Federal Reserve Bulletin, 1927-04

FEDERAL RESERVE BULLETIN APRIL, 1927 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Treasury Finance and the Federal Reserve Banks Gold Holdings of Principal Countries 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) HARRIS CREECH. District No. 5 (RICHMOND) JOHN F. BRTTTON, Vice President District No. 6 (ATLANTA) P. D. HOUSTON. District NO, 7 (CHICAGO) FRANK O. WETMORE, President. District No. 8 (ST. LOUIS) . BRECKINRIDGE JONES. District No.- 9 (MINNEAPOLIS) . THEODORE WOLD. District No. 10 (KANSAS CITY) P. W. GOEBEL. District NO. 11 (DALLAS) 1 B. A. MCKINNEY. District NO, 12 (SAN FRANCISCO) . HENRY S. MCKEE. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Keserve Bank of— Chairman Governor Deputy governor •'Cashier Boston Frederic H. Curtiss. W. P. G. Harding.. W. W. Paddock.. W. Willett. New York. Benj., Strong— J. H. Case__..__. A. W. Gilbart.i L. F. Sailer J. W. Jones.i G. L. Harrison... Ray M. Gidney.i L. R. Eounds.i Philadelphia-.. R. L. Austin Geo. W. Norris Wm. H. Hutt _ C. A. Mcllhenny. W. G. MoCreedy.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. Pep Geo. EL Keesee. R. H. Broaddus John S. Walden, jr.i Atlanta Oscar Newton M. B. Wellborn Creed Taylor M. W. Bell. Hugh Foster Chicago __ Wm. A. Heath.... J. B. McDougal C. R. McKay W. C. Bachman.* JohnH. Blair K. C. Childs.i J. H. Dillard.i D.'A. Jones,i O. J. Netterstrom.* St. Louis... _ Wm. McC. Martin. D. C. O. M. Attebery J. W. White. Minneapolis I John R. Mitchell R. A. Young W B. . V B . . M G o e o e r r e y F G r r a a n y k W C a . r D re u n n . lop.1 Harry Yaeger 2 Kansas City. M. L. McClure.. W. J. Bailey.... C. A. Worthington_> J. W. Helm. Dallas. C. C. Walsh. Lynn-P. Talley. R. R. Gilbert _ Fred Harris. R. B. Coleman San Francisco J. U. Calkins.... Wm. A. Day W. N. Ambrose. Ira Clerk L. C. Pontious 1 Controller. ' Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch... W. W. Schneckenburger. Helena branch „„ __ R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch _ L. H. Earhart. Pittsburgh branch ___„ J. C. Nevin. Denver branch J. E, Olson. Richmond: Oklahoma Citv 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. Eeordan. 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 _. E. B. West. Chicago: Salt Lake Citv 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, review^ 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: p age Review of the month—Treasury finance and the Federal reserve banks i__ 249 Business conditions in the United States 254 Gold holdings of principal countries 276 Annual report of the Bank of Belgium 279 Official: Law department— Joint-stock land banks as "banks" within the meaning of the Clayton Act—Opinion of Attorney General \ _• "_ 288 Text of act authorizing Veterans' Bureau to make loans direct to veterans 269 Changes in State bank membership 270 : Changes in national bank membership 270 Fiduciary powers granted to national banks 270 Business statistics for the United States: Indexes of production 271 Indexes of employment and pay rolls 272 Commodity movements 273 Wholesale and retail trade 274 Foreign banking and business conditions: Financial statistics for foreign countries 286 Condition of central banks 286 Condition of commercial banks 288 Discount rates of central banks 288 Money rates in foreign countries 289 Gold movements 290 Silver movements 291 Foreign exchange rates 292 Price movements in principal countries— Wholesale prices in principal countries 293 Retail prices and cost of living in principal countries 295 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 296 Federal reserve note account 300 Holdings of bills and securities and earnings thereon , 301 Discount and open-market operations 302 Gold settlement fund 310 Discount rates of Federal reserve bank 310 Member banks— Reporting member banks— Condition of reporting banks in leading cities 303 Condition of reporting banks in Federal reserve bank cities 304 Loans to brokers and dealers 305 All member banks— Deposits, by size of city 306 Bank debits 1 . 307 Money rates in principal cities ? ^ 308 Member banks and nonmember banks on par list and not on par list 309 Money in circulation 309 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 13 APRIL, 1927 No. 4 quarter. In addition there was a considerable REVIEW OF THE MONTH change in the maturities and interest rates- of Operations of the United States Treasury in the outstanding debt. The Treasury notes, March, in connection with the refunding of which matured on March 15, were four-year the public debt and with the notes paying 4% per cent, while the certifi- Treasury oper- r i quarterly income-tax cates of indebtedness which were issued ations in March reg Ute ar x J on that date had maturities of 6 and 12 receipts, were the most impormonths and bore interest, respectively, at 3^ tant influence on the condition of the money and 3}4 per cent. At. the same time the market during the month. These operations, Treasury proposed to holders of second Liberty which resulted in a net reduction in the public bonds, maturing in 1942 and bearing a rate of debt of nearly $200,000,000, involved a large volume of transactions by the Federal reserve 434 per cent, to exchange for these bonds new banks for Treasury account, the total volume five-year 33^ per cent Treasury notes, interest of transactions of all kinds at the New Yosk to begin onfMarch 15. In view of the fact bank on March 15 amounting to nearly that the second Liberty bonds are callable $2,000,000,000. In these circumstances after November 15 of this year and of the changes in the position of the reserve banks Treasury's offer to continue the payment of during the period reflected mainly the influence interest on the bonds until May 15, the volume of Treasury operations, and it was through the of Liberty bonds offered for exchange was cooperation between the reserve banks and large, exceeding $1,350,000,000 out of a total the Treasury that the large turnover of funds of about $3,000,000,000 outstanding. The net was so handled as to occasion little disturb- result of these transactions was to readjust ance in the money market and little fluctuation debt maturities on a more convenient basis in . open-market money rates. A brief sum- and to reduce the public debt by about mary of the recent Treasury operations, with $185,000,000 and annual interest charges by special reference to the cooperation of the about $26,000,000. The recent reduction in reserve banks, will be presented in this review, the public debt brings the total to a level more which is followed by a special article with than $6,300,000,000 below the maximum of retrospective tables giving a detailed account $25,500,000,000 reached about eight years ago. of Treasury operations in March. Immediate payment of maturing obligations Disbursements of the Treasury on March on March 15 resulted, in view of unavoidable 15 included the redemption of more than !*# delay in the collection of tax Reserve bank -. -. , $600,000,000 of Treasury notes cooperation checks , in mir easury dvisburse- Refunding and hich matured on that day and ments on March 15 greatly in w reduction of pub- ^ 000,000 of excess of receipts, and to cover the overdraft payment of $90> interest on the public debt. at the reserve banks the Treasury issued To meet these payments the Treasury expected temporary certificates of indebtedness of $311,to receive over $500,000,000 in income taxes 500,000 to the Federal reserve banks, of which and to call about $180,000,000 from depositary $238,000,000 was taken by the Federal Reserve banks. Two new issues of Treasury certifi- Bank of New York. This large Treasury cates, aggregating $485,000,000, were also issued overdraft at the New York bank would to provide for the regular expenses of the next have occasioned a corresponding addition of 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDEKAL RESERVE BULLETIN APRIL, 1927 temporary funds to the New York money mar- money rates, which thus remained throughout ket and an unnecessary disturbance of the rate the tax-payment period at a fairly constant structure had the New York reserve bank not level. The handling of a large volume of undertaken certain measures to offset this Treasury transactions with so little disturbinfluence. Maturing Government securities ance to money rates marks a further step in held by the reserve banks were presented for' the development of the Federal reserve system's redemption but not immediately replaced, and operating technique. over $60,000,000 of participations in the The Treasury's ability-to issue its new cer- Treasury's one-day certificate were sold to tificates and notes at considerably lower rates member banks.. There was at the same time a than those borne by obligaconsiderable reduction in the reserve banks' Money rates ,. . •, . i n, here and abroad tlOnS Pre™^sly lss™d reflects holdings of discounts, acceptances, and securithe general decline of longties held under sales contracts. The sale of term money rates to the lowest level in more participations in the Treasury overdraft certithan 10 years. Short-time money rates, on ficate is a new method of withdrawing funds the other hand, though somewhat lower than from the market, which avoids many booka year ago, have shown relatively slight fluckeeping complications involved in a temporary tuations during the past 18 months, and are sale of securities from the system's investment now considerably higher than at the low point account and appears to be a simple and direct way of 1924. The rate for commercial paper, for of offsetting surplus Treasury disbursements. example, is 1 per cent higher than in the sum- As the result of the absorption by the reserve mer of 1924, and the rate on bankers' acceptbanks of the surplus funds arising from Treas- ances, which fell to 2 per cent at that time, ury disbursements, the period passed with but is above 3J^ per cent in March of this year. little decline in the level of open-market money This rate for bankers' bills, though it is at rates, as is indicated by the chart. After nearly the highest level in this country for the past three years, is considerably below the rate prevailing for the same class of paper in London, as is shown by the chart. Further- MONEY RATES JN INTERNATIONAL CENTERS 1S25 1326 1927 March 15 the Treasury gradually repaid its temporary certificates from the proceeds of tax payments, and as the tax checks were charged against depositors' accounts the member banks F. M. A. M. J J. F. M. A. M. . J. 1926 ' 1927 once more increased their borrowings at the Open-market rates for short-term bankers' acceptances reserve banks. This was not accompanied, more, while the rate in New York has tended however by any considerable tightening of slightly downward in recent weeks, the rate in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDERAL RESERVE BULLETIN 251 European centers has been rising. The chart Holders of Treasury notes maturing March shows advances since January in the bill rate 15, 1927, might tender these notes at par in not only in Zurich and Amsterdam, where payment for subscriptions to the new issues lower rates than in New York prevail, but also to the amount of 50 per cent of their holdings. in Berlin and London, where rates are higher Subscription books were opened on March 7 than in this country. • and closed at the. close of business on March 8. The increasing difference between the bill For the two issues combined, as shown in rates in New York and London at this season Table 1, subscriptions received amounted to of the year, when heavy payments on mer- $1,255,082,500, of which $449,670,500 reprechandise trade account are customarily made sented subscriptions for the 3J^ per cent sixby Americans in England, has apparently re- months' certificates, and $805,412,000 subscripsulted in a continued movement of bank bal- tions for the 3ji per cent one-year certificates. ances and other liquid funds from the New Allotments, made in the amount of $484,296,- York to the London money market and has 000, included $24,416,000 exchange subscripbeen an important factor in diminishing in tions of maturing 4^ per cent Treasury notes. March the flow of gold to the United States Cash subscriptions were allotted on a graduated from abroad. scale: 50 per cent, or a minimum of $500, on individual subscriptions of $1,000 or less; 40 TREASURY FINANCE per cent, or a minimum of $500, on larger sub- Treasury financing and refunding operations scriptions not in excess of $1,000,000; and 30 during March, including two offerings of Treas- per cent, or a minimum of $400,000, on indiury certificates and an issue of Treasury notes vidual subscriptions exceeding $1,000,000. in exchange for second Liberty loan bonds, were undertaken in furtherance of the Treasury's TABLE 1.—SUBSCRIPTIONS RECEIVED AND ALLOTED FOR TREASURY CERTIFICATES OF INDEBTEDNESS program of debt reduction. This program ISSUED MARCH 15, BY FEDERAL RESERVE DIScontemplates continuous arrangement of debt TRICTS [In thousands of dollars] maturities and of optional redemption periods with reference to the convenience of the Treas- Total Series TS2-19271Series TM-19283 ury in applying funds that become available for Federal reserve the debt service. Operations during March district s t S c io u ri n b p - s - m Al e l n o t t s - s t S c i u o r b i n p - s - m A e ll n o t t s - s t S c io u ri n b p - s - m A e ll n o t t s effected, a reduction in the amount of the debt and in the amount and rate of the annual TotaL___, 1,255,082 484,296 449,670 169,888 805,412 314,408 interest charge. Boston 113,762 44,746 51,102 20,454 62,660 24,292 March quarterly financing.—On March 15 New York 436,284 145, 225 164,334 52,426 271,960 92, 799 Treasury notes in the amount of $668,201,400 P C h le il v a e d la e n lp d hia 1 7 5 9 1 , , 8 6 7 6 0 0 3 6 1 7 , , 1 3 9 1 2 1 4 2 6 5 , , 9 0 3 7 9 5 20 9 , , 5 5 0 7 3 0 1 5 0 4 4 , 5 9 5 3 8 0 5 21, 622 became due, and the Treasury expected to re- A Ri t c la h n m ta ond.. 5 6 3 3, , 7 2 8 4 7 1 2 2 0 7 , ,0 8 6 8 6 8 2 1 8 8 , , 7 1 6 4 3 8 1 7 2 , , 1 1 8 8 6 6 3 35 5 , , 0 0 2 9 4 3 1 1 4 3 , , - 7 8 0 8 2 0 tire them out of funds held with depositary S C t h . ic L a o go u . i — s.. . . 1 3 3 5 5 , , 1 64 3 3 8 . 5 1 5 6 , , 5 1 4 6 6 7 4 1 1 1 , , 3 6 2 4 3 7 1 4 6 , , 9 6 9 6 9 7 9 2 4 3 , , 3 4 2 9 0 1 3 1 8 1 , , 8 1 7 6 9 8 banks and out of income tax receipts. .To pro- Minneapolis 15,087 6,436 7,302 3,135 7,785 3,300 vide for further cash requirements of the Treas- D K a a l n l s a a s s City 3 16 7 , ,0 5 0 6 0 6 1 7 5 , , 2 4 1 2 2 7 1 2 1 , , 4 2 6 44 4 4 1 , , 6 0 5 6 6 7 2 1 5 4 , , 7 1 5 0 6 1 1 6 0 , , 1 7 4 7 4 0 ury during the last quarter of the fiscal year to San Francisco 117,041 47,078 41,326 17,037 75,715 30,041 June 15, an offering of Treasury certificates in 1 Dated Mar. 15, 1927, maturing Sept. 15, 1927, bearing interest at S}4 per cent. two series, dated March 15, was announced on 2 Dated Mar. 15, 1927, maturing Mar. 15, 1928, bearing interest at 3M per cent. March 7; one series (TS2-1927) for $150,000,- 000, or thereabouts, at 3^ per cent to mature Debt reduction.—During the fiscal year in six months on September 15; and one (TM- 1927 to February 28, debt reduction in the 1923) for $300,000,000, or thereabouts, at 3^ amount of some $490,000,000 was effected by per cent to mature in one year on March 15, application of the sinking fund, by purchases 1928. and retirements on account of principal and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL KESEKVE BULLETIN APRIL. 1927 interest payments received from foreign gov- $291,522,000. Net decreases in these general ernments, and by utilization of surplus revenue, classes of securities were partially offset by a of cash in the general fund, and of other net increase of $156,560,000 in the amount of receipts, as shown in Table 2. The net reduc- Treasury certificates outstanding. Changes in tion of some $184,000,000 effected through the composition of the debt effected through the March quarterly financing operations the quarterly financing in March included brings the total for debt retirement during reduction in-the amount of Treasury notes, as the present fiscal year approximately to given in Table 3, by payment of notes maturing $675,000,000. on March 15, and increase in the amount of Reductions from the several sources, in- certificates, shown in the table, by the issue of dicated in the table, during the period from two new series dated March 15 and allotted in July 1, 1919, when the debt was near its the amounts specified in Table 1. maximum, to February 28, 1927, amounted to $6,331,951,000. One-third of this reduc- TABLE 3.—DEBT REDUCTION, BY CLASS OF SECURITY, JULY 1, 1926, TO FEBRUARY 28, 1927 tion was effected by application of the sinking [In thousands of dollars] fund as a charge upon the ordinary receipts of the Government, and one-third by utiliza- Amount of debt tion of surplus revenue in excess of expenditures outstanding chargeable against ordinary receipts—includ- Increase or ing among these charges certain expenditures Class of debt decrease Feb. 28, between for debt retirement, as indicated in the table. 19271 July, 1926, and Feb. Reduction of the net cash balance in the 28,1927 general fund of the Treasury provided for Total gross debt.. 19,152. 555 -490,661 further debt retirements during this period Bearing no interest 238, 620 -7,465 in the amount of $1,072,975,000. Matured on which interest had ceased _ 8, 785 -4, 575 Interest bearing 18, 905,150 -478, 621 TABLE 2.—DEBT REDUCTION, BY SOUECE OF FUNDS Bonds, total. 16, 600, 684 -327, 595 UTILIZED, FROM JULY 1, 1919, TO FEBRUARY 28, Pre-war. 766, 550 +690 1927 First Liberty loan of 1932-1947 1,939,209 -3 [In thousands of dollars] Second Liberty loan of 1927-1942 3,104,520 Third Liberty loan of 1928 2,160,007 -328, 2 Fourth Liberty loan of 1933-1938 6, 324,464 July 1, Fiscal Treasury bonds of 1947-1952 763,948 Source Total 1926, to years Treasury bonds of 1944-1954 _ 1,047,087 Feb. 28 i 1920-1926 Treasury bonds of 1946-1956 I 494,898 Treasury notes, total... | 1,320,881 -291, 522 TotaL 6, 331,951 490, 661 5, 841, 290 Matured Sept. 15,1926 _.J -414, 922 Chargeable against ordinary receipts._ 3, 111, 840 368, 511 2, 743,329 Maturing Mar. 35, 1927 668, 201 Sinking fund 2,013, 862 273,310 1, 740, 552 Maturing Dec. 15, 1927 355, 780 Foreign repayments (purchases) _ _ 287,870 995 286,875 Adjusted service series 296,900 "+123," 400 Received from foreign governments 92,950 503, 686 Treasury certificates, total 156, 560 Received for estate taxes Franchise tax 141,024 1,232 139, 792 Matured Dec. 15,1926 ___. -452,879 Forfeitures, gifts, etc 6,360 24 6,336 Maturing June 15, 1927 378, 669 +378, 669 Maturing Sept. 15, 1927 229, 269 +229, 269 Surplus 2,147,136 90, 838 2, 056, 298 Adjusted service series 22, 300 -8,100 General fund in the Treasury. 1,072, 975 31, 312 1, 041, 663 Civil service retirement fund series.. 9, 600 +9, 600 Treasury savings certificates.. 343,745 -16,064 1 According to the preliminary statement of the public debt for Feb. 28, 1927. 1 According to the preliminary* statement of the public debt for Feb. 28, Detail of debt reduction during the present 1927. fiscal year to February 28 is shown in Table 3 Reduction in the bonded indebtedness of for the several classes of obligations. The ag- the Government during the present fiscal year gregate bonded debt of the Government was has resulted from purchases and retirements reduced during these eight months by $327,- of the third Liberty 43^ per cent loan, which 595,000, and the amount of the several series matures September 15, 1928. This loan, of Treasury notes outstanding was reduced by originally issued in the amount of $4,175,- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDEKAL RESERVE BULLETIN 253 650,050, has been steadily reduced by pur- nounced his exchange offer early in March chases and retirements from year to year- It may be noted that the amount given in reductions in the fiscal years 1918-1926 aggre- Table 3 for the second Liberty loan includes gating $1,687,377,600. Further retirements the relatively small amount of the original of this loan during the present fiscal year to second Liberty loan 4's outstanding at the end the end of February, amounting to approxi- of February. mately $328,000,000, reduced the amount Tenders of second Liberty loan 4J^ per cent outstanding to some $2,160,000,000, or about bonds in exchange for 3^2 Per cent notes, rehalf of the original issue. Of other Liberty ceived to the close of business on March 22, loan bonds, as of the pre-war debt and the exceeded $1,350,000,000, amounting nearly to debt in the form of Treasury bonds, amounts 44 per cent of the bonds outstanding on March' outstanding were not materially changed dur- 8. Bonds of this issue which were not exing the fiscal year to the end of February. changed, left outstanding in the amount Offering of notes in exchange for second approximately of $1,729,000,000, are callable Liberty Lean bonds.—Material changes in the for redemption in whole or in part on and after composition of -the debt, as shown in Table 3, November 15, 1927. In effect, holders of the and reduction in the rate and amount of the second Liberty loan 434 Per cent bonds were annual interest charge, but not in the principal given an opportunity to exchange a security amount of the debt outstanding, were effected maturing in 1942, but callable in November of through the refunding operation announced by the present year, for a security of earlier the Secretary of the Treasury on March 8. maturity running at a lower interest rate but On this date the Secretary announced an offer- not callable for redemption until March 15, ing of 3 J/2 Per cent Treasury notes, dated March 1930. 15, 1927, maturing March 15, 1932, and re- Reduction in annual interest charge,—March deemable in whole or in part, at the option of financing and exchange operations effected a the United States, on six months' notice, on reduction in the annual interest charge of and after March 15, 1930. These notes were approximately $26,000,000, this saving repreoffered only in exchange at par for second senting reduction in the amount of the debt Liberty loan 4^ per cent bonds surrendered outstanding and in annual interest rates, as in equal principal amount, interest on the bonds shown in Table 4. surrendered to be paid in full to May 15, 1927. The second 4J4 per cent bonds represent a TABLE 4.—ANNUAL INTEREST CHARGE ON SECURIconversion of the second Liberty 4 per cent TIES RETIRED AND ISSUED DURING MARCH bonds, issued originally in the amount of [Amounts in thousands of dollars] $3,807,865,000. Of this original issue some $79,000,000 were retired, and of the balance Annual interest charge some $3,708,000,000 were exchanged for the Principal second Liberty 4j^t Per cent bonds, leaving less Class of debt amount Amount Per (annual than $21,000,000 of the original 4 per cents cen"f basis) outstanding at the beginning of the present fiscal year. Retirements of the second Liberty Treasury notes matured and paid 668, 201 4% 31, 740 1, 354, 612 57, 571 Second Liberty bonds retired in exchange. loan 4}4 per cent converted bonds during 2,022,813 19, 311 Debt retired, total the fiscal years 1919-1926 amounted to $624,- 256,000, bringing the amount of these bonds Treasury certificates issued: 169, 888 5, 309 Maturing Sept. 15, 1927 314, 408 10, 218 outstanding down to $3,083,678,100 on June Maturing Mar. 15, 1928 1, 354, 612 47, 411 Treasury notes issued in exchange 30, 1926. The bonds were outstanding in very New issues, total 62, 938 nearly this amount when the Secretary an- Reduction 183, 905 26, 373 39280—27—2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDEKAL KESEKVE BULLETIN APEIL, 1927 BUSINESS CONDITIONS IN THE UNITED STATES NATIONAL SUMMARY than in the same month of last year, but awards for the first three weeks in March were in ap- Industrial output increased further in Februproximately the same volume as in 1926. ary and was slightly larger than a year ago, Tra.de.—Retail trade showed less than the and distribution of commodities by the railusual seasonal decline between January and roads was larger than for the corresponding February. Sales of department/ stores and period of any previous year. The general level chain stores were larger than in February of of wholesale prices continued to decline and was last year, while those of mail-order houses were in February at the lowest level since the sumsmaller. Wholesale firms reported a smaller mer of 1924. volume of business in February than a year ago, Production.—Production of manufactures and this decline occurred in nearly all leading increased in February for the second conseculines. Inventories of department stores increased in February in anticipation of the usual expansion in spring trade, but the growth was less than is customary at this season and at the end of the month stocks were slightly smaller than a year ago. Stocks of merchandise carried by wholesale firms also increased in Februarj^ but they were generally smaller than in the corresponding month of last year. Railroad shipments of commodities have increased steadily since January by more than PRODUCT10N-OF MANUFACTURES AMD MINERALS 1925 1928 1927 Index of production of manufactures and minerals. (1923-1925 average =100.) Latest figures, February tive month, and the output of minerals, after declining in January, advanced once more in 50 February to the record level reached last December. Factory production and employ- FACTORY EMPLOYMENT ment, however, continued smaller .than during FAY ROLLS the corresponding month of last year. Production of iron and steel has increased steadily since December, and reports indicate that operations of steel mills in March were at almost the Federal Reserve Board's indexes of factory employment and pay rolls. (1919 = 100.) Latest figures, February same high rate as in March, 1926. Automobile production increased in February, and weekly the usual seasonal amount and have exceeded figures of employment in Detroit factories indi- those for the same period last year, owing to cate some further additions to production in larger shipments of coal, of miscellaneous March,1 but output has continued much smaller commodities, and of merchandise in less-thanthan a year ago. Daily average consumption carload lots. of cotton by mills in February was larger than in Prices.—Wholesale prices, according to the an}^ previous month on record, but activity of index of the Bureau of Labor Statistics, conwoolen and silk mills decreased as compared tinued to decline in February. Among nonwith January. Production of bituminous coal agricultural products decreases occurred in the has been maintained in large volume, while prices of coal, petroleum, iron and steel, nonthat of anthracite has been considerably ferrous metals, and lumber, and the index for reduced. The value of building contracts nonagricultural prices as a group was at the awarded in February was 3 per cent smaller lowest post-war level. Prices of livestock and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

255 FEDEKAL EESEEVE BULLETIN APRIL. 1927 livestock products and of clothing materials March, with disbursements temporarily in advanced in February. During the first three excess of receipts, resulted in a temporary weeks of March there were decreases in prices abundance of funds, which was reflected at of grains, livestock, "silk,-wool, coal, petroleum, member banks in leading cities in a growth of and gasoline, while prices of pig iron, hides, and deposits, in reduced indebtedness at the reserve rubber advanced. banks, and in increased holdings of securities. PERCENT 200 ft 150 -xT \/ —i 2 WHOLESALE PRICES trc^ A// Commodities : Cory'imercicu' PaperRafe »«.« Agnculiuraf • A'.)(Reserve Bank Discount f^rfs *++-» Non-Agn'culiuraf 1 Accepfanca ficfe 100 100 1823 1925 1326 1927 3923 1924 1S25 1827 Index of United States Bureau of Labor Statistics. (1913 = 100, base Weekly rates in New York money market. Commercial paper rate on 4 to 6 months' paper and acceptance rate on 90-day paper. adopted by bureau.) .Latest figures, February- Bank credit.—Demand for commercial credit At the reserve banks, following changes in at member banks in leading cities increased holdings of bills and securities accompanying seasonally between the middle of February and the financial operations of the Treasury, the the middle of March. There was also growth total volume of credit outstanding' on March in the volume of funds used in the security 23 was somewhat larger than four weeks earlier. market as indicated by increases in loans to Conditions in the money market in March, brokers and dealers in securities. Conse- were slightly firmer than in February. Rates quently total loans of the reporting banks at on prime commercial paper advanced from 4 the end of the period were close to the level per cent to 4-4^ per cent, and call money was also higher, while rates on acceptances declined of last autumn. Financial operations of the somewhat. United States Treasury around the middle of FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TEADE Building contracts Department-store Department-store Bank Y m ea o r n a th nd p I t r n t i o r o d i d n u a u l s i c - - P t m t i r u o f o a r a n d e n c s u - u o c i - 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 o ls ry j U u n st a a e w d d - arde j d u A s 1 t d e - d i l R r n o c o a g a a a s i d r d l - - J W t s r h a a o l d e l e e- j U u n st a e d d s - ales ju * A st d e - d j U u n st a e d s d t - ocks j u i A st d e - d o o d C Y f u e i N o t b t s y r i e i k t d w s * e Monthly average Monthly average 1919=100 1923-1925 = 100 1926 January... 1G6 108 93 107 176 243 ! 118 78 114 130 125 141 126 February.. 107 109 98 112 157 218 127 76 104 135 131 140 128 March 108 108 108 113 231 209 ! 126 85 130 130 142 141 131 April 108 108 107 110 220 170 i 132 80 133 130 143 139 131 May... 107 107 103 109 212 164 J 126 82 137 132 138 138 124 June 107 107 104 109 211 169 | 127 84 130 130 131 138 127 July . 107 107 105 104 200 178 ; 130 82 99 133 125 133 136 August 111 112 109 108 232 221 126 87 105 134 130 130 126 Septeinber- 113 113 111 108 217 233 128 97 131 144 142 132 126 Oetober 111 111 116 112 199 204 ! 127 94 158 139 153 137 I 126 November- 108 106 118 109 188 235 j 132 86 156 138 156 138 123 December. 105 103 120 108 207 281 | 132 78 234 146 128 138 126 19.27 January 106 104 117 102 148 204 I 122 i 114 130 123 139 125 February.-. 108 106 120 109 152 210 | 132 | 106 138 131 139 132 i The indexes of production, car,loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of building contracts and department-store sales and stocks are shown both with and without seasonal adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDEEAL RESERVE BULLETIN APRIL, 1927 MONEY RATES February 17 to March 16, but later the supply regained its former volume, consisting chiefly Open-market money rates in March re- of bills based on cotton, silk, coffee, and sugar. mained at or near the relatively easy levels The supply was small in Boston throughout the which prevailed in February. The quotation period, with cotton,*sugar, wool, and rubber bills on prime commercial paper advanced to in largest number. The demand was active 4-4Si per cent after the first week in March, in both centers through February, and then with an increase in the relative volume of fell off somewhat, but in New York dealers7 paper offered at the higher rate, but the best sales reached an unusually large total during names were still sold at 4 per cent. The the week ending March 16, largely on account supply continued limited, and the interior of foreign purchases. Dealers' offerings to the demand, which slackened early in March, was reserve banks were light early in the period but more active later in the month. Ninety-day later increased, and their portfolios on March bankers' acceptances, which had been fluc- 16 were reduced to the smallest proportions retuating between 3^g and 3% per cent since ported since last October. Rates on 30 and 90 early in the year, were again offered at the day bills were lowered by most dealers on lower rate. Yields on Treasury certificates February 25 in the face of the limited supply, and on Liberty bonds declined somewhat and these lower rates prevailed during the rewith the new Government financing. Secu- mainder of the period. The following table rity loans, both time and call, were made at shows the market rates on bills of various about the same rates as in February. The maturities at the beginning and end of the following table shows money rates prevailing period: in the New York City open market during the last three months. A table showing rates of ACCEPTANCE RATES IN THE NEW YORK MARKET interest charged customers by representative banks in various cities during the last four months will be found on page 308 of this issue Feb. 17 Mar. 16 Maturity of the BULLETIN. Bid Offered Bid Offered MONEY RATES IN NEW YORK CITY 30 days... 3% 60 davs... Average yield Average rate 90 da-vs... 3M 3M on— on— 120 days.. 3M 150 days.. Prime Prime 180 days.. bank- U. S. m c e o r m ci - al ers' Treas- Month or week accept- ury p "' a 4 p - e 6 r, ances, notes per 4 M cent Call Time CAPITAL ISSUES months 90 and Liberty loans l loans 2 days c c e a r t t e if s i , - bonds The volume of new domestic securities issued 3-6 in February, $604,000,000, was nearly as large . months as the January total, according to the compila- March, 1926 Y 3 3.03} 3.98 4. 55 4. 72 tion of the Commercial and Financial Chronicle, and the amount of those floated by corporations December, 1926 SH-3% / \ * 3 3 . ! 1 1 03} 3.83 5.16 4. 70 alone, $526,000,000, was the largest on record. January, 1927 4.-4.1/2 35^-33^ 3.23 3 80 4.32 4 52 February, 1927 3^8-3M 3.29 3.80 4.03 4.42 In addition, there were unusually large issues March 1927 4-4M 05/ 1 5 3.18 } 3.80 4.13 4.39 for refunding purposes. Municipalities offered \ 3.21 Week ending— only one-half the new securities that they did Mar. 5 4 35^-334' 3.17 3.78 4.20 4.43 in January, and farm-loan issues were negligible. Mar. 12 4-4K 3% 3.11 3.77 4.00 4. 39 Mar. 19 4-4>£ 35/g /" s 3.3 5} 3.80 4.00 4.38 Public utilities put out the largest volume of Mar. 26 4-4K 3K \ 33..1269 3. 83 4.20 4.38 new flotations, nearly one-half of the total under this classification consisting of two stock 1 Renewal rate. issues by the Consolidated Gas Co., of New 2 Weekly average of daily average rates on principal maturities. 3 Issues maturing Mar. 15, and Sept. 15,1926, respectively. York. Industrial corporations sold a large 1 Issues maturing Mar. 15, and June 15, 1927, respectively. s Issues maturing June 15, 1927, and Sept. 15, 1928, respectively. volume of securities, although less than in January, and railroad offerings were the largest ACCEPTANCE MARKET since January, 1922. The following table There was a temporary scarcity of new bills shows the domestic securities, both new and offered in the New York acceptance market refunding, issued in January and Februarv, during the first week of the reporting period, 1927, and February, 1926, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

257 FEDERAL RESERVE BULLETIN APRIL, 1927 DOMESTIC CAPITAL ISSUES advance was much less rapid than in February, however, and railroad stocks moved irregularly [In millions of doll ars] somewhat below the high point of the preceding month. The total number of shares February, January, February, 1927 1927 1926 sold, although unusually large, was less than in February. Bond prices led by Government Class of issue Re- Re- Re- issues advanced after the middle of March to New fund- New fund- New funding ing ing their highest postwar weekly average. The following table gives the indexes of stock prices Total- 603.4 245.6 631.8 106.6 474. 2 25.8 computed by the Standard Statistics Co. of New York, the average price of 40 bonds com- Corporate issues 525.9 245.1 440.6 102.5 323. 7 25.0 Bonds and notes— puted by Dow, Jones & Co., and the average Long-term 255. 0 219.4 335. 7 88.7 172.8 22.6 Short-term __ ___ 12.8 6.5 10.8 28.2 number of shares of stock sold daily on the Stocks _ 258.1 19.2 94.1 13.8 122.7 2.4 New York Stock Exchange for the last five Farm-loan issues 4 4 24 3 4.3 months and for March a year ago: Municipal issues 73.1 .5 166.9 4.1 146. 2 .8 Total, new and re- INDEX NUMBERS OF SECURITY PRICES funding ___ _j 849. 0 73£.4 500.0 Price indexes of *— Average number Foreign issues of securities in the United of shares States, on the other hand, were relatively Month or week ; 198 in- I 31 railj dustrial road small in February, amounting to $92,000,000, • stocks stocks as compared with a monthly average of. over $100,000,000 during the year, 1926." No new Average for*- March, 1926 144. 0 1,790 offerings came from Europe and few from November, 1926- 157.5 1,477 Canada. South American Governments put December, 1926 161.7 1,692 January, 1927 158.4 1,466 out more than half the total, and the rest is February, 1927 I 163.0 2,156 March, 1927 | 165.7 1,983 accounted for largely by a $23,000,000 bond Week endng— issue of the State of New South Wales. The Mar. 5_. 164. 5 2,189 Mar, 12 165. 1,813 table below shows the foreign issues in Jan- Mar. 19. ! 165.9 2,027 uary and February, 1927, and February, 1926: Mar. 26_. 166.7 1, 927 i 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, FOREIGN CAPITAL ISSUES 1913-1922, equals 100. The indexes are weighted by the number of shares of each stock outstanding. Prices used are closing quotations on [In millons of dollars] Saturday. 2 Arithmetic average of daily average closing prices as published in the Wall Street Journal. Weekly averages are for week ending with February, January, February, Saturday. 1927 1927 1926 3 Saturday omitted. Weekly averages are for 5 dayslending with Friday preceding date given. m G er o e n n v - t - C r o a r t p e o- m G er o e n v n - - 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- COMMODITY PRICES . The general level of wholesale commodity Total 80.2 11.7 83.3 84.2 81.8 24.0 prices declined further in February, reflecting substantial decreases in the prices of fuels, New issues. _ 70.2 11.0 56.3 73.3 41.8 20.4 Europe 1.5 2.1 41.3 39.8 14.0 metals, and building materials. Prices of Canada and Newfoundland— __- 6.0 2.0 27.4 2.2 2.0 6.4 grains, eggs, and hides and skins have also Latin America _ 41.2 7.5 25.4 .2 been reduced, while those of cattle, sheep, United States insular possessions 1 4 4 6 meats, butter, cotton, and clothing materials Asia and Oceania 23.0 25.0 advanced. The all-commodities index of the Refunding issues 10.0 . 7 27.0 10.9 40.0 3.6 Bureau of Labor Statistics for February was Total, Government at the lowest level since June, 1924, and that and corporate 91.9 167.5 105.8 of nonagricultural commodities was lower than at any time in the postwar period. Prices of agricultural products, as a group, in February SECURITY PRICES rose slightly for the third consecutive month. A very active stock market in March ac- Indexes for the principal groups of commodicompanied the advance of prices of representa- ties for certain months are shown in the tive industrial stocks to new high levels. The accompanying table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDEKAL RESERVE BULLETIN APRIL, 1927 INDEX NUMBERS OF COMMODITY PRICES proximately $600,000, and during the first [1913 = 100] two weeks of March showed an additional increase of about $2,000,000. This increase Commodity groups February, represents largely additional rediscounts for 1926 agricultural credit corporations, which reached their lowest level for the current crop year on All commodities. 146.4 146. 9 155.0 February 12, at which date they totaled Agricultural 143.8 143.4 151. 7 $20,519,000, about $6,000,000 greater than the Nonagri cultural _ 148.3 149.6 157.3 low point of the previous year. Direct loans Farm products 136.9 137.2 149.9 Foods 148. 2 149. 6 153.2 of the same group of banks were reduced Clothing materials "J 68. 7 167.3 . 183.9 slightly more than $11,000,000 during the Fuel and lighting 177.1 179.8 179.4 Metals 122. 2 124.4 128. 4 month, and further repayments were made Building materials 167. 9 169.7 177.1 Chemicals and drugs. 122. 0 122.1 132.3 during the first two weeks of March totaling House furnishings 157.5 157. 4 163. 9 approximately $2,500,000. This liquidation Miscellaneous _ _• 118. 5 117. 9 132.9 represents largely a reduction in loans based on • the security of tobacco and cotton. All Fed- During March prices of grains, sugar, butter, eral land bank districts showed a reduction in eggs, silk, wool, coal, petroleum, and gasoline direct loans with the exception of the Wichita decreased, while those of potatoes, pig iron, and Houston districts, which remained unhides, and rubber advanced. changed, the largest reduction taking place in Prices received by farmers for their products, the Louisville district. Loans based upon after advancing slightly in February, declined eligible commodities and rediscounts for the again in March to the January level, owing to different financial institutions on the latest decreases in the prices of grains, fruits, and available date in JVlarch are shown in the vegetables, and dairy and poultry products accompanying table. which more than offset increases in the prices of meat animals and cotton. The index for INTERMEDIATE CREDIT BANKS cotton and cottonseed, as a group, rose to the highest level since last September. The accom- [In thousands of dollars] panying table shows the Department of Agriculture index of these prices, by groups, for the Class of loan or rediscount M 1 a 9 r 2 . 7 12, Fe 1 b 9 . 2 1 7 2, M 1 a 9 r 2 , 6 13, past 15 months. Direct loans outstanding on- INDEX NUMBERS OF FARM PRICES T C o o b tt a o c n co __ _ _ 20 6 , , 1 8 8 0 3 5 2 12 6 , , 1 6 8 2 3 7 2 1 6 5 , , 0 9 9 0 7 2 [August, 1909-July, 1914=--100] Wheat 3,345 3,400 2,056 Canned fruits and vegetables 1,309 1,365 502 Raisins 5,000 5,000 3,600 Month m c it o 3 i o m e 0 d s - - Grains t F v a a e r b n g u l d e e it - s M m an a e i l a - s t p D p o u a r a u c n o i t l d d r s t y r - y c C o s a o e t n t t e o t d o d n n - c U l f a ie s n d s - i- A W P R e l i o l c a e o n o l t u h t e s r _ _ 2,1 3 8 1 7 5 9 0 2, 2 3 5 6 4 5 6 6 6 4 7 8 2 4 7 8 1 4 0 7 7 7 Total 39, 216 51,808 49, 778 1926 Rediscounts outstanding for— January 143 143 214 140 153 138 87 A N g at r i i o c n ul a t l u r b a a l n c k r s edit corporations ._ 22, 7 2 9 7 2 20, 5 2 1 7 9 19,82 3 7 4 F M e a b r r c u h a ry. _ _ _ 1 1 4 4 3 0 1 1 4 3 0 3 2 22 1 0 8 1 1 4 4 6 7 1 1 4 3 4 7 1 1 4 3 2 3 8 8 7 5 S L t i a v t e e s t b o a c n k k l s oan companies _ _ 19,1 5 4 1 0 0 19, 3 3 9 1 8 5 12,2 4 3 1 5 3 A M p ay ril. 1 1 4 3 0 9 1 1 3 3 1 1 2 24 5 0 3 1 14 4 6 8 1 1 3 3 3 1 1 13 3 0 5 8 8 2 3 Savings banks and trust companies 37 52 65 J J u u n ly e 1 1 3 3 9 6 1 1 2 3 5 0 2 1 1 9 6 5 1 1 5 5 4 2 1 1 3 3 0 1 1 1 3 2 2 6 8 8 1 5 Total 42, 506 40,311 32, 574 August 133 128 166 144 130 130 81 September.. 134 121 136 148 ' 139 134 93 October 130 123 136 148 144 94 97 Net farm mortgage loans outstanding at November. _ 130 121 142 142 157 88 97 December. _ 127 120 137 140 161 81 91 the 12 Federal land banks increased about 1927 $12,500,000 during February, while the loans January 126 120 140 140 152 85 87 of joint-stock land banks increased approxi- February. -- 127 122 142 143 143 94 84 March 126 121 140 144 133 102 81 mately $8,000,000. The following table shows the outstanding volume of net mortgage loans at the end of November held by 12 Federal AGRICULTURAL CREDIT land banks, 54 joint-stock banks, and 41 life- Rediscounts at the 12 Federal intermediate insurance companies owning more than 82 per credit banks during February increased ap- cent of the assets of all life insurance companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEEAL EESEEVE BULLETIN 259 APRIL, 1927 NET FARM MORTGAGE LOANS OUTSTANDING • the }rear. Woolen-mill activity has decreased [In thousands of dollars] since last October, but continued in February at a higher level than a year ago. Prices of Class of institution Fe 1 b 9 . 2 2 7 8 , I Fe 1 b 9 . 2 6 28, foreign raw wool have advanced slightly since I early in February, while those of domestic wool and of worsted yarns and of tops have de- Joint-stock land banks : 647,762 ! 587,544 Federal land banks 1,097,642 1,019,486 creased somewhat. Quotations on woolen 41 life-insurance companies j1!, 592,000 1,533,000 and worsted goods have remained practically 1 Loans outstanding Jan. 31, 1927. unchanged. Clothing manufacturers are now supplying spring goods, and sales and employ- MANUFACTURING AND MINING ment and. pay rolls in men's and women's Industrial production increased further in clothing industries have shown substantial February, according to the board's index, seasonal increases since the first of the year. which is adjusted for number of working days Deliveries of raw silk to mills and loom activity in the month and for seasonal variations, out- decreased somewhat in ^February, and although put of both manufactures and minerals showing deliveries were practically the same as those for gains. The minerals index, which had declined February, 1926, looms were less active than a in January, reached again the high level year ago. Prices of both raw silk and of silk attained in December, reflecting a growth in goods advanced during February, but since the the production of crude petroleum to the first of March those of raw silk have declined largest daily average on record and a rise in again. Buying of hosiery and underwear has the index for bituminous coal owing to a con- improved considerably since the first of the siderably less than seasonal decrease in the year, and reports indicate that stocks have volume mined. The output of anthracite con- been reduced, but supplies of women's fulltinued the decline which began last November, fashioned hosiery are still in large volume. and daily average production of copper and ' Hides, leather, and shoes.—Daily average zinc did not show the increases which usually production of sole leather in February was occur between January and February. Pro- larger than in any month in over three years, duction of automobiles continued to increase and stocks in process were also increased, while but remained in much smaller volume than a tanners' finished stocks were further reduced. year ago. Output of iron and steel, which has Leather markets, however, according to trade also been enlarged, likewise remains less than reports, have been relatively dull. The hide in the corresponding period of last year. market, on the other hand, showed increased Cotton consumption per working day in Feb- activity in March, and prices advanced, followruary exceeded that for any previous month on ing decreases in February. Daily average prorecord, but activity in woolen and silk mills duction of boots and shoes increased by slightly was somewhat reduced. Factory employment more than the usual seasonal amount between and pay rolls, after a sharp decrease in January, January and February and exceeded output for increased substantially in the following month February of last year. Sales of shoes at wholeand were in practically the same volume as in sale in February and stocks held by the same December, although smaller than in February dealers at the end of the month were reported of last year. to be larger in volume than a year ago. Textiles.—Buying of cotton fabrics has been Metals.—Production and shipments of iron maintained in unusually large volume since and steel have increased substantially since the early last autumn, and, according to reports of low level of activity in December, and estithe Association of Cotton Textile Merchants of mates indicate that steel-mill operations in New York, unfilled orders for a group of re- March were approaching the high level of those porting mills have increased since last June of March, 1926. Although there has been an from 160,000 yards to nearly 400,000 yards at increase in buying of steel products since the the end of February, equaling in volume pro- first of the year, new orders are not as large in duction for nearly a 60-day period. At the volume as shipments, and unfilled orders outsame time, stocks have decreased from over standing have been reduced. Production of 260,000 yards to approximately 160,000 yards. pig iron has also increased, and a few additional Mills in all sections of the country reported in- blast furnaces were blown in during March, in creased activity. Prices of cotton goods and addition to the increase of nine active furnaces yarns have&been steady, and the Fairchild during February. Prices of both iron and steel price indexes have advanced since the first of were considerably reduced during February, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN AmiL, 1927 but they have been stronger in March, and American Petroleum Institute, pipeline and some producers have increased pig-iron prices tank-farm stocks of crude petroleum east of the by 50 cents a ton. Automobile producers Eocky Mountains were considerably enlarged in have been demanding a fairly large volume of February. Stocks of crude oil and gasoline at steel to take care of the seasonal increase during refineries east of California also showed subrecent weeks in the production of cars. The stantial increases in volume during the month. demand for structural steel has continued Reflecting the high level of production and the large, and railroads have recently been mak- accumulation of stocks, prices of crude petroing inquiries for second-quarter steel require- leum and of petroleum products have been ments. sharply reduced during the past few weeks. Daily average production of copper and zinc The average price of crude petroleum at wells, decreased slightly in February, whereas generally as computed by the Oil, Paint, and Drug Rea seasonal increase occurs at that time. Pro- porter on March 25, was $1,585 per barrel, as duction of copper, however, continued in larger compared with $1,833 a month earlier and volume than in any February of previous post- $2,048 in the corresponding week of last year. war years, and that of zinc was approximately The present price of crude petroleum is the the same as a year ago. Zinc stocks increased lowest since January, 1925. The average price further in February and were larger than at any of gasoline at refineries, according to averages time since October, 1924. Refined copper from the same source, on March 25 was about stocks were also further enlarged, but supplies 8% cents per gallon as compared with about 11 of blister copper in process were reduced. cents a year ago. Gasoline prices at service Prices of copper, lead, and zinc rose somewhat stations axe about 2 cents a gallon lower than in the latter part of February and the early they were at this time last year. part of March, but markets became quieter Automobiles and tires.—Production of autoabout the middle of March and quotations mobiles in the United States has increased were slightly lowered. steadily since the sharp curtailment during the Fuels.—Weekly production of bituminous latter part of 1926, and output in February coal, after declining slightly in February, in- totaled 298,000 passenger cars and trucks, as creased considerably in the first two weeks of compared with 234,000 in January. Weekly March, contrary to the usual seasonal tend- statistics of employment in Detroit factories ency. This larger output was in anticipation and unofficial reports from the industry indiof a possible strike on April 1, when the cate a further seasonal increase in output present contract between operators and miners during March. The level of production for expires. Production for the year to date has this year to date has been considerably smaller exceeded estimated consumption by some two than during 1924 and 1926, but somewhat or three million tons a week, and stocks of larger than in 1923 and 1925. Reports from bituminous coal in consumers' hands are re- dealers in the Middle West to the Federal Reported to be large. The decline in the price of serve Bank of Chicago show^ a much smaller coal from the high level of last autumn has volume of sales both at wholesale and retail in continued slowly, and the Coal Age index of February than in the same month of last year. spot prices for the week of March 21 was $2.05 Dealers in the Philadelphia Federal reserve disa ton, the lowest for any week since early in trict, on the other hand, reported a gain in sales September. Anthracite markets have been over the volume of a year ago. Stocks held by especially dull, and weekly production has dealers ,at the end of February were smaller continued in the smallest volume, except during than last year in the Chicago district and larger strikes, since 1921. Prices of anthracite were in the Philadelphia district. reduced on March 15, about 75 cents a ton by Production of automobile tires and tubes some producers, and others announced similar was seasonally larger in February than in reductions to be made on April 1. Production January and likewise exceeded that of Febof coke was at a slightly larger daily rate in ruary, 1926. Shipments, however, which were February than in January, but smaller than a unusually large in January, did not show^ the year ago. Prices of Connellsville furnace coke customary increase in the following month and have fluctuated in recent weeks between $3.25 were smaller in volume than output. Stocks and $3.50 a ton. on hand consequently were enlarged. The Petroleum production reached another new crude-rubber market has been strong since high record in February, and weekly output in early in February, and the quoted price ad- March, although slightly reduced, continued in vanced from 38 cents a pound on February to large volume. According to estimates of the over 42 cents on March 18. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDERAL RESERVE BULLETIN 261 Building materials.—Production of lumber with the exception of dried salt pork, were has shown a seasonal increase since the first larger than a year ago. of the year. The output of softwoods has continued in smaller volume than a year ago, BUILDING while the amount of hardwoods cut has exceeded that of the corresponding period of Values reported for building and engineering 1926. Orders since the first of the year have contracts awarded in February exceeded values been in excess of production, and shipments, reported in January by a narrow margin of which were seasonally small during January 2.4 per cent, and fell below values reported lastand early February, have increased within year in February by 3.5 per cent. In their recent weeks and for the year to date have review for the month, covering awards in 37 exceeded output. The volume of unfilled eastern States, the F. W. Dodge Corporation orders for oak and maple flooring at the end of summarize the record for February as indicat- February was somewhat smaller than that on ing "moderate recovery from January's rather the corresponding date of last year. Produc- abrupt drop in contract-letting." Last year in tion and shipments of cement and paving brick each of these months contracts were reported in were not as large in February as in that month record volume for the month, but values conof 1926, and shipments and orders for sanitary tracted for fell off last year in February in ware likewise were in smaller volume than a comparison w^ith January by more than 10 per year ago. cent, and the small margin of increase over Food products.—Flour production in Feb- January shown in this year's record brought the ruary totaled 8,996,000 barrels, which was dollar volume of awards in February nearly to slightly larger than the production of Febru- the level recorded for February of 1926. ary of a year ago, but, owing to differences in Although awards this year to the end of Febnumber of working days, smaller than in Janu- ruary fell below 1926 by 10 per cent, they ary. Mills in the southern arid southwestern exceeded awards in these two months of 1925 by States and on the Pacific coast were operated 25 per cent, and during March, to March 18, at a higher percentage of capacity than in the daily average for the value of awards either the previous month or in February of a reported this year was somewhat in excess of 3^ear ago, and those in the Northwest and at the daily average during March last year to Buffalo showed but little change in the same March 19. It is noted that the February comparisons. Buying b}^ domestic consumers record for contemplated projects indicated that has been slow, although some improvement demand for new construction work was developwas noted in the middle of March. Prices have ing "somewhat slowly." Valuations reported remained relatively stable, but, reflecting the for such projects in February, in fact, fell below decline in wheat prices, fell slightly in the first 1926 by 25 per cent. half of March. Increases in the dollar volume of construction Sugar meltings during February showed less work brought under contract are shown in than the usual seasonal increase over the comparison with February of last year for the previous month and were considerably smaller Boston, New York, Cleveland, Chicago, St. than in February of last year, while stocks at Louis, and Kansas City districts, and decreases the end of the month, totaling 300,858 tons, for the Philadelphia, Richmond, Atlanta, were 63 per cent larger than a year ago. Prices Minneapolis, and Dallas districts, the decrease of both raw and refined sugar were reduced for the Atlanta district (from $64,000,000 to during the first half of March. $32,000,000) amounting to 50 per cent. Totals Meat production showed the usual seasonal for States show increases over 1926 for 22 and recession in February from the preceding decreases for 15 of the 37 States covered by the month, but the inspected slaughter of all types reports. of livestock was larger than in February of a Residential building contracted for during year'ago. Sales billed to domestic and foreign February fell off in comparison with awards customers by 38 meat-packing firms in the during February of last year by 9 per cent. United States reporting to the Chicago Fed- Awards for commercial, for industrial, and for eral Reserve Bank were 9 per cent smaller in educational building in February were in total value than in January and slightly less nearly the same volume this year as in 1926, than in February, 1926. Storage holdings of and awards for public works and utilities in pork and lard on March 1 showed an increase smaller volume this year. for the month, while supplies of beef, lamb, The valuation of building permits issued in and miscellaneous meats declined. All items, 168 selected cities during February exceeded Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDERAL KESEKVE BULLETIN APRIL, 1927 the valuation reported by these cities in Jan- lines reached the lowest level for emy February uary by 17 per cent, and exceeded the valuation since 1922. Declines from last year were reported last year in February by 7 per cent— reported in all leading lines, except in wholethe increase over 1926 for New York City sale sales of shoes, which were 5 per cent larger amounting to 35 per cent and for Chicago to than in February, 1926. Sales of groceries, 40 per cent. Of the 200 cities reporting valua- hardware, and drugs were from 4 to 5 per cent tions for building permits to the F. W. Dodge smaller than a year ago, and those of dry goods Corporation, 99 cities reported larger valua- were 8 per cent smaller. Sales of cotton comtions in February this year than last, and 101 of mission houses located in New York City were these cities reported smaller valuations this about 18 per cent smaller, and those of silk year. goods firms were 8 per cent less than a year ago. As computed by the New York Reserve- Farm-implement and agricultural machinery Bank, the cost of building declined slightly in sales continued at a lower level in February February, this decline representing a decrease in than in the corresponding month of last year. the cost of building materials as indicated by Orders for machine tools placed with firms the Bureau of Labor Statistics wholesale price reporting to the National Machine Tool index for these materials, which decreased from Builders' Association were also slightly smaller 170 in January to 168 in February (prices in than a year ago, but the decline in February 1913 being taken as 100). Wages in the con- was not as large as that in January or in Decemstruction industries continued generally on the ber. Smaller- sales than in February of last level of the preceding month. year were reported from nearly all sections of the country for groceries, dry goods, hardware, WHOLESALE AND RETAIL TRADE and drugs. Inventories carried by firms engaged in Merchandise sales by firms engaged in whole- leading lines of wholesale trade increased sale and retail trade which made reports to the slightly in February in anticipation of the Federal reserve system were seasonally smaller seasonal expansion that usually occurs in the in February than in January. The decline, demand for merchandise in the early spring. however, in sales by retail firms to consumers Compared with February a year ago, stocks of was not as large as that which is customary groceries, dry. goods, and hardware were between January and February, and sales smaller, while those- of meats, shoes, and of department stores and chain stores were drugs were larger. Stocks of dry goods were larger than a year ago. Sales of wholesale about 19 per cent less than in 1926, but a firms, on the other hand, continued to decline large part of this decline reflects generally in February from the levels of the correspond- lower prices of textile products. Accounts reing month of last year and were the smallest ceivable of reporting grocery, dry goods,- and for any February since 1922. Changes in the hardware firms outstanding at the end of level of prices are reflected more quickly in February were generally smaller than at the wholesale trade than in sales of retail stores, end of the corresponding* month of last year. and a part of the decline in the value of whole- Retail trade.—Trade of retail stores was also sale trade in February of this year reflects the smaller in February than in January, but the much lower level of wholesale prices this year decline was less than that which usually occurs than in the early part of 1926. between January and February. Compared Inventories of merchandise carried by both with the corresponding period of last year, wholesale and retail firms were increased in sales of department stores and chain stores February in anticipation of the growth in were larger, while those of mail-order houses sales to consumers that occurs early in the were smaller. spring. This increase in stocks, however, was Department store sales, however, were not no larger than that which is customary at this larger in all sections of the country. In the season, and at the end of the month inventories Philadelphia, St. Louis, and Dallas Federal of department stores and of nearly all lines of reserve districts sales were smaller than a year wholesale trade were smaller than at the ago, and in the Cleveland and Richmond discorresponding period in 1926. tricts they continued in about the same vol- Wholesale trade.—The volume of trade of ume. Statistics reported from 45 separate dereporting wholesale firms continued to decline partments at stores in seven Federal reserve in February from the corresponding month of districts showed larger sales at 32 departments the previous year, and the Federal Reserve and smaller sales at 13 departments. Increases Board's combined index ai sales in six leading were largest in departments selling ribbons, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDEEAL EESEEVE BULLETIN 263 •silverware and jewelry, women's coats, .wo- tation districts excepting the northwestern, for men's skirts, ready-to-wear, and women's and which loadings in February were in nearly the •children's hosiery, while declines were largest same volume this year as in 1926. Loadings in woolen dress goods, men's and boys' shoes, during the early part of March to March 19 .and musical instrument and radio departments. were in excess of loadings reported for corre- Inventories carried by department stores sponding weeks of 1-926, and in the 12 weeks '.showed about the usual seasonal increase in ended March 19 loadings this year ran 3 per February, preparatory to the expansion in cent in excess of 1926, the excess representing sales that is customary early in the spring, but principally larger coal shipments this 37-ear. they continued slightly smaller for the country Average freight car surplus, which increased as a whole than in the corresponding period of from month to month from 87,000 cars in last year. In the New York, Richmond, October to 295,000. cars in January, fell off to Chicago, St. Louis, Minneapolis, and Dallas 266,000 cars in February. In the second quarter Federal reserve districts stocks were smaller of March the surplus amounted to 257,000 cars. than last year, but in the other Federal reserve districts they were slightly larger. Sta- AGRICULTURE tistics from individual departments showed smaller stocks than last year at 27 depart- With the approach of the spring planting ments and larger stocks at 18 departments. season reports indicate generally favorable soil Declines were largest in departments carrying conditions throughout the country, with ample woolen and cotton dress goods, laces, trim- moisture available in most sections. Planting mings, and embroidery, and women's suits, of early spring crops in the southern districts while increases were largest in women's skirt, is under way, although some sections report sweater, and fur departments, in the Dallas dela}' as a result of cold weather and wet soil. Federal reserve district smaller inventories The condition of growing crops is reported to than last year were reported from 38 of the be favorable, and pasture conditions have been total of 45 departments, and the percentage improved by recent rains. decreases in these departments were generally Farm prices of agricultural products, as indilarger than in other districts. cated by the index of the Department of Agriculture, declined from 127 in February to The rate at which inventories of depart- 126 on March 15. This decrease represents ment stores were turned over in February was largely a seasonal decline in prices of dairy and slightly lower for the country as a whole than poultry products, although prices of grains and in February of last year. In the Boston, New of fruits and vegetables also were slightly lower. York, Chicago,Minneapolis, and Dallas Federal Livestock prices advanced slightly, while cotton reserve districts the rate of turnover was and cottonseed rose 9 per cent. higher, while in the other districts it was about the same or slightly lower than in February, Cotton.—Statistics recently published by 1926. the Department of Commerce covering the season to March 1 show that 17,910,000 bales TRANSPORTATION of cotton were ginned from the 1926 crop, com- Freight moved in record volume for the pared with a final yield of 16,104,000 bales in month during February. Car loadings in this 1925.. This was a slightly smaller figure than month of all classes of freight combined, and the estimated yield of 18,618,000 bales by the specifically of those classes representing ship- Department of Agriculture last autumn. Pickments of manufactured products (miscellaneous ing, however, is continuing in certain sections, and less-than-car-lot merchandise), and of coal, and the final yield will probably be somewhat exceeded loadings recorded in February of any larger than that indicated by the ginning figures earlier year. Grain and grain products and up to March 1. Production was larger than ore, also, moved in greater volume this year in 1925 in all of the principal growing States than last during February, although not in except in Arkansas, Louisiana, Mississippi, record totals for the season. Considerable and Tennessee, but the greater part of the decreases in comparison with February load- increase was due to much larger yields in Texas ings last year are shown for two classes of and Georgia. freight—forest products and coke—and a slight Although the crop in 1926 in the United decrease for livestock. Geographically, the States was nearly 2,000,000 bales larger than increase of February freight shipments this in 1925, reports by the Department of Agriyear over 1926 was widely distributed, increases culture indicate that yields were smaller in being recorded for each of the seven transpor- other principal growing countries, and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL EESERVE BULLETIN APRIL, 1927 world's production is expected to amount to three months, December through February, as 29,000,000 bales, compared with 27,700,000 measured by sales of tags by State authorities, bales in 1925. World consumption of cotton were smaller than in the corresponding period has also been larger for the season to date than of last year in each of the cotton-growing in the corresponding period of last year. Sta- States, except Florida, averaging for 12 cottontistics published by the International Federa- producing States 30 per cent smaller than a tion of Cotton Spinners show that 12,934,000 year ago. In February alone sales of tags were bales were consumed by all spinners of the the smallest for that month since 1922. world in the first six months of the season, Cottonseed products.—Activity in the cot- August through January, compared with 12,- tonseed manufacturing industry continued 338,000 bales in the corresponding period last through February at a higher level than in the year. Of this total 7,224,000 bales were corresponding period of the preceding year. American cotton, approximately 250,000 bales A total of 4,952,000 tons of cottonseed were more than in the corresponding period of 1925. crushed in the seven months, August through Receipts at leading southern markets, tak- February, compared with 4,478,000 tons in the ings by American spinners, and exports indi- corresponding period of last year. Approxicated that marketing of the crop in the United mately 1,472,000,000 pounds of crude oil were States continued in large volume in February. produced during the period, compared with Receipts at southern markets amounted to 1,289,000,000 pounds in 1925-26, and the approximately 1,200,000 bales, compared with output of refined oil was also larger. Stocks of 752,000 bales in February of last year. Ex- crude oil and refined oil on hand at mills and ports exceeded 1,010,500 bales, almost twice refining establishments at the end of February as large as in February, 1926, and were the were larger than last year, while those of nearly largest for that month since 1915. Prices re- all other products were smaller. mained in February and early in March near Grains.—Wheat prices declined during Febthe levels reached early in the year, which were ruary and the first half of March, with soft from lj/2 to 2 cents higher than the low point winter wheat showing the greatest weakness. to which prices declined early in December. Spring-wheat prices were more stable, and The course of prices in recent weeks, as re- durum prices continued above those of last flected in weekly quotations at 10 southern year, owing to the apparent shortage of grain markets, is shown in detail in the chart. of this type for export. The market situation has been characterized by increased shipments of Argentine and Australian grain to European CEKTS PER POUHD CENTS PER POUtfD 30 30 markets, resulting in a decline in exports of wheat from this country from 12,619,000 A* bushels, of both grain and flour, in January to 8,822,000 bushels in February. Domestic mills have also been less active in their buying. 20 \ 20 Stocks of wheat held on the farms and in country mills and elevators on March 1, as estimated by the Department of Agriculture, were about 40,000,000 bushels higher than a year ago. 10 These stocks, together with the visible supply in the central markets, totaled approximately 277,000,000 bushels, compared with 224,000,000 COTTONPRICES bushels a year ago. The acreage which farmers intend to plant to wheat, as reported to the Department of Agriculture as of March 1, indi- 1925 1926 X9Z7 cates an increase in all spring wheat of about Reports indicate that weather conditions 2 per cent over the acreage harvested in 1926. late in February and early in March delayed An increase of 14 per cent is indicated for to some extent preparations for the new crop durum, while other spring wheat shows a slight in certain sections. Planting, however, was reduction. begun early in March in the southernmost areas Visible supplies of corn in the central markets of the belt. Acreage is reported to be slightly have continued to increase from week to week smaller than last year in some sections, but it is and on March 19 a total supply of 48,837,000 yet too early to know definitely to what extent bushels was reported, the largest on record. acreage will be reduced. Fertilizer sales for the This increase in visible supply has been accom- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

265 APRIL, 1927 FEDERAL RESERVE BULLETIN panied by a lower demand both for consump- report of the Department of Agriculture, cattle tion in the United States and for export. and sheep have wintered well and are reported Prices declined approximately 8 cents from the to be in good condition. middle of February to the end of the first week Cattle prices in February were generally of March, but since that time have made some higher than in the previous month and also recovery, No. 3 yellow cash corn at Chicago higher than in February of a year ago. The being quoted at 69-70 cents a bushel on March demand for well finished cattle continued 18. Stocks on farms March 1 were 216,000,000 strong, and this type of animal advanced in bushels less than a year ago. The decrease in price more than any other grade. Medium the Corn Belt States showed a greater decline and common steers were slightly lower than a than for the country as a whole, inasmuch as year ago, while an active demand for stocker stocks on March 1 in these States were 708,- and feeder cattle maintained prices at a firm 000,000 bushels, compared with 1,051,000,000 level. The volume of livestock slaughtered bushels a year ago. The increased production during the month showed the usual seasonal in consuming States is reflected in the estimates recession from January, but was in approxiof the corn shipped, or to be shipped, out of the mately the same volume as in February, 1926. county where grown, which was placed at The average price paid for cattle slaughtered 16 per cent of the 1926 crop, compared with under Federal inspection during February was 20 per cent for the previous season. $7.83 per hundredweight, which compares with Farmers' planting intentions for crops other $7.54 in January and $7.39 in the second month than wheat indicate an increased acreage of of a year ago. about 2 per cent for corn, 3 per cent for oats, The volume of inspected slaughter of hogs 14 per cent for barley, and a decrease of 11 during the month was slightly larger than a per cent for flaxseed and 7 per cent for rice. year ago. Prices were at a lower level, the Stocks of corn, oats, barley, and rye were average price of hogs slaughtered under smaller than a year ago, while stocks of wheat Federal inspection showing a decline of 17 showed an increase. Stocks of grain on farms cents per hundredweight compared with the March 1,1927, as estimated by the Department previous month and a decline of 64 cents per of Agriculture, are given in the table below. hundredweight compared with the February average of last year. The amount of pork STOCKS OF GRAINS ON FARMS MARCH 1 products going into domestic consumption [Estimates of the U. S. Department of Agriculture] appears to be decreasing, as storage stocks of pork on March 1 were 61,000,000 pounds [In thousands of bushels] larger than on the comparable date in 1926. The prices of most fresh and cured pork 1922-1926 Grains 1927 1926 (5-year products averaged slightly lower than in Febaverage) ruary of a year ago. Lamb prices advanced rapidly during the Corn 1,113, 691 1, 329, 581 1,128,037 Wheat 130,444 100,137 128, 059 latter part of February and the first half of B O a a r t l s e y ._ 4 4 23 0 , , 9 8 5 2 7 9 57 5 1 2 , , 2 9 4 1 . 5 8 47 44 8 , , G 63 9 7 8 March, reaching the highest point in several Rve 5,647 6,544 i 9, 016 months. The average price during February for sheep and lambs slaughtered under Federal 1 Three-year average. inspection was $12.80 per hundredweight, which Livestock.—-Range conditions are reported compares with $12.05 in January and $12.66 in to be favorable, with ample moisture and soil February of 1926. The volume of inspected conditions giving promise of good spring rang- slaughter during the month was less than 1 per ing in most States, except in a few dry spots cent smaller than in February, 1926. The Dein western sections of the Dakotas, Nebraska, partment of Agriculture reports a decrease of Kansas, and the eastern parts of Colorado approximately 255,000 head in the number of and Wyoming. Some scarcity of feed is re- lambs on feed in Colorado and western Nebraska ported in the central northern districts, but feed lots on March 12 as compared with a year the weather has permitted free ranging in the ago. A considerable amount of wool contractnorthern Great Plains region. Hay and other ing is reported in many of the Western States, feed have been generally ample in all the west- with prices ranging from 34 to 38 cents in ern country, except in North Dakota, east Texas and 28 to 33 cents in other States. central Montana, western Kansas, and eastern The average prices for livestock at the Colorado. According to the western range Chicago market for February, with compari- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDEKAL RESERVE BULLETIN APRIL, 1927 sons, are reported by the Chicago Federal approximately 20,000,000 bushels larger than Reserve Bank as follows: a 3^ear ago. Part of the gain was represented by an increase in the holdings of seed potatoes, AVERAGE PRICES OF LIVESTOCK which were one-sixth greater than a year ago. [Per hundred pounds at Chicago] In spite of the large 1926 apple crop, total stocks in cold storage on March 1 were equiv- Week Months of— ended alent to about 5,000,000 barrels, slightly less Class of livestock Ma 19 r. 2 7 12, a F ry e , b 1 r 9 u 2 - 7 Jan 1 u 92 a 7 ry, a F ry e , b 1 r 9 u 2 - 6 than they were a year ago and not greatly above the five-year average. Prices have Native beef steers (average) __ $10.85 $10. 50 $10. 20 $9. 65 Fat cows and hei fers 7.50 6. 75 6.40 6.60 been advancing slowly and are now at least Hogs (bulk of sales) 11. 55 11.80 11.95 12.35 one-fourth higher than in early winter. The Yearling sheep __ _ -__ . 12. 00 11.20 10. 25 11. 65 Lambs (average) 14. 95 13.00 12. 55 13.50 average, however, is slightly lower than in the spring of 1926, which is partly accounted Dairy products.—Butter prices continued for by the poor condition of stocks in some firm during February, with an average price sections or oversupply in certain markets. for 92-score butter at New York of 51.5 cents, Foreign demand continues active, and the which is 2.4 cents above January and 6.6 cents export trade has taken about 50 per cent more above February of a year ago. During March, apples this season than a year ago. however, increased imports of foreign butter Shipments of oranges and lemons are moving have been reflected in a decline of. approxi- in large volume, the total for February being mately 4 cents from the February average, the 8,298 cars, compared with 6,461 cars in the New York quotation for March 18 being 47.5 same month in 1926. Prices, however, are only cents. Domestic production since January 1, on a slightly lower level than a year ago. as indicatd by market receipts, has been ap- Tobacco.—The season for marketing tobacco proximately 4 per cent less than in the same ended in many growing areas late in February period of a year ago. Stocks in cold storage and early in March and many tobacco markets on March 1 were the lowest on record, being closed. Sales, however, continued in very only 8,086,000 pounds, compared with a five- large volume through February in the markets year average of 19,288,000 pounds. that remained open and amounted to 118,- "Cheese prices averaged 1 cent lower in Feb- 493,000 pounds, compared with 130,006,000 ruary as compared with the previous month, pounds in January and 83,462,000 pounds in but were approximately 1 cent higher than a Februaiy of last season. A large part of the year ago. Prices declined three-fourths of a increase in sales in February over last year cent during the first half of March. As in the was due to the fact that sales this year incase of butter, the production, of cheese since cluded those made by one of the large tobacco January showed a decrease as compared with cooperative marketing associations through a year ago. Cold-storage holdings of cheese, the loose-leaf and auction markets. In other however, which totaled 39,239,000 pounds on recent years sales by cooperative marketing March 1, were larger than the five-year average associations were not included in the totals, of 29,619,000 pounds. A decline of 3,000,000 Much of the tobacco that was marketed in pounds, however, was shown in the comparison February was of a lower grade and quality with a year ago. than earlier in the season, and this was a Fruits and vegetables,—An earlier season, factor accounting for the lower prices that as well as increased acreage, has contributed were received by the growers. Prices in to a heavier movement of fruits and vegetables, February averaged $12.38 per 100 pounds for shipments being fully 10 per cent heavier this burley tobacco in Kentucky, compared with season than a year ago. Shipments of south- 113.76 per 100 pounds in January. ern berries and vegetables' have been expand- Reports from the St. Louis Federal reserve ing rapidly, and prices have shown the usual district indicate that there has been very seasonal decline. Prices of stored fruits and little preparation .for the new crop thus far, vegetables, however, are higher than was the arid from present indications planting will be case in late winter. unusually late. There appears to be some Improved demand for potatoes has been disposition among farmers in that district to reflected in an advance in price of approxi- reduce acreage, particularly in certain darkmately 50 cents per 100 pounds from the low tobacco growing areas. It is yet uncertain, point of the winter. According to the estimate however, as to the extent to which acreage of the Department of Agriculture, the amount will be reduced in these areas and in the other of the 1926 potato crop on hand March 1 wasdark-tobacco growing regions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDEKAL RESERVE BULLETIN 267 BANK SUSPENSIONS AND COMMERCIAL or by the directors of the banks on account of FAILURES financial difficulties, and it is not known how many of the institutions thus reported may Bank suspensions.—During February, 1927, ultimately prove to be solvent. 80 banks, with deposits of $32,381,000, were During the first three weeks of March 48 reported to the Federal reserve banks as banks, with deposits of $37,349,000, were rehaving suspended operations on account of ported as having suspended operations during financial difficulties. These totals were smaller that period. Of these, 37 were nonmember than the totals reported for the preceding banks and 11 were member banks—9 of them month, when 128 banks, with deposits of national banks and 2 member State banks. $35,995,000, suspended, but were larger than Ten nonmember banks and 2 national banks the figures reported for February, 1926, when which had previously suspended were reported 52 banks, with deposits of $11,763,000, susto have resumed operations during the period. pended. Of the banks that suspended in Commercial failures.—As. usual after the February of this year, 64, with deposits of opening weeks0 of the year, the number of $23,486,000, were nonmember banks and 16, commercial failures decreased seasonally and, with deposits of $8,895,000, were member for the short month of February, 2,035 failures, banks—-14 of them national and 2 member with liabilities of $46,940,716, were reported State banks. Of the suspensions during the by R. G. Dun & Co. These totals represented month, 30 were in the States of Minnesota, declines of 17 and 9 per cent from the totals Oklahoma, and Kansas. reported for the preceding month, but were both considerably larger than a year earlier, BANK SUSPENSIONS DURING FEBRUARY 1927 comparing with 1,801 failures, with liabilities of $34,176,348, in February,. 1926. Commer- All banks Member 1 Nonmember cial failures during February, 1927, are shown Federal reserve district Num- Total de- Num- Total de- Num- Total de- in the following table, by class of enterprise: ber posits 2 ber posits 2 ber posits 2 COMMERCIAL FAILURES DURING FEBRUARY All districts. 80 $32, 381, 000 16 $8,895,000 64 $23, 486,000 Boston IN1 umber Liabilities New York - Class of enterprise Philadelphia i ___ _. . Cleveland S 4, 042, 000 4 j 2,956,000 2 1,086, 000 1927 1926 1927 1926 Richmond 2, 238, 000 2 620^000 3 1,618,000 Atlanta 6, 631, 000 8 6, 631, 000 S C t h . i L ca o g u o is _ __ _ 3 10 3, 2 4 2 8 8 2 , ,0 0 0 0 0 0 3 1 2, 1 4 3 9 8 1 , ,0 0 0 0 0 0 3 3 7 9 9 9 0 1 , ,0 0 0 0 0 0 All classes 2 035 1, 801 $40,940,716 $34,176,34S M K Da a i l n n l n s a a s e s a p C o i l t i y s 2 1 I 0 7 5 5 ; . 4 0 5 7 5 3 4 8 9 , , , 0 0 0 0 0 0 0 0 0 4 1 1,7 40 7 0 1 , ,0 0 0 0 0 0 1 IS 6 6 3 5 , , 1 4 2 3 7 8 4 7 9 , , , 0 0 0 0 0 0 0 0 0 M T A r g a a e n d n u i t n f s a g , c b t r u _ o r k i _ n e r g s, etc. 1 4 5 1 0 1 1 8 6 1 1,2 4 8 4 7 2 7 2 2 1 1 0 3 3 , , , 4 0 5 0 1 1 6 8 5 , , , 6 6 4 1 5 5 2 4 0 | j i 2 1 0 0 3 , , , 0 3 8 3 1 2 7 6 2 , , ,3 7 2 5 1 7 4 9 5 San Francisco. __ 4, 689, 000 1 519,000 3 4.170, 000 1 1 Comprises 14 national banks with deposits of $7,744,000 and 2 State The number and liabilities of commercial member banks with deposits of $1,151,000. failures during February, 1926 and 1927, are 2 Figures represent deposits for the latest available date prior to the suspensions, and are subject to revision when information for the dates presented in the following table, by Federal of suspension become available. 3 Includes 1 private bank for which deposits are not available. reserve districts: Thirteen banks that had previously sus- COMMERCIAL FAILURES DURING FEBRUARY, BY FEDpended were reported to have resumed, opera- . ERAL RESERVE DISTRICTS tions again during February—in the Atlantadistrict, 1 nonmember bank in Florida; in the Number Liabilities Chicago district, 1 national bank in Iowa; in Federal reserve districts the Minneapolis district, 1 nonmember bank 1927 1926 | 1927 1926 in Minnesota, 1 in North Dakota, and 7 in South Dakota; and in the Dallas district, Total_ 2,035 1,801 !$40,940,718 $34,176,348 1 member State bank in Texas, and 1 non- Boston 210 170 3, 412, 009 2, 338,036 New York 276 308 I 9, 722, 481 6,174, 315 member bank in Louisiana. All but two of Philadelphia... 68 93 i 8,272,430 2,104,852 these banks were reopened within three months Cleveland 162 188 ! 3, 494. 055 3,966, 625 Richmond 156 118 ! 4, 248', 597 L 845,307 of the d^tes on which operations had been sus- Atlanta 191 100 i 1, 686, 424 1, 762,288 pended. The accompanying figures 'for sus- S C t h . i L ca o g u o is 2 1 6 2 0 7 2 10 5 0 2 I i 2 3 , , 0 7 0 3 6 8 , , 0 3 8 4 1 4 3 7 , , 1 7 8 2 6 9 , ; 8 8 9 4 96 pended banks represent, so far as can be Minneapolis. _. 77 85 i 1,114, 000 843,138 Kansas City... 143 87 2,137,188 703,410 determined, banks which havQ been closed to Dallas .'___. 103 62 2, 023,100 669.997 the public by order of supervisory authorities San Francisco.. 262 238 5, 086, 007 2, 85J; 500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDEKAL EESEKVE BULLETIN APKIL, 1927 LAW DEPARTMENT Joint-stock land banks as "banks" within the meaning v. Savings Institution (17 Wall., 109), the Supreme Court said, at page 118 of the opinion: of the Clayton Act. There is published below a copy of an Banks in the commercial sense are of three kinds, to wit; 1, of deposit; 2, of discount; opinion recently rendered by the Attorney 3, of circulation. * * * Modern bankers General holding that joint-stock land banks frequently exercise any two or even all three of are "banks" within the meaning of section 8 these functions, but it is still true that an instiof. the Clayton Act. . tution prohibited from exercising any more than one of those functions is a bank in the DEPARTMENT OF JUSTICE, strictest commercial sense. Washington, February 28, 1927. See also Bank for Savings v. The Collector (3 Wall. SIR: I have the honor to reply to your letter of 495; Auten v. United States National Bank (174 U. S. December 7, 1926, transmitting a letter from the Farm Loan Commissioner dated October 15, 1926, and sub- In Selden v. iUquitable Trust Company (94 ll. S. mitting for my consideration and opinion the question 419), it appeared that the plaintiff corporation was whether a joint-stock land bank is a bank within the engaged solely in investing its own capital in real purview of section 8 of the Clavton Act (act of October estate mortgages which it sold with its guaranty. 15, 1914, ch. 323, 38 Stat. 732, as amended). The court held that this course of dealing did not con- Section 8 of the Clayton Act provides that, subject stitute the. company a bank. to certain exceptions, no person shall be a director, I come then to test the powers of a joint-stock land officer, or employee of more than one "bank, banking bank against the authorities above referred to. They association, or trust company" organized or operating are corporations organized and operating under the under the laws of the United States which has deposits, Federal farm loan act (act of July 17, 1916, ch. 245, 39 capital, surplus, and undivided profits aggregating Stat. 360, as amended) "for carrying on the business more than $5,000,000; that no private banker or of lending on farm mortgage security and issuing farmperson who is a director in any "bank or trust com- loan bonds." They have two functions. Firstly, pany" organized and operating under the laws of a they are authorized, subject to certain restrictions, State which has deposits, capital, surplus, and undivided which are less onerous than in the case of Federal land profits aggregating more than $5,000,000 shall be bank, to loan money (which in the first instance is eligible to be a director in any bank or banking associa- private capital derived from the sale of the bank's tion organized or operating under the laws of the shares) on first mortgages on farm land. Such mortga- United States; and that no "bank, banking association, ges may be deposited with a "registrar" as a revolving or trtist company" organized or operating under the or floating security for farm-loan bonds which may be laws of the United States in any community of more issued subject to the approval of the Federal Farm than 200,000 inhabitants shall have as a director or Loan Board. With the proceeds of the sale of the other officer or employee any private banker, or any bonds further loans are made on mortgages, which director or other officer or employee of any other mortgages in their turn become the security for an "bank, banking association, or trust company" additional issue of bonds. This process may be relocated in the same place. peated so long as bonds are not outstanding in excess of The intention of Congress in enacting section 8 is fifteen times the capital and surplus of the bank. declared in the report of the Committee on the Judiciary Secondly, they are authorized to receive deposits of recommending its passage. House Report No. 627, public money and to act as financial agents of the Sixty-third Congress, second session, where it is stated United States, but are prohibited from investing (p. 19): Government funds in mortgage loans or farm loan bonds (sec. 6). According to the better view it would The purpose of this provision, which relates seem that they are also authorized to accept deposits exclusively to banks and banking associations, payable upon demand from their own stockholders is to prevent as far as possible control of great (sec. 14). They are forbidden to transact any banking aggregations of money and capital through or other business not expressly authorized by the the medium of common directors between statute (sec. 16). banks and banking associations, the object being to prevent the concentration of money The first power above referred to is so similar to the or its distribution through a system of course of dealing considered in Selden v. Equitable Trust Company, supra, that in my opinion it would interlocking directors, not constitute a joint-stock land bank, a bank within Turning now to the statute, it appears that its w—o-rwdnn-. the meaning of section 8 of the Clayton Act. ing is broad and that it is an act of general application The authority to receive Government deposits and to directed against the evil of concentrating control over act as the financial agent of the Government, however, large sums of money in the hands of a few persons. empowers a joint-stock land bank to exercise a limited There is, however, no restriction in the language of the control over the use of Government funds on deposit. act relative to the kind of bank included or the nature The exercise of this power might, for example, involve of the banking business done. The words "bank and the buying of authorized securities with these funds on banking association" are not technical, but are well deposit, and banks possessing such powers would seem understood and are to be construed according to their to fall within the intended meaning of the Clayton Act. common and well-known meaning. Speaking gener- Reference is also made to the potential financial power ally a bank is an institution which is engaged in the vested in joint-stock land banks in the case of funds business of dealing in money and credits. In Oulton deposited by stockholders. The receiving of deposits, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

269 APRIL, 1927 FEDEKAL KESEEVE BULLETIN moreover, is one of the three banking functions specified compensation act and the regulations prein Oulton v. Savings Institution, supra, and the other scribed by the Director of the United States cases cited, and I am of opinion that this power, Veterans' Bureau. The text of the amendwhether exercised or not, constitutes a joint-stock land bank, a bank within the section of the Clayton Act in ment, approved March 3, 1927, is as follows: question. In State ex rel Compton v. Buder (308 Mo. 253), it [PUBLIC—No. 762—69TH CONGRESS] was held that joint-stock land banks, although not taxable under a certain statute of the State of Missouri, [II. R. 16886] were "banks or institutions doing a banking business in a limited way, it is true, but nevertheless banks An Act To authorize the Director of the United States Veterans' Bureau within approved definitions * * *." to make loans to veterans upon the security of adjusted service certificates In Smith v. Kansas City Title Company (255 U. S. 180), the Supreme Court of the United States held that Be it enacted by the Senate and House of Representathe establishment of Federal land banks and joint stock tives of the United States of America in Conor ess assemland banks was an exercise of the constitutional power bled, That section 502 of the World War Adjusted of Congress. While this case did not assume to deter- Compensation Act is amended by adding at the end mine whether these institutions were technically banks thereof the following new subdivisions: or not, the reasoning of the court may be said to incline "(i) The Director of the United States Veterans' toward the view that they were technically banks. Bureau is authorized, through such officers and at such One other fact inclines me to the opinion expressed regional offices, suboffices, and hospitals of the United above. Section 4 of the Federal farm loan act, asStates Veterans' Bureau as he may designate, and out amended March 4, 1923 (ch. 252, sec. 304, 42 Stat. of the United States Government life insurance fund 1476), to the provisions of which joint stock land banks established by section 17 of the World War Veterans' are subject so far as the same may be applicable, Act, 1924, as amended, to make loans to veterans upon provides in part: their adjusted service certificates in the same amounts No district director of a Federal land bank and upon the same terms and conditions as are applicashall, during his continuance in office, act as ble in the case of loans made under this section by a an officer, director, or employee of any other bank, and the provisions of this section shall be appliinstitution, association, or partnership en- cable to such loans; except that the rate of interest gaged in banking or in the business of making shall be 2 per centum per annum more than the rate or selling land mortgage loans. charged at the date of the loan for the discount of •ninety-day commercial paper under section 13 of the The word " district" was inserted in the above pas- Federal Reserve Act by the Federal reserve bank for sage by the amendment referred to. Prior to March 4, the Federal reserve district in which is located the 1923, therefore, directors of joint-stock land banks were regional office, suboffice, or hospital of the United subject to this provision of law, but since they have no States Veterans' Bureau at which the loan is made. district directors it no longer applies to them. The " (j) For the purpose of enabling the director to inference to be drawn is that when section 4 was make such loans out of the United States Government amended so as not to include directors of joint stock life insurance fund the Secretary of the Treasury is land banks, it was not the intention of Congress that all authorized to loan not exceeding $25,000,000 to such restrictions as to association with other banks should fund with interest at the rate of 4 per centum per annum be removed, but that the less strigent provisions of (beginning on the date the check for each amount section 8 of the Clayton law should attach as to them. loaned to a veteran is paid by the Treasurer of the Respectfully," United States), compounded annually, on the security (Signed) JNO. G. SARGENT, of bonds held in such fund. Attorney General. " (k) The disbursing officers of the United States The Honorable the SECRETARY OF THE TREASURY. Veterans' Bureau shall be allowed credit in their accounts for all loans made in accordance with regulations and instructions of the director." SEC. 2. That section 705 of the World War Adjusted Act authorizing Veterans' Bureau to make loans Compensation Act, as amended, is amended by striking direct to veterans. out the period at the end thereof and inserting in lieu By* recent act of Congress the World War thereof a comma, and the following: "except that a duplicate certificate shall be issued without the requireadjusted compensation • act was amended so as ment of a bond when it is shown to the satisfaction of to authorize the Director of the United States the director that the original certificate, before delivery Veterans7 Bureau to make loans direct to to the veteran, has been lost, destroyed, wholly or in veterans upon security of their adjusted service part, or so defaced as to impair its value." SEC. 3. That the last paragraph of paragraph (7) of. certificates. This, however, does not prevent section 202 of the World War Veterans' Act, 1924, as banks from making loans to veterans as pre- amended, is hereby repealed. viously authorized by the World War adjusted Approved, March 3, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDEEAL KESEKVE BULLETIN APEIL, 1927 Changes In State Bank Membership Fiduciary Powers Granted to National Banks The following list shows the changes affecting State During the month ended March 21, 1927, the bank membership during the month ended March 21, Federal Reserve Board approved applications of the 1927, on which date 1,337 State institutions were mem- national baiiks listed below for permission to exercise bers of the system: one or more of the fiduciary powers named in section 11 • ADMISSIONS (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) Total registrar of stocks and bonds; (5) guardian of estates; Capital Surplus (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which District No. 2 State banks, trust companies, or other corporations which come into competition with national banks are Weequahic Trust Co., Newark, N. J. $200,000 $100,000 $3, 577,860 permitted to act under the laws of the State in which Merchants Trust Co., Newark, N. J_j 1,350,000 1,350,000 20, 710, 953 the national bank is located. District No. 7 Dis- Powers W W he h a e to a n to n T , r 1 u 1 s 1 t & Savings Bank, 100,000 40,000 i 152,310 Location t N ri o c . t Name of bank granted Hartford, Conn i Capitol National Bank 1 to 9. CHANGES N Sp e r w in g B f r i i e t l o d n , , M C a o s n s n 1 1 T C h it i y r d N a N ti a o t n i a o l n a B l a n B k ank & 1 1 t t o o 9 8 . . District No. 2 Rutland, Vt 1 Rutland County National Ito9. •Rn-nlr Change of title: Mount Pleasant Newark, N. J 2 Broad & Market National 1 to 9. Bank, Pleasantville, N. Y., to Bank. Mount Pleasant Bank & Trust Co. Do 2 Hayes Circle National Bank 1 to 9. & Trust. District No. 3 Hackettstown, N. J___ 2 Peoples National Bank______ 1 to 9. Brooklyn, N. Y 2 Traders National Bank 1 to 9. Co C n o s l o o l n id ia a l t e T d r u w s i t t h C a o n ., d P u h n i d la e d r e ti l t p l h e i o a f , W Elm es i tf r i a e , l d N , . N Y . Y 2 2 N M a e t r i c o h n a a n l t B s a N nk at o io f n W al e s B tf a ie n ld k - . _ . 8 1 t a o n 3 d , 5 9 t .1 o 9.1 Pa.: Peoples Bank & Trust Co., Beach Haven, N. J 3 Beach Haven National 1 to 9. Philadelphia, Pa $1,000,000 $448, 540 $20,213, 040 Bank & Trust Co. Nanticoke, Pa 3 First National Bank 5 to 9.1 District No. 4 Philadelphia, Pa 3 Central National Bank 1 to 9. Selinsgrove, Pa 3 First National Bank_ 1 to 9. Absorption of national bank: The Denton, Md 5 Denton National Bank Ito9. Union Trust Co., Cincinnati, High Point, N. C 5 Commercial National Bank. 5to9.! Ohio, has absorbed, the Fifth-Third Norfolk, Va_ ____ 5 Norfolk National Bank of 5 to 9.1 National Bank, Cincinnati, Ohio, Commerce and Trusts. and changed its title to Fifth-Third Fort Payne, Ala 6 First National Bank 1. Union Trust Co 3,000,000 2,702, £ 53, 674, 070 Knoxville, 111 7 Farmers National Bank 1 to 9. Change of title: Pearl-Market Bank, Pekin, 111 7 American National Bank... 1 to 9. Cincinnati, Ohio, to Pearl-Market Huntington, Ind 7 First National Bank • 1 to 9. Bank & Trust Co. Wabash, Ind 7 Farmers & Merchants Na- 5 to 7.1 District No. 6 Bridgeport, 111 8 First National B ank 1 to 9. Lake Linden, Mich___ 9 First National Bank 2,3,5 and 8 Change of title: Brotherhood of Muskogee, Okla 10 Commercial National Bank. 1 to 8. Locomotive Engineers Bank & Casper, Wyo 10 Wyoming National Bank _ 5 to 9.1 Trust Co., Birmingham, Ala., to Marshall, Tex 11 First National Bank 5,1 Engineers Bank & Trust Co. Los Angeles, Calif 12 Seaboard National Bank Ito9. San Francisco, Calif. _ 12 Bank of Italy National Ito9. District No. 8 Trust & Savings Assn. Voluntary withdrawal: Merchants & Farmers Bank, Dumas, Ark 50,000 18,190 487,460 i Supplementary. Closed: Citizens Savings Bank, Cabool, Mo 25,000 5,750 245, 750 Changes in National Bank Membership District No. 11 The Comptroller of the Currency reports the follow- Reopened: American Trust & Sav- ing increases and reductions in the number and capital ings Bank, El Paso, Tex 300,000 72, 040 3, 843, 670 of national banks during the period from February 26 Voluntary withdrawal: Guaranty Bond State Bank, North Zulch, to March 25, 1927, inclusive: 9 Tex _ 25,000 19,490 312, 720 District No. 12 Num- Amount ber of of Converted to national bank: Bank banks capital of Italy, San Francisco, Calif 20,000,000 13,000,000 428,085,690 Absorbed by State member: New charters issued __ 9 $23, 245, 000 Mission Savings Bank, San Restored to solvency 1 35, 000 Francisco, Calif 500,000 317,000 | 9,791,930 Increase of capital approved 18 12, 135, 000 Bank of Sausalito, Sausalito, Calif _________ 100,000 40,000 1,154,880 Aggregate of new charters, banks restored to Closed: Tillamook County Bank, solvency, and banks increasing capital 28 35. 415, 000 Tillamook, Oreg 40,000 10,000 I 495,000 Liquidations 35 4, 745, 000 Reducing capital i_ „ 5 760, 000 Acceptances to 100 Per Cent Total liquidations and reductions of capital _. 40 5, 505, 000 Consolidation of national banks under act of Nov. Since the publication of the March BULLETIN the fol- 7, 1918 . 2 3.150, 000 lowing member institution has been authorized by the Aggregate increased capital for period 35, 415, 000 Federal Reserve Board to accept drafts and bills of Reduction of capita] owing to liquidations, etc. ___ 5, 505, 000 exchange up to 100 per cent of its capital and surplus: Net increase . 29, 910, 000 Franklin-Fourth Street National Bank, Philadelphia, Pa, 1 Includes two reductions in capital aggregating $610,000 incident to consolidations under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEHAL BESERVE BULLETIN 271 APBIL, 1927 INDEXES OF PRODUCTION • [Adjusted for seasonal variations. 1923-1925 average=100] INDEX OF INDUSTRIAL PRODUCTION Month Industrial production Manufactures Minerals 1922 1923 1924 1925 1927 1922 1923 1924 1925 19261927 1922 1923 1924 1925 1926 1927 January 74 100 99 105 106 106 73 100 105 1C8 104 76 100 103 105 117 February 76 100 102 105 107 108 ! 75 100 102 106 109 106 87 100 106 101 120 March 81 104 101 105 108 78 103 101 106 108 97 106 101 98 108 April 77 107 95 103 108 81 106 95 103 108 53 112 92 99 107 ! May 81 107 89 103 107 86 107 88 103 107 53 108 93 104 103 June 85 105 85 101 107 90 104 83 101 107 58 107 91 99 104 July 84 103 83 103 107 89 102 82 103 107 56 109 90 102 105 _ August 83 102 89 103 111 87 101 89 103 112 62 110 ' 92 107 109 September—. 88 100 94 102 113 89 101 93 104 113 82 98 97 90 111 j October 94 99 95 105 111 94 98 95 107 111 91 105 97 91 116 ! November 97 97 97 106 108 98 96 97 108 106 94 104 96 94 118 j December 100 96 100 108 105 100 101 110 103 99 99 100 94 120 J Annual index. 85 101 95 104 108 87 101 94 105 108 74 105 96 99 107 ! INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS Month f m ac A a tu n l r l u e - s s I a t r n e o d e n l Textiles p F u r o c o o t d s d - p P r a a i n n p t d e i r ng Lumber m A o u b t il o e - s Le s a a h n t o d e he s r a C n e b d r m i e g c l n k a t s , , s f m e N e r t o r a n o l - u s s r P e l f e e i t u n r i m o n - g Ru ti b r b e e s r T f m a o c a b tu n a r u c e c - s o 1926 January _ 108 116 103 100 112 100 114 92 114 109 116 115 108 February 109 113 104 94 113 110 118 94 113 109 117 112 109 March 108 115 104 96 113 105 113 94 110 108 119 107 117 April __ 108 115 101 95 114 106 110 93 107 115 123 109 113 May 107 116 99 94 115 102 114 93 112 114 125 108 111 June 107 113 101 99 113 97 110 98 122 107 126 117 113 July 107 113 99 100 114 99 109 102 118 109 126 118 109 August 112 120 105 103 115 94 134 103 119 110 128 128 113 September. __ 113' 117 110 103 116 100 127 105 119 112 128 138 113 October 111 114 110 102 118 97 106 106 114 113 129 126 116 November 106 105 110 99 115 95 89 100 106 121 133 106 116 December 103 102 109 96 113 98 63 100 94 119 135 112 110 1927 January 104 106 107 114. 93 92 96 99 117 135 117 114 February 106 111 107 92 114 95 99 98 108 113 135 115 113 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS Month Anthracite Crude pe- Iron ore coal troleum shipments Copper Zinc Lead Silver 1926 January 3 100 107 114 114 99 February 34 99 109 119 118 99 March 129 109 109 117 95 April 126 109 113 112 93 May 120 98 95 108 112 116 92 June 124 99 103 106 110 111 98 July 118 103 109 112 107 113 90 August 121 106 128 108 119 110 93 September 127 106 116 114 124 122 93 October 125 112 134 113 122 119 93 November 113 117 97 116 121 118 93 December 111 121 112 119 125 109 1927 January 120 115 116 117 100 February 124 110 114 119 97 i This table contains, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described and monthly indexes for the above groups were published in the BULLETINS for February and March, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDEKAL EESEKVE BULLETIN APRIL, 1927 INDEXES OF EMPLOYMENT AND PAY ROLLS INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES i [Monthly average, 1919=100] Metals 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 duc s I a t r t s n e o e d n l Textiles F a a n br d i c p s r , , j | o d P u u r c o c t t s d s - L p u a b r u n c o e m t d d r s - - R v r c o e a l a h e i d s l i - - m A o u b t i o le - s P p a r a in n i p n g d e t- r F p u a o r n c o o d t d d s - s L p e u a r a n c o t d t h d s e - r S c g a t l l o n a a n d y ss e , , b p u T a r c o c o t c d - s o - C p i u a r c h o n c a e d t d l m s s - - 1926 January 96.3 92.6 91.9 97.3 99.1 95.0 84.6 130.2 107.5 86.5 87.9 114.4 80.4 76.9 February... 97.0 94.2 93.5 97.4 97.6 97.2 98.6 85.7 133.0 106.7 85.7 89.5 114.6 84.2 77.0 March 97.3 94.6 93.8 97.1 97.1 97.1 98.9 87.1 136.3 107.4 84.9 88.3 116.8 83.3 77.0 April 96.4 94.3 93.7 94.9 95.8 93.8 100.2 88.1 132.1 106.8 82.5 83.9 121.8 79.8 77.3 May 95.5 93.1 92.8 92.6 93. 7 91.3 100.1 87.8 127.1 106.9 83.6 82.6 127.4 79.4 76.0 June 95.1 92.7 92.5 91.0 91.8 90.0 100.1 86.7 125.2 106.8 85.5 82.4 129.7 82.1 76.3 July _. 93.5 91.4 91.1 87.0 88.2 85.6 99.4 85.7 122.0 106.4 85.7 85.5 127.3 79.1 76.1 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 1927 January 92.4 88.9 88.7 95.2 97.6 92.2 92.6 79.8 104.2 108.8 85.1 88.5 109.6 73.5 77.6 February._ 90.1 90.1 96.9 94.7 91.7 79.2 117.3 109.0 84.9 88.9 110.1 79.0 77.8 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES i [Monthly average 1919=100] • Month G i e n n d e e r x a] G in M r d o p e u e r x o p ta d l u s c a I a t r n s n o d d n G i T n r e d o x e u x t p iles F a a n b d ri c p s rod P u u r c o c t d t s s - L p b u a r u e n c o m r t d d s - - R v r c o e a l a h e i d s l i - - m A o u b t i o le - s P p a r i a n n i p n g d e t- r F p u a o r n c o o t d d d s - s L p e u a r a n c o t t d h d s e - r S c g a t l l o n a a n y d s e s , , b p u T a r c o c o t c d - s o - C p i u a h c r n c a o e t d l m d s s - steel 1926 January. . 107.0 99.1 98.3 108.1 110.4 105.3 105.8 85.8 136.0 145.5 100.1 89.7 136.9 86.0 102.2 February 111.5 102.4 101.7 110.2 109.0 111.5 111.0 91.9 166.3 144.9 99.8 94.2 140.1 84.0 102.8 March. 113.0 104.2 103.4 109.8 108 2 111.8 111 9 94 5 170.7 147.9 99.3 93.2 144.3 88.4 104.5 April 110.4 102.7 102.0 103.6 104.8 102.0 111.7 95.6 165.4 147.0 96.0 84.2 347.6 82,3 105.0 May._ 108. 9 100. 5 100.1 99.1 100.7 97.2 111.8 95.1 157. 3 147.1 99.5 81.2 158.3 81.7 103.7 June _. 108.8 100.6 100. 3 97.4 98.2 96.4 112.9 96.2 147.7 146.9 101. 6 85.4 162.9 87.1 105.0 July 103.6 94.8 94.5 91.6 92.7 90.2 107.5 89.6 136. 7 144.0 100.8 90.3 152.9 83.6 101.7 August 107.6 97.0 96.7 96.5 96.0 97.0 112.6 93.1 152.7 144.4 100.5 97.6 162.3 82.8 101.1 September. 108.3 98.4 97.9 98.9 100. 7 96.7 113.7 88.9 148.9 146.8 103.6 97.4 157.0 87.6 102.3 October. 112.4 102.6 102.2 105.3 108.2 101.7 117.0 93.4 151.3 151.0 105.6 97.3 159.5 91.3 109. 0 November 108.8 99.3 99.0 102.0 107.3 95.5 115.5 92.1 131.3 152. 3 102.9 90.4 154.6 90.6 108.6 December 107.8 99.3 99.1 106.3 109.8 102.0 111.8 91.9 111.5 154.7 102.1 88.5 147.6 88.4 109.1 1927 January 101.9 94.1 93.8 105.3 107. 6 102.6 100.6 84.6 94.0 150.3 99.3 90.0 129.5 76.2 107.0 February,_ 108.5 99.1 98.7 111.0 111.7 110.3 102.6 89.3 140.2 150.8 99.3 95.6 136.8 79.2 108.9 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

273 APRIL, 1927 FEDERAL RESERVE BULLETIN COMMODITY MOVEMENTS The following statistics are secured from BUILDING STATISTICS various sources and compiled in the form given below by the board's Division of Research and Febru- Janu- February, 1927 ary, 1927 ary, 1926 Statistics. Earlier figures (in most cases since 1919) can be obtained from previous issues of Building permits issued in 168 cities, the BULLETIN or upon application to the Divi- grouped by Federal reserve districts: sion of Research and Statistics, Federal Reserve Number of permits— Boston (14 cities) 1,208 859 Board. New York (22 cities) 7,958 5,474 5,045 Philadelphia (14 cities) 1,569 1,205 1, 206 Cleveland (12 cities) 3,771 2,690 3,560 Richmond (15 cities) 2, 725 2,115 a F ry e , br 1 u 9 - 27 a J ry a , n u 19 - 27 a F r e y b , r 1 u 92 - 6 A S C t h t . l i a c L n a o g t u a o i s ( ( 1 1 ( 5 9 5 c c c i i i t t t i i i e e e s s s ) ) ) 3 6 1 , , , 8 9 9 0 9 2 0 0 9 3 5 1 , , , 3 0 4 3 4 2 3 9 6 4 6 2 , , , 3 1 7 5 8 6 8 0 8 Minneapolis (9 cities) 606 477 721 Grain and Flour Kansas City (14 cities) 1,757 1, 223 2,058 Dallas (9 cities) 2,055 2,000 2, 392 Receipts at 17 interior centers (000 omitted): .1 San Francisco (20 cities) 7,721 7, 869 Wheat (bushels) 20,838 21, 543 17,165 Total.. 42, Q89 33,858 j 40, 537 C R B O a o y a r e r ts l n e ( y ( b ( b b u u ( u s b s s h u h h e s e e l h l s l s s e ) ) ) ls) 2 10 2 2 4 , , , , 7 1 3 6 6 5 4 1 7 6 7 2 2 1 4 2 2 1, , , , 2 6 2 6 4 3 8 6 2 1 1 3 2 1 8 2 2 1 , , , , 0 5 2 7 8 8 6 4 2 8 5 4 Va te lu d N B e ) e — o w s o t f o Y n p o e ( r 1 r k 4 m c ( i 2 i ts t 2 i e c ( s i d ) ti o e l s l ) ars, 000 omit- 9 7 4 , , 1 6 7 0 1 3 !89 5 , , 0 7 4 8 2 1 76 5 , , 4 8 5 9 7 5 Fl T ou o r t a ( l b g a r r a re in ls ) (bushels). 60 1 , , 9 7 4 2 2 0 62 2, , 3 0 6 1 0 3 59 1 , , 7 8 2 4 8 4 P C R h l i e c il v h a e m d la e o n l n p d d h ( i ( 1 a 1 2 5 ( 1 c c 4 i i t t i c i e e i s t s ) i ) es) 1 1 1 1 0 1 , , , 2 7 0 4 0 3 9 4 2 12 6 7 , . , 4 0 3 9 2 3 9 2 3 1 1 1 0 0 3 , , , 2 2 7 4 5 8 7 9 4 Total grain and flour (bushels) 69.458 71, 416 67, 622 A Ch tl i a c n ag ta o ( ( 1 1 5 9 c c i i t t i i e e s s ) ) • 9 5 , 7 , 8 3 0 4 8 1 3 8 7, ) 4 9 2 2 8 8 4 1 2 9 , , 0 1 7 8 1 9 Shipments at 14 interior centers (000 j St. Louis (5 cities) 7,435 5,044 6,401 omitted) : Minneapolis (9 cities) 1,476 1,846 2, 743 W C O o a h r ts e n a ( ( t b b u ( u b s s u h h s e e h l l s s e ) ) ls) 10 8 , . 1 3 6 3 0 6 1 7 1 7 , , , 0 3 4 6 6 0 6 3 6 10 9 9 , , , 0 8 8 9 8 6 3 7 3 S K D a a a n l n l s a F a s r s a ( n 9 (1 c c 4 i i s t c c i i e o t s i e ) (2 s) 0 cities) 22 5 5 , , , 8 7 2 7 7 7 7 8 2 24 3 6 , , , 7 3 3 8 4 8 2 7 8 26 6 7 , , , 5 6 7 1 8 3 4 0 6 Rye (bushels) 859 540 530 Total . 244, 746 208,440 I 227, 956 Barley (bushels) 1,073 1, 215 1,332 Building contracts awarded, by Federal Fl T ou o r t a ( l b g a r r a re in ls ) (bushels) _ 2 2 7 , , 9 0 3 9 7 0 27 2 , , 9 5 3 9 3 1 31 2 , ,8 7 0 0 3 4 res B N e e o r w v s e t T o Y d n i o st r r k icts (dollars, 000 omitted): 1 2 0 0 5 , , 9 2 5 9 8 8 11 1 6 5 , , 8 9 4 7 8 3 1 1 04 8 , , 5 4 6 9 8 4 Total grain and flour (bushels) _ 40, 306 40, 788 44, 317 P C h le il v a e d l e an lp d hia 4 3 5 3 , , 7 0 4 8 1 8 4 3 8 2 , , 3 5 5 0 3 9 4 3 3 5 , , 0 5 3 3 3 6 Stocks at 11 interior centers at close of Richmond 24,944 27, 775 25, 969 month (000 omitted): Atlanta 31,928 32,454 63,558 W R C O B y o a a h r e t r e s l n e a ( ( y t b ( b b u u ( ( u s b b s h s u h u e h s e s l h h e l s s e ) e l ) s l l s s ) ) ) --. 4 3 3 1 0 8 3 2 4 , , , , , 3 2 6 5 5 9 1 9 2 6 1 1 4 5 8 3 3 3 1 8 2 6 1 3 , , , , , 5 5 5 5 5 4 9 3 0 2 3 9 2 6 7 2 2 5 1 9 8 2 1 5 , , , . , 8 0 7 3 5 6 2 2 9 7 1 5 8 1 6 S C D M K t h . a a i i l n n L c l s n a a o s a e g u s a o i C p s o it l y i 1 s- - --- 6 2 1 1 9 5 5 6 4 , , , , , 6 6 5 1 5 9 9 7 4 1 8 7 3 0 8 5 2 1 1 1 4 6 1 6 , , , , , 4 8 3 5 3 8 1 7 3 3 1 9 2 4 7 2 5 1 1 3 3 6 9 2 , , , , , 5 8 8 7 7 5 4 9 1 3 1 8 3 4 6 Total (11 districts) _ 393, 583 384, 455 407, 900 Total grain (bushels) - 129,389 122, 706 127, 581 Receipts at 9 seaboard centers (000 omit- INDEX OF AGRICULTURAL MOVEMENTS i ted): WTheat (bushels)..... 12, 568 8,879 [No seasonal adjustment. Monthly average 1919=100] Corn (bushels) 1,264 1,209 Oats (bushels) 906 1,876 i Rye (bushels) 341 396 Ani- B arley (bushels) 3,141 2,121 Total s L t i o v c e k - p m r a o l d- Grains C t o o t n - t V a e b g l e e - s Fruits b T a o c - co Total grain (bushels) _ 18, 221 26, 517 14,481 ucts Flour (barrels) 1,350 1,432 1, 669 Total grain and flour (bushels) _ 24, 297 32,£ 21, 992 1926 Stocks at 8 seaboard centers at close of January _ _ 108 99 96 92.. 114 105 80 344 month (000 omitted) : February- 88 81 93 79 74 94 77 273 Wheat (bushels) 7,054 7,455 4, 593 March 85 91 116 65 64 123 92 88 Corn (bushels) 720 668 1,756 April 75 83 119 52 52 95 89 58 Oats (bushels) 1,048 1,181 1,412 May 85 87 137 54 43 121 173 16 R Ba y r e l e ( y b u ( s b h u e s l h s e )_ ls _ ) _. 2 1 , , 8 08 7 7 2 1 3 , , 0 9 8 7 5 5 2, 2 3 9 4 5 9 J J u u n ly e 1 9 0 1 7 8 8 8 0 1 1 6 5 8 2 1 8 7 4 0 2 1 0 2 1 1 7 3 0 4 1 1 1 7 5 7 30 2 August-__ 106 88 118 158 48 101 204 66 Total grain (bushels). 12, 781 4, 363 10, 405 September 144 102 104 124 213 186 295 192 WTheat flour production (barrels, 000 omit- N O o ct v o e b m e b r- e . r . 1 1 9 6 0 5 1 1 1 0 3 7 1 9 1 6 7 1 9 2 9 5 3 3 7 4 5 3 - 2 1 5 35 1 4 2 3 0 5 4 2 2 6 8 1 6 ted) 8,996 9, 676 8,881 December 138 95 126 82 251 98 104 344 Tobacco sales at loose-leaf warehouses, 1927 (pounds, 000 omitted): Dark belt Virginia 15, 052 10, 767 3,978 January __ 115 99 86 86 152 118 99 404 Bright belt Virginia 9,703 14, 788 8,121 February. 104 81 95 86 118 113 97 383 North Carolina 8,137 21,119 12, 703 Burley 65, 619 68, 443 23, 937 Western dark__ 19, 982 14,889 34, 724 * For description and early figures see BULLETIN for March, 1924, and for certain revisions see page 739 of the October, 1925, BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL KESEKVE BULLETIN APBIL, 1927 WHOLESALE AND RETAIL TRADE1 WHOLESALE TRADE IN THE UNITED STATES, BY LINES [Average monthly sales 1919=100] Year and month i G n e d r e a e n l x - c G er r i o e - s Meat g D oo ry ds Shoes H w a a r r d e - Drugs Year and month i G n e d r e a e n l x - c G e r r o ie - s Meat g D o r o y ds Shoes H w a a r r d e - Drugs 1925 1926 July 83 85 99 111 May.. 80 81 78 i 60 107 111 August- 87 106 98 108 June 86 82 77 I 59 105 116 September... 94 112 109 120 July 84 77 78 | 52 99 113 October 101 118 122 134 August 82 81 102 i 73 99 115 November... 86 92 103 110 September- 97 92 86 114 84 112 124 December-.. 80 75 101 111 October 94 91 85 102 76 114 133 1926 November—. 87 76 91 | 67 104 117 January 79 86 in December. _. to 73 71 60 99 110 February 85 87 no 1927 March.. 93 106 133 January 74 77 72 45 80 112 April 77 103 123 February--- 68 73 79 53 82 104 1 For description of the wholesale trade index see Federal Reserve Bulletin for April, 1923. CHANGS IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS Percentage change Percentage change Percentage change Percentage change in sales Febru- in stocks i at end in sales Febru- in stocks l at end ary, 1827, com- of February, 1927, ary, 1927, com- of February, 1927, pared with— compared with— pared with— compared with— January, February, January, February, Januarv, Februarv, January, February, 1927 1926 1927 1928 1927' 1926 " 1927 1926 Groceries: Drugs: United States —7.5 -4.1 1.7 -4.9 United States -7.5 -5.5 1.3 1.6 Boston district -9.7 -4.6 New York district —5 7 4 9 New York district -9.3 -6.0 -0.3 -5.5 Philadelphia district -10.1 -3.5 0.6 18.6 Philadelphia district -7.5 -0.9 -4.9 -10.5 Cleveland district. -8 5 2.9 Cleveland district -3.7 -5.8 3.5 -6.5 Richmond district —13 8 —4 3 Richmond district.. -G. 3 -7.3 —0.1 -3.9 Atlanta district 5 4 —5 4 A tlanta district —3 5 —18 3 3 9 —19 0 Chicago district 4 6 9 6 2 4 —0 2 Chicago district _ _ -3.9 1.0 1 0 -12.9 St. Louis district —6 0 4 2 St Louis district . 10.9 -17.7 2.5 -22.3 Kansas City district -8.9 -4.6 4.1 -6.8 Minneapolis district- -6.0 4.0 — 1.0 1.0 Dallas district . -8.6 -13. 6 -1.4 -2.4 Kansas City district -7.0 8.8 5. 5 -14. 5 San Francisco district —4 9 —0 4 Dallas district -2.4 -7.3 1 0 -5.9 Furniture: San Francisco district __. -6.9 0.9 Richmond district 17 3 —V 7 Dry goods: Atlanta district 4.2 -22.4 1.2 -2.1 United States 10.1 -7.8 2 6 —18 9 St. Louis district 19 8 6 5 —2 6 —4 9 New York district 7.7 7 5 Kansas Cit3^ district. __ 21.9 -9.7 6.8 -3.1 Philadelphia district 7 6 -15.2 8 1 —32 9 San Francisco district 5 8 5 1 Cleveland district 21.2 -10.1 3.2 -22.2 Agricultural implements: Richmond district 4 7 _4 0 7 4 13 9 United States 2 26 7 9 2 Atlanta district 17.9 —10.1 —1.3 -18.1 Minneapolis district __ 65 0 27 0 2 0 0 0 Cbicpgo district 9 0 —10 3 —9 2 22 6 Dallas district 12* 9 49 6 3 3 2 0 St. Louis district.. -_ 18.5 -18.0 -3.1 -14. 7 Stationery and paper: Minneapolis district 5.0 -17. 0 4.0 -8.0 New York district —4- 3 ! —6 8 Kansas City district 8.4 —1.0 0.9 -3.8 Philadelphia district -5. 0 5.7 4.2 -4.5 Dallas district __ 35.6 -14.2 -2.6 -11.3 Atlanta district 5.5 -7.0 San Francisco district -4.1 -2.3 San Francisco district —10 2 0 2 Shoes: Automobile supplies: United States 16.4 5.2 2.7 10.5 San Francisco district —6 6 6 0 Boston district 1 5 —15.1 Clothing: jSTg-^r Vork district 31 6 16 4 17 4 6 0 New York district 54 8 13 1 Philadelphia district- 10.5 6.6 -0.4 -8.2 St. Louis . _ _ -20. 7 16.6 Cleveland district 26.9 0.1 11.2 7.3 Cotton jobbers: Richmond district 18.1 13.8 -1.4 32.1 New York district 34.0 -6.0 4.9 -16. 7 Atlanta district 13. 2 1.4 Silk goods: Chicago district. 31.4 -4.2 —1.2 0.6 New York district... __ . 3 8 —7 8 St. Louis district -18.9 1.3 —1.5 -14. 8 Machine tools: Minneapolis district 63.0 -29.0 -4.0 -46.0 United States 3 16.6 —1 8 San Francisco district —5 1 —9.5 Diamonds: Hardware: New York district —3 7 —2 9 United States 2.3 -5.2 2.4 1.3 . Jewelry: New York district 11.4 -0.3 6.7 1.2 i New York district 21.9 -20. 6 7.6 4 6.2 Philadelphia district -4.1 -3.3 3.3 -2.8 Philadelphia district 28.7 -3.7 -7.7 -10.2 Cleveland district 6.6 -3.0 2.0 -21.1 Electrical supplies: Richmond district -7.5 5.2 2.6 -7.3 Philadelphia district._. -5.0 -17.2 0.3 3.8 Atlanta district __ _ -11.5 -27.2 1.4 -10,8 Atlanta district 1.1 -33. 7 -4.5 14.9 Chicago district 6.8 -5.3 5.0 2.8 St. Louis district 3 8 15 9 7 9 22 1 St. Louis district ___ 4.6 -20. 6 4.3 -7.5 San Francisco district —7.4 6 9 Minneapolis district 8.0 -7.0 3.0 -2.0 Stoves: Kansas City district 16.8 -3.8 5.0 -8.5 St. Louis district 16.5 2.6 11.6 209. 2 Dallas district -5.4 -12.1 3.8 -7.7 San Francisco district -2.7 -5.5 1 Changes in total stocks for the United States are weighted averages computed on the basis of firms which have reported regularly to the Federal reserve system since January, 1923. 2 Sales of agricultural implements for the United States are compiled by the Chicago Federal Reserve Bank from reports of leading manufacturers and include all of their domestic business. 3 Based upon indexes furnished by the National Machine Tool Builders' Association. 4 Includes diamonds. 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275 AraiL, 1927 FEDERAL RESERVE BULLETIN RETAIL TRADE, BY REPORTING LINES [Average monthly sales 1919=100] Sales with seasonal adjustment Year and month 1926 January February. March _ April May June July August September October November December 1927 January.-„ February 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. DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS I Average monthly sales 1919=100] Num- Sales without seasonal adjustment Sales with seasonal adjustment ber Federal reserve district o p f o r r t e - - 1927 1926 1927 1926 ing firms Feb. Jan, T>ec. Nov. Oct. Feb. Jan. Feb. Jan. Dec. Nov. Oct. Feb. Jan. United States__ _ 359 106 114 234 156 158 104 114 138 130 146 138 139 135 130 Boston 24 98 140 235 157 154 93 131 131 155 147 143 139 125 145 New York1 63 111 128 254 170 177 108 124 145 140 155 147 148 341 136 Philadelphia 22 100 105 228 166 160 103 112 124 119 145 128 139 128 127 Cleveland 54 105 106 223 147 152 106 108 135 121 141 135 138 136 124 Richmond 23 90 101 235 155 154 91 103 121 122 136 133 135 122 125 Atlanta.. . 35 91 87 .189 129 125 92 88 120 106 116 112 104 121 J08 Chicago.... 63 127 115 252 169 171 119 119 161 136 161 153 156 150 141 IVTiniieapolis 23 78 84 153 102 109 76 85 111 98 104 95 96 108 100 Dallas _ _ 21 89 91 186 126 134 93 96 113 105 115 110 114 118 111 San Francisco 31 123 138 278 168 169 117 129 162 155 176 166 155 154 145 i Correction: Annual average sales of department stores in the New York Federal reserve district appearing on page 115 of the February, 1927, BULLETIN, should read as follows: 1920.120; 1921,115; 1922,118; 1923?127; 1924,132. DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919—100] Num- Stocks without seasonal adjustment Stocks with seasonal adjustment ber Federal reserve district o p f o r r t e - - 1927 1926 1927 1926 ing nrms Feb. Jan. Dee. Nov. Oct. Feb. Jan. Feb. Jan. Dec. Nov. Oct. Feb. Jan. United States ... — 314 131 123 128 156 153 131 125 139 139 138 138 137 140 141 Boston 24 115 112 121 141 136 * 113 110 124 124 124 122 121 121 122 New York 63 127 126 131 157 152 128 125 136 141 138 138 137 138 140' Philadelphia 13 189 176 187 216 221 183 167 201 197 194 194 198 195 387 Cleveland ._ - 52 122 110 124 151 145 125 111 131 132 134 133 130 134 133 ^Richmond 19 120 113 119 149 146 120 113 129 134 132 130 126 128 135 Atlanta. - 22 117 105 102 127 128 112 111 120 116 114 114 114 116 123 Chicago - - 51 151 140 144 177 lib 151 143 162 158 154 157 156 163 160jyiinneapolis 22 92 88 85 105 105 101 95 95 97 93 96 97 104 108 Pallas 19 103 93 98 126 129 118 109 109 108 114 113 114 125 126 San Francisco — 29 136 129 128 156 151 132 127 141 139 140 143 140 137 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN APRIL, 1927 FOREIGN BANKING AND BUSINESS CONDITIONS GOLD HOLDINGS OF PRINCIPAL COUNTRIES AT THE END OF 1926 A table is presented herewith showing for the serve banks and Federal reserve agents. This end of 1926, with comparative figures back to practice was based on the legal distinction 1913, gold holdings of all the countries for which between other forms of currency and gold satisfactory figures are available. The figures certificates, which are in substance warehouse represent gold holdings of public treasuries and receipts for the gold held against them by the of central banks and do not include gold techni- Treasury. In compiling this table, however, cally known as "in circulation/7 that is, gold which is primarily for the purpose of making held by commercial banks, business concerns, comparisons with foreign countries that have a and private individuals. The exclusion of gold wide variety of laws relative to the cover rein circulation is unavoidable for the reason that quired for currency, it has been decided to satisfactory figures for such gold are not avail- include in the central gold holdings for the able for any country. No country, however, at United States, as well as for all other countries, the present time has any considerable amount all metallic gold and to exclude all classes of of gold outside the central institutions, except- paper money, regardless of their legal status. ing India, the United States, Canada, and At the end of 1926 United States gold certifi- Australia. Gold held in India outside the rupee cates were outstanding in the amount of reserve is known to be in large volume, but no $1,680,416,000, and the Treasury was holding reliable estimate of its amount exists, and much this amount of gold against them; $588,355,000 of it is put to other than monetary uses. In of these gold certificates were held by the the United States in June, 1926, in addition "to Federal reserve banks and the Federal reserve gold in the hands of the general public, there agents and $1,092,061,000 were reported by was about $40,000,000 of gold coin, not includ- the Treasury as being in circulation. ing gold certificates, held by banks other than Changes in gold holdings, 1924-1926.—The Federal reserve banks, an amount which comreestablishment of European currencies upon pares with $225,000,000 in 1913. The Canadian a gold basis, which began in 1923 and 1924 and chartered banks report gold holdings of about made marked headway thereafter, has been $70,000,000 at the end of 1926; this does not accompanied by some changes in the gold include $27,000,000 deposited in the Central holdings of different countries, but these Reserve and included in the table as gold held changes have not been large except in a few by the Minister of Finance. "The commercial instances. The following table shows the banks of Australia in June, 1926, held gold (inholdings of selected countries in 1926 and 1924 cluding a small amount of silver) aggregating and the changes during the two-year period. about $160,000,000. Gold holdings of the 40 countries included CHANGES IN GOLD HOLDINGS OF SELECTED COUNTRIES in the table amounted at the end of 1926 to [In millions 01 dollars] nearly $9,180,000,000. Of this amount about Holdings at end Increase 44 per cent was held in the United States, 37 per of— or decent in 25. European countries, and 19 per cent Country crease (-), 1926 in 14 other countries. 1926 1924 over 1924 Gold holdings for the United States, as shown in the table, include all the gold coin United States. 4, 080 4,089 -9 and bullion held by the United States Treas- England 735 757 <->o France 711 710 ury and bj the Federal reserve banks, in- Germany 436 181 255 cluding the gold held by the Treasury in trust Italy 221 218 3 Austria 7 2 5 as cover for gold certificates outstanding, Beglium 86 53 33 but not including gold held by the Federal H N u et n h g e a r r la y nds-. 1 3 6 0 6 203 7 -3 2 7 3 reserve banks ear-marked for account of Poland 27 20 7 Russia 85 73 12 foreign institutions. The inclusion in the Spain ' 493 489 4 Sweden 60 64 -4 central gold holdings of the United States of Switzerland.. 91 the gold held as cover for gold certificates is Japan 562 586 -24 a departure from earlier practice, which was Australia 144 131 j 13 Brazil 56 54 | 2 not to include the gold held against the certi- Canada 158 151 ! 7 ficates, but to include the certificates them- Chile. 10 34 ! -24 Java 79 54 i 25 selves when they were held by the Federal re- South Africa. 37 52! -15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDERAL KESERVE BULLETIN 277 The increase of $255,000,000 for Germany For the last few years there has been a since the end of 1924 represents the continua- general tendency throughout Europe for countion of a growth in gold holdings which began tries in which gold stocks were relatively low in May, 1924, and has amounted since that to build up their gold holdings, while countries time to about $325,000,000. Other European which had absorbed large quantities of gold countries which increased their gold holdings during the war have been shipping part of by relatively large amounts from 1924 to 1926 their gold to other countries. The only are Belgium and Hungary. All of the increase European country, however, to part with any in the gold holdings of the National Bank of considerable amount of gold has been the Belgium, $33,000,000, occurred during 1926, Netherlands, where the loss since the end of and this was the largest annual increase for 1924 has amounted to about $37,000,000 and that country since the outbreak of the war. since the end of 1917 to about $114,000,000. The gold holdings of the Bank of England The gold holdings of individual foreign show a decrease of about $22,000,000 for the countries other than those of Europe show but two-year period, the net result of a loss of few appreciable changes during the past two $54,000,000 in 1925 and .a gain of $32,000,000 years. Those of Japan, which have declined in 1926. In the case of a number of countries, steadily since 1921, decreased by about notably Austria and Hungary, the increase in $10,000,000 in 1925 and about $14,000,000 in gold holdings during 1926 represented the 1926, while those of the principal South Americonversion into gold of a part of the central can countries showed little net change over the banks' reserves that had previously been held past two years, excepting for Chile, for which in foreign exchange under legislation permit- the loss of gold during 1926 represented a conting foreign exchange to be used as reserve. version of gold into balances with foreign banks. 39280—27—3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN APRIL, 192 7 GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS, 1913-1926 [In thousands of dollars, converted at par of exchange] European countries (central banks) End of year- Total S U t n a i te te s d i Total l E an ng d - 2 France m G a e n r y - Italy A tr u i s a - H A tr u u ia s n - - - g B iu el m - g B a u r l i - a o C s k z l i o e a c v h s a - - m D a e r n k - Esto-; l F a i n n d gary 1913. 4,771,878 1,290,420 2,831,286 170,245 678,856 278,687 288,103 251,421 59,131 10, 615 19, 666 1914. 5,251,177 1,184,369 3,483,769 428,221 802,591 498, 508299,759 213,757 56,619 10, 615 24, 506 8,229 1915. 6,212,343 1,699,883 3,803,838 389,205 967,950 581, 954293,453 138, 750 50, 759 11, 773 29,833 8,229 1916. 6,478,426 2,185,139 3,503,234 402,970 652,885 599,873 255, 772 58, 759 50, 759 13,124 4f ~'~" 8,229 1917. 6,625,882 2,067,878 3,572,259 422,594 639,682 572,768 238,931 53,717 50,759 12,159 46,611 8,229 1918. 6,270,779 2,169,778 3,081,519! 523,632 664,017 538, 861243,566 53,074 57,145 12, 352 52,159| 8,229 1919. 6,080,961 1,941,321 2,890,954! 583,211 694,847 259, 519203,441 45,011 51,417 7,141 60,807 8,229 1920. 6,616,922 1,933,809 3,034,214 762,912 689, 517260,028 204,362 ^ 11 51,438 7,141 4,053 60, 992 8,229 1921. 7,272,252 2, 562,4473,032,980 763, 719690,141 237,102 210,739 4 16 51,451 7,334 12, 545 61,192 8,229 1922. 3,504, - 3,043,514J 751,597 708,403 227,436 217,284 51,901 7,415 20, 874 61,173 8,371 1923. 8,568,242 3,831,881 2,993,955i 754,400 709,479 111,247 215,699 » 1,313 52,204 7,565 22, 574 56,171 8,242 1924. 8,917,144 4,089,201 3,084,050 757,033 710,394 180,939 218,382 1,560 52,543 7,792 31,745 56,145 1,384 8,354 1925. 8,913,018 3, 984, 6593,136,630 703,482 710, 287, 763'218,825 2,087 52,855 7,981 30, 575 56,085 1,279 8,357 1926. 9,181,785 4,079, 5313,363,358: 735,421 711,106 436,235!220, 732 7,388 86,214 8,464 30, 731 56,007 1, 312 8,250 European countries (central banks)—Continued End of year— Greece H ga u r n y - Latvia L a i n th ia u- N la e n th d e s r- N w o ay r- Poland t P u o g r a - l m R a u n - ia Russia Spain Swedenze S r w la i n t- d ! I s Y la u v g i o a - 8 1913.. 5,211 12,846 8,760 786,800 92,490 27,372 32,801 11,194 1914 _ 7,257 11,181 9,261 803,400 110,444 29,088 45, 922 11,034 1915- 11,194j 11,028 9,261 831,200 166,414 33,385 48,275! 12,381 1916. 11, 5801 33,027 9,261 758,396 241,424 49,183 66,585 12,321 1917.. 12,1591 31,214 9,261 667,041 379, 597 65, 513 69,025' 12,310 1918- 10,422 32, 691 430,072 76,532 80,041 12,306 1919- 11,001 39, 590 1,66' 9,266 472,041 75,350 99,779 12,233 1920. 11,001 39,472 2,858 9,266 474,228 75, 516 104,780i 12, 352 1921- 10,808 2,123 39,475 5,955 9,267 484,984 73,631 106,0581 14,282 1922. 6,058 2,548 1,520 39,474 9,769 9,267 2,607 487,278 73,428 103,2831 12, 354 1923- 7,250 3,223 1, f " 39,472 13,07~ 9,267 45,043 487,841 72, T - 103,669| 13,286 1924_ 7, 7,460 4,555 3,1 39,457 19,949 9,267 73,050 489,292 63, 508 97,642! 13,965 1925- 8,941 10, 365 4,555 3,230 39,456 25,793 9,267 93,876 489, 631 61, 647 90,140! 14,657 1926- 8,936 29,526 4,555 3,136 39,457 26, 677 9,267 84, 605493,489 60,162 91,050! 16, 620 Other countries Do- Argen- mestic E y n e d a r of Total C M n t a a e F n i n r n a i c - i d o e s f a - 6 : m G s t e c v i i o r e e o n o n n r n v e n - - - t - B B ra a o z n f i k l? C B C t h r a o e i a n l n f l e k - § C p o B o b u f R a l b i u t e a n l h - m : i k e c - B s P e R a e o r e n v r f - u k e p g o B U u R f u a r b a e t n u l h y - i k - e c : re t N A r s a e u o l r i s t v a e - e : s B l s N Z a R e a n e e r n e v a w d - k - e : s r I r e m G n e u s r d p e o e n r i n v e - a v e t - : e h o o f o o B G a l f f J d a n o a t t n i d v h h p n k - e e a g n s B Ja a o v n f a k E t B i N g o a o y n a n f p a - k l t A S s B e R f o a r r u e i n v c - t k e a h : fund ernment 1913.... 650,172 115,894 224,989 53, 202 10, 826 21,899 25,306 72,780 64,963 10,027 10,381 39,905 1914.__ 583,039 98,817 213,906 26,601 1,330 13,483 38, 932 27, 739 30,202 64,062 12,418 21,750 43, 799 1915.... 708, 522 ,126,329 228,939 14, 598 1,330 22, 530 73,484 33,092; 41,361 68,187 18,804 35,096 44,772 1916.._. 790,053 131,092 251,158 14, 598 1,330 33,251 78,351 36,012| 38,636 113,411 29,164 34,066 1917.... 985,745 ' 139,452 252,390 14,598 9,039 42,003 85,650 39,419! 86, 712 229,981 37,051 19, 278 30,172 1918.... 1,019,482 129,436 269,628 15, 571 23,413 46,718 104,143 39,419 63,8421 225,821 51,600 16,312 33,579 1919.... 1,248,686 129,322 299,119 15, 571 24,384 56, 756 116, 796 38,932 96,205! 349,947 69,817 16,312 35, 525 1920.... 1,648,899 112,648 450,057 19,464 32,893 57,307 115,336 37,472 116,249! 551,840 88,214 16, 807 50, 612 1921 1,676,825 94,635 450, 057 25,303 34,025 59,494 113,389 37,472 118,341 610, 663 58, 728 16,807 57, 911 1922.... 1,741,962 146,434 450,057 27,401 34,0251 19,646 56,807 116,499 38,367 118,341 605, 678 61,306 16, 619 50,782 1923___. 1,742,406 126,882 454,035 48, 665 34.025 1,849 20,736 56, 812 121, 088 38,29.4 108,609 600,194 16, 510 51,838 1924.... 1,743,893 151,208 53,799 34,025 6,910 19, 753 56, 809 130,904 37,581 108,609 585, 738 53,726 16, 510 52,441 1925.... 1, 791,729 156,580 435,880 54,300 34,025 14, 599 19,164 56,811 164,828 37,667 j108, 609 i575,768 73,394 16, 510 43, 594 1926.... 1, 738,896 158,105 435,880 56,325 10,301 16,4y5 20,084 56,819 143,966 37,920 108, 609 i561,810 79,3691 16, 510 36, 703 1 Treasury and Federal reserve banks. 2 Gold held by Bank of England in both issue and banking departments; the latter ($6,142,584 in 1926) includes some silver. Figures include currency note reserve, which prior to 1925 was held by exchequer. 3 Prior to 1926, Banking Office of Minister of Finance. 4 Austrian account only. s Prior to 1920, National Bank of Serbia. 6 Includes government reserve against Dominion rates, savings banks account, and such gold as is held in deposit by chartered banks in the Central Reserve. 7 Prior to 1923, guarantee of currency fund. s Prior to 1926, Government conversion fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDERAL RESERVE BULLETIN 279 ANNUAL REPORT OF THE. BANK OF BELGIUM The annual report of the National Bank of bonds was a serious burden on the prestabi- Belgium, presented to the meeting of stock- lization measures undertaken in October, 1925. holders on February 28, 1927, contains the It gradually exhausted the provisional credits following account of the currency reform and of which we had extended, and obliged the Goveconomic developments: ernment to meet these payments by treasury The manifold events of the past year mark loans raised in large part abroad. There is a memorable turning point in our financial no doubt that this dangerous situation had history. They will be of great interest to you an unfavorable influence on the negotiations because the National Bank was intimately then being carried on in London for the associated with them. At any other time the floating of a loan. Within the country the third renewal of the issue privilege of our uncertainty which prevailed and the possibility institution would certainly have been the most that these payments might be suspended aginteresting point in our report. To-day, how- gravated the difficulty. The result was a great ever, the renewal of the issue privilege is only demand for foreign exchange during the early one part of a vast reform through which the part of March; and on the 15th the Govfinancial organization of the country, dis- ernment, having been unsuccessful in its turbed for the last 12 years, has finally found negotiations for a foreign loan, requested the stability and peace. National Bank to suspend its support of the At the very time last year when you were exchange market. From a, rate of 107 francs meeting in this same place to hear the reports the pound sterling rose within a few hours to of the administration of the bank, a plan of 121 francs. A formidable crisis was impending. stabilization was under discussion in Parlia- The disturbance was all the more keenly felt ment and was passed a few days later. Many because the country had begun to experience of the necessary preliminary conditions ap- the first beneficial results of exchange stability peared to have been realized. The question of and because a number of business enterprises, reparations and that of inter-Ally debts had being unable to cover their purchases, suffered been solved so far as Belgium was concerned. serious losses. Catastrophe was threatening The problem of the budget had been worked and immediate action was absolutely necessary. out with full understanding of the expenses It was in these circumstances and under the which would have to be met. The equilibrium pressure of dire necessity that the law of May of the public finances had been practically 19, 1926, authorizing the National Bank to assured by virtue of a fiscal measure which was make an advance of 1,500,000 francs to the to furnish 600,000,000 francs from new taxes. Government, was voted as an emergency meas- The legislation giving effect to these reforms ure by the two Houses of Parliament. On June was under consideration. 14 your assembly held a special meeting and But there were two other conditions essen- revised the statutes of the bank in conformity tial to success, the funding of the floating debt with the emergency measure. The passage of and the raising of a large foreign loan which this law gained time for the Government of the should be used to rebuild the reserves against National Union, appointed on May 22 under our note circulation. These two conditions the presidency of Minister of State Jasper, and were inextricably involved each with the other. gave it the breathing space necessary for the Since the first was not fulfilled, the second formulation of a vast plan courageously confailed completely. ceived and efficiently worked out. Its execu- A large floating debt is in effect a mass of tion, officially directed by Minister of State circulation likely at any time to be thrown upon Francqui, who had been appointed by the King the money market and finally to flow into the as head of the treasury, proved the remedy Central Bank. The danger which this in- for an almost desperate situation. volves may be more or less imminent, accord- Five essential measures characterized the ing to economic conditions. It is, neverthe- plan: (1) The voting of 1,500,000 francs of less, always formidable at a time of currency new taxes; (2) the creation of an amortizareform. Of this fact Belgium had bitter expe- tion fund for the public debt, an autonomous rience during the year 1926. The repayment organization which was to be independent of about one billion and a half of treasury of the Government treasury, and to which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 EEDEEAL. EESEKVE BULLETIN AFRIL, 1927 were assigned, besides the ordinary revenue pro- This difficult and courageous measure marked vided in the Budget, the new taxes which were the turning point of the crisis. Instead of voted as promptly as possible for a period of dealing a blow to the credit of the Government four years, and which in their total amount—• it showed that the country was absolutely de- 6,000,000,000 francs—balanced the amount of termined to insure its safety. A lull on the the floating debt; (3) the organization of the sxchange market, a certain easing in the money National Railway Co. with a capital of market, together with the cautious policy 11,000,000,000 francs, which made possible the adopted by the bank and the great financial mobilization of the funds invested in the rail- houses, contributed to lessen very greatly the way systems of the Government. Ten billion hardships of the debt consolidation. francs in preferred shares of the National Rail- The success of the measure was unquestionway Co. were placed at the disposal of the able, as the following figures show: amortization fund. These securities, which are Treasury bonds converted into pre- Francs gilt-edged and yield an attractive return, were ferred shares of the railway 4, 200, 000, 000 well received both on the international and on Five per cent treasury bonds, _ 330, 000, 000 the domestic market; (4) the regulation and Special bonds issued to the banks 1, 400, 000, 000 the gradual repayment of the foreign floating Although these measures were taken by the debt, which had been incurred through suspen- National Bank in cooperation with other sion of the first plan for monetary reform, and organizations for the purpose of aiding those which constituted a serious danger, inasmuch holders of bonds who were most worthy of as on March 15, 1926, it had risen to $69,000,- consideration, credit privileges extended, with 000; (5) the passage of a law on July 16, 1926, 5 per cent treasury bonds as security, or on which gave the Government power to deal with bonds exchangeable for preferred shares of the certain problems demanding prompt solution. railway, reached only a negligible amount. In working almost unanimously toward the On December 31, 1926, they had reached less execution of a plan of this character Parliament than 2 per cent of the total value of the outset the country an example of large vision at the standing issues. This proves unquestionably same time that it served the highest interests that the measure was well supported by the of the nation. Thanks to the special powers national economic situation. conferred upon it, the Council of Ministers was The pound, which had risen on July 13 to enabled to act with that decision and prompt- about 217 francs, declined to 180 francs at the ness which were indispensable to financial beginning of August. During the weeks which operations of such wide scope. The sequence followed, the exchanges stiffened and on the of events very soon showed the necessity for whole improved. The situation of our inthis intervention. In spite of the firm policy dustry, of our commerce, and our agriculture adopted by the new Government, the offering became more satisfactory. Taxes, which were of treasury bonds for redemption continued at being collected again as business revived, came a very dangerous rate. Hesitation, therefore, in in satisfactory amounts. The merchandise was no longer possible. trade balance became more favorable. There- The consolidation of the floating debt was upon it became possible again to consider decided upon and put into execution on July 31 monetary reform properly so called. by a method which was both highly ingenious Under the plan of the Government, once the and well calculated to preserve the credit of the preliminary conditions had been fulfilled within Government. The holders of treasury bonds the country itself by Parliament and by the were offered the choice of exchanging their executive power, the actual work of stabilizashort-term debt securities either into preferred tion was to be intrusted to the National Bank. shares of the National Railway Co. or into 5 Accordingly, our institution was called upon to per cent bonds to be repaid subsequently from cooperate intimately in the preparation of this the amortization fund of the public debt, ac- important measure. cording to the amount of its available funds. First of all, an agreement was concluded on Furthermore, the position of those credit estab- October 5, 1926, between the National Bank lishments which, in response to the appeal of and the principal foreign banks of issue. The the Government, had invested part of the fund; Bank of England, the Bank of France, the of their customers in treasury bonds was safe- Federal Reserve Bank of New York, the Bank guarded by the issue of special bonds repayable of Italy, the Reichsbank, the Bank of Japan, in 12 quarterly installments. the Bank of Netherlands, the National Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDEEAL KESEBVE BULLETIN 281 of Switzerland, the Swedish Kiksbank, the In the meantime the principles and the National Bank of Austria, and the National methods according to which this reform wTas to Bank of Hungary all signed the agreement. be put into execution were decided upon after This arrangement, by the terms of which the profound study. There is no need here for signatory banks of issue undertook in case of detailed explanations. As you know, the debt, need to support the Belgian currency reform of the State to our institution was reduced to b}^ means of credits, advances, or rediscounts, 2,000,000,000 francs by a vast refunding operahad not only a material value; it also had tion based on the yield of the foreign loan and a very great moral value. It bore witness on the profit arising out of the revaluation of in fact to a remarkable spirit of solidarity our reserves. This operation has definitely which should continue to be developed, for it separated the credit of the Government from can become a powerful element of security for the credit of the bank, has made impossible the international financial market. Beginning any inflation in the future, and has checked under these happy auspices, the negotiations for the present its disastrous effect. Our were carried on under most favorable condi- bank note is henceforward redeemable at sight tions. and possesses a solid cover composed of gold The world situation was particularly pro- and foreign exchange. We have agreed that pitious for the Belgian plans. For one thing, this cover should be fixed legally at not less the English coal strike brought about in Bel- than 40 per cent of the aggregate amount of gium a revival of activity, particularly in coal our demand obligations, including both notes mining and the metal industries. For another, and deposits. Under the law of February 26, the fortunate steadiness of the French franc 1926, this proportion was only 33^ per cent. lessened the danger to the proposed Belgian Furthermore, the quality of the reserves has currency reform that an exchange crisis in that been strengthened in comparison with that neighboring country might have created. Prof- which obtained formerly. Gold must form iting by these circumstances, our institution 30 per cent of the reserve against demand inaugurated a policy of purchasing foreign ex- obligations; the rest may consist of foreign change, which, without depressing our ex- exchange bills. As a matter of fact, the change rate, furnished the treasury, which was reserves at the present moment are largely in now in easier circumstances after the funding excess of the legal requirements. In the of the domestic bonds, the means with which weekly statement of February 3*, 1927, the to meet its payments on the foreign floating reserve was 57.49 per cent of the note circuladebt. In a country which is obliged to make tion and 53.30 per cent of the aggregate demand its living from its exports and w^hich was obligations. The repayment of the sum of emerging from a severe and dangerous exchange 2,000,000,000 francs, which is the amount of crisis, it would have been unpardonable not to advances made to the State, has become a seize so favorable an opportunity for putting legal obligation assumed by the amortization into effect at last the currency reform so long fund, in addition to its chief obligation, which waited for and so indispensable to the financial is the service of the floating debt. This repaysafety of the nation. To undertake again an ment will ultimately increase our ability to grant experimental stabilization would have been to commercial credits. It will also strengthen the expose the country to new dangers. Thus it influence which the bank of issue will be able was obvious that the time had come to act to exert upon the money market in avoiding immediately and definitely. crises and regulating the fiduciary circulation. It was under these conditions that on Octo- Owing to these measures, which reflect ber 23 a loan of $100,000,000 for 30 years was honor upon the country, our financial situaarranged between the Belgian Government and tion underwent a radical change. But it was an important group of foreign banks, including still necessary that this fundamental reform Baring Bros. & Co., J. P. Morgan & Co., the should be clearly appreciated abroad and that Westminster Bank (Ltd.), the Guaranty Trust at home it should not bring about a sudden and Co., Hope & Co., the Swiss Banking Corpora- disastrous fall in prices. The creation of the tion, and the Enskilda Bank of Stockholm. belga answered this twofold purpose. The The loan was floated shortly afterwards with belga made it possible to translate into exgreat success in New York, London, Amster- change quotations the monetary reconstrucdam, Zurich, and Stockholm. It formed, to- tion brought about in Belgium. It has been, gether with the agreement of October 5, 1926, on all the exchange markets of the world, the the financial basis of our reform. physical sign of the stabilization of our bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN APRIL, 1927 note, which has thus emerged from the group and some occurrences which were accidental or of currencies suffering from inflation. The foreign to our domestic situation. In the creation of this new monetary unit has for this second place, the rate was clearly indicated by reason acquired great importance. The belga the amount of gold resources placed at our maintains the invariable relation of 1 belga to 5 disposal and constituting the maximum we stabilized francs. It represents a weight of fine could possibly obtain. The conversion of the gold of 0.209211 gram and forms the legal basis yield of the foreign loan and the revaluation of of the convertibility of the bank note. If one our reserves on the basis of this rate furnished considers the general condition of the country, a proportion of reserves which would give still impoverished as a result of the war, the complete security as well as supply an adequate belga, in respect to its content of fine gold, is medium of exchange. This essential result a monetary standard highly suitable for foreign could not have been attained if the franc had transactions and perfectly in accord with the been stabilized at any higher level. Lastly, at economic role of Belgium in world affairs. the time when the law went into effect, our per We should point out here that the retention capita circulation, estimated on the same of the franc in domestic circulation in defer- basis, corresponded almost exactly to that ence to the general public opinion has avoided which obtained before the war—that is to say, abrupt changes in the scale of values and has during normal times. The rate of stabilizaexercised a most excellent influence on the tion, therefore, is in harmony with the actual movement of prices. situation on the exchange market at the time The belga, according to the currency law, is when it went into effect, with the amount of actually a multiple of the franc. Closely our resources in gold and foreign exchange, as bound together, the one with the other, they well as with the currency requirements of the are both based on gold, are made an integral country. part of the currency system, and enjoy the Certain changes have been made in the insame guarantees. There is scarcely need to ternal organization of the bank by the new add that no question will be raised either of charter which it has received from the legislamodifying the proportion established between ture. These changes, without altering the the belga and the franc or of changing in any essential character of the bank, tend to other manner the technique of a reform which strengthen its power. Its independence of by its very nature is unalterable. Bank notes Government control has been completely esof 100 francs, carrying their denomination in tablished. Thus the text of the law imposes belgas, also have recently been put into circu- upon the State the formal obligation to repay lation. the entire amount of the State debt to the bank; Among all the delicate questions involved in and the Minister of Finance no longer has monetary reconstruction, the most difficult, power to authorize the administration of the without question, was the rate of stabilization. bank to permit the proportion of the reserve Preliminary .to the choice of this rate, the against demand obligations to fall below the economic situation of the country, the attitude legal quota, nor to approve or reject the deof the various classes of people with respect to cisions of the council determining the amount the reform, the level of foreign and domestic and conditions of advances against governprices, that of wages and salaries, and finally ment securities. The Government is furtherthe condition of our export industries in respect more prohibited from increasing its debt to to competition, were made the object of a our institution, and the limits within which thorough examination. In arriving at the we are authorized to discount treasury bonds content of 0.209211 gram of fine gold per or to purchase Government securities are belga, corresponding to the rate of 175 francs sharply defined. On the other hand, the enfor 1 pound sterling at par, we were guided largement of our board of directors, on which solely by the desire to serve the public welfare the great economic and social interests will and to assure the success and the permanency henceforward be represented, will permit us of the reform. After the failure of the first to understand more accurately the needs of effort at monetary stabilization, it would have the country and to adapt our credit policy to been dangerous to choose any other method. these. Our capital has been increased from The rate adopted was in no sense arbitrary. 50,000,000 to 200,000,000 francs in order to First of all, it represents the average of quota- adjust it to the new value of the franc and to tions of the pound and of the dollar during the the larger volume of our business transactions. three and one-half months which preceded In respect to the distribution of the difference stabilization, if we except speculative attacks arising from this revaluation, agreed upon be- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

283 APRIL, 1927 FEDEEAL KESEKVE BULLETIN tween the Government and the bank, as we ments of the Latin Monetary Union, it was not reported to you at the special meeting on to the interest of the treasury to continue its December 13, 1926, in the course of whichtransactions in silver coins of foreign countries. you revised the statutes of the bank, your After this rapid review of the most important interests in the matter have been fully events which have disturbed our economic life safeguarded. during 1926, it remains to survey the situation It is upon our institution, its charter now as it is to-day and the prospects for the future. extended to 1952, that the duty will fall The condition of our foreign commerce is henceforward of safeguarding our restored greatly improved. In June the per cent of currency. The bank intends to consecrate exports to imports was very low—only 56.61 itself with complete independence and without per cent. After that it rose steadily until wavering to this high duty which has been November. In October and November our intrusted to it by the public authorities. In merchandise balance even showed a slight accomplishing this it will be guided solely by excess of exports. For these two months the regard for the general welfare. This interest per cent of exports to imports was, respectively, in the welfare of the whole country will not 107.25 and 103.43. It is true that during the permit discrimination in favor of special second part of the year the strike of the British interests. It will subordinate them all to the miners was of advantage to our mining and twofold duty of assuring to our industrious metal industries. But for the 12 montfe of people a stable currency, which alone is an 1926 the per cent is 84.79, as compared with honest currency, and of contributing by a 73.6 in 1913. The coal market, very much wise credit policy to the development of depressed at the beginning of the year, began prosperity throughout the country. to improve in March. Prices thereafter ad- During all the difficult period through vanced and the stocks on hand were very considwhich we have passed we have endeavored erably reduced. Within the last few weeks a constantly to keep in touch with the directors decline in sales has set in. The market for of the great financial houses, and have never metals has shown a similar development, alfailed to find cordial cooperation on their part though the high price of fuel depressed it someand the keenest desire to contribute to the what. The textile industry has been seriously full extent of their power to the work of depressed by the fluctuations of exchange, financial reconstruction. We shall endeavor to which have interfered with the purchase of raw maintain this lofty spirit of cooperation and materials. Recently, however, it has benefited solidarity, which is essential to the progress of from the stabilization of the currency, and at the business of the country. present is generally prosperous. Industry and We shall complete this general explanation building have suffered all along for lack of with discussion of certain specific matters. orders. Glass works, glazing, and cement By virtue of a royal decree of October 26, 1926, works, on the contrary, have nothing of which the circulation of small notes of 5 and of 20 to complain. Agriculture and cattle breeding, francs was taken over by the Government by raising the scientific standard of their until they can be replaced by the issue of frac- methods, have succeeded in increasing their tional metallic currency. These small notes production. This has made possible the develwill be redeemed in part at least by means of opment of exports. This desirable trend conour silver reserve, which we turned over to the tinues, and we shall assist these industries with Government on October 25, 1926, at the pur- credit as far as possible. chase price of the metal. Gold and foreign The business of the port of Antwerp conexchange exclusively will serve henceforward tinues to develop both in respect to the numas the basis of convertibility for the bank note. ber of ships entered and to the tonnage which You know, of course, that for several weeks they represent. past we have undertaken the redemption of the principal gold coins on the basis of the rate Number of stabilization, taking account, however, of of ships Tonnage entered the expenses which we should incur as a result of these operations. We are redeeming like- 1925 .__ 9,971 20,201,500 wise, for account of the treasury, domestic 1926 ----- 11,599 22, 793,000 silver coins at a price which will furnish a sufficient guaranty against fluctuations of silver The statistics of the labor market are reprices on the market. As to the conditions markably favorable. Unemployment is inunder which we canceled the currency agree- considerable. It varies between 1 per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN APRIL, 1927 and 2.7 per cent of the number of persons Just as in the case of security prices, the enrolled in the insurance bureaus, which in- development of savings has begun to show the clude about 600,000 members. favorable influence of stabilization. After the The index of retail prices, which was 521crisis at the beginning of 1926 deposits placed in March, rose after the violent crisis in the in the general savings bureau decreased sharply. exchanges. In November, at the time of In July the excess of withdrawals over deposits stabilization, it was 730. In January, 1927, was more than 55,000,000 francs. In August it had risen to 755. The index of wholesale this excess was still almost 39,000,000 francs. prices, starting at 556 in February, 1926, rose Since then a notable improvement has come to 865 in November, to decline again to 860 about. Beginning with October the increase in December. It was 856 in January, 1927. of deposits has been remarkable. The follow- The money market, which experienced great ing figures, which represent only the deposits stringency during the first half of the year, made on depositors7 books and exclude deposits gradually became easier from August on, and made for other objects than saving, sufficiently during the short period which has followed the indicate the trend. reconstruction of the currency has become very easy as the result of a large influx of Belgian Excess of and foreign capital. On two occasions—Jan- deposits over withdrawals uary 12 and February 9, 1927—the abundance of money on the market and our desire for the Francs welfare of industry and commerce led us to October, 1926___ 22,902,213 reduce the official discount rate by one-half of November, 1926 48, 691,713 December, 1926 _ 57,422,015 1 per cent, so that it is now 6 per cent for loans January, 1927_._ 1 83, 554, 017 on collateral. The rate for loans on Government securities has been fixed at 73^2 per cent. 1 Estimated. These conservative decisions were inspired by The currency reform has been well received the wish to prevent public opinion from cheat- not only in Belgium but throughout the entire ing itself with illusions and by the necessity of world. Everywhere it has received approval discouraging unhealthy speculation, which from the most eminent authorities in the ecowould constitute a real danger.. For similar nomic field. Of course it can not accomplish reasons we have pursued a restrictive policy the miracle of restoring the losses caused by during the past year in regard to rediscount war and inflation. It can have no other purrates. We wish to remove these restrictions pose than to maintain the value of our curso far as prudence, which we must always rency and to furnish a new and solid point of observe, and the good sense of the public make departure for our national business. The it possible. relief has been universal. At a stroke, indus- Apart from speculative influences, the secur- try and commerce found themselves free from ity market reflected the fluctuations of the exchange risks and from the burdensome obligaexchange. During the first part of the year it tion of having exchange cover for all their inclined toward the purchase of foreign secur- foreign transactions. ities and industrial stocks to the neglect of The inflow of foreign capital and the re- Government securities, but this tendency, as patriation of Belgian capital bear witness to might have been expected, has been modified the confidence which stabilization has inspired. since stabilization, and the price of Govern- These fortunate results made it possible for ment securities at present is registering a the National Bank, shortly after the reform considerable increase, as shown by the following went into effect, to demand the removal of figures: control over the exchanges before that measure had occasioned the slightest difficulty. Is this saying that prudence and economy are Rate at Rate at Rate at no longer necessary? Assuredly no. Favorthe end the date the end of May, of stabi- of Janu- able circumstances have helped us to pass 1926 lization ary, 1927 without a crisis through a period which otherwise would have been painful and difficult. Gilt-edge domestic securities 285 333 435 National reconstruction - - 52 62 82.60 These circumstances will not last forever. Consolidation 1921 55 71 50 92 The adjustment of prices to new conditions is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDERAL EESERVE BULLETIN 285 proceeding gradually, but even though every- of international payments and would conthing gives reason to hope that Belgium will stantly increase the cost of living by multiplyremain a country where the cost of living is ing the medium of payment. However painful low, it is useless meanwhile to assume that the these facts may be after the mirage of inflation, adjustment has been completely made. it is necessary to appreciate them fully and to The banks, as well as all business enterprises, resolve without wavering to defer all expendiare well advised to keep their assets in a highly tures which are not indispensable or directly liquid form. It is important also that a policy productive. Everywhere the authorities are of strict economy be observed for a long time warning the country against the dangers of to come, both in the conduct of private improvident optimism. Realizing the necesfinances and in those of the Government. If sities and the difficulties of the time, they have we have succeeded in balancing our budget, if outlined a policy of rational and coherent proan enormous amount of foreign and domestic duction with which we are entirely in accord. short-term debt has been regulated and funded, Intensive development of exports in general, this liability, it must not be forgotten, has not and in particular of exports of luxuries and been paid but simply deferred. Only a deter- works of art involving skilled workmanship; mined, patient, and prolonged effort to save reorganization of business with a view to will bring about the reconstruction of national reducing production costs and net prices; capital, the place of which no temporary influx increasing the profitableness of our colony; of money from abroad can possibly take. developing our mining resources—these are the There would, indeed, be great danger in* essential points of this extensive and fruitful developing foreign loans. A false illusion of program, the execution of which will permit wealth would thus be created, which would the country to reap the full reward of its weigh more and more heavily upon the balance efforts. 39280—27- 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN APRIL, 1927 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1927 1926 1927 1926 Febru- Janu- Decem- Febru- Febru- Janu- Decem-February ary ber ary ary ary ber ary Bank of England (millions of National Bank of Bulgaria (milpounds sterling): lions of leva): Issue department—• Golds 1,205 1,198 44 42 Gold coin and bullion 148.8 350.1 149.9 143.2 Foreign bills, etc 213 217 490 441 Notes issued 168.6 189.8 169.6 162.9 Loans and discounts 1,072 1,109 1,796 1,216 Banking department- Advances to State-- 4,512 4,562 5,327 5,500 Gold and silver coin 1.3 1.3 1.3 1.3 Note circulation 3,246 3,224 3,485 3,410 Bank notes 31.9 32.8 28.8 21.8 Deposits 3,260 3,266 3,286 2,947 Government securities 29.9 28.1 34.2 38.2 Other securities 71.3 72.4 96.7 79.1 Central Bank of Chile (millions of Public deposits 17.8 13.7 11.6 16.1 pesos): Other deposits _ 98.4 102.8 131.3 106.2 Gold at home 75 85 85 Ratio of gold and note re- Gold abroad 579 562 465 serve to deposit liabilities Loans and discounts 20 60 43 (per cent) 28.6 29.3 21.0 18.9 Note circulation _ 259 242 372 Bank notes in circulation 1 „ 80.4 80.8 84.5 84.9 Deposits 236 225 144 Currency notes and certificates- _ 281.4 280.2 296.4 Czechoslovak National Bank Ban S G G C k i r o o l e v o l l d d d e f i r , F t r s s e r r i e s l a a s e v b e r n e r v r r o c v e , e a e a 2 d ( n m d i f l o li r o e _ n i g s n o e f x fr c _ a h n a c n s g ): e. 3 1 , ,8 6 3 2 8 8 4 7 4 6 2 3 1 , , 3 6 6 8 4 8 8 7 1 4 4 3 1 , , 3 5 6 8 4 4 8 3 1 7 4 3,6 3 5 8 2 7 4 9 7 (m A F L G i o l o s o l s r a i l o e e d n i t n g s s a s n n a o o n d b f f d a b s C l i a a a l z n d v n e c e v k c e r a i h n s n o g c a s e n lo o s d f v f i a c c k u e r c r . i e r n o n w c li y q n u _ s . ) i _ : - . 2 1 , , 0 0 1 2 4 3 1 3 8 2 1 , , 0 1 0 7 3 78 5 8 2 1 , , 2 0 0 6 8 3 1 3 7 A N L T o o d o a t v t a e n a l n s c d c a i ( e r n c s d u t l o d a i t t s i h c o e o n u . G nt o s v ernment _ . _ . _ _ _ _ 2 5 4 9 5 1 , , , , 8 1 6 6 4 9 0 9 5 0 5 7 3 5 2 5 5 2 , , , , 6 9 1 5 5 6 7 5 1 6 2 0 3 5 6 6 5 2 , , , , 0 5 9 9 0 2 0 0 0 7 0 8 3 5 4 3 5 0 , , , , 0 8 9 5 1 3 9 0 3 5 1 0 N D o e d t p a e t o i c o s i i n r t c s u .. l ation __. 6 1 , , 5 9 7 7 1 2 1 7 6 6 1 , , 5 9 8 7 6 6 3 8 9 8, 8 2 5 0 8 8 5 2 3 German Reichsbank (millions of Bank of Danzig (millions of Danreichsmarks): zig gulden) : Gold at home ___ 1,741 1,706 1,661 1,192 Balances with Bank of England.. 16 Gold abroad 93 128 170 190 Foreign bills, etc 19 Reserves in foreign exchange 204 421 519 461 Loans and discounts 15 Bills of exchange and checks 1,644 1,415 1,829 1,346 Note circulation 32 Miscellaneous assets 506 570 473 7S3 Deposits 4 Deposits 539 575 648 586 Reichsmarks in circulation 3,465 3,410 3, 736 2,822 National Bank of Denmark (mil- Rentenmarks in circulation 1,149 .1,151 1,172 1,587 lions of kroner): Bank of Italy (millions of lire)':3 Gold 202 202 209 209 Gold reserve 1,144 1,144 1,134 Foreign bills, etc 36 31 27 78 Credit and balances abroad 1,099 1,065 575 Loans and discounts 127 133 328 110 Loans and discounts 7,964 8,040 10,159 Note circulation 356 361 386 399 Advances to the Government 4,229 4,229 7, 066 Deposits 25 29 39 42 Note circulation for commerce--. 13, 768 14, 111 11,131 Note circulation for the State 4,229 4,229 7,066 National Bank of Egypt (thou- Total deposits 2,733 2,323 2,278 sands of Egyptian pounds sterling): Ban A A T G G k o d d o o o t v v l v a d a a f e l n n r a J n n c c a t o m e e p h t s s e e o a a o n m a n n n t n d e d b ( f m o a o d d r n n i e i e s l d d i l p c g i s o o o n a s n u b i b n s r t o i t l o l s a i l a f s d b y i e li n t ) ie : s.. 1 1 , , 3 2 0 8 5 5 3 7 9 6 0 0 8 2 1 1 , , 3 2 0 9 7 6 9 5 9 6 6 8 8 0 1 2 , , 4 2 0 0 5 7 2 5 2 9 7 0 8 5 2 1 , ,0 0 3 2 1 5 6 3 9 4 7 2 0 0 7 E N G E G O n g o t o o h g y t v l e e d l p e i r . s r t c . i n h d i a r m e n c G p u e o G o n la s v t o t i e i t v d o s r e e n n r p m n o m e s n i e t t s n s t e s c e u c ri u ti r e i s ti . e — s. 2 2 3 2 1 5 5 9 9 3 4 , , , , , , 0 4 8 2 2 2 0 0 4 0 3 8 4 2 5 0 9 0 T N o o t t a e l s d is e s p u o e s d its 1,2 6 3 6 2 0 1, 6 3 0 9 0 0 1, 6 37 48 7 1,2 7 9 6 3 9 Ba n n ia k n o m f a E rk s s t ) o : nia (millions of Esto- Austrian National Bank (millions Gold 6495 of schillings): Cash in foreign currency 31 Gold 57 53 53 15 Foreign correspondents' account. 229 Foreign bills of the reserve 458 479 484 489 Foreign bills . 191 Other foreign bills 144 139 143 37 Loans and discounts 5,831 Domestic bills 59 58 124 111 Note circulation 1,907 Treasury bills 176 176 177 186 current accounts. _. 745 Note circulation 874 875 947 812 Deposits 27 35 37 28 [ (millions of Fin- National Bank of Belgium (mil- nish marks): lions of francs): Gold 326 327 327 332 3,122 3,108 3,101 274 Balances abroad and foreign Foreign bills and balances in credits 1,127 1,048 1,082 1,227 gold4 2,126 2,114 2,235 30 Foreign bills 63 90 115 80 Domestic and foreign bills 2, 406 2,389 2,462 984 Domestic bills 533 524 538 509 Loans to State ... 2,050 2,050 2.050 5,680 State debts 124 124 136 262 Note circulation 9,115 9, 077 8,946 7,415 Note circulation 1,447 1,330 1,346 1,350 Deposits 732 732 I', G94 162 Demand liabilities 408 484 547 644 1 Notes issued, less amounts held in banking department and in cur- 4 Figures previous to Oct. 25, 1926, carried at par. rency note account. 5 Figures previous to 1927, carried at par. 2 Not including gold held abroad. 6 Including gold held abroad. 3 Figures previous to July, 1926, are for 3 banks of issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL EESEEVE BULLETIN 287 APRIL, 1U27 CONDITION OF CENTRAL BANKS—Continued 1926 Febru- Janu- Decem Febru- Febru- Janu- iDeccem- February ary ber ary ary ary ber ary National Bank of Greece (millions Bank of Portugal (millions of escuof drachmae): dos): .Gold and balances abroad 2,634 2,050 Gold 9 9 9 Government loans and securities. 3,832 3,730 Balances abroad _. 187 193 368 Loans and discounts. 3,474 3,216 Bills 211 211 138 Note circulation.. 4,865 4,257 Note circulation. 1,783 ,836 1,799 Total deposits _ ._ 4,506 4,105 Deposits.. _ 54 46 70 National Bank of Hungary (millions of pengo): National Bank of Rumania (mil- Gold 169 169 76 lions of lei): Foreign bills, etc 110 103 117 173 Gold? „.. 145 145 144 140 Loans and discounts ___ 190 207 218 149 Bills 8,982 8,988 9,162 8,199 Advances to treasury 122 128 135 154 Advances to State _ 10,679 10,679 10,679 10,679 Other assets 262 255 276 275 Note circulation 20,990 20,902 20,951 19,989 Note circulation 416 435 471 394 Deposits „ 9,130 9,310 9,182 8,784 Deposits 260 241 243 207 Miscellaneous liabilities . 149 159 176 199 State Bank of Russia (note-issuing Bank of Java (millions of florins): department; thousands of chervontsi): L N F D G o o o o e r a l t p e d e n i o g s c s n i a i r t n c b s d u . i . l l . l a d s „ t i i s _ o c . n o unts „ 1 3 9 2 9 1 6 6 1 5 2 9 3 1 10 9 2 1 6 2 7 1 9 7 2 3 0 3 2 6 6 3 8 0 4 4 F L B G o o a o r a n l e d n k i - g s n n a o n c t d e u s r d r i e s n c c o y u «, . n _ . t . s 6 8 1 1 8 5 6 , , , , 1 8 4 0 8 5 4 6 6 1 2 7 6 8 1 7 5 6 1 , , , , 4 6 5 6 4 5 8 7 1 9 2 2 8 6 1 6 8 5 6 , , , , 5 4 0 1 4 1 6 9 1 6 4 0 5 1 7 4 4 5 5 , , , , 9 1 3 8 8 3 1 9 1 5 4 2 Bank of Latvia (millions of lats): National Bank of the Kingdom Gold of Serbs, Croats, and Slovenes Foreign exchange reserve (millions of dinars): Bills Gold 87 87 86 77 Loans Foreign notes and credits 324 321 335 353 Note circulation Loans and discounts 1,340 1,378 1,481 1,330 Government deposits Advances to State 2,966 2,966 2,966 2,966 Other deposits Note circulation 5,502 5,504 5,812 5,718 Bank of Lithuania (millions of Deposits 710 746 585 510 litas): Gold South African Reserve Bank Foreign currency. (thousands of pounds sterling): Loans and discounts Gold 8,151 7,779 7,542 8,116 Note circulation Foreign bills .. 6,295 5,023 6,277 5,587 Deposits Domestic bills 1,028 2,560 1,667 1,825 Ne fl t o h ri e n r s l ) a : nds Bank (millions of N De o p te o s c i i t r s culation 8 6 . , 1 5 2 8 80 4 7 , , 9 9 6 9 2 5 8 6 , , 5 23 7 4 5 8 6, , 1 1 2 9 1 4 Gold 414 414 414 432 Bank of Spain (millions of pesetas): D N F L o o e o r a p t e e n o i s s g c i n i a t r s n c b d u il l l d a s t i i s o c n ounts 8 2 1 3 1 4 4 1 4 3 1 8 2 1 3 1 1 7 0 9 6 8 8 1 1 2 1 8 8 2 7 7 7 2 8 2 0 1 7 0 3 8 7 3 B B S G i a i o l l v l l l a s d e n r d c i e s s c o a u b n ro te a d d 2, 6 5 5 9 3 8 8 1 8 2 2 2, 6 5 6 5 3 6 8 6 5 8 3 2, 6 5 6 1 3 7 5 0 5 5 7 . 2, 6 7 5 2 7 6 3 9 9 5 7 Bank of Norway (millions of kro- Checks and drafts 1,487 1,601 1,709 1,518 ner) : Note circulation 4,309 4,311 4,339 4,373 Gold •___•_ , 147 147 147 147 Deposits 992 965 1,018 1,295 Foreign balances and bills 49 54 63 90 Domestic credits 398 446 466 286 Bank of Sweden (millions of kro- Note circulation 319 318 337 330 ner): Foreign deposits 16 36 32 7 Gold 223 224 224 230 Total deposits.__ 275 303 304 148 Foreign bills, etc 184 197 209 183 Re o s f e G l r i o v b e l r d a B s) a : nk of Peru (thousands 4,091 4,092 4,127 4,047 N L D o o e a p t n e o s s c i i a t r s n c d u la d t i i s o c n ounts 4 2 1 8 5 0 5 4 3 2 4 1 7 5 2 1 0 6 3 5 2 7 2 0 5 5 6 3 4 1 0 8 6 9 9 3 Gold against demand deposits 325 324 289 376 Swiss National Bank (millions of Foreign exchange reserve.. 709 709 701 758 francs): N B D i o e l p l t s e o s c i i t r s culation 2 5 , , 6 9 0 5 9 5 8 5 2 2 5 , , 0 6 9 0 5 6 3 5 3 2 6 , , 0 1 5 0 9 82 4 9 2 6 , , 7 5 4 5 6 7 4 5 3 G F L u o o a n ld n d . s s a o n n d d d e i m sc a o n u d n t a s b road _. 4 3 4 5 2 6 4 6 4 38 2 3 4 4 7 4 4 3 7 2 5 2 5 4 3 4 2 1 9 7 4 Bank of Poland (millions of zloty): Note circulation 800 781 874 775 Gold. 149 144 138 134 Deposits 89 132 139 94 Foreign exchange, etc 220- 187 165 60 Loans and discounts 369 358 377 367 Bank of the Republic of Uruguay Note circulation 634 585 593 377 .(thousands of pesos): Current accounts— Gold 58,425 54,936 Private 149 128 134 88 Loans and discounts 96,124 84,413 Treasury 64 29 9 Note circulation 67, 611 63,175 Liabilities in foreign currency 34 35 40 64 Deposits 66,203 57,570 7 Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL EESEEVE BULLETIN APRIL, 1927 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1927 1926 1927 1926 Febru- Jan- Decem- Febru- Febru- Jan- Decem- February uary ber ruary ary uary ber ary Chartered banks of Canada (mil- Four private banks of Italy (millions of dollars): lions of lire): Gold coin and bullion !_ 72 71 61 Cash 1 240 1 nna Current loans and discounts 1,255 1,240 1,123 Bills discounted 9,126 | 8,904 Money at call and short notice 432 424 396 Due from correspondents _ 5 169 A 714 Public and railway securities. .. 496 484 564 Due to correspondents 13,027 12,346 Note circulation 160 175 164 Deposits 2,401 2,465 Individual deposits 2,273 2,316 2,168 Gold reserve against Dominion Tokyo banks (millions of yen): notes _ ______ 93 128 121 Cash on hand 123 134 105 116 D ominion notes circulation 172 210 197 Total loans 2,628 2,647 2,618 2,449 Total deposits 1,975 1,973 1,944 1,959 Joint-stock banks of Denmark Total clearings 2,807 3,122 4,193 3,246 (millions of kroner): Loans and discounts 1,953 1,973 2,208 Joint-stock banks of Norway (mil- 1 Due from foreign banks_ _ _ _ __ 53 57 82 lions of kroner): Due to foreign banks 155 157 168 Loans and discounts 2,038 Deposits and current accounts 2,011 2,057 2,260 Due from foreign banks 151 Nine London clearing banks D Re u d e i t s o c o fo u r n e t i s g n banks _ _ 3 2 2 1 1 1 (millions of pounds sterling) : Deposits _ 1, 919 Money at call and short notice 117 125 129 110 Advances and discounts _" 1,122 1,142 1,119 1,073 Joint-stock banks of Sweden (mil- Investments 243 252 251 255 lions of kroner): Deposits 1,653 1,694 1,688 1,606 Loans and discounts _ 4,260 4,230 4,319 Foreign bills and credits abroad. _ 170 164 193 Joint-stock banks of Finland Due to foreign banks 132 132 146 (millions of Finnish marks): Rediscounts 91 188 147 Loans and discounts __ 7,091 6,693 3,534 3,453 3,598 Due from abroad 271 116 Due to abroad 322 342 Swiss Cantonal banks (millions of Deposits _- 6,101 5,587 francs): 1,735 1,700 Three commercial banks of Mortgages 2,767 2,654 France (millions of francs): Foreign bills 26 30 Bills and national defense bonds _ 14,779 14,202 Due from banks and correspond- Loans and advances 5,102 4,483 ents 249 252 Demand deposits 21,699 20,162 675 651 Time deposits 310 297 Savings deposits 1.475 1,431 Six Berlin banks (millions of reichsmarks) ; Bills and treasury notes 1,243 Due from other banks 631 JVIiscellaneous loans 3,024 Deposits 4,530 Acceptances 241 i 1 Not including gold held abroad. 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 i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria 6 Feb. 5,1927 Estonia. .... 8 Oct. 1,1926 Japan 5.84 Mar. 9,1927 Portugal—.. 8 July 27,1926 Belgium 6 Feb. 9,1927 Finland- Mar. 22,1927 Java 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria 10 Aug. 31,1924 France Feb. 3,1927 Latvia 7 Jan. 1,1927 Russia 8 Apr. —,1924 Czechoslo- Germany 5 Jan. 11,1927 Lithuania. ._ 7 Feb. 1,1925 South Africa. Nov. 21,1924 vakia 5 Mar. 8,1927 Greece 11 July 7,1926 Netherlands- 3H Oct. 2,1925 Spain........ 5 Mar. 23,1923 D D a en n m zig a rk „_ 5 J Ju u r ly il 2 2 9 4 , , 1 1 9 9 2 2 6 6 I H n u d n ia gary 6 7 A Fe u b g . . 2 1 6 0 , , 1 19 9 2 2 7 6 N Pe o r r u way t A A O p ct r . . 27 1 , , 1 1 9 9 2 2 6 3 S S w w e it d z e e n rland. 4 3 M M O O c c t t . . 2 9 2 , , 1 1 9 9 2 2 5 5 England 5 Dec. 3,1925 Italy 7 June 18,1925 Poland. Mar. 11,1927 Yugoslavia.. 6 June 23,1922 m Changes.—Czechoslovak National Bank from 5}4 to 5 per cent on March 8, 1927; Bank of Japan from 6.57 to 5.84 per cent on March 9, 1927; Bank of Poland from 9 to %XA per cent on March 11, 1927; Bank of Finland from 11A to 7 per cent on March 22, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

289 APRIL, 1927 FEDERAL EESEEVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Neth s e t r e l r a d n a d m s ) (Am- Sw la it n z d er- 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 e o k w s e o i r - t n s s ' d P is r r c i a v o te a u t n e t M 1 o m ne o y n f t o h r Da m y o -t n o e - y day d P is r r i c a v o te a u t n e t M 1 o m ne o y n f t o h r d P is r r i c a v o te a u t n e t 1925 December. _. 4.67 I 4.90 3.51 2-3 6.75 10.29 8.07 3.43 2.29 1926 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 I 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 4.60 3.78 4.72 7.13 5.88 3.39 3.96 3.35 1927 January 4.16 4.21 3.76 4.21 5.82 3.78 2.97 2.92 3.16 February 4.18 4.32 3.93 4.28 5.77 5.19 3.46 3.66 2.87 Sweden ( B B e r l u g s i s u e m ls) F (P r a a r n i c s) e (M It i a la ly n) Austria (Vienna) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month d P is ri c v o a u t n e t d P is ri c v o a u t n e t d P is ri c v o a u t n e t d P is ri c v o a u t n e t M f o o n r e 1 y co P m ri m m e e r- Day-to-day Loa to n s 3 up co D u i n s- ted m C o a n l e l y rate rate rate rate month cial paper money months bills overnight 1925 December 6.75 4.80 8.50 8^-12 (9) 7- « 7.12-9.13 4.56-8.94 1926 J F a e n b u r a u r a y ry 6 6. . 5 7 9 1 4 4 . . 5 2 7 7 8 8 . . 1 0 8 0 7 7 - ~ 1 i 1 oy2 6 6. . 5 7 7 5 - - 8 9 . . 1 7 3 6 4 4 . . 3 5 8 6- - 8 7 . .3 0 0 3 March 6.75 4.25 8.00 io - 3^ 6.57-8.40 4. 75-7. 67 M Ap ay ril.... 6 6 . . 6 7 5 5 4 5. . 1 2 5 5 8 8 . . 0 0 0 0 io 9 y 2 - -w ny y2 2 7 7 6 6 . . 7 7 5 5 - - 8 8 . . 7 76 6 4 6 . . 0 75 2 - - 7 7 . .3 3 0 0 June 6.65 5.73 8.17 9 -10 7 7.12-8. 76 5.11-8.76 July 6.70 6.00 8.50 8^-10 6-7 6. 94-8. 76 5.11-8.03 August 6.75 7.00 8.50 8^-10 6 -7 6. 75-8.40 5. 84-7.48 September 6.72 6.98 8.50 7^ 6 -7 6. 39-8. 40 4. 93-7. 30 October 6.64 7.25 8.96 3^ 6. 21-8.40 5.11-7.12 November 5.77 6.69 9.25 7 - M 6^7 6.39-8.40 4. 75-7.48 December 4.34 5.77 9'. 25 7 -sy 6 - 71/ 6. 75-8. 76 5.11-8.03 2 1927 January. 3.90 4.99 9.25 February—... 3.99 4.45 9.25 i For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1926. Rates for Belgium, France, and Italy, added to this table in April, are from the same source as the figures for Switzerland—viz, Bulletin Mensuel, Banque National Suisse—and are quoted in the same way. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL EESEEVE BULLETIN APIMI, 1927 GOLD MOVEMENTS MOVEMENTS TO AND FROM THE UNITED STATES [Amount in dollars] Imports Exports Country of origin or destination January-February January-February February, February, 1927 1927 1927 1926 1927 1926 All countries 22, 308, 504 81, 663, 884 44, 766, 857 2,413,870 17,303, 735 6, 938, 244 EUROPE. France 6, 300,615 20,995, 872 70,940 18,488 Germany - 1,000 1,000 353 1,065,559 13, 655,203 540, 857 Netherlands ___ Poland and Danzig _._ Spain _. . 2 420 8. 9fin Sweden „ _ i United Kingdom 7, 308,444 7, 308, 789 7,572 NORTH AMERICA Canada 1,362,002 39,336,813 27,665,038 61,847 108, 899 93, 664 Central America - - - - 107, 613 217,964 319,842 498,130 501,130 1,014, 491 Mexico .. -- 415, 872 997, 664 824,598 20,000 643,123 1,013,215 West Indies 29, 352 43, 242 30, 644 54,049 SOUTH AMERICA Argentina - 154 22,480 107,000 51,000 Brazil 76, 010 91,010 90,000 Chile - 6,034 2, 635, 386 9, 789,949 Colombia - - - - -- - 117, 062 278,093 187,309 995, 834 Ecuador 77,326 181,490 193,499 5,983 Peru - . 234,003 413, 073 789, 997 Uruguay Venezuela ___ _. 25, 085 75,225 55, 728 100,000 100,000 1,300,000 ASIA AND OCEANIA Australia . 2,536 4,058 8,051 British India - - - 65,000 65,000 354, 510 British M!alava 199,165 434,517 1,317,749 China 646, 696 Dutch Epst Indies 171,279 171,279 323, 634 110,000 110,000 290, 220 Hongkong . 218,159 492,019 792, 253 Japan - - - - - - 6,000, 000 8,666,666 4,000,000 New Zealand - - 24,129 42, 422 27, 494 Philippine Islands - - - 116,840 361,353 1,765 AFRICA Egypt -- - -- -- !VTo7aTTibiflue -- - - - - 7,982 16,212 91,147 All other countries - - 1,174 7,492 11,449 Net imports 19, 894, 634 64, 360,149 37, 828, 613 MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROMINDIA [Amounts in pounds sterling] [Amounts in rupees] Imports Exports Imports Exports Country of origin or Country or origin or destination February, January, February, January, destination December, Novem- December, Novem- 1927 1927 1927 1927 1926 ber, 1926 1926 ber, 1926 All countries 5,600, 690 2,365,990 3,180., 866 3, 736, 428 All countries 10, 046,197 9, 659, 529 243,145 32, 708 Bplsium 4,755 England . _ 2, 596, 666 1,747, 598 51, 502 48,358 214,200 139,400 France T^pthprlands 26,850 8,940 117,000 246, 500 United States 139,280 Russia 30,000 1, 588, 820 Aden and dependencies.__ 254, 247 553,149 Snain and Canaries 753,000 119, 500 Arabia.. _ _ 27, 215 65, 516 Switzprland Bahrein Islands 65, 764 129,480 TTnitpd Statps 1,186,000 British Oceania 40,430 South AtrGrics, 913 1,078 1,000 10,000 Ceylon 7,200 20,150 150 T^riti^Tl Tndifi 309,720 138, 745 China 71,961 108, 898 "Rritish "VCalQVEi 125,240 60,986 Java _ 218,120 Egypt 76, 070 75,100 Mesopotamia __ . 441,804 586, 847 Rhodpsiri 135,087 111,454 Straits Settlements._ 16, 371 78,058 23, 608 32 558 2,454,938 2,138,900 East Africa 67 West Africa _ 128,873 54,108 1,205 Egypt.. 838,055 1,157, 567 All other countries 406,537 3,152 397,431 1, 352, 622 Natal 5, 726, 627 5,032,489 All other countries 287 1,417 Net imports 2,419,824 Net exports 1,370,438 Net imports. _ 9, 803,052 9, 626, 821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDEBAL EESEEVE BULLETIN 291 GOLD MOVEMENTS—Continued SOUTH UNITED STATES GERMANY GREAT BRITAIN NETHERLANDS AFRICA (In thousands (Tn thousands of dollars) (In re t i h ch o s u m sa a n r d k s s ) of p (I o n u t n h d o s u s s t a e n rl d i s n g o ) f (In t g h u o il u d s e a r n s) ds of o s f t e p r o li u n n g d ) s Month Net Net Net Net p I o m rt - s p E o x rt - s im o p r p o e o rt x r s t - s p I o m rt - s p E o x rt - s im o p r o p r e o t x r s - ts p I o m rt - s p E o x rt - s im or p e o x r - ts p I o m rt - s p E o x rt - s im or p e o x rt - s d t P i u r o o c n - - ex N p e o t rts () () 1925 January 5,038 73,526 82,857 2,476 2,266 4, 799-2, 533 6,586 5,679 907 3,508 1,391 February 3,603 50, 600 -46,997 46,051 2,775 43, 276 4,414 3,823 591 9,047 6,365 2,682 3,208 1,718 March ,. 7,337 25,104 -17,767 62, 602 2,643 59, 959 1,863 3,015 -1,152 72 629 -557 3,499 5,401 April 8,870 21, 604 -12, 734 68,087 2, 586 65, 501 1,031 1,992 -961 213 12, 560 -12,347 3,337 2,957 May_ 11,393 13,390 -1,997 78,755 2,764 75,991 2,650 2,634 16 12 12,584 -12,572 3, 458 2,171 June _.. 4,426 6,713 -% 287 54, 273 2,824 51,449 5,620 1,616 4,004 30 24,131 -24,101 3,309 6,667 July ... 10, 204 4, 416 5,788 22,197 2, 821 19.376 8,932 3,271 5,661 296 36,395 3,476 4,390 August 4,862 2,136 2,726 121, 644 2,463 119', 181 2,803 2, 702 101 2,560 5,081 -2, 521 3,424 4,337 September _. 4,128 6,784 -2,656 30,441. 3,760 26,681 834 2,738 -1,904 2,315 346 1,969 3,407 3,899 October 50,741 28,039 22,702 37,770 4, 518 33, 252 5,412 10,175 -4, 763 12,170 1,818 10,352 3,464 3,765 November—. 10,456 24,360 -13,904 33, 542 4; 253 29, 289 3,506 8,542 -5,036 22,895. 18 22,877 3,361 1,948 December... 7,216 5,968 1,248 3,050 3,410 -360 2,179 4,368 -2,189 23,796 102 23,694 3,318 3,233 Total.. 128, 272 282, 640 -134,367 641,269 37,293 603? 976 41, 509 49, 675-8,166 79, 991 105,710 -25,719 40,768 40,877 1926 January 19,351 3,087 16, 264 23,163 3,454 19,709 4, 525 2,448 2,077 16,455 4,100 February 25,416 3,851 21, 565 58,902 3,108 55,794 3,454 1,564 1,890 387 1,202 -815 3,203 3,060 March ... 43,413 4,225 39,188 40,138 3, 223 36,915 1,290 2,620 -1,330 1,539 50 1,489 3,544 1,742 April— 13,116 17,884 -4,768 5,847 2,537 3,310 1,477 717 760 216 70 146 3,412 6,110 May 2,935 9,343 -6,408 3,517 2,909 608 3,840 1,408 2,432 672 497 175 3,597 3,699 June 18,890 3,346 15, 544 2,398 2,649 -251 3,310 1,003 2,307 2,512 126 3,600 4,316 July 19,820 5,070 14, 750 2,626 18 4,009 1,276 2,733 822 5,009 -4,187 3,656 4,658 August _-___, 11,979 29,743 -17,764 44,632 2,662 41,970 3,877 1,841 2,036 338 149 189 3,583 3,231 September.. 15,987 23,081 -7,094 99,108 96,162 2,494 1,031 1,463 1,990 ! 1,632 358 3,573 1,785 October.... 8,857 1,156 7,701 152, 572 3,649 348,923 3,476 4,369 -893 1,443 372 1,071 3,621 5,976 November__ 16,738 7,727 9,011 69,110 3, 788 65,322 3,814 5,053 -1,239 1,154 ! 433 721 3,563 2,749 December.. 17,004 7,196 77,277 3,603 73, 674 3,824 -838 6,500 -6, 231 3,538 2,169 Total.. 213, 504 115, 708 97,796 579,290 36, 609 542, 6S1 38, 551 27,153 11,398 27,799 | 16,128 ! 11,67142,285 43, 594 1927 January 59.355 14,890 44,466 59,142 2,203 56,939 2,366 3, 736-1,370 3,241 183 ! 3,058 February... 22; 309 2,414 19,895 5,601 3,181 2,420 SILVER MOVEMENTS Imports to United Exports from United Imports to United Exports from United States States States States Country of origin or Country of origin or destination Feb 1 r 9 u 2 a 7 ry, F J e a b n 1 r u 9 u 2 a a 7 r r y y - , Feb 1 r 9 u 2 a 7 ry, F J e a b n 1 r 9 u u 2 a a 7 r r y y - , destination Feb 1 r 9 u 2 a 7 ry, F J e a b n 1 r u 9 u 2 a a 7 r r y y - , Feb 1 r 9 u 2 a 7 ry, F J e a b n 1 r u 9 u 2 a a 7 r r y y - , All countries._. $3, 849,346 $9,000,403 $6, 232, 872 $13, 621,067 Colombia $8,163 $8,991 $5, 216 Peru 1,045,184 2,055,114 France ._ 2,214 8,369 Venezuela _ Germany 109 133, 265 283, 779 British India _ 1 $2, 943, 351 6,349,961 Spain 3,981 China 374 2, 427, 984 5, 715, 658 United Kingdom 14, 230 15,158 508,162 820, 744 Dutch East Indies _ 107.783 107,783 Canada 362,045 717,161 127, 558 265,800 Mozambique 1 7.411 17,285 Central America 119, 957 242,023 All other countries.__ 9,031 34,437 4,535 10,053 Mexico 2, 070, 385 5, 345, 777 86, 505 167, 604 West Indies 21,165 34, 584 1, 512 2, 252 Net imports Bolivia 82, 634 Net exports 2, 383, 526 4, 620, 664 Chile __ 81, 778 326, 623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN APRIL, 1927 FOREIGN EXCHANGE RATES RATES PUBLISHED BY THE TREASURY [In cents per unit of foreign currency1] February, 1927, March, 1926, March, 1927 average average Country Unit Par Average Per Per Low High Per Rate cent Rate cent Rate cent of par of par of par EUROPE Austria _. Schilling _ 14.07 14. 0640 14. 0890 14.0738 100.03 14.0841 100.10 14.0607 99.93 Belgium Belga 13.90 13. 9000 13.9000 13.9000 100.00 13.9023 100.02 4. 2341 2 21 94 Bulgaria Lev _ 19.30 . 7230 .7271 .7246 3.75 .7242 3.75 . 7204 3.73 Czechoslovakia Crown 2. 9613 2. 9619 2.9616 2,9618 2 9618 Denmark Krone 26.80 26.6400 26. 6600 26. 6456 99.42 26. 6495 99.44 26.1130 97 44 Enizland Pound 486. 65 485.0800 485. 6800 485.4025 99.74 485. 0282 99.67 486 0825 99 88 Finland... Markka 2.52 2. 5199 2. 5214 2. 5205 100.02 2. 5208 100. 03 2. 5216 100. 06 France Franc - 19.30 3.9100 3.9200 3.9126 20.27 3. 9232 20.33 3. 5804 18.55 Germany ._ Reichsmark 23.82 23.7000 23. 7300 23. 7137 99.55 23. 6977 99.49 23. 8030 99.93 Greece Drachma 19.30 1. 2872 1.2913 1. 2898 6.68 1.2979 6.72 1 3744 7 12 Hungary Pengo 17.49 17.4800 17. 5400 17. 5074 100.10 17. 5314 100. 24 17. 5552 100.37 Italy Lira 19.30 4. 3600 4. 6000 4. 5059 23.35 4. 3182 22.37 4. 0156 20.81 Netherlands Florin 40.20 40.0000 40. 0300 40. 0137 99.54 40.0041 99.51 40.0689 99 67 Norway Krone - 26.80 25. 9300 26.1600 26.0474 97.19 25. 7759 96.18 21.4670 80.10 Poland Zloty 19.30 11. 3000 11.4700 11.3703 58.91 11.3391 58.75 12. 6888 65.75 Portugal Escudo 108. 05 5.1100 5.1400 5.1170 4.74 5.1155 4.73 5.1330 4.75 Rumania Leu 19.30 .5924 .6826 .6128 3.18 . 5743 2.98 .4234 2.19 Spain Peseta .- 19.30 16. 7700 18.0600 17. 4088 90.20 16. 7805 86.95 14. 0933 73.02 Sweden _.. Krona 26.80 26.7000 26. 7800 26. 7452 99.80 26. 6864 99.58 26. 8125 100. 05 Switzerland Franc 19.30 19. 2300 19. 2400 19. 2359 99.67 19. 2318 99. 65- 19. 2518 99.75 Yugoslavia . - Dinar - . 19.30 1. 7581 1. 7604 1. 7593 9.12 1. 7605 9.12 1. 7611 9.12 NORTH AMERICA Canada Dollar 100. 00 99.8028 100.1163 99.9019 99.90 99. 8382 99.84 99 6301 99 63 Cuba Peso _ 100. 00 99.9531 100.0875 100. 0265 100. 03 100. 0679 100.07 99.9542 99.95 Miexico do 49.85 46. 9667 47.0667 47. 0084 94.30 47.0737 94.43 48. 5585 97.41 SOUTH AMERICA Argentina Peso (gold) . _ .. 96.48 95. 6100 96.3000 95. 9811 99.48 94. 7186 98.17 90.3333 93.63 Brazil . Milreis _ 32.44 11.8200 11.8700 11.8452 36.51 11. 8382 36.49 14.4893 44.66 Chile Peso . . 12.17 11. 9800 12. 0500 12.0041 98.64 12. 0005 98.61 12.0815 99.27 Uruguay do 103.42 100.8800 101. 7700 101. 2763 97.93 101. 4623 98.11 102.1818 98.80 ASIA China Mexican dollar 2 48.11 43.0900 45. 0600 44.1341 91.74 46. 5273 96.71 52. 8466 109. 85 Do Shanghai tael 3 66. 85 59.1300 61.9100 60. 5048 90. 51 63. 7764 95.40 72. 7118 108. 77 Hongkong Dollar s 47. 77 47.9100 49. 6100 48. 6855 101 92 50.3605 105 42 56 3130 117. 88 India Rupee 48.66 36.1900 36. 3700 36. 3004 74.60 36.2968 74.59 36. 5756 75.17 Japan Yen 49.85 48. 9300 49. 2500 49.1411 98.58 48. 8350 97.96 45 3915 91.06 Straits Settlements Singapore dollar 56.78 55.9200 55.9600 55. 9556 98.55 55. 9623 98. 56 56. 6256 99.73 OTHER RATES [In cents per unit for foreign currency] Recent Recent quotations * quotations < Country Unit Par Country Unit Par Rate Date Rate Date Bolivia Boliviano 38.93 34.00 Mar. 25 Latvia Lat 19 30 19 22 Mar 11 Columbia Peso 97.33 97.44 Mar. 25 Lithuania Litas 10.00 9 90 Mar. 11 Danzig Gulden 19.47 19.39 Dec. av. Peru Libra 486. 65 365.00 Mar. 25 Ecuador Sucre. 48.67 18.31 Mar. 25 Russia _. Chervonetz 514. 60 515.00 Mar. 25 Egypt Egyptian pound 494. 31 497. 36 Feb. 28 South Africa - , Pound 486. 65 486.42 Mar. 11 Estonia Estmark .27 Mar. 11 Venezuela. . Bolivar 19.30 18.75 Mar. 25 Java Florin 40.20 40.16 Mar. 25 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 $0.55620 for March, 1927, $0.58210 for February , 1927, and $0.66223 for March, 1926. The corresponding London prices (converted at average rate of exchange) were $0.56096, $0.58765, and $0.66340. 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

FEDERAL RESERVE BULLETIN 293 APRIL, 1927 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Pre-war=100] Europe I France Month A b ( u a g s s o t i l r s d i ) a Bel- g B a u ri l a - C v z a s e k lo c i - h a o * - m D a e r n k - 1 T (B E l r a a o o n n d f a 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 l s u - F a B s l e e o d r R a v e r e e r d - - ( B F m S G t u e t i a a d r c e e n t e a r i a r y l - s a u - 8 l ) b H ( g g a a u s o r i n l y s d - ) Italy N l e a t n h d e s r- (<££) Poland * 1925 October 127 575 2,823 163 154 1,121 572 482 143 131 716 154 221 128 November. ___ 125 569 2,822 977 158 153 ., 118 606 498 141 129 712 I 154 217 137 December— „_ 125 565 2,913 977 160 152 ,120 633 518 140 130 715 ! 155 218 155 1926 January 122 560 2,901 157 151 ,094 j 634 527 136 127 708 153 214 154 February--. 120 556 2,899 950 151 149 ,091 636 540 134 125 704 14S 211 158 March 119 583 2,844 938 145 144 ,081 632 545 133 123 693 V15 204 158 April 119 621 2,774 923 141 144 .,081 650 565 133 123 692 143 198 178 May. 118 692 928 141 145 1,070 688 597 132 122 698 143 196 197 June 124 761 2,842 926 140 146 ,079 739 631 132 122 709 144 195 191 July.,. 126 876 2,838 948 141 149 ,079 836 704 133 123 724 J41 196 181 August 126 836 2,759 963 143 149 L,092 770 691 134 122 740 139 196 188 September.. 123 859 2,723 973 141 151 ,093 787 691 135 122 731 140 197 190 October 125 856 2,716 972 145 152 ,095 752 695 136 125 712 143 188 192 November.. 128 865 2,739 978 150 152 1,097 684 662 137 127 709 147 182 193 December 127 860 2,718 978 145 146 1,101 627 592 137 126 681 147 176 195 1927 January 130 856 2,706 979 141 144 1,103 622 591 136 127 661 145 170 195 February... 130 854 975 140 143 1.103 595 103 658 144 165 197 March 139 North and South Europe—Continued America Asia and Oceania Africa United Month Russia Spain Sweden Sw la i n t d z * er o ( f B S S t u t L a a r t a t i e e b s a s - o u rCanada Peru t A ra u l s i - a ( C S h h h a a i i) n n a g- D I E n u d a t i s c e t h s c I ( n C u d t a t l i a - a ) J k a ( y T p o o a ) - n N l Z a e e n a w d - ( E C g a y ir p o t ) A So fr u ic th a tics) 1925 October 174 187 154 159 158 156 205 159 158 200 162 153 124 November. 175 186 155 157 158 161 204 165 158 161 198 161 145 December— 179 187 156 157 156 164 203 170 158 159 194 160 140 1926 January _ 183 186 153 156 156 164 206 161 164 159 192 159 134 124 February 190 183 152 155 155 162 205 160 163 154 188 159 134 March 194 183 149 151 152 160 204 163 164 151 184 157 134 April — 196 179 150 148 151 161 204 168 163 160 149 181 156 133 120 May. ..._ 197 179 151 147 152 157 206 167 160 157 146 177 156 128 June — 189 177 150 145 152 156 204 163 156 156 147 177 155 139 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 October „ 179 179 148 145 150 151 202 154 171 155 144 174 153 129 126 November 178 185 148 147 148 152 198 155 174 154 146 171 151 130 December 178 186 150 148 147 151 199 155 172 146 170 153 130 1927 January 178 186 146 146 147 151 199 173 146 170 126 128 February.. 179 146 145 146 150 203 172 148 171 124 March 147 205 i First of month figures. 1 New 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

294 FEDERAL RESERVE BULLETIN APRIL, 1927 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES (Pre-war=100) UNITED STATES—BUREAU OF LABOR STATISTICS Month A m l 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 - cu A l g tu ri r - al cu N a l g t o u r n i r - - al 1926—February 155 150 153 184 179 128 177 132 164 133 152 157 March 152 144 151 181 175 128 176 132 164 128 148 155 April 151 145 153 177 174 127 173 130 163 127 149 153 May 152 144 154 176 179 125 172 131 162 125 149 153 June 152 144 157 175 179 125 171 131 162 123 151 153 July 151 141 154 173 177 126 172 131 161 123 148 152 August 149 138 151 175 180 127 172 131 161 122 145 153 September 151 141 152 175 182 127 172 131 160 120 146 154 October 150 138 152 172 184 127 172 129 160 119 143 153 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 1927—January „ 147 137 150 167 180 124 170 122 157 118 143 150 February _ 146 137 148 169 177 122 168 122 158 119 144 148 ENGLAND—BOARD OF TRADE Food [ Not food All com- Other Month modities Total Cereals an M d e a fi 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 i e sc o e u l s metals 1926—February 149 159 148 156 170 144 118 131 174 172 149 September. _ 151 153 148 152 158 150 127 171 163 156 145 October 152 157 152 155 163 149 132 176 147 156 145 November _ ._ _ „ 152 157 156 153 161 150 135 185 141 153 144 December 148 155 151 153 161 141 131 149 135 153 143 1927—January 144 154 149 147 163 138 128 138 134 152 144 February. 143 152 149 141 166 137 127 134 137 152 142 FRANCE—STATISTICAL BUREAU Foods Industrialmaterials Month A m l o l d c i o ti m es - Total A f n oo im ds al b V le e g fo e o ta d - s S co u f g fe a e r , , Total Minerals Textiles Sundries cocoa 1926—February • _ 636 546 536 541 567 708 646 925 643 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 December- 627 610 572 610 675 641 652 664 631 1927—January . 622 618 566 631 729 721 737 780 682 February. _ 632 630 583 641 730 731 745 815 .681 GERMANY—FEDERAL STATISTICAL BUREAU Month 1926—January August „ September.. October November.. December.. 1927—January seit Agricultural products o I a 136 134 135 136 137 137 136 latoT 122 132 134 140 143 144 140 bategeV sdoof 111 137 139 150 163 152 154 elttaC 120 126 128 125 120 120 117 laminA udorp 150 144 146 149 157 162 149 reddoF Industrial raw materials and semifinished products en o i o O 104 133 108 134 116 132 130 129 141 129 141 128 142 129 latoT 134 129 130 129 128 128 129 laoC 132 133 134 135 135 135 135 norI 124 124 124 124 127 127 125 suorrefno N 3*latem 122 119 118 117 115 114 111 selitxeT 167 148 150 141 138 136 139 ia sediH ehtael _ © I O 113 127 118 122 120 122 120 122 121 124 122 124 123 125 aicifitrA zilitref —a 91 83 84 84 81 83 v 86 cinhceT na slio staf 129 132 131 131 131 132 132 rebbuR 111 103 159 52 14H 55 147 56 147 51 147 48 149 49 149 jnidliuB netam Industrial finished products 148 144 147 147 147 148 150 latoT 3 158 145 144 144 144 142 142 ecudorP sdoog a 137 130 130 130 130 130 129 musnoC sdoog 174 157 155 155 154 152 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDEKAL RESERVE BULLETIN 295 RETAIL FOOD PRICES AND COST OF LIVING RETAIL 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 r a ia )» g B iu e m l- 2 g B a u r l i - a l E an n d g- s 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 ) y - N la e e n r t d - h s - N w o a r y - E 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 i - a ( 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 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 1,718 660 148 221 224 167 158 155 151 154 116 1926 Jan 161 119 341 2,773 171 480 143 1,760 681 148 216 220 165 157 155 151 154 116 Feb 158 117 141 2,771 168 495 142 1,738 676 148 212 230 163 155 154 150 153 117 Mar... 157 114 137 2,719 165 497 141 1,805 654 147 205 234 161 154 159 151 152 118 Apr 159 114 139 2,652 159 503 142 1,821 645 146 198 241 161 153 163 150 151 119 May. „ 158 113 146 2,808 158 522 142 1,817 664 146 195 250 159 152 163 150 151 119 June 157 116 155 2,717 158 544 143 1,870 657 146 194 243 159 149 162 152 151 118 July... 154 115 177 2,713 161 574 145 1,849 654 146 198 238 159 149 159 155 149 117 Aug... 153 117 187 2,637 161 587 146 1,871 660 146 196 234 157 150 157 153 149 117 Sept... 155 116 184 2,641 162 590 145 1,890 652 145 193 231 158 147 155 152 148 117 Oct.— 157 117 194 2,597 163 624 145 1,933 654 146 151 230 160 147 153 153 147 120 Nov... 158 117 204 2,618 169 628 148 1,986 630 147 186 234 159 148 155 152 146 119 Dec... 159 118 206 2,598 169 599 150 1,973 631 146 184 235 159 151 158 154 149 117 1927 Jan.. 156 119 207 2,586 167 592 151 625 147 174 235 158 153 158 155 148 116 Feb ]53 119 164 585 1/52 147 177 237 157 151 152 117 Mar 162 152 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 - - I E a n n g d - 3 E n 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 s e h ) c - eH ga u r n y - I ( l t a M a n l i ) y - N la e e n 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 u i a a s - - ( I b B n a o d y m i ) a - A S f o r u ic t a h 1925 Oct 162 533 875 176 108 1,228 144 1,547 124 643 152 189 175 168 149 153 132 Nov.. 162 .534 863 176 107 1,227 141 1,610 123 643 157 186 168 152 153 131 Dec. 165 534 866 177 109 1,197 421 141 1,644 123 649 177 234 173 183 168 154 "l55" 155 131 1926 Jan 164 527 854 175 130 1,166 140 1,673 122 665 170 188 174 167 155 155 131 Feb.. 163 526 845 173 110 1,175 139 1,664 121 661 171 183 165 154 154 131 Mar- 161 521 832 172 110 1,172 451 138 1,706 119 647 174 225 169 185 163 154 "l57" 155 131 Apr 161 529 832 168 111 1,163 140 1,731 119 642 177 187 ~~173~ 162 153 153 131 May- 159 558 837 167 110 1,159 140 1,741 118 652 185 183 160 152 153 132 June . 159 579 861 168 110 1,175 ""485 141 1,791 116 650 171 218 184 183 160 150 "l6l" 155 131 July.. 159 637 876 170 111 1,183 142 1,808 117 649 178 186 "172" 160 150 157 130 A Se u p g t . . . 1 1 5 5 8 8 6 68 8 4 1 8 8 7 7 8 8 1 1 7 7 0 2 1 1 1 0 0 8 1 1 , , 2 2 1 0 3 3 539 1 1 4 4 3 2 1 1 , , 8 8 1 3 8 3 1 11 1 4 6 6 64 5 7 2 164 217 1 1 8 8 9 1 1 1 8 7 7 8 1 1 5 5 9 9 1 1 5 4 0 9 'IBs' 1 1 5 5 5 5 1 13 3 0 0 Oct.- 158 705 888 174 107 1,197 142 1,862 114 672 193 190 ~"l7i~ 160 149 155 131 Nov 159 730 902 179 1,193 144 ], 895 116 657 197 191 159 150 154 131 Dec. 159 741 912 179 1; 197 545 144 1,889 116 657 168 213 199 193 159 151 156 129 1927 Jan 158 755 914 175 1,187 145 119 655 202 196 171 158 152 156 130 Feb 157 770 172 1,189 144 201 158 151 . 155 130 Mar.. 771 171 155 1 New index, on gold basis, July, 1914=100. 2 1921=100. 8 First of the month figures. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDEKAL EESEEVE BULLETIN APRIL, 1927 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOB FEBRUARY AND JANUARY, 1927 [Amounts in thousands of dollars] Total bills and securities Total cash reserves Total deposits Fede i r n a l c i r r e c s u e l r a v ti e o n notes Reserve percentages Federal reserve bank February January February January February January February January February January Boston 80,407 85,892 207,566 216,416 149.134 148,810 128,006 141,467 74.9 74.6 New York 219,365 268, 682 1,088,787 1,058, 831 856,053 885, 641 410,896 402,794 85.9 82.2 Philadelphia 80,651 92,018 206,401 197,655 139,360 141,195 122,031 123, 896 79.0 74.6 Cleveland 104, 532 127,645 302,005 282,751 183,035' 182,290 200,149 207,877 78.8 72.5 Richmond 41,190 42,605 112,469 113.008 72,276 73,335 74, 635 78,623 76.6 74.4 \tlanta --> 43,376 55,149 196, 703 183', 313 72,531 72, 723 161, 644 160,297 84.0 78.7 Chicago 164,631 183,240 402, 723 396, 871 329,680 331,215 213,835 230,689 74.1 70.6 St Louis 46,484 49,656 88,265 85.315 83,754 83,325 45,403 47,004 68.3 65.5 Minneapolis 31,310 33,349 87,981 89, 795 50,759 52,278 63,981 66,346 76.7 75.7 Kansas City_- 52,021 56,281 109,566 105,185 91,425 90,880 68,440 70,191 68.5 65.3 Dallas . .-_ 40,169 44,478 75,759 72,343 63,763 62,156 42,629 45,960 71.2 66.9 San Francisco 103,488 107,528 259,512 263,023 174, 690 176,356 173,054 178,655 74.6 74.1 Total* 1927 1,007,624 1,146,523 3,137, 737 3,064,506 2,266,460 2,300,204 1,704,703 1,753,799 79.0 75.6 1926 1,176, 328 1,231,337 2,925,529 2, 922,466 2.274, 728 2,289,293 1,675,586 1, 736,65'3 74.1 72.5 1925 1,050,323 1, 072,077 3,041,913 3, 072, 677 2,233, 531 2, 276, 911 1, 714,929 1, 754,356 77.0 76.2 1924 .. . . 921,588 1,000,668 3,239,282 3,241,596 1,954,479 1,979,913 2.034, 540 2,112, 873 81.2 79.2 1923 1,152, 862 1,191,191 3,208,682 3,201,969 1, 969, 757 1, 981, 717 2, 244. 733 2,288,527 76.1 75.0 1922 . 1, 215,221 1,304,165 3,070,045 3,043, 984 1, 814,446 1,800, 989 2,176,529 2,272,057 76.9 74.7 1921 2, 869, 233 3,034, 655 2,343,537 2,287, 274 1, 804,476 • 1,822,600 3,068,578 3,177, 656 149.6 147.5 i 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 l i p l h a i - a C la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is M ap in o n li e s - Ka C n it s y as Dallas F c S r is a a c n n o - Gold with Federal reserve agents: Feb. 23 1,560,960 104,510 408,877 115,133 167,235 62,973 153,129 177,454 29,896 60,406 62,128 35,029 184,190 Mar. 2 1,534,183 103,247 368,796 115, 822177,086 67,623 151,626 177,425 29,752 60, 958 64,362 36, 485 181,001 Mar. 9 1,573,277 102,196 372,279 120,216 186,330 66,451 157,537 197,385 32,395 60,679 66,818 37, 725 173,266 Mar. 16 1,689,080 110,347 458,722 123,903 185, 769 73,177 157,852 197,385 31, 707 60,450 66,290 37,048 186,430 Gold redemption fund with U. S. Treasury: Feb. 23 38, 751 8,003 5,739 3,774! 1,383 1,902 4, 1,541 1,224 2,696 1.130 2,465 Mar. 2-___ 43,204 4,618 11,670 6,153 4,9091 698 2,237 4,107 1,204 1,462 3,108 1,252 1,786 Mar. 9 47,442 5,174 10,419 4,415 851 2,146 8,202 1,094 1,517 3,261 1,211 2,254 Mar. 16—_ 46,481 6.479 7,602 3,690 978 2,185 7,168 1,316 1,492 3,422 1,250 1,913 Gold held exclusively against Federal reserve notes: Feb. 23 — 1,599,711 108,406 416, 880120, 872171,009 64,356 155,031 182,452 31,437 61,630 64,824 36,159 186,655 Mar. 2 _„. 1,577,387 107, 865 380,466 121, 975181,995 68,321 153,863 181,532 30,956! 62,420 67,470 37, 737 182,787 Mar. 9__ 1,620, 719 107,370 382,698 127,114 190,745 67,302 159, 683205,587 33,489| 62,196 70,079 38,936 175,520 Mar. 16 1,735,561 116,826 467,708 131,505 189,459 74,155 160,037 204,553 33,023 61,942 69,712 38,298 188,343 Gold settlement fund with Federal Reserve Board: Feb. 23 621,859 34,316 151,648 59,044 67,033 22,920 32,018 132,938 18,647! 12,978 38, 799 24,072 27,446 Mar. 2 633,998 43,828 135,788 57,011 82,696 19,920 31,584 142,183 21,709! 16,573 31,156 24,469 27,081 Mar. 9 599,876 42, 729 139,379 51,562 67,529 23,476; 27,972 121,413 23,1181 16,010 29,615 20, 703 36,370 Mar. 16 524,085 43, 818 62,795 54? 795 58,331 26,348! 27,822 127,260 15,842 14,332 27,905 24,231 40,606 Gold and gold certificates held by banks: 'Feb. 23.._ -. 761,528 32,635 501,468 27,921 52,544 12,091 4,199 55,967 17, 216 6,513 7,633 8,658 34, 683 Mar. 2_ 770,201 33,172 515,690 27,449 53,608 12,049 4,198 56,994 15,536 6,477 7,523 28, 811 Mar. 9 792, 066 34,329 529, 669 27,913 54,425 12,134' 4,455 58,720 15,902 6,759 7,306 8,762 31, 692 Mar. 16 764,095 34,389 506,429 27,541 55,207 4,490 4,440 58,805 15,912 7,110 7,715 8,796 33,261 Total gold reserves: Feb. 23 „- 2, 983,098 175,35' 1,069,996! 207,837 290,586 99,367: 191,248 371,357 67,300; 81,121 111,256 68, 889 248,784 Mar. 2 2, 981,586 184,865 1,031,944 206,435 318,299 100,290' 189,645 380,709 68,201! 85,470 106,149 70, 900 238, 679 Mar. 9. 3,012, 661 184,428 1,051,746 206,589 312.699 102,912 192,110 385,720^ 72,509: 84,965 107,000 68,401 243, 582 Mar. 16_-._ 3, 023, 741195,033 l,036,932! 213,841 302, r^ 104,993 192,299 390,618! 64,777! 83, 384105,332 71,325 262, 210 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEKAL BESERVE BULLETIN 297 APRIL, 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 - Atlanta c C a h g i o - L S ou t. is apolis K C a i n t s y as Dallas F S ra an ncisco Reserves other than gold: Feb. 23_._. 157, 938 19,716 32,059 4,258 10, 2431 10,597 10,802! 25, 086 19,027 4,106 5,119 8,341 Mar. 2 162,328 19," 32, 652 4,649 12, 857 10, 577 11, 264 25, 757 18, 815 4,087 5,032 8, 218 8, 585 Mar. 9 160,619 20,787 33,815 4,464 10, 899 9,847 11,743 24,693 19,038 4,083 4,966 7,812 8,472 Mar. 16 - 161,144 21, 751 32, 786 4,133 12, 325 10,133 11, 391 24,164 19,161 4,085 5,186| 7, 746 8,283 Total reserves: Feb. 23 3,141,036 195, 073 1,102, 055 212, 095300,829 109, 964 202,050 396, 943 86, 327 85, 227116,375 76, 973 257,125 Mar. 2 3,143, 914 204, 700 1,064,, 596 211, 084331,156 110,867 200, 909 406,466 87, 016 89, 557111, 181 79,118 247, 264 Mar. 9 3,173,280 205, 215 1,085,561 211,053 323, 598 112,759 203,853 410,413 91, 547 89,048 111, 966 76,213 252,054 Mar. 16 3,184, 885 216, 784 1,069, 718 217, 974315, 322 115,126 203, 690 414,782 83, 938 87,469 110,518 79, 071 270,493 Nonreserve cash: Feb. 23 66,126 7,309 21,368 1,958 3, 252 5.878 4,420 8,406 4,448 1,125 1,863 2,421 3,678 Mar. 2— 66, 755 7,773 20, 505 1, 908 4, — 5,794 3,918 9,122 4,259 956 1.896 2,298 3,443 Mar. 9 68, 554 7,966 21,026| 1. 871 3,908 5,807 4,446 9,563 4,001 1,105 2,437 2,507 3.917 Mar. 16 67, 896 7,979 19, 0731 1, 891 5.17" 3, 9,790 4.095 1, 201 2,337 2,493 3,780 Bills discounted: Secured by U. S. Government obligations— Feb. 23 ~- 210,357 14, 547 62, 761 19,139 27,965 6, 745 853 37,027 6,794 423 4,857 1,418 27,828 Mar. 2 18, 824 86,103 20,696 23,782 7,248 2,633 42, 556 7, 915 394 2,207 677 35,448 Mar. 9 __.. 240,074 18,892 90,801 19, 366 19,184 8,279 3,554 49,011 3,643 292 1,681 597 24, 774 Mar. 16 _. 175,457 18,405 35, 532 17, 588 26,193 5,818 3,804 35, 625 6,081 647 2,641 1,492 21, 631 Other bills discounted— Feb. 23... 187, 572 20, 714 26,574 14, 694 16, 263 16,134 24, 519 28,268 9.596 3,768 5, 559 2,123 19,360 Mar. 2_ 186,161 16, 28, 610 13,633 12,790 16,349 27, 254 32,279 8,592 2, 915 5,306 2,127 20, 646 Mar. 9 175,86( 17, 22,321 14,639 11,793 14,908 24,426 31, 517 7,141 2,759 5,370 2,112 20,971 Mar. 16 155.065 8,312 14,034 16,025 11,788 14,002 27, 039 26.358 7,110 2, 6,788 2,119 18,625 Total bills discounted: Feb. 23 , 397,929 35, 261 89,335 33,833 44,228 22,879 25, 372 65, 295 16,390 4,191 10,416 3,541 47,188 Mar. 2 434,644 34,484 114,713 34,329 36, 572 23, 597 29,887 74,835 16,507 3,309 7, 513 2,804 56,094 Mar. 9 415, 939 36, 800 113,122 34,005 30.977 23,187 27, 980 80, 528 10,784 3,051 7.051 2,709 45,745 Mar. 16 .— ! 330, 522 26,717 49,566 33,613 37,981 19,820 30,843 61,983 13,191 3,512 9,429 3,611 40,256 Bills bought in open market: Feb. 23 280,189 46,038 53,533 20,360 29, 951 10,610 13,474 37,886 9,857 9,771 13,601 12,140 22,968 Mar. 2 289,023 40,268 79. 839 17,138 27,223 10,664 12,230 34,136 8,658 9,619 12,694 9,87: 26,682 Mar. 9 264,685 32,258 76,340 13,981 23,620 9,645 11,391 32,583 8,723 9,078 12,068 9,286 25,712 Mar. 16—_._ 218,870 27, 916 42,672 13,625 22,454 9,014 11,284 31,135 8,843 7,951 11,527 9,193 23,256 U. S. Government securities: Bonds— Feb. 23— ------ 56, 788 964 2,683 708 2,665 1,338 277 20, 586 4,081 7,783 8,641 6,237 825 Mar. 2 58, 888 1,478 3, 708 2,665 1,337 240 20,587 4,611 7,783 9,142 6,249 825 Mar. 9 _._ 65,413 1,246 4,595 887 3,143 1,548 267 21, 538 5,404 8,106 9,794 7,002 1,883 Mar. 16 58,364 1,130 4,859 911 3,191 1,577 28 21, 944 4,140 5,092 10,134 3,346 2,012 Treasury notes— Feb. 23 93,075 2, 741 14,489 15,723 11,845 1,649 1,567 7,359 7,957 2,449 5,366 5,071 16,859 Mar. 2 94, 687 2,754 15, 809 15, 723 11, 945 1,649 1,577 7,528 7,957 2, 449 5,366 5,071 16, 859 Mar. 9. - 80, 251 2,139 11,059 15,403 11,088 1,270 1,584 5,743 7,066 1,869 4,197 3,870 14,963 Mar. 16 61,394 1,169 7,027 4,654 9,977 379 3,739 7,772 4,246 2,578 6,277 12,750 Certificates of indebtedness— Feb. 23 155, 345 6,137 36,946 3,497 21, 988 4,073 389 18,416 6,249 13, 561 12, 935 21,191 Mar. 2 157, 399 6,366 38, 546 3,497 21, 988 4,073 404 18, 626 9,966 6,249 13, 561 12, 932 21,191 Mar. 9 161,265 38,464 22, 367 4,241 469 19, 260 10,360 6,506 14,078 13,463 22,030 Mar. 16 355,582 12, 977 12,007 30, 748 4,968 1,553 48, 552 21. 914 12,087 17,886 13,246 20, 658 Total U. S. Government securities: Feb. 23 305, 208 9, 842 54,118 19, 928 36, 498 7,060 2,233 46,361 22,004 16,481 27, 568 24, 240 38, 875 Mar. 2 310, 974 10, 598 57, 618 19, 928 7,059 2,221 46, 741 22, 534 16,481 28,069 24, 252 38, 875 M M a a r r . . 1 9 6 475, 340 1 9 5 , , 7 27 7 6 4 17 5 0 4 , , 1 8 1 7 8 2 1 19 7 , , 5 9 7 2 2 8 3 4 6 3 , , 9 5 1 9 6 8 7 7 , , 3 0 7 5 1 9 2 V ,320 4 7 6 4, , 2 5 3 4 5 1 3 2 3 2 , , 8 82 3 6 0 2 16 1 , , 4 4 2 8 5 1 30, 598 2 22 4 , , 3 8 3 6 5 9 3 3 8 5 , , 4 8 2 7 0 6 Other securities: Feb. 23 2,0001 2,0001 Mar. 2_ - 2,000 2,000| Mar. 9_ 2,000 2,000 Mar. 16 2,000 2,000 Total bills and securities: Feb. 23 91,141 76,121 110, 677 40, 549 41,079 149, 542 48, 251 30,443 51, 585 39, 921 109,031 Mar. 2 1,036, 641 85,350 252,170 73,395 100,393 41,320 44, 338155, 712 47, 699 29, 409 48, 276 36, 928 121, 651 Mar. 9 989, 553 78, 832 243, 580 69,914 91,195 41, 691159,652 42,337 28, 610 47,188 36,330 110,333 Mar. 16 — 1,026, 732 263,110 66, 810 104,351 36,205 44,087 167,353 55,860 32, 888 51, 554 35, 673 98,932 Due from foreign banks: Feb. 23 659 659 Mar. 2_ 659 659 Mar. 9 658 658 Mar. 16 659 659 Uncollected items: Feb. 23 610, 228 55,955 141,857 54,647 60,838 50,234 27,419 72, 071 31,160 13,566 26,929 37,163 Mar. 2 693, 213 64,083 168,063 60, 320 67,820 54,280 26, 821 93,372 33,310 12, 058 45, 246 29,386 38,454 Mar. 9 616,499 54,419 142,197 51,255 54, 290 49,871 28,438 82, 718 31, 436 11,931 43, 522 27,267 39,155 Mar. 16 844,454 72, 540 214,475 80,325 81, 260 69,671 36,487 112,842 39,993 13,006 47,188 31,235 45.432 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN APRIL, 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 - Atlanta c C a h g i o - Lo S u t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - Bank premises: Feb. 23... 58,351 3,946 16,276 1,711 7,118 2,149 2,866 7,900 3,957 2,774 4,459 1,752 3,443 Mar. 2 58,381 3,946 16,276 1,711 7,118 2,149 2,894 7,900 3,956 2,774 4,459 1,752 3,446 Mar.9____ 58,460 3,946 16,276 1,714 7,118 2,149 2,894 7,972 3,957 2,774 4,459 1,752 3,449 Mar. 16.__ 58,464 3,946 16,276 1,714 7,118 2,149 2, 7,972 3,957 2,774 4,459 1,752 3,452 All other resources Feb. 23 12, 577 116 2,622 411 1, 032 374 752 2,196 807 2,072 534 532 1,129 Mar. 2 12,735 70 2,647 434 1,065 472 751 2,138 832 2,229 534 412 1,150 Mar. 9 12, 730 71 2,893 444 1,078 374 746 2,071 960 1,979 531 449 1,134 Mar. 16 11, 541 81 1,920 208 1,000 359 801 2,049 947 2,122 540 397 1,117 Total resources: Feb. 23 4,874,303 353, 5401,481,823 346,943 483, 746209,148 278, 586637, 058174,950 135, 207213,205 148, 528411, 569 Mar. 2 5, 012,298 365,922 1,524,916 348,852 512,435 214,882 279,632 674, 710177,072 136,983 211, 592149,894 415,408 Mar. 9 4,919,734 350,449 1,512,191 336,251 481,187 210,851 282,068 672,389 174, 238135,447 210,103 144,518 410, 042 Mar. 16 5,194, 631 371,239 1,585,231 368,922 514,228 229,596 291,954 714,788 188, 790139,460 216, 596150,621 423,206 LIABILITIES Federal reserve notes in circulation: Feb.23 1,708,330 128,662 412,668 122,273 202, 028 73,920 162, 261214,843 44,894 63,611 68,532 42,165 172,473 Mar. 2 _.. 1,716,956 127,950 416,331 118,936 204,491 73,346 164,986 217, 752 44,749 64, 092 68,327 41,887 174,109 Mar. 9____ 1, 718,893 126,581 414,408 116,192 206,376 73,376 168,370 221,497 44,415 64, 536 68, 582 41, 598172,962 Mar. 16 1, 706, 227 125,253 413,986 114,145 202, 707 71,858 171,593 218,984 44, 244 64,415 67,841 40, 793 170,408 Deposits: Member bank—reserve account— Feb. 23. 2,165, 653 138,147 825,430 136,357 179,361 67,305 69, 745297,168 81, 598 49,609 91,100 61,222 168,611 Mar. 2 2, 231,271 141,010 846, 802 135,971 203, f" 69,884 69,135 317,365 79,423 48,674 87,136 62,642 170,201 Mar. 9 2, 221,149 142,822 849,194 136,906 184,257 70,312 71,909 321,414 81,316 46,259 87,916 60, 791168,053 Mar. 16 2,295,305 144,429 865,630 141,997 198,116 71,300 68,604 336,749 87,252 50,788 91,003 61,760 177,677 Government— Feb. 23 27, 727 4,307 1,' 2,07; 1,712 3,263 3, 2,261 I,' 1,121 1,444 1,470 3,061 Mar. 2 35,265 6,826 5,894 2,791 2,615 937 4,001 3,656 2,632 1,404 1,030 1,291 2,183 Mar. 9 15,189 383 11,838 315 89 307] 58 426 480 710 370 130 83 Mar. 16_.._: 2,830 177 202 50 132 247 241 50 211 192 437 623 268 Foreign banks— Feb. 23 4,707 283 1,980 362 400 196 155 520 162 113 140 132 Mar. 2 4,929 403 1,047 515 569 279 220 741 231 161 199 188 376 Mar. 9 4, 650 403 768 [ 515 569 279 220 741 231 161 199 188 376 Mar. 16 4, 818: 403 936 515 569 279 220 741 231 161 199 188 376 Other deposits— Feb. 23 16, 595 j 58 9,632 249 1,151 110 820 271 159 89 72 Mar. 2 .. 18,116 151 9,127 183 1,290 175 440 1,150 415 162 1,063 179 3,781 Mar. 9 19, 767 109 12, 926 152 1,387 128 104 896 239 165 82 50 3,529 Mar. 16 20, 079 678 10, 601 1,209 260 201 974 651 522 346 120 3,827 Total deposits: Feb. 23 - 2, 214, 682142, 795 838, 973139,043' 182,624 70, 874 73, 083300, 769 84,019 51,002 92,773 62, 896 175,831 . Mar. 2 2,289,5811 148,390 862, 870139,4651 207,502 71,275 73, 796322, 912 82, 701 50,401 89, 428 64, 300176, 541 Mar. 9 2, 260, 755!143, 717 874, 726137,888 186,302 71,026 72, 291323,477 82,266 47, 29J 88, 567 61,159 172,041 Mar. 16 -. 2,323,032 145,687 877, 369143,252, 200,026 72,086 69,266 338, 514 88,345 51, 663 91, 985 62, 691182,148 Deferred availability items: Feb. 23 584, 874! 55,172 128, 944 51,150| 60,336 45. 226 28,147 70,147 29,992 9,086 38,176 30, 517 37, 981 Mar. 2 639, 342 62, 737 144, 350 55, 988 61, 705 51,162 25, 741 82,829 33, 616 10, 987 40,121 30, 766 39,340 Mar. 9 572,160 53. 272 120, 719 47,639: 49,718 47, 323 26.285 76, 026 31, 519 12,102 39,166 28, 815 39, 576 Mar. 16 797, 302 73,443 191,318 76,963: 72,713 66, 540 35,978 105, 919 40,154 11, 879! 42, 996 34,209 45,190 Capital paid in: Feb. 23 126, 509 8,888 37, 208 12, 883 13, 854 6,179 i 16, 94: 5, 290 3,018 4,161 4,305! 8,746 Mar. 2 126, 788 8,888 37, 360 12, 883 13, 854 6,169 5,031 16, 945 5,290 3,021 4,157 4,304 8,886 Mar. 9 127, 700 38,152 12, 917 13, 860 6.178 5,029 16,981 5, 290 3,017 4,20" 4,294 8,887 Mar. 16 127, ""~ 8,888 38,164 12, 915 13, 860 6,178 5,029 16, 986 5,288 3,017 4,208 4,275| Surplus: Feb. 23 228, 775 17, 606 61, 614 21, 267 23, 746 12,198 9,632 31, 881 9,939 7,527 9,029 8, 215 16,121 Mar. 2 228, 775 17, 608 61, 614 21, 267 23, 746 12,198 9,632 31,881 9,939 7,527 9.029 8,215 16,121 Mar. 9___. 228, 775 17, 606 61, 614 21, 267 23, 746 12,198 9,632 31, 881 9,939 7,527 9,029 8,215 16,121 Mar. 16 228, 775 17, 606 61, 614 21, 267 23, 746 12,198 31,881 9,939 7,527 9,029 8,215 16,121 Ail other liabilities: Feb. 23_-- 11,133 41' 2,416 327 1,158 751 433 2,471 816 534 417 Mar. 3 10, 856 351 2,391 313 1,137 732 446 2,391 777 955 530 422 411 Mar. 9 11,451 385 2,572 348 1,185 750 461 2,527 809 970 552 437 455 Mar. 16 11, 603 362 2,780 380 1,176 736 456 2,504 820 959 537 455 Total liabilities: Feb. 23 4,874,303 353, 5461, 481,823346, 943483, 746209,148| 278,586 637,058 174,950 135, 207213,205 148, 528411, 569 Mar. 2 5,012, 298 365, 9221, 524, 916348,852 512,435 214,882 279, 632674,710 177,072 136, 983211, 592149,894 415, 408 Mar. 9 4, 919, 734350,449 1, 512,191336, 251481,187 210,851 282,068 672,389| 174,238 135, 447210,103 144, 518410,042 Mar. 16 5,194, 631 371, 2391, 585, 231368, 922514,228 229,596! 291,954 714,788 188,790 139, 460216, 596150, 621423,206 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

299 APRIL, 1927 FEDERAL EESEEVE BULLETIN FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] San Total Boston Y N o ew rk 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 L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Feb. 23 80.1 71.9 88.0 81.2 78.2 75.9 67.0 74.4 72.1 73.3 73.8 Mar. 2 78.5 74.1 83.2 81.7 80.4 76.7 68.3 78.2 '70.5 74.5 70.5 Mar. 9__ •&_. 79.7 75.9 84.2 83.1 82.4 78.1 72.3 79.6 71.2 74.2 73.1 Mar. 16 79.0 80.0 82.8 84.7 78.3 80.0 63.3 75.4 69.1 76.4 76.7 Contingent liability on bills purchased for foreign correspondents: Feb. 23 92,002 6,878 25,696 8,804 9,721 4,769 3,7:60 12, 656 3,944 2,751 3,393 3,210 6,420 Mar. 2 95,834 6,951 28,830 8,897 9, 823 4,819 3,800 12, 789 3,985 2,780 3,429 3,244 6,487 Mar. 9 96,480 7,188 27,193 9,200 10,158 4,983 3,929 13, 225 4,121 1 2,875 3,546 3.354 6,708 Mar. 16 145, 573 10,919 40, 315 13, 976 15,432 7,570 5,f"" 20,091 6, 260 4,368 5,387 5,095 10,191 Own Federal reserve notes held by Federal reserve bank: Feb. 23 358,318 26,735 111, 431 39,860 19.260 16, 322 27,120 47,196 3,697 4,579 11, 923 6,234 43, 961 Mar. 2 355, 285 26,184 107,804 43,886 24,148 15,946 24, 232 47,071 3,698 4,610 12,602 5,968 39,136 Mar. 9 378,862 28, 902 118,599 48,024 26, 647 15, 584 26,159 47,198 3,675 4,787 12,403 6,696 40,188 Mar. .16 385,982 28,381 117,965 48, 758 31, 955 16,165 25, 716 46,959 3,158 4,779 12,616 6,624 42,906 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Total Wi d th ay in s 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h to s m O o v n e t r h 6 s Bills discounted: Feb. 23 . „ _ 397,929 309,200 26,246 35,922 17,628 6,906 2,027 Mar. 2 434,644 347,065 24,462 35,088 18,368 7,584 2,077 Mar. 9 '. 415, 939 325,347 24,047 35,699 20,976 7,529 2,341 Mar. 16 330, 522 241,049 24,948 33,445 21,640 6,451 2,989 Bills bought in open market: Feb. 23 __ _ __ . . 280,189 140,345 61, 531 51, 939 23,234 3,140 Mar. 2 289,023 142,585 65,826 55,236 21,815 3,561 Mar. 9 _ _ 264,685 126,376 57,634 54,832 22,587 3,256 Mar. 16 _.._ . _ 218, 870 89, 509 58,439 52,369 15,563 2,990 Certificates of indebtedness: Feb. 23 . . : _ 155,345 110,508 44,837 Mar 2 157,399 1,829 110,713 44,857 Mar. 9 161,265 118, 999 42,266 Mar. 16 . 355, 582 177,500 650 146 159,310 17,97$ I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN APRIL, 1927 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 l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta c C a h g i o - Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - « Federal reserve notes received from comptroller: Feb. 23 2, 928, 346251, 397816,179 195, 633272, 228 116, 596252, 826423,139 71, 211 87, 592 108, 465 67,146 265, 934 Mar. 2 2, 917, 319250,134 816,215 194, 322272, 679 115, 246253, 443420,023 71,067 87,144 107, i "" 66, 602 262, 745 Mar. 9 2, 930, 573249, 083825, 087192, 916275, 963 114, 074255,154 424, 595 71,190 86, 865 107,155 65, 841 262, 650 Mar. 16 2, 921,182 247, 234824,031 191, 603274,002 113,137 257, 589422, 843 70, 502 86, 636 106, 627 65,164 261,814 Federal reserve notes held by Federal reserve agent: Feb. 23 _"_ 861, 698 96,000 292,080 33, 500 50, 940 26, 354 63, 445161,100 22, 620 19, 402 28,010 18, 747 49, 500 Mar. 2 845,078 96,000 292,080 31, 500 44,040 25, 9541 64, 225155, 200 22, 620 18, 442 26, 770 18, 747 49, 500 Mar. 9 832, 818 93, 600292, 080 28, 700 42. 940 25,114 60, 625155, 900 23,100 1^542 26,170 17, 547 49, 500 Mar. 16.. 828, 973 93, 600292,080 28, 700 39, 340 25,114 60, 280156, 900 23,100 17, 442 26,170 17, 747 48, 500 Federal reserve notes issued to Federal reserve banks: Feb. 23 _. 2,066, 648155, 397524, 099162,133 221, 288 90, 242189. 381262, 039 s 190 80, 455 48, 399 216, 434 Mar. 2 .2, 072, 241154,134 524,135 162, 822228, 639 89, 292189, 218264, 823 48, 447 i,702 80, 929 47, 855 213,245 Mar. 9 '2, 097, 755155, 483533,007 164,216 233, 023 194, 529268, 695 48,090 ',323 48, 294 213,150 Mar. 16 I 2,092, 209 153, 634531, 951162, 903234, 662 88,023 197, 309265, 943 47, 402 1,194 80, 457 47, 417 213, 314 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— Feb. 23 . 362, 953 35, 300210,080 8,780 28, 805 15, 423 7,750 13, 507 18,308 25,000 Mar. 2 367, 952 35,300 210,080 8,780 28, 805 15, 422 7,750 13, 507 18,308 30,000 Mar. 9 .. 371, 534 35, 300213, 662 8,780 28, 805 15, 422 7,750 13, 507 18, 308 30,000 Mar. 16 400, 640 35, 300235,104 8, 780 36, 469 15, 422 7,750 13, 507 18, 308 30,000 Gold redemption fund— Feb. 23 _ 101,470 15, 210 22, 797 8,256 13, 455 6,168 5, 706 2,454 2, 846 5,268 2,721 15, 690 Mar. 2. 107, 685 13, 947 22, 716 11,945 13, 306 4,818 9,204 2,425 2,702 1,451 4,502 5,177 15,492 Mar. 9 99, 855 12, 896 22, 617 10, 539 12, 550 3,646 8,115 2,385 2,345 1,172 3,958 4,417 15, 215 Mar. 16 96,137 11,047 22, 618 9, 226 11, 989 5, 708 6,430 2,385 1,657 943 5, 430 3, 740 14, 964 Gold {fund, Federal Reserve Board— Feb. 23. 1,096,537 54,000 176,000 106, 877 145,000 28,000 132,000 175,000 19,300 46,000 56, 860 14,000 143, 500 Mar. 2. 1,058, 546 54,000 136,000 103, 877 155,000 34,000 127,000 175,000 19, 300 46,000 59, 860 13,000 135, 509 Mar. 9 ".. 1,101, 888 54,000 136,000 109, 677 165,000 34,000 134,000 195,000 22, 3001 46,000 62, 860 15,000 128,051 Mar. 16 1,192, 303 64,000 201,000 114, 677 165,000 31,000 136,000 195,000 22, 300 46,000 60, 860 15,000 141,466 Eligible paper— Feb. 23 654, 539 81, 299132,083 47, 532 72, 637 31, 701 38, 277102, 837 25, 912 13, 617 23, 861 15, 571 69, 212 Mar. 2 _.. 700, 594 74,752 179, 497 47, 627 62,621! 33,755 41, 574108, 413 24, 767 12, 547 19, 964 12, 574 82, 503 Mar. 9. 657, 734 69,058 176,453 45, 313 53, 782 28, 729 38, 835112, 758 19,078 11,782 18, 846 11, 878 71, 222 Mar. 16 __. 532,184 54, 633 39, 787 60, 423 27, 204 41, 559 21, 574 11,127 20, 679 12, 604 63, 263 Total collateral: Feb. 23 . . 2, 215, 499185, 809540, 960162, 665 239,872 94, 674191, 406280, 291 55, 808 74,023 85, 989 50, 600 253, 402 Mar. 2 2, 234, 777177, 999548, 293163, 449 239,707 101, 378193, 200285, 838 54, 519 73, 505 84,326 49.059 263, 504 Mar. 9 2, 231,011 171, 254548, 732165, 529 240,112 95,180 196,372 310,143 51,473 72, 461 85, 664 49, 603 244, 488 Mar. 16 . __ 2, 221, 264164, 980545, 355163, 690 246,192 100, 381199, 411290,083 53, 281 71,577 49, 652 249, 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

301 APRIL, 1927 FEDEKAL KESEKVE BULLETIN HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, FEBRUARY 28, 1927 [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 - la A n t t - a Chicago L S ou t. is M ap i o nn li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - HOLDINGS ON FEB. 28, 1927 Total bills and securities _ 1,083,701 90,927 287,145 79, 676 98, 214 40,332 45,189 160,813 47,486 30, 681 48,448 37,699 117,091 Bills discounted 469, 558 41, 605 135, 746 39,407 34, 202 23, 297 30,410 79, 727 15,992 4,731 7,717 3,637 53, 087 Bills bought in open market 296,098 39,054 87, 521 18,341 27, 514 9,976 12, 557 34, 585 8,978 9,469 13,163 9,811 25,129 United States securities __ 316,045 10, 268 63, 878 19, 928 36,498 7,059 2,222 46, 501 22, 516 16,481 27, 568 24, 251 38,875 Other securities 2,000 2,000 Bills discounted Rediscounted bills: Commercial and agricultural paper, n. e. s 122, 486 18,954 7,948 10, 487 7,154 12, 257 21, 264 25,993 4, 775 2,482 5,025 755 5,392 Demand and sight drafts . 204 111 93 Bankers' acceptances 2 2 Trade acceptances _ 2,113 47 320 233 187 239 356 655 27 49 Secured by United States Government obligations 1,155 275 56 240 153 163 210 46 1 3 7 1 Member bank collateral notes: Secured by United States Government obligations 278, 994 22,329 109,952 22, 513 20,959 6,092 2,368 48,469 7,494 463 2,329 1,500 34, 526 Otherwise secured ___ 64,604 17, 526 6,118 5,662 4,556 6,148 4,398 3,557 1,785 360 ' 1,375 13,119 Total discounted bills 469,558 41,605 135,746 39,407 34,202 23,297 30,410 79,727 15,992 4,731 7,717 3,637 53,087 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports 107,225 15,944 25,292 4,882 12,082 4,200 5,391 12, 663 3,649 3,706 5,112 4,138 10,166 Exports 84,779 9,818 26, 903 6,536 6,530 2,496 3,896 10, 507 2,150 3,031 4,069 2,930 5,913 D omestic transactions 57,460 9,441 13, 546 3,901 4,601 2,334 2,664 9,261 1,534 749 1,642 982 6,805 Dollar exchange. 5,751 227 1,654 673 612 91 140 452 365 422 311 150 654 Shipments between or storage of goods in foreign countries 36,432 3,489 18,067 2,308 2,063 855 466 1,669 871 1, 561 2,029 1,611 1,443 Allother _.. 1,849 135 1,083 41 33 409 148 Trade acceptances based on imports. 705 705 Bills payable in foreign currencies 1,897 271 1,626 Total purchased bills 296, 098 39,054 87, 521 18,341 27, 514 9,976 12, 557 34, 585 8,978 9,469 13,163 9,811 25,129 United States Securities United States bonds 59, 712 1,349 4,733 708 2,666 1,337 241 20, 587 4, 592 7,783 8,642 6, 249 825 Treasury notes 99,171 2,754 20, 599 15, 723 11, 845 1,649 1,577 7,323 7,958 2,449 5,365 5,070 16,859 Certificates of indebtedness 157,162 6,165 38, 546 3,497 21,987 4,073 404 18, 591 9,966 6,249 13, 561 12,932 21,191 Total United States securities 316,045 10, 268 63,878 19,928 36, 498 7,059 2,222 46, 501 22, 516 16,481 27, 568 24, 251 38,875 DAILY AVERAGE HOLDINGS DURING FEBRUARY Total bills and securities _ 1,007, 624 80,407 219,365 80,651 104, 532 41,190 43,376 164,631 46,484 31,310 52,021 40,169 103,488 Bills discounted 393, 636 28, 669 90, 232 36,158 39, 424 23,409 26, 738 78, 297 14, 531 4,324 9,437 3,215 39, 202 Bills bought 305,013 41, 880 73,098 22, 575 29, 029 10, 722 14, 550 39, 459 10,460 10,237 14,925 12, 740 25,338 United States securities 306,707 , 9, 858 56,035 19, 918 36,079 7,059 2,088 46, 875 21,493 16, 481 27, 659 24, 214 38,948 Federal intermediate credit bank debentures • 2,268 2 000 268 EARNINGS DURING FEBRUARY Total bills and securities 234 635 234 299 120 129 485 131 90 148 111 295 Bills discounted 1, 208 88 277 111 121 72 82 240 45 13 29 10 120 Bills bought 864 120 208 64 82 30 41 112 29 28 42 36 72 United States securities 831 26 150 52 96 18 6 133 57 48 77 65 103 Federal intermediate credit bank debentures 8 1 ANNUAL RATE OF EARNINGS Total bills and securities _ 3. 77' 3 80 3 77 3 78 3 73 3 78 3 88 3 84 3 66 3 76 3 71 3 61 3 72 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 3.70 3.75 3.71 3.67 3.68 3.67 3.70 3.68 3.64 3.54 3.67 3.74 3.72 United States securities __ 3.53 3 44 3 49 3 45 3.48 3 23 3 58 3 70 3 43 0 no 3 63 3 50 3 44 Federal intermediate credit bank debentures __ 4.47 4.52 4.10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL EESERVE BULLETIN APRIL, 1927 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING FEBRUARY, 1927 [Amounts in thousands of dollars] Total B to o n s- Y N o ew rk P p d h h e i i l l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Total Volume of Operations 2,219,045 184,838949,846110,972227,534 85,310 41,439278,488 71,727 13,176 32, 543 16, 575206,596 Bills discounted for member banks * 1,823,090 124,037774,292 97,993200,253 77,532 31,829242, 538 61, 575 6,655 21,588 8,233176, 515 Bills bought: *-^ In open market _ 335,814 58,490148,719 12,720 19, 067 6,972 8,160 28,070 6,279 4,952 7,608 6,233 28, 544 ste- From other Federal reserve banks. _ 11,900 4,300 500 600 1,600 1,400 1,100 1,800 600 United States securities bought: In open market 34, 567 1,940 20, 604 79 1,377 93 850 5,320 1,970 143 888 834 460 From other Federal reserve banks-- 13,674 321 1,931 180 6,837 213 960 503 326 659 676 1,068 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s_ 99, 623 4,832 5,212 6,684 9,023 6,882 15,372 32,826 11,107 575 2,029 648 4,433 Demand and sight drafts 919 175 4 678 2 60 Bankers' acceptances._ _ _ 6 6 Trade acceptances 907 41 93 76 191 150 229 62 9 56 Secured by U. S. Govt. obligations._____ 573 7 54 126 " 61 ,116 178 25 1 4 1 Member bank collateral notes: Secured by U. S. Govt. obligations 1,288,801 55,279600,085 66,246150, 676 36, 550 2,821188,322 35, 583 1,310 18,270 4,780128, 879 Secured by eligible paper 2 432,261 63,928168,902 24, 933 40,237 33,889 13,116 21,140 14,173 4,769 1,289 2,799 43, 086 Total _ _ _._ _ 1,823,090 124,087774, 292 97,993200, 253 77, 532 31,829242, 538 61, 575 6,655 21, 588 8,233176, 515 Average rate (365-day basis), per cent 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Average maturity (in days): Member bank collateral notes . _ 6.06 7.12 4.03 9.93 4.80 4.31 13.11 10.06 9.35 8.68 6.72 10.14 7.70 Rediscounted bills 53 91 41.89 53 05 49.97 51.73 57.81 57.61 54.33 38.75 138. 38 107. 90 72.78 55.89 Number of member banks on Feb. 28 9,168 416 921 771 848 574 475 1,323 606 747 984 817 686 Number of member banks accommodated during month. _ 2,566 162 337 357 255 •194 139 495 191 79 111 93 153 Per cent accommodated 28.0 38.9 36.6 46.3 30.1 33.8 29.3 37.4 31.5 10.6 11.3 11.4 22.3 Bills Bought in Open Market From member banks. 56,274 14,958 8 632 2,383 9,372 1,953 3,458 7,941 1,149 1,111 1,430 1,105 2,782 From nonmember banks, banking corporations, etc.: Bought outright. 100, 658 9,651 21,992 10, 337 7,719 5,019 4,702 12,037 5,130 3,841 6,178 4,143 9,909 Bought with resale agreement 178,882 33, 881118,095 1,976 8,092 985 15,853 Total.... 335,814 58,490148, 719 12, 720 19,067 6,972 8,160 28,070 6,279 4,952 7,608 6,233 28, 544 Rates charged: 3^ per cent _ _ 125,144 20, 387 27,209 9,311 14, 603 4,687 5,802 17,032 5,050 4,059 6,153 3,296 7,555 3% per cent _ _ _ 5,814 80 85 453 701 799 404 128 3,164 3% per cent . _ 199, 999 37,953121,037 2,956 3,513 894 1,666 7,883 1,229 886 1,409 2,791 17,782 3% per cent _ 3,568 70 3 242 587 2 2,620 7 8 29 4 per cent 1,147 251 8 5 690 123 46 10 14 4j^ per cent 36 36 Qi per cent 55 47 8 4^ per cent 8 8 1 ^T§ per cent 18 18 4^- per cent... _ 25 25 Average rate (365-day basis), per cent 3.70 3.68 3.74 3.66 3.62 3.67 3.69 3.72 3.64 3.63 3.65 3.71 3.70 Average maturity (in days) 3__ 40.61 43.79 32.40 42.32 39.61 39. 88 42.90 40.01 42.85 40.41 43.87 51.90 46.09 Class of bills: Bills payable in dollars 3— Bankers' acceptances based on— Imports 54, 821 8,302 7,767 4,310 6,037 2,822 3,401 7,140 2,344 1,993 2,963 2,273 5,469 Exports _ 40,474 6,425 9,381 3,493 4,531 1,681 1,764 4,247 1,330 1,220 2,248 1,367 2,787 Domestic transactions 31, 690 5,580 6,257 3,056 3,250 1, 651 1,917 4,653 663 393 669 795 2,806 Dollar exchange 3,589 150 1,583 209 232 73 68 410 105 265 145 50 299 Shipments between or storage of goods in foreign countries 24,098 4,075 5,137 1,652 2,087 745 557 3,468 1,782 1,031 1,583 763 1,216 All other _ 981 77 161 11 453 60 55 50 114 Trade acceptances based on imports. 205 205 Bills payable in foreign currencies 1,076 133 943 Total 156,932 24, 609 30, 624 12,720 17,091 6,972 8,160 19,978 6,279 4,952 7,608 5, 248 12, 691 U. S. Securities Bought in Open Market Bought outright: United States bonds 7,083 140 844 79 1,377 93 426 420 1,970 143 288 834 469 Treasury notes 120 20 100 Certificates of indebtedness 404 404 Bought with resale agreement 26, 960 1,800 19, 760 4,900 500 Total _ _. 34, 567 1,940 20, 604 79 1,377 93 850 5,320 1,970 143 888 834 469 1 Includes $200,000 discounted for the Federal intermediate credit bank of Berkeley, Calif. 2 Includes bills taken under a resale contract. 3 Exclusive of acceptances bought under a resale contract. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

303 APRIL, 1927 FEDERAL KESEEVE BULLETIN REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS fin thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago K C an it s y as F c S i r s a a c n n o - Number of reporting banks: Feb. 23 675 92 61 Mar. 2 676 61 Mar. 9 675 61 Mar. 16 674 92 60 Loans and discounts: Secured by U. S. Government obligations— Feb. 23 142,358 7,475 52,404 10,292 21,076 5,342 5,626 19,' 4,* 3,361 4,341 2,446 5,759 Mar. 2. 144,347 7,591 51,745 10,360 20,868 5,289 5,632 21,712 4,863 a, 382 4,478 2,492 5,935 Mar. 9 155,647 7,286 61,365 10,333 21,169 5,631 5\562 24,026 4,413 2,r~~ 4,442 2,553 5,885 Mar. 16 151,976 7,512 58,828 21,103 5,284 5,531 23,462 4,279 3,157 4,441 2,526 5,891 Secured by stocks, and bonds— Feb. 23 5,443,939 330,347 2,230,788 416,894 552,311 151,789 109,735 859,809 187,067 80,239 111, 661 78,679 334,620 Mar. 2 5, 546,123 336,657 2,313,998 411,040 557,955 151,536 109, 759 871,662 190, UB6 79,049 115,215 75,076 334,011 M M a a r r . . 9 1 6 5 5 , , 4 5 8 6 8 1 , , 2 4 2 0 0 8 o 34 3 2 4 , , 2 3" 9 2" 0 21 , 2 22 ! , , , , 7 31 0 8 , , 0 4 9 7 8 0 4 4 0 0 5 6 , , 6 3 8 4 3 3 5 5 7 8 1 1 , , 2 7 9 8 2 1 1 1 5 5 2 0 , , 6 6 9 9 6 0 1 1 0 1 8 0 , ,5 7 1 7 9 8 8 86 6 7 4 , , 4 0 3 4 9 8 1 18 9 9 0 , , 3 3 7 9 2 7 7 76 9 , , 6 5 9 8 8 9 1 1 1 1 3 5 , , 0 28 2 4 8 7 77 4 , , 2 1 3 7 4 7 3 3 2 2 2 7 , ,2 1 8 1 5 5 All other loans and discounts— Feb. 23 8,560,373 637,57122,,772,144 369,647 782,145 365, 605 386,,104 1,261,937 303,664 156,081 302,696 248,545 974,234 Mar. 2 8,606,238 643,119 22,,8i2,900 371,620 779,459 361,142 389,,999 1,254,736 306,259 160,056 302,419 249,290 975,239 Mar. 9 8,636,916 641, 409 2,,818,357 378,885 780,056 360,602 388,88772 1,259,713 160,707 301,942 250,498 989,069 Mar. 16 8,671,755 649,006 2,,837, 755 379, 755 779,565 361,462 390,455 1,264,357 306,411 164,489 308,722 248,764 981,014 Total loans and discounts: Feb. 23 14,146,670 975,393 55,,055,336 796,833 1,355,532 522,736 501,465 2,141,174495, 539239,681 3291,,670 1,314,613 Mar. 2 14,296,708 987,367 55,178,643 793,02011,358,282 517,967 505,390 2,148,110501,287 242,487 422,112 326>,,858 1,315,185 Mar. 9 14,280,783 983,017 5,149,820 794,90111,372,517 516,929 504,953 2,147, 787501, 616243,278 421,668 327',, 228, 3117,069 Mar. 16 _ 14,385,139 5,215,053 796,060 11,,382,449 519,4 • 504,764 2,155,258500,062 244,344 426,191 328, 524 1., 314,190 U. S. Government securities: Feb. 23____ 2,360,165 134,656 953,396 86,953 262,446 65,337 40,604 284,411 72,323 65,285 102,664 52,189 239,901 Mar. 2. _ 2,376,755 134,482 956,740 86, 545 269, 590 68,552 41,193 284,123 72,958 65,306 103,717 51,563 241,986 Mar. 9 2,374,580 134,434 957, 509 86,909 271,237 68,353 41,267 286,321 73,227 65,331 103,552 52,879 233,561 Mar. 16 _.._ 2,641,986 154,129 1.., 075,459 110,391 287, 757 74,772 55, 637 308,161 76,567 63,744 107,712 265,168 Other bonds, stocks, and securities: Feb. 23 3,254,419 256,0291,223,219 281,722 364,272 72,330 61,254 467,495 122,120 53,336 96,605 23,534 232,503 Mar. 2 3,285,467 225566,990011 11,227,146 282,353 376,477 72,358 62,770 462,660 122,344 54,999 97,347 23,961 246,151 Mar. 9 3,293,966 260,,669944 1,225,066 282, 789 382,054 72,246 59,281 468,350 121, 712 56,914 96, 545 24,832 243,483 Mar. 16 3,316,976 260,,047 1,227, 784 287,835 391,051 72,054 63,050 468,352 122, 761 56,468 97,263 24,812 245,499 Total investments: Feb. 23 5,614,584 390,685 2,176, 615 368,675 626,718 137,667 101,85S 751,906 194,443 118,621 199,269 75,723 472,404 Mar. 2™ 5,662,222 391,383 21,,183,886 368,898 646, 067140,910 103, 963 746,783| 195,302 120,305 201,064 .75,524 488,137 Mar. 9 5,668,546 395,128 21,,118822,,557755 369,698 653,291 140,599 100,548 754,671' 194,939 122,245 200,097 77, 711 477,044 Mar. 16 5,958,962 414:,, 176 12,,303,243 398,226 146, 826 118,687 776,513 199,328 120,212 204,975 87,301 510,667 Total loans and investments: F M e a b r . . 2 2 3 . . 1 1 9 9 , , 9 7 5 6 8 1 , , 9 2 3 5 0 4 1 1 , , 3 3 6 7 6 8 , , 0 7 7 5 8 0 7 7 ,, ,, 2 36 3 2 1 , , 5 9 2 5 9 1 1 1 ( , 1 1 6 6i .1 5, , , , 5 9 0 1 8 28 , , 1 9 2 . 0 8 ,0 2 4 , , 2 3 5 4 0 9 6 6 6 5 0 8 , , 4 8 0 7 3 7 6 6 0 0 3 9 , , 3 3 2 5 3 3 2 2 , , _ 8 8 9 9 4 3, , ,_ 8 0 9 8 3 0 | 6 8 6 9 9 , 6 9 , 8 5 2 89 3 3 5 6 8 2 , , 3 7 0 9 2 2 6 6 2 1 3 7 , , 1 9 7 6 6 7 4 40 0 2 5 5, , , 3 3 9 8 3 2 1 1 ., , , 80 7 3 8 , 7 3 , 2 0 2 17 Mar. 9 19,949,329 1,378,145 7,, 332, 395 1,164, 599\ 20,25,808657, 528 605,501 2,902,458 696,555 365,523 621,765 404t,, 939. 1, 794,113 Mar. 16_ 20,344,101 1,412,984 7,, 518,296 1,194,286 2,06,1257 623,4512,931,771 699,390 364,556 631,166 415i,, 825 .l,j 824,857 Reserve balances with Federal reserve bank: Feb. 23 1,588,751 90, 614 719,846 82,899 126,173 42,156 41,492 216,096 48,514 25,073 58,460 31,369 106,059 Mar. 2 1,641,457 94,116 738,666 80,192 147,478 42,400 41,112 233,724 45,992 23,885 53,578 32,702 107,612 Mar. 9 1,634,826 97,240 742,294 82,558 129,314 ,41,847 42,837 237,604 48,151 21,364! 54,252 30,927 106,438 Mar. 16 1,682,066 94,721 755,414 82,991 140,222 42,443 40,203 250,724 51,863 24,865 56,497 31,859 110,264 Cash in vault: Feb. 23 .... 282,826 19,022 76,246 16,988 15,720 12,370 47,119 8,067 6,519 12,987 11,357 23,562 Mar. 2 256,117 18,470 69,632 15,296 28,121 12,829 11,994 H0, 18, 7,424 5,327 11,490 9,331 22,185 Mar. 9 269,757 18, f~" 72,489 16,285 31,286 13,839 12,321 46,340 7,311 5,645 12,678 1Q, 582 22,372 Mar. 16 . 253,504 18,208 67,129 14,893 28,805 13,121 11,259 44,280! 7,314 5,384 11,622 10,198 21,291 Net demand deposits: i M Fe a b r . . 2 2 3 . 1 1 2 2 , , 9 8 7 1 4 8 , , 0 3 5 6 6 0 8 9 8 0 7 4 , , 5 4 7 6 3 8 5 5 , , 6 43 0 4 1 , , 6 2 8 9 5 7 7 7 7 7 8 0 , , 1 9 2 3 6 2 1 1 , , 0 0 2 1 8 9 , , 8 5 6 3 1 9 3 3 8 8 4 6 , , 2 4 6 5 9 9 3 "3"4 4 1 1 , , "0 5 7 5 3 2 1 1 , , 7 7 5 7 8 0 , , 6 9 8 0 9 3 4 4 0 0 5 3 ,2 ,8 5 5 2 1 2 2 2 1 1 6 , , 1 9 8 4 8 4 5 5 0 0 2 1 , , 8 9 1 7 6 3 2 28 8 1 5 , , 4 2 6 4 6 5 7 76 9 8 6 , , 6 5 6 9 3 2 Mar. 9 __ 12,930.967 901,408 5,569,525 780,4211,016,380 379,938 343,5841,767,499 405,252220,586 500,182 288,450 754,804 Mar. 16 13,236,193; 911,134 5,721,353 783,018:1,086,086 384,327 338,543 1,792,508 408,190 219,292 507,568 292,055 792,238 Time deposits: 408,071 Feb. 23 5,955,426! 421,226 1,387,893 253,216 825,348 214,114 232,!, 448 1,055, 715 233,857 124,538 147,754 108,479 950,838 Mar. 2 _. 6,015,832! 422,999 1,372, 613 252,273 892,028 213,948 2331,,740 1, 052,541 234,583 125,498 148,541 960,372 Mar. 9 6,030,738 425,63l|l,379,156 252,219 898,931 214,489 233i,, 631 ,l 0j50,029 235,192 125,600 148, 797106,357 960,706 Mar. 16 . 6,000,098 428,7721,403,033 252,038 845,435 214,288 234,453 1., 052,313 236,406 125,263 149,129 106,347 952,621 Government deposits: Feb. 23 103,569 10.095 31,111 14, 759 8,302 2,875 6,724 9,442 2,763 533 1,447 3,312 12,206 Mar. 2___ 103,469 10.096 31,116 14, 758 7,854' 3,201 6,725 9,442 2,759 533 1,447 3,332 12,206 Mar. 9 91,831 8,637 27,672 13,162 7,355 2,653 6,158 7,974 2,552 471 1,283 2,880 11,034 Mar. 16-...-..., ....... 343,771 34,938 106,118 39,740 27,442 12,265 18,508 36,598 9,709 471 4,656 11,410 41,916 Due from banks: Feb. 23 ... 1,171,490 52,752 128,280 61,085 101,170 52,824 74,938 227,116 64,816 47,446 134,891 64,575 161, 597 Mar. 2 1,246.862 54, 788 148,867 69,139 114,951 56,' 78, 657 242,463 63,553 52,364 146,252 71,641 148,129 Mar. 9 1,182.221 61,696 128,726! 56,031 101, 683 59,134 77,847 225,359 64,060 52, 574134,646 70, 718 149, 747 Mar. 16 1,252,865 54,101 159, f"' 61,957 115,321 56,454 74,852 246,343 64,570! 44,146 134,514 70,905 170,020 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN APRIL, 1927 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal Reserve District Total 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 o t u . is M ap i o n l n is e - K C an it s y as Dallas F S r a a n ncisco Due to banks: Feb. 23 3, 252,901 136,6411, 164,654 170,995 238, 983 110,934 120,431 501,071 147, 797 93,428 221,385 109,020 237,562 Mar. 2 3,375,938; 143, 762 1,,189,688 180,297 247,882 116,968 119,287 535,674 154,899 96, 724 24.1,889 108, 504 240,364 Mar.9 3,332, 042! 152,: ,186,895 174,248 240,488 112,568 120,476 518,113 151,326 98,737 231,166 109,887 235,902 Mar. 16 3,382,237 148,174 1, 215,069 195,359 253, 731 116, 257 114,171 154,118 94, 213 228, 645 106, 008 227,994 Bills payable and rediscounts with Federal reserve bank: Secured by II. S. Government obligations— Feb. 23 147, 212 3,058 50, 005 3,665 18,838 3,047 74 28,335 2,490|_ 3,647 925 33,128 Mar. 2 182, 784 8,507 72,495 5,626 14,882 3,928 1,073 33,285 3,635: 35 1,197 295 37,826 Mar. 9 174,904 8,165 78,980 3,010 10, 750 4,793 2,071 39, 685 500! 35 697 200 26, 018 Mar. 16 113, 566 8,775 20, 700 3,045 17, 712 2,893 2,939 28,960 2,620 400 1,601 1,180 22,74] All other— Feb. 23 95, 767 15,925 14, 010 4,781 11, 019 7,633 10, 653 17,176 5,175 1,1541 1, 010 813 6,418 Mar. 2 96, 041 10, 591 15,853 3,561 7,825 7,963 13,859 17, 717 4,800 597 706 571 11,998 Mar. 9 91, 233 12,981 10,704 5,345 6,' ~ — 6,051 11,437 18, 297 4,274 3951 ! 479 13,394 Mar. 16 76,177 3,801 5,052 6,730 7,724 5,248 14,668 14,137 4,000 500| 2,272 473 11, 572 Total borrowings from Federal reserve bank: Feb. 23 242,979 18,983 64, 015 8,446 29, 857 10, 680 10, 727 45,511 7,665 1,154 4,657 1,738 39, 546 Mar. 2 278, 825 19, 098 88,348 9,187 22, 707 II,'"' 14,932 51,002 8,435 632 1,903 866 49,824 Mar. 9 266,137 21,146 89, 684 8,355 17, 737 10,844 13,508 57,982 4, 7741 430 1,586 679 39,412 Mar. 16 189, 743 12, 576 25, 752 9,775 25,436 8,141 17, 607 43, 097 l| 900 3,873 1,653 34,313 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City New Phila- Cleve- Rich- St. Minne-Kansas Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Number of-reporting banks: Feb. 23 224| 36! 12 Mar. 2 224! 36 12 Mar. 9 224 36 12 Mar. 16 223 36 11 Loans and discounts: Secured by U. S. Government obligations— Feb. 23 95, 293 6,023 49, 623 9, 578 7,001 1,362 1,646 12, 318 3,152 l, 157 1,138 362 1,933 •Mar. 2 96, 254 6,142 48, 954 9,647 6,987 1,371 lr~ 13, 688 3, 204 1,155 1,141 366 1, 941 Mar. 9 ... 107, 617 5,833 58, 597 9,627 7,192 1,411 1.646 16, 366 2,786 762 1,132 358 1,907 Mar. 16 . 104.679 6,044 56, 061 9,260 7,234 1,344 l|653 16, 218 2,658 775 1,121 353 1,958 Secured by stocks and bonds— I Feb. 23 3, 775,399 242,1471,921, 600 366,305 186, 046 24, 508 15,463 646, 07 136,864 39, 070 27,648 17, 612 152, 058 Mar. 2 3, 869,278 249, 6"1 "9 :1, 994,144 362, 048183, 202 24, 955 16, 060 659,715 139,616 38,153 30, 627 17, 882 153,257 Mar.9 3, 792, 523 245,278 1,943, 752 357, 229185, 588 24, 999 16,193 649, 549 139,988 38, 465 27,168 17, 756 146, 558 Mar. 16 3,831.164 248, 7:101., 979,149 357, 635190.961 24, 771 15,40.9 649,927 138,838 35, 090 26,424 18,221 146, 029 All other loans and discounts— Feb. 23 •__. 5,256, 527 488, 001 2,432, 853 330,298 384,263 70, 079 52, 006 701,220 174,266 86, 240 81,811 76,356 379,134 Mar. 2 5, 295, 061 494, 306 2,472,441 332, 60l| 381,937 68, 913 52,169 691,507 175,500 88, 572 81, 786 74, 591 380, 738 Mar. 9 5,324, 681 492,33l|2,475,989 339,822 382,758 68, 601 54, 076 698,477 176,016 87, 882 81, 702 74,425 392, 602 Mar. 16 5,340, 935 501,860 2,490,441 340, 608 382, 355 68, 312 54,223 697,145 175,472 88, 580 83,423 74, 3221 384,194 Total loans and discounts: Feb. 23 9,127, 219 736,171 4,404,076 706,1811 577,310 95,949 69,1151,359,616 314,282 126,467 110,597 94,330| 533,125 Mar. 2 9,260,593 750, 067 4, 515,539 704,296i 572,126 95, 239 1,364,910 318,320 127, r' 113,554 92,8391 535,936 M M a a r r . . 9 16 9 9 , , 2 2 7 2 6 4 , , 7 8 7 2 8 1 7 75 4 6 3 , , 4 6 4 1 2 4 :4 4 , , 4 5 7 25 8 , , 3 6 3 5 8 1 7 7 0 0 6 7 , , 6 50 7 3 8 5 5 7 8 5 0 , , 5 5 3 5 8 0 9 94 5 , , 0 4 1 2 1 7 7 7 1 l , ) 2 9 8 1 5 5 1 1. , , 3 3 6 6 4 3 , , 3 2 9 9 2 0 3 3 1 1 8 6 . , 7 1 9 6 0 8 1 1 2 2 7 4 , , 1 4 0 4 9 5 1 1 1 1 0 0 , , 9 0 6 0 8 2 9 9 2 2, , 5 8 3 96 9 ! 5 5 4 3 1 2 , , 0 1 6 8 7 1 U.S. Government.securities: Feb.23 1,443, 643 ! 65,984 861, 540 69,949 62,101 3,300 10,395 155, 583 46, 461 26, 516 32,825 14, 751 94, 238 Mar. 2 1,446,816 i 65,838 864,217 69,497 61,991 3,301 10, 001 155,822 47,561 26, 672 33,762 15,017 93,137 Mar. 9 1,448,134 ! 65, 811 871,871 69, 863 62, 242 3,309 10, 001 156,067 47, 687 26,749 33,643 15, 020 85,871 Mar. 16 1,662,017 85,463 988,454 93,150 67,626 4,346 15,234 167,166 50, 703 28, 547! 36,728 20, 746 103,854 Other bonds, stocks, and securities: Feb. 23 1, 789, 639 109,173 234,812 89,777 10, 001 8,988 225, 092 75,456 23,227' 21,901 3,439 90,884 Mar. 2 1,800,875 109,454 904,911 235, 323 88,470 10, 089 9, 461 220, 237 77,256! 23, 693 21, 768 3,557 96, 656 Mar. 9 _.. 1, 799, 790 112, 704 897,436 235,356 89, 005 9,847 9, 626 225, 54677, 026 23,856 21, 705 4,044 93, 639 Mar. 16 1,811,1671! 112,047 903, 612 238, 006 91,411 9, 778 9,446 224,945 76,399 24, 024 22,135 3,655 95, 709 Total investments: Feb. 23 _ . 3,233,282|! 175,157ll, 758,429 304,761 151,878 13.301 19,383 380,675 121, 917 49, 743 54. 726 18,190 185,122 Mar. 2 3,247, 691 i 175,292il,769,128 304,820 150,461 13,390 19,462; 376,059 124,817 50,365 55,530 18,574 189, 793 Mar. 9 3,247,924 178,515J1,769,307 305,219i 151,247 13,156 19,627| 381, 613124,713 50,605 55,348 19,064 179,510 Mar. 16 3.473,184! 197, 5101, 892, 066 331.156! 159,037 14,124 24,680! 392,111 127,102! 52,571 58,863 24,401 199,563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1927 FEDEKAL EESEKVE BULLETIN 305 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued. [In thousands of dollars] City Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas j F c S i r s a a c n n o - Total loans and investments: Feb. 23 12,360,501 911,328 6,162,505 1.., 010,942 729,188 109,250 88,498 1,740,291 436,11 176,210 165,323 112,520 718,247 Mar. 2 12,508,2841 925,359 6,284, 667 1., 009,116 722,587 108,629 ), 349 .1,740,969 443,137 178,245 169,084 111,413 725,729 Mar. 9 12,472, 745 921,957 6,247,6451,'011,897 726, 785 108,167 91,542 1.,, 746; 005443,503 177, 714165,350 lll,603| 720,577 Mar. 16 12,749,962 954,124J6,417, 717 1.",038,659 739, 587 108,551 95,9651, 755,401444, 070 177, 016169,831 117,297 731,744 Reserve balances with Federal reserve bank: Feb. 23 1,119, 671 69,302 658, 714 75,520 39,508 7,106 7,697 150,1 31,559 13,221 18,803 7,489| 39,868 Mar. 2 1,141,286! 72, 927 672,238 73,267 39,157 7,404 6,747 162, 309 28, 928 11, 532 16.194 9, 3651 41,2.18 M M a a r r . . 9 16 1 1 , , 1 1 4 77 8 , , 9 4 1 4 8 5 ; 7 7 5 3 , , 3 4 3 7 1 1 6 6 8 8 0 9 , , 5 9 5 0 9 5 7 7 5 6 , , 1 6 7 9 7 1 3 3 9 9 , , 3 7 6 8 0 2 7 7 , , 5 3 0 6 l 5 | 6 6 , , 9 9 5 9 8 5 1 17 5 2 8 , , 3 9 2 1 3 7 3 3 1 2 , , 4 8 6 6 0 4 12 8 , , 9 7 4 2 3 4 1 17 7 , . 1 2 9 9 5 8 8 8 , ,3 7 1 9 1 8 3 39 8 , , 8 6 1 2 3 2 Cash in vault: Feb. 23 132,491 8,281 60, 854 13, 987 9,188 937 1,449 22,090 3, 638 1,921 2, 716 1,429| 6,003 Mar. 2. i 119,440 7,769 55, 541 12,496 8,374 811 1,248 19,337 3,262 1,534 2,440 1,130j 5,498 Mar. 9. 125,316 7,810 57, 729 13,; 9,548 810 1,414 20,155 3,307 1,709 2, 637 1,287 5,542 Mar. 16 117,154 7,567 53,964 12,296 8,348 826 1,097 19,202 3,163 1,589 2,399 1, 206 5,497 Net demand deposits: Feb. 23 8, 699,391 662, 712 4, 857, 947 693,325 260,183 66,160 53, 949 1,178,414268,110 112,986 157, 475 75, 880: 312,250 Mar. 2 8,877, 971 680, 869:5,018, 921 688,0321 260,123 65, 643 53, 906 1,188,429269, 741 110,889 160,130 81,015! 300,273 Mar. 9 _ 8, 844,467 681,308'4, 982,435 697,093 260,204 65,358 54, 942!l, 192, 758272,317 108,552 158,068 80,2411 291,191 Mar. 16 9, 007, 762 686,350 5,128,805 695,6911 261,961 64,574 53, 585 1,188,280269,304 108,070 160,125 82,3211 308,696 Time deposits: Feb. 23 2,939,123 930,547 195,480 458,205 29,385 31, 691 527,583 135, 626 54,232 17,378 21,121! 329,225 Mar. 2 2,921,186 209,357 915,464 196,497 457,571 29,274 32,109 521,327 135,986 57,240 16, 658 17,206! 332,497 Mar. 9 _. 2,920,597 210,600 919, "~~ 195, 761459,326 29,203 32, 693 518,231 136,384 57,058 16,529 17,284! 327,545 Mar. 16 2,946,349 213,297 939, 832 195,359 461, 819 29,383 33, 026 518,084 137,225 57,412 16, 623 17,235 327,054 Government deposits: Feb. 23... . 77,611 9,718 28,791 13, 807 3,335 250 1,183 4, 475 2,650 358 1,232 2,115 9,697 Mar. 2 77,493 9,719 28,793 13,806 3,219 250 1,183 4,475 2,646 358 1,232 2,115j 9, 697 Mar. 9 8,303 25,642 12,310 3,103 233 1,063 3,701 2,468 321 1,082 1, 835! 8,823 Mar. 16 258,300 33,958 100,153 37, 720 5,267 1,036 4,928 21, 638 8,429 321 3,"' 7,763 33,423 Due from banks: Feb 23 2, 232, 686 127',, 397 1, ,106. 165,023 51,135 33,450 18,152 359, 851 84,960 55,159 87,785 32,769 110,916 Mar. 2 2,306, 537 133\,, 4411.,, 126, 765! 174, 058 53,221 34,208 17, 596 381,042 89,726 i 55,446 94, 607 33,054! 113,373 Mar. 9 2,290, 877 143!,, 494 1., 122,445 168,413 50, 564 33,616 19, 731 369, 018 88, 699 56,539 91,105 33,962! 113,291 Mar. 16.. 2,338,098 138,338 1.,,153,112 189, 067 57, 572 34,927 3.7, 614 373, 510| 89,766 52,1821 92,107 33,334 106,569 Due to banks: Feb. 23 544, 557 38,033 56,403 24,047 7,867 12, 072 143,551 31,310 18,3611 41,091 19, 597 64.139 Mar. 2 570,106 39, 037 100, 576 63, 288 21,493 8,073 13,144 152, 243 31,441 22, 677 42,891 19, 598 55, 645 Mar. 9 539,078 51, 551 90,065 50,998 19,191 7,149 12,624 137,670 .29,126 24, 841 40,997 21, 591 53,275 Mar. 16 586,638 38, 543 116.196 56,084 25, 532 7,659 11,: 153, 921 32,797 18,493 41,118 21,232 63,777 Bills payable and rediscounts with Federal reserve bank: Secured by IX. S. Government obligations— Feb. 23 83, 516 1,941 40,800 2,540 0 5,420 1,140 1,000 750 29,225 M M a a r r . . 2 9 _._ . 1 11 2 7 0 , , 3 5 6 2 1 2 7 7, , 0 2 1 9 5 0 5 7 9 2 , , 0 8 7 7 5 5 3 2 , ,1 1 8 8 5 0 0 0 1 10 5 , , 6 7 0 5 5 5 2, a 5 0 8 0 5 ""166 3 2 1 4 , , 6 3 7 9 6 3 Mar. 16 59, 885 7, 275 16, 300 1,455 0 8,180 1,500 150 21,201 All other— Feb. 23 ._.. 57, 676"! 15,465 13,154 4,735 82 4,785 4,650 1,050 751 213 5,305 Mar. 2 53, 382 10,451 13, 951 3,561 737 4, o45 4,r 500 487 10, 527 M M a a r r . . 9 16 4 5 0 2 , , 1 4 4 5 9 7 ! 12 3 , , 5 6 1 6 1 6 9 4 , , 5 0 1 1 5 1 5,277 6 8 9 2 4 3 5 , , 9 2 0 6 5 0 4 4 , , 1 0 7 0 4 0 3 4 0 5 0 0 2 4 6 8 9 5 1 1 2 0 , , 1 3 8 6 0 2 Total borrowings from Federal reserve bank: Feb. 23 ..... 141,192 17,406 53, 954 7, 275 82 10, 205 5,790 1,050 1,751 34, 530 Mar. 2 173,743 17, 741 73, 826 6,741 737 20,300 7,385 500 487 42,203 Mar. 9 169,671 19, 681 81. 590 7,482 82 14, 510 4,674 300 36, 573 Mar. 16 100, 342 10, 786 20.311 8,153 694 13,440 5,500 600 485 31, 563 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 For ac- For ac- For aq- Total F ac o c r o o u w nt n c o o t u o u t w n -o t n f o - f c F o o o t u h r n e a t r c o s - f Total F ac o c r o o u w nt n c o o t u o u t w n -o t n f o - f c F o o o t u h r n e t a r o s c- f Total F ac o c r o o u w nt n c o o t u o u t w n -o t n f o - f c F o o o t u h r n e t a r c o s - f banks banks banks Feb. 23 2,762,154 856, 066 1,106,654 799,434 2,108,658 567,212 830,915 710,531 653,496 288,854 275,739 88,903 Mar. 2 2,813,045 922,050 1,070,482 820,513 2,159,016 634,380 791,582 733,054 654, 029 287,670 278,900 87,459 Mar. 9 2,819,111 869,677 1,110,405 839, 029 2,155,605 584,982 823,342 747,281 663,506 284,695 287, 063 91,748 Mar. 16..... 2,840, 769 888,271 1,139,113 813,385 2,171,797 606,119 843,910 721,768 668,972 282,152 295,203 91,617 « Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESEEVE BULLETIN APSIL, 1927 ALL MEMBER BANKS DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits 1926 1927 1926 1926 1927 1926 Nov. 24 Dec. 29 Jan. 26 Feb. 23 Feb. 24 Nov. 24 Dec. 29 Jan. 26 Feb. 23 Feb. 24 Boston 1,411,992 1,373,855 1,384,485 1,359,421 1,350,075 878,068 872,087 876,322 813,127 New York 6,362,887 6, 634,463 6,404,773 6,280, 529 6,371,738 2,430,864 2,455, 797 2,521,350 2, 553,959 2,251,868 Philadelphia 1, 213,823 1, 211,199 1, 210,538 1,214,966 1,170,180 945,184 936,928 960,946 972,364 876,312 Cleveland 1,503,663 1,481, 028 1,499,814 1, 510,744 1,507,999 1,429,311 1,423,986 1,441,508 1,445,162 1,364,418 Richmond 621,446 616,159 629,631 621,568 620,320 527,102 526,144 537,368 536, 799 516, 626 Atlanta 619,409 631,243 635,846 637,019 756,985 438,476 437,329 443,142 451,322 446, 715 Chicago __ ._. 2,473, 717 2,448, 535 2,415, 512 2,475,340 2,469,183 1,951,275 1,938,233 1,925,800 1, 937,889 1,883,284 St. Louis_ -... 726, 420 736,752 729,332 730,377 745,970 489, 663 477,984 498,640 509, 026 467, 704 Minneapolis 440, 625 424, 095 419,319 424,958 457,021 432,860 433,924 431,998 435,250 440, 772 Kansas City 863, 527 869,191 860, 742 873, 212 862, 546 322,942 316,270 322,865 324,452 315,370 Dallas 635, 704 632,391 633, 208 650, 879 654, 003 165, 713 161, 503 166,919 176, 503 171, 024 San Francisco.. 1,343, 213 1,335,638 1,297, 793 1,326,138 1,294,977 1,426,094 1,455,551 1,485,011 1, 575,864 1,340,365 Total 18,216,426 18,394, 549 18,120,993 18,105,151 18,260,997 11, 437, 552 11,430,134 11,607, 634 11,794,912 10,887, 585 Banks in cities and towns having a population of— Less than 5,000... 1,694, 704 1, 660,155 1,632, 886 1,644,353 1, 724,373 1,803,372 1,801, 754 1,821,094 1,823,250 1, 774,543 5,000 to 14,999 1,137,107 1,128,867 1,112, 540 1,117,287 1,157,660 1,184, 709 1,182,386 1,195,967 1, 202, 251 1,138,299 15,000 to 99,999_._. 2,342,127 2,342,800 2,331, 763 2.346,124 2,399,216 2, 262,814 2,238,458 2,274,149 2, 294,785 2,181,037 100,000 and over.. 13, 042, 488 13, 262, 727 13, 043, 804 12; 997, 387 12, 979, 748 6,186, 657 6, 207, 536 6,316,424 6,474,626 5, 793, 706 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL EESEEVE BULLETIN 307 APRIL, 1927 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES [In thousands of dollars] MONTHLY SUMMARY FOR BANKS IN 141 CENTERS 1926 1927 1925 Number Federal reserve district of centers December January February December January February No. 1—Boston 2.808,774 2, 823,450 2,400,783 2,711,056 2,814, 568 2,175,114 No. 2—New York 33; 440,912 32,091,028 28,167, 635 31,147,498 31,406,762 25, 533, 666 No. 3—Philadelphia... 2, 500, 675 2,321,370 2,028, 504 2,405, 369 2, 262, 212 1,892, 279 No. 4—Cleveland 2, 786,306 2, 785,096 2,440, 874 2, 652,829 2, 708,317 2,157,107 No. 5—Richmond 875,117 801,458 672, 295 878,411 825,996 723,140 No. 6—Atl anta 1, 257, 765 1, 222,078 1,074,168 1,365, 832 1,337, 786 1,118,098 No. 7—Chicago 6,085, 687 5, 702, 289 5,031,903 5,850,726 5, 849, 786 5,033,017 No. 8—St. Louis...... 1, 306, 535 1,263,884 1,104, 596 1,386, 724 1,342, 698 1,123, 586 No. 9—Minneapolis. __ 748, 641 626, 844 558,166 849, 658 685, 686 599,145 No. 10—Kansas City.. 1,330,689 1, 260, 245 1,094,038 1, 291,733 1, 232,003 1.048,243 No. 11—Dallas 1 707, 806 1 668, 091 594, 894 1 707, 857 1 676,408 1 572, 604 No. 12—San Francisco 3, 220,814 3,148, 751 3,052, 691 3,150, 544 3,002, 325 2, 934, 783 Total 141 57,069,721 1 54,714,584 48, 220, 547 54,398, 237 54,144, 547 44, 910, 782 New York City._-.... 1 32, 576, 802 31, 257, 884 27, 439,403 30, 537,751 30,313,358 24, 812, 705 Other selected cities. __ 140 24,492, 919 23, 456, 700 20, 781,144 23, 860,486 23, 831,189 20,098,077 1 Revised to include eight banks not previously reporting. WEEKLY SUMMARY FOR BANKS IN 260 CENTERS Number 1927 1926 Federal reserve district of centers Feb. 23 Mar. 2 Mar. Mar. 16 Feb. 24 Mar. 3 Mar. 10 Mar. 17 No. 1—Boston 519, 761 716,187 645,152 734, 720 527, 861 674,055 584,665 674, 843 No. 2—New York 6,151,841 8, 612, 677 7,020,386 8,834, 730 5,424,869 8,033, 554 7, 667, 609 7, 783,150 No. 3—Philadelphia... 511,920 632,097 528, 838 611,022 457,171 572,184 550, 245 592, 863 No. 4—Cleveland 623, 649 902, 716 661,159 721, 644 724, 541 628,028 689,937 No. 5—Richmond 256, 379 335, 345 292, 924 315,357 359, 835 313, 231 326,418 No. 6—Atlanta 252,466 287,065 281, 564 301,387 272,030 344,368 314,116 327, 714 No. 7—Chicago 1,184, 632 1, 659, 869 1, 254, 238 1,426, 582 1,163, 939 1, 557, 721 1,307, 563 1,440,305 No. 8—St. Louis _ 273, 382 338, 504 298, 782 321, 799 274,157 350,045 286,282 329,428 No. 9—Minneapolis._. 141, 614 193, 411 162,014 168, 490 141, 524 205,382 162,129 1.86,367 No. 10—Kansas City.. 264, 705 346, 542 307, 751 315, 781 251, 715 339, 588 308, 560 No. 11—Dallas 164, 405 178, 768 188,718 155,208 182, 410 179,438 185,448 No. 12—San Francisco. 750, 391 900, 914 894,067 872, 956 629, 396 999, 221 721, 857 810,399 Total. _ .„ 260 11,095,145 15,104,095 12, 545, 363 14, 813,186 10,160, 787 14,342, 904 13,021,245 13, 655, 432 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston 354, 274 507,278 463, 620 528,480 365, 455 463,183 402, 993 474, 663 No. 2—New York i, 860, 606 8,194,196 5,450, 374 5,147,857 7, 634, 927 7,351,070 7,442, 732 Buffalo 62, 705 90,437 67,005 84, 932 68,606 92,450 76, 587 78, 790 No. 3—Philadelphia.._ 382,237 486, 478 399, 333 471, 657 345, 685 429, 614 409, 834 449, 854 No. 4—Cleveland 157, 485 204, 292 147,572 180, 838 126,003 175, 373 142, 537 166,473 Cincinnati 77, 266 92,881 92, 903 70, 581 86,464 80, 818 88,892 Pittsburgh 202, 708 362, 568 214, 268 226,382 218, 520 245,185 204, 673 220, 207 No. 5—Richmond 26,177 37,064 26, 855 29, 756 28,078 41,335 32, 672 33, 448 Baltimore 78, 930 105, 730 90, 901 98, 682 84, 538 124, 807 101,038 106, 276 No. 6—Atlanta 33,042 39,149 35, 614 40,457 33,043 44, 730 52,733 43,823 Birmingham 28,260 31, 550 35,300 33, 520 28, 810 41,330 31, 240 39, 230 Jacksonville 20,984 22,148 22,034 25, 503 28, 899 31,950 29,027 30, 287 Nashville 18, 735 22,169 19, 622 22, 228 18, 438 21, 548 21,077 23, 659 New Orleans. __ 68, 487 79, 572 79,922 86, 776 70, 976 97, 673 78,142 86, 793 No. 7—Chicago 716, 692 1,062, 548 759, 240 898, 531 684,397 976, 327 800,815 874,334 Detroit ... 171,154 209, 669 148, 758 190, 616 199,474 213,121 172, 285 216,129 No. 8—St. Louis 147,100 188,300 158,900 178,900 146, 500 190,200 149,800 184,200 Little Rock 18,095 18, 780 18, 782 18, 949 17,209 19, 695 18, 516 19, 553 Louisville 40,420 47, 246 43,334 48, 659 42, 820 60, 987 44,980 47, 618 Memphis 31, 662 40,011 35, 328 32, 374 37,938 35, 510 40,050 No. 9—Minneapolis 72, 359 93,089 74, 388 82,136 67, 353 104,440 79, 816 93,258 Helena ____ 1,460 3,031 1,838 2,222 1,524 2,102 1,751 2,983 No. 10—Kansas City... 71, 693 89, 936 79,133 83,152 70, 627 88, 803 82, 502 83,753 Denver.. 32, 887 42, 743 40, 011 38, 200 34,155 44, 479 41, 536 39,024 Oklahoma City 19,815 23,031 23, 258 24,137' 17,072 24,346 22,448 21, 587 Omaha.. 40, 791 49,412 47, 592 46,272 42,014 54,176 •48,056 49,642 No. 11—Dallas 45,038 47, 585 54, 631 50,166 48, 672 54,015 47, 705 53, 670 El Paso..— 7,375 7,335 7,004 9,988 9,342 8,389 Houston 41,005 43, 659 45,140 42, 362 31,352 41,984 39,045 41,173 No. 12—San Francisco. _ 292,406 320,192 351,318 308, 267 - 217, 725 408,004 239, 652 271,296 • Los Angeles 213, 769 277,257 254,084 260,054 177,461 • 280,640 211,355 238, 623 Portland 31, 566 40,406 34, 551 41,041 35, 570 45,154 37,424 46,177 Salt Lake City 12, 812 17,054 14,315 15, 672 13,771 18,405 15, 243 18,414 Seattle 40, 901 54, 250 45,004 56, 294 39, 765 49, 640 45, 868 60,993 Spokane 10, 230 12,039 12,166 15,504 10, 810 12, 514 11. 465 13, 725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL BESEEVE BULLETIN APRIL, 1927 MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES The following table shows the prevailing rates charged customers on various classes of loans by representative banks in the cities indicated. These rates are not averages but are those rates at which the bulk of the loans of each class are made by reporting banks. [Prevailing rates charged customers during week ending with the 15th of the month] Loans secured Loans secured by- by- City Month c P om rim m e er- I b n a t n e k r- Prime City Month co P m c ri i m a m l e e r- I b n a t n e k r- Prime cial loans stock Ware- loans stock Wareloans exchange house loans exchange] house collat- receipts collat- receipts eral eral DISTRICT 1 DISTRICTS—COn. Boston 1926—December. 43/ 434 5 5 -534 Little Rock... 1926—December. 534-6 6 6 -7 6 -8 1927—January... 434 434 4M-53 434-5 1927—January. __ 534-6 6 6 -7 6 -8 February 434 434 February- 534-6 6 6 -7 6 -8 JVEarch 434-414 434 4M March 5H-V 6 6 -7 6 -8 Ne D w I S Y TR o I r C k T 2 1 1 9 92 2 6 7 — — F M D J e a a e b n r c r u c e u h a m a ry r b y . e _ - r . _4 24 4 4 H 3 3 4 4 4 43 ^ 4 -5 -5 4 4 3 3 4 4 4 4 4 3 3 3 4 4 4 - - - 5 5 5 5 4 5 5 5 :' Lou D i I s S v T i R ll IC e T 9 1 1 9 9 2 2 6 7 — — F M D J e a a b e n r c r c u e u h m a a r b r y y e .. r - . . 5 5 5 3 3 3 4 4 4 - - - 6 6 6 5 5 5 5 5 5 5 5 3 3 3 3 4 4 4 4 - - - - 6 6 6 6 6 6 Buffalo 1 1 9 9 2 2 6 7 — — F D J e a e b n c r u e u a m a ry r b y . e _ . r . . . 5 5 5 - - - 6 6 6 4M-5 5 5 5 - - - 6 6 6 6 6 6 Minneapolis., _ 1 1 9 9 2 2 6 7 — — F D J e a e b n c r u e u m a a r b r y e y . r . - . . 4 4 3 3 4 4 - - 5 5 3 ^ 4 2 5 5 5 - - - 6 6 6 4 5 5 3 4 - - - 6 6 6 4 4 43 3 3 4 4 4 - - - 5 5 5 3 J4 4 DISTRICT 3 March 5 -6 5 5 -6 6 March 434-5H 5 -6 4M-6 434-534 Philadelphia 1926—December 41/-.43/ 5 434-5 5 -534 Helena 1926—December. 8 6 -8 8 6 -8 1927—January... W2-h 434-5 434-5 5 -534 1927—January. __ 8 6 -8 8 6 -8 February- 434-4M 434-5 434-5 5 -534 February.. 8 6 -8 8 6 -8 DISTRICT I March 434-5 534-6 DISTRICT 10 March 8 6 -8 8 6 -8 Cleveland 1 1 9 9 2 2 6 7 — — F D J e a e b n c r u e u a m a ry r b y . e . _ r _ . . 5 5 - - 6 6 6 5 5 5 6 6 6 5 5 5 - - - 6 6 8 Kansas City... 1 1 9 9 2 2 6 7 — — F D J e a e b n c r u e u m a a r r b y y e . . r . . . . 5 5 - - 5 5 5 3 3 4 4 6 6 6* 5 5 5 - - - 6 6 6 5 5 5 - - - 6 6 6 March 5 6 5 -6 Miarch 6 5 -6 5 -6 Cincinnati 1 1 9 9 2 2 6 7 — — F M D J e a a e b n r c r u c e u h a m a ry r b y . e . r .. . . 5 5 5 5 3 3 3 ^ 4 4 4 - - - - 6 6 6 6 5 5 5 2 - - - 5 6 6 34 5 5 5 3 3 3 4 4 4 - - - 6 6 6 6 6 6 6 6 - - - - 7 7 7 7 Denver 1 1 9 9 2 2 6 7 — — M F D J e a a e b n r c r c u e u h m a a r b y r e . y . r - _ . g 6 6 6 - - - 6 6 6 6 3 3 3 4 4 4 5 5 5 5 3 M 3 4 4 - - - - 6 6 6 6 5 5 5 5 3 3 ^ ^ 4 4 - - - - 8 8 8 8 Pittsburgh 1926—December. 5 -6 5 -6 5 -6 6 Oklahoma City 1926—December. 5 -6 6 -7 6 1927—January... 5 -6 5 -6 5 -6 6 1927—January _1_ 5 -6 6 6 -7 6 February- 5 -6 5 -6 5 -6 6 February- 5 -6 6 6 -7 6 DISTRICT 5 March 5 -6 5 -6 5 -6 6 March 5 -6 6 6 -7 6 Richmond 1926—D ecember _ 534-6 434-534 534-6 534-6 Omaha 1926—December. 434-6 6 534-6 5 -7. 1927—January... 534-6 5 -534 534-6 6 1927—January... 534-6 534-6 6 February- 5 -6 5 5 -6 6 February- 434-6 5^-6 6 -634 March 534-6 534-534 5^-6 534-6 March 434-6 534-6 534-6 6 -Q}i Baltimore 1926—December. 5 -5M 5 -534 534-6 534-6 DISTRICT 11 1927—January 5 -6 5 -6 Dallas 1926—December _ 5 6 -7 5 -7 February.. 534-5M 5 -h}/2 5M-6 1927—January... 4i|-6 5 5 -7 5 -6 DISTRICT 6 March.... 534-5M 534-6 February. _ 5 -6 5 6 -7 5 -6 B A Ja i t c r l k a m n s i o t n a n g v h il a l m e.. . . . 1 1 1 1 1 9 9 9 9 9 2 2 2 2 2 8 6 6 7 7 — — — — — M F F M D D D J J e e a a a a e e b e b n r n r c c c r r c c u u e e e u u h h a m m m a a a r r r y b b b r y y e y . e e . . . r . r - r . . _ , . . 4 5 5 5 5 5 5 5 3 4 - - - - - - - -6 6 6 6 6 6 6 6 5 5 5 5 5 5 5 5 - - - - - - - - 6 6 6 6 6 6 6 6 6 5 5 5 5 - - - - 6 6 6 6 6 6 6 6 6 5 5 5 5 5 - - - - - 6 6 6 6 6 6 6 6 6 H El o D u P IS s a T t s o R o n ICT 12 1 1 1 1 9 9 9 9 2 2 2 2 6 6 7 7 — — — — M F F M D D J J e e a a a a e e b b n n r r c c r r u c u c e e u u h h a a m m r a a r y y b b r r . . e e y y _ _ r r - - . . . _ 5 5 7 7 5 5 " - - - - - - 6 6 6 8 6 8 8 8 6 5 - - 5 7 6 5 5 5 6 6 34 a0 5 5 5 5 — - - - - 6 6 6 6 8 8 8 8 7/ 5 5 5 5 0 7 7 7 c 7 — - - - - - - - - 6 6 7 8 8 6 8 8 aD 1927—January— 434-6 6 -7 6 -8 6 -8 San Francisco. 1926—December. 5 -534 5 -534 5 -6 6 February- 6 -7 6 -8 6 -8 1927—January. _. 5 -6 5 -6 5 -6 5 -6 March 5 2-6 6 6 -8 6 -8 February- 5 -6 5 -6 5 -6 5 -6 Nashville 1926—December. 6 534-6 6 534-6 March 5 -6 5 -6 5 -6 5 -6 1927—January... 6 534-6 6 534-6 Los Angeles 1926—December. 6 6 6 -7 7 February- 6 534-6 6 534-8 1927—January... 6 6 7 7 March 6 5^-6 6 534-6 February- 6 6 6 -7 7 New Orleans. _ 1926—December . 534-6 5 -6 534-634 5V4-6 March 6 6 6 -7 7 1927—January... 534-6 5 -6 6 -7 534-6 Portland 1926—December. 6 6 6 6 February- 5J4-6 5 -6 6 -7 5 -6 1927—January... 6 6 6 6 March 534-6 5 -534 6 -7 5 -6 February.. 6 6 6 6 -7 DISTRICT 7 Chicago 1 1 9 9 2 2 6 7 — — F M D J e a a e b r n c r c e u u h m a a r b r y e y . r . - .•4 4 4 3 3 M 4 4 - - - 5 5 5g 5 -5 5 5 5 34 4 4 5 3 3 4 4 - - - 5 5 5 34 4 4 4 4 3 3 3 ^ 4 4 4 - - - - 5 5 5 5 3 3 - 4 ^ Salt Lake City. 1 1 9 9 2 2 6 7 — — J F V D J e d a e b E n c a r u r e u c m a h a r r b y y e . . . r . . . 6 6 6 6 g 6 6 6 g 6 6 g 6 6 — 7 7 7 7 De D tr IS o T i R t ICT 8 1 1 9 9 2 2 6 7 — — F M D J e a a e b n r c r u c e u h a m a ry b r . y e _ r - _ . 4 4 5 3 3 4 4 - - - 6 6 6 5 5 5 5 . - - - - 5 6 6 6 34 4 5 5 5 3 4 - - - - 6 6 6 6 5 5 5 5 3 4 - - - - 6 6 6 6 1 1 9 9 2 2 6 7 — — M F D J e a a e b n r c r c u e u h m a a r r b y y e .. . r . . . 6 -7 6 6 6 6 5 6 5 - - - - 6 6 6 6 3 3 3 3 4 4 4 4 6 6 6 6 - - - - 7 7 7 7 6 6 6 6 - - - - 7 7 7 7 St. Louis 1926—December. 434-534 5 -534 5 -534 434-6 Spokane 1926—December. 6 6 6 7 1927—January. __ 434-534 5 -534 5 -534 434-6 1927—January. __ 6 -7 6 6 6 -7 February.. 434-534 5 -534 5 -5)4 434-534 February. 6 -7 6 6 7 March.___ 4H-5 5 -534 5 -534 434-534 March.... 6 -7 6 6 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AFBIX, 1927 FEDERAL RESERVE BtJLLETIN 309 MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT END OF FEBRUARY, 1927, AND 1926 Nonmember banks Nonmember banks Member Member banks On par list N pa o r t l o is n t banks On par list N pa o r t l o is n t 1927 1926 1927 1926 1927 1926 1927 1926 1927 1926 1927 1926 Federal reserve district: West North Central States- Boston ™ 416 418 245 245 Continued. New York 921 883 408 394 South Dakota 108 123 156 205 155 167 Philadelphia ~ - _ — 771 753 510 513 Nebraska 164 179 705 739 194 175 Cleveland 848 861 1,061 1,072 10 10 Kansas - 262 265 925 998 3 3 Richmond 574 599 674 704 611 678 South Atlantic States: Atlanta - - .-- 475 492 319 362 1,039 1,107 Delaware 23 22 32 32 Chicago - 1,323 1,389 3,771 3,790 177 260 Maryland 89 89 167 366 St Louis 606 621 1,978 2,076 424 412 District of Columbia 13 13 32 32 Minneapolis - -_ 747 822 892 1,136 1,093 1,076 Virginia - 180 191 213 225 101 104 Kansas City 984 1,020 2,498 2,645 213 202 West Virginia 141 141 193 196 9 9 Dallas - 817 849 683 761 204 181 North Carolina - —•_ 86 90 76 , 88 314 332 San Francisco 686 730 742 792 62 64 South Carolina _ 79 90 19 22 187 233 Oeor&ia 138 148 63 76 299 374 Total 9,168 9,437 13,781 14,490 3,833 3,990 Florida- . 74 85 88 168 160 East South Central States: New England States: Kentucky 149 146 423 430 21 21 Maine 61 62 48 49 Tennessee 112 117 193 214 242 238 New Hampshire. 56 55 14 14 Alabama 123 125 22 27 209 201 Vermont 46 46 39 39 Mississippi 41 43 19 23 268 276 Massachusetts 180 180 71 70 West South Central States: Rhode Island 17 20 8 8 Arkansas 106 117 228 245 130 121 Connecticut 68 66 85 84 Louisiana 44 45 27 32 174 173 Middle Atlantic States: Oklahoma 356 378 345 365 3 5 New York 660 638 276 276 Texas 754 775 641 710 117 96 New Jersey 357 334 172 155 —— Mountain States: Pennsylvania „<.__ 969 958 646 657 Montana 101 109 102 102 11 13 East North Central States: Idaho 72 78 77 78 1 Ohio —__ 424 439 652 658 Wyoming 34 34 52 53 7 9 Indiana 256 263 809 822 8 10 Colorado 131 134 167 176 5 6 Illinois 576 586 1,271 1,287 23 20 New Mexico 31 34 28 26 1 3 Michigan „ „ 288 291 '583 514 3 92 Arizona 18 20 26 30 4 4 Wisconsin 176 185 587 611 212 192 Utah 44 46 65 68 West North Central States: Nevada 10 10 24 24 Minnesota 296 329 394 500 532 519 Pacific States: Iowa , . 364 409 1,132 1,197 44 47 Washington 150 154 167 171 35 33 Missouri 199 198 1,232 1,298 32 35 Oregon 127 133 105 107 26 31 North Dakota _ 146 160 109 180 295 288 California 270 295 286 323 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 reserve bank tion per bullion imcaxes dollars cates 1890 silver notes notes 'DHQanTIKV notes capita (in notes dollars) 1914—July l...._ 3,402,015 611,545 1,026,149 70,300 478,602 2,428 159,966 337,845 715,180 34.35 1917—Apr. l._... i 4,100,591 641,794 1,348,818 70,863 459,680 1,997 191,351 330,353 356,448 3,170 697,160 39.54 1920—Nov. l.._. 1 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—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. !„..„ 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 !„„__ 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 !_„_„- 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 I..... 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 42.53 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 Feb. 1 4,712,945 370,222 1,037,441 49,842 374,836 1,336 272,126 287,672 1,683,858 4,902 630,710 40.51 Mar.l~— 4,778,887 393,867 1,034,754 49,193 376,838 1,335 271,288 291,588 1,709,807 4,848 645,369 41.03 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, 39280—27-—-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL EESEKVE BULLETIN 1927 DISCOUNT KATES OF FEDERAL RESERVE BANKS IN EFFECT APRIL 1, 1927 Paper maturing- After SO days but Within 90 days within 9 months Federal reserve bank Commercial, Secured by Agricultural agricultural, United States Bankers' Trade and livestock 1 p a a n p d e l r i , v n es . t e o . c s k . G o o b v li e g r a n t m io e n n s t acceptances acceptances paper Boston _J_... - ._ _ 4 4 4 4 4 New York__ „ __ „ __ . i 4 4 4 4 Philadelphia 4 4 4 4 Cleveland 4 4 4 4 4 Richmond,. _ _ . . . ._ 4 4 4 4 4 Atlanta _„.„,.__„ „„„. „_ „„ . „ _ 4 4 4 4. 4 Chicago. „ ___•, __•_• „ 4 4 4 4 4 St. Louis • 4 4 4 4 4 Minneapolis- __ ._ = „_ 4 4 4 4 4 Kansas City _. _ „ __. 4 4 4 4 4 Dallas _.__ -__„_.._ ____„....- 4 4 4 4 4 San Francisco . 4 4 4 4 4 i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc, GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS, FEBRUARY 17, 1927, TO MARCH 16, 1927 [In thousands of dollars] Changes in own- T e r r a n n m sf e e n rs t a fo cc r o G u o n v t - 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 e th rs r h o i u p g h of tra g n o s ld - Balance Federal reserve bank fers and clearings i a n t c f l u o n s d e of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston 14,500 895,869 914,839 4,1 4 2,750 3,116 43,819 New York 3,800 68,000 3,037,588 2,931,639 8,119 12,245 37,623 62,795 Philadelphia. 9,000 784,277 812,635 4,650 4,326 19,034 54,795 Cleveland. __„. 3,500 680,709 706,051 6,389 3,440 18,893 58,331 K hd 5,000 3,300 585,091 588,321 2,562 3,350 2,318 26,349 Atlanta 13,000 307,203 327,182 2,918 3,140 7,201 27,822 Chicago 8,000 1,500 1,220,866 1,229,078 5,315 5,038 1,435 127,260 St. Louis..——. 3,000 500 536,614 531,519 1,204 6,190 15,842 Minneapolis... 1,000 157,192 159,380 1,381 1,095 902 14,332 Kansas City.,. 3,000 1,000 423,865 420,748 1,903 1,543 5,477 27,905 Dallas 2,000 1,000 295,026 297,086 1,167 1,495 1,388 24,230 SanFrancisco., 12,000 2,500 374,051 379,873 2,401 1,082 4,997 40,606 Total 4 weeks ending- Mar. 16,1927 77, 800 77,800 9,298,351 9,298,351 42,113 42,113 54,287 54,287 524,086 Feb. 16,1927.. 7,509 7,500 8,898, 724 50,713 50,713 616,853 Mar. 17,1926.. 144,700 144,700 8,719,450 8,719,450 42,158 42,158 688,102 Feb. 17,1926-. 6,500 6,500 8,274,910 8,274,910 45,510 45, 510 688,124 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