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.
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THE FEDERAL RESERVE BULLETIN is the board's medium of communication
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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
@FedFRASER