376 97.2547 97.1915 97.2008 96.9438 96.1403 95.3955 34.7546 34.8000 34.8000 34.8000 34.8000 34.8000 34.7615 34.8000 35.3007 11.8237 11.9977 12.0088 12.0265 12.0329 12.0327 11.9924 11.9385 11.9404 12.0292 12.2098 12.2065 12.2115 12.2038 12.1910 12.1980 12.1390 12. 0779 98.2798 93.0036 98,0400 97.7944 98.2128 98.1923 98.1046 98.1024 97.2604 Argentina Bolivia > Brazil (peso-gold) (boliviano) (milreis) SOUTH AMERICA— Chile (peso) Colombia' Ecuador» (peso) (sucre) 20.00 19.3750 • 19.3750 19.5870 19.9537 20.0000 20.0000 20.0000 20.0000 20.0000 Peru a (libra) 19.30 1.7596 1.7625 1.7598 L7586 1.7599 1.7602 1.7605 1.7602 1.7598 China China China (Mexican (Shanghai (Yuan dollar)» tael)» dollar) * 66.85 60.3781 63.7548 63.1137 63.0645 63.2502 66.4450 66.2321 65.2332 64.9965 47.50 42.6259 46.1408 44.9318 45.3688 46.4958 47.2948 47.4315 46.8483 46.8549 Hong Kong (dollar)« 47.77 48.1600 60.4096 49.8564 49.8008 49.8658 51.0168 50.5411 49.9917 49.8974 India (rupee) 36.50 36.1252 36.7224 36.5189 36.6280 36.5647 36.5913 36.4618 36.2571 36.2501 Uruguay (peso) 486.65 103.42 . 374 9626 390.3400 390.1600 391.0925 397.7600 399.2692 399.5000 400.4800 398.0000 100.1381 102.7734 102.9357 103.6775 103.6345 102.9908 1012513 102.2849 102.5100 ASIA continued 48.11 43.3807 45.7410 45.3620 45.6106 45.7972 47.7899 47.7930 47.0S40 4a 9617 Yugoslavia (dinar) SOUTH AMERICA Mexico (peso) 19.30 19.1552 19.1700 19.1943 19.2500 19.2500 19.2500 19.2500 19.2500 19.2500 1.30 23.7859 23.8264 23.8577 23.9047 23.9154 23.9292 23.9009 23.8626 23.8327 Switzerland (franc) Cuba (peso) Par v a l u e . . . . . . . . . . 1927—August.! 1928—January . February.... March April May Juno July August 23.82 Sweden (krona) Canada (dollar) Venezuela > (bolivar) Germany Hungary Greece (reichs(drachma) (pengo) mark) ATBICA Japan (yen) 49.85 47.3322 46.8784 46.8740 47.1463 47.7136 46.6097 46.6149 45.8476 45.0505 Java* (florin) 40.20 40.1740 40.6596 40.5243 4a 3498 40.2228 40.2446 40.2327 40.1528 39.9752 Straits SettleTurkey ments (Turkish (Singapore pound) dollar) 56.78 55.9711 56.7050 56.7038 56.3469 56.2508 56.1362 56.1426 56.0416 65.9815 439.65 49.9774 51.6040 50.4843 50.5000 50.9034 51.2023 51.0877 Egypt (Egyptian pound) 494.31 493.2844 499.8316 499.7511 500.3780 600.6343 500.5540 500.4409 1 Bft e 5 A o n U00P. b u 5' i ?8 rat« fof <* bIe i ™ 1 1 8 ' 6 " I n N e w Y o r k as certified to the Treasury by the Federal Reserve Bank of New York, in pursuance of the provisions of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January, 1928, p £ 66-62. * Effective Juno 25,1923. »Averages based on daily Quotations of closing rates as published by New York Journal of Commerce ' Nominal. • Silver currency. Parity represents gold value of unit in 1913 computed by multiplying silver content of unit by New York average price of silver for 1913. This average price was $0.61241 per fine ounce, which compares with an avera^o nrinft nf ^n ^QIQI fnr Antmit- IQ*>S SO (iQ!i2ii for July, 1928, and $0.55029 for August, 1927. The corresponding London prices (converted at avlrage rate ol: exchange) Z^&^V&noT&nd $0.55220. 651 FEDERAL EESERVE BULLETIN SEPTEMBEK, 1928 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES SUBOPB Month United States (Bureau AusofLabor tria Statis- (gold tics)! basis) Belglum Bulgaria Czecho- Denslovakia * mark Germany Hun(Federal Statis- Federal Statistitical Resei ve cal BuBureau Board reau) basis) France England (Board of Trade) Finland (gold basis) 6£ 1927 January.. . ^ . . . . . . . February. _ March April.. May..:::::::::::: Jane July August ._ . September.*,. October November December . 07 06 05 04 04 04 04 *95 07 97 97 07 130 130 133 135 137 142 140 133 130 120 127 127 856 854 858 846 848 851 845 850 837 839 838 841 2,706 2,688 2,640 2,592 2,751 2,823 2,775 2,745 2,736 2.747 2,707 2,739 157 070 075 , 156 153 976 152 070 152 988 152 090 152 092 153 083 153 075 154 066 154 087 154 075 144 143 141 140 141 142 141 141 142 141 141 140 144 144 143 143 142 144 144 147 148 148 149 148 622 632 641 636 620 623 617 618 601 587 505 604 591 136 595 136 600 135 610 135 618 • 137 605 138 590 138 578 138 574 140 £54 140 545 140 567 140 1928 January. February. March.. . Apri].. May ::::::: June July *" August 06 96 96 97 99 98 98 129 128 129 131 131 133 133 851 848 848 847 844 844 841 2,782 2,826 2,839 2,891 2,906 2,866 982 985 978 984 987 9S6 979 141 * 144 143 140 144 141 145 143 143 144 145 143 145 141 607 609 623 619 632 626 624 569 569 587 601 617 621 153 152 153 154 155 155 155 EUROPE—continued Month Poland 1927 January. sssr AP£...:::::::::: June.... jmy.—::::::::: August September ~mmm'm October..: " November December.. 1928 January... February March.. April....:::: May... June...: July... August.. 139 13S 139 . 140 141 141 142 Italy Nether(Bachi) lands 127 120 128 ' 130 133 133 133 134 133 133 133 135 558 556 545 521 406 473 467 465 485 468 466 463 146 145 144 143 146 148 160 140 150 150 162 152 175 165 160 150 160 150 160 161 Ifi8 157 157 156 135 134 135 136 135 135 463 461 464 464 465 462 154 151 153 153 152 152 148 157 157 157 156 156 158 160 153 ASIA A N D OCEANIA SwitzerRus8la> Spain Sweden land* Canada Peru Australia China Dutch (Shang- East Indies hai) Norway (Oslo) ArBICA India (Calcutta) Japan (Tokyo) New Zealand Egypt South (Cairo) Africa 105 197 200 206 208 206 207 207 206 206 208 205 177 170 170 177 175 174 173 171 170 170 170 170 184 180 170 177 172 171 168 168 160 160 168 160 146 146 145 143 145 146 146 146 148 147 148 148 141 141 141 140 142 141 141 143 144 145 147 , 146 151 150 140 140 152 154 162 152 151 152 152 152 200 204 206 201 207 206 205 204 205 200 200 190 154 153 150 151 152 155 161 165 170 173 166 162 173 172 175 173 171 169 171 171 172 160 166 164 156 156 154 154 155 155 153 154 153 152 151 150 146 148 146 145 146 149 150 151 150 147 148 148 170 171 171 170 171 173 170 167 160 170 168 168 151 147 147 147 145 146 146 146 146 146 147 148 126 124 124 122 124 123 118 117 120 118 115 114 204 203 214 215 215 215 171 171 171 171 171 172 172 166 166 165 166 164 164 164 164 143 147 149 151 152 151 150 145 144 145 146 145 145 144 151 151 153 153 153 150 150 199 195 193 197 195 195 193 190 163 160 160 162 159 158 168 163 164 163 163 165 160 159 150 149 149 150 151 145 144 144 146 147 145 148 169 169 169 170 171 169 169 150 147 147 147 148 148 114 114 116 120 117 117 117 128 128 120 122 120 121 i N e w Index—1026=*100. * * ! « * <* month figures. 'New official index. N o T i . - T h e s e indexes are in most cases published here on their original bases, usually 1913 or 1014, as determined by the various foreign statistical offices which comnUft thA i n ^ i nitmhflrs ftnd furnish them to the Federal Reserve Board. In several cases, however, viz, France, Nether! S ? 8 J ^ ^ from original bases (190W010; UUMftlft October, 1000; 1909-1913; Index numbered commodity groups for most of the countries are also available in the office of the Division of Research and f.uu«* uumuere °» f t h iformation as to base periods, sources, numbers of commodities, and the period of the month for November, 1927. 652 FEDERAL RESERVE BULLETIN WHOLESALE SEPTEMBER, 1923 PRICES—Continued G R O U P S O F COMMODITIES [Pre-war-100] ENGLAND—BOARD OP T R A D E SWEDEN—BOARD O F T R A D E July All commodities Total food Cereals Meat and fish Other foods Industrial products Iron and steel Otbcr minerals and metals. Cotton Other textiles Miscellaneous June May 141 153 151 140 167 135 112 143 158 155 146 171 135 112 144 159 159 144 175 135 112 143 159 156 139 182 135 113 141 152 153 133 170 135 113 141 154 156 134 171 135 118 110 172 163 143 112 172 167 142 112 173 169 143 111 169 170 142 112 164 168 141 115 160 157 142 624 610 546 624 703 636 525 813 623 626 615 548 648 675 635 525 817 618 632 623 530 678 675 640 533 811 623 619 601 536 633 653 641 530 823 625 623 606 671 615 644 637 530 806 626 617 597 551 624 622 640 574 804 600 GERMANY-FEDERAL STATISTICAL BUREAU All commodities .... 142 Total agricultural products 137 Vegetable foods . . . 150 115 Cattle 136 Animal products 155 Fodder................ 13S Provisions Total industrial raw materials and semi-finished products 135 132 Coal 128 Iron 104 Nonferrous metals 165 Textiles 153 Hides nnd leather Chemicals . . . . . . . . . 127 78 Artificial fertilizers.... 122 Technical oils and fats. Rubber Paper materials and pap«r 151 Building material 161 Total industrial finished products 160 Producers' goods '138 Consumers' goods 176 141 136 153 115 126 160 139 141 136 156 105 132 162 140 140 134 154 100 133 158 136 139 131 146 100 139 148 134 133 138 162 111 129 151 130 135 131 123 105 164 151 120 82 120 27 135 131 123 104 167 156 126 82 118 25 134 128 126 104 165 160 126 83 115 25 134 131 127 103 162 157 126 83 112 33 132 130 127 106 155 134 123 30 125 44 151 161 148 160 143 158 149 158 151 161 159 137 176 158 136 175 153 136 174 157 136 173 147 130 160 All commodities . . . . . . . . . . . Vegetable products Animal products Fuels and oils . Raw materials for manufacture in iron and metal industry. Paper pulp and paper Raw materials for manu* facture in leather industry Raw and manufactured chemicals Raw materials Semifinished materials Finished m a t e r i a l s . . . . . . . *. Producers* goods Consumers' goods.. „ Sundries June May April March July 150 143 142 112 151 148 140 112 152 152 133 112 151 151 134 112 149 146 136 111 146 151 127 117 114 161 114 161 113 161 113 161 112 161 117 158 148 146 149 151 148 122 165 147 154 149 165 146 155 150 143 157 16S 149 157 151 143 159 165 148 154 151 143 158 166 145 150 150 140 157 169 137 151 148 138 153 483 549 584 506 465 462 433 426 517 493 565 617 503 466 456 441 427 517 496 667 621 501 469 466 443 425 618 493 657 599 605 463 460 448 423 522 491 553 533 510 467 456 443 422 523 483 556 500 652 516 653 512 665 507 554 143 155 CANADA—DOMINION B U R E A U OF S T A T I S T I C S All commodities Total raw materials Total manufactured goods. Vegetable products ... Animal products Textiles Wood and paper products. Iron and Its products Nonferrous metals . . . . . . Nonmetallic minerals Chemicals 150 150 143 152 147 169 156 139 96 171 149 150 152 148 159 141 168 156 140 96 171 149 153 156 149 169 153 168 156 142 96 170 150 153 156 149 170 140 167 155 142 94 170 150 153 155 148 164 145 171 155 142 94 170 150 152 156 148 176 134 156 154 144 93 170 154 AUSTRALIA—BUREAU OF C E N S U S A N D S T A T I S T I C S All commodities Metals and coal Textiles Agricultural products Dairy products Groceries and tobacco Meat Building materials Chemicals „_• 158 174 166 162 148 165 125 159 1S6 158 174 165 163 149 165 126 159 189 159 174 169 163 151 166 122 153 189 162 174 176 163 146 166 139 159 18S 160 174 176 160 137 166 141 159 190 161 179 150 167 161 168 139 152 133 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS 1927 1928 June ITALY—CHAMBER OF COMMERCE OF MILAN All commodities Total food Vegetablo foods. Animal foods All Industrial products Textiles Chemicals Minerals and metals.. Building materials Other vegetable products 1927 July April March July FRANCE—STATISTICAL BUREAU All commodities All foods Animal foods Vegetablo foods Sugar, coffee, cocoa.... All industrial material Minerals Textiles Sundries 1928 1927 1928 All commodities Cereals Pulses Tea Other foods OO seeds Raw Jute Jute manufactures Raw cotton.. Cotton manufactures. Other textiles 445 Hides and skins Metals 540 491 634 563 497 475 436 455 471 566 Other articles"!""!! May 147 132 150 176 155 140 102 149 179 159 144 149 125 137 FebApril March ruary 146 130 148 172 162 139 101 152 173 157 145 166 125 137 144 130 146 169 163 136 95 147 163 155 137 147 125 137 144 131 151 169 167 136 83 143 170 167 129 139 126 135 June 149 140 155 179 171 155 90 139 169 154 129 110 132 164 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 653 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES + [Pre-war-100] EUROPEAN COUNTRIES III Month OTHER COUNTRIK\ United States (51 cit- Austria Bel- Bul- Czecho- Eng- Esto- France Ger- Greece ies) (Vi- gium 1 garia slovakia land* n i a ^ (Paris) many (Athens) enna) NethSwitAus- India New er- Nor- Rus- zer- Can- tra- (Bom- Zea- South lands way sia* land a d a ' lia bay) land Africa 1926 December. 159 118 206 2,698 912 169 117 £99 150 1,073 631 146 184 236 169 151 168 164 149 117 1927 January... February.. March April May. June July August September. October... November. December. 156 153 151 151 152 155 150 149 151 153 153 153 119 119 118 119 119 122 122 120 126 127 126 128 207 210 201 200 196 201 205 202 206 210 211 212 2,586 2,569 2,533 2,478 2,630 2,699 2 653 2,625 2,615 2,626 2,587 2,618 914 014 915 923 930 949 962 914 910 907 905 913 167 164 162 155 154 154 159 156 157 161 163 163 119 120 118 118 119 120 122 118 111 112 113 113 592 685 581 580 589 580 557 539 532 620 600 623 151 2,002 152 1,995 151 1,997 150 2,021 151 2,063 153 2,063 156 2.059 160 2,044 151 2,070 152 2,071 152 2,086 163 2,101 625 642 635 617 665 641 524 618 509 609 510 513 147 146 146 145 145 145 144 143 143 146 148 148 180 177 173 169 169 172 175 175 174 173 171 171 208 208 205 203 201 199 199 199 198 198 199 200 15S 158 157 150 166 157 156 166 158 158 159 169 153 151 149 146 145 146 147 147 147 148 149 151 158 163 161 151 152 153 152 155 157 169 157 155 156 152 152 151 150 151 148 146 146 145 145 144 116 117 118 119 121 120 '1928 January ___ February.. March April May. June July August .. 152 129 149 127 148 125 149 126 151 — . . . . 150 150 211 207 201 202 197 200 2,660 2,701 2,713 2,766 2,778 2,740 913 910 902 905 908 928 162 159 155 155 156 157 118 118 122 126 126 126 530 522 524 632 546 '113 •111 2,127 2,098 2,087 2,119 M45 > 144 113§ *140 »141 M41 »141 M40 •1 142 140 148 149 150 150 150 150 150 170 170 171 171 172 170 173 170 201 202 203 203 205 206 211 158 157 156 156 156 157 157 151 149 147 146 146 145 146 154 152 163 154 154 164 152 151 151 152 151 152 154 1fi« 144 110 Lin 111 ll¥ 155 161 148 147 149 143 143 143 144 146 118 117 110 119 119 151 146 142 140 140 142 143 142 147 145 145 144 147 119 118 118 119 120 114 116 COST Of LIVING [Pre-war-100] OTHER COUNTRII1 EUROPEAN COUNTRIES MassachuCzecho- Engsetts Bel* slovakia land gium Month 1926 December. 1927 January... February.. March..;.. April..... MV;.:::: June July August September. October... November. December. „ 1928 January... March...:: May June July * Aus- India SwitItaly NethGreece Pin- France Ger- (Ath- Hun- (Mi- er- Nor- Po- Spain Swe- zer- Can- tra- (Bom- South den land ada > lia bay) Africa land (Paris) many ens) gary lan) lands way land 159 195 741 179 1,197 158 157 156 156 157 156 155 155 155 155 157 157 198 200 195 195 193 106 199 198 202 207 208 208 747 746 744 749 756 761 753 739 736 734 736 740 176 172 171 165 164 163 166 164 165 167 169 169 1,187 1,189 1,183 1,173 1,166 1,184 1,203 1,237 1,230 1,237 1,251 1,243 157 156 155 155 156 155 157 210 207 204 205 202 201 741 739 737 741 743 168 166 164 164 165 165 1,216 1206 1,214 1,212 1,207 1,219 1,23(J 11921=* 100. 645 524 525* 607 498 507 •105 144 1,889 116 657 145 146 145 146 147 148 160 147 147 150 151 151 1,900 1,896 1,898 1,911 1,938 1,951 1,960 1,951 1,955 1,956 1,964 1,978 119 120 119 119 119 121 119 119 119 120 120 120 655 667 663 651 151 151 151 151 151 151 153 154 1,986 1,973 1,966 1,991 3 135 «135 '131 121 120 119 121 121 121 »First of month figures. 686 648 643 537 63d 536 631 193 202 201 200 203 206 ""167" "Sol' 205 199 201 167 ""197* 202 205 210 205 195 170 195 194 197 191 186 185 184 192 187 189 188 186 207 204 205 203 209 209 178 175 176 175 171 172 162 166 •145 *145 169. •145 *145 *144 *145 "*176" >143 1 213 199 168 203 193 193 Revised on a gold basis. 159 171 "IS* "iff 171 "In* 151 160 162 160 151 159 150 158 148 160 148 160 149 160 149 160 . 149 161 149 161 150 162 160 162 151 161 161 160 160 160 161 161 151 150 149 149 149 148 148 157 "iw" "IS" "is?" "IBS" 157 156 139 156 165 155 153 152 164 166 157 154 151 150 151 130 330 131 131 132 132 132 131 131 132 132 132 IM 148 145 144 147 146 146 140 132 131 •132 •133 •133 132 131 • Revised. NOTE.—Information as to the number of toodf and itemi included, the original base periods, and sources may be found on page 376 of the April* 1925, issue of the BULLETIN. 654 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND TRANSPORTATION IMPORTS PRODUCTION Raw cctton Iron Cot- woolen Steel and visible ton ingots Finand Raw Raw Crude steel Coal mansupPie and ished worsted cotiron cast- steel ply* man* ufacton wool rubber tissues ufactures ings tures Coal Thous. Thousand Million Thous. sq. yd. long tons sq.yd. bales Thousand long tons 1927 Aoril Itfay June July August.—.. September.. October November.. December... •24,274 20,356 18,297 •23,776 17,852 19,504 * 24,712 19,634 •23,858 1923 January February... March April....-.., May June , July 20,0-15 561 20,119 551 »25,194 593 17,679 563 19,191 592 * 21,056 564 16,902... 6S0 720 651 64C 59C 592 596 576 559 692 656 574 581 850 8S5 747 687 643 777 699 699 605 • 587 625 584 582 642 626 764 793 644 753 709 567 614 674 630 615 335 4,118 422 4,803 4,313 4,176 4,257 385 4,242 385 4,141 399 4,127 352 3,886 319 9,479 417 11,406 333 13,559 *338 15,978 366 17,460 •343 14,395 316 13,061 406 16,351 293 15,041 189 132 104 67 57 72 96 119 116 1,061 1,070 1,052 1,081 1,057 973 332 317 409 344 359 366 333 3,905 4,008 4,111 3,722 4,487 4,346 4,163 340 16,919 319 14,458 401 15,119 317 9,970 VtVi\J 292 11,789 281 14,682 342 17,954 130 142 134 16% 127 114 84 1 i End-of-month figures. Thousand pounds Million pounds 1,759 1,713 ,625 ,467 i,350 [,2411 [, 190! 1,148 1,100 Includes Irish Free State. British railways Ships Raw cleared wet with Freight- Frei] hides cargo tram * train receipts traffic 102 119 135 92; 99! 52 28 35,577 25,249 21,537 26,059 22,534 28,806 28,000 24,707 23,885 6,720 7,919 6,829 5,570 5,049 7,035 8,031 8,814 24,754 19,851 26,636 20,287 12,860 19,077 18,473 6,665 6,930 6,399 6,860 6,172 5,850 5,853 Million Thous. Thous. ster- tontons £ ling miles Unemployment among insured Per cent 5,188 5,509 5,382 5,607 5,642 6,715 5,444 6,286 4,914 8,702 9,537 8,766 8,854 8,997 9,364 9,377 9,315 8,649 1,494 1,597 1,402 1,448 1,525 1,581 1,483 1,455 1,402 9.4 8.8 8.9 9.3 9.4 9.3 9.6 10.0 9.8 4,932 4,753 5,382 4,859 5,499 8,600 8,766 9,502 8,129 8,668 1,504 1,385 1 528 1,275 1,364 10.7 •10.4 •9.6 *9.6 9.9 10.8 11.7 5,491 •Revised. »5 weeks. FRANCE EXPORTS PRODUCTION Coal* 1927 April Afay June .. July August September... October. November.-. December 192S January February March.... April May June July TRANSPORTATION Raw Raw Ships Freight- Receipts silk forCoal Crude Cotton Cotton Total Total cotton of princicon- cleared car for confor con- sumpyarn cloth volume volume sump- sumppal railloadwith steel ways tion ings cargo tion tion Pig iron Thousand metric tons Thous, Pieces kilo- ofl,000 grams meters 5,427 5,462 5,388 5,382 6,499 5,334 5,503 5,333 5,517 774 794 747 769 773 761 796 764 796 681 712 672 677 694 693 723 684 735 10,439 9,983 10,527 10,119 11,086 10,306 11,211 10,744 11,360 5,541 5,283 *5,763 5,129 5,245 5,527 809 785 858 834 871 844 750 12,204 27,784 738 9,241 26,994 804 12,231 29,744 733 794 797 Thousand metric tons 27,479 2,835 25,891 *3,359 26,898 •3,145 24,086 3,302 28,389 3,061 25,522 3,340 29,781 3,378 29,076 3,216 30,174 3,423 3,001 3,590 3,314 3,442 3,262 3,576 1 •Revised 1 Coal and lignite, including Lorraine and the Saar. 1 End of month figures. IMPORTS Metric tons Thous. Thous. Average metric tons daily tons number 4,?33 *4,635 •3,855 3,654 4,215 3,620 4,095 3,810 3,908 23,661 27,796 24,596 14,859 17,155 18,520 28,642 44,432 63,025 332 439 538 355 417 515 637 519 597 3,519 3,653 4,086 4,328 4,161 4,153 39,056 28,924 28,179 27,748 21,494 30,153 415 1,299 593 1,349 677 • 1,540 684 1,552 452 1,658 772 1,425 1,862 1,961 1,449 1,210 1,613 1,262 1,480 1,364 1,425 3,670 3,772 3,771 3,796 3,733 3,657 3,800 3,485 3,508 Thous. francs 58,817 * 1,239,544 985,138 60,868 1,003,013 59,495 1,023,131 57,391 1,022,819 57,386 1,084,700 61,032 1,074,836 66,507 1,000,419 62,963 1,263,928 61,456 917,976 3,148 60,426 968,577 3,113 64,792 3,860 65,446 * 1,064,286 1,093,175 3,913 61,265 1,103,660 4,029 60,680 1,400,342 4,364 61,535 1,083,826 Unemployed Busireceiving ness munici- failpal aid in ures" Paris» Number 23,719 15,924 9,355 7,531 6,401 6,094 6,860 8,106 10,075 Num ber 125 152 159 176 141 81 164 180 160 188 14,012 161 12,989 146 10 483 5,796 2,978 ._— 1,227 796 » Number of failures in the Department of the Seine. * 5 weeks. SEPTEMBER, 1926 655 FEDERAL RESERVE BULLETIN INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA-Continued GERMANY TRANSPORTATION PRODUCTION Coal Lignite MaIron chinery Dyes and and Pig Crude Pot- iron and eleciron steel ash manu- trical dyestuffs factures supplies Thousand metric tons Coal Raw Raw wool copper Cotton Iron ore 1027 April.; May June July August September October November December... 11,79411, .297 12, 11,82011,780 12,635 12,089 12,997 12,817 12,71112,907 13,09412,531 12,874 13,430 13,238 14,133 1,052 1,130 1,068 1,109 1,116 1,105 1,140 1,119 1,150 1,288 1,378 1,328 1,362 1,432 1,375 1,414 1,401 1,368 92*397,098 91 380,827 86 335,210 99 352,756 104 344,981 109 357,924 104 352,734 109 336,485 115 352,472 1928 January February March April May , June July , 13,42114,222 12,92613, " " 14,118 14V 11,715 12,263 11,932 12,964 11,83113,241 12,48313,531 1,181 1,122 1,170 1,045 1,044 1,021 1,035 1,469 1,323 1,422 1,161 1,248 1,295 1,311 132 133 132 96 363,026 390,776 434,798 412,810 398,470 453,231 466,400 Arrivals of Freight Tradeunion vescar memsels loadbers in unemHam- ings ployed burg Thous. Thous net reg. wag* ons tons Metric tons •57,521 *14,243 1,587,608 17,698 18,340 44,736 ,407,035 1, 49,165 14,512 2,655,321 27,585 20,9X140,615 1, .. ,394,279 45,478 13,2002,061, . . . . . . . ,74719,67619, 544 32,1191,820,771 48,538 13,669 2,401,11616,34717, 687 31,5151,831,819 42,748 12,824 2,402,044 11,937 24,778 24,390 2,050,052 55,971 13,435 2,076,169 7,329 23,876 24,253 1,737,088 51,658 13,699 2,155,732 6,919 21,218 37,2401,593,892 55,788 12,488 " ' " * i; ' 845,51911,08617,20051,0261,.,431,493 *" " " 59,620 13,987 1,903,237 12,668 19,641 52,633 .,289,597 1, 48,810 50,449 54,788 57,102 56,516 53,880 53,200 UNEMPLOYMENT Unem- Busiployed ness failpersons ures receiving State aid Per cent Number 1,593 1,694 1,696 1,666 1,604 1,661 1,764 1,727 1,854 3,489 3,790 3,709 3,005 4,059 4,080 4,326 4,156 3,811 8.9 870,378 7.0 649,274 6.3 540,717 5.S 452,007 5.0 403,900 4.6 355,500 4.5 339,982 7.4 604,509 12.91,188,274 421 464 427 428 407 360 445 674 619 12,458 2,272,09518,084 20,566 37,032 1,183,214 1, 11,985 2,229,956 25,26018,563 36,8391,146,188 15,799 2,250,616 21,433 22,941 28,0011,407,989 l'767 14,318 2,115,161 22,333 20,443 30,772 1,275,088 1,849 14,045 1,665,48119,312 19,214 31,045 1,053,621 1,889 14,613 1,420,802 16,473 19,362 29,0891,279,688 1,819 13,400 1,842,000 8,400 21,800 23,900 1,282,800 1,791 3,541 3,584 4,069 3,439 3,727 3,844 11.21;, 333,115 1,237,504 10.4 1 9.2 1,010,763 6.9 729,321 6,3 629,470 610,687 564,064 766 699 791 614 692 702 655 •Revised. CANADA PRODUCTION Index Conof strucintion duscontrial tracts pro* awardduction Coal News- Flour ed print Re- Receipts at stockceipts IMPORTS yards in EXPORTS of wheat Toronto and Winnipeg at Fort William Raw and ' Wood Wheat Coal Crude petro- cotPort Cattle Hogs boards ton l leum Arthur Thous. Thous. Thous. 1919bar- dol- bush1024=* Thousand els lars 100 short tons rels 1927 April May.. , June. . July.::.::-; August September. October.... November. December. 1928 r January..., fe5 jfcri June J l : : : 157.51,315 163.71,,306 161.L.81,[,444 . 2 1L,230 151. 157. Oil 317 " \ 6 1,339 147. 151.1.51,,469 151.0 1,,753 161.51,867 166 172 171 163 180 170 191 190 182 1,154 1,455 1,314 1,019 1,158 1,528 2,005 2,120 1,767 160.31,683 166.11,,414 168.21,,405 160.6 1,,123 187.91,,,258 176.211,338 171.4 1,3 187 100 198 193 204 192 184 1,579 1,464 1,617 1,304 1,541 1,359 1 First of month. t 52,229 50,881 29,881 32,788 47,135 30,261 50,427 20,480 25,875 22,946 56,346 70,684 59,926 38,360 Number 1 an.17, N u m Thous. Thous. Thous. Thous. Thous. dol- Numbush- Thous. ber ber 1920= lbs. tons lbs. 100 lars els 1,205 37,725 1,471 49,049 1,5611103,662 1,4341 70,305 1,495 77,253 1,599; 91,865 1,479, 78,905 1,548 64,978 1,366 67,626 10,375 10,129 10,697 8,484 7,267 4,814 6,684 11,987 19,198 3,211256,357 3,980259,394 3,843273,733 3,483:260,113 4,181! 282,807 4,137,304,295 4,185;300,238 4,124,344,767 3,970'286,719 50,436 50,550 50,739 37,167 40,112 35,026 46,419 70,910 62,204 119 202 227 215 204 188 182 174 122 93,802 138,100 191,723 154,801 171,134 164,223 144,795 158,396 147,531 20,182 28,698 15,863 6,620 12,197 14,071 19,430 52,805 44,809 44,311 71,535 63,286 31,374 47,733 50,000 37,306 50,458 32,806 44,047 57,553 43,262 111 117 150 99 151 178 182 113,297 128,606 182,229 113,220 148,272 146,917 146,184 15,201 •1,226 58,501 19,635 3,904 265,487 18,372 •1,235 47,810 11,854 3,858:267,131 18,655 •1,349 82,871 12,239 5,720285,567 8,301 2,929 23,876 7,065 4,058:25:2,131 30,282 1,288! 75,670 6,910 5, 204|300,295 21,960 1,176; 95,725 8,469 5,402,294,451 32,426 1,168 80,434 7,462 5,125'313,529 12,593 33,652 17,330 39,056 7,344 35,830 10,679 39,980 2,399 70,347 8,580 79,141 51,416 94,718 70,965109,927 41,025 44,936 21,095 9,545 •3,251 879 17,618 20,146 14,393 Million Machin* ery Total Index revof Business enue emfailcar ploy-1 ures* load- ment ings Total number of firms failing during the month. • Revised. 96.2 100.6 105.9 108.4 109.2 109.7 109.0 107.5 106.8 128 127 138 117 147 128 163 152 160 197 99. S 167 100. 163 101.4 132 101. 105,5 •146 112-41 130 116.3 138 656 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 RULlftGS OF THE FEDERAL RESERVE BOARD Liability incurred by a member bank through issuance °urchaseed>S Check *** fede™1 ^ ^ e x c h a n g e The Federal Reserve Board has recently been asked to pass upon the question whether the liability t incurred by a member bank through the issuance of its cashier's check for Federal reserve exchange purchased creates a deposit liability or a liability for money bornnyed. The transaction out of which the inquiry arose may be described as follows: A member bank which is temporarily short in its reserves arranges with another member bank having a temporary excess in reserves for the use of a stipulated amount of Federal reserve credit, for one day or more, as may be agreed upon. The bank purchasing the credit either gives its cashier's check to the selling bank, to be held for one day or more, as the case may be, or, dispensing with the formality of issuing a cashier's check, authorizes the selling bank to clear^a ticket for the amount through the clearing-house settlement on the day agreed upon, and the selling bank either gives its draft on the Federal reserve bank to the buying bank or arranges with the Federal reserve bank to transfer on the Federal reserve bank's books the stipulated amount from the account of the selling bank to the account of the buying bank. The question arises whether the liability thus created should be carried on the books of the buying bank as "money borrowed" or as "cashier's checks outstanding." The transaction above described clearly is a temporary loan intended for the purpose of avoiding the necessity of rediscounting with the Federal reserve bank or showing a deficiency in reserves, and the resulting liability clearly should be treated as money borrowed. In using Federal Reserve Board Form 105, as revised May 21, 1928, it should be carried as a liability under item 30, "Bills payable, including all obligations representing money borrowed other than rediscounts," and on the reverse side of the form it should be carried under the main heading "Bills payable and rediscounts," and under item 3 thereof, "Advances received on other instruments given for the purpose of borrowing money." pounds sterling made by a member bank, in the London branch of a New York City bank, which is repayable at the end of 90 days in dollars at a rate of exchange already determined may be considered as a balance due from a bank and therefore deductible from balances due to banks in computing the amount against which reserves must be maintained by the bank making such deposit. The board has previously ruled that deposits in foreign branches of American banks which are payable in dollars may be considered as balances due from banks and, therefore, are deductible, but that deposits in foreign branches of American banks payable in foreign currency may not be considered as balances due from banks and, therefore, are not deductible. (FEDERAL RESERVE BULLETIN, July, 1925, p. 483.) Although the balances in question will be payable in dollars at the end of 90 days at a rate of exchange already determined and the depositing bank knows exactly how many dollars will be due to it at the end of 90 days, such deposit is created as a deposit in pounds sterling and will not become payable in dollars until the expiration of the 90 days. In applying the above-cited ruling, therefore, such a deposit should be treated as a foreign currency balance which is not deductible until the end of the 90 days, when it will become payable in dollars and will be deductible. There is another and more important reason why this balance can not properly be treated as a balance due from banks and is not properly deductible from balances due to banks. The provision of section 19 of the Federal reserve act which authorizes the deduction of balances due from banks from balances due to banks in computing reserves is based upon the theory that balances due from banks are available for the purpose of meeting withdrawals, and therefore may properly be offset against balances due to banks; whereas the balance in question is not payable until the end of 90 days and could not be used for this purpose. In the board's opinion, therefore, such a balance is not a balance "due" from a bank either within the letter or the purpose of section 19. The board rules, therefore, that the balance Balances in foreign branches of American banks carin question can not properly be treated as a ried in foreign currency but repayable in dollars balance due from a bank and can not be deThe question has been presented to the Fed- ducted from balances due to banks in computeral Reserve Board whether a deposit of 100,000 ing reserves. FEDERAL RESEEVE BULLETIN SEPTEMBER, 1928 657 LAW DEPARTMENT Amendment to Federal Reserve Board's Regulation K The Federal Reserve Board on August 3, 1928, amended Section IV of its Regulation K, Series of 1928, which has to do with the titles of corporations organized under section 25 (a) of the Federal reserve act, so as to read as follows: SECTION IV. TITLE Inasmuch as the name of the Corporation is subject to the approval of the Federal Reserve Board, a preliminary application for that approval should be filed with the Federal Reserve Board on F. R. B. Form 150, which is made a part of this regulation. This application should state merely that the organization of a Corporation under the proposed name is contemplated and may request the approval of that name and its reservation for a period of 30 days. The title of every such Corporation shall include the word "foreign1' or the word "international*" No Corporation will be permitted to have the word "bank" as a part of its title. So far as possible the title of the Corporation should indicate the nature or reason of the business contemplated and should in no case resemble the name of any other corporation to the extent that it might result in misleading or deceiving the public as to its identity, purpose, connections, or affiliations. New handbook of Federal reserve system As announced on page 449 of the July the Federal Reserve Board has in course of preparation a new edition of its Digest of Rulings which constitutes a complete and convenient handbook of the Federal reserve system and the national banking system. The final proof of this book has been sent to the printer, and it should be ready for distribution within the next 30 days. As explained in the previous announcement, this book has been brought up to date and its scope has been broadened to include not only a complete digest of. the published rulings of the Federal Reserve Board but also the text of the Federal reserve act, the national bank act, all related acts, and the instructions and regulations of the Comptroller of the Currency. The scope of the book is indicated by its table of contents,7 which is as follows : BULLETIN, Page Directory of the Federal Eeserve Board and the Federal reserve banks v Preface vn Subject analysis of rulings of the Federal Reserve Board and related matters published in the Federal Reserve Bulletin, May, 1915, to December 31, 1927, inclusive, arranged according to sections of the Federal reserve act, the Clayton Antitrust Act, the national bank act, revenue acts of 1917-18, and the World War adjusted compenstaion act xi Digest of rulings 1 Regulations of the Federal Reserve Board in effect January 3, 1928. ___ _ 125 Federal reserve act as amended to February 25, 1927 _ 199 Appendix to Federal reserve act, containing related acts. 26G National bank act as of March 1, 1927 291 Instructions of the Comptroller of the Currency relative to the organization and powers of national banks, 1928 389 Regulations of the Comptroller of the Currency further defining the term " investment securities" as used in the act approved February 25,f 1927. ... ..... 545 Federal reserve act as originally enacted December 23, 1913 547 Summary of all amendments to Federal reserve act, through February 25, 1927 579 Textual changes made in Federal reserve act by all amendments through February 25, 1927 599 Map of the Federal reserve system 642 Tables: (a) Table of rulings in the order published in the Federal Reserve Bulletin, with citations to their numbers appearing in this digest. 643 (6) Table showing the places in the Federal Reserve Bulletin where the text of the various regulations and circulars of the Federal Reserve Board have been published from time to time 646 (c) Table showing sections of the Revised Statutes as contained in the national bank act. 647 Index - 649 The Digest of Killings states in brief and concise form the substance of the published rulings and opinions which have interpreted the various provisions of the Federal reserve act and other laws affecting the Federal reserve system. It states the opinions and conclusions reached in sufficient detail to make it unnecessary in most cases to refer to the full text of the rulings as published in the BULLETIN. Citations to the volume and page of the BULLETIN containing the full text of the original rulings are furnished, however, for the convenience of those who desire to know the reasons for the conclusions stated in the rulings. The usefulness of the book is greatly enhanced by a new general index covering everything in the book, which is very complete and which will enable the user to find readily all the authorities on the point for which he is searching, whether it be contained in the Federal reserve act, the acts supplementary and relative thereto, the national bank act, the regulations of the board, the published rulings of the Federal Reserve Board, or the instructions and regulations of the Comptroller of the Currency. The text of the book proper covers 647 pages, the general index 124 pages, and the entire book 658 FEDERAL RESEEVE BULLETIN SEPTEMBEE, 1928 more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations Changes in State Bank Membership which come into competition with national banks are permitted to act under the laws of the State in which The following list shows the changes affecting State the national bank is located. bank membership during the month ended August 21, 1928, on which date 1,237 State institutions were members of the system: DisPowers Name of bank Location trict No admissions. granted 774 pages. It will be bound in durable buckram and the price is $2 per volume. Orders are now being received by the Federal Reserve Board. No. CHANGES Capital Surplus Total District No, 1 Fidelity Trust Co., Portland, Me., (voluntary withdrawal) , $400,000 $400,000 $20,705,681 District No. % The Municipal Bank of Brooklyn. N. Y.: Title changed to Municipal Bank & Trust Co. of Brooklyn. Franklin Bank and Trust Co., Newark, N. J., has absorbed the Washington Trust Co., Newark, N. J., nonmember, and changed its title to Franklin-Washington Trust Co 1,000,000 400,000 11,144,840 District No. 4 Gloucester National Bank Amoskeag National Bank First National Bank Industrial National Bank Prospect National Bank .. The City National Bank 1 to First National Bank.. Carolina National Bank Clifton Forge National Bank.. First National Bank Fourth National Bank Commercial National Bank__. First National Bank do do._ Groos National Bank i Supplemental. 200,000 200,000 2,141,141 District No. 11 Number of banks 25,000 5,000 197,489 300,000 50,000 2,190,800 60,000 40,000 627,520 Acceptances to 100 Per Cent The following member institutions have been authorized by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of their capital and surplus: Merchants National Bank, Mobile, Ala.; Citizens & Southern National Bank, Savannah, Ga.; United States National Bank, Galveston7 lex. Fiduciary Powers Granted to National Banks During the month ended August 21,1928, the Federal Reserve Board approved applications of the national banks listed below for permission to exercise one or 12 Ito9 Ito9 Ito9 7 and 9 Ito9 Ito9 I 5 to 9 15 to 9 lt0 9 1 only. Ito9 1-toO Ito9 Ito9 The Comptroller of the Currency reports the following increases and reductions in the number and capital of national banks during the period from July 21 to August 24, 1928, inclusive: District No. 6 First State Bank, Whito Beer, Tex. (absorbed by First National Bank of White Deer, Tex.) American Trust & Savings Bank, El Paso, Tex. (voluntary liquidation).. First State Bank & Trust Co., Snyder, Tex., has absorbed the First national Bank of Snyder. 1 to 9 Changes in National Bank Membership Woodlawn Trust Co.,Wood]awn, Pa.: Now Woodlawn Trust Co., Aliquippa, Pa. Nicholson Bank & Trust Co., Union, S. C. (voluntary withdrawal). 1 Gloucester, Mass... 1 Manchester, N. H_. 2 Ellenville, N. Y.___ 2 New York, N.Y._. 3 Trenton, N. J 4 Dayton, Ohio 5 Mount Airy, N. C.6 Anderson, S. C 5 Clifton Forge, Va._. 6 St. Petersburg, FlaColumbus, Oa ' 6 6 Lafayette, La 10 Osmond, Nebr 10 Chanute, Kans 10 Cody, Wyo 11' San Antonio, Tex. $3,250,000 0 3,035,000 New charters issued Restored to solvency Increase of capital approved *-. Aggregate of new charters, banks restored to solvency, and banks increasing capital Amount of capita 6,285,000 26 1,205,000 400,000 Liquidations , Reducing capital- 1,605,000 Total liquidations and reductions of capital-. Consolidation of national banks under act of Nov. Consolidation of"a"natIonai*Dan"k"and"a"state"bank under act of Feb. 25,1927 Total consolidations Aggregate increased capital for period Reduction of capital owing to liquidations, etc. Net increase „ •i — 950,000 275,000 1,225,000 6,285,000 1,005,000 4,680,000 1 Includes one reduction in capital of $50,000 incident to a consolidation under act of Nov. 7,1918, and one reduction of $25,000 incident to a consolidation of a State bank under act of Feb. 25,1927. 659 FEDERAL EESERVE BULLETIN SEPTEMBER, 192S DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS BY CLASS OP DEPOSIT [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Total Boston fiJJIs discounted: 1927—July August • . „ . . . . . . September.. October .. November.December .... 1928—January . . . . . . . February........ March....... AprD May . . . . . . . . June Julv August ..... Total deposits: 1927—July August . . . . . . . September....... October !. November „__ December 1028—January - ---<February . . . . . . . . March . . . . April... May .. .... June... . . . July... . Member bank reserve balances: 1927—July August September. October November. December. . . . . 1928—January February..... March April M a y . . . ... June__........... July August.... Government deposits: 1927—July... . August . . September.. October November. . December....... 1928—January February ..... March April... May June July August AH other deposits: 1927—July August September October ..... November.. December. 1928—January February * March. April May. June . . July August. New York Philadelphia Cleveland Rich* mond Atlanta Chicago St. Minne- Kansas Dallas Louis apolis City San Francisco 4540 409.4 422.2 424.4 415.2 528.6 465.3 470.7 513.2 650.9 835.5 1,018. 7 1,089.6 1,060.8 29.7 29.9 28.4 33.3 36.4 40.2 23.fi 45.2 49.5 44.4 59.6 84.8 68.0 61.1 122.9 118.4 142.4 126.9 106.5 171.1 152.9 119.3 130.0 210.9 296.9 376.1 382.6 321.3 46.8 39.6 38.2 38.4 38.1 47.9 44.4 53.1 49.2 52.7 60.4 80,2 93.8 99.1 35.4 27.8 34.8 43.7 46.8 58.6 51.0 50.8 57.0 60.8 68.4 89.3 100.8 80.1 21.8 19.7 26.3 28.9 21.5 24.4 26.9 27.3 27.8 34.6 43.0 48.0 54.9 56.6 36.3 34.7 31.1 26.0 32.7 36.1 29.3 28.3 25.2 38.9 51.9 59.8 68.5 76.8 39.7 40.5 31.4 36.fi 46.9 65.0 59.0 50.0 67.9 87.6 109.5 136.1 156.7 159.4 29.8 24.7 28.0 21.6 18.1 19.3 16.0 24.0 26.1 33.1 39.0 52.9 55.1 58.8 6.0 6.1 4.4 2.7 2.6 3.0 3.7 4.0 3.3 10.1 10.6 8.5 12.2 18.5 12.fi 9.3 10.7 15.7 iai 15.2 12.7 11.4 10.5 18.8 22.9 22.4 23.9 22.7 7.4 12.7 11.0 7.2 8.4 5.4 13 11 3.8 8.0 9.0 11.3 16.7 29.8 45.8 46.1 35.6 43.7 39.1 42.4 41.0 63.1 63.1 61.3 613 49.4 56.5 76.7 2,339.6 2,331.6 2,350.9 2,380.9 2,430.0 2,436.0 2,472.4 2,419.5 2,411.7 2,450.2 2,438.8 2,394.9 2,372.6 2,330.2 152.6 152.0 153.4 157.2 161.7 156.8 158.4 154.1 153.7 159.0 155.7 150.6 151.4 149.6 918.9 902.1 911.1 921.3 946.3 959.1 9714 942.7 948.8 972.8 965.1 942.1 919.4 889.8 138.0 138.6 140.9 141.5 142.3 140.1 143.8 140.4 140.7 142.3 140.8 137.8 137.2 134.4 189.6 192.1 190.5 190.1 192.8 188.8 192.0 192.2 189,5 190.3 191.8 188.9 190.1 189.33 74.3 74.5 74.6 74.7 76.7 75.1 76.0 75.1 72.9 73.4 71.8 70.2 70.1 69.7 68.fi 67.5 68.8 70.8 . 70.4 70.5 72.6 72.5 71.2 72.4 70.9 67.8 66.5 66.4 337.9 345.5 344.0 346.8 345.7 350.0 355.8 349.7 349.7 353.fi 358.2 355.9 355.4 350.6 82.6 81.6 81.6 84.7 87.9 87.9 87.6 87.5 84.5 84.3 84.1 81.6 81.6 80.8 50.6 49.7 £2.6 55.6 57.8 66.4 55.1 64.6 55.3 53.9 53.1 54.0 53.3 52.6 90.9 91.6 90.2 90.5 912 93.3 913 95.0 914 94.1 92.8 91.8 93.7 918 60.2 59.8 63.0 66.4 69.2 69.8 70.6 70.6 68.5 67.0 66.3 65.2 65.6 04.8 175.4 176.fi 180.3 181.1 1819 188.1 191.9 185.0 182.5 187.3 188.0 189.0 188.3 187.4 2,288.9 2,283.1 2,300.5 2,326.0 2,373.0 2,399,2 2,426.4 2,368.1 2,365.0 2,396.5 2,387.6 2,354.5 2,323.5 2,273.9 151.1 150.2 151.0 155.0 157.4 155.1 155.9 151.0 151.2 156.3 153.6 149.3 149.9 147.1 894.8 880.9 888.7 895.9 922.5 944.9 957.9 924.4 931.6 955.5 946.8 925.9 902.4 872,0 136.4 136.8 138.6 139.4 139.8 138.7 141.7 138.5 138.6 139.3 138.5 136.2 134.7 132.0 187.1 189.3 187.4 187.4 188.5 186.3 188.9 188.1 186.0 186.7 188.7 185.9 186.8 185.8 71.6 72.0 72.1 71.8 74.1 73.5 73.8 72.4 70.6 69.9 69.0 68.5 67.2 66.2 60.7 65.6 67.6 63.fi 68.6 69.3 70.7 70.0 69.4 69.1 68.3 66.6 64.7 03.7 333.9 341.2 339.7 343.0 342.5 347.2 352.1 345.8 345.7 348.1 353.2 352.0 351.0 344.8 81.0 80.0 80.1 82.5 85.3 86.3 86.1 85.0 82.8 82.5 82.3 80.3 79.7 78.5 49.1 48.3 51.0 54.0 56.3 55.2 53.3 53.1 53.9 52.4 51.6 52.9 52.0 50.7 88.8 89.9 88.9 88.8 01.0 91.3 92,1 92.4 92.4 91.9 90.6 90.3 91.7 92.4 58.8 58.3 61.7 618 67.7 69.0 68.8 69.3 67.1 85.4 619 64.1 63.7 62.5 169.6 170.5 173.8 1719 179.3 182.3 185.2 178.2 175.8 179.5 ISO. 3 182.6 179.9 178.2 2.4 2.0 4.2 5.4 2.9 2.2 2.6 6.8 5.9 5.2 5.3 4.1 3.7 6.9 .9 1.2 1.6 1.3 1.2 .6 1.4 1.3 1.6 2.3 1.6 .8 1.3 1.4 .9 1.1 1.3 .9 .9 .7 1.4 2.2 1.9 1.7 1.6 .8 1.0 1.2 2.3 2.2 2.1 2.4 1.3 1.0 1.8 2.3 2.0 3.0 2.3 1.2 2.2 2.7 1.4 1.6 .9 1.6 .8 .7 1.5 1.9 1.5 2.7 2.0 .8 1.4 2.2 2 1 2.6 2.4 1.7 .9 .8 1.9 2.3 2.2 3.0 2.8 1.1 1.8 2.7 1.1 1.1 1.0 1.2 .9 .6 1.0 1.4 1.2 1.2 1.3 .7 1.1 1.2 1.2 1.1 1.3 1.0 1.7 1.3 .9 .9 .7 .6 1.3 1.4 1.1 1.3 1.4 .6 1.2 1.4 1.0 1.2 1.1 1.3 1.0 .5 1.4 1.0 1.2 1.4 1.1 .7 1.5 2.0 1.6 Ld 2.1 1.7 .8 .8 2.0 1.8 1.6 1.9 1.9 .9 2.7 3.2 21.7 19.3 18.2 20.0 20.9 12.1 13.9 11.5 11.3 12.1 13.1 12.1 13.4 10.8 •7 1.6 1.7 1.8 1.8 3.4 1.9 l.S 1.9 1.6 1.9 1.6 2.1 2.3 2.2 .3 .3 .3 .7 1.0 .4 .3 .6 .3 .6 .6 .4 .5 .6 1.8 1.7 1.8 2.0 2.3 2.0 1.8 1.7 1.8 2.4 2.3 2.8 2.7 3.1 .6 .5 .fi 1.1 1.7 1.0 .6 1.0 .5 .6 .6 .7 .8 1.0 .3 .3 .3 .6 .8 .6 .4 .3 .4 .5 .4 .5 .5 .5 .3 .4 .2 .2 .3 .fi .3 .3 .2 .2 .3 .3 .3 .4 .4 12 14 13 Ifi 4.8 19 4.7 5.0 5.2 5.9 5.9 5.6 5.7 6.0 17.4 17.9 20.3 20.4 12.8 10.0 19.4 25.6 23.0 26.8 23.8 12.8 19.5 27.9 33.1 30.5 30.1 34.4 1 44.2 1 26.8 26.6 25.8 23.7 26.9 27.3 27.5 29.7 28.4 .8 1.0 1.4 1.1 .9 .8 1.9 2.0 2.0 2.1 1.6 .6 lie !s 1.0 LI 3.4 .9 .6 1.2 .5 .6 .6 .7 .9 .9 .6 .7 .9 1.4 .8 .7 .6 .6 .8 .8 .9 1.1 1.0 ,*3 .4 .6 1.3 .5 .4 .3 .5 .4 .5 .7 .7 .6 1.3 1.2 1.0 1.0 1.1 .6 .9 1.4 .4 .8 2.6 • 1.3 1.0 1.2 .9 .9 .9 .9 .8 1.0 FEDERAL KESERVE BULLETIN 660 SEPTEMBER, 1923 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT T H E END OP EACH M O N T H [In millions of dollars] 1923 1927 July August JanDeSep- Octo- Noember ber vember cember uary February \Tarch April May 3,002 149 "148 2,964 2,922 2,805 2,733 131 131 135 134 2,797 169 2,808 166 2,729 162 2,698 155 2,595 148 2,549 146 2,597 154 3,152 3,146 3,095 3,054 2,940 2,867 51 48 42 52 58 77 2,966 85 2,974 70 2,891 57 2.854 57 2,742 56 2,695 51 2,751 58 June •July RESOURCES Total gold reserves.. Reserves other than gold . —-.. - - Nonreserve c a s h . . . Bills discounted . . Bills bought: Outright Under resale agreement — --—- 442 401 437 412 477 682 423 493 599 834 1,021 1,095 1,031 153 19 118 67 174 76 266 76 238 66 310 82 333 46 303 41 296 54 326 31 271 21 194 23 149 13 379 172 135 250 342 355 392 344 350 357 292 217 162 -..-_ 385 7.5 470 2.9 487 19.5 519 2.9 544 4.1 560 431 56.6 6.1 399 8.5 336 8.5 281 14.7 204 10 199 36 204 10.5 Total United States securities Other securities . . . . . . . . . . . . . . . . . . ....... 392 1.3 473 .3 506 522 648 617 .9 408 1.) 395 1.0 296 1.0 220 1.1 235 .5 215 .5 Total bills bought United States securities: Bought outright.—.-., Under resale agreement .—._._— Total bills and securities. Due from foreign b 1a n k s . . . . . . . . . . . . . Reserve bank float ... .... Total reserve bank credit outstanding Federal reserve notes of other reserve banks Other uncollected items not included in float Bank premises.—....—..* All other resources Total resources 437 .5 1,000.8 1,059 U 9 1,276 1,381 1,591 1,240 1,245 1,345 1,488 1,634 1,543 1,408 ^ % 48.7 12,2 .6 36.2 31.3 35.7 19.4 34.1 63.0 14.2 17.9 19.4 6.8 13.6 36.5 24.3 1,093 19 614 59 14.8 2,102 17 555 59 17.7 2,231 1,296 18 605 60 13.0 22 576 60 13.6 1,416 1,055 24 2) 633 651 60 58 14.0 14.7 1,254 20 563 59 10.4 1,263 17 680 69 11.2 1,365 13 540 59 9.9 1,486 15 634 59 9.6 1,643 13 699 60 9.2 1,585 16 562 60 8.0 1,433 21 573 60 8.4 5.065 5,072 5,145 5,346 4,957 4,975 4,935 5,025 6,033 4,977 4,905 19 17 18 1,669 1,659 1,718 22 1,712 20 1,697 24 1,766 20 1,561 17 1,571 13 1,590 16 1,587 18 1.688 16 1,628 21 1,593 1,688 1,734 1,717 1,790 1,581 1,583 1,603 1,602 1,606 1,645 1,615 4,903 4,945 LIABILITIES Federal reserve notes: Held by other Federal reserve banks Outside Federal reserve banks Total notes in circulation Deposits: Member bank-reserve account Government Foreign bank Other deposits „ Total deposits Deferred availability items Capital paid in Surplus All other liabilities...^ Total liabilities Contingent liability on bills purchased for foreign correspondents.... . 1,676 1,736 2,277 2,299 2,293 2,324 2,379 2,487 2,391 2,375 2,366 2,442 2,371 2,325 2,267 25.1 12.7 27.4 21.2 2.1 18.4 39.9 23.6 24.1 19.9 27.fi 21.1 30.4 10.1 5.5 47 5.1 9.1 9.5 4.8 4.6 6.7 6.1 4.6 6.2 6.0 19 24 23 24 20 31 23 21 19 24 19 17 17 2,330 514 130 229 11.8 2,341 2,349 4,903 4,945 151 2,386 2,413 555 605 576 638 131 131 131 132 229 229 229 229 13.2 14.5 16.1 17.fi 166 5,065 5,072 188 189 2,531 651 132 233 8.2 2,435 563 134 233 10.4 2,426 580 137 233 11.6 6,145 {5,346 4,957 4,975 186 229 237 239 2,410 540 136 233 13.6 2,602 534 133 233 16.0 2,436 699 140 233 18.6 562 141 233 18./ 2,320 573 143 233 20 9 4,935 5,025 5,033 4,977 4,905 242 261 26S 303 306 » Uncollected Items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. 2,378 661 FEDEEAL RESERVE BULLETIN SEPTEMBEK, 1928 FEDERAL RESERVE BANKS-AVER AGE DAILY RESERVES AND DEMAND LIABILITIES IN AUGUST AND JULY, 1928 [In thousands of dollars] Total cash reserves Total deposits Federal reserve notes in circulation Reserve percentages Federal reserve bank July August Boston New York.... August July 81,631 53,314 93,651 65,563 188,347 144,838 348,233 131.694 196,420 54,280 128,428 278,610 57,268 53,681 58,426 31,282 166,676 140,235 347,071 130,781 193,996 52,858 131,363 273,172 57,687 55,448 55,801 30,071 173,743 2,372,629 1,649,836 1,642,226 149,562 Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis-, Kansas City.. Dallas San Francisco. 224,314 903,602 160,527 278,551 65,044 105,490 452,149 76,466 71,895 104,852 46,342 258,346 208,748 865,162 160,842 256,765 65,708 115,979 449,861 85,143 77,247 59,507 286,934 134,403 189,325 69,692 66,446 350,561 80,752 52,635 94,795 64,842 187,386 Total... 2,747,578 2,730,221 2,330,159 July August 151,418 919,413 137,157 190,115 70,094 66,527 August July 76.2 73.0 60.3 72.2 52,5 54.1 71.9 55.4 67.6 68.4 48.2 73.0 71.6 68.3 60.0 66.8 53.5 58.6 71.6 61.1 71.0 65.8 62.2 79.2 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank Total Boston New York Gold with Federal reserve agents: Aug. 1 , 1,117,466 Aug. 8 1,107,601 Aug. 15-... . 1,117,450 Aug. 22. 1,107,113 Aug. 29.... 1,093,837 101,934 109,508 107,264 109,630 111,694 175,367 175,367 175,284 175,175 175,175 63,309 72,563 71,555 66,020 65,243 6,923 8,541 9,853 6,559 3,621 1,180,775 1,180,164 1,189,005 1,173,133 1,159,080 108,857 118,049 117,117 116,189 115,315 690,048 695,550 694,976 715,244 724,889 60,364 71,888 59,523 67,347 74,094 218,902 175,915 211,969 196,060 200,959 40,902 49,428 37,252 36,294 35,040 728,715 729,702 728,611 725,611 734,840 26,299 25,438 26,817 26,871 29,355 491,012 494,806 498,560 497,466 495,623 27,120 27,595 27,392 27,593 28,017 2,599,538 2,605,416 2,612,592 2,613,088 2,618,809 195,520 215,375 203,457 210,407 218,764 901,653 865,749 903,797 884,633 890,906 151,006 158,914 154,329 154,453 148,075 156,027 150,042 14,185 13,663 13,346 12,692 12,556 30,228 28,505 Gold redemption fund with United States Treasury: Aug. 1 Aug. 8Aug. 15 .•„. Aug. 22 Aug. 29 Gold held exclusively against Federal reserve notes: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Gold settlement fund with Federal Reserve Board: Aug. 1 Aug. 8. Aug. 15 Aug. 22 Aug. 29 Gold and gold certificates held by banks: Aug. 1 Aug. 8 ' Aug. 15 Aug. 22. Aug. 29 Total gold reserves: Augl Aug. 8 Aug. 15. Aug. 22 ^ Aug. 29 Reserves other than gold: Aug. Aug. Aug. Aug. Aug. 1 8 15 22 29 147,414 146,085 Phila- Clevedelphia land Richmond Atlanta Chicago St. Louis Minne- Kansas Dallas apolis City San Francisco 25,392 72t166 214,808 24,496 68,158 214,742 23,427 67,422 214,613 18,090 67,563 214,525 19,594 64,266 214,625 22,940 22,345 22,099 15,493 15,256 44,543 43,509 43,509 40,509 44,489 4,080 4,828 4,285 4,520 4,419 7,050 9,131 7,957 6,835 8,843 5,786 6,012 5,700 6,307 6,073 3,102 3,873 3,578 1,264 2,082 1,803 2,233 2,781 2,074 2,731 1,287 1,269 1,532 1,780 1,929 191,739 138,037 27,708 76,246 195,028 81,891 136,759 26,634 72,986 193,268 137,593 25,507 71,707 191,107 90,566 148,197 20,548 72,083 194,324 85,018 146,733 22,304 68,685 221,858 223,873 222,570 221,360 223,368 28,726 28,357 27,799 21,800 21,329 47,645 47,382 47,087 41,773 46,571 46,171 50,845 50,444 50,027 49,677 16,657 17,457 17,339 18,063 15,384 194,147 180,903 188,889 181,420 170,372 72,057 76,182 84,459 84,876 78,159 15,829 9,937 135,357 27,782 20,959 10,769 149,867 24,474 19,877 8,814 159,141 18,432 24,096 13,468 171,803 12,637 21,820 13,979 171,629 30,136 18,474 18,164 14,166 21,316 17,087 44,622 44,864 42,264 45,334 36,875 11,919 9,693 10,101 10,177 12,751 33,903 43,347 28,978 31,836 32,360 41,417 41,987 40,466 40,935 7,958 8,311 8,757 10,614 12,038 7,463 7,651 5,215 3,067 3,371 54,727 54,814 55,020 52,625 54,220 5,438 6,80 16,336 5,220 6,544 13,712 5,419 6,611 12,681 4,865 6,954 12,527 5,108 7,344 14,997 32,002 31,287 30,815 30,795 32,299 251,511 254,928 261,900 273,539 265,827 51,495 55,904 54,141 55,258 56,162 03,646 91,406 85,736 88,618 86,035 411,942 428,554 436,731 445,788 449,217 97,594 102,253 99,319 102,315 93,896 44,912 40,862 40,021 40,767 43,132 260,052 255,537 244,051 235,031 7,420 14,499 6,870 14,192 6,711 15,073 6,479 14,220 6,003 14,916 11,571 11,030 10,603 10,151 9,680 18,711 18,054 17,284 16,559 16,318 18,986 18,023 18,319 18,793 18,591 5,10C 6,149 5,505 5,370 5,129 5,880 5,644 5,872 5,587 4 983 10,399 10,203 10,172 10,680 10,630 78,089 75,315 81,549 80,546 79,327 16,372 4,895 19,661 6,576 17,984 8,136 '15,932 10,020 19,149 5,691 27,284 26,693 131,130 131,507 132,204 142,617 141,8356,907 5,252 5,389 5,580 4,898 2,316 2,138 2,080 2,458 2,710 12,142 12,337 11,576 11,768 11,533 68,650 71,557 65,168 70,766 57,807 66,672 46,205 67,954 62*998 68,766 16,810 16,413 17,065 17,345 18,326 2296 2,451 2,454 2,260 44,368 15,370 48,612 16,188 47,663 15,807 47,953 16,283 46,946 13,455 191,359 177,854 186,609 178,729 167,275 2,788 3,049 2,280 2,691 3,097 662 FEDERAL KESERVE BULLETIN SEPTEMBER, 192$ FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total Total reserves: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Nonrcserve cash: Aug. 1 Aug. 8 Aug. 15 Aug. 22 - r —Aug. 29 Bills discounted: Secured by U. S. Government obligations— Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Other bills discounted— Aug. 1 Aug. 8 Aug. 15 . Aug. 29 Total bills discounted: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug.'29 Bills bought in open market: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 U. S. Government securities: Bonds— Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Treasury notes— Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 „ Certificates of indebtedAug. Aug. Aug. Aug. Aug. !.„, 8... 15... 22... 29.. Total U. S. Government securities: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Other securities: Aug. 1 Aug. 8 Aug. 15 Aug. 22. , Aug. 29 Total bills and securities: Aug. 1 Aug. 8 Aug. 15 Aug. 22. Aug. 29 Boston New York Phila- Cleve- Richdelphij land mond 2,755,565, 2,755,458 2,763,29;' 2,761,40! 2,764,894 209,705 229,038 216,803 222,999 231,320 931,88: 894,25932,091 911,911 917,59 158,42C, 165,784 161,04C 160,935 154,07r 266,011 269,12C 276,973 287,759 280,743 63,066 66,934 64,744 65,409 65,84r 112,35' 109,460 103,020] 105,177 102,353 60,1' 58,337 60,354 57,582 58,24 5,846 5,402 5,970 5,828 5,919 18,964 18,535' 1853 18,088 17,462 ,794 ,858 ,833 ,701 1,668 4,325 3,05: 3,611 3,41; 3,141 3,911 3,89; 3,927 3,333' 3,764 4,47' 4,834 5,045 4,928 4,057 9,063 8,743 8,519 8,036 8,189 655,50C 603,944 566,854 584,984 604,31f 28,187 30,4251 3i;627 30,659 240,904 184,205 154,961 186,109 186,84f 69,254 68,307 72,464 73,984 78,322 62,01C 20,74! 52,247 20,977 17l 598' 48,143 21,277 20,835 17| 730! 48,959 24,009 18,718! 136,974 127,745 112,593 112,860 102,433 430,271 37,860 457,34; 32,978 435,6SC 36,847 452,5421 28,371 434,457' 27,056 98,979 145,18£ 119,61-' 127,91', 105,677 25,144 23,370 25,61£ 24,65S 26,865 35,289| 32,901 31,101! 31,480 32,686 36,003 57,363 57,704 57,573 56,396 58,215 35,59$ 33,759 32,165 Atlanta Chicago St. Louis Minne-j Kansas Dallas apolis City 430,928 85,46C 446,577 81,581, 455,050 74,872 464,581 63,550' 467,808 81,324 73,795 73,062 69,123 70,408 71,026 102,694; 107,402 104,824| 107,685 99,025 50,792 46,506 45,893 46,354 48,115 270,451 265,740= 258,854. 254,631 245,661 3,197 3,332 3,603 3,41 ' 3,91: 1,143 1,078 1 1 296 1,030 1,240 1,905 1,737 2,46£ 1768| 2,280 2,40] 2,475 2,339 2,492 2,200 3,14L 3,391 3,156 3,549 3,608- 49,167| 37,133 39,986 37,274 35,180 21,475 8,431 18,9771 7,707 19,285 10,238 23,575 10,434 . 26,259 33,664 35,297 35,208 42,117 39,126 8,269 14,638 40,433 11,081 17,015 47,66010,853 14,497 51,984 8,769 14,825 47,259 12,682 15,650 49,457 7,607 7,246 8,125 8,700 8,715 13,907 12,885 10,960 13,065 14,032 12,120 13,759 15,141 14,702 14,818 55,139 16,038 54,274 14,953 54,493 18,363 65,692 19,134 65,385 19,033 22,176 23,966 21,813 21,834 26,714 26,758 64,010 30,774 72,781 29,638 75,329 29,527 81,472 30,468 85,541 1,085,771 1,061,285 1,002,534 1,037,446 1,038,773. 66,047 63,403 67,738 59,998 57,715 339,883 329,393 274,575 314,026[ 292,522 94,393 91,677 98,079 98,639 105,187 87,299 85,148 79,244 68,377 81,645 56,347 54,736 53,442 54,487 60,012 71,540 75,302 77,241 74,126 76,933 186,141 164,878 152,579 150,134 137,613 165,879 161,847, 189,902 183,600 184,299 19,856 14,361 18,839 19,430 19,010 35,288 32,170 50,393 41,691 45,042 14,290 13,890 15,192 13,611 12,468, 17,318 18,678 20,085 20,834 19,724 6,677 7,461 7,793 8,079 6,183 12,406 12,754 13,000 12,983 12,860I 10,676 11,507 12,569 11,795 12,874 136 128 11 11 11 9,971 10,184 9,932 9,865 9,497 55,099 55,259 54,819 54,599 54,764 703 703 703 703 1,548 4,519 4,519 4,519 4,519 4,809 11,140 10,890 10,890 10,090 10,599 87,677 87,641 85,622 85,651; 88,251 2,486 1,713 1,713 1,713 2,841 1,384 1,3S4 4,292 14,481 11,523 7,993. 7,583 14,101 7,125 7,125 7,125 7,125 64,968 65,972 66,660 65,949 211,663 207,868 206,413 206,910 208,964 u 23,577 25,121 23,34534,213* 36,084 8,467 10,707 8,512 11,835 8,878 12,486 10,284 13,540 10,823 12,592 20,087 20,367 20,724 21,477 23,215 7,969 7,969 7,919 8,444 41 41 42 42 985- 585 585, 17 504 934 [ 548| 548 1,460 1,153 1,153 1,153 1,153 1,153 49 29 24 79 195 19,927 19,927 19,927 19,927 19,927 9,723 9,002 9,002 9,002! 9,723 27,843! 26,623! 27,0091 27,009 28,226 862 £94 594 594 694 3,239 3,055 3,055 3,054 3,289 5,240 3,847 4,972 5,412 5,372 4,312 3,925 3,925 3,925 4,312 3,091 2,912 2,912 2,912 3,591 4,427 4,427 4,427 4,427 4,427 19,614 11,340 15,594 ll,340| 16,314 17,639 16,893 5,550 5,550 5,550 5,550 5,550 1,529 1,529 1,529 1,529 1,530 1,889 1,900 2,094 1,897 1,891 9,151 9,197 9,287 8,847 8,887 2,214 2,214 2,214 2,214 2,214 4,327 4,327 4,327 4,327 4,327 3,919 3,964 3,964 3,964 3,964 4,927 4,926 4,9264,926 4,926 7,616 6,843 6,843, 6,843 8,816 35,479 28,501 25,691 26,606 35,286 33,897 33,107 33,107 33,107 3,544 3,276 3,276 3,276 3,277 5,227 .34,318 7,125i 11,045 18,558 4,954 32,971 16,625! 10,658 18,129 5,173 34,186 16,625 10,658 18,129 5,030 34,186 16,625 10,658 17,329 5,375 34,186 11,335 18,517 15,824 15,326 15,276 15,801 16,026 17,382 16,521 16,522 16,522 18,720 37,544 49,201 53,289 36,285 50,607 57,935 39,443 48,820 57,400 40,147 49,447 58,868 40,360 56,054f 59,086 101,479 109,669 112,575 119,471 127.476 21,648 20,927 20,927 20,927 22,190 500 93,519 84,607 93,420 86,271 85,541 410,650 130,336 138,514 66,568 390,064 126,494 136,933 65,473 351,159 134,198 132,436 64,511 133,177 122,318 65,842; 373; 3501 139,8451 136,605 69,472' 12,414 11,554 11,554 11,554 12,809 490 490 490 490 490 \ 990| 990 ! 1,463,803 1,431,490 1,399,839 1,428,946 1,433,0261; San Francisco 89,173 93,040 95,414 92| 139 95,lGSl 231,135 209,356 199,334 196,115 184,6731 62,400 71,027 71,129 82,328 65,396 663 FEDERAL RESERVE BULLETIN SEPTEMBER, 192S FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total New York Boston Due from foreign banks: Aug. 1 Aug. 8 ... Aug. 15 . Aug. 22 Aug. 29 Uncollected items: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Bank premises: Aug. 1 ^ Aug. 8 Aug. 15 Aug. 22 Aug. 29 All other resources: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Total resources: Aug. 1 Aug. 8 Aug. 15 Aug. 22_ Aug. 29 573 574 575 574 574 37 37 37 37 37 651,501 593,054 735,573 636,859 615,468 55,533 71,655 59,264 57,308 60,115 60,123 60,125 60,134 60,132 3,824 3,824 3,824 3,824 8,463 8,743 8,813 8,913 5,000,197 4,907,779 5,028,750 4,954,310 4,941,248 218 219 219 218 218 Richmond 52 52 52 52 52 25 25 25 25 25 186,572 52,952 58,716 154,481 48,576 54,916 201,013 59,875 65,651 170,634 49,742 62,660 165,389 50,288 57,624 46,308 45,342 57,218 44,387 44,575 47 47 47 47 47 Atlanta Chicago 21 21 21 21 21 St. Louis 21 21 21 21 21 San Francisco Minneapolis 13 13 14 14 14 18 18 18 18 18 17 17 17 17 17 35 35 35 35 35 18,438 77,135 27,194 13,628 21,385 74,006 25,173 13,968 24,515 96,383 33,887 14,637 23,391 80,579 29,582 14,559 20,096 78,443 28,207 13,402 42,598 39,180 44,949 40,122 38,379 25,744 23,954 27,312 24,706 26,929 35,927 36,540 38,478 37,233 34,828 16,568 16,568 16,568 16,568 16,568 1,752 1,752 1,752 1,752 1,752 6,806 6,806 6,806 6,806 6,806 3,482 3,482 3,483 3,483 3,483 2,833 2,833 2,833 2,833 2,833 8,720 8,720 8,720 8,720 8,720 3,902 3,902 3,901 3,902 3,900 2,202 2,202 2,202 2,202 2,202 4,308 4,308 4,308 4,303 4,308 1,884 1,892 1,894 1,901 1,901 3,834 3,834 3,834 3,835 3,835 1,267 1,277 1,440 1,349 1,795 256 270 262 1,271 1,287 1,297 1,311 1,324 412 402 393 415 447 1,272 1,283 1,278 1,266 1,249 1,000 1,000 1,021 1,034 552 669 682 694 313 8S4 861 1,043 844 862 420 415 420 415 418 495 503 506 521 524 575 599 599 603 607 1,566,120 1,475,402 1,521,029 1,501,597 1,492,381 345,546 344,879 359,051 347,621 347,840 475,694 472,165 486,831 484,321 486,295 183,777 185,555 194,301 182,894 187, f~ 228,671 232,856 232,126 229,755 226,677 758,032 748,471 769,075 759,121 748,936 182,726 185,705 188,095 183,491 183,074 129,209 127,469 127,758 129,204 129,106 201,144 203,667 205,804 203,763 200,482 134,622 133,282 135,361 134,859 138,772 415,442 419,808 417,531 419,357 416,050 128,696 128,771 128,240 127,167 126,261 273,783 275,889 276,194 278,178 280,611 57,570 57,490 57,394 56,794 56,354 54,002 53,829 53,342 53,680 53,273 55,897 57,931 58,802 59,135 58,826 29,555 30,479 30,320 31,833 32,278 164,323 165,862 165,330 166,492 166,852 63,477 350,522 64,819 346,932 63,615! 346,540 63,403 346,902 63,322; 335,592 78,698 79,306 78,844 77,143 79,340 49,757 48,822 49,668 50,039 50,200 92,390 87,836 92,123 92,828 91,964 64,251 62,699 62,427 63,133 63,019 179,422 179,006 177,418 173,413 175,965 5,667 2,146 1.701 4,173 2,545 1,263 1,615 490 1,357 1,524 1,642 1,806 566 1,360 1,893 1,479 2,007 678 1,237 1,018 934 3,469 1,030 1,358 1,191 2,679 5,964 332 1,855 3,361 436 378 378 378 378 273 237 237 237 237 365 317 317 317 317 355 308 308 308 308 719 624 624 624 624 94 79 ' 79 104 78 379,314 378,520 391,788 378,327 384,027 Phila- Clevedelphia land LIABILITIES Federal reserve notes in circulation: Aug. 1 Aug. 8 Aug. 15 Aug. 22. _ Aug. 29 Deposits: Member b a n k — r e s e r v e account— Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Government— Aug. 1 Aug. 8 Aug. 15 Aug. 22 „ Aug. 29 Foreign bank— Aug. 1 Aug. 8_,__ Aug.15 Aug. 22 Other deposits—" Aug. I . . . . . . . . Aug. 8 Aug. 15 Aug. 22. Aug. 29 Total deposits: Aug. l Aug. 8 „ Aug. 15 Aug. 22 Aug. 29.. Deferred availibility items: Aug. 1 Aug. 8 "... Aug. 15 Aug. 22 Aug. 29_..« 1,612,690 1,627,586 1,633,622 1,641,967 1,650,996 142,023 142,475 142,892 144,220 147,982 340,067 339,951 344,739 344,684 343,565 126,898 128,879 131,219 129,388 130,155 188,798 193,621 196,607 195,625 199,555 51,078 52,409 53,543 54,771 55,234 2,343,504 2,265,606 2,285,180 2,280,560 2,268,682 146,154 150,350 149,458 145,799 147,016 935,417 863,957 877,781 879,519 877,231 131,512 131,825 134,340 132,887 131,222 186,837 182,421 185,277 185,560 187,844 65,067 67,633 67,689 64,929 65,967 29,970 42,277 9,307 17,331 27,324 1,306 1,453 349 533 3,419 7,229 15,182 628 2,313 3,106 1,038 1,409 154 119 1,713 790 925 8 668 lf487 3,221 2,958 1,715 SS2 4,435 2,722 3,343 1,156 1,471 9,523 8,724 8,953 9,140 9,799 760 660 660 660 2,248 2,412 2,641 2,828 3,487 962 835 835 835 835 1,054 914 914 914 914 517 443 448 448 448 426 369 1,408 1,222 1,222 1,222 1,222 19,197 17,803: 20,053 18,599; 18,877 162 432 403 140 8,449 9,058 9,574 7,115 7,530 200 228 315 123 202 1,184 1,394 1,374 1,471 1,265 261 294 195 291 220 80 94 127 139 290 1,286 1,150 977 1,135 2,125 355 387 529 737 691 348 227 328 314 390 628 431 472 746 570 179 28 76 55 75 5,939 4,350 5,604 6,070 5,379 2,402,194 2,334,410 2,323,493 2,325,630 2,324,682 148,508 152,625 150,949 147,400 151,235 953,343 890,609 890,624 891,775 891,354 133,712 134,297 135,644 133,964 133,972 189,865 135,654 187,573 188,613 191,510 71,333 70,047 66,550 71,070 66,705 68,625 65,267 65,382 65,613 351,450 350,440 353,432 341,434 80,752 81,686 80,241 79,615 81,933 52,020 51,092 50,799 51,950 52,720 94,862 90,591 93,590 95,128 93,869 65,719 66,504 63,841 64,854 64,593 188,759 189,944 184,478 186,967 185,329 587,799 547,270 665,639 584,711 562,768 59,614 54,216 68,561 57,246 55,345 155,886 127,780 167,086 146,447 137,996 47,782 56,495 44,469 52,263 54,693 61,941 46,691 59,327 46,078 54,394 44,087 42,210 51,095 41,896 41,561 16,877 19,114 22,086 20,623 18,1511 70,752 66,370 87,626 72,606 71,722 27,486 29,521 33,269 29,790 27,982 12,055 11,387 12,457 12,387 11,925 36,457 41,138 39,464 35,509 33,767 26,041 22,935 27,820 24,777 28,443 34,267 35,817 39,541 37,512 35,404 ir- 664 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES-Continued [In thousands of dollars] Federal Reserve Bank Total Boston Capital paid in: Aug. 1 Aug. 8 Aug. 15 Aug. 22 , Aug. 29 Surplus: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 , All other liabilities: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Total liabilities: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 New York Phila- Cleve- Richdelphia land mond Atlanta Chicago St. Louis 143,009 143,057 144,695 144,854 144,860 9,895 10,039 10,039 10,034 47,564 47,564 48,792 48,845 48,859 14,179 14,181 14,365 14,36Q 14,368 14,25S 14,301 14,301 14,301 14,301 6,073 6,078 6,075 6,080 6,080 5,140 5,136 5,213 5,243 5,243 18,22 18,223 18,222 18,207 18,204 5,381 5,381 5,388 5,397 5,397 233,31' 233,31fl 233,31f 233,311 233,31! 17,893 17,893 17,893 17,893 17,893 63,007 63,007 63,007 63,007 63,007 21,662 21,662 21,662 21,662 21,662 24,021 24,021 24,021 24,021 24,021 12,324 12,324 12,324 12,324 12,324 9,996 9,996 9,996 9,996 9,996 32,778 32,778 32,778 32,778 32,778 10,39; 10,397 10,397 10,397 10,397 21,186! 22,137 22,982 23,829 24,623 1,38: 1,411 1454 1,529 1,538 6,253 6,491 6,781 6,839 7,600 1,313 1,391 1,465 1,547 1,604 2,256 2,305 2,388 2,434 2,514 1,149 1,201 1,217 1,273 1,289 1,157 1,214 1,324 1,344 1,413 3,615 3,761 3,815 4,020 4,137 5,000,197 4,907,779 5,028,750 4,954,310 4,941,248 379,314 378,520 391,788 378,327 384,027 1,566,120 1,475,402 1,521,029 1,501,597 1,492,381 345,546 344,879 359,051 347,621 347,840 475,694 472,165 486,831 484,321 486,295 183,777 185,555 194,301 182,894 187,608 228,571 232,856 232,126 229,755 226,677 08.6 69.5 72.2 77.6 73.8 76.5 77.3 72.0 72. 75.5 73.8 74.3 60.8 63.0 60.3 61.1 70.2 71.0 72.1 74.9 71.8 52.5 54.1 52.4 53.9 52.1 57.5 65.5 53.2 54.6 53.3 306,285 22,924 305,018 22,924 290,180 22, 116 21,763 277,897 21,154 85,562 78,455 81,004 75,386 Minne- Kansas Dallas apolis City San Ftancisco 4,202 4,202 4,202 4,202 4,200 4,318 4,318 4,318 4,305 4,307 10,755 10,761 10,760 10,849 10,849 7,039 7,039 7,039 7,039 7,039 9,046 9,046 9,046 9,046 9,046 8,527 8,527 8,527 8,527 8,527 16,629 16,629 16,629 16,629 16,629 1,140 1,230 1,406 1,498 1,011 1,071 1,105 1,104 1,131 1,132 680 709 700 743 774 462 519 535 563 624 709 795 793 908 987 758,032 748,471 769,075 759,121 748,936 182,726 185,705 188,095 183,491 183,074 129,209 127,469 127,758 129,204 129,106 201,144 203,667 205,804 203,763 200,482 134,622 133,282 135,361 134,859 138,772 415,442 419,808 417,531 419,357 416,050 68.1 71.2 72.7 73.6 75.2 61.8 58.6 54*4 46.6 58.8 69.6 69.6 66.4 66.7 67.0 72.3 68.8 69.8 64.9 53.3 48.0 48.7 47.9 49.7 76.6 74.7 74.0 72.0 69.8 29,037 31,787 15,588 12,837 42,485 13,143 29,037 31,787 15,588 12,837 42,485 13,143 28,014 15,039 12,385 40,988 12,680 27,567 30,179 14,799 12,188 40,335 12,478 26,795 14,384 11,846 39,205 12,128 8,253 8,253 7,962 7,835 7,615 11,003 11,003 10,616 10,446 10,154 10,698 10,321 10,156 9,872 21,701 21,701 20,936 20,603 20,025 29,191 28,436 26,758 24,172 7,208 7,747 9,214 8,976 8,363 8,838 3,022 3, or 3,01 3,017 3, or MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (percent): Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Contingent liability on bills purchased for foreign correspondents; Aug.l Aug. 8 „. Aug. 15. Aug. 22 Aug. 29. Own Federal reserve notes held by Federal reserve banks: Aug.l Aug. 8 Aug. 15«. I""" Aug. 22 Aug. 29™ 69.6 69.5 406,122 386,794 378,036 385,433 370,632 25,048 25,170 24,009 25,647 25,949 127,801 121,497 119,067 121,680 118,327 32,594 14,738 27,020 45,234 11,055 28,448 14,791 26,317 43,205 10,540 25,060 15,227 26,442 44,849 11,030 30,555 12,568 26,866 44,283 10,844 14,439 26,774 40,159 11,756 8,278 8,715 8,417 6,115 5,409 5,887 6,700 6,746 71,280 65,643 61,841 62,287 665 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 F E D E R A L R E S E R V E NOTES—FEDERAL R E S E R V E A G E N T S ' ACCOUNTS, BY W E E K S • [la thousands of dollars] Federal Reserve Bank Total Federal reserve notes received from comptroller: Aug. 1 Aug. 8.. , Aug. 15 Aug. 22 Aug. 29 Federal reserve notes held b y Federal reserve agent: Aug. 1 Aug. 8 Aug. 15 ; Aug. 22 Aug. 29 Federal reserve notes issued to Federal reserve bank: Aug. 1 Aug. 8 „• Aug. 15 , Aug. 22 Aug. 29 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— Aug. 1 , Aug. 8 Aug. 15 Aug. 22 Aug. 29 , Gold redemption fund— Aug. l_.__ Aug. 8 Aug. 15 Aug. 22 , Aug. 29 Gold fund— Aug. 1 Aug. 8 Aug. 15 , , Aug. 22. Aug. 29 fc Eligible paper— Aug. 1 .... fc Aug. 8 Aug. 15 Aug. 22 Aug. 29 Total collateral: Aug. 1 , Aug. 8 Aug. 15 Aug. 22 Aug. 29 Boston NewYork Phila- Clevedelphia land 2,825,782 2,819,200 2,816,638 2,807,420 2,800,498 235,021 234,595 238,351 235,717 235,781 737,988 734,768 732,806 727,844 723,372 181,489 182,715 179,949 182,946 180,127 806,970 801,820 799,9S0 780,020 778,870 67,950 66,950 71,450 G5t850 61,850 270,120 273,320 269,000 261,480 261,480 25,400 25,400 25,400 26,800 25,800 2,018,812 2,014,380 2,016,658 2,027,400 2,021,628 167,071 167,645 166,901 169,867 173,931 467.863 461; 448 463,806 466,364 461,892 157,315 154,549 156,146 154,327 348,477 350,977 352,827 348,620 338,820 35,300 35,300 35,300 35,300 35,300 153,161 153,161 153,161 153,160 153,160 99,796 94,652 88,153 89,541 94,621 18,634 16,208 13,964 11,330 18,394 17,206 17,206 17,123 17,015 17,015 661,972 676,470 668,952 660,396 48,000 58,000 58,000 63,000 58,000 1,213,595 1,191,942 1,155,853 1,189,770 1,183,121 77,744 86,557 79,408 76,706 360,136 353,279 312,442 345,892 321,141 89,963 104,293 102,912 95t 134 97,233 88,882 101,209 101,059 61,533 60,132 58,674 59,866 62,721 83,902 88,007 90,158 87,064 89,747 196,681 176,228 165,004 161,790 150,356 55,255 54,375 54,477 65,678 65,370 2,331,061 2,299,543 2,273,303 2,296,883 2,276,958 187,817 187,252 193,821 189,038 188,400 535,503 528,646 487,726 521,067 496,316 168,052 164,124 176,683 177,779 180,536 235,423 234,419 231,012 231,499 242,894 86,925 84,628 82,101 77,956 82,315 156,068 156,165 157,580 154,627 154,013 411,489 390,970 379,617 376,315 364,881 Richmond 253,422 253,299 251,297 255,810 252,428 Atlanta 89,985 90,089 94,419 92,988 94,652 225,486 224,078 223,312 222,793 221,495 24,169 22,889 25,649 25,649 &S5 24,929 29,630, 32,030 31,230 29,630 221,392 222,069 221,667 226,180 222,798 65,816 67,200 68,770 67,339 69,723 Chicago St. Louis Minne- Kansas Dallas apolis City San Francisco 448,617 87,105 450,494 87,470 449,543 87,224 446,861 85,918 443,570 85,680 80,129 99,265 55,672 331,603 79,095 99,509 54,990; 328.09& 79,095 99,060 54,609' 326,073 79,095 99,030 54,085] 324,333 78,075 100,423 59,756 325,139 69,770 68,990 68,630 68,760 68,460 129,600 131,400 128,500 124,400 122,800 18,480 19,440 18,800 18,280 17,670 18,910 17,519 16,539 16,439 16,439 34,530 20,0021 96,000 32,580 19,1021 96,000 3lf9S0 18,402 06,000 31,180 15,552; 96,000 33,180 20,732 96,000 155,716 155,088 154,682 154,033 153,035 319,017 319,094 321,043 322,461 320,770 68,625 68,030 68,424 67,638 68,110 61,210 61,576 62,556 62,656! 61,636 64,735 66,929 67,080 67,850 67,243 7,900 7,900 7,900 7,600 7,600 14,167 14,167 14,167 14,167 14,167 2,040 1,445 1,199 1,893 1,656 2,376 1,342 1,342 3,342 2,322 22,750 50,000 50,000 20,396 22,750 50,000 20,396 24,600 50,000 13,990 27,100 50,000 6,690 27,100 9,512 11,738 8,972 10,969 8,150 11,130 11,507 12,204 12,617 11,835 4,996 4,100 3,031 4,100 7,904 5,000 68,577 5,000 63,577 5,000 72,577 5,000 69,577 5,000 71,177 70,000 70,000 70,000 80,000 80,000 39,500 37,500 36,000 35,000 5,000 33,000 9,916 7,908 6,822 5,463 4,166 1,803 1,742 1,613 1,525 1,525 3,508 2,752 3,803 4,086 213,000 13,000 28,000 40,860 213,000 13,000 28,000 45,860 213,000 13,000 28,000 43, r 1 213,000 6,000 23,000 44,! 213,000 6,000 28,000 42,860 35,670 35,888 36,207 38,533 39,024 235,603 232,098 230,973 228.333 229,139 9,803 12,303 12,303 12,303 9,803 35,000 35,000 35,000 35,000 35,00a 2,567 16,103 2,885 15,8W 2,504 15,576= 2,980 15,214 2,652 14,916 3,000 1,000 1,000 1,000 1,000 140,256 127,035 30,504 32,356 30,570 31,904 37,319 37,449 42,591 42,094 43,052 43,007 84,076 92,627 96,032 102,375 108,450 78,195 68,463 74,872 76,720 66,391 76,576 69,412 78,233 81,171 67,135 79,857 70,525 84,265 52,819 58,779 57,901 59,335 £6,462 275,435 270,481 282,641 281,104 275,725- 23,920 22,882 25,903 26,626 26,036 128,515 117.35& MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Bills discounted: Aug. 1 Aug. 8 Aug. 15 Aug. 22 ._ Aug. 29 ___. Bills bought in open market: Aug. 1 Aug. 8 Aug. 15 Aug. 22. Aug. 29 Certificates of indebtedness: Aug. Aug. Aug. Aug. Aug. 1 8 15 22 29 „__ Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days 91 days to 6 months 1,085,776 1,061,285 1,002,534 1,037,446 1,038,773 896,105 883,129 823,346 850,533 854,964 41,986 40,727 44,542 48,386 53,014 81,514 SO, 142 79,650 86,953 83,138 51,540 45,324 42,491 41,200 37,542 14,255 11,615 12,031 9,904 9,681 165,879 161,847 . 189,902 183,600 184,299 52,006 51,655 77,748 75,725 80,174 39,364 37,852 37,618 36,924 42,714 40,716 39,414 41,387 41,153 25,519 26,143 27,693 22,794 20,965 68,887 64,968 65,972 66,660 65,949 1,210 1,235 1,955 3,280 2,535 6,276 5,481 7,429 6,770 5,727 40,968 41,214 41,633 32,871 32,850 j Over 6 months 348 474 470 443 26,709 22,519 22,384 30,509 30,564 666 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM JULY 19 TO AUGUST 22, 1928, INCLUSIVE [In thousands of dollars] Transfers for Government account Transit clearing Federal reserve note clearing Federal reserve bank Debits Credits 5,000 3,000 700 1,000 3,000 1,000 1,000 Boston New York Philadelphia—. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis— Kansas C i t y — Dallas San Francisco... "600 10,700 1,000 1,500 3,000 600 1,000 2,000 3,000 2,600 Total 5 weeks ending— Aug. 22,1928 July 18,1928 Aug. 24,1927 July 20,1927 20,700 220,900 29,700 206,000 20,700 220,900 29,700 206,000 Debits Credits Debits Credits 1,093,479 3,486,874 811,449 864,759 816,996 340,093 1,654,081 607,052 221,570 526,934 364,808 463,934 1,102,286 3,488,390 811,050 891,148 818,347 346,196 1,660,419 586,324 213,615 531,389 357,921 444,945 6,302 13,035 7,807 11,713 2,793 4,534 11,173 2,873 1,847 2,487 1,386 3,824 6,151 22,348 6,718 4,866 4,205 3,164 9,066 3,904 2,321 2,265 1,516 3,260 11,152,029 12,635,835 10,900,554 11,736,513 11,152,029 12,635,835 10,900,554 11,736,613 69,774 57,874 67,465 69,774 57,874 67,465 63,949 Changes in ownership of gold through trans- Balance in fers and clearings fund at close of period Decrease Increase 3,655 18,529 1,188 20,042 237 19,197 6,981 3,733 6,231 6,223 9,757 21,053 68,413 58,413 67,348 196,060 36,294 84,875 24,096 13,468 171,803 12,636 21,315 45,334 10,177 31,836 715,242 661,911 643,574 649,380 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES, BY WEEKS [Weekly averages of daily figures. In millions of dollars] Change as compared with preceding week Volume of Week e n d i n g - Monetary Money in bank gold stock circulation credit outstanding ' 1923 Member bank balances bank Monetary Money in credit out- gold stock circulation standing Jan. 7 Jan.14 Jan. 21 Jan. 2 8 - . . - 1,593 1,422 1,329 1,258 4,377 4,376 4,376 4,380 4,951 4,811 4,729 4,690 2,466 2,441 2,424 2,390 -53 -171 -93 -71 -14 _. * 0 -124 -140 -82 Feb. Feb. Feb. Feb. 4 11 18 25 1,271 1,267 1,272 1,247 4,374 4,376 4,376 4,373 4,696 4,708 4,710 4,714 2,387 2,378 2,372 2,351 +13 +5 +2 -6 +6 +12 0 Mar. Mar. Mar. Mar. Mar. 3 10 17 24 31 1,285 1,292 1,308 1,262 1,309 4,362 4,357 4,335 4,324 4,310 4,719 4,718 4,705 4,699 4,705 2,366 2,369 2,392 2,342 2,353 +38 +8 +15 B Apr. 7 Apr. 14 Apr. 21 Apr. 28 1,407 1,392 1,409 1,397 4,304 4,301 4,280 4,267 4,751 4,735 4,718 4,710 2,397 2,400 2,401 2,382 +99 -15 +17 -12 -6 -3 -21 -13 May May May May 5 12 19 26 1,458 1,456 1,477 1,472 4,263 4,236 4,194 4,180 4,738 4,726 4,717 4,709 2,407 2,401 2,391 2,377 +62 -3 +21 -5 June 2 June 9 June 16 June 23 June 30 1,531 1.526 1,556 1,499 1,522 4,165 4,148 4,106 4,103 4,105 4,742 4,737 4,728 4,727 4,740 2,379 2,372 2,377 2,325 2,326 +59 -6 +30 -57 July 7 July 14 July 21 July 28 1.662 1,658 1,480 1,453 4,110 4,115 4,114 4,115 4,816 4,769 4,720 4,696 2,337 2,308 2,294 Aug. 4 Aug. 11 Aug. 18 Aug. 25 1,486 1,490 1,472 1,474 4,113 4,115 4,119 4,120 4,714 4,733 4,744 4,752 2,298 2,274 2.271 2,259 -25 -45 +46 +22 +141 -105 -78 -27 +33 +4 -18 +2 »Includes total bills and securities, amounts due from foreign banks, and reserve-bank float. (See p . 660.) NOTE.—Chart based on these figures and table showing similar monthly data appear on p. 622. Memberbank reserve balances +50 -24 -17 +4 -11 -5 -22 -11 -14 -13 -6 -9 -6 -21 +15 +3 +23 -50 +6 +46 +11 -16 -17 -8 +3 -4 -27 -42 -14 +28 +5 -15 -17 -42 -3 +33 -5 -9 -1 +2 +5 +5 +1 -2 +2 +4 +1 -12 -9 -8 +13 +76 -47 -49 -24 +18 +19 +11 +8 -19 -15 +2 +5 -53 +1 +43 -32 -28 -14 +4 -24 -3 667 FEDERAL RESERVE BULLETIN SEPTEMBER, 1028 ALL MEMBER BANES BORROWINGS FROM FEDERAL RESERVE BANKS, BY STATES [End of month figures. In thousands of dollars] 1927 State July United States i New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic: NewYorfe New Jersey . Pennsylvania East North Central: Ohio Indiana. .„_ niinois.-II ""II 1028 Decem August SeptemOctober Novem ber ber ber January February March 951 927 854 28,760 2,047 4,139 2,394 875 7S3 25,520 1,772 2,530 1,473 909 1,808 752 730 636 805 1,112 649 558 . 634 1,123 20,388 33,404 24,314 33,751 304 102 787 552 2,504 3,096 3,083 2,196 718 1,305 698 49,918 396 3,260 909 2,746 992 44,350 1,225 1,809 76,794 30,156 49,741 84,443 24,924 45,242 104,472 25,258 51,733 S3,170 129,769 266, G87 103,025 22,225 22,140 19,150 19,923 46,622 57,920 104,217 59,006 19,642 83,277 123,001 23,051 80,029 21,992 5,189 19,662 18,445 I 7,513 13,485 3,321 9,712 13,751 4,679 21,483 3,545 17,639 10,691 3,944 24,403 3,577 25,266 21,582 4,132 1,547 3,509 17,141 1.554 1,479 1,674 i;794 3,4fll 2,913 17,850 1,761 1,283 1,310 1,33$ 1,416 16,947 830 794 1,697 1,417 1,033 4,555 9,913 427 570 5,167 3,639 646 2,742 485 £,002 2,281 6,802 2,800 5,882 2,504 532 1,477 115 7,620 2,45-i 7,856 2,607 6,457 3,445 317 5,150 1,315 11,267 3,227 6,077 1,529 6,467 4,142 711 5,547 1,465 11,289 2,497 5,293 1 323 4,722 4,406 8,199 4,028 6,177 3,045 6,503 527fl 5,310 4,023 9,575 6,879 3,670 3,725 2,343 20,169 1,993 9,393 3,306 12,612 2,583 12,574 761 1,582 278 3,568 258 341 2,201 3,?71 1,811 44,064 West South Central: Arkansas Louisiana Oklahoma.... Texas Mountain: Montana Idaho Wyoming Colorado... New Mexico Arizona ^ Utah. Pacific: WashingtonOregon California.-.. May June July 442,158 400,524 437,425 411,525 477,025 581,503 423,310 492,568 598,681 834,223 1,021,352 095,4231,030,980 733 1,366 1,078 33,511 1,304 3,343 Michigan Wisconsin West North Central: Minnesota Iowa Missouri... North Dakota South Dakota. Nebraska , Kansas _ South AtlanticDelaware Maryland District of Columbia, Virginia West VirginiaNorth Carolina South Carolina . Georgia Florida East South Central: Kentucky.,...^ Tennessee Alabama. April 2,123 2,334 1,029 69,264 6,918 6,203 2,672 2,584 1,711 02,703 4,291 7,619 1,901 1,340 1,358 48,727 8,310 6,713 262,280 328,125 32,784 35,636 82,553 103,524 415,561 44,111 143,416 273,071 62,000 123,920 14,781 42,039 4,361 64,2S8 62,692 13,837 43,741 5,191 74,320 59,147 15,555 50,436 8,940 77,243 50,501 12,528 1,072 1332 934 36,340 593 1,759 15,535 3,115 14.203 27,231 6,658 12,783 3,587 15,350 17,884 2,735 34,405 6,209 18,645 12,932 33,392 4,825 66,447 23,152 16,557 722 2,375 6,870 4,023 11,837 11,475 319 312 640 695 4,705 9,119 2,080 1,246 2,408 4,586 16,223 472 619 4,182 1,199 2,895 3,772 20,277 369 503 2,940 1,061 3,887 24,168 543 381 4,429 1,052 12,814 3,599 20,753 575 391 5,990 1,462 8,371 4,015 45,216 734 421 4,992 3,269 5,696 1547 43,707 688 511 1,969 11,674 2,927 39,301 1,050 558 3,723 963 783 7.09S 500 fi,877 1,631 2,429 1,671 6,575 3,502 474 5,498 920 11,894 5,363 1,998 1,425 3,582 2,619 719 5,315 11,868 2,710 7,^02 2,610 5,229 1,946 597 3,747 550 13,347 3,543 7,449 3,471 7,041 1,345 979 9,547 245 14.257 3,497 10,043 4,358 20,600 1,360 1,977 11,214 1,520 15,394 3.051 10,105 3,739 23,114 2,643 3,063 8,323 3,895 19,755 5,847 12,563 2,812 14,191 985 1,283 5,894 3,770 20,703 5,665 18,407 5,101 22,523 3,353 9,667 3,914 2.S30 1,945 G.yil 3,096 5,380 1,563 6,fi63 2,845 2,411 1,239 020 11,744 320 9,297 3,307 4,788 2,172 4, on 1,799 2,177 1.842 4,641 1,225 3,587 2,803 4,961 1,63ft 8,276 1,900 6,412 3,456 14,597 4,540 10,412 4,103 14,783 4,378 8,632 5,464 13,935 6,444 11,075 51^ 15,242 7,349 4,550 8,736 4.C95 4,707 2,332 11.156 2,388 10,323 2,001 21,557 1,245 6,436 210 16.620 688 81S 2,688 13,853 1,325 4,9C0 2,017 12,926 1,661 1,949 1,606 9,014 2,287 3,991 2,529 13aS9 3,656 9,302 2,077 20,703 5,006 9,938 2,680. 15,688' 4,6461 8,192 4,973 21,788 3,986 24,133 1,328 427 1.36G 186 380 1,977 393 779 230 1,388 200 325 1,171 79 551 104 1,038 99 281 952 30 351 41 199 4S 1,542 129 164 255 39 234 1,282 10 180 198 21 1G1 48 1,018 2,501 124 183 368 33 241 2 2,527 187 198 126 339 103 3,407 175 184 2,163 77 180 1,644 231 554 96 1,305 178 187 1,278 275 664 151 2,792 176 205 1,657 S 1,613 492 46,218 2,254 875 38,955 1,788 247 38,490 1,543 958 45.210 1,317 1,948 60.8f;9 1,56ft 2,203 48.191 3.540 3,463 81.553 3,720 3,077 06.068 2,492 1,886 9.873 6,104 1,890 55,984 38,763 15,868 1,686 23,797 27,696 3,320 190 168 330 393 3,978 28,779 5,491 63,390 405 129 13,879 5,846 668 FEDERAL RESBRVE BULLETIN SEPTEMBEE, 1928 ALL MEMBER BANES AND MEMBER BANKS IN SMALL CENTERS NET D E M A N D AND TIME DEPOSITS, BY DISTRICTS AND BY STATES [In thousands of dollars] Member banks in centers having a population under 15,000 All member banks Net demand deposits 1928 Aug. 8 United States DISTRICT Boston Now York Philadelphia Cloveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1927 July 11 Aug. 24 Net demand deposits Time deposits Federal reserve district or State 1927 1928 Aug. 8 July 11 Aug. 24 1928 Aug. 8 T i m e deposits 1928 1927 July 11 Aug. 24 Aug. 8 JulyU Aug. 24 18,272,613*18,788,944118,493,160]l3,378,311 '13,422,48* 12,334,487 2,784,454 2,791,48: 2,746,210;3,309,127]3,306,503|3,125,949 1,411,95: 6,782,43; 1,176,80', 1,518,197 581,627 578,233 2,641,487 1,412,041 6,602,784 1,194,419 1,571,276 626,391 579,772 2,573,432 713,229 406,245 871,474 611,818 1,330,279 174,779 620,901 455,247 383,522 256,520 139,103 452,189 166,284 270,923, 166,299 55,012' 175,724, 162,592 565,080 431,762 370,874 244,460 131,247 437,072 147,534 258,938 157t959 43,343 170,088 21,437 22,323 15,790 48,975 1,023 23,563 65,441 35,3271 13,833 • 13,757 37,245 37,188! 44,382] 43,580 17,804| 60,962 12,286 34,50ft 41,284 / '6,392 236,361 170,171 269,102 233,686 163,988 273,671 435,442 430,690 251,853 251,389 698,213 600,006 398,861 224,257 574,621 120, m[ 132,479 129,730| 130,825! 127,212 62,702 66,502i 56,821; 5^128155,128 168,103 168,704 160,65977,234 188,133 188,200 177,675 89I91846,928! 94,773 94,536 129,091 368,1031 214, OSC 262,576 146,853 136,733 325,44' 166,703 182,741 330,4871 292,045 229,59: 127,474 360,785 214,310 259,479 151,599 143,963 329,1181f 172,238 186,000 324,664 291,827 230,024 130,520 352,117 215,378 278,041 156,821 145,2731 319,773 167,442 170,619 313,299 266,790 230,137 115,231 19,828 36,443 521,063 186,646 96,523 19,803 22,613 15,997| 49,721 • 9971 22,748f 19,285, 21,442 15,957 48,968 1,035 23,461 6,229,535, 6,088,5061 2,425,758 2,417,182 2,129,059 636,556 600,593 753,968 746,816 689,195 1,640,916 1,681,94< 1,507,160 1,522,813 1,360,300 Ohio 842,24! 841,134 870,699 1,035.326 1,033,922 1,010,501 Indiana 211,31: 216,629 211,2451 . 18.2,838 180,782 163,391 Illinois l,573,2ft£, 1,604,352 1,606,101 997, J38 1,006,658 865,269 Michigan... 554,879 565,888 519,383 836,714 848,155 798,420 Wisconsin., 224,65: 230,045 214,533 238,763 237,129 227,886 Minnesota 253,4971 272,374 250,9371 243,972 246,992 239,200 Iowa J 78,475 180,034 178,044 185,241 185,467 182,867 Missouri 563,629 •564,973 582,557 278,781 •278,425 267,556 North Dakota.. 32,468 33,466 31,301 42,418 41,316 South Dakota.. 39,391 40,067 32,853 31,069 30,724 28,226 Nebraska , 131,273 128,647 123,812 54,498 53,978 51,034 159,703| 152,756 143,396 61,258 61,364 55,562 Delaware 41,461 43,048 15,214 15,135 36,908 13,381 Maryland 139,668 137,421 158,925 150,128 146,906 140,778 District of Columbia. 78,493! 81,911 44,354 44,391 78,378 42,567 Virginia , 147,013 149,204 163,489 175,944 175,926 171,705 West Virginia.. $0,009 82,023 94,227 94,577 94,150 90,958 North Carolina .. 95,405 101,796 101,750 88,743 89,614 84,6761 South Carolina 38,406 42,323 62,925 67,521 43,218 63,924) Georgia 120,706 125,201 124,912 110,260 108,220 102,683 Florida J00,257 107,272 118,953 101,397 102,903 107,220 243,261 171,365 265,846| 125,683 59,7751 156,276 79,601 49,096 . 1927 1,384,033 6,497,182 1,138,37r 1,513,37< 566,071 559,721 2,589.223 094,7421 424,1071 891,825 657,087 •713,640 445,215 882,552 668,723 1,359,878| 1,388,081 997,920 948,368 3,069,602 2,726,305 1,099,669 1,005,762 1,654,616 1,554,030 577,094: 600.98C 475,09C 456,919 2,247,701 2,040,586 •541,447 519,789 461,105 434,411 372,236 338,519 372,010 215,878 182,793 212,1031 1,677,763 1,686,238 1,549,911 991,045 3,085,212 1,095,017 1,644,409 598,507 471,665 2,230,312 542,247 458,016 175,9681 625,817 455,881 379,237 254,808 139,479 452,008 156,123 270, 561 166,339 65,593 177,313 STATE Maine Now Hampshire... Vermont-. Massachusetts Rhode Island Connecticut 45,580 53,377 46,65^ 38,554 38,574 39,449 18,459 18,208 18,493 1,008,125 1,030,915 1,027,849 126,7G0 129,628 123,28£ 180,189 171,303 175,17< New York , New Jersey Pennsylvania.... 5,966,111 615,507 1,699,571 110,014 21,825 39,580 657,115 187.473 105,272 109,371 21,662 39,482 563,439 188,924 104,870 59,038 78,768 40,582 27,199 32,578 47,139 60,429 161,788 79,167 48,609 61,584 78,460 39,434 27,740 32,932 45,109 94,209 3,692 23,347 91,643 3,500 22,616 87,354 3,887 24,670 40,271 36,073 36,960 14,203 25,028 33,397 40,443 36,856 39,342 16,651 25,560 36,408 17,980 110,7871 111,176 90,140' 89,975 27,331 27,043 35,759| 35,887 28.700 28,345 35,309 35,467 110,17892,345 25,778 35,570 26,195 33,763 41,436 10,320 60,142 41,762 10,270 60,086 39,221 9,351 56,563- 40,886 42,801 36,556 16,466 28,262 40,135 79,138 49,068 46,716 26,014 25,427; 33,876 79,187 49,132 47,587 26,848 25,328 33,910 73,926 47,306 44,963* 28,161 24,141 32,678 58,410 78,055 39,440 26,019 27,066 40,513 Kentucky... Tennessee... Alabama Mississippi. . 136,893 126,675 107,268 33,962 •141,294 112,454 36,099 148,452 119,997 109,277 33,692 120,262 319,409 80,415 34,225 •121,692 •120,592 80,322 34,336 115,485 114,369 73,044 34,534 48,924 28,083 29,789 21,564 49,851 29,074 31,621 23,103 52,444 26,357 29,272 21,425 46,265 30,472 28,680 20,181 47,358 30,789 28,618 20,271 42,147 27,784 25,252' 20,431 Arkansas.-, Louisiana.. Oklahoma., Texas 68,535 147,723 236,991 611,897 72,935 150,167 242,915 622,071 64,624 149,393 238,998 571,651 49,598 78,190 104,150 191,409 60,258 80,732 104,513 195,082 49,045 75,616 88,851 163,252 32,494 16,800 114,601 269,121 35,374 17,059 116,005 268,519 30,005 18,220 113,147 246,988 23,015 12,456 39, 521 47,000 23,203 11,874 39,355 46,355 22,377 12,037 38,76540,043 Montana Idaho Wyoming Colorado New Mexico.. Arizona. Utah Nevada 59,823 32,257 20,755 135,472 22,264 28,508 44,086 8,436 60,090 33,769 21,342 134,859 22,229 30,231 46,575 8,578 53,720 31,809 19,171 135,958 18,249 20,989 41,278 7,740 55,846 22,504 16,036 99,505 7,860 16,160 33,183 7,926 55,848 22,431 15,027 99,298 7,350 16,383 33,073 7,932 47,686 20,544 13,902 94,091 6,289 13,645 30,449 7,164 35,447 22,726 20,755 42,1] 7 16,939 6,281 8,771 8,436 35,501 23,650 21,342 40,361 16,245 6,608 9,295 8,578 31,516 22,525 19,171 42,123 13,596 5,187 8,728 7,740. 30,491 13,966 15,036 30,125! 4,441 4,101 ll,585i 7,926 30,524 13,908 15,027 30,160 4,324 26,460 13,000 13,902 28041 3,7084,066 10,684 7,164 Washington, Oregon California 195,325 118,106 939,018 203,306 118,165 953,615 185,597 137,424 119,058 103,214 927,979 1,362,708 137,520 128,133 101,986 95,539 1,372,347 1,259,436 47,032 63,694 85,713 47,006 52,835 85,223 63,898! 90,433, 36,233 36,172 69,505 36,135 35,358 •130,222 l 4,210 11,757 7,932 32,812 34,070 70,519 •Eevised. NOTE.-For back figures and explanatory notes, especially as regards California, see BULLETIN for December, 1927, p p . 828, 873, and 886*925*. 669 FEDERAL RESERVE BULLETIN SEPTEMBER, 192S 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 NewYork Philadelphia Cleveland Richmond Loans and investmentstotal: Aug. 1.. 22,449,478 1,548,788 8,570,2401,253,950 2,232,435 677,692 Aug. 8 :__. 22,262,209 1,544,522 8,423,329 1,256,453 2,205,732 675,304 Aug. 15 22,184,254 1,540,873 8,327,110 1,253,954 2,207,954 678,634 Aug. 22 22,105,598 1,517,984 8.319,035 1,249,286 2,200,915 675,813 Aug. 29 ^ . _ . 22,134; 464 1,507,6518,349,303 1,247,705 2,205,985 679,990 Loans and discountstotal: Aug. 1 15,860,571 1,084,857 6,175,017 844,5461,479,454 515,373 Aug. 8 15,802,502 1,093,608 6,115,753 850,0821,465,026 513,730 Aug. 15 - 15,739,318 1,090,547 6,027,568 848,4441,465,623 518,844 Aug. 22 15,697,795 1,089,8356,029,675 845,0371., 457,631518,332 Aug. 29 15,729,207 1,063,107 6,050,422 843,&43i;.,468,274 521,552 Secured by U. S, Government obligations— 13,112 3,744 9,471 10,995 62,161 Aug. 1 144,304 55,138 9,598 12,928 3,248 10,436 Aug. 8 133,546 13,033 3,197 10,481 9,625 Aug. 15 128,690 10,361 47,123 8,470 13,041 3,203 Aug. 22 125,878 13,114 3,206 10,446 47,703 8,627 Aug. 29 125,147 Secured by stocks and bonds— Aug. 1 6,718,775 415,516 2,941,617 465,714 672,830 182,060 , '2,855,938 467,227 659,161 184,213 Aug. 8 6,635,728 417,717 Aug. 15 6,561,493 405,784 2,797,193 464,760 657,326 184,363 Aug. 22 6,528,549 388,4712,794,102 466,001 652,694 181,917 Aug. 29 , 6,522,925 378,300 2,778,717 463,802 666,013 183,038 All other loans and discounts— Aug. 1 8,997,492 658,346 3,171,239 369,361 793,512 329,569 Aug. 8 9,033,228 665,455 3,204,677 373,257 792,937 326,269 Aug. 15 9,049,135 674,282 3,181,787 374,059 795,264 331,284 Aug. 22 9,043,368 671,0033,188,450 370,566 791,896 333,212 Aug. 29 9,081,135 674,3613,224,002 371,514 789,147 335,308 Investments—total: Aug. 1 6,588,907 463,9312,395,223 409,404 752,981 162,319 Aug. 8 6,459,702 450,914 2,307,576 406,371 740,706 161,574 Aug. 15 6,444,940 450,326 2,299,542 405,510 742,331 159,790 Aug. 22.. „ . 6,407,804 448,149 2,289,360 404,249 743,284 167,481 Aug. 29 6,405,257 444,544 2,298,881 403,762 737,711 158,438 United States Government securities— Aug. 1 3,041,290 178,7861,176,933 124,563 331,225 74,640 Aug. 8. 2,940,158 170,5951,094,364 122,537 325,561 72,950 Aug. 15 2,923,783 170,2651,088,240 121,208 324,984 71,030 2,608,951 169,7141,088,995 120,464 323,882 70,416 • Aug. 22, Aug. 29 . _ . . . 2,908,200 166,0801,095,111 122,097 323,537 70,779 Other bonds, stocks, and securities— Aug. 1 3,547,617 285,1451,218,290 284,841 421,756 87,679 Aug. 8 3,519,544 280,31911,213,212 283,834 415,145 88,624 Aug. 15 3,521,157 280,0611,211,302 284,302 417,347 88,760 Aug. 22 3,498,853 278,435 1,200,365 283,785 419,402 87,065 Aug. 29 3,497,057 278,464 1,203,770 281,665 414,174 87,659 Reserve balances with Federal reserve bank: 96,312 818,268 76,883 130,362 39,374 Aug. 1 1,738,509 Aug. &„:„_:.;;.:.„-. 1,657,270 100,000 747,110 77,295 125,176 41,280 99,106 757,600 78,765 127,614 40,235 Aug. 15 1,671,484 97,102 753,495 78,360 130,186 Aug. 22. 1,668,005 98,249 756,471 76,438 130,782 40,337 Aug. 29 1,660,784 Cash in vault: . Aug. 1 Aug. 8 Aug. 15........ Aug. 22. _ Aug. 29 Net demand deposits: Aug. 1 Aug. 8 Aug. 15.. Aug. 22. Aug. 29 Atlanta Chicago St. Minne- Kansas Louis apolis City Dallas 642,633 3,318,884 643,464 3,306,115 3,306,115 645,367 3,309,922 3,309,922 639,3483, 290,434 638,454 3,288,917 719,542 717,699 716,769 720,473 719,436 369,837 680,167 459,6641,,975,646 367,993 686,035 460,5611,,974,992 687,939 458,776 1,,989,291 368,741 680,920 452,735 1,,980,915 373,015 684,236 452,7561,987,016 501,163 2,422,773 503,1512,414,651 503,833 2,419,354 503,956 2,411,384 503,7582,411,415 505,636 507,967 508,091 511,819 510,755 233,999 232,407 233,352 235,468 238,266 439,940 445,073 446,234 439,409 443,440 22,254 19,861 20,592 20,758 20,428 4,585 4,543 4,345 4,297 4,326 2,327 2,301 2,697 2,357 2,377 3,016 3,011 3,191 3,326 3,338 3,700 3,681 3,631 3,639 2,236 4,718 4,566 6,059 5,021 5,057 131,7631,053,646 132,2201,054,705 130,088 li1,054,921 133,67511,051,353 133,620 1 1,052,947 215,430 219,923 218,496 216,937 215,341 74,613 74,701 74,149 73,874 73,979 123,486 126,142 127,249 123,164 129,744 86,088 83,502 86,708 86,270 86,232 356,012 355,279 360,456 360,091 361,192 365,1791,346,873 340,085 369,494 1 343,841 365,9991, 339,273 365,8491, 338,040 285,621 283,501 285,250 290,585 291,088 157,059 155,405 156,506 159,237 161,910 313,438 315,920 315,794 312,919 310,358 243,968 244,347 245,221 243,389 246,033 963,327 964,679 976,353 976,839 973,525 141,470 140,313 141,534 135,392 896,111 891,464 890,568 879,050 877,602 213,906 209,732 203,678 208,654 208,681 135,838 135,591 134,317 133,273 134,749 240,227 240,962 241,705 241,511 240,796 125,903 124,031 123,216 119,437 118,255 651,589 650,468 647,423 647,904 647,242 69,095 69,229 69,541 63,145 61,919 383,312 382,973 382,307 377,502 378,332 75,734 73,317 73,278 73,301 73,420 73,210 73,483 73,154 72,165 73,464 114,604 115,281 115,319 115,971 114,966 85,786 86,184 85,149 81,652 80,122 353,402 353,684 349,308 351,744 348,373 72,375 71,084 71,993 72,247 72,777 512,799 508,491 508,261 501,548 499,170 138,172 136,415 135,400 135,353 135,261 62,628 62,108 61,163 61,108 61,285 125,623 40,122 298,187 125,681 37,847 296,784 126,386 38,067 298,115 125,540 37,785 296,220 125,830 38,133 298,869 38,717 39,946 38,491 39,048 38,196 263,427 258,199 257,644 256,829 246,901 45,319 45,453 44,788 43,321 45; 684 4,221 4,235 4,251 4,282 4,289 11,231 11,057 39,912 7,107 11,664 10,501 40,183 7,426 11,129 9,849 39,295 6,658 11,582 10,042 42,976 6,526 39,488 7,260 11,706 9,921 378,682 319,6301,828,974 716,1371,045,303 353,220 13,185,605 911,273 5,823,954 wmn •- waft 1 rirtrt t\£*f\\ 715,5S31,022, , t>Cl. fLlQ 316,2961,821,418 376,525 12,879,104 896, 710,2251,033,160J 354,805 318,1631,851,842 377,972 12,952,061 894,' 1,036,929; 348,3721 313,1611,816,279; «iu, mi iiuiu, * • * 367,911 uuiivni 12,826,356 887,460 5,550)427 705,6411, 12,870,9851 885,324 5,591,622 707f,2021,1,034,324] 349,465! 309,9241,812,262! 373,0341 235,442 244,587 236,946 246,051 246,947 17,381 18,285 17,949 18,522 18,945 62,935 66,230 64,228 65,373 66,093 12,619 13,627 13,426 13,624 13,230 26,846 28,175 27,940 30,133 29,986 San Francisco 333,7561,324,057 336,5301,324,524 335,5601,341,868 333,29S| 1,341,951 334,5011,339,774 23,727 57,917 33,425 114,778 22,107 53,314 32,277 115,113 23,155 57,470 32,101 114,396 24,056 58,432 32,834 115,512 23,140 57,146 32,932 114,608 5,632 10,504 6,020 11,475 5,850 10,903 5,787 11,253 6,361 11,741" 210,708 203,263 207,731 207,848 *UIIU«;| 210, S2S| 505,672 502,685 510,247 501,98S vu&, w* 499,494 8,81 9,187 8,544 9,041 9,31£ 21,407 21,814 21,175 21,192 22,891 281,0& 283,483 287,695 281,749 283,166 810,966 805,118 826,057 808,590 814,340 670 FEDERAL KESERVE BULLETIN SEPTEMBER, 192» REPORTING MEMBER BANKS IN LEADING CITIES—-Continued P R I N a P A L RESOURCES AND U A B I L I T I E S / B Y WEEK3—Continued [In thousands of dollars] Federal Reserve District Total Boston Time doposits: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Government deposits: Aug. 1 Aug. 8. Aug. 15 Aug. 22 Aug. 29 Due from banks: Aug. 1 Aug. 8 Aug. 15 Aug. 22 „.. Aug. 29 Due to banks: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Borrowings from Federal Reserve bank—total: Aug.l Aug. 8 Aug. 15 Aug. 22 Aug. 29 Secured by U. S, Government obligations— Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 All other— Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Number of reporting banks: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 New York Philadelphia Cleveland Richmond Atlanta 241,408 1,263,632 237,858 11,256,407 238,164 lj1,245,731 238,5301,258,593 238,4401,258,546 308,787 306,260 306,65^ 305,707 302,883 979,518 975,844 980,385 979,327 977,473 245,365 247,585 247,503 247,367 246,971 55,276 39,742 36,717 28,378 22,673 24,242 22,092 2i, er 17,993 14,374 24,271 20,723 20,724 17,002 13,588 6,445 5,728 5,512 4,678 3,675 14,918 11,550 11,366 8,592 6,870 1,117,472 1,030,686 1,064,787 1,042,961 1,007,772 63,910 137,459 41,753 118,709 45,127 117,638 41,781 120,364 41,546 110,414 60,814 50,707 55,600 54,155 54,175 96,649 85,656 93,562 94,951 94,249 47,313 45,009 47,524 45,816 42,728 64,807 66,940 66,630 64,604 63,482 3,183,291 3,019,618 3,036,215 2,960,388 2,964,321 137,7601,288,620 131,8151,148,607 132,2461,152,813 125,2661,119,513 125,8011,138,704 161,876 159,826 162,051 159,962 155,407 210,554 208,441 212,688 207,117 212,785 92,426 93,613 93,493 90,700 92,032 91,773 95,606 93,588 91,554 89,950 6,913,371 6,898,065 6,903,565 6,896,711 6,912,285 489,9981Lt 697,854 489,575 1,715,003 ' 489,5321,700,003 491,3231,705,272 38,039 35,731 35,236 29,473 23,650 244,690 194,116 184,787 148,179 117,866 St. Minne- Kansas Dallas Chicago Louis apolis City 240,780 241,572 240,484 241,030 240,909 28,487 25,595 24,944 20,610 16,479 177,320 174,487 176,469 173,576 176,634 128,963 -128,771 123,394 129,017 129,965 6,411 4,535 4,190 3,265 2,607 3,209 * 5,387 2,658 4,463 4,265 2,494 3,452 2,031 2,760 1,599 238,540 43,924 46,894 214,639 44,270 48,245 43,929 48,669 221,167 46,533 45,210 214,465 42,718 45,353 489,053 113,847 82,998 488,004 116,387 82,571 485,510 112,070 79,249 481,590 108,551 81,002 472,124 107,000 80,819 San Francisco 131,9341,011,285 129,6601,011,769 129,41l!l,005,7is9 128,4701,005,559 128,218j 1,015,651 11,543 7,489' 6,622, 4,885 3,900, 26,462 13,810 11,100 7,820 5,691 121,275 52,309 143,578 122,048 53,634 139,076 119,765 52,811 141,132 114,751 52,573 141,056 112,684 54,824 131,134 235,754 85,482 238,192 234,627 83,668 225,265 84,209 218,197 87,251 193,148 200,570 194.212 185,659 184,251 19,513 22,978 20,981 20,159 20,076 57,719 66,271 69,316 79,301 854,716 827,297 764,946 797,691 774,366 42,193 41,178 44,941 37,875 34,406 230,729 270,591 233,633 64,475 60,425 68,301 68,808 74,029 72,061 69,962 63,460 52,854 64,984 30,396 28,066 26,842 27,295 30,607 45,101 158,122 36,604 48,783 136,819 36,768 50,218 125,280 46,295 124,080 46,746 47,509 113,040 43,635 550,456 497,808 457,811 478,915 479,506 14,645 17,650 17,485 18,195 16,215 217,840 159,775 128,675 160,728 146,978 48,267 47,477 51,672 52,784 55,839 41,309 11,512 41,545 11,292 37,154 12,294 24,752 11,599 37,770 12,589 8,339 120,234 13,527 12,280 110,869 11,373 13,858 96,834 11,252 11,703 96,769 15,195 12,394 87,999 16,605 5,825 4,790 7,220 7,365 6,950 6,927 9,909 9,681 7,435 11,034 13,033 15,253 12,703 12,789 13,100 48,998 55,595 58,9S3 59,601 62,033 304,260 329,489 307,135 318,776 294,860 27,548 82,863 23,523 128,463 27,456 102,054 19,680 109,863 18,191 86,655 16,208 12,948 16,629 16,024 18,190 30,752 28,417 26,306 28,102 27,214 18,884 16,774 14,548 15,696 18,018 36,762 36,503 36,360 34,592 35,115 37,888 25,950 28,446 27,311 25,041 23,077 25,395 25,057 31,551 27,030 5,663 5,476 5,378 5,903 5,885 9,409! 7 629 6,290 8,296 9,277 6,480 7,725 8,278 7,370 6,976 8,721 10,676 10,333 14,388 17,268 78 78 78 78 78 49 49 49 49 70 70 70 70 70 64 64 64 64 64 31 31 31 31 31 92 92 92 92 92 29 29 29 29 29 24 24 24 24 24 64 64 64 64 64 44 44 44 44 44 55 55 65 54 54 36 36 36 36 36 635 635 300,708 11,4SS 16,336 10,266 17,538 12,593 15,971 13,268 15,731 12,835 20,311 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS [In thousands of dollars] City Total Boston Loans and investments: Aug. 1 Aug. 8 Aug. 15 Aug. 22 „ Aug. 29 Loans— Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 14,262,989 14,100,665 13,995,253 13,946,143 13,981,283 10,477,976 10,427,539 10,334,433 10,314,552 10,344,754 New York Phila- Clevedelphia land 1,045,487,7,363,6531,074,984 1,040,3307,219,1681,0761297 1,038,3157,113,4711075 607 1,018,553|7,107,6201,072 146 1,008,7557,138,3131071891 818,8705,409,792 825,243 5,349,387 823,381j5,251,615 804,714 5,254,698 798,003i5,274,559 732,800 737,613 738,095 735,936 735,814 San Francisco RichSt. mond Atlanta Chicago Louis Minne- Kansas Dallas City apolis 802,204 798,215 797,297 789,555 793,203 110,331 109,173 107,872 109,570 111,463 105,9362,064,609 106,344 2,053,328 108,243 2,055,138 101,694 2,047,602 99,8882,051,421 446,753 443,438 443,742 444,913 443,080 180,319 179,639 178,985 180,016 181,773 194,291 196,807 196,728 189,491 195,991 138,872 137,366 138,000 133,949 133,532 735,550 740,560 741,855 751,034 751,971 624,851 623,485 622,564 613,916 618,965 88,350 87,247 87,013 88,951 90,831 70,1591,568,957 71,6891,571,370 71,6001,574,615 70,6931,579,518 317,776 319,173 319,420 320,535 319,310 110,640 109,958 109,787 111,713 112,608 122,518 125,871 124,956 117,617 124,670 95,884 96,614 98,406 98,035 98,493 510,028 513,832 516,187 522,222 521,290 671 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS-Continued [In thousands of dollars] City Total Boston Loans andinvestroents—Con. On securities— Aug. 1 Aug. 8 Aug. 15 Aug. 22 ___ Aug. 29 All other— Aug. 1 Aug. 8 Aug. 15 Aug. 22,. Aug. 29 Investments— Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Reserve with Federal reserve bank: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 „. Cash in vault: Aug. 1 Aug. 8 Aug. 15_.i Aug. 22 Aug. 29. Net demand deposits: Aug. 1 Aug. 8 . Aug. 15 Aug. 22. Aug. 29... t Time deposits: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Government deposits: Aug. 1 Aug. 8 Aug. 15 Aug. 22 „•___ Aug. 29 Due from banks: Aug. 1 Aug. 8 Aug. 15 Aug. 22 Due to banks: Aug. 1 Aug. 8 Aug. 15. Aug. 22.. „ Aug. 29 Borrowings from Federal reserve bank: Aug. 1 Aug. 8_____ , Aug. 15 , Aug. 22 XT Aug. 29 Number of reporting banks: Aug. 1 , Aug. 8 , Aug. 15 Aug. 22 , Aug. 29 , New York Philadelphia Cleveland RichSt. mond Atlanta Chicago Louis Minne- Kansas Dallas apolis City San Francisco 4,810,045 4,716,897 4,627,590 4,595,437 4,582,459 304,6212,620,509 304,615 2,522,685 294,684 2,446,441 278,273 2,445,211 268,021,2,429,186 409,682 410,690 410,165 410,333 409,221 27,299 27,179 27,098 27,058 27,615 19,811 20,259 20,264 19,925 18,708 803,018 799,455 799,491 798,089 800,468 153,871 30,184 32,575 22,407 150,021 158,631 30,936 35,103 22,718 152,262 157,457 30,794 36,015 22,810 152,714 154,514 30,542 22,768 154,116 153,153 37,990 22,729 164,105 5,667,931 5,710,642 5,706,893 5,719,115 5,762, 295 514,2492,789,283 520,628 2,826,702 528,69712,805,174 526,4412,809,487 529,982 2,845,373 323,118 388,804 61,051 391,121 60,068 327,930 392,907 59,915 61,893 325,603 63,216 49,958 49,900 51,425 51,675 61,985 773,680 769,502 771,879 776,526 779,050 163,905 160,542 161,963 166,021 166,157 80,456 79,022 78,993 81,032 81,672 89,943 90,768 88,941 87,075 73,477 73,896 75,596 75,267 75,764 360,007 361,670 363,473 368,106 367,185 3,785,013 3,673,126 3,660,770 3,631,591 3,636,529 226,6171,953,861 342,184 215,0871,869,781 338,684 214,934 1,861,856 337,512 213,8391,852,922 336,210 210,7521,863,754 336,077 177,353 174,730 174,733 175,639 174,240 21,981 21,926 20,859 20,619 20,632 36,167 36,185 36,554 30,094 29,195 487,911 484,371 483,768 472,987 471,903 128,977 124,265 124,322 124,378 123,770 69,679 69,681 69,198 68,303 69,165 71,773 70,936 71,772 71,874 71,321 42,988 40,752 39,594 35,914 35,039 225,522 226,728 225,668 223,812 230,681 69,766 42,493 70,069 40,205 70,475 41,871 70,457 43,924 5,916 6,485 6,612 7,005 185,953 179,966 179,840 179,209 174,519 29,273 11,389 18,671 29,370 10,293 15,946 28,534 11,231 17,420 27,959 12,301 18,153 29,656 11,627 18,048 9,928 6,544 6,849 6,529 6,171 8,981 8,881 9,034 9,460 39,997 38,997 33,488 40,000 40,421 10,072 10,941 10,770 11,067 10,574 8,072 8,586 9,018 8,735 9,043 747 834 774 856 832 975 995 1,021 1,056 1,055 16,349 16,945 16,460 16,234 15,970 3,119 3,652 2,998 2,888 3,131 1,612 1,923 1,624 1,895 2,106 2,096 2,467 2,244 2,430 2,448 1,210 1,223 1,158 1,249 1,297 4,923 5,075 5,111 5,215 5,'984 9,083,048 8,824,375 8,830,534 8,768,878 8,826,549 679,497 5,252,388 626,665 667,624 5,022,156 626,944 664,250 5,013,390 622,345 660,5084,985,967 619,755 660,356 5,032,980 623,084 278,994 272,824 280,515 278,295 278,432 52,572 52,539 53,657 54,595 65,797 51,0591,•,235,796 51,7921,[,231,811 53,0841,1,235,324 51,7111,225,693 51,3441,222,652 250,676 245,395 249,312 241,725 244,677 104,869 103,344 101,762 103,474 104,160 166,610 167,892 163,095 164,125 78,628 79,956 31,061 77,976 78,471 305,115 303,481 307,942 306,084 310,571 3,467,044 3,452,361 3,461,913 3,454,357 3,475,203 257,0311,158,557 258,4341,156,115 258,5011,172,151 259,1871,158,087 260,6191,161,977 244,493 241,041 241,556 240,789 237,792 495,233 496,648 500,745 499,789 499,199 34,383 35,286 35,116 34,809 34,769 37,027 36,921 36,728 36,724 688,184 679,920 669,911 672,163 680,421 135,251 136,255 135,446 135,945 136,350 58,468 68,086 57,769 58,368 58,280 20,008 16,903 19,297 19,306 19,291 32,555 30,272 30,035 29,746 29,695 305,854 306,480 304,658 309,444 4,378 4,057 3,990 3,330 2,664 15,950 15,022 14,814 12,415 9,918 5,635 4,038 2,970 2,414 2,294 1,845 L465 3,105 2,420 2,273 1,805 1,442 1,254,854 1,172,581 1,181,644 1,181,153 1,177,568 75,354 76,978 76,216 74,660 76,914 759,026 688,747 695,290 692,257 106,506 112,588 110,455 111, 671 113,307 7,488 7,788 7,899 8,185 8,485 49,843 52,159 51,378 51,861 52,377 236,047 232,364 229,657 223,927 230,327 178,220 142,105 134,506 107,631 86,090 36,832 34,617 34,142 28,565 22,925 49,504 35,117 32,035 24,568 19,631 22,894 20,806 20,344 16,922 13,518 6,490 5,741 5,741 4,742 3,791 1, 1,424 1,386 1,145 915 561,846 489,616 503,189 503,805 478,092 49,422 31,096 32,812 30,873 102,859 85,741 85,062 86,275 77,695 55,547 46,534 61,492 50,110 49,639 22,333 31,165 24,227 26,492 5,897 5,707 6,198 5,858 5,122 129,6951,228,197 123,5501,088,655 124,5211,093,400 117,6741,061,208 118,0891,080,871 155,751 153,804 155,887 153,524 149,393 56,079 56,017 61,237 57,322 60,736 21,840 22,567 22,949 21,150 20,846 2,290,807 2,140,981 2,140,661 2,080,186 2,091,387 572,320 548,755 507,298 534,519 509,838 30,990 28,711 33,557 26,228 22,889 254,786 244,215 187,610 229,040 197,824 208 208 208 203 20S 17 17 17 17 17 45 45 45 45 45 56,819 20,752 54,576 16,635 60,102 12,615 60,881 7,368 66,920 10,423 37 37 37 37 37 8 8 8 8 8 2,843 2,271 10,563 166,228 26,246 20,418 37,009 15,759 49,665 13,309 142,828 26,000 19,399 34,320 14,552 48,965 10,717 155,230 24,822 20,522 32,256 15,238 44,613 11,421 150,015 26,033 17,064 32,186 15,696 51,782 11,500 142,739 23,170 17,870 31,621 15,883 50,229 48,355 98,412 24,788 89,781 47,742 95,665 24,355 92,840 45,836 91,812 23,599 91,420 47,476 86,642 23,33 88,651 47,454 84,003 22,775 87,652 11,635 12,616 12,777 12,379 12,129 351,669 347,382 343,911 340,200 74,605 75,788 73,212 70,629 70,669 8,864 11,154 6,945 12,596 5,716 13,995 6,530 9,394 7,732 7,738 93,020 76,100 81,658 76,758 71,165 21,206 23,031 19,855 26.877 23,966 6,465 10,363 5,765 11,986 8,477 9,850 7,960 9,396 7,678 16,243 43 43 43 43 11 11 11 11 11 13 13 13 13 13 8 8 8 8 8 7,602 21,254 5,260 11,189 4,761 9,033 3,615 5,836 2,886 4,664 5 5 6 5 5 7,462 7,994 9,413 8,631 7,275 60,444 60,201 64,450 65,556 70,985 FEDERAL RESERVE BULLETIN 672 SEPTEMBER, 1928 LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OP FEDERAL AND JOINT-STOCK LAND BANKS LOANS OF INTERMEDIATE CREDIT BANKS [In thousands of dollars] [In thousands of dollars] Date Total 1928 Sept. 3 0 . . . Oct. 3 1 — . Nov. 30.... Dec. 31—. Jan.31.. Feb. 28 , Mar. 31 Apr. 30 , May 3 1 — June 30 July 31 Ang. 31 Sept. 30 Oct. 31 Nov. 30. Dec. 31 Jan. 31 Feb. 29 Mar. 31 Apr. 3a May 31 Jane 30. . 1927 1928 , Class of loan May 31 April 2S March 31 6,105 2,557 605 8,482 2,746 1,039 11,266 3,057 1,364 2,099 6,187 450 428 5,671 258 1,002 79 493 5,512 29 1,302 141 630 5,549 43 1,515 263 567 5,000 560 1,054 147 16,705 19,744 23,687 16,064 Rediscounts o u t s t a n d i n g for— Agricultural credit corporations 32,289 31,385 30,614 National banks 8 8 3 State banks 405 411 396 Livestock loan companies.... * 22,355 22,145 21,565 Savings banks and trust companies _. 8 46 11 28,111 6 418 29,043 32 617 21,877 19,643 Federal Joint-stock land banks land banks (12 banks) (54 banks) 1,071,856 1,682,273 1,692,826 1,710,295 1,057,217 1,063,056 1,008,596 1,077,819 614,639 619,217 624,230 632,476 1,724,821 1,745,404 1,765,365 1,732,395 1,741,275 1,733,165 1,742,575 1,749,393 1,752,665 1,757,185 1,758,834 1,765,121 1,085,170 1,097,642 1,109,354 1,117,914 3,124,055 1,130,648 1,134,896 1,139,502 1,143,130 1,147,135 1,150,943 1*155,644 639,651 647,762 656,011 614,481 617,220 607,517 607,679 609,891 609,535 610,050 607,891 609,477 1,767,515 1,778,338 1,786,862 1,791,341 1,793,035 1,794,236 1,158,717 1,168,354 1,175,858 1,180,420 1,183,672 1,184,656 603,798 609,984 611,004 610,921 609,363 Total - Total ~ - BANK DEBITS Total 1 Revised. 55,089 53,954 52,606 20 66 50,432 49,406 PAR COLLECTION SYSTEM [Number of banks at end of July] Nonmember banks June, 1928 1 35,084,638 45,455,305 140 23,896,653 27,029,269 11 2,636,846 2,893,471 7 35,990,432 46,509,703 10 2,335,701 2,856,734 13 2,700,414 2,979,710 7 728,113 820,253 15 1,063,738 1,099,993 21 6,168,618 6,876,153 5 1,207,166 1,391,335 9 739,584 790,332 15 1,387,852 1,318,005 10 628,898 670,114 13 3,393,929 4,278,771 141 58,981,291 13,490 June 25 M E M B E R S H I P , BY FEDERAL RESERVE DISRICTS [In thousands of dollars] New York City Outside New York C i t y . . . Federal reserve district: Boston „ New York Philadelphia Cleveland Kichmond Atlanta Chicago „_ St. Louis Minneapolis . Kansas City_ Dallas.. San Francisco . . June 30 Direct loans outstanding onCotton .* . . . . . . . . . . . . 3,137 2,441 Tobacco — .......... 361 Wheat Canned fruits and vege476 tables ... .... 5,571 Raisins . . . . . . . . . 577 Wool 858 Rice . . ... 69 All other DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE DISTRICTS Number of July, 1928 centers 1927 1928 Net amount ofloansoutstanding 72,484,574 July, 1927 Federal reserve bank 30,749,979 22,932,210 2,698,007 31,626,566 2,211,496 2,775,779 738,641 1,079,627 5,720,524 1,161,058 676,862 •1,280,941 580,808 3,131,880 United States Boston New York Philadelphia-... Cleveland RichmondAtlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco •53,682,189 1 Member banks On par list 1928 1927 8,920 9,105 410 935 784 821 555 456 1,262 592 727 945 789 644 414 927 774 839 569 471 1,307 597 740 975 817 675 1923 1927 Not on par list l 1928 1927 12,864* 13,528 3,934 3,857 245 411 503 1,030 664 317 3,737 1,934 825 2,448 682 732 10 579 1,003 202 467 1,127 284 205 57 10 604 1,023 185 435 1,112 231 197 60 250 410 498 1,024 638 310 3,619 1,802 713 2,260 640 700 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, 1928 [Amounts in thousands of dollars] Juno 30, 1925 Sept. 28, 1925 Dec. 31, 1925 Apr. 12, 1926 June 30, 1926 Dec. 31, 1928 Mar. 23, 1927 June 30. 1927 Oct. 10, 1927 Dec. 31, 1927 Feb. 28, 1928 June 30, 1928 RESOURCES Loans and discounts (including overdrafts) United States Government securities» Other bonds, stocks, and securities i 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 rescrvo banks in process of collection. Due from banks, bankers, and trust companies Exchanges for clearing house and checks on other banks in same place Outside checks and other cash items Redemption fund and due from United States Treasurer .. Securities borrowed' Other assets . TotaL 20,814,180 21,450,373 22,275,285 22,006,308 22,267,479 22,906,550 22,532,419 23,148,726 3,802,370 3,785,412 3,761,065 3,831,078 3,744,929 3,388,963 3,835,151 3,796,347 5,085,975 5,133,273 5,163,166 5,232,617 5,378,479 5,600,708 5,786,776 6,021,927 29,702,525 30,369,058 31,199,516 31,070,003 31,390,887 31,896,221 32,154,346 32,967,000 383,873 375,163 498,143 . 486,259 500,232 431,307 512,945 502,024 919,046 904,755 955,563 927,357 998,212 1,012,103 1,036,731 171,741 167,140 170,763 173,906 175,829 173,727 178,230 172,986 624,592 524,343 574,532 540,261 537,856 534,120 522, 596 538,305 2,190,991 2,147,111 2,238,233 2,135,948 2,236,172 2,210,048 2,321,414 2,280,439 675,356 2,017,454 647,432 2,031,130 1,882,318 137,148 1,268,087 2,195,466 159,060 23,491,520 24,318,361 23,553,894 3,856,149 3,977, 557 4,215,822 6,103,119 6,382,962 6,373,630 33,450,788 34,678,880 34,143,346 695,319 576,223 699,701 1,059,930 1,067,200 1,077,529 180,511 180,546 177,229 525,992 539,137 ,. 523,370 2,366,605 2,319,736 2,514,465 24,739,273 4,224>730 6,533,656 35,497,659 710,207 1,099,210 184*109 449,198 2,342,045 673,512 1,896,383 740,816 1,968,326 784,391 739,871 2,077,441 2,209,831 1,940,619 680,492 1,897,231 1,222,670 101,676 1,912,942 177,771 1,564,796 157,841 1,508,418 200,159 1,311,817 134,916 1,447,219 217,291 32,480 41,521 445,592 32,891 33,539 444,028 33,054 29,464 426,891 33,281 35,212 456,003 32,823 29,248 456,050 33,025 37,733 496,430 39,105,025 39,053,354 41,425,295 40,075,440 40,845,189 42,029,644 41,118,464 42,810,192 43,155,718 44,888,140 43,581,656 45,091,849 2,085,732 2,092,909 2,105,308 2,162,434 2,169,484 2,203,447 2,248,210 2,273,737 2,304,708 2,337,780 2,345,519 1,750,815 1,760,076 1,832,691 1,880,620 1,899,565 1,955,349 1,992,174 2,030,342 2,049,325 2,124,020 2,144,182 845,596 834,802 914,114 879,480 940,605 843,319 783,012 739,934 785,517 763,156 {853,433] 139,315 137,345 152,531 133,387 128,142 132,688 108,903 128,757 124,484 120,386 47,221 45,360 54,402 53,043 49,933 39,758 52,073 47,893 51,112 61,445 45,214 3,978,028 3,827,576 4,169,470 3,801,513 3,935,113 4,002,995 3,834,194 4,070,610 4,148,273 4,541,516 4,131,048 2,415,376 2,285,536 924,012 145,458 49,823 3,867,342 33,013 13,561 481,258 32,850 14,541 440,524 825,543 2,155,306 32,982 13,312 435,082 722,055 810,250 732,161 1,933,501 1,980,051 2,065,518 1,450,457 1,762,736 2,077,090 142,939 181,593 137,866 32,879 15,640 416,029 32,997 44,631 419,895 32,785 44,345 504,314 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 treasurers' checks outstanding •—' Demand 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 reporting banks National-bank notes outstanding Securities borrowed Other liabilities • Total Number of banks * Prior to June 30,1925, included in -— 788,522 1,032,804 808,756 1,225,758 962,694 1,141,102 863,466 16,811,751 16,617,456 17,824,702 16,823,148 17,380,041 17,638,648 16,830,709 10,381,486 10,467,237 10,653,028 10,954,747 11,172,863 11,439,859 11,817,694 406,850 278,211 379,450 234,116 176,653 304,131 227,647 32,420,480 32,019,108 34,228,201 32,870,217 33,723,572 34,508,165 33,725,190 787,770 839,556 '848,064 977,944 1,064,605 17,735,244 17,374,426 18,170,140 17,304,646 17,606,564 12,209,834 12,459,248 12,764,798 12,922,638 13,438,585 256,681 86,032 266,981 435,475 217,622 35,350,958 35,449,768 36,635,064 35,337,788 36,006,765 6,450 360,767 198,031 5,081 489,449 222,105 7,081 627,898 204,926 15,800 419,853 199,715 5,632 390,839 220,780 32,637 656,301 203,565 13,248 415,296 131,137 17,967 381,133 160,115 17,845 414,311 113,904 32,785 662,095 101,380 21,375 451,081 129,811 18,103 971,429 238,008 158,903 165,108 278,988 221,290 207,292 254,606 205,382 210,519 265,007 431,963 454,958 436,486 37,403 365,671 25,643 384,993 40,334 648,719 42,946 158,634 21,965 486,548 23,266 470,292 55,002 648,954 45,304 146,993 38,415 425,751 20,499 515,046 25,015 505,586 41,696 603,595 26,391 675,636 21,641 721,473 29,015 705,001 43,177 716,270 42,054 650,662 44,631 138,872 35,917 645,956 44,345 148,108 29,013 642,007 41,546 159,689 32,042 650,445 33,564 152,618 26,075 649,390 29,471 140,851 22,318 649,877 35,936 203,566 26,008 646,162 £9,352 209,945 28,235 648,602 37,782 176,610 39,105,025 39,053,354 41,425,295 40,075,440 [40,845,189 42,029,644 41,118,464 42,810,192 43,155,718 44,883,140 43,631,656 45,091,849 42,144 647,994 38,775 138,427 9,538 9,539 53,608 647,951 49,643 131,650 9,489 0,412 i 9,375 9,260 9,144 9,099 1926. reported only as a contingent liability by.Statolannk members 9,087 9,034 8,983 8,929 ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON JUNE 30, 1928, BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve Total city banks Loans and discounts (Including overdrafts) U. S. Government securities Other bonds, stocks, and securities. 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 Treasurer Securities borrowed Other assets _. _.. Total Number of banks., banks Country banks Total Central Other reserve reserve Country banks city city banks banks Total Central Other reserve reserve Country banks city city banks banks 234,463 7,254,212 8,727,086 8,757,97515,148,918 3,582,844 5,042,562 6,523,512 9,590,355 3,671,368 3,684,524 2,2 233,373 "" 513,639 2 1,313,686 1,598,697 1,312,347 2,888,672 724,6401,085,058 1,078,974 1,336,058 589,046 „.,,„ 872,440^ , "796,578 6,533,650 1,144,552 1,936,205 3,452,899 4,252,725 532,639 1,063,765 2,656,321 2,280,931 611,913 35,497,659 9,712,45012,261,988 13,523,221 22,290,315 4,840,123 7,191,385 10,258,807 13,207,344 4,872,327 5,070,603,3,264,414 295,634 262,430 27,620 544,614 4,366 9,950 414,573 282,184 128,023 710,207 155,643 88,502 174,708 114' 898 172,062 414,666 512,482 721,102 1,099,210 83,560 239,958 397,584 378,108 58,435 4,502 28,666 25,267 8,085 184,109 3,583 30,990 91,101 59,656 116,368 125,674 135,178 32,051 52,256 50,871 61,041 146,462 241,695 314,020 449,198 28,990 94,206 190,824 451,380 295,036 142,246 019,830 783,528 638,687 1,453,383 468,450 488,492 496,441 2,342,045 92,333 106,436 33,541 224,756 349,454 106,282 448,182 132,423 243,018 680,492 72,741 232,310 225,898 805,579 865,754 1,436,308 116,108 593,154 1,897,231 593,154 727,046 460,923 109,790 212,425 138,708 1,447,219 217,291 33,025 37,733 496,430 1,068,130 86,558 2,014 367 325,196 290,055 99,953 8,113 22,471 123,094 89,034 30,780 14,895 48,140 862,873 100,314 33,025 21,103 272,032 609,231 190,420 11,328 65,220 2,014 8,113 367 11,513 175,766 63,222 23,766 22,808 9,223 26,323 584,346 116,977 458,899 75,230 99,635 34,733 25,812 7,014 16,630 224,398 149,430 10,953 63,151 5,672 21,817 45,091,849 13,351,00115,520,66216,220,186 28,492,904. 6,754,127,9,354,435 12,384,342 16,598,9456,596,874 6,166,227 3,835,844 758,120 822,395 295,138 311,195 216,062 817,806 974,182 1,592,981 328,250 506,611 767,033 793,233 1,418,710 385,820 421,9G4 610,926 866,826 339,450 345,069 182,307 275,558 356,835 557,215 126,986 156,369 273,860 366,797 164,633 119,189| 82,975 40,209 26,492 28,981 19,018 13,717 83,742 61,716 23,932 33,318 52,336 % 35,566 25,591 27 4,203; 9,975 35,618 14,205 10,027 14,230 1,906,975 1,562,801 397,566 2,700,746 1,181,,5381,:, 194,489 324,719 1,166,596 725,437 368,312 72,847 60,020 23,173 80,333 372,954 289,761 523,147 161,117 103,506 414,816 233,386 101,097 5,889,262 5,862,976 5,854,3261!.0,997,288 2,877,9513,669,322 4,450,015 6,609,276 3,011,3112,193,654 1,404,311 1,787,790 4,912,450 6,738,345 8,294,248 728,281 2,497,159 5,068,808 5t 144,337 1,059,509,2,415,2911,669,537 44,759 184,005 72,676 35,731 9,028 61,743 150,179 35,871 112,403 25,872 37,776 0,168,944 12.663,753 13,174,068 22,626,721 5 , 0 5 027 ', 584,497 9,985,19713,{,380,044 5,111,917 5,079,2563,188,871 V " 7, 9,8371 1,039 3,104 2,065 • 10,886 7,217 4,951 211 14,788 10 201 164,270 349,321 111,524 149,209 88,588 377,448 341,123 252,858 622,108 265,924 191,914 58,931 33,412 21,089 86,629 4,430 22,676 69,772 27,106 103,184 107,718 179,077 623,388 725,270 291,619 365,377 32,037 546,920 20,204 39,059 367 80,138 69,715 10,375 160,287 6,965 159,127 22,471 56,141 1,394 765 0,063 1,066 450,416 14,944 40,331 227,745 17,934 411,763 19,173 648,602 21,103 58,813 174,846 8,529 280,889 12,101 39,059 367 27,520 52,373 8,973 127,188 6,202 159,127 11,513 19,663 526 432 3,686 870 450,416 9,223 11,630 208,741 25,243 304,507 9,062 190,531 23,508 266,031 8,103 1,402 33,099 763 333 5,377 196 16,679 117,797 52,618 10,958 36,478 5,721 28,701 17,342 45,091,849| 13,351,00115,520,662 16,220,186 28,492,904 6,754,127 9,354,435 12,384,34216,598,945 6,596,874*6,166,227^, 835,844 8,929* t Member banks only; i. e., exclusive of national banks in Alaska and Hawaii. city 24,739,273 4,224,730 2,415,376 Capital stock paid In 2,285,536 Surplus fund->_. _ 924,012 Univided profits, less expenses and taxes paid 145,458 Reserved for taxes, interest, etc, accrued-— 49,823 Due to Federal reserve banks ._„ 3,867,342 Due to banks, bankers, and trust companies 787,770 Certified and cashiers' or treasurers' checks outstanding L7,606,564 Demand deposits. _ L3,438,585 Time deposits „„ 256,681 United States deposits Total deposits . ___ 36,006,765 18,103 Agreements to repurchase U. S. Government or other securities sold.. 971,429 Bills payable *. _ 238,008 Notes and bills rediscounted Acceptances of other banks and foreign bills of exchange or draft sold 436,486 with Indorsement _„ _ 43,177 Letters of credit and travelers' checks sold for cash and outstanding.. 716,270 Acceptances executed for customers 28,235 Acceptances executed by other banks for account of reporting banks.. 648,602 National-bank notes outstanding 37,782 Securities borrowed 176,610 Other liabilities Total- Other reserve State bank members National banks» All member banks 74| 8,325 7,685 33 371 7,281 1,244 41 159| 1,044 I ALL MEMBER BANKS—CONDITION ON JUNE 30, 1928, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve District Total Boston New York Philadelphia Cleveland MinneRich-' mond Atlanta Chicago St. Louis apolis Kansas City Dallas San Francisco RESOURCES Loans and discounts (including overdrafts) _ U. S. Government securities __ Other bonds, stocks, and securities 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 U. S. Treasurer Securities borrowed .... Other assets Total. 34,739,273 4,224,730 245,492 6,533,656 547,060 35,497,659 ,682,885 710,207 79,661 1,099,210 70,421 184,109 7,672 449,198 30,557 2,342,045 140,412 680,492 57,039 1,897,231 85,376 1,447,219 217,291 33,025 37,733 496,430 8,120,465 ,697,271 1,372,248 226,496 1,967,535 739,087 1,460,248 !, 662,854 520,566 16,846 245,498 91,855 18,697 14,775 93,587 31,733 943,631 137,420 247,839 43,633 207,414 115,888 32,474 1,026,971 11,959 72,604 2,227 4,377 233 627 26,425 307,361 272,323 ,021,451 911,3653,701,890 943,179 " ~ " " 147,651 429,473 130,587 113,831 563,600 752,314 193,365 149,413 856,424 294,450 454,110 345,403 1,174,609 5,121,9141,385,280 32,229 6,008 778 10,256 8,190 137,907 62,150 61,795 166,267 43,345 9,058 28,531 14,995 14,576 21,856 18,471 19,964 73,581 19,590 45,869 78,552 65,795 330,451 181,671 69,018 39,565 21,038 78,991 31,396 159,780 90,184 124,169 341,938 105,381 54,930 40,732 8,893 4,425 2,787 i 4,019 5,627 r7;283 19,789 16,577 45,091,849 3,227,341 .5,149,320 3,199,350 24,264 3,492 2,797 4,732 17,990 8,674 2,110 2,847 6,421 132,128 39,867 4,381 6,831 55,576 20,818 5,074 2,003 6,133 12,320 788,891 193,958 241,643 908,6661,224,492 543,946 136,480 228,240 2,175 24,361 10,951 17,037 53,926 7,134 110,549 10,510 5,629 1,402 142 4,507 692,482 2,155,677 149,822 73,892 515,092 490,233 916.1963,161,002 29,831 3,278 45,654 42,921 107,036 11,514 19,851 11,733 22,838 57,326 18,645 94,149 65,632 180,625 27,375 32,955 24,509 194,403 129,968 232,181 19,424 9,578 1,655 612 3,436 13,342 3,559 2,405 1,019 4,275 53,636 43,537 1,647 34,757 161,183 1,688,047 1,528,178 6,412,6851,718,609 1,156,989 1,655,519 1,237,382 3,957,246 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 outstanding Demand deposits.. — Time deposits .... United States deposits Total deposits.... ;.——.Agreements to repurchase U. S. 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 b y other banks for account of reporting banks National-bank notes outstanding Securities borrowed Other liabilities • Total Number of banks - « - 2,415,376 171,812 717,530 168,854 219,505 116,665 101,824 331,789 114,005 63,959 93,098 95,507 220,823 2,285,536 161,012 806,906 308,373 256,385 89,553 69,758 271,471 64,629 34,567 42,770 44,557 135,555 34,630 26,422 121,698 31,350 17,440 21,447 23,918 54,469 86,263 84,206 924,012 82,940 339,229 5,604 8,828 11,718 3,817 6,469 3,404 4,693 25,811 18,162 8,708 145,458 46,384 2,860 5,633 211 6,320 2 2,113 4,305 694 lf987 2,781 49,823 6,299 17,875 1,603 3,867,342 168,937 1,673,667 181,988 222,696 109,165 131,600 525,907 151,942 101,925 229,268 118,451 251,796 14,484 15,374 32,039 16,628 19,607 11,195 11,448 55,410 58,965 18,330 13,310 787,770 17,606,564 1,324,667 6,325,0281, 098,3361,439,532 557,233 565,933 2,453,523 643,430 416,633 807,014 641,535 ,333,700 " ' —1,643,809 606,060 476,523 2,275,300 543,605 461,363 372,402 212,836 ,711,891 13,438,585 993,097 3,037,691*1,104,0081, 10,655 18,165 53,130 8,531 18,278 11,359 5,578 17,G29 17,263 69,077 _.,_,. 256,681 13,808 13,208 36,006,765 2,525,13811,644,318 2,419,234 3,360,0101,,303,2301,,205,782 5,331,1991, 367,175 996,6961,438,809 004,9983,410.176 9 5,217 3,073 444 7,767 11,701 1,360 6,777 4,703 359 12,536 6,880 97 543 11,921 143 762 56 2,131 124 397 102 3,278 1,585 31,372 39,899 6,183 24,675 27,632 142 1,299 32,884 612 1,965 46,138 1,019 1,622 1,016 55,480 1,647 4,714 18,103 971,429 238,008 71 51,176 41,268 11,368 450,275 30,773 39 97,289 15,496 94,821 16,643 1,215 47,759 21,391 301 17,771 36,617 1,692 131,924 32,874 207 48,117 16,689 436,486 41,05; 361,953 7,052 6,525 916 1,144 4,316 958 43,177 716,270 1,161 80,893 29,413 521,842 544 13,424 6,278 11,354 1,784 20,240 43,761 233 6,235 3,963 54,882 5,627 9,482 138 79,616 7,283 6,303 185 12,349 334 41,567 2,847 5,908 3,425 32,509 28,235 648,602 37,782 176,610 161 5,959 27 54,049 4,732 2,156 82,859 664 87,091 6,830 29,392 45,091,849 3,227,34 15,149,320 3,199,350 4,161,183 1,688,047[l, 528,178 6,412,6851,718,6091,156,9891,655,519 1,237,382 &45| 728 557J 457 823 7fll 1,2 593 786 410 934 8,929 957,246 ~641 5 676 FEDERAL RESERVE BULLETIN SEPTEMBER, 1928 ALL MEMBER BANKS—RESERVE POSITION ON JUNE 30, 1928 [Amounts in thousands of dollars] Reserves with Federal reserve banks Net demand deposits Class of bank and Federal reserve district All member banks 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 8an Francisco 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 Demand deposits, exclusive of bank and Government deposits » Due to banks net' Time deposits Total Net demand plus time deposits Required Held Ratio of required to net {demand plus Excess» time deposits (per cent) 17,606,564 1,641,213 19,147,777 13,438,585 32,586,362 2,345,279 2,342,045 -3,234 7.20 -24,557 618 20,705 10.93 6.95 4.87 5,889,262 5,862,976 5,854,326 962,687 492,399 86,127 6,851,949 6,355,375 5,940,453 1,787,790 8,639,739 4,912,450 11,267,825 6,738,345 12,678,798 944,387 782,910 617,982 919,830 783,528 638,687 1,324,667 6,325,028 1,098,336 1,439,532 557,233 565,933 2,453,523 643,430 416,633 807,014 641,535 1,333,700 57,761 843,173 50,307 76,034 23,506 29,810 186,385 55,603 29,855 79,052 24,279 85,448 1,382,428 7,168,201 1,148,643 1,516,566 580,739 595,743 2,639,908 446,488 886,066 665,814 1,419,148 993,097 2,375,525 3,037,691 10,205,892 1,104,008 2,252,651 1,643,809 3,159,375 606,060 1,186,799 476,523 1,072,266 2,275,300 4,915,208 543,605 1,242,638 907,851 461,363 372,402 1,258,468 212,836 878,650 1,711,891 3,131,039 147,593 942,705 * 132,936 183,915 66,668 65,261 346,404 77,484 50,586 88,726 61,272 181,729 140,412 943,631 137,420 181,671 69,881 65,795 330,451 78,552 53,926 94,149 65,532 180,625 -7,181 926 4,484 -2,244 3,213 534 -15,953 1,068 3,340 5,423 4,260 -1,104 6.21 9.24 5.90 5.82 5.62 6.09 7.05 6.24 5.57 7.05 6.97 5.80 4,826,133 1,063,129 824,846 137,841 5,650,979 1,200,970 1,185,767 602,023 6,836,746 770,200 174,187 765,225 154,605 -4,975 -19, fi82 650,972 347,255 599,825 877,048 246,779 287,154 674,996 363,740 159,794 444,527 256,677 954,209 50,006 10,818 47,166 73,343 14,425 21,635 34,796 44,349 23,251 73,071 19,360 80,179 700,978 358,073 646,991 950,391 261,204 308,789 709,792 408,089 183,045 517,598 276,037 1,034,388 289,792 990,770 312,134 670,207 255, $02 902,793 846,761 1,797,152 166,846 428,050 213,914 522,703 739,821 1,449,613 260,779 668,868 99,362 282,407 180,561 125,194 401,231 1,421,484 2,455? 872 703,305 1,384,755 1,539,790 848,206 1,349,858 797,048 1,362,223 439,214 758,749 262,609 549,563 933,456 1,662,602 282,826 573,770 362,001 625,444 191,841 560,309 87,642 477,419 290,407 675,167 78,791 45,171 72,374 120,442 31,125 37,296 93,173 21,285 57,178 31,359 146,083 78,116 47,922 73,151 117,249 30,645 35,479 92,307 48,078 23,085 60,404 34,024 143,068 -675 2,751 777 -3,193 -480 -1,817 -866 -555 1,800 3,226 2,665 -3,015 11.2 9.66 7.95 6.74 8.02 6.70 7.27 7.14 6.43 7.27 7.54 8.19 7.82 5.95 68,802 127,334 60,562 63,473 35,543 27,965 79,044 28,851 29,301 31,548 29,913 35,646 62,296 130,484 64,269 64,422 39,236 30,316 83,539 30,474 30,841 33,745 31,508 37,557 -6,506 3,150 3,707 949 3,693 2,351 4,495 1,623 1,540 2,197 1,595 1,911 4.97 4.72 4.49 4.66 4.68 5.09 4.76 5.03 4.68 5.63 6.27 5.28 673,695 1,151,640 498,511 562,484 310,454 278,779 715,398 279,690 256,839 362,487 384,858 379,491 7,755 681,450 7,509 1, U9t 149 3,141 501,652 2,691 565,175 9,081 - 319,535 8,175 286,954 13,748 729,146 11,254 290,944 6,604 263,443 5,981 368,468 4,910 389,777 5,269 384,760 ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, MARCH, 1922-JUNE, 1928 [Amounts in thousands of dollars] Loans and Investments Investments Date Total Loans 1 Total Mar. 10 June 30 Dec. 29 Apr. 3 June 30 Bept. 14 Dec. 31 Mar. 31 June 30 Oct. 10 Dec. 31 Apr. 6 June 30 Sept. 28 Dec. 31 Apr. 12 June 30 Dec. 31 Mar. 23 June 30 Oct. 10 Dec. 31 Feb. 28 June 30 TT.S. Govern- Other ment securisecurities ties Due from banks Capital, Net Bills Numsurplus, United demand Reserve Net with payable ber of and Total Demand States Due to demand Time time and Federal reportand undi- deposits* deposits* deposits deGovernbanks * deposits ing reserve redisvided posits ment counts * banks profits deposits banks 1922 23,418,982 17,161,135 6,257,',847 2,754,846 3,503,0011,013,918 4,185,017 23,641,41813,484,054 6,662,398 329,503 3,165,463 14,479,460 21,471,3611,722,637 24,358,014 17,295,943 7, ^!,071 3,246,824 3,815,247 1,646,773 4,213,919 , 7,062,071 ,_ _,_.. 7,175,005 156,118 3,150,385 15,509,073 22,840,196 1,835,116 25,768,503 18,080,787 7, 687,716 3,788,377 3,899,3391,805,579 4,363,914 27,271,80415,672,741 7,644,881 461,799 3,492,383 16,186,983 24,293,663 1,939,028 757,834 592,270 726,693 9,816 9,892 9,859 1923 26,332,193 26,675,005 26,497,552 26,738,130 18,571,,825 7,\ 760,368 3,883,266 3,877,1021,774,287 4,355,582 27,182,459 15,127,221 18,880,058 7,\ 794,947 3,870,232 3,924,715(1,696,184 4,367,078 27,053,202 16,161,059 18,857,1007,\ 640,452 3,722,441 3,918,01l|l, 640,178 4,436,232 26,914,718 15,100,551 19,051,686 7,\ 686,444 3,641,132 4,045,3121,824,348 4,377,566 28,486,613 16,086,731 8,142,574 8,378,211 8,466,416 8,650,610 404,427 3,508,237 16,068,171 24,615,172 1,908,586 815,067 296,482 3,217,450 16,030,725 24,705,418 1,871,015 943,593 144,478 3,203,273 15,892,267 24,503,1611,868,926 982,828 236,942 3,512,33016,356,379 25,243,9311,900,153 807,731 9,850 9,856 9,843 9,774 26,832,034 27,261,559 28,450,644 29,026,588 19,175,713 7,656,321 19,264,019 7,997,540 19,819,898 8,630,746 20,181,309 8,845,279 3,569,653 4,086,668 1,643,739 4,468,444 28,248,081 15,586,676 3,007,797 4,389,743 1,940,197 4,486,475 29,529,561 16,292,969 3,894,620 4,736,126 2,430,462 4,594,105 30,772,057 16,382,939 3,002,793 4,942,486 2,339,488 4,531,726 32,361,652 17,766,469 8,889,923 9,203,545 9,597,395 9,804,738 291,767 3,479,715 16,089,676 25,271,366 1,893,301 614,105 178,946 3,854,10116,802,176 26,184,667 1,965,453 443,003 301,803 4,489,920 17,781,391 27,680,589 2,121,428 325,389 242,482 4,547,963 18,446,119 28,493,339 2,227,569 408,204 9,681 9,650 9,635 9,587 29,284,939 29,702,525 30,369,058 31,199,516 20,389,7028,895,237 20,814,1808,888,345 21,450,373 8,918,685 22,275,285 8,924,231 3,915,997 4,979,240 2,090,754 4,669,039 31,226,527 16,606,548 10t 126,980 3,802,370 5,085,975 2,017,454 4,6S9,980 32,420,480 17,844,555 10,381,486 3,785,412 5,133,273 2,031,130 4,687,787 32,049,168 17,426,212 10,467,237 3,761,065 5,163,166 2,155,306 4,677,933 34,228,201 19,050,46010,653,028 411,619 4,081,380 17,685,631 28,224,230 2,091,545 176,653 4,017,78618,239,939 28,798,078 2,190,991 278,2113,877,508 18,232,538 28,977,986 2,047, 111 304,131 4,220,582 19,237,727 30,194,886 2,238,233 486,416 558,798 711,554 732,824 9,531 9,538 9,539 9,489 31,070,003 22,006,3089,063,695 3,831,078 5,232,617 1,933,501 4,826,066 32,870,217 17,6S6,614 10,954,747 379,450 3,849,406 18,368,685 29,702,882 2,135,948 31,390,887 22,267,479 9,123,408 3,744,929 5,378,479 1,980,0514,832,205 33,723,572 18,342,735 11,172,863 227,647 3,980,327 18,766,357 30,166,867 2,236,172 31,896,221 22,906,5508,989,671 3,388,963 5,600,708 2,065,518 4,944,313 34,508,16518,779,75011,439,859 234,116 4,054,440 IS, 901,829 30,575,804 2,210,048 619,568 611,619 759,866 9,412 9,375 9,260 406,850 3,881,415 .8,516,549 30,741,093 2,321,414 217,622 4,123,653 19,208,041 31,635,497 " 280,439 435,475 4,202,675 [9,143,905 32,038,628 319, 736 266,9814,593,589 20,082,844 33,114,623 £ 514,465 546,433 541,248 528,215 663,475 9,144 9,099 9,087 9,034 78818,152,71012,922,638 86,032 4,176,408 19,206,541312,215,211 2,366,605 580,892 . . 18, 34,143,346 23,553,89410,589,452 4,215,822 6,373,630 1,940,619 5,403,815 35,337,788 35,497,659 24,739,273 10,758,386 4,224,730 6,533,656 1,897,231 5,624,924 36,006,765 18,394,334 3,438,585 256,681 3,917,165 19,147,77732,843,043~;2,342,045 ,209,437 8,983 8,929 1924 1925 , 1926 1927 1928 32,154,346 32,967,000 33,450,788 34,078,880 22,532,419 9,621,927 3,835,151 5,786,776 1,896,383 5,085,980 33,725,190 17,619,23111,817,694 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 23,491,5209,959,268 3,856,149 6,103,119 2,077,441 5,294,538 35,449,768 18,352,370 12,459,248 24,318,36110,360,519 3,977,557 6,382,962 2,209,831 5,341,280 36,635,064 19,009,69612,764,798 * 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. * Exclusive of acceptances of other banks and foreign bills of exchange or drafts sold with indorsement. FEDERAL RESERVE DISTRICTS MINN. MINNEAPOLIS S.DAK. ——BOUNDARIES OF FEDERAL RESERVE DISTRICTS . . — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY