Federal Reserve Bulletin, 1926-11

FEDERAL RESERVE BULLETIN NOVEMBER, 1926 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Review of the Month Brokers9 Loans, 1917-1926 Money Rates in Foreign Countries WASHINGTON GOVERNMENT PRINTING OFFICE 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. —— Director, Division of Research and E. M. MCCLELLAND, Assistant Secretary. Statistics. W. M. IMLAY, Fiscal Agent. J. F. HERSON, E. A. GOLDENWEISER, Acting Director, Division of. Chief, Division of Examination, and Chief Federal Research and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) CHAS. A. MORSS, Vice President. District No. 2 (NEW YORK) JAMES S. ALEXANDER. District No. 3 (PHILADELPHIA)____ . .___ L. L. RUE. District No. 4 (CLEVELAND). „ GEORGE A. COULTON. District No. 5 (RICHMOND) JOHN F. BRUTON. District No. 6 (ATLANTA) P. D. HOUSTON. District NO. 7 (CHICAGO) FRANK O. WETMORE, President District No. 8 (ST. LOUIS) _ BRECKINRIDGE JONES. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District NO. 10 (KANSAS CITY)______ P. W. GOEBEL. District No.. 11 (DALLAS) B. A. MCKINNEY. District No. 12 (SAN FRANCISCO) „_ ' HENRY S. MCKEE. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of- Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss..... W. P. G. Harding W. W. Paddock W. Willett. Pierre Jay •_ J. H. Case L. H. Hendricks.» New York Benj. Strong... L. F. Sailer. A. W. GilbarU G. L. Harrison . J. W. Jones.* E. R. Kenzel .— Ray M. Gidney.* L. R. Rounds.* Philadelphia.... R. L. Austin Geo. W. Norris... Wm. H. Hutt... C. A. Mcllhenny. W. G. McCreedy.i Cleveland George DeCamp E. R. Fancher M. J. Fleming. H. F. Strater. Frank J. Zurlinden.. Richmond.— Wm. W. Hoxton...»..._ George J. Seay... C. A.Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, Jr.* Atlanta.... Oscar Newton M. B. Wellborn.. J. L. Campbell „ M. W. Bell. Creed Taylor ... Chicago Wm. A. Heath... J. B. McDougal.. C. R. McKay W. C. Baehman.* John H. Blair..—— K. C. Childs.x J. H. Dillard.i D. A.Jones.1 O. J. Netterstrom.i St. Louis..... Wm. McC. Martin. D. O. Biggs O. M. Attebery J. W. White. Minneapolis.. John R.Mitchell... R. A. Young.... W B. . V B . . M G o e o e r r e y G Fr r a a n y k W C a . r D re u n n . lop.1 Harry Yaeger2 Kansas City.. M. L. McClure.. W. J. Bailey C. A. Worthington.. J. W. Helm. Dallas C. 0. Walsh .... Lynn P. Talley. R R . . R B . . C G o i l l e b m e a r n t . . . ..... Fred Harris. San Francisco Isaac B. Newton. J. U. Calkins.... Wm. A. Day. W. N. Ambrose. Ira Clerk .... L. C. Pontious 1 Controller. !Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch W. W. Schneckenburger, Helena branch .. R. E. Towle. Kansas City: Cincinnati branch „.._„, C. F. McCombs. Omaha branch.._ ._.„. L. H.Sarhart. Pittsburgh branch. .„._. J. C. Nevin. Denver branch. J. E. Olson. Richmond: Oklahoma City branch C.E.Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch M. Crump. New Orleans branch ._ Marcus Walker. Houston branch ..._ .„• • D. P. Reordan. Jacksonville branch .._...„_„ Geo. R. DeSaussure, San Francisco: Birmingham branch... A. E. Walker. Los Angeles branch..__. . R. B. Mother well. Nashville branch ..._„._. J. B. Fort, jr. Portland branch .. R. B. West. Chicago: Salt Lake City branch.... W. L. Partner, Detroit branch. _._„ W. R. Cation. Seattle branch......_„._..„_... 0.R. Shaw St. Louis: Spokane branch... ____ D. L. Davis. Louisville branch..„„„„.„..„„ W. P. Kincheloe ;' . Memphis branch .„... W. H. Glasgow. Little Rock branch __„_„. ... •A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal reserve banks and member ba.n,ks. The BULLETIN will be sent to all member banks without charge. • To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada,. Mexico, and the insular possessions, $2.80; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: Page Review of the month __ 759 ; Business conditions in the United States., 764 Brokers' loans, 1917-1926. _; 779 Money rates in foreign countries . _ 794 Official: Changes in State bank membership : _._._._ 787 Changes in national bank membership . 787 Fiduciary powers granted to national banks : _ _ _ 787 Business statistics for the United States: Industrial activity 789 Commodity movements : . 791 Wholesale and retail trade _ 792 Estimate of crop production 788 Foreign banking and business conditions: Financial statistics for foreign countries . 797 Condition of central banks - = _ _.- . 797 Condition of commercial banks . _ : 799 Discount rates of central banks , __-.-. 799 Gold movements . _ _. 801 Silver movements 801 Foreign exchange rates .___ 800 Price movements in principal countries— Wholesale prices in principal countries 802 Retail prices and cost of living in principal countries 804 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks. 805 Federal reserve note account .. _ _ _ _. 809 Holdings of bills and securities and earnings thereon _ _ 810 Discount and open-market operations. .. 811 Gold settlement fund. _.__ 821 Discount rates of Federal reserve banks _. 821 Member banks— Reporting member banks- Condition of reporting banks in leading cities __._____. 812 Condition of reporting banks in Federal reserve bank cities .___ 813 Loans to brokers and dealers : - 815 All member banks— Deposits, by size of city. __ _ 815 Earnings and dividends of State bank members. 816 Bank debits... - — _. ---- - -- 817 Member banks and nonmember banks on par list and not on par list..- 820 Money in circulation ._. . _ _. _ 820 Money rates in principal cities _-_ 818 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 12 NOVEMBER, 1926 No. 11 REVIEW OF THE MONTH since the beginning of 1926 has been in loans made by the New York City banks for their Growth in the demand for bank credit for own account and for account of domestic agricultural and commercial purposes concorrespondent banks, and at the end of October tinued in September and Octothe volume of brokers' loans for these two ber and was accompanied in commercial groups of banks combined was $1,850,000,000, October by a rapid decline in loans or practically at the same level as at the end of security loans, with the conse- May, when security prices were at their lowest quence that the total volume of bank credit point for the year. The general course of outstanding at the end of October was considerably lower than the record amount that 8ILLI0NS OF DOLLARS BILLIONS OF DOLLARS 9 9 was outstanding a month earlier. Taking the first 10 months of 1926 as a whole, the volume of bank credit in use continued to increase as in other recent years but at a much less rapid rate. In comparison with 1925, which was a year of rapid growth in bank credit, this year has been characterized chiefly by the maintenance of a general level of bank loans close to that reached toward the end of last year. In 1925 the growth of credit was largely in the form of security loans, while during the current MEMPER BANKS year these loans have been at a higher average IN LEADING CITIES level than last year, but have declined during the year. Other loans, however, largely com- 1925 1926 mercial, have increased by about $350,000,000 brokers' loans during the last eight years, as since a year ago, and throughout the year have shown by figures recently released for publicabeen continuously above last year's level. tion, is given elsewhere in this BULLETIN. The course of member bank loans is indicated The higher level of commercial loans during by the chart, which gives for 1925 and 1926the current year and the increase in these the movement of security loans and of other loans during recent months loans, largely commercial, for member banks in High level of -i n , i • , business activity have reflecte<i in P^t a generleading cities. ally higher level of industrial The principal factor in the movement of production. The board's new index of the security loans during recent years has been the physical volume of industrial production, movement of loans to brokers Course of which is much more comprehensive than its and dealers in securities. brokers' loans old index for so-called basic industries, has been These loans grew rapidly in the higher every month this year than in either last quarter of 1925, declined in the spring of 1925 or 1924, and for the past two months this year to a level about equal to that of the has been at a record level. This fact is brought middle of 1925, and, after a subsequent advance out by the chart, which shows separate curves of more than $350,000,000, declined again in for each of the last four years. The rise to a October by more than $200,000,000 to a level new high level in September, which is the below that of October of last year. The decline latest month for which comprehensive statistics 759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL EESERVE BULLETIN NOVEMBER, 1926 are available, was largely due to exceptional The high lev>sl of industrial production and activity for this season of the year in the mining merchandise distribution during the current of bituminous coal and to a recent marked year has been sustained by the increase in the manufacture of cotton and Sustained continued demand for cornwoolen textiles. The large production of consumers' de- modities by consumers. The bituminous coal has been in part in response to man purchasing power of industrial foreign demand which has been stimulated by workers, as indicated by the volume of factory the marked reduction of supplies from Great employment and the size of factory pay rolls, has been throughout the year continuously Britain owing to the coal strike. This has larger than in 1925. The buying power of also been a factor in the recent advance for farmers, as indicated by purchases at mailprices of bituminous coal and in the large order houses and by sales of agricultural volume of freight-car loadings during recent machinery, has also been as large as in any other recent year. i20.r PHYSICAL VOLUME OF INDUSTRIAL PRODUCTION 120 The most important development in the ( INDEX NUMBERS, MONTHLY AVERAGE, 1923-25=100 ) agricultural situation in recent weeks has been the prospect of a record cotton 110 uation COtt°n Slt" Cr°P °f ab°Ut 17>500>000 bales> according to the estimate of the Department of Agriculture. The expecta- 100 IOC \ tion of a crop of this magnitude, following upon a large crop in 1925 and a considerable \ carry-over, has had a disturbing effect on the 90 SO cotton market. Ways and means of overcoming this effect have been the subject of numerous meetings and conferences. On October 9 80 80 the President of the United States appointed a committee "to cooperate with those engaged 70 in the production, marketing and use of cotton, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. to investigate the present market condition of A new combined index of production of manufactures and minerals based upon monthly statistics of daily average output, not adjusted cotton and render such desirable assistance as for seasonal changes. can be given by the Government to the efforts months. The increase in the activity of already being made in the South through the cotton mills and woolen mills, on the other financial institutions, cooperative organizations, and Federal intermediate credit banks, hand, has reflected in part the fact that prices and otherwise." The membership of the comfor cotton and wool have recently been conmittee consists of Eugene Meyer, managing siderably lower than at any time in more than director of the War Finance Corporation, a year. The volume of building has continued chairman; Andrew W. Mellon, Secretary of to be large, and the automobile industry has the Treasury; William M. Jardine, Secretary continued to be active, though in recent weeks of Agriculture; Herbert Hoover, Secretary there has been some decrease in the volume of of Commerce; A. C. Williams, chairman of the employment in this industry and some increase Federal Farm Loan Board; and George R. in stocks of cars on hand. The distribution of James, member of the Federal Reserve Board. merchandise through the channels of wholesale Members of the committee have visited the and retail trade has been maintained in larger cotton States and meetings have been held at volume than a year ago, and stocks on hand at which steps have been taken by the bankers the end of September were generally below the and business men to form cotton financing level of a year ago, reflecting in part a lower organizations to finance the temporary withlevel of commodity prices. drawal from the market of about 25 per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEK, 1926 FEDERAL RESERVE BULLETIN 761 of this year's cotton crop for a period of ap- August the rates have advanced in the money proximately 18 or 20 months, unless develop- markets of New York, London, Berlin, Amments in that time makes it advantageous to sterdam, and Zurich, representing the five market the cotton earlier. Steps have been principal countries whose currencies are on a taken to form 10 cotton financing organizations stable basis. Both the closer adjustment of to serve North Carolina, South Carolina, the interest rates and the similarity in their Georgia, Alabama, Louisiana, Texas, Okla- recent movements have reflected in part the homa, Tennessee, Mississippi, Kentucky, Mis- greater freedom in the movement of funds souri, and Arkansas. between financial centers in different countries The cooperative cotton marketing organiza- made possible by the restoration of a free gold tions of the different Southern States have market and the removal of restrictions upon indicated their readiness to place at the dis- international exchange and credit transactions. posal of the cotton financing organizations their With the reestablishment of a closer relationfacilities for storing, grading, and marketing ship between conditions in the different money cotton, and have expressed their willingness to markets of the world, credit policies of central cooperate with all other interests in carrying out the proposed plan. At the same time, committees of local business men, State bankers' associations, various agricultural organizations, and extension services have begun vigorous campaigns for the diversion of at least 25 per cent of the acreage planted in cotton this year to the production of other crops next year. The commercial banks in the cotton States are cooperating with the growers of cotton by extending to them the credit necessary for harvesting and marketing the cotton crop in an orderly manner, and the local Federal reserve banks have informed their member Jan. Feb. Mar. Apr. May June July Au^. Sept. Oct. Nov. Dec. Rates shown are open-market rates for bankers' acceptances, and figures banks that they are alive to the difficulties of are on a weekly basis the present situation and are prepared to cobanks have assumed a larger international signifoperate in the orderly marketing of the cotton icance than they have had in other recent years. crop by making advances in the usual manner. Rates on short-term money in the principal money markets of the world have advanced Reestablishment of a stable basis for the since midsummer, as is shown currencies of many of the important trading Movement of on the chart, reflecting to money rates countries of Europe has had some extent increased require- International the effect of restoring a closer ments for currency and bank credit that accredit situation relationship between the prin- company the harvesting season. The rise cipal money markets and a better adjustment in rates in New York and in Berlin has reamong interest rates prevailing in the leading flected in addition a growth in the demand financial centers. Short-term money rates, for credit in the securities market and an inwhich in many of the countries going through crease in the general volume of business accurrency reorganization had been at extremely tivity. In all of the countries represented on high levels, declined during the present year the chart, except England, where the volume to levels more closely approaching those pre- of currency in circulation has changed but vailing in the gold standard countries.1 In little, and in Germany, where money in cirrecent months, however, the general trend of culation has been growing persistently, curinterest rates in most of the important finani The course of money rates during recent years in foreign countries is cial centers has been upward. Since last shown on pages 794-796 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 rency reached a low seasonal level in June mercial purposes. In both countries the inor July of this year, and since that time there crease in commercial loans has reflected inhas been a slight increase in Switzerland and creased activity in industry and trade, while larger increases in Germany, the United the level of commodity prices has remained States, and Netherlands. According to the almost unchanged. On the other hand, seculatest available figures, the increase for Ger- rity prices both in the United States and in many has exceeded 250,000,000 marks (about Germany have advanced since midsummer. In $60,000,000), for the United States $35,000,000, the United States the average of security prices and for Netherlands 15,000,000 florins (about in October, notwithstanding a considerable de- $6,000,000). Increased demand for currency cline from* September, was about 5 per cent at this time of year is usual and is commonly higher than in June, and in Germany security ascribed to the increased requirements that prices, which have been rising since January, arise from the harvesting and marketing of were more than 10 per cent higher in Septemcrops and the autumn increase of retail trade. ber than in June. In Germany, however, where money in circu- The movement toward a closer adjustment lation declined but little during the business in open-market money rates in the different depression of last spring, the recent increase financial centers during the past has reflected largely a greater volume of general Changes in year has been accompanied by business activity. discount rates . ._ . a similar movement in the dis- The increase in the demand for currency count rates of central banks. Among the most has been accompanied by a growth of bank recent changes in the official rates of the cen- _ . ,. loans since last June in the tral institutions have been a decrease during Bank credit TT . ^ Oj • _ , . _ _ June and July in the rate of the Keichsbank United states, England, and from 7 to 63^ per cent and from 6 J^ to 6 per Germany, as is shown in the following table: cent, and an increase in the middle of August LOANS OF COMMERCIAL BANKS from 3 J^ to 4 per cent at the Federal Reserve [In millions of dollars] Bank of New York. These two changes brought the official bank rates in these coun- United States (reporting member banks): • June,-30 _.___• 14, 135 tries closer together and closer to the rate of Oct.-27 14,314 the Bank of England, which has been 5 per Increase 179 cent since last December. Official rates in the England (9 London clearing banks): ====== United States, England, Netherlands, Sweden, June average 5,273 September average. _ ^ : 5, 332 and Switzerland, all of which have been upon a gold basis for a considerable time, have varied Increase 59 Germany (6 Berlin banks): . ===== within the limits of 3 J^ to 5 per cent for more June 30 •_ 733 than a year, while the rate at the Reichsbank Aug. 31_____ 798 during this period has been reduced by succes- Increase. ^ 65 sive steps from 9 per cent to 6 per cent. Openmarket rates at Berlin, which are now at least The table shows that increases in the volume 3 per cent lower than a year ago, have also of credit extended by commercial banks changed more than market rates in other imsince last June have been larger in the e portant financial centers. The decline in the United States and in Germany than in Engrates in Germany from the exceptionally high land. Loans of the London joint-stock banks, levels that had prevailed immediately after the though larger than in June, are about $60,stabilization of German currency has been par- 000,000 lower than in July, reflecting in part alleled by similar movements of rates in Austria the influence of the coal strike. In jGermany and Hungary and has been the most imporand the United States the growth in loans of tant development during the past year in the commercial banks has been both in loans on restoration of a closer relationship between the securities and in other loans, largely for commoney markets of the world. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEEj 1926 FEDERAL KESERVE BTJLLETIH 763 The better alignment of German money rates ing exchange at a fixed rate, so that since that to rates in other countries that has prevailed time the fluctuations in the exchange value of for nearly four months was in the mark have more closely reflected ordinary German credit large part the outcome of de- commercial and financial influences. developments velopments since last autumn, A recent development in monetary reform notably continued large borrowings abroad, in Europe was the announcement by the Belaccompanied by the reduction of German im- gian Government on October ports. After November, 1925, the German Monetary re- ^ f th puttmg into opera . form in Belgium balance of trade became favorable and con- tion of a plan to establish the tinued to be so for six months, the excess of Belgian currency on a new basis. The reform merchandise exports during this period amount- includes the creation of a new unit of currency, ing to about 600,000,000 marks. At the same the belga, with a fine gold content of 0.209211 time there was some slackening in the demand for grams and a fixed relationship to the Belgian credit for commercial and industrial purposes, paper franc at the ratio of .5 to 1. The relareflecting a somewhat lower level of commodity tionship of the belga to the pound sterling at prices, a reduction in the requirements of inpar is as 35 to 1 and to the dollar about 7.20 dustry and trade, owing to the prevailing deto 1. Thus under this plan the value of the pression, and increased resort of the stronger Belgian franc will be 2.78 cents, or about 14.4 borrowers to other money markets, notably per cent of its original gold parity. To ac- New York. The Reichsbank's reserves of complish the monetary reform thus undergold and foreign exchange increased by more taken the Belgian Government has negotiated than 400,000,000 marks from the middle of in foreign markets a loan in an amount equiv- 1925 to the middle of 1926, there was an apalent to about $100,000,000. The proceeds of proximately equivalent increase in the volume this loan are to be used to reduce the Governof money in circulation in Germany, and the ment's debt to the National Bank of Belgium. leading commercial banks reduced the volume The National Bank of Belgium, on its own acof their indebtedness at the Reichsbank and count, has arranged for advances of credit of increased the volume of their loans and invest- 5,000,000 pounds sterling from a number of ments by more than 700,000,000 marks, European central banks, including the Bank largely in the form of secured loans and Lomof England, the German Reichsbank, the bard loans. It appears, therefore, that the Nederlandsche Bank, the Swedish Riksbank, long-term funds made available to Germany the Bank of France, the Swiss National Bank, by foreign investors were an important factor the Austrian National Bank, and the Hunin increasing the amount of currency available garian National Bank, and also the Bank of to meet the domestic demand for pocket Japan. In connection with the restoration of money and till money, and in putting business Belgian currency the Federal Reserve Bank of concerns in a position to liquidate short-term loans at banks and to build Up as part of their New York, on its own behalf and on the behalf working capital considerable balances in the of other Federal reserve banks desiring to parform of bank deposits. The same financial ticipate, and with the approval of the Federal developments that reduced money rates in Reserve Board, will, for a period of a year, Germany and promoted the liquidity of the purchase from the National Bank of Belgium, German banking system have likewise been if offered, prime bankers' bills, said bills to important factors leading to the unpegging of conform to the eligibility requirements of the German exchange, which took place at the Federal reserve act and to be payable in gold, end of August. On August 23 the Reichsbank the aggregate amount of such bills not to exdeparted from the practice of buying and sell- ceed. $10,000,000 at any one time. 15590—26t 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL KESERVE BULLETIN NOVEMBER, 1926 BUSINESS CONDITIONS IN THE UNITED STATES NATIONAL SUMMARY decline in contracts for residential structures has been largely offset by increases in awards Industrial and trade activity increased in for industrial and engineering projects. The September and is at present in considerably Department of Agriculture's October 18 estilarger volume than in midsummer. The price mate placed cotton production at 17,454,000 of cotton has declined sharply within recent bales, an increase of about 750,000 bales over weeks, while prices of moist groups of commod- the estimate made on the first of the month ities have advanced. Volume of bank credit and of 1,350,000 bales more than last year's has increased seasonally, and money rates crop. have remained firm. Production.—Production in basic industries PER CENT PER CENT 2001 [200 and factory employment and pay rolls, according to the Federal Reserve Board's indexes, after changing but little for about four months, advanced in September to the highest points 150 150 since last spring. The increase has been particularly large in textile-mill activity. Consumption of cotton has increased considerably, woolen-mill activity is the largest since Janu- 100 too ary, and employment has increased in nearly all branches of the textile industry. Iron and steel production was maintained from early in so SO August until the latter part of October at a level WHOLESALE PRICES 1922 1923 1924- 1925 1328 Index of United States Bureau of Labor Statistics. (1913=100, base adopted by bureau.) Latest figure, September, 150.5 Trade.—Wholesale and retail trade increased in September and was slightly larger than last year. Inventories of department stores increased slightly more than is usual in September, and at the end of the month were in about the same volume as a year ago. Railroad freight-car loadings reached new high weekly records in September, and shipments were PRODUCTION IN maintained during the early weeks of October BASIC INDUSTRIES in much larger volume than in previous years. A great part of the increase as compared with 0 1922 1923 1925 1926 last year is due to shipments of coal and ore, Index of 22 basic commodities adjusted for seasonal variations. (1919= but loadings of manufactured commodities 100.) Latest figure, September, 121 have also been larger. higher than for the corresponding period of Prices.—The general level of wholesale previous years. Automobile output was re- prices advanced slightly in September and duced in September but continued larger than October, notwithstanding the drop in the price a year ago. Mining of coal has steadily of cotton to the lowest level since 1921. The increased since midsummer, and the weekly Bureau of Labor Statistics index of wholesale run of crude petroleum from wells in October prices was about 1 per cent higher in Septemreached the highest level since June of last year. ber than in August, reflecting advances both in Building contracts awarded during August and agricultural and in nonagricultural commodi- September were only si ghtly smaller in value ties. In recent weeks prices of corn, nonferthan the awards for the corresponding period of rous metals, and paper have declined, while last year and in the first half of October far prices of livestock, meats, poultry and dairy exceeded those of a year ago. A substantial products, and bituminous coal have increased. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1926 FEDERAL RESERVE BULLETIN 765 Bank credit.—Between September 22 and tions in response to temporary conditions, was October 20 the seasonal increase in the de- in October at about the same average level as mand for credit for agricultural and commercial in September. There was little change in the purposes was reflected in a continued growth in banks' holdings of United States securities, BILLIONS OF DOLLARS BILLIONS OF DOLLARS BILLIONS OF DOLLARS BilLiOHS OF DOLLARS 10 10 2 1922 1323 1924 1925 1926 1922 1923 1924 1925 1926 Monthly averages of weekly figures for banks in 101 leading cities Latest figures are averages for first three weekly report dates in Monthly averages of daily figures for 12 Federal reserve banks. Latest October figures are averages for first 22 days in October the commercial loans of member banks in lead- while acceptance holdings continued to ining cities. Loans on securities and holdings of crease, as is usual at this season. investments declined, but the banks' total loans Except for a temporary firming around the and investments were about $60,000,000 larger 1st of October, there has been little change in on October 20 than four weeks earlier. the condition of the money market. Rates on At the reserve banks, the volume of member commercial paper and on acceptances have rebank borrowing, after considerable fluctua- mained at the levels established in September. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919=100] Produc- Building contracts I D epartment-store Department-store Bank Year and month t i i b n o a d n s u i s i c n - e F m m ac p e t l n o o t r y y - p F a a y c t r o o r l y ls awarded * l R o a a i c d l a r i o n r a g d s - 1 W t s r h a a o l d e l e e- stocks i o o d u f e t N b si i e d ts w e tries i Adjusted Adjusted C Y i o t r y k i 1925 January 127 103 119 164 123 79 108 124 119 134 119 February. __ 124 109 120 166 125 76 101 131 127 135 118 March 120 110 189 172 117 83 121 121 139 137 118 April 119 107 219 169 129 79 136 133 141 136 120 May 111 107 196 151 123 79 128 124 136 137 118 June 110 105 216 173 117 83 126 126 129 135 122 July 113 102 211 188 122 83 95 128 125 133 124 August 109 105 236 225 123 87 98 125 131 131 120 September- 111 104 218 235 121 94 121 134 J43 133 123 October 116 111 205 210 121 101 165 145 149 134 128 November- 115 112 183 229 121 86 145 129 154 137 122 December... 121 112 204 276 130 80 226 141 129 139 124 1926 January 120 107 176 243 118 114 130 125 141 126 February 120 112 150 208 127 104 135 131 140 128 March... 123 113 231 209 126 130 130 142 141 131 April 122 110 220 170 132 133 130 143 139 131 May. 117 109 212 . 164 126 137 132 138 138 124 June 118 109 211 169 127 130 130 131 138 127 July 2118 104 200 178 130 99 133 124 133 136 August 116 108 232 221 126 105 134 130 131 126 September.. 121 108 217 233 128 130 144 141 132 126 1 The indexes of production in basic industries, car loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of building contracts and department-store sales and stocks are shown both with and without seasonal adjustments. 2 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 EEDEEAL RESERVE BULLETIN NOVEMBER, 1926 MONEY: RATES Time rates on security loans averaged slightly higher than in September, 90-day loans being Money rates in the New York market during made at 5 per cent throughout October. The October were generally unchanged from the call rate increased to 53^ per cent over the first levels established in September. Commercial of the month, but later declined to 43^ per cent. paper continued to be quoted at 4 3^-4% per The accompanying table shows money rates precent, but the majority of sales were made at vailing in the New York open market during 4% per cent early in the month and at 43^ the last three months. A table showing rates per cent later. Rates on bankers' acceptances of interest charged customers by representative have been unchanged since the first of August. banks in various cities of the United States will be found on pages 818-819 of this issue of the These rates were, in a good many BULLETIN. cases, somewhat higher in October than in September. ACCEPTANCE MARKET During the period from September 16 to October 20 there was a substantial increase in the supply of bills coming into the acceptance market, the majority of them based on transactions in cotton. Bills drawn to finance the importation of silk and sugar and the exportation of grain and copper also appeared in con- Commercial Paper Rate siderable volume. A good out-of-town demand N. Y. Reserve Bank Discount Rate Acceptance Rate was reported from New York and a good local demand from Boston, and the volume of 1922 1933 1924 1925 1926 dealers7 sales, aside from sales to Federal reserve banks, was larger than for any corre- The accompanying chart shows that the rates sponding reporting period since June. Neveron commercial paper and acceptances are theless, the supply was in excess of demand, higher than they have been since early in 1924 and, in spite of fairly heavy offerings to the but very much lower than in 1923. reserve banks, dealers7 portfolios were larger at the end than at the beginning of the period. MONEY RATES IN NEW YORK CITY No changes occurred in rates, which were quoted as follows on October 20: Average yield Average rate on— on— P c r o i m m - e P ba ri n m k e - U.S. ACCEPTANCE RATE O S C T I O N B E T R H 2 E 0 , N 19 E 2 W 6 YORK MARKET, mercial ers' Treas- Month m pa o 4 p - n e 6 t r h , s a • a c n d c 9 c a e e 0 y p s t s , - c c n e a u a o r n t r t t e y i e d f s s i , - p L b e i o r b n c e d e rt n s y t lo C a a n l s l i l T oa im ns e 2 Maturity Bid Offered 30 days... mo 3n 6 ths 6 9 0 0 d d a a y y s s . . . . . . L3 120 days. 150 days.. October, 1925 3.53 4.02 4.87 4.83 180 days. July, 1926-- 3 3.11 3.93 4.27 4.39 August, 1926. 3^-3% 3 3.27 3.95 4.52 4.76 September, 1926 / \ 3 4 3 3 . . 3 4 9 7 } 3.96 5.02 4.88 CAPITAL ISSUES October, 1926, „_. 37A * 3.58 3.95 4.75 4.99 Week ending— The volume of new domestic securities Oct. 2 ._- 3K 4 3.58 3.97 5.30 5.04 Oct. 9_—__- 37/is 4 3.58 3.96 4.80 5.05 issued in the United States in September Oct. 16 VA 43.59 3.95 5.00 5.00 amounted to $353,000,000, according to the Oct. 23------ 4 3.56 3.94 4.60 4.99 Oct. 30 • iH 4 3.57 3.94 4.50 4.91 compilation of the Commercial and Financial Chronicle, considerably more than in August 1 Renewal rate. 2 Weekly average of daily average rates on principal maturities. but less than in any previous month of the 3 Issues maturing Dec. 15,1926. current year. This was true only of corporate 4 Issues maturing Mar. 15,1927. issues as a group, however, for the volume of Unusual stability in the prices of both short municipal flotations was about as large as for and long term Government securities during any other month of the year. The increase in October kept their yields at an even level. corporate flotations over August was particu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

767 NOVEMBER, 1926 FEDERAL RESERVE BULLETIN larly notable in the case of industrial corpora- SECURITY PRICES tions, which were responsible for about two- The prices of representative common stocks thirds of the new issues during the month. of industrial corporations, as shown by the Railroad offerings also increased, and the index of the Standard Statistics Co., reached largest new issue of the month was that of the highest point on record about the 1st of $35,000,000- of bonds of the Illinois Central October and declined sharply during the next Railroad, but public-utility flotations were three weeks to the levels of July. Prices of much smaller than in August. The following railroad stocks reached their highest level a table shows the domestic securities, both new little earlier than industrial stocks and declined and refunding, issued in September and August, with equal rapidity. Both groups advanced 1926, and in September, 1925. slightly during the latter part of October. DOMESTIC CAPITAL ISSUES The decline in the indexes represented about [In millions of dollars] 40 per cent of the increase from the year's low point in the case of the industrial stocks September, August, September, and nearly 50 per cent in the case of the rail- 1926 1926 1925 road stocks. The downward movement of Re- Re- Re- prices extended to all groups of stocks, and New fund- New fund- New fund- the individual stocks which did not share in ing ing ing it were very few. The earlier and sharper Total . .__ 353.6 36.3 209. 2 56. 9 379.6 19.8 part of the decline was accompanied by great Corporate ___ 222.8 35.4 141.1 56.4 263.0 16.4 activity in the market, as indicated by the Long-term bonds and notes 163.9 31.7 107. 9 52. 7 173.1 11.1 number of shares of stock sold, and the volume Short-term bonds and of sales was relatively large throughout the notes 12. 5 1.8 9.0 .3 18.6 2.0 Stocks 46.4 1.9 24.2 3.4 71.3 3.3 month. Bond prices declined slightly early F M a u rm ni - c l i o p a a n l - issues 129 1. . 8 0 .9 6 4 3 . . 3 8 .5 11 4 1 . . 7 9 3.4 in October. The following table gives indexes of stock prices computed by the Standard Total 389.9 266.1 399.4 Statistics Co. of New York, the average price Foreign flotations during September amounted of 40 bonds computed by Dow, Jones & Co., to $124,000,000, according to the compilation and the average number of shares of stock of the Federal Reserve Bank of New York, the sold daily on the New York Stock Exchange second largest monthly volume of foreign is- for the last six months and for October a sues during the current year. Government year ago: loans made up about 60 per cent of the total, and the largest of these were issues of the Free INDEX NUMBERS OF SECURITY PRICES State of Prussia, the Republic of Finland, and the Argentine Government. The bulk of the Price indexes of *— Average new corporate securities came from Germany Aver- number and from Canada. The table below shows the age of shares f b o e r r e , i g cl n a s i s s i s f u ie e d s d g u e r o i g ng ra J p u h l i y c , a l A ly u : gust, and Septem- d 1 s u 9 to s 9 t c r i k i n a s - l 3 s 1 r to o r c a a d k il s - s T t o 2 o 3 t c a 0 k l s , b o p o f r n i d c 4 e s 0 2 s o o o m l f d ( i 0 s tt 0 t d e o 0 a d c i ) k l y 3 FOREIGN CAPITAL ISSUES Average for— October, 1925 ... 145.8 116. 2 137.2 92.17 2,302 [In millions of dollars] June, 1926 147. 4 125.5 141.0 95.32 1,614 July, 1926 152. 7 128.3 145. 6 94.87 1,626 August, 1926...-., 159.2 131. 4 151.1 95.03 1,871 Sept 1 e 92 m 6 ber, Au 1 g 92 u 6 st, July 1926 S O e c p to te b m er b , e 1 r 9 , 2 1 6 926 1 1 5 5 5 9 . . 4 8 1 1 2 3 9 4 . . 6 6 1 1 4 5 7 2 . . 9 5 9 9 5 4 . . 9 0 3 3 1 1 , , 6 8 5 2 4 4 Average for week ending— October 2___ 162.2 132. 0 153.4 94. 77 1,514 Gov- Cor- Gov- Cor- Gov- Cor- October 9 __._._. 155.3 128.3 147.4 94.79 2,223 ern- po- ern- po- ern- po- October 16 151.6 127.5 144.6 94.92 1,825 ment rate ment rate ment rate October 23 153.4 129.3 146.3 94.95 October 30 154.6 130.8 147.7 95.20 1,328 New issues 49.4 44.4 33.2 18.2 31.8 56.4 Europe 32.5 13,9 9.2 2.4 11.0 26.3 Canada and Newfoundland _ 24.3 3.0 20.1 1 For the industrial stocks, the average of 1917-1921 prices equals 100; Latin America 16.9 6.2 24.0 12.8 20.8 for the rails the average of the high and low prices made in the 10 years, United States insular posses- 1913-1922, equals 100. The indexes are weighted by the number of shares sions of each stock outstanding. Prices used are closing quotations on Japan _ _ 10.0 Saturday. Refunding issues 23.0 7.5 24.3 .4 6.0 2 Arithmetic average of daily average closing prices, as published in the Wall Street Journal. Weekly averages are for week ending with Total new and refunding. _ 72.4 51.9 33.2 42. 5 32.2 62.4 Saturday. Grand total. 124.3 75.7 94.6 3 Saturday omitted. Weekly averages are for five days ending with Friday preceding date given. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 COMMODITY PRICES INDEX NUMBER OP FARM PRICES In September and early October the general [August, 1909-July, 1914=100] level of wholesale commodity prices advanced, a a to f d t v e t a h r n e h c a i e n v d i f n r e o g x m d o e f A c t l u i h n g e e u d B s t i u n r t e o J a u u S ly e o p a f t n e L d m a A b b e o u r r g , u S a s c t t a c . t o i r s d t T i i c h n s e g , m c it o 3 i o m e 0 d s - - Grains t F v a a e r b n g u l d e e it - s M m an e a i a l - s t p D p o u a r a u n c o i l t d d r t s y r - y C c s o a o e t n t e t t o d o d n n cl f U a ie s n s d - iamounted to about 1 per cent and reflected upward movements for farm products, fuel, 1925 and most of the other major groups of com- June 148 164 " 184 139 132 183 modities. Comparative figures for August July 149 152 178 148 134 186 and September are given in the table, and S A e u p g t u e s m t ber _ 1 14 5 4 2 1 1 5 4 7 8 1 1 7 4 8 2 1 14 4 3 9 1 1 4 3 1 9 1 1 8 7 6 8 90 figures for preceding months are given on October.... 143 135 152 141 154 171 90 November.. 144 138 194 136 162 144 95 page 803. The principal price changes in December.. 143 140 194 136 163 139 92 October were declines in the price of cotton, 1926 silk, corn, nonferrous metals, and paper, and January 143 143 214 140 153 138 87 advances in meats, fuels, and steel. February. __ 143 140 218 146 144 142 87 March 140 133 220 147 137 133 85 AprU 140 131 253 146 133 135 83 INDEX NUMBEKS OF COMMODITY PRICES JMunaye 1 1 3 3 9 9 1 1 3 3 0 1 2 21 4 6 0 1 1 4 5 8 4 1 1 3 30 1 1 1 3 3 0 2 8 8 2 1 July 135 125 195 152 131 126 81 [1913=100] August 132 128 166 144 130 130 81 September.. 134 121 136 148 139 134 9a October 130 123 136 148 144 94 97 Se b p e te r m- August P c e h r a a c g n e e g n e t- AGRICULTURAL CREDIT All eommoditi s 150.5 149.2 +0.9 After reaching the highest point of the year Agricultural 146.4 144.5 +1.3 in the first week of September, rediscounts Nonagricultural 153.6 153.1 +.3 at Federal intermediate credit banks were Farm products — 141.1 137.9 +2.3 decreased approximately $3,500,000 in the six- Foods...... ... 152.0 150.8 +.7 Clothing materials..: 175. 2 174. 7 +.3 week period ending October 16, reflecting M Fu e e t l a l a s nd lighting—_. 1 1 8 2 2 7 . . 0 0 1 12 7 6 9 . . 6 5 + + 1 . . 3 4 largely the liquidation of loans made by agri- Building materials... 172.4 171.8 +.4 cultural credit corporations for crop production Chemicals and drugs 130.8 130.8 House furnishings _.. 160.4 160.8 2 purposes. At the high point of $44,120,000 Miscellaneous 120.4 121.8 -11 on September 4, rediscounts were on a level approximately $10,550,000 higher than the The average level of wholesale prices for all high point of last year, reached in the first commodities for the first nine months of this week of August. year has been 4 per cent below that for the Direct loans, representing advances upon corresponding period of 1925, and for Septem- eligible agricultural commodities, were inber agricultural prices were 10 per cent and creased nearly $7,000,000 in the same period. nonagricultural prices 2 per cent below the The increase, which was due mainly to the level of a year ago. Farm prices for 30 selected seasonal financing of cotton, was approxicommodities, those covered by the index num- mately $7,000,000 less than the increase in ber of the Department of Agriculture, were in the comparable period of 1925, when market- September about 7 per cent lower than a year ing was under way earlier than in the present ago, and in October about 9 per cent lower. season. The total of direct loans on October The principal change in farm prices from Sep- 16 was only slightly below the level of the tember to October was a decline in the price comparable date in 1925. An increased adof cotton. Prices of other farm products were vance of $300,000 was made on wheat, as either about the same as in September or well as a slight increase on canned fruit and slightly higher. The table shows the move- vegetables. Loans on raisins, which reached ment of farm prices since the middle of 1925. a low point of $1,600,000, and loans on rice, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEK, 1926 FEDERAL RESERVE BULLETIN 769 with a low point of $472,000, have begun to MINING AND MANUFACTURING ACTIVITY increase as new advances have been made in Physical volume of production in manuconnection with the current crop. Decreases facturing and mining industries was larger in were effected in loans based on tobacco and wool. September than in any other month on record. Loans based on eligible commodities and This is indicated by the chart on page 760, rediscounts for the different financial instituwhich shows the fluctuations of a new index of tions on the latest available date in October industrial production which has been compiled are shown in the accompanying table. by the board and will be published in a forth- INTERMEDIATE CREDIT BANKS coming issue of the BULLETIN. It is based on monthly figures of daily average output and [In thousands of dollars] therefore allows for differences between months Oct. 16, Sept. 18, Oct. 17, in number of working days. The high record 1926 1926 1925 attained in September is due principally to the Direct loans outstanding on— large production of mineral products, as manu- Cotton 12,362 5,310 14,059 Tobacco * 18,233 19,166 19,480 facturing production was no greater than Wheat 3,293 3,036 2,970 during last February and March. Production Canned fruits and vegetables 1,831 1,757 2,257 Raisins 2,800 1,600 1,800 of coal was unusually large for September, Peanuts 146 Wool - .- 1,980 2,212 1,751 petroleum output has increased considerably Rice 528 472 in recent months, and output of nonferrous All other _ __ _ _ 167 119 89 Total 41,194 33,672 42, 552 metals continued in large volume. In manufacturing, textile-mill activity showed the Rediscounts outstanding for— Agricultural credit corporations 27,452 29,737 18,234 greatest increase, and production of shoes, food N St a a t t i e o n b a a l n k b s a nks — _; .- - _ 28 1 8 7 32 1 9 3 46 2 8 4 products, tobacco, and nonferrous metals wa$ Livestock loan companies ___ 12,698 13,207 9,271 also larger. Output of automobiles and lumber Savings banks and trust companies. 161 162 82 declined. Total-- •_-• ._- 40, 616 43,448 28,079 Employment.—Factory employment and pay A reduction in the rate of interest charged on rolls also increased in September, the increase Federal land bank loans in the St. Louis dis- in wage payments occurring despite the intrict has been announced by the Federal Farm fluence of the Labor Day holiday. Prelimi- Loan Board, effective November 1, 1926. nary information indicates a further increase The rate, which has been 5J^ per cent except in October. The excess of September over in a limited area of the district where a 5 per August was general in nature, being reported cent rate prevailed, has been lowered to 5 per in nearly every industry except certain ones cent for the entire loaning territory of the St. making vehicles and building materials. As Louis Federal Land Bank, making a total of compared with a year ago, there were decreases seven districts which are now on the 5 per in employment and pay rolls, in textiles, leather cent loaning basis. and shoes, lumber, tobacco products, and automobiles, while the iron and steel, paper and Outstanding farm loans held by Federal and printing, foods, and stone, clay, and glass injoint-stock land banks increased approximately dustries showed increases. Employment has $4,000,000 for each class of banks during the increased considerably in coal mining since last month of September. The following table summer, and the demand for pickers in southern shows the outstanding volume of mortgage cotton fields is large. Building and road conloans at the end of September held by 12 struction continues to be an important source Federal land banks, 54 joint-stock land banks, of employment. and 41 life-insurance companies owning more Textiles.—Textile-mill activity, which inthan 82 per cent of the assets of all life-increased considerably during September, consurance companies: tinued large in October and was accompanied NET FARM MORTGAGE LOANS OUTSTANDING by a substantial volume of inquiries and orders [In thousands of dollars] for goods. Prices of cotton and cotton goods declined, owing to the large crop indicated by September September recent estimates, but wool prices have been 30,1926 30, 1925 firm or advancing. In fact, some manufacturers of woolen and worsted goods have Total, all joint-stock land banks.. 614,639 519,237 Total, Federal land banks 1,057,217 989,960 revised quotations on a few lines, raising them 4l life-insurance companies— 1,513,000 above those announced at openings a few weeks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 ago. There has been, however, no general the market has been somewhat affected by the advance in wool-goods prices, although quota- decline in raw cotton. tions on raw wools have risen. Hides, leather, and shoes.—The shoe in- Increases in mill operations in September dustry has been unusually active in recent were substantial in volume. The mill con- weeks. Production of shoes in September sumption of cotton in that month was 13 per exceeded all previous records for that month, cent larger than in August and exceeded that and sales by reporting wholesalers were the for any previous September. Although the largest for any September since 1922. Wholedrop in the raw-cotton market caused some salers' inventories on September 30 were much slackening in the rate of increase in volume of smaller than a year earlier. Hide and leather buying, new orders for goods were reported to markets have likewise been active, with a be fairly large in October, and manufacturing large volume of sales and firm or advancing operations were not appreciably curtailed. In prices. Production of leather increased in wool manufacturing likewise substantial in- August, and tanners' stocks were further creases in productive activity occurred in reduced. There was a slightly more than September. Consumption of raw wool and seasonal decrease in sole-leather output in activity of several types of machines was larger September, but stocks in process of tanning than in any month of this year. Employment were further enlarged. Tanners' finished has increased in all branches of the textile stocks showed another substantial decrease. industry except men's clothing, in which opera- Stocks of sole leather held by shoe manufactions ordinarily decline in September. All turers have in recent months been smaller except cotton .goods, however, had a smaller than a year earlier. volume of employment than a year ago, Metals.—Buying of iron and steel products although the increase this year from the low was well sustained during September and the level of July has been generally larger than first two weeks of October, and operations were last year. Buying of silk goods has been in maintained at close to 85 per cent of capacity. seasonally large volume and mills have in- Production of steel ingots in September was creased operations. Imports of raw silk and the largest for that month on record, and outmill takings during recent months have totaled put of pig iron has not been exceeded in any about the same in volume as those of the same September except that of 1918. This rate of period last year. Warehouse stocks have activity reflected a large volume of buying on increased, but are smaller than a year ago. the part of the automobile, implement, and The price of raw silk advanced slightly in construction industries, and some increase in September, but declined somewhat after Octo- railroad demands, particularly for rails. In ber 1. Sales of silk goods at wholesale in the the latter part of October orders from auto- New York Federal reserve district were larger mobile and implement manufacturers have in September than in August and also greater declined, according to trade reports, but rail than a year ago, while stocks were smaller. bookings continued in large volume. Ship- Men's clothing sales showed a decline in ments of structural steel have been maintained September and were slightly smaller than last at a high level, but bookings declined considyear's sales in the same month. Dealers in erably in September. Slight advances were women's dresses and in women's coats and made about October 1 in some of the quotasuits reported large seasonal increases in sales tions on iron and steel products, but no general as compared with August, but a somewhat increase in prices has occurred. Scrap prices, smaller volume of business than a year ago. in fact, nave declined during recent weeks. The strike in the women's garment trades Shipments of iron ore through the Great Lakes continued through October, the fourth month, continued in record volume during September. and, although production has shown some Prices of nonferrous metals have been weak increase, difficulty in securing garments for and declined between September 1 and the the fall trade has been reported. Spring lines latter part of October. The tin market, which of men's clothing were opened during October was exceptionally active in September, became at prices unchanged from those on fall lines or quieter in October, and toward the latter part only slightly lower. Production of hosiery has of the month the price fell below 70 cents, to been large and stocks are heavier than in which figure it had risen in September. Shipprevious years. Orders were appreciably larger ments of zinc continued large in September, in September than in August. Production, and, although production showed some inorders, and shipments of knit underwear have crease, stocks were further reduced. Daily been in large volume, although more recently average production of copper, both at mines Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1926 FEDERAL RESERVE BULLETIN 771 and at smelters, showed a slight increase during August but more than in September of any September. Copper stocks increased slightly. previous year. Dealers' sales to consumers Silver continued weak and during the latter were not as large as their purchases from part of October sold at below 52 cents an ounce. manufacturers, and, consequently, according Fuels.—Demand for coal has shown more to reports to the Federal reserve banks of than the usual seasonal increase since last Philadelphia and Chicago, dealers' stocks summer, owing largely to exports, a result of increased considerably. In the Chicago disthe long continued British coal strike. Ex- trict they were larger on September 30 than on ports of bituminous coal, totaled 3,737,000 tons the corresponding date in any of the three in September, and 14,181,600 tons in the five preceding years. Dealers' sales of new cars months ending with September, high records both at wholesale and at retail and of used for corresponding periods since the war. cars in the Middle West were much smaller Weekly figures of bituminous coal dumped at in September than in August, but new-car Hampton Roads, which have been 300 or sales in the Philadelphia district were slightly more tons larger than a year ago, increased larger. A number of producers have announced further in October, indicating even greater price changes in recent weeks—some of them exports. Output of bituminous coal in Sep- were increases and others decreases. Declines tember and October exceeded that of the cor- beginning in August arid continuing through responding period of every year since 1920. October in employment at Detroit factories, Anthracite output for September was in excess reported weekly, indicate curtailment in proof all previous records for that month. The duction of automobiles. price of bituminous coal has advanced steadily Production and shipment of tires and tubes, since midsummer, and the Coal Age index of which were at new high levels in August, despot prices of bituminous coal at mines rose to clined somewhat in September, and reports $3.02 on October .25, the highest level reached from the trade indicate further decreases since since 1923. There have also been some in- October 1. The large supply of tires held by creases in anthracite prices. Coke prices have manufacturers were reduced for the fifth conlikewise advanced, reflecting increases in coal. secutive month, but continued much larger Production of beehive coke increased con- than in previous years. Crude-rubber imsiderably in September and that of by-product ports, which were small in August, increased remained at practically the same rate main- considerably in September. The crude-rubber tained throughout this year. Weekly output market has been steady for several weeks, with of beehive coke in October was somehwat re- the price at close to 43 cents a pound. duced. Building materials.—Production and ship- Crude petroleum output has increased al- ments of lumber, according 'to monthly reports most steadily, except for slight declines during to the National Lumber Manufacturers Assothree weeks in September, since last spring, ciation, have declined steadily since May. and in mid-October was at the highest daily Until October, however, shipments have exrate since June of last year. At the same time, ceeded the volume of lumber cut and there consumption has likewise increased and stocks have been some reductions in stocks. Within have been reduced. There has been some in- recent weeks the relation of cut, shipments, and crease in crude-oil stocks at refineries, but pro- orders has been such that stocks of softwoods ducers7 and pipe-line and tank-farm stocks of have increased slightly and orders have derefined products have decreased. Prices of creased. In the case of hardwoods, however, crude petroleum, according to the Oil, Paint, new orders have exceeded shipments, which and Drug Reporter's average, advanced slightly have in turn been larger than cut, with the in September and October, while there have consequence that unfilled orders have increased been scattered reductions in both refinery and while stocks have decreased. Production of service-station prices of gasoline. softwoods has continued smaller than last year, Automobiles and tires.—Automobile pro- with shipments, however, in practically the ducers reported active business in September, same volume as a year ago. but since October 1 sales have declined in Orders for flooring, paving brick, and sanivolume and factory operations have been cur- tary ware declined in September, and in most tailed. Production of passenger cars and cases were smaller than a year ago. Shipments trucks in the United States during September and, in slightly fewer instances, production of totaled over 397,000, seasonally less than in building materials, however, continue generally 15590—26f—3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN NOVEMBER, 1826 larger than last year. Cement output has reported a cost-of-construction value 6 per cent shown seasonal declines in recent months, but under the value reported for August awards is seasonally smaller than shipments, and stocks and a fraction of 1 per cent under the value which were unusually large last spring continue reported for awards in September of last year. to decline. The decrease over the month this year may be Food products.—The output of meat in Sep- attributed in large measure to seasonal influtember by slaughtering establishments was ences, since it is less than the estimated usual larger than in the previous month, as a result of August-September decrease for value of conlarger supplies of livestock marketed. The tracts awarded. Construction work brought aggregate value of sales billed during Septem- under contract in the 37 States during the ber to domestic and foreign customers by 33 nine months ended with September this year packers in the United States, as reported by the is valued in the aggregate at $4,813,000,000, Chicago Federal Reserve Bank, increased 10 a total which exceeds the value of contracts per cent over August and 3 per cent over Sep- awarded last year in these months by 8 per cent. tember of a year ago. Fairly active trade was The margin of excess over 1925 was, however, in evidence during the first half of the month, accumulated during the first five months of the but this slackened somewhat at the close of the year, and was somewhat reduced in each of the month, particularly in connection with pork four months following—from $397,000,000 at products. Storage stocks of the principal the end of May to $342,000,000 at the end of classes of meat products declined during the September. A larger value this year than in month. Holdings of lard, however, were ap- 1925 was reported for the opening weeks of proximately 36,000,000 pounds above the level October. of October 1, 1925. The marketing of heavy The value of contemplated projects reported hogs has created a large stock of lard which has by the Dodge Corporation for September not been absorbed freely by the buyers, and the exceeded the value of projects reported in the price has declined approximately 4 cents from preceding month by 9 per cent, but fell below the high point of the early summer. the value reported for September of last year Production of flour during the month of Sep- by 8 per cent. In July and August, also, tember was in larger volume than in the corre- smaller values were reported this year than last sponding month of 1925. As compared with for contemplated projects. During the first the previous month, mills on the Pacific coast half of the year these values ran largely in and in the Northwest showed an increase, while excess of last year's figures. mills elsewhere generally showed a falling off in In September a smaller value was reported production. Trade reports indicate that there this year than in 1925 for residential buildings, has been a slowing down in the volume of new and somewhat larger values this year for orders, as buyers seem to be hesitant about commercial and industrial buildings and for making commitments except for immediate public works and utilities. Compilations, by delivery. Stocks at the end of the month were Federal reserve districts, show larger values generally larger than on the corresponding date reported in September this year than in 1925 in 1925. for the New York, Philadelphia, Richmond ^ Sugar meltings during the month of Septem- Minneapolis, Kansas City, and Dallas districts, ber totaled 448,040 tons, which was slightly less and smaller values this year for the Boston^ than in the previous month and also in the Cleveland, Atlanta, Chicago, and St. Louis corresponding month of a year ago. Stocks districts. continued to decline for the third successive Permits issued in 168 cities indicate a seamonth, but were still 100,000 tons larger than sonal recession of urban building in September a year ago. Refiners have been accepting busi- in each of the Federal reserve districts exceptness at 5.90 cents, and recently quotations have ing St. Louis, and indicate a smaller volume of been offered on new beet sugar at 5.80 cents. urban building this year than in September of last year in each district excepting Richmond BUILDING and Chicago. The net decrease over the year Activity in the construction industries con- in the valuation reported for permits issued by tinued during August and September nearly these cities amounted for September to 11 per at the high levels of these months in 1925. For cent. Of 206 cities reporting permit valuations awards of building and engineering contracts to the F. W. Dodge Corporation, 91 reported in September in 37 States east of the Rocky increases for the month, this year over 1925> Mountains, the F. W. Dodge Corporation and 115 reported decreases. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

J 1926 FEDEKAL RESERVE BULLETIN 773 The value of contracts awarded each month Wholesale trade.-—Trade at wholesale firms since 1921 and the course of prices of building reporting to the Federal reserve system inmaterials as indicated by the Bureau of Labor creased in September in all leading lines, in Statistics wholesale price index are shown on response to the growth in the demand from rethe accompanying chart. It may be seen that tailers at this season of the year, and the total the material requirements of the construction volume of sales was larger than in the corindustries, which have been increasing rapidly responding month of last year. Sales of dry throughout the period covered by the chart, goods, which have been slightly smaller in almost every month this year than in the corresponding month of last year, increased more PER CENT PER CENT 250 2t>U than is usual in September and exceeded sales in BUSLDING- /A 1925. Increases over last year occurred in the ( 1919=100 ) New York, Richmond, Chicago, Dallas, and o A/ \» ¥ onA San Francisco Federal reserve districts, while sales in other districts were slightly smaller. Coliracts Awareled A Salies of hardware, which averaged smaller in A the first eight months of the year than in 1925, FV 1 150T\ 150 increased in September and exceeded those of last year. Larger sales than last year were I \ reported in all Federal reserve districts except u in the New York, Atlanta, St. Louis, ancl San too 100 Francisco districts. Sales of shoes averaged 11 per cent larger than a year ago, and in- Xs" Building Material Prices creases were reported from firms in all sections of the country. 50 50 Stocks of merchandise carried by reporting wholesale firms were smaller in value at the end of September than a month earlier for all 0 0 leading lines except groceries. Compared with 1322 1323 192^* 1325 1326 a year ago, inventories of dry goods, shoes, and hardware were smaller, while those of have been supplied generally at a price level groceries and drugs were larger. Stocks of which, following an advance,during 1922 and dry goods averaged about 12 per cent lower the early months of 1923, has tended" with than a year ago, but a large part of this decline some fluctuation gradually to recede during the may be attributed to the generally lower past three years. level of prices for textile products. Stocks of shoes were from 14 to 29 per cent lower than a WHOLESALE AND RETAIL TRADE , year ago at firms in districts from which re- Distribution of merchandise through whole- ports were received. Increased sales of wholesale and retail channels increased in September, sale firms in September were accompanied by in response to the growth in demand that a growth in accounts receivable, and at the end occurs in the autumn months. Inventories of the month, for most lines except dry goods, carried by reporting wholesale firms were at accounts receivable outstanding were somewhat the end of the month of about the same value larger than a year ago. as a year ago. Seasonal increases in buying by Eetail trade.—Sales of retail stores in Sepconsumers resulted in a large volume of trade tember reflected the seasonal expansion in at retail stores, and sales of department stores, trade that usually begins in the early autumn, chain stores, and mail-order houses were gener- and sales were generally larger than in Septemally larger than a year ago. Merchandise in- ber of last year. Sales of department stores ventories carried by department stores were reporting to the Federal reserve system were increased in September, as is usual in the early about 7 per cent larger than a year ago, and those autumn months, but at the end of the month of mail-order houses were about 4 per cent the value of stocks on hand was no larger than larger. For the nine months ending in Sepa year ago. Continuation of railway ship- tember department-store sales averaged 4 per ments of merchandise and miscellaneous com- cent larger than in the corresponding period modities in record volume in September was of 1925, and those of mail-order houses were 8 further evidence of the large volume of trade. per cent greater. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 Larger sales of department stores than in of these districts,, excepting the southern, for September of last year were reported in all which an inconsiderable decrease was recorded. sections of the country, but the largest in- Shipments in the opening weeks of October, creases, ranging from 6 to 11 per cent, were in according to compilations by the car-service the New York, Cleveland, Chicago, St. Louis, division of the American Railway Association, Dallas, and San Francisco Federal reserve dis- were continuing in excess of shipments in these tricts. Increased sales over last September weeks last year and in 1924. Loadings in the were distributed among most lines of merchan- week ended October 16, totaling 1,210,000 dise carried by department stores. Reports cars, exceeded loadings in this week last year covering 45 separate departments at stores in by 104,000 cars, and established a new high seven Federal reserve districts indicate that record for weekly loadings. In the 42 weeks sales were larger in 35 departments and smaller ended October 16, loadings this year totaled in 10 departments. 42,832,000 cars, exceeding loadings in this Inventories of department stores were in- period last year by 1,614,000 cars, or 4 per creased in September and at the end of the cent. The surplus of freight cars in serviceable month were of about the same value as a year condition, which had averaged 170,000 cars ago. Since the beginning of the year depart- during August, was reduced by the end of ment stores have been reducing inventories September to 115,000 cars. constantly, as compared with the preceding year, and at the end of September stores in AGRICULTURE" seven Federal reserve districts reported smaller October crop estimates of the United States stocks than a year ago, while stocks at stores Department of Agriculture did not differ in the other five districts were larger. Statis- materially from those issued in the preceding tics reported from 45 separate departments in- months, except in the case of cotton, in which dicate that inventories were smaller at the the estimated production, based on condiend of September than a year ago in 29 de- tion as of October 18, was raised to 17,454,000 partments and larger at 16 departments. bales, the largest estimate on record. The As a result of the larger increase in sales and rapid decline in cotton prices, which began a smaller growth in stocks than is usual in as evidence of a large crop became available, September, the rate at which stocks were resulted during the month of September in a turned over was faster thai), in September of decline of approximately 5 cents a pound in the last year, and for the nine months ending with quotations on middling spot cotton, and an September the rate of stock turnover was 3 per additional recession of nearly a cent took place cent higher than in the corresponding period during the first half of October. Prices of of last year. wheat, oats, hogs, cattle, dairy and poultry products, however, advanced from August to TRANSPORTATION September, and the Bureau of Labor's whole- Shipments of freight continued in September, sale price index of agricultural commodities as in each of the three months preceding, at increased. record high level for the month. Increases Weather conditions during September in over loadings in August were shown for mis- many agricultural sections was unfavorable, cellaneous freight and merchandise moving in and crops still in the field suffered some damless-than-car lots (principally manufactured age as a result of the continued wet weather. products), coal, coke, and livestock. Ship- Field activities and marketing of fall crops ments of grain and grain products, which had were also held back. The plentiful supply of moved in very large volume during July and moisture, however, improved the conditions August, fell off in September and were in of pasture, and fall feed is reported good in smaller volume this year than in 1925. For most dairy and range areas. each other class of freight increases over 1925 Livestock.—Livestock moved to market in were recorded. Total loadings in September, September in large volume, and the value of all of 4,959,000 cars for all classes of freight livestock slaughtered under Federal inspection combined, exceeded loadings last year in this totaled $166,209,000, or $14,678,000 more than month by 288,000 cars, or 6 per cent. Over- in the same month a year ago. While prices the-month increases in loadings were reported of the better class of beef have been much from each of the seven transportation districts lower than in 1925, the lower grades have been for which separate totals are compiled, and on a higher level, with the result that the increases over September a year ago for each average price for the first nine months of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1926 FEDERAL' RESERVE BULLETIN 775 current year has been slightly higher than in AVERAGE PRICES OF LIVESTOCK the corresponding period in 1925. Prices of [Per 100 pounds at Chicago] sheep have been on a lower level as compared with last year, but increased marketings have Months of— about offset the price decline. Hog prices, Week ended w of h i t c h h e y h e a a v r e th b a e n en i n l o t w he e r co d r u re ri s n p g o n f d o i u n r g m m o o n n t t h h s s Oc 19 t. 2 1 6 6, b S e e r p , t 1 e 9 m 2 - 6 August, ber, 1925 of 1925, have averaged for the current year to date above those of a year ago. The increase Native beef steers (average) _. $10.35 $10.50 $9.50 $11.70 Fat cows and heifers. 6.25 6.60 6. 80 5.90 in the value of livestock slaughtered this year, Hogs (bulk of sales) ____.__.»»__ 12.30 12.05 11. 55 12.40 Yearling sheep ... 10.25 10.30 10.80 11.50 with comparisons with 1924 and 1925, is indi- Lambs (average) 13.45 13.75 14.10 15.10 cated by the chart. For the first nine months The movement of feeders and stockers dur- MilLIOMS OF DOLLARS MILLIONS OF DOLLARS 250 250 ing the three months, July to September, was VALUE OF LIVESTOCK SLAUGHTERED in a volume only slightly less than in the same period in 1925, according to a report of the Department of Agriculture. These shipments, however, do not take into consideration the movement of livestock direct from the ranges 200 200 to farm fe.ed lots, which is of considerable volume in some sections of the country. Recent rains in the western range country have proved of benefit, and the condition of cattle and sheep is reported as very good. With the 150 exception of Utah, Nevada, and Idaho, most ranges have ample winter feed. According to the report of the Department of Agriculture, the ranges are generally lightly stocked and there is only a slight tendency to restock with 100 cattle. The general shifting from cattle to "^vrw • '— ' •— ' 1 1 1 1 wvV'VM' Jan. Feb. Mar. Apr. May June July Au£. Sept. Oct. Nov. Dec. sheep continues to find favor, according to the Value of livestock slaughtered.—Includes total value, by months, of all same report. cattle, calves, hogs, and sheep slaughtered under Federal inspection Reflecting the large lamb crop, which the of 1926 the value of all livestock slaughtered Department of Agriculture has estimated at under Federal inspection totaled $1,619,- 2,000,000 larger than last year, receipts of 045,000, or $102,000,000 more than in the sheep and lambs during September totaled corresponding period of last year. 3,279,000, or 25 per cent larger than the mar- Receipts of cattle at central markets during keting in the same month a year ago. The the month of September were the second larg- shipment of feeding stock continues large, and est for the month since 1919. Receipts were for the three month period, July to September, heavy for both range cattle and animals from the total was approximately 30 per cent above corn-belt areas. In spite of the heavy receipts the same period last year. Lamb prices deof cattle, prices remained steady on most kinds, clined 75 cents to $1.25 per hundredweight while the better grade of beef steers advanced during September, while the average price for from 75 cents to $1. During the early part of the month was $1.35 lower than a year ago. October, however, prices on most classes of Slaughter of hogs was approximately in the cattle declined. The value of cattle and calves same volume as in 1925, and prices increased slaughtered under Federal inspection during approximately 60 cents during the month. September totaled $75,652,000, as compared This average, however, is slightly below the with >$62,373,000 for the similar month of level of prices in September of last year. 1925. Average prices of livestock for the Some reports of cholera in various sections of month of September, with comparisons, are the corn belt have been reported, and an reported by the Chicago Federal reserve bank increased movement to markets of lighter as follows: hogs has taken place. The value of inspected Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 slaughter of hogs for the month of September last week. Some of this gain, however, was totaled '$78,511,000,- a very slight increase lost during the first part of October on reports over the same month a year ago. of favorable weather in the Canadian North- Cotton.—A cotton crop of 17,454,000 bales west. Wet weather in the spring-wheat belt was estimated by the Department of Agri- during the threshing period has impaired the culture on the basis of the condition of the quality, and a large proportion of wet wheat crop on October 18. This is an increase of is being received in the markets. Continued 827,000 bales in the indicated production on wet weather in many sections of the winter- October 1 and an increase of 1,350,000 bales wheat belt has delayed seeding operations. over the final yield of last year. The average Reports of the Department of Agriculture yield per acre is expected to amount to 176.7 indicate a European wheat crop approximately pounds, compared with 167.2 pounds in 1925, 150,000,000 bushels less than in 1925. The and it is due in a large measure to this increase Canadian crop is also estimated at 12,000,000 in the yield per acre that the exceptionally bushels less than a year ago. Exports from large crop has been produced. Although the this country have continued in large volume, crop has averaged from ten days to two weeks and during the period from July 1 to October later this year than in 1925, extensive defolia- 23 approximately 88,000,000 bushels had been tion of the plants by the leaf worms, coupled exported. with warm weather and the general absence of Frost in the latter part of September caused frost, have advanced the maturing of late some damage to the corn crop in northern bolls, and picking has progressed rapidly. A States, but the October 1 crop report of the total of 8,722,000 bales, approximately one- Department of Agriculture indicated a yield half of the expected yield, was ginned prior to of approximately 2,680,000,000 bushels, or October 18, compared with 9,519,000 bales for only 18,000,000 bushels less than the Septem- 1925. In many sections, however, reports ber estimate. Continued wet weather in parts indicate a shortage of labor for picking and of the Corn Belt, however, has tended to hold that harvesting is not progressing as rapidly back the maturity of the crop. Average prices as the cotton matures and opens. of corn of all classes and grades declined Following the more definite information in slightly during September from 77 cents during the closing weeks of September and in the the first week to 76 cents at the close of the early weeks of October that the crop is excep- month. Marketing of the old crop has contionally large, the price declined continuously tinued in large volume, and the visible supply and reached, with the exception of 1921, the of corn has been approximately three times as lowest level since 1914. On October 25 quo- great as in the same period last year. tations for December contracts declined to 12 Smaller market supplies of oats, together cents, the lowest price recorded thus far this with a reduction in the present crop of 16 per year. cent as compared with last year, have been Lateness of the crop and the rapid price de- accompanied by an increase of approximately clines resulted in smaller receipts at leading 6 cents in the price. Good grades have been markets up to the middle of October than a in particular demand, as offerings have conyear ago. Exports, however, for the season tained a large proportion of inferior grain. have been slightly larger than in 1925, and Wet weather served to lower the quality of takings by domestic spinners have also been much of the crop that was in the shock. somewhat larger than a year ago. Estimates of the Canadian crop placed the Grains.--The arrival of wheat at central yield at 10 per cent below that which was markets during September showed a decrease harvested in 1925. as^compared with the two previous months. Dairy products^—Receipts of butter at cen- The receipts during the months of July through tral markets showed less than the customary September, however, have brought arrivals at seasonal decrease from August to September. 17 interior centers to a total of 199,294,789 Pasture conditions are reported favorable in bushels, which is 35 per cent larger than in the most dairy sections and low feed prices* have corresponding period of a year ago. In spite tended to sustain production. Storage stocks of the heavy marketing, the purchasing by of butter at the close of September were only exporters and millers has absorbed the arrivals slightly larger than in the year previous, and in a satisfactory manner. Wheat prices dur- the movement of stock out of storage was in ing September increased from an average of considerable volume during the month. But- $1.34 per bushel for all classes and grades dur- ter prices in New York averaged 44.6 cents for ing the first week of September to $1.39 in the the month, an increase of 3 cents over August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEEj 1926 FEDERAL RESERVE BULLETIN 777 September prices, however, were nearly 5 cents vested early, weather conditions were very lower than September of a year ago. Addi- favorable for harvesting and curing, and the tional advances in prices were made during the crop is reported to be of very good quality. first half of October. Marketing of the crop in Georgia and South Storage stocks of American cheese totaled Carolina progressed rapidly in August and 77,823,000 pounds at the end of September, September, and in September and the early compared with 78,582,000 in 1925. With weeks of October markets in sections of North receipts at central markets in Wisconsin 12 per Carolina and Virginia opened. cent lower than the previous month, prices While the yields of tobacco in Georgia and advanced approximately 1% cents, in accord- South Carolina were smaller than in 1925, ance with the usual seasonal trend, and were prices were considerably higher, and total reonly a half cent under the September average turns to the growers, as indicated in early of a year ago. reports, were generally larger than last year. Fruits and vegetables.—A slight decrease In North Carolina and Virginia prices thus far was made in the estimated yield of potatoes in have also been considerably higher than a year the October crop report, and, with the per ago, and returns to the growers are reported to capita production of potatoes now figured at be exceeding those in 1925. Marketing in the approximately 3 bushels, or about 20 per cent heavy producing sections of western North less than the average, the market has shown Carolina, Kentucky, and Ohio has not yet considerable strength. At central markets begun, and in some sections of these States prices during September were slightly above excessive rains throughout September and those of 1925, with an average farm price of October damaged the crops and delayed ripen- $1.30 on September 15, compared with $1.21 ing and curing. on the comparable date in 1925. Estimates of the commercial production of BANK SUSPENSIONS AND COMMERCIAL FAILURES apples were reduced approximately 3,500,000 barrels in the October crop report, reflecting to a Bank suspensions.—During September 37 large extent the severe frost damage of the north- banks, with deposits of $12,679,000, were rewestern crops during the latter part of Septem- ported to the Federal reserve banks as having ber. Recent export movement of apples from been closed on account of financial difficulties. the United States and Canada have been nearly The number of suspensions was the smallest for twice as large as during the same period of 1925, any month since September, 1925, when 30 according to the Department of Agriculture. banks, with deposits of $14,141,000, were re- The production of apples in the Northwest is ported closed. The September figures comestimated at no larger than last year, while pare with 52 banks, having deposits of $12,large increases are indicated in Virginia and 112,000, closed during the preceding month. most of the Eastern States. Domestic mar- Suspensions in the Minneapolis district ackets for apples have continued dull and ship- count for about one-half of the total for all ments have been increasing rapidly. Ship- districts, but were considerably smaller in ments of oranges and lemons have moved in number than in August, when 28 suspensions large volume during recent months, the total were reported for this district; fewer suspensions car-lot movement from July through Septem- for September than for August were reported ber totaling 13,990 cars, compared with 8,321 also in the Cleveland, Atlanta, and Kansas cars in the similar period of 1925. City districts. Twenty-two banks which had Tobacco.—Estimated production of tobacco previously been closed were reported as having was approximately 12,500,000 pounds smaller resumed operations again—in the Richmond at the beginning of October than in September, district one national bank and two nonmember and the final yield is expected to be about banks, all in South Carolina; in the Atlanta 80,482,000 pounds less than the total produc- district eight nonmember banks in Florida and tion of 1,374,400,000 pounds in 1925. In six in Georgia; in the Minneapolis district four Kentucky, Ohio, and Tennessee weather con- nonmember banks in South Dakota; and in the ditions were generally unsatisfactory in Sep- Kansas City district one nonmember bank in tember, and the reduction in the total yield Kansas. The number and deposits of banks was largely due to smaller yields in these States. closed during September, 1926, are shown in In the States of North Carolina, South Caro- the following table, by class of bank; the figures lina, Georgia, Florida, Pennsylvania, and the for closed banks represent, so far as can be New England States, where the crop is har- determined, banks which have been closed to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 the public by order of supervisory authorities Failures during September, 1926, are shown in or by the directors of the bank, on account of the following table, by class of enterprise: financial difficulties, and it is not known how many of the institutions thus reported may COMMERCIAL FAILURES DURING SEPTEMBER, 1926 ultimately prove to be solvent. Number Liabilities BANKS SUSPENDED DURING SEPTEMBER, 1926 Class of enterprise 1926 1925 1926 1925 All banks Member 1 Nonmember All classes 1,437 1,465 $29, 989,817 $30, 687,319 Federal reserve district Num- Total Num- Total Num- Total Manufacturing 374 388 10,092,741 8,167,172 ber deposits 2 ber deposits ber deposits Trading 958 1,015 11, 242, 660 14,989,871 Agents, brokers, etc, 105 62 8, 654,416 7, 530,276 All districts. 37 $12,679,000 $4,318,000 29 $8,361,000 The number and liabilities of commercial Boston L____ New York failures for September, 1926, by Federal Philadelphia ___ reserve districts, and for the third quarter, by Cleveland / Richmond _ I 55,000 1 55,000 class of enterprise, are presented in the tables Atlanta- 1 144,000 1 144,000 which follow: Chicago. 6 4,247,000 6 4,247,000 St. Louis 5 687,000 5 687,000 Minneapolis. __. 18 5,471,000 5 2,713,000 13 2,758,000 Kansas City 4 525,000 4 525,000 COMMERCIAL FAILURES DURING SEPTEMBER, BY Dallas . 1 427,000 1 427,000 FEDERAL RESERVE DISTRICTS San Francisco. _ 1 1,123,000 1 1,123,000 1 Comprise 7 national banks with deposits of $3,391,000 and 1 State Number Liabilities me 2 m F b ig e u r r b es a n r k e p w re it s h e n d t e p d o e s p i o ts s i o ts f $ f 4 o 2 r 7 t ,0 h 0 e 0 . latest available date prior to the Federal reserve district suspensions, and are subject to revision when information for the date 1926 1925 1926 1925 of suspension becomes available. Total-_. 1,437 1,465 $29,989,817 $30, 687, 319* During the first three weeks of October 55 banks, with deposits of $12,062,000, were Boston 134 144 2,346,091 7,700,181 New York 242 257 13, 298, 895 6,623,159 reported as having been suspended during that Philadelphia.. 70 64 1,277, 514 928,390 period; of these 43 were nonmember banks and R C i le c v h e m la o n n d d ... _ _. 1 8 5 5 5 1 1 3 0 1 1 1 1, , 8 6 8 0 8 4 , , 5 57 0 6 0 2 1 , , 3 4 3 3 0 9 , , 0 5 1 3 5 6 12 were member banks—9 of them national Atlanta 75 61 931,909 1,538,988 Chicago 197 202 2,905,412 4,500,402 and 3 State institutions. Five banks pre- St. Louis...... 48 54 548,162 1,138,071 viously closed were reported to have resumed M Ka i n n s n a e s a p C o i l t i y s . . . . 9 8 5 7 1 1 , , 1 1 0 3 6 9 , , 2 7 0 4 0 1 4 8 0 5 5 3 , , 3 7 7 9 1 3 operations during the period—four in Florida Dallas.. .. 44 46 431,900 412,370 San Francisco. 205 251 2, 510,917 2,817,043 and one in South Dakota. Commercial failures.—The number of com- COMMERCIAL FAILURES DURING THE THIRD QUARTER, mercial failures, as reported by R. G. Dun & OF 1925 AND 1926 Co., continued the decline which in recent years has been usual during the summer and fall Number Liabilities months. In September 1,437 failures were Class of enterprise reported, the smallest number for any month 1926 1925 1926 1925 since September, 1924. Liabilities involved in these failures aggregated $29,989,817, and, All classes 4,635 4,663 $87, 799,486 $102,351,371 although somewhat larger than the total for Manufacturing _ _ __ 1,219 1,171 33,775, 810 41,437,598 August, which was the lowest for the year, were Trading.. _ 3,151 3,268 39,952,485 44,411,175 slightly smaller than in September last year. Agents, brokers, etc 265 224 14, 071,191 16, 502,59& Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

779 NOVEMBER, 1926 FEDERAL RESERVE BULLETIN BROKERS' LOANS, 1917-1926 During the period of war financing, when it previous years, and accordingly the figures for became necessary for the New York City banks the whole period for which they are available to take concerted action to exercise some are published herewith, in order to make it control over the money market in order to possible to study the movement of brokers' prevent serious shortages of funds, there was loans over a long period. These back figures inaugurated a series of daily reports by the for brokers' loans are on a basis somewhat leading New York City banks to the Federal different from those that have been reported Reserve Bank of New York, giving loans made weekly since the beginning of this year under by them to brokers, and showing separately the heading of loans to brokers and dealers loans for their own account and for the account in securities. TKis fact is brought out by the of correspondents. These reports were made chart, which shows the course of brokers7 by the mutual consent of all the banks con- loans for about nine years and in which the cerned, with the understanding that the data comparative levels in January, 1926, are would be held confidential. shown both for the old series and for the new These reports proved so useful that they have one, the new series being represented by the been continued up to the present time with the heavier line. The figures used from both cooperation of the large New York City banks. series are for January 27, and the difference At the time of the hearings before the Joint between the two series for this date is shown by the following table: MILLIONS OF DOLLARS 3500 BROKERS7 LOANS, JANUARY 27, 1926 3000 [In millions of dollars] Confi- Weekly 2500 dential pub- Differdaily lished ence reports figures 2000 For New York City banks: Total loans to brokers : 1,185 1,201 16 On call 700 706 6 On time _ _ 485 495 10 For correspondents: Total loans to brokers , 1,685 1,897 212 On call —_ 1,185 1,429 244 On time - _ __ _ 500 468 32 The weekly reports are part of the board's regular reporting service and include all the member banks in New York City which report 1917 1918 1919 1920 1921 1922 1923 1324 1925 1926 their condition weekly to the Federal reserve Curves for January, 1926, are shown both for about 40 daily reporting banks and for about 60 weekly reporting banks. Earlier figures are bank; there were, on January 6, 61 of these based entirely on the daily reports, later figures on the more comprehensive weekly reports. Figures used through March, 1921, are for banks, which compares with 43 banks, a few of the last Friday in each month; thereafter for the last Wednesday which are nonmember banks, making confiden- Congressional Commission of Agricultural In- tial daily reports. The current weekly reports quiry the figures from the beginning of 1919 to are also somewhat more comprehensive as to the middle of 1921 were made available to the loans which they include, largely because Congress and were published in the hearings, loans to dealers in securities, which were under the general designation of street loans, included by some of the banks reporting but otherwise they have remained confidential. confidentially, but not by all of them, are The hearings also contain a more detailed specifically and uniformly included in all of the explanation of the nature of the reports and the regular weekly reports. Loans for correspondcircumstances surrounding their origin. ents as covered by the confidential reports do Following the inauguration by the Federal not distinguish between loans for correspondent Reserve Board in January of this year, as a banks and for other correspondents. part of its regular reporting service, of a series The table gives the figures by weeks. The of weekly reports on loans to brokers and dates correspond with those of the weekly dealers in securities, the daily reporting New condition statements for reporting member York City banks have all consented to the banks in leading cities and are for Fridays until publication of the brokers' loan figures for April 22, 1921, and for Wednesdays thereafter. 15590--26f-—4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 STREET LOANS PLACED BY NEW YORK CITY DAILY REPORTING BANKS, 1917-1926 [In thousands of dollars] Loans on call and on time Call loans Time loans Date For cor- Total F ac o c r o o u w nt n s F p o o r n c d o e r n re ts - Total F ac o c r o o u w nt n s F p o o r n c d o e r n re ts - Total F ac o c r o o u w n n t res e p n o ts nd- 1917 Oet. §___ 934,919 708,537 226,382 615,084 476,015 139,069 319,835 232,522 87,313 Oct. 11 928,932 700,785 228,147 614,774 472,841 141,933 314,158 227,944 86,214 Oct. 19- 881,965 671,112 210,853 577,170 449,383 127, 787 304,795 221, 729 83,066 Oct. 26__ _. 865,645 673,002 192,643 568,005 455,119 112,886 297,640 217,883 79,757 Nov. 2__ . 835,529 671,471 164,058 550,521 460,395 90,126 285,008 211,076 73,932 Nov. 9 765,395 609,326 156,069 491,425 405,845 .85,580 273,970 203,481 70,489 Nov. 16 761,663 614,759 146,904 501,501 420,396 81,105 260,162 194,363 65,799 Nov. 23._ . 725,578 570,168 155,410 480,982 387,006 93,976 244,596 183,162 61,434 Nov. 30 746,741 599,464 147,277 508,822 420,053 88,769 237,919 179,411 58,508 Dec. 7 719,005 577,339 141,666 501,097 413,811 87,286 217,908 163,528 54,380 Dec. 14.. 697,947 571,995 125,952 499,002 421,591 77,411 198,945 150,404 48,541 Dec. 21 659,013 538,909 120,104 486,362 404,836 81,526 172,651 134,073 38,578 Dec. 28 663,907 538,901 125,006 508,351 417,240 91,111 155,556 121,661 33,895 1918 Jan. 4__ _ • " 632,937 505,171 127,766 486,090 389,051 97,039 146,847 116,120 30,727 Jan. 11 599,315 468,012 131,303 485,974 380,238 105,736 113,341 87,774 25,567 Jan.18.. 526,962 420,620 106,342 458,276 366,856 91,420 68,686 53,764 14,922 Jan. 25 . __ 473,438 383,072 90,366 434,643 352,169 82,474 38,795 30,903 7,892 Feb.1_. ____ _ __ _ 510,179 403,541 106,638 438,974 351,037 87, 937 71,205 52,504 18,701 Feb. 8 662,299 520,531 141,768 484,264 376,044 108,220 178,035 144,487 33,548 Feb. 15._ _ _ 663,516 528,679 134,837 479,173 377,584 101,589 184,343 151,095 33,248 Feb. 21__ 671,359 514,820 156,539 480,545 362,488 118,057 .190,814 152,332 38,482 Mar. 1__ 686,480 528,128 158,352 501,942 381,327 120,615 184,538 146,801 37,737 Mar. 8__ 665,671 494,102 171,569 482,125 351,908 130,217 183,546 142,194 41,352 Mar. 15. _ _ _ _ 655,480 479,022 176,458 499,696 358,803 140,893 155,784 120,219 35,565 Mar. 22.__ 656,881 468,744 188,137 499,487 346,253 153,234 157,394 122,491 34,903 Mar. 29 637,333 462,344 174,989 481,239 340,896 140,343 156,094 121,448 34,646 Apr. 5 648,100 475,672 172,428 481,756 348,741 133,015 166,344 126,931 39,413 Apr. 12__ __ _ 629,235 457,155 172,080 480,091 345,461 134,630 149,144 111, 694 37,450 Apr. 19 629,687 462,823 166,864 466,597 337,321 129,276 163,090 125,502 37,588 Apr. 26 _ 618,517 460,504 158,013 456,438 336,327 120, 111 162,079 124,177 37,902 May 3_ . 636,194 482,600 153,594 472,845 355,152 117,693 163,349 127,448 35,901 May 10 665,544 500,513 165,031 502,135 372,368 129,767 163,409 128,145 35;264 May 17 669,891 479,742 190,149 514,889 360,551 154,338 155,002 119,191 35,811 May24_. _ _ _ 693,979 497.266 196,713 538,577 375,355 163,222 155,402 121,911 33,491 May31__ . 689,116 498,142 190,974 539,251 381,298 157,953 149,865 116,844 33,021 June 7 _• •__."_ 678,772 499,241 179,531 520,262 371,723 148,539 158,510 127,518 30,992 June 14 722,438 532,806 189,632 558,693 401,615 157,078 163,745 131,191 32,554 June 21 714,55* 522,910 191,644 555,609 ^90,426 165,183 rl58,945 132,484 26,461 June 28 _ 682,436 520,845 161,591 526,707 390,832 135,875 155,729 130,013 25, 716 J J u u l l y v 5 12. _ _ . _ 7 6 1 5 9 3 , , 2 1 9 9 4 7 5 5 1 6 1 6 , , 3 5 2 0 5 5 1 1 5 4 2 1 , ,8 7 7 8 2 9 4 55 9 2 7 ', . 1 2 2 0 1 7 3 4 8 2 0 6 , , 5 3 7 6 4 1 1 12 1 5 6 , , 8 5 4 4 6 7 1 1 5 6 6 7 ? , 0 0 8 7 7 6 1 13 4 0 0 , , 1 7 4 5 4 1 2 2 5 6, , 9 3 4 2 3 5 July 19 724,923 567,070 157,853 557,696 426,418 131,278 167,227 140,652 26,575 July26._ _ ... 724,056 550,737 173,319 564,227 416,714 147,513 159,829 134,023 25,806 Aug. 2_ _ - 722,666 554,451 168,215 564,883 422,470 142,413 157,783 131,981 25, 802 Aug. 9__ _ 741,811 573,779 168,032 583,048 437,633 145,415 158, 763 136,146 22,617 Aug. 16 ••-_•__ 738,811 560,673 178,138 586,748 432,641 154,107 152,063 128,032 24,031 Aug.23__ .. ______ . _ 742,303 554,928 187,375 592,771 432,903 159,868 149,532 122,025 27.507 Aug. 30 755,450 572,963 182,487 617,830 463,695 154,135 137,620 109,268 28,352 Sept. 6 769,203 578 188 191,015 641,094 474,696 166,398 128,109 103,492 24,617 Sept. 13 773,341 589,995 183,346 656,084 495,246 160,838 117,257 94,749 22,508 Sept. 20. 755,370 563,779 191,591 650,599 481,391 169,208 104,771 82,388 22,383 Sept. 27 775,419 589,744 185,675 676,835 513,578 163,257 98,584T 76,166 22,418 Oct. 4 755,226 568,519 186,707 661,238 496,088 165,150 93,988 72,431 21,557 Oct. 11.. _ _ _ _ _ 741,226 552,504 188,722 659,507 491,797 167,710 81,719 60,707 21,012 Oct. 18 767,564 578,322 189,242 689,202 521,052 168,150 78,362 57,270| 21,092 Oct. 25. • _ . _ 821,478 622,812 198,666 738,875 559,944 178,931 82,603 62,868 19,735 Nov. 1 782,407 571,753 210,654 687,315 496,164 191,151 95,092 75,589 19,503 Nov. 8 _ _ 791,482 580, 525 210,957 694,884 503,155 191,729 96,598 77,370 19,228 Nov. 15 770,293 570,103 200,190 677,075 496,320 180,755 93,218 73,783 19,435 Nov. 22 _ . 749,378 546,514 202,864 653,178 470,908 182,270 96,200 75,606 20,594 Nov. 29 731,589 521,495 210,094 625,779 439,560 186,219 105,810 81,935 23,875 Dec. 6 712,364 502,247 210,117 606,407 421,495 184,912 105,957 80,752 25,205 Dec. 13 - - - - - - 734,564 509,927 224,637 625, 238 427, 527 197,711 109,326 82,400 26,926 Dec. 20___ 751, 599 519, 506 232,093 632,315 432,188 200,127 119,284 87,318 31,966- Dec. 27 777,230 543,469 233, 761 649, 274 453,324 195,950 127, 956 90,145 37, 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

781 NOVEMBER 1926 FEDERAL RESERVE BULLETIN STREET LOANS PLACED BY NEW YORK CITY DAILY REPORTING BANKS, 1917-1926—Continued [In thousands of dollars] Loans on call and on time Call loans Time loans Date Total F ac o c r o o u w nt n s F p o o r n c d o e r n re ts - Total F a o cc r o o u w n n t s F p o o r n c d o e r n re ts - Total F a o cc r o o u w n n t r F e o e s r p n o t c s n or d - - 1919 Jan. 3_._ 794,001 574,258 219,743 663,458 485,001 178,457 130,543 89,257 41,286 Jan.10— 774,565 542,194 232,371 640,876 452,154 188,722 133,689 90,040 43,649 Jan. 17__ 780,339 530,256 250,083 637, 646 435,467 202,179 142,693 94,789 47,904 Jan. 24... 776,534 532,983 243,551 630,375 433,978 196,397 146,159 99,005 47,154 Jan. 31__. 777,224 539,519 237,705 437,890 188,248 151,086 101,629 49,457 Feb. 7__ 771,532 535,833 235,699 621,177 434, 987 186,190 150,355 100,846 49,509 Feb. 14. 773,336 531,748 241,588 622, 761 430,406 192,355 150,575 101,342 49,233 Feb. 21. 772,592 513,361 259,231 620,082 411,090 208,992 152, 510 102, 271 50,239 Feb. 28. 793,635 529,797 263,838 644,457 429, 607 214,850 149,178 100,190 Mar. 7... 792,896 512,587 280,309 640,209 410,132 230,077 152,687 102,455 50,232 Mar. 14.. 821,185 530, 786 290.399 663,851 424,605 239,246 157,334 106,181 51,153 Mar. 21 830,938 540j 647 290,291 669,499 430,428 239,071 161,439 110,219 51,220 Mar. 28 860,946 556,052 304,894 697,459 444,088 253,371 163,487 111, 964 51,523 Apr. 4__ 559, 589 300,479 688,419 249,931 171,649 121,101 50,548 Apr. 11_ 900,108 604,708 295.400 724,744 481,607 243,137 175,364 123,101 52,263 Apr. 18-. 944,866 624,890 319,976 766,416 497,808 178,450 127,082 51,368 Apr. 25. 967,737 628,076 339,661 788,831 503,519 285,312 178,906 124,557 54,349 May 2... 996,323 629,266 367,057 809,121 500,320 308,801! 187,202 128,946 58,256 May 9... -1,022,415 650, 524 371,891 835,927 523, 566 312,361 126,958 59,530 May-16-. 1,062,320 679,151 383,169 542,891 316,103 203,326 136,260 67,066 May 23.. 1,107, 666 692,979 414, 687 893,851 551,002 342,849 213,815 141,977 71,838 May 29_. 1,146,992 738,197 408,795 919,416 584,931 334,485 227,576 153,266 74,310 June 6__. 1,205,343 750,295 455,048 967,214 589, 616 377,598) 238,129 160,679 77,450 June 13,. 1,238,327 771,914 466,413 989,301 609,157 380,144 249,026 162,757 86,269 June 20.. 1,228,383 750,899 477,484 965,838 574,181 391,657i 262,545 176,718 85,827 June 27., 1,246,233 768,065 478,168 982,255 592,041 390,214 263,978 176,024 87,954 July 3... 1,274,834 771,782 503,052 988,627 586,563 402,064' 286.207 185,219 100,988 July 11. _ 1,306, 689 770,553 536,136 1,028,413 584,170 444,243T 278,276 91,893 July 18.. 1,366, 581 797,343 569,238 1,081,081 600,626 480,455 285,500 196,717 88,783 July 25. _ 1,337,262 758, 611 578, 651 1,054,620 567, 212 487,408 282,642j 191,399 91,243 Aug. 1... 1,391,009 795, 689 595,320 1,104,213 605, 706 498,507 286,796 189,983 96,813 Aug. 8... 1,368,520 767,463 601,057 1,086,673 584, 728 501,945 281,847 182,735 99,112 : Aug.-15.. 1,331,553 740,854 590,699 1,033, 751 545,565 488,186 297,802 195,289 102,513 Aug. 22.. 1,282, 648 724, 714 557,934 963,593 522,198 441,395 319,055 202,516 116, 539 Aug. 29.. 1,266,116 690,918 575,198 949,910 495,036 454,874 316, 206 195,882 120,324 Sept. 5... 1,290, 743 709,869 580,874 968,725 513,142 455,583 322,018 196, 727 125, 291 Sept. 12.. 1, 292,343 698,327 594,016 970,616 507,072 463,544 321,727 191,255 130,472 Sept. 19_. 1,301,042 719,652 581,390 950,727 504,276 446,451 350,315 215,376 134,939 Sept. 26.. 1,313,024 735,035 577,989 950,880 513,116 437,764 362,144 221,919 140,225 Oct. 3.. 1,355,011 771,206 583,805 1,000,115 556,612 443,503 354,896 214,594 140,302 Oct. 10. 1,376,689 763,988 612, 701 1,023,872 552, 797 471,075 352,817 211,191 141,626 Oct. 17. 1,417,293 766, 792 650,501 1,062,482 563, 220 499,262 354,811 203, 572 151,239 Oct. 24. 1,451,336 784,954 666,382 1,089,945 569, 596 361,391 215,358 146,033 Oct. 31. 1,511,175 821, 625 689, 550 1,140, 510 601,159 539,351 370,665 220,466 150,199 Nov. 7... 1, 518, 266 781,971 736,295 1,154,193 569,436 584,783 364,047 212,535 151, 512 Nov. 14. 1,422,896 687,450 735,446 1,077,854 494,097 583,757 345,042 193,353 151,689 Nov. 21.. 1, 368,114 627,218 740,896 1,040,835 450,998 589,837 327,279 176,220 151,059 Nov. 28.. 1,359,847 633,911 725,936 1, 036,981 463,005 573,976 322,866 170,906 151,960 Dec. 5... 1,312,087 595,416 716, 671 429,680 568,508 313,899 165, 736 148,163 Dec. 12. 1,308,340 630,520 677,820 1,003,796 470, 518 533,278 304,544 160,002 144, 542 Dec. 19. 1,298,969 641,643 657,326 1,000, 761 489,499 511,262 298.208 152,144 146,064 Dec. 26. 1,302, 504 662, 581 639,923 1,016,932 517,284 499,648 285, 572 145,297 140,275 1920 Jan. 2... 1,349, 322 714, 756 634, 566 1,069,180 575,434 493, 746 280,142 139,322 140,820 Jan. 9... 1,364, 917 694,443 670,474 1,084,435 557,141 527,294 280,482 137,302 143,180 Jan. 16.. 1,322,171 640, 590 681, 581 1,037,150 504, 785 532,365 285,021 135,805 149,216 Jan. 23.. 1,302, 305 624, 520 677,785 1,034,148 502,950 531,198 268,157 121, 570 146, 587 Jan. 30.. 1,280,995 606,367 674, 628 1,031,634 535, 265 249,361 109,998 139,363 Feb. 6... 1,237,645 556,322 681,323 454,000 544,260 239,385 102,322 137,063 Feb. 13. 1,154,004 484,171 669,833 921,189 387,676 533,513 232,815 96,495 136, 320 Feb. 20. 1,094,354 444,435 649,919 875, 019 354,618 520,401 219,335 89,817 129, 518 Feb. 27. 1,091,246 442,461 648,785 877,659 355, 704 521,955 213, 5?7 86, 757 126,830 M M a a r r . . 1 5 2 _ . . . : 1 1, , 0 0 7 7 6 3 , ,9 7 1 3 9 4 4 4 3 5 5 0 , , 8 9 1 9 1 3 6 62 3 5 8 , , 1 7 0 4 8 1 8 8 6 7 2 9 , , 8 1 4 9 9 9 3 36 4 9 7 , , 7 6 5 ^ 6 1 5 50 1 9 5 , , 0 5 9 0 3 8 2 1 1 9 1 7, ,0 5 7 3 0 5 8 8 1 8 , ,0 3 5 0 5 2 1 1 2 1 3 6 , ,2 0 3 1 3 5 Mar. 19-. l 452,001 636,795 889,219 370,038 519,181 199,577 81,963 117,614 Mar. 26.. 459,019 621,822 891, 625 384, 632 506, 993 189,216 74,387 114, 829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 STREET LOANS PLACED BY NEW YORK CITY DAILY REPORTING BANKS, 1917-1926—Continued [In thousands of dollars] Loans on call and on time Call loans Time loans Date For cor- Total F ac o c r o o u w nt n s F p o o r n c d o e r n re ts - Total F ac o c r o o u w nt n s F p o o r n c d o e r n re ts - Total F ac o c r o o u w nt n res e p n o ts nd- 1920 Apr. 2__. 1,087,009 475,442 611,567 902,370 404,520 497, 850 184,639 70,922 113, 717 Apr. 9... 1,088,840 441, 648 627,192 903,098 387, 637 515, 461 185, 742 74,011 111, 731 Apr. 16.. 1,123, 669 491,943 631, 726 934,819 413,265 521, 554 188, 850 78, 678 110,172 Apr. 23.. 1,106,271 468,848 637,423 922,495 392, 531 529,964 183, 776 76, 317 107,459 Apr. 30.. 1,088, 865 484, 963 603,902 906,147 409,136 497,011 182, 718 75,827 106, 891 May 7__. 1,064,104 451,120 612,984 379, 228 507,480 177,396 71,892 105, 504 May 14.. 1, 019, 656 424,317 595,339 837,027 345,432 491, 595 182,629 78,885 103,744 May 21_. 1,005,441 582, 552 839, 527 345,888 493, 639 165,914 77.001 88,913 May 28_ . 970,579 420,932 549, 647 806,482 342,930 463,552 164,097 78.002 86,095 June4._. 944,834 419,756 525,078 779,299 337,358 441,941 165, 535 82,398 83,137 June 11_. 931,039 412,899 518,140 769,234 332,408 436.826 161,805 80,491 81,314 June 18_. 952,067 429, 518 522, 549 798, 565 352,825 445,740 153, 502 76,693 76,809 June 25- 944,160 437,693 506,467 795,839 432,143 148,321 73, 997 74,324 July2_. 938,151 436,978 501,173 795,023 365,889 429,134 143,128 71,089 72,039 July 9.. 419,020 527,929 816,001 356,937 459,064 130,948 62,083 68,865 July 16_ 923,948 404,412 519, 536 798,169 344,828 453,341 125, 779 59, 584 66,195 July 23_ 916,662 386, 577 530,085 796, 563 330,896 465, 667 120.099 55,681 64,418 July30. 912,828 379,260 533, 568 795,728 328,032 467, 696 117.100 51,228 65,872 Aug. 6— 354,660 530,470 768,335 304,027 464,308 116,795 50,633 66,162 Aug. 13-. 863,385 337,922 525,463 748,426 287, 539 460,887 114,959 50,383 64, 576 Aug. 20- 879,892 346,633 533,259 763,322 296, 721 466,601 116,570 49,912 66, 658 Aug. 27.. 862, 500 513, 507 747,845 449,186 114,655 50,334 64,321 Sept. 3__ 843,224 329,419 513,805 730,724 279,860 450,864 112, 500 49, 559 62, 941 Sept. 10- 871,560 344,389 527,171 759,750 295,835 463,915 111, 810 48, 554 63,256 Sept. 17_ 881,822 341.276 540,546 767,373 291,099 476,274 114,449 50,177 64,272 Sept. 24_ 875,700 346,408 529,292 761,379 296,387 464,992 114,321 50,021 64,300 Oct. 1__ 895,344 373,302 522,042. 781,695 322,247 459,448 113,649 51,055 62,594 Oct. 8__ 924,495 390,412 534,083 813, 525 341, 726 471, 799 1.10,970 62,284 Oct. 15 _ 973,074 437,206 535,868 861,252 386,515 474,737 111, 822 50,691 61,131 Oct. 22_ 949,088 400,078 549,010 839,461 351,642 487,819 109, 627 48,436 61,191 Oct. 29_ 952,854 393,850 559,004 843,102 343,951 499,151 109, 752 49,899 59,853 Nov. 5-_ 954,626 380,703 573,923 847,251 333,864 513,387 107,375 46,83§ 60,536 Nov. 12_ 935,546 346,143 589,403 826,003 300,176 525.827 109,543 45,967 63, 576 Nov. 19_ 887,152 326.277 560,875 778,454 281,187 497,267 45,090 63, 608 Nov. 26. . 848,091 326,451 521, 640 739,317 278,769 460, 548 108, 774 47,682 61,092 Dec. 3-_ 852,395 337,987 514,408 742,236 288, 525 453,711 110,159 49,462 60, 697 Dec. 10- 863,441 346,741 516, 700 753,488 298,038 455,450 109,953 48, 703 61,250 Dec. 17. 838,100 352,146 485,954 730,330 303,895 426,435 107,770 48,251 59, 519 Dec. 24. 807, 546 365,928 441, 618 705,135 319,412 385,723 102,411 46, 516 55,895 Dec. 31. 813,992 387,228 426,764 709,620 372,640 104,372 50,248 54,124 1921 Jan. 7__ 785, 713 439, 615 686,435 295, 655 390,780 99,278 50,443 48,835 Jan. 14 _. 780,830 335,606 445,224 674,596 278,269 396,327 106,234 57,337 48,897 Jan. 21 _. 802,032 356,992 445,040 698,621 302,008 396,613 103,411 54,984 48,427 Jan. 28_. 772,139 340,656 431,483 672,145 288, 570 383, 575 99.994 52,086 47,908 Feb.4__ 782,456 344,420 438,036 682,826 292,894 389,932 99, 630 51, 526 48,104 Feb. 11. 769,059 312,710 456,349 671, 523 260, 930 410,593 97, 536 51, 780 45, 756 Feb.18. 777,051 313,143 463,908 683,949 263,078 420,871 93,102 50,065 43,037 Feb.25- 782,393 331, 555 450,838 688,462 281,403 407,059 93, 931 50,152 43, 779 Mar. 4... 793,355 334,583 458,772 692,772 276,804 415,968 100,583 57,779 42,804 Mar. 11_. 783,059 319,197 463,862 689,064 266,516 422,548 93.995 52,681 41,314 Mar. 18.. 771,383 312,352 459,031 676,925 258,436 418,489 94,458 53,916 40,542 Mar. 25- 765,022 313,957 451,065 258,901 410,998 95,123 55,056 40, 067 Apr. 1.. 757,061 320,714 436,347 663,823 266,583 397,240 93,238 54,131 39,107 Apr. 8__ 751,643 325,920 425,723 657,312 271,005 386,307 94,331 54,915 39,416 Apr. 15. 744,158 317,086 427,072 657,505 269,059 388,446 86,653 48,027 38,626 Apr. 22. 746,729 307,428 439,301 658,400 259,640 398,760 88,329 47,788 40,541 Apr. 27. 758,525 307, 947 450, 578 669,296 260,039 409, 257 89,229 47,908 41,321 May4,_. 754,572 307,531 447,041 666,309 261, 975 404,334 88,263 45, $56 42,707 May 11_ . 770,406 309,338 461,068 682,182 263,662 418,520 88,224 45,676 42,548 May 18_ . 781,596 320,831 460,765 693,782 274,878 418,904 87,814 45,953 41, 861 May 25_ . 784,488 328,385 456,103 282, 667 415,362 86,459 45,718 40,741 Junel... 793, 355 358,471 434,884 707, 640 313;489 394,151 85,715 40,733 June 8... 786,226 313, 602 472, 624 701,065 268, 770 432,295 85,161 44,832 40,329 June 15-. 796,424 338,666 4:57,758 712,660 293,589 419,071 83,764 45,077 38,687 June 22_. 754,561 331,869 422,692 670,552 285,192 385,360 84,009 46,677 37,332 June29_. 734,969 348,709 395,260 657,477 298,788 358,689 86,492 49,921 36,571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER,, 1926 FEDERAL RESERVE BULLETIN 783 STREET LOANS PLACED BY NEW YORK CITY DAILY REPORTING BANKS, 1917-1926—Continued [In thousands of dollars] Loans on call and onetime Call loans Time loans Date Total F ac o c r o o u w nt n s F p o o r n c d o e r n re ts - Total F ac o c r o o u w nt n s F p o o r n c d o e r n re ts - Total F ac o c r o o u w nt n r F e o s e r p n o t c s n o d r- - 1921 July 6_-. 724,471 339,683 384,788 635,642 287,142 348,500 52,541 36,288'. July 13. . 741,658 332,894 408,764 646,469 274,983 371,486 95,189 57,911 37,278 July 20. . 739,650 346,277 393,373 646,553 289,243 357,310 93,097 57,034 36,063 July 27-- 729,376 333,653 395,723 632,879 273,879 359,000 96,497 59,774 36,723 Aug. 3... 747,224 381,668 365,556 644, 727 316, 751 327, 976 102,497 64,917 37,580 Aug. 10_. 739,352 358,188 381,164 636, 867 294,449 342,418 102,485 63,739 38,746 Aug. 17.. 722, 679 342,644 380,035 617,154 276,231 340.923 105,525 66,413 39,112 Aug. 24.. 699,835 327,028 372,807 589,410 257,208 332,202 110,425 69,820 40,605 Aug. 31- 686, 654 333,182 353,472 574, 917 260,780 314,137 111,737 72,402 39,335 Sept. 7... 680,448 314,113 366,335 240,903 327,777 111,768 73,210 38,558 Sept. 14.. 721,673 352, 095 369,578 »3,115 272,802 330,313 118,558 79,293 39,265 Sept. 21.. 739,425 363,761 375,664 617, 060 281,793 335,267 122,365 81,968 40,397 Sept. 28_. 752,214 370, 802 381,412 630,412 289,356 341,056 121,802 81,446 40,35& Oct. 5 770,015 393,559 376,456 640,930 305,390 335, 540 129,085 88,169 40,916 Oct. 11-12- 768,402 401,927 366,475 640, 215 313,709 326,506 128,187 88,218 39,96$ Oct. 19 776,094 417,106 358,988 647,219 329,179 318,040 128,875 87,927 40,94& Oct. 26 775,193 403, 638 371,555 648,967 316, 576 332,391 126,226 87,062 39,164 Nov. 2... 802,948 409,180 393,768 672,366 353,478 130,582 90,292 40,290 Nov. 9... 821,887 420,707 401,180 691,156 329,390 361,766 130,731 91,317 39,414 Nov. 16_. 832,105 429,787 402,318 699,635 336,417 363,218 132,470 93,370 39,100 Nov. 23.. 848,418 445,853 402,565 708,427 344,222 364,205 139,991 101,631 38,360 Nov. 30.. 848,549 463,266 385,283 700,913 339.924 147,636 102,277 45,359 Dec. 7... 831,820 442,132 389, 688 681,934 339,030 342,904 149,886 163,102 46,784 Dec. 14.. 884,036 489, 505 394,531 733,136 384,204 348, 932 150, 900 105,301 45,599 Dec. 21. 901,269 508,316 392,953 747,482 400,248 347,234 153,787 45,719 Dec.28. 898,541 494,420 404,121 744,339 385,243 359,096 154,202 109,177 45,025 1922 Jan. 4... 945,123 547,245 397,878 789, 562 433,512 356,050 155,561 113,733 41,828 Jan. 11... 952, 914 534,479 418,435 781.157 405,460 375, 697 171, 757 129,019 42, 738. Jan.18.- 957,273 538,011 419,262s 777, 764 403,140 374,624 179,509 134, 871 44, 638 Jan. 25.. 969,247 510,217 459,030 791,762 377,727 414,035 177,485 132,490 44,995 Feb. 1__. 974,211 551, 286 422, 925 801,121 422,005 379,116 173,090 129,281 43,809* Feb. 8-. 1,008, 998 516, 521 492,477 836,132 .387, 768 448,364 172,866 128, 753 44,113 Feb. 15_. 1,016, 688 519, 636 497,052 845, 747 393, 583 452,164 170,941 126,053 44,888; Feb. 21_. 987,129 484,039 503,090 813, 585 355,583 458,002 173,544 128,456 45, 088. Mar. 1__ 996,623 521,512 475, 111 821,179 426,641 175,544 126,974 48,470 Mar. 8__ 1,016,470 487,942 528,528 835,713 355,127 180, 757 132,815 47,942 Mar. 15- 1,055,640 543,153 512, 487 861,887 398,072 463,815 193, 753 145,081 48, 672 Mar. 22. 1, 033, 796 557,510 476,286 818,552 392,344 426,208 215,244 165,166 50,078. Mar. 29_. 1,039,356 576,455 462, 901 803,228 398,490 404,738 236,128 177,965 58,163, Apr. 5-. 1,074, 730 611, 769 462, 961 831, 592 427,182 404,410 243,138 184,587 58, 551 Apr. 12_. 1, 098,375 583,727 514, 648 836,249 384,037 452,212 262,126 199, 690 62,436 Apr. 19- 1,173,848 660,249 513, 599 888, 897 436, 960 451, 937 284,951 223,289 61, 662 Apr. 26.. 1,227, 903 680, 914 546, 989 919,324 480, 502 308, 579 242, 092 66,487 May 3-. 1,250,102 693,150 556, 952 928,592 433, 821 494,771 321,510 259,329 62,181 May 10.. 1,270,067 718, 242 551,825 928,517 440,815 487,702 341,550 277,427 64,123. May 17_. 1,326, 700 773,538 553,162 976,164 490,375 485,789 350,536 283,163 67,373: May 24.. 1,348,117 774,846 573,271 967, 686 473,269 494,417 380,431 301,577 78> 854 May 31_. 1,362, 711 789,498 573,213 980,311 485,286 495,025 382,400 304,212 78,188. June 7___ 1,435, 883 810,010 625,873 1,048, 874 505,350 543,524 387,009 304, 660 82,349- June 14_ _ 1,440, 658 824,487 616,171 1,033,354 505,507 527,847 407,304 318,980 88,324 June 21. _ 1,411, 026 867,295 543, 731 1, 010,886 546,567 464,319 400,140 320, 728 79,412 June 28. _ 1,328,239 789,195 539,044 916,427 463,349 453,078 411,812 325,846 85, 966 July 5--. 1,371, 820 847,400 524,420 974,696 532,849 441,847 397,124 314,551 82,573 Julyl2-_ 1,399, 911 805,393 594,518 1,006,763 494,968 511,795 393,148 310,425 82,723. July 19-. 1,408,942 79?,, 511 616,431 1,000,748 478,647 522,101 408,194 313,864 94,330* July26_. 1,403,267 772, 734 630,533 994,489 462,596 531,893 408, 778 310,138 98, 640' Aug. 2—_ 1,424,055 820,471 603,584 1,003,900 499,644 504,256 420,155 320,827 99,328. Aug. 9—_ 1,417,399 780,466 636,933 995,611 461,891 533, 720 421,788 318,575 103,213 Aug. 16._ 1,443,427 800, 769 642, 658 1,013, 068 476,421 536,647 430,359 324,348 106,011 Aug. 23— 1,412,365 767, 606 644,759 972, 954 437,216 535,738 439,411 330,390 109,021 Aug. 30- 1,389,420 761, 573 627,847 955,401 520,412 434,019 326,584 107,435 Sept. 6... 1,426, 544 785,811 640,733 992.158 459,480 532,678 434,386 326,331 108,055 Sept 13 _. 1,480,845 811,112 669, 733 1,049,079 493,039 556,040 431,766 318,073 113,693 Sept. 20.. 1,492,334 853,712 1,058, 725 539,972 518, 753 433,609 313, 740 119,869 Sept. 27.. 1,495,623 847, 749 647, 874 1,057, 707 528,343 529,364 437,916 319,406 118,510 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 [STREET LOANS PLACED BY NEW YORK CITY DAILY REPORTING BANKS, 1917-1926—Continued [In thousands of dollars] Loans on call and on time Call loans Time loans Date For cor- Total F ac o c r o o u w n n t s F p o o r n c d o e r n re ts - Total F ac o c r o o u w n n t s F p o o r n c d o e r n re ts - Total F ac o c r o o u w n n t res e p n o ts nd- 1922 Oct. 4 . . 1,520,422 853,855 666,567 1,072,556 529,967 542,589 447,866 323,888 123,978 Oct. 11 1,547,496 818,932 728,564 1,096,899 499,953 596,946 450,597 318,979 131,618 Oct. 18 1,644,508 910,809 733,699 1,196,545 595,277 601,268 447,963 315, 532 132,431 Oct. 25 1,632,391 878,735 753,656 1,158,275 542, 887 615,388 474,116 335,848 138,268 Nov. 1 1, 600,902 883,750 717,152 1,120, 751 546, 752 573,999 480,151 336,998 143,153 Nov. 8 • • • _ „- 1, 570, 763 849,262 721, 501 1,076, 714 500,458 576,256 494,049 348,804 145, 245 Nov. 15 1,540,013 796,160 743,853 1,052, 739 455,479 597,260 487,274 340,681 146,593 Nov. 22 :_ ..... .,-. 1, 507,270 770, 077 737,193 1,021,438 431,465 589,973 485,832 338,612 147,220 Nov. 29 .. ••,_. 1, 505, 718 783, 559 722,159 1,012, 838 438,109 574, 729 492,880 345,450 147,430 Dec 6 . - _ 1,471, 502 740,399 731,103 983,201 398, 514 584,687 488,301 341,885 146,416 Dec. 13 . 1,458,175 730,340 727, 835 975,704 394, 758 580,946 482,471 335, 582 146,889 Dec. 20 1,471,963 792,500 679,463 991,231 460,147 531,084 480, 732 332,353 148,379 Dec. 27 . 1,489,199 817,807 671, 392 1,009, 617 490,385 519,232 479, 582 327,422 152,160 1923 Jan.3 _. 1,589,474 937,851 651, 623 1,100,133 605,534 494,599 489,341 332, 317 157, 024 Jan. 10 --- 1,552,071 815,280 736, 791 1,050, 813 475, 564 575,249 501,258 339,716 161, 542 Jan. 17 - _ _ _,_. 1,613,471 818,045 795,426 1,112,039 479,340 632,699 501,432 338, 705 162, 727 Jan. 24 1, 555, 901 763, 883 792, 018 1,064,071 436,040 628,031 491,830 327, 843 163, 987 Jan. 31 .". ____ 1, 549,202 798,917 750,285 1, 065,973 476, 342 589,631 483,229 322,575 160, 654 Feb. 7 .. 1, 578, 796 774,389 804,407 1, 111, 039 460,030 651,009 467, 757 314, 359 153, 398 Feb. 14 1,609,101 807,873 801,228 1,160, 804 507,028 653, 776 448,297 300, 845 147,452 Feb. 21 - 1,620,063 818,457 801, 606 1,178,049 526,254 651, 795 442, 014 292,203 149,811 Feb. 28 _ _ . _-__---- 1,657,242 864,710 792, 532 1,220,302 569,161 651,141 436,940 295,549 141,391 Mar. 7 - 1,624,921 813,182 - 811,739 1,180,388 510,602 669,786 444, 533 302, 580 141, 953 Mar 14 . - 1,643,420 799,856 843,564 1,203,648 503,077 700,571 439, 772 296, 779 142, 993 Mar 21 _ • ___ 1,651,144 837,699 813,445 1,226,067 548,642 677,425 425,077 289,057 136,020 Mar 28 1,623,038 812,901 810,137 1,192,279 522,592 669,687 430, 759 290,309 140,450 Apr. 4 . . 1,666,981 862,623 804,358 1,242, 723 577, 612 665, 111 424, 258 285,011 139, 247 Apr. 11 .. _ - 1,617,603 776,453 841,150 1,187, 744 490, 521 697,223 429,859 285,932 143,927 Apr. 18 1,615,083 767,795 847,288 1,187, 750 483,099 704,651 427,333 284,696 142,637 Apr. 25 . — 1,643,272 805,785 837,487 1, 208,136 524,517 683,619 435,136 281,268 153,868 May 2 .. _ • . _ 1,695,567 864,538 831,029 1,262,600 580, 375 682,225 432, 967 284,163 148,804 May 9. _-__ - 1,631,114 809,624 821,490 1,195,273 522,892 672,381 435,841 286, 732 149,109 Mayl6 1,601,827 787,450 814,377 1,166,038 497,958 668,080 435, 789 289,492 146,297 May 23 . _ 1,552,313 784,701 767,612 1,104,584 481,530 623,054 447, 729 303,171 144, 558 May 29 . .. —_ 1,535,489 779,419 756,070 1,082,591 475,117 607,474 452,898 304,302 148, 596 June6 . „_ _- 1,510,734 754,569 756,165 1,055,766 445,855 609,911 454,968 308, 714 146,254 June 13 _ _. 1,492,204 750,120 742,084 1,039,886 440,391 599,495 452,318 309,729 142, 589 June20___ „_ _ ___ 1,476, 620 745,606 731,014 1,033,335 439,021 594,314 443,285 306, 585 136, 700 June27____ _ __ .. 1,440,174 758,955 681,219 1,009,295 459,127 550,168 430,879 299,828 131,051 July5___... . _„_. 1,373,326 741,351 631,975 948,061 441,488 506, 573 425,265 299,863 125,402 July 11-. • • • • _ . .. 1,353,455 710,360 643,095 940,560 413,416 527,144 412,895 296,944 115,951 Julyl8._ 1,318,966 658,830 660,136 912,981 370,636 542,345 405,985 288,194 117,791 July25... ._ _______ 1,305,834 636,635 669,199 913,002 352,784 560,218 392,832 283,851 108,981 Aug.l . 1,273,104 619,371 653,733 890, 617 344, 850 545, 767 382,487 274,521 107,966 Aug.8 .. . __ 1,242,792 557,887 684,905 870,176 293, 672 576,504 372, 616 264,215 108,401 Aug. 15 __ 1,225,347 560,363 664,984 869,484 308,988 560,496 355,863 251,375 104,488 Aug.22_ . _._ ___ 1,195,957 534,020 661,937 861,339 298,863 562,476 334,618 235,157 99,461 Aug.29 .__ _ _ _- 1,194,987 555,228 639,759 871,255 330,491 540,764 323,732 224, 737 98,995 Sept. 5 v 1,202,279 552,438 649,841 892,915 345,277 547, 638 309,364 207,161 102,203 Sept. 12 _ •__. ----- 1,217,703 563,457 654,246 914,067 363,493 550,574 303, 636 199,964 103,672 Sept. 19 _ .__ _• ____ 1,237,728 569, 766 667, 962 928,469 371, 639 556,830 309,259 198,127 111, 132 Sept. 26 - 1,195, 677 557,856 637,821 883,623 361,460 522,163 312,054 196,396 115, 658 Oct.3. . - 1,208,338 574,667 633, 671 913,741 394,205 519, 536 294,597 180,462 114,135 Oct. 10 1,198,260 531,951 666,309 893,223 343,483 549,740 305,037 188,468 116,56& Oct 17 . 1,188,850 535,832 653,018 877,046 343,109 533,937 311,804 192,723 119,081 Oct.24 . _--—- 1,169,723 537,343 632,380 857,514 346,961 510, 553 312,209 190, 382 121,827 Oct. 31 _ 1,163,662 552, 506 611,156 854,272 361,005 493,267 309, 390 191,501 117,889 Nov. 7 . —- 1,130,159 498,965 631,204 831,918 316, 620 515,298 •298,251 182,345 115,906- Nov 14 - - 1,161,840 521,608 640,232 839,632 324,495 515,137 322,208 197,113 125,095 Nov. 21 . _ - -- ---- 1,173,252 544,285 628,967 844,939 345,171 499,768 328,313 199,114 129,199 Nov 28 -— - --- 1,168,942 550,865 618,077 840,718 349, 670 491,048 328,224 201,195 127,029 Pec 5 - - -- 1,181,246 554,606 626, 640 858,092 348, 111 509,981 323,154 206,495 116, 659 Dec 12 •-_. ___-_-... 1,195,114 552,291 642,823 877,012 349,843 527,169 318,102 202,448 115, 654 Dec. 19 __.._... 1,217,605 577,639 639,966 895,870 374,956 520,914 321,735 202,683 119,052 Dec. 26 ..„. ____._.———- 1,217,231 597,355 619,876 896,002 393,803 502,199 321, 229 203,552 117, 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER., 1926 FEDERAL RESERVE BULLETIN 785 STREET LOANS PLACED BY NEW YORK CITY DAILY REPORTING BANKS, 1917-1926—Continued [In thousands of dollars] Loans on call and on time Call loans Time loans Date Total F a o c r c o o u w n n t s F p o o r n c d o e r n re ts - Total F a o c r c o o un w t n s F p o o r n c d o e r n r t e s - Total F ac or c o o u w nt n r F e o e s r p n o t c s o n r d - - 1924 Jan. 2. 1,332,509 712,307 620,202 1,010,784 510,456 500, 328 321,725 201,851 119,874 Jan. 9... 1,315,195 649,377 665,818 976,463 436,436 540,027 338,732 212.941 125,791 Jan. 16. 1,343,400 650,556 692,844 999,438 430,538 568,900 343,962 220,018 123,944 Jan. 23.. 1,368,897 652,841 716,056 1,023, 306 430.351 592, 955 345,591 222,490 123,101 Jan. 30_. 1,389,649 678,891 710, 758 1,043,101 454,949 588,152 346,548 223.942 122,606 Feb.6- 1,397,879 658, 938 738,941 1,044,191 432,030 612,161 353, 688 226,908 126,780 Feb.l3_. 1,409,408 650,079 759,329 1,052,118 419, 686 632,432 357,290 230,393 126,897 Feb. 20.. •1,397,673 654,926 742,747 1,038,552 425,347 613,205 359,121 229, 579 129,542 Feb. 27.. 1,350, 588 607, 633 742,955 989, 222 373,243 615,979 361,366 234,390 126,976 Mar. 5... 1, 395,470 665,835 729, 635 1,034, 734 433, 759 600,975 360, 736 232, 076 128,660 Mar. 12.. 1,417,885 673, 754 744,131 1,048, 439 436, 580 611,859 369, 446 237,174 132,272 Mar. 19.. 1,446,525 736,110 710, 415 1,067,288 488, 063 579,225 379,237 248,047 131,190 Mar. 26.. 1, 404, 642 705,976 1,011, 584 448, 365 563, 219 393,058 257, 611 135,447 Apr. 2... 1, 387, 456 704,870 446,897 551,569 257,973 131,017 Apr. 9... 1,388,839 651,277 737, 562 1,008,004 403,993 604,011 380,835 247, 284 133, 551 Apr. 16.. 1, 391, 608 644, 715 1,025,405 404,420 366,203 240,295 125,908 Apr. 23. 1,424, 651 670,870 753, 781 1,054,782 433, 528 621,254 369,869 237, 342 132, 527 Apr. 30.. 1, 476,853 729,485 747,368 1,099,464 486,823 612, 641 377,389 242, 662 134, 727 May 7__. 1,422,012 676,188 745,824 1,044,461 432,403 612,058 377, 551 243,785 133, 766 May 14.. 1, 399, 843 645,995 753,848 1,017,108 400, 511 616, 597 382,735 245,484 137,251 May 21.. 1, 373, 654 670, 207 703,447 995, 587 422,150 573,437 378,067 248,057 130,010 May 28.. 1, 365,320 695, 471 981,577 414,967 566, 610 383, 743 254,882 128,861 June 4... % 378,983 693,863 685,120 993,528 433,976 559, 552 385,455 259,887 125, 568 June 11.. 1,454,729 791, 527 663, 202 1,044,822 512,333 532,489 409,907 279,194 130, 713 June 18.. 1,479,628 830,583 649,045 1,077,616 555,248 522,368 402,012 275,335 126, 677 June 25.. 1,478,114 869, 321 608, 793 1,065,339 579,371 485,968 412, 775 289,950 122, 825 July 2... 1, 465,218 875,036 590,182 1,046,176 570,367 475,809 419,042 304, 669 114,373 July9._. 1, 527,481 658,131 1,120,698 566,588 554,110 406,783 302,762 104,021 July 16.. 1, 553, 615 909,674 643.941 1,136,174 596.078 540,096 417,441 313,596 103,845 July 23.. 1,571,774 949,205 622,569 1,140,235 618, 776 521,459 431, 539 330,429 101,110 July 3®.. 1,591,420 979,797 611,623 1,134,279 637,537 496, 742 457,141 342,260 114,881 Aug. 6... 1, 986, 704 613.942 1,137, 350 635, 430 501,920 463,296 351, 274 112, 022 Aug. 13_. 1, 649,431 1,017, 798 631, 633 1,185, 550 664.079 521,471 463,881 353, 719 110,162 Aug. 20.. 1, 680, 831 1,042,007 1, 210, 650 684,060 526,590 470,181 357,947 112, 234 Aug. 27.. 1, 664, 733 1,015,962 648,771 1,192,336 661, 705 530, 631 472, 397 354, 257 118,140 Sept. 3... 1,666,364 1,000,182 666,182 1,190,880 645.352 545,528 475,484 354,830 120,654 Sept. 10- 1, 677, 227 692, 667 1,197, 231 623, 646 573,585 479,996 360,914 119,082 Sept. 17. 1, 694,300 1,017,034 677,266 1,199,390 647,822 551, 568 494, 910 369, 212 Sept. 24. 1, 715, 385 1,053, 722 661, 663 1,221, 770 681,365 540, 405 493, 615 372,357 121, 258 Oct. 1__ 1, 717,898 1, 058, 092 684, 436 539,072 494, 390 373,656 120,734 Oct. 8-_ 1, 675,156 950,113 725,043 1,177-i 718 574,011 603,707 497,438 376,102 121,336 Oct. 15_ 1, 665,167 921,425 743, 742 1,166, 272 544,001 622, 271 498,895 377,424 121,471 Oct. 22_ 1,712,068 976,910 735,158 1, 213, 702 602,004 611, 698 498,366 374,906 123,460 Oct. 29_ 1,653,728 908, 796 744,932 1,157, 663 535,060 496,065 373, 736 122, 329 Nov. 5... 925,806 702,837 1,129, 571 550,171 579, 400 499, 072 375, 635 123,437 Nov. 12.. 1, 727; 576 1, 016,221 711,355 1, 204, 247 626, 474 577, 773 523, 329 389,747 133, 582 Nov. 19.. 1, 715, 048 1,007, 687 707,361 1,175, 309 612,450 562,859 539, 739 395, 237 144, 502 Nov. 26.. 1, 754, 521 1,021,820 732, 701 1,206, 862 622,033 584,829 547,659 399, 787 147,872 Dec. 3__ 1,779,903 1,004,717 775,186 1,229,016 607.618 621,398 550,887 397,099 153, 788 Dec. 10. 1,856,737 1,062, 596 794,141 1,292,613 660,635 631,978 564,124 401,961 162,163 Dec, 17. 1,865,850 1,067,092 798, 758 1,296,996 661,392 635,604 568,854 405,700 163,154 Dec. 24. 1,880,440 1,099,240 781,200 1,311,717 612, 719 568, 723 400,242 168,481 Dec. 31. 1,931,538 1,138, 537 793,001 1,384,035 741,931 622,104 567,503 170,897 1925 Jan.7... 1,980,598 1,142,497 838,101 1,387,775 726,555 661,220 592,823 415,942 176,881 Jan.14.. 2,016,115 1,073,705 942,410 1,407,750 645,201 762, 549 608,365 428, 504 179,861 Jan.21.. 2,045,211 1,069.923 975,288 1,408,255 629,853 778,402 636,956 440,070 196,886 Jan.28.. 2,044,401 1,059,663 984,738 1,397,340 614,353 782,987 647,061 445,310 201,751 Feb. 4... 2,073,741 1,078,742 1,415, 509 625,349 790,160 658,232 453.393 204,839 Feb. 11.. 2,081,923 1,029,057 1,052,866 1,421,802 580,885 840,917 660,121 448,172 211,949 Feb. 18-. 2,097,226 1,032,734 1,064,492 1,432,028 582,535 849,493 665,198 450,199 214^999 Feb. 25_ 2,089,624 1,048,881 1,040,743 1,422,488 600,074 822,414 667,136 448,807 218,329 Mar. 4.... 2,113,523 1,041,897 1,071,626 1,445,504 857,001 668,019 453.394 214,625 Mar. 11_. 2,123,817 976,323 1,147,494 1,459,332 532,412 926,920 664,485 443,911 220,574 Mar. 18.. 2,160,851 1,019,846 1,141,005 1,492, 776 578,905 913,871 668,075 440,941 227,134 Mar. 25.. 2,076,095 982,754 1,093,341 1,400, 933 541,616 859,317 675,162 441,138 234,024 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL BESEEVE BULLETIN NOVEMBER, 1926 STREET LOANS PLACED BY NEW YORK CITY DAILY REPORTING BANKS, 1917-1926—Continued [In thousands of dollars] Loans on call and on time Call loans Time loans Date For own For corre- For own For corre- For own For cor- Total account spondents Total account spondents Total account respond- 3925 Apr. 1__ 2,062.765 1,032,117 1,030,648 1,385,314 593, 766 791, 548 677,451 438,351 239,100 Apr. 8 _____ 2,050,175 948,044 1,102,131 1,373,060 519,278 853, 782 677.115 428,766 248,349' Apr. 15 2,049,258 960,280 1,088.978 1.370,944 534,173 836,771 678,314 426,107 252,207 Apr. 22 2,060,719 994, 278 1,066,441 1,381, 569 559, 557 822, 012 679,150 434, 721 244,429' Apr. 29 2,129,870 1,054,171 1,075,699 1,448,407 617,427 681,463 436, 744 244, 719- May 6 2,142, 313 1,025,601 1.116, 712 1,476,065 598, 702 877,363 666,248 426,899 239,349' May 13--.- 2,140, 511 993, 518 1,146,993 1,477,476 572, 078 905,398 663,035 421,440 241, 595 May 20 2,163,482 994,836 1,168,646 1,490,201 564,792 925.409 673,281 430,044 243, 237 May 27.-.- 2,168,654 1,023,735 1,144,919 1, ""' 587,614 902,067 678,973 436,121 242, 852 June 3 2,229,285 1,049,985 1,179,300 1, 549, 220 610,840 938,380 680,065 439,145 240,920 June 10 ... 2,239,670 1,014,404 1,225,266 1,553,994 569.471 984, 523 685, 676 444,933 240,743 June 17 2,250,416 1,027,341 1,223,075 1, 552,224 575,410 976,814 698,192 451,931 246,261 June 24 2,237,384 1,062, 787 1,174, 597 1, 535,101 610,475 924,626 702.283 452,312 249, 971 July 1 2, 292, 579 1,157, 288 1,135.291 1, 575,096 689, 296 885,800 717,483 467,992 249,491 July 8 2, 291, 932 1,082,246 1,209; 686 1, 587, 728 626,320 961,408 704,204 455, 926 248, 278 July 15 ,_J 2,297,023 1,034,735 1,262,288 1, 582,101 581,703 1,000,398 714, 922 453,032 261,890 July 22 .__„_ 2,269,005 1,007,474 1,261, 531 1,550,645 558,031 992,614 718,360 449,443 268,917 July 29 2, 287, 273 1,031,033 1,256,240 1,547, 989 571,990 975,999 739.284 459,043 280,241 Aug. 5 2,269,652 1,001,132 1, 268, 520 1,506,766 535,207 971, 559 762,886 465,925 296,961 Aug. 12-. 2, 309,098 990, 255 1,318, 843 1, 545, 001 521, 269 1,023,732 764,097 468,986 295, 111 Aug. 19 2,331,120 986, 738 1,344,382 1, 556, 045 516, 639 1,039,406 775, 075 470, 099 304, 976, Aug. 26..— 2,305, 730 992,691 1,313, 039 1, 533,002 531,179 1,001,823 772, 728 461, 512 311, 216 Sept. 2__ — 2,330, 073 1,004,061 1,326, 012 1,557,959 547,004 1, 010,955 772,114 457, 057 315,057 Sept. 9 ----- 2,293,449 955,341 1,338,108 1, 526,276 507,421 1,018,855 767,173 447, 920 319,253 Sept. 16 2,364,261 954,004 1,410, 257 1,612,081 527,886 1,084,195 752,180 426,118 326,062' Sept. 23 2,393,225 971, 260 1,421, 965 1, 632; 346 555, 755 1, 076, 591 760,879 415, 505 345,374 Sept. 30 2,466, 628 1,052, 602 1,414,026 1,697,832 638,421 1,059,411 768,796 414,181 354, 615. Oct. 7_ 2,472,699 981,244 1,491,455 1,711,075 575, 604 1,135,471 761,624 405, 640 355,984 Oct. 14___ 2, 518,476 984,806 1,533, 670 1,755,046 579,882 1,175,164 763,430 404,924 358, 506» Oct. 2i. 2,580,848 1,012,188 1, 568,660 1,786,847 590,409 1,196,438 794,001 421, 779 372, 222: Oct. 28 - 2,629,243 1,046,434 1, 582,809 1,823,879 622,841 1,201,038 805,364 423,593 381,771 Nov,4_! 2,690,782 1,083,946 1, 606,836 1,876,349 661,992 1, 214,357 814,433 421, 954 392,479- Nov. 11 -. 2, 742,956 1,048,359 1, 694,597 1,902,387 626,930 1,275,457 840, 569 421,429 419,140^ Nov. 18 2, 743,862 1,067, 871 1, 675,991 1, 890, 664 646.472 1, 244,192 853,198 421,399 431, 799 Nov.25. - 2, 691,297 1,056,731 1,634,566 1,819,239 625, 531 1,193, 708 872,058 431,200 440, 858. Dec. 2 2, 709,247 1, 055,741 1, 653, 506 1,834,062 629,038 1,205, 024 875,185 426,703 448,482;; Dec. 9 . 2,738,713 1,060, 715 1, 677, 998 1,860,865 638,053 1,222,812 877,848 422, 662 455,186 Dec. 16_— 2,797,687 1,104,958 1,692,729 1,901,164 672,232 1,228,932 432, 726 463, 797 Dec. 23 2,845, 733 1,199,052 1, 646, 681 1,936,315 762,143 1,174,172 909,418 436,909 472, 509 Dec. 30 2,908, 060 1,341,341 1,566, 719 2, 003,427 906,175 1, 097,252 904, 633 435,166 469,467 1926 Jan. 6-__- 2, 907, 651 1,285,303 1, 622,348 1,983, 776 835,264 1,148, 512 923,875 450, 039 473,836 Jan. 13___ . 2,899,414 1,219,464 1, 679,950 1,953,409 761, 740 1,191, 689 946,005 457,724 488, 281 Jan. 20_ 2,887, 760 1,195,395 1, 692,365 1,926,788 723,219 1, 203, 569 960,972 472,176 488,796 Jan. 27--—-— 2,869, 740 1,184,352 1, 685,388 1,885,108 699,815 1,185,293 984,632 484, 537 500,095» Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1926 FEDERAL RESERVE BULLETIN 787 Changes in State Bank Membership Fiduciary Powers Granted to National Banks The following list shows changes affecting State During the month ended October 21, 1926, the bank membership during the month ended October Federal Reserve Board approved applications of the 21, 1926, on which date 1,393 State institutions were national banks listed below for permission to exercise members of the system: one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: ADMISSIONS (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; Total re- Capital Surplus sources (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which District No. 2 State banks, trust companies, or other corporations Times Square Trust Co., New which come into competition with national banks Me York, N. Y __„ $2,000,000 $500,000 $2,518,335 permitted to act under the laws of the State in which Interstate Trust Co., New York, N.Y — ; - 3,000,000 900,000 3,900,000 the national bank is located* District No. S Norristown-Penn Trust Co., Norristown, Pa _-«..« 1,000,000 1,000,000 10,431,181 Location t D ri i c s t - Name of bank Powers granted District No. 5 No. Kanawha Banking & Trust Co., Charleston, W. Va 500,000 250,000 4,894 692 Saugerties, N. Y__—__ 2 First National Bank . 1 to 9 Millheim, Pa 3 Farmers National Bank 1 to 9 CHANGES York, Pa 3 York County National Bank. 1 to 9 Monessen, Pa 4 National Bank and Trust Co_ 1 to 9 District No. 2 Washington, D. C 5 Franklin National Bank 1 to 8 Montgomery, Ala 6 Alabama National Bank I'to9 Absorption of nonmember: Cen- Springfield, Tenn 5 First National Bank........ 2, 3, 5 to 7, tral Mercantile Bank, New and 9. York City, has absorbed the Libertyville, 111 7 First National Bank 1 to 9 American Bank of New York, Mattoon, I1L____ 7 National Bank of Mattoon.. 4 to 9 a nonmember __„___ $1,000,000 $500,000 $14,176,646 Hammond, Ind __ 7 Citizens National Bank 1 to 9 Merger of State member banks: Bay City, Mich 7 First National Bank 5 to 9 First Bank of Utica and Oneida Grand Rapids, Mich__ 7 Old National Bank ... 2, 3, 5 to 9 County Trust Co., Utica, N. Mitchell, Ind— 8 First National Bank _. 5 Y., have merged under title Houghton, Mich.,... 9 Houghton National Bank-_. 1 to 9 "First Bank & Trust Co., of Okmulgee, Okla 10 Central National Bank 1 to 9 Utica.".— -~ — 1,500,000 1,500,000 24,878,454 District No. 6 Converted to national bank: Ala- Changes in National Bank Membership bama Bank & Trust Co., Montgomery, Ala ,.. 300,000 52,000 2,668,444 Voluntary liquidation: Bank of The Comptroller of the Currency reports the follow- W P it i h tt d s r v a i w ew al , : P T i h tt e s v B ie a w rt , o w A la Bank, 25,000 5,000 53,307 ing increases and reductions in the number and capital Bartow, Ga... _--_-..- .„...__. 25,000 5,000 187,857 of national banks during the period from September 25 District No. 7 to October 22, 1926, inclusive: Closed: First State Bank, Carsonville, Mich.._ -__-___ 20,700 338,767 W C ay o n ry e d C on o , u I n o t w y a State _ _ B ._ a ,_ n „ k _ , . 75,000 5,000 409,361 N be u r m o - f o A f m ca o p u i n t t al banks District No. 9 Absorption of national bank: Gallatin Trust & Savings Bank, New charters issued _ 9 $1,275,000 the Security Bank & Trust Co., Restored to solvency 0 0 and the Commercial National Increase of capital approved „ 8 800, 000 Bank, all of Bozeman, Mont., have absorbed the National Aggregate of new charters, banks restored to Bank of Gallatin Valley at solvency, and banks increasing capital 17 2,075,000 Bozeman, Mont „ 60,000 30,000 750,760 District No. 11 R Li e q d u u d c a in ti g o n c s a pitall _ _ _ 1 2 7 1,1 2 7 6 0 5, ,0 0 0 0 0 0 Closed: Commercial Guaranty State Bank, Longview, Tex 50,000 10,000 577,113 Total liquidations and reductions of capital.. 19 1,435,000 Change of title: Guaranty State Bank, Grand Prairie, Tex., to Consolidation of national banks under act of Nov. Farmers State Bank. 7,1918 3 4,670,000 District No. U Aggregate increased capital for period __ 2, 075, 000 Voluntary liquidation: Lake Reduction of capital owing to liquidations, etc 1,435, 000 County Loan & Savings Bank, Lake View, Greg 40,000 10,000 287,351 Net increase _ 640, 000 Closed: First Bank of Pilot Rock, Pilot Rock, Oreg 40,000 25,000 304,460 1 Incident to consolidations under act of Nov. 7,1918. 15590—26t- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS [On the basis of the October estimates by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Prelimi- Prelimi- Prelimi- Yield, Forecast Yield, nary Yield, nary . Yield, nary 1925 Oct. 1,1926 1925 estimate, 1925 estimate, 1925 estimate, 1926 1926 1926 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 10,400 9,683 210 172 210 172 New York 30,602 29, 624 6,814 5,213 6,666 5,037 148 176 Philadelphia. __ _ _ _ _ - - 65,074 56,332 20,711 21,372 20,711 21,372 Cleveland 227,875 94,621 29,384 46, 567 29,292 46,435 92 132 Richmond- _ _ _ _ 140,291 156,428 26,393 32,206 26,393 32,206 Atlanta ___ : 159,448 190, 677 5,214 8,669 5, 214 8,669 Chicago 1,096,997 900, 748 55,960 68,466 53,673 65,280 2,287 3,186 St. Louis 404,167 399,749 49,277 52,236 49,073 51,908 204 328 Minneapolis 288,582 288,949 209,459 169,490 7,486 9, 598 201,973 159,892 Kansas City - _ 430, 317 319,479 155,968 296,487 147,257 285,733 8,711 10,754 Dallas 40,050 123,330 6,820 36,966 6,706 36, 740 114 226 San Francisco 11,250 10,368 100,227 101,974 43,087 63,504 57,140 38,470 Total 2,905,053 2,679,988 666,437 839,818 395, 558 626,482 270,879 213,336 Oats Tobacco Potatoes Cotton Y 1 i 9 e 2 ld 5 , m n P a a r r t e y e l , i e m 1 s 9 t i 2 i - - 6 Y 1 i 9 e 2 ld 5 , O F c o t. r e 1 c ,1 a 9 s 2 t 6 Y 1 i 9 e 2 ld 5 , F O o 1 r c 9 e t 2 c . 6 a 1 s , t Y 1 i 9 e 2 ld 5 , F O o 1 c r 9 e t. 2 c 6 1 a 8 st , Bushels Bushels Pounds Pounds Bushels Bushels Bales Bales Boston _ _ _ _ _ 10,854 9,282 52,985 39,891 42,410 43,810 New York___ . , 39, 574 36, 543 2,605 2,807 27,158 34,427 Philadelphia _ _ 25,182 23, 560 57,400 45,302 23,252 21,476 Cleveland.. _ _ _•• 104,49.0 97,941 159, 555 147,354 19,789 - 17,947 Richmond 24, 000 29,312 611,192 589,416 24,931 29,190 2,044 2,415 Atlanta __ _ __ 14,389 20,021 127,167 124,735 8,421 11,251 3,358 3,594 Chicago__ . .__ 593,459 502,494 45,210 39,269 50,852 58,678 St. Louis _ _ 63,577 59, 690 312,183 299,616 10,373 13, 718 .13,456 3,259 Minneapolis.. __. _ 422,773 245,324 ,2,640 2,264 50,115 49.913 Kansas City 159,468 138,423 2, 730 3,264 29,402 25,206 1,698 1,613 Dallas _ - 15,451 86, 567 2,117 5,080 5,229 6,357 San Francisco . 38,906 33,257 37,082 40,125 229 216 Total — 1, 512,123 1,282,414 1,373, 667 1,293,918 325,902 350,821 16,104 17,454 i Includes 23,000 bales grown in miscellaneous territory. 2 Includes 20,000 bales grown in miscellaneous^territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

789 NOVHMBUB, 1926 FEDERAL RESERVE TtTTT.T.TT.TTNr BUSINESS STATISTICS FOR THE UNITED STATES INDEX OF PRODUCTION IN BASIC INDUSTRIES * [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100] Iron and steel Textiles Food products Year and month G i e n n d e e r x al Animals slaughtered Lumber Pig iron i S ng te o e t l s Cotton Wool W fl h ou e r at m S e u lt g in ar gs Cattle Calves Sheep Hogs 1925 Septembers- 111 106 123 103 100 143 129 120 116 October 116 113 130 111 96 167 147 1,15 125 November—. 115 116 136 116 79 135 13.1 117 December... 121 130 149 120 80 166 133 1926 January..... 120 131 149 114 83 164 96 146 95 91 125 February..,. 120 130 152 119 90 147 102 157 105 81 122 March 123 131 157 120 100 120 106 137 121 103 124 April.. 122 135 147 117 97 114 108 115 118 104 124 May.... 117 134 138 100 93 115 109 108 109 91 116 June.._. 118 130 135 103 110 118 110 127 114 93 115 July 118 127 130 94 131 113 107 118 98 107 119 August 116 121 137 102 105 111 97 119 94 125 109 September. _ 121 122 139 122 101 139 104 125 121 109 Coal Nonferrous metals Tobacco products Year and month B n it o u u m s i- An c t i h te ra- Copper Zinc le S a o th le er N p e ri w n s t - Cement P le e u tr m o- Cigars r C e i t g te a s - M to a t b u n a r u e c f d c a o c- 1925 September. _„-__.. 114 139 121 62 111 204 208 95 183 October. 121 136 129 115 198 198 106 169 November 126 138 129 116 194 200 95 165 December... _„_„.. 130 139 137 117 188 196 85 195 94 1926 January ._.. ... 129 2 141 144 115 219 193 80 196 102 February *, 130 34 145 135 123 181 193 84 188 100 March.,.. _. 1.17 120 143 139' 126 187 188 97 207 98 April.... 124 117 141 136 126 179 190 88 205 95 May.._..._._. 109 105 140 137 122 205 194 87 196 96 June 114 116 139 123 122 215 194 92 214 101 July ._.... 115 115 148 123 125 235 197 92 187 95 August 113 110 143 132 120 213 205 96 199 95 September 119 116 147 133 126 212 209 98 208 * This table contains for certain months the index numbers of production in basic industries together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES» [No seasonal adjustment Monthly average, 1919=100] Year and month G in en d e e r x al G in M r d o p e e u r x t p o a d ls u c a s I a t n t r s n e o d d e n l G i T n r e d o x e u t x p iles F a ab n r d i c p s rod P u u r c c o t t d s s - L p u a b r u c n o e m t d d r s - - v R r c o e l a h a e i d s i l - - m A o u b t i o le - s p P a r i a n i n p n g d e t- r F p u a o r c n o o t d d s d - s L p e u a r a c n o t t d d h s - er S c g a t l l o n a a n d s y s e , , b p u T a r c o c o t - c d s o - C p i u a h c r c n o a e t d d l m s s - - 1925 September. _ 95.1 87.4 86.6 94.1 93.3 95,1 102.2 83^7 129.4 104.3 88.0 92.1 125.3 87.1 75.4 October 97.0 89.4 88.4 96.9 97.7 95.8 102.8 83.0 137.7 106.0 90.6 91.8 124.7 90.1 76.4 November 97.2 91.0 89.9 97.3 99.1 95.0 102.0 82.6 136.3 107.2 89.6 89.0 123.1 89.7 77.4 December 97.1 92.6 91.6 97.2 99.3 94.6 100.9 84.6 129.6 107.8 88.5 86.1 121.0 90.1 77.6 1926 January . 96.3 92.6 91.9 97.3 99.1 95.0 98.3 84.6 130.2 107.5 86.5 87.9 114.4 80.4 76.9 February 97.0 94.2 93.5 97.4 97.6 97.2 98.6 85.7 133.0 106.7 85.7 89.5 114.6 84.2 77.0 March 97.3 94.6 93.8 97.1 97.1 97.1 98.9 87.1 136.3 107.4 84.9 88.3 116.8 83.3 77.0 ApriL ._—.., • 96.4 94.3 93.7 94.9 95.8 93.8 100.2 88.1 132.1 106.8 82.5 83.9 121.8 79.8 77.3 May.l.— 95.5 93.1 92.8 92.6 93.7 91.3 100.1 87.8 127.1 106.9 83.6 82.6 127.4 79.4 76.0 June 95.1 92.7 92.5 91.0 91.8 90.0 100.1 86.7 125. 2 106.8 85.5 82.4 129.7 82.1 76.3 July .. . „.. 93.5 91.4 91.1 87.0 88.2 85.6 99. 4 85.7 122.0 106.4 85.7 85.5 127.3 79.1 75.1 August 94.4 91.9 91.7 88.4 88.6 88.0 2100. 3 84.9 125.1 106.6 86.0 89.5 129.7 76.7 75.6 September 95.8 92.9 92.7 91.3 92.8 89.5 100.0 85.0 124.6 108.4 88.6 90.9 129.3 80.6 77.4 i This table contains for certain months index numbers of employment, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See, also p. 608 of BULLETIN for Septamber, 1925, for certain revisions. i Revised, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BTJIiLETlN. NOVEMBER, 1926 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES» (No seasonal adjustment. Monthly average, 1919=100] Metals and Year and month G in en d e e r x al G in r d o p e u r x p oduc s I a t r t s n e o d e n l G T in e r d o x e u t x i p le3 F a a n b d ri c p s ro P d u r u c o c t d s ts - L p u a b r u c n o e m t d d r s - - R v r c o e a l a h e i d s l i - - m A o u b t i o le - s P p a r i a n i n p n g d e t- r F p u a o r c n o o t d d d s - s L p e u a r a c n o t t d d h s - er S c g a t l l o n a a n d y ss e , , b p u T a r c o c o t - c d s o - C p i u a h c r n c o a e t d d l m s s " - 1925 August 104.5 89.7 88.8 103.8 101.7 106.2 108.0 88.0 146.1 133.7 99.1 98.9 155.7 90.0 93.1 September 103.9 88.7 87.7 99.1 96.6 102.1 111.8 84.9 155.3 135.8 100.0 94.8 151.6 90.0 94.9 October .__ 111.3 96.2 95.1 107.5 107.9 107.0 117.2 89.2 178.0 142.3 104.5 95.8 156.8 97.1 101.1 November 111. 7 97.7 96.3 107.0 109.0 104.5 116.7 91.4 178.9 145.4 103.6 87.9 155.4 98.7 103.6 December 112.1 101.7 100.6 107.9 111.1' 103.9 116.4 91.7 163,5 148.7 103.2 86.5 151.3 99.3 .104.9 1926 107.0 99.1 98.3 108.1 110.4 ^ 105.3 105.8 85.8 136.0 145.5 100.1 89.7 136.9 88.0 102.2 February -._.- „„ 111.5 102.4 101.7 110.2 109.0 111.5 111.0 91.9 166.3 144.9 99.8 94.2 140.1 84.0 102.8 March. 113.0 104.2 103.4 109.8 108.2 111.8 111 9 94.5 170.7 147.9 99.3 93.2 144.3 88.4 104.5 April - 110.4 102.7 102,0 103.6 104.8 102.0 111.7 95.6 165.4 147.0 96.0 84.2 147.6 82.3 105.0 May. , 108. 9 100.5 100.1 99.1 100.7 97.2 111.8 95.1 157.3 147.1 99.5 81.2 158.3 81.7 103.7 June 108. 8 100.6 100.3 97 4 98.2 96.4 112 9 96.2 147.7 146.9 101. 6 85.4 162.9 87.1 105.0 July __.._... 103.6 94.8 94.5 91.6 92.7 90.2 107.5 89.6 136.7 144.0 100.8 90.3 152.9 83.6 101.7 August 2107.6 97.0 96.7 96.5 96.0 97.0 2112:6 93.1 152.7 144.4 100.5 97.6 162.3 82.8 101.1 September _ 108.3 98.4 97.9 98.9 100.7 96.7 113.7 88.9 148.9 146.8 103. 6 97.4 157.0 87.6 102.3 * This table contains for certain months index numbers of pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions, a Revised. INDEXES OF INDUSTRIAL ACTIVITY > [No seasonal adjustment. Monthly average 1919=100] Agricultural movements Mineral production Year and month Ani- An- Bitu- Total L st i o v c e k - p m ro a d l - Grains C to o n t- t V ab eg le e s - Fruits b T ac o c - o Total t c h i r t a e - n m o i u - s P le e u tr m o- i P ro ig n C p o e p r - Zinc Lead Silver ucts coal coal 1925 August—«. 104 91 119 133 75 107 122 73 136 117 116 212 106 135 122 143 104 September . 152 93 101 149 234 204 244 171 121 1 121 206 107 134 121 138 103 October. „— 166 117 101 96 310 391 165 130 1 137 204 119 141 129 164 November. 149 105 110 108 277 116 177 223 125 2 131 196 119 134 129 153 104 December— 148 106 117 135 239 326 120 3 186 194 128 137 137 161 105 1926 January - 108 92 114 108 . 80 344 129 138 190 130 141 144 158 109 February- - 88 81 93 79" 74 94 77 273 115 120 173 115 135 136 148 107 March „ 85 91 116 65 64 123 92 88 137 120 119 192 135 150 138 162 110 April 75 83 119 52 52 95 89 58 127 112 103 190 135 145 136 145 105 May—— 85 87 137 54 43 121 173 16 128 110 101 198 137 146 137 155 107 June _. 91 88 168 84 20 170 115 30 132 122 108 196 127 140 123 148 115 July. 107 80 152 170 12 134 177 2 135 115 112 206 127 145 123 2148 99 August __ 106 88 118 2 158 48 101 204 66 139 112 119 2 211 126 143 132 2 144 «112 September- 144 102 104 124 213 186 295 192 142 115 126 207 123 142 133 106 155 Manufacturing production Year and month Total s I a r t n e o e d n l m A o u b t i o le - s T ti e le x s - p F u r o c o o t d s d - L b u e m r - p P ri a a n n p t d i e n r g L s e a h a n o t d h e e s r P le e u tr m o- C b e a r m n ic d e k nt ba T c o c - o R t b i u r e e b r s - 1925 August „. 122 118 153 104 167 128 97 222 207 127 203 September—--—.. 126 120 193 107 105 160 128 97 209 191 131 183 October —_.—_- 141 134 270 118 114 172 139 103 218 206 141 165 November... ._ 129 134 22S 114 98 139 136 84 212 173 120 155 December .„_- 128 138 191 119 107 133 138 85 216 152 110 175 1926 January..... 129 144 188 120 104 135 142 216 130 115 172 February 125 131 220 115 92 137 134 85 198 112 110 177 March •_ - 142 154 263 122 99 156 149 95 221 151 136 195 April. „ 137 144 266 113 90 162 149 88 221 177 122 190 May - X34 140 258 103 166 147 79 231 202 126 178 June ,__ 133 132 236 105 161 143 86 225 212 143 190 July 129 129 2 220 99 102 158 2 135 * 87 233 217 136 177 August _ 2138 139 262 109 104 157 2 140 2 98 237 216 140 203 September. _ 138 138 244 118 108 154 142 100 231 204 142 205 ' * For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN* » Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

791 NOVEMBER, 1926 FEDERAL. RESERVE BULLETIN COMMODITY MOVEMENTS The following statistics are secured from Sep- Sepv b a el r o io w u s b y so t u h r e c e b s o a a n rd d ' s c o D m iv p i i s le io d n i n o f t h R e e f s o e r a m rc h g i a v n en d tem 192 b 6 er, Au 19 g 2 u 6 st, tem 19 b 2 e 5 r, Statistics. Earlier figures (in most cases since 1919) can be obtained from previous issues of Transportation the BULLETIN or upon application to the Divi- Eevenue freight loaded and received from connections (cars loaded, 000 omitted): sion of Research and Statistics, Federal Reserve Classified by nature of products- Board. Grain and grain products.-- _.__. 216 247 225, Livestock- 162 128 147 Coal 880 829 744 Coke...- I 53 51 50, te S m 1 e 9 p b 2 - e 6 r, Au 19 g 2 u 6 st, te S m 1 e 9 p b 2 - e 5 r, F M O M o r i e e r s r e c c s e h t l a l p a n r n d o e i d o s u u e c , s t 1 s . c. 1 - - .__ 1 1 , , 8 1 3 3 5 5 0 2 6 3 9 9 1 1 , , 7 1 3 3 5 5 0 3 6 5 2 3 1 1, , 8 1 3 2 1 4 0 4 5 3 2 5 : , , . Total- 4,959 4,802 4,671 Grain and Flour Classified by geographical divisions- Eeceipts'at 17 interior centers (000 omit- Eastern 1,140 1,129 1, 029» ted): Allegheny 998 962 903, Wheat (bushels) 48,092 70,754 58,891 Pocahontas 264 260 249- Corn (bushels) 14.221 11,197 12, 925 Southern. 696 652 700- Oats (bushels)— 16,264 25, 811 29,154 Northwestern.. 1 771 751 731 Eye (bushels). :.. 3,900 2,007 6,639 Central western 716 701 697- Barley (bushels) -__ 6,953 5,150 14,993 Southwestern 374 346 361 Total grain (bushels) - 89,430 114,919 122,602 Flour (barrels) ___ 3,101 3,085 2,824 Total- 4,959 4,802 4,671 Total grain and flour (bushels) - 103,384 128,801 135, 309 BUILDING STATISTICS Shipments at 14 interior centers (000 omitted): Wheat (bushels). 24,608 | 35,514 28, 510 Corn (bushels) 8,320 7,859 Building permits issued in 168 cities, Oats (bushels). 8,423 8,104 20, 005 grouped by Federal reserve districts: E B y ar e l e ( y b u ( s b h u e s l h s e ) ls) 4 1 , , 1 9 7 0 8 5 1,3 7 5 39 8 1 2 0, , 4 5 9 4 5 4 Num B N b o e e s w r t o o Y n f o ( p r 1 k e 4 r c ( m 2 it 2 i i t e c s s i - t ) i . es) 1 3 0 , , 8 4 2 9 6 7 1 2 1 , , 7 0 4 9 8 7 11 2, , 8 6 6 8 3 8 ; , Total grain (bushels). 45,793 54,035 69,413 Philadelphia (14 cities) 2,477 2,336 2,712: Flour (barrels) 4,367 4,177 4, 270 Cleveland (12 cities) — „ 6,764 6, 668 6,204 Total grain and flour (bushels) 65,446 72,830 88, 630 A Ei t c la h n m ta o n ( d 1 5 ( 1 ci 5 ti c e i s t ) i es) — 3 5, , 8 5 7 3 6 5 3 4 , ,2 6 4 7 1 2 3 4 , , 4 8 6 3 8 4 . . , Stocks at 11 interior centers at close of Chicago (19 cities) 13,568 13,363 14,388, month (000 omitted): St. Louis (5 cities)... _________ 2,593 3,113 2, 618. Wheat (bushels).—., ____ . 53,411 40,575 35, 719 Minneapolis (9 cities) 1,659 1,803 2,116, Corn (bushels)-..-—-— 13,653 16, 286 3,976 Kansas City (14 cities) 2,330 2,282 2,841 Oats (bushels) 42,820 36, 398 56,670 Pallas (9 cities) — 1,987 2,085 2,408. Eye (bushels) 10, 609 8,942 7,147 San Francisco (20 cities) 10,759 10, 055 12,077- Barley (bushels) _. 4,171 3,297 4,856 Total grain (bushels) ; 124, 663 105,497 108, 368 Total- 65,871 63,463 68,217" Eeceipts at 9 seaboard centers (000 omitted) Value of permits (dollars, 000 omitted)- W Co h r e n a t ( b ( u b s u h s e h ls e ) ls)—__—._ 22,2 79 1 8 6 24 1 , ,0 5 6 5 0 4 2 1 4 , , 7 8 8 4 6 3 B N o e s w to Y n o ( r 1 k 4 c (2 it 2 ie c s i ) t - i _ e _ s) -__ 9 1 9 0 , ,8 5 5 3 7 8 10 13 0 , , 4 7 7 2 2 4 10 19 5, , 9 0 4 2 6 3 , ,, Oats (bushels) — _ 1,464 1,895 5,063 Philadelphia (14 cities) 13,843 15, 333 14, 656, Eye (bushels) 255 1, 212 4,833 Cleveland (12 cities).— 16, 214 21, 614 20,437 Barley (bushels) 2,130 6,079 Eichmond (15 cities).. 14,987- 20,368 12, 228, Atlanta ,(15 cities)—— _„ 11,056 12, 468 20, 021 Total grain (bushels). 31, 807 42, 604 Chicago (19 cities) 56,678 62, 236 48,181 Flour (barrels)— 1,647 1,950 2,833 St. Louis (5 cities) 7,677 7,081 9,180. Total grain and flour (bushels) _ 34, 273 40, 582 55,353 Minneapolis (9 cities)— 2,980 4,541 5,691 Kansas City (14 cities) 6,088 9,296 11/588, Stocks at 8 seaboard centers at close of Dallas (9 cities)—. _____ 6,386 6,529 7,734 month (000 omitted): San Francisco (20 cities) 26,318 29,026 31,827* Wheat (bushels 10,361 10,388 5,531 Corn (bushels) 527 • 428 367 Total- 272, 622 302,688 306, 512, Oats (bushels). 1,055 1,212 2,887 Eye (bushels)... 443 383 235 Building contracts awarded, by Federal Barley (bushels) 3,704 3, 000 3^825 reserve districts (dollars, 000 omitted): Boston 42,427 42,098 45,499. Total grain (bushels). _ 16, 091 15,411 12, 844 New York.. 151, 251 158, 608 133,016, Wheat flour production (barrels, 000 12, 681 12, 338 12, 501 Philadelphia.. 39,189 39, 767 31,235 omitted) . Cleveland.. _. 55,226 57,361 57,176 Richmond.— 38, 704 29, 252 25, 240, Tobacco Atlanta... 37,194 31, 656 71,167 . Chicago 110, 760 128, 213 116, 918 Tobacco sales at loose-leaf warehouses St. Louis 35,187 48,743 41,292 (pounds, 000 omitted): Minneapolis 12,955 11, 839 12,460* N So o u r t t h h C C a a r r o o l l i i n n a a 7 2 2 9 , , 8 5 5 9 9 0 24,376 7 1 2 9 , , 0 46 0 9 0 D K a an ll s a a s s . ._ C ity .__. 1 21 8 , , 0 4 3 4 3 5 2 29 3 , , 7 5 1 5 6 6 1 1 9 2 , , 4 7 1 8 7 0, Burley _._ 167 87 138 Western dark— 76 326 74 Total (11 districts) . 562,371 600,809 566,200* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL EESEEVE BULLETIN NOVEMBER, 1926 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1 CHANGE IN CONDITION OF WHOLESALE TKADE, BY LINES AND DISTRICTS-Continued [Average monthly sales 1919=100] i G n e d r e a e n l x - c G e r ri o e - s Meat g D o r o y ds Shoes H w a a r r d e Drugs sale P c s e h r S a c n e e p g n t e t e a m i g n e ber,sto P c c k e h r s a c 1 n e a g n t e t e a i n g n d e of January 19 .. 2 - 5 .. 79 80 71 82 43 89 116 1926, w c it o h m — pared Sep c t o e w m m it b p h e a — r r , e 1 d 926, February 76 73 69 88 46 90 109 March. 83 79 73 96 63 107 121 J A M u p n a r y e il __ --. 8 7 7 3 9 9 8 7 7 4 5 9 6 7 7 8 5 9 8 8 7 2 7 5 6 5 5 5 4 4 1 1 1 0 0 0 1 5 7 1 1 1 1 0 1 0 6 5 Au 1 g 92 u 6 s t. ' Se 1 b p 9 e t 2 e r 5 , m- Au 19 g 2 u 6 st, Se 1 b p 9 e t 2 r e 5 , m- July 83 85 79 85 47 99 111 August 87 83 78 106 65 98 108 September __ 94 92 82 112 72 109 120 Hardware: October 101 99 87 118 77 122 134 United States 14.1 2.6 -3.0 November __ 90 72 92 59 103 110 New York district 15.7 -2.9 1.7 4.1 December. _. 83 72 75 54 101 111 Philadelphia district 10.0 1.3 -3.0 2.0 Cleveland district - 13.4 4.5 -9.3 -20.4 1926 Richmond district -- 18.9 8.0 -2.8 5.8 January..__. 78 ! 77 79 79 43 86 111 Atlanta district - 6.7 -2.3 0.3 -0.6 February 76 71 75 85 50 87 110 Chicago district. 11.0 2.2 -3.1 -3. 2 March _. 85 81 75 93 73 106 133 St. Louis district 0.6 -7.0 -3.9 -3.0 April 80 79 76 77 59 103 123 Minneapolis district __ 14.0 -4.0 -2.0 -4.0 May__ 82 80 81 78 60 108 111 Kansas City district _. 15.4 6.4 -3.1 -6.8 June _. 84 86 80 77 59 105 116 Dallas district 22.2 19.5 -0.3 5.4 July-. 82 84 78 78 52 98 114 San Francisco district 6.0 -0.6 August 87 82 81 102 73 98 115 Drugs: September.. 92 85 114 84 111 123 United States..... 6.6 2.7 -2.3 5.8 New York district 39.3 1.0 i For description of the wholesale trade index see FEDERAL KESEBVE Philadelphia district 4.8 2.1 ~6.Y BULLETIN for April, 1923. Cleveland district 8.9 2.6 Richmond district 10.5 -2.0 CHANGE IN CONDITION OF WHOLESALE TRADE, BY Atlanta district 10.2 3.1 LINES AND DISTRICTS Chicago district - ~ 9.5 -6.7 -1.7 1.7 St. Louis district.. -0.2 -4.1 Percentage Kansas City district 7.8 -2.9 -0.1 -2.8 Percentage change in Dallas district _ —1.7 6.2 -1.5 3.5 change in stocks i at end of S an Francisco district .. 6.1 -1.0 sales September,September, 1926, Furniture: 1926, w c it o h m — pared co w m it p h a — red A Ri t c la h n m ta o n d d is d tr i i s c t t rict __ 9 1. . 7 9 -1 -6 7 . . 8 2 7.5 -5.1 St. Louis district 24.2 6.2 4.3 32.6 Septem- Septem- Kansas City district 12.8 -0.7 -3.2 -5.2 Au 1 g 92 u 6 st, 1 b 9 e 2 r 5 , Au 1 g 92 u 6 st, 1 b 9 e 2 r 5 , Agri U S c a u n n l i t t u F e r d r a a l S n c i t m a is t p c e o l s e 2 d m is e t n ri t c s: t.__ -1 1 7 3 . . 9 6 - -0 3 . . 6 5 Minneapolis district..._. -61.0 -27.0 -3.0 20.® Groceries: Dallas district ~ -13.1 -4.8 10.0 5.7 United States 11.6 0.3 5.7 3.2 Stationery and paper: Boston district .— 5.6 0.1 New York district 8.2 -1.4 N ew York district _• 12.2 -4.3 9.7 -1.6 Philadelphia district . 16.0 6.7 -5.0 -14.4 Philadelphia district _ .. 17.8 9.2 3.0 0.0 Atlanta district 71.0 -16.9 Cleveland district 16.4 -0.1 -1.6 -6.0 S an Francisco district 3.7 2.2 Richmond district 15.8 -0.6 10.2 1.2 Automobile supplies: Atlanta district 9.8 -11.1 19.4 —0.5 S an Francisco district -2.7 -5. 3' Chicago district 9.3 5.0 -0.4 3.1 Clothing: St. Louis district. _ 18.0 -8.7 1.8 —12.5 New York district 39.5 -10.3 M Ka in n n sa e s a p C o i l t i y s d d i i s s t t r r i i c c t t ___ - 1 3 5 .0 .1 - - 6 1 . . 0 0 -1 2 . . 9 0 -5 8 . . 6 0 Cott S o t n . L jo o b u b is e r d s i : strict —._._ -43.6 -34.7 D Sa a n l la F s r a d n i c st is ri c c o t district.. 20.1 — 1 1 . . 9 5 -1.4 8.3 Silk N g e o w od Y s: ork district 15.5 -3.6 -6.0 -0.9 Dry goods: New York district 10.4 -3.2 3-1.3 United States. 12.0 1.3 -6.9 -11.6 Machine tools: •7.7 N Ph e i w la Y de o l r p k h i d a i s d tr i i s c t t rict.— 3 1 3 1 . . 6 5 -4 5 . . 0 0 -3.8 -22.8 Diam N o ew nd Y s: ork district -4.2 -18.1 ^ A R C C h i t l c l e i a c h v n a m e g t l a a o o n n d d d d i i s s d t d t r i r i i s s i c t c t r t r t i i c c t t 2 1 1 9 6 9 8 . . . . 7 8 8 9 - - 3 1 1 1 . . . . 7 7 1 8 - - - 8 7 4 0 . . . . 7 2 8 9 - - 2 - 1 9 8 5 6 . . . 0 . 3 0 3 Jewe N N P l h r e e y i w w l : a d Y Y e o o l r r p k k h i d d a i i s s d t t i r r s i i t c c r t t ict 2 1 1 9 9 2 . . . 5 8 1 - - 1 1 5 2 . . 7 5 .9 -4 9 . . 2 3 4- 2 7 1 . . 9 4 M D S K t a a . i n l n L l n s a o a e s s u a d i p C s i o s i d t l t r i i y s i s c t d t d ri i i c s s t t t r r i i c c t t . — _. . -1 - - - 9 2 8 1 . . . . 0 4 0 3 -1 - - 4 0 6 4 . . . . 9 2 0 4 -1 - - - 4 5 9 1 . . . . 0 8 1 3 - - - 2 - 1 1 2 0 7 4 . . . . 0 4 6 0 Elec A P S tr h t t i . l i c a l L a a n l o d t u s a e u i l s d p p i h d p s i i l t a s i r e t i d c r s i : t i c s t t . r . i . c ,. t—. _ - 1 1 6 1 3 . . . 3 0 6 - - 1 4 2 7 . . . 2 3 0 -0 4 0 . . . 1 0 1 3 2 3 0 7 1 . . . 6 0 1 San Francisco district-- -4.0 -4.6 San Francisco district 10.9 8.1 Shoe U s n : ited States.— 17.2 11.3 -9.4 -17.0 Stov S e t s . : Louis district 15.2 -6.2 -15.5 Boston district 11.2 3.0 New York district 13.4 13.6 -15.1 -29.4 Philadelphia district... 20.4 17.2 -7.9 -13.7 1 Changes in total stocks for the United States are weighted averages Cleveland district . 31.8 19.4 0.7 -16.8 computed on the basis of firms which have reported regularly to the Richmond district 11.9 14.4 -6.9 24.1 Federal Reserve System since January, 1923. Atlanta district-.—— 27.4 7.5 2 Sales of agricultural implements for the United States are compiled Chicago district 17.5 4.3 -0.5 -21.6 by the Chicago Federal Reserve Bank from reports of leading manu- St. Louis district—-_-_. -7.0 5.5 -6.5 -17.9 facturers and include all of their domestic business. Minneapolis district 10.0 -14.0 -10.0 -40.0 3 Stocks at first of month; quantity, not value. San Francisco district.. 10.8 * Includes diamonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

793 NOVEMBER, 1926 FEDERAL RESERVE BULLETIN RETAIL TRADE, BY REPORTING LINES i [Average monthly sales 1919*=* 100] Sales without seasonal adjustment Sales with seasonal adjustment S8. 5- Year and month goo O 1925 ApriL.. ____ 136 117 258 195 159 177 107 210 133 114 255 164 139 152 126 210 May>____ »__ 128 95 254 191 163 149 195 124 106 254 201 166 140 129 116 202 June.« 126 102 254 187 167 152 184 126 120 257 203 170 137 142 125 197 • July.............. 87 259 183 166 122 104 181 128 117 269 201 164 137 134 140 185 August, 89 243 195 171 120 128 202 125 118 255 205 171 145 153 14S 202 September....... 121 114 245 191 189 129 136 202 134 120 258 206 172 142 135 136 204 October.- 165 170 318 237 179 164 141 215 145 131 309 219 175 145 145 117 209 November, ______ 145 144 272 220 167 136 139 195 129 116 270 211 177 138 126 111 205 December.. 226 332 427 225 214 280 141 140 318 231 185 157 143 114 101 1926 January . 114 116 166 173 308 101 167 130 118 284 228 185 146 142 122 199 February 104 111 .287 170 172 97 103 173 135 122 299 227 189 151 145 126 205 March,. ... 130 130 302 199 194 143 112 206 130 111 279 207 192 147 143 124 204 April. 133 125 329 202 191 166 111 226 130 118 324 216 196 156 143 130 226 May _-__„..„_._ 137 105 322 214 188 174 109 220 132 117 321 225 191 157 151 131 228 June 130 113 309 204 184 153 118 204 130 .133 314 222 187 156 144 149 218 July..... 99 98 317 206 195 145 108 210 133 131 329 227 194 157 159 145 214 August _... 105 98 296 204 193 122 121 194 134 130 310 215 192 151 155 136 193 September.. 130 120 211 192 142 137 218 144 127 319 227 195 152 148 137 221 » For description of the retail trade indexes see FEDERAL RESERVE BULLETINS for January and March, 1924. 2 Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of Research and Statistics, Federal Reserve Board. DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Num- U - Federal reserve district o p f o r r t e - - 1926 1925 1926 1925 ing firms Sept. Aug. July June May Sept. Aug. Sept. Aug. July June May Sept. Aug. United States — 359 130 105 99 130 137 121 98 144 134 133 130 132 134 125 Boston _._ 24 122 97 94 134 134 118 88 135 129 131 127 126 130 117 New York 63 136 99 99 137 139 128 90 155 145 141 136 136 146 132 Philadelphia.. 22 116 89 87 129 137 111 86 143 123 128 125 132 137 118 Cleveland 54 123 108 100 126 137 115 103 138 132 129 124 131 129 126 Richmond 23 110 93 96 123 129 105 87 129 130 131 119 128 123 121 Atlanta .... _. 35 92 82 80 104 114 89 78 103 105 104 110 109 100 99 Chicago 63 162 122 115 146 158 145 113 170 148 151 147 151 153 137 Minneapolis 23 106 84 81 93 102 104 92 106 93 99 92 100 104 102 Dallas - _ 21 114 91 79 107 115 112 76 114 128 112 112 113 112 108 San Francisco 31 158 151 124 142 152 139 140 168 155 148 151 147 149 144 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919=100] Stocks without seasonal adjustment Stocks with seasonal adjustment Number Federal reserve district o p f o r r t e - - 1926 1925 1926 1925 firms Sept. Aug. July June May Sept. Aug. Sept. Aug. July June May Sept. Aug. United States _ .. 314 141 130 125 131 138 143 131 132 131 133 138 138 133 131 Boston _ . - 24 125 111 111 116 123 125 114 118 . 116 121 122 123 118 120 New York 63 142 128 124 131 138 140 124 133 132 135 138 138 131 128 Philadelphia 13 180 175 171 177 184 195 179 168 177 .184 183 189 181 182 Cleveland 52 137 124 119 127 133 137 126 127 124 125 130 132 128 126 Richmond 19 135 118 119 126 132 135 118 122 120 127 134 134 122 120 Atlanta . _ 22 122 109 108 110 116 121 113 111 109 115 115 119 111 114 Chicago _ 51 159 153 136 147 153 158 149 148 147 146 155 154 148 143 Minneapolis.. _____ 22 109 97 94 101 106 120 111 104 98 . 99 106 102 115 113 Dallas - - 19 126 117 110 114 125 134 123 112 110 118 120 123 119 117 San Francisco 29 143 134 129 132 139 140 133 136 134 135 138 139 133 132 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN" NOVEMBER, 1926 FOREIGN BANKING AND BUSINESS CONDITIONS MONEY RATES IN FOREIGN COUNTRIES Within the last two or three years the posits during the month by commercial banks progress of monetary reconstruction in Europe in London, as published in the Economist for and the increased stability of the exchanges each day of the month. When this rate of many countries have established conditions changes during any month both the old and under which loanable funds may more easily new rates are shown. flow back and forth between countries in Germany.—The private discount rate is the response to changes in the relative levels of open-market rate at Berlin for prime bankers' money rates, and have tended to bring these acceptances. For money for one month and levels more closely into line with one another. for day-to-day money the rates are those The meaning of rates currently quoted in charged customers by Berlin banks. Figures* different countries has, therefore, become more given are monthly averages. Beginning with nearly uniform. In view of these developments, June, 1926, the figure shown for each rate is and of the close relations between money rates the monthly average of daily quotations of and the discount rates of central banks, the high and low rates as published by the Frank- FEDERAL RESERVE BULLETIN will present each furter Zeitung. For earlier months the figure month figures showing the movements of short- is that given by the Frankfurter Zeitung's term money rates in foreign countries. The quarterly publication Wirtschaftskurve and selection of the countries and of the rates to represents the average for the month of weekly be shown for each country has been deter- averages of daily figures. mined in part by the nature of the available Netherlands.—Private discount rate: This information. The accompanying tables give is the open-market rate at Amsterdam for the figures since the beginning of 1924 for prime bankers' acceptances. The figures; England, Netherlands, Sweden, Switzerland, shown are monthly averages derived from the and Japan, and since the beginning of 1925 same sources and in the same ways as the for Germany, Austria, and Hungary. The corresponding rates for Germany. rates shown include in most cases the open- Money for one month: This rate is that market rates on bankers' acceptances, and in charged customers by Amsterdam banks on many cases rates for interbank accommoda- loans for one month. The figure shown is a tion or for loans made by banks to their custom- monthly average based on daily quotations. ers for a term of one day, or from day to day, The quotations used are those published or for one month, or for a period of not more monthly by the Rotterdamsche Bankvereenigthan three months. Rates paid by banks to ing. depositors are also given in some cases. All the Switzerland.—Private discount rate: This figures shown are on a monthly basis. Many is the open-market rate for prime bankers7 of them are monthly averages of daily figures, acceptances. The figure given is a monthly while some are monthly averages of weekly average published in Bulletin Mensuel, Banque figures and others give a range of quotations National Suisse. designed to represent the prevailing level of Austria.—The private discount rate is the rates during the month. The sources and open-market rate at Vienna for prime bankers' methods used in preparing the tables are more acceptances and the rate on money for one fully described as follows : month is that charged customers by repre- England.—Rates given on bankers7 accept- sentative banks in Vienna. The range of ances and day-to-day money are monthly rates shown represents the high and low of averages based on the daily quotations that weekly average quotations during the month are published in the London Economist. as published in Mitteilungen der Oesterreich- The monthly rate given for treasury bills ischen Nationalbank. Since the money market is the average of weekly figures as reported is not well developed and rates vary greatly for each Friday in the month; these figures according to borrower and loan, the rates given give the average rate on weekly allotments of merely indicate the general trend of the market. bills. Rate on demand savings deposits: This is The rate shown for bankers' allowance on the rate of interest paid by the Central Savings deposits is the prevailing rate allowed on de- Bank of Vienna on savings deposits payable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1926 FEDERAL RESERVE BULLETIN 795 without notice of withdrawal. When the MONEY RATES IN ENGLAND (LONDON) rate changes during any month both the old [Rates quoted in decimal fractions are monthly averages] and new rates are shown. Figures for January to March, 1925, are taken from Statistiche Bank- Banku t N i n c a g a c l e h n r O ic d f h f e ic t r e e n . O , e p L s u t a e b t r l e r i e r s i h c f e h i d g i s u c b r h e y s e n th a e r N e F a f e t r i d o o e m n r a a l l b M S an i t t a k t t e . i i s l - - Year and month a a c n e c c r 3 e s e p ' s t , - m b T i u r o ll e r n s a y , t s h 3 - s D m a d o y a n - y t e o y - o a a l n e l n o r c d s w ' e e - months posits Hungary.—All rates are taken from the monthly report of the National Bank of Hun- 1924 gary, in which the quotations given are charac- January 3.29 3.26 2.13 February 3.54 3.32 2.62 terized as approximations. March 3.20 3.05 2.25 Prime commercial loans: This is the rate April. 3.07 2.96 2.21 May ____. 3.05 2.97 2.31 charged customers on prime commercial loans June 3.03 2.98 1.99 July__. 3.59 3.49 2.58 by banks in Budapest and other Hungarian August 3.79 3.76 2.92 centers. The method of quotation appears September 3.74 3.71 2.76 October 3.72 3.64 2.85 to have been changed in February, 1926. November 3.72 3.69 2.87 December 3.73 3.71 2.55 Day-to-day money: The lower rate shown c represents the rate current during the month for 1925 January... ______ 3.80 3.73 2.99 2 interbank accommodation, and the range of February 3.83 3.94 3.08 2" March 4.48 4.34 3.60 2-3 rates shown represents the prevailing level of April ___.. 4.30 4.22 3.82 3 quotations for day-to-day money during the May . 4.59 4.32 4.03 3 June 4.44 4.43 3.68 3 month. July _•___. 4.35 4.25 3.54 3 August __-. 3.94 3.87 3.51 Rate on demand deposits: This is the rate September 3.68 3.65 3.13 of interest paid to customers by the principal October 3.57 3.81 3.16 November 3.92 3.91 3.22 2 Budapest banks on deposits payable on de- December _.___. 4.67 4,90 3.51 2-3 mand. When the rate changes during any 1926 month both the old and new rates are shown. January ___. 4.76 4.78 4.00 February 4.31 4.25 4.00 Sweden.—Rate on loans up to three months: March 4.37 4.34 4.26 April 4.33 4.34 3.92 This is the rate charged customers by repre- May 4.37 4.43 4.18 sentative banks in Stockholm for loans running June 4.27 4.29 3.82 July 4.26 4.29 3. 86 for not more than three months. The range August 4.45 4.55 3.99 September 4.54 4.65 3.99 of rates shown represents the prevailing level of rates during the month and is derived from MONEY RATES IN GE RMANY (BERLIN) figures for about seven joint-stock banks in [Monthly averages] Stockholm, as published monthly in Uppgifter o p m ai R d B a b t a e y n o b k n a e n r d n k e a s p , i o n S s t i S a ts t t : i o s c T t k i h s h k i o s a l m is M t o h e n d e d d r e a e l t p a e o n s o d i f e ts n i n . re te p r a e y s - t Year and month P ™c r r d o i a ! i v u t s w e n a - t t e M m fo o o r n n l e t " h yD m d a o a y n y - e t y eable in one to three months. Rates shown are 1925 prevailing rates during the month, and are January 8.38 11.28 9.64 February. ___ 8.00 12.15 10.59 derived in the same way and from the same March 8.00 11.25 8.98 source as the rates on loans. April 8.00 10.25 8.50 May 8.00 10.4,6 8.88 Japan.—All figures are expressed in per cent June 7.83 10.59 8.73 July .-_. 7.88 10.81 9.40 per annum and are derived from those pub- August 7.78 10.64 8.87 lished in Monetary Statistics issued monthly S O e c p t t o e b m er b . er • 7 7 . . 1 2 6 7 1 1 0 0 . . 5 5 5 5 8 8. . 9 5 9 1 by the Bank of Japan, where quotations are November : 6.78 10.57 8.36 December .- 6.75 10.29 8.07 given in sen per diem for 100 yen. The rate 1926 on discounted bills is that at which the Tokyo January-. 6.28 8.07 7.04 February.. 5.46 6.66 6.03 banks discount commercial bills. The rate for March 5.00 6.73 5.63 •call money overnight is the rate on advances April 4.88 6.02 4.77 May 4.69 5.58 4.80 repayable on the following day. The range of June.. 4.53 5.81 4.76 rates shown represents in both cases the high J A u u ly g ust _ ... 4 4 . .5 6 4 1 5 5. . 8 7 0 3 4 4 . . 9 8 3 5 and low quotations for the month. September.._- 4.88 6.21 4.77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 MONEY RATES IN NETHERLANDS (AMSTERDAM) MONEY RATES IN HUNGARY [Monthly averages] Rate Prime Day-to- on de- Year and month P c r r d o i a v i u s t a e n - t t e M f m or o o n n o e t n h y e Year and month P c r r d o i a v i u t s a e n - t t e M m fo o r o n n o t e n h y e Year and month c c i o al m p m ap er e - r m d o a n y ey d m ep a o n s d its 1925 January _ (16*_) 12*^-17 February 0-6*_.) 12*^-17 J F a e n b u ru a a r 1 y r 9 y . 2 _ _ 4 . _ 4 5 . .1 8 9 8 4 5 . .0 8 0 8 J Ju un ly e.,. 1 .. 9 — 25 3 2 . . 0 7 8 2 2 2. . 3 4 . 0 8 A M M p a a r y r i c l h _______ ( ( ( 1 1 1 5 5 5M ) ) ) 1 1 1 0 0 2*_ - - - 1 1 1 3 5 7 March 5.13 5.00 August.... 3.72 3.51 June (12 ) 9*^-13 J J A M u u p n a l r y e y il —.... 5 4 3 3 . . . . 0 5 1 1 6 6 3 9 4 3 3 2 . . . . 0 5 9 7 0 6 4 5 S N D O e o e c p t c v o t e e e b m m m er b b b e e e r r r . . . 3 3 3 3. . . . 4 3 4 6 3 4 7 3 3 3 3 3 . . . . 6 2 3 4 9 6 8 5 J A S O u e u c l p y g t t o u e b s m t e b r. er — f ( ( ( 1 n 1 1 1 1 1 * * % ^ 6 \ ) ) ) 9 9 9 * * * ^ ^ ^ - - - 1 1 1 2 2 3 *£ A S O e c u p t g o te b u m e s r b t— er. 4 2 3 . . . 2 6 8 5 3 8 4 2 3 . . . 1 0 5 9 0 0 Januar 1 y 92 .. 6 . 2.95 2.93 N D o ec v e e m m b b e e r r _. V ( ( •• 9 • 9 -*• K / ) ) 7 7 2- - ll 9 5 53 * 4 . November. 4.44 4.25 February- 2.19 2.40 1926 December. 4.00 3.75 March 2.67 2.82 January. (9M) 7 -10H J F M a e a n b r u r c u a h a r 1 y r 9 y 2 .. . 5 . . 2 2 2 . . . 3 6 1 4 3 4 2 2 2 . . . 5 0 1 9 8 1 J A J A M u u u p n l a y g r e y i u — l. s t . 2 2 2 2 2 . . . . . 6 7 9 8 9 3 4 0 3 5 2 3 2 2 2 . . . . . 9 0 5 7 9 4 0 0 2 3 J A M M F u e p a a n b r y r e i r c l — u h ary __ _ _ . 1 1 1 9 9 0 0 0 ^ K _ - - - - 1 1 1 1 1 0 0 1 1 1 * * _ * * . _ _ 7 6*-_ - - 1 1 7 7 7 7 April 3.23 2.87 September. 2.78 2.82 July ..... 8^-10 6 - 7 May _. 3.45 2.87 August _._. 8M-10 6 - 7 5*4 September 7H-9 6 - 7 MONEY RATES IN SWITZERLAND MONEY RATES IN SWEDEN (STOCKHOLM) [Monthly averages] Private Private Rate Rate Year and month co di u s n - t Year and month c d o i u s n - t Year and month u L p o t a o n s 3 p o o n s i d t e s - , Year and month u L p o a to n s 3 p o o n s d it e s - , rate rate months 1 to 3 months 1 to 3 months 1924 1925 January .... 3.58 June 2.29 February __. 3.57 July 2.16 1924 1925 March.. 3.69 August 2.02 January-.. June April— __. 3.73 September 2.00 February.. July May 3.39 October 2.00 March; August June 3.19 November 2.22 April...... September. July ... 3.56 December. 2.29 May October- _- A S N D O e u e c o p t c g v o t e u e e b m s m m e t b r b b e e e r r r - . . _ _ _ _ _ . . 3 3 3 3 3 . . . . . 6 5 7 3 0 9 9 0 2 1 J A F M a e p n a b r r u i r c l a u h r a y ry 1 _ 9 _ 2 _ 6 . 2 2 2 2 . . . . 4 2 1 3 4 2 8 0 J J A N S O u u e u o c n l p y g v t e t o u e e b s m m t e b b r e e - r . r . . . J N D F a e e o n b c v u e r e u a m m r a 1 b y b r 9 e y . 2 e r _ r . 6 . . . . 1925 May 2.38 December. March .. January 2.69 June 2.38 April. February 2.25 July 2.37 1925 May March _. 2.44 August— _. 2.34 January June— April— 2.50 September 2.52 February.. July..—.. May 2.46 March August April September. May..—.. MONEY RATES IN AUSTRIA (VIENNA) Rate MONEY RATES IN JAPAN (TOKYO) on de- Year and month mand savings Call Call deposits Year and Discounted money Year and Discounted money month bills over- month bills over- 1925 night night January ___ February March 1924 1925 April January. __8.03-10.22 4.75-9.67 May 6.21- 8.76 3.29-6.21 May February. . 8.40-10.22 6.94-9. 67 June •__ 6.21- 8.76 4.75-8.21 June. ___ March 8.40-10.22 6.21-8.94 July ._ 6.21- 8.76 4.20-8.03 July. April 8.40-10.40 6. 94-9.13 August 6.57-8.76 5.29-8.40 August ._ May. 8.40-10.40 5.11-8. 76 September- 6.75- 8.76 4.75-8. OS September _-___ June 8. 03-10.22 4. 02-7. 67 October. _ 6.75- 8.76 5.48-6.94 October. July _ 7. 67-10.22 4.75-8. 03 November- 6.94- 9.13 5.29-7.30 November. __._ August 7. 67- 9. 86 5. 84-8. 40 December- 7.12- 9.13 4.56-8.94 December September- 7.67- 9. 86 4.75-8. 03 1926 October 7. 67- 9. 86 5. 84-7. 30 1926 January November. 7. 67- 9. 86 5.11-7. 67 January.-, 6. 75- 9.13 4. 56-8.03 February December . 8.03-10.04 6. 02-9. 67 February. - 6.57- 8.76 4.38-7.30 March March 6.57- 8.40 4.75-7.67 April 1925 April ______ 6.75- 8.76 6.02-7.30 May January... 7.30- 9.86 5.11-8.03 May 6.75- 8.76 4.75-7.30 June... _. February. . 6.94- 9.13 4.75-8.03 June 7.12- 8.76 5,11-8.76 July.... March 7.30- 9.13 5. 66-7.85 July 6. 94- 8.76 5.11-8.03 August _ April 6. 94- 9.13 4.75-7.48 August 6.75- 8.40 5.84-7.48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

797 NOTEMBMR, 1926 FEDERAL RESERVE BULLETIN FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1926 1925 1926 1925 te S m e b p e - r August July te S m e b p e - r te S m e b p e - r August July te S m e b p e - r Bank of England (millions of National Bank of Bulgaria (milpounds sterling): lions of leva): Issue department- Gold . - 43 43 43 41 Gold coin and bullion. 154 153 151 159 Total principal earning assets. _. 7,701, 7,321 7,280 7,368 Notes issued 174 173 171 178 Foreign bills, etc 624 306 268 449 Banking department- Domestic loans and discounts. 1,519 1,457 1,382 1,377 Gold and silver coin 2 1 1 2 Advances to State ___ 5,558 5,558 5,630 5,542 Bank notes 33 33 29 34 Note circulation 3,708 3,627 3,548 4,190 Government securities-- 34 39 35 37 Deposits... 3,151 2,866 2,937 2,273 Other securities 72 73 69 76 Public deposits 21 26 10 27 Central Bank of Chile (millions of Other deposits _ ___ 101 102 105 102 pesos): Ratio of gold and note reserve Gold at home 146 146 147 to deposit liabilities (per Gold abroad 331 344 285 cent) _ _ 28.6 26.8 26.0 27,4 Loans and discounts. _ _. 58 69 83 Bank notes in circulation1 _. 84 84 86 89 Note circulation 369 365 371 Currency notes and certificates.. _ 288 291 294 293 Deposits 111 141 94 Bank of France (millions of francs): Czechoslovak National Bank (mil- Gold reserve 2__ _ _ 3,684 3,684 3,684 3, 683 lions of Czechoslovak crowns): Silver reserve 339 339 338 310 Gold and silver 1,029 1,034 1,033 Credits abroad _ _ _ 579 578 577 561 Foreign balances and currency. __ 1,491 1,324 1,290 Advances to the Government. ___36,650 36,450 37,450 28,900 Loans and advances 200 190 193 Note circulation 55,010 55,147 56,022 45,557 Assets of Banking Office in liqui- Total deposits 2,922 3,329 4,344 2,176 dation 655 664 667 German Seicbsbank (millions of Note circulation... ___ _ 7,510 7,161 7,199 reiehsmarks): Deposits _ _. 902 1,030 849 Gold at home _ _ 1,396 1,295 1, 232 1,076 Bank of Danzig (millions of Danzig Gold abroad 202 198 260 99 gulden): Reserves in foreign exchange 522 498 495 319 Balances with Bank of England- 21 23 19 18 Bills of exchange and checks 1,384 1, 252 1,199 1,717 Total principal earning assets 31 29 32 44 Miscellaneous assets 556 688 646 460 Foreign bills, etc._ 14 14 17 25 Deposits 595 542 538 620 Loans and discounts. 17 15 15 19 Reiehsmarks in circulation. 3,251 3,225 3,107 2,649 Note circulation 36 36 35 35 Rentenmarks in circulation 1,497 1,499 1,501 1,833 Deposits 4 5 3 9 Bank of Italy (millions of lire):3 National Bank of Denmark (mil- Gold reserve _. 1,136 1,135 1,133 lions of kroner) : Credit and balances abroad 542 541 581 Gold. 209 209 209 209 Loans and discounts 8,697 9,017 10,417 Total principal earning assets 150 159 160 247 Loans and advances to the Gov- Foreign bills, etc 30 40 43 130 ernment _ 6,729 6,729 7,067 Loans and discounts 110 111 108 92 Note circulation for commerce 11,272 11, 591 12,407 Advances to State . _ . 10 8 9 25 Note circulation for the State 6,729 6,729 7,067 Note circulation 377 376 389 430 Total deposits 2,200 2,426 2,452 Deposits __ 22 26 26 61 Bank of Japan (millions of yen): National Bank of Egypt (thou- Gold at home and abroad.-___.__ 1,058 1, 058 1,058 1,057 sands of Egyptian pounds sterling): Advances and discounts- 224 362 326 288 Gold__ ...__ 3,456 3,372 Advances on foreign bills _.__ 44 46 42 75 English government securities 22,304 33,040 Government bonds 289 286 286 262 Egyptian government securities 26,924 25,803 Total note and deposit liabilities _ _ 1,841 1,967 1,918 1,977 Note circulation 28,466 38,560 Notes issued . 1,125 1,233 1,264 1,227 Government deposits- _ 21,485 22,227 Total deposits-_,._ __ ._. 717 734 654 750 Other deposits „_ 13,617 15,005 Austrian National Bank (millions Bank of Esthonia, (millions of Esof schillings): thonian marks): Gold __ . . _ - . 47 43 38 15 Gold 4 501 4 500 «459 Total principal earning assets 884 881 894 856 Foreign exchange— Foreign bills of the reserve. _. 481 490 509 503 Cash in foreign currency 36 31 48 Other foreign bills 138 129 113 73 Foreign correspondents' ac- Domestic bills _ 87 83 90 83 count 195 228 527 Treasury bills __ __ 178 179 182 197 Foreign bills 145 127 242 Note circulation 865 858 885 841 Loans and discounts 5,850 5,860 5,323 Deposits.- ._ 70 68 48 30 Note circulation _ 1,867 1,842 1,816 National Bank of Belgium (mil- Deposits and current accounts 801 833 1,629 lions of francs): Bank of Finland (millions of Finn- Gold . 274 274 274 272 ish marks): Foreign bills and balances in gold. 30 30 30 30 Gold. 329 330 330 332 Foreign funds 617 " 546 Balances abroad and foreign Domestic bills 1,633 1,507 1,919 1,, 264 credits 956 972 890 1,088 Loans to State 5,200 5,200 5,200 5, 200 Foreign bills 104 79 60 68 Note circulation . 9,507 9,148 8,975 7,582 Domestic bills __ 521 515 566 363 Deposits _. 353 438 681 246 State debts 262 262 262 395 Note circulation 1,335 1,296 1,289 1,279 1 Notes issued, less amounts held in banking department and in cur- Demand liabilities 392 423 368 598 rency note account. 2 Not including gold held abroad. 4 Including gold held abroad. * Figures previous to July, 1926, are for 3 banks of issue. 8 Gold abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 CONDITION OF CENTRAL BANKS—Continued 1926 1925 1926 : 1925 te S m e b p- er August July te S m ep b - er te S m ep b - er August July te S m ep b - er National Bank of Greece (millions Bank of Portugal (millions of escuof drachmae): dos): Gold and balances abroad 1,675 2,724 Gold 9 9 9 Government loans and securities. 3,814 3,794 Balances abroad _ _ 344 344 239 Discounts and loans 3,219 3,333 Bills.. _" 190 154 182 Note circulation 4,528 5,548 Note circulation 1,842 1,845 1,665 Total deposits ______ 4,040 3,489 Deposits. . 47 55 67 National Bank of Hungary (mil- National Bank of Rumania (millions of peng 6): lions of lei): F G o o r l e d i . g n bills, etc _ 1 8 6 1 9 1 8 6 2 9 1 9 4 4 1 1 5 8 0 7 B G i o l l l d s 6 8,9 1 9 4 1 2 8,6 1 7 42 6 8,3 1 6 42 8 8.3 1 3 3 9 8 Loans and discounts 182 159 162 139 Advances to State - _ 10,679 10,679 10, 679 10, 787 Advances to treasury !___ 150 152 152 157 Note circulation .. 21,044 21,049 21,003 20,649 Other assets __ _ _ __ _ 265 256 231 310 Deposits '_ 8,032 7,887 7,762 7,830 Note circulation 441 432 424 408 Deposits 182 178 159 176 State Bank of Russia (note-issuing Miscellaneous liabilities ' 195 180 167 231 department; thousands of cher- Hank of Java (millions of florins): vontsi): Gold 199 194 132 Gold. _ 15, 335 14,827 14, 769 18,476 Total principal earning assets 116 96 154 Foreign currency 5,120 5,052 5,027 4,676 Foreign bills __ _ 25 26 30 Loans and discounts 64,296 59, 871 56,955 52,494 Loans and discounts 91 70 124 Bank notes 85,677 80,042 75,162 75, 664 Note circulation 328 335 324 Deposits- 2 •_' 62 49 65 National Bank of the Kingdom of Serbs, Croats, and Slovenes IBank of Latvia (millions of lats): (millions of dinars): G Fo o r l e d i . gn exchange reserve 2 3 4 4 2 3 4 5 2 3 4 7 2 3 4 4 G Fo o r l e d ign notes and credits 3 8 2 3 0 2 8 9 2 8 2 8 9 1 6 4 7 1 4 9 Bills 69 68 67 62 Loans and discounts 1,529 1,492 1,346 1,150 Loans _ 50 51 50 48 Advances to State 2,966 2,966 2,966 2,966 Note circulation __ __ __ 32 30 30 29 Note circulation 5,719 5,470 5,422 6,097 G O o th v e e r r n d m ep e o n s t i t d s eposits 7 5 6 4 7 5 9 3 8 5 0 4 7 5 1 3 Deposits __- 628 602 529 731 Sank of Lithuania (millions of South African Reserve Bank litas): (thousands of pounds sterling): Gold 31 31 31 34 Gold 7,624 6,969 7,180 9,601 Total principal earning assets 69 66 67 67 Total principal earning assets ___. 7,217 6,515 6,724 6,506 Foreign currency 23 23 24 25 Foreign bills 7,037 6,450 5,772 3, 665 Loans and discounts 46 43 43 42 Domestic bills 180 65 952 2,841 Note circulation 76 74 74 81 Note circulation ._ __ _ 6.862 7,261 7,924 9,158 Deposits 20 20 20 13 Deposits _. 7,152 5,940 5,526 5,057 Netherlands Bank (millions of Bank of Spain (millions of pesetas): flo N D T G r o e o o in t p l t a d e s L F o l ) s o o c : p i r i a t r r e s n i c i n s g u c n l a i a n p b t d a i i o l l l d n s e i . a s _ r c _ n o i u n n g t s assets __ 4 4 2 8 1 4 1 2 0 1 8 5 9 4 3 8 5 4 3 2 8 1 2 3 1 9 3 7 0 7 6 5 8 9 4 4 2 8 1 2 1 2 1 7 9 6 8 4 4 6 5 ,8 4 4 2 2 7 5 1 3 4 1 9 4 4 8 3 1 D B B N G S C i a i h e o o l l v l p e l l t a d s e e c o n r k s d c c i s e i i t s r s s a c c n u o a d b l u a r n d t o i t r o e a a d d n fts.. 2 4 1 1 , , , , 5 3 0 6 6 6 5 5 7 2 3 6 5 7 6 6 9 3 9 7 2 4 1 1 , , , , 5 3 0 5 6 7 5 4 2 8 3 7 1 6 3 9 3 1 4 2 2 4 1 1 , , , , 5 3 0 6 7 6 5 5 2 2 2 7 3 5 3 9 9 7 4 0 2 4 1 , , , 5 4 9 6 6 3 3 4 6 5 2 9 7 7 5 2 6 8 5 6 Bank of Norway (millions of kroner) : Bank of Sweden (millions of kroner): Gold. 147 147 147 147 Gold 226 228 228 232 Total principal earning assets.._. 465 412 417 375 Total principal earning assets 445 414 416 488 Foreign balances and bills 69 72 77 66 Foreign bills, etc. 177 172 161 204 Domestic credits 396 340 340 309 Domestic credits 268 242 255 284 Note circulation 328 334 340 372 Note circulation 549 502 494 551 Foreign deposits 8 8 9 9 Deposits 70 79 89 108 Total deposits _._• 245 185 183 94 Reserve Bank of Peru (thousands Swiss National Bank (millions of of libras): francs): Gold at home 4,398 3,950 4,026 4,030 Gold. _ 437 424 420 491 Gold abroad 684 696 694 953 Funds on demand abroad 19 24 15 24 Bills 1,879 2,964 2,928 1,929 Principal earning assets 436 386 409 385 Note circulation 6,505 6,649 6,779 6,067 Note circulation 834 803 803 845 Deposits 1,178 941 792 788 1 Deposits. __ ;__ 86 59 81 87 Bank of Poland (millions of zloty): Bank of the Republic of Uruguay Gold. 135 135 135 132 Foreign exchange, etc_.__ .___ 109 108 91 72 (thousands of pesos): Loans and discounts __ 382 372 378 358 Gold... 54,943 54,943 54,934 Note circulation 581 560 - 511 397 Loans and discounts 92 823 89, 792 84,107 Current accounts- Note circulation 61,466 61,545 60,992 Private 105 86 86 93 Deposits __ 70,087 69,949 59,369 Treasury 12 12 12 Liabilities in foreign currency 21 22 47 34 s Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBHBEE, 1926 FEDERAL RESERVE BULLETIN 799 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1926 1925 . 1926 1925 te S m ep b - er August July te S m ep b - er te S m ep b - er August July te S m ep b - er Chartered banks of Canada (millions of dollars): Four private banks of Italy (mil- C G u ol r d re c n o t i l n o a a n n s d a b n u d ll i d o i n sc 1 ounts 1,20 7 7 1 1,19 7 7 1 1,12 5 8 4 lio C ns a s o h f . l . i . r . e .. ) . : .-._ 1,145 1,098- Money at call and short notice 384 378 371 Loans and discounts . _ 9,36a Public and railway securities. . 528 530 564 Due from correspondents _ 5,460 4,564 I N n o d t i e v i c d ir u c a u l l a d t e io po n sits 2,1 1 9 6 9 7 2,1 1 9 7 3 2 2,2 1 0 7 9 0 D De u p e o t s o i t c s o rrespondents _ 1 2 3 , , 2 5 1 1 6 1 1 2 1 , , 5 5 3 9 1 3 Gold reserve against Dominion Do n m ot i e n s i on note ci _ rc . u _ lation 1 1 1 8 0 1 175 2 1 0 0 0 2 Tok C yo as b h a o n n k h s a ( n m d illions of yen): 115 116 122 Total loans 2,516 2,534 2,542 2,343 Joint stock banks of Denmark Total deposits 1,918 1,921 1,946 1,888> (millions of kroner): Total clearings „ 2,902 3,021 3,172 3,364 Loans and discounts 2,000 2,023 2,247 . D D D e u u p e e o t f s o r i o t f s m o a r e n f i o d g r n e c i u g b r n a r n e b n k a t s n . a k c s counts. _ 2,1 1 5 5 1 1 3 9 2,1 1 7 5 2 2 9 4 2,3 1 5 9 7 9 3 2 Jo li i o n L n t o s s a t o n o f s c k k a r n o b d n a e d n r i k ) s : s c o o u f n N ts o ._ rway (mil- 1,888 1,918 2,316 Nine London clearing banks (mil- Due from foreign banks 134 134 |198 lions of pounds sterling): Due to foreign banks. 263 294 464 Money at call and short notice___ 113 118 119 112 Rediscounts 186 189 244 Advances and discounts 1,096 1,098 1,107 1,075 Deposits -__ 1,897 1,891 1,943 Investments 248 247 246 ' ' 255 Deposits .- _ _ 1,623 1,634 1,646 1,613 Joint stock banks of Sweden (mil- Joint stock banks of Finland lions of kroner): (millions of Finnish marks): Loans and discounts __ 4,338 4,318 4,403 Loans and discounts 6,958 7,071 6,679 Foreign bills and credits abroad ,.. 147 165 166 Due from abroad.. _ i _ _ 191 171 140 Due to foreign banks 129 136 120 Due to abroad J. 329 343 . 381 Rediscounts - _ 96 112 140 Deposits . 5,876 5,918 (5, 559 Deposits.. __. __ 3,574 3, 579 .3,657 Tnree commercial banks ' of France (millions of»francs): Swiss Cantonal banks (millions Bills and national defense bonds 14, 900 12,184 of francs): Loans and advances 5,565 4,582 Loans and discounts 1,710 1,713 1,676 Demand deposits.- 22,572 18,164 Mortgages _ __ _ 2,727 2,719 2, 586 Time deposits.. ___ 311 255 Foreign bills 25 21 15 Six Berlin banks2 (millions of reichs- Due from banks and correspondmarks): ents 266 260 198 Bills and treasury notes 1,339 C ommercial deposits 650 650 605 Due from other banks 731 Savings deposits . * 1,457 1,451 1,368 Miscellaneous loans 3,348 Deposits 5,102 1 Not including .gold held abroad. Acceptances.^ -__._ 214 2 Bimonthly statements. DISCOUNT RATES OF 31 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate I s n in e c f e f — ect Country Rate I s n in e c f e f — ect Country Rate I s n in e c f e f — ect Country Rate I s n in c e e ff — ect Austria _. 7 Aug. 7,1926 Esthonia_-__ 8 Oct. 1,1926 Japan.. 6.57 Oct. 4,1926 Portugal—__ 8 July 27,1926 Belgium....- 7 Apr. 23,1926 Finland 1lA Oct. 29,1925 Java 6 May 3,1925 Rumania. _„. 6 Sept. 4,1920 B C u z l e g c a h r o ia s . lo- 10 Aug. 31,1924 F G r e a r n m c a e ny m J A u u ly g . 6 2 , , 1 1 9 9 2 2 6 6 L L a it t h v u ia ania 8 7 F F e e b b . . 1 1 6 , , 1 1 9 9 2 24 5 R So u u ss th ia A frica _ - 8 5H A N p o r v . . — 21 , ,1 1 9 9 2 2 4 4 E D D n a e v g n n a l z m k a i i n g a a d r .: k _ . 5 5 J J D O u u e c n ly c t e . . 2 2 2 4 9 3 6 , , , , 1 1 1 1 9 9 9 9 2 2 2 2 6 6 5 6 H I I G n t u r a d e n l e i y g a c . a . e . . r - - y ._-.. 1 6 4 6 0 J J A A u u u u n n g g e e . . 2 1 1 1 6 0 8 8 , , , , 1 1 1 1 9 9 9 9 2 2 2 2 6 6 5 5 N N P Po e o e r l t r a u h w n e a d r y land .. s . . . w 3 6 H 2 J A O O u p c c l t y t r . . . 2 1 7 7 2 , , , , 1 1 1 1 9 9 9 9 2 2 2 2 6 6 3 5 Y S S S w p w u a g e i i t d o n z e s e l n a rl v a i n a. d _ . 4 m 5 ^ J M O O u c c a n t t e r . . . 2 2 2 3 3 9 2 , , , , 1 1 1 1 9 9 9 9 2 2 2 2 5 3 2 5 7 10 6 Changes:—-Bank of Esthonia from 10 to 8 per cent on Oct. 1,1926; Bank of Japan from 7.3 to 6.57 per cent on Oct. 4, 1926; Czechoslovak National Bank from 6 to 5H per cent on Oct. 26, 1926; Bank of Norway from 5 to 43^ per cent on Oct. 27, 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 FOREIGN EXCHANGE RATES RATES PUBLISHED BY THE TREASURY [In cents per unit of foreign currency *] October, 1926 September, 1926, October,1925, average average Average Country Unit Par Low High Per Per Per Rate cent Rate cent Rate cent of par of par • of par EUROPE Austria Schilling 14.07 14. 0660 14.1110 14. 0842 100.10 14.0837 100.10 14.0728 100.02 Belgium. _ _ Franc- - _ 19.30 2. 7100 2. 8400 2.7784 14.40 2. 7228 14.11 4. 5258 23.45 Bulgaria Lev 19.30 . 7211 .7294 . 7260 3.76^ .7246 3.75 .7294 3.78 Czechoslovakia Crown 2.9613 2. 9623 2. 9618 2. 9518 2. 9617 Denmark Krone - 26.80 26. 5400 26. 6000 26.5744 99.16 26. 5540 99.08 24. 5769 91. 70 England - - _ - _ Pound 486. 65 484. 7100 485. 3600 485.0328 99.67 485.4168 99.75 484. 2800 99. 51 Finland Markka 2.52 2. 5201 2. 5227 2. 5211 100 04 2. 5209 100. 04 2. 5226 France Franc 19.30 2. 8100 3.1600 2. 9404 15.24 2. 8548 14.79 4. 4312 22.96 Germany - _ Reiehsinark _ _ _ _ 23.82 23.7700 23. 8200 23. 8028 99.93 23. 8120 99.97 23. 8031 99.93 Greece . _____ Drachma 19.30 1.1798 1. 2591 1. 2087 6.26 1.1609 6.02 1. 3554 7.02 Hungary Pengo 17. 49 17. 5400 17. 6000 17. 5616 100.41 17. 5620 100. 41 Italy Lira 19.30 3. 7600 4. 5000 4.1196 21.35 3.6688 19.01 3. 9915 20.68 Netherlands Florin 40.20 39. 9800 40. 0500 40.0036 99.51 40. 0732 99. 68 40. 2004 100. 00 Norway.. _______ Krone.. 26.80 21. 8900 25.0200 23. 6060 88.08 21. 9140 81.77 20. 2042 75.39 Poland Zloty 19.30 10. 9700 11. 2200 11. 0892 57.46 10. 9676 56.83 16.6558 86.30 Portugal Escudo 108. 05 5.1000 5.1300 5.1108 4.73 5.1256 4.74 5.0888 4.71 Rumania Leu 19.30 .5127 .5646 .5357 2.78 . 5105 2.65 .4774 2.47 Spain. Peseta 19.30 14. 8600 15.4500 15.1016 78.25 15. 2240 78.88 14.3523 74.36 Sweden Krona 26.80 26. 7100 26. 7500 26. 7288 99.73 26. 7476 99.80 26. 7900 99.96 Switzerland Franc 19.30 19. 2800 19. 3300 19. 3084 100. 04 19.3216 100.11 19.2742 , 99.87 Yugoslavia _. _ _ Dinar. _ __ _ _ 19.30 1.7662 1. 7687 1. 7674 9.16 1. 7662 9.15 1. 7733 9.19 NORTH AMERICA Canada Dollar 100. 00 99. 9979 100.1307 100.0685 100. 07 100.1382 100.14 100.0914 100.09 Cuba- Peso . - __ __ —.-100. 00 99. 9125 99. 9453 99.9252 99.93 99. 9362 99.94 99.9209 99.92 Mexico Peso 49.85 47. 6833 48. 6333 48. 0545 96.40 48. 7301 97.75 49.1664 98.63 SOUTH AMERICA Argentina Peso (gold) 96.48 •• 92. 5700 92.9400 92. 7536 96.14 92.2012 95.57 93. 3565 96.76 Brazil Milreis 32.44 13.1900 14.9200 13.9768 43.09 15.1908 46. 83 14.8131 45.66 Chile Peso 12.17 12.0600 12.1300 12.1000 99.42 12.1292 99.66 12.0565 Uruguay Peso 103. 42 99. 5700 100.7100 100.2104 96.90 100.4096 97.09 101.1273 97.78 ASIA China Mexican dollar,. 2 48.11 42.1800 47. 6000 44. 6668 92. 84 48. 2468 100. 28 57.4269 119.37 China Shanghai tael 2 66.85 57. 2100 64.1800 59. 9760 89.72 66. 6028 99.63 77. 9004 116. 53 Hongkong Dollar 2 47. 77 45. 2700 50. 0200 47. 7684 99.97 52. 2816 109. 44 59.3369 124. 21 India Rupee - 48.66 36.0300 36. 3000 36.1496 74.29 36. 3288 74.67 36. 5973 75.21 Japan _ _ _ . Yen 49. 85 48. 3400 48. 9400 48. 6612 97.62 48.4000 97.09 40.9723 82.19 Straits Settlements Singapore dollar 56.78 56. 0400 56. 0800 56. 0728 98.75 56.0736 98.76 56.5127 99.53 OTHER RATES [In cents per unit of foreign currency] Recent quotation 3 Recent quotation 3 Country Unit Par Country Unit Par Rate Date Rate Date Bolivia Boliviano 38.93 33.75 Oct. 19. Java ~. - Florin 40.20 40.31 Oct. 19. Colombia Peso ... 97.33 97.80 Oct. 19. Latvia Lat 19.30 19.22 Oct. 1. Danzig Gulden 19.47 19.47 Aug. aver- Lithuania Litas 10.00 10.11 June .26. age. Peru _____ Libra___ 486. 65 354. 00 Oct. 19. Ecuador..._.__ Sucre— ._-... 48.67 18.19 Oct. 19. Russia Chervonetz 514. 60 515. 00 Oct. 19. Egypt Egyptian pound 494.31 497. 48 4.ug: 28. South Africa Pound _ 486. 65 486.43 Oct. 1. Esthonia Estmark .27 Oct. l. Venezuela Bolivar 19.30 19.00 Oct. 1. 1 Noon buying rates for cable transfers in New York. 2 Silver currency. Parity represents gold value of unit in 1913, computed by multiplying silver content of unit by New York average price of silver for 1913. This average price was $0.61241 per fine ounce, which compares with an average price of $0.55216 for October, 1926, $0.60978 for September, 1926, and $0.71924 for October, 1925. The corresponding London prices (converted at average rate of exchange) were $0.54817, $0.60895, and $0.71421. _ • 3 For these currencies, in the absence of Treasury quotations, rates are taken from the New York Journal of Commerce, except as follows: Danzig, League of Nations Bulletin; Egypt, Federal Reserve Bank of New York; Esthonia and Latvia computed from rate published in London Economist; Lithuania, U. S. Consular Reports; South Africa, London Economist. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1926 FEDERAL RESERVE' BULLETIN 801 GOLD MOVEMENTS MOVEMENTS TO AND FROM THE UNITED STATES MOVEMENTS TO AND FROM GREAT BRITAIN [Amounts in dollars] [Amounts in pounds sterling] Imports Exports Imports Exports Country of origin Country of origin or destination January-September January-September or destination Septem- Septem- August, Septem- August, ber, 1926 ber, 1926 ber, 1926 1926 ber, 1926 1926 1926 1925 1926 1925 All countries.—15,986,998170,905,. 49559,860,404 23,081,054 99,628,767204,272, 802 All countries. . 2,493,587 3,877,217 1,030,979 1,840,503 EUROPE Belgium 342 France 127 84,040 255, 729 France 111, 063 199,453 6,584,797 18,488 1,339,208 Netherlands.. 10,750 3,250 111, 055 27,000 Germany _-_ 375 1,025 1,662288 20,116, 882 42, 287, 76267,519,526 Russia..-.- 27, 000 Netherlands 10,084,779999 4,318,343 Spain and Cana- Poland and Dan- ries 10,000 145,605 zig .__ 1,103,948 Switzerland 83, 600 523, 717 Spain 32,847 93, 68, 618 392,431 United States.___. Sweden 220 1,002, 628 Mexico United Kingdom.. 6,684 46,885 4,823,922 6,159,602 South America 10,545 435 20,000 21,000 British India- 107,470 69,900 NORTH AMERICA British Malaya. 117,725 119, 870 Egypt .__ 6,900 13, 610 •Canada 592, m 80,694,404 25,538,560 1,074,586 36,215,841 2,896,772 Rhodesia 182,110 183,101 Central America _.. 114,168 1,236,977 1,243,674 850,000 3",8 "5"4', 52"6~~ 750,000 Transvaal 2,104,221199 35,, 561,655 Mexico - 2,032,086 17,945,313 3,609, 631 531,873 4,749,854 7,495, 647 West Africa 182,209 97,251 300 West Indies. 16,487 221, 720 484, 741 154,114 175,000 All other countries. 3,627 4,525 488,900 663,430 SOUTH AMERICA Net imports.. 1,462,608 2,036,714 Net exports.. Argentina.. 4,124 7,731 2,466 51, 000 306,000 5,510,000 Brazil.. ___. 4,997 35,000 305,800 199,162 Chile 5,553 16,072,610 349,448 MOVEMENTS TO INDIA Colombia.. 163,256 1,214,051 1,208,426 1,003, 853 1,999, 878 [Amounts in rupees] Ecuador.-. 121,834 999,020 625,449 15,000 Peru _. 300,236 2, 312,352 1,225,992 Uruguay... 802,290 Venezuela.. 30,228 549,053 174,210 1,700,000 2,160,010 1926 January- ASIA AND OCEANIA Country of origin July, Australia 12,173,326 41,386,598 241 26,925,176 July June Jan Ju u l a y ry- 1925 British India 58, 500 528,285 58,756,976 British Malaya.. 160 13,950 188,000 2,955,151 3,853,735 China 119, 558 250,655 300,414 All countries. __11,410,24120,294,669 176,935, 215 447,697,571 Dutch" East Indies. 58,419 1,236,236 10,000 968,240 831,020 Hongkong 480,000 165,213 3,961,697 8,131,446 England. 2,379,175 3,112,984 27,822,107147,049,402 Japan. 4,000,000 8,049 60,000 France.- 2,865,296 4,411,324 New Zealand 13,782 138,250 202,084 United States 401 57 979, 748 202,867,116 Philippine Islands. 110,347 1,573,046 1,301,329 25,000 Aden and colonies. 202,521 115,618 1,532,877 1,765,546 Arabia 148,011 31,661 475,268 114,179 AFRICA Bahrein Islands... 72,853 145,315 693, 793 183,994 British Oceania...6,044,190 120,415 20,967, 580 928,375 Egypt — 6,180 15,477 15,233 498,240 Ceylon » 47,250 61,525 301,520 36,230 2,997 235, 552 477,075 China 21,850 2,224,026 Portuguese Africa. _ Mesopotamia 550, 503 472,445 5.269,431 248,305 All ether countries. 90, 518 146,127 53,738 302,518 1,310, 512 Straits Settlements 45,461 51,011 778,970 173,006 Egypt. 304,419 522,195 3,126,020 77,217 Net imports.. 71,276,728 Natal 1,593,60715,660,987111, 791, 500 75,345'; 493 Net exports.. 7,094,056 144,412,398 Allother... 456 44,41612,273,358 SILVER MOVEMENTS Imports to U. S. Exports from U. S. Imports to U. S. Exports from U. S. b S e e r p , t 1 e 9 m 26 - J b S a e e n r p , u t 1 a e 9 m r 2 y - 6 - ber, 1926 J b S a e e n r p , u t 1 a e 9 m r 2 y - 6 - b S e e r p , t 1 e 9 m 2 - 6 J b S a e e n r p , u t a e 19 r m 2 y 6 - - b S e e r p , t 1 e 9 m 2 - 6 J b S a e e n r p , u t 1 a e 9 r m 2 y - 6 - All countries- $7,203,033 $56,127,168 $7, 243,325 $72,574,436 Colombia __ $7,227 $129,737 $1,935 $13,821 Peru . 2,144,219 16,334, 574 475,575 France . 151,780 361, 5,001 Venezuela 4 4,449 197,800 692,305 Germany _•._,—. 455 17, 322, 613 2,398,009 British India.-., 1,100,245 26, 275, 764 Poland and Danzig. 5, China _-__ _ 5,169,544 38,475,760 Spain___ 61, 207 174, Dutch East Indies 44,038 United Kingdom— ' 35,459 131, 177,025 1,674,327 Hongkong 66/587 Canada. 1,042, 016 4,853, 172, 243 1,40.1, 584 Portuguese Africa 3,693 83;852 Central America 196, 601 1,360, 2,500 41,934 All other countries 33, 990 280,685 10,800 ~41,~916 Mexico. 3,115, 529 29,053, 82, 725 977,693 West Indies 23,370 187, 34,160 Net imports _ Chile..- 343,445 2,464, Net exports __ 40,292 16,447,268 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 FEDERAL EESERVE BULLETIN NOVEMBER, 1926 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Pre-war=100] Europe France Ger- Year and month A b ( u a g s s o i t l s r d ) ia g B iu e m l- g B a u ri l a - C va z s e k lo c i - a ho- m D a e r n k - * T (B l r a a o o n d a f d e rd ) l F a i n n d - B S t u t i a c r t e a i a l s u - F B a s l e e o d r R a v e r e e r d - - ( B F S m t u e t i a d r c a e t e n a i a r l s y u a - l ) H ( g g a u o r l n y d - Italy N l e an th d e s r- ( N O w s o a l r y o - ) Poland 1925 January 147 559 3,275 1,045 234 171 1,137 514 456 138 159 658 160 279 120 February ... 146 551 3,309 1,048 234 169 1,141 515 457 137 152 660 158 281 121 March 143 546 3,272 1,034 230 166 1,131 514 463 134 145 659 155 276 122 April 139 538 3,244 1,020 220 162 1,133 513 460 131 144 658^ 151 267 119' May 138 537 3,177 1,006 216 159 1,122 520 467 132 141 660 151 260 118- June 141 552 3,225 998 216 157 1,129 543 483 134 141 683 153 258 119' July 137 559 3,041 1,009 206 157 1,118 557 490 135 136 707 155 254 120 August 131 567 2, 870 993 189 156 1,142 557 491 132 134 731 155 245 124 September.. 127 577 2,834 168 155 1,133 556 482 126 135 721 155 231 127 October 127 575 2,823 163 155 1,121 572 482 124 131 716 154 221 12& November.. 125 569 2,822 977 158 154 1,118 606 498 121 129 712 154 217 137 December.. 125 565 2,913 977 160 153 1,120 633 518 122 130 715 155 218 155 1926 January 1 12 2 0 2 5 55 6 6 0 2 2 , , 8 9 9 0 9 1 950 1 15 5 1 7 1 14 5 9 1 1 1 , , 0 0 9 9 4 1 6 6 3 3 4 6 5 5 2 4 7 0 1 1 1 2 8 0 1 1 2 2 7 5 7 7 0 0 4 8 1 1 5 4 3 9 2 2 1 1 4 1 1 14 4 6 2 > February- - 119 2,844 938 145 144 1,081 632 545 118 123 693 145 204 146 March 119 621 2,774 923 141 144 1,081 650 565 123 123 692 143 198 16T April 118 2,938 928 141 145 1,070 688 597 123 122 698 143 196 18^ May 124 761 2,842 926 140 146 1,079 739 631 125 122 709 144 195 175 June 126 876 2,838 948 141 149 1,079 836 704 127 123 724 141 196 167 July 126 2,759 963 143 149 1,092 770 691 127 122 740 139 196 173: August 123 2,723 973 141 151 1,093 787 691 127 122 731 139 197 177. September. 145 188 October E ur ope—C ontinued North and South America Asia and Oceania Africa United Year and month Russia1 Spain Sweden S l w an it d ze i r- o ( S f S B t t L u a a r t a t i e e b s a s - o u rCanada t A ra u l s i - a (S C h h h a a i i n n ) a g' D I E n u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a y T p o o a - ) n l N a Z n e e a d w - 2 E (C g a y i p r t o) A So fr u ic th a tics) 1925 January 172 191 169 171 160 166 199 163 160 178 171 213 166 157 130* February 178 192 169 171 161 165 194 163 159 177 172 210 162 161 March. 183 193 168 170 161 162 206 160 160 179 168 204 162 155 April __ 195 190 163 166 156 157 206 158 159 175 169 202 162. 154 May _._ 197 191 162 163 155 159 200 159 158 174 164 199 162 151 June__ 191 187 161 162 157 159 200 163 157 173 157 200 162 150 July. 188 188 161 161 160 158 198 162 163 175 160 198 161 151 127 August. 175 184 159 160 160 159 200 162 160 176 157 200 161 151 September 173 185 157 159 160 156 205 162 160 175 158 201 160 15,2 October 174 187 154 159 158 157 205 163 159 177 160 200 162 153 November 175 186 155 157 158 161 204 165 158 174 164 198 161 145 December 179 187 156 157 156 164 203 170 158 173 163 194 160 140 1926 January 183 186 153 156 156 164 206 161 164 172 163 192 159 134 124 February __._ 190 183 152 155 155 162 205 160 163 170 158 188 159 134 March 194 183 149 151 152 160 204 163 164 167 155 184 157 134 April...... 196 179 150 148 151 161 204 168 163 2160 153 181 156 133 120> May. __ 197 179 151 147 152 157 206 167 160 158 150 177 156 128 June.. 189 177 150 145 152 156 204 163 156 157 150 177 155 129 July.. 183 178 148 145 151 156 204 162 157 156 179 156 129 August _ 182 180 147 146 H9 154 204 162 161 177 154 129 September 179 178 146 146 151 153 202 158 164 175 129 October 145 202 171 i First of month figures. 2 Revised index. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the Board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities, and period of tlie month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

803 ZNOVEMBEK, 1926 FEDERAL RESERVE BULLETIN WHOLESALE PRICES—Continued GROUPS OF COMMODITIES (Pre-war=100) UNITED STATES—BUREAU OF LABOR STATISTICS Year and month m Al o l d c i o ti m es - pr F o a d r u m cts Foods m C a lo te th ri i a n l g s F li u g e h l t i a n n g d p M r m o a e d e n t u t d a a c l l s ts m Bu at i e ld ri i a n l g s c C a d h l r s e u a m g n s i d - n H g i f s o o u h o u r i d - n s s e g l M an is e c o e u l s - cu A l g tu ri r - al cu N a l g o tu r n i r - - a l ' 1925—September 160 160 160 189 169 127 174 136 168 135 162 156 October ._ 158 155 158 190 172 128 174 135 168 138 157 157 November 158 154 160 188 175 130 176 135 166 142 156 159 December 156 152 157 187 175 130 177 135 166 138 154 158 1926—January 156 152 156 186 177 129 178 133 165 135 154 158 February 155 150 153 184 179 128 177 132 164 133 152 157 March__ 152 144 151 181 175 128 176 132 164 128 148 155 April—. 151 145 153 177 174 127 173 130 163 127 149 153 May _ 152 144 154 176 179 125 172 131 162 125 149 153 June 152 144 157 175 179 125 171 131 162 123 151 153 July. * 151 141 154 173 177 126 172 131 161 123 148 152 August ;____ 149 138 151 175 180 127 172 131 161 122 145 153 September 151 141 152 175 182 127 172 131 160 120 146 154 ENGLAND—BOARD OF TRADE Food Not food All com- Year and month modities Total Cereals an M d e f a is t h O fo t o h d e s r Total Iro s n te a el nd m O i a n t n e h d r e a r ls Cotton te O x t t h il e e r s l M an is e c o e u l s metals 1925—September. 155 162 159 166 162 151 121 131 179 157 1926—March 144 151 144 151 156 141 118 130 165 168 147 April 144 152 148 149 157 139 117 130 162 162 144 May— 145 158 150 157 166 138 117 129 164 160 140 June 146 155 150 154 161 142 120 145 161 158 141 July 149 153 151 152 158 146 125 160 158 157 143 August 149 154 152 153 156 146 125 161 160 155 144 September. 151 153 148 152 158 150 127 171 163 156 145 FRANCE—STATISTICAL BUREAU Foods Industrial materials All com- Year and month modities Animal Vegeta- Sugar, Total foods fo b o l d e s , c c o o f c fe o e a , Total Minerals Textiles Sundries 1925—September. 556 492 490 522 807 1926—March 632 548 537 546 565 700 645 914 631 April 650 574 535 589 608 712 653 929 646 May _. 688 610 546 645 657 751 990 681 June 739 660 554 739 699 802 753 1,030 725 July 836 718 575 797 840 932 922 1,217 801 August 770 687 567 754 784 837 771 September. 787 722 576 810 825 840 846 768 GERMANY—FEDERAL STATISTICAL BUREAU Food products Industrial products Year and month m Al o l d c i o ti m es - Grains s F u a g t a s r , , Colonial Hides Metals Coal Total and meat, coffee, Total and Textiles and and potatoes and cocoa, leathers minerals iron fish etc. 1925—September 126 121 106 150 181 135 125 189 132 1926—March 118 113 134 180 128 107 165 127 120 April 123 122 112 132 180 125 107 158 124 117 May 123 123 114 133 179 124 106 153 124 117 June 125 125 117 132 177 124 106 152 124 117 July 127 129 124 132 176 124 106 148 125 119 August 127 129 122 137 174 124 113 142 126 119 September 127 128 121 136 175 125 116 144 127 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN NOVEMBER, 192® RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] European countries Other countries United States ci ( ti 5 e 1 s) (V A i u e s n t n ri a a )1 g B i e u l m - Bul- l E a n n g d - 3 F (P r a a r n i c s e )m G a e n r y - G ( e A r n e t s e h ) c - e I ( l t M a a n i l - ) y N la e e n r t d - h s - N w o a r y - R si u a s - 3 S l z a w e n r i d - t- Can- t A r u al s i - a ( I b n B a d o y i m ) a - N l Z a e e n a w d - A S f o r u i t c h a 1925 Jan 151 140 3,131 178 408 145 1,506 590 156 277 205 172 145 148 152 147 120 Feb__. 148 137 3,163 176 410 145 1,510 610 157 283 208 172 147 149 152 146 120 Mar... 148 134 3,128 176 415 146 1,562 624 157 284 211 171 145 151 155 149 121 Apr__. 148 127 3,100 170 409 144 1,478 620 155 276 217 169 142 152 153 149 124 May. - 149 122 3,032 167 418 141 1,443 599 154 265 221 168 141 154 151 150 123 June 152 127 3,083 166 422 146 1,516 599 152 261 219 169 141 155 149 149 122 July... 157 130 2,906 167 421 154 1,515 602 152 260 218 169 141 156 152 151 120 Aug... 157 135 2,744 168 423 154 1,511 621 152 254 210 169 146 156 147 152 119 Sept... 156 140 2,710 170 431 153 1,544 643 152 241 208 170 146 156 146 153 118 Oct.__ 158 144 172 433 151 1,597 646 149 228 215 168 147 157 148 155 119 Nov... 164 146 2,698 172 444 147 1,676 649 149 223 217 168 151 156 149 156 117 Dec... 162 148 2,785 174 463 146 1,718 660 148 221 224 167 156 155 151 154 116 1926 Jan 161 119 141 2,773 171 480 143 1,760 681 148 216 226 165 157 155 151 154 116 Feb__. 158 117 141 2,771 168 495 142 1,738 676 148 212 230 163 155 154 150 153 117 Mar._. 157 114 137 2,719 165 497 141 1,805 654 147 205 234 161 154 159 151 152 118 Apr__. 159 114 139 2,652 159 503 142 1,821 645 146 198 241 161 153 163 150 151 119 May... 158 113 146 158 522 142 664 146 195 250 159 152 163 150 151 119 June__. 157 116 2,717 158 544 143 657 146 194 243 159 149 162 152 151 118 July... 154 115 2,713 161 574 145 654 146 198 236 159 149 159 155 149 117 Aug... 153 117 %637 161 587 146 660 146 196 234 157 150 157 153 150 117 Sept .. 155 116 2,641 162 590 144 652 149 193 230 158 147 155 352 117 Oct.-. 163 145 191 153 COST OP LIVING fPre-war=1003 European countries Other countries Massas c e h t u ts - g B iu e m l- C v o z a s e k l c o i h a - - l E a n n g d - * t E n h i s o a - - l F a i n n d - F (P ra a n ri c s e )m G a e n r y - G ( e A r n e t e s h ) c - eH ga u r n y - I ( l t M a a n l i ) y - N la e e n r t d - h s - N w o a r y - l P an o- d Spain S d w en e- S l z a w e n r i d - t- a C d a a n 3 - A t l r i u a a s - - ( I b B n a d o y m ia ) - A So fr u ic th a 1925 Jan 158 521 899 180 113 1,199 136 1,417 141 580 145 188 178 173 149 157 133 Feb 157 517 911 179 110 1,191 ' 136 1,420 135 592 146 189 172 150 157 133 Mar«. 158 511 904 179 114 1,210 386 136 1,449 131 602 179 271 147 192 172 148 150 159 133 Apr__ 158 506 901 175 112 1,201 137 1,419 130 600 146 191 "177" 170 147 158 134 May 158 502 894 173 111 1,176 136 1,408 131 591 143 188 170 146 156 134 June_ 159 505 914 172 112 1,191 390 138 1,448 130 596 179 259 144 190 170 146 153 154 134 July 160 509 916 173 114 1,218 . 143 1,472 126 598 146 190 ~~176~ 170 146 157 133 Aug.. 161 517 894 173 112 1,266 145 1,484 127 610 149 190 170 148 152 132 Sept. 161 525 884 174 110 1,242 401 145 1,503 126 624 179 248 149 190 170 148 "154" 151 132 Oct 162 533 875 176 108 1,228 144 1,547 124 643 152 189 "I75" 168 149 153 132 Nov_. 162 534 863 176 107 1,227 141 1,610 123 643 157 186 168 152 153 131 Dec__ 165 534 866 177 109 1,197 421 141 1,644 123 649 177 234 173 183 168 154 "l55" 155 131 1926 Jan 164 527 854 175 110 1,166 140 1,673 122 665 170 188 174 167 155 155 131 Feb 163 526 845 173 110 1,175 139 1,664 121 661 171 183 165 154 154 131 Mar_. 161 521 832 172 110 1,172 451 138 1,706 119 647 174 225 169 185 163 154 157 155 131 Apr,. 161 529 832 168 111 1,163 140 1,731 119 642 176 187 "~173~ 162 153 153 131 May 159 558 837 167 110 1,159 140 1,741 118 652 183 183 160 152 153 132 June_ 159 579 861 168 110 1,175 485 141 1,791 116 650 171 218 183 183 160 150 161 155 131 July.. 159 637 876 170 111 1,183 142 1,808 117 649 177* 186 ""172" 160 150 157 130 Aug 158 681 878 170 1,213 143 116 652 181 178 159 150 155 130 Sept. 158 684 878 172 1,203 539 142 114 164 217 188 159 149 155 130 Oct 705 174 142 171 155 """"I 1 New index, on gold basis, July, 1914=100. 2 1921=100. 8 First of the month figures. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April , 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

805 NOVEMBER 1926 FEDEEAL RESERVE BULLETIN BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOR SEPTEMBER AND AUGUST, 1926 [Amounts in thousands of dollars! To s ta e l c u b r i i l t l i s e s and Total cash reserves Total deposits Fede in ra c l i r r e c s u e l r a v ti e o n notes Reserv a e g e p s ercent- Federal reserve bank Se b p e te r m- August Se b p e te r m- August Se b pt e e r m- August Se b p e te r m- August Se b p e te r m- August Boston 79,839 69,679 229,729 232,, 529 147,447 145,625 148,085 141,742 77.7 80.9 New York . _ _ _ _ 286,126 271,018 1,005,143 1,010,, 324 862,912 847,061 385,695 392,971 80.5 81.5 Philadelphia _ 90,429 87,370 188,731 195,, 992 137,152 136,502 117,402 121,833 74.1 75.9 Cleveland _ _ _ 106,020 95,722 308,791 310,, 261 188,048 188,314 205,819 195,898 78.4. 80.8 Richmond _ 65, 618 65,391 90,231 84., 894 70,061 70,054 76,470 72,155 61.6 59.7 Atlanta _ _ 87,832 77,854 165,619 177; 629 72,718 71,873 175,117 178,375 66.8 71.0 Chicago 155,790 144, 567 407,293 408;, 919 338,071 340,386 209,739 194, 661 74.3 76.4 St. Louis _ - - - - 69,183 66,000 64,973 67;, 931 80,937 82,092 47,632 45,821 50.5 53.1 Minneapolis 42,993 43,371 75,286 72,159 50,099 49,787 63,383 61,059 66.3 65.1 Kansas City 56,819 60,102 103,992 101,330 93,706 94,619 66,586 65,078 64.9 63.5 D Sa a n ll a F s rancisco _--__ 1 5 2 7 6 , , 8 71 6 9 8 1 5 2 6 0 , ,4 7 4 4 9 1 2 5 5 7 2 , , 7 8 8 1 0 2 2 5 5 0 3 ; ,7 2 0 2 5 3 1 5 7 8 3 , , 9 1 1 4 3 1 1 5 6 7 9 , , 5 4 9 4 5 2 1 4 9 6 2 , , 4 0 6 9 0 1 1 3 8 9 9 , , 8 8 0 1 2 7 5 6 4 9 . . 8 2 5 7 1 0 . . 6 6 Total: 1926 1, 225,236 1,158,264 2,950,380 2,965,896 2,273, 205 2,253,350 1,734,479 1,699,212 73.6 75.0 1925 1,163,898 1,092,264 2,872,807 2,896,876 2, 214,359 2,209,321 1,679,594 1, 626,387 73.8 75. 5 1924 930,965 836, 534 3,156, 623 3,211,455 2,188,401 2,139, 536 1,750,498 1,757,470 80.1 82.4 1923. __ 1,123,472 1,078,204 3,187,000 3,194,364 1,908,193 1,890,069 2, 264,090 2,228,947 76.4 77.6 1922.. __ 1,113, 343 1,053,098 3,192,420 3,195, 502 1,866,300 1,859,524 2,225,457 2,151,185 78.0 79.7 1921 1,740,474 1,841, 596 2,836, 396 2,740, 388 1,716,162 1,691,137 2,493,910 2, 512,348 67.4 65.2 1920 3, 329, 481 3,233,862 2,139, 280 2,127, 305 1,912,070 1,885,062 3,275, 535 3,165, 222 143.3 .1 43. 7 1 Calculated on basis of net deposits and Federal reserve notes in circulation. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - Kansas Dallas ' F S r a a n n- City cisco Gold with Federal reserve agents: Sept. 22 1,384,679 146,121 292,143 9.9,102181,332 42,739 120,248 178, 724 15,778 54,047 50,054 23,798 180,593 Sept. 29_._._-_. •____. 1,359,115 133,200 292,037 95,736 180,383 41,281 119, 203178,694 17,945 51,258 53,891 23,208 172, 279 Oct. 6__ 1,383,196 130,441 333,933 92, 556181,438 39,885 119,855 158,666 18, 585 49,883 53,016 27,024 177,914 Oct. 13 : 1,329,143 133,032 283,819 91,873 172,058 45,028 122,691 158,640 18,799 49,576 51,790 28,457 173,380 Oct. 20 __. 1,409, 541 135, 640 373,725 90,222 161,099 116,695 158,640 18,651 48,920 51, 635 29,932 180, 547 Gold redemption fund with U. S. Treasury: Sept. 22... 58,339 10, 595 11,010 4,423 2,900 6,349 657 2, 3,587 2,082 2,478 Sept. 29. ..____. 65, 555 14,017 13,334 3,849 3,199 4,458 4,919 861 1,575 4,311 2,105 3,088 Oct. 6 62,930 11,289 12, 578 5,444 4,940 3,418 4,947 576 1,443 4,734 2,112 2,801 Oct. 13 57,044 7,901 11,121 7,158! 4,845 2,094 7,442 775 1,410 2,052 2,395 Oct. 20 51,568 4,452 9,375 8,631 4,351 2,136 4'240 6,270 1,786 5,236 2,835 Gold held exclusively against Federal reserve notes: Sept 22 1,443,018 153,924 302,738 110,112 185,755 45,639 124, 534185,073 16,435 56,216 53,641 25,880 183,071 Sept. 29.... . 1,424, 670 143,039 306,054 109,070 184,232 44,480 123,661 183,613 18,806 52,833 58,202 25,313 175,367 Oct. 6.. . 1,446,126 141,730 346, 511 98,000 186,378 43,303 124,802 167,314 19,161 51,326 57,750 29,136 180,715 Oct. 13_. . 1,386,187 140,933 294,940 99,031 176,903 47,122 127,059 166,082 19,574 50,986 57,273 30, 509175,775 Oct. 20 _. . 1,461,109 140,092 383,100 98,853 165,450 45,971 120,935 164,910 18,947 50,706 56,871 31,892 Gold settlement fund with Federal Reserve Board: Sept. 22 . 743,656 45,426 303,823 39,003 61, 780 29,659 23,106 123,291 15,400 10,970 41,267 21,134 28,797 Sept. 29 762,134 32,468 312,085 38,896 64,056 35,384 27,910 130,607 18,945 8,980 38,613 19,629 34, 561 Oct. 6. 745,429 63,348 249,635 48,665 49,861 36, 706 28,137 135,428 32,185 12,109 35,736 18,615 35,004 Oct. 13 —. — 817,152 51, 752 289,026 50,678 59, 585 31,915 25,219 162,703 31, 564 11,283 36,305 22,424 44,698 Oct. 20... 745,617 74,671 262, 782 41,370 54, 594 27,349 26, 546138,023 20,904 10,938 32, 516 18,866 37,058 Gold and gold certificates held by banks: Sept. 22 ______ 639,323 32,199 381,333 32,012 44,10' 11,033 4,646 65,731 16,841 7,220 4,492 10,383 29.326 620,337 29,827 366,075 30,842 42,767 11,068 4,336 66, 205 16,483 7, — 5,483 10,441 29.327 Oct. 6__ 621,789 28,684 372, 248 30,652 43, 754 10,977 4,526 62,962 14,985 7,582 5,213 10,485 29,721 Oct. 13. 615,583 27, 512 367,047 42,930 11,047 4,636 63,004 14,559 7,898 5,551 10,519 30,247 Oct. 20. 619,140 29,840 386,298 30, 776 44,886 11,168 4,707 62,494 14,099 7,124 6,194 10,721 30,833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDEEAL RESEEVE BULLETIN NOVEMBER, 1926 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] New Phila- Cleve- Rich- St. Minne- Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Total gold reserves: Sept. 22__.-__ 2,825. 997 231, 549 987,894 181,127 291, 642 86,331 152,286 374,095 48,676 74,406 99,400 57,397 241,194 Sept. 29 2,807,141 205,334 984,214 178,808 291,055 90,932 155,907 380,425 54,234 69,296 102,298 55,383 239,255 Oct. 6_ 2,813,344 233,762 968,394 177,317 279, r" 157,465 365,704 66, 331 71,017 98,699 58,236 245,440 Oct. 13 2,818,922 220,197 951,013 180, 342279,418 90, 084156,914 391, 789 65, 697 70,167 99,129 63,452 250, 720 Oct. 20 2,825,866 244,603 1,012,180 170,999 264,930 152,188 365,427 53,950 68,768 95, 581 61,479 251,273 Reserves other than gold: Sept. 22 131, 643 11,807 25, 765 7,840 9,719 6,301 • 23, 01816,266 3,242 4,567 7,506 6,713 Sept. 29 130,113 12,020 25,854 7,109 9,711 6,639 21, 251 14,641 3,260 5, 111 7, 692 6,939 Oct. 6 —~ 128,674 12,288 25,961 7,944 9,763 5,524 9,961 22, 111 13,238 3,073 4,747 7,537 6,527 Oct. 13 -___ 126,305 11,242 25, 316 9, 511 5,449 10, 524 21, 737 13,985 2,936 4, 708 7,408 6,881 Oct. 20 128,928 11,690 24,988 7,047 10,310 6,221 10, 079 22, 080 13,910 4,f~~ 8,104 6,620 Total reserves: Sept. 22__ . 2,957, 640 243,356 1,013,659 188,967 301, 361 92, 632 161,185 397,113 64,942 77, 648 103,967 64,903 247,907 Sept. 29 —_ 2,937,254 217,354 1,010,068 185,917 300,766 97, 571165,793' 401,676 68,875 72,556 107,409 63,075 246,194 Oct. 6_ -—- 2,942,018 246,050 994,355 185,261 289, 756 96, 510167,426 387,815 79, 569 74,090 103,446 65, 773251,967 Oct. 13 2,945,227 231,439 976, 329186,950 288,929 95, 533167,438 413, 526 79, 682 73,103 103,837 70, 860257,601 Oct. 20— 2,954,794 256,293 1,037, " 178,046 275,240 90,709 162,267 387, 507 67,860 71,664 100, 564 69,583 257,893 Nonreserve cash: Sept. 22 52,275 6,270 13,743 1, 2,896 2,618 3,769 9,623 3,385 2,226 1,714 3, 635 Sept. 29 49,838 5,678 13,230 955 2,791 2,599 3,770 9,503 2,875 2,455 1,728 3,446 Oct. 6 ,--- 50,441 5,836 12, 997 1,327 4,123 2, """ 3,560 9,818 2,871 693 2,217 1,529 3,267 Oct. 13 47,184 4,359 13, 620 1,094 2,289 2,171 3,630 8,834 2,' 867 2,417 1,713 3,228 Oct. 20 54,926 5.285 17,161 1,092 4,617 2,734 3,744 9,071 3,373 798 2,112 1,727 3,212 Bills discounted: Secured by IT. S. Government obligations- Sept. 22 , 319, 076 24, 779 119,440 28,136 28, 547 12, 704 8,192 35, 743 17,280 1,690 8,017 4,824 29, 724 Sept. 29 — 365,993 30,483 136,235 26,473 32, 973 12, 519 5,888 61,634 17,374 1, 036 2,903 5,546 32,929 Oct. 6 288,717 12,166 98,940 26,174 30, 591 12, 075 6,014 54,054 13, 710 1,218 2,030 4,982 26, 763 Oct. 13 339,205 17, 359 126, 364 33,121 42,176 14,103 8,181 51, 598 11,241 4,032 1,965 3. 999 25, 066 Oct. 20 290, 035 15, 782 78,595 .29,809 40, 681 15, 307 6,856 50,264 16, 552 7,471 4,037 4,344 20,337 Other bills discounted— Sept. 22 342,560 15,157 69,412 17,015 21,806 33,072 49, 804 35,191 35,797 5,987 8,929 18,536 31,854 Sept. 29 -. 350,637 32,064 61,405 20,581 17,763 33,835 52,752 32,989 30,275 5,488 9,091 18,629 35,765 Oct. 6 • 334,872 18,298 52, 923 20,297 28,325 31,089 49,269 39,434 27,292 6,275 8,617 14,816 38,237 Oct. 13 364,696 30,345 77, 906 20,275 32,011 31, 630 44, 089 34,899 26,369 6,106 8,972 12,293 39,801 Oct. 20. 296,587 8,162 30,494 17,988 34,458 32,307 49,293 33,732 27,605 5,191 9,505 n 35,863 Total bills discounted: Sept. 22- , 661,636 188, 852 45,151 50,353 45,776 57,! 70, 934 53, 077 7,677 16,946 23,360 61,578 Sept. 29 716, 630 62,547 197, 640 47,054 50, 736 46,354 58, 640 94, 623 47, 649 6,524 11,r~' 24,175 68,694 Oct. 6— —- 623,589 30,464 151 I1"" 46,471 58, 916 43,164 55,283 93,488 41, 002 7,493 10, 647 19.798 65,000 Oct. 13 703,901 47,704 204,270 53,396 74,187 45, 733 52,270 86,497 37,610 10,138 10,937 16, 292 64,867 Oct. 20-— 586.622 23, 944 109,089 47,797 75,139 47,614 56,149 44,157 12, 662 13,542 16,333 56,200 Bills bought in open market: Sept. 22 270,407 23,245 45,915 22,358 27,102 12,133 32,521 40, 749 761 11,848 14,679 11.799 27,297 Sept. 29 - 275.623 26,308 51,172 23,359 26, 610 12,288 30,243 38,449 661 12,454 14, 713 12,768 26,598 Oct. 6 273,262 28,180 37,024 23,454 28,092 13, 398 32,140 42,017 537 13,242 16,016 13,759 25,403 Oct. 13 --— 291,312 30,621 53,554 23,901 27,238 12,738 31,261 42,008 1,818 13,242 17,073 13,214 24,644 Oct. 20 - 292,824 31,732 42,401 25,121 26,775 13,210 34,432 42,027 3,737 13,190 17,529 14,694 27,976 U. S. Government securities: Bonds— Sept. 22 5X, 409 543 1,822 585 1,176 263 19, 978 1,761 14,263 8,189 1,555 83 Sept. 29 55,322 543 4,772 585 . 1,121 245 20,518 1,761 14,113 8,189 2,200 84 Oct. 6- 53,537 543 1,822 585 1,121 245 20,613 1,761 15, 8,189 2,321 84 Oct. 13 53,803 543 1,322 584 1,121 273 21,228 1,761 15,063 8,189 2,444 84 Oct. 20 53,287 542 1,322 584 1,121 287 20,553 1,800 15,063 8,189 2,551 84 Treasury notes- Sept. 22_._ 148,213 4,839 27,048 16,864 21,224 1,492 13,753 10,980 4,516 9,533 9,347 23,620 Sept. 29 -. 138,305 4,445 24,484 16,642 20,630 1,492 13,403 10,362 4,565 8,724 8,516 22,307 Oct. 6 135,379 4,335 23,675 16,580 20,464 1,492 12,800 10.190 4,454 8,499 8,286 21,942 Oct. 13-_— 135,516 4,295 24,140 16,581 20,464 1,494 12,510 10.191 4,453 8,498 8,286 21,942 Oct. 20 136,145 4,235 23,675 16,581 21,464 12,665 10,191 4,453 8,286 21,941 Certificates of indebtedness- Sept. 22-.. _._-. 107,546 4,625 26,094 2,479 11,345 2,872 82 13,304 6,777 4,40' 10,277 10,120 15,164 Sept. 29. 108,414 4,328 26,804 2,480 11,345 2,872 82 13,758 6,778 4,407 10, 276 10,120 15,164 Oct. 6 117,419 4,832 29,087 2,763 12,105 3,206 82 14, 522 7,567 4,920 11,311 10,181 16,843 Oct. 13 — 118, 849 4,832 30,562 2,763 12,105 3,206 82 14,477 7,566 4,920 11,312 10,181 16,843 Oct. 20 — 117, 532 4,832 29,087 2,763 12,105 3,206 117 14, 54' 7,619 4,920 11,312 10,181 Total IT. S. Government securities: Sept. 22. 305,168 10,007 54, 964 19,928 33,745 7,1 1,837 47, 035 19, 518 23,186 27,999 21, 022 Sept. 29 302,041 9,316 56, 060 19,707 33, 096 6,798 1,819 47, 679 18,901 23, 085 27,189 20,836 37, 555 Oct. 6- 306,335 9,710 54, 584 19,928 33,690 7,059 1,819 47,935 19, 518 24,436 27,999 20, 788 38,869 Oct. 13 308,168 9,670 56, 024 19,928 33, 690 7,059 1,8'" 48, 215 19, 518 24,436 27, 999 20,911 38,869 Oct. 20 306,964 9,609 54,084 19,928 34, 690 7,059 1,8 47, 765 19,610 24,436 27,999 21, 018 38,868 Other securities: Sept. 22 3, 700 2,000 700 1,000 Sept, 29 3,700 2,000 700 1,000 Oct. 6 3,700 2,000 700 1,000 Oct. 13 3,700 2,000 700 1,000 Oct. 20 2,500 2,00C 500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER,, 1926 FEDERAL RESERVE BULLETIN 807 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Total bills and#securities: Sept. 22____ _______ 1,240,911 73,188 289, 731 89,437 111, 200 64,969 93, 054158, 718 73,356 43,711 59,624 56,181 127,742 Sept. 29 _„... 1, 297,994 98,171 304,872 92,120 110,442 65,440 91,402 180, 751 67, 211 43,063 53,896 57, 779132,847 Oct. 6 1, 206, 886 68,354 243,471 91,853 120,698 63, 621 89, 942183,440 61, 057 46,171 54, 662 54, 345129,272 Oct. 13 1,307,081 87,995 313,848 99, 225135,115 65, 530 176, 720 58, 946 48,816 56, 009 50,417 128,380 Oct. 20 1,188,910 65, 285 205, 574 94,846 136, 604 67,883 92,479 173, 788 67,504 50, 788 59,070 52,045 123,044 Due from foreign banks: Sept. 22...._ Sept. 29 Oct. 6 •__ 717 717 Oct. 13 •___ 718 718 Oct. 20 650 650 Uncollected items: Sept. 22 749, 939 64,226 184,701 64,895 75,011 63,792 34, 779 94, 670 33,499 14,306 42,786 30,455 46,819 Sept. 29 675,918 61,067 158,349 69,043 58,859 26,633 85, 556 32, 547 13,692 42, 794 28,769 39,171 Oct. 6 731,422 66, 759 179,448 61,353 67,407 63,339 31, 580 37,494 14,922 46, 511 30,497 42,713 Oct. 13 747,408 69,328 172,995 62,253 68,106 62,943 33,070 88,679 42,068 17,137 49,283 33,806 47, 740 Oct. 20 •„___ 807,680 76, 086 195, 653 71, 532 73,885 70, 061 34, 606 97, 561 41,257 17,192 46, 503 32,872 50,472 Bank premises: l Sept. 22 60,001 4, 068 16, 739 1.597 7,409 2,364 2,944 7, 933 4,111 2,943 1, 793 3,434 Sept. 29 60, 007 4,068 16, 740 1,597 7,409 2,364 2,944 7, 933 4, 111 2,943 4,667 1,793 3,438> Oct. 6-_ _-____._ 60,012 4,068 16, 740 1,597 7,409 2,364 2,944 7,933 4, 111 2,943 4,668 1,793 3,442 Oct.l3__ •_ 60,014 4,068 16,740 1,584 7,409 2,364 2,957 7, 933 4,111 2,943 4,' 1,793 3,444 Oct. 20 60, 039 4,f" 16, 740 1.598 7,409 2,364 2,957 7,933 4, 111 2,943 4,668 1,793 3,455. All other resources: Sept. 22 13,901 64 2,192 321 944 311 1,467 1,648 617 2,495 550 303 2, 989 Sept. 29 13, 704 61 . 2,370 330 959 305 823 1,643 612 2,784 527 313 2,977' Oct. 6-______ 13,409 137 2,402 351 999 285 817 1,621 603 2,400 530 297 2,967 Oct. 13 13,789 118 2,659 374 975 307 869 1,727 616 2,331 513 396 2,904 Oct. 20 ._ .... 13,561 124 2,590 316 1,013 306 838 1,284 586 559 373 2,889; Total resources: Sept. 22 ___ 5, 075,315 391,172 1,521,413 346,620 498,821 226,686 297,198 669, 705179,910 142,096 213,819 155,349 432,526 Sept. 29 5,035,363 386,399 1, 506,277340,357 491,410 227,138 291,365 687,062 176,231 135,846 211,748 153,457 428,073 Oct. 6 _'___ 5, 004, 905391,204 1,450,130 341, 742490,392 228,322 296,269 680, 026185, 705141,219 212, 034154,234 433, 628. Oct. 13 5,121,421 397,307 l,496,r~ 351,480 502,823 228,848 294, 044697,419 188,385 145,197 216, 727158, 985443,297 Oct. 20 5, 080, 560407,141 1,475,536 347,430 498,768 234,057 296,891 677,144 184,691 146, 068213,476 158,393 440,965. LIABILITIES Federal reserve notes in circulation: Sept. 22 1,716,087 148,764 373,635 112, 500204,290 76,182 175,975 208,892 47,300 63,665 66, 962 48,195 189,727~ Sept. 29.... 1, 716,466 149,160 374,187 113,891 207, 053 76, 083173,f " 208, 992 47,166 63,011 66, 572 48,650 188, 023 Oct. 6__.._. . 1, 730, 973150, 591 378, 506111,416 203,548 78,197 177, 006 211,466 47,035 65,201 67,269 50,668 190,070' Oct. 13 . 1, 756,299 151, 711 381, 742121, 526211, 033 79,295 175,905 213, 869 46,482 65,104 67,268 51,047 191,317" Oct. 20 1, 729,833 151, 932 373, 791113,220 203,207 79,644 174,762 214,274 46,017 65, 532 67,408 50,634 189,412 Deposits: Member bank — reserve account— Sept. 22 2,230, 591 147,202 857,977 135,775 183,678 66,666 69,351 327,054 80,250 51,667 90,613 56,025 164.333;. Sept. 29.. ___, 2,248,876 148,513 862,528 134,476 180,138 67,211 349, 752 78,356 46,786 89,811 57,162 165,323. Oct. 6. . 2,211, &09 149,146 812,633 138,237 186,067 70,291 338, 766 83,943 49,107 89,542 57,327 168,162: Oct. 13 2,217,091 145,609 833,514 134,110 183,882 68,120 68,924 334,799 81,786 52,471 88,723 56,020 169,133 Oct. 20 . 2,213,488 153,257 825,680 133,797 188,283 68,080 72,674 323,497 80,927 51,781 89,451 58,534 167,527' Government- Sept. 22 67,613 5,423 28,634 3,990 5,490 4,340 7,441 687 1,670 1,121 2,182 5,106 1.52& Sept. 29 •_. 51,703 2,863 15,835 3,148 6,655 9,108 1,010 1,584 1,850 2,021 4,280 2,041 Oct. 6 23,557 1,670 4,632 1,760 869 1,783 5,794 953 1,467 1,105 1,258 1,684 582; O Oc c t t . . 2 1 0 3 _ . 3 1 0 9 , , 4 5 1 6 6 0 2 2 , , 0 2 1 3 7 3 4 9, r 5 ~ 57 2,1 40 6 1 4 2 1 , , 1 1 1 4 9 4 2,1 7 9 9 5 9 2 1 , ,6 0 4 8 5 2 2 2 , , 1 0 4 7 3 2 1 1 , ,3 9 9 9 3 7 1 1 , , 0 2 0 0 0 7 1,688 1 1 1 , , 0 0 1 7 4 4 3 2, , 1 0 1 2 7 1 Foreign bank- Sept. 22 14,840 895 6,292 1,119 1,260 624 471 1,613 506# 377 459 412 812 Sept. 29 11,829 591 6,182 739 832 412 311 1,066 335 249 303 272 537 Oct. 6__ 6, 5861 479 2,010 599 674 334 252 863 271 202 246 221' 435 Oct. 13 . .... 5,894 479 1,318 599 674 334 252 863 271 202 246 221 435 Oct. 20 6,855 479 2,279 674 334 252 863 271 202 246 221 435 Other deposits— Sept. • 22. _ 18,959 105 8,932 224 778 975 299 259 1,324 28 5,870* Sept. 29__ 17, 978 38 8,392 172 797 77 1,025 214 139 1,332 29 5,689 Oct. 6 . 17,795 109 8,084 101 1,030 1,020 304 177 1,177 53 5,586 Oct. 13__ 20,681 92 11,214 115 838 92 959 305 223 1,176 30 5,573 Oct. 20-__ 17, 797 147 8,131 97 929 100 1,022 280 201 1,189 34 5,569 Total deposits: Sept. 22 .; ..... 2,332,003 153,625 901.835 141,108 191,206 71,696 77,362 330,329 82,725 53,424 94,578 61, 571172,544 Sept. 29 . .. 2,330,386 152,005 892,937 136,695 184,915 75,961 76,707 352,853 80,489 49,024 93,467 61,743 173,590* Oct. 6 ....... 2,259,847 151,404 827,359 140,697 188,640 70,863 76,433 341,602 85,985 50,591 92,223 59,285 174,765 Oct. 13______ __. 2,274,226 148,197 855,603 136,988 187,513 70,713 70,913 338,764 84,359 53,896 91,833 57,285 178,162 Oct. 20.__ .____ 2,257,556 156,116 840,983 134,894 191,030 69,311 75,108 327,454 82,871 53,391 90,887 59,863 175,648^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE' BULLETIN NOVEMBER, 1926 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P el h p i h la i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Deferred availability items: Sept. 22__ 663,202 61,953 146,620 59,178 65,199 59,478 28, 778 80,392 33,822 13,171 38,016 32 693 43,902 Sept. 29.__ 624,068 58,413 139,726 55,933 61,246 55,760 25,850 75,027 32,496 11,966 37,436 SO, 116 40,099 Oct. 6-... - 649,483 62,449 144,875 55, 741 59,991 59,892 27, 664 76, 718 36,620 13,559 38,246 31, 360 42,368 Oct. 13.-..___ _ 725, 275 70, 575 159,871 59,074 65,971 59,474 32,023 94,442 41,409 14,112 43,303 37, 702 47,319 Oct. 20 727,440 72,276 161,210 65,295 66,194 65, 682 31,742 85,021 39,639 15,207 40,849 34,946 49,379 Capital paid in: Sept. 22 123,839 8,800 35,746 12, 465 13, 551 6,109 5,029 16, 666 5,292 3,102 4,189 4,301 Sept. 29._ _ _. 123,796 8,800 35,703 12,463 13, 551 6,110 5,032 16,668 5,288 3,100 4,187 4,301 Oct. 6-_ 123, 855 8,800 35.755 12.463 13, 560 6,110 5,032 16, 669 5,288 3,095 4,189 4,301 Oct. 13 123,901 8,800 35, 764 12,467 13, 559 6,106 5,031 16, 679 5,311 3, 091 4,189 4,304 8,600 Oct. 20_- 124,002 8,800 35.756 12, 527 13, 559 6,106 5,037 5,334 3,091 4,189 4,304 ,604 Surplus: Sept. 22._- 220,310 17, 020 59,964 20.464 11,919 8,700 30,613 9,570 7,501 8,979 7,615 15,071 Sept. 29 _ 220,310 17, 020 59,964 20,464 22,894 11,919 8,700 30, 613 9,570 7,501 8,979 7,615 15, 071 Oct.6__-— 220, 310 17,020 59,964 20,464 22,894 11,919 8,700 30,613 9,570 7,501 7,615 15,071 Oct. 13_ 220,310 17,020 59,964 20,464 22,894 11,919 8,700 30,613 9,570 7,501 8,979 7,615 15,071 Oct. 20_ 220, 310 17, 020 59,964. 20, 464 22,894 11,919 8,700 30, 613 9,570 7,501 8,979 7,615 15,071 All other liabilities: Sept. 22._ 19,874 1,010 3,613 905 1,681 1,302 1,354 2,813 1,201 1,233 1,095 974 2,693 Sept. 29._- — 20,337 1,001 3,760 911 1,751 1,305 2,909 1,222 1, 244 1,107 1,032 2,697 Oct. 6__ . 20,437 940 3,671 961 1,759 1,341 1*434 2,958 1,207 1,272 1,128 1,005 2,761 Oct. 13 21,410 1,004 3,965 961 1,853 1,341 1,472 3,052 1,254 1,493 1,155 1, 032 2,828 Oct. 20 —. 21,419 997 3,832 1,030 1,884 1,395 1,542 3,087 1,260 1,346 1,164 1,031 2,851 Total liabilities: Sept. 22.__ 5,075,315 391,172 1, 521,413346,620 498,821 297-, 198669, 705179,910 142,096 213, 819 155,349 432, 526 Sept. 29._ 5,035, 363 386, 3991, 506,277340,357 491,410 227,138 291,365 687,062 176,231 135,846 211, 748153,457 428,073 Oct. 6 .._..... 5,004,905 391,204 1,450,130 341,742 490,392 228,322 185,705 141,219 212,034 154,234 433,628 Oct. 13__ 5,121,421 397,307 1,496,909 351,480 502, 823 294,044 697,419 188,385 145,197 216, 727158,985 443,297 Oct. 20- 5,080, 560 407,141 1,475, 536347,430 498, 768234, 057296,891 677,144 184, 691146,068 213,476 158,393 440,965 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Sept. 22 73.1 80.5 79.5 74.5 76.2 62.6 63.6 73.6 49.9 66.3 64.4 59.1 68.4 Sept.29______ 72.6 72.2 79.7 74.2 76.7 64.2 66.2 71.5 54.0 64.8 67.1 57.1 68.1 Oct.6 _._ 73.7 81.5 82.5 73.5 73.9 64.7 66.1 70.1 59.8 64.0 64.9 59.8 69.1 Oct. 13 73.1 77.2 78.9 72.3 72.5 63.7 67.8 74.8 60.9 61.4 65.3 65.4 69.7 Oct. 2O.__.__ 74.1 83.2 85.4 71.8 69.8 60.9 64.9 71.5 52.7 60.3 63.5 63.0 70.6 Contingent liability on bills purchased for foreign correspondents: Sept. 22 45,124 3,416 12,491 4,270 4,810 2,382 I,1 6,158 1,933 v 1,753 1,573 3,102 Sept. 29 :_„_. 4& 296 3,416 12, 663 4,270 4,810 2,382 1,' 6,158 1,753 1,573 3,102 Oct. 6___ 45., 385 3,443 12,494 4,304 4,847 2,401 1,812 6,207 1*948 1,438 1,767 1,586 3,126 Oct. 13 . 43,981 3,443 11,090 4,304 4,847 2,401 1,812 6,207 1,948 1,450 1,767 1,586 3,126 Oct.20.__ 42,853 3,310 11,228 4,138 4,661 2,309 1,742 5,968 1,873 1,450 ir~ 1,525 3,006 Own Federal reserve notes held 1,394 by Federal reserve bank: Sept. 22 ___ 350,820 34,544 105,018 41, 602 23,394 13,286 31,125 36,691 4,237 7,120 5,524 41,410 Sept. 29 348,935 34,227 104,494 39,845 21,183 14,387 32,248 36,291 3,539 5,939 41,800 Oct. 6 .._.._ 329,555 34,437 96,838 39,140 23,043 13,097 29,291 35, 850 3,310 3,960 4,517 39,428 Oct. 13 _•___ 34,908 92, 072 28,347 18,177 12,901 28,959 31, 570 3,277 6,055 6,518 4,952 39,107 Oct. 20.. _\ 344,266 36,895 103,860 38,002 24,945 14,"- 28,765 34,458 4,794 5,631 7,198 4,839 40,219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEEj 1926 FEDERAL RESERVE BULLETIN 809 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Total Wi d th ay in s 15 16 d a to y s 30 31 d a t y o s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o m O o v n e t r h 6 s Bills discounted: Sept. 22 661,636 494,841 46,492 69,102 45,354 5,695 152 Sept. 29.. 716,630 559,138 44,123 63,744 43, 619 5,835 171 Oct. 6.. -_-__ 623, 589 462,120 46,164 67,478 42,486 252 Oct. 13._'. 703,901 552,134 42,886 65, 550 37,634 5,442 255 Oct. 20 586, 622 447,760 41, 440 57, 690 33,116 6,351 265 Bills bought in open market: Sept. 22. ___._• .... 270,407 83,679 55, 581 70,409 51, 565 9,173 Sept. 29. 275, 623 55,497 73,136 50,171 7,995 Oct. 6__ 273,262 77, 575 56, 753 82,448 44,400 12,086 Oct. 13 291,312 91,107 55,152 76, 556 55,991 12, 506 Oct. 20 292,824 81, 062 61, 678 77,042 62,677 10,365 Certificates of indebtedness: Sept. 22 107, 546 337 39,138 68,071 Sept. 29 . 108,414 750 38,853 210 68,601 Oct. 6 -. 117,419 44,103 73,316 Oct. 13. _.._ 118,849 1,475 43,811 "247" 73,316 Oct. 20. 117, 532 44,138 73,394 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - City Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Sept. 22__ 2, 923,819 239,808 771,973 188,102 274,524 116,743 273,010 427,700 73,21 113,551 71,966 286,837 Sept. 29__ _______ 2,919,203 236,887 772,001 190,736 271,876 115,285 272,326 130,901 73,345 86,599 114,348 71,376 283,523 Oct. 6 ____ 2, 919,310 234,128 767,464 187,556 271, 631118,889 270,897 443,033 72,985 85,924 114,473 70,692 281,638 Oct. 13 ___ 2,914,314 231,719 765,934 184,873 272,250 118,031 269,494 443,856 72,399 85,622 113,246 70,126 286,764 ' Oct. 20 __ 2,937,876 238, 727 769,771 190,222 275,892 116,839 267,497 450, 649 72,731 113,091 69, 600285,971 Federal reserve notes held by Federal reserve agent: Sept. 22. __ 856,912 56,500 293,320 34,000 46,840 27,275 65,910 182,117 21,680 15,603 39,720 18,247 55,700 Sept. 29. ._ 853,802 53,500 293,320 37,000 43,640 24,815 66,400 185,618 22,640 16,602 39,780 16,787 53,700 Oct. 6 858,782 49,100 292,120 37,000 45,040 27,595 64,600 195,717 22,640 16,763 40,560 15,507 52,140 Oct. 13_ ___' 851,172 45,100 292,120 35/000 43,040 25,835 64,630 198,417 22,640 14,463 39,460 14,127 56,340 Oct. 20 ___ 863,777 49,900 292,120 39,000 47,740 22,535 63,970 201,917 21,920 15,723 38,485 14,127 56,340 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— - Sept.22____ 306,634 35,300 171,698 8,780 28,805 14,238 7,945 13,212 16,656 10,000 Sept. 29 _ ___ 306,633 35,300| 171,698! 8,780 28,805 14,237 7,945 13,212 16,658 10,000 Oct. 6--.._•__ __ 306,433 35,300 8,780 28,805 14,237 7,945 13,512 19,156 10,000 Oct. 13 306,428 35,300 168, 698 8,780 28, 805 14,237 7,945 13, 507 19,156 10,000 Oct.20-_ _________ 306,428 35,300 168,698 8, 780 28,805 14,237 7,945 13,507 19,156 10,000 Gold redemption fund- Sept. 22__ __ 107,211 16,821 24,415 10,325 12,552 4,' 8,010 1,533 1,835 4,194 - 3,142 16,340 Sept. 29____ __ 95,579 13,900 24,339 6, 959 11,603 3,476 5,966 3,049 1,700 2,046 3,031 3, 552 15, 958 Oct.6__ 92,258 11,141 24,235 8,779 12, 658 2,080 3,618 3,022 2,340 1,871 4,156 2,868 15,490 Oct. 13________ 105,902 18,732 24,121 11,096 13,278 3,723 7,454 2,995 1,554 1,569 2,930 3,301 15,149 Oct. 20 ______•- 96,715 16,340 24,027 8,445 12,319 2,530 5,458 2,995 1, '"" 913 2,775 4, 776 14,731 Gold fund, Federal Reserve Board- Sept. 22 970,834 94,000 96,000 88, 777160,000 9,000 98,000 175.644 6,300 39,000 45,860 4,000 154,253 Sept. 29 956,903 84,000 96,000 88,777 160,OtiO 9,000 99,000 175.645 8,300 36,000 50,860 3,000 146,321 Oct. 6 984,505 84,000 141,000 83,777 160,000 9,000 102,000 155.644 8,300 34,500 5,000 152,424 Oct. 13 916,813 79,000 91,000 80,777 150,000 12,500 101,000 155.645 9,300 34,500 6,000 148,231 Oct. 20 84,000 181,000 81,777 140,000 12,500 97,000 155, 645 9,300 34,500 48,860 6,000 155,816 Eligible paper- Sept. 22, 895,994 63,181 213,696 56,181 75,114 56,950 90,473 111, 580 53,833 19,449 31,544 35,146 88,847 Sept. 29 953,368 88,855 221,862 62,018 75,426 57,732 88,851 132, 966 48,307 26,619 36, 843 95,009 Oct. 6 ________ 859,423 58,644 160,727 63,420 85,342 56,328 8L412 135,379 41,522 20,442 26,470 33,377 90,360 Oct. 13 __— 947,286 78,325 230,699 62,225 99,823 55,401 83,509 128,408 39,424 23,131 27,818 29,392 89,131 Oct. 20-_ 837,649 55,676 121,038 65,330 100,590 59,332 90,560 125,911 47,880 25,630 30,895 30,802 84,005 Total collateral— Sept. 22__ _ 2,280,673 209,302 505,839 155,283 256,446 210, 721290,304 69, 611 73,496 81,598 58,944 269,440 Sept. 29 _ 2,312,483 222,055 513,899 157,754 255,809 99,013 208,054 311,660 66,252 70,138 80,510 60,051 267,288 Oct. 6___ _______ 2,242,619 189,085 494,660 155,976 266, 780 96,213 207,267 294,045 60,107 70,325 79,486 60,401 268,274 Oct. 13 _. 2,276,429 211,357 514,518 154,098 271,881 100,429 206,200 287,048 58,223 72,707 79, C "57,849 262,511 Oct. 20___ 2,247,190 191,316 494,763 155,552 261,689 103,167 207,255 284,551 66, 531 74, 550 82,530| 60, 734264, 552 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, SEPTEMBER, 1926 [In thousands of dollars] Total Boston Y N o e r w k . P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M n o e l i i a n s p - - K C an it s y as Dallas F c S i r s a a c n n o - HOLDINGS ON SEPT. 30 Total bills and securities. __ . .. , 269,666 101,400 273,051 98,569 111,072 65, 545 91,761 174,402 69,860 43,517 54,351 58, 557 127,581 Bills discounted 681,340, 63,941 166, 590 52,720 50, 506 46,069 58, 559 88,020 49,955 6,431 11, 557 24, 283 62,709 Bills bought in open market 280,350! 27,925 50,147 24,019 27,140 12,533 30, 681 39,717 661 12, 778 15,155 13,007 26,587 United States securities 304,276 9,534 56,314 19,830 33,426 6,943 1,821 46,665 19,244 23,308 27,639 21, 267 38,285 Other securities 3,700 2,000 700 1,000 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s _ 231,541 32, 562 24,282 9,787 12,791 22,832 39,110 25,216 22,564 3,863 8,874 17,226 12,434 Demand and sight drafts 240 19 112 90 19 Bankers' acceptances 60 50 10 Trade acceptances 2,923 29 296 221 247 124 416 658 783 94 55 Secured by U. S. Government obligations 1,295 285 148 80 246 15 346 1 29 135 10 Member bank collateral notes: Secured by U. S. Government obligations _. 330,787 31,015 108,933 29,255 31,119 12,437 5,498 56,983 16, 723 1,030 2,079 5,031 30,684 Otherwise secured 114, 494 33, 069 13,457 6,201 10,596 13,270 5,148 9,427 1,537 575 1,707 19, 507 Total discounted bills 681,340 63,941 166, 590 52, 720 50, 506 46,069 58, 559 88,020 49,955.. 6,431 11, 557 24,283 62,709 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports 116, 517 9,601 19, 708 9,845 11,813 5,192 13,390 17,697 34 5,337 8,365 6,482 9,053 Exports . _ _ _ . 67,323 7,549 11,381 5,569 4, 941 2,768 8,095 8,647 100 4,160 3,060 3,124 7,929 Domestic transactions 45,343 5,434 5,993 4,308 3,931 1,634 4,775 7,575 527 2,054 2,042 1,617 5,453 Dollar exchange.. ___ 6,174 296 2,050 967 367 529 347 888 200 137 186 207 Shipments between or storage of goods in foreign countries______ 41, 255 4,981 9,263 3,323 4,649 2,354 3,999 4,816 1,027 1,551 1, 598 3,694 All other 1,007 64 460 56 75 94 251 Trade acceptances based on imports 1,225 1,026 199 Bills payable in foreign currency 1,506 266 1,240 Total purchased bills 280,350 27,925• 50,147 24,019 27,140 12, 533 30, 681 39,717 661 12,778 15,155 13,007 26,587 United States Securities United States bonds _ 52,794 543 2,772 585 1,121 1,191 248 20, 018 1,761 14,113 8,189 2,169 84 Treasury notes 139, 292 4,444 25,849 16, 643 20,629 2,734 1,491 13, 028 10, 362 4,565 8,723 8,517 22, 307 Certificates of indebtedness __ 112,190 4,547 27, 693 2,602 11,676 3,018 82 13, 619 7,121 4,630 10, 727 10,581 15,894 Total U. S. securities 304, 276 9,534 56,314 19,830 33,426 6,943 1,821 46, 665 19, 244 23, 308 27,639 21,267 38, 285 DAILY AVERAGE HOLDINGS DURING SEPTEMBER Total bills and securities _ 1, 225, 236 79, 839 286,126 90,429 106, 020 65, 618 87,832 155,790 69,183 42,993 56,819 57,868 126, 719 Bills discounted 641, 797 45,498 182,447 46, 224 44, 966 46, 359 55,345 67, 736 43,462 11, 212 13, 542 25, 000 60, 006 Bills bought. _. 263, 992 23, 662 40, 216 22, 012 26,640 11,999 29,893 38,640 5,868 11,657 14,606 11,808 26,991 United States securities 315,747 10, 679 63, 463 20,193 34,414 7,260 1,894 49,414 19,853 19,124 28, 671 21, 060 39, 722 Federal inter, credit bank debentures _. 3, 700 2,000 700 1 000 EARNINGS DURING SEPTEMBER Total bills and securities 3, 793 246 891 280 324 206 276 483 216 134 172 177 388 Bills discounted 2,105 150 595 152 148 152 182 223 143 37 44 82 197 Bills bought 757 66 117 64 76 34 87 110 16 33 42 34 78 United States securities 919 30 179 5 100 20 150 57 61 86 61 113 Federal inter, credit bank debentures _. 12 2 3 ANNUAL RATE OF EARNINGS Total bills and securities 3.77 3.74 3.7S 3.7 3.71 3.82 3.82 3.77 3.81 3.79 3.68 3.72 3.72 Bills discounted 3.99 4.0C 3.97 4.0 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Bills bought. 3.50 3.41 3. 5€ 3.5 3.48 3.47 3.53 3.48 3.39 3.47 3.48 3.49 3.49 United States securities 3.53 Q 3.4C 3.42 3.4 3.52 3.26 3. 56 3.69 3.51 3.85 3.64 3.53 3.46 Federal inter, credit bank debentures _. 3.78 3.8 3.42 3.82 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEK, 1926 FEDERAL RESERVE BULLETIN' 811 FEDERAL RESERVE BANKS—VOLUME- OF DISCOUNT AND OPEN MARKET OPERATIONS DURING SEPTEMBER, 1926 [Amounts in thousands of dollars] Total B t o o s n - Y N o ew rk - P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o Lo S u t. is n M o e l a i i p s n - - K C s a i a t n s y - Dallas F c S r is a a c n n o - Total Volume of Operations. 4,417,124387,1192,072,059 224,943 317,339 290,329 100,254 321, 758 197,74545, 749 85,464 49,285 325,080 Bills discounted for member banks *„_•- 3,751,744 125,070 1,746,477202,597 279, 642279,741 79,252 246,833 190,214 27,037 64, 72830,277279,876 Bills bought: In open market _._-__ 234,2551 37,132 90,322 12,820 11,520 5,659 22,105 2,020 3,912 5,512 5,604 27,651 From other Federal reserve banks. 36,435 9,028 2,000 2,651 2,593 10,168 2,400 2,816 3,028 1,171 580 U. S. securities bought in open market 394, 690 24,917 226, 232 7,526 23, 526 2,336 836 50,420 5,511 11, r~'12,196 12,233 16,973 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e.s 171,370i 2,298 14,208 7,718 12, 65412,189 31, 72834,004 33, C 1,120 9,218 6,181 Demand and sight drafts 1,000 171 495 313 21 Bankers' acceptances, foreign 10 10 Trade acceptances, domestic.---__• 1, 535 30 257 66 229 213 54 554 30 56 Secured by U. S. Gov't obligations- _-.__ 798 80 91 102 320 25 113 4 Member bank collateral notes: Secured by U. S. Gov't obligations 2,807, 977165, 9011, 549,594 150, 205 213, 983 110,30,00 18, 765 189,105 129,001 17, 792 53,087 11,67'2 205i,, 872 Secured by eligible paper 2... 769,056156, 841 182,408 44,608 52,696 164,445 28,284 23,568 26,758 8,125 4,650 8,931 67,742 Total. 3, 751, 744325,070 1, 756,477 202,597 279,642 279,74179,252 246,833 190, 214127,037 64, 728 30, 277 279,876 Average rate (365-day basis), per cent._._-- 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Average maturity (in days): Member bank collateral notes 4.95 4.87 3.85 7.20 4.81 2.51 12.62 11. 06 5.47 7.21 3.60 11. 6.07 Rediscounted bills 52.60 52.00 64.68 54.91 51.34 50. Q0 52.20 56.83 37. 61 79.33 53.64 55.86 62.46 Number of member banks on Sept. 30. . 9,360 907 764 857 587 1,361 618 789 1,006 842 725 Number of membor banks accommodated during month 2,879 159 341 359 261 272 478 222 100 159 177 142 Per cent accommodated 30.8 38.3 37.7 47.0 30.5 46.3 42.5 35.1 35.9 12.7 14.8 21.0 19.7 Bills Bought in Open Market From member banks „.. 54,650 17,122 8,676 726 5,371 2,098 5,023 4,922 1,596 1,675 1,841 4,637 From nonmember banks, banking corporations, etc.: Bought outright J_. 83,048 13,133 11,826 12,094 6,149 3,561 4,975 12,070 1,057 2,316 3,837 3,582 8,448 Bought with resale agreement 96, 557 6,877 69,820 5,113 181 14, 566 Total.. 234, 255 37,132 90,322J 12,820 11, 520 5,659 22,105 2,020 3,912 5,512 5,604 27, 651 Kates charged: 3M per cent . 12 12 3% per cent 27 27 V/2 per cent _ _. _-.. 62,189 10, 57' 14, 505 1,794 6,252 3,367 3,229 7,~776"l,~455 2,006 3,412 2,096 5,726 3fM? per cent .. 4, "" 120 131 10 4,245 Z% per cent _.. 157,667 25, 574 74, 698 10,811 4,627 1,740 4,789 10,033 565 1,906 2,048 17, 501 SJ4 per cent 2,83T 173 205 366 8S 1,844 160 4 per cent. 6,618 878 275 292 "i," 2, 348 """20 133 4 AH per cent... 125 110 15 4-si per cent *. 12 12 4-nr per cent. 22 22 4|f per cent 64 • 64 Average rate (365-day basis), per cent 3.7' 3.78 3. 77 3.7 3.75 3.79 3.81 3.69 3. Average maturity (in days) 3. 55.54 67.73 35. 57 72.19 53.22 45.23 57.18 57.70 42.08 54.20 49.70 68.38 44.09 Class of bills: Bills payable in dollars—3 Bankers' acceptances based on— Imports.. 43, 590 8,213 4,627 6,195 3,815 2,036 2, 981 6,751 289 1,788 2, 606 2,193 2,096 Exports 33,413 6,802 3,560 2,093 2,640 1,458 3,613 3, 516 671 773 1,161 1, 584 5,542 Domestic transactions.. 22, 089 6,636 1,933 2,506 1,627 701 1,588 2,660 164 505 456 570 2,743 Dollar exchange.... 2,844 288 495 547 202 260 74 537 152 58 155 76 Shipments between or storage of goods in foreign countries.. 33,238 8,316 1,479 2,640 1,198 851 3,526 1,231 921 2, 500 Allother--. 1,192 135 30 6 891 128 Trade acceptances based on imports 867 668! 199 Bills payable in foreign currencies 465 981 367 Total. 137, 698 30, 255 20,502j 12,820 11, 520 5,659 >,998 2,020 3,912 5,512 5,423 13, 085 U. S. Securities Bought in Open Market Bought outright: United States bonds 15,077 219 1, 319 123 975 145 706 656 343 8,r 450 t, 236 732 Treasury notes 3,453 132 791 74 198 87 394 206 270 277 437 Certificates of indebtedness 4_. 349, 790 24,169 210,077 7,329 22,353 2,104 127 41,485 4,962 584 11,476 6,677 15,804 Bought with resale agreement 26, 370 397 14, 045 7,885 3,227 4,043 Total.. 394, e 24, 91' 226,232! 7,526 23, 526 2,336 836 50, 420 5, 511 11,984 12,196 12, 233 16,973 1 Includes $400,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif., and $110,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. 2 Includes bills taken under a resale contract. 3 Exclusive of acceptances bought under a resale contract. i Includes special 1-day certificates issued by the Treasury to Federal reserve banks as follows: Boston,$21,000,000; New York, $191,000,000; Philadelphia, $5,500,000; Cleveland, $13,000,000; Chicago, $32,000,000 ;Kansas City, $4,500,000; and San Francisco, $4,500,000. Total, $271,500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] FEDERAL RESERVE DISTRICT Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l i a i n s p - - City Dallas F c S r is a a c n n o - Number of reporting banks- Sept. 15 __._. 67 65 Sept. 22 ..... 694 65 Sept. 29 _. 65 Oct. 6.-- . 65 Oct. 13.. 65 Loans and discounts, gross: Secured by U. S. Government obligations- Sept. 15 7,702 60,536 10,888 20,711 5,133 6,377 21,194 7,269 3,382 4,088 3,998 7,416 Sept. 22 146,822 7,637 51,265 10,905 20,544 5,022 6,356 20,471 7,248 3,376 4,111 3,982 5,905 Sept. 29 153,966 7,60; 58,666 12,027 20,338 5,777 19,399 7,396 3,394 4,493 3,943 5,932 Oct. 6 140,597 7,986 45,890 12,052 20,445 5,'010 5,748 19,154 7,002 3,430 4,069 5,843 Oct. 13. — 137,048 8,008 45,435 10,913 20,294 5,056 5,556 17,470 3,382 4,022 4,040 5,985 Secured by stocks and bonds- Sept. 15 5,581,757 376,7774 2,329,404 409,488 571,701 145,367 104,405 902,194 189,966 71,970 122,421 70,445 287,622 Sept. 22 .... 5,537, 625 369i,, ~ 3~78 2,297,921406, 890 578,232 142, 520 106,280 894,282 187,153 73,064 116,042 70,934 294,929 Sept. 29 .___ 5,601,027 379, n4100 406, 529 575,168 144,076 107,126 881,821 186,196 72,216 117, 698 71, 522 295,187 Oct. 6 5,576,020 373,267 2, 315, 562419,290 578,797 144,541 106,135 894,894 187,132 71, 589 117,369 71,937 295, 507 Oct. 13 5,541, 607 372,009 2,273,988 410,974 572,955 146,446 103,108 886, 670 188,221 72, 353 113,292 71,892 329, 699 All other loans and discounts— Sept. 15 8, 575,830 648,071 2, 725, 616388,602 794,146 400,643 1., 275,912 325,978 161,420 322,281 239, 556 923, 620 Sept. 22 8,574,417 643, 528 2, 727, 703394, 797 787,256 372,421 401,014 1, 273, 574 332,106 162,359 317,081 242,856 919, 722 Sept. 29 8,640,435 649,361 2, 773,300 391, 901 788,185 373,89; 411,4131, 269, 688 336,320 167,186 318,140 245, 540 915, 506 Oct. 6 •_ 8, 697, 362 648, 765 2,808,866 391,322 794,291 377,100 417,7281,272,490 334,131 171,058 316, 781244,497 920, 333 Oct. 13 8,728,278 655,140 2, 799,173 394, 520 793,361 377, 770418,7r44i, 271,242 339, 873 172,013 317,225 245,978 943,239 Total loans and discounts- Sept. 15 14,316,281 1,032,547 5,115, 556 808,,978 1,386, 558520,48; 511,4252,199,300 523,213 236, 772 448, 790 313,9991,218,658 Sept. 22...... 14,258,864 1,020, 543 5,076,889 812!,, 592, 3186,032 519,963 513, 650 "2!,, 188,327526, 507 238, 799437,234 317, 772 1,220, 556 Sept. 29_______ 14,395,428 1,036,354 5,196,066 810,4571 522,967 524,316 2,D908 529, 912 242,796 440,331 321,0051,216,625 Oct. 6-.-. 14,413,979 1,030,018 5,170,318 822,664 1L,, 393,533526,651 529,6112,186,,538 528,265 246,077 438,219 320,40211,221,683 Oct. 13 . 14,406,9331,035,157 5,118,596 816,4071L, 386,610529,272 527,408 1"7"5,382 534,981 247, 748 434,539 321,910 1,278,923 U. S; Government securities: Sept. 15 . 2,542,493 153,0431L, 011, 502 91,906 294,961 71, 660 48,015 318, 523 64,735 67, 503 105,871 54,871 259, 903 S*ept. 22 2, 512,320 152,92011,004,352 91,912 292, 696 70, 565 46,309 312,997 63,897 61,314 105,383 53,227 256,74S Sept. 29 2, 501,742 152,519 996,154 91,828 290,559 70,388 313,683 64,190 60,548 105, 512 52,338 267,428 Oct. 6. 2,491,121 152,427 991,966 91, 605 293,297 69,724 45,654 312, 508 62, 760 59,447 103,490 53,043 255,200 Oct. 13 2,480,235 152, 572 984, 562 290, 714 70,659 46,237 314, 543 62,391 59, 506 101, 597 53,429 254,242 Other bonds, stocks, and securities: Sept. 15__ 3,112,161 242,855 1i.,163,445 267, 801 358,623 68,389 58, 609 462,698 113, 975 47,904 90, 273 24,710 212,879 Sept. 22 3,108,610 247,329 IL], 150, 612267, 568 361,904 69,015 58,956 462, 209 115,324 47,601 92,006 24,453 211, 633 Sept. 29_.____ 3,132, 089 252,9181,1,165,607 266,574 363, 527 68,800 59,230 468,472 113,896 47, 636 91,394 23, 972 210, 063 Oct. 6--_ 3,118, 019 248, 9911L,, 155,902 264, 722 360, 635 68, 612 56, 936 472, 777 115,101 47,321 92,162 24,083 210, 777 Oct. 13 ___ 3,115,492 243, 555 1L,, 144, 727 265, 547 363, 561 68, 635 58, 562 468,818 116,100 47,679 92,903 25,169 220,236 Total investments: Sept. 15 5, 654, 654 395, 898 2,174, 947 359, 707 653, 584 140, 049 106, 624 781, 221 178, 710115,407 196,144 79,581 472, 782 Sept. 22_ 5, 620,930 400,249 2,154, 964 359,480 654, 600 139, 580 105, 265 775, 206 179,221 108, 915 197,389 77, .680 468,381 Sept. 29____- __. 5, 633,831 405,4372,161,761 358,402 654, 086 139,188 105,825 782,155 178, 086108.184 196, 906 76,310 467, 491 Oct. 6 5, 609,140 401,41812,147,868 356,327 653, 932 138,336 102, 590 785,285 177,861 106, 768 195,652 77,126 465, 977 Oct. 13 __. 5, 595, 727 396,127 2,129,289 355,330 654,275 139,294 104,799 783,361 178,491 107.185 194,500 474,478 Total loans and investments: Sept.l5_____ 19,970,935 1,428,4457,290, 503 1,, 168, 685 2, 040,142660, 534 618, 049 2, 980, 521701, 923352,179 644, 934 580 1, 691,440 Sept. 22 ._19,879, 7941,420, 792 7, 231,853 1,172,072 2,040,632659, 543 618, 915 2,963, 533705, 728347,714 634, 623395; 452 1, 688, 937 Sept. 29 20,029,259 1,441,791 7,357,827 1, 168,859 2,037, 777662,155 >, 1412,953, C 707, 998350,980 637,237 397,3151., 684,116 Oct. 6 ____________20, 023,1191,431,436 7,318,186 1, 178, 991 2,047,465664, 987 632, 2012, 971, £ 706,126 352,845 633,871 397,5281., 687, 660 Oct. 13._ 20,002,660 1:, 431, 284 7, 247,885, 1 171,737 2,040,885 632,207 2, 958, 743713, 472354, 933 629, 039 400,5081,753,401 Reserve balances with Federal reserve bank: Sept. 15. 1, 767, J 90/844 832, 844 85,154 135, 536 41, 766 40, 942 271, 724 49, 788 22, 762 56,389 29,174 110,467 Sept. 22 1, 658, 215 102, 822 753,438 82, 740 127,493 40, 515 41,800 244, 584 47,164 26,207 28, 701 105,818 Sept. 29. _. 1, 668,191 758, 507 82, 004 125, 941 40, 072 37, 628 267, 270 45, 539 20, 517 56, 014 29,430 106, 613 Oct. 6 1, 621,134 99,437 706,235 82,257 129,832 40, 515 41, 546 256, 603 49,811 23,367 55,915 27,920 107, 696 Oct. 13 1, 642, 265 98, 262 730, 028 80, 482 130,384 40, 649 39,302 253,969 48, 067 26, 575 54,939 27, 006 112, 602 Cash in vault: Sept. 15 283,362 20,862 15,880 32,852 14, 061 10,836 53,832 7,933 5,556 11,270 10,802 20,569 Sept. 22. __ 277,890 20, 641 78,007 16,380 33,086 13,916 11,132 48,193 7,590 5,795 11,941 10, 940 20,269 Sept. 29. 285,362 21,144 79,958 16,896 33, 022 13, 750 11, 786 8,137 5,802 12, 917 11,188 21,878 Oct. 6... .. 284,108 21,990 80,813 16, 623 31,998 13,805 11, 743 49,461 8,041 5,883 12,197 10, 658 20,896 Oct. 13 312, 725 22,490 88,434 18,355 15,020 13,132 53, 061 8,642 5,885 12, 934 13,345 26,440 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

813 NOVEMBER, 1926 FEDERAL RESERVE BULLETIN PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] FEDERAL RESERVE DISTRICT Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - Net demand deposits: Sept. 15 13,270,420 911.,, 052i 5,, 676,457771,,158 1, 084,170381, 731 3431,,003 1, 897,464413,145 209, 779 518,918 270,117 793,426 Sept. 22 . 12,899,487 904,188 5i,, 503, 564769,,282 1, 062,417372, 699 331,., 574, 1 ,818, 535393,159 209,588 502,871 264,869 766, 741 Sept. 29 . 13,003,156 910, 037 55,, 629,347 764, 6611, 054, 092378, 736330>,,194 1, 805, 536395,875 205,622 509, 520266, 613 752,923 Oct. 6 13, 037,470 931,904 55,. 575,330 774,t, —6 77" ,1, 060, 242383,999 345i,, 428 ,1 819,376401,159 208, 530 509,372 268, 015 759,438 Oct. 13_.__. 13,145,947 932,344 \5 ,570,936 779I,, 624 ,1 071, 511 340,106 1, 841,457415, 569 210, 791 504,347 282,037 Time deposits: Sept. 15 5,682,518 431,., 802 1,,283,263 244,680 •821,087 209,232 220,938 1,, 050,273217,680 119,263 149.344 99,115 835,841 Sept. 22 .—.-..... 5,661,945 427,4091•,•2"7"41,,512 242,651 820,857 208,381 214,8901,052,264 217,923 119,462 149,052 99,574 834,970 Sept. 29 5,673,738 423,8011,277'.,547 243,133 827,386 208,955 221,2111,, 050,622217,362 120,491 149,545 99,820 833,865 Oct. 6_____ 5,670,758 422,7061f,, —27'4,473 241,840 826,354 209, 853 219,975 1, 052,595218,891 121,139 149.345 100,025 833,562 Oct. 13 5,735,708 424,7821,273,245 236,178 825,088 209,133 232,615 1, 057,808218,319 122,203 149,376 100,445 Government deposits: Sept. 15 257,618 35,751 69,299 33,452 23,597 9,232 29,544 6,120 2,469 5,451 9,379 25,655 Sept. 22.......... 258,727 35,753 69,299 33,452 24,238 7, 9,193 29,544 6,123 2,469 5,451 9,372 26,164 S O e c p t. t . 6 29. 2 26 6 3 2 , , 0 1 6 7 6 0 3 3 5 5 , , 7 7 4 5 4 3 69,299 3 3 3 3 , , 4 4 5 5 2 2 2 24 4 , , 2 2 2 5 2 3 7,127 1 1 3 3 , , 1 1 6 6 0 0 2 2 9 9 , , 5 5 4 4 4 4 6 6 , , 1 1 2 2 3 3 2 2, , 4 4 6 6 9 9 5 5 , , 4 4 5 5 3 3 9 9 , , 3 3 8 6 2 9 2 2 6 6 , , 1 1 6 6 4 4 Oct. 13 236,817 31,668 64,245 30,361 21,113 8,058 11,891 27,274 5,176 1,735 4,581 8,618 23,492 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations— Sept. 15 201,772 13,320! 84,584 8,815 21,268 5,3.94 4,011 20,458 6,182 2,530 3,840 2,030 29,340 Sept. 22... 236,207 11,400 101,684 10,504 19,821 4,455 7,108 25,558 12,433 1,234 6,964 3,181 31,865 Sept. 29. 275,066 19,375 115,574 8,435 23,594 4,r~" 4,870 46,757 12,449 530 1,855 3,957 32,990 Oct. 6 -. 215,191 3,315 82,109 9,174 21,044 4,: 43,637 9,077 2,530 741 3,432 30,687 Oct. 13. 259,569 7,r~ 107,014 15,204 33,092 7,126 7,159 35,299 6,842 5,330 1,125 2,577 30,815 All other- Sept. 15 168,525 15,684 38,158 10,649 8,728 16,853 25,833 12,733 12,819 2,515 2,933 9,115 12, 505 Sept. 22 _. 219,815 15, 554 60,454 15,037 14,541 26,451 22,505 20,915 2,255 3,933 8,722 20,582 Sept. 29..... 219,975 28,212 51,601 11,505 9,689 15,206 29,274 15,164 16,650 2,140 3,614 9,505 27,415 Oct. 6. ..... 13,963 43,089 11,377 20,385 14,176 28,549 24,785 15,344 1,473 3,307 7,803 24,742 Oct. 13 243,524 26,448 69,387 11,742 23,983 15,572 24,128 19,856 14,940 1,276 3,521 6,187 26,484 Total borrowings from Federal reserve bank: Sept. 15 370,297 29,004 122, 742 19,464 29,996 22,247 29,844 33,191 19,001 5,045 6,773 11,145 41,845 Sept. 22 ... 456,022 26,954 162,138 19,370 34,858 18,996 33,559 48,063 33,348 3,489 10,897 11,903 52,447 Sept. 29 495,041 47,587 167.175 19,940 19,886 34,144 61,921 29,099 2,670 5,469 13,462 60,405 Oct. 6 ...... 424,184 17,278 125,198 20,551 41,429 18,562 33,608 68,422 24,421 4,003 4,048 11,235 55,429 Oct. 13 .. 503,093 34,434 176,401 57,075 22,698 31,287 55,155 21,782 4, ("'" 8,764 57,299 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] . * CITY d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S o t u . is n M o e l a i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - Number of reporting banks: Sept. 15 . 232 14 Sept. 22__ 231 14 Sept. 29 231 14 Oct. 6 231 14 Oct. 13__. 231 14 Loans and discounts, gross: Secured by U. S. Gov't. obligations- Sept. 15__ 109,325 6,290 57,110 10,322 6,877 768 1,733 14,861 5,134 1,217 1,076 2,097 1,840 Sept. 22__. 99,054 6,213 47,785 10,342 6,897 783 1,734 14,118 1,210 1,045 2,100 1,833 Sept. 29 107,840 6,186 55,155 11,462 6,711 765 1,736 14,302 5,283 1,233 1,054 2,101 1,852 Oct. 6__ 94,790 6,575 42,481 11,487 6,672 764 1,728 13,994 4,910 1,238 1,068 2,123 1,750 Oct.l3____ 91,321 6,605 42,041 10,347 780 1,566 12,465 4,796 1,199 1,046 2,110 1,764 Secured by stocks and bonds- Sept. 15__ 283,0022,050,1 366,319 206,103 22,394 11,519 687,336 135,106 31,607 37,721 18,008 144,681 Sept. 22 ..... 3,931,338 275,848 2,012,' 363,171 204,598 22,682 12,642 677,512 133,034 32,564 33,884 17,812 144,860 Sept. 29..... 3,983,680 282,646 2,066,907 362,422 208,294 23,253 13,371 663,742 131,967 31,891 35,475 17,740 145,972 Oct. 6--... :.... 3,944,745 271,344 2,016,:"" 374,206 206,415 22,902 13,315 673,452 133,126 32,079 36,290 17,852 147,574 Oct. 13 3, 889,866 268,4161,989,1 367,856 203,060 21,739 10,897 664,935 134,535 32,387 31,453 17,692 147,892 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] CITY Total Boston Y Ne o w r - k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t- ta Chi- L S ou t. is n M e o a i l p n is - - City Dallas F c S i r s a a c n n o - Loans and discounts, gross— Continued. All other loans and discounts— Sept. 15 5,262,803 499,,601 2!,, 382,992345, 933387,373 72, 965 57,733 714,059 193,334 86,906 92,742 71,167 357, 998 Sept. 22-. 5,271,1"- 493,,517 2!, 384,441352,944 382, 657 74,022 56,208 715,208 196,828 89,716 91,493 74,372 360,230 Sept. 29 5,322, 735 498,473 %5,430,083 350,416 382, 815 75,520 57,393 710,341 197,263 91,901 93,303 74,119 361,108 Oct. 6 5,362,525 496i,, 365 12,,466,242 350,619 386,085 76,208 56,912 713,545 193,245 94,412 91, 859 73,596 363,437 Oct. 13 5, 363, 997 501.,, 253 2J,, 451,764353,819 383,071 77, 826 58, 971 712,561 198,054 95,284 92,148 74,979 364, 267 Total loans and discounts— Sept. 15 9,366,726 788, 1,490, 904 722,574 600,353 96,127 70, 985 1,, 416,256333,574 119,730 131,539 91,272 504,519 : Sept. 22 9,302,028 775i,, .5. 7.8 1.4,,444,957 726,457 594,152 97,487 70, 584 1,, 406,838334,856 123,490 126,422 94,284 506,923 Sept. 29 9.414,255 787,305 4[,, 552,145724,300 597,820 99,538 72,5iOO 1,388,385 334,513 125,025 129,832 93,960 508,932 Oct. 6 _...-._. 9, 402,060 774,284 4[,, 524,913736,312 599,172 99,874 71,"9551, 400, 991331,281 127,729 129,217 93,571 512,761 Oct. 13 9, 345,184 776,274 41,,482,809 732,022 592,733 100,345 71, 434 1,389,961 337,385 128,870 124,647 94,781 513, 923 U. S. Government securities: Sept. 15.... 1, 540, 610 82,239 894,474 75,013 68,916 3,238 13,109 170,988 46,857 30,147 36,330 16,337 102,962 Sept. 22 .._._.. 1,522,479 82,201 75,017 68,455 3,239 12,957 167,170 46,096 24,152 35,874 15,732 101,087 Sept. 29__ 1.518,256 81, 803 884,383 74,919 3,240 12,957 168,538 46,099 24,589 36,026 15,172 102,062 Oct. 6 . 1,501,419 82,158 875,710 74,695 68,473 3,242 12,954 166,564 44,761 23,641 34,313 '14,191 100,717 Oct. 13---. . 1,486, 261 82,198 865,455 72,722 66,942 3,259 12,957 167,487 44,787 23,782 32,399 14,189 100,084 Other bonds, stocks, and securities: Sept. 15 1,711,1 110,133 854,397 224,532 86,832 12,672 6,559 216,859 67,015 21,033 22,385 4,822 Sept. 22 ,-_• 1, 701,085 114, 746 841, 559 224,162 85,768 12,815 6,974 215,483 68,256 20,875 23.490 3,996 Sept. 29 1, 723, 626 119, 611 856,288 223,053 88,040 12.687 7,100 221,063 66, 622 20, 709 23,351 4,106 Oct. 6 . 1, 710,470 114 024 845, 360 221,156 87, 743 12,429 6,308 225, 708 68,058 20,166 23,454 4,521 SI, 543 Oct. 13 . 1, 697,453 107, 316 836,416 221, 946 12,356 7,194 221, 543 20,362 24,193 4,480 82, 722 Total investments: Sept. 15 .___- 3,251, 708 192,3721, 748,871 299, 545 155, 748 15,910 19,668 387,847 113,872 51,180 58, 715 21,159 186,821 Sept. 22. 3,223, 564 196,947 1,732,058 299,179 154,223 16,054 19,931 382,653 114,352 45,027 59,364 19, 728 184,048 Sept. 29 3,241,882 201,4141,740,671 297, 972 156,508 15,927 20,057 389,601 112,721 45,298 59,377 19,278 183,058 Oct. 6 3,211,889 196,1821, 721, Q70295,851 156,216 15,671 19, 262 392,272 112,819 43,807 57,767 18, 712182,260 Oct. 13 3,183, 714 189,5141,701/871 294,668 156,925 15,615 20,151 389,030 113, 729 44,144 56, 592 18,669 182, 806 Total loans and investments: Sept. 15__ 12,618,434 981,265 6,239,7751,022,119 756,101 112,037 90>,, 653 ,1 8,04,103 447,446 170,910 190,254 112,431 691,340 Sept. 22 . 2, 525, 592 972, 525 6,177,0151,025,636 748,375 113, 541 90>,, 515 ,1 7,89,491 449,208 168,517 185,386 114,012 690,971 Sept. 29__ .2,656,137 988, 719 6,292,8161, 022, 272754,328 115,465 92, 557 I]777"-- 447,234 170,323 189,209 113,238 691,990 Oct. 6 .2, 613,949 970,466 6,245,983 ,032,163 755,388 115, 545 91--- 793,263 444,100 171, 536 186,984 112,283 695,021 Oct. 13.... .2, 528, 898 965,788 6,184,680 , 026, 690749,658 115,960 9i; 585 1,778,991451,114 173,014 181,239 113,450 696,729 Reserve balances with Federal reserve bank: Sept. 15_. 1,280,868 69,298 770, 398 77,833 43, 548 7,215 7,184 187,244 33,395 12,273 19,673 44,119 Sept. 22 . 1,196,647 80,428 698, 663 74,970 43,064 7,128 7,717 173,397 31,060 14,360 17,729 7,006 41,125 Sept. 29 1,204, 579 76,722 699,076 74, 539 39,335 6,845 6,210 192, 733 30, 549 10,095 18,399 42,093 Oct. 6 . .. 1,151, f" 77, 730 647,133 76, 530 43,924 7,313 6,718 180,914 33,430 11,844 17,334 7,173 41,903 Oct. 13 1,165,155 75,290 667,842 73,336 44,658 7,263 6,130 175,681 32,168 14,448 18,202 7,260 42, 877 Cash in vault: Sept. 15 .—1 _. 134,404 8,912 64,030 13,172 10, 984 959 1,241 21,034 1,545 1,865 1,260 5,716 Sept. 22 132, 762 9,148 63,032 13,707 9,902 909 1,269 20,316 3,404 1,681 2,378 1,377 5,639 Sept. 29-— 137, 505 9,196 64,841 14,006 10,690 861 1,320 21,1581 3, 558 2,465 1,350 6,367 Oct. 6 136, 628 9,521 65,505 13, 796 9,595 942 1,293 21, 310 3,421 1, 2,456 1,343 5,760 Oct. 13 149, 284 10,239 71,207 15,083 11,191 1,333 23,490 3,618 1,780 2,617 1,490 6,256 Net demand deposits: Sept. 15 9,109,778 690,6495,106,057 684,325 299,000 63,005 912 1, 258, 900281, 305 102,203 170,320 78,052 320,050 Sept. 22— ........ 8,863,077 686, 352 4-., 951,193685,162 284,433 63,868 2181, 230,158265,272 102,382 161,121 74,-028 306,890 Sept. 29 8,995,036 687,402 "i, 077,364680, 844287,380 65,309 ', 972, 1227, 721267, 682 100, 568170,270 75,623 302,901 Oct. 6 _. 8,950, 578 700,4875,006,040 692,246 281,166 65, 589 53i,, 060 ,1 228,499270, 527 103, 596 166, 773 76,917 305,678 Oct. 13 _._-_. 8, 950,173 689', 701 4,987, 789691,863 65,462 55,694 1,, 228,110283,991 104, "~-163,780 80,034 309, 349 Time deposits: Sept. 15 2,797,901 221, 265 834,323 195,155 454,921 30,493 29, 715 516,131 126,117 53,620 18,953 16,432 300, 776 Sept. 22 2, 778, 690 216,680 824,135 193,679 452,654 29,941 29,826 516,623 126,115 53,876 18,896 17,017 299, 248 Sept. 29 2, 774,221 212,135 824,037 194,07J 457,022 29,941 29,842 513, 915 125, 789 53, 539 18,934 16, 716 298, 276 Oct. 6 •___. 2,778, 251 209,926 833,302 192,331 456,930 30,078 30,012 515,828 126,45" 53,159 18,992 15,936 295,300 Oct. 13_J____ __. 2,779,919 211,691 831,440 191, 587454, 563 30,103 29,946 520, 681 126,179 52, 748 18,913 15, 558 296, 510 Government deposits: Sept. i5 : 187,751 34, 692 63,096 31,305 6,004 609 1,000 15,149 5,470 1,270 4,814 5, 18,462 Sept. 22 187, 705 34,692 63,096 31, 305 5,962 609 1,000 15,149 5,473 1,270 4,814 5,873 18,462 Sept. 29 •___ 189, 719 63,096 31, 305 5,964 609 3,000 15,149 5,473 1,270 4,816 5,883 18,462 Oct. 6.. —-•— 190,108 34, 692 63,096 31,305 5,964 998 3,000 15,149 5,473 1,270 4, 816 5, 18,462 Oct. 13 , 171, 770 30, 722 58, 581 28,397 5,218 543 2,696 14,152 4,574 769 4,061 5,400 16, 657 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations- Sept. 15- 131, 12,295 69,070 8,160 750 50 5,420 3,270 2,530 2, 505 27,436 Sept. 22 ... 157, 591 10,325 80, 315 9,304 1,200 143 1,345 9, 915 9,545 734 4,979 29,786 Sept. 29 176, 704 18,300 85,915 7,080 1,280 143 1,345 22, 710 8,595 530 420 30,386 Oct. 6 120, 565 1,990 50,800 8,619 1,300 60 19, 865 5,987 2, 530 306 29,108 Oct. 13 153,244 6,761 73, 750 14,154 3,650 980 17,195 3,277 5,330 28,061 All other- Sept. 15.--- 105,840 14,862 34, 780 10, 649 6,502 7,016 2,471 4,801 5,68' 2,451 1,264 4,09' 11, 254 Sept. 22 — 141, 254 14,979 56, 790 8,866 6,963 2,924 . 4,021 11,37' 2,195 1,320 4,264 18,718 Sept. 29 143, 543 27,447 47,824 11, 505 3,153 7,108 3,365 4,369 7,08: 2,119 656 4,721 24,195 Oct. 6 135,680 13,721 40,241 11, 377 12,555 7,173 4,95" 11,196 6,57: 1,473 582 3, 765 22,068 Oct. 13 171, 994 26,071 66,739 11, 742 16,254 7,799 1,211 9,458 5, 68- 1,276 2,573 22,294 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1926 FEDERAL RESERVE BULLETIN 815 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] CITY Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a C ca h g i- o L S ou t. is n M o e l i i a n s p - - K C an it s y as Dallas F c S i r s a a c n n o - Total borrowings from Federal reserve bank: Sept. 15_ 237,806 27,157 103,856 18,809 7,252 7,066 2,951 10,221 8>957 4,981 4,097 38,690 Sept. 22 : 298,845 25,304 137,105 18,170 10,037 7,106 4,269 13,936 20,922 2,929 4,264 48,504 Sept. 29 ... 320, 247 45,747 133,739 18,585 4,433 7,251 4,710 27,079 15,676 2,649 1,076 4,721 54, 581 Oct. 6 _-_ 256,245 15, 711 91,041 19,996 13,855 7,233 4,957 31,061 12, 559 4,003 3,765 51,176 Oct. 13 , ----- 325, 238 32,832 140,489 25,896 19,904 7,879 2,191 26, 653 8,961 2,573 50,355 Due to banks: Sept. 15 - •__. 2,269,648 129I,, 588 1.,, 095, 749 178,170 55,318 30,802 16,923 385,096 82,064 45,481 107,641 25,718 117,098 Sept. 22 __-. 2, 111, 891 114[,, 828 .1, 008, 631 170,521 46,115 30,045 16,838 367,812 77,854 45,263 99,883 28,009 106,122 Sept. 29 2,138,954 115>,, 805 .1, 029,369 169,944 47,813 30,626 16,195 369, £17 77,835 45,849 100,268 30,427 105,006 Oct. 6__ .. 2,249, 289 129,419 I) 086; 891 178,974 51,749 32,814 17,355 380,156 80,142 50,255 101,343 33,347 106,844 Oct. 13. 2, 232,837 124, 612 1,092, 521 174, 611 48,862 31,687 18,984 365,972 79,334 49,889 34,638 112,785 Due from banks: Sept. 15 .._. 617,502 40,902 108,645 27,117 17,271 12, 908 170,043 25, 710 23,890 44,394 26,313 57,470 Sept. 22 _ 557.218 33,464 102,506 54,965 25,124 15,549 12,500 148,107 26,282 17,112 42,200 24,552 54,857 Sept. 29 562,460 38,306 109,209 54,603 25,598 16,114 11, 753 141,112 26,058 21,324 40,783 26,995 50,605 Oct. 6 580,433 35, 763 107,081 55,460 27,818 15, 768 14,433 153,020 26,878 22,636 42,115 29,038 50,423 Oct. 13 633, 548 40,240 123,344 56, 616 28, 704 17,384 14,336 172,337 28,316 21,642 44,180 32,201 54,248 LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In thousands of dollars] Demand and time loans Demand loans Time loans Total • ac o F c w o o u r n nt o a u c t b c -o a o F f n u o - k t n r o s t w o n f a o c F t c h o o o e f r u r n s t Total ac o F c w o o u n r nt a o b o c f- a F c f t o n o o o u k w r u n s t n - t a o c t F c h o o o e f u r r n s t Total ac o F c w o o u n r nt o a f b c t o c a F o o w n u o u t k r - n n o s f t - a o c t F c h o o o e f u r r n s t Sept.15... 2,820,382 971,812 1,163,359 685,211 2,117,151 653,010 845,778 618,363 703,231 318,802 317,581 66,848 Sept. 22... 2,762,432 931,374 1,132,094 698,964 2,042,828 609, 922 803,550 629,356 719,604 321,452 328,544 69,608 Sept. 29__. 2,812,971 1,009,962 1,111,751 691, 258 2,095,270 691,396 783,001 620,873 717,701 318,566 328, 750 70,385 Oct. 6 2, 809,007 953, 508 1,144,063 711,436 2,080,624 625,182 812,767 . 642,675 728,383 328,326 331,296 68,761 Oct. 13.... 2, 727,054 891,053 1,120, 735 715,266 1, 998,184 568, 991 784,521 644,672 728,870 322,062 336,214 70, 594 ALL MEMBER BANKS DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits 1925 1926 •1925 June 23 July 28 Aug. 25 Sept. 22 Sept. 23 June 23 July 28 Aug. 25 Sept. 22 Sept. 23 Boston. 1, 376. 357 1, 380, 743 1, 352, 560 1, 399, 250 1, 370, 418 852,245 855, 251 864, 230 871, 559 764, 554 New York.— 6, 443, 053 6, 345, 551 6, 294, 4546. 340, 656 6,222, 943 2, 350, 454 2, 384, 440 2,396,574 2, 370, 375 2,161, 364 Philadelphia 1,187, 668 1,188,398 1,191, 063 1, 209, 239 1,175,162 894, 481 909, 625 916,120 825, 637 Cleveland. . 1, 520, 560 1, 565, 592 1, 562, 309 1, 548, 821 1, 499, 245 1, 411, 006 1, 461, 811 1, 425, 061 1, 427,422 1, 341, 591 Richmond 585, 834 606, 891 603, 215 613, 973 591, 505 518, 690 522, 510 526, 228 528. 354 512,045 Atlanta _ 649, 584 639,592 632', 809 633, 564 734, 046 433, 594 440, 615 437,902 438, 738 414, 260 Chicago __. 2, 472, 402 2, 4^5, 601 2, 538. 0082, 543, 217 2, 465, 508 1, 928,196 1, 941, 063 1,946,900 1, 942, 804 1, 835, 341 St. Louis :__• 730, 589 728,450 715; 929 718, 580 704,765 477,187 481, 680 487,071 451, 391 Minneapolis— 437, 644 421,196 409, 868 420, .655 458, 587 434, 380 438,926 439, 558 436, 744 433, 357 Kansas City 851. 921 890, 483 890, 851 878,450 867, 688 321, 439 322,135 323, 628 325,290 311, 337 Dallas 588, 075 589,748 , 584,463 612, 834 632, 784 166, 827 165, 299 165, 277 165,732 178, 543 San Francisco..-- 1, 266, 447 1, 259, 268 1, 296, 808 1, 314, 693 1, 282. 628 1, 378,973 1, 1, 376, 318 1,429,159 Total.. .___. 18,110,134 18, 111, 513 18, 072,43718, 233, 932 18, 005, 279 | 11,167,47211, 306, 591 11, 306, 70511,351,513 10, 512,109 Banks in cities and towns having a population of— Less than 5,000 1, 634, 673 1, 653, 006 1, 663, 745 1, 702, 490 1, 741, 700 1, 788, 633 1, 807,142 1,802, 329 1, 736,100 5,000 to 14,999 .. 1,118,469 1.125,425 1,122, 638 1,144,075 1,135, 747 1,157, 523 1.164, 083 1,175,041 1,180, 084 1,121, 890 15,000 to 99,999- 2, 362, 562 2, 369, 847 2, 343,498 2,364,987 2, 376, 042 2, 216, 950 2, 225, 433 2, 218, 712 2, 244, 200 2,126, 395 100,000 and over 12, 994, 430 12, 963, 235 12, 942, 55613,022, 380 12, 751, 790 6, 004, 366 6,108,151 6,105, 810 6,124, 900 5, 527, 724 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN NOVEMBER, 1926 STATE BANK AND TRUST COMPANY MEMBERS—EARNINGS AND DIVIDENDS ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS FOR THE FIRST SIX MONTHS OF 1926, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Federal reserve district Total, six months ending B ba o ( n 3 st k 8 o s n )b Y N a (1 n o e 5 k r w 4 k s) b P p a d h ( n h e 8 i k l i l 3 - a a s - ) C b l a ( l a 1 n e n 1 k v d 3 s e ) - b m R a ( i o n 5 c n k 5 h d s - )b l a a ( A 1 n n 0 t k t - 9 a s) b c a C ( a 3 n h g 3 k i o 7 - s) b L a ( S o 1 n 2 u t k . 5 i s s )b M p a n ( o n e 7 i l k a n 8 i - s s - )b K C a s ( n 3 a a i k t n s 2 y s - ) D ba ( a 1 n l 1 k l 7 a s s ) b F c a S ( i r 1 n s a a 5 c k n n 9 o s - ) 3 b ( 0 J a 1 , u n , 1 4 n k 9 0 e 2 s 0 ) 6 3 b ( 1 D a 1 , n , 1 e 4 k 9 c 3 . s 2 6 ) 5 3 b ( 0 J a 1 , u n , 1 4 n k 9 6 e 2 s 6 ) 5 Capital stock paid in 39, 775265,116 46,276 86,033 20,433 31,305122,020 40,925 5,252 9,165 6,417 84,665 757,382 726,742 716,871 Surplus fund 42,105243,898 83,089108,004 13,932 19, 705119,472 25,014 2,276 3,409 2,259 38,348 701,511 666, 596 632,543 Total capital and surplus 81,880509,014129,365194,037 34, 365 51,010241,492 65,939 7,528 12,574 8,676123,0131.458.8931,393,3381,349,414 ross earnings: Interest and discount- _ 19,962107,884 16,982 37,429 6,417 11, 486 56, 992 14, 278 1,904 3,082 1,912 42, 586 320,914 312,472 287,771 Exchange and collection charges... 55 571 32 107 52 422 632 380 49 28 33 313 2,674 2,890 2, 629 Commissions 531 4,146 156 327 171 482 2,472 682 59 31 23 149 9,229 13,375 8,226 Trust department._____ 1,110 6,917 2,282 1,821 181 448 2,853 321 * 1 89 3 1,528 17, 554 17,357 16,313 Foreign department.... 73 7,045 18 213 92 228 782 20 1 6 171 8,649 9,307 8,546 Other earnings 1,285 10,417 2,084 5,944 630 1,491 7,934 2,393 200 988 60 4,588 38,014 39,255 40,358 Total earnings 23,016136,980 21,554 45,841 7,543 14, 557 71, 665 18,074 2,214 4,224 2,031 49,335' 397,034 394, 656 363,843 Expenses: Salaries and wages 3,980 26,351 4,056 8,524 1,419 2,651 14,260 3,475 519 995 579 10,567 77,376 77,195 71,790 Interest and discount on borrowed money. _ 152 1,096 301 474 317 548 623 842 25 50 80 413 4,921 5,406 3,376 Interest on deposits 9,876 44,876 6,525 18, 266 2,344 3,903 24,680 5,521 915 1,338 217 18, 518 136,979 133,251 127,424 Taxes 689 5,768 1,415 1,843 376 898 4,686 884 91 162 107 1,527 18.446 19,314 16,452 Other expenses 2,403 16, 506 2,365 5,447 992 2,245 8,853 2, 587 295 886 340 5, 573, 48,492 46,499 44,356 Total expenses 17,100 94,597 14,662 34, 554 5,448 10,245 53,102 13,309 1,845 3,431 1,323 36, 598 286, 214 281,665 263,398 —- Net earnings since last report 5,916 42, 383 6,892 11,287 2,095 4,312 18, 563 4,765 369 793 708 12, 737 110,820 112,991 100,445 Recoveries on charged-off assets 752 3,322 474 557 132 626 1,613 1,062 236 65 103 .749 9,691 12,249 6,435 Total net earnings and recoveries 6,668 45, 705 7,366 11,844 2,227 4,938 20,176 5,827 605 858 811 13,486 120, 511 125,240 106,880 Losses charged off: On loans and discounts. 863 5,937 272 2,396 367 1,203 1,999 1,152 344 157 224 1,674 16, 588 21,051 15, 596 On bonds, securities, etc ___ 970 1,318 208 425 7 151 497 233 8 28 3 656 4, 504 7,684 3,751 Other losses _ _ _ 596 450 153 211 86 234 856 432 149 62 113 1,642 4,984 5,474 3,274 Total losses charged off 2,429 7,705 633 3,032 460 1,588 3,352 1,817 501 247 340 3,972 26,076 34,209 22, 621 Net addition to profits 4,239 38,000 6,733 8,812 1,767 3,350 16,824 4,010 104 611 471 9, 514 94,435 91,031 84, 259 Dividends declared _. _ 2,421 21,007 4,459 5,586 961 1,657 7,693 2,120 188 460 87 4,477 51,116 54,607 46,755 Ratio of dividends declared to capital stock (annual basis) per cent... 12.2 15.8 19.3 13.0 9.4 10.6 12.6 10.3 7.2 10.0 2.7 10.6 13.5 15.0 13.0 Ratio of dividends declared to capital and surplus (annual basis) per cent___ 5.9 8.3 6.9 5.8 5.6 6.5 6.4 6.4 5.0 7.3 2.0 7.3 7.0 7.8 6.9 Ratio of net profits to capital and surplus (annual basis) per cent 10.3 14.9 10.4 9.1 10.3 13.1 13.9 12.2 2.8 9.7 10.9 15.5 12.9 13.1 12.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JNOVEMBBBj 1926 FEDERAL RESERVE BULLETIN 817 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CENTERS [In thousands of dollars] 1926 1925 Number Federal reserve district of centers July August September July August September No. 1—Boston 2,664,541 2,209,153 2,265,743 2,364,323 2,137,700 2,155,120 No. 2—New York.... 28,566,396 26,968,491 26,367,283 26,277,206 24,018,796 25,113,684 No. 3—Philadelphia.. 2,268,816 1,931,381 2,095,388 2,138,248 1,926,109 2,025,711 No. 4—Cleveland 2,671,960 2,358,705 2,406,948 2,564,444 2,246,826 • 2,308,524 ' No. 5—Richmond..-. 843,461 689,434 723,082 795,146 724,344 757,569 No. 6—Atlanta 1,153, 753 1,051,129 1,142,964 1,092,009 1,052, 912 1,250, 762 No. 7—Chicago.. 5,780,262 5,430,166 5,209,363 5,470,821 4,946,030 5,118,833 No. 8—St. Louis 1,235,186 1,091,983 1,165,929 1,138,480 1,042,537 1,191,608 No. 9—Minneapolis. _ 691,894 654,192 729,468 706,012 701,678 848,355 No. 10—Kansas City.. 1,416,650 1,254,596 1,249,597 1,241,009 1,173,827 1,154,720 No. 11—Dallas.... 571,088 543,104 644,424 528,809 510,924 602,466 No. 12—San Francisco. 3,069,482 2,806,373 2,928,452 2,699, 757 2,631,514 2, 714,261 Total 141 50,933,489 46,988, 707 46,928,641 47,016,264 43,113,197 45,241,613 New York City 1 27,659,188 26,233,317 25,618,089 25,457,692 23,265,280 24,369,457 Other selected cities... 140 23,274,301 20,755,390 21,310,552 21,558,572 19,847,917 20,872,156 WEEKLY SUMMARY FOR BANKS IN 258 CENTERS [In thousands of dollars] 1926 1925 Number Federal reserve district ofcenters Sept. 22 Sept. 29 Oct. 6 Oct. 13 Sept. 23 Sept. 30 Oct. 7 Oct. 14 No. 1—Boston 617,973 567,055 595, 724 569, 776 585, 637 774,521 565,273 No. 2—New York 6,930,904 6,186, 771 7,902,382 6,060,114 6,312,480 6,457,252 7,371, 745 5,488,953 No. 3—Philadelphia.. 575,021 531,595 670,983 498,052 510,718 598,050 624,083 495,880 No. 4—Cleveland 695,814 699,743 814,273 654, 765 644,791 700,146 777,097 614,965 No. 5—Richmond 311,601 295,789 358,003 300,838 300,913 301,079 334,487 299,479 No. 6—Atlanta.. 293,717 280,714 349,832 297,275 314,129 318,434 337,259 316,742 No. 7—Chicago 1,435,303 1,215, 949 1,413,157 1,220,266 1,315,804 1,377,523 1,437,157 1,245,940 No. 8—St. Louis 343,285 294,462 354,003 310,013 335,345 320,977 356,494 326,483 No. 9—Minneapolis.. 199,107 175,950 207, 589 196,212 221, 761 218,284 239,854 220,919 No. 10—Kansas City.. 331,122 318,411 353,370 319,206 296,325 310,033 340,083 296, 787 No. 11—Dallas 202,334 187,084 207,503 179,385 175,813 172,456 187,302 176,545 No. 12—San Francisco 755,185 681,522 762,273 637,615 695,871 686,691 702,701 635, 740 Total 258 12,691,366 11,435,045 14,202, 256 11,269,465 11,693,726 12,046,562 13,482,783 10,683, 706 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES [In thousands of dollars] No. 1—Boston 431,714 394,002 582,113 417,874 390,034 403, 886 560, 545 380,395 No. 2—New York 6, 580,130 5,875, 523 7,448,134 5,756,221 6,001,422 6,113,456 6,972,082 5,177,925 Buffalo 80, 944 75,101 107, 046 75,720 80,289 87,248 100,294 86,097 No. 3—Philadelphia._T 427, 783 394, 232 498,477 366,180 380,147 462, 615 463,130 370,968 No. 4—Cleveland 170,506 187,327 219,109 190,878 148, 055 172,169 186,761 151,562 Cincinnati 80, 692 69,716 96, 528 75,977 84,448 82,159 90,110 71,492 Pittsburgh 220,357 236,901 254,738 198,885 202,693 244,493 289,482 196, 566 No. -5—Richmond __ 35,551 35, 035 41,364 33,386 37, 654 33,120 38,964 33,509 Baltimore. __•__. 91,056 91,707 106,399 87, 808 92,667 99,852 107, 282 91,317 No. 6—Atlanta 40,493 34,606 40,808 40,190 41,925 41,193 42,291 41,991 Birmingham 33,880 33,660 t 40,930 33,260 34,140 37,740 35,880 32,670 Jacksonville 24,412 18,144 23,372 23,862 27,441 25,803 28,866 26,800 Nashville 19,331 16,344 24,860 19, 548 19,196 18,344 20,870 18,475 New Orleans 80,461 84,713 106,437 80,119 87,417 97,185 93,042 89,482 No. 7—Chicago........ 837,272 728,103 891,444 694,581 768,392 875,197 909,846 734,608 Detroit. .... 251,928 189,815 168,497 199,381 234,777 206,099 176,285 200,295 No. 8—St. Louis 191, 300 152, 500 195,000 168,000 180,300 168,400 196,200 171,400 Little Rock..... 23,416 21,109 22,626 24,930 23,986 19,659 21,060 24,937 Louisville ... 46, 520 41,099 46,741 40,363 42, 721 40, 307 41,770 39,789 Memphis 36,706 38,424 45,575 34,595 43,088 48,956 50,449 45,901 No. 9—Minneapolis 99, 708 88,297 100,011 97,543 113,453 113,128 121,016 112,346 Helena. 2,489 2,127 2,724 2,128 3,786 2,013 2,755 3,828 No. 10—Kansas City 100,027 84,110 99,300 86, 666 85,878 89,153 94,909 79,158 Denver ... 44,728 44,056 68,763 43,234 40,397 '44,992 52,449 42,813 Oklahoma City. 26,789 20, 255 21,815 22,267 . 18,765 18,708 21,185 20,139 Omaha 42, 617 48,024 41,710 46,857 46,689 48, 600 50,098 44,202 No. 11—Dallas . 57,267 52,400 60,872 49,439 55,536 49,532 58,574 53,291 El Paso.__-.... 6,843 5,952 7,109 6, 617 6,851 6,980 7,976 7,718 Houston.. _. 50,247 41,255 48,362 36,901 41, 210 41,409 38,277 32,912 No. 12—San Francisco.. 249,991 219,434 250,368 207,339 233,713 233,482 228,749 195,418 Los Angeles 211,296 193,729 215,450 167,929 188,451 190,230 187,570 167,817 Portland. 45,445 39, 687 45,337 44, 349 40,188 42, 506 45,461 47,873 Salt Lake City- 17,375 15,991 21,263 15,143 18,025 17,623 20,772 17,166 Seattle. .... 57,279 62, 289 53,658 45, 363 51,346 49,482 48,469 46,912 Spokane 13, 913 12, 252 14,702 13,931 12,650 12,446 13,435 13,163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDEEAL EESEEVE BULLETIN NOVEMBER, 1926 MONEY RATES PREVAILING IN FEDERAL RESERVE BANE AND BRANCH CITIES The following table shows the prevailing rates charged customers on various classes of loans as reported by representative banks in the cities indicated. These rates are not averages but are those rates at which the bulk of the loans of each class are made by reporting banks. Since the publication of the rates for May the forms used in making the reports on which the table is based have been modified and certain classifications have been omitted. Prevailing rates charged customers during week ending with the 15th day of the month Loans secured by District and city Year and month prime stock ex- Loans com P lo m ri a m e n r s e cial Int l e o r a b n a s nk change collateral s w e a cu re r h e o d u b s y e Cattle loans receipts Demand Time Boston. 1925—October 1926—August..... September _ October 5 -5H New York. 1925—October 4K-5 . 1926—August 5 September _ 5 October 5 ', -5K Buffalo- 1925—October.... 5 -6 1926—August 5 -6 September. 5 -6 October Philadelphia. 1925—October.... 5 1926—August 5 September. 5 5 October 5 5 -6 Cleveland- 1925—October.... 5H-6 5H-6 1926—August..... 4H-6 5 -6 6 September. 4H-6 4i^-5 5 -6 5 -6 October 5 5 -6 Cincinnati _ 1925—October.... 6 1926—August.. 5 -6 6 -7 6 -7 October. 5 Pittsburgh. 1925—October. _L_ 6 1926—August 5 -6 5 -6 September _ 5 -6 5 -6 October.. __ 5 -6 Richmond. 1925—October.. _. 1926—August. 5 September _ October 5 -5M 5*4 Baltimore.. 1925—October 1926—August 5 -5% 5 -5K S O e c p to te b m er ber. 5 -5M 5 -5 5 V2 5M-6 Atlanta. 1925—October 5 -6 5 -6 5 -6 1926—August 5 -6 5 -6 5 -6 September.. 5 -6 5 -6 5 -8 October.^... 5 -6 5 -6 Birmingham. 1925—October 5 -6 1926—August 5 -6 5 -6 September. 5 -6 5 -6 October 5 -6 Jacksonville .. 1925—October 6 -8 -6 4H-8 1926—August 5 -7 6 5 -6 September.. 5 -7 6 5 -6 October 5 5 -6_. Nashville . 1925—October.... 5M-6 5^-6 1926—August 5 -6 September. 5J4-6 5 -6 October 5^6 5 -6 New Orleans.. 1925—October 5 -6 5 -6 5 -6 5 -6 5 -6 1926—August 5 -6 5 -6 5 -6 September. 5 -6 5 -6 5 -6 October 5 -6 5 -6 5 -6 Chicago- 1925—October 5 -5V 1926—August 4*4-5 5 September. 4H-5 5 5 53^ 5 -5 October 4M-5 5 5 -5V2 5 -5 Detroit . 1925—October.... 5 -6 5 5 -6 5 -6 5 -6 1926—August 5 -6 5 -6 5 -6 5 -6 September. 5 -6 5 -6 5 -6 5 -6 October 4H-6 5 -6 5 -6 5 -6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

819 NOVEMBER, 1926 FEDERAL RESERVE BULLETIN MONEY RATES PREVAILING. IN FEDERAL RESERVE BANK AND BRANCH CITIES—Continued Prevailing rates charged customers during week ending with the 15th day of the month Loans secured by District and city Year and month com P lo m ri a m n er s e cial Int l e o r a b n a s nk p ch r a i n m g e e c s o t ll o a c te k r al ex- s w e r c a e L u r c e o r e h e a i o d n p u t s b s s y e Cattle loans Demand Time St. Louis.. 1925—October.... 5 4 -6 5 -6 1926—August 4! 4M-5 434-6 5 -6 September. 4^-5 5 -6 4K-6 October 5 -5V2 -5y2 4M-6 534-6 Little Rock. 1925—October.... 5 -6 6 6 6 6 1926—August 6 6 6 6 6 -7 6 -8 September. 5 -6 5 -6 6 6 6 -8 8 October 5 -6 6 6 6 6 -8 8 Louisville. 1925—October.... 6 5 5k 6 1926—August. _._ 5^-6 5 6 September. 5 5 -5k 5 -6 October 531-6 5 5 -6 5 -6 Minneapolis. 1925—October 4h 5k 1926—August 4%-b 5 -5k 4^|-5 4K-5 . September. 5 5 -5M October 5 -5k. 5 -53^ 5 -6 4^-5 Helena . 1925—October.... 8 6 -8 6 -8 8 1926—August 6 -8 6 -7 6 -8 6 -8 6 -8 7 -8 September. 6 -8 6 -7 6 -8 6 -8 6 -8 7 -8 October. ... 6 -7 6 -8 6 -8 6 -8 7 -8 DISTRICT 10 1925—October 5 6 6 6 5 -6 6 -7 1926—August 5 -5k 6 5 5 5 -6 6 -7 September. 5 -5k 6 5 5 -6 5 -6 6 -7 Kansas City October.... 5 -5k 6 5 5 -6 5 -6 6 -7 1925—October.... 6 6 -63^ 5 -6 5 -6 6 -7 6 -7 1926—August 6 6 6 534-8 6 -7 September. 6 6 6 2 6 6 -7 Denver ._--_ October 6 6 6 53^-6 5H-8 6 -7 1925—October 5 -7 6 -7 6 6 -7 6 -7 6 -8 1926—August.... j 6 -7 6 6 6 -7 6 -8 6 -8 September. 6 -7 6 6 6 -7 6 6 -8 Oklahoma City October 6 -7 6 6 6 -7 6 -8 1925—October.-_. 6 6 7 1926—August..... 6 5 -6 8 September. 5 -6 5.^-6 5 -6 7 -8 Omaha October 5 -6 5 -6 7 DISTRICT 11 1925—October.... 5 -6 5 -6 5 -6 5 -6 7 -8 1926—August 4M-5 4M-5 43^-6 4^-6 5 -7 6 -7 September. 5 6 -7 6 -7 5 -7 6 Dallas October.. _ _ 5 -6 5 6 -7 6 -7 5 -7 6 1925—October.... 6 -7 7 -8 6 -8 8 8 1926—August 6 -7 8 8 8 8 September- 8 6 -7 8 8 8 6 -8 El Paso ... October 8 6 -7 8 8 7 -8 8 1925—October 5 -6 5 5 -6 5 -6 6 -8 1926—August 5 -6 5 5 -6 5 -6 5 -7 5 -8 September . 5 -6 5 5 -6 5 -6 5 -7 7 -8 Houston ^. October.... 5 -6 5 5 -6 5 -6 5 -6 7 -8 DISTRICT 12 1925—October. ... 5 -6 * 6 6 1926—August 5 5 51/ 5 -6 6 San Francisco September. 5 5 -6 5 -5k 5 -6 6 October 5 -53^ 5 -5k 5 -6 6 1925—October 6 -7 6 -7 7 7 1926—August..... 6 6 -7 6 -7 7 6 -7 Los Angeles September . 6 6 -7 6 -7 7 6 October 6 6 -7 6 -7 7 6 1925—October-... -7 6 -7 6 -7 6 -7 6 -Qk 1926—August 6 6 -7 6 6 -7 6 -63/ Portland September- 6 6 -7 6. 6 -7 6 October 6 6 -7 6 6 6 1925—October I... -6 6 -7 6 -7 6 -7 7 7 -8 1926—August. _._. .6 6 6 6 -7 7 7 -8 Salt Lake City__.- September. 6 6 6 -7 7 7 -8 October 6 6 -7 7 7 -8 1925—October. ... 6 5 -6H 6 6 7 1926—August -6 6 -7 6 -7 6 -7 Seattle.. September. -7 5 -6>| 6 -7 6 -7 6 -7 October -7 5 -%y2 6 -7 6 -7 6 -7 1925—October -7 6 -7 8 6 -8 7 -8 1926—August 6 6 7 6 -7 7 Spokane __•__ September- 6 6 7 6 -7 7 October 6 6 -7 6 -7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDEKAL RESERVE BULLETIN NOVEMBER, 192S MEMBER BANKS, AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT END OF SEPTEMBER, 1926 AND 1925 Nonmember banks Nonmember banks Member Member banks banks On par list Not on par On par list Not on par list* list* 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 Federal reserve district: Southern States—C ont' d: Boston 415 419 244 Kentucky.... 147 147 431 435 20 09 New York.. 907 874 407 389 Tennessee.... __ 114 118 199 225 247 234 Philadelphia.. _ - 764 752 511 511 Alabama... _ 125 124 23 27 205 199 Cleveland • 857 864 1,075 1,074 9 11 Mississippi 43 45 20 24 277 275 Richmond 587 606 691 716 650 705 Arkansas 116 122 243 257 122 1091 Atlanta 489 500 334 367 1,050 1,101 Louisiana 45 46 30 36 174 169- Chicago 1,361 1,410 3,736 3,836 231 247 Texas 773 779 691 718 105 99 St Louis 618 629 2,023 2,124 422 400 Middle Western States: Minneapolis 789 849 1 006 1 247 1 098 1 053 Ohio 433 441 657 661 Kansas City.. _ _ _ 1,006 1,040 2,579 2,681 205 203 Indiana. 257 265 814 825 10 8 Dallas 842 854 741 772 192 183 Illinois 580 588 1,278 1,293 21 20 San Francisco 725 748 783 825 67 60 Michigan 293 290 506 510 58 94 Wisconsin 181 184 592 . 623 210 185 Total 9,360 9,545 14,130 14,786 3,924 3,963 Minnesota 319 341 445 537 532 504 Iowa 391 432 1,167 1,235 43 40> New England States: Missouri. 200 198 1,257 1,322 32 37 Maine 61 62 48 50 Western States: New Hampshire 56 55 14 14 North Dakota. _ 155 161 149 219 291 284 Vermont-- „_ 46 46 39 39 South Dakota 113 126 170 231 166 168: Massachusetts 180 181 70 69 Nebraska _____ 173 182 724 745 181 174 Rhode Island.. . 17 21 8 8 Kansas 264 267 964 1 006 4 3 Connecticut 67 65 85 83 Montana 103 118 103 105 11 10 Eastern States: Wyoming.. 34 34 54 54 8 11 New York.__ 650 636 282 277 Colorado 131 138 172 185 6 6 New Jersey 352 327 165 148 New Mexico 32 33 28 27 2 3 Pennsylvania 964 957 651 655 Oklahoma 371 391 360 375 6 5 Delaware.. 23 22 32 32 Pacific States: Maryland 89 89 166 167 Washington 152 157 171 172 35 31 District of Columbia- 13 13 32 34 Oregon 133 135 106 112 31 29' Southern States: California . 297 303 317 347 Virginia 184 193 218 231 98 98 Idaho. 75 81 80 80 " "Tl West Virginia 141 141 194 194 9 10 Utah 45 47 67 67 ! North Carolina 89 92 83 • 91 323 339 Arizona ' 18 21 26 33 4 1 4 South Carolina 85 93 24 24 220 258 Nevada- 10 10 24 23 1 Georgia 145 158 6Q 78 322 376 Florida._ _____ .. 75 70 85 83 150 159 Total 9,360 9,545 14,130 14, 786 33 924 3,963 1 Incorporated banks other than mutual savings banks. MONEY IN CIRCULATION [Source: United States Treasury Department circulation statements] [In thousands of dollars] i Total G old Standard Silver Treasury Subsidi- United Federal Federal National circula- Date Total coin and IJTOKI cer- silver certifi- notes of ary States reserve reserve bank tion per bullion tificates dollars cates 1890 silver notes notes bank notes capita (in notes dollars) 1914 July 1 3,402,015 611,545 1,026,149 70,300 478,602 2,428 159,966 337,845 715,180 34.35 1917—Apr. l..___ i 4,100,591 641,794 1, 348,818 70,863 459, 680 1,997 191, 351 330,353 356,448 3,170 697,160 39.54 1920—Nov. 1 i 5, 628,428 495,353 231,404 • 89,725 60,385 1,628 261, 556 277,736 3,310,225 209,877 715,023 52.36- 1922—Aug. 1 4,337,418 416, 282 171,985 58,378 268, 802 1,508 229,956 284,343 2,115,350 65,032 725,782 39.47 1925—Oct. 1 4,827,005 413,973 1,050, 057 54, 693 394, 069 ,379 267, 768 303,597 1, 670, 6.58 6, 460 664, 351 42.17 Nov. !_._„ 4,900,839 429,985 1,067,963 54,769 390,089 L, 376 269, 439 306, 575 1,706, 622 6, 314 66'/, 707 42.77 Dec. l...._ 4,971,765 425, 853 1,108, 743 54, 685 388,012 L, 375 272, 217 305,986 1, 741,965 ' 6,185 666, 744 43.35 1926—Jan. 1 5, 008,121 424,037 1,114,331 54,860 387,495 ,373 274. 860 292,998 1,815,687 6,058 636, 422 43.62 Feb. 1 4,739, 537 407,148 1, 035,774 53.167 370,852 ,371 266,155 288, 677 1, 672, 223 5,900 638,270 41.24 Mar. 1 4,814,217 422,079 1, 076,070 52', 637 371,149 ,369 265,853 293, 622 1,672,027 5,808 653,603 . 41.84 Apr. l__.__ 4,805,885 450,787 1, 089,003 52,147 365,113 1,367 267, 244 289,044 1,639,211 5,720 646, 249 41. 73 May 1 4,854,173 454,710 1,089,213 51,814 363,855 1,364 267,089 292,843 1, 662,620 5, 640 655, 025 42.11 June 1 4,870,885 454,308 1,074,175 51, 607 370,003 1,359 268,219 291,110 1,693,834 5,549 660,721 42.21 July .___-. 4,834,711 445, 068 1,057, 364 51,906 377, 741 1,356 270,046 294,916 1,679,384 5,453 651, 477 41. 85 Aug. 1 4, 858, 474 444, 061 1, 072, 357 51, 766 384,134 1,354 270, 218 295,977 1, 679, 379 5, 289 653, 939 42.01 Sept 1 4,864,086 428,018 1,086,194 51, 681 385,598 1. 352 271,516 300, 735 1, 684,428 5,211 649, 353 42.02 Oct. 1 4, 906,198 422, 052 1,100,920 51,848 391,493 1,349 275,332 302,006 1, 709,141 5,124 646,935 42.34 1 The figures for the several classes of money include mutilated currency forwarded to the Treasury for redemption and unassorted currency held by the Federal reserve banks, and consequently do not add to the total, which is exclusive of such currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1926 FEDERAL EESEEVE BULLETIN 821 DISCOUNT RATES OF FEDERAL RESERVE BANES IN EFFECT NOVEMBER 1, 1926 Paper maturing— After 00 days but Within 90 days within 9 months Federal reserve bank Commercial, Secured by a a n g d r ic li u v l e t s u t r o a c l k , U G n o i v te e d rn S m ta en te t s ac B c a e n p k ta e n r c s e ' s acc T ep ra ta d n e ces an A d g r l i i c v u e l s t t u o r c a k l * paper, n. e. s. obligations paper Boston. ; _. 4 4 New York.,... 4 4 Philadelphia.. 4 4 Cleveland 4 4 Richmond 4 4 Atlanta 4 4 Chicago. 4 4 St. Louis.1..., 4 4 Minneapolis-_ 4 4 Kansas City,. 4 4 Dallas——.. 4 4 San Francisco 4 4 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS, SEPTEMBER 16-OCTOBER 20, 1926, INCLUSIVE [In thousands of dollars] Changes in ownership of gold Transfers Transit clearing F n e o d te e r c al l e r a e r s in e g rve t fe h r r s o u a g n h d s t e ra tt n le s- - in B f a u la n n d c e at. Federal reserve bank ments close of period Debits Credits Debits Credits Debits t Credits Decrease Increase Boston 12, 500 1,158, 561 1, 208, 737 7,008 5,681 36,349 74, 671 New York _ _. 2,600 86, 000 3, 680, 012 3, 632,348 14, 800 20,170 41,106 262, 782 Philadelphia. 21,000 932, 974 947,121 7,304 8,792 5,365 41,370. R C \S JL\Ji l e cV V v h-1C e Um11 l V4. a —o _ n _n_ d —d. . __.- — .— — -. — .- — — — — .- — — — — ». — — — — — — .— — — — j _"^ A J .W.V.V/..._.._| 1 1 2 1 , , 0 0 0 0 00 2,000 9 7 3 2 3 6 , , 1 3 5 6 9 7 9 7 2 4 3 2 , , 9 0 6 5 3 5 1 4 1 , , 4 7 3 9 1 5 < 4 • , 5 1 , 6 1 1 48 25,751 4,326 5 2 4 7 , , 3 5 4 9 9 4 * Atlanta.. 16, 000 439,992 456, 871 5, 788 4,538 371 26,546 Chicago ... -. 23,000 14,000 1, 635, 521 1,608,735 7,862 11, 030 32, 618 138, 023 St. Louis 8,000 2,500 703,020 703,173 2,142 4,126 3,363 20,905. Minneapolis „ 2,500 1,500 218,400 212, 942 2,636 2,277 6,817 10, 938 Kansas City __•__! . 2,500 4,100 551,112 545,843 3,340 2,674 4,335 32,516 Dallas --_ 3,500 1, 000 403, 098 415,465 1, 987 1, 717 9,597 18,866 San Francisco . 3,000 6,500 411, 388 396, 351 4,551 3, 330 12, 758 37,058 Total five weeks ending— Oct. 20, 1926 117, 600 117,600 11, 793,604 11, 793, 604 73, 644 73, 644 91,378 91,378 745,618, Sept. 15, 1926__.__ 97,400 97,400 10, 001, 949 10, 001,949 64,114 64,114 661,404 Oct. 21, 1925 139,400 139,400 i 11,243,119 ' 11, 243,119 701, 95ft Sept. 16, 1925.. 51,100 51,100 19,291,504 i 9, 291, 504 636, 568, 1 Includes Federal reserve note clearing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS KA ! L V / -L i " I L_ DALLAS® n TEXAS ) \J BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL P^SERVE BRANCH TERRITORIES FEDERAL RESERVE SANK ClTiES © FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis