Federal Reserve Bulletin, 1927-02

FEDERAL RESERVE BULLETIN FEBRUARY, 1927 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Production and Trade in 1926 New Index of Industrial Production Classification of Loans of All Member Banks UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1927 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, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. 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. E. A. GOLDENWEISER, Director, Division of Research E. M. MCCLELLAND, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Re- J. F. HERSON, Chief, Division of Examination, and Chief Federal search and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) ARTHUR M. HEARD. 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) _1 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 Be . n P j. . S G tr . o H ng arding.. J W . H . W . C . a P s a e ddock A W . . W W . ll G le i t l t b . art.i New York L. F. Sailer.. J. W. Jones.i G. L. Harrison. Ray M. Gidney. E. R. Kenzel... ._ 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.i Atlanta Oscar Newton __M. B. Wellborn.. Creed Taylor....... M. W. Bell. J. B. McDougal- C. R. McKay W. C. Bachman.i Chicago _ Wm. A. Heath JohnH. Blair K. C. Childs.i J. H. Dillard.i D. A. Jones.1 O. J. Netterstrom.» St. Louis Wm. McC. Martin. D. C. J O. M. Attebery J. W. White. JohnR. Mitchell... W. B. Geery Gray Warren. Minneapolis. _ R. A. Young B. V. Moore... Frank C Dunlop l Harry Yaeger 2 Kansas City__ M. L. McClure i W. J. Bailey C. A. Worthington.. J. W. Helm. Dallas.. C.C.Walsh.. .1 Lynn P. Talley. R R . . R B . . G C i o lb le e m rt an Fred Harris. San Francisco. Isaac B. Newton. J. U. Calkins Wm. A. Day W. N, Ambrose. Ira Clerk.. L. C. Pontious. 'Controller. 2 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 0. F. McCombs. Omaha branch L. H. Earhart. 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. Motherwell. 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 C. 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 banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: p ag8 Review of the month—-Production and trade in 1926 -..._-__-___ _ _ _-..-,-..-.- 77 Business conditions in the United States 82 : Wholesale and retail trade in 1926... . 97 New index of industrial production 100 Classification of loans and investments of all member banks 104 Earnings and expenses of Federal reserve banks__ 106 Reorganization of the National Bank of Bulgaria 119 Official: Changes in State bank membership •_• 109 Changes in national bank membership 109 Fiduciary powers granted to national banks 109 Business statistics for the United States: Production and industrial activity 110 Commodity movements 112 Wholesale and retail trade____ ___. 113 Foreign banking and business conditions: Financial statistics for foreign countries 120 Condition of central banks • 120 Condition of commercial banks 122 Discount rates of central banks • 122 Money rates in foreign countries 123 Gold movements 124 Silver movements 125 Foreign exchange rates 126 Price movements in principal countries— Wholesale prices in principal countries : 127 Retail prices and cost of living in principal countries.. 129 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 130 Federal reserve note account 134 Holdings of bills and securities and earnings thereon 135 Discount and open-market operations 136 Earnings and expenses . 106 Gold settlement fund 147 Discount rates of Federal reserve banks _ 147 Member banks— Reporting member banks— Condition of reporting banks in leading cities 137 Condition of reporting banks in Federal reserve bank cities 138 All member banks— Deposits, by size of city 140 Classification of loans and investments _ __ 104 Bank debits 141 Member banks and nonmember banks on par list and not on par list 146 Money in circulation 146 Money rates in principal cities 142 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 13 FEBRUARY, 1927 No. 2 REVIEW OF THE MONTH previous maximum reached in the spring of During the last three months of 1926 there 1923. Production was at a relatively constant was a slowing down of industrial activity, and level from November, 1925, to July, 1926, and in December the output of in- the rise in August and September to new high Industrial pro- d^ry was smaller than a year levels represented primarily increased producearlier. For the year 1926 as tion of iron and steel and automobiles, accoma whole, however, the level of production was panied by a marked increase in the output of higher than for any earlier year. Industrial textiles, rubber tires, petroleum products, nonproduction, which includes both factories and ferrous metals, and coal. The increase in the mines, was about 4 per cent larger in 1926 than early autumn in iron and steel was supported in 1925, owing partly to an increase of about by demand from the automobile and building 7 per cent for mineral output, particularly that industries and to some extent by increased of anthracite and bituminous coal, copper, and zinc. Greater activity was shown also for PER CENT PERCENT leading lines of manufacture, notably iron and 125 1125 steel, paper and printing, and petroleum products. The production of food products, textiles, and leather products, on the other hand, 100 100 showed in 1926 little change from the year before. The course of production throughout most of the year remained close to the high level of 75 75 the late months of 1925, as shown by the board's new monthly index of industrial production, INDUSTRIAL PRODUCTION f 1923-25=100 ) given on the chart for the last four years. This index, which is described in a special article in 50 1923 1924- .1925 1926 this number of the BULLETIN, represents for each month average production per working buying by railroads. The decline after Sepday, is adjusted for seasonal variations, covers tember represented chiefly the decrease in autoboth manufactures and minerals, and repre- mobile output, which in turn tended to reduce sents directly or indirectly about 80 per cent the demand for iron- and steel. During the last of the total output of factories and mines in the two months of the year, however, there was a United States. The chart indicates that the recession in almost all lines of manufacture. large aggregate of industrial output for the The large volume of activity in manufactur- 3^ear 1926 as a whole resulted chiefly from the ing and mining in 1926 was accompanied and fact that there was not, as in other recent „ , sustained by an exceptional 3^ears, a recession in industry in the spring and Building. -, * i. *.- ^ summer months. The advance in the early volume oi construction work. autumn brought industrial production to a The total volume of building of all kinds for the new high level, about 6 per cent above the country as a whole, as indicated by reported figures for contracts awarded covering about 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 91 per cent of the business, approximated year was also below the level at the same $6,800,000,000 in value, and was about 4 per season of 1925, largely in consequence of a cent larger than in 1925 and much larger than lower price for cotton and smaller yields of in any other year. The increase was primarily spring wheat and other crops raised in the in the construction of public utilities and public Northwestern States. works, which was 12 per cent larger, and in the Distribution to consumers, both at wholesale construction of industrial buildings, which was and at retail, which for the entire year 1926 was 40 per cent larger, while residential building larger in quantity than for any Trade. declined nearly 3 per cent and the building of previous year, showed some reschools more than 10 per cent. During the duction in value in the late months of the year last quarter of the year, when industrial pro- as compared with 1925, partly because goods duction was declining, building was in about were moving at a generally lower level of prices. the same volume as in the corresponding period The autumn growth in sales at retail stores was of 1925 and larger than in the same months of less than usual and the autumn decline in wholeany other year. Thus building construction sale trade was larger than usual, especially in continued in 1926, as in other recent years, to agricultural sections where economic conditions be an important factor in sustaining industrial were unfavorable.1 and trade activity; the cost of building, how- Orderly marketing of the year's large output ever, showed no appreciable advance and prices of industry and agriculture was an important of building materials declined during the year. characteristic of business ac- Employment in factories in 1926 was approx- Inventories. tivity in 1926. Distribution of imately in the same volume as the year before commodities by the railroads was prompt and and wage payments were some- efficient, sales to retailers and to the public Employment. what larger; in mining and in were maintained at a high level, and there was the building industry employment was at least little evidence of the accumulation of invenas large as in 1925, in keeping with the in- tories or of stocks of raw materials. Information on stocks of commodities is not so complete or so reliable as that on production and trade, but available information indicates that in most lines stocks on hand are no larger than a year ago, and that even in those lines where stocks in physical units exceed those of last year the value of the stocks is lower, because of the lower level of prices. From the point of view of the amount of credit required to finance inventories, their volume at the close 75 of 1926 was smaller by several hundreds of millions of dollars than at the close of the FACTORY EMPLOYMENT AMD RAY ROLLS preceding year. The inventories of wholesale merchants in 50 1923 192^ 1925 1926 some lines of trade, notably shoes, hardware, creased activity in these lines. Both factory and drugs, were higher in De- Wholesale and , mop ^ employment and factory pay rolls, as shown by retail stocks. cember, 1926, than a year the chart, were in as large volume on the earlier, notwithstanding the average as in any previous year, except 1923, lower level of wholesale prices, while in other but in the later months of 1926, when industrial lines, notably dry goods and groceries, for activity was receding, pay rolls were smaller which the price decline has been substantial, than in the corresponding months of 1925. The income of farmers toward the end of the i A special article on wholesale and retail trade in 1926 appears on p. 97 of this issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN 79 inventories were considerably smaller than a Commercial stocks of agricultural commodiyear ago. These facts are brought out by the ties were also of considerably smaller estimated table, which gives index numbers of whole- value at the end of 1926 than Agricultural salers' stocks at the end of December for a stocks. at the end of either of the two series of recent years. preceding years. For about 15 commodities for which comparable figures are VALUE OF STOCKS CARRIED BY WHOLESALE FIRMS IN available, the decrease in value of reported DECEMBER stocks, as compared with 1925, approximates [Index numbers, 1919=100] $200,000,000 and, as compared with 1924, $300,000,000. The difference is due princi- 1923 1924 . 1925 1926 pally to the lower price of cotton. The reported stocks of these agricultural commodi- M Gr e o a c t e s ries 1 9 0 3 4 1 1 1 1 1 9 12 9 0 1 10 9 2 3 ties at the end of each of the last three years, Dry goods . 86 73 74 58 as measured in physical units, are given in the Shoes 98 77 58 62 Hardware . __ 100 93 90 97 table, which indicates that stocks were larger Drugs 90 91 99 103 for cotton, wheat, corn, beef, frozen poultry, Inventories of department stores at the endand apples, and smaller for oats, cottonseed, of the year were also affected by the decline and eggs. in prices. They were slightly smaller than at REPORTED STOCKS OF AGRICULTURAL COMMODITIES IN the end of 1925, when all departments are DECEMBER included, increases in some departments, notably musical instruments and radios, fur- Commodity | 1924 1925 1926 niture, and furs, being offset by large reductions in inventories of clothing and most lines of Cotton (thousands of bales) 5, 937 7, 326 8,245 Cottonseed (thousands of tons) 1,231 1,416 1,292 dry goods. Wheat (thousands of bushels) 96,114 55,024 68,125 Corn (thousands of bushels) 19, 693 19,095 36,412 Stocks of industrial commodities in a num- Oats (thousands of bushels) 76,343 66, 762 46,341 Cheese (thousands of pounds) 49,187 58,457 54,495 ber of cases were somewhat larger in quantity Apples (thousands of barrels) 5, 232 7,051 9,282 Butter (thousands o f pounds) 65,694 52, 785 34,355 at the end of 1926 than at the Frozen poultry (thousands of pounds) 133,990 111, 501 144, 230 Beef (thousands of pounds) 142,862 84, 996 101.016 Industrial ,. . or inn A Pork (thousands of pounds) 642,981 472, 219 475, 576 in Lard (thousands of pounds) 60,243 42,478 49,498 stocks. same time in 1925 or 1924. Eggs (thousands of cases) 1.050 1,683 1, 111 Tobacco (millions of pounds) 1,714 1,819 1,842 This is notably true of metals, building materials, and rubber in various forms, The general level of wholesale commodity while stocks of paper, petroleum, and espeprices in the United States, as well as in many cially leather, were smaller at the end of Decemother countries, declined during ber than at the same time in other recent years. Prices. 1926. In this country the price A table showing stocks of about 40 industrial index in December was about 6 per cent lower commodities in 1924, 1925, and 1926 is shown than a year earlier and at the lowest level since at the end of this review. the middle of 1922, excepting a few months in Estimates of the value of the stocks of these the middle of 1924. The decline affected commodities, based on prices prevailing at the almost all classes of commodities, both agriend of 1925 and 1926, indicate that the value cultural and nonagricultural, but was.greatest of reported stocks was smaller in December in agricultural commodities, for which wholethan a year ago for all of the principal groups sale prices w^ere in November and December except building materials. The larger value of at the lowest level in more than two years. stocks of building materials is due primarily to Prices received by farmers, as computed by their larger quantity, while the smaller value of the Department of Agriculture, w^ere in Decemstocks in the textile and rubber industries ber at the lowest level in four years. Nonagrireflects lower prices for larger stocks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 cultural prices declined about 3 percent during circulation after the turn of the year, together the year and were in December close to the with a considerable volume of gold imports, lowest level in four years. The lower level of resulted in much easier conditions in the money agricultural prices reflects primarily the lower market. Thus money rates, which throughout prices for grain and for cotton, while prices of 1926 had been higher than the year before, were in January at about the same level as at the livestock, after marked fluctuations during the opening of the preceding year. year, were at about the same level as at the end of 1925. Among the nonagricultural commodities chiefly responsible for the lower REPORTED STOCKS OF INDUSTRIAL COMMODITIES IN DECEMBER * level at the end of 1926 are rubber and silk, among the raw materials, yellow-pine flooring, Per cent of change in 1928 coke, and zinc. Certain highly fabricated over— Commodities 1924 1925 1926 articles not included in the price index, such as 1924 1925 automobiles and tires, are also lower in price than they were a year ago. Metals: Iron ore (thousands oflong The larger volume of trade, at a lower level tons) 36,360 36,898 38,426 +5.7 +4.1 Copper, refined (short of prices, that characterized the year 1926 was tons) 136,434 73,082 85,501 -37.3 +17.0 accompanied by a larger aver- Z C i o n p c p , er s l b a l b is , ter a t ( sh r o e r f t i n t e o r n ie s s ). 237,528 249,278] 272,342 +14. 7 +9.3 a&e volume of currency in circu- Le ( a s d h , o r c t r u to d n e s ) (short tons)__. 2 87 1 , , 1 2 9 0 7 8 10 9 5 , , 2 6 9 2 5 9 >1 2 2 1 0 , , 8 8 8 7 7 1 + + 3 3 8 . .6 2+1 + 3 1 5 4 . . 5 4 Fuels: lation during the year and a Bituminous coal (thous- • | ands of short tons) 3 44,0003 45,000: 3 44,000 0.0 -2.2 larger volume of bank credit in use. The in- Petroleum crude (thousands of barrels) _. 312,725 292,288J 278,077 -11.1 -4.9 crease in bank credit during the year, however, Gasoline (millions of gallons). ___ _ 1,294 1,648| 1,639 +26.7 -0.6 was less than for any other recent year, and Gas and fuel oil east of California (millions of currency in circulation in December, as meas- gallons) 774 1,0371 1,046 +35.1 +0.9 Building materials: ured by the average of amounts at the beginning Yellow pine, southern (millions of board feet)... 1,042 1,166! +11.7 -0.2 and at the end of the month, was $14,658,000 Yellow pine, western (millions of board feet) 921 902; a 1,145 +24.4 +27.0 less than at the same time a year ago. Net Hardwoods (millions of board feet) 667 806! 922 +38.2 +14.4 demand deposits of member banks, which rep- Flooring, oak and maple (thousands of board feet). 69, 815 73,155! 102, 562 +46.9 +40.2 resent that class of deposits of which the circu- Common brick, burned (thousands) __ 354,477 316, 0231453, 452 +27.9 +43.5 lation is most active, were also lower at the end Paving brick (thousands)-. 102, 993 79, 709 -22. -26.6 Cement (thousands of barof the year than at the beginning. Time depos- 13,857 18,429; 20, 555 +48.3 +11.5 Enameled sanitary ware its, on the other hand, continued to increase at (thousands of pieces) 652 893 +37.0 +34.1 Textile materials and products: about the same rate as in other recent years. Cotton, raw, at warehouses (thousands of Loans and investments of member banks, as bales) _ 4,617 5,584! 6,47< +40.3 +16.0 Cotton, raw, at mills indicated by figures for member banks in lead- (thousands of bales) 1,320 1,721 1,7 +33. 8 +2.6 Cotton goods (yards) 229,817 210,122 -8.6 ing cities, were at the end of the year at a higher Cotton fabrics, finished (cases)_-__ . 42,162 42,315 38,398 -8.1 -8.3 level than at any previous time. Investments Wool, raw, manufacturers (thousands of pounds).._ 211, 515 182, 506 161,943 -23.4 -11.3 and loans on securities were in about the same Wool, raw, dealers (thousands of pounds) 179,7334190, 504 213,770 +18. 9 +12.2 volume as at the end of 1925, and the increase Wool, raw, in Boston (thousands of pounds) _._ 49,259 62,251 81,419 +65.3 +30.8 was entirely in other loans, which had reached Silk, raw, at warehouses (bales)___ 61, 533 49, 824 52,478 -14.7 +5.3 in November the highest level in six years and Hosiery (thousand dozen pairs) 5,752 5, 834 2 6, 856 +19.2 +17.5 had declined after that time. This decline con- Knit underwear (thousand dozen garments) 954 1,096 2 1,011 +6.0 -7.7 tinued in January, during the period of the 1 Stocks in every case are as of Dec. 31 unless otherwise noted. These seasonal return flow of currency from circula- figures are derived from various sources and all, except those referring to bituminous coal and to raw wool in Boston, are published regularly tion and the consequent decline in the demand in the Survey of Current Business of the Department of Commerce. Coal stocks are compiled at irregular intervals by the Bureau of Mines, for reserve bank credit. and those of wool in Boston are reported at the end of each year by the wool merchants of that city. Liquidation of indebtedness at the reserve 2 Stocks as of Dec. 1. 3 Stocks are of report dates nearest the end of the year—Mar. 1, 1925, banks by the use of currency released from Feb. 1, 1926, and Oct. 1, 1926. 4 Stocks for all years are as of Sept. 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

81 FEBRUARY, 1927 FEDEEAL EESEEVE BULLETIN REPORTED STOCKS OF INDUSTRIAL COMMODITIES IN deputy chairman of the board of directors of DECEMBER—Continued the Federal Reserve Bank of New York to succeed W. L. Saunders, whose term expired Per cent of on December 31, 1926. In order to accept change in 1926 over— this appointment, Mr. Young has resigned as a Commodities 1924 1925 1926 class B director of the bank, an office which he 1924 1925 has held since January 1, 1923. Leather: Sole leather (thousands of Up ba p c e k r s, l b e e a n t d h s e , r a , nd c s a id t e tl s e ) _ 6,467 6,310 3s660 -43.4 -42.0 Appointment of Assistant Director of Research (thousands of sides) 4,305 4,004 2 3,142 -27.0 -21. 5 Upper leather, calf and kip Mr. Carl E. Parry, who has been connected (thousands of skins) 6,537 6,517 2 6,126 -6.3 -6.0 Upper leather, goat and with the research work of the Federal Reserve Rubbe k r i : d (thousands of skins). 18,925 18,493219,170 +1.3 +3.7 Board since 1924, has been appointed assistant Rubber, crude (long tons). i 49, 6454 33,1314 58,883 +18.6 +77.7 director of the division of research and sta- I P n n n e e u r m tu at b i e c s tires 8 5 , ,5 2 7 8 1 9 6 8 , , 1 4 0 8 6 5 1 7 2 , , 8 1 4 5 7 0 +40. + +4 2 3 8 . . 2 5 tistics. Wood pulp and paper: +46.6 Wood pulp, chemical (short tons) 54,372 37, 744 41, 688 -23.3 +10.5 Wood pulp, mechanical Consolidation of Cuban Agencies (short tons) 179,466 191,911 195,926 +9.2 +2.1 N Bo e o w k s p p r a in pe t r (s ( h sh o o rt r t to to n n s s) ) _ - _ .. _ . 2 3 3 9 , , 8 3 3 9 8 8 4 1 4 6 , , 2 5 3 3 8 4 4 1 3 2 , , 8 0 3 3 5 0 + -4 1 9 1 . . 5 3 -2 -1 5 . . 6 9 Action was taken in December by the Federal Wrapping paper (short Reserve Board, effective January 1, 1927, protons) 64,760 44,177 37/827 -41. -14.4 Fine paper (short tons) 41,714 40,090 42, 521 +1- +6.1 viding for the assumption by the Federal Re- Paper board (short tons).. 42, 534 45,600 52, 758 +24.0 +15.7 serve Bank of Atlanta, through its agency at Habana, Cuba, of the functions previously 2 Stocks as of Dec. l. exercised by the Federal Reserve Bank of * Stocks for all years are as of Sept. 30. Boston through its agency at the same place. Appointment of Deputy Chairman at New York At the same time the board authorized the dis- The Federal Reserve Board has appointed continuance of the Cuban agency of the Federal Owen D. Young to be class C director and Reserve Bank of Boston. 28725—27 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 BUSINESS CONDITIONS IN THE UNITED STATES NATIONAL SUMMARY winter decrease in demand. Cotton consumption, on the other hand, was larger than in any Volume of output of industry decreased previous December. Factory employment and further in December to the lowest level in pay rolls declined further in December, reflectmore than a year, and wholesale prices con- ing decreases in nearly all industries except tinued to decline. Easier conditions in the cotton goods, clothing, foundries and machine money market in January reflected the usual shops, and printing and publishing. seasonal liquidation after the turn of the year. The value of building contracts awarded in Production.—In December, for the third December, as in November, was larger than in consecutive month, there was a decrease in the corresponding period a year earlier, but industrial production, and the board's new for the first three weeks of January contracts were in smaller volume than during the same weeks of 1926. This decline in January was largely concentrated in the New York and Atlanta Federal reserve districts, wxhere building was unusually active a year ago. Residential contracts were smaller in December than a year earlier in nearly all districts, the increase in the total for the month being in other types of building. Trade.—Retail sales during the holiday trade in December exceeded all previous rec- 50 ords. Sales of department stores were approximately 3 per cent larger than in December of PRODUCTION OF last year, and sales of mail-order houses, while MANUFACTURES AND MINERALS slightly smaller than in 1925, were larger than in the corresponding month of any other year. 1923 192A- 1925 1326 1927 Index of production of manufactures and minerals. (1923-1925 average = 100.) Latest figures, December index, with adjustment for seasonal variations, was 105 on the basis of the average for 1923, 1924, and 1925 as 100. This compares with 113 in September, the high point of the year, and with 108 a year ago. The decline since the recent high point has been entirely in the manufacturing industries, as the output of minerals was at a record high level in November and December. By far the greatest recession of recent months has been in the automobile industry, SO output of passenger cars and trucks in the United States decreasing from 425,000 in With Seasonal Adjustment August to 165,000 in December. Reduction Without Adjustment in the manufacture of automobiles is usual at the end of the year, when plants close for 1923 1924 1S25 1S26 1927 inventory taking and repairs, but in December, Index of sales of 359 stores. (1919—100.) Latest figures, December adjusted 140, unadjusted 234 1926, the decline w^as considerably larger than usual. Production of iron and steel has also Sales at wholesale, on the other hand, declined been sharply reduced since the middle of in December and were smaller than a year ago autumn, and activity in the woolen and in practically all leading lines, except shoes. worsted and silk industries has been somewhat Merchandise stocks carried by department curtailed. Production of lumber, cement, and stores were reduced slightly more than is usual other building materials has reflected the usual in December and were somewhat smaller at Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN 83 the end of the month than in 1925, and whole- of agricultural products, which declined consale stocks were also slightly smaller than a siderably in October and November, increased year ago. Freight-car loadings showed about slightly in December, owing to advances in the usual seasonal decline in December, with prices of grainy and cattle. In the first three shipments of all groups of commodities, except weeks of January there were further increases coal and merchandise in less-than-carload lots, in grains, and advances also in cotton, hogs, in smaller volume than a year earlier. and flour. Prices of nonagricultural products Prices.—Wholesale prices declined further declined in December, owing chiefly to decreases in December, and the Bureau of Labor Statis- in bituminous coal, clothing materials, nonferrous metals, and building materials. In PEP, CENT PERCENT January iron and steel prices were slightly 200 200 reduced, and there were further declines in bituminous coal and nonferrous metals, while prices of cotton goods and coke advanced. Bank credit.—At the reserve banks during the four weeks following the peak of the seasonal currency demand, there was a return flow of Federal reserve notes and other cash 150 150 from circulation, amounting in the aggregate V to about $400,000,000. This return flow of \/ currency was in about the same volume as a WHOLESALE PRiCES year ago, and, together with substantial gold imports, was reflected in a reduction of the mmiL At/ Commodities -«n Agricultural volume of reserve bank credit in use to a level •++-* Non-Agriculturaf on January 19 lower than at any time since 100 1923 1924 1325 1926 1927 100 the summer of 1925. Index of United States Bureau of Labor Statistics. (1913=100, base Loans and investments of member banks in adopted by bureau.) Latest figures, December leading cities, after increasing to a record level tics7 index at 147 for that month was at the at the end of the year, declined sharply in lowest level since the middle of 1924. Prices January. Commercial loans, which had BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD I Y m ea o r n a th nd p I t r n t i o r o d d i n a u u l s c i - - P t m t i r u o f o a r a n d e n c u s - u o c 1 - f - P t m i r a o o i l n n d s e u o i r c f - - e F m m ac p e t l n o o t r y y - Fa r p c o a t l y l o s ry B j U u u i n s l t a a d e w d i d n - a g r d c e o j d u n A s t 1 r d t a e - d cts i l R r n o c o g a a a a i s d r d l - - •' W t s r h a a o l d e l e e- D j U u e n s p t a a e d r d s - t a m le e s n j J u t A - s s d t t e - o d re D j U u e n s p t a a e s d r d t - t o m ck e s n j u t A * - s s d t t e - o d re o o d C B Y f u e i a o N t b t s n r y i i e k k t d 1 w s e Monthly average 1923-1925-100 Monthly average 1919=100 1920 average __ 87 87 103 124 108 112 120 133 114 1921 average. . 67 67 70 82 84 90 94 73 111 115 91 1922 average _. 85 87 74 Oft 123 103 74 112 116 94 1923 average.. 101 101 105 104 113 133 119 83 124 129 107 1924 average.. 95 94 95 104 150 117 82 125 133 108 1925 average __ 104 105 95 107 193 I. 123 84 131 135 121 1926 average.. 108 108 107 96 109 205 ! 128 84 136 137 127 1926 January 106 108 93 96 107 176 243 118 114 130 125 141 126 February 107 109 98 97 112 157 218 127 104 135 131 140 128 March 108 108 108 97 113 231 209 126 130 130 142 141 131 April 108 108 107 96 110 220 170 132 133 130 143 139 131 May j 107 107 103 96 109 212 164 126 137 132 138 138 124 June ! 107 107 104 95 109 211 169 127 130 130 131 138 127 July 1 107 107 105 94 104 200 178 130 99 133 125 133 136 August. _| 111 112 109 94 108 232 221 126 105 134 130 130 126 September I 113 113 111 96 108 217 233 128 131 144 142 132 126 October _i 111 111 116 96 112 199 204 127 158 139 153 137 126 November i 108 106 118 95 109 188 235 132 157 140 156 138 123 December I 105 103 120 94 108 207 281 132 234 146 128 137 126 1 The indexes of production, car loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of building contracts and depart ment-store sales and stocks are shown both with and without seasonal adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 FEDERAL RESERVE BULLETIN FEBRUARY, 192T reached their seasonal peak in November, were paper and call loans were at about the same in the middle of January about $200,000,000 levels during January of this year, while rates below the maximum figure, but still more than on acceptances were higher and on time loans $300,000,000 above the level of a year ago. on securities lower. The average yield on 3-6 Loans on securities of the reporting banks also months United States Treasury notes and certificates of indebtedness rose during the month, BILLIONS OF DOLLARS BIlLiOHS OF DOLLARS while the yield on long-term Liberty bonds re- 2 mained at the low levels reached at the end of December. Bond yields in general continued to decline during the month, and bond prices reached the highest levels since before the w^ar. The accompanying table shows money rates prevailing in the New York City open market during the last three months. A retrospective revised table showing rates of interest charged customers by representative banks in various cities during the last six months will be found on pages 143-146 of this issue of the BULLE- TIN. In January rates charged customers in many of these cities were somewhat lower than in December, but higher than in the summer months of 1926. 1923 1924- 1925 1926 1927 Monthly averages of daily figures for 12 Federal reserve banks. Latest figures are averages for first 23 days in January MONEY RATES IN NEW YORK CITY declined after the turn of the year, following a large increase in December, and were slightly Average yield Average rate smaller than in January of last year. Easier money conditions prevailed in the p f m c r o e o o r m m n m e c y e 3 e n J r m c t 4 , i a a t r a l o k n e p d a t a r p i t a n h e n o r g J s a e e d n e o u o c f a l n i r 3 n y % e b , d a - a n 3 n k f % r d e o r m s r p a 7 t e e r 4 a s c ^ c c o e e n n t p o t t p . a r n 4 i c m ) e 4 e s Month m m p P c a r 4 o e o p i - r m n m 6 e c t i r - h e a , s l a P a b c d n e r a c a c i r 9 n e m s y e 0 k p ' s s e - t , - T c U n a e u r o n r e . r t t d S a y i e f s . s i - - p L e i r b c e e rt n y t lo C a a n l s l i lo T a i n m s e 2 cates, bonds 3-6 MONEY RATES months Conditions in the New York market showed the customary seasonal ease during January, January, 1926 3.49 4.04 4.33 4.79 and rates on commercial paper, bankers7 ac- N O o ct v o e b m er b , e 1 r, 9 2 1 6 9 . 2 . 6 .._ _ 3 3 3 . . 3 5 5 8 3 3 . . 9 9 5 1 4 4. . 5 7 6 5 4 4 . . 9 7 9 0 ceptances, and collateral security loans were all December, 1926- ' . 3 3 . . 0 1 3 1 3.83 5.16 4.70 quoted at lower levels than prevailed in De- January, 1927 3.23 4.32 4.52 Week endingcember. The decline was marked in the call Jan. 1 „ 43> < 3. 01 3.80 5.60 4.73 Jan. 8_ 4M-4^ 4 3.05 3.78 4.85 4.58 rate on security loans, which fluctuated around Jan. 15 i 3.19 3.80 4.15 4.52 4/€ per cent during the latter part of the Jan.22. 4 3.36 3.75 4.35 4.50 Jan. 29 4-4M 4 3.32 3.87 4.00 4.50 month, in contrast to a level of 5J^ per cent during the last two weeks of December. In the 1 Renewal rate. other short-time money markets, however, the 2 3 W Iss e u e e k s l y m a a v tu er r a in g g e o M f a d r a . il 1 y 5 , a 1 v 9 e 2 r 7 a . ge rates on principal maturities. decline amounted only to about one-fourth of 1 4 Issues maturing June 15, 1927. per cent. The market for commercial paper ACCEPTANCE MARKET was active during the earlier part of the month but generally quiet later, with the bulk of the The New York acceptance market was less sales at 434 per cent, as compared with 4^ per active during the last half of December than cent during December. The offering rate on in preceding weeks, with a smaller volume of prime bankers7 acceptances of 90 days' ma- new bills offered to dealers and a light demand. turity fluctuated between 4^ and 4% per cent, The supply of longer dated bills was particucomparing with 4%-4% per cent during No- larly small, and on December 27 rates on 90vember and December. Time rates on se- day and longer maturities were reduced by curity loans declined from about 4% per cent one-eighth of 1 per cent. Exceptionally heavy to 4J^ per cent during the month. As com- buying of these bills for foreign account depared with January, 1926, rates on commercial veloped in January, and rates were further Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

85 FEBRUARY, 1927 FEDERAL RESERVE BULLETIN reduced on January 11, as indicated by the DOMESTIC CAPITAL ISSUES table below. Offerings to the reserve bank [In millions of dollars] were in moderate volume throughout the fourweek period ending January 12, and there was December, January-De- January-Deno marked change in the size of dealers' port- 1926 cember, 1926 cember, 1925 folios. Boston dealers reported for the period a continuation of the quiet conditions which had Re- Re- Re- New fund- New fund- New fundprevailed in the local market since early in ing ing ing November. Their sales to the reserve bank were smaller than in the preceding four weeks Total 445.8 43.4 5,155. 7 879.4 5,128. 9 680.9 and their portfolios were larger, although Corporate issues 304.7 41.0 3,754. 0 819. 8 3,604.5 617.6 they were sold down to smaller proportions after Long-term bonds and notes.. 212.3 24.2 2,417.7 641.4 2,231.3 435.9 the decline in rates at the end of December. Short-term bonds and notes 13.0 6.3 249.2 45.3 220.7 87.3 A small volume of business was reported by Stocks 79.4 10.5 1,087.1 133.1 1,152. 5 94.4 Chicago dealers. Farm-loan issues 91.1 40.2 168.7 19.5 Municipal issues 141.1 2.4 1.310. 6 19.4 1,355. 8 43.8 The table below shows the prevailing rates Grand total 48C.2 6, 035.1 5,809. 8 in the New York market at the beginning and end of the period covered by this discussion. With the single exception of October, a larger volume of foreign capital issues, new and ACCEPTANCE RATES IN THE NEW YORK MARKET refunding, were floated in December than in any other month of 1926, according to the Dec. 16, 1926 Jan. 11, 1927 compilation of the Federal Reserve Bank of Maturity New York. About two-thirds of these loans Bid Offered Bid Offered consisted of Latin American issues, while most of the remaining were for the account of 30 days.. European governments. The total volume of 60 days.. 90 days.. foreign issues in 1926 was larger than in 1924 120 days. and close to the high totals of 1925. The bulk ' 150 days. 180 days. of the issues during the year were European or Latin American in origin, total flotations for each of these groups amounting to about CAPITAL ISSUES $470,000,000 during the year. Canadian issues to a total of about $270,000,000 were also The volume of new domestic capital issues in important. The table below shows foreign December was larger than in any month since issues during November and December, 1926, May, according to the compilation of the and for the year as a whole, classified geo- Commercial and Financial Chronicle, and graphically : amounted to over $445,000,000, as compared with $326,000,000 in November, The securi- FOREIGN CAPITAL ISSUES ties put out for refunding purposes were only $43,000,000, however, as compared with the [In millions of dollars] unusually large total of $266,000,000 in the preceding month. Municipal issues were more Dec 1 e 9 m 26 ber, No 1 v 9 e 2 m 6 1 ber, J c a e n m u b a e r r y , - 1 D 92 e 6 than twice as large as in November, but neither l c a o r r g p e o r a a s te in n o D r ec m em un b i e c r ip , al 1 9 f 2 l 5 ot , a w ti h o i n c s h w w e a r s e th a e s m G er e o n n v - t - C r o a r t p e o- m G er e o n n v - t - C r o a r t p e o m G er e o n n v - t - C r o a r t p e omonth of maximum new domestic flotations in that year. The total of new domestic issues New issues 93.1 10.5 42.4 50.2 633.8 399.0 during the year 1926 was about the same as in Europe— 37.3 16.0 29.3 262.2 182.9- Canada and New- 1925, but the amount of refunding issues was foundland 8.7 1.3 51.2 141.6 considerably greater, with the result that the Latin America 46.8 10.0 5.4 2.6 289.1 42.3 United States insular total volume of domestic securities floated possessions _. .5 2.6 11.6 4.4 during 1926, both new and refunding, exclu- I A n s t i e a rnational- 19.7 15.8 19.7 1 17 0 . . 8 0 V sive of United States Government issues, was Refunding issues _ - - 3.0 35.0 35.0 104.4 148.8 the largest on record. The following table Total new and reshows domestic securities both new and refund- funding 42.4 85.2 ing issued in December, 1926, in the year 1926 Grand total. 127.6 as a whole, and in the year 1925: Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 SECURITY PRICES the year to about 3 per cent and for the year The stock market was generally quiet during as a whole to about 6 per cent. Nearly all of January, and prices of representative common the decline for the year came in the first and stocks were quoted somewhat below the high fourth quarters, prices from March to Seplevels reached toward the end of December. tember having shown from month to month The downward movement was confined for but little fluctuation in either direction. The the most part to industrials, however, for the decline during December was chiefly in Standard Statistics index of 31 representative consequence of lower prices for nonagricultural rails reached the highest point since 1912 commodities, agricultural commodities as a during the fourth week in January. The group having advanced slightly on the wholenumber of shares sold daily on the stock sale market. This advance reflected mainly exchange during the month was smaller than somewhat higher prices for grain. For almost in December. Investment demand was strong all the principal groups of commodities, howduring the month, and bond prices continued ever, prices declined from November to Deto advance and reached new high levels for cember, as is brought out by the accompanypostwar years. The following table gives the ing table, and for the second or third successive indexes of stock prices computed by the month, as indicated by the table on page 128. Standard Statistics Co. of New York, the average price of 40 bonds computed by Dow, INDEX NUMBERS OF COMMODITY PRICES Jones & Co., and the average number of • [1913=100] shares of stock sold daily on the New York Stock Exchange for the last five months and Decem- Novem- Decemfor January a year ago: ber, 1926 ber, 1926 INDEX NUMBERS OF SECURITY PRICES All commodities 147.2 148.1 156.3 Agricultural 142. 2 141.3 153.7 Price indexes of1— Average Nonagricultural 151.5 154.0 157.9 Aver- number Farm products 134. 9 134.6 152.2 age of shares Foods: 151.0 151.1 157.1 d 1 s u 9 to s 9 t c r i k i n a s - l 3 s 1 r t o o r c a a d k il s - s T t 2 o o 3 t c a 0 k l s , b p o o r f n i c d 4 e 0 s2 s o o o m f ld ( i 0 s t t 0 d t o e 0 a c d i k l ) y 3 F M C B u l u e o e i t t l l a h d l a i i s n n n g g d m l m ig a a h t t e t e i r r n i i a g a l l s s . . ._ .. 1 1 1 1 7 8 8 2 8 2 2 5 . . . . 9 7 6 7 1 1 1 1 6 7 9 2 9 4 0 6 . . . . 0 2 5 9 1 1 1 1 7 7 8 2 4 7 7 9 . . . . 0 1 5 9 Chemicals and drugs 128.2 128.5 134.5 House furnishings. _. 159.4 159.9 165.9 Average for— Miscellaneous 117.8 117.7 138.2 •January, 1926 153.7 125. 5 145.5 93.46 1,766 September, 1926 159. 8 134.6 152.5 95.03 1,654 October, 1926 155.4 129.6 147.9 94.93 1,824 November, 1926 157.5 132 4 150.2 95.66 1,477 All of the different groups, except fuel, were December, 1926 161.7 135. 2 153. 9 96.05 1, 692 lower in December, 1926, than a year ago, January, 1927 158.4 136.7 153.5 96.43 1,468 Average for week ending- the largest decreases being about 15 per cent Jan. 1 161.0 135.6 153.6 96.05 1,643 Jan. 8 _ 161.3 135.7 153.8 96.27 1,393 for miscellaneous commodities, including rub- Jan. 15 160.6 137.1. 153.9 96.49 1,364 ber, and about 11 per cent for farm products. Jan. 22 159.9 138.5 153.7 96.65 1,573 Jan. 29 159.0 136.4 152.4 96.67 1,556 Agricultural commodities as a whole, according to the grouping of the Bureau of Labor Statis- 1 For the industrial stocks, the average of 1917-1921 prices equals 100; 'for the rails the average of the high and low prices made in the 10 years, tics, were 7.5 per cent lower than a year ago 1913-1922, equals 100. The indexes are weighted by the number of shares and nonagricultural prices about 5 per cent of each stock outstanding. Prices used are closing quotations on Saturday. lower. 2 Arithmetic average of daily average closing prices as published in In January cotton, cattle, and silver adthe Wall Street Journal. Weekly averages are for week ending with Saturday. vanced in price and most other important 3 Saturday omitted. Weekly averages are for 5 days ending with Friday preceding date given. commodities declined. Prices received by farmers declined in Jan- COMMODITY PRICES uary for the second successive month, as shown The general level of wholesale commodity by the following table, which gives for the last prices declined somewhat further in December, 12 months index numbers of farm prices prebringing the decline for the fourth quarter of pared by the Department of Agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN 87 INDEXNUMBERS OF FARM PRPCES INTERMEDIATE CREDIT BANKS [August, 1909-July, 1914=100] [In thousands of dollars] m c it o 3 i o m e 0 d s - - Grains t F v a a r e b n u g l d e e it s - M m an a e i l a - s t p p o u r u c o l t d t s r - y c C o s a o e t n t t e o t d d o n n - cl f U a ie s n d s - i- Direct loans outstanding on- Ja 1 n 9 . 2 1 7 5, De 1 c 9 . 2 6 11, Ja 1 n 9 . 2 1 6 6, Cotton 27,415 23,131 24,214 Tobacco .__ 13,514 14,357 20,888 1926 Wheat 3,477 3,501 3,000 January 143 143 214 140 153 138 Canned fruits and vegetables 1,429 1,514 844 February... 143 140 218 146 144 142 Raisins - _ _ 4,700 4,200 3,600 March 140 133 220 147 137 133 Peanuts •*" 175 April 140 131 253 146 133 135 Wool . 739 1,119 1,013 May 139 131 240 148 131 130 Rice.__ _ _ 2,698 2,092 603 June 139 130 216 154 130 132 All other 358 187 449 July 136 125 195 152 131 126 August 133 128 186 144 130 130 Total 54,330 50,101 54,786 September. . 134 121 136 148 139 134 October 130 123 136 148 144 94 Rediscounts oustanding for—- November,. 130 121 142 142 157 88 Agricultural credit corporations 24,089 25,565 14,600 December.. 127 120 137 140 161 81 National banks 27 28 34 State banks _ _ _ __ 312 244 391 Livestock loan companies 15,869 14,947 11,236 Savings banks and trust companies.. 55 92 80 AGRICULTURAL CREDIT Total 40,352 40,876 26,341 Direct loans outstanding of the 12 Federal intermediate credit banks increased approxi- Net mortgage loans outstanding held by the mately $4,500,000 during December, and addi- 12 Federal land banks increased $9,223,000 tional advances of $1,625,000 were made during during December, and those held by jointthe first half of January. The larger part of stock land banks increased $8,246,000. For the increase during December took place at the the 37ear 1926 the net increase for the former banks located at Columbia (S. C), St. Louis, was $72,134,000 and $86,917,000 for the latter. and Wichita (Kans.) and represented increased The following table shows the outstanding loans on cotton and rice. Loans on tobacco volume of net mortgage loans at the end of in the six weeks' period ending January 15 December held by 12 Federal land banks, 54 decreased approximately $1,000,000, loans on joint-stock land banks, and 41 life-insurance wool were about $600,000 lower, and loans companies owning more than 82 per cent of based on wheat and canned fruits and vegethe assets of all life-insurance companies. tables also declined slightly. During the same period loans on cotton increased approximately NET FARM MORTGAGE LOANS OUTSTANDING $6,000,000; rice, $730,000; raisins, $300,000; and all others, $114,000. Compared with a [In thousands of dollars] year ago, direct loans at the end of the year, totaling $52,705,000, were $1,075,000 lower. Dec. 31, Dec. 31, 1926 1925 Rediscounts at the end of December totaled $39,757,000,^ or only $32,000 more than at the Total, all joint-stock land banks I 632,476 545, 559 beginning of the month, liquidation by agricul- Total, Federal land banks j 1,077,819 1,005,685 tural credit corporations being just about offset 41 life-insurance companies j 1 1,585,000 1, 523, 000 by increased advances to livestock loan com- 1 Loans outstanding Nov. 30, 1928. ** panies. The largest liquidation during December took place at the Columbia (S. C.) bank, MINING AND MANUFACTURING ACTIVITY where agricultural credit corporations reduced their rediscounts from $8,047,000 to $5,588,000. Manufacturing activity at the close of 1926 During the first half of January total redis- was in smaller volume than at any other time counts increased about $600,000, additional during the year, although the total output for advances being made to both agricultural credit the year as a whole exceeded that for all precorporations and livestock loan companies. vious years. The low level of December output At the end of the year total rediscounts, total- and the sharp decline in the last three months ing $39,757,000, were $13,485,000 higher than of the year were largely due to a rather drastic at the close of 1925. curtailment of automobile production, but Loans based upon eligible commodities and nearly all other industries also showed some rediscounts with the different financial institu- recession, notably iron and steel and rubber tions on the latest date in January are shown in tires. After adjustments for seasonal variathe accompanying table. tions, output of food products, silk goods, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 building materials also declined. Cotton ber, continuing a slightly interrupted decline manufacturing proved an exception to the which began in September. Silk-goods prices general trend of output and was stable during have also been further reduced. Deliveries the last few months of the year at a high rate of raw silk to American mills were less than of activity. Output of minerals increased 40,000 bales in December, as compared with slightly in December as compared with Novem- 47,600 in November and 42,500 bales in Deber, continuing in exceedingly large volume. cember of last year. Although imports were Discussion of recent developments in in- considerably smaller than in November, they dustrial production is given in the Review of exceeded deliveries, and warehouse stocks at the Month, pages 77-79. Also in this issue of the end of the year were the largest since the BULLETIN the board's new index of indus- February, 1925. Sales of silk by wholesalers trial production is presented, with a general in the New York district were less in December description of the statistical data used in its than in the same month of 1925. Production construction. See pages 100-104. of hosiery continued in large volume during Textiles.—Sales and production of cotton December, although showing some decline from goods were in large volume during December, November. Shipments and orders likewise and incomplete reports indicate a continuation were in smaller volume than during the preof activity at a fairly high level in January. vious month. Production and shipments of Activity in the silk and woolen and worsted knit underwear were in smaller volume in industries, however, showed some decline November than a year earlier, but a larger toward the end of 1926. Consumption of amount of new orders were received during raw cotton by mills in December totaled over the month. 605,000 bales, the largest for any month Hides, leather, and shoes.—Definite imsince last March and in excess of that for any provement has occurred in the leather and December on record. The number of spindle- shoe industries since last summer, and within hours also increased, and data gathered by the recent months sales and output have been Association of Cotton Textile Merchants of in larger volume than during the previous year. New York from certain reporting mills show, Production of sole leather in December was as compared with November, a slight increase larger than in any month since October, 1925, in total production of nine classes of cotton and stocks in process of production were also goods, a small decrease in unfilled orders, and increased considerably, while finished stocks an increase in stocks. Stocks, however, were were further reduced below the previous low much smaller than a year earlier, while unfilled record and are less than 60 per cent of those orders and production were larger. Prices of held a year ago. Markets for both hides and cotton goods and cotton yarns, according to leather were active during January, and there the Fairchild indexes, after declining almost were some advances in prices. Shoe producsteadily since early in the fall, turned upward tion showed about the usual seasonal decline slightly in January. in December and continued in larger volume Operations in woolen and worsted mills, than a year earlier. Sales of shoes at wholewhich decreased slightly in November, showed sale during December also continued in excess further declines in December, but continued of those of 1925, and for the year these sales more active than in any month of the year were larger than in both 1925 and 1924. prior to October. Prices of raw wool have been Metals.—Sharp curtailment occurred in the somewhat firmer since the first of the year, iron and steel industry during the last few with buying showing some increase. The weeks of 1926, and the new year opened with London auctions opened with prices slightly the rate of production lower than at any time higher than at the December closing. Year in 15 months. This reflected decreases in the end stocks of raw wool in Boston indicated volume of buying in many lines, but particua larger supply of domestic wool on hand larly from the automobile industry. During than on the corresponding date of any recent January prices of pig iron were reduced 50 year. Stocks of foreign wool were in ap- cents a ton by eastern and western producers proximately the same volume as at the close and $2 a ton by southern mills. There were of the three previous years. December fig- also during the month rather general reducures showed increases in employment and pay tions in various semifinished and finished steel rolls in the clothing industries. products. Shipments of structural steel de- Silk markets have been weak and prices of creased somewhat in December, but bookings raw silk have declined since early in Decem- increased; both items, however, were lower Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN 89 than a year ago. Orders for freight cars Stocks of crude oil increased during December. during December totaled nearly 9,000, the Production of gasoline has also expanded largest for any month since March, but less within recent months and stocks have been than in December, 1925, and the total for 1926 enlarged. Prices of petroleum and gasoline was the smallest for any year since 1921. In have changed little since the middle of January a number of large orders for cars were December. placed. Toward the latter part of January Automobiles and tires.—Fewer automobiles buying of steel products showed some evidences were produced in December than in any other of increase, and production schedules were month since early in 1922, but production for slightly enlarged by a number of leading- 1926 as a whole exceeded that of any other year. pro due ers. Monthly output of passenger cars and trucks Production of zinc in December was larger since 1922 is shown on the accompanying chart. than in any month of postwar years; ship- The large output of cars for earlier months of ments, however, decreased, and stocks, which the year was somewhat in excess of sales, and have been rather small, were considerably the curtailment in December, which is usual enlarged. Both mine and smelter production but seldom is as extensive as in that month of of copper declined by somewhat more than the 1926, brought about the diminution of some of usual amount in December, but continued the accumulated stocks held by dealers and larger than in that month of recent years. manufacturers. Statistics of employment in Stocks of refined copper increased in December Detroit factories indicated a resumption of and were larger than at any time, except at the operations in January at a level close tothat of end of last February, since the middle of 1925. Stocks of blister copper, which were rather THOUSANDS OF CARS THOUSANDS OF OiRS 500 50O large in November, were somewhat reduced. ^•^asseogerC Outputs of both copper and zinc for 1926 were 300 / V 300 larger than for any previous year except those 200 ^ \200 during the war. Metal markets have been \ weak recently, and prices declined in December / / and January. A Fuels.—After declining in December from the record high level of November, production / \ of bituminous coal increased again during the I early weeks of January, exceeding output for corresponding weeks of recent years. Foreign demand for coal, however, has definitely les- AUTOMOBILE PRODJCTION sened, and present output apparently is for . 1 ' domestic consumption or for stocks. Exports 1322 1923 1924of bituminous coal continued large in Decem- 1925 but below 1924 and 1926. Selected ber, totaling about 4,300,000 tons as compared dealers in the Middle West reported to the with 4,600,000 tons in November, but in Federal Eeserve Bank of Chicago a volume of January foreign and bunker requirements, as sales in December approximately the same as indicated by tidewater shipments from Hamp- in November but much smaller than a year ton Koads, declined considerably. The sharp ago, and a substantial reduction in the large decline in prices of bituminous coal was number of new cars on hand at the beginning checked in January, and the Coal Age index of of the month. Several new models were spot prices remained practically unchanged introduced by manufacturers at the January during the first three weeks of that month. automobile shows, and a number of price Demand for anthracite has been only moderate, revisions, reductions in a majority of cases, and production has continued in approximately were announced. the usual seasonal volume. Coke production The tire industry has reflected the recession was reduced in December and has been in automobile production, and output and recently in smaller volume than a year ago. shipments have declined considerably since Coke prices have continued rather weak. early in the autumn. Stocks at the same time W Output of crude petroleum reached a new have increased. Larger shipments in January high record in the week ended December 25, than a year ago were indicated by trade reports, and, although decreasing in subsequent weeks, as dealers are again being supplied under the production continued large during January. spring-dating plan, which was not followed last 28725—27 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FEDEEAL RESERVE BULLETIN FEBRUARY, 1927 year. Crude-rubber prices were firm in De- the month, and at the end of December were cember and the early part of January, ad- larger than a year ago. Stocks of dry salt pork, vancing to over 40 cents a pound. Later in the however, were only about 58 per cent as large month there was a decline and the price fell as on January 1, 1926. As compared with below 39 cents a pound. the five-year average, all classifications with Building materials.—Lumber markets were the exception of lamb, frozen pork, and pickled seasonally quiet in December, but after the beef were lower. first of the year there was a sharp and sub- Sugar prices advanced during December, stantial increase in orders received for soft- and in early January raw Cuban sugar reached woods, and although production and ship- 3 Y% cents at New York, the highest level in two ments were also increased, the extent of in- 3^ears. Trade reports indicate, light stocks of crease was by no means as great as in orders, raws in refiners hands and light shipments and consequently unfilled orders for softwoods from Cuba. Production in the latter country were augmented by a considerable amount. prior to January 15 has been below that of a Orders for hardwoods, which have been fairly year ago. Sugar meltings, according to Willett well maintained during recent months, showed & Gray figures, show a decrease compared with no corresponding increase. Stocks of lumber November, and were also below the meltings of held by manufacturers at the end of the year December, 1925. Sugar stocks at the end of were larger than a year ago. In a miscella- the month totaled 246,391 tons, compared with neous group of building-materials industries, for 277,687 tons at the end of November, and which statistics are available, figures show a 120,146 tons at the close of 1925. seasonal recession in production and shipments toward the end of the year. Production, BUILDING shipments, and orders were generally smaller Increase over November of 10.3 per cent and than in December, 1925, while stocks on hand over December, 1925, of 1.6 per cent is shown were larger. Prices . of • lumber and of plate in the December record for value of building glass have declined within recent weeks. and engineering construction brought under Food products.—The output of flour during contract. It is noted, however, by the F. W. December was approximately 7 per cent lower Dodge Corporation, which compiles this record than in the previous month, and also slightly of contract awards in 37 States east of the below the output of December, 1925. As Rocky Mountains, that the December total compared with the previous month, all sections covers deferred entries for certain large undershowed a decreased production, but, compared takings which had been reported in October with a year ago, southwest, central, and south- and November and held out of the record ern mills show an increase. Bookings of new temporarily pending special investigation of orders since the first of the year, according to the awards. In November, also, as in Decemtrade reports, have been below expectations, ber of 1926, contracts were awarded for a buyers confining themselves to purchases for larger value than in the corresponding month immediate needs. Exports of flour during the of 1925, following a period of five months in month, totaling 1,208,271 barrels, were the which awards had run continuously in smaller lowest of any month since July. Export values than in 1925. Awards during the activity has been slow except in the Latin three weeks ended January 21 of this year were American trade, where a fair volume of busi- for a smaller value in the aggregate than was ness has been maintained. reported in the opening weeks of 1926. The production of meat products in Decem- Value of contemplated construction projects ber increased over the previous month, due to reported from the 37 States in December the seasonal increase in hog slaughtering. The totaled $911,000,000, exceeding the corretotal value of sales billed to domestic and sponding aggregate for November by 44 per foreign customers by 34 packing companies in cent and that for December of 1925 by 1 per the United States, as reported by the Chicago cent. Federal Reserve Bank, was 6.2 per cent lower During the 12 months of 1926 building and in December, as compared with the previous engineering contracts were awarded in the 37 month, but 0.2 per cent larger than in Decem- States calling for construction in the value of ber of 1925. Prices of fresh and cured pork $6,350,000,000, a total which exceeds the value products were generally weak, except for lard, contracted for in this territory in 1925 by 5.8 wThich recovered slightly from the very low per cent. It is estimated that awards in States price at the end of November. Storage hold- not included in the reporting area were in ings of frozen and cured meats increased during volume sufficient to bring the total for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN 91 country as a whole above $6,800,000,000, and season, and sales of department and chain that this total exceeds the corresponding stores exceeded all previous records. Sales of estimate for 1925 by 4 per cent. mail-order houses, however, did not increase Of the values reported for December awards as much as usual in December and were slightly in the 37 States, over 40 per cent were reported smaller than in December of last year. Stocks from the New York Federal reserve district, of merchandise carried by both wholesale and and the excess of December over November retail firms showed more than the regular reported for this district amounted to seasonal decline in December and were smaller $109,000,000, or 92 per cent. The net decrease in value at the end of the month than in 1925. over the month of $59,000,000 for the remaining Stocks in several lines of wholesale trade, how- 10 Federal reserve districts for which totals are ever, were slightly larger than at the end of compiled, covered increases for the Philadel- December, 1925. phia, Cleveland, and Dallas districts, and A more detailed analysis of the volume of decreases for the Boston, Richmond, Atlanta, wholesale and retail trade for the entire year Chicago, St. Louis, Minneapolis, and Kansas is contained in a special article elsewhere, in City districts. Of the total excess of awards this BULLETIN. reported.in the 12 months of 1926 over awards Wholesale trade.—Wholesale firms engaged in 1925, amounting to $344,000,000 for the 11 in six leading lines of trade showed a decline of Federal reserve districts, more than one-half 9 per cent in total sales in December from is credited to the New York district. November. A large part of this decline in Decreases for the year 1926 in comparison with December was seasonal, but it was larger than 1925 are shown for the Boston, Cleveland, and in December, 1925 and 1924. Sales of dry Atlanta districts. goods were smaller than a year earlier in nearly- Awards for residential building fell off over all Federal reserve districts, and those of grothe month by 11.5 per cent, and were for an ceries were less in all districts except in the aggregate value 20.8 per cent less than the Boston, Philadelphia, Chicago, and Kansas value reported for this class of construction in City districts. Hardware sales were generally December of 1925. In totals for the year, larger than in December, 1925, in the northern increases over 1925 are shown for commercial and eastern sections of the country and smaller and industrial buildings and for public works in the southern and western sections,, In and utilities, and decreases for educational these three lines—groceries, dry goods, and buildings and residential construction. hardware—declines in December from the preceding year were generally larger in the At- For building permits issued in 168 selected lanta, St. Louis, and Minneapolis Federal cities during December, a valuation was reserve districts than elsewhere, reflecting reported 13.2 per cent in excess of valuations principally the unfavorable agricultural develreported in November and 1.5 per cent in opments in those regions in 1926. excess of valuations reported for these cities in December of 1925. Eetail trade.—Sales of department and chain stores reflected the largest volume of holiday The Bureau of Labor Statistics wholesale trade on record in December. Departmentprice index for building materials decreased store sales were 2.5 per cent larger than in from 174 in November to 173 in December, on December, 1925, and those of chain stores were a 1913 base as 100. This decrease was more than sufficient to offset a slight increase in larger in all lines. Sales of department stores December over November in the labor cost of were larger than a year earlier in all Federal building as computed by the New York Federal reserve districts except in the Minneapolis Reserve Bank, whose cost-of-building index, district. The largest increase, amounting to 8 representing combined material and labor per cent, was in the San Francisco Federal costs, fell off from 196 per cent of 1913 costs reserve district. As a result of this large inin November to 195 per cent in December. crease in sales in December stocks were reduced rapidly, and at the end of the month they WHOLESALE AND RETAIL TRADE were about 1 per cent smaller for the country as a whole than at the end of December, 1925. Distribution of merchandise at wholesale Stores reporting in the New York, Philadelphia, declined more than is usual in December, and Chicago, St. Louis, Minneapolis, Kansas City, sales in all leading lines except shoes were and Dallas Federal reserve districts showed smaller than in December, 1925. Retail sales, smaller stocks, while those reporting in other on the other hand, were increased by a large districts indicated slight increases. In the volume of trade during the Christmas trading Dallas district inventories were 12 per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 "smaller than at the end of 1925, the largest AGRICULTURE decrease reported from any district. The outlook for agriculture in 1927 is sum- As a consequence of a larger increase in marized by the Department of Agriculture as sales in December and a larger reduction in indicating a relatively favorable year for livestocks than is usual, the rate at which invenstock producers and continuation of % relatories were turned over was considerably higher tively low level of prices for most cash crops, than ia December, 1925. unless the acreage devoted to such crops is TRANSPORTATION reduced. The summary presents the view that no material change in the domestic demand for Car loadings for all classes of freight comfarm products of the 1927-28 season is to be exbined fell off seasonally in December, but were pected. While some improvement in the purin record volume for the month by a narrow chasing power of foreign countries is foreseen, margin of excess over December of 1925. This the department indicates that a large foreign margin of excess, however, did not represent production will tend to reduce the foreign deany general increase over 1925 in the volume mand for our exportable surplus of breadstuffs, of freight distribution. December reports for fruits, and animal products. the several classes of freight show decreases Considering the year 1926 as a whole, profor each class, which are for the most part ducers of winter wheat, potatoes, bright seasonal, and decreases in comparison with tobacco, and certain livestock products had a loadings in December of 1925 for each class relatively profitable year, while returns to a excepting coal. The increase reported for loadlarge number of growers in the cotton, fruit, ings of coal was more than sufficient to offset and spring wheat areas were below the levels the combined decreases over the year shown for of the year before. Low prices of feed grains miscellaneous freight, including less-than-carhave been offset to some extent by relatively lot shipments, representing principally manufavorable returns on livestock and dairy factured products, loadings of grain and grain products. Hog producers have had the most products, and of forest products. In the openadvantageous spread in several years between ing weeks of 1927, also, although loadings of corn and hog prices, and while severe losses other classes of freight were in somewhat smaller from cholera were incurred in many areas during volume than in the opening weeks of 1926, the the autumn months, the total money value of increase reported for loadings of coal was suffiall hogs slaughtered under Federal inspection cient to bring the total for all classes above last during the year showed an increase of 4 per year's total for these weeks. Seasonal decrease cent, despite the smaller number of animals is shown in the report of December loadings for marketed. each of the seven transportation districts. Increase over December of 1925 is shown for Recent surveys of the Department of Agriloadings reported from the eastern, Allegheny, culture indicate that for winter wheat an inand Pocahontas districts, and decrease for the creased acreage of 2,000,000 acres, or 5 per southern, northwestern, central western, and cent, has taken place; cattle on feed on Decemsouthwestern districts. ber 1 were in approximately the same number During December the roads maintained an as a year ago; sheep and lambs on feed on the average surplus of 204,000 freight cars in same date were 8 per cent less; an increase of serviceable condition, including 133,000 box less than 1 per cent is estimated for the 1926 cars and 32,000 coal cars. The freight car pig crop, and no increase is expected in the surplus, which decreased in October to an 1927 spring pig crop. average of 87,000 cars, the smallest average Farm prices of agricultural commodities conshown for any month since October of 1923, tinued to decline in December to the lowest increased in November and December and for level since 1922. The decline from the prethe first quarter of January amounted to vious month was largely accounted for by 310,000 cars. further declines in cotton, cottonseed, and hog In the 12 months of 1926 the roads loaded prices. While most commodities are lower 53,457,000 cars, the excess over loadings in than a year ago, certain important items show 1925 amounting in round numbers to 2,000,000 a gain in the yearly comparison, oats being 5 cars, or 4 per cent. Loadings of miscellaneous per cent higher; cattle and calves, 3 per cent; freight, including less-than-car-lot shipments, hogs, 5 per cent; and chickens, 2 per cent. totaled for the year 32,933,000 cars, exceeding Cotton.—Reports from the Bureau of the loadings in 1925 by nearly 1,000,000 cars, or Census show that 16,610,000 bales of cotton 2.6 per cent. were ginned prior to January 16, 1927. On the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN 93 basis of the final estimate of production of consumption by mills in the United States 18,618,000 bales by the Department of Agri- were factors in bringing about the firmness in culture, approximately 2,000,000 bales remain the cotton market in December and early in to be ginned. Comparison of estimated pro- January. After falling slightly below 12 cents duction with ginnings shows that of the early in December, prices began to advance, greater part of the crop that remains to be and in the middle of January the price of cotton picked and ginned is in the States of Texas, at New Orleans reached 13 cents, the highest Oklahoma, Arkansas, and Mississippi, The figure since early in the autumn. following table shows the estimated produc- Grains.—Wheat prices, after making a retion, by States, and the number of bales of covery from the low level reached in the latter cotton ginned in each State to the middle of part of November, fluctuated within a narrow January, 1927: range during December, the average cash price of all classes and grades at five markets for the PRODUCTION AND GINNINGS OF COTTON week ending December 10 being $1.39, and $1.40 for the week ending December 24. Dur- [Thousands of bales] ing the first three weeks of January no material change in the price situation took place. The Ginnings, Amount State Produc- Aug.], 1926, remaining movement of the Argentine crop, which is estion to Jan. 16, to be timated at 223,000,000 bushels compared with 1927 ginned 191,000,000 harvested last year, is actively North Carolina, 1,250 1,153 97. under way and is being offered in European South Carolina. 1,030 956 74 markets at relatively lower prices than the Georgia _.. 1,475 1,433 42 Tennessee 475 419 56 wheat of this country. The export of wheat Alabama 1,490 1,455 35 and flour from this country to date, however, Mississippi 1, 930 1,733 197 Louisiana 820 809 11 is in excess of 150,000,000 bushels. The ex- T O e k x la as homa 5 1, , 9 9 5 0 0 0 5 1 , ,5 1 0 7 7 1 4 7 4 2 3 9 portable surplus for the crop year is estimated Arkansas 1,620 1,405 215 by the Department of Agriculture at be- Arizona 115 98 ]7 California 128 118 10 tween 200,000,000 and 225,000,000 bushels. United States... 18,618 16,610 2,008 The average market price of corn was slightly higher in December than in the previous Movement of cotton from farms and planta- month, but a decline in the latter part of the tions to the leading markets since the begin- month eliminated much of the earlier gains,?all ning of the season indicates that marketing classes and grades at five markets averaging has progressed rapidly. A total of 13,500,000 64 cents for the week ending December 24, bales is estimated to have reached these mar- compared with 69 cents for the week ending kets from August 1 to January 21, compared December 10. A firmer market was in eviwith 12,290,000 bales for the corresponding dence during the first three weeks of January period in 1925. Takings by spinners in the as an active feeding demand was apparent. United States up to January 21 approximated The visible supply, however, continues large, 4,140,000 bales, exceeding the amount for the and on January 15 totaled 37,065,000 bushels, corresponding period of last year by 155,000 compared with 23,799,000 a year ago. bales. Exports for the season through the The new oats crop in the Southwest is third week in January were approximately making excellent progress, according to trade 1,100,000 bales larger than in the correspond- reports. Prices during December and the first ing period of last year and amounted to half of January have continued fairly firm at a 6,279,000 bales. Exports to practically all level above that of a year ago. Visible supprincipal cotton manufacturing countries "have plies on January 15 totaled 45,967,000 bushels, been larger than last year, but those to the as compared with 61,375,000 a year ago. Continent of Europe were considerably larger Livestock.—Western range conditions at the than during the corresponding period in any beginning of the new year continued favorable, other recent year. although a slight decline in range feed is re- The exceptionally large amount of cotton re- ported from the Dakotas, western Nebraska, maining to be ginned, a large part of which has Oklahoma, and Montana, according to the deteriorated from weather conditions and is report of the Department of Agriculture. likely to be of very low grade, increasing ex- Winter conditions thus far have been accomports, and continuation of the high rate of panied with very light losses, cattle in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 Southwest being reported in better condition The number of lambs and sheep on feed Janthan a year ago, while those in the intermoun- uary 1, 1927, was 4,251,000., or 8 per cent, less tain region are somewhat thinner. A great than a year ago, according to the estimate of deal of feeding is being done in Montana as a the Department of Agriculture. Western result of the heavy snow. Keports also indi- States reported decreased feeding operations, cate that sheep are wintering well and are while the 11 Corn-Belt States showed an generally in very good condition. increase of 13 per cent, all States of the group The marketing of livestock at principal mar- with the exception of Nebraska and South kets during December was in smaller volume Dakota showing an increase. The largest than in the preceding month for cattle and increases were reported in Iowa, Michigan, sheep, but showed the usual seasonal increase and Illinois. With heavy market supplies for hogs. Compared with December of 1925, during the fall months, the lamb market has the only increase was in receipts of sheep and been at a considerably lower level than a year lambs. The beef-cattle market showed im- ago, and in December reached the lowest level provement during December, being generally for any month since 1921. The volume of strong except on light-weight fed steers. inspected slaughter during December was Estimates of the Department of Agriculture approximately 19 per cent greater than in the indicate that the number of cattle on feed for corresponding month of a year ago, and lamb market in the 11 leading Corn Belt States on prices were nearly $4 lower in the same January 1 was 7 per cent less than a year ago, comparison. the decrease being largely in States west of the The average prices of livestock at the Missouri River. Chicago markets for December, with com- The value of livestock slaughtered under parisons, are reported by the Chicago Federal Federal inspection during 1926 was approxi- Reserve Bank as follows: mately 5 per cent greater than in the year 1925. Prices of hogs and cattle show improve- AVERAGE PRICES OF LIVESTOCK ment in the year-to-year comparison, while sheep and lambs show a decline. The total [Per hundred pounds at Chicago] value and average price per 100 pounds for the various classes of livestock slaughtered under Week Months •of— Federal inspection during 1926, with compari- ended sons, is shown in the following table: Ja 1 n 9 . 2 1 7 7, b D e e r, c 1 e 9 m 2 - 6 b N e o r, v 1 e 9 m 2 - 6 b D e e r, c e 19 m 2 - 5 INSPECTED SLAUGHTER OF LIVESTOCK Native beef steers (average) _ _ $10.25 $10. 25 $9.85 $9. 75 F at cows and heifers 7.00 6.40 6.15 6.00 Hogs (bulk of sales) 11.90 11.65 11.90 10.95 Number (000 Average price Total value (000 Yearling sheep 10.15 9.20 10.00 12.70 omitted) (per 100 pounds) omitted) Lambs (average) 12.55 12.40 13.00 16.10 1925 1S26 1925 1926 1925 1926 Dairy products.—The average price of butter in New York in December was 54.7 cents, the Cattle 9,889 10,180 $7.12 $7.32 $671,633 $715,737 Calves 5,353 5,153 8.66 9.82 81, 627 99,322 highest monthly average since the December H Sh o e g e s p 4 1 3 2 , , 0 G 4 0 3 1 4 1 0 2 , , 9 6 6 36 1 1 1 4 1 . . 2 8 0 1 1 1 2 2 . . 8 4 6 7 1,1 1 4 3 7 8, , 5 8 2 8 9 1 1.1 1 9 3 1 4 , , 1 8 3 9 9 1 of 1920, and 4 cents above the November average. After reaching 56 cents just prior to The usual seasonal decline in hog prices Christmas, prices declined sharply and fell to took place in December as increased receipts lower levels in early January., closing at 49.5 appeared upon the markets. The decrease, cents in New York on January 10. Storage however, was very nominal, inasmuch as the holdings on January 1 were at a low level, being average cost of packer and shipper purchases 18,000,000 pounds less than a year ago and at Chicago during December was $11.57, com- 10,000,000 pounds less than the five-year pared with $11.79 in the previous month. average. The production of creamery butter The average weight of hogs marketed during during the first 11 months of the year was 1 the month showed some increase over Novem- per cent less than in the corresponding period ber, but was 5 pounds less than in December of 1925, according to Department of Agriof last year and, in view of the low corn prices, culture figures. The average price per pound the Department of Agriculture points out that for the year, on the basis of New York markets, this is probably an indication that the cholera is reported at 44.4 cents, which is 1 cent under the average for 1925 and 2 cents above the scare is still tending to force hogs to market 1924 average. sooner than they would otherwise be marketed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN" 95 Storage holdings of cheese on January 1 seasonal high levels in October and November, were 4,000,000 less than a year ago, but were and sales were in about the same volume as in still 11,000,000 pounds above the five-year December of last year. In the Burley and average. Prices were firm throughout Decem- dark tobacco growing sections of Kentucky and ber and the first half of January, the price for near-by States, when the crop is harvested and cheese on the Wisconsin primary market in marketed later than in Virginia and the Caro- December averaging 24.8 cents, or 1 cent linas, the marketing season opened in Decemabove the average of a year ago. The decrease ber. Sales of Burley tobacco were larger than in production of cheese during the first 11 in the corresponding months of 1925, while months of the year was approximately 24,000,- those of dark tobacco were much smaller. 000 pounds, or 6 per cent, as compared with Prices of bright tobacco in Virginia and North the similar period of 1925, This was offset Carolina continued in December considerably to a considerable extent, however, by an higher than in 1925, but those of dark tobacco increase of 17,000,000 pounds in imports. averaged more than 50 per cent lower than a Fruits and vegetables,*—Car-lot movement year earlier. In North Carolina the average of winter" fruits and vegetables are running 25 price of all tobacco sold at auction warehouses per cent heavier than last season because of was $23.67 a hundred pounds, compared with increased production, according to reports of $23.14 in 1925. In Kentucky prices of both the Department of Agriculture, and indica- Burley and. dark tobacco were unsatisfactory. tions point to a continuation of a heavy move- Average prices received by growers during the ment through winter and spring because of the month amounted to $13.81 a hundred pounds larger acreage in many lines. January prices lower than in December, 1925, and also below compared with the preceding month show fully the average price for the five years 1921-1925. as many gains as losses, but most changes At the beginning of January stocks of leaf have been very moderate. Potatoes and sweet tobacco held by manufacturers and dealers potatoes remain about the same in price; showed a seasonal increase from the levels of .apples, onions, celery, and spinach «are on a last October, and continued in a volume larger higher level/ while cabbage and a few of the than on the corresponding date in the previous less important lines of vegetables have sold at year. Increases over 1926 were due mainly to lower prices. Compared with a year ago, larger stocks of Burley and bright tobacco. however, nearly all varieties are lower. Stocks of dark tobacco and cigar types were An active trade in citrus fruits has been generally smaller than a year earlier. Statisaccompanied by heavier shipments, which tics published by the Department of Commerce exceed the early movement of last season. showing in detail stocks of principal types of Prices have ranged lower but compare favor- tobacco on January 1, 1927 and 1926, are ably with the reduced values of most other given in the following table: kinds of fruit. A brisk out-of-storage movement of apples took place during December, STOCKS OF PRINCIPAL TYPES OF TOBACCO IN HANDS and at the end of the month storage holdings OF DEALERS AND MANUFACTURERS were only about 9 per cent larger than a year [Millions of pounds] ago. The export trade has exceeded by onehalf that of last season and has been an active Types Jan. 1,1927! Jan. 1,1926 factor in strengthening the price situation, prices having shown a slightly upward trend Chewing, smoking, and export types, total 1,385 compared with the downward tendency of last B D u a r r l k e — y Kentucky and Tennessee 4 2 6 4 3 5 year. Bright—Virginia, North Carolina, South Carolina, and Georgia ___. 603 Potato prices made a slight gain during Cigar types, total 356 December and the first half of January, but N Pe e n w n s E y n l g v l a a n n ia d - _' . 10 9 3 8 are approximately one-third lower than in Wisconsin _ ___ 84 Aggregate, all tobaccos __ 1,819 January a year ago. Compared with other recent years, however^ present prices make a very favorable comparison. The total of the BANK SUSPENSIONS AND COMMERCIAL FAILURES season's shipments from the late shipping region is about the same as last year, although Bank suspensions.—During December, 1926, a heavier movement has taken place recently. 114 banks, with deposits of $45,120,000, were Tobacco.—Marketing of tobacco in the reported to the Federal reserve banks as having States of the Kichmond Federal reserve suspended operations on account of financial district declined rapidly in December from the difficulties. These totals compare with 154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 banks, having deposits of $47,843,000, reported Commercial failures.—During the month of for November, and 70 banks, having deposits December, 1926, 2,069 commercial failures, of $22,103,000, reported for December, 1925. with total liabilities of $45,619,578, were re- Of the banks suspending in December, 1926, 87, ported by R. G. Dun & Co. Both the number with deposits of $28,165,000, were nonmember and total liabilities were considerably larger banks and 27, with deposits of $16,955,000, than in November, 1926, or December, 1925. were members of the Federal reserve system— Commercial failures for December, 1925 and of these 17 were national banks and 10 were 1926, are shown in the following table, by class member State banks. These banks were for of enterprise: the most part located in eight States—South Carolina, Georgia, North Dakota, Minnesota, COMMERCIAL FAILURES DURING DECEMBER Iowa, Kansas, Arkansas, and Texas. Number Liabilities Sixteen banks that had previously suspended Class of enterprise 1926 1925 1926 1925 were reported as having resumed operations again—in the Atlanta district, 1 nonmember All classes 2,~069 1,878 $45, 619, 578 $36, 528,160 bank in Florida; in the Chicago district, 3 mem- Manufacturing 494 490 16, 758,491 12, 931,276 ber banks and 7 nonmember banks in Iowa, Trading 1,469 1,307 20, 578,954 20,635,051 Agents, brokers, etc 106 81 8,282,133 2, 961,833 and 1 nonmember bank in Illinois; in the St. Louis district, 1 nonmember bank in Arkansas; The number and liabilities of commercial and in the Minneapolis district, 3 nonmember failures during December, 1925 and 1926, are banks in South Dakota. The accompanying presented in the following table, by Federal figures for suspended banks represent, so far as reserve districts: can be determined, banks which have been closed to the public by order of supervisory COMMERCIAL FAILURES DURING DECEMBER, BY FEDERAL RESERVE DISTRICTS authorities or by the directors of the banks on account of financial difficulties, and it is not Number Liabilities known how many of the institutions thus re- Federal reserve district 1926 1925 1926 1925 ported may ultimately prove to be solvent. Total-_. 2,069 1,878 $45,619, 578 $36, 528,160 BANK SUSPENSIONS DURING DECEMBER, 1926 Boston 213 5, 697, 840 4,994,177 New York 413 422 10, 024,274 7,521,099 All banks Memberl Nonmember P C h le i v la e d la e n lp d hia.. 1 7 3 6 2 1 9 9 2 4 3 1 , , 2 4 6 6 3 9 , , 3 2 0 5 0 3 2 4 , , 6 3 4 3 9 8 , , 3 8 3 4 1 0 Federal reserve Richmond 125 106 3,179,434 3, 596,748 district Num- Total Num- Total Num- Total A Ch tl i a ca n g ta o- 127 2 6 6 4 0 6 6, , 2 0 6 6 5 , 5, 5 1 4 1 9 7 5 1 , , 4 2 67 0 , 6 0 , 7 2 1 27 ber deposits2 ber deposits 2 ber deposits 2 St. Louis 80 1,331,361 1,323, 752 Minneapolis-. 127 89 1, 430, 050 1,414,078 Kansas City.. 118 100 1,247,400 1,176,400 All districts., 114 $45,120,000 27 $16,955,000 87 $28,165,000 Dallas 114 49 1, 815,600 608,088 San Francisco. 258 194 3, 299, 400 2,232,34n Boston N Ph ew ila Y de o l r p k hia... The total number of failures reported during Cleveland 2 1, 767,000 1 1,543,000 1 224,000 1926 was 21,773, compared with 21,214 in 1925, Richmond 11 5,887,000 11 5, 887,000 Atlanta 16 3,341,000 4 599,000 12 2, 742,000 and total liabilities amounted to $409,232,278, S C t h . ic L a o g u o is 3 1 1 5 9 1 7 3 , , 1 8 7 0 5 8 , , 0 0 0 0 0 0 8 4 1 2 0 , , 2 3 7 9 8 4 , , 0 00 0 0 0 3 1 1 1 1 3 4, , 8 4 9 1 7 4 , , 0 0 0 0 0 0 as against $443,734,272 the year before. Minneapolis 22 4,576,000 3 741,000 19 3,835,000 Totals for the year are shown in the following Kansas City... 15 5, 773,000 2 416,000 13 5,357,000 Dallas 10 1, 550,000 3 740,000 7 810,000 table, by Federal reserve districts: San Francisco.. 4 1,243,000 2 244,000 2 999,000 COMMERCIAL FAILURES DURING 1925 AND 1926, BY 1 Includes 17 national banks with deposits of $6,692,000 and 10 State FEDERAL RESERVE DISTRICTS member banks with deposits of $10,263,000. 2 Figures represent deposits for the latest available date prior to the suspensions, and are subject to revision when information for the date Number Liabilities of suspension becomes available. Federal reserve district 3 Includes 1 private bank for which deposit figure is not available. 1926 1925 1926 1925 During the first three weeks of 1927, 93 Total.-. 21,773 21,214 $409,232,278 $443, 744,272 banks, with deposits of $25,600,000, were Boston 2,323 2,173 43,417,358 45,365, 741 reported as having suspended operations during New York 3.956 89,994,215 105,628, 629 Philadelphia.. '796 836 26,293,440 19, 562, 465 that period. Of these, 72 were nonmember Cleveland 2,008 1,960 40,498,091 43,979,173 and 21 member banks—14 of them national Kichmond 1,441 1,493 28, 741,221 35,245,619 Atlanta 1,028 1,089 22, 884, 785 19, 985,666 banks and 7 State institutions. Eleven non- Chicago 3,105 3,041 68, 513,264 69,936,933 St. Louis 915 1,015 16, 823, 536 19,635,507 member banks which had previously suspended Minneapolis _. 1,127 1,038 10, 955,540 16,673, 529 were reported to have resumed operations Kansas City_. 1,268 1,238 14, 779,991 16,117,033 Dallas 884 695 12,113, 434 10,947,609 during the period. San Francisco. 2,922 2,748 34,217,403 40,666,368 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY;, 1927 FEDERAL RESERVE BULLETIN 97 WHOLESALE AND RETAIL TRADE IN 1926 Merchandise distribution through whole- Throughout the year prices for textile products sale and retail trade channels increased in 1926 declined, and in December they were about 18 and was larger in volume than in any previous per cent lower than at the beginning of the year, especially when allowance is made for year. While this decline in prices of dry goods the lower prices of 1926 as compared with 1925. largely explains the decline in the dollar value Inventories were generally smaller in value of sales, it is significant to point out that the and,the turnover of stocks somewhat more price decline was considerably larger than the rapid. decline in sales, and, when allowance is made Wholesale trade.—Aggregate sales of whole- for this factor, sales were probably larger in sale firms engaged in six leading lines—gro- physical quantity than in 1925. In almost ceries, meats, dry goods, shoes, hardware, and every month in 1926 sales of shoes were larger drugs—were in about the same volume in 1926 than in the corresponding month in 1925 and as in 1925. Sales of meats, shoes, and drugs averaged for the year about 8 per cent larger increased, while those of groceries, dry goods, than in 1925. Sales were larger than in 1925 and hardware declined from the levels in 1925.in all sections of the country except in the In each of the first three quarters of the year Minneapolis Federal reserve district, the largwholesale trade was larger in volume than in est increases being in the Richmond, Chicago, the corresponding periods of 1925. In the and San Francisco Federal reserve districts. autumn, however, sales declined and averaged Hardware sales averaged only about 1 per cent for the fourth quarter of the year 3 per cent less than in 1925, reflecting small decreases in smaller than in the last quarter of 1925. the New York, Philadelphia, Atlanta, Chicago, Sales in the fourth quarter were smaller than Minneapolis, and Kansas City districts. Sales in 1925 in all leading lines excepts meats, of drugs were about 3 per cent larger for the shoes, and drugs, and reflected reduced pur- country as a whole, although they were slightly chasing power in agricultural regions and the smaller in three Federal reserve districts. slight slowing down in trade and industrial Agricultural machinery and equipment.— activity in other sections of the country. The Sales of agricultural machinery and farm imfollowing table shows the comparison of the plements in the United States were about 10 volume of wholesale trade in leading lines in per cent larger than in 1925. Sales, relative to each quarter of 1926 with that in 1925. SALES OF AGRICULTURAL MACHINERY PERCENTAGE OF CHANGE IN VOLUME OF WHOLESALE ( MONTHLY AVERAGE, 1923-25=100 ) TRADE IN EACH QUARTER OF 1926 AND THE YEAR AS A WHOLE, COMPARED WITH 1925 Quarter c G er r i o e - s Meat g D oo ry ds Shoes H w a a r r d e - Drags Total First —1.2 +7.4 —3.5 +8.7 -2.8 +2.3 +0.7 Second +2.8 +7.1 -5.0 +3.0 + .7 +5.9 +2.5 Third — .4 +2.1 -3.3 +12.6 + .5 +4.3 + .5 Fourth __ -5.5 + ,7 -7.2 +6.9 -2.8 +1.3 -3., 3 Year -1.2 +4.2 -4.7 +7.8 —1.1 +3.4 .,0 Sales of groceries were smaller in 1926 than in 1925 at firms in the Boston, New York, Clevelan J, Kichmond, and Kansas City Federal reserve districts. In other districts sales were 1923 1924- 1925 1926 slightly larger. Declines in the general level 1925, however, were not maintained at the of prices of commodities carried by wholesale same high levels throughout the year as were grocery companies, and the growth of grocery evidentfin thefirst quarter, when they were 26 s chain stores which frequently purchase directly per cent larger than in the corresponding period from manufacturers and producers, are factors of 1925. In the second quarter they were 16 which partly explain the decline in wholesale per cent larger than a year earlier, but in the grocery sales. third quarter the increase over 1925 was only Dry goods sales averaged about 5 per cent 5 per cent, and in the last three months of the smaller for the country as a whole than in year sales were 13 per cent less than a year 1925, and declines were reported in all Federal earlier. This large decline in agriculturalreserve districts except in the Atlanta district. implement sales in the last half of the year 28725—27 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 reflected reduced returns from agricultural and November buying by consumers did not operations in 1926 and smaller farm purchases. increase as much as is customary at that season The course of agricultural-implement sales in of the year, and for the two months together 1926 and in other recent years is shown in department-store sales were in about the same detail in the chart. volume as in the corresponding period of 1925. Wholesale stocks.—Inventories carried by In December, however, retail trade was stimreporting wholesale firms were smaller through- ulated by holiday purchases, and sales exceeded out the year than in 1925. Stocks of dry all previous records. The course ofc departgoods were smaller in each month than in 1925, ment-store sales in 1926 and in other recent reflecting lower prices for textile products, and years is shown in greater detail by the chart. inventories of shoes were smaller in every Analysis of department-store sales in the month except December. In the first half of several Federal reserve districts shows that for the year stocks of meats averaged smaller than the year as a whole trade was larger in 1925 in 1925, while those of groceries were larger, in all districts except the Minneapolis district. but in the last half of the year inventories of Increases over 1925 ranged from about 1 per groceries declined and those of meats increased cent in the Cleveland district to about 7 per as compared with the corresponding period in cent in the Chicago district. Further study of 1925. Inventories of drugs were larger each sales of stores in the 58 individual cities listed month than in 1925, and from May through in the accompanying table shows that sales December those of hardware were larger. were larger than in 1925 in 41 cities and smaller Department stores.—Sales of department in 17 cities. Increases of more than 10 per stores located in more than 100 leading cities cent occurred at stores in Bridgeport, Scranton^ exceeded all previous records in 1926, averag- Wilmington, York, Dayton, Detroit, and ing for the entire year 3.4 per cent larger than Fort Worth, and of these cities the increase in 1925. Trade of these stores, however, in Fort Worth was larger than for any other which is subject to wide variations from month city included in the table. to month, was not sustained throughout the Data available for department stores in year at a uniform level above sales in 1925. the Boston Federal reserve district shows that the total increase in sales of slightly more than 3 per cent was due to an increase of 8 per DEPARTMENT STORE SALES AND STOCKS cent in regular charge sales and an increase of SEASONALLY ADJU5TED-19!9=1CQ 25 per cent in installment sales. Practically no increase occurred in the amount of cash sales. Installment sales amounted to about 5 per cent of total department-store sales, regular charge sales to 45 per cent, and cash sales constituted about one-half of total sales of these stores. The inventories of department stores gradually declined in value during the year. This fact is brought out by the chart, which shows that at the beginning of 1926 inventories 110 carried by department stores, following the rapid increase late in 1925, were at a record high level for that season, averaging about 5 100 1923 1924- 1925 1926 per cent higher than at the beginning of the previous year. From January through March In the first four months of the year weather stocks remained near this high level, but in conditions in the northern and eastern sections April they began to decline and continued to of the country were somewhat unsatisfactory fall off more than is customary in the summer. for retail trade, and sales declined more than is In September, October, and November, howcustomary in that season. From May through ever, inventories were increased at a somewhat September, however, the season when retail faster rate than is usual in that season. But trade is generally smaller than at any other in December stocks were reduced again, and season of the year, sales were much larger than as the year ended they were smaller than at the usual and averaged for the five months, May close of 1925. For the year as a whole stocks through September, 6 per cent larger than in averaged somewhat larger than in 1925, but the corresponding period in 1925. In October the increase was not as large as that for sales, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

99 FEBRUARY, 1927 FEDERAL RESERVE BULLETIN and the rate at which inventories were turned SALES, STOCKS, AND TURNOVER AT DEPARTMENT over was faster than in the preceding year. STORES—Continued The following table shows the percentage of increase of decrease in sales in 1926, in stocks Percent- P a e g rc e e o n f t- Eate of o s v to er ck turnon hand at the end of the year compared with age of increase or de- F a 1 n 9 e d 2 d 5 e , r 1 a a 9 l n 2 r d 6 e s t a e h t r e v e s r t o a d t r i e e s s t r o i i f c n t s : t s o e c v k e ra tu l rn c o it v ie e s r i i n n 1 ea 9 c 2 h 5 Federal rese c r i v t e y district and 1 c 9 s r 2 o a e 6 l r a e , s d s c e e o i - n i m n -1 s c 9 t r e 2 o e n 6 c a d , k s e c s o o f i a m n t - 1925 1928 pared pared with 1925 with 1925 BALES, STOCKS, AND TURNOVER AT DEPARTMENT STORES Dallas district 3.5 —12.2 2.47 2.69 Dallas „ 1.2 —16.1 2.47 2.71 P a e g rc e e o n f t- P a e g rc e e o n f t- Eate of o s v t e o r ck turn- H Fo o r u t st W on o rt _ h „ 1 3 3 1 1 — — 14 4. 0 6 2 2. . 1 6 4 6 2 2 . . 7 2 6 9 Federal rese c rv it e y district and 1 w c i 9 s n r 2 p i o a e c t 6 l r a a h r e , r s e d s 1 e e c a e 9 d o i s - 2 i n m e n 5 - 1 s c i 9 t n r e 2 o p o e c n 6 r c a a r d , k r s e d e e c s a o e d o s - f i a m e n t - 1925 1926 San L S S S O F a o a e r a n l a s a k t n t l A F t L a c l n n i r e a s a g d k . c n ™ e o e c l e i d C s s c i i s o t t y rict -1 4 3 8 5 . . . . . 0 1 9 4 2 8 — — - 1 1 1 3 3 1 4 0 . . . 2 . . 7 3 2 4 5 3 3 3 3 2 2 . . . . . . 1 5 5 1 8 1 8 7 5 1 2 8 3 3 3 2 2 3 . . . . . . 5 1 9 2 5 2 6 9 6 3 7 2 with 1925 Spokane _ _ _ _ 5.6 7.8 2.21 2.22 United States -___. _ 3.4 -1.0 3.53 3.60 Boston district... 3.2 1.2 3.83 4.00 Boston 4.0 1.5 4.15 4 36 New Haven.. 2.7 .8 2.90 2.93 Chain stores.—Chain stores continued in Providence. .. -.1 -1.0 3.47 3.52 1926 to show an increase over the preceding New York district. 3.9 -.1 3.97 4.01 year in the number of stores and in the volume New York 3.7 1.2 4.26 4.30 Bridgeport 11.2 3.4 3.22 3.43 of sales. Total sales of approximately 60 Buffalo -. -2.2 -6.3 3.30 3.21 chain-store systems operating about 34,000 Newark 7.7 -2.6 4.13 4.10 Eochester 4.4 3.4 3.68 3.76 stores amounted to about $1,825,000,000 in Syracuse. -2.3 -14.2 3.45 3.54 1926, compared with 31,000 stores and sales of Philadelphia district. 2.3 -2.8 3.48 3.60 $1,579,000,000 in 1925. It is significant to Philadelphia 2.5 4.9 3.91 3.92 Allentown 1.4 -.8 2.57 2.75 point out, however, that the number of stores Altoqna_-_ 3.9 -4.5 2.64 2.77 Harrisburg -.1 -9.5 2.43 3.04 in the several chains from which reports were Johnstown -6.5 -3.6 2.63 2.65 received did not increase so rapidly in 1926 as Lancaster 1.9 -9.7 2.85 3.22 Eeading -2.9 -9.6 2.49 2.77 in 1925 and 1924. Sales of grocery chain Scranton 11.1 11.2 3.86 3.97 Trenton. _ .2 -2.7 3.32 3.48 stores, including 26 separate systems, were 20 Wilkes-Barre -.3 -.3 3.04 3.15 per cent larger in 1926 than in 1925, and the Wilmington. 11.7 9.3 2.55 2.79 York 12.3 -1.0 2.82 3.21 number of stores operated during the year in- Cleveland district.. 1.4 1.1 3.19 3.26 creased from 24,190 to 26,417. Five-and-ten- Cleveland -.2 .6 3.57 3.58 cent variety chain stores showed an increase of Akron __. —.5 -7.4 3.37 3.42 Canton -5.0 9 per cent in sales and a growth in the number Cincinnati 4.8 .5 3.37 3.60 of stores from 2,136 to 2,301. Sales of other Columbus 5.5 11.6 3.56 3.46 Dayton 12.6 -3.0 3.21 3.57 chain stores, for which data are comparable for Pittsburgh —.2 2.1 3.01 3.01 Toledo .6 4.8 2.68 2.84 several years, also increased rapidly during the Y W o h u e n el g i s n t g own... -1 5 . . 8 6 - 1 8 7 .8 .3 4 2 . . 2 7 6 4 2 4. . 5 9 6 2 year, and the number of stores increased in all lines. The following table shows total sales Eichmond district. 3.0 .2 3.38 3.37 Eichmond 5.5 5.2 3.38 3.46 in 1924, 1925, and 1926 of chain stores engaged Baltimore .6 -2.9 3.32 3.30 in several lines of retail trade and the number Washington. _.. 5.1 2.2 3.69 3., 60 of stores in each chain at the end of the year: Atlanta district- _. 4.3 5.8 3.12 3.02 Atlanta _. 7.8 4.3 3.78 3.94 Birmingham.. 5.7 18.7 3.21 2.75 CHAIN STORES Chattanooga.. 3.1 6.5 2.47 2.53 Nashville.--.. -.9 -13.9 3.17 3.29 New Orleans.. 2.2 3.3 2.92 2.77 Number of stores Sales (thousands of dollars) Savannah 8.0 8.7 3.01 2.91 Chicago district- 6.6 -1.0 3.80 3.95 Chicago 1.3 -13.8 4.97 5.39 1924 1925 1926 1924 1925 1926 Detroit—-___. 12.9 I D n e d s i a M na o p in o e li s s . . . . . 2.4 -2 -6 6 . . 0 9 4 4 . .2 7 7 5 4 4 , . 9 5 1 1 Grocery 19,707 24,190 26,417 721,433 1,067,790 5 and 10 cent 2,033 2,136 2,301 378, 884 429,132 469,346 St. Louis district.. 1.5 -2.3 3.26 3.30 Cigar-., 2,841 3,259 3,434 100,844 109,509 St. Louis 1.3 .3 3.57 3.53 Drug- 527 615 733 70,776 79,437 92,143 Evansville -.9 2.22 2.41 Shoe -. 452 521 576 37,242 39,051 41,419 Little Rock... -.4 -3.2 2.77 2. 77 Music 54 60 61 10,998 13,208 13,927 Louisville-.-—. -.5 -2.9 3.70 3.64 Candy 179 234 259 27,679 28,992 31,332 Memphis 5.2 2.62 . 2.80 Total 25, 79331,015 33,781 1,345,374 1,579,790 1,825,466 Minneapolis district. -4.0 -11.0 4.25 4.29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN PEBRUABY, 1927 Sales of mail-order houses also exceeded all in the volume of urban trade at these stores. previous records in 1926, total sales of four The course followed by sales of mail-order leading firms amounting to $540,181,000, com- houses from January through September was pared with $518,043,000 in 1925 and $461,047,- similar to that followed by sales of department 000 in 1924. While a large part of mail-order stores. In the autumn, however, mail-order sales indicates purchases by rural consumers, sales averaged smaller than in the correspondopening of retail stores in recent years by cer- ing period of 1925, reflecting to a large extent tain of the larger firms in several of the more reduced purchases in agricultural sections. important cities has resulted in a large growth A NEW INDEX OF INDUSTRIAL PRODUCTION For the past four years the Federal Reserve comprehensiveness of the new index of indus- Board has compiled and published currently an trial production, as compared with the old index of production in basic industries, which has index of production in basic industries, is indiserved as an approximate measure of changes cated by the fact that it is derived from 60 in the volume of the country's industrial and individual series, measuring production in mineral output. The growth in recent years about 35 industries, and indirectly representing PERCENT PERCENT 125 I INDEX OF INDUSTRIAL PRODUCTION { ADJUSTED FOR SEASONAL VARIATIONS - DAILY AVERAGE, 1923-25=100 ) 100 100 75 75 50 U^ 50 1919 1920 1921 1922 1923 1924 1925 1926 in the amount of information currently col- production in many more, while the old index lected by various agencies and in the prompt- included 22 series, measuring production in ness with which it becomes available has made about 20 industries. The principal additional it possible for the board to construct at this industries included in the new index are motor time a more comprehensive index, which will vehicles, petroleum products, rubber tires, be called an index of industrial production. plate glass, and boots and shoes. The im- The new index, which is presented in detail for portance of these industries, with the exception the first time in this article, is broader in scope of boots and shoes, has grown in recent years, than the index of production in basic industries, and this has made their inclusion in a current which it supersedes, and the methods of its index of production increasingly desirable. construction have been improved in many Base period.—The base of the new index respects on the basis of experience. number is the daily average production during Scope of the index.—The index of industrial the three years 1923, 1924, and 1925, while production is made up of two component in- the base of the old index was the monthly dexes, one of manufactures and the other of average for the year 1919. Use of a more minerals, and represents directly and indirectly recent period as a base has the advantage, nearly 80 per cent of the total industrial pro- among others, of permitting inclusion in the duction of the United States. The greater index of industries for which reliable statistics Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

101 FEBRUARY, 1927 FEDERAL RESERVE BULLETIN have only recently become available, and aextent of the practice of closing on Saturdays, three-year average instead of a one-year aver- Sundays, and holidays. age gives a broader base, which is not influenced Charts and tables.—The course of industrial to the same extent by exceptional conditions. production during the last eight years, as shown Daily average output.—A distinctive charac- by the new index, is given on the accompanyteristic of the new index number is that it is ing chart, and the more important facts brought based on figures representing average output out by it during recent years are discussed in per working day, instead of total production the Review of the Month.1 Another chart during the calendar month, and is thus not shows separately the movement of production influenced by changes in the number of Sun- of manufactures and of minerals. Accompanydays and holidays from one month to another. ing tables give the figures which underlie the The number of working days in each industrjr charts. Tables are also given which show anhas been arrived at through a special inquiry nual indexes for each industrial group and relconducted jointly by representatives of theatives for the individual series from 1919 through Departments of Agriculture and Commerce 1926. Corresponding monthly figures, adjusted and the Federal Reserve Board, which ob- for seasonal variations, will be published in a tained from trade associations, large compa- subsequent issue of the together BULLETIN, nies, and other agencies and individuals in the with a full description of the statistical data various industries information regarding the and methods employed in their computation.j PER CENT PER CENT t251 i 1 ! 1 1 1125 INDEXES OF PRODUCTION OF MANUFACTURES AND MINERALS (ADJUSTED FOR SEASONAL VARIATIONS — DAILY AVERAGE, 1923-25=100 ) 100 100 75 75 SO 1919 1920 1921 1922 1923 1924- 1925 1926 TABLE I.—INDEX OF INDUSTRIAL PRODUCTION TABLE II.—INDEX OF PRODUCTION OF MANUFACTURES [Adjusted for seasonal variations. 1923-1925 average=100] [Adjusted for seasonal variations. 1923-1925 average=100] Months 1919 1920 1921 1922 1923 1924 1925 1926 Months 1919 1920 1921 1922 1923 1924 1925 Januarv 83 95 67 74 100 98 105 106 January 84 96 65 73 100 99 105 108 February _ _ 80 95 66 76 100 102 105 107 February 81 97 64 75 100 102 106 109 March 77 94 65 81 104 101 105 108 March 78 95 63 78 103 101 106 108 April. 78 88 65 77 107 95 103 108 April 79 89 63 81 106 95 103 108 May 77 90 66 81 107 89 103 107 May 78 91 65 86 107 88 103 107 June - 83 90 65 85 105 85 101 107 June 84 90 64 90 104 83 101 107 July 87 88 64 84 103 83 103 107 July 88 88 64 89 102 82 103 107 August 89 88 66 83 102 89 103 111 August 90 88 66 87 101 89 103 112 September - 87 85 67 88 100 94 102 113 September.— 87 85 67 89 101 94 104 113 October. 86 82 71 94 99 95 105 111 October 86 80 71 94 98 95 107 111 November 85 75 71 97 97 97 106 108 November 89 72 72 98 96 97 108 106 December ': 85 70 70 100 96 100 108 105 December 87 67 70 100 95 101 110 103 Annual index. _ 83 87 67 85 101 95 104 108 Annual index 84 87 67 87 101 94 105 108 i Page 77. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 TABLE III.—INDEX OF PRODUCTION OF MINERALS TABLE IV.—ANNUAL INDEXES OF INDUSTRIAL PRO- DUCTION, BY GROUPS, INDUSTRIES, ETC.—Contd. [Adjusted for seasonal variations. 1923-1925 average=100] Months 1919 1920 1921 1922 1923 1924 1925 1926 Groups, p i r n o d d u u s c tr ts ies, and 1919 1920 1921 1922 1923 1924 1925 1926 January _ 78 85 80 76 100 103 105 93 February 69 84 77 87 100 106 101 98 LUMBER. _. 79 79 68 89 96 105 100 March 68 89 74 97 106 101 98 108 Lumber cut 82 82 70 90 99 96 104 98 April 73 83 73 53 112 92 99 107 Flooring 43 46 45 75 91 95 114 119 May 75 85 74 53 108 93 104 103 TRANSPORTATION EQUIP- June 78 90 71 58 107 91 99 104 MENT. 100 88 58 68 105 90 105 109 July 82 89 67 56 109 90 102 105 Automobiles 51 56 42 66 102 91 107 110 August 79 92 69 62 110 92 107 109 Locomotives _. 145 131 76 69 165 76 59 85 September 85 85 68 82 98 97 90 111 Shipbuildings. 1,799 1,209 576 136 122 89 89 96 October _ 88 91 73 92 105 97 91 116 LEATHER AND PRODUCTS . 104 97 90 102 110 94 96 98 November 61 92 67 94 104 96 94 118 Leather, tanning 108 98 93 107 115 91 94 96 December 74 91 67 99 99 100 94 120 Sole leather 121 109 111 109 117 91 92 132 Upper leather- Annual index 77 89 70 74 105 96 99 107 Cattle 1105 79 103 117 87 96 94 Calf and kip- 173 88 96 113 102 86 93 Goat and kid- i 126 85 118 114 85 101 118 Boots and shoes 101 96 87 98 107 95 98 98 TABLE IV.—ANNUAL INDEXES OF INDUSTRIAL PRO- STONE, CLAY, AND GLASS. 55 66 63 80 95 95 110 114 ;[DUCTION, BY GROUPS, INDUSTRIES, AND PRODUCTS B Ce r m ic e k n - t 54 67 66 76 92 100 108 110 [1923-1925 average=100] F P a a c v e i n b g r i b c r k ic .. k. 58 68 61 85 1 1 0 1 0 1 9 8 6 9 1 1 0 0 4 0 1 8 0 3 4 Plate glass 90 92 118 132 Groups, industries, and NONFERROUS METALS 67 78 39 69 94 99 107 112 products 1919 1920 1921 1922 1923 1924 1925 1926 Copper 72 76 32 64 94 101 105 111 Lead- 66 77 88 102 111 115 Zinc 87 39 68 96 97 107 Tin.. 46 73 37 82 100 91 109*, 111 IRON AND STEEL— 82 99 46 82 105 89 106 113 CHEMICALS AND ALLIED Pig iron 85 102 46 75 112 87 102 109 PRODUCTS 62 74 59 75 95 95 111 122 Steel ingots . 81 99 46 83 105 89 106 114 Petroleum refining._. 64 64 64 74 86 99 115 125 TEXTILES 92 84 87 99 105 91 104 104 Gasoline . 43 54 57 68 83 98 119 134 Cotton consumption. 96 95 88 99 106 90 104 109 Kerosene 95 94 79 94 95 102 102 105 Wool 90 85 90 108 113 93 9/, 88 Fuel oil. 56 65 71 79 89 99 112 112 Consumption 90 83 93 115 113 95 93 90 Lubricating oil /I 88 74 83 93 98 110 116 Machinery activ- Coke production. _ 73 88 63 76 104 y0 106 118 ity 99 87 98 113 93 94 87 By-product 68 83 53 77 101 91 108 120 Carpet and rug Beehive. _ 154 163 44 63 141 76 83 95 loomactivity... 77 90 71 104 112 90 98 87 RUBBER TIRES AND TUBES 55 77 86 98 116 118 Silk 84 56 81 85 90 90 120 Tires, pneumatic 55 78 86 98 118 119 Deliveries 90 88 90 123 123 Inner tubes 51 72 85 99 116 112 Loom activity 76 95 92 113 10Q TOBACCO PRODUCTS . 82 87 85 89 96 99 105 114 FOOD PRODUCTS 94 84 83 94 99 103 98 97 Cigars 105 119 103 104 104 100 96 97 Slaughtering and Cigarettes 62 62 71 75 90 99 111 126 meat packing. 92 82 80 88 102 104 94 99, Manufactured tobac- Hogs. 84 76 78 87 107 106 87 8? co and snuff... 103 97 94 102 100 100 100 100 Cattle — 106 90 80 9] 96 101 103 107 Calves - . . 81 82 77 85 91 100 109 105 TOTAL MANUFACTURES... 84 87 G7 87 101 94 105 108 Sheep 107 93 110 92 97 101 101 100 Flour 104 86 95 98 98 104 98 100 FUELS: Sugar meltings 85 87 77 112 90 99 111 113 Bituminous . . 89 109 79 78 108 92 100 110 PAPER AND PRINTING 76 87 70 85 95 99 106 114 Anthracite 109 110 112 65 115 108 77 105 Woodpulp and paper. 77 91 67 85 95 99 106 112 Petroleum. „ .. 52 61 64 75 100 97 103 104 Newsprint 92 101 82 97 100 98 102 11? METALS: Bookpaper 75 91 60 81 93 102 106 110 Iron ore shipments 91 113 36 82 114 82 104 113 Fine paper. _ 86 98 61 91 94 93 113 116 Copper 81 85 30 62 93 100 106 110 Wrapping paper. 67 80 63 80 98 98 104 103 Zinc... 87 39 68 96 97 107 116 Paper board 69 82 59 83 95 100 106 116 Lead 66 77 88 102 111 115 W c o h o a d n i p c u al lp, me- 87 94 76 89 94 105 101 111 Silver . . 84 87 102 100 98 95 Wood pulp, chem- TOTAL MINERALS 77 89 n 74 105 96 99 107 ical 82 96 65 84 94 101 104 11? Paper boxes 92 97 111 129 COMBINED MANUFAC- Newsprint consump- TURES AND MINERALS. _ 83 87 67 85 101 95 164 ios tion. 7* 76 75 87 92 100 107 120 i Annual totals; not available monthly. TABLE V.—DATA USED IN INDEX OF MINERALS Relative Minerals Series magnitude Source (per cent) i Bituminous coal Mine production 35.9 Bureau of Mines. Anthracite coul do 13.0 Do. Crude petroleum Deliveries to pipe lines _ 32.6 Do. Iron ore _ Shipments of ore through upper Gieat Lakes 5.5 Lake Superior Iron Ore Association, ports. Copper _ _ _ Mine production___ _._ 6.5 American Bureau of Metal Statistics, Lead Crude-lead production 2.8 Do. Zinc Slab-zinc production 2.2 American Zinc Institute. Silver Mine production 1.5 American Bureau of Metal Statistics, i Derived from figures of total value produced in the years 1923 to 1925, as reported by the Bureau of Mines. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN 103 TABLE VI.—DATA USED IN INDEX OF MANUFACTURES Relative Groups and industries Series magnitude Source (per cent)" IRON AND STEEL AND THEIR PRODUCTS.... 33.0 Blast furnaces Pig-iron production 2.2 Iron Age. Steel works and rolling mills and other Steel-ingots production. 20.8 American Iron and Steel Institute. products. TEXTILES AND THEIR PRODUCTS. Cotton goods --. Mill consumption of raw cotton- 10.2 Bureau of Census. Woolen and worsted goods 6.8 Do. Mill consumption of raw wool 3.5 Do. Percentage of loom and spindle hours active- 2.0 Do. Percentage of carpet and rug loom hours active. 1.3 Do. Silk manufactures.. S.5 Deliveries of raw silk to mills. 2.3 Silk Association of America. Percentage of looms active 1.2 Do. FOOD AND KINDRED PRODUCTS 10.1 Slaughtering and meat packing.. 6.8 Hogs slaughtered under Federal inspection 3.7 Bureau of Animal Industry. Cattle slaughtered under Federal inspection. _. 2.1 Do. Calves slaughtered under Federal inspection. _ .2 Do. Sheep slaughtered under Federal inspection. _. • 2 Do. Flour-mills products. Wheat-flour production 2.4 Russell's Commercial News. Sugar refining Meltings of raw cane sugar 1.5 Willet and Grey's Journal and Survey of Current Business. PAPER AND PRINTING 11.2 Wood pulp and paper. 8.8 Newsprint production. 1.1 Federal Trade Commission, American Pulp and Paper Manufacturers Association, and Survey of Current Business. Book-paper production 2.0 Do. Wrapping-paper production _ 1.3 Do. Fine-paper production._.. . 3.0 Do. Box-board production 1.8 Do. Mechanical-pulp production .2 Do. Chemical-pulp production .8 Do. Boxes, paper Production of paper-board shipping boxes, in Survey of Current Business. square feet. Newspaper publishing. Newsprint consumption... 2.4 Federal Trade Commission and American Newspaper Publishers' Association. LUMBER AND ALLIED PRODUCTS 9.9 Lumber and timber products__ _. Lumber production 9.1 Survey of Current Business. Flooring. _ „ Oak and maple flooring production- .8 Do. TRANSPORTATION EQUIPMENT. 6.7 Motor vehicles, including bodies and Production of automobile passenger cars and 6.0 Do. parts. trucks. Locomotives Locomotives completed . .4 Do. Ship and boat building. Vessels built .3 Bureau of Navigation. LEATHER AND /rs MANUFACTURES. 4.0 Leather, tanned, curried and finished Sole-leather production.. 1.6 Bureau of Census. Upper-leather production.. .6 Do. Cattle ... .3 Do. Calf and kip .3 Do. Goatandkid _• ... .3 Do. Boots and shoes..*. Production of boots and shoes- 2.4 Do. STONE, CLAY, AND GLASS PRODUCTS . 3.9 Cement „ Cement production. 1.3 Bureau of Mines. Clay products l.S American Face Brick Association. Face-brick production..... .9 Paving-brick production. .4 American Paving Brick Association Glass _ Plate-glass production 1.3 Survey of Current Business. METALS AND METAL PRODUCTS, OTHER THAN IRON AND STEEL ., _. 4.0 Copper smelting and refining . Blister-copper production 2.2 American Bureau of Metal Statistics. Lead smelting and refining.. Crude-lead production .6 Do. Zinc smelting and refining _ Slab-zinc production .7 American Zinc Institute. Tin _...._ Deliveries from port warehouses.. New York Metal Exchange. CHEMICALS AND ALLIED PRODUCTS Petroleum refining 1.9 Gasoline production 1.0 Bureau of Mines. Kerosene production _ .2 Bo. Fuel-oil production .4 Do. Lubricating-oil production. .3 Do. Coke.. 1.9 By-product-coke production.. 1.7 Do. B eehive-coke production .2 Do. RUBBER PRODUCTS 1.8 Rubbertires and inner tubes Pneumatic-tire production 1.6 Rubber Association of America. inner-tube production .2 Do. TOBACCO MANUFACTURES 1.1 Cigarettes Number upon which taxes were Daid_. .6 Bureau of Internal Revenue. Cigars do . S_ .4 Do. Chewing and smoking and snuff. Amount upon which taxes were paid.. .1 Do i Derived from figures showing value added by the process of manufacture, given in the Census of Manufactures of 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 CLASSIFICATION OF LOANS AND INVESTMENTS OF ALL MEMBER BANKS The accompanying tables give the classification of loans and investments of all member banks as reported for the end of June, 1925 and 1926. The classification of loans is the same as that reported weekly by member banks in leading cities, with the exception that the part of "all other loans" which consists of loans on real estate is shown separately. ALL MEMBER BA^US-CLASSIFICATION OF LOANS, JUNE 30, 1925 AND 1926 [In thousands of dollars i Loans on securities All other loans Secured Secured by real estate Num- Total loans by U.S. Secured Otherwise ber of Total G o m t o b io v l e i n e g n r s a t n - - s b to b y c o k o n t s d h a s e n r d Total Total F la a n rm d e O r s e t t h a a e t l e r a s n e c d c u u u re r n e d s d e- banks ALL MEMBER BANKS Total: 1925 20,798,714 6,717,511 243,343 6,474,168 14,081,203 2,338,322 11,742,881 9,538 1926. _... 22,251,374 7,320,876 I 206,725 7,114,151 14,930,498 2,649,537 488,891 2,160,646 12,280,961 9,375 Central reserve city banks: 1925 5,508,717 2,857,153 80,146 2.777,007 2,651,564 117,894 2,533,670 1926 5,921,135 2,984,478 64,430 2,920,048 2,936,657 151,041 2,710 148,331 2,785,616 79 Other reserve city banks: 1925. 7,465,741 2,274,669 87,719 2,186,950 5,191,072 1,184,175 4,006,897 553 1926 _ 8,018,090 2,557,241 74,473 2,482,768 5,460,849 1,323,262 121,989 4,137,587 544 Country banks: 1925 7,824,256 1,585,689 75,478 1,510,211 6,238,567 1,036,253 5,202,314 1926-. _ 8,312,149 1,779,157 67,822 1,711,335 6,532,992 1,175,234 364192 5,357,758 8,752 NATIONAL BANK MEMBERS Total: 1925 12,670,118 3,659,041 159,177 3,499,864 9,011,077 636,548 255,872 380,676 8,374,529 8,066 1926 13,412,839 4,034,393 130,743 3,903,650 9,378,446 725,016 252,070 472,946 8,653,430 7,972 Central reserve city banks: 1925 2,694,922 1,245,851 48,207 1,197,644 1,449,071 2,951 355 2,596 1,446,120 47 2,914,668 1,347,654 32,217 1,315,437 1,567,014 4,394 320 4,074 1,562,620 36 Other reserve city banks: 1925 3,994,646 1,259,023 52,904 1,206,119 2,735,623 94,923 23,397 71,526 2,640,700 369 1926 4,183,155 1,391,114 44,496 1,346,618 2,792,041 111, 022 19,854 91,168 2,681,019 365 Country banks: 1925 5,980,550 1,154,167 58,066 1,096,101 4,826,383 538,674 232,120 306,554 4,287,709 7,650 1926.. 6,315,016 1,295,625 54,030 1,241,595 5,019,391 609,600 231,896 377,704 4,409,791 7,571 STATE BANK'AND TRUST COMPANY MEMBERS Total: 1925 8,128,596 3,058,470 84,166 2,974,304 5,070,126 1,701,774 3,368,352 1,472 1926 8,838,535 3,286,483 75,982 3,210,501 5,552,052 1,924,521 236,821 1,687, 700 3,627,531 1,403 Central reserve city banks: 1925 2,813,795 1,611,302 31,939 1,579,363 1,202,493 114,943 1,087,550 39 1926 ..... 3,006,467 32,213 1,604,611 1,369,643 146,647 2,390 144,257 1,222,996 43 Other reserve city banks: 1925 3,471,095 1,015,646 34,815 980,831 2,455,449 1,089,252 1,366,197 184 1926... 3,834,935 1,166,127 29,977 1,136,150 2,668,808 1,212,240 102,135 1,110,105 1,456,568 179 Country banks: 1925 1,843,706 431,522 17,412 414,110 1,412,184 497,579 914,605 1,249 1926 1,997,133 483,532 13,792 469,740 1,513,601 565,634 132,296 433,338 947,967 1,181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

105 FEBRUARY, 1927 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS-CLASSIFICATION OF SECURITIES, JUNE 30, 1925 AND 1926 [In thousands of dollars] Domestic securities Foreign securities All other se T cu o r t i a t l ies Total U s e e . r c n S u m . ri G e ti n o e t v s - a c n n S o i d c u t a i n m p t t e a y , u l , - A b ll o o n t d h s er S F r t e e o s d c e k e r r v o a e f l c S o o to r t p c h o k e r r a o - f I A d s o l e l m c o u e t r h s i- t e i r c Total B g f o o o n r v e d e i s g rn n o - f c t f s i l o e e u r c s e d , u i i i g r n n i n g - - (total) bonds bank tions ties ments municipal ALL MEMBER BANKS Total: 1926.... 8,888,345 8,387,838 3, 802,370 1,028. 906 2,784,762 114, 967 275,334 381,499 500,507 327,303 173,204 1926 _ 9,123,408 8,625, 326 3, 743, 925 1,149', 329 2, 947,530 122, 508 327, 253 334,781 498,082 300,590 197,492 Central reserve city banks: 1925 2,013,858 1, 914,560 1,067,438 232,425 476,353 28, 111 73,872 36,361 99,298 62,914 36,384 1926 _ 2,053,294 1,987,122 1,066,254 249,853 478,228 31, 692 91,115 69, 980 66,172 37,416 28,756 Other reserve city banks: 1925.. 2,866,386 2,725,942 1, 341,016 342, 996 702, 863 38, 998 134,077 165, 992 140,444 92,663 47,781 1926 2, 932,434 2,793,069 1,325,138 406,105 776,404 41,030 149, 923 94,469 139, 365 81,874 57,491 Country banks: 1925 4,008,101 3,747,336 1,393,916 453,485 1,605, 546 47,858 67,385 179,146 260, 765 171,726 89,039 1926. 4,137,680 3,845,135 1,352, 533 493,371 1,692,898 49, 786 86,215 170,332 292,545 181,300 111, 245 NATIONAL BANK MEMBERS Total: 1925 5,725,622 5,362,727 2, 533, 766 593,692 1,866,667 74,488 78, 764 215,350 362,895 240,732 122,163 1926 .... 5,837,160 5,464,789 2,466,147 646, 738 1,948,409 78, 735 90, 598 234,162 372,371 225,823 146,548 Central reserve city banks: 1925 1,059, 536 996,793 589,021 107,208 239, 441 15,068 23,106 22, 949 62,743 40,565 22,178 1926 ... 1,022,754 983,946 578,646 89, 974 236, 785 17,079 26,941 34, 521 38,808 21,435 17,373 Other reserve city banks: 1925 1,495, 756 1,417,098 780,100 157, 038 354,149 21,214 34,333 70,264 78,658 54,811 23,847 1926 1, 541,816 1,457,160 765,518 186, 657 368,846 21, 961 39,166 75,012 84, 656 50,303 34,353 Country banks: 1925 3,170,330 2, 948,836 1,164,645 329, 446 1,273, 077 38,206 21,325 122,137 221,494 145, 356 76,138 1926 3,272,590 3,023,683 1,121,983 370,107 1,342, 778 39, 695 24,491 124, 629 248, 907 154,085 STATE BANK AND TRUST COMPANY MEMBERS Total: 1925 ._ 3,162, 723 3,025,111 1,268, 604 435, 214 918,095 40,479 196, 570 166,149 137,612 86, 571 51,041 1926 __...._ 3,286,248 3,160, 537 1, 277, 778 502,591 999,121 43, 773 236, 655 100, 619 125, 711 74,767 50,944 Central reserve city banks: 1925 954, 322 917, 767 478,417 125, 217 236, 912 13.043 50,766 13,412 36, 555 22,349 14,206 1926 _. 1,030, 540 1,003,176 487, 608 159,879 241,443 14,613 64,174 35,459 27,364 15, 981 11,383 Other reserve city banks: 1925 1,370, 630 1,308,844 560, 916 185,958 348, 714 17, 784 99, 744 95, 728 61, 786 37,852 23,934 1926 1,390, 618 1,335, 909 559,620 219,448 407, 558 19,069 110,757 19,457 54, 709 31,571 23,138 Country banks: 1925 837, 771 798, 500 229,271 124,039 332,469 9,652 46,060 57,009 39,271 26,370 12,901 865,090 821,452 230, 550 123,264 350,120 10,091 61,724 45,703 43,638 27,215 16,423 28725—27- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN FBBBUABY, 1927 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS Gross earnings of the Federal reserve banks per cent in 1926, as compared with 3.67 the in 1926 were $5,800,000 above the preceding year before. The table shows daily average year, aggregating $47,600,000, as compared holdings of each class of bills and securities of with $41,800,000 in 1925, $38,300,000 in 1924, all Federal reserve banks combined, earnings and about $50,000,000 in 1923 and 1922. The therefrom, and annual rates of earnings during larger earnings during 1926 were the result the past four years. of a higher average rate of return on and Current operating expenses of the Federal increased holdings of bills and securities, as reserve banks, exclusive of the cost of Federal shown by the accompaning table. reserve currency and of fiscal agency expenses reimbursable by the United States Treasury, HOLDINGS OF BILLS AND SECURITIES AND EARNINGS aggregated $25,636,000 in 1926, as compared THEREFROM with $25,725,000 in 1925. Salary payments [Amounts in thousands of dollars] to clerical employees, which constitute the largest single item of current expense, declined United All $394,000, and rent $81,000, but these and Bills Bills States other other smaller reductions were largely offset by co d u i n s t - ed i b n o u o g pe h n t G m ov e e n r t n- b a i n l d ls Total increases in insurance premiums on currency market securi- securities ties and security shipments, taxes and repairs and alterations on banking houses, legal fees, post- Daily average holdings: age and expressage, and miscellaneous ex- 1923 738,114 226,548 185,823 85 1,150, 570 penses. The cost of Federal "reserve currency 1924 _. 374,834 172,428 401,365 1,690 950,317 1925 481, 515 287,329 358,962 11, 701 1,139,507 amounted to $1,714,000 in 1926, or $89,000 1926 570, 613 281,386 349, 790 7,520 1, 209,309 Average rates of earnings less than in 1925. Total current expenses of (per cent): the Federal reserve banks, including the cost 1923 4.46 4.14 4.01 4.50 4.33 1924 _. 4.25 3.31 3.67 3.61 3.83 of Federal reserve currency, were $27,350,000 1925 3.67 3.17 3.56 3.59 3.51 1926 3.95 3.55 3.60 4.21 3.76 in 1926, about $178,000 less than in 1925. Earnings: 1923 . 32,956 9,371 7,444 4 49, 775 Current net earnings (the excess of gross 1924 15,943 5,710 14, 712 61 36,426 earnings over current operating expenses) 1925_ 17, 680 9,104 12, 783 419 39,986 1926 22, 552 10, 003 12,589 316 45,460 amounted to $20,249,000, against which amount the Federal reserve banks made net charges Holdings of discounted bills averaged $571,- of $3,638,000, of which $2,096,000 represented 000,000 in 1926 as compared with $482,000,000 depreciation charges on bank premises, $1,210,in 1925, the higher level of discounted bills 000 additions to reserves for probable losses being partly offset, however, by somewhat on paper of failed banks, and $533,000 furnismaller holdings of purchased bills, United ture and equipment purchased during the year. States Government securities, and miscella- This left a balance of $16,612,000, of which neous bills and securities, the average of which $7,329,000 was paid to member banks as diviwas $20,000,000 below average holdings the dends, $8,465,000 transferred to surplus acyear before. The average rate of earnings on count, and $818,000 paid to the United States total bill and security holdings was 3.76 perGovernment as franchises taxes, cent in 1926, as compared with 3.51 per cent A detailed statement of the earnings and in 1925, 3.83 in 1924, and 4.33 in 1923, while expenses of Federal reserve banks for 1926 is the rate of return on discounted bills was 3.95shown in the table following: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1926 EARNINGS Total Boston New York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San Fran- Discounted bills $22,551,561 $1,463,790 $2,036,833 $2,211,738 $1, 676,456 $1,705,117 $3,015,981 $1,258,227 $310,424 $643,032 $525,993 $1,867,134 Purchased bills.. 10,003,081 1,278,862 2,001,668 661,657 818,378 374,178 1,024,830 1,230,850 340,294 405,511 507,513 462,842 United States securities.._ 12,589,119 401,552 2,379, 546 764,324 1,274,279 261,476 228,280 1,929,874 841,145 723,348 1,213,542 985,652 1,586,101 Deficient reserve penalties. 382,946 7,860 10,983 30,133 69,214 41, 636 50,427 22,017 16,473 24,203 35,403 29,211 iOUS 2,072,888 167,013 337,532 152,851 183,356 47,693 46,004 339, 911 49,826 166,577 289,050 117,159 175,916 Total earnings „ 47,599,595 3,319,077 10,600,968 3,626,648 4, 517,884 2,429,017 3,045,867 6,567,043 2, 511, 509 1, 622,333 2,677,340 2,127,049 4,554,860 CURRENT EXPENSES Salaries: Bank officers $116,250 $476, 883 $127,249 $214,238 $166,800 $191,016 $299,523 $166,072 $135,681 $156,381 $146,326 $237,479 Clerical staff „__. 11,695,529 887, 967 3,033, 763 893,632 1,009,990 599,998 418,096 1, 685,405 610,045 357,223 638,490 483,810 1,077,110 Special officers and watchmen .. 776,936 34,571 168,176 50,430 101, 536 44,453 31,426 97,675 46, 612 25,958 62, 695 33, 580 79,824 Allother _._. 1,837,408 84,896 500,347 104, 689 225, 858 67, 515 38,253 287,790 74,072 80,091 167,432 82, 719 123, 746 Governers' conferences _ _ 5,575 351 511 267 289 273 255 420 422 568 562 640 1,017 Federal reserve agents' conferences. __ 3,123 221 106 154 197 198 129 230 289 288 296 363 652 Federal Advisory Council _. 12,153 526 566 414 531 557 892 1,193 1,200 824 1,023 1,227 3,200 Directors' meetings-- _ 151,754 6,695 18,101 6,778 7,085 6, 635 24,602 10,210 11, 796 7,289 24, 601 5,632 22,330 Traveling expenses L— 266,114 6,313 34, 601 11,144 17, 910 16, 600 32,994 24,630 31,029 35,222 10,165 19,135 26,371 Assessments for. Federal Reserve Hoard expenses 721. 724 54,476 199,090 68,636 76, 835 38,060 28, 686 99,230 31,306 22, 596 27,965 25,214 49,630 Legal fees 127,401 4,367 16,218 8,089 | 11, 716 4,154 9,728 8, 513 4,013 30, 701 5,016 15,030 Insurance (other than on currency and security shipments) 392, 799 28,529 57,371 33,894 j 35, 774 22,282 20,826 42,082 23, 320 28,246 36,179 25,386 38,910 Insurance on currency and security ship- I ments 619,468 86,389 122, 914 91, 794 72,116 33, 742 47, 398 66, 838 16,108 14,091 15,499 21, 553 31,026 Taxes on banking house.. 1, 369,018 128,205 388, 988 33,844 134,450 38, 798 54,987 278,458 53, 870 82. 713 81,636 31,292 61, 777 Light, heat, and power 331,802 19,634 79,117 21,022 43,600 8, 939 13,600 27,477 21, 499 19, 762 45, 595 19,231 12,326 Repairs and alterations, banking house 201,359 4,608 32, 337 63, 946 24,943 11,212 4,234 769 12, 819 4,540 29,518 3,298 9,137 Rent 238, 753 1, 798 25, 344 2,367 20,191 10, 390 9,485 38, 231 19, 968 27 1,546 109,406 Office and other supplies 391,708 22,719 95,830 27,246 30, 512 17,997 23, 556 61, 721 2.1,679 19, 725 24,315 14,818 31,590 Printing and stationery 467,955 42,644 69,120 40,050 44,015 29,168 31, 565 76, 641 22,922 25, 568 28, 742 19,302 38,218 Telephone - 191,350 21,098 50,659 25, 558 12, 931 6,021 6,123 20, 698 12, 492 5, 816 7,693 7,291 14,970 Telegraph _ 510, 991 8,351 55, 826 15.976 36,441 27,974 70,499 46,182 42,095 23,277 61,176 47,193 76,001 Postage... 1, 780,244 203,427 286, 871 168| 715 160,796 113,421 104J 296 239, 748 93, 529 64,373 132,391 89,896 122,781 Expressage 425,493 40,050 106,672 61, 787 27, 633 30, 568 33,437 51,446 13, 749 8,437 12,395 16,419 22, 900 Miscellaneous expenses. 683,206 48,138 172,049 65, 781 53, 056 27, 315 32, 767 69, 726 30,118 34,810 48,022 38,441 Total, exclusive of cost of currency. _.25, 635, 761 1,852,221 5,991,460 1,923,462 2, 362, 643 1,323> 070 1,228,850 3,534,836 1,361,024 1,027,799 1,622, 654 1,139,328 2,268,414 Federal reserve currency, including shipping charges: Original cost 1,602,643 164,260 407, 841 127,262 155,949 56,545 148,763 275,997 13,793 33,597 56,088 35,483 127,065 Cost of redemption 111, 778 15,931 22,141 5,550 13,154 4,324 11,555 13,604 5,287 2,361 4,186 3,920 9,765 Total current expenses 27,350,182 2,032,412 6,421,442 2,056,274 2, 531, 746 1,389,168 3,824,437 1,380,104 1,063,757 1,682,928 1,178,731 2,405,244 i Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1926—Continued PROFIT AND LOSS ACCOUNT Total Boston New York Ph p i h la ia del- Cleveland Richmond. Atlanta Chicago St. Louis M ap in ol n i e s - K C an it s y as Dallas San ci s F c r o an- Earnings $47,599,595 $3,319,077 $10,600,968 $3,626,648 $4,517,884 $2,429,017 $3,045,867 $6, 567,043 $2,511,509 $1,622,333 $2,677,340 $2,127,049 $4,554,860 Current expenses 27,350,182 2,032,412 6,421,442 2,056,274 2,531, 746 1,383, 939 1,389,168 3,824,437 1,380,104 1,063,757 1,682,928 1,178,731 2,405,244 Current net earnings 20,249,413 1,286, 665 4,179, 526 1,570,374 1,986,138 1,045.078 1,656,699 2,742,606 1,131,405 558,576 994,412 948,318 2,149,616 Additions to current net earnings 330,078 8,531 174,366 1,130 10, 549 561 12, 794 13,098 15,852 79,773 5,555 5,919 1,950 Deductions from current net earnings: Bank premises—depreciation...- 2,096,062 122,048 415,492 290,414 254,134 151,341 165,197 154,795 166,272 209,309 41,306 125,754 Furniture and equipment 532,889 15,593 122,943 28,697 45,166 8,847 24,313 83,039 54,870 20,870 25,102 4,019 99,430 Reserve for probable losses 1,210,486 50,000 261,663 241,032 253, 500 50,000 354,291 Reserve for self-insurance 59,845 59,845 All other 68,464 682 5,864 9,074 345 5,013 3,849 12, 513 1,070 3,174 9,087 1,701 16,092 Total deductions 3,967,746 138,323 604,144 37, 771 335,925 317, 994 441,166 501, 781 464,235 190,316 243,498 97,026 595,567 Net deductions from current net earnings. _ 3,637,668 129,792 429, 778 36, 641 325, 376 317,433 428,372 488,683 448,383 110, 543 237,943 91,107 593,617 Net earnings available for dividends, surplus, and franchise tax 16,611,745 1,156,873 3,749, 748 1, 533,733 1, 660, 762 727, 645 1,228,327 2,253,923 683,022 448,033 756,469 857,211 1,555,999 Dividends paid 7,329,169 525,023 2,100,191 730, 598 808,505 363,957 296, 573 985,959 314,420 187,609 252,764 257,502 506,068 Transferred to surplus account 8,464,426 585,888 1, 649, 557 803,135 852,257 279,216 931, 754 1,267,964 368,602 26,043 50,370 599, 709 1,049,931 Franchise tax paid United States Government 818,150 45,962 84 472 234,381 453,335 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries, employees $101,636 $6, 578 $12,900 $9,012 $14, 648 $6,050 $5,019 $5,014 $11,009 1 $12,270 $6,921 $8,629 l $3,586 All other.. 22,596 757 2,290 991 4,260 803 897 3,724 809 5,270 994 647 1,154 Total 124,232 7,335 15,190 10,003 18,908 6,853 5,916 8,738 11,818 17, 540 7,915 9,276 4,740 Including officers' salaries as follows: Minneapolis, $3,583; San Francisco. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESEEYE BULLETIN 109 Changes In State Bank Membership Fiduciary Powers Granted to National Banks The following list shows the changes affecting State During the month ended January 21, 1927, the bank membership during the month ended January Federal Reserve Board approved applications of the 21, 1927, on which date 1,367 State institutions werenational 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; Capital Total (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations District No. 8 which come into competition with national banks are permitted to act under the laws of the State in which The Standard Bank, New York, N. Y._ $250,000 $250,000 $8,308,085 the national bank is located. District No. 8 Lycoming Trust Co., Williamsport, Dis- Powers Pa — 2,000,000 500,000 18,000,000 Location t N ri o c . t Name of bank granted CHANGES Fort Kent, Me 1 First National Bank Ito3,5to9 Rutherford, N. J 2 Rutherford National Bank 5 to 9 District No. % (supplemental). Bergenfield, N. J 2 Bergenfield National Bank... 1 to 9 Absorption of nonmember: Albany Manhasset, N. Y...... 2 First National Bank. Ito9 Trust Co., Albany, N. Y. (absorbed Bridgeton, N. J —. 3 Farmers and Merchants 1 to 9 by First Trust Co,, Albany, N. Y., National Bank. a member)_„_„„_______ .-_.._—. $400,000 $200,000 $10,441,703 Bangor, Pa „.._ 3 Merchants National Bank,,. Ito9 Columbus, Ohio „ 4 City-National Bank of Com- 1 to 7 and § District No. 3 merce McComb City, Miss. 6 First National Bank. .,—._ 1, 2, and 3 Succeeded by a State member: Nor- Ottawa, 111 _„_ 7 —-do—— - Ito9 thern Central Trust Co., Williams- Harrodsburg, Ky 8 Mercer National Bank. Ito8 port, Pa. (succeeded by Lycoming Fairmont, Minn.—<..._ 9 First National Bank 1 to 9 b T e r r u ) s t Co., Willia •- m _ s _ p .. o _ r t, Pa., a me — m- . 500,000 475,830 5,882,330 Casper, Wyo 10 Ca p s l p em er e N nt a a t l i ) o . nal Bank (sup- 5 Brownsville, Tex 11 First National Bank in 1 District No. 4 Brownsville. Closed: Peoples Bank Co., Frazeysburg, Ohio _ „ 25,000 66,800 632,670 Changes in National Bank Membership District No. 6 Closed: Bank of Georgetown, George- The Comptroller of the Currency reports the followtown, S, C — — —— — -- 100,000 101,320 lf 343,510 ing increases and reductions in the number and capital of national banks during the period from December 25, District No. 7 Closed: 1926, to January 21, 1927, inclusive: State Bank of Early, Early, Iowa. _ 50,000 10,000 560,000 North Liberty State Bank, North Liberty, Ind _„ 50,000 16,740 275,130 Num- Amount Voluntary withdrawal: Stewart State ber of of Bank, St. Charles, HI 100,000 1,597,600 banks capital District No. 8 Succeeded by nonmember: Arkansas New charters issued $2,475,000 Vo B l a u n n k ta r & y T w ru i s th t d C ra o w ., a N l: e w D p es o h rt a , A B rk a _ n _ k _ $100,000 $20,400 $1,148,420 R In e c s r t e o a r s e e d o t f o c s a o p l i v t e a n l c a y pproved *_. 5,137,500 0 Vo & lu T n r ta u r s y t C li o q . u , i A da rk ti a o n n s : a A s C rk i a t n y s , a A s r V k al- 104,000 21,650 1,108, 950 Aggregate of new charters, banks restored to ley Bank, Ft. Smith, Ark__ 100,000 27,120 1,077,760 solvency, and banks increasing capital „_ 56 7,612,500 District No. 9 L R i e q d u u i c d i a n t g io c n a s pital3-. 1,9 4 6 3 5 5 , , 0 00 0 0 0 Voluntary withdrawal: Citizens State Bank, New Ulm, Minn 100,000 171, 550 3,074,860 Total liquidations and reductions of capital__ 38 2,400,000 District No. 11 Consolidation of national banks under act of Nov. 7, 1918 j- —— 6,420,0Q0 Absorbed by national bank: Texas State Bank, Canton, Tex... 30,000 102,365 Aggregate increased capital for period 7, 612, 500 Fa T rm ex e . r _ s State Bank, Grand Prairi - e . , . 25,000 82,600 Reduction of capital owing to liquidations, etc- 2,400,000 Blooming Grove State Bank, Net increase- 5,212,500 Blooming Grove, Tex 50,000 5,000 179,139 District No. 12 1 Includes three increases in capital aggregating $1,050,000 incident to Closed: consolidations under act of Nov. 7,1918. Farmers State Bank, New Ply- 2 Includes one reduction in capital of $80,000 incident to a consolidamouth, Idaho 25,000 225.000 tion under act of Nov. 7,1918. Delta State Bank, Delta, Utah.... 25,000 14,000 354,000 Peoples Bank, Cambridge, Idaho _ . 25,000 3,000 147,500 Acceptances to 100 Per Cent Merger of State member banks: The American Bank, San Francisco, Calif, (merged with Mercantile Trust I During the month of January, 1927, the following Co., San Francisco, under title of American Trust Co., a member) 5,000,000 820,000 81,004,750 member institution was authorized by the Federal Absorbed by a national bank: Hills- Reserve Board to accept drafts and bills of exchange up boro Commercial Bank, Hillsboro, to 100 per cent of its capital and surplus: Bowery & Greg.— . .— 50,000 25,000 575... 000 East Biver National Bank New York, N. Y. ? 28725—27—6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN" FEBRUARY, 1927 BUSINESS STATISTICS FOR THE UNITED STATES NOTE.—With this issue of the BULLETIN, new indexes of industrial production are presented (pp. 100-104), with a base period of 1923-1925, and current figures for these new indexes will hereafter be regularly published in the BULLETIN. Publication of figures for the indexes given in the first two tables below, except for agricultural movements, with a base period of 1919, will accordingly be discontinued, and they will not be computed for any month subsequent to December, 1926, INDEX OF PRODUCTION IN BASIC INDUSTRIES INDEXES OF INDUSTRIAL ACTIVITY [No seasonal adjustment. Monthly average 1919=100] [Adjusted for seasonal variations. Monthly average 1919—100] Yearly s Decem-iNovem-Decem- Yearly averages D b ec e e r, m - I N o b v e e r m , -De b c er e , mb 19 e 2 r, 6 1 b 9 e 2 r, 6 b 19 e 2 r 5 , 1926 1925 1926 ! 1926 1925 1926 1925 Agricultural movements: General index „. 225 124 121 120 ! 115 Total 138 ! 165 148 115 111 Livestock-. 95 I 107 106 93 -.97- Iron and steel: Animal products 126 ! 117 117 120 118 Pig iron , 124 125 130 128 119 Grains,. _ 82 I 99 135 99 96 Steel ingots __ 130 130 149 140 131 Cotton 251 i 343 239 135 126 Textiles: Vegetables _ _ _ 135 88 134 137 Cotton. 127 125 120 ! 113 j 108 Fruits..- .-._ 104 204 98 170 147 Wool 96 97 95 i 87 | 94 Tobacco 344 326 163 124 Food products: Mineral production: Wheat flour__- 79 82 80 97! 95 Total 156 i 157 129 137 127 Sugar meltings. 232 178 203 146 j 134 Anthracite coal 103 J101 3 96 71 Animals slaughtered— Bituminous coal 149 »154 136 124 112 Cattle 95 92 102 98 Petroleum 229 1220 194 203 200 Calves 153 143 166 132 137 Pig iron 121 1127 128 128 119 Sheep__ 105 89 88 103 96 Copper—— - 143 1148 137 144 139 Hogs... 95 89 100 104 Zinc. 145 U40 137 135 125 Lumber 115 120 124 Lead 171 U63 161 155 148 Coal: Silver 108 1101 105 107 108 Bituminous- __.._ 144 148 130 124 112 Manufacturing production: Anthracite _. 103 99 | 3 72 Total 120 ! 130 ! 128 133 129 Nonferreous metals: Iron and steel 123 I 131 ! 138 137 128 Copper _._ 145 1 353 | 139 144 139 Automobiles 100 i 156 j 191 218 214 Zinc - 145 140 ! 137 135 i 125 Textiles 121 1123 119 114 113 Sole leather.. 69 69 | 59 62 67 Food products 105 114 107 101 99 Newsprint 116 125 I 117 122 ! 111 Lumber 129 . 1 135 133 151 154 Cement-- 187 202 188 203 202 Paper and printing 146 1151 138 144 134 Petroleum 231 225 196 200 Leather and shoes 91 91 85 91 92 Tobacco products: Petroleum.. 242 1240 216 228 210 Cigars 84 105 85 92 91 Cement and brick. 149 181 152 179 178 Cigarettes 199 199 195 200 178 Tobacco 111 139 110 130 122 Manufactured tobacco. 91 101 94 97 96 Rubber tires __ 181 177 175 186 182 1 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

111 FEBRUARY, 19 27 FEDERAL RESERVE' BTJULETOT INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES » [Monthly average, 1919== 100] Metals and Textiles and products Year and month G i e n n d e e r x al G in r d o p e u r x o p ducts G in r d o e u x p Fabrics P u r c o t d s - L p u a b r u n c o e m t d d r s - - v R r c o e l a a e h i d s l i - - m A o u b t i o l - es P p a r i a n n i 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 n c o t t d d h s - er S c g a t l l o n a a n y s d e s , , ; b p u T a r c o c o t c d - s o - C p i u a h r c o c n a e t d d l m s s - - 1920 average 103.2 110.3 110.4 100.5 98.5 103.0 96.2 107.0 102.3 110.5 95.6 91.7 104.5 98.9 101.0 1921 average 82.1 66.7 66.5 95.7 96.7 94.4 80.6 77.9 62.0 95.9 86.6 81.9 88.4 97.8 76.5 1922 average _._ 90.4 77.5 76.8 99.7 98.1 101.7 102.2 77.4 83.3 99.1 87.9 91.1 104.6 94.8 73.0 1923 average 104.0 98.6 98.4 107.5 110.0- 104.4 108.1 105.7 116.1 104. 7 94.0 99.2 122. 0 93.7 81.0 1924 average . 95.0 87.3 86.9 95.4 95.9 94.7 102.6 90.3 108.0 104.2 91.0 88.0 119.5 88.8 74.0 1925 average 95.4 88.6 87.9 96.7 98.0 95.0 100.6 85.9 122.8 105.0 86.9 89.1 121.0 87.1 74.8 1926 average 95.6 92.8 92.4 93.3 94.6 91.6 99.4 85.4 124.1 107.9 86.2 87.3 123.3 81.0 76.9 1925 June 94.2 86.9 86.3 95.4 97.5 92.8 100.1 84.7 122.8 103.5 85.6 83.0 125.9 S5.8 72.9 July 93.1 85.6 84.9 93.3 93.1 93.4 99.3 84.5 122.2 103.4 85.4 85.7 121.3 85.9 73.0 August 93.9 86.1 85.4 94.0 93.6 94.5 99.9 84.5 124.2 103.2 85.9 90.2 124.9 85.0 72.6 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 86.6 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 - - 95.5 93.1 92.8 92.6 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 88.0 100.3 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 October 96.3 93.3 93.0 93.7 95.9 90.8 100.1 83.9 119.9 109.8 90.4 90.6 126.6 82.7 78.2 November _>„_ . 95.2 91.7 91.5 93.6 97.0 89.4 99.3 83.0 110.2 •111.1 88.6 89.0 123.9 82.3 78.2 December 94.1 90.5 90.4 95.0 97.5 91.9 97.1 82.3 104.0 110. 7 86.7 87.1 117.9 81.8 77.8 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES i [Monthly average 1919=100] Textiles and products Bail- ! Foods Leather' Stone, To- Chem- Year and month v r c o e l h e ad i- i I m A o u b to il - es p u a r c n o t d d s - ! | p u a r c n o t d d s - | | g c a l l n a a s y d s , b p u a r c o c t c d s o - p i u a c r n c o a t d l d s s - 1920 average. 127.0 126.5 121.4 119.9 123.3 120.0 135.3 112.8 106.0 116.4 124.6 1 1 9 92 2 1 2 a a v v e e r r a a g g e e . . 60. . 5 7 6 68 0 , . 4 0 1 1 0 0 2 2 . .5 10 9 0 8 . . 0 6 1 1 0 0 4 8 . . 9 1 8 6 8 4 . . 0 0 1 1 1 1 4 8 . . 5 5 9 9 6 3 . . 4 0 8 9 7 4 . . 8 5 k 9 9 2 8 . . 1 3 8 8 4 1 . . 9 7 1923 average. 102.3 101.9 117.5 119.9 114.6 134.6 131.3 104.2 104.5 [96.0 101.4 1924 average. 90.3 .9 102.5 103.4 101.4 124.1 134.6 103.2 91.9 \ 93. 0 96.7 1925 average. 93.9 93.1 106.5 107.8 104.7 151.5 138.7 100.0 92.9 90.7 98.6 1926 average. 100.1 99.6 102.4 103.8 100.6 148.0 147.7 101.0 90.8 86.1 104.6 1925 June 9L1 109.7 90.4 135.5 100.0 85.1 154. 3 90.3 95.7 July_. 86.8 105.9 86.7 ! 133. 8 98.9 89.0 145.9 89.0 95.6 August..... 89.7 108. 0 , 88.0 133.7 99.1 98.9 155.7 90.0 93.1 September 88.7 111.8 ! 84.9 135.8 100.0 94. 8 151. 6 90.0 94.9 October-_. 96.2 117.2 .2 142.3 104.5 95.8 | 156.8 97.1 101.1 November 97.7 116.7 91.4 145.4 103.6 87.9 J 155.4 98.7 103.6 December. 101.7 116.4 91.7 148.7 103.2 86.5 151.3 99.3 104.9 1926 January. >._ — 107.0 .1 .1 110.4 105.3 105. 8 j 145.5 100.1 89.7 136.9 86.0 102.2 February. | 111. 5 102.4 110. 2 109.0 111.5 111.0 144.9 99.8 94.2 | 140.1 84.0 102. 8 March 113. 0 ! 104. 2 109.8 108. 2 111. 111.9 ' 147.9 99.3 93.2 I 144.3 88.4 104. 5 April 110. 4 102. 7 103. 6 104.8 102.0 111. 7 ! 147.0 96.0 84.2 | 147. 6 82.3 105.0 May 108.9 100.5 99.1 100.7 97.2 111.8 147.1 99.5 81.2 | 158.3 81.7 103. 7 June 108.8 100.8 97.4 98.2 96.4 112. 9 146.9 101.6 85.4 162.9 87.1 105. 0 July 103.6 94. 91. 6 92.7 90.2 107.5 144.0 100.8 90.3 152.9 83.6 101.7 August. 107. 6 97.0 96.5 .0 97.0 112.6 93.1 144.4 100.5 97.6 162.3 82.8 101.1 September 108.3 .4 98.9 100.7 113.7 88.9 I 146. 8 103.6 97.4 157.0 87.6 102. 3 October... 112. 4 102.6 105.3 108.2 117.0 93.4 151. 0 105.6 97.3 159.5 91.3 109.0 November 108.8 .3 102.0 107.3 115.5 92.1 152.3 102.9 90.4 154.6 90.6 108.6 December. 107.8 .3 106.3 109. 111.8 91.9 154.7 102.1 88.5 147.6 88.4 109.1 i These tables contain for certain months index numbers of employment and pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL EESERVE BULLETIN FEBRUARY, 1927 COMMODITY MOVEMENTS The following statistics are secured from various sources and compiled in the form given Decem- Novem- December, 1926 ber, 1926 ber, 1925 below by the board's Division of Research and Statistics. Earlier figures (in most cases since Transportation 1919) can be obtained from previous issues of Cars of revenue fireight loaded from conthe BULLETIN or upon application to the Divi- nections (000 omitted): sion of Research and Statistics, Federal Reserve Clas G sif r i a e i d n b a y n d n a g t r u ai r n e p o r f o p d r u o c d ts ucts- 204 197 226 Board. Livestock 134 150 148 Coal . - 987 1,024 789 Coke.- ----- . 55 56 74 Forest products 251 285 281 Decem- Novem- Decem- Ore 44 131 51 ber, 1926 ber, 1926 ber, 1925 Merchandise 1 c 1 1,101 1,135 1,088 Miscellaneous _ 1,392 1,646 1,467 Grain and Flour Total 4,168 4,624 4,123 Receipts at 17 interior centers (000 omitted) Classified by geographical divisions— Wheat (bushels) . 20,970 28, 724 35,257 Eastern 969 1,068 924 Gorn (bushels). 22,231 22, 606 33, 791 Allegheny - - „_ 871 953 830 Oats (bushels) 10,861 11,566 26,008 Pocahontas-. _ -- 243 269 233 Rye (bushels)-...-.i 1,277 2,254 2,243 Southern 655 690 665 Barley (bushels), 3,027 3,668 4,364 Northwestern - -- . 462 583 4S0 Central western .. ... 622 684 633 Total grain (bushels)- 58,366 68,819 101,663 Southwestern—._.«. ,__,.,,, 345 378 358 Flour (barrels)--. 2,280 2,868 2,460 Total - - -.->... 4,168 '4,624 4,123 Total grain and flour (bushels) - 68,627 81, 725 112,730 Shipments at 14 interior centers (000 BUILDING STATISTICS omitted): Wheat (bushels) _„ ... 15,988 22,936 18,791 Corn (bushels) 7,517 11,715 10,879 Building permits issued in 168 cities, Oats (bushels) 9,828 8,145 13,014 grouped by Federal reserve districts: Eye (bushels) _ 1,457 1,647 1,332 Number of permits- Barley (bushels).. --. 1,738 2,094 1,569 Boston (14 cities) 1,222 2,112 1,660 Fl T ou o r t a ( l b g a r r a re in ls ) (bushels). 3 3 6 , , 6 5 4 28 6 46 4 , , 0 5 6 3 3 6 4 3 4 , , 9 5 3 86 8 N P C h l e e i w l v a e Y d la e o n l r p d k h i ( ( a 1 2 2 2 ( 1 c c 4 i i t t i i c e e i s s t ) i ) e . _ s). 6 4 1 , , ,1 5 0 8 0 3 2 4 3 9 5 1 , , , 1 3 9 7 3 5 7 1 8 8 3 1 , , , 1 4 6 4 6 1 3 5 8 Richmond (15 cities). „_„ 2,366 3,129 2,577 Total grain and flour (bushels) 52,933 64,820 Atlanta (15 cities).. _ 3,352 4,202 3,861 Chicago (19 cities)_..„„...—„_. 5,943 9,950 7,421 Stocks at 11 interior centers at close of St. Louis (5 cities).__„..,_—.__._-. 1.278 1,837 1,469 month (000 omitted): Minneapolis (9 cities) ___.___. 472 1,071 I 758 Wheat (bushels) 41,322 47, 710 31.199 Kansas City (14 cities) _._„,. 1,060 1,709 I 1,404 Corn (bushels) - 28,331 24,502 14; 792 Dallas (9 cities). 1,551 2,094 1,639 Oats (bushels) - 20,500 41, 231 54,473 - San Francisco (20 cities) 7,593 8,832 8,992 Rye (bushels) 11, 536 12,362 11, 549 Barley (bushels) 3,955 4,423 5,757 Total 36,556 51,402 43,007 Total grain (bushels) . 105, 644 130,228 117, 770 Value of permits (dollars, 000 omitted)- Rece R B W C O i a y o p a h r e t r t s l e s n e a ( a ( y b t ( t b b u ( 9 u ( u s b b s s s h u u h e h e s s a e e h l h b l l s e e s s o ) ) l l ) . s a s . ) . ) r d cente — rs (000 _ omitted): 2 6 1 1 4 1 , , , , , 3 4 2 0 3 5 6 1 1 0 3 8 4 0 2 2 4 1 1 1 , , , , 7 6 5 3 1 8 6 0 9 5 9 3 7 2 0 2 5 6 3 9 , , , , 4 5 3 0 3 1 0 6 1 3 9 3 9 3 9 R A B N P C h i o l t e c e l i w s a l v h t a n o e m d Y n t l a a e o o n l ( n r p ( 1 d d k 1 h 4 5 i ( c ( ( a 1 c 2 1 i 2 i t 2 5 t i ( i 1 e c c c e s 4 i i i s t ) t t i ) c e i i i e e s t ) s i s e ) ) s . . . ) . . .„ „„. . „ .. . 1 2 1 2 7 7 8 4 9 0 , , , , , , 7 5 9 3 8 1 1 1 4 6 0 7 1 1 1 4 3 2 9 1 1 1 9 9 0 5 9 2 , , , , , , 9 4 6 6 8 1 1 6 1 2 0 5 1 1 2 3 8 5 1 1 1 1 1 1 0 1 5 0 4 4 6 , , , , , , 6 0 8 3 6 9 1 7 3 6 2 7 1 3 3 1 4 4 Fl T ou o r t a ( l b g a r rr a e in ls ) ( — bu - shels) - 3 2 4 , , 0 3 9 4 1 6 29 2 , , 1 5 2 0 4 1 4 2 4 , , 0 6 5 44 8 S M C t h . i i n L c n a o e g u a o i p s o (1 ( l 5 9 is c c ( i i t 9 t i i e e c s s i ) ) t i es).__ - _. 5 1 , , 9 8 5 2 1 3 5 3 5 0 , , , 5 7 09 8 4 0 2 2 4 3 0 7 , , , 3 8 3 1 3 0 3 9 6 Kansas City (14 cities).. 5,493 5,519 8,072 Total grain and flour (bushels) _ 43,757 39,061 53,903 Dallas (9 cities). 5,846 3,888 9,489 San Francisco (20 cities) „ 30,136 24,290 37,071 Stocks at 8 seaboard centers at close of mo W n h th e a ( t 0 0 ( 0 b u o s m he i l t s t ) e d): - 10,622 6,076 Total _ -_.. 283,784 250,681 279,566 Corn (bushels) 624 2,538 Building contracts awarded, by Federal Oats (bushels) 1,009 1,199 2,244 reserve districts (dollars, 000 omitted): B R a y r e l e ( y b u (b sh u e sh ls e ) l . s) 3, 8 7 0 5 6 0 . 3, 3 7 8 93 9 3, 3 4 9 6 6 9 N Bo ew st o Y n ork „_ „ _ _ . „ „_ _ :_. 2 3 28 1 , , 0 5 2 7 1 0 1 3 1 4 8 , , 7 5 5 8 7 4 2 3 1 2 1, , 3 5 2 8 3 0 Total grain (bushels). 15,064 16,627 14,724 P C h le il v a e d la e n lp d h ia ....- „ _ 3 4 1 1 , ,7 0 9 1 5 8 3 2 8 8 , , 7 6 3 0 3 9 3 2 7 3, , 7 9 8 3 1 2 Richmond „ _.-_ 22,596 44,318 28,196 W o h m ea i t t ted f ) lo ur production (barrels, 0 - 0 - 0 -- 10,537 11,315 10,783 A Ch tl i a c n a t g a o .- - ._.- „ -___ „ _ _ . 2 9 8 2, , 1 2 1 3 3 2 1 4 1 0 4 , ,4 0 5 8 6 4 5 7 3 8 , , 6 5 9 3 6 8 St. Louis „ 22,504 30, 586 25, 557 Tobacco Minneapolis.... „ _ 8,588 9,752 7,938 Kansas City____ _.. 11,520 11,979 10,061 Tobacco sales at loose-leaf warehouses, Dallas.. - 19,439 15,155 19,243 (pounds, 000 omitted): D Br a i r g k h t b e b l e t lt V V ir i g r i g n i i n a ia 25,624 3 4 0 , ,1 7 2 7 5 4 1 9 3 , , 1 2 6 1 5 3 Total (11 districts) 537,396 487,013 528,845 North Carolina . 45,213 104,032 48,853 Burley „ 40,152 962 27,750 •Western dark........ ..„— 11,893 1,108 21, 992 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL. RESERVE BULLETIN 113 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919=100] Percentage change Percentage change i G n er d e a e n l x - c G e r r o i - es Meat g D oo ry ds Shoes H w a a r r d e - Drugs p b in a e r r e s , a d l 1 e w 9 s i 2 t 6 D h , — e c c e o m m - - i o c n f o D m st e o p c c a e k r m e s b d e a r w t , 1 it e 9 h n 2 — 8 d , 1920 average 112 11t3 115 116 112 Novem- Decem- Novem- Decem- 1921 average 73 83 82 97 ber, 1926 ber, 1925 ber, 1926 ber, 1925 1922 average 74 83 65 100 1923 average. 83 83 95 104 111 1924 average. 82 84 90 58 I 113 Dry goods—Continued. 1925 average 84 84 92 58 | 103 114 Kansas City district -29. 6 2.4 -13.1 -12.4 1926 average 84 83 87 102 118 Dallas district... __ -46.2 -1.4 -15.6 -20.2 San Francisco district -20.3 -1.8 1925 Shoes: January. _._ 79 80 82 116 United States -10.1 10.8 4.4 8.9 February. __ 76 73 90 109 Boston district.. __ 33.2 35.2 March 83 79 107 121 New York district 11.4 5.8 8.3 -13.0 April 79 75 85 107 115 Philadelphia district 2.4 28.0 -.3 2.2 May 79 79 77 101 106 Cleveland district. _ -5.8 19.7 -7.7 -4.0 June 83 84 82 105 110 Richmond district -47.9 -4.1 7.1 30.4 July 83 85 85 111 Atlanta district -35. 2 -7.6 August 87 83 106 108 Chicago district -35.8 1.1 8.8 8.0 September.. 94 92 112 109 120 St. Louis district -53.5 1.2 25.5 -7.9 October 101 99 118 122 134 Minneapolis district -40.0 -36.0 4.0 -37.0 November.. 86 90 92 103 11.0 San Francisco district -18.4 25.6 December. _ 80 83 75 101 111 Hardware: J N M J J M A A S F O a u u e e o p u c n a a n l b p v y r t g y r e u o i r t e c u l e a u b h m s m r a e t y b - r r 1 b . . . y e 9 — „ e _ . r 2 _ - _ . r _ _ _ 6 - - - - . . . 8 7 8 8 8 9 9 7 8 8 8 6 8 2 4 7 7 4 6 5 0 2 8 7 8 8 9 8 7 8 9 8 7 6 7 0 2 2 1 4 1 1 9 7 7 8 8 8 8 8 7 7 7 7 7 9 1 2 1 6 5 5 5 6 7 6 | j i I 1 1 1 8 7 9 7 7 7 7 9 0 0 1 5 9 3 7 8 7 8 1 2 2 3 1 1 1 1 1 1 1 8 8 0 0 1 0 1 0 0 6 7 4 4 1 6 3 8 5 1 1 1 1 1 1 1 1 1 1 1 1 1 3 2 1 1 1 1 3 2 1 1 1 3 3 6 0 3 5 3 4 7 Drug U N P A S D C R C M S K s t h a h l i a n e t a . : i e c n l i i w l n n i a l v L c l h t a n s a n e a F e m o a d s e Y d g t l r u s a a a e a o o o d i n p l n S n s C p r i d d d o c s k d t h i i d a l i i t s t i s d r i s i t y d d s t a i c s e t i r c i i t r o s s i s d s d r t d i c t t t i i c r i t i r d r c s s i s t i i t c t i t . c t c r s r . t r t t i i t i c c r c t i t t ct.... _ _ _ .. - - — - - 1 1 1 - 1 - - — 1 3 1 8 4 2 6 3 8 2 9 3 . 5 . . . . . . . . 2 0 5 0 8 5 9 0 7 7 2 2 - - — 2 - - 1 — — 8 4 2 4 5 4 2 3 4 1 3 2 . . . . . . . . 6 . 0 7 0 1 9 5 1 7 1 7 4 - - - - - — 2 6 1 1 — 8 2 1 . . . . . . . . . 0 9 3 5 4 4 3 4 4 g 6 — -1 - - 1 1 3 1 4 4 1 1 1 6 7 0 5 . . . . . . . 0 . 8 2 6 9 3 2 4 0 2 8 December. _ 78 80 71 71 110 United States —5 6 7 —3.4 4 4 New York district -27.1 -7.4 i For description of the wholesale trade index see FEDERAL RESERVE Philadelphia district -1.0 -.2 2.7 11.4 "BULLETIN for April, 1923. C R l i e c v h e m la o n n d d d d i i s s t t r r i i c c t t — 2 6 . . 5 0 — 3 4 . 2 4 CHANGE IN CONDITION OF WHOLESALE TEADE, BY Atlanta district . . -4.0 —7.6 LINES AND DISTRICTS Chicago district -12.3 —11.5 -8.1 .1 St. Louis district —1.4 .2 Kansas City district -7.4 -9. 9 -5.9 -.9 Pe in rc e s n a t l a es g e D c e h c a e n m ge - Pe in rc e s n to ta c g k e s l c a h t a e n n g d e Furn D S i a a t n u ll r a F e s : r a d n i c s i t s r c ic o t district — — 11 8 . 4 2 —2 . 9 6 —9.9 —1 3 ber, 1926, com- ofDecember,1926, Richmond district —52.8 -23 4 pared with— compared with— Atlanta district -12.0 -25.2 2.5 2.1 St. Louis district -20.5 25.3 -4.0 8.0 Kansas City district. _ -15.2 -6.8 —11. 5 -9.2 Novem- Decem- Novem- Decem- San Francisco district -8.6 -4.9 ber, 1926 ber, 1925 ber, 1926 ber, 1925 Agricultural implements: United States 2 . 11.3 -15.4 Minneapolis district . —27. 0 -7.0 21.0 32.0 Groceries: Dallas district 15.6 -63. 4 .3 -3.6 United States .'_ -7.6 -3.8 -12.6 -12.4 Stationery and paper: Boston district -1.3 .7 New York district 1.4 —8.9 New York district -8.2 -6.7 -1.3 -1.4 Philadelphia district -1.8 2.6 -5.6 -11.5 Philadelphia district -6.3 4.0 -9.3 -12.6 Atlanta district —1.7 —24.3 Cleveland district -6.3 -5.4 1.2 -4.6 San Francisco district 8.2 -2.4 Richmond district-- -11.2 -11.8 -6.0 -3.1 Automobile supplies: Atlanta district .3 -14.5 6.8 -7.1 San Francisco district —6 2 3 5 Chicago district -9.1 1.3 -8.0 -10.0 Clothing: St. Louis district -5.8 -15.8 -13.5 -10.7 New York district —4.9 -22.4 Minneapolis district—__. -12.0 -5.0 -1.0 2.0 St. Louis district.. _. -54. 9 -3.1 -35.3 . Kansas City district- -16.7 9.0 -9.6 -15.0 Cotton jobbers: Dallas district —10.2 -7.2 -11.1 -1.7 New York district- -11.4 -.6 -12.1 2.1 San Francisco district -7.9 Silk goods: Dry goods: New York district- _ 7.2 -12.8 United States -22.3 -5.2 -10.1 -20.9 Machine tools: New York district 3.1 -10.8 New York district -4.3 -15.3 Philadelphia district -23.7 -7.2 -11.9 -34.5 Diamonds: Cleveland district -15.2 -7.3 -15.1 -25.7 New York district -17.1 -13.6 Richmond district -18. 5 4.1 -4.1 -20.8 Jewelry: Atlanta district -38.7 -17.5 -8.6 -7.6 New York district -9.4 -3.0 -10.3 3 4.6 Chicago district -27.0 -2.8 -8.5 -13.1 Philadelphia district 39.6 -4.3 -23.1 -9.7 St.. Louis district -50.4 -22.2 14.5 -19.8 Minneapolis district 1.0 -21.0 -13.0 -7.0 2 Sales of agricultural implements for the United States are compiled 1 Changes in total stocks for the United States are weighted averages by the Chicago Federal Reserve Bank from reports of leading manufaccomputed on the basis of firms which have reported regularly to the turers and include all of their domestic business. Federal reserve system since January, 1923. 3 Includes diamonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 RETAIL TRADE, BY REPORTING ONES [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment •S a 1920 average 120 103 145 120 121 133 120 109 138 1921 average 111 72 130 124 123 132 113 86 142 1922 average 112 78 151 140 127 129 114 101 147 1923 average 124 99 188 165 144 135 123 113 176 1924 average 125 105 214 185 151 138 133 101 190 1925 average 131 118 264 209 169 142 139 122 199 1926 average 136 123 317 229 196 154 148 128 275 1924 January 110 205 126 141 119 154 126 100 204 173 146 137 130 102 184 February 102 201 140 143 124 97 167 128 101 200 179 151 140 132 112 190 March 115 105 200 163 149 136 118 184 115 91 184 170 148 140 118 110 182 April..__ 133 114 210 178 145 130 178 205 131 111 208 190 149 136 153 103 205 May 127 90 214 174 150 143 150 82 186 123 100 214 183 153 141 130 99 193 June - 120 200 162 143 131 140 75 169 120 104 203 176 146 134 132 94 181 July 91 206 163 148 128 113 72 177 123 214 179 147 129 123 97 181 August 93 74 201 172 152 138 108 91 180 118 211 181 151 141 138 102 179 September 119 106 210 169 145 137 124 110 189 131 112 221 183 147 137 129 1.10 192 October.. _ 141 141 240 203 159 144 138 124 199 124 109 234 188 156 137 122 102 194 November 141 131 232 199 145 138 146 111 186 126 105 230 191 154 139 134 195 December 210 148 253 366 187 192 186 184 282 131 123 242 198 153 142 142 193 1925 January 108 108 250 151 155 122 107 92 162 124 110 249 207 161 141 141 112 193 February 101 105 233 156 146 119 100 175 131 116 243 209 161 140 149 120 207 March. 121 119 252 177 160 131 127 105 188 121 103 233 185 159 135 127 116 186 April 136 117 258 195 159 134 177 107 210 133 114 255 208 164 139 152 126 210 May 128 95 254 191 163 143 149 195 124 106 254 201 166 140 129 116 202 June 126 102 254 187 167 134 152 184 126 120 257 203 170 137 142 125 197 July 95 87 259 183 166 136 122 104 181 128 117 269 201 164 137 134 140 185 August 98 89 243 195 171 142 120 128 202 125 118 255 205 171 145 153 143 202 September 121 114 245 191 169 142 129 136 202 134 120 258 206 172 142 135 136 204 October _ 165 170 318 237 179 151 164 141 215 145 131 309 219 175 145 145 117 209 November 145 144 272 220 167 136 136 139 195 129 116 270 211 177 138 126 111 205 December _ 226 168 332 427 225 212 188 214 141 140 318 231 185 157 143 114 191 1926 January. _- - 114 116 286 166 178 127 108 101 167 130 118 284 228 185 146 142 122 199 February 104 111 287 170 172 127 97 103 173 135 122 299 227 189 151 145 126 205 March _ 130 130 302 199 194 142 143 112 206 130 111 279 207 192 147 143 124 204 April 133 120 329 202 191 150 166 111 226 130 118 324 216 196 156 143 130 226 May 137 105 322 214 188 160 174 109 220 132 117 321 225 191 157 151 131 228 June 130 113 309 204 184 152 153 118 204 130 133 314 222 187 156 144 149 218 July .- 99 317 206 195 155 145 108 210 133 131 329 227 194 157 159 145 214 August 105 296 204 193 148 122 121 194 134 130 310 215 192 151 155 136 193 September 131 120 307 211 192 153 142 137 218 144 127 323 227 195 152 148 137 221 October 158 150 334 257 206 162 158 151 227 139 116 324 237 202 155 140 125 221 November 157 153 347 247 198 150 150 146 232 139 122 344 237 210 151 138 117 244 December 234 165 373 466 261 222 215 223 146 138 357 252 214 164 164 118 208 1 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

115 FEBRUARY, 1927 FEDERAL RESERVE BULLETIN DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] WITHOUT SEASONAL ADJUSTMENT ( D 2 N B i 4 o o s . s s t t r t 1 o i o r c — e n t s)(6 D N 3 i o Y N s . o s e t t w r r 2 o i - k r c — e t s)( D 2 d N P i 2 e o h s l . s i t p t r l h 3 o i a r i — c - e a t s)( D 5 N C i 4 o l l s . s a t e t n r v 4 o i e d r — c - e t s)(2 D N m 3 i R o s . i o s t c t n r 5 h o i d r c - — e t s)(3 A D N 5 i t o s l . s t a t r 6 n o i r t c — e t a s)(6 C D N 3 i h o s i . s t t c r o 7 a i r g — c e t o s)(2 D N M 3 i a o i s p . s n t o t r l n 9 o i i e r c — s e - t s)( N 2 D o D 1 i . a s s l t t r l 1 o i a r 1 c e s — t s) ( F N 3 D r o 1 i a . s S s n t a t c r n o i 1 i r s 2 c e c — t s o ) s I U t n ( o 3 . d r 5 e S e 9 s x . ) 1920 average 116 137 118 127 113 119 124 112 120 121 120 1921 average 114 116 112 112 107 101 110 103 99 116 111 1922 average.. 119 117 114 112 104 94 115 99 92 122 112 1923 average.. 127 125 127 130 111 104 133 105 99 139 124 1924 average 126 128 126 128 117 101 133 104 102 143 125 1925 average 128 138 129 131 124 106 142 107 109 149 131 1926 average 134 »3 133 132 129 110 153 99 113 158 136 1924 January-- 120 120 110 109 93 85 112 88 85 132 110 101 103 111 112 87 83 112 77 82 121 102 February.__ 113 118 120 120 109 94 123 94 94 134 115 March---- 137 137 136 145 128 107 145 115 101 139 133 April 132 132 124 133 116 104 134 109 105 146 127 May 131 127 123 126 118 95 125 99 95 125 120 June 89 93 82 94 85 73 99 81 71 116 91 July. 86 83 85 101 78 72 108 89 70 136 93 A Se u p g t u e s m t. b .. e r.. _. 1 1 1 3 5 7 1 16 2 1 7 1 1 4 0 4 9 1 1 1 3 7 4 1 1 0 3 6 7 1 9 2 4 0 1 1 3 3 5 2 1 1 1 0 6 2 1 1 2 1 6 4 1 1 3 5 0 7 1 1 4 1 1 9 N Oc o t v o e b m er ber..- 2 1 1 4 5 0 2 1 2 5 6 3 2 1 1 5 3 3 2 1 0 3 7 9 2 1 1 3 3 7 1 1 7 1 3 3 2 1 1 5 7 4 1 11 6 1 2 1 17 1 1 5 2 1 3 4 8 4 2 1 1 4 0 1 December 1925 January 110 120 105 107 93 83 112 92 92 128 108 94 107 101 106 89 84 107 81 90 113 101 February.__ 110 124 125 125 119 99 127 97 107 142 121 March 136 140 134 142 132 109 149 116 110 146 136 April 128 132 121 132 117 104 139 107 108 148 128 May 134 132 127 128 123 98 139 103 98 134 126 June 92 94 85 98 91 78 105 81 72 123 95 July __ 88 90 86 103 87 78 113 92 76 140 98 August 118 128 111 115 105 89 145 104 112 139 121 September 156 186 167 160 160 139 173 135 141 168 165 October 143 158 167 134 146 122 154 105 115 158 145 November 225 243 222 218 230 190 245 167 183 253 December 1926 January.... 131 124 112 108 103 88 119 85 96 129 114 February 93 108 103 106 91 92 119 76 93 117 104 March 119 131 138 127 130 108 145 94 111 158 130 April 133 138 128 133 126 114 147 107 108 150 133 May,. 134 139 137 137 129 114 159 102 115 152 137 June 134 137 129 126 123 104 146 93 107 142 130 July.... _. 94 99 87 100 96 80 115 81 79 124 99 August 97 99 89 108 93 82 121 84 91 151 105 September 122 136 116 123 110 92 164 103 114 158 131 October.. _ 154 177 160 152 154 125 171 109 134 169 158 November 157 170 166 147 155 129 178 102 126 168 157 December. 235 254 228 223 235 189 251 157 185 278 234 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN FEBRUABY, 1927 DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS—Continued [Average monthly sales 1919=100] WITH SEASONAL ADJUSTMENT (2 D N B 4 o i o s s . s t t o t r o 1 i r c e n - t s)(6 D N 3 Y N i o s s o . e t t r o r w 2 i k r — c e t s)(2 D d N 2 P e i o h s l s . p t i t r o l h 3 a i r i — c - e a t s)(5 D N C 4 l i o a l s s e . n t t v r o 4 d i e r — c e - t s)(2 D N 3 m R i o s s i o . t c t n r o h 5 i d r - c — e t s)(3 D A N 5 i t o s l s . a t t r o 6 n i r — t c e a t s)(6 D C N 3 h i o s s i . c t t r o a 7 i r g c — e o t s)(2 D N M 3 a i o p i s s n . o t t r o n l 9 i i r e — s c e - t s)( N 2 D D 1 o i a s . s t l t 1 r l o a 1 i r c s — e t s)( F N 3 D r 1 o a i S s n . s a t t c 1 r o n i 2 i r s c — e c t s o ) s I U t n ( o 3 . d r 5 S e e . 9 s x ) 1924 January 133 132 125 125 114 104 131 103 99 149 126 February.. . . _ . 130 129 132 138 112 104 136 105 99 152 128 March 112 116 129 119 105 95 123 97 89 135 115 April 130 134 124 141 125 104 143 111 106 145 131 May « _ 125 128 120 128 115 99 128 107 104 141 123 June 123 127 119 124 114 100 ,. 126 98 100 133 120 July . . . . . _ 124 133 122 122 116 96 *% 130 98 101 139 123 August 114 122 117 122 109 92 130 98 99 139 118 September 127 145 134 132 124 106 139 102 114 139 131 October 124 135 126 122 120 100 122 103 107 144 124 November 128 132 118 128 117 98 139 103 100 142 126 December 135 138 133 131 124 106 138 110 105 151 131 1925 January 122 132 120 123 113 102 132 107 106 145 124 February 126 140 125 137 120 111 136 115 114 149 131 March 110 122 135 123 115 100 127 99 101 143 121 April 129 136 122 J39 129 106 146 111 116 153 133 May. _. _ _ 120 129 118 126 116 99 133 106 107 143 124 June 126 131 123 126 119 104 141 102 102 143 126 July . ... 129 134 126 127 124 103 138 99 102 147 128 August, 117 132 118 126 121 99 137 102 108 144 125 September ... 130 146 137 129 123 100 153 104 112 149 134 October 142 155 145 146 139 117 158 120 120 154 145 November . 130 137 129 123 125 106 139 98 101 156 129 December 141 148 141 138 133 117 156 113 112 161 141 1926 January--; 145 136 127 124 125 108 141 100 111 145 130 February. _ 125 141 128 136 122 121 150 108 118 154 135 118 129 149 125 126 109 145 96 105 160 130 April 126 134 116 129 123 111 144 103 114 156 130 May 126 136 132 131 128 109 152 100 113 147 132 June 127 136 125 124 119 110 147 92 112 151 130 July 131 141 128 129 131 104 151 99 112 148 133 August 129 145 123 132 130 105 148 93 128 155 134 September 135 155 143 138 129 103 172 102 114 168 144 October 139 148 139 138 135 104 156 96 114 155 139 November . 143 147 128 135 133 112 160 95 110 166 140 December : 147 155 145 141 136 116 160 107 114 176 146 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDEEAL, RESERVE BULLETIN 117 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Monthly average 1919=1001 WITHOUT SEASONAL ADJUSTMENT (2 D N B 4 i o o s s . s t t o t r 1 o i r — c n e t s) (6 D N 3 Y N i o s s o e t t o r r w k 2 i r c - e t s)(1 D d N 3 P e i o h l s s . p t t i o r l h 3 a i r — i c - e a t s)(5 D N C 2 l i o a l s s e . n t t o v r 4 d i r e — c e - t s)(1 D N 9 m R i o s s i o . t c t n r o 5 h i d r — - c e t s)( A 2 D N 2 t i l o s s a . t t n r o 6 i t r c — a e t s)( N C 5 D 1 h o i s i . s c t t 7 r o a i — g r c e o t s)(2 D N M 2 a i o p i s s n . o t t o r n l 9 i i r — e s c e - t s)(1 N D D 9 o i a s s . t t l 1 o r l 1 a i r c — s e t s) S ( N 2 D a 9 n o c i s i . s s F t t 1 c o r r 2 o i r a c — e n t s - ) s I U t n ( o 3 d . r 1 S e e 4 s . x ) 1920 average 126 137 120 137 133 134 136 123 144 132 133 1921 average - 108 116 118 116 105 114 123 105 117 116 115 1922 average 116 117 131 111 109 112 123 103 109 118 116 1923 average 122 125 150 125 121 119 147 110 116 130 129 1924 average > 123 128 154 131 126 116 152 109 120 137 133 1925 average. - 122 133 181 131 126 112 153 112 121 134 135 1926 average 121 137 189 130 128 116 155 101 119 138 137 1924 January 111 117 132 110 104 109 128 97 107 125 116 February 115 119 152 126 121 123 145 106 118 131 127 March 128 130 162 137 134 125 163 114 126 143 139 April 128 136 162 141 134 124 162 112 125 148 141 May 126 131 152 138 130 121 154 113 120 141 136 June - _ __ 119 122 146 128 122 113 145 106 114 134 127 July _ 116 115 141 120 113 109 142 102 110 132 123 August 113 120 144 123 116 109 149 106 122 131 126 September 125 133 160 136 128 118 158 115 129 140 137 October 135 146 171 146 143 126 170 121 133 147 148 November 141 147 172 145 145 123 168 122 132 148 148 December 120 125 151 121 117 96 142 99 105 124 124 1925 January 112 118 147 112 109 99 137 99 103 123 119 February _. 115 123 167 125 118 107 145 106 113 126 127 March . 126 135 185 137 131 113 156 117 125 136 139 April 127 139 186 140 132 114 157 116 126 140 141 May __ 125 134 179 136 124 114 153 115 123 134 136 June 112 128 174 129 123 107 143 109 114 128 129 July 113 120 164 120 119 103 140 107 111 129 125 August _ _ _ 114 124 179 126 118 113 149 111 123 133 131 September 125 140 195 137 135 121 158 120 134 140 143 October 132 148 210 141 138 124 168 122 135 147 149 November 140 153 211 145 147 126 175 124 138 148 154 December 119 131 176 123 120 102 148 101 110 124 129 1926 January 110 125 167 111 113 111 143 96 109 127 125 February 113 128 183 125 120 112' 151 101 118 132 131 March 124 142 201 137 128 122 160 110 128 141 142 April . . -__ - . . _ 125 142 201 134 131 125 159 110 130 145 143 May _ __ 123 138 184 133 132 116 153 106 125 139 138 June 116 131 177 126 126 110 147 101 114 131 131 July ._ 111 124 171 118 119 108 136 94 110 129 125 August 111 128 175 122 118 109 152 97 117 134 130 September. . _ 125 142 180 136 135 122 162 103 126 143 142 October ." _ 136 152 221 145 146 128 175 105 129 152 153 November 141 157 216 151 149 127 177 105 126 156 156 December _. - «.« _ 120 131 187 124 119 102 141 85 97 128 128 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL. RESERVE BULLETIN FEBRUARY, 1927 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVEJDISTRICTS—Continued [Average monthly stocks 1919=100] WITH SEASONAL ADJUSTMENT (2 D N B 4 i o o s s . s t t o t r 1 o i r — c n e t s)(6 D N 3 Y N i o s s o . e t t o r r w 2 k i r — c e t s)(1 D N d P 3 e i o h s l s . p t i t o l r 3 h a i r — i c - e a t s)(5 D N C 2 l i o a l s s e . n t t v o r 4 d i e r — c e - t s)(1 D N 9 m R i o s s i o . t c t n o r 5 h i d r — c - e t s)(2 D A N 2 i t o s s l . a t t o r n 6 i r — t c e a t s)(5 C D N 1 h i o s s i . c t t o r a 7 i r g — c e o t s) (2 D N M 2 a i o p i s s . n o t t o r n l 9 i i r — e s c e - t s)( N 1 D D 9 o i s a s . t t l 1 o r l 1 a i r c — s e t s)( F N 2 D r 9 o a i S s n s . a t t c 1 o r n 2 i i r s c — e c t s o ) s I U t n ( o 3 d . r 1 e e S 4 s x . ) 1924 January _. 123 130 148 131 124 121 144 110 124 137 132 February 123 128 162 135 129 127 156 109 126 137 135 March 129 127 161 136 128 124 164 110 125 140 137 April 125 131 159 136 130 122 156 108 125 143 136 May- 126 130 156 137 132 124 156 109 119 141 136 June -- 125 128 151 131 130 119 154 111 119 141 134 July 126 125 151 127 120 116 152 108 118 138 131 August _ _ _ __ 119 124 146 123 118 109 143 107 115 130 126 September... 118 124 148 126 116 108 148 110 114 133 128 October 120 131 153 130 124 112 152 111 118 136 132 November _ _ _ __ 122 129 155 129 127 110 149 112 118 135 132 December ,_ _. __ 123 132 157 130 130 107 152 108 122 135 133 1925 January 124 132 164 133 129 110 154 111 119 134 134 February.. _ 123 132 177 134 126 111 156 109 120 131 135 March 127 132 182 136 125 112 158 112 124 134 137 April . _ _ _ 124 134 183 135 128 112 152 112 126 135 136 May . . . . 124 134 183 135 126 117 155 111 122 133 137 June 118 134 180 132 131 112 152 114 120 135 135 July 122 130 176 127 127 110 150 113 120 135 133 August _ 120 128 182 126 120 114 143 113 117 132 131 September 118 131 181 128 122 111 148 115 119 133 133 October _ _ _ _. 117 133 188 126 119 111 150 112 119 136 134 November. . 121 135 190 129 129 113 155 113 124 135 137 December 122 138 183 132 133 114 158 110 128 136 139 1926 January 122 140 187 133 135 123 160 108 126 139 141 February. . 121 138 195 134 128 116 163 104 125 137 140 March 124 139 197 136 123 121 161 106 127 138 141 April 122 137 198 129 128 122 153 107 129 140 139 May . 123 138 189 132 134 119 154 102 123 139 138 June 122 138 183 129 134 115 156 106 120 138 138 July 121 135 184 124 127 115 146 99 118 135 133 August . _ 116 132 177 122 120 109 147 98 111 133 130 September 118 133 168 126 122 111 152 99 112 136 132 October 121 137 198 130 126 114 156 97 114 140 137 November 122 138 194 133 130 114 157 96 113 143 138 December 124 138 194 134 132 114 151 93 112 140 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1927 FEDERAL -RESERVE BULLETIN 119 FOREIGN BANKING AND BUSINESS CONDITIONS REORGANIZATION OF THE NATIONAL BANK OF BULGARIA Keorganization of the National Bank of bank is entrusted to a board of administration, Bulgaria was provided for in the new Bul- consisting of a governor, two deputy govergarian banking law of November 5, 1926, to nors, four members selected from among the become effective January 1, 1927. Such a directors of the head office, and four members reorganization was one of the preliminary representing, respectively, industry, commerce, conditions laid down by the League of Nations agriculture, and banking. The governor and in arranging the refugee loan of £2,225,000 for the two deputy governors are appointed by Bulgaria. The National Bank was founded royal decree, but can be removed from office in 1879 as a State institution, with a, capital only by a decision of Parliament acting upon a furnished by the Government. Besides per- report submitted by the Minister of Finance, forming the functions of a central bank of issue to which must be attached a report of the govthe National Bank, in the absence of adequate ernor and the deputy governors of the bank, commercial banking facilities throughout the stating their position. The Government is repcountry, advanced long-term credits to the resented by a comptroller, who takes part in State, to municipalities, and to industrial the meetings of the board of directors and of enterprises, and issued long-term mortgages. the executive board, but has no vote. He Under the new law the bank, although still a may veto any decision which is against the State institution, has been made autonomous. law. The balance sheets of the bank in future It no longer has power to issue mortgages and will not be submitted for approval to the Minto grant long-term credits, but must hence- ister of Finance. The bank has the exclusive forth confine its activity to the discounting of right to issue notes, while the State holds the short-term commercial bills and to performing right to issue subsidiary coins and to mint the functions of a modern bank of issue. For gold and silver, which will be convertible into this reason the National Bank will give up its bank notes at their nominal value. participation in the Central Cooperative Bank, Although the capital of the bank was originin the Bank for Agriculture, and in the Internaally furnished and recently augmented by the tional Bank of Bulgaria. Its mortgage and State and the bank continues to act as fiscal long-term investment business will be turned agent for the Government, the relation beover to two separate institutions, namely, the tween the bank and the Government has been mortgage bank and the industrial bank, greatly restricted. The bank is authorized to which are to be created in the near future. discount for the Government six months' treas- The main task of the bank, according to the ury bills up to the amount of 300,000,000 leva, new law, is to maintain the stability of the the notes bearing an interest rate of at least leva * at a fixed relation to gold, to regulate the 5 per cent. The capital of the bank has been amount of money in circulation, and to facili- increased from 500,000,000 leva to 1,000,tate the transfer of funds by check. For the 000,000 leva. So long as the capital is not present the leva will be maintained at 0.72 fully paid up the profits of the bank, which cent, the point at which it has remained stable are usually transferred to the Government, will for about four years. The resumption of gold be retained by the bank and applied to the payments and the reorganization of the cur- building up of capital. During this time the rency will be undertaken later. The bank is Government in liquidation of its debt to the under obligation to maintain against its notes bank is to turn over annually to the bank a in circulation and demand deposits a cover of sum of 150,000,000 leva, which will also be ap- 33K per cent, which, however, the bank will plied to capital account. After the capital of endeavor to increase to 40 per cent. The the bank has been fully paid up, the State may reserves of the bank may consist of gold, apply its share in the bank's profits to the paysilver at its current value in gold, of foreign ments of 150,000,000 leva, which are to conbills of exchange carrying at least three signa- tinue until the debt of the State to the bank, tures, and of foreign currencies convertible has been fully liquidated. into gold. The surplus of the bank is to be increased Hitherto the National Bank of Bulgaria has annually by 25 per cent of the net profits until been under control of the Minister of Finance. the surplus reaches 100 per cent of the original Under the new law the management of the capital. The board of administration may also set up other reserve funds to be built up from 1 The leva at par is worth 19.3 cents. the net profits of the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1926 1925 1926 1925 Decem- No- Octo- Decem- Decem- No- Octo- December vember ber ber ber vember ber ber Bank of England (millions of National Bank of Bulgaria (milpounds sterling): lions of leva): Issue department— Gold. 43 43 41 Gold coin and bullion 150 151 151 143 Total principal earning assets 7,789 7,762 7,224 Notes issued 170 171 171 163 Foreign bills, etc 607 609 5ia Ban B G O k G i a t o o n h n l v g d e k e r r d n a n s n o e e m d t p c e e u a s s n r r i i l t t t v m i s e e e r s e c n c u _ o t r . - _ i i n ties 9 3 7 4 3 7 3 3 4 3 2 3 7 3 2 0 2 7 1 6 1 0 2 4 7 3 D N e o p te A D o s c d o i i t v m r s c a e u n s l c t a e i t c s i o l t o n o a n S s t a a t n e d discounts 3 3 5 1 , , , , 3 6 7 4 3 5 0 5 2 9 8 0 3 3 5 1 , , , , 1 8 4 7 5 0 0 4 6 4 5 8 3 2 5 1 , , , , 3 6 5 3 2 5 9 9 1 5 8 0 Public deposits 12 24 18 8 Central Bank of Chile (millions of Other deposits.__ 131 101 105 161 pesos): Ratio of gold and note re- Gold at home ___„___ 85 146 146 serve to deposit liabilities Gold abroad 465 426 339 (per cent) 21.0 27.9 27.4 11.5 Loans and discounts 41 47 Bank notes in circulation i 85 82 83 88 Note circulation 372 365 366 Currency notes and certificates. _. 285 297 Deposits... 144 191 109 Bank of France (millions of francs) • Czechoslovak National Bank Gold reserve2 3,684 3,684 3,684 (millions of Czechoslovak crowns): Silver reserve 341 340 339 321 Gold and silver 1,037 1,034 1,027 Gold, silver, and foreign exchange- 1,547 1,450 1,066 Foreign balances and currency.._ 2,083 1,789 1,591 Credits abroad 83 82 80 565 Loans and advances 261 221 212 Advances to the Government 36, 000 35, 700 35, 750 35,950 Assets of banking office in liqui- Note circulation _ 52,907 53, 263 54, 578 51, 085 dation 585 620 643 Total deposits 5,908 4,385 3,981 3,335 Note circulation _ 8,203 7,442 7,543 Deposits.. __ 882 1,247 1,015 German Reichsbank (millions of reichsmarks): Bank of Danzig (millions of Dan- Gold at home ._ 1,661 1,578 1,536 1,111 zig gulden): Gold abroad 170 177 180 • 97 Balances with Bank of England.. 17 Reserves in foreign exchange 519 418 413 403 Total principal earning assets 35 Bills of exchange and checks 1,829 1,286 1,415 1,915 Foreign bills, etc 17 Miscellaneous assets.. 473 581 631 590 Loans and discounts 18 Deposits 648 528 533 697 Note circulation 35 Reichsmarks in circulation.— 3,736 3,374 3,326 2,960 Deposits 4 Rentenmarks in circulation 1,172 1,175 1,479 1,609 National Bank of Denmark (millions of kroner): Bank of Italy (millions of lire): 3 L N G L N C o o r o o o e e a a l r t t d d e e n n n i s s m r c c t e i i a a e a r r s n n c c n n e d d u u r t d v l l d a a a b e t t d i a i i s v o o l c a a n n o n n u f c f c o o n e e r r t s s s t c a t h o o b e m r t o S h m a e ta d e t G . r e c o e v . - .. 1 4 4 7 1 3 1 , , , , , , 0 6 1 2 2 9 5 4 1 2 2 7 2 1 6 9 9 7 1 4 4 8 1 3 1 , , , , , , 1 0 1 2 2 9 2 1 4 2 2 3 9 4 0 9 9 6 1 1 7 7 0 1 2 , , , , , 6 0 0 1 4 2 1 6 6 3 3 8 1 6 4 3 3 7 N D T G o e o o t p t l a e A d L F o l . s o o c d p i r i a v t r r e s n c a i i n s g u n c n l c a a i _ e n p t b s i d a o i l l t „ n l o d e s i , a S s e r c t n o t a i c t u n e . n g . t . s . assets _ 2 3 1 1 8 0 2 6 2 3 1 6 9 8 9 7 9 3 3 2 1 1 7 0 2 2 2 5 8 3 9 9 7 4 6 3 2 1 1 9 0 4 2 1 6 5 9 1 1 8 6 7 2 2 4 1 3 0 3 2 9 2 3 9 8 1 0 2 Total deposits 2,939 2,787 2,466 National Bank of Egypt (thousands of Egyptian pounds sterling): Bank of Japan (millions of yen): Gold 3,527 3,511 Gold at home and abroad 1,058 1,058 1,058 1,057 English Government securities. _ 25,704 24,404 Advances and discounts 420 351 366 456 Egyptian Government securities. 26,325 27,861 Advances on foreign bills 59 51 48 207 Note circulation 32,430 30,804 Government bonds 277 277 280 262 Government deposits 20,882 21,421 Total note and deposit liabilities. 2,025 1,921 1,935 2,236 Other deposits 15,047 14, 763 Notes issued. _ 1,377 1,212 1,288 1,500 Total deposits 708 647 736 Bank of Estonia (millions of Estonian marks): Austrian National Bank (millions Gold.- «505 5 504 492 of G sc o h ld il lings): _. 53 48 15 Fore C ig a n s h e x in c h f a o n r g ei e g — n currency 26 27 31 N T . o o t t a e T D O F l r c o o t p e h i r m r r a e e c i s i n r e u g u s c l f n r t a o i i y p t r c b i e a o b i i b l l g n i l i l e s n l l l a s s o r b f n i l i t l n h s g _ e _ a re ss s e e _ t _ r s _ v _ e _ .. 9 4 9 1 1 1 4 8 2 4 7 2 7 4 8 3 7 4 8 8 4 1 1 7 8 7 8 3 7 3 6 9 2 9 8 4 9 1 1 9 9 0 7 3 7 2 2 8 5 8 1 1 5 9 8 1 9 0 8 0 D L N o e o a p te n F o F s s o o c c i i r a r t o r e e s n c u i i d u g a g n n n n l t d a d i b t c s i i c o c o l u n o l r r s r u r e . n e . s . t n p s t o a n c d c e o n u ts n ' t a s c .. - . 6 1 , ,9 0 7 1 2 7 4 8 7 1 3 1 9 7 6 1, , 7 9 1 0 1 7 2 6 2 1 0 6 7 4 8 5 1 , , 3 8 9 4 9 3 0 0 6 & 0 Deposits.. _ 37 46 55 Bank of Finland (millions of Finnish marks): National Bank of Belgium (mil- Gold 327 328 328 332 lions of francs): Balances abroad and foreign Gold 4.... _ . 3,101 3,101 2,796 274 credits 1,082 1,006 901 1,408 Foreign bills and balances in gold * 2,235 2,331 2,406 30 i Foreign bills.. , 115 101 109 102 Domestic and foreign bills 2,462 2,548 2,296 1,254 | Domestic bills 538 564 551 424 Loans to State. _ 2,050 2,050 2, 050 5,6r State debts._ 136 154 154 361 Note circulation 8,946 8,724 8,787 7,814 j Note circulation... 1,346 1, 296 1,327 1,309 Deposits 1,094 1,513 1,226 459 i Demand liabilities 547 527 451 862 1 Notes issued, less amounts held in banking department and in cur- 3 Figures previous to July, 1926, are for 3 banks of issue. rency note account. 4 Figures previous to October 25,1926, carried at par. 2 Not including gold held abroad. fi Including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBKOABY, 1927 FEKEBAL. EESEBVB BULI^ETIH 121 CONDITION OF CENTRAL BANKS—Continued 1926 1925 1926 1925 Decem- No- Octo- Decem- Decem- No- Octo- December vember ber ber ber vember ber ber National Bank of Greece (millions) Bank of Portugal (millions of escuof drachmae): dos): Gold and balances abroad 2 377 2 087 2,361 Gold 9 9 9 10 Government loans and securities. 3,822 3,782 3,799 Balances abroad 193 259 241 415 Discounts and loans 3 351 3 236 3 322 Bills. 211 204 196 151 Note circulation 4 763 4,718 5 339 Note circulation . _ . 1,836 1,844 1,851 1,821 Total deposits „ 4,253 4,135 3,380 Deposits __ 46 55 55 80 National Bank of Hungary (millions of pengo): National Bank of Rumania (mil- Gold 169 169 169 59 lions of lei): Foreign bills etc 117 117 115 207 Gold 7 144 144 143 139 Loans and discounts 218 193 187 134 Bills. 9,162 9,013 9,028 8,313 Advances to treasury 135 144 150 156 Advances to State . ... 10,679 10, 679 10, 679 10, 787 Other assets 276 287 270 327 Note circulation 20,951 20,943 21, 002 20, 222 Note circulation 471 447 482 416 Deposits 9,182 9,072 8,458 8,594 Deposits 243 247 200 214 Miscellaneous liabilities 176 186 180 227 State Bank of Eussia (note-issuing Bank of Java (millions of florins): department; thousands of cher- Gold 198 199 183 vontsi): Total principal earning assets 130 141 101 Gold 16,441 16, 346 16,162 18, 239 Foreign bills 22 28 21 Foreign currency 8, 060 5,751 5,446 4,887 Loans and discounts 108 115 80 Loans and discounts 65,194 65,672 Q6,142 52, 315 Note circulation 327 334 353 Banknotes 88, 516 88,433 89, 305 78,136 fiQ AC\ Bank of Latvia (millions of lats): National Bank of the Kingdom Gold -. 24 24 24 24 of Serbs, Croats, and Slovenes Foreign exchange reserve 30 28 33 31 (millions of dinars): Bills 72 71 70 64 Gold 86 85 84 76 Loans ._ _ . 55 54 51 52 Foreign notes and credits 335 361 355 367 Note circulation 35 29 31 29 Loans and discounts. _ 1,481 1,433 1,514 1,371 Government deposits 78 75 76 73 Advances to State 2,966 2,966 2,966 2,966 Other deposits 50 57 56 52 Note circulation 5,812 5,896 5,920 6,063 Deposits.... _ 585 609 730 491 •Sank of Lithuania (millions of litas): Gold 31 31 31 32 South African Heserve Bank Total principal earning assets 89 84 79 80 (thousands of pounds sterling): Foreign currencv 37 35 30 31 Gold 7,542 7,144 7,040 8,957 Loans and discounts 52 49 49 49 Total principal earning assets 7,944 6,468 6,849 7,605 Note circulation 87 83 84 82 Foreign bills __ 8,277 5,592 6,313 6,319 Deposits 35 29 22 24 Domestic bills _ 1,867 876 536 1,286 Note circulation 8,575 7,779 8,192^ 8,756 Netherlands Bank (millions of" Deposits _ 6,234 5,151 5,235 6,796 florins): Gold 414 418 419 443 Total principal earning assets 374 382 387 451 Bank of Spain (millions of pesetas): Foreign bills 187 18° 194 247 Gold. 2, 557 2,557 2,557 2,537 Loans and discounts 187 200 193 204 Silver 675 676 667 652 Note circulation 817 849 834 875 Balances abroad 35 31 31 29 Deposits 22 18 34 30 Bills discounted 610 697 683 769 Checks and drafts 1,709 1,667 1,589 1,679 Bank of Norway (millions of kro- Note circulation . 4,339 4,286 4,393 4,423 ner): Deposits 1,018 975 1,018 1,284 Gold _ 147 147 147 147 Tota F D l o o p r m e ri i n e g s c n t i i p c b a a c l l r a e e n a d c r i e n ts s in a g n d as s b e il t l s s 5 46 2 6 6 9 3 4 5 7 4 6 4 0 6 4 4 9 3 6 6 0 6 3 3 7 2 5 5 0 5 Ba n n er k ) : of Sweden (millions of kro- Note circulation 337 321 328 363 Gold . 224 225 226 230 Foreign deposits 32 30 8 9 Total principal earning assets 553 421 411 637 Total deposits 304 328 278 99 Foreign bills, etc 209 169 161 203 DoTTip^tip orpdits 344 252 250 434 Eeserve Bank of Peru (thousands Note circulation _ . 525 512 516 530 oflibras): Deposits.. __ __ 206 80 65 277 Gold 4,127 4,803 4,786 3,938 Gold against demand deposits.. _ 289 228 360 486 Swiss National Bank (millions of Foreign exchange reserve 701 690 684 705 francs): Bills 2,099 1,462 1, 811 2,822 Gold 472 443 442 467 Note circulation 6,104 6,193 6,397 6,400 Funds on demand abroad _. 35 17 21 28 Deposits __ 578 460 720 973 Principal earning assets. 501 420 419 478 Bank of Poland (millions of zloty): N D o ep te o s c i i t r s c ulatio _ n 8 1 7 3 4 9 8 9 0 8 7 82 7 4 4 8 1 7 2 6 7 Gold 138 136 135 133 Foreign exchange, etc . 138 114 70 Loans and discounts 377 378 393 380 Bank of the Hepoblic of Uruguay Note circulation _ 593 558 585 381 (thousands of pesos): Clurrpnt accounts— Gold - 58,455 54,943 54, 938 Private 134 95 102 84 Loans and discounts. . 90, 741 89,404 84,962 Treasury 9 48 8 17 Note circulation 63,547 62, 592 63, 507 Liabilities in foreign currency 17 31 23 . 73 Deposits 68, 476 87, 971 57, 354 7 Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL. RESERVE BULLETIN FEBRUARY, 1927 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 De- No- Octo- De- De- No- Octo- December vember ber cember cember vember ber cember Chartered banks of Canada (mil- Four private banks of Italy (millions of dollars): lions of lire): Gold coin and bullionl 73 71 Cash... 1,217 1,137 Current loans and discounts 1,228 1,248 1,142 Bills discounted. 8,895 8,737 Money at call and short notice._. 430 417 394 Due from correspondents 5,544 4,364 Public and railway securities 481 506 550 Due to correspondents 13,342 11,934 Note circulation _. 178 187 174 Deposits _ 2,460 2,467 Individual deposits 2,321 2,257 2,270 Gold reserve against Dominion Tokyo banks (millions of yen): notes. 124 116 135 Cashonhand 105 132 118 117 Dominion note circulation 208 193 227 Total loans. __ 2,618 2,582 2,501 2,403 Total deposits. ... 1,944 1,952 1,934 1,908 Joint stock banks of Denmark Total clearings _ 4,193 3,550 3,156 3,853 (millions of kroner): Loans and discounts _ 1,966 1,979 2,239 Joint stock banks of Norway (mil- Due from foreign banks 54 55 97 lions of kroner): Due to foreign banks 139 128 174 Loans and discounts 1,827 1,837 2, 098 Deposits and current accounts... 2,084 2,119 2,295 Due from foreign banks ___ 97 96 165= Due to foreign banks 270 235 330 Nine London clearing banks (mil- Rediscounts 171 178 217 lions of pounds sterling): Deposits 1,892 1,890 1,932: Money at call and short notice.. _ 129 118 116 118 Advances and discounts 1,119 1,106 1,110 1,078 Joint stock banks of Sweden (mil- Investments 251 252 250 261 lions of kroner): Deposits 1,688 1,648 1,649 1,647 Loans and discounts _. 4,230 4, 343 4, 350 4, 200 Foreign bills and credits abroad.. 164 145 141 184 Joint stock banks of Finland Due to foreign banks 132 167 131 120 (millions of Finnish marks): Rediscounts 188 71 84 278. Loans and discounts 7,181 7,162 6,518 Deposits 3,453 3,505 3,556 3,494 Due from abroad 183 186 141 Due to abroad 326 327 335 Swiss Canton alt banks (millions of Deposits 5,969 6,007 5, 465 francs): Loans and discounts 1,726 1,728 1, 705 Three commercial banks of Mortgages I, 2,753 2,744 2,626 France (millions of francs): Foreign bills I. 27 25 19 Bills and national defense bonds. 15, 278 13, 272 Due from banks and correspond- Loans and advances 5,205 4,362 ents 261 248 214 Demand deposits.. 22, 369 19, 210 Commercial deposits. _. 658 646 657 Time deposits.. _. 281 292 Savings deposits 1,468 1,464 1,374 Six BerSin banks (million of reichsmarks): i Not including gold held abroad. Bills and treasury notes 1,413 1,249 Due from other banks 762 643 Miscellaneous loans 3,787 2,865 Deposits 5,517 4,519 Acceptances _ _. 283 236 DISCOUNT RATES OF 31 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate I s n i n e c f e f — ect Country Rate I s n in c e e ff — ect Country Rate I s n in c e e ff — ect Country Rate I s n in e c f e f — ect Austria &A Jan. 18,1927 Estonia 8 Oct. 1,1926 Japan.. 6.57 Oct. 4,1926 Portugal 8 July 27,1926 Belgium Jan. 13,1927 Finland Oct. 29,1925 Java 6 May 3,1925 Rumania 6 Sept. 4,1920 B C u ze lg c a h r o ia slo- 10 Aug. 31,1924 F G r e a r n m c a e n y .. 5 5 V2 J F a e n b . . 1 3 1 , , 1 1 9 9 2 2 7 7 L L a it t h v u ia ania.. _ 7 7 J F a e n b . . 1 1, , 1 1 9 9 2 2 7 5 R So u u ss th ia . A . frica. 8 A N p o r v . . — 21, , 1 1 9 9 2 2 4 4 vakia &A Oct. 26,1926 Greece 11 July 7,1926 Netherlands- Oct. 2,1925 Spain 5 Mar. 23,1923 Danzig. July 29,1926 Hungary 6 Aug. 26,1926 Norway 4M; Oct. 27,1926 Sweden &A Oct. 9,1925 Denmark 5 June 24,1926 India 6 Jan. 13,1927 Peru 6 Apr. 1,1923 Switzerland. &A Oct. 22,1925 England 5 Dec. 3,1925 Italy.. 7 June 18,1925 Poland Dec. 13,1926 Yugoslavia.. 6 June 23,1922 Changes: German Reichsbank from 6 to 5 per cent on January 11, 1927; National Bank of Belgium from 7 to 6H per cent on January 13 1927; Austrian National Bank from 7 to 6}4 per cent on January 18, 1927; Imperial Bank of India from 5 to 6 per cent on January 13, 1927; Bank of France from QlA to 5K per cent on February 3,1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUABY, 1027 FEDERAL. RESERVE BULLETIN 123 MONEY RATES IN FOREIGN COUNTRIES Netherlands (Am- Switzer- England (London) Germany (Berlin) sterdam) land Year and month B a m a n a c o n c c n e k e s t p e h , t r s - 3 s' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e - y day B d a a e a n l p n c lo o e k w s e o i r - t n s s ' d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or d P is r r c i a v o t a e u t n e t 1925 October. 3.57 3.81 3.16 2%-2 7.16 10.55 8.99 3.47 3.38 2.00 November 3.92 3.91 3.22 2 6.78 10.57 8.36 3.34 3.45 2.22 December 4.67 4.90 3.51 2 -3 6.75 10. 29 8.07 3.43 3.69 2.29 1920 January 4.76 4.78 4.00 6.28 •8.07 7.04 2.95 2.93 2.44 February 4.31 4.25 4.00 5.46 ' 6.66 6.03 2.19 2.40 2.22 March 4.37 4.34 4.26 5.00 6.73 5.63 2.67 2.82 2.18 April 4.33 4.34 3.92 4.88 6.02 4.77 2.90 2.93 2.30 May 4.37 4.43 4.18 4.69 5.53- 4.80 2.95 2.94 2.38 June 4.27 4.29 3.82 4.53 5.81 4.76 2.83 3.00 2.38 July 4.26 4.29 3.86 4.54 5.73 4.93 2.74 2.72 2.37 August 4.45 4.55 3.99 4.61 5.80 4.85 2.63 2.50 2.34 September 4.54 4.65 3.99 4.88 6.21 4.77 2.78 2.81 2.52 October 4.69 4.80 4.07 4.82 6.14 4.75 2.83 2.75 2.80 November 4.57 4.80 3.95 4.63 6.12 4.45 3.21 3.23 2.96 December 4.53 4.63 3.78 4.72 7.13 5.88 3.39 3.96 3.35 Austria (Vien a) Hungary Sweden (Stockholm) Japan (Tokyo) Year and month d P is r r c i a v o te a u t n e t M m f o o o n n rl e th y d d E s e e a a p v m t o e in a s n o g it d n s s c c i o a P l m r i p m m ap e e r e - r Da m y o -t n o e - y day d d S e e a p m te o a s n o it d n s L m oa o to n n s t 3 h u s p d R m e I a o p t t n o o e t s 3 h o it s n s co b D u i i n l s l - t s ed ov m e C o rn a n l i e l g y ht 1925 October__.._. 8^-llM 9%-12 7 -6% 6.75-8. 76 5.48-6.94 November 7 -11 5H 6.94-9.13 5. 29-7.30 December 8M-12 7-9 7.12-9.13 4. 56-8.94 1926 January 8 -11% am 7 -10% 6. 75-9.13 4. 56-8. 03 February 7^10H %% 7 -11 5% 6. 57-8.76 4.38-7.30 March 10 -1n1%% 6H-7 5Mi 6.57-8.40 4.75-7.67 April 10 -11% 7 6.75-8. 76 6. 02-7.30 May 9^iOH 7 5H 6.75-8.76 4.75-7.30 June 9 -10 7 5% 7.12-8.76 5.11-8.76 July 8^-10 6-7 5H 6. 94-8.76 5.11-8. 03 August 8^-10 6-7 6%-4% 6. 75-8. 40 5. 84-7.48 September 7%-9 6-7 4% 6.39-8.40 4.93-7. 30 O N c o t v o e b m er b er _. 77 H8-8% 5 6 H -7 -7 4 4% H 6 6. . 3 2 9 1 - - 8 8 . . 4 0 40 4 5 . . 1 7 1 5 - - 7 7 . . 1 4 2 8 December 1 For sources used, methods of quotation, and back figures/see^the FEDERAL EESEEVE^BTJLLETIN for November, 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 GOLD MOVEMENTS MOVEMENTS TO AND FROM THE UNITED STATES [Amounts in dollars] Imports Exports Country of origin or destination January-December January-December December, December, 1926 1926 1926 1925 1926 1925 All countries 16,973,857 213.474, 223 128,273,172 7,196,278 115,707,815 262,639,790 EUROIE France _ 2,652 351,420 6, 606,334 18,488 1,339, 208 Oermany 400 1,425 1,628 5,048,114 47, 549, 668 (58, 270, 454 Netherlands _ _ 10, 084, 799 4,318, 343 Poland and Danzig.. _ ._ 1,103,948 Spain 2,430 104, 633 87,423 5,000 392.431 Sweden . _ 372 1,002,628 TTnitfirl TCingriorn 1,137, 301 1,211,618 49,294,475 6,159,602 NORTH AMERICA Canada 515,302 82, 512, 899 33,122, 661 56, 637 42, 392, 292 15, 657, 579 Central America... _ __ _ __ 95,336 1, 516, 302 2,324,199 3, 854, 526 1, 502, 700 Mexico - 510, 941 23,913,178 5, 097, 097 572, 315 6,201, 552 8, 809, 766 West Indies.__ 91, 593 404, 714 611,444 154,114 214,125 SOUTH AMERICA • Argentina __ 83 7,814 2,466 51, 000 438, 000 7, 572, 640 Brazil 4,997 20, 000 368, 800 281, 262 Chile 4,955,378 21,183, 772 446.800 Colombia 102,880 1, 663,387 1, 611,185 2,019,211 3, 003, 913 Ecuador . _ .. 115, 025 1, 306, 750 895, 739 5,983 18, 944 Peru 122, 557 2, 643, 741 1, 727, 824 Uruguay 802,290 Venezuela 53, 330 647,118 393,239 1, 700, 000 2, 660,010 ASIA AND OCEANIA Australia . 224 51,118,925 2,034 26, 925,176 British India 4,800 578, 285 58, 774, 717 British Malaya 160 13, 950 165,303 3, 342. 377 7,377, 582 China . _ 4,932, 556 5, 032, 006 119, 558 2G2,852 453, 507 1,203, 011 Dutch East Indies 150,174 1, 707,104 2,108,020 1 000,000 2. 221, 240 1, 313, 540 Hongkong 1, 507, 635 79, 557 4, 041, 254 L2,276,016 Japan _ _ 4,000, 000 14, 000, 000 11,008,049 60,000 New Zealand. _ 30, 074 212, 641 241, 032 Philippine Islands 152, 538 1, 990,136 1, 833,47( 30,000 AFRICA Egypt 29 972' 15 233 498 240 Portuguese Africa 1,073 243,812 551 667 All other countries 2,010 157,889 67,849 500 303, 518 1,131, 665 Net imports 9, 777, 579 97, 766,408 Net exports _ ... 134,366,618 MOVEMENTS TO AND FROM GREAT BRITAIN ' MOVEMENTS TO AND FROM INDIA [Amounts in pounds sterling] [Amounts in rupees] Imports Exports Imports Exports Country of origin or destina- Country of origin or tion Decem- Novem- Decem- Novem- destination October, Septem- October, September, 1926 ber, 1926 ber, 1926 ber, 1926 1926 ber, 1926 1926 ber, 1926 All countries 2,986,089 3,813,968 3,824,270 5,053,279 j All countries. 11,179,397 13,469,437 56,235 29,326 Belgium 4,550 203,150 England i 197 424 10715 606 France 38,744 92, 939 70,550 73, 775 France Netherlands _ 53,000 212,439 United States 162 945 gq 075 9,200 Russia _ 55 676 Aden and dej 393 437 224 223 Spain and Canaries. .. __ 10,000 Arabia 76,126 199 408 Switzerland 1,700 86,157 Bahrein Islands 155 337 175 477 United States... 233,800 British Oceania 2,032^465 2 Q7Q mi South America 803 6,455 30, 666 Ceylon __ _ 38 175 A'?' fflK 437 214 British India 142,527 156,671 China 59,012 74, 971 Egypt 79,540 27, 200 Mesopotamia 341 259 548,227 Rhodesia. 144, 297 127, 062 Straits Settletnents 55,444 791 46 0^8 Transvaal _ 2,704,718 •3,404,473 East Africa.. West Africa 71,898 121,097 2,521 Egypt... 645 881 fktO QQ3 All other countries 25,629 6, 266 3,125, 282 4,188,164 Natal 6, 021,892 7,1O57 040 570 Net imports 1 Net imports. --- 11,123,162 13,440, 111 Net exports.. 838,181 1,239,311 Net exports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN 125 GOLD MOVEMENTS—Continued GERMANY NETHERLANDS SOUTH AFRICA (In thousands of (In thousands of reichsmarks) (In thousands of guilders) pounds sterling) Total Total Net Net Total Total Net Net Produc- Net imports exports imports exports imports exports imports exports tion exports 1925 January 82,857 2,476 80,381 6,586 5,679 907 3,508 1,391 February __. 46,051 2,775 43,276 9,047 6,365 2,682 3,208 1,718 March 62,602 2,643 59,959 72 629 557 3,499 5,401 April . 68,087 2,586 65, 501 213 12,560 12,347 3,337 2,957 May 78,755 2,764 75,991 12 12,584 12,572 3,458 2,171 June 54 273 2,824 51 449 30 24 131 24 101 3,309 5 667 July..__. . 22,197 2,821 19,376 296 36,395 36,099 3,476 4,390 August _ .. 121,644 2,463 119,181 2,560 5,081 2,521 3,424 4,337 September 30,441 3,760 26,681 2,315 346 1,969 3,407 3,899 October •37,770 4,518 33,252 12,170 1,818 10.352 3,464 3,765 November 33 542 4 253 29 289 22 895 18 22 877 3 361 1 948 December 3,050 3,410 360 23, 796 102 23,694 3,318 3,233 Total. 641,269 37,293 603,976 79,991 105,710 25,719 40,768 40,877 1926 January 23,163 3,454 19, 709 16,455 86 16,369 3,396 4,100 February 58,902 3,308 55, 794 387 1,202 815 3,203 3,060 March 40,138 3,223 36,915 1,539 50 1,489 3,544 1,742- April _ 5,847 2,537 3,310 216 70 146 3,412 6,110 May _ . . 3,517 2,909 608 672 497 175 3,597 3,699 June 2,398 2,649 251 2,512 126 2,386 3,600 4,316 JuIy..-_ _ 2,626 2,608 18 822 5,009 4,187 3,656 4,658- August 44,632 2,662 41,970 338 149 189 3,583 3,231 September . 99,108 2,946 96,162 1,990 1,632 358 3,573 1,785 October, _ 152,572 3,649 148,923 1,443 372 1,071 3,621 5,976 November _ 69,110 3, 788 65,322 1,154 433 721 December . 269 6,500 6,231 SILVER MOVEMENTS Imports to United Exports from United Imports to United Exports from United States States States States Dec 1 e 9 m 26 ber, D J e a c n 1 e u 9 m 2 a 6 r b y e - r, Dec 1 e 9 m 26 ber, D Ja ec n 1 e u 9 m 2 a 6 r b y e - r, Dec 1 e 9 m 26 ber, D J e a c n 1 e u 9 m 2 a 6 r b y e - r, Dec 1 e 9 m 26 ber, D J e a c n 1 e u 9 m 2 a 6 r b y e - r, All countries... $4,058,183 $69,224,489 $5,610,205 $92,257,564 Colombia.. $3,091 $142,115 $6,741 $24,083 Peru. 976,451 19,100,316 647,87a France- _ __ ._ . 12,894 384,170 5,001 Venezuela 1,622 6,071 692,305 Germany 18,510 426,558 3,018,161 British India . 2,270,322 34,479,203 Spain 3,981 193,282 China 1,948 1,988 2,487,347 46,307,24& United Kingdom 1,940 193,571 188,792 3,799,262 Dutch East Indies ... 66,668 904,394 Canada __ 509, 764 6,736,606 126,571 1,744,562 Hongkong 66,587 Central America.._._ 395,347 1,982,803 89,589 Portuguese Africa 922 94,402 Mexico 1,736,056 35,393,538 103,366 1,286,902 All other countries... 8,851 284,392 139 61,363 West Indies.. ___ 28,552 292,969 375 35,430 Bolivia 88,929 186,189 Net imports _ Chile . 221,167 3,309,173 Net exports _. 1,552,022 23,033,075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL. RESERVE BULLETIN FEBRUARY, 1927 FOREIGN EXCHANGE RATES RATES PUBLISHED BY THE TREASURY [In cents per unit of foreign currency l] January, 1927 Dece a m ve b r e a r g , e 1926, Jan a u v a e r r y a , g 1 e 926 Country Unit Par Average Per Per Low High Rate c P e e n r t Rate o c f e p nt ar Rate o c f e p n a t r of par EUROPE Austria . Schilling 14.07 14. 0650 14.0960 14. 0794 100.07 14.0802 100.07 14.0566 99.91 Belgium __ Belga _ __•- 13. 90 13. 9000 13.9100 13.9072 100.05 13.9108 100.08 2 4. 5360 Bulgaria Lev... 19.30 .7203 .7267 !*. . 7230 3.75 .7244 3.75 .7007 3.63 Czechoslovakia Crown 2. 9613 2. 9621 2. 961 2. 9620 2.9616 Denmark Krone ._ 26.80 26. 6400 26. 6700 26.6488. 99.44 26. 6389 99.39 24. 8044 92.55 England Pound 486. 65 484.9600 485.4700 485. 2648 99.72 485.1250 99.69 485. 7860 99.82 Finland Markka 2.52 2. 5200 2. 5216 2. 5208 100. 03 2. 5210 100. 04 2. 5211 100.40 France Franc 19 30 3 9400 3 9800 3 9584 20 51 3.9492 20.46 3.7708 19 54 Germany _. Reichsmark 23.82 23. 6900 23.7800 23. 7216 99.59 23. 7958 99.90 23. 8012 99.92 Greece Drachma 19.30 1.25cS0 1.3109 1 2895 6.68 1. 2643 6.55 1. 3541 7.02 Hungary... Pen go 17.49 17. 5000 17. 5700 17. 5332 100. 25 17.5654 100.43 17. 5532 100.36 Italy •__ . Lira __ 19.30 4.2600 4. 5000 4. 3448 22.51 4.4350 22.98 4.0376 20.92 Netherlands. Florin _1 40.20 39. 9400 40. 0200 39.9868 99.47 39. 9927 99. 48 40.1812 99. 95 Norway _ Krone 26.80 25 4400 25. 8400 25 5700 95.41 25.2858 94.35 20. 3488 75.93 Poland Zloty - 19.30 11.1600 11.4400 11.3076 58. 59 11. 2665 58.38 12. 8664 66.67 Portugal Escudo . 108.05 5.1100 5.1300 5.1152 4. 73 5.1196 4.74 5.1163 4.74 Rumania Leu 19.30 5253 .5381 5306 2 75 «5206 2.70 .4476 2.32 Spain Peseta 19.30 15.3800 16. 7000 16. 0340 83.08 15.2365 78. 95 14.1508 73.32 Sweden Krona 26.80 26. 6800 26.7200 28. 7056 99.65 26.7196 99.70 26.7776 99.92 Switzerland Franc 19.30 19.2300 19. 3200 19. 2740 99.87 19. 3192 100.10 19,3112 100. 06 Yugoslavia. _ Dinar 19.30 1. 7592 1.7649 1. 7635 9.14 1.7653 9.15 1. 7695 9.17 NORTH AMERICA Canada Dollar 100 00 99 8193 99 8695 99 8393 99 84 99. 9342 99.93 99. 8001 99.80 Cuba Peso 100. 00 9sJ. 9063 99. 9813 99. 9466 99.95 99. 9150 99.92 99.8976 99.90 Mexico _- do 49.85 46.4167 47. 2167 46.8267 93.94 46. 6718 93.62 48.5050 97.30 SOUTH AMERICA Argentina _ Peso (gol'i) 96.48 93 5800 93 9400 93 8488 97 27 93.2792 96.68 94.1328 97.57 Brazil Milreis 32.44 11.4600 11.8800 11. 6752 35.99 11.8542 36.54 14.8368 45.74 Chile Peso 12 17 12 0100 12 0400 12 0236 98.80 12. 0362 98.90 12. 0404 98.94 Uruguay do 103.42 101. 2700 102.1000 101. 5220 98.16 101.2588 97.91 102.8820 99.47 ASIA China Mexican dollar 2 48.11 43.3400 47. 5900 45, 2068 93.97 43. 7735 90.99 54.2888 112.84 Do Shanghai tael 3 66. 85 58.9300 65. 3900 61. 6688 92.25 58.9704 88. 21 74. 7528 111. 82 Hongkong- Dollar 3 47. 77 47.6400 51. 2900 49. 0632 102. 71 47.5938 99.63 58.0748 121. 57 India Rupee 48.66 36. 3300 36.4800 36.4164 74.84 36.0465 74.08 36. 6852 75.39 Japan Yen 49.85 48. 7000 48 9500 48.8108 97.92 48.9373 98.17 44.1696 88 60 Straits Settlements Singapore doilar 56. 78 55. 9400 56. 0200 55. 9616 98.56 55. 9400 98.52 56. 6156 99.71 OTHER RATES [In cents per unit for foreign currency] Recent quotations 4 Recent quotation Country Unit Par Country Unit Par Rate Date Rate Date Bolivia .„ Boliviano 38.93 33.75 Jan. 24. Latvia Lat 19.30 19.22 Jan. 7. Colombia.. Peso 97. 33 97. 86 Do. Lithuania Litas . 10.00 10.10 Aug.average. Danzig. Gulden 19.47 19.43 Oct. average. Peru Libra 486.65 367.00 Jan. 24. Ecuador Sucre 48. 67 18.31 Jan. 24. Russia _ Chervonetz 514.60 515.00 Do. Egypt Egyptian pound... 494.31 497. 22 Nov. 30. South Africa Pound 486. 65 486. 51 Jan. 7. Estonia Estmark .26 Jan. 7. i Venezuela Bolivar 19.30 19.06 Jan. 24. Java. Florin 40.20 40. 25 Jan 24 ! 1 Noon buying rates for cable transfers in New York. 2 Rate on franc. 3 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 $0.56118 for January, 1927, $0^53778 for December, 1926, and $0.68107 for January, 1926. The corresponding London prices (converted at average rate of exchange) were $0.56603, $0.54046, and $0.68508. 4 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; Estonia 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

1927 FEDERAL RESERVE BULLETIN 127 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Pre-war=100] Europe France Year and monthA ( u g s o t l r d ia g B iu e m l- Bul- Cz s e 1 f °" Den- T (B E l r a a o o n n d a f g d e r - d ) l F a i n n d - B S u t t i a r c e t a i a s l u - F B a s l e e o d r R a v e r e e r d - - ( B S F m t G u t e i a a r c d e e t n a e r i a s l y - r u - a ) l H ( g g a u o r n l y d - Italy N la e n th d e s r- ( N O w o s a l r y o - ) Poland 1925 July 137 559 3,041 206 157 1,118 557 490 135 136 707 155 254 120 August 131 567 2,870 189 156 1,142 557 491 132 134 731 155 245 124 September-. 127 577 2,834 155 1,133 556 4.82 126 135 721 155 231 127 October 127 575 2,823 154 1,121 572 482 124 131 716 154 221 128 November.. 125 569 2,822 977 158 153 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 122 560 2,901 157 151 1,094 634 527 120 127 708 153 214 142 February... 120 556 2,899 950 151 149 1,091 636 540 118 125 704 149 211 146 March 119 583 2,844 938 145 144 1.081 632 545 118 123 693 145 204 146 April 119 621 2,774 923 141 144 1,081 650 565 123 123 692 143 198 167 May '. 118 692 2,938 928 141 145 1,070 688 597 123 122 698 143 196 181 June 124 761 2,842 926 140 146 1,079 739 631 125 122 709 144 195 175 July 126 876 2,838 141 149 1,079 836 704 127 123 724 141 196 167 August 126 836 2.759 143 149 1,092 770 691 127 122 740 139 196 173 September-. 123 859 2; 723 973 141 151 1.093 787 691 127 122 731 140 197 , 177 October 125 856 2,716 972 145 152 1,095 752 695 130 . 125 712 143 188.1 177 November.. 128 865 972 150 152 1,097 684 662 132 I 127 709 147 182 179 December 127 978 145 146 1,101 627 592 131 681 146 177 177 1927 January 141;_, 170 North and South Europe—Continued America Asia and Oceania Africa United Year and month Russia 1 Sweden Sw la i n tz d e 1 r- o (B f S S t u t L a a r t a t e i e b s a s - o u rCanada Peru t A ra u l s ia - (S C h h h a a i i n n ) g a - D I E n u d a t i s c e t h s c I u ( n C t d t a a i l ) a - 2 J k a (T y p o o a ) - n l N a Z n e e d a w - 2 ( E C g a y ir p o t ) A So fr u ic th a tics) 1925 July 188 188 161 161 160 158 198 162 163 175 157 198 161 151 August 175 1S4 159 160 160 159 200 162 160 176 154 200 161 151 September I 173 185 157 159 160 156 205 162 160 175 155 201 160 152 October. 174 187 154 159 158 156 205 163 159 177 158 200 162 153 November 175 186 155 157 158 161 204 165 158 174 181 198 161 145 December 179 187 156 157 156 164 203 170 158 173 159 194 160 140 1926 January 183 186 153 156 156 164 206 161 164 172 159 192 159 134 124 February 190 183 152 155 155 162 205 160 163 170 154 188 159 134 March 194 183 149 151 152 160 204 163 164 167 151 184 157 134 April.. 196 179 150 148 151 161 204 168 163 2 160 149 181 156 133 120 May.— 197 179 151 147 152 157 206 167 160 157 146 177 156 128 June-. 189 177 150 145 152 156 204 163 156 156 147 177 155 129 July 183 178 148 145 151 156 204 162 157 156 145 179 156 129 "122 August 182 180 147 146 149 154 204 162 161 155 147 177 154 129 September 180 178 146 146 151 153 202 158 164 156 146 175 153 129 October 179 179 148 145 150 151 202 154 171 155 144 174 153 129 '~126 November __ 178 185 148 147 148 152 198 155 174 146 171 130 December 177 186 150 148 147 151 199 155 172 170 130 1927 January 148 199 173 I 1 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 the 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

128 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 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 ti a n n g d p M r m o a e d e n t t u d a a c l l s ts m B a u t i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - n H g i f s o o u h o u r i d - s n s e g l M an is e c o e u l s - c . u A lt g u r r i- al cu N a l g o t r u n i r - - al 1925— December 156 152 157 187 175 130 177 135 166 138 154 15& 1926— January 156 152 156 186 177 129 178 133 165 135 154 15& 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 15& 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 October 150 138 152 172 184 127 172 129 160 119 143 15$ November 148 135 151 170 190 127 174 129 160 118 141 154 December 147 135 151 169 183 126 173 128 159 118 142 152: ENGLAND-BOARD OF TRADE Food Not food Year and month All com- Other modities Total Cereals an M d e f a i t sh O fo t o h d e s r Total Iro s n te e a l nd mi a n n e d rals 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—December 152 163 157 173 159 146 118 131 175 178 156 1926—July . 149 153 151 152 158 146 125 160 158 157 14a August 149 154 152 153 156 146 125 161 160 155 144 September 151 153 148 152 158 150 127 171 163 156 145 October 152 "5 57 152 155 163 149 132 176 147 156 145 November 152 157 156 153 161 150 135 185 141 153 144 December 146 155 151 153 161 141 131 149 135 153 143 FRANCE—STATISTICAL BUREAU Foods Industrial materials All com- Year and month modities Total A f n o i o m ds al b V le e g fo et o a d - s S c c o u o f g c fe o a e a r , , Total Minerals Textiles Sundries 1925—D ecember _ 633 538 535 537 529 709 622 953 647 1926—July - 836 718 575 797 840 932 922 1,217 801 August 770 687 567 754 784 837 826 998 771 September _ _ 787 722 576 810 825 840 846 996 768 October 752 710 591 799 754 786 769 873 763 November. _____ _ __ 684 657 593 695 697 706 709 748 693 "Dp.fip.mbp.r 627 610 572 610 675 641 652 664 631 GERMANY—FEDERAL STATISTICAL BUREAU Food products Industrial products All com- Fats, Colonial Year and month modities Grains sugar, goods, Hides Metals Coal Total and meat, coffee, Total and Textiles and and potatoes and cocoa, leathers minerals iron fish etc. 1925—December 122 116 103 137 183 131 116 182 128 120 1926—July 127 129 124 132 176 124 106 148 125 119 August 127 129 122 137 174 124 113 142 126 119 September 127 128 121 136 175 125 116 145 127 120 October 130 134 129 134 178 123 114 137 126 120 November __ _ 132 136 133 135 177 123 114 133 126 120 December _ 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

129 FEBRUARY, 1927 FEDERAL. RESERVE BULLETIN RETAIL FOOD PRICES AND COST OF LIVING BETAIL FOOD PRICES [Pre-war=100] European countries Other countries United States . ci ( t 5 ie 1 s) (V A i u e s n t n ri a a ) *g B iu e m l- 2 g B a u ri l a - l E an n d g - 3 F (P ra a n ri 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 a M a n l i ) v - 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- a C d a a n 3 - t A ra u l s ia - ( I B b n a o d y m i ) a - N l Z a e e n a w d - A So fr u ic th a 1925 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 2,698 172 433 151 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 1,821 645 346 198 241 161 153 163 150 151 119 May__ 158 113 146 2,808 158 522 142 1,836 664 146 195 250 159 152 163 150 151 119 June._. 157 116 155 2,717 158 544 143 1,840 657 146 194 243 159 149 162 152 151 118 July_-_ 154 115 177 2,713 161 574 145 1,845 654 146 198 233 159 149 159 155 149 117 Aug___ 153 117 187 2,637 161 587 146 1,860 660 146 196 234 157 150 157 153 149 117 Sept— 155 116 184 2,641 162 590 145 1,870 652 149 193 231 158 147 155 152 148 117 Oct.— 157 117 194 2,597 163 624 145 1, 933 654 148 191 230 160 147 153 153 147 120 Nov 158 117 169 628 148 630 148 186 234 159 148 155 152 119 Dec 159 118 169 599 150 146 184 235 159 151 158 154 117 1927 Jan 167 174 155 COST OF LIVING [Pre-war=100] 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 - 3 n E to i s 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 a M a n l i ) y - N la e n e r t d - h s - N w o a r y - la P n 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 o d y m i ) a - A S f o ri u c t a h 1925 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 1,547 124 643 152 189 168 149 153 132 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 .234 173 183 168 154 155 155 131 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 1,664 121 661 171 183 165 154 354 131 161 521 832 172 110 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 "l73" 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 1,175 435 141 1,791 116 650 171 218 183 183 160 150 "l6l" 155 131 July.. 159 637 876 170 111 1,183 142 1,808 117 649 177 186 160 150 157 130 Aug 158 681 878 170 110 1,213 143 1,818 116 652 181 178 159 150 155 130 .Sept. 158 684 878 172 108 1,203 539 142 1,833 114 647 164 217 188 187 159 149 158 155 130 Oct... 158 705 888 174 107 1,197 142 1,862 114 672 190 190 171 160 149 155 131 -No v.- 159 730 902 179 1,193 144 116 657 195 191 159 150 154 131 Dec.- 159 741 179 1,197 545 144 168 213 197 193 159 151 156 129 1927 -Jan.. 755 175 145 156 1 I 1 New index, on gold basis, July, 1914=100. 2 1921=100. 2 First of the month figures. NOTE.—Information as to the number of foods and items included, the original base periods, and sources ma, . of the April, 11925, 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

130 FEDERAL KESEEVE BULLETIN FEBRUARY, 1927 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOR DECEMBER AND NOVEMBER, 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 Fed in e r c a i l r c re u s l e a r t v io e n notes Re c s e e n r t v a e g e p s er- Federal reserve bank December November December November December November December November Decem- November ber Boston 104,026 80,336 215,528 237,012 150,252 155,409 158,320 151,048 69.8 77.3 New York 338,620 267,497 992,808 1,020,379 879, 596 856,416 408,051 391,359 77.1 81.8 Philadelphia 109,102 93, 579 194, 678 195,045 139,419 139,260 139,730 123,409 69.7 74.3 Cleveland 160,128 142,340 265, 587 273,096 181,215 184,749 225.101 208,735 65.4 69.4 Richmond 49. 211, 56, 987 116,930 107,158 71,010 72,626 87', 032 82, 223 74.0 69.2 Atlanta 74', 523 86,423 171,281 162,416 71,802 72,938 167,827 159, 557 71.5 67.0 Chicago 215, 642 199,188 372, 531 375,452 329,801 332, 040 241,810 219, 011 65.2 68.1 St. Louis _ 68, 755 66,398 68,180 70,120 82,823 82, 771 47,415 46,314 52.4 54.3 Minneapolis 35, 692 39, 296 90, 391 85, 797 52, 550 53, 070 68, 685 66, 919 74.6 71.5 Kansas City. 60, 736 63,396 102, 959 99,097 91,127 91,393 72, 653 69,124 62.9 61.7 Dallas 46, 895 53,101 75,749 69, 621 62,902 61,148 50,087 50,522 67.1 62.3 San Francisco 117, 241 121,980 262,452 259,976 177,135 177,315 189,725 189,072 71.5 71.0 Total: 1928-_ 1, 380, 571 1, 270, 521 2,929, 074 2, 955,169 2, 289, 632 2, 279,135 1,856,436 1,767, 291 70.6 73.0 1925 1,428, 732 1, 288, 731 2, 805, 791 2, 877, 578 2, 281,484 2, 294, 052 1,817, 473 1,724,362 68.5 71.6 1924.._. 1, 220, 706 1,085, 027 3,056,709 3,131,153 2, 255,346 2,223,364 1,884,318 1,836,189 73.8 77.1 1923 _.__ 1, 200,351 1,147, 765 3,168, 984 3,199, 810 1,931,408 1, 938, 964 2, 292,306 2, 256, 777 75.0 76.3 1922... 1,304, 433 1,210,126 3,166, 019 3, 208, 752 1,891,457 1,890, 022 2,415, 515 2,324,865 73.5 76.1 1921 1, 517,194 1, 520,283 2, 994, 982 2, 964,419 1,755,226 1, 732, 504 2,416, 096 2,402,442 71.8 71.7 1920 3.313,502 3, 375,395 2,221, 573 2,182, 795 1,821, 746 1,830,011 3,342, 520 3,327, 632 144.7 143.7 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 -K C an i s ty as Dallas F ci r s a c n o - Gold with Federal reserve agents: Dec. 22 1,376,776 143,210 105,637 151,573 71,708 133, 875148,443 19,282 58,764 60,145 37,557 183,523 Dec. 29 1,369,124 121,924 282,987 103,800 154,318 70,729 136,408 148,424 18,548 58,539 63,205 39,058 171,184 Jan. 5___ 1,419,755 110,829 282,987 105,720 162,479 69,975 137,896 183,424 19,768 60,858 63,168 38,102 184,549 Jan. 12 1,523,670 124,842 347,897 114,066 163,051 68,759 140,901 198,396 27,506 61,150 61, 209 34,072 181,821 Jan. 19 _, 1,575,495j 132,396 377,791 117,430 166,670 68,258 140,039 198,359 28,656 60,155 34,623 190,780 Gold redemption fund with U. S. Treasury: Dec. 22 „ 65,407 5,415 16,618 12,029 5,567 1,311 3, 520 9,776 841 2,107 3,297 2,210 2,716 Dec. 29 65,712 6,248 15,481 13,033 6,837 1,538 I,1 2,118 1,851 2,122 3,031 Jan.5 67,927 6,940 14,355 14,281 7,843 1,706 3,455 8,243 1,445 1,618 2,639 2,601 2,801 Jan. 12 :._ 50,318 2,460 12,716 7,003 5,937 2,017 3,049 7,234 1,204 2,103 2,271 2,031 2,293 Jan. 19 52, 633 4,202 11,077 9,465 5, 668 1,628 2,737 5,980 1,457 2,661 2,912 1,743 3,103 Gold held exclusively against Federal reserve notes: Dec. 22. 1,442,183 148,625 279,677 117,666 157,140 73,019 137,395 158,219 20,123 60,871 63,442 39,767 186,239 Dec. 29 _ 1,434,836 128,172 298,468 116,833 161,155 72,267 139,904 157,312 19,617 60, 657 65,056 41,180 174,215 Jan. 5 1,487, 682 117, 769 297,342 120,001 170, 322 71, 681 141,351 191, 667 21,213 62,476 65,807 40,7031 187,350 Jan. 12 1,573,988 127,302 360, 613121,069 168,988 70,776 143,950 205, 630 28,710 63,253 63,480 36,103 184,114 Jan. 19 1,628,128 136,598 126,895 172,338 142,776 204,339 30,113 62,999 63,067 193,883 Gold settlement fund with Federal Reserve Board: Dec. 22 657,023 14,233 254,594 49,469 45,289 22,172 27,413 132,752 23,146 28,193 21,251 20,123 Dec. 29 658,330 249,799 44,234 42,222 24,249 22,047 124,498 29, 668 20,382 29,067 20,938 43,013 Jan. 5__ '637,805 40,518 261,447 36,482 37,209 22,967 22,651 104,998 33,871 17,029 24,214 15,334 21,085 Jan. 12 555, 673 29,219 175,459 48,079 50,874 19,195 19,786 100,386 24,908 14,396 27,394 16,129 29,848 Jan. 19 503,513 25,599 148,947 42,921 14, 634 28,099 98,772 25,346 16,417 27,18r 19,809 16,879 Gold and gold certificates held by banks: Dec. 22 704,074 33,999 456,775 26, 872 44,8351 10, 662 3,659 56, 886 11, 856 6,66:; 5,461 8,463 37,944 Dec. 29 1 721,645 36,135 460,752 27,905 44,955! 12,081 3,972 63, 228 12,257 6,42'i 5,507 8,441 39. 9S5 Jan. 5 729,956 35, 593 458,770 28,178 47, 614! 12, 823 4,305 65,670 13, 630 6,51' 6,352 8,465 42', 03& Jan. 12 _ 786,382 39,190 503,566 28, 537 48,023 13,280 4,421 69,453 14,450 7,061 6,957 8,532 42,912 Jan. 19 804,294 39,283 519,390 28,693 50,362 13,344 4,607 15,967 707S 7,035 8,455 43,193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN 131 FEDERAL RESERVE BANKS—R ESOURCES 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 - AtlantaChica*> Lo S u t. is M ap in o n li e s -K C an i s ty as Dallas F c S i r s a a c n n o - Total gold reserves: Dec. 22 2,803,280 196,857 991,046 194,007 247,264 105,853 168,467 347,857 55,125 85,921 97,096 69,481 244,306 Dec. 29_- 2,814,811 172, 540 1,009,019 188,972 248,332 108,597 165,923 345,038 61,542 87,446 99,630 70, 559257,213 Jan. 5 2,855,443 193,880 1,017, 559 184,661 255,145 107,471 168, 307362,335 68, 714 86,022 96,373 64, 502250,474 Jan. 12 2,916,043 195,711 1,039,638 197,685 267,885 103,251 168,157 375,469 68,068 84,710 97,831 60, 764256,874 Jan. 19 _ 2,935, 935 201,480 1,057,205 194,496 265,621. 97,864 175,482 370,004 71,426 97,284 64,630 253,955 Reserves other than gold: Dec. 22. 106,985 13,678 19,220 3,869 4,499 8,138 17,665 12,108 3,247 4,433 7,854 5,388 Dec. 29 _ , 129,404 15,178 23,262 5,161 10,978 6.685 9,575 22,103 13, 760 3,082 4,947 7,811 6,862 Jan. 5 142,816 19,105 26,444 6,007 11,611 8', 804 10,165 23,440 14,510 3,242 4,944 7,901 6,643 Jan. 12. , 155,054 17,719 30, 991 6,477 11,115 10,178 11,570! 25,765 16,043 3,729 5, 530| 8, 346 7,591 Jan. 19— 159, 566 17,791 31, 531 6, 950 11,817 10,913 11,857 26, 656 16,348 3,701 5,649 7,955 Total reserves: Dec. 22._ „ 2,910, 265 210, 5351, 010,266197,876 254,150! 110,352 176, 605365, 522 67, 233 59,16 101, 529 77,335 249,694 Dec. 29 2,944,215 187, 7181,032,281 194,133 259,310' 115,282 175,498 367,141 75, 302 104, 577 78,370 264,075 Jan. 5_ 2,998,259 212,985 1,044,003 190,6G8 266,756! 116,275 178,472 385, 775 83,224 (9,264 101, 317 72,403| 257,117 Jan. 12._ 3,071,097 213,430 1,070,629 204,162 279,000: 113,429 179, 727401,234 84,111 88,439 103, 36: 69,110 264,465 Jan. 19 ______ 3,095, 501 219,271 1,088,736 201,446 277,438! 108,77" 187,339 396,660 87,774 90,189 102,933 73,028 261,910 Nonreserve cash: Dec. 22 47,073 7,314 12,811 840 2,490 2, 585 3,056 7, 512 2,945 925 2,095 I,1 2,871 Dec. 29 68, 348 8,292 17,826 1,311 5,651 5,030 5,085 10,948 4,143 898 2,830 2,448 3,886 J J a a n n . . 5 1 2 _ __. 8 7 1 6 , , 8 1 0 8 8 0 1 9 1 , , 3 3 8 34 6 2 2 4 0 , , 1 6 8 7 2 5 l 1 ; , 7 6 0 5 9 2 5 5 , , 5 3 4 4 9 5 6 7 5 ,1 6 2 0 ; 8 1 1 2 1 , ,4 2 5 5 5 5 4 5 , , 6 3 0 5 2 9 1 1 , , 2 4 5 1 9 5 2 2, , 6 4 7 1 1 2 2 2 , , 4 7 2 7 8 8 3 3 , , 7 8 6 0 2 9 Jan. 19—_ _ 81,174 8,909 24,800 1,655 7,471 4,450 11.283 5,098 1,219 2 2,675 4,289 Bills discounted: Se ured by U. S. Government obligations— Dec. 22 422,397 34,049 146,971 42,407 63,767 8,592 2,958 75,350 17,806 1,679 4,199 3,485 21,134 Dec. 29 31,625 123,873 42,099 "i;240! 6,596 2,870 73,646 16,278 824 4,104 2,262 10,971 Jan. 5_ 360,532 16,161 129,425 38,058 6,527 4,041 75,668 11, 994 527 5,996 2,072 21,477 Jan. 12___ _._ 254, 077 18,279 77,651 23,647 47,333j 6,245 2,177 44, 300 11, 520 446 3,414 1,880 17,185 Jan. 19.... _ 201,611 9,105 47,288 23,903 35,207 7,026 399 52,073 8,604 384 4,255 1,731 11,636 Other bills discounted— Dec. 22 293,027 23,501 27,273 19,982 35, 977 20,869 42,138 48, 01' 25,668 3,600 7,476 5,423 33,103 Dec. 29 _ 327,543 39,297 49,782 20,127 28,907 18,682 39,889 62, 98, 16,238 4,036 7,130 3,293 37,177 Jan. 5 272,950 26,658 46,634 15,612 25,609 17,479 35, 584 44,293 14,320 4,054 8,648 4,053 30,006 Jan. 12___. 236,401 17,668 49, 568 14,116 23,248 14,411 31,152 37,843 9,230 3,00" 7,350 5,258 23,550 Jan. 19 214,448 10,140 41,732 13,854 23,424 14,070 30,486 7, "~ 3,705 6,599 3,609 20,846 Total bills discounted: Dec. 22_____ 715,424 57, 550 174,244 62,389 99,744 29,461 45,096 123,367 43,474 5,279 11,675 8,908 54,237 Dec. 29. 710,931 70, 922 173,655 62,226 97,147 25,278 42, 759136,631 32, 516 4,860 11,234 5,555 48,148 Jan. 5— _ 633,482 42,819 176,059 53,670 74,195 24,006 39,625 119,961 26,314 4,581 14,644 6,125 51,483 Jan. 12...... 490,478 35,947 127,219 37, 763 70,581 20,656 33,329 82,143 20, 750 3,453 10, 764 7,138 40, 735 Jan. 19 416, 059 19,245 89,020 37,757 21,096 90,169 16,491 4, "'- 10,854 5,340 32,482 Bills bought in open market: Dec. 22 387,593 113,618 24,576 36,184 12,915 23,091 49, 884 7,931 13,276 19,726 15,299 32,726 Dec. 29 _____ 378,798 46,011 100,045 26,040 34,488 13,147 23,205 50, 111 7,730 13, 061 18,283 15,689 31,008 Jan. 5 _ 388,837 42,157 119,850 25,637 32, 598 13,620 21,895 47,531 9,025 12,611 18,170 16,171 29, 572 Jan. 12 338,142 38,701 77,977 25,405 30,631 13,920 19,193 46,579 10,479 11,875 18,418 14,842 30,122 Jan. 19 337,360 39, 723 90,595 24,843 28, 572 12,676 18,565 41,154 9,968 10,671 17,537 13,644 29,412 TJ. S. Government securities: Bonds- Dec. 22 _„_ 46,858 529 1,752 1,167 1,191 276 19,963 2,010 7,568 8, 589 3,141 87 J D a e n c . . 5 2 9 __ 4 54 7 , , 1 5 0 2 8 5 6 74 5 6 9 3 1 , ,3 6 2 4 2 3 634 1 1, , 3 1 0 6 1 7 1 1, , 2 1 5 9 0 1 2 2 3 5 5 4 2 21 0 , , 0 5 0 7 3 7 2 2 , , 1 0 4 1 9 0 7 7, ,659 8 9 , , 8 5 3 2 9 2 3 5 , , 2 56 85 4 87 Jan. 12 52,992 1,241 1,891 634 1,301 1,250 241 20, 743 2,245 7,658 9,522 5,882 384 Jan. 19 __ 55,463 618 6,329 634 1,301 1,251 270 20,344 2,386 7,r"" 8,372 5,915 Treasury notes- Dec. 22 89,844 1,894 16,832 15,266 17,939 1,108 1,534 5,821 6,632 1,620 3,694 3,355 14,149 Dec. 29.. 86, 279 1,923 14,246 15,266 17,939 1,108 1,537 4,810 6,632 1,620 3,694 3,355 14,149 Jan. 5 _ 93,659 2,422 13, 208 15,543 18, 683 1,436 1,540 6,357 7,455 2,122 4,707 4,395 15,791 Jan. 12 93,606 2,598 12,958 15, 543 18,683 1,534 6,384 7,455 2,123 4,707 4,394 15, 791 Jan. 19..... 97,774 2,959 16, 111 15,543 18,683 1,555 7,018 7,455 2,122 4,707 4,394 15,791 Certificates of indebtedness- Dec. 22 _ 177,704 7, 44,875 4,226 16, 636 4,! 20 22, 674 12,002 7,573 16,131 15, 672 25,521 Dec. 29 _. 183,400 7,438 50, 525 4,226 16,6371 4,! 22, 739 12, 002 7,573 16,131 15, 672 25,521 Jan. 5.— _. 168,106 6,617 47, 502 3,751 15,359 4,373 20,149 10,674 6,710 14,389 13, 885 22, 697 Jan. 12 _____ 164,453 7,046 3,751 15,358| 4,373 32 20, 649 10,674 6,710 14,389 13,885 22, 697 Jan. 19 159,505 6,590 41,233 3,751 15,359| 4,373 19, 844 10,674 6,710 14,389 13,885 22,697 Total U. S. -Government securities: Dec. 22 314,406 9,861 63, 459 20, 077 35, 742 7,235 1.: 48,458 20,644 16,761 28,414 22,168 39, 757 Dec. 29 _ 317,204 10,020 66,093 20,077 35, 743 7,235 li-772* 48,126 20, 644 16,761 22,312 39,757 Jan. 5._ _.__._ 313,873 9,785 64,353 19,928 35,343 7,059 1,794 47, 509 20,278 16, 491 28, 618 23,844 38.871 Jan. 12 _ 311, 051 10,885 59,738 19,928 35,342 7,059 1,807 47, 776 20,374 16,491 28, 618 24,161 38.872 Jan. 19 _ 312,742 10.167 63,673, 19,928 35,3431 7,080 1,825 47,206 20, 515 16,491 27,468 24,194 38,872 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL. HESEBVE BULLETIN FEBRUARY, ,1927 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 - AtlantaChicago L S ou t. is M ap in o n li e s -K C an i s ty as Dallas F S r a a n ncisco Other securities: | i Dec. 22 __ 2,596 2,000 596 Dec. 29 2,596 2,000 596 Jan. 5 . - . _ __ 3,621 2,000 1,621 Jan. 12— 3,500 2.000 1.500 Jan. 19 2,500 | 2,666 500 Total bills and securities: Dec.22_ 1,420,019 105,778 351,321 109,042 171,670 49. fill 70,017 221,709 72,049 35., 912 59,815 46,375 126,720 Dec 29 1,409, 529 126,953 339,793 110, 343 167,378[ 45,660 67,736 234,868 60,890 35l 278 58,181 43,536 118,913 Jan. 5 1, 339, 813 94,761 360,262 101,235 142,136 44, 685 63,314 215,001 55,617 35; 304 61, 432 46,140 119,926 Jan. 12 1,143,171 85, 533 264,934 85,096 136,554) 41.635 54, 329 176.498 51,603 33, 319 57,800 46,141 109,729 Jan. 19 1,068,661 69,135 243,288 84, 528 122, 546 40,832 51,275 178.529 46,974 31, 751 55,859 43,178 100,766 Due from foreign banks: Dec. 22 650 650 Dec.29 _.. 651 651 Jan. 5 657 657 Jan.12._ 657 657 Jan. 19.__ .__ 657 657 Uncolleeted items: Dec.22 785,171 66,876 185, 558 69,308 78, 745 67,080 34,101 106,546 35,757 15,687 48, 369 27,315 49,829 Dec 29 728,043 69,093 177,653 63,839 71,138 62, 523 31,384 89, 547 36,785 13,860 43, 320 26,458 42,443 Jan. 5 814,912 77,315 198,050 72,827 81,733 68,688 35,364 97, 009 40, 517 13,918 51,107 33, 576 44, 808 Jan.12._ 706,362 66,122 172,417 58,824 61,799 58, 606 31,971 85,462 35, 390 13,063 44,425 29,389 48, 894 Jan 19 722,746 66,363 176, 594 65,048 71,600 55. <)20 33,081 91,790 38, 111 12, 387 42, 998 27,214 41,640 Bank premises: Dec. 22 60,271 4,068 16, 740 1,700 7,409 2,364 3,017 7,935 4,111 2,940 4,668 1,796 3,523 Dec.29 . »_ 60,273 4,068 16, 740 1,704 7,4091 2,364 3,015 7,935 4, 111 2,940 4,668 1,796 3,523 Jan.5 58,131 3,946 16,276 1,704 7,119 2.113 2,864 7,770 3,957 2,774 4,459 1,752 3,397 Jan. 12 . , 58,168 3,946 16,276 1,705 7,119 2,113 2,864 7,806 3,957 2,774 4,459 1,752 3,397 Jan. 19 58,231i 3,946 16,276 1, 705 7,119 2,113 2,865 7,842 3,957 2,774 4,459 1,752 3,423 All other resources: i Dec. 22 . 13,154 178 919 291 884 581 1,006 2,545 799 2,275 563 371 2,742 Dec 29 13,074 90 1,075 275 901 Sf)1 1,002 2,647 836 2, 353 532 312 2,750 Jan. 5 - - - - 12,302 78 1,837 327 923 327 862 2,674 834 2,184 669 370 1,217 Jan. 12 12,108 88 1,776 322 936| 279 794 2,725 896 2,102 608 391 1,191 Jan 19 12,053 84 1,683 388 970 257 762 2,693 824 2,121 619 422 1,130 Total resources: Dec. 22 5,236,603 394,749 1,578,265 379,057 515,348 232,573 287,802 711,769 182,894 146,907 217,039 154,821 435,379 Dec.29 5, 224,133 396, 214 1,586,019 371,605 511,787 231,160 283,720 713,086 182,067 145,857i 214,108 152,920 435, 590 Jan 5 5,300,254 400, 419 1,641,267 368,470 504 216 *>2R fiQf2i85,756 719, 684 188, 751 144,703! 221,396 156,669 430, 227 Jan. 12 5,073,371 378,505 1,551,364 351,761 490, 753 223,189 275,021 685,980 181,316. 141,112; 213,324 149,561 431,485 Jan. 19 5,039,023 367,708 1, 552,034354,770 486,517 215,470 279,772 688,797 182,738 140,441j 209,349 148,269 413,158 LIABILITIES Federal reserve notes in circulation: Dec. 22 1,913,960 161, 603 421, 548 146,039 235,614 90, 254170,197 253,754 69,210 74,042 50, 791192,315 Dec.29 1,857,015 155,397 408, 621 136,640 225,601 86,278 167,237 250, 556 48,046 69,302 72,896 49,230 187, 211 Jan. 5 1,812,698 154,316 405,808 125,100 213,333 81, 845163,953 245,440 47,719 68,753 71,856 48, 267186,308 Jan, 12 1, 750,464 141,253 391,838 122,104 212,466 78, 842160, 595233,805 46,794 66, 685 70, 688 46,491 178,903 Jan. 19 1,709,919 135,172 394,145 117,600 200,401 76, 951158, 650225, 295 46,412 65,527 69,491 45,193 175,082 Deposits: Member bank—reserve account— Dec. 22 2, 218,095 140,495 867,061 131, 657175, 513 65,962 327,098 50,440 59,451 166,254 Dec.29 2, 264,144 144,306 886, 285 138,892 180, 034 67,366 69,036 328,171 80, 588 51,022 58,914 173,171 Jan. 5 2,351,953 142, 600 956, 111 142,362 176,638 72,885 73,554 336, 832 83, 879 50,484 89,854 59,922 166,832 Jan. 12 2,273,647 144,218 897, 221 140,516 180,629 69,309 322,525 81,488 49, 435 88, 847 57, 744172,907 Jan. 19 2, 243,429 138,668 882,386 142,425 177,983 67,354 71, 775323,973 49,737 87,350 59,049 161,796 Government- Dec. 22 67,848 6,406 28, 762 5,818 3,524 2,827 6,778 2,633 1,824 1,899 1,406 3,588 2,383 Dec.29 38, 579 2,855 12,259 2,902 1,954 1,582 3,264 3,892 2,101 1,143 1,561 3,107 1,959 Jan. 5 6,451 76 385 628 1,140 224 98 1,846 270 420 678 365 321 Jan. 12 22,989 1,562 3,499 1,201 1,559 1,777 1,311 4,581 1,363 1,680 618 1,201 2,637 Jan. 19 36,238 2,208 10,764 953 1,396 2,852 1,747 7,497 1,955 1,344 1,077 1,592 2,853 Foreign bank- Dec. 22 5,506 471 1,002 589 664 329 248 850 199 242 217 428 Dec.29 25,882 471 21,378 589 664 329 248 850 267 199 242 217 428 Jan. 5 25,308 2,140 4,867 2,675 3,013 1,492 1,126 3,857 1,211 901 1,098 985 1,943 Jan. 12 5,632 378 1,990 484 534 26f 206 695 21" 151 186 176 353 Jan. 19 5,699 378 2,057 484 534 262 206 695 21' 151 186 176 353 Other deposits— Dec. 22 16,513 228 7,888 133 1,055 85 112 878 315 199 232 31 5,357 Dec.29 17,133 177 8, 569 115 872 98 146 1,168 328 202 103 29 Jan. 5 25,657 91 16, 755 131 1,130 88 78 841 334 249 90 31 5,839 Jan. 12 21,571 109 12,482 215 1,290 101 95 819 293 122 98 37 5,910 Jan. 19 32,429 675 15,538 1,559 3,052 249 43: 2,873 733 394 5,695 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUAKY, 1927 FEDERAL RESERVE BULLETIN 133 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] New Phila- Cleve- Rich- St. Minne- San Total Boston York delphia land mond Atlanta Chicago Louis apolis Dallas Francisco Total deposits: Dec. 22 I 2,307,962 147,600 904,713 138,197 180,756 65, 310 73,100 331,459 84, 502 52, 737 91,879 63, 287174, 422 Dec. 29 I 2,345,738 147. T" 142,498 183,524 69, 375 72, 694334,081 83, 284 52, 566 88, 265 62, 267 180,884 Jan. 5 _ I 2,409,369 144,907 978,118 145,796! 181,921 74> 689 74,856 343,376 85,694 52,054 91,720 61,303 174,935 Jan. 12 I 2,323,839 146, 267 915,192 142,416 184,012 71,449 70,420 328,620 83,361 51.388 89, 749 59,158 181.807 Jan. 19...... | 2,317,795 141,929 910, 745 145,421 182,965 70,717 74,160 335, 52,128 89,007 61,150 170', 697 Deferred availability items: Dec. 22 ' 644,012 58,478 150,6621 60, 409 59,988 57,494 29,042 75,438 33,420 12, 989 27, 678 41/745 Dec. 29 ! 650,096 147, 4821 58, 014 63, 567 56, 000 28,312 77, 089 34,361 12, 013 38,471 28,338 40, 601 Jan.5 ! 714,682 74,475 157,141 63, 372 70, 563 63,158 31,890 80,112 39,344 12.389 44,103 34,176 43,959 Jan. 12... I 635,148 64, 235 144, 009! 53,1161 55, 691 53,900 72,723 35,155 11, 516 39,162 30,999 45,706 Jan. 19_._ j 646,976 63,894 146,393 57, 622! 64< 616 48, 784 31,900 77, 5461 36,467 11, 283 37,137 29, 025 42,309 Capital paid in: Dec. 22 j 124,763 8,800 36, 434 12,605 13,618 6,097 5,022 16, 677 5,297 3,071 4,185 4,301 8,656 Dec. 29 1 124,824 8,800 36,449 12, 605 13, 618 6,094 5,020 16, 720 3, 070 4,197 4,302 8,656 Jan. 5 _ : 125,011 8,800 36, 569 12, 680 13, 621 6, 095 5,020 16, 716 5,295 3,058 4,196 4,305 8,656 Jan. 12.. ., ! 125,066 8,8001 36, 589 12, 588 13, 743i 6,095 5,023 16, 724 5,295 3,056 4,1961 4, 298 8, 659 Jan. 19 '; 125,480 8, 800! 36, 966 12,575 13,743! 5,023 16, 781 5,294 3,048 4,194| 4,: 8, 651 Surplus Dec. 22.... ; 220,310 17, 020l 59, 964 20,464| 22,894 11,919 8,700 30, 6131 9,570 7,501 8,979 7,615 15, 071 Dec. 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 Jan. 5 I 228,775 17, 606 61,614 21, 267! 23,746 12,198 9,632 31,8811 9,'"" 7,527 9,029 8,215 16,121 Jan.12... ! 228,775 17, 606 61, 614 21, 267 23,746;, 12,198 9,632 31,881! 7, 527) 9,029 8,215 16,121 Jan. 19 I 228,775 17, 606 61, 614 21,267 • 23,7461 12,198 9,632 31,881! 7,527! 9,0291 8, 215116,121 All other liabilities: Dec. 22 25, 596 1,248 4, 944 1,343 2,478 V 1,741 1,512 1,399 1. 2851 1,149 3,170 Dec. 29 I 26,150 1.340 5,012 1, 384 2,583 1,494 1,757 4,027 1,513 1,405 1', 300] 1,168 3,167 Jan. 5 i 9,719 '315 2,017 255 1,032 711 405 2,159 760 922 492 403 248. Jan.12 : 10,079' 344 2,122 270 1,095 705 415 2,227 772 940 500 400 289' Jan. 19. ._ I 10,078 307 2,171 285 i 1,046 714 407 2,256 788 928 491 387 Total liabilities: Dec. 22__._ i 5,236,603 394,749 1,578,265 379,0571 515,348 232, 573 287,802 711, 769 182,894 146,907 217, 039154,821 435, 379 Dec. 29-._-__^_ | 5,224,133 396,214 1,586,019 371,605! 511,787 231,160 283,720 713,086 182,067 145,857 214,108 152,920 435, 590 Jan.5. 5,300,254 400,419 1, 641, 2 368,470! 504,216 285,756 719, 684188,751 144,703 221,396 156, 669430. 227 Jan.12. 5,073,371 378, 505 1, 551,364 "' ,*76•1"' 490,753 223,1 275,021 685,980 181,316 141,112 213,324 149, 561431,485 Jan. 19 ._ J 5,039,023 367, 708 1,552,034 :, 770486, 517 215,470 279, 772688,797 182,738 140,441 209,349 148, 269413,158 ] MEMORANDA Ratio of total reserves to Fed- j eral reserve note and deposit | liabilities combined (per cent): ; I Dec. 22.__._ 68.9 68.1 76.2 61.0= 70. 9! 72.6 62.5 50.5 73. li 61.2! 67.8 68.1 Dec. 29 _ 70.1 61.9 77.2 69.5 63.41 74. li 73.1 62.8 57.3 74.3 64. 9 i 70.3 71.7 Jan. 5 __ 71.0 71.2 75.4 70.41 67.5! 74.3 74.7 65.5 62.4 73.9 61. 9| 66.1 71.2 Jan. 12 75.4 74.2 81.9 77.2 70.4! 75.5 77.8 71. 64.6 74.9 64.4! 65.4 73.3 Jan. 19 ._ 76.9 79.1 83.4 76.6 72.4 73.7 80.5 70.8 67.4 76.7 64. 91 68.7 75.7 Contingent liability on bills i purchased for foreign correspondents: Dec. 22 52,437 4,062 13, 639 5,077 5,718 2,832 2,138 7, 322 2,: 1.710 2, 084 1,870 3,687 Dec. 29 55,857 4,062 17, 059 5,077 5,718 2,832 2,138 7,322 2,298 . I', 710 2,084 1,870 3,687 Jan. 5 60, 718 4,290 19, 735 5,363 6, 040j 2,992 2,258 7,734 2,427 1,'"" 2,202 1,976 •3, 895 Jan. 12 86, 273 6,431 24, 274 8,232 9, 090| 4,459 3.516 11, 834 3,687 2,573 3,173! 3,001 6,003 Own J an F . e 1 d 9 eral reserve notes 90,382 6,783 24, 954 8,682 9, 587! 4,743 3,708 12, 481 2,713 3, 346 3,165 6,331 held by Federal reserve bank: Dec. 22 353, 200 •55,594 96,145 19,5111 13,498 30, 900 38,375 4,939 13, 030! 7,700 40, 312 Dec. 29 407,760 43, 564 116,843 40, 060 30,869! 16,496 33, 768 44,826 5,297 5,761 16, 536 8,763 44,977 Jan. 5 439,436 37, 700 111,094 51, 620 48, 699 20,175 33,640 57, 031 5,044 4,929 16, 739J 7,520 45, 245 Jan.12. 459,939 46,326 126,936 50, 962 39,887 21, 962 30,878 57,117 5,707 5,279 15, 948 7,015 51,922 Jan. 19. 453, 086 42,311 126,304 53,830 45,821 20,476 29, 251 52, 501 5,239 4,195 14,991 7,465 50, 702 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDEKAL DESERVE BULLETIN FEBRUARY, 1927 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS [In thousands of dollars] Total Within 16 to 30 31 to 60 61 to 90 91 days to Over 6 15 days days days days 6 months months Bills discounted: Dec. 22 715,424 583,639 37,193 52, 688 33,160 8,206 548 Dec. 29. .. _ . 710,931 575, 544 38,865 49,876 37,232 8,792 622 Jan. 5 _ _ _ _ _ 633,482 517,727 30, 510 47,635 27,090 9,803 717 Jan. 12 _ 490,478 382,115 28, 768 45,490 24, 270 9,021 814 Jan. 19 _ 416, 059 310, 773 27, 613 43,411 24.448 8,781 1,033 Bills bought in open market: Dec 22 387, 593 157, 087 80,459 86. 642 56,469 6,936 Dec. 29 378, 798 155, 744 76, 818 90, 963 49,382 5,891 Jan. 5 388, 837 170, 212 78,150 98, 299 36,144 6,032 Jan.12 338,142 130,158 78, 201 95, 654 27, 344 6,785 Jan. 19 337, 360 147,001 71,170 90, 754 21,060 7,375 Certificates of indebtedness: Dec. 22 _ . ---- 177, 704 100 20 128, 693 48, 891 Dec 29 183,400 4,500 130,025 48, 875 Jan. 5 166,106 7,860 107,945 50,301 Jan. 12 _ _ _ __ 164,453 5, 676 108,162 50,615 Jan 19 159, 505 1,564 113, 382 44, 559 Municipal warrants: Dec 22 96 96 Dec 29 96 96 Jan 5 121 111 10 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- c C a h g i- o L S ou t. is M ap i o n l n is e- City J ' Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Dec. 22 _ _ 3,022,190 259,0971 799,773 206, 237285, 565127, 331258, 212455, 546 73, 012 87, 870 114, 482 73,438 281,627 Dec. 29. 3,039,790 263,811' 807.544 204,400 290,310 126'. 353257,055 453,999 72,323i 89, 325116, 042 72,940 285, 68S Jan. 5 3, 023, 052262,716 798,982 202,420 295, 672125, 599255, 543450, 411 72,023| 88, 644 115,005 71, 984 284,053 Jan. 12 _. 3, 002, 781261,729 800,854 292, 043124. 383253, 363445,422 72,241! 88, 656 114, 046 70, 953280, 325 Jan. 19 2, 983, 478259,283; 802,529 199,130 287, 662122, 881250,921 441, 396 71, 871! 89, 524 112, 992 70, 005 275, 284 Federal reserve notes held by Federal reserve agent: Dec. 22 755,030 41,900- 282,080 31, 200 30,440 23, 579 57,115 163,417 19,480 14,462 27,410 14, 947 49, 000 Dec. 29 775, 015 64,850| 282,080 27, 700 33, 840 23, 579 56,050 158, 617 18, 980 14, 262 26, 610 14,947 53, 5C0 Jan. 5 770,918 70,700 282,080 25, 700 33, 640 23, 579 57,950 147,940 19,260 14,962 26,410 16,197 52, 500 Jan. 12 792, 378 74,150 282,080 25, 700 39, 690 23, 579 61, 890154, 500 19, 740 16, 692 27,410 17,447 49, 5C0 Jan. 19 820,473 81,800 282,080 27, 700 41,4401 25, 454 63,020 163, 600 20, 220 19, 802 28, 510 17,347 49, 5C0 Federal reserve notes issued to Federal reserve bank: Dec. 22 2, 267,1601217,197 517, 693175, 037255,125 103,7521 201,097 292,129 53, 532 73, 408 87, 072 58, 491 232, 627 J D a e n c . . 5 2 9-_- :_._. 2 2 , , 2 2 5 6 2 4 , , 1 7 3 7 4 5!1 1 9 9 8 2 , , 0 9 1 6 6 15 5 2 1 5 6 , , 4 9 6 0 4 21 1 7 7 6 6 , , 7 7 2 0 0 02 26 5 2 6 , , 4 0 7 3 0 2 1 10 0 2 2 , , 0 7 2 7 0 4 2 1 0 9 1 7 , , 0 5 0 9 5 3 2 3 9 0 5 2 , , 4 3 7 8 1 2 5 5 2 3 , , 7 3 6 4 3 3 7 73 5 , , 0 6 6 8 3 2 89? 432 5 5 7 5 , , 9 7 9 8 3 7 2 23 3 1 2 , , 1 5 8 5 8 3 Jan. 12 2, 210,403 187, 579518, 774173, 066252, 353 100, 804 191,473 290, 922 52, 501 71, 964 53, 506230,825 Jan. 19.-. 2,163, 005 177,483 520,449 171, 430246, 222 97, 427 187, 901277, 796 51, 651 69, 722 84, 482 52, 658 225, 784 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Dec. 22 .. 16,151 35,300 168, 698 8,780 28,805 15, 223 7,495 13, 507 18,343 10, 000 J J D a a e n n c . . . 5 1 2 2 9 3 3 3 0 0 0 6 6 6 , , , 0 0 2 9 9 8 5 6 1 ! 1 3 3 3 5 5 5 , , , 3 3 3 0 0 0 0 0 0 168, 698 8,780 2 2 2 8 8 8 , , , 8 8 8 0 0 0 5 5 5 1 1 1 5 5 5 , , , 2 3 2 9 1 1 8 3 2 : ; 7 7 7 , , , 4 4 4 5 5 5 0 0 0 ! ! j 1 1 1 3 3 3 , , , 5 5 5 0 0 0 7 7 7 1 1 1 8 8 8 , , , 3 3 3 4 4 4 3 3 3 1 1 10 0 0 , , , 0 0 0 0 0 0 0 0 0 Jan.19 306,280, 35,300 168, 698 8,780 28,805 15, 397 7,450 13, 507 18, 343 10,000 Gold redemption fund- Dec. 22 111, 978, 18, 910 23, 361 11, 660 12, 793 4,903 6.652 2,798 1, 257 5,285 4,214 18, 658 Dec. 29 109, 052 17, 624 23,289 9,823 15, 538 3,924 5,196 2,779 I,1 1, 032 4,845 4,715 18,489 Jan. 5-.- 111, 071 16, 529 23, 289 12, 843 13, 699 6,170 7,683 2,779 1,018 1, 351 3,808 3,759 18,143 Jan. 12 106, 287; 15, 542 23.199 9,189 14, 271 4,954 5,503 2,751 2,756 1, 643 4,849 3,729 17, 901 Jan. 19. _-_ 105, 659 13, 096 23. 093! 10, 553 12, 890 6,453 8, 642j 2,715 1,906 831 3,795 4,280 17, 405 Gold fund, Federal Reserve I Board- Dec. 22___ 958,647 89,000 71,0001 93,977 130,000 38,000 112,000: 145,645 10,300 44, 000 54,860 15,000 154,865 Dec. 29 _ 953,977 69,000 91,000J 93,977 130,000 38,000 116, OOOl 145,645 9,300 44,000 58,360 16,000 142, 695 Jan. 5 1,002, 588 59,000 91,000 92, 877 140,000 35,000 115, 000i 180,645 11,300 46, 000 59,360 16,000 156,406 Jan. 12 __ 1, 111, 102 74, 000156,000 104, 877140,000 35,000 120,000 195,645 17,300 46, 000 56,360 12,000 153,920 Jan. 19 1,163, 556 84,000 186,000 108,877 145,000 33,000 116,000 195,644 19,300 46,000 56,360 12,000 163,375 Eligible paper- Dec. 22 1,066,858 95,917 268,114 75, 614133, 095 41,484 68,108 172,959 51,357 18,229 31,265 24,160 86, 556 Dec. 29 1,058,364 116,933 258,821 75,829 128,930 38,204 65,868 186, 537 40,214 17, 622 29, 365 21,162 78,879 Jan. 5 996,817 280,487 73,281 103,851 37, 554 61,408 167,255 35,284 16,930 32, 754 22,146 80,891 Jan. 12 812, 610 74, 648195, 913 59, 513100,142 34,072 52,368 128, 505 31,165 15,074 29,117 21,870 70, 223 Jan. 19 733,259 58,968 168, 599 57,301 85,491 33,227 49,198 131,094 26,350 14, 523 28,314 61,299 Total collateral: Dec. 22 2,443,634 239,127 531,173 181,251 284,668 113,192 201,983 321,402 70,639 76,993 91,410 61, 717270,079 Dec. 29 1 2,427,488 238,857 541, 808179,629 283,248 108,933 202,276 334,961 58,762 76,161 92, 570 60,220 250,063 Jan. 5— 2,416,572 195,805 563,474 179,001 266,330 107,529 199,304 350,679 55,052 77,788 95,922 60,248 265,440 Jan. 12 _ 2,336,280 199,490 543,810 173, 579263,193 102,831 193,269 326,901 58,671 76,224 90,326 55,942 252,044 Jan.19 2,308, 754 191,364 546,390 174, 731252,161 101,485 189,237 329,453 55,006 74,861 53,518 252,079 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBIIUART, 1927 FEDERAL, RESERVE BULLETIN 135 FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, DECEMBER, 1926 [In thousands "of dollars] San 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 R o ic n h d - la A n t t - a C ca h g i o - L S ou t. is M ap in o n li e s -K C an it s y asDallas F ci r s a c n o - HOLDINGS ON DECEMBER 31, 1926 • Total bills and securities _. 1,335,055 123,467 344, 782 116,910 148,814 43, 722 61,738 196, 705 60,193 34,313 54,132 44, "038 106,241 Bills discounted 636,628 66,103 184,475 67,841 79,442 23,509 36,676 97, 831 31,129 4,038 6,612 4,772 34,200 Bills bought in open market 380,986 47, 200 101,443 26,839 33,217 12,796 23,172 50,116 7,992 12,615 18,295 15,927 31,374 United States securities _. 314.820 10,164 58,864 20,230 36,155 7,417 1,890 48, 758 21,072 17,039 29,225 23,339 40,667 Other securities 2, 621 2,000 621 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s . 170,639 33, 682 7,147 11, 618 20,537 13, 674 30,254 30,195 8,986 2,341 4,922 2,600 4,683 Demand and sight drafts. 322 65 223 34 Trade acceptances 2,812 127 354 274 615 310 348 672 38 16 58 Secured by U. S. Government obligations 1,111 272 '415 117 91 38 64 1 5 106 2 Member bank collateral notes: Secured ^by U. S. Government obligations 364,169 32,022 146, 539 46, 556 49,011 6,683 1,022 58,891 12,191 657 1,479 1,488 7,630 Otherwise secured___ 97,575 30,435 9,393 8,864 2,725 4.896 8,035 9,627 1,039 206 528 21,827 Total discounted bills 636,628 66,103 184,475 67,841 79,442 23, 509 36,676 97, 831 31,129 4,038 6,612 4,772 34,200 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports _ 131,907 17,752 33,364 7,191 13,334 4,721 7,518 17, 618 2.421 4,785 7,822 4,726 10,655 Exports 120,335 13, 694 31, 420 10, 789 8,724 3,788 8,829 18,397 2,016 3,819 5,661 6,103 7,095 Domestic transactions . _ 77,698 9,103 17,701 4,492 5,149 3,311 5,564 12,052 1,986 2,516 2,583 3,326 9,915 Dollar exchange 8,434 672 3,378 504 885 77 56 824 418 307 513 135 665 Shipments between or storage of goods in foreign countries 37, 714 5,890 13,303 3, 759 3,205 899 1,205 1,110 961 1,113 1,716 1,637 2,916 All other 1,451 89 750 104 115 190 75 128 Trade acceptances based on imports. 1,258 1,258 Biils payable in foreign currencies 2,189 269 1,920 Total purchased bills 380,986 47,200 101,443 26,839 33,217 12, 796 23,172 50,116 7,992 12,615 18,295 15, 927 31,374 United States Securities United States bonds, _ _ _ 47,964 531 1,364 585 1,170 1,192 352 20, 517 2,012 7,569 8,842 3,738 92 Treasury notes 87, 358 2,140 11, 646 15, 388 18,266 1,252 1,538 5,490 6,972 1,841 4,140 3,813 14, 872 Certificates of indebtedness __. 179,498 7,493 45,854 4,257 16,719 4,973 22, 751 12,088 7,629 16,243 15, 788 25,703 Total United States securities 314,820 10,164 58,864 20, 230 36,155 7,417 1,890 48, 758 21,072 17,039 29,225 23,339 40, 667 DAIL1? AVERAGE HOLDINGS DURING DECEMBER Total bills and securities 1 1,380, 571 104,026 338,620 109,102 160,128 49, 211 74, 523 215,642 68,755 35, 692 60,736 46,895 117,241 Bills discounted 671, 722 55, 726 154, 570 60, 785 90,051 29, 620 47,553 119,165 37,844 5,101 13, 663 10, 320 47,324 Bills bought . _ 384,826 38,471 112,701 25, 885 34,411 12,445 25,118 48,126 10.431 13,373 18,616 14, 724 30,525 United States securities 321,446 9,829 71,349 20,432 35,666 7,146 1,852 48,351 20,480 16,641 28,457 21,851 39,392 Federal intermediate credit bank debentures 2,500 2,000 500 EARNINGS DURING DECEMBER Total bills and securities 1 _ _ _ 4,487 343 1,094 355 522 160 248 710 223 116 194 148 374 Bills discounted 2,282 190 525 206 306 101 161 405 129 17 46 35 161 Bills bought 1,228 124 360 83 110 39 81 153 33 43 59 47 96 U Fe n d it e e r d al Sta i t n e t s e r s m ec e u d r i i a ti t e e s credit bank 968 29 209 59 106 20 6 - 152 61 54 89 66 117 debentures *. ._ 9 7 2 ANNUAL RATE OF EARNINGS Total bills and, securities * 3.83 3.88 3.80 3.83 3.84 3.83 3.92 3.88 3.81 3.83 3.77 3.72 3.76 Bills discounted.. 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Bills bought „ 3.76 3.79 3.76 3.75 3.75 3.73 3.78 3.74 3 72 3 74 3 75 3 78 3 73 United States securi ties _ _ _ 3.55 3.48 3.44 3.42 3.52 3.26 3.60 3.71 3.51 3.85 3.67 3.54 3.49 Federal intermediate credit bank debentures 4.01 4.04 3.87 i Figures include municipal warrants for Minneapolis, average daily holdings, $76,911; earnings, $261.33; annual rate of earnings, 4 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN FEBRUAEY, 192? FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING DECEMBER, 1926 [Amounts in thousands of dollars] San- Francisco Total Volume of Operations 461,342 2,106, 789 367, 265;710,119 163, 532 76,399 467, 538 213, 719] 25,435 72,393 Bills discounted for member banks 393, 016 1, 552, 835 334, 645 680, 201150, 711 65,889 396,695195,702 12,521' 49,764 Bills bought: In open market ___ 4,3431 6,170i 8,141 From other Federal reserve banks 1,7011 1,200 2,000 United States securities bought: In open market From other Federal reserve banks Municipal warrants bought Bills Discounted Eediscounted bills: Commercial and agricultural paper, n. e.s. ,740! 32,469! 1,278' 2,773 Demand and sight drafts Trade acceptances- Domestic Foreign _- Secured by U. S. Govt. obligations Member bank collateral notes: Secured by U. S. Govt. obligations 197, 554 1, 231, 588 263,305 595,524 57,4 11,980 304,188 133,622 8, 774 109, 736; Secured by eligible paper 2. 96, 561 Total . 393,016 1, 552, 835 334, 645 680, 20l|l50, 711 65,889 396, 695195, 702J 12,5211 49,764 Average rate (365-day basis) per cent Average maturity (in days): Member bank collateral notes 10. 41! 6.91! 7.66j Rediscounted bills 49.22J 43.26! 110.19! Number of member banks on Dec. 31 1,335: 609! 766! Number of member banks accommodated during month _ Per cent accommodated Bills Bought in Open Market From, member banks From nonmember banks, banking corporations, etc.: Bought outright 8, 3301 25, 388 13, 919; 3,132 Bought with resale agreement 30,457 184,118 7.413 Total. 31,985! 4,343; 6,170 Rates charged: 2>XA per cent.. 2>Ys per cent 3M per cent 48,500r~190f~488 9,028 V/% per cent 4 per cent 4Vg per cent 4M per cent 4^ per cent 4H per cent 4H per cent Average rate (365-day basis), per cent. 3.78] 3. 67 Average maturity (in days) 3 50.261 43.43 Class of bills: Bills payable in dollars 3— Bankers' acceptances based on— Imports 48,925 7,049 1,013! 1,825 3,107 4.004 Exports 57,013 10, 915 1,186] 1,810 2,347 4; 034 Domestic transactions 42,399 7,397 1,062 1,013 5,011 Dollar exchange 5,183 2,085 232 357 591 Shipments between or storage of goods in foreign countries— 23,772 •All other 1,395 Trade acceptances based on imports. 1,045 Bills payable in foreign currencies. 680 Total... U. S. Securities Bought in Open Market Bought outright: United States bonds 25, 369 220! 16,361 3,879| 146 Treasury notes 26,481 1,154! 6, 946 1,738 766 Certificates of indebtedness4 353,092 3,942| 256,221 5,9351I 2_, 6„15 Bought with resale agreement 58,662 1,0541 46,795 I Total.. 17, 69ft 1 Includes $1,200,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif., and $264,800 discounted for the Federal Inter-, mediate Credit Bank of Spokane, Wash. 2 Includes bills taken under a resale contract. 3 Exclusive of acceptances bought under a resale contract. ^ Includes special 1-day certificates issued by the Treasury to Federal reserve banks as follows: New York, $228,000,000; Philadelphia, $14,000,00^ Chicago, $13,000,000; and St. Louis, $3,000,000. Total $258,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

137 FEBRUARY,- 1927 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] FEDERAL RESERVE DISTRICT 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. i s I M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - Number of reporting banks: Dec. 22 i 38 66 65 Dec. 29 i 38j 65 Jan. 5 684 38 63 Jan. 12 i 38^ 67 63 Loans and discounts, gross: Secured by U. S. Government obligations- Dec. 22 __ 142,198 8,090 48,023 10,096 20,773 4,626 5,664 20,106 3,327 4,630 4,288 5,976 Dec. 29... 144,075 8,078 50, 572 10,236 20,872 4,730 5,591 20,958 6,437 3,334 4, ~"' 2,470 6,133 Jan. 5 148,353 8,196 53,408 10,652 22,204 4,602 5,."" 20,055 6,310 3,314 2,378 7,058 Jan. 12 154,193 8,521 62, 753 10,689 21, 767 4,805 5 18,087 6,274 "3,355 4,197 2,287 Secured by stocks and bonds- Dec. 22 5,576,090 358,11612,320,347 434,222 551,536 148,713 110,610 878,423 196,762 108,457 73,758 325,320 Dec. 29 5,708,092 360,180:2,426,384 439,658 558, 985 15], 173 111, 009 884, 762 196,533 71, 688107,410 74,438 325,872 Jan. 5 5,736,745 352,41812,472,776 444,300 560,988 152,209 108,704 868,282 193,082 72,454 110,891 72,141 328, 500 Jan. 12. 5,591,023 336,159:2,356,375 441,032 551,456 153, 719 110,637 865,316 193,230 75, 937111, 847 71,726 All other loans and discounts- Dec. 22 8,720,963 640,38812,874,487 377,523 788,415 356,633 400),, 329 1,, 278,828310,939 174,136 302,647 242,331 974,307 Dec. 29 8,717,058 642,426|2,888,077 369,208 794,375 354,217 400, , 271,857303,985 172,565 302,421 241,478 976,139 Jan. 5_ 8,700,249 640,328:2,888,578 364,913 788,552 352,939 4001,,6611,285,774 302,414 169,940 970,551 Jan. 12 _ 8,673,529 637,067 2,864,248 380,272 789,084 360,767 398,4911.,272, 641 165,553 297,387 238,948 960,902 Total loans and discounts: Dec. 22 14,439,2511,006,594 5,242,857 821,8411,360,724 50'}, 9725161,,603 2!,, 177,357514,300 247,289 415,734 320,377 1,305,603 Dec. 29 14,569,2251,010,68415,365,033 819,1021.,374,232 510,120 516\,, 910 2,177,577506,955 247, 587 414,495 318,3861,308,144 J J a a n n . . 5 12 . 1 1 4 4 , , 5 4 8 1 5 8 , , 3 7 4 4 7 5 l,0 9 0 8 0 1 , , 9 7 4 4 2 7 !5 !5 , , 4 2 1 8 4 3 , , 7 3 6 7 2 6 819,865 1. . , , 3 3 6 7 2 1 , , 3 7 0 4 7 4 5 5 0 1 9 9, , 2 7 9 5 1 0 5 5 1 1 4 4 :, , , 61 9 7 5 8 2 , 2 1 , 5 1 6 7 , 4 0 , 4 4 1115 5 0 0 1 7, , 6 8 7 0 3 6 2 2 4 4 5 4, , 8 7 4 0 5 8 4 4 1 1 2 3 , , 1 4 2 3 7 1 3 31 1 2 3 , , 9 4 6 6 1 5 1 1 1 1 , , 2 3 9 0 0 6 , , 4 1 6 0 0 9 U. S. Government securities: Dec. 22 2,337,282 135,826 951,636 87,021 263,111 62,i 38,019 279,783 61,862 64,406 98,524 50,150 244,264 Dec. 29 2,322,534 135, 705 951, 626 80,326 258, 700 64, 699 37,162 279, 568 59,846 63, 628 99,090 49, 904 242,280 Jan. 5. 2,285,162 128,489 940,660 84,224 254,735 64,798 36,362 254,099 64,778 63,685 96,698 48,560 248,074 Jan. 12.. „.. 2,309,660 133,728 932, 774 85,516 259, 915 63,037 37,081 •276,188 65, 961 63, 713 97, 625 49,513 244, 609 Other bonds, stocks, and securities: Dec. 22 3,176,976 255,7891,178,506 269,324 369,498 69,380 59,403 452,893 121,960 47,362 96,578 29,136 227,147 Dec. 29 3,218,290 257,513il, 193,705 272,787 370,160 69,437 60,578 473,457 120,750 48,202 95, 990 24,873 230,838 Jan. 5 __ 3,202,676 255,747)1,202,107 272,260 362,321 68,867 60,143 457,000 119,817 47,806 95,232 24,224 237,152 Jan. 12_- 3,233,308 254,2781,237,699 273,330 360,720 69,797 60,478 450,441 121,531 47,841 95,293 24,329 237,571 Total investments: Dec. 22 — 5,514,258 391,615i2,130,142 356,345 632,609 132,060 97,422 732, 676 183,822 111, 768 195,102 79,286 471,411 Dec. 29 5,540,824 393,218 2,145,331 353,113 134,136 97,740 753,025 180,596 111, 830 195,080 74,777 473,118 Jan. 5 5,487,838 384,23612,142,767 356,484 617,056 133,665 96, 505 711,099 184,595 111, 491 191,930 72,784 485,226 Jan. 12-_ . 5,542,968 388,006|2,170,473 358, 846 620,635 132,834 97, 559 726, 629 187,492 111, 554 192,918 73,842 482,180 Total loans and investments: Dec. 22 19,953,5091,398,20917,372,999 1,178,186 1,993,333 642,032 614,025 2, 910,033 698,122 359,057 610,836 399>, ,. 663 -1, ,777,014 Dec. 29 20,110,0491,403,902 7,510,364 1,172,215 2,003,092 644,256 614, 650 2,930, 687, 551 359,417 609,575 3_9._3,,_1_6_3 1-,,781,262 Jan. 5_ 20,073,1851,385,178 7,557,529 1,176,349 1,988,800 643,415 611,463 2, 88,: 686,401 357,199 604,057 386,249 1,791,335 Jan. 12 19,961,7131,369, 753 7,453,849 1,190,839 1, 982, 942 652,125 612,176 2,882, 673 695,165 356,399 606,349 386,8031,772,640 Reserve balances with Federal reserve bank: Dec. 22 1,656,621 94,717 762,075 79,304 126,476 35,871 39,305 246, 686 49,309 25,036 56,273 30,104 111,465 Dec.29 1,674,541 84,615 777,232 83,303 125,369 38,357 39, 674 247,042 46,987 25,225 52,365 29, 085 115,287 Jan. 5 1,749,783 92,851 840,296 85,851 120,181 43,929 44,044 254,883 49,396 24,632 55,392 29,945 108,383 Jan. 12-_ 1,682,734 94,460 785,918 86,014 125, 754 41,373 39,210 239, 955 47,602 23, 852 54, 772 29,482 144, 342 Cash in vault: Dec. 22 362,839 26,902 105,456 40,563 17,394 12,575 69,663 10,140 6,080 14,340 11, 878 25,159 Dec.29 323,310 24, 614 88,521 19,052 36,702 15, 898 12,086 59,272 9,167 7,161 14,161 11,175 25,501 Jan.5__ 308,207 23,080 84,197 17,133 33,665 15,154 12,780 58,185 8,458 6,342 13,183 11, 733 24,297 Jan. 12 296,776 22,078 80,039 17,028 32,622 14,844 12,079 55, 633 8,348 6,278 13,265 10,950 23, 612 Net deniand deposits: ; D D e e c c . . 2 2 2 9 1 1 2 3 , , 9 0 4 8 6 2 , , 5 0 7 5 6 8 9 8 0 9 1 4 , , 3 1 3 7 3 5 5 5 , , 6 7 2 7 6 2 , , 4 5 8 3 2 3 7 76 6 4 2 , , 7 4 0 0 4 8 | 1 l, , 0 0 0 ;1 2 0 , , 9 0 3 7 8 8 3 3 7 7 3 3 , , 9 2 9 4 7 7 3 3 3 3 0 4L 1, , , 0 82 0 6 7 1 1, , . 7 75 5 5 7 , , 7 6 3 0 5 2 4 4 0 0 5 7 , , 7 2 9 9 8 4 2 2 1 1 3 3 , , 8 3 6 7 0 9 4 4 9 9 0 0 , , 4 0 8 9 2 5 2 27 7 6 5 , , 7 1 0 4 4 8 J 7 79 9 9 6 , , 7 0 2 8 7 2 Jan. 5 13,219,527 914,485 5, 855i,, 5"9"6"779,043 1,010,946 384,000 342,343 I, 755,747 406,034 215,070 489,941 271,353 794,969 Jan. 12 13,189,240 905,i, 235 i5,, 764,133 806,7011,008,773 392,966 346, 654 1,. 770,027 409,056 215,281 492,367 270,845 807,202 Time deposits: Dec. 22 5,774,735 426,326 1L,, 340,672 247,783 207,390 223,032 1, 056, 550211,344 126,859 146,460 99,6951 881,824 Dec.29 _ 5,792,255 425, ,338,276 248,453 813, 743 207,811 223,776 1058,849 211,149 122,851 144,172 100,418 897,058 J J a a n n . . 5 1 2 5 5 , , 8 8 5 7 8 8 , , 7 2 4 8 9 3 4 4 2 2 3 2 , ,4211 , , 3 3 6 7 1 3 , , 3 1 8 0 6 8 2 2 5 5 2 2 , , 6 0 1 8 6 2 8 82 2 2 4 , , 4 6 4 4 1 4 2 2 1 1 1 0 , ,1 8 4 9 3 5 2 2 1 2 9 3 > ! , ,, , 2 6 3 6 4 3 1 1 ,0 0, 5 5 3 4 , , 3 7 6 0 3 2 2 2 2 2 0 5 , , 6 3 6 6 1 2 1 1 2 2 3 4 , , 6 5 9 9 9 4 1 ) 1 1 4 4 5 4 , , 4 5 2 3 4 6 1 1 0 0 1 2 , , 4 6 8 0 6 1 9 9 2 2 1 1 , , 8 22 0 4 0 Government deposits: Dec. 22.... : 163,365 17,702 49,160 22, 724 13,089 4,563 9,793 16,997 3,874 950 2,322 5,652j 16,539 Dec.29 163,065 17, 700 49,160 22, 724 13,089 4,528 16, 997 3,885 950 2,322 5,678! 16,539 Jan. 5 155,853 16,794 47,010 21,768 12, 508 4,326 16,089 3,750 2,218 5,400! 15,833 Jan. 12 119,595 12,271 36,206 17,034 v 9,681 3,443 7,614 11, 645 3,082 628! 1,697 3, 997! 12,297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—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 apolis K C a i nsas F c S i r s a a c n n o - Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations- Dec. 22 321, 537 18, 625 124, 7251 22,885 49,005 3,270 2,303 58. 569 11,497 1,100 Dec. 29.... 301, 295 16,401 110,851 22,! 53,470 2,377 2,233 58; 633 9,722 Jan. 5 271 999 3, 725 111,051 19, 845 34, 867 2,682 3,459 61,830. 5,791 Jan. 12 171,495 6,176 62, 801 6,140 34,432 1,960 1,705 31,439 5,744 All other- Dec. 22 182, 891 16,836 18,054 8,562 26. 925 9,973 23, 333 29, 765 19, 571 950 Dec. 29 210,170 24, 686 40,273 9,484 20, 696 8,361 22,197 45, 305 11, 265 1, 682 Jan. 5 174, 511 20, 550 37,171 5,033 17, 752 7, 19, 856 26,803 8,774 1, 650 Jan. 12 133, 754 11,472 41, 616 3,334 16, 679 4,350 14, 274 14, 845 5,102 500 Total borrowings from Federal reserve bank: Dec. 22. .._ 504, 428 35, 461 142, 779 31,447 75, 930 13, 243 25, 88, 334 31, 068 2, 050 48,442 Dec. 29 511,465 41, 087 151,124 32,333 74,166 10, 738 24, 430 103,938 20,987 1,682 42, 775 Jan. 5 446, 510 24,275 148,222 24,878 52. 619 10,288 23, 315 14, 565 1,650 45, 290 Jan. 12 305, 249 17, 648 104,417 9,474 5l| 111 6,310 15, 979 46, 284 10, 846 500 33,368 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars! CITY Boston Y N o ew rk 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 - Atlanta Chicago L S ou t. i s I M ap i o n l n is e-K C an it s y as Dallas F c S i r s a a c n n o - Number of reporting banks: Dec. 22 228 14 Dec. 29 228 14 Jan. 5 226 13 Jan. 12 13 Loans and discounts, gross: Secured by U. S. Government obligations— Dec. 22 95, 507 45,120 9,406 6,297 716 1, 669 14,466 4.587 1,168 1,076 2, 326 1, 977 Dec. 29 96, 531 47,690; 9,551 6,329 1.666 14, 574 4', 426 1.162 1,075 479 2,148 Jan. 5 101, 032 6,734 50,556 9,925 7,735 i;666 14, 648 4,316 1.163 1,160 382j 2,062 Jan. 12 108, 525 7,059 59, 796 9, 956 7, 512 1,651 12, 703 4,282 1, 201 1,128 387 2,024 Secured by stocks and bonds- Dec. 22_. 3, 931, 903 269, 006 2, 021, 018389, 797 186, 754 23,669 16,404 660,899 144,476 27,974 23, 089 17, 405151,412 Dec. 29 4, 054, 647 227711, 443 2,121, 298 394, 381 189, 254 23, 980 17, 513 143, 650 30, 657 24, 028 17,385 154, 572 Jan. 5 4, 086, 829 264,431 2,174,321 394, 600 193, 638 23, 629 13, 929 649, 812 140,085 31, 535 28, 551 17,231 155, 067 Jan. 12 3, 944,187 248,775588 22,, 060,493 384, 980 188,151 24, 742 16, 563 647, 211 140, 481 34,853 28, 559 17, 015152,381 All other loans and discounts— I Dec. 22 5, 381, 054 488, 669;2, 526,109 337, 005 71, 247i 53,110 719, 257 178, 946 92, 510| 86,133 73,372 372, 013 Dec. 29 5,378,193 493, 252|2, 541,409 329, 511 384,163 70, 518J 52, 543 710, 938 172,116 92,41l! 85,286 73,419 372. 627 Jan. 5 5, 371,161 488, 684 i 2, 536,592 326, 025 379, 079 70, 048 53,956 723,630 171,685 91,950! 8"'4 ,3~3~3~ 72, 986372,193 Jan. 12 5,340, 005 485, 916 2, 509,400 337, 359 381, 778 71, 394 56, 715 708,129 177,816 88,841 83, 070 72,474 367,113 Total loans and discounts: Dec. 22 9,408,464 764, 374 4, 592, 247 736, 208 575, 734 95, 632 71,183 1,394, 622 328,, 009121,652,1 110,298 i3,103| 525,402 Dec. 29 9, 529,371 771,36114,710,397 733,443 579, 746 95, 2631 71, 722 1,391, 998 320,192 124,230i 110,389 91, 283529,347 Jan. 5 9, 559, 022 759,849!4, 761,469 730, 550 580,452 94,362| 69, 5511, 388, 090 316, 086 124,648! 114,044 90,599 529, 322 Jan. 12 9,392,717 741, 733 4,629, r ~ 732, 295 577,441 96,962j 74,929 1, 368, 043 322, 579124,8951 112,757 89,876 521, 518 U. S. Government securities: ! Dec. 22 1, 422, 737 66,483 857,185 72,446 61, 359 3, 295 i 10, 370 142, 653 44, 008 26, 555 30,277 12, 952 95,154 Dec. 29 1, 413,126 66,375 860,279 65, 437 58,421 3,295| 10, 217 143, 700 41,848 25,864 30, 779 12,838 94,073 Jan. 5 1, 402,382 60,364 854,055 69,424 60, 660 3, 237j 9,360 134,050| 47,010 26, 060 30, 654 12, 532 94,976 Jan.12 1, 410, 688 65,610! 842, r" 70, 394 62, 051 3, 2351 9, 384 146,310; 47,875 26, 066 31, 624 12,579 92,867 Other bonds, stocks, and I securities: Dec. 22 1, 740, 305 114, 204 864, 770 225,155 92.151 11, 696j !, 855 211,117 73,076 20,138 23, 076 8,594 87,473 Dec. 29 1, 778. 881 114, 677 880, 611 228, 552 92,445 11, 632| 1,115! 231,594 73,187 20,083 22, 554 4,494 89, 937 Jan. 5 ... 1, 762, 327 113,309! 884,046 228, 527 91. 906 10, 565i \, 793! 215, 004 72, 407 20,020 22, 508 3; 391 91,851 Jan. 12 1, 793, 804 111,059!I 921,818 229, 460 90,940 10.213! 1,480! 210,232 72, 338 20,186 22, 374 3,344 93, 360 Total investments: Dec. 22 3,163,042 180, 687 1, 721, 955 297, 601 153.510 14, 991 19, 2251 353,770 117,084 46, 693 53, 353 21,546 182,627 Dec. 29 3,192, 007 181. 052 1, 740, 890 293. 989 150, 866 14, 927 19,332; 375,294 115, 035 45, 947 53, 333 17,332 184.010 J Ja a n n . . 5 12 3 3, , 1 2 6 0 4 4 ', , 4 7 9 0 2 9 1 1 7 7 3 6 , , 6 6 7 6 3 9 1 1 , , 7 7 6 3 4 8 , , 5 1 1 0 1 1 2 2 9 9 7 9 , . 8 9 5 5 4 1 1 1 5 5 2 2 , , 9 5 9 6 1 6 1 1 3 3 , . 8 4 0 4 2 8 1 17 8 , f 1 8 5 6 3 4 | j 3 3 4 5 9 6' . , 0 5 5 4 4 2 1 12 1 0 9 , , 4 2 1 1 7 3 4 46 6 , , 0 2 8 5 0 2 53,162 1 15 5 , , 9 9 2 2 3 3 ! | 1 1 8 8 6 6 ; , 2 8 2 2 7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL. RESERVE BULLETIN 139 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] CITY Total San 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 - 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 r is a c n o - Total loans and investments: Dec. 22_ .._ 12,571, 506 945, 06116, 314,2021,, 033, 809 729,244 110, 623| 90),, 408 1748, 392 445,093 168,345 163, 651 114,649i 708,029 Dec. 29 12, 721,378 952, 413 6,451,2871,, 027, 432 730,612 110,190i 91,, 054 1767, 292 435, 227 170,177 163, 722 108,615 713,357 Jan. 5 12, 723, 731 933, 522J6, 499,5701, 028, 501 733, 018 108,164 87, 704 i;~ ~7y3,7 ;144 435, 503 170,728 167,206 106,522 716,149 Jan. 12 12, 597,209 918, 402J6, 394,200 I!, 032,149 730. 432 110,410 92, 793 1 7-24", '585 442, 792 171,147 166, 755 105,799 707,745 Reserve balances with Federal reserve bank: Dec. 22 1,188, 718 74,478 702, 992 73,101 40,854 4, 7,053 170, 341 33, 370 12,788 18,003 7, 43, 063 Dec.29. 1, 204, 939 72, 0111 716,245 75, 762 39, 035 6,685 5,794 177,600 30, 766 13,162 16, 821 7,603 43,455- Jan. 5 1,270, 326 71,2981 775,837 77, 843 38, 805 7,912 7,898 179, 719 32, 672 12,270 16,153 7,878 42, 041 Jan. 12____ -_--. 1,201,828 72, 532 722, 509 77, 937 39, 518 6,621 6,124 167,451 31,458 11, 442 15, 595 7~" 43,551 Cash in vault: Dec. 22 -. 180, 335 13, 274 85,113 18, 869 12,000 1,275 1,478 30,188 1,911 3,381 1,450 6,411 Dec. 29 154,438 12, 025 71,277 15, 842' 11, 658 1,018 1,273 24,352 4,169 1,813 3,048 1,301 6, 662 Jan. 5_. .._ __. 144,191 10, 528 67,130 13,806 10, 231 863 1, 321 24,410 3,842 1,734 2,751 1,239 6, 336 Jan. 12 _ 139,042 9,905 64, 460 13, 950 10, 073 853 1,166 23,101 3,683 1,748 2,691 I', 323 Net demand deposits: Dee. 22 -- 8, 924,177 683, 710 5, 060, 338 682,648 256,232 64, 067 54, 0761,192,306 280, 901 102,304 155, 345 78, 032 314, 220 Dec.29 9,066,421 676, 558 5,202, 540 680, 862| 256,374 66,141 51, 072., 199,202 276, 870 103, 771 155, 783 75, 614 321, 634 Jan.5 9,148, 644 687, 510 5, 274,855 690, 689; 261,151 66, 049 53,"" L, 185, 586 277, 796 105, 656 155,2931 73,498 317, 292 Jan. 12 _ 9,097,158 678, 581 5,191,14" 710,695 262,092 67, 634 57, 752:, 193,074 278, 546 106, 765 157,089 71, 087 Time deposits: Dec/22 ..._ 2, 845,236 214,556 899,512 200,219 445,383 29,441 30,279 524, S07 120,298 55,630 16, 5831 16,703 291,725 Dec. 29__ „ 2, 855,977 213, 954 897, 009 197, g 453,490 29, 64f 30,407 527, 547 120,061 52,148 15, 677 17,625 300,530 Jan. 5 __ __. 2, 901, 551 212, 558 921,757 200,197 460, 579 29, 506 30, 276 523,495 127, 750 53,715 16,121 17,866 307,731 Jan. 12__ 2,896,376 210,451 922, 559 198,178 456,946 29, 583 30, 360 520, 874 132, 835 53, 876 15,961; 18,454 306,269 Government deposits: Dec. 22 120, 807 17, 096 45,326 21,243! 4,527 386 1,863 8,562 3,604 55' 2, 0211 3,585 12,037 Dec.29 _ 120, 817 17,095 45, 326 21,243! 4,527 386 1,863 8,562 3,615 55' 2,021! 3.585 12,037 Jan. 5 115,430 16,217 43,356 20,350 4,385 370 1,783 8,073 3,499 533 1,927 3,411. 11,526 Jan. 12 11,828 33, 518 15,932 " 276 1,383 5,644 2, 925 415 1,457! 2,5341 8,976 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations- Dec. 22 186,016 15,075 101,450 20,985 3,195 17,575 7,326 100 l,130L 19,150 Dec.29 163,570 12,151 81, 750 22,024 5,450 60 18,249 5,480 18,406 Jan. 5_.._ _-.. 175,383 1,175 97,200 18,370 5,740 60 29, 730 1,600 3,125 . 18.383 Jan. 12 87,490 6,026 49,100 5,330 4, 770 65 5,440 1,315 1251. 15,319 All other- Dec. 22 100, 726 15,527 15,450 8,054 18,047 2,620 1,014 7,412 9,806 950 376 i 809 20,661 Dec.29 _ 135,897 24,243 36,250 9,484 9,702 1,430 2,903 24,507 6,284 1,682 638j 70 18,704 Jan. 5 _. 103,012 19, 972 33, 250 5,033 8,578 1,100 2,353 7,971 3,300 1,650 925! 248 18,632 Jan. 12 84, 974 11,006 39, 738 3,334 10,558 1,055 2,646 1,650 500 8011 1,380 12,306 Total borrowings from Federal reserve bank: Dec. 22 286,742 30,602 116,900 29,039 21,242 2,650 1,014 24,987 17.132 1,050 1,506 809 39, 811 Dec.29 299,467 36,394 118,000 31,508 15,152 1,490 2,903 42, 756 11,764 1,682 638 70 37,110 Jan. 5. 278,395 21,147 130,450 23,403 14,318 1,160 2,353 37,701 4,900 1,650 4,050 248 37,015 Jan. 12 _•__ 172,464 17,032 8,664 15,328 65 1,055 2,965 500 1,380 27,625 Due to banks: Dec. 22 2,119, 940 120, 6511,031,911 161,470 43, 785 32,309 18, 533 342, 768 79,255 51,909 102,132 31, 983 103, 234 Dec. 29 _. 2,198, 937 124,851 082,464 If 5,499 45, 732 31,809 18,418 363,067 76, 658 51,933 98,439 31,468 108, 599 Jan. 5 2,358,428 140,489 L183,040 177,864 49,149 34,338 20,113 77, 957 55,223 104,008 34,618 107, 730> Jan. 12 _ 2,311,831 137,4801)133, 644 173, 879 49. 483 19, 767 378, 260 89,322 52.252 100, 770 32, 757 111, 148 Due from banks: Dec. 22 . 571, 927 34,160 93,412! 54, 530 25, 062 16,955 11,736 150, 478 29, 544 26, 721 46, 014 25, 255 58, 060: Dec.29 561,816 38,240 96,379 53, 597 24, 046 12, 217 150, 876 28.133 20.253 42, 662 24,191 54, 254 Jan. 5 627,366 38,384 108,932 63,922 31,470 21,821 16,065 164,357 32, 578 25, 242 46,407 27, 692 50, 496 Jan. 12 .. 588,444 44, 695 99,375! 51,917 28,116 19, 011 14,159 146, 391 31,119 23,918 46, 961 30,140 52, 642 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 F a o c r c o o u w n n t o a f c t o F c o o w u o u t r n - n o t f- o a f c F c o o t o h u r e n r t s Total F ac o c r o o u w n n t o a f c t o F c o o w u o u t r n - n o t f- o a f c F c o o t o h u r e n r t s Total ! For a o c t F c h o o o e f u r r n s t banks banks banks Dec. 22 2, 723,465 906,973 1,037,1C3 779,389 2,037,857 617,885 727,674 692,298 685,608 289,088 ! 309,429 87,091 Dec.29 2. 787, 761 1,008,235 1,021,747 757,779 2,108,872 721, 507 714,474 672,891 678,889 286,728 | 307,273 84, 888 Jan. 5_ . 2, 818, 561 1,037,311 1,049,246 732,004 2,137,288 747,841 741,963 647,484 681, 273 289,470 ; 307.283 84, 520 Jan. 12 2, 791,135 947, 891 1,100,475 742. 769 2,105,791 652, 781 793, 891 659,119 685, 344 295,110 i 306, 584 83, 650 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL, RESERVE BULLETIN FEBRUARY, 1927 ALL MEMBER BANKS DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits 1926 1925 1926 1925 Sept. 22 Oct. 27 Nov. 24 Dec. 29 Dec. 23 Sept. 22 Oct. 27 Nov. 24 Dec. 29 Dec. 23 Boston __i 1,399,250 1,442,940 1,411, 992 1,373,855 1,390,238 871,559 875, 910 878,068 866,485 795,819 New York __J 6,340,656 6,339,173 6,362,887 6,496,179 2,370,375 2,399, 545 2,430,864 2,455,797 2,180,939 Philadelphia i 1,209,239 1,218,407 1,213,823 1,211,199 1,183,178 928,265 938,499 945,184 936,928 •Cleveland ! 1,548,821 1, 533,394 1,503,663 1,481,028 1,467,169 1,427,422 1,428,312 1,429,311 1,423,986 1,326,753 Richmond __j 613,973 618,930 621,446 616,159 610,641 528,354 527,151 527,102 526,144 509,524 Atlanta I 633,564 619,409 631,243 767, 989 438,738 441,691 438,476 437,329 443,793 Chicago I 2,543,217 !, 504,864 2,473,717 2,448,535 2,429,093 1, 942,804 1, 946, 769 1,951,275 1, 938,233 1, 883,019 S~"t. L' ouis' 718,580 731,668 726,420 736,752 757, 463 487,071 489,760 489,663 477, 984 447,233 Minneapolis. 420,655 440,625 424,095 466,046 436, 744 435,105 432,860 433,924 434,857 Kansas City _8.7_8,,_4_5_0 875,044 863,527 869,191 870,557 325,290 326,543 322,942 316,270 306,105 Dallas I 612,834 626,554 635,704 632,391 668,749 165,732 164,972 165,713 161,503 163,290 San Francisco j 1,314,693 1,321,707 1,343,213 1,335,638 1,335,362 1,429,159 1,427,516 1,426,094 1,455, 551 1,301,722 Total ! 18,233,932 18,280,362 18,216,426 18,394,549 18,442,664 11,351,513 11,401,773 11,437,552 11,430,134 10, 636, 890 Banks in cities and i towns having a i population of— i Less than 5,000.-J 1,702,490 1,710,100 1,694,704 1,660,155 1,755,846 1,802,329 1,809,220 1,803,372 1,801,754 1,733,631 5,000 to 14,999 1,144,075 1,142, 778 1,137,107 1,128,867 1,160,017 1,180,084 1,180,946 1,184,709 1,182,386 1,113, 508 15,000 to 99,999___. 2,364,987 2,357,295 2,342,127 2,342,800 2,419, 650 2,244,200 2,260,658 2,262,814 2,238,458 2,136,370 100,000 and over.. 13,022,380 13,070,189 13,042,488 13, 262,727 13,107,151 6,124,900 6,150,949 6,186,657 6,207, 536 5, 653,381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

141 FEBRUABY, 1927 FEDERAL RESERVE BULLETIN DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CENTERS [In thousands of dollars] Number 1926 1925 Federal reserve district of centers October November December October November December No. 1—Boston 2,970,266 2, 666,956 2,808,774 2,903,991 2, 644,630 2, 711, 056^ No. 2—New York 29, 606,350 26, 555,199 33,440,912 29,811,977 27, 771, 583 31,147,498 No. 3—Philadelphia... 2,332,849 2,108,355 2, 500,675 2,298, 660 2,007,971 2, 405, 369 No. 4—Cleveland 2,637,978 2,386,738 2, 786, 306 2,661,005 2,341,146 2, 652, 829< No. 5—Richmond . 826,161 732,881 875,117 844, 702 769, 680 878, 411 No. 6—A tlanta 1, 316, 582 1,100, 578 1,257, 765 1,429, 618 1,206,911 1, 365,832 No. 7—Chicago 5, 664,161 5, 226, 833 6, 085, 687 5, 775,228 5,087,127 5, 850, 726. No. 8—St. Louis 1,329, 556 1, 229,843 1, 306, 535 1,371, 371 1,223, 510 1,386, 724 No. 9—Minneapolis.__ 783,082 712, 588 748, 641 877, 313 783,325 849,658 No. 10—Kansas City.. 1, 314, 732 1, 239,058 1, 330, 689 1,278,302 1,139, 529 1, 302,807 No. 11—Dallas. 690,089 621,781 678,852 684,766 617,555 669,918 No. 12—San Francisco 3,036, 558 2, 777, 562 3,220, 814 2,992,897 2, 750,830 3,150, 544 Total 141 52, 508,364 47, 358, 372 57,040,767 52,929,830 48,343, 797 54, 371, 372 New York City 1 28, 754, 809 25, 790,318 32, 576, 802 28, 916,175 27,009,433 30,313,358. Other selected cities.__ 140 23, 753, 555 21, 568,054 24,463,965 24, 013,655 21, 334, 364 24, 058, 014 WEEKLY SUMMARY FOR BANKS IN 259 CENTERS [In thousands of dollars] Num- 1926 1927 1925 1926 Federal reserve district ber of centers Dec. 22 Dec. 29 Jan. 5 Jan. 12 Jan. 19 Dec. 23 Dec. 30 Jan. 6 Jan. 13 Jan. 20 No. 1—Boston 16 714,868 574, 548 767, 215 653, 269 733,776 650, 974 540,444 835,661 685,086 739,518 No. 2—New York. 14 8,033,863 6, 640,171 9,143,239 7,309,775 7,790,879 7, 288, 352 5,979,812 7,825,641 7,432,705 7,709, 652 No. 3—Philadelphia.... 18 641,703 588,167 707, 254 606,144 622,348 617,077 495, 756 648, 538 538, 607 597,375 No. 4—Cleveland. 22 751,981 659,344 1,045,028 749, 218 693,282 703,224 619,308 989, 482 676, 547 746,197 No. 5—Richmond 23 356,422 283, 603 394,640 326, 580 304, 719 351, 056 253, 256 374,298 320,418 327,894 No. 6—Atlanta 24 305,099 255,756 346,498 325, 536 271,843 332,204 262,392 394,699 322,754 314, 094 No. 7—Chicago 36 1,515,080 1,241,301 1,632,888 1,370,403 1,364, 916 1,456, 731 1,171,090 1, 535,154 1,371, 646 1,423, 723 No. 8—St. Louis 15 339,454 268, 702 402, 955 324,881 316,119 345,478 272,212 403, 244 339, 690 346,04& No. 9—Minneapolis._„. 17 205,827 168, 669 182, 772 177,208 164, 956 199,843 179, 825 190,667 186, 028 188, 834 No. 10—Kansas City.._ 30 340, 733 284, 695 389, 016 339, 567 323,551 328,749 285,318 362, 221 324,197 322,163 No. 11—Dallas 16 190, 337 156, 769 224,119 188, 641 180,460 186, 708 152, 746 221, 517 183, 670 184,728 No. 12—San Francisco__ 28 764,847 647,039 831,429 762, 719 790,862 725,302 588,496 768,333 748, 875 742,478 Total 259 14,160, 214 11,768, 764 16,067,053 13,133, 941 13,557, 711 13,185,698 10,800,655 14, 549,455 13,130, 223 13, 642, 702 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES [In thousands of dollars] No. 1—Boston 506,828 408,778 550,194 453,745 522,325 443,543 367,546 584,600 477,056 521,120 • No. 2—New York 7,645,303 6,329, 984 6,950,826 7, 395,024 6,931,626 5,693,219 7,384.800 7,061,120 7,333,894 Buffalo. 76,745 72,150 103,836 89,643 87, 966 79,449 71,965 116', 603 96,323 93,118 No. 3—Philadelphia... 477,358 450,258 545,431 431,688 470.185 470,318 377,439 486,206 393,741 455,519 No. 4—Cleveland 180,889 179,824 318,173 189,104 176, 748 159,251 154,768 294,665 163,299 178, 250 Cincinnati 90,778 82,715 138,962 96,361 90,367 88,728 81,022 130,526 85,243 107,838 Pittsburgh 247,412 206,754 267,682 211,420 212, 794 236,673 197,500 263,408 211, 360 235,621 No. 5—Richmond 39,010 29,226 41,208 35,155 29,290 40,397 23, 936 42,476 31,878 36,549 Baltimore 111,428 92,944 139,153 97,738 99,327 105,175 80,926 118,199 101,651 105. 707 No. 6—Atlanta 46.164 34,944 45,251 36,406 33,529 45,379 32,316 44,491 38,100 36,967 Birmingham _._ 35; 010 27,300 43,060 43,250 27,180 36,490 24,550 47,930 36, 290 31,590 Jacksonville 26,279 19,037 26,623 23, 524 21,149 34,824 25,520 34, 550 33,693 Nashville 18,397 15,583 20,363 20,794 17,916 18,105 15,813 19, 575 19,987 18,747 New Orleans... 78,419 78,539 102,914 87,574 84, 841 86,548 76,874 124,143 83,315 92,222 No. 7—Chicago 942,076 789,129 1, 047,240 815,475 823, 826 866,158 732,323 964,003 836, 536 865,400 Detroit ._ 228,333 166,901 216,021 190,803 198,483 252,865 172,058 201,060 188,255 212,864 No. 8—St. Louis 188,400 155,100 251,100 176,400 181,300 188,000 151,000 241,800 182,000 193,000 Little Rock 19,764 16,502 20,498 18, 556 24, 529 17,491 20,464 21,060 20,647- Louisville 51,310 36,573 49,107 45,736 41, 721 49,118 36, 692 49,872 45,837 49,925 Memphis 38,409 27,073 41,615 37,306 31, 792 41,492 33,921 46,067 46,116 38,650 No. 9—Minneapolis... 107,409 89,013 92,177 85,901 81, 055 100,065 96,174 98, 559 92, 619 93,828 Helena 2,139 1,715 2,036 2,098 1,979 1,997 1,948 2,313 2,395 1,827 No. 10—Kansas City... 94,771 78,244 101,841 83,515 88,400 96,646 79,988 101,220 99,354 Denver. 46,793 32,399 54,822 48,490 36, 938 45,815 33,401 43,145 40,390 42,707' Oklahoma City 23,430 19,159 31,184 25,320 23, 850 21, 562 18,128 31,474 24,143 22,552' Omaha 43,950 37,992 43,146 45,939 47, 202 46,168 41, 517 46,079 46,202 42,271 No. 11—Dallas _ 53,556 43,845 68,485 52,019 51,255 57,501 * 47, 691 70,135 58,229 62,744 El Paso 8,281 6,142 8,120 8,462 7,866 8,984 7,480 7,795 8,560 8,431 Houston _. 42,124 32,894 51,099 38, 517 32,135 37, 679 31,643 43,184 30,813 35,772 No. 12—San Francisco . 246,807 224,359 269,973 241,233 255, 637 233,212 192,222 258,416 240,197 246,897 L P Sa o o l s r t t l A L a n n a g k d e e l e C s ity. O 4 O 1 A 0 6 , C , 8 9 Y 1 5 XO 9 0 1 L 7 i 3 1 0 O 5 7 y , , 1 4 o 0 6 q ov 7 5 n u * 2 2 4 4 7 1 2 , , , 3 3 5 6 4 0 3 7 9 2 4 2 1 0 1 7 , , , 3 1 2 3 0 3 9 3 0 23 3 1 3 8 8 , , ,3 7 9 5 1 6 5 0 1 2 4 0 1 0 5 9 , , , 6 2 2 9 5 2 9 8 1 1 3 2 6 3 1 8 , , , 0 1 4 4 6 7 2 7 2 21 2 3 1 3 8 , , , 6 2 7 1 6 0 2 7 0 21 3 1 9 0 7 , , , 5 4 6 1 2 5 8 3 3 2 4 0 1 8 0 9 , , , 3 9 5 5 2 3 6 0 2 Seattle 49,037 39, 618 49,642 38,491 49, 635 49,507 36,185 50,398 50,850 46,974- Spokane 13,838 10,594 13,940 16, 059 16, 786 12,441 10,307 13,335 14,188 13,781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN FEBRUARY, 1027 MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES The following table shows the prevailing rate charged customers on various classes of loans by representative banks in the cities indicated. This table includes some revisions of the rates previously published in the BULLETIN for the months June to December and represents the result of an attempt to improve the accuracy and comparability of these rates. Some changes in the method of reporting rates were inaugurated in June and the revisions have not been carried back to any earlier period. Prevailing rates charged customers during week ending with the 15th day of the month Loans secured by District and city Year and month com Pr m im er e cial c p h r a i n m g e e c s o t l o la o te k r al ex- sec L u o re a d n s by Cattle loans loans warehouse receipts Demand Time DISTRICT, 1 Boston.., 1926—June July.. August September. 5 -5M October November.. December.. 5 —5/^ 1927—January New York. 1926—June _ July ._. 4^-5 August 43^-5 September. 5 October 4%-5 November.. 5 December.. 5 1927—January Buffalo. 1926—June. - 5 -6 July 5 -6 August 5 -6 September. 5 -6 October..,. 5 -6 November _ -6 5 -6 December.. 5 -6 1927—January 5 -6 Philadelphia. 1926—June.. 5 July _. 5 August 5 September. 5 October 5 -6 November. 5 -5^ December.. 5 -5V 1927—January 5 -5H Cleveland. 1926—June _. 5H-6 July 6 5 -6 August 6 . 5 -6 September. 6 5 -6 October 6 5 -6 November. 5 -6 5 -6 December.. 6 5 -6 1927—January 5 -6 5 -6 Cincinnati. 1926—June K6 6 -7 July 5H--6 5 -5H 6 -7 August J4 5 -6 6 -7 September. 6 -7 October 5 -6 6 6 -7 November. 534-6 5^-6 6 -7 December.. 5K-6 6 -7 1927—January 5M-6 5 -6 6 -7 Pittsburgh. 1926—June 5 -6 0 -6 5 -6 July 5 -6 5 -6 5 -6 . August 5 -6 5 -6 5 -6 September. 5 -6 5 -6 5 -6 October 5 -6 5 -6 5 -6 November. 5 -6 o -8 5 -6 December.. 5 -6 5 -6 5 -6 1927—January 5 -6 «P -6 5 -6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL EESEKVE BULLETIN 143 Prevailing rates charged customers during week ending with the 15th day of the month District and city Year and month Loans secured by prime stock ex- Loans change collateral secured by warehouse Cattle loans receipts DISTRICT; £ Bichmond. 1926—June July August September. October November. December. _ 1927—January Baltimore-. 1926—June _ July August September. October November. December.. 1927—January Atlanta- 1926—June July ._ August September. October November. December. . 1927—January Birmingham. 1926—June July August September. October November _ December.. 1927—January 5 -6 Jacksonville.. 1926—June July August September. October November. December. _ 1927—January Nasnville... _ 1926—June July August __ September.. October... November December 1927—January New< Orleans.. 1926—June _. July August September October November December 1927—January DISTRICT 7 Chicago.. 1926—June July August September. October November. December.. 1927—January Detroit- 1926—June July August September. October November . December.. 1927—January Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL. RESERVE BULLETIN FEBRUARY, 1927 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 r m a im n er s e cial Int l e o r a b n a s nk c p h r a i n m g e e co st ll o a c te k r al ex- s w e a c L r u e o r h e a o d n u s b s y e Cattle loans receipts Demand Time DISTRICT 8 St. Louis.. 1926— Ju Ju ly ne. 4 5 34 -5 -5 )4 ^ 4^-5 5 5 - - 5 5 Y H 2 5 5 - - 6 6 August 4M-5 5 -5^ 4^-6 5 -6 September. 43^-5 5 4-6 2 4^-5 5 -5H N D O e o ct c v o e e b m m er b b e e r r . . . 5 5 5 - - - 5 5 5 V V )4 2 2 4 5 5 % - - 5 5 -5 y 3 2 y ^ 2 5 5 - -5 5 > ^ | 4 4 M M - - 6 6 5 5 1 34 J- - 6 6 1927—January 5 -5Y2 5 -5M 434-6 534-6 Little Rock. 1926—June 6 6 -7 6 -& July 6 6 -7 6 -7 6 -7 August 6 6 6 -7 6 -8 September _ 5 -6 6 6 6 -8 8 October 6 6 6 -8 November _ 6 6 5 -8 December.. 6 6 -7 6 -8 1927—January 53/2-6 6 6 -7 6 -8 Louisville_. 1926—June. 5 5 -6 5 -6 July 5 -5H 6 5K-6 August 5 6 5K-6 September _ 5 5 -53^ 5 -6 October 5^-6 5 5 -6 5 -6 November. 5 -6 5 5 -6 December.. 5 534-6 1927—January 534-6 5 53^-6 DISTRICT 9 Minneapolis 1926—June 4M-5 4M-53^ 434-5 4J4-5 July 434-5 5 -5iJ 434-5 434-514 A S O e u c p t g o t u e b m s e t r ber _ 4 4 5 3 M 4 -5 - - 5 5 3^ 5 5 ^- - 6 5 Y 2 2 4 5 % - - 5 5 )4 4 5 5 % - - - 6 5 5 y y 2 2 N D o ec v e e m m b b e e r r . . . V 5 A - - 5 5 V V2 2 5 5 - - 6 6 4 4 3 3 4 ^ - - 5 5 ^ ^ 5 5 - - 6 6 4 4 ^ M 1- - 5 5H 1927—January.... 5 -53^ 434-5^ 5 -6 Helena,. 1926—June 8 7 -8 8 8 7 -8 8 July 6 -8 6 6 -8 6 -8 6 -8 7- 8 August 6 -8 6 -8 6 -8 6 -8 7- 8 September. 6 -8 6 -8 6 -8 6 -8 7- 8. October 6 -8 6 -8 6 -8 6 -8 7- 8- November _ 8 8 6 -8 6- 8 December.. 8 8 6 -8 6- 8. 1927—January DISTRICT 10 Kansas City. 1926—June. _. 5 5 -6 5 -6 6- 7 July 6 5 5 -6 5 -6 6- 7 August -53^ 6 5 5 -6 5 -6 6- 7 S O e c p to te b m er ber.. -5V2 6 6 5 5 5 5 - - 6 6 5 5 - - 6 6 6 6 - - 7 7 N D o ec v e e m m b b e e r r . . . . . -5V2 6 6 5 5 5 5 - - 6 6 5 5 - - 6 6 6 6 - - 7 7 1927—January 6 5 5 -6 5 -6 6- 7 Denver. 1926—June 6 6 6 6 6- 7 July 6 6 6 53^-8 6- 7 August 6 6 6 5H-6 5^-8 6- 7 September. 6 6 6 6- 7 October 6 6 6 51J-8 6- 7 November.. 5 -6 6 -6^ 5 -7 5 -7 6- 8 December.. 6 6 53^-6 6- 8- 1927—January 6 5 -6 5 2-6 5^-8 6- 8- Oklahoma City. 1926—June 6 6 6 6- 8 July 6 -7 6 -7 6 6- 8. August 6 -7 6 -7 6 -8 6- 8 September. 6 6 -7 6 6- 8. October 6 -7 6 -7 8 6-8 November.. 5 -6 6 -7 6 7- 8 December. _ 5 -6 6 -7 6 7- 8- 1927—January 5 -6 6 -7 6 7- 8 Omaha.. 1926—June 434-6 6 53^-6 5 -6 8. July.. 434-6 6 -7 5^-6 5 -7 7- 8 August 434-6 6 5M-6 5 -6 8 September . 5 -6 5^-6 5V-6 5^-6 5 -6 7- 8- October 5 -6 5)4-6 5^-6 5 -6 7 November. 5^-6 53^-6 5 -7 7 December.. 434-6 5 -7 7 1927—January 434-6 ! 5M- 5^-6 6 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1927 FEDERAL RESERVE BULLETIN 145 Prevailing rates charged customers during week ending with the 15th day of the month District and city Year and month Prime commercial loans DISTEICT 11 Dallas 1926—June July 5 -6 August i-5 September.- _ . ._ 4^ October 5 2-6 November 5 -6 December . 41i-6 1927—January 4^12-6 El Paso... 1926—June 6 -8 July 6 -8 August 8 September 8 October 8 November 8 December 8 1927—January . 7 -8 Houston.... «... 1926—June . 5 -6 July 5 -6 August. 5 -6 September 5 -6 October. 5 -6 November.. 5 -6 December 5 -6 1927—January 5 -6 DISTRICT 12 San Francisco. 1926—June.-_..__ 5 July 5 -&A August 5 S O e c p to te b m er ber. ._ 5 5 -5V2 N D o ec v e e m m b b e e r r . _ 5 5 -§y2 1927—January _ _ 5 -6 Los An^elAS 1926—June fi July . August September October November .. _. December. . 1927—January Portland 1926—June . . July August September __ October November. _ December 1927—January Salt Lake City 1926—June July 5 August September.. October November __ . December 1927—January Seattle 1926—June July August 5 September . 6 October 6 November 5 December. _. 6 1927—January.... Spokane 1926—June July August . September October November December 1927—-January 6 > CO COCC fi 6 6 6 6 6 6 5 6 fi 6 fi -fi cococc 6 fi 6 6 6 -6 -7 -7 -7 -7 6 6 6 6 CO COCC Interbank loans 4 -5 5 -6 5 -6 5 5 5 5 5 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 5 5 5 5 5 5 5 5 5 -6 5 -6 5 5 -6 5 5 5 5 -6 6 6 6 6 6 6 6 6 6 6 6 6 fi 6 fi 6 6 fi -7 6 6 6 fi 5 fi 6 5 fi 6 -7 CO COCC 6 6 6 _gi/ —&/> —6V 6 -7 6 co cocc Loans secured by prime stock exchange collateral Demand Time 6 6 5 -7 5 6 6 -7 6 6 -7 6 6 -7 6 6 -7 6 5 -7 5 8 6 7 -8 6 8 8 8 8 8 8 5 -6 5 5 -6 5 5 -6 5 5 -6 5 5 -6 5 5 -6 5 5 -6 5 5 -6 5 5 -6 fi 5 -6 5 5K-6 5 5 -5-Hs 5 5 5V-6 5 5 -6 5 5 -6 5 6 -7 fi 6 -7 6 6 -7 6 6 -7 6 6 -7 6 6 -7 6 6 -7 5 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 7 6 -7 6 -7 6 6 6 fi 6 6 fi 6 fi 6 6 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 8 7 7 6 -7 6 6 CO COCC 6 fi fi 6 6 6 6 6 6 fi COCO Loans secured by warehouse receipts -7 41/6-R -7 5 6 5 n 5 -7 5 -7 5 5 -7 5 -8 -8 6 8 8 8 7 8 7 8 7 8 7 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 -6 -6 -6 -6 -6 5 -6 -6 5 -7 -7 -7 -7 -7 -7 7 6 fi 6 6 6 6 6 6 6 6 6 6 -8 6 -7 -7 __7 6 fi 6 6 -7 -7 fi -7 fi -7 6 -7 6 -7 6 -7 6 —7 -7 -7 -7 -7 6 6 6 6 6 * 1 1 1 l 1 1 Cattle loans 6- 8 7- 8 6- 7 6 6 6 6- 7 -6 6-7 8 8- 9 -8 8- 9 8 8 8 6- 8 -8 8 -8 6-10 -8 6-10 -8 6-8 -6 6-8 -7 7-8 6-8 - -7 7 • 7-8 -6 7-8 -6 7-8 -7 6-8 -6 6-8 6 6 6 6 6 -6 6 -6 7 6 7 7 6-7 7 6 7 6 7 6 7 6 7 6 -7 6 -7 Q-&A -7 -7 6 6 fi 6 6 6 fi 6 6 -8 8 7 7-8 •• 7 7-8 7 7-8 7 7-8 7 7-8 7 7-8 7 7-8 7 7 -7 -7 -7 -7 -7 -7 7 7 7 6 7 7 7 6 7 6 -7 7 7 6 -8 -7 6 -7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN FEBRUARY, 1927 MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT END OF DECEMBER, 1926 AND 1925 M b e a m nk b s er Nonmember banks M b e a m nk b s er Nonmember banks On par list Not on par list1 On par list Not on par list 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 Federal reserve district: Southern States—Con. Boston 416 420 246 246 Kentucky 147 146 431 432 19 22 New York_ 913 880 411 391 Tennessee 112 118 191 222 249 235 Philadelphia 769 753 509 513 Alabama 123 124 23 27 206 199 Cleveland 853 863 1,071 1,073 8 10 Mississippi 41 45 19 25 276 275 Richmond 583 604 686 712 625 687 Arkansas 109 122 231 256 127 112 Atlanta . 476 495 333 366 1,057 1,102 Louisiana 44 46 29 35 175 171 Chicago 1,335 1,398 3,705 3,808 228 260 Texas 763 779 664 713 112 9S St. Louis 609 628 1,996 2,111 428 401 Middle Western States: Minneapolis 766 829 923 1,185 1,093 1,062 Ohio 427 441 657 658 Kansas City 993 1,027 2,537 2,667 212 205 Indiana 257 264 812 826 10 8 Dallas 828 852 711 768 197 Illinois 577 589 1,275 1,293 23 20 San Francisco 721 740 783 803 65 61 Michigan 291 290 508 513 53 92 179 589 618 211 188 Total . 9,262 9,489 13,911 14,643 3,913 3,970 Minnesota 308 331 410 515 534 519 371 417 1 139 1 207 43 51 New England States: j Missouri-.. _ 199 198 1,240 1,311 33 35 Maine 61 62 48 50 Western States: New Hampshire 56 55 14 14 North Dakota 148 163 123 203 292 282 Vermont _ 46 46 39 39 South Dakota 109 122 153 208 157 163 Massachusetts. 181 181 71 70 Nebraska 167 181 712 740 188 176 Rhode Island 17 21 8 8 Kansas 262 266 944 1,006 3 3 Connecticut 67 66 86 84 < Montana 103 111 101 106 11 11 Eastern States: Wyoming 34 34 54 54 8 11 New York 655 636 280 275 Colorado 131 134 169 181 5 6 New Jersey 354 333 171 153 New Mexico 32 33 28 29 2 3 Penns yl vania 970 958 645 658 Oklahoma 363 382 356 371 6 4 Delaware 23 22 32 32 Pacific States: Maryland 89 89 167 166 Washington 150 156 170 171 36 32 District of Colum- Oregon . 130 134 105 110 28 29 bia 13 13 32 34 California 299 300 319 329 Southern States: Idaho 74 80 80 80 1 Virginia 182 193 219 227 99 101 Utah 45 46 67 68 West Virginia 141 141 193 196 9 9 Arizona 18 20 26 30 4 4 North Carolina 88 91 81 89 319 339 Nevada 10 10 24 24 South Carolina 84 92 20 25 198 238 Georgia .. _. 138 153 64 75 313 375 Total 9, 262 9,489 13,911 14,643 3,913 3,970 Florida.-. _.. 74 70 92 87 163 159 1 Incorporated banks other than mutual savings banks. MONEY IN CIRCULATION [Source: United States Treasury Department circulation statements] [In thousands of dollars] Total Gold Standard Silver Treasury Subsidi- United Federal Federal National circula- Date Total coin and Gold cer- silver certifi- notes of ary States reserve ietser \ e bank tion per bullion tmcaies dollars cates 1890 silver notes notes n b o a t n e k s notes c d a o p l i l t a a r s ( ) in 1914—Julv 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. 1 i 4,100, 591 641,794 • 1My , \J^3i\J4j 8J-J,- KJ818 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 1926—Jan. 1 5,008,121 424, 037 1,114,331 54,860 387,495 1,373 274,860 292, 998 1,815,687 6,058 636,422 43.62 Feb.1 4,739, 537 407,148 1,035,774 53,167 370,852 1,371 266,155 288, 677 1,672,223 5,900 638, 270 41.24 Mar. 1 4,814,217 422,079 1,076, 070 52,637 371,149 1,369 265,853 293,622 1,672,027 5,808 653, 603 41.84 Apr. 1 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 1,099, 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 1 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. !..__ 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, 846 391, 493 1,349 275,332 302,006 1, 709,141 5,124 646,935 42, 34 Nov. 1 4, 933,167 407,456 1,101,453 51, 813 393,118 1,347 276, 828 307,199 1, 737,405 5,127 651,421 42. ,K3 Dec. 1 4,949,247 408,940 1,095.724 51,848 391,158 1,344 279, 865 303,172 1, 764,634 5,054 647, 508 42. 62 1927—Jan. 1 5,001, 322 422, 899 1, 092; 061 51, 581 396,752 1,340 281, 579 296, 810 1, 824,437 4,967 628, 896 43. 03 i 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

147 FEBKUART, 1927 PEDEBAL EESEEVE BULLETIN DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT FEBRUARY 1, 1927 Paper maturing— Within 90 days w Af it te h r i n 9 0 9 d m ay o s n b th u s t Federal reserve bank Commercial, Secured by agricultural, United States Bankers' Trade Agricultural and livestock Government acceptances acceptances and livestock * paper, n. e. s. obligations paper Boston New York Philadelphia.- Cleveland R chmond Atlanta Chicago St. Louis Minneapolis,. Kansas City-. Dallas San Francisco i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS, DECEMBER 16, 1926, TO JANUARY 19, 1927, INCLUSIVE [In thousands of dollars] Changes in owner- Federal reserve bank (for T a G r c a c o n o v s u e f n r e n t r ) s ment Transit clearing F n e o d t e e r a c l l e r a e r s i e n r g ve t s f in h e h r g r i s o p s ug a h n o d f t c r l a g e n o a s l r d - - B i a n t a l c f a l u o n n s c d e e of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston 36,000 1,180,195 1.201, 534 7,187 4,475 17,373 25,599 New York 11,000 116,000 3,833,172 3,766,982 12,135 19, 525 46,200 148,947 Philadelphia... 8,500 977,746 996, 542 7,220 6,955 10,031 38,908 Cleveland 22,000 6,500 869,121 897,891 10,578 6,057 8,749 42,921 Richmond 13,000 2,000 669,240 655,262 4,234 3,881 25,331 14,635 Atlanta _. 12,000 398, 607 424,457 4,540 4,507 13,817 28,099 Chicago... 38,000 13,000 1,547,212 1, 567,298 9,134 8,041 98,772 St. Louis 2,500 1,500 665, 693 673,157 1,987 5,108 ~~9~585" 25,346 Minneapolis-_. 1,000 1,000 201,034 201,085 2,534 1, 875 16,417 Kansas City_.. 4,500 6,000 518, 549 512,847 3.267 2,793 4, 676 27,182 Dallas 4,000 5,500 355,020 343,220 2,145 2,443 10,002 19,809 San Francisco.. 8,000 9,000 477,094 452,408 3,866 3,167 24,385 16,879 Total five weeks ending- Jan. 19,1927 __ _ ! 160,500 160,500 11,692,683 11,692,683 1,827 ! 68,827 88.382 88,382 503, 514 Dec. 15,1926 J 43,500 11,293, 929 61, 810 622,657 Jan. 20,1926 __.{ 127,251 1 11,450,499 573,849 Dec. 16,1925 I 60.200 Ul801171 664, 900 1 Includes Federal reserve notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ! \/ .' I >-.; \r \ — -BOUNDARIES OF FEDERAL RESERVE DISTRICTS -BOUNDARIES OF FEDERAL PXSERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis