Federal Reserve Bulletin, 1927-06
FEDERAL RESERVE BULLETIN JUNE, 1927 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Gold, Gold Exchange, and the Central Banks Business Conditions in the United States Condition of All Member Banks UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. 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. BRUTON, 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) B. A. MCKINNEY. District No. 12 (SAN FRANCISCO) - HENRY S. MCKEE. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss.....„__ W. P. G. Harding.. .. W. W. Paddock W. Willett. G. W. McGarrah. .... J. H. Case.. A. W. Gilbart.i New York.... , Benj. Strong.. L. F, Sailer J. W. Jones.i G. L. Harrison Ray M. Gidney.* E. R. Kenzel „_. L. R. Rounds.i Philadelphia. R. L. Austin. Geo. W. Norris Wm. H. Hutt.^ O. A. McHhenny. W. G. McCreedy.i Cleveland George DeCamp _ E. R. Fancher _ Frank J. Zurlinden. H. F. Strater. M. J. Fleming...... Richmond . „„.. Win. W. Hoxton... George J. Seay 0. A. Peple—. Geo. H. Keesee. R. H. Broaddus...-. John S. Walden, jr.* Atlanta— „ Oscar Newton........ M. B. Wellborn............ Hugh Foster.. M. W. Bell. Creed Taylor Chicago. ..-___.._„ Win. A. Heath.... J. B. McDougal C. R. McKay ... W. C. Bachman.* John H. Blair K. C. ChildsJ J. H. Dillard.i . D. A. Jones.i O. J. Netterstrom.* St. Louis. ____ Win McC. Martin- D. 0. Biggs O. M. Attebery J. W. White. Minneapolis.. John R.Mitchell... W. B. Geery.. Gray Warren. R. A. Young-.. B. V. Moore Frank 0. Dunlop.1 Harry Yaeger * Kansas City.. M. L. McClure.. W. J. Bailey C. A. Worthington. J. W. Helm. Dallas C. C.Walsh R. R. Gilbert Fred Harris. Lynn P. Talley. R. B. Coleman ... San Francisco. Isaac B. Newton.. J. U. Calkins _.„.. Wm. A. Day. W. N. Ambrose. Ira CIerk_. L. C. Pontious 1 Controller. 2 Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch.. W. W. Schneckenburger. Helena branch R. E. Towle. Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch.. J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch... C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch. W. 0. Ford. New Orleans branch Marcus Walker. Houston branch D, P. Reordan. Jacksonville branch Geo. R. DeSaussure. San Francisco: Birmingham branch. A. E. Walker. Los Angeles branch R, B. Motherwell. Nashville branch... J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch 0. R. Sfiaw. St. Louis: Spokane branch D. L. Davis. Louisville branch _ W. P. Kincheloe. Memphis branch „ W. H. Glasgow. Little Roek 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. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Page Review of the month—Gold, gold exchange, and the central banks 391 Legal reserve requirements of central banks __ _:____ 394 Condition of all member banko 395, 449-453 Meeting of advisory council „ 396 National summary of business conditions 397 Financial, industrial, and commercial statistics: Reserve bank credit— Reserve bank credit in use__ . 399 Discounts and deposits of Federal reserve banks 399 Gold imports and exports and money in circulation 400 Money rates in New York City 401 Federal reserve bank rates _ _ . . 401 Open-market rates : 401 Rates charged customers by banks in principal cities 402 Member bank credit— Member bank reserve balances and borrowings at Federal reserve banks - 403 Loans, investments, and deposits of reporting member banks 403 Bankers' balances in Federal reserve bank and branch cities 404 Commodity prices, security prices, and security issues. _• 405 Industrial production 406 Factory employment and pay rolls 407 Building. 408 Commodity movements 409 Wholesale trade„___„___„ 409 Retail trade 410 Bank suspensions and commercial failures 411 Foreign banking and business conditions: Annual report of the National Bank of Austria ' 412 Annual report of the National Bank of Czechoslovakia 419 Financial statistics for foreign countries: Condition of central banks . . 423 Condition of commercial banks 425 Discount rates of 32 central banks _*_ 425 Money rates in foreign countries 426 Gold exports and imports of principal countries I 427 Foreign exchange rates_ . 428 Price movements in principal countries— Wholesale prices. 429 Retail food prices and cost of living 431 Industrial statistics for England, France, Germany, and Canada_ _ , 432 Law department—Decision of Supreme Court upholding constitutionality of section 9 of the Federal reserve act , 434 Changes in national bank membership 435 Changes in State bank membership . 435 Fiduciary powers granted to national banks 435 Detailed banking statistics for the United States 436 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 13 JUNE, 1927 No. 6 REVIEW OF THE MONTH May of this year to a higher level than at any previous time. The stock of gold in the United During May the most widely noted develop- States at the end of May was in excess of ment in the money markets of the world was $4,600,000,000, representing about one-half of the addition of a large amount the world's total stock of monetary gold. °f g°id to the worid's effective stock monetary stock through the re- • B 5 ILLIONS OF DOLLARS BILLIONS OF DOLLAR 5 S lease of gold pledged during the war by the Bank of France with the Bank of England as collateral for a loan to the French Government. The amount of gold thus released was about $90,000,000, and this gave rise to an export of $30,000,000 of gold to the United States, in addition to a purchase abroad of $60,000,000 of gold by the Federal reserve banks. This amount is held earmarked for the reserve banks by a foreign correspondent, and while it is a part of the GOLD STOCK OF THE UN5TED STATES gold owned by the reserve system, it has not been included in its reserves. The addition to the reserve banks7 gold holdings of this 1913 1919 1920 1921 1922 1923 1924- 1925 1926 .1927 amount and of the gold actually imported Comparison of gold holdings of the principal carried them early in May to the high level of foreign central banks at the present time and the summer of 1924, notwithstanding the fact two years ago indicates that that since that time the reserve banks have Reserves in there has been relatively little paid out more than $200,000,000 of gold gold and in forchange in these holdings, though certificates into circulation. In the latter eign assets the Reichsbank during the two part of May, however, the amount of gold years has added about $225,000,000 and since owned by the reserve banks declined through 1924 over $300,000,000 to its reserves and now the sale of gold in this country to foreign has considerably more gold than before the account. Total gold holdings of the United war. In recent weeks, however, the Reichs- States, which increased continuously from the bank has sold some of its gold and there has end of 1920 to the end of 1924, as shown on the been a decrease in its gold holdings. Gold rechart, have remained relatively constant since serves of all the foreign central banks for which that time. The outward movement of gold, figures are available total about $4,000,000,000, which between December, 1924, and June, compared with about $3,700,000,000 two years 1925, amounted to about $180,000,000, was ago, the increase being largely accounted for by followed by a renewal of gold imports in suffithe gold purchases of the Reichsbank. cient volume to carry the total in April and 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
392 FEDERAL KESEKVE BULLETIN JUNE, 1927 While foreign central banks have in general liabilities, and it is against these notes, which maintained their gold reserves without sub- are the bulk of the money in circulation in the stantial change during this period, they have various foreign countries, that the central increased their holdings of liquid foreign banks hold by far the larger part of their assets, which constitute a part of their operat- reserves. Provisions for reserves against deing reserves and in the case of many of the mand deposits have been incorporated in banks are counted as a part of their legal many of the new central banking laws, and the reserves. The growth among banks of issue banks are generally given the option of keepin the practice of keeping a part of their ing these reserves in gold or in foreign exchange. reserves in the form of foreign exchange has Central bank deposits, though they are in been a notable development in international much smaller volume than bank notes, have a finance in the postwar period. The foreign larger importance than their volume alone assets held by the central banks consist would indicate, because they represent a large not only of bills of exchange on foreign coun- part of the liquid reserves carried as a matter tries, but also of balances held with foreign of banking practice by the commercial banks. banks, of foreign bank notes, and of short-term Cash and balances with the central banks are investments in foreign markets, including the principal forms in which commercial banks acceptances, treasury bills, and loans on stock hold their operating reserves and, therefore, exchange collateral. Estimates based on the the balances are a part, and generally a large published balance sheets of about 30 central part, of the base on which rest the entire banks indicate that at the end of March, 1927, banking and credit structures of the respective these banks held substantial amounts of liquid countries. It is apparently because of the foreign assets, aggregating altogether at least realization of the importance of these balances $1,600,000,000. Of this amount about one-half that most of the newer central bank charters was held by banks required by law to maintain include provisions for specified reserves against reserves and authorized to include these foreign the central banks' demand deposit liabilities, holdings as part of their required reserves. but these requirements have not led to any More than $800,000,000, however, was held as considerable demand for gold. a matter of policy by other foreign banks of Of the total holdings of foreign assets by issue either having no specified legal reserve central banks, a considerable proportion is held requirements, as in the case of the Bank of in the United States. While France, or having no authority to count for- V olume of there is no way to determine eign assets as legal reserves, as in the case of dollar balances this proportion precisely, there the central banks of Netherlands and Sweden. is reason to believe that it is large, and that A summary of the legal reserve requirements perhaps as much as $1,000,000,000 of the of foreign central banks appears elsewhere in operating reserves of foreign central banks is this issue of the BULLETIN. in the form of dollar exchange. In view of the The liabilities for notes and demand de- strong reserve position of the Federal reserve posits of the 30 principal foreign central banks banks and of the American policy of placing amount to about $11,000,000,- no legal or practical restrictions on gold with- Reserves 00,- drawals, so that balances with banks in the QQOj of which about $9;0 000>000 is in the form of notes United States are convertible at any time into and about $2,000,000,000 in exportable gold, dollar exchange is considered throughout the world as equivalent to gold. the form of deposits. It is the notes of banks of issue, therefore, that To build up the volume of dollar exchange at constitute the great mass of the central banks' their command has been the policy of many Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL RESERVE BULLETIN' 393 central banks, which find it safe, convenient, liquid form and subject to immediate withdrawal at and profitable to keep a portion of their any time. If they were to be withdrawn in gold in whole or in part the demand for the gold, though it reserves productively employed in the United would first be felt by the commercial banks, both States, rather than to keep them unproductive member and nonmember, would promptly reach the in the form of gold in vault. Federal reserve banks as the only holders of gold in any The influence exerted by these, balances on considerable amount. These balances are, therefore, international gold movements is different under potential sources of demand upon the Federal reserve banks for gold out of their reserves, the central banking different circumstances. At reserves of the United States, which have thus become ec on go ti transfers of balances take movements mes . indirectly a part of the reserves against bank credit the place of gold shipments, and currencies in other countries. The existence in while at other times gold movements are America of these foreign balances consequently presents a condition in the banking situation to be taken caused by the policy of central banks to ininto account in determining the Federal reserve syscrease, diminish, or transfer their foreign tem's credit policy with a view to maintaining the balances. A gold movement arising from this country's banking system in a position to meet demands source was the export of gold from this country for gold from abroad without disturbing business and to Germany, which between December, 1924, credit conditions in this country. and May, 1925, amounted to about $90,000,000. Thus in case of a large demand for gold Such also were the gold imp'orts into the United from abroad the large volume of foreign States during this year from Chile, Japan, and balances in the United States might result in France. In fact, it appears that the greater considerable withdrawals of gold from the part of the movement of gold between coun- reserve banks. On the other hand, the growtries in recent years has been influenced largely ing practice among central banks of counting by monetary policies of central banks and not dollar balances as reserves has so far generally solely by differences in exchange and money exerted an influence against the outflow of market conditions prevailing in the financial gold from this country. Except in the case of centers of the world. Of the larger recent Germany, none of the newly created or reconmovements of gold only the movements in structed central banks has built up any conand out of Canada and British India appear siderable gold reserves by drawing on the to have been responsive primarily to what may American stock of the metal. On the conbroadly be called trade conditions, as distintrary, in a number of cases, as for instance in guished from central bank policies. the case of Chile and more recently of France, At the principal financial centers of the world gold has been sent to New York for the purthe spread of the practice among central banks pose of establishing or increasing the dollar of holding large amounts of balances at the free disposal of the foreign for S i t g h n e i fi U ca n n it c e e d liquid asse ts in gold-standard central banks. In many other instances bal- States countries has resulted in an ances, which otherwise might have been withunusual abundance of funds drawn in gold, have remained in this country seeking short-term investment, and has tended where, without losing their power to earn an to reduce short-term money rates. For the income, they have served as reserves for the United States, where a large part of the foreign central banks to which they belong. It may assets of central banks are held, the growth in be said, therefore, that in recent years the this practice has particular significance. One growth of foreign exchange holdings of central phase of the matter from the point of view of banks has tended in general to diminish the the Federal reserve system was brought out in demand for gold for reserve purposes at foreign the annual report of the Federal Reserve central banks, and at times has been an in- Board for 1926 in the following language: fluence causing some gold inflow and preventing These dollar balances of foreign central banks, some gold outflow in the United States. whether they are invested or kept on deposit, are in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
394 FEDERAL EESERVE BULLETIN JUNE, 1927 Since the beginning of 1927 the inflow of banks affords them a means, if at any time it gold from abroad, connected in part with should become desirable, of withdrawing funds foreign central bank policies, from the market through the sale of all or a Credit condi- has been the basis of a large part of these securities, and thus to cause the tions in the growth of member bank credit. member banks to apply for additional accom- United States This growth since the end of modation and to increase their dependence January has been largely in investments and upon the Federal reserve banks. in loans on securities, while commercial loans have shown but little increase. Member LEGAL RESERVE REQUIREMENTS OF banks, in the absence of demand for additional CENTRAL BANKS loans to meet current financial requirements Legal provisions prescribing the reserve of trade and industry, have used funds arising requirements of the central banks in 16 Eurofrom gold imports to extend additional credit pean countries and four other countries are to finance the large volume of transactions in summarized below. The principal purpose of the summaries is to indicate for each bank the security market and to enlarge bank the amount of reserve required by law, the investments through the purchase of securities. character of those assets of the bank which may On account of the gold imports, however, this be legally counted as reserves, and the extent extension of member bank credit has given to which the required reserve must consist of rise to no increase in the volume of reserve gold or may consist of foreign assets of liquid character. The summary also indicates bank credit. whether reserves are required only against the Bills and securities held by the reserve banks, notes of the bank, or against its demand dewhich measure the volume of reserve bank posits as well. credit in use, may be divided into two classes: The extent to which gold and liquid foreign assets are in fact held at present either as (1) securities purchased outright, which are unrequired reserves or operating reserves, and der the direct control of the reserve banks, and the volume of liabilities involved, are discussed (2) combined total of discounts for member in the leading article in this issue of the banks, acceptances purchased in the open mar- BULLETIN. ket, and securities acquired with repurchase England.—Reserve of 100 per cent required against Bank of England notes (except for agreements, which represents credit extended the authorized fiduciary issue, £19,750,000). by the reserve banks upon the application of It must consist of gold to the extent of at the market. The reserve banks7 holdings of least 80 per cent. (Ever since 1853 it has securities purchased outright have remained been the practice of the bank to include no since the beginning of the year near the level silver in its reported reserve.) There is no specified reserve requirement against currency established last autumn, with but temporary notes. fluctuations, and total advances by the reserve France.—The law does not impose specified banks after the seasonal liquidation in January reserve requirements on the Bank of France. have also remained at a constant level. For It does, however, impose a maximum limit on the past four months, therefore, the volume of note issue; since December 4, 1925, this limit has been 58,500,000,000 francs. reserve bank credit in use has remained con- Germany.—Reserve of 40 per cent required tinuously close to $1,000,000,000, of which about against notes in circulation. Not less than $300,000,000 represents the portfolio of securi- three-quarters of this reserve must be in gold—• ties and $700,000,000 advances to member gold in the possession of any office of the bank banks and the bill market. The continuance or deposited with foreign banks of issue in such manner as to be at the free disposal of of this volume of indebtedness has assured the the bank; the remainder may be in foreign reserve banks of the current maintenance of exchange—bank notes, bills of exchange having contact with the market, and the $300,000,000 not more than 14 days to run, checks and of securities held under the control of the reserve other claims (payable on demand in foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDEKAL RESEKVE BULLETIN 395 currency) against banks of known solvency mand, including both notes in circulation and in foreign financial centers. demand deposits. It may consist of gold and Japan.—Reserve of 100 per cent required silver. (It is not the practice of the bank to against notes (except for the authorized include any appreciable quantity of silver in fiduciary issue, 120,000,000 yen). Not less its reported reserve.) than 75 per cent of the required reserve must Norway.—A gold reserve of 100 per cent is consist of gold; the balance may be in silver. required against notes in circulation (except Austria.—At the present time a reserve of for the authorized fiduciary issue, 250,000,000 20 per cent is required against notes in cir- kroner). culation (less issue covered by State debt to Peru.—Reserve of 50 per cent required the bank) and demand deposits. It may conagainst all liabilities payable on demand, insist of gold, foreign currency, foreign bills of cluding notes in circulation and demand deexchange, and credits or deposits available on posits. It may consist of gold (at home or demand at leading banking centers in Europe abroad) and bills of exchange on or balances and America. The law provides for a gradual in New York and London. increase of the reserve to 33 J^ per cent. Poland.—Reserve of 30 per cent required Belgium.—Reserve of 40 per cent required against notes in circulation. It may consist of against all liabilities payable on demand, ingold, a limited amount of silver counted at its cluding both notes in circulation and demand value in gold, and specified foreign assets readdeposits. Three-quarters of this reserve must ily convertible into gold—foreign bank notes, be in gold; the balance may be in foreign exnet balances abroad payable at sight or within change convertible into gold. 30 days, bills of exchange drawn on foreign Bulgaria.—Reserve of 33 ~% per cent required banks of known solvency, and checks and against all liabilities payable on demand, inclaims payable on demand in foreign currency. cluding both notes in circulation and demand Russia.—Reserve of 25 per cent required deposits. It may consist of gold, silver at its against notes in circulation. It may consist of current value in gold, and foreign exchange gold, other precious metals, and foreign exand bank notes convertible into gold. (The change. law states that the bank will endeavor to increase its reserve to 40 per cent.) Spain.—The requirement is that a reserve Chile.—Reserve of 50 per cent required of 45 per cent shall be maintained for note circulation up to 4,000,000,000 pesetas and a reagainst notes outstanding and deposits comserve of 60 per cent for note circulation in bined. It may consist of gold (either in vault excess of 4,000,000,000 pesetas. The required or earmarked abroad) and demand deposits reserves may consist of gold, silver, and balin foreign banks of high standing. ances held abroad at the immediate disposal Czechoslovakia.—At the present time a reof the bank. Of the 45 per cent reserve, 37 serve of 21 per cent is required against notes must be in gold, 3 may be in balances abroad, in circulation (less State notes debt balance) and and 5 may be in silver; of the 60 per cent reall other demand liabilities. It may consist of serve 47 must be in gold, 3 may be in balances gold, silver, foreign currency, and foreign exabroad, and 10 may be in silver. change. The law provides for a gradual increase of the reserve to 35 per cent. Sweden.—Reserve of 50 per cent required Denmark.—A gold reserve of 33 j<£ per centagainst notes (except for the authorized is required against notes in circulation. fiduciary issue, 125,000,000 kroner). The en- Hungary,—At the present time a reserve of tire 50 per cent must consist of gold, which 20 per cent is required against notes in circula- must belong to the Riksbank and be located in Sweden. tion (less issue covered by State debt to the bank), and all other liabilities payable on de- Switzerland.—Reserve of 40 per cent remand. It may consist of gold, silver, stable quired against notes in circulation. It may foreign currency, stable foreign bills of ex- consist of gold coin and bullion, Swiss silver change, and credits and cash deposits available 5-franc pieces, and a limited amount of silver on demand at leading banking centers in 5-franc pieces of other countries of the Latin Europe and America. The law provides for a Monetary Union (at the value of their silver gradual increase of the reserve to 33^ per cent. content). (It is not the practice of the bank Netherlands.—Reserve of 20 per cent re- to include any appreciable quantity of silver quired against all liabilities payable on de- in its reported reserve.) 48150—27—2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
396 FEDEKAL KESEKVE BULLETIN JUNE, 1927 CONDITION OF ALL MEMBER BANKS A comparison of changes in loans and in- Loans and investments of all member banks vestments and in indebtedness at the reserve according to the call report for March 23, 1927, banks for member banks in leading cities and were $32,154,000,000, an increase of about outside for the past quarter is shown below. $258,000,000 since the end of 1926 and of Both in leading cities and outside there was a about $1,084,000,000 since the corresponding decrease for the period in member-bank loans call a year ago. During the past quarter the and an increase in their investments. Indebtloans of member banks declined by about edness at the reserve banks, however, which $375,000,000, while their investments increased for member banks in leading cities decreased by $632,000,000, the larger part of the increase by $202,000,000 for the quarter, was $52,000,being in holdings of United States securities. 000 larger for members outside the leading The growth of member-bank credit for the cities at the end of March than at the end of year was about evenly divided between loans December. and investments, practically the entire growth in investments being in stocks and bonds other MEMBER BANKS IN LEADING CITIES AND OUTSIDE LEADING CITIES than United States securities. The following table shows the composition of member-bank [In millions of dollars] loans and investments on March 23, 1927, December 31, 1926, and April 12, 1926, to- Member banks in leading cities Other member banks gether with changes for the quarter and for the year. The course of member-bank loans and investments and of their demand and time 2 M 3,1 a 9 r 2 . 7 29 D ,1 e 9 c 2 . 6 Change) 23 M ,1 a 9 r 2 . 7 29 D ,1 e 9 c 2 . 6 Change deposits is shown on the chart. Loans and invest- LOANS AND INVESTMENTS OF ALL MEMBER BANKS ments, total 20,308 20,110 +198 11,846 11,786 +60 Loans 14,362 14,569 -207 8,170 8,338 -168 [In millions of dollars] Investments, total 5,946 5,541 +405 3,676 3,449 +227 Change for— United States se- Mar. Dec. Apr. curities 2,583 2,323 +260 1,252 1,066 +186 23, 192731, 1926 12, 1926 Last Allother.... 3,363 3,218 +145 2,424 2,383 +41 quarter Year Indebtedness at Federal reserve banks 309 511 -202 148 200 +52 Loans and investments, total- 32,154 31,896 31,070 +258 +1,084 Loans 22,532 22,907 22,006 -375 +526 Investments, total 9,622 8,990 9,064 +632 +558 Detailed tables showing the condition of United States securi- member banks on March 23, with comparisons ties 3,835 3,389 3,831 +446 Allother 5,787 5,601 5,233 +186 +554 for previous dates, are published on pages 449-' 453 of this issue of the BULLETIN. Data for BILLjpNS OF DOLLARS B1LLIONS OF DOLLARS member banks, by States and by cities, are given ALL MEMBER BANKS in a separate publication issued by the board, entitled Member Bank Call Report (No. 35). Meeting of Federal Advisory Council The Federal Advisory Council held its second meeting in 1927 in Washington on May 20, 1927, and made the following recommendation to the board relative to the Cuban agency of the Federal Reserve Bank of Atlanta: The Federal Advisory Council recognizes that it is not advisable to discontinue the Cuban agency at this time. The council, however, wishes to reiterate the view to which it has given expression on several occa- Time Deposits -^-' sions in the past, to wit: That it does not believe it to be good poliey for the Federal reserve banks to estab- Investments lish agencies of the character of the Cuban agency outside of the continental United States. The council, therefore, suggests to the Federal Reserve Board that it study the whole problem to the end that, if possible, some plan be devised which may be an effective substitute for the present arrangement. 1919 1920 1921 t922 1923 1924- 1925 1926 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
397 JUNE, 1927 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial output declined in April, reflect- cold weather over much of the Corn Belt ing reduced activity both in mines and in and also in the spring-wheat area has retarded factories. Distribution of commodities by the planting of spring crops. railroads and retail trade increased, and the Trade.—Commodity distribution at retail level of prices showed a further slight decline. was larger in April than at the same season of Production.—Decreased output of industry any previous year, owing in part to the lateness in April, as compared with March, was due of the Easter holida}^. Department-store sales chiefly to the coal miners' strike, which caused were approximately 7 per cent larger than in a large decline in the production of bituminous coal. Among manufacturing industries, which as a whole were somewhat less active in April than during the previous month when allowance is made for usual seasonal changes, reductions were reported in the iron and steel and textile industries, as well as in meat packing and in the production of building materials. PERCENT PERCENT 150 r 150 Minerals 100 100 J •» With Seasonal Adjustment -^-Without Adjustment Manufactures 1923 1924 1925 1926 1927 Index of sales of 359 stores. (1919 = 100.) Latest figures, April, adjusted 50 50 140; unadjusted, 143 April of last year, and sales of mail-order houses PRODUCTION OF MANUFACTURES AND MINERALS and chain stores were also in large volume. Wholesale trade showed about the usual decrease between March and April and continued 1923 192* 1925 1926 1927 smaller in April than in the corresponding Index of production of manufactures and minerals. (1923-1925 average= month of last year. Inventories of merchandise 100.) Latest figures, April carried by department stores were in about the The manufacture of motor cars, though it same volume at the end of April as in March, showed the usual seasonal increase in April, while stocks of wholesale firms were smaller. continued at a lower level than a year ago. Railroad car loadings were larger in April Petroleum production continued in record than is usual at that season of the year, reflectvolume, notwithstanding large stocks and de- ing chiefly large shipments of iron ore, coke, clining prices. Value of building contracts grain, and grain products, but also increased awarded declined slightly in April from the movement of miscellaneous freight and of record high figure in March, but was larger merchandise in less-than-carload lots. Coal than last year. The decline in building be- shipments were 27 per cent smaller in April than tween March and April reflected reduced in the preceding month. activity in the construction of commercial, Prices.—In JVpril there was a further slight industrial, and educational buildings, while recession in the general level of wholesale contracts for residential and public buildings prices, as measured by the index of the Bureau increased. of Labor Statistics, but in the first three weeks On the basis of conditions on May 1, the of May price conditions were firmer. The Department of Agriculture forecasts a winter decline in April reflected chiefly a decrease in wheat crop of 594,000,000 bushels, or about the price of petroleum, lumber, and several 5 per cent less than in 1926. Continued wet of the nonferrous metals. There was little Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
398 FEDEKAL KESERVE BULLETIN JUNE, 1927 change in the level of agricultural prices, At the reserve banks there was a decrease which have been fairly constant since the during the month in total volume of credit beginning of the year. During the first three outstanding, owing to the receipt of a considerable amount of gold from abroad, in addition to the purchase abroad by these banks of about $60,000,000 of gold that is now held earmarked wTith a foreign correspondent. The banks' holdings of acceptances and of Government securities declined by about $85,000,000, while discounts for member banks increased by about $45,000,000, apparently in response to the increased reserve requirements arising from the growth in the member bank deposits. Conditions in the money market were comparatively stable during the first three weeks 8ILJ.rONS OF DOLLARS BILLIONS OF DOLLARS ««=. A// Commodities 10 10 »«« Agricu/fura/ <-*+* Non-Agricultura/ 100 100 1923 1325 1926 1927 Index of United States Bureau of Labor Statistics. (1913 = 100, base adopted by bureau.) Latest figures, April weeks of May prices.of grain, cotton, iron and steel, petroleum, lumber, and hides advanced, while those of livestock, coke, and nonferrous metal declined. Bank ere dit —Volume of credit of weekly re- 0 porting member banks, as measured by their total loans and investments, increased by more than $300,000,000 during the month ended May 18, and was on that date at the highest 1923 1924- 1925 1926 1927 level on record. This growth represented for Monthly averages of weekly figures for banks in 101 leading cities. the most part an increase in the banks7 hold- Latest averages are for first three weekly report dates in May ings of investments and in the volume of their of May, and there were no changes in rates loans on stocks and bonds, while commercial quoted on prime commercial paper and on loans showed relatively little change. acceptances. FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE Y m ea o r n a th nd p I t r n t i o r d o i d n u a u l s i c - - P t m t r i u o o f a r a n d e n c s u - u o c l - f - P m t r i a o o i l n n d s e u i o r c - f - B U j u u i n s l a t d a e w d i d n - a g r d c e o j d u n A s t i r d t a e - c d ts e F m m ac p e t l o n o r t y y - Fa r p c o a t l o y ls ry i R l r n o c o a g a a a i s r d d l * - - W tr s h a a o d le l e e- D U ju e n p st a a e d r d s t - a m le e s n j i t u A - s s d t t e - o d re D U ju e n p st a a e s d r d t t - o m c e k n s j t u A - i s s d t t e o - d re o o d C B Y f u e i a N o t b t s n r i y e i k k t d 1 w s e Monthly average 1923-1925=100 Monthly average 1919 = 100 1926 January.—— 106 108 93 111 146 96 107 118 78 114 130 125 141 126 February 107 109 98 99 136 A 97 112 127 76 104 135 131 140 128 March. _ 108 108 108 146 128 97 113 126 85 130 130 142 141 131 April.. 108 108 107 139 120 96 110 132 80 133 130 143 139 131 May>_ 107 107 103 134 125 96 109 126 82 137 132 138 138 124 June. .._..._ 107 107 104 133 125 95 109 127 84 130 130 131 138 127 July 107 107 105 126 124 94 104 130 82 99 133 125 133 136 August 111 112 109 148 129 94 : 108 126 88 105 134 130 130 126 September 113 113 111 137 130 96 108 128 97 131 144 142 132 126 October .. 111 111 116 126 126 96 112 127 94 158 139 153 137 126 November 108 106 118 119 130 95 109 132 86 156 138 156 138 123 December 105 103 120 131 136 94 108 132 78 234 146 128 137 128 1927 J M A F a e p n a b r r u r i c l a u h r a y r y * 1 1 1 1 0 1 0 0 9 2 9 6 1 1 1 1 0 0 1 0 9 7 0 5 1 1 1 1 0 2 2 1 6 0 2 7 1 1 4 9 5 9 7 6 1 4 . 1 1 1 1 2 2 3 3 8 3 1 1 9 9 9 9 4 3 2 4 1 1 1 1 0 0 1 0 8 9 0 2 1 1 1 1 3 2 3 3 4 2 2 1 7 8 7 7 8 3 3 5 1 1 1 1 1 4 0 2 4 3 6 8 1 1 1 1 4 3 3 2 0 0 8 8 1 1 1 1 4 2 4 3 3 4 2 1 1 1 1 1 3 4 3 3 7 0 9 9 1 1 1 1 3 3 3 2 7 4 3 5 1 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
399 JUNE, 1927 FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS RESERVE BANK CREDIT RESERVE BANK CREDIT IN USE BILLIONS OF DOLLARS BILLIONS Or DOLLARS [Monthly averages of daily figures. In thousands of dollars] Bills dis- Month c R r b e e a d s n e it r k v in e m co e u f m o n r t b e e d r bo B u il g ls ht U s S e n t c a i u t t e e ri s d banks ties 1926—January... 1,231,337 526,042 327,179 February.. 1,176, 328 525,049 305, 631 335,367 March.. __ 1,176,439 558,795 269, 634 336,198 April 1,158,891 539, 594 235,956 369,779 May 1,155,191 514, 559 230, 555 398,249 June 1,139,808 476,044 244,038 408, 776 July 1,166, 564 548,966 231,132 379, 745 August 1,158,264 555, 799 245,094 353, 903 September 1, 225, 236 641,797 263,992 315, 747 October. __ 1, 269,356 665, 566 294, 296 306,413 November. 1, 270,057 618,367 346, 859 302, 309 December. 1,380, 571 671, 722 384,826 321,446 1927—January.. _ 1,146, 523 486,875 345,448 310,637 February.. 1, 007, 624 393, 636 305,013 306, 707 March 1, 029,319 427, 716 254, 618 344, 921 1923 1924- 1925 1926 1927 April 1,038, 857 447,286 248,429 341, 081 May 999,504 472, 984 233,224 291,495 Monthly averages of daily figures for 12 Federal reserve banks. Latest figures are averages for May 1 Total holdings of bills and securities by all Federal reserve banks I including "other securities" and foreign loans on gold. DISCOUNTS AND DEPOSITS OF FEDERAL RESERVE BANKS [Monthly averages of daily figures. In thousands of dollars] Federal Reserve Bank Month ' Total New Phila- Cleve- Rich- At- St. Minne- Kansas San Boston York delphia land mond lanta Chicago Louis apolis City Dallas Francisco Discounts: 1926—January.. 526,042 31,895 163,247 48,172 59,208 38,035 80,112 19,680 4,676 15, 511 7,463 31,090 February. 525,049 38,775 180,152 56,248 42,669 38,287 26,617 66,948 20,773 6,369 17,063 5,841 25,307 Marcch 558,795 35,151 140,813 59,901 56,611 43,558 40,006 75, 507 26,126 6,699 17,499 6,641 50,283 AAppril 539, 594 28,450 129, 202 53,295 56,207 45,066 44,354 75,266 28,236 6,386 19,044 7,400 46,688 Mayy_ 514,559 27,068 136,767 49, 722 52, 071 46,637 35,183 56,311 26,662 6,920 20,149 9,832 47,237 June. 476,044 24,816 117,785 49,243 43,977 47, 366 52,547 28, 536 5,254 18, 472 11,921 37,743 July... 548,966 34,529 165,983 48,135 37,221 41,775 42, Oil 60,854 30,642 7,556 16,164 16.138 47,958 August 555,799 36,653 163,270 45,851 33,666 44,918 47,585 54,591 35,196 13,076 12,693 20.139 48,161 September.. 641,797 45,498 182,447 46,224 44,966 46,359 55,345 67,736 43,462 11,212 13,542 25,000 60,006 October-. _. 665,566 42,180 164,579 49,918 70,386 45,664 55,681 89,224 42,163 11,145 12,455 19,451 62,720 November.. 618,367 134,908 43,826 75,602 35,516 50,455 105,702 37,548 8,613 16,866 17,223 54,077 December -. 671,722 55,726 154,570 60,785 90,051 29,620 47,553 119,165 37,844 5,101 13,663 10,320 47,324 1927—January 486,875 34,476 120, 787 44,184 62,107 22,498 34,435 90,847 19,072 4,146 10,256 5,606 38,461 February... 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 March. 427.716 35,538 114,391 41, 819 31,888 22,221 31,389 70,691 14,374 4,609 8,584 3,197 49,015 April . 447; 286 23,201 121,628 43,744 53,890 22,506 34,140 56,281 16,202 6,058 11,902 4,403 53,331 May 472,984 37,129 137,765 45,841 43,624 25,450 34,625 52,679 24,024 6,737 17, 333 4,760 43,107 Deposits: 1926—January 2,289,298 148,192 872,556 137,443 177,700 70,956 83,104 327,433 86,804 55,560 91,912 173,249 February... 2,274,728 148,884 855,864 134,093 181,330 72,227 85,237 328,522 85,658 54,274 91,859 64,244 172,536 March 2,276,724 148,287 862, 833 134, 749 181, 208 70,073 84,476 330,484 84,561 57,580 89,574 63,315 169,584 April....... 2,251,846 148,224 851,678 137,832 180,681 69,314 80,744 325,392 83,538 54, 663 88,278 61, 580 169,922 May 2,253,294 146, 111 856,697 137,307 181, 553 69,314 76.133 332,762 83,394 52,934 88,775 59,399 168,915 June—. 2,241,415 145,362 865,577 135,861 181,333 66,556 72,477 329,191 81,270 51,698 88,155 57,087 167,348 July.. 2,262,420 148,013 857,668 137,621 185,981 71,418 73,453 335,306 82,917 51,538 92,651 57,478 168,376 August 2,253,350 145,625 847,061 136,502 188,314 70, 054 71,873 340,386 82,092 49, 787 94,619 57,595 169,442 September.. 2, 273,205 147,447 862,912 137,152 188,048 70,061 72,718 338,071 80,937 50,099 93,706 58,913 173,141 October 2, 280,180 153, 231 853,359 139,637 185,945 72,240 74,640 83,745 51, 574 92,848 60,984 175,334 November.. 2,279,135 155,409 856,416 139,260 184,749 72,626 72,938 332,040 82,771 53,070 91,393 61,148 177,315 December.. 2,289,632 150,252 879,596 139,419 181,215 71,010 71,802 329,801 82, 823 52, 550 91,127 62,902 177,135 1927—January 2,300, 204 148,810 885,641 141,195 182,290 73,335 72,723 331,215 83,325 52,278 90,880 62,156 176,356 February... 2,266,460 149,134 856,053 139,360 183,035 72,276 72,531 329,680 83, 754 50,759 91,425 63,763 174,690 March 2, 284,809 146,177 878,285 138,894 188,427 70,484 71.134 328,167 82,780 51,484 90,789 63,170 175,018 April 2, 301,120 148,394 140,451 188,122 71,211 72,766 332,363 83,827 50,371 90,832 62, 587 177,810 May__ 2,326, 816 148,045 908,188 138, 961 188, 376 72, 586 71,126 338,974 83,193 49,156 89,378 61,645 177,188 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
400 EEDEBAL EESERVE BULLETIN JUNE, 1927 GOLD IMPORTS AND EXPORTS AND MONEY IN CIRCULATION MH-UONS OF DOLLARS MILLIONS OF DOLLARS 55001 1 :—' " 1 15500 100 GOLD IMPORTS AND EXPORTS 100 MONEY IN CIRCULATION 4-t- 30 w _ 80 HF 60 m rH— 60 1 11 500O 6000 40 iff u 40 H IJ L 20 § I§§§§ H 20 h 0- -0 u • li 11 4500 4500 20 IF f t 1 40 40 Bars above base Hoe represent Jn?oorts Bars below ba&e line represent Exnnrf- Black portions represent ex-cess fmprofs or Exports €0 60 i 4000 4000 80 1923 1924- 1925 1926 1927 1921 1922 t923 1924 1925 1926 1927 Based on averages. Latest figure, May, $4,785,000,000, average of figures for May 1 and June 1 GOLD STOCKi [First of month figures. In millions of dollars] MONEY IN CIRCULATION Month 1922 1923 1924 1925 1926 1927 [First of month figures. In millions of dollars] January. __ 3,657 3,933 4,247 4,547 4,409 4,502 February. 3,681 3,938 4,289 4,482 4,415 4,537 March 3,721 3,961 4,338 4,424 4,445 4,586 April 3,751 3,969 4,368 4,405 4,495 4,599 Month 1922 1923 1924 1925 1926 1927 May 3,767 3,982 4,417 4,394 4,497 4,609 Jjine 3,774 4,023 4,460 4,396 4,494 4,608 July 3,786 4,049 4,491 4,390 4,500 January 4,605 4,733 4,951 4,993 5,008 5,001 August 3,825 4,079 4,517 4,391 4,519 February 4,353 4,509 4,682 4,752 4,740 4, 713 September 3,859 4,109 4,531 4,400 4.511 March 4,402 4,611 4,808 4,804 4,814 4,779 October. __ 3,874 4,135 4,548 4,399 4,499 April _- 4,413 4,656 4,813 4,776 4,806 4,758 November. 3,902 4,168 4,554 4,442 4,491 May_._ _ 4,385 4,668 4,760 4,725 4,854 4,784 December. 3,909 4,210 4,570 4, 426 4,495 June 4,370 4,706 4,815 4,774 4,871 4,786 July 4,374 4,729 4,755 4,736 4,835 i Gold coin and bullion held by United States Treasury and Federal August 4,337 4,696 4,665 4,720 4,858 reserve banks (including gold held abroad) and gold coin in circulation. September 4,394 4,778 4,774 4,784 4,864 October _ 4,521 4,850 4,806 4,827 4,906 GOLD IMPORTS AND EXPORTS, BY COUNTRIES November. _ _. 4,570 4, 835 4, 880 4,901 4,933 December 4,617 4,923 4,994 4,972 4,949 [In thousands of dollars] 1927 1926 Country of origin April January-April Calendar year KINDS OF MONEY IN CIRCULATION or destination [In millions of dollars] ImportsExportsImportsExportsImportsExports "England 6,001 4 13,318 6 1,212 First of month figures Averages i France 2 21,000 351 18 Germany 65 1 13,787 1 47, 550 Kind of money C C a e n n a tr d a a l America 80 7 5 4 63 45, 2 4 7 2 3 8 3,224 3 82 1 , ,51 51 6 3 42 3 , , 8 3 5 9 5 2 April May June April May Mexico _ _ 622 630 2,169 2,324 23,913 6,202 -Chile 14 3,645 21,184 Colombia 97 464 1,001 1,663 2,019 Gold coin and bullion 392 389 387 391 388 TConador 82 344 1,307 6 Gold certificates 1,020 1,019 1,004 1,019 1,012 Peru 477 935 2,644 Standard silver dollars 49 49 49 49 49 Venezuela 17 122 100 647 1,700 Silver certificates 373 377 379 375 378 A ustralia 1 4,874 51,119 Treasury notes of 1890 1 1 1 1 1 ^British India 13 78 5 578 Subsidiary silver . . 272 273 275 272 274 British Malaya 88 1,377 3,342 United States notes _ 291 293 293 292 293 China and Hong Federal reserve notes 1,707 1,724 1,734 1,716 1,729 Kong 510 647 1,890 6,540 4,495 Federal reserve bank notes. _ 5 5 5 5 5 Dutch East Indies.. 131 5 475 275 1,707 2,221 National bank notes __ 648 654 659 651 656 Japan 6,000 18, 000 14,000 60 Philippine Islands . 104 567 1,990 Total — ' . 4,758 4,784 4,786 4,771 4,785 All other countries. _ 65 1,215 276 1,455 1,162 1,270 Total 14,493 2,592 112, 539 25, 520 213, 474 115,. 708 i Averages of figures for first of given month and first of following month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUKE, 1927 PEDEEAL EESBKVE BTJLLETIN" 401 MONEY RATES IN NEW YORK CITY 3 - ! - 1922 1923 192*+ 1925 1926 1927 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES IN NEW YORK CITY DISCOUNT RATES [Rates on all classes and maturities of eligible paper] Ave rage rate Average yield on— on— U.S. Federal reserve bank e R ffe a c te t i o n n Date established | Pr°™us T u re r a y s- June 1 Month or week notes per l T oa im ns e 2 ce a r n ti d fi- c L e ib n - t Boston Nov. 10, 1925. erty New York Aug. 13, 1926 _ 3-6 bonds Philadelphia. Nov. 20, 1925. months Cleveland Nov. 17, 1925, Richmond June 14,1924. Atlanta June 18,1924. 1926 Chicago June 14,1924. January.. „._„-. 4.79 3.49 4.04 St. Louis June 19, 1924. February....... 4.68 3.18 4.01 Minneapolis.- Oct. 15, 1924.. March 4.72 8 3.25 3.98 Kansas City.. July 1,1924. _. April „..„. 4.29 E.08 3.94 Dallas July 16, 1924 _ May 4.05 8.17 3.93 San Francisco. Nov. 23, 1925. June .... 4.20 3 2.90 3.90 July... 4.39 3.11 3.93 August...-,.---. 4.76 3.27 3.95 BUYING RATES ON ACCEPTANCES O Se c p to te b m er b . e .. r . . — ..- . . 4 4 . . 8 9 8 9 *3 3 . . 4 5 7 8 3 3 . . 9 9 6 5 [Buying rates at the Federal Reserve Bank of New York] N De o c v e e m m b b er er.-... 4 4 . . 7 7 0 0 8 3 3 . . 3 1 5 1 3 3. . 8 9 3 1 1927 Maturity e R f J f u e a c n te t e i o 1 n n Date established Pre ra v t i e ous J M F a e n a b r u r c a u h r a y ry 4 4 4 . . . 5 4 3 2 2 9 a3 3 3 . . . 2 2 2 1 3 9 3 3 3 . . . 8 8 8 0 0 0 April 4.45 3.39 3.87 May... 4.40 3.33 1-15 days Sept. 1,1926., Week ending- 16-30 days Aug. 23,1926. May? 4.44 3.45 3.89 31-45 days do. __.__. May 14 4.40 3.34 3.89 46-60 days „.-do....... May 21 4.33 3.30 3.86 61-90 days ....do. _-=_.. May 28-... 4.41 3.25 3.84 91-120 days .....do 121-180 days ... Aug. 16,1926 1 Stock exchange call loans; renewal rate. 8 Stock exchange time loans; weekly average of daily average rates on NOTE—Rates on prime bankers' acceptances. Higher rates may be principal maturities. charged for other classes of bills. 3 Change of issues on which yield is computed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
402 FEDERAL RESERVE BULLETIN JUNE, 1927 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANK CITIES Month 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 Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Sa C n is F c r o an* Prime commercial loans 1926—May 4 -5 5 -6 4 Sto 4*4-534 4^-5^ 5 -534 June. 5 -6 4 -5 434-5 5 5 J A u u ly g ust - 4t 6 6 5 5 - - 6 6 4 4 ^- - 5 5 5 5 - - 5 5 3 3 4 4 5 ^6 5 5 - - 5 53 3 4 4 September. 4% 6 5 -6 434-5 434.-5 5 -534 4^-6 5 -534 October 4M 6 5 -6 5- 51/ 5 -6 5 -534 November. 4% 5 -6 5 -6 5 -5J/ 5 -534 5 -6 5 -534 December. 434 6 5 -6 434-53- 5 -534 5 -534 1927—January. _. 434 5 -6 5 -6 4*4-53- 434-53- 5 -534 434-6 5 -6 February. _ 434 5 -6 5 -6 434-51/ 5 5 -6 5 -6 March 434-434 «*-6 434-6 4H-5 5 434-6 5 -6 A M p a r y il 4 43 J4 4 6 5 5 - - 6 6 434-5 434-53 5 5 434-6 434-534 Loans secured by prime stock exchange collateral 1926—November.. 5 4M-5 6 53^-6 5 -6 5 -534 5 -534 5 -6 5 -6 6 -7 5 -6 December. _ 5 4*4-5 6 5>^-6 5 -6 5 -534 5 -534 5 -6 5 -6 6 -7 5 -6 1927—January 434-5 4M-5 6 53.i-Q 5 -6 43/C-5 5 -534 5 -6 5 -6 5 -7 5 -6 February. __ 414-6 434-5 6 5 -6 5 -6 43/i-5 5 -fA 4%-6 5 —6 6 5 -6 March 434-5 4^-5 6 5>£-6 5 -6 43/2~5 5 44-6 5 -6 6 -7 5 -6 April.. 4^-5 4^-5 6 5 -6 5 -6 41/2-5 5 -534 4 5 5 -7 5 -6 May 434-5 434-5 6 6 5 -6 43/2-5 5 -5J4 44-6 5 ^6 6 5 -6 Loans secured by warehouse receipts 1926—November.. 5 5 -W> 5 -6 534-6 5 -6 5 -534 43,i-6 4*4-5 5 -6 5 -7 5 -6 December. _ 5 -534 434-5 5 -fM 5 -6 534-6 5 -6 4M-53^ 43,4-6 4^-5^ 5 -6 5 6 1927—January 4H-5 5 5 -51/, 5 -6 6 5 -6 434-5 43,i-6 434-5 5 -6 5 -6 5 -6 February... 5 5 -hY> 5 -6 6 5 -6 434-534 434-534 5 -6 5 -6 5 -6 March 5 534-6 5 -6 534-6 5 -6 43^-5 4^-534 434-534 5 -6 5 -6 5 -6 April 5 5 -6 6 6 h -6 4^2-5 5 434-5 5 -6 5 -7 5 -6 May A%-5 5 -5M 6 5 -6 5 -6 434-534 5 434-6 5 -6 5 -6 5 -6 Interbank loans 1926—November- 4H 414-5 5 5 534 5 -6 5 .5 -534 5 -6 6 5 5 -534 December.. 434 434-5 5 5 .43^-534 5 -6 5 5 -534 5 -6 6 5 5 -534 1927—January.._ 434 4H 434-5 5 5 -534 5 -6 5 5 -534 5 -6 6 5 5 -6 February. . 434 4H-5 434-5 5 5 5 -6 5 5 -534 5 -6 6 5 5 -6 March 4H 4J4 43^-5 5 5^-534 5 -8 5 -5J4 5 -534 5 -6 6 5 5 -6 April 4J4 4H 4M-5 5 5 5 -6 5 -534 5 -53^ 5 -6 6 5 5 -6 May 434 434-5 434-5 5 5 5 -6 5 5 -5M 5 -6 6 5 FEDERAL RESERVE BRANCH CITIES [1927] Prime commercial loans City March April May Buffalo 5 -6 5 -6 5 -6 Cincinnati 534-6 534-6 534-6 Pittsburgh 5 -6 5 -6 5 -6 Baltimore 5 -534 5 -5% 5 —5^ Birmingham _ ____ 5 -6 5 -6 5 -6 Jacksonville 5 -6 5 -6 5 -6 Nashville 6 6 6 New Orleans 534-6 534-6 Detroit 434-6 434-6 Little Rock 534-7 5 -6 Louisville 534-6 534-6 Helena _ _ _ 8 8 Denver 6 6 Oklahoma City -. r5 t-6 5 -6 Omaha _ _ __ El Paso 4 8 Houston 5 -6 5 -6 Los Angeles 6 6 Portland 6 6 Salt Lake City 6 6 Seattle- 6 5 -7 Spokane 6 -7 6 -7 nC xO Loans secured by prime stock exchange collateral March April 5 -6 5 -6 534-6 5H-6 5 -6 5 -6 %'4 6 6 -8 6 -8 6 6 6 -7 4J4-6 5 -6 6 -7 6 534-6 8 8 6 ^7 534-6 8 5 -6 5 -6 6 6 -7 6 6 6 6 5 -7 6 -7 6 -7 6 xO xO Loans secured by warehouse Interbank loans receipts May March April May March April 5 -6 6 6 6 5 5 534-6 6 -7 6 -7 hVt-7 5 -534 5 -6 5 -6 6 6 6 5 -6 5 -6 534-6 5 -534 6 6 6 5 -6 5 -6 6 -8 6 -8 6 -8 6 -8 6 6 6 534-6 534-6 534-6 534-6 534-6 534-6 5 -6 5 -6 5 -6 5 -534 5 -534 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 -7 6 -7 6 -8 S -7 5 -7 6 5 -6 514-6 6 6 6 5 8 8 6 -8 6 -8 6 -8 6 -8 5 6 - - 7 6 5 -8 6 5H-8 6 5H-8 6 -2V 6 -6 6 34 5M1 534-6 8 6 7 - - 6 8 34 6 7 - 6 8 34 7 -8 6 5^-6 6 5 -6 5 -6 5 -6 5 -7 5 -7 5 -534 6 -7 6 -7 7 7 7 6 6 6 6 -7 6 -7 6 6 6 6 7 7 7 6 6 -7 6 -7 6 -7 6 -7 6 -7 6 -634 6 6 7 7 7 6 SO SOxO 00 6 -634 6 534-6 6 5 -hV>. SO May 5 5 -6 5 -6 5^-534 5 -6 6 5 -534 5 -6 5 -6 5 6 -8 6 -634 6 6 6 5 6 6 6 6 6 6 -634 6 -7 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDEKAL EESERVE BULLETIN 403 MEMBER BANK CREDIT MEMBER BANK RESERVE BALANCES AND BORROWINGS AT FEDERAL RESERVE BANKS [Monthly averages of weekly figures. In thousands of dollars] Reserve balances Borrowings at Federal reserve banks Reporting member banks Reporting member banks Month Other Other New York le O a t d h i e n r g Total m m b e e a m m nk b b s e e r r Total New York le O a t d h i e n r g Total m b e a m nk b s er Total City cities City cities 1926—January. 709,758 965,431 1,675,189 579,180 2,254,369 75,472 242,439 317,911 182,331 500,242 February 702,463 952,498 1, 654,961 574,884 2,229,845 127, 771 222,835 350, 606 174,296 524,902 March. 714,907 936,878 1, 651, 785 567,727 2,219,512 93, 553 278,442 371,995 191,243 563,238 April 706,419 935,860 1,642,279 569, 929 2,212,208 90,329 238,281 328, 610 201,184 529, 794 May 691,061 958, 684 1, 649, 745 564,293 2,214,038 82,003 208,484 290,487 206,363 496,850 June _ _ 713,944 952, 529 1, 666,473 566,473 2,232, 946 54, 944 196,811 251,755 220,373 472,128 July 699, 557 951,417 1,650, 974 572, 903 2,223,877 117,229 197, 725 314, 954 221,125 536,079 August 679,145 964,171 1,643,316 571, 988 2,215,304 111,296 224,147 335,443 215,007 550,450 September 711,833 965,294 1, 677,127 578,811 2,255, 938 128,173 299,449 427,622 209,261 636,883 October 662,329 969,406 1, 631, 735 583, 111 2,214, 846 84,406 355, 892 440,298 196,211 636, 509 November 672, 948 963,186 1,636,134 580, 514 2,216, 648 71,162 350, 687 421,849 191,127 612, 976 December 725,298 960,263 1,685,561 579,291 2,264,852 99,611 347,515 447,126 200, 647 647, 773 1927—January 717,310 960,239 1,677,549 587, 647 2,265,196 75,894 223,259 299,153 177,141 476,294 February. 682,026 962,691 1,644,717 584,612 2,229,329 59,907 172,986 232,893 158,791 391,684 March...... 709,853 961,184 1,671,037 593,492 2,264,529 73,118 195,001 268,119 150, 734 418,853 April.... 687, 972 971,108 1, 659,080 594,900 2,253,980 78,459 191,883 270,342 151,086 421,428 May 720,255 976,346 1,696,601 593,528 2,290,129 90,167 213,476 303,643 155,476 459,119 LOANS, INVESTMENTS, AND DEPOSITS OF REPORTING MEMBER BANKS tMonthly averages of weekly figures. In thousands of dollars] Loans and investments Net demand, time, and Government deposits Month Loans Total Total On t i s e e s curi- All other I m nv e e n s ts t- Total de N m e a t nd Time Go m v e e n r t n- In New York City: ~ 1926—May. 6,209,147 4,395,058 2,033, 603 2,361,455 1,814,089 5,916,976 5,055,300 36,790 June 6,271,298 4, 436,270 2,121,717 2,314,553 1,835,028 5,995,281 5,133,643 31,992 • July 6,224,442 4,409,338 2,125,574 2,283,764 1,815,104 5,888,830 5,012,434 850,761 25,635 August 6,199,917 4,408,177 2,116,635 2,291,542 1,791,740 5,831,126 4,945,294 865,354 20.478 September 6,237, 607 4,484,084 2,108,290 2,375,794 1,753,523 5,908,909 5,025,387 839,646 43,876 October 6,179,229 4,472,159 1,992,107 2,480,052 1,707,070 5,863,058 4,978,784 833,852 50,422 November 6,174,250 4,464,416 1, 912,580 2, 551,836 1,709,834 5,858, 635 4,959,046 872,198 27,391 December 6,308,886 4,575,021 2,018,731 2: 556.290 1,733,865 6,030,809 5,093,951 901, 789 35,069 1927—January 6,341,114 4, 593,379 2,097,907 2, 495,472 1,747,735 6,080,894 5,127,308 917,608 35,978 February. 6,189,052 4, 436,661 1,981,261 2, 455,400 1,752,391 5,894,478 4. 935,006 929,499 29,973 March ___ 6,349,701 4, 525, 865 2,026,633 2, 499,232 1,823,836 6,063,77] 5,068,281 929,103 66,387 April 6,421,165 4,570,029 2,038,079 2,531,950 1,851,136 6,079,869 5,066,081 950,045 63,743 May _. „_ 6,534,882 4,628, 567 2, 078, 562 2, 550, 005 1, 906, 315 6,169, 518 5,179, 092 956, 334 34,092 In other leading cities: 1926—May.......... 13,391,907 9,538,982 3, 434,180 6,104,802 3, 852,925 12,797,970 7,892,154 4,734,922 170,894 June..... 13,420,935 9,564,303 3, 446,607 6,117,696 3,856, 632 12, 864,891 7,934,084 4, 780,562 150,245 July..... 13,437,826 9,597,098 3,491,476 6i 105, 622 3,840, 728 12,894, 660 7,945,583 4,829,206 119,871 August 13,503,320 9,671,571 3,526,212 6,145,359 3,831,749 12,886,530 7,947,876 4,843,867 94,787 September 13,654,395 9,785,393 3,608,494 6,176,899 3,869,002 12, 989,158 7,994, 795 4,848,831 145,532 October 13,781,837 9,902, 614 3, 637,288 6.265, 326 3,879,223 13,076,639 8,044,827 4, 883,138 148,674 November 13, 699,690 9,859.666 3,608,031 6,251,635 3, 840,024 12,962,913 7, 990,791 4,898,171 73.951 December 13, 644,289 9,845; 918 3,639,043 6,<206,875 3,798,371 12,922,009 7,948,148 4,881,382 92.479 1927—January 13,549,741 9, 775,401 3, 630,189 6,145,212 3, 774,340 12,995,274 7,951,323 4,951,288 92.663 February 13,559,444 9,725,026 3, 618, 665 6,106,361 3,834,418 13,015,911 7,961,606 4,977,558 76,747 March 13,816,867 9,810,819 3,654,953 6,155,866 4,006,048 13,220,909 7,973,947 5,082,378 164, 584 April... 13,813,141 9,782,499 3,657,805 6,124,694 4,030,642 13,226,693 7,977,523 5,091,851 157,319 May 13,911,812 9,826,864 3,701) 027 6,125,837 4,084,948 13,274, 774 8,011,731 5,179,428 83,615 Total: 1926—May 19, 601,054 13,934,040 5,467,783 8,466,257 5,667,014 18,714,946 12,947,454 5,559,808 207,684 June 19, 692,233 14,000,573 5,568,324 8,432,249 5,691, 660 18,860,172 13,067,727 5,610,208 182,237 July.. 19,662,268 14,006,436 5, 617,050 5, 655,832 18,783,490 12,958,017 5,679, 967 145,506 August 19,703,237 14,079,748 5,642,847 8,436,901 5,623,489 18,717,656 12,893,170 5,709,221 115,265 September 19,892,002 14,269,477 5,716, 784 8, 552,693 5,622,525 18,898,067 13,020,182 5, 688,477 189,408 October....... 19,961,066 14,374,773 5,629,395 8,745,378 5,586,293 18,939, 697 13,023, 611 5,716,990 199,096 November. __„ 19,873,940 14,324,082 5,520,611 8,803,471 5,549,858 18,821,548 12,949,837 5,770,369 101,342 December... _. 19,953,175 14,420,939 5, 657,774 8,763,165 5,532,236 18, 952,818 13,042,099 5,783,171 127,548 1927—January....... 19, 890,855 14,368,780 5,728,096 5,522,075 19,076,] 68 13,078, 631 5,868,896 128, 641 February „„___ 19,748,496 14,161,687 5,599,926 8,561,761 5,586,809 18,910,389 12,896,612 5,907,057 106,720 March.. „„____ 20,166,568 14,336,684 5,681,586 8,655,098 5,829,884 19,284,680 13,042,228 6,011,481 230,971 April— „-„__ 20.234,806 14,352,528 5,695,884 8,656,644 5,881,778 19,306,562 13,043,604 6,041,896 221,062 May... 20,446,694 14,455,431 5,779,589 8,675,842 5,991,263 19,444,292 13,190,823 6,135,762 117,707 48150—27- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
404 FEDEEAL RESEEVE BULLETIN , 1927 BANKERS' BALANCES IN FEDERAL RESERVE BANK AND BRANCH CITIES FEDERAL RESERVE BANK CITIES [Weekly reporting member banks. Monthly averages of weekly figures] [In thousands of dollars] City Month 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 St. Louis M ap in o n li e s - K C an it s y as Dallas San c is F e r o an- Due from banks: 1926—January--- 37,909 101,482 69,977 27,336 19,108 16,052 154,366 35,084 20,066 45,567 27,395 51,178 February— 35,215 96,667 62,687 25,818 17,542 13,811 149,257 30,490 18,996 41,692 25,860 52,089 March 37,888 96,886 67,948 27,358 16,694 13,780 150,144 28,235 20,576 39,894 23,438 50,080 April 44,456 108,123 69,635 28,615 16,426 13,049 153,225 28,563 21,829 38,373 22,962 50,132 May _— 42,592 101,225 63,658 27,117 16,538 14,037 165,357 30,210 21,579 39,537 22,968 48,381 June 44,282 107,517 65,922 30,018 15,778 12,226 168,279 29,300 21,620 37,831 24,447 51,295 July 39,468 104,846 58,791 27,113 14,862 12,826 157,130 27,859 22,558 46,989 23,372 53,980 August 38.732 91,973 53,441 25,607 14,083 11,833 148,873 26,235 19,252 46,947 19,679 50,277 September. 40,258 102,4^5 59,256 25,090 15,934 12,274 151,706 25,582 20,264 44,939 24,415 53,917 October. _. 36,983 111,081 53,385 27,646 16,341 14,420 155,581 28,037 22,264 43,654 28,156 53,016 November. 41,031 102,636 56,828 27,057 18.465 12,688 154,580 29,503 22,794 50,466 29,069 50,605 December . 37,755 96,640 55,079 24,340 17; 680 12,082 152,680 28,400 22,239 43,733 26,309 54,380 1927—January. _- 40,246 100,303 55,212 27,459 12,839 14,923 148,857 31,673 21,532 44,621 27,975 50,798 February. . 39,050 93,479 58,036 23,250 7,520 13,323 139,348 29,850 20,017 41,884 20,241 52,112 March 40,963 100,235 55,362 22,318 7,544 11,744 143,846 29,852 19,822 40,646 19,184 54,371 April 48,196 106,574 54,430 22,912 6,820 11,658 147,663 28,208 19,836 38,649 18, 768 50,832 May 42, 815 101, 680 53,447 22, 674 6, 713 11, 467 169, 597 27,296 19, 602 33,490 16, 613 51, 325 YJ"L^?1"lIlc_-5_ -tf_"il_ k¥tli c1 iTlll xl_i"s C* • • 134,453 1,125,909 184,843 46.708 37,343 22,424 375,921 95,549 58,578 105,224 34,798 105,511 1926—January... February. - 127,188 1,083,501 179,098 46', 931 36,983 20,306 377,337 92,001 55,753 103,038 32,090 102,393 March 130,312 1,116,084 178,180 45,931 33,523 19,403 387,489 84,896 54,832 94,047 27,557 94,420 April ______ 135,075 1,086,318 180,893 47,470 31,672 17,788 383,232 84,286 47,331 91,007 26,720 89,010 May 131,158 1,071,846 180,040 45,049 32,177 16,315 379,873 83,691 50,378 91,626 25,149 87,764 June 126,416 1,097,672 179,362 46,344 29,568 15,505 381,543 81,441 48,613 93,669 24,860 94,849 July 130,199 1,066, 912 174,699 49,529 30,812 15,438 373,312 83,870 46,733 108,780 25,516 101,182 August 119,858 1,040,250 167,796 48,949 29,173 14,802 371,742 82,664 43,113 110,499 24,072 106,473 September. 119,490 1,061,770 169,984 49,932 30,147 16,554 374,605 80,331 45,627 103,734 26,679 109,046 October... 125,816 1,066,954 170,767 48,214 31,654 17,927 359,722 79,292 50,364 98,413 32,764 107,215 November. 128,262 1,052,188 165,589 46,647 33,067 18,363 349,234 78,936 52,698 97,038 33,771 105,774 December- 126,533 1,078,048 163,054 45,143 33,095 18,257 347,137 79,495 50,771 96,657 32,340 107,583; 1927—January... 136,801 1,107,405 173,041 48,845 33,256 19,413 370,264 88,533 53,080 101,170 32,575 105,868 February., 135,794 1,090,437 173,142 53,578 33,585 18,623 362,476 88,347 55,471 95,337 33,234 127,068 March 134,562 1,118,300 172,512 54,017 33,460 17,063 371,986 87,039 53,586 90,268 31,913 104,055 April 142,243 1,104,366 170,573 55,613 31,223 15,427 362,808 86,085 50,934 86, 741 28, 624 94,916 May 137, 294 1,116, 781 169,109 55, 089 29, 585 15, 544 372,351 81, 810 47, 521 82, 551 27, 036 98, 387 FEDERAL RESERVE BRANCH CITIES [Weekly reporting member banks. Monthly averages of weekly figures for 1927] [In thousands of dollars] Due from banks. Due to banks City City February March April May February March April May Buffalo 13,337 14, 511 13, 047 13,465 Buffalo 22,157 22,447 23, 263 23,214 Cincinnati 15,919 15,710 16, 338 15, 555 Cincinnati 36, 852 36, 665 36, 747 35, 481 Pittsburgh 35,470 43,157 36,836 38,402 Pittsburgh...... 134,451 128, 770 128, 754 124, 289 Baltimore 13,136 14,348 13, 298 13,271 Baltimore 36,357 37,070 37, 534 36, 570 Birmingham 9,332 8,112 7,873 7,610 Birmingham 7,815 7,246 6,925 6,593 Jacksonville 14,160 14, 285 14,118 13,411 Jacksonville 13, 358 14,452 14, 878 14, 746 Nashville 5,765 4,304 4,218 5,335 Nashville 11,149 11, 760 11,994 12,400 New Orleans 19, 237 19,078 15,826 15,438 New Orleans.... 44, 823 39,938 40, 733 38,391 Detroit 33, 621 37, 754 37,779 36,231 Detroit 39, 747 43, 590 43,499 41, 013 Little Rock 4,531 3,511 3,573 3,325 Little Rock 11,416 10,875 10, 673 10,617 Louisville ._ 11,853 10, 548 10,410 8,307 Louisville 28, 852 29,994 28,386 27, 892 Memphis. 16, 645 16,036 13, 771 13,923 Memphis 17,453 17,138 14,793 13,628 Helena 1,413 1, 561 1,488 1,377 Helena 2,768 3,031 2,720 2,359 Denver 18, 745 18, 019 15, 264 14,083 Denver 18, 758 18,131 16, 255 15,681 Oklahoma City. 14, 937 14, 635 13, 005 11,842 Oklahoma City. 21,348 22, 674 20, 678 18,203. Omaha 16, 789 17, 683 15, 314 14,486 Omaha 33,148 33, 730 30, 693 29,981 El Paso. ______ "I 3,446 3,048 2,850 3,078 Elpaso 2,047 2,140 2,136 2,231 Houston 17,929 16, 349 16,664 16,116 Houston. 31,252 28,076 25, 618 26,680 Los Angeles 46, 084 50,859 53, 001 52,742 Los Angeles 61,397 58, 595 60,488 60,455 Portland... 10,455 10, 782 10, 967 10, 776 Portland.. 15, 203 15, 632 16, 690 18,258 Salt Lake City.. 5,555 5,255 5,062 4,924 Salt Lake City. 11, 713 11, 249 10, 799 10,576 Seattle.. 16,101 16,544 16, 502 16,010 Seattle 17, 776 17,416 17, 661 16,728- Spokane 4,310 4,289 3,698 3,986 Spokane 9,247 8,812 8,173 8,014 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
405 JUNE, 1927 FEDERAL EESEEVE BULLETIN COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS 1 [1913=100] Month m Al o l d c i o ti m es - pr F o a d r u m cts Foods m Cl a o te th ri i a n l g s Fuels p M r m o a e d e n t t u d a a c l l s ts m Bu at i e ld ri i a n l g s c C a d h i r s e u a m g n s i o - . 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 lt g u ri r - al cu N a l g t o u r n i r - - al 1928 January 156 152 156 186 177 129 178 133 165 135 154 158 February 155 150 153 184 179 128 177 132 164 133 152 157 March 152 144 151 181 175 128 176 132 164 128 148 155 April 151 145 153 177 174 127 173 130 163 127 149 153 May „. 152 144 154 176 179 125 172 131 162 125 149 153 June 152 144 157 175 179 125 171 131 162 123 151 153 July.... 151 141 154 173 177 126 172 131 161 123 148 152 August 149 138 151 175 180 127 172 131 161 122 145 153 September- 151 141 152 175 182 127 172 131 160 120 146 154 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 March. 145 137 147 168 168 123 167 121 157 119 144 146 April 144 137 147 169 161 122 165 122 157 119 143 144 i Index numbers of Bureau of Labor Statistics. PRICES OF FARM PRODUCTS AT THE FARM i SECURITY PRICES [August, 1909-July, 1914=100] Common stocks i Bonds: Month m c i o t 3 o i 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 d o n n - cl U f a ie s n s d - i- Month or week s i t n t o 1 r d c i 9 u a k 8 l s s - a r s a t i o l 3 c ro 1 k a s d 3 s T t 2 o o 2 c ta 9 k l s , a i v p o s e r s f i r u c 4 a e e 0 g s e 1926 1926 A M p a r y il.. 1 1 4 3 1 9 . . 1 8 1 1 2 1 0 8 . . 6 5 1 1 3 3 5 3 . . 1 6 9 9 4 5 . . 5 2 2 5 January 143 143 214 140 153 138 87 June 147.4 125.5 141.0 95.32 February.-- 143 140 218 146 144 142 87 July 152.7 128.3 145.6 94.87 March _ 140 133 220 147 137 133 85 August 159.2 131.4 151.1 95. OS J J A A M u u u p n a ly r g y e i u l st 1 1 1 1 1 3 4 3 3 3 3 0 6 9 9 1 1 1 1 1 2 3 3 3 2 8 0 1 1 5 2 2 1 2 1 4 6 1 5 9 0 6 6 3 5 1 1 1 1 1 4 5 4 5 4 4 4 6 2 8 1 1 1 1 1 3 3 3 3 3 0 0 1 3 1 1 1 1 1 1 3 3 3 2 3 0 2 0 6 5 8 8 8 8 8 1 3 2 1 5 S N D O e e o c p c t v o e t e e m b m m e b r b b er e e — r r . _ 1 1 1 1 5 6 5 5 5 1 7 9 . . . . 4 7 5 8 1 1 1 1 3 3 2 3 2 4 9 5 . . . . 6 4 6 2 1 1 1 1 5 5 5 4 0 3 2 7 . . . . 2 9 5 9 9 9 9 95 5 4 6 . . . . 0 9 0 Q 3 3 $ 6 September _ 134 121 136 148 139 134 93 1927 October 130 123 136 148 144 94 97 January 158.4 136.7 153.5 96.43: November . 130 121 142 142 157 88 97 February... 163.0 142.1 156. 9 96.44 December.. 127 120 137 140 161 81 91 March.... 165.7 143.1 159.0 96.63 April-.... 165.1 147.4 166.2 97.24 1927 May 174.5 150*5 167.5 97.55 January 126 120 140 140 152 85 87 Week ending- February... 127 122 142 143 143 94 84 May 7 173.1 148.6 165.9 97.4^ March. 126 121 140 144 133 102 81 May 14 173.8 148.7 166.5 97. 68. April „__ 125 119 147 143 133 101 80 May 21 175.1 161.1 168.1 97.59 May 126 127 158 137 130 113 79 May 28 176.1 153.4 169.4 97.48 i Index numbers of Department of Agriculture. 1 Index numbers of Standard Statistics Co. a Average of 1917-1921 prices=100. DOMESTIC CAPITAL ISSUES 3 Average of yearly high and low prices, 1913-1922=100. [In millions of dollars] FOREIGN CAPITAL ISSUES April, 1927 March, 1927 April, 1926 [In millions of dollars] Apr!, 1927 March, 1927 April, 1926 Class of issue Re- Re- Re- New fund- New fund- New funding ing ing Gov- Cor- Gov- Cor- Gov- Corern- po- ern- po- ern- poment rate ment rate ment rate Total.. 458.6 231.2 451.7 102.9 392.8 100.8 Corporate issues 314.1 131.6 361.8 101.9 284.6 99.1 Total.- 162.3 73.8 92.1 16.7 79.1 63.0 Bonds and notes— New issues 160.3 68.2 92.1 14.7 71.3 51.0 Long-term 222.2 113.0 242.8 91.3 228.1 81.1 Europe.. . 77.5 14.5 42.0 6.8 5.0 10.3 Short-term 10 4 12.5 2.1 27.4 17.2 Canada and Newfound- Stocks 81.5 18.6 106.0 8.5 29.1 .7 land 26 9 12 7 5 4 7 38 8 Latin America _ . _ 31.7 41.0 21.5 3.2 66.3 2.6 Farm loan issues 13.1 92.8 3.8 2.3 United States insular possessions. _ _ .5 Municipal issues 131.4 6.8 86.7 .9 105.9 1.7 Asia and Oceania.. 23.7 28.1 Refunding issues 2.0 5.6 2.0 7.8 12.0 Total new and refunding 68£.8 554.6 493- ft To a t n a d l, c G or o p v o e ra rn te ment 236.2 108.8 142.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
406 FEDERAL RESEKVE BULLETIN JUNE, 1927 INDUSTRIAL PRODUCTION [Index numbers, adjusted for seasonal variations. 1923-1925 average = 1001 Index of Industrial Production Month Tot HI Manufactures Minerals 192. 1925 1926 1927 1922 1923 1924 1925 1926 1927 1922 j 1923 1924 1925 1926 1927 January 74 105 106 106 73 100 99 105 108 105 100 103 105 93 117 February 76 U0 102 105 107 10Q To 100 102 106 108 107 100 106 101 98 120 March 81 104 101 105 1CS 112 78 103 101 106 108 110 106 101 98 108 122 April 77 107 95 103 107 109 81 106 95 103 108 109 112 92 99 107 106 May 81 107 89 103 107 86 107 103 107 108 93 104 103 June 85 105 85 101 107 90 104 101 107 107 91 99 104 July 84 103 83 103 107 89 102 82 103 107 109 90 102 105 August 83 102 89 103 111 87 101 103 112 110 92 107 109 September... 88 100 94 102 113 89 101 104 113 98 97 90 111 October 94 99 95 105 111 94. 95 107 110 105 97 91 116 November... 97 97 97 106 108 98 97 108 106 104 96 94 118 December 100 100 108 105 100 95 101 110 103 100 94 120 Annual index 85 101 104 108 87 101 94 105 108 74 105 99 107 Index of Production of Manufactures, by Groups Month Total I s a r t n e o d e n l Textiles p F u r o c o o t d s d - pr P i a a n n p t e d i r ng Lumber Le s a a h n o t e h d s er a C n e b d r m i e g c l n k a t , s , s f m N e e r o t r n a o - l u s s re P l f e e i u n tr m i o n - g R t u i b re b s er T f m a o c a b t n u a u r c e c - s o 1926 January 108 115 103 100 112 100 114 92 114 109 116 115 108 February 108 113 104 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 107 115 99 94 115 102 114 93 111 114 125 108 111 June 107 112 101 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 94 134 103 119 111 128 128 113 September... 113 117 110 103 116 100 127 105 119 111 128 138 113 October 110 114 110 102 118 97 106 106 114 113 129 126 116 .November.. _ 106 104 110 99 115 95 89 100 106 120 133 106 116 December 103 102 109 113 98 63 100 94 119 135 112 110 1927 January..... 105 106 107 112 96 92 98 99 116 135 117 114 February 107 114 107 92 114 98 99 100 108 112 135 114 113 March 110 U16 114 100 U13 91 103 97 U21 107 135 122 118 April __. 109 115 112 114 87 103 95 109 111 134 132 122 Index of Production of Minerals, by Products Month Total n B o i u t s u m co i a - l Ant c h o r a a l cite C tr r o u l d e e u m pe- sh Ir i o p n m o e r n e ts Copper Zinc Lead Silver 1926 January 93 115 3 100 107 11.4 115 February.._ 98 114 34 109 119 117 March _ 108 106 129 109 109 117 April 107 107 126 109 113 112 May. 103 100 120 108 112 116 92 June_ _ 104 101 124 103 106 110 108 98 July 105 101 118 103 109 112 107 113 90 August 109 103 121 106 128 108 119 116 93 September- 111 108 127 106 116 114 124 116 93 October 116 114 125 112 134 113 122 118 93 November.. 118 125 113 117 97 116 121 115 93 December.. 120 124 111 121 112 119 122 109 1927 January... 117 i 122 120 115 116 113 100 February.. 120 | 130 124 111 114 113 98 March 122 139 124 100 114 115 193 April 106 109 119 104 109 124 80 i Re vised. NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and ,methods of construction were described and monthly indexes for the above groups were published in the BULLETINS for February and March, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL RESERVE BULLETIN 407 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES March, April, If March, April, 1927 1926 19277 1927 1926 Iron and steel: Leather and products: Pig iron _ 111 113 Leather, tanning- Steel ingots ___ 117 115 Sole leather i_ 94 98 82 Textiles: Upper leather- Cotton consumption 116 119 105 Cattle 83 84 Wool- Calf and kip..., 89 85 104 Consumption „ 98 107 88 Goat and kid.. 109 107 123 Machinery activity l 82 86 82 Boots and shoes 95 99 90 Carpet and rug loom activity i._ 91 91 86 Stone, clay, and glass: Silk- Cement 110 112 97 Deliveries 150 132 115 Brick- Loom activity l 111 115 108 Face brick 102 139 106 Food products: Paving brick 84 89 82 Slaughtering and meat packing- 118 129 123 Hogs _.._ __ 87 90 81 Nonferrous metals: Cattle— - 105 103 108 Copper 107 103 115 Calves __ __-„. _. 102 106 104 Lead _ 124 116 112 Sheep ... 101 97 104 Zinc . 109 114 113 Flour _ 112 104 102 Tin* 114 107 120 Sugar meltings _ _._ 100 122 95 Chemicals and allied products: Paper and printing: Petroleum refining— Woodpulp and paper- Gasoline 1 149 151 132 Newsprint 102 103 114 Kerosene 98 100 106 Book paper...___ 108 U17 115 Fuel oil i 120 118 108 Fine paper 115 1107 115 Lubricating oil1 113 115 115 Wrapping paper 109 106 103 Coke production- Paper board „ ____ 112 U12 112 By-product 119 118 116 Wood pulp, mechanical - 92 104 105 Beehive 67 63 84 Wood pulp, chemical _._ 105 U08 110 Rubber tires and tubes: Paper boxes. 128 121 118 Tires, pneumatic. _ 133 124 109 Newsprint consumption 129 U22 119 Inner tubes 126 107 110 Lumber: Tobacco products: Lumber cut... 91 104 Cigars _ 91 95 92 Flooring 94 106 124 Cigarettes 147 137 127 Transportation equipment: Manufactured tobacco and snuff.... 96 95 101 Automobiles 103 103 110 Locomotives 69 71 97 Shipbuilding - 164 159 78 * Without seasonal adjustment. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919=100] M p e r t o a d ls u c a t n s d Textiles and products L b u e m r - Rail- Paper Foods Leather Stone, To- C i h ca e l m s - Month Total Group s l a i t n e o e d n l Group Fabrics P u r c o t d s - p u a r c n o t d d s - v r c o e l h a e d s i- m A o u b t i o le - s p a r in n in g d t- p u a r c n o t d d s - p u a r n c o t d d s - c g a l l n a a d y ss , b p u a r c o c t c d s o - p u a r c n o t d d s - Employment: 1926—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 i 75 1 August 94.4 91.9 91.7 88.4 88.6 88.0 100.3 84.9 125.1 106.6 86.0 89.5 129.7 76.7 75! 6 . September_ 95.8 92.9 92.7 91.3 92.8 89.5 100.0 85.0 124.6 108.4 88.6 90.9 129.3 80.6 77.4 October 96.3 93.3 93.0 93.7 95.9 90.8 100.1 83.9 119.9 109.8 90.4 90.6 126.6 82.7 78.2 November- 95.2 91.7 91.5 93.6 97.0 89.4. 99.3 83.0 110.2 111.1 88.6 89.0 123.9 82.3 78.2 December— 94.1 90.5 90.4 95.0 97.5 91.9 97.1 82.3 104.0 110.7 86.7 87. h 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 -- 93.6 90.1 90.1 96.9 98.5 94.7 91.7 79.2 117.3 109.0 84.9 88.9 110.1 79.0 77.8 March 93.9 90.6 90.3 96.6 98.3 94.5 91.1 78.0 122.4 109.0 84.1 88.6 115.9 78.9 78.2 April _ 93.2 89.9 89.6 95.1 97.5 92.0 90.8 78.4 123.4 108.1 83.1 84.2 121.5 77.3 78.1 Pay rolls: 1926—March 113.0 104.2 103.4 109.8 108.2 111.8 111.9 94.5 170.7 147.9 99.3 93.2 144.3 88.4 104.5 April ^ 110.4 102.7 102.0 103.6 104.8 102.0 111.7 95.6 165.4 147.0 96.0 84.2 147.6 82.3 105.0 May. 108.9 100.5 100.1 99.1 100.7 97.2 111.8 95.1 157.3 147.1 99.5 81.2 158.3 81.7 103.7 June. 108.8 100.6 100.3 97.4 98.2 96.4 112.9 96.2 147.7 146.9 101.6 85.4 162.9 87.1 105.0 July. . 103.6 94.8 94.5 91.6 92.7 90.2 107. 5 89.6 136.7 144.0 100.8 90.3 152.9 83^6 lOl! 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 March 109.9 100.7 100.1 110.8 111.3 110.3 103.7 87.0 153.4 152.2 99.1 93.2 144.9 80.9 111.7 April 108.4 99.5 99.1 105.1 108.1 101.4 102.2 88.0 157.7 150.7 98.0 87.0 151.6 77.9 109.9 NOTE.—This table contains for certain months general 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 in 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
408 FEDERAL RESERVE BULLETIN JUNE, 1927 BUILDING BUILDING CONTRACTS AWARDED 1 [Index numbers based on value of contracts. Monthly average, 1923-25=1001 Without seasonal adjustment With seasonal adjustment Month 1922 1923 1924 1925 1926 1927 1922 1923 1924 1925 1926 1927 January 47 61 76 75 111 94 68 85 102 101 146 123 February 50 70 75 76 99 96 69 96 100 104 136 131 March 82 93 109 120 146 151 80 86 99 107 128 131 April 100 101 121 138 139 147 80 79 95 112 120 128 May 100 108 108 124 134 135 81 88 95 115 125 126 Juno 97 93 101 137 133 80 80 91 125 125 July 94 79 87 133 126 85 76 83 128 124 August 89 75 89 149 146 83 72 85 135 129 September 76 73 87 138 137 78 76 90 135 130 October 69 91 103 129 126 67 88 100 129 126 November 68 80 95 116 119 79 90 103 127 130 December 59 77 83 129 131 73 91 94 138 136 BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS i [Value of contracts in thousands of dollars! Federal Reserve District Month Total New Phila- Cleve- Rich- Minne- Kansas Boston York delphia land mond Atlanta Chicago St. Louis apolis City Dallas 1926 J F a e n b u r a u r a y ry... 4 4 5 0 7 7 , , 1 9 5 0 9 0 2 1 4 8 , , 4 2 9 5 4 6 1 10 9 4 5 , , 5 5 6 8 8 4 4 2 3 0 , , 3 5 2 3 2 6 2 3 9 5 , , 9 0 0 3 5 3 3 2 0 5 , , 8 96 5 9 5 5 6 0 3 5 , 5 8 5 4 8 1 5 5 1 3 , ,8 1 4 2 8 2 2 23 2 , , 2 5 5 5 5 1 6,363 1 9 2, , 9 7 4 3 6 6 1 1 9 5 , , 7 7 1 3 4 0 March 597,879 32,476 158,454 45, 719 65,121 57,935 61,081 91,359 33, 527 15,029 13,897 23,281 April 570, 614 41,788 173,176 36,376 56,948 39,005 54,310 87, 690 30,697 15,966 14,074 20,584 May 549,815 44,489 144, 232 37,780 57,053 31,859 40,223 95,009 34,212 15, 245 18,839 30,874 June 547,792 36,838 129,051 50, 576 71, 293 27,817 36,492 101, 737 35,033 14,121 17,894 26,940 July 518, 932 39,228 110.671 37,483 66,749 25,009 42, 715 106, 661 34, 752 13,863 21, 559 20,242 August 600,809 42,098 158; 608 39, 767 57,361 29, 252 31,656 128,213 48,743 11,839 23,556 29, 716 September.. 562, 371 42,427 151,251 39,189 55,226 38,704 37,194 110,760 35,187 12,955 18,445 21,033 October 515, 727 29,297 127,176 28,843 55,236 35, 250 34,979 108,944 40,981 13, 712 22,935 18,374 November.. 487,013 34, 584 118, 757 28, 609 38, 733 44, 318 40, 084 114,456 30, 586 9,752 11,979 15,155 December... 537, 396 31, 570 228,021 31,018 41, 795 22, 596 28,232 92,113 22,504 8,588 11, 520 19,439 1927 January 384,455 15,848 116,973 32,353 48,509 127, 776 32,454 56, 372 21, 533 4,337 11,419 16,881 February. _. 393, 583 20, 298 105,958 45, 741 24,944 31,928 69, 698 25,697 5,548 16,173 14, 510 March 620, 738 42,806 157,873 52, 351 62, 733 34, 694 45,921 121,426 42, 704 16,107 16, 342 27, 781 April... 604,391 40, 649 168,170 52, 925 74,366 31,192 31,004 112,070 13,944 22, 644 22,539 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING PERMITS ISSUED, BY FEDERAL RESERVE BUILDING i j DISTRICTS [Value of contracts in thousands of dollars] I Public [Value of permits in thousands of dollars} Resi- Indus- Com- works Educa- All Month dential trial mercial and tional other public utilities Federal reserve district N of u m cit b ie e s r A 1 p 9 r 2 i 7 l, M 1 a 9 r 2 c 7 h, A 1 p 9 r 2 i 6 l, 1926 January 190,847 94,677 71,322 52,922 13,346 34,045 February.. 178,748 40,422 68,177 66,711 20, 721 33,121 United States 168 318,203 330,105 359, 870 March 262, 644 48, 677 108, 812 100, 603 29,080 48, 063 April 265,331 45, 653 89, 333 79, 228 38,480 52, 589 Boston 14 10,134 10,500 16,129 May 244, 587 45,977 70,892 100,961 39, 710 47, 688 New York 22 112,220 124, 261 • 128, 887 June 237, 725 54, 515 67,960 98,200 40, 753 48, 639 Philadelphia, 14 18, 238 18, 486 18,528 July 184,940 62,764 67, 219 111, 448 42, 016 50, 545 Cleveland 12 21, 237 19, 506 20,092 August 223,292 68, 279 81,343 125,683 42,124 60,088 September. 225, 516 49,113 97,378 98,167 34, 531 57,666 Richmond 15 13,166 10,915 17, 851 October 226, 794 46, 465 63, 601 103,757 23, 567 51, 543 Atlanta 15 12, 773 10,062 15,911 November. 229,821 64,781 59,657 50,129 34, 572 48,053 Chicago 19 70,862 73,952 73, 511 December.. 51,181 75,196 120,290 22,178 64, 585 St. Louis 5 8,065 6,799 9,502 J A M F a e p n a b r r u i r c l a u h r a • y 1 r 9 y 2 _ - 7 . . 2 2 1 1 5 6 6 6 3 0 7 7 , , , , 0 8 4 0 6 7 1 8 6 8 7 8 4 4 4 2 4 1 8 7 , , , , 0 8 2 6 7 7 4 0 5 7 7 2 11 8 8 6 3 0 0 7 , , , , 1 8 7 7 1 9 6 5 6 6 6 4 1 1 5 5 1 0 2 6 8 6 , , , , 1 8 2 9 8 2 6 5 0 7 4 5 3 3 2 1 5 6 2 7 , , , , 0 0 5 6 4 1 2 7 6 2 2 8 3 4 6 59 2 7 5 , , , , 1 4 6 6 2 6 3 7 6 8 1 6 D M S K a a a i n l n n l n s a F a s e r s a a p n C o ci l i s i t s c y o _ .. . . 1 2 9 9 4 0 3 4 6 6 3 , , , , 8 2 9 4 1 4 5 8 6 9 8 5 3 8 5 8 3 , , , , 1 4 9 0 2 6 6 6 4 7 4 9 3 9 8 5 , , , 0 3 0 9 5 5 7 6 8 i Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
409 JUNE, 1927 FEDERAL EESEKVE BULLETIN COMMODITY MOVEMENTS FREIGHT-CAR LOADINGS, BY LINES AGRICULTURAL MOVEMENTS [Index numbers, adjusted for seasonal variations. 1919=100] [Index numbers,^ without seasonal adjustment. 1919=100] ! Mer- Ani- Total | I | G p g u a r r r c n a a o t d i i d s n n - s L t i o v c e k - Coal F p u o r c r o e t d s s - t m c l l i d a . h a s i c n n a c s . e d e n 1 e l - - . - 1926— A M pr a i r l ch. Tot 8 7 a 5 5 l s L t i o v c 9 8 e k 1 3 - p u m r 1 1 c o a 1 1 t d s l 6 9 - Grai 6 5 n 5 2 s C to o 5 6 n t 2 4 - t V ab 1 e 9 2 l g e 5 3 e s -Fru 9 8 i 2 9 ts b T a o c - c 5 8 o 8 8 ous May.. . 85 87 137 54 43 121 173 16 June 91 88 168 84 20 170 115 30 1926— March. ... 126 112 93 112 130 137 July 107 80 152 170 12 134 177 2 April.. 132 121 112 131 138 August 106 88 118 158 48 101 204 66 May - 126 118 101 123 135 September- 144 102 104 124 213 186 295 192 June.. 127 128 90 105 124 133 October 190 113 96 125 375 251 435 261 July 130 135 97 111 125 137 November.. 165 107 117 99 343 135 204 286 August. 126 115 94 112 118 134 December - . 138 95 126 82 251 98 104 344 September- 128 109 106 116 122 139 1927—January.... 115 99 86 86 152 118 99 404 October-_._. 127 122 97 115 120 138 February.. _ 104 81 95 84 118 113 97 383 November.. _ 132 115 90 139 119 139 March 103 91 118 71 117 146 100 212 December. _. 132 120 140 116 140 April....... 85 82 137 50 74 146 128 31 1927—J anuary 122 108 116 115 136 February 132 122 130 119 143 1 For description and early figures see BULLETIN for March, 1924, and March __, 131 112 130 119 141 for certain revisions see page 739 of the BULLETIN for October, 1925. April..... 134 121 107 119 143 WHOLESALE TRADE SALES, BY LINES CHANGES IN SALES AND STOCKS—Continued [Index numbers,1 without seasonal adjustment. Mo. av. 1919=100] Sales: April, 1927, Stocks: April 1927, compared with— compared with— Month Total c G e r r o ie - s Meat g D oo ry ds Shoes H w a a r r d e - Drugs Line and d F is e t d ri e c r t al reserve March, April, March, April, 1927 1926 1927 1926 1926—March...... 85 81 75 93 73 106 133 April........ 80 79 76 77 59 103 123 May _. 82 80 81 78 60 107 111 Dry goods: June 84 86 82 77 59 105 116 United States. -17.0 -3.3 -O.4 -22.5 July „ 82 84 77 78 52 99 113 New York.... -28.8 -8.4 August...... 88 82 81 102 73 99 115 Philadelphia.. -19.1 -17.4 0.4 -29.6 September... 97 92 86 114 84 112 124 Cleveland.. _„. -13.1 -7.0 -0.1 -23.7 October..... 94 91 85 102 76 114 133 Richmond.... -20.1 -3.2 5.2 -11.3 November. _„ 86 87 76 91 67 104 117 Atlanta....... -10.5 -1.1 1.4 -27.0 December 78 80 73 71 60 99 110 Chicago..-—-. -22.4 -7.1 1.3 -25.6 1927—January..... 75 74 77 72 46 80 112 St. Louis -20.8 -0.7 2.6 -8.0 February. ... 73 69 73 78 53 82 104 Kansas City.. -11.7 9.6 -0.7 -0.9 March 83 79 71 90 73 107 130 Dallas -4.9 9.2 1.6 -13.3 April- 78 77 70 75 67 102 122 , San Francisco. -5.7 -3.7 -3.0 -3.0 Shoes: United States. -8.0 14.3 -7.5 3.8 i For description of wholesale trade index see BULLETIN for April, 1923 Boston...._... -13.4 9.5 5.7 8.7 New York..-. -7.3 16.4 -5.6 17.3 Philadelphia- -7.6 10.8 -12.0 -13.7 CHANGES IN SALES AND STOCKS, BY LINES AND DISTRICTS Cleveland 0.4 17.8 *7 A -4.6 Richmond.... -16.2 2.0 2'. 7 31.4 [Increase or decrease (—), per cent] Atlanta -_-. -11.9 -3.9 Chicago...-.-. -5.3 7.0 -5.4 -5.4 St. Louis -4.0 5.3 67.1 -18.8 Minneapolis.. -9.0 -9.0 -9.0 -51.0 Sales: April, 1927, Stocks: April, 1927, San Francisco. 8.0 9.1 -1.0 -25.8 compared with— compared with—• Hardware: Line and Federal reserve United States. —3. 6 0.1 0.9 -2.2 district New York 2.8 -0.4 -3.4 -4.0 March, April, March, April, Philadelphia .. -5.8 -8.4 2.4 -1.2 1927 1926 1927 1926 Cleveland.—-. -9.1 2.7 -0.5 -22.1 Richmond -3.9 7.1 -1.5 -5.3 Atlanta——. -0.2 -16.0 -2.0 -16.0 Groceries: Chicago -. -4.0 5.0 -0.2 -1.2 United States.. -2.6 -2.7 -4.9 -5.1 St. Louis -12.8 -10.5 -0.6 -21.8 Boston „ „ -4.1 -4.5 Minneapolis.. -4.0 -8.0 1.0 -5.0 New York. ___„—__ ... -6.0 -3.7 -9.0 -6.4 Kansas City.. -4.8 6.3 -0.1 -8.2 Philadelphia.. .__._ -6.9 -2.3 -1.0 -9.1 Dallas -. -15.6 1.7 -2.9 -10.2 Cleveland. ... . . _ -6.2 -6.2 San Francisco. -2.1 -4.5 1.5 -11.5 Richmond -5.6 -9.6 -6.9 0.9 Drugs: Atlanta _. _ -9.9 -18.9 -3.1 -6.4 United States. -6.0 -0.7 4.9 6.5 Chicago -0.4 -0.0 6.9 -8.6 New York -6.7 0.6 -14.4 -14.9 St. Louis . „ -9.7 -15.3 -9.7 -11.0 Philadelphia.. -3.2 -3.2 3.7 31.4 Minneapolis „ 1.0 6.0 -5.0 4.0 Cleveland -8.9 -6.5 Kansas City „ 7.1 15.5 0.0 -16.0 Richmond -7.0 0.5 Dallas ..„__. -4.9 -7.5 -4.2 -5.1 Atlanta..: -4.9 5.6 San Francisco 2.3 -1.0 -1.6 -15.0 Chicago—..—. -7.6 -8.0 3.4 3.8 St. Louis -7.8 4.9 3.5 Kansas City.. -5.0 1.3 2.5 -1.1 NOTE.—Changes in stocks are computed as of end of month; figures Dallas.. -4.0 1.0 -2.2 -9.5 for the United States are weighted averages computed on the basis of San Francisco. -1.9 3.3 2.1 6.7 firms which have reported regularly since January, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
410 FEDEKAL KESERVE BULLETIN JUNE, 1927 RETAIL TRADE SALES OF DEPARTMENT STORES, MAIL-ORDER HOUSES, AND CHAIN STORES [Index numbers.1 Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Chains Chains Month De- Mail- De- Mailpart- order part- order s m ( t 3 o 5 e r 9 n e ) t s ho (4 us ) es G c ( e 2 r r 7 o y ) - 1 5 0 - ( a - 5 c n e ) d n - t D ( r 9 u ) g C ( i 3 g ) ar S ( h 6 o ) e M ( u 4 s ) icCa (5 n ) dy s m ( t 3 o e 5 r 9 n e ) t s ho ( u 4 s ) es G c ( e 2 r r 7 o y ) - 1 5 0 - ( - a 5 c n ) e d n - t D ( r 9 u ) g C ( i 3 g ) ar S ( h 6 o ) e M ( u 4 s ) ic Ca (5 n ) dy 1926 January ... 114 116 286 166 178 127 108 101 167 130 118 284 228 185 146 142 122 199 February.. 104 111 287 , 170 172 127 97 103 173 135 122 299 227 189 151 145 126 205 March 130 130 302 199 194 142 143 112 206 130 111 279 207 192 147 143 124 204 April 133 120 329 202 191 150 166 111 226 130 118 324 216 196 156 143 130 226 May 137 105 322 214 188 160 174 109 220 132 117 321 225 191 157 151 131 228 June... 130 113 309 204 184 152 153 118 204 130 133 314 222 187 156 144 149 218 July 99 97 317 206 195 155 145 108 210 133 131 329 227 194 157 159 145 214 August 105 98 296 204 193 148 122 121 194 134 130 310 215 192 151 155 136 193 September- 131 121 307 211 192 153 142 137 218 144 128 323 227 195 152 148 137 221 October __ 158 151 334 257 206 162 158 151 227 139 116 324 237 202 155 140 125 221 November- 156 153 347 247 198 150 150 146 232 138 123 344 237 210 151 138 117 244 December . 234 166 373 466 261 222 215 223 303 146 139 357 252 215 164 164 118 208 1927 January... 114 108 347 177 209 134 106 94 178 130 110 345 243 217 154 140 114 212 February. _ 106 107 332 191 201 137 110 98 194 138 118 346 256 222 162 164 119 230 March 128 132 386 213 224 153 125 108 216 128 113 357 222 222 158 126 120 213 April...... 143 128 381 244 223 157 198 104 257 140 125 376 261 230 163 170 122 257 * For description of retail trade indexes see BULLETINS for January and March, 1924. Index of sales of grocery chains revised in February, 1925; comparable figures since January, 1919, obtainable from Division of Research and Statistics, Federal Reserve Board. DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers. Monthly average 1919=100] Federal Reserve District United States 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 M ap in o n li e s - Dallas Fra S n a c n isco Sales (unadjusted): 1926—February 104 93 108 103 106 91 92 119 76 93 117 March 130 119 131 138 127 130 108 145 94 111 158 April 133 133 138 128 133 126 114 147 107 108 150 1927—February 106 98 111 100 105 90 91 127 76 90 123 March 128 121 132 123 124 119 100 150 93 110 158 April __ 143 144 148 133 147 134 114 161 103 114 166 Sales (adjusted): 1926—February 135 125 141 128 136 122 121 150 108 118 154 March 130 118 129 149 125 126 109 145 96 105 160 April 130 126 134 116 129 123 111 144 103 114 156 1927—February 138 131 145 124 135 121 120 161 108 113 162 March 128 121 130 133 123 115 101 150 95 103 160 April 140 136 145 121 143 131 111 159 99 119 173 Stocks (unadjusted): 1926—February 131 113 128 183 125 120 112 151 101 118 132 March . _ 142 124 142 201 137 128 122 160 110 128 141 April 143 125 142 201 134 131 125 159 110 130 145 1927—February - . 131 115 127 189 122 120 117 151 92 103 136 March. _ _ 142 127 140 205 135 132 127 160 100 112 145 April . 143 129 142 200 134 132 130 161 101 112 147 Stocks (adjusted): 1926-—February 140 121 138 195 134 128 116 163 104 125 137 March 141 124 139 197 136 123 121 161 106 127 138 April 139 122 137 198 129 128 122 153 107 129 140 1927—February 139 124 136 201 131 129 120 162 95 109 141 March 140 128 138 201 132 126 125 161 96 111 143 April _ 139 125 137 197 129 129 127 155 97 112 141 NOTE.—Number of reporting firms included in sales and stocks indexes, respectively, for department stores are as follows, by Federal reserve districts: United States, 359-314; Boston, 24-24; New York, 63-63; Philadelphia, 22-13; Cleveland, 54-52; Richmond, 23-19; Atlanta, 35-22; Chicago, 63-51; Minneapolis, 23-22; Dallas, 21-19; San Francisco, 31-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDEKAL KESEEVE BULLETIN 411 JUNE, 1927 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS, BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE [Amounts in thousands of dollars] [Amounts in thousands of dollars] All banks M b e a m nk b s er Non b m an e k m s ber Number Liabilities N b u e m r - de T p o o t s a i l ts N b u e m r - de T p o o t s a i l ts N b u e m r - de T p o o t s a i l ts Total M fa i c a n t n g u u r- - Tr in a g d- b A ro g e k t e c e n . r t s s , , Total M fa i a c n n t g u u r - - Tr i a ng d- 1926 1926 January 13,384 3,992 54 9,392 January 2,296 510 90 43,651 16,094 21,502 February 52 11,763 2,861 42 8,902 February 1,801 447 1,282 72 34,176 10, 82220,317 March _. ... 51 10,249 710 45 9,539 March 1,984 469 1,424 91 9,862 18, 623 April __._ 56 12,512 3,534 50 8,978 April 1,957 494 1,378 85 38,487 16, 73419,094 May..- -.-- 68 16,324 4,234 58 12,090 May 1,730 437 1,216 77 33, 54316,157 15, 710 June.—. 77 34,229 5,318 61 28,911 June 1,708 435 1,160 113 29,408 10.092 15, 525 July 140 48,618 1,637 135 46,981 July 1,605 396 1,122 87 29, 68011,167 14, 614 August „ 52 10,001 2,127 43 7,874 August 1,593 449 1,071 73 28,130 12, 51614,096 September _._ 37 12,050 4,317 29 7,733 September.,. 1,437 374 958 105 29,990 10.093 11, 243 October...... 88 18,209 69 11,929 October 1,763 450 1,205 108 33, 23111, 65015, 874 November 154 45,983 19,389 121 26, 594 November... 1,830 440 1,285 105 16,097 14,158 December - 116 39,166 14,413 89 24,753 December... 494 1,471 104 45, 62016, 75820, 579 Total 956 272,488 160 68,812 1 796 203,676 Total 21,773| 5,395 15, 268 1,110 409, 232 158,042 201,334 1927 January „__ __. 131 36,539 11,836 104 24,703 1927 February .. 80 32,381 64 23,486 January 2,465 501 1,842 122 51, 29019,996 24, 530 March ._. 75 44,893 8,999 59 35,894 February 2,035i 411 1,508 116 46,941 10,518 23,406 April 46 12,132 37 March 2,143! 569 1,468 106 57,891 22, 36828,191 April........ 492 1,342 134 53,156 25,278 22,308 Total, 4 months. 332 125,945 35, 059 264 90,886 Total, 4 months.. 8,611 1,973 6,160 478 209,27878,160 98, 435 BANK SUSPENSIONS,^ IN APRIL, 1927, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Amounts in thousands of dollars] [Amounts in thousands of dollars] Member Nonmember All banks banks 2 banks Number Liabilities Federal reserve district Federal reserve N b u e m r - p T o d o s e i t t - a s l 3 N b u e m r - p T o d o s e i t t - a s l 3 N b u e m r - p T o d o s e i t t - a s l 3 :; £ district A 1 p 9 r 2 i 7 l, M 1 a 9 r 2 c 7 h, A 1 p 9 r 2 i 6 l, A 1 p 9 r 2 i 7 l, M 1 a 9 r 2 c 7 h, A 1 p 9 r 2 i 6 l, Boston 197 234 223 6,913 7,961 3,779 Boston New York 324 380 404 10, 288 10,932 10, 734 New York _. Philadelphia... 64 83 55 2,829 3,967 2,831 Philadelphia Cleveland 151 193 200 6,026 4, 725 3,306 Cleveland 3 1,069 1 578 2 491 Richmond 123 147 134 3,801 3,586 3,321 Richmond 6 2,984 1 749 5 2,235 Atlanta 136 152 54 3,787 4,531 452 Atlanta 4 202 4 202 Chicago... .. 288 322 275 9,122 11,840 5,767 Chicago 12 2,461 3 694 9 1,767 St. Louis 95 111 84 1, 591 1,089 1,657 St. Louis. 4 769 4 769 Minneapolis 98 89 82 1,221 869 847 Minneapolis 5 983 2 ' 654 3 329 Kansas City 124 116 135 1,527 1,684 1,861 Kansas City 7 878 7 878 Dallas _. 75 59 66 1,685 1,415 716 Dallas. 2 77 2 77 San Francisco 293 257 245 4,366 5,293 3,217 San Francisco 3 2,709 2 2,654 1 55 Total. 1,968 2,143 1,957 53,156 57,891 38,487 Total 46 12,132 9 : 5,329 37 6,803 1 Banks closed to the public by order of supervisory authorities or by the directors of the banks on account of financial difficulties. 2 Comprises 5 national banks with deposits of $3,627,000 and 4 State member banks with deposits of $1,702,000. 3 Figures represent deposits for the latest available date prior to the suspensions, and are subject to revision when information for the dates of suspension becomes available. 48150—27 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
412 FEDEKAL EESEKVE BULLETIN JUNE, 1927 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NATIONAL BANK OF AUSTRIA The annual report of the National Bank of market at times; favorable reports come from Austria for 1926 contains the following account certain branches of the textile industry also. of economic and financial developments in The market for automobiles suffered from Austria during the year: foreign competition; motor cycles, on the other General situation.—In Austria the favorable hand, met a rather brisk demand. Conditions trend in state finances and currency conditions in the lumber industry, in flour mills, and in has continued during 1926; the improvement foundries were unfavorable. of the economic situation, on the other hand, That the situation of industry, trade, and has proceeded but slowly and with much commerce, taken as a whole, is still very diffifriction. Of the circumstances created by cult is shown by the comparatively slight dethe British coal strike, Austria was able to cline in failures as compared with the year take advantage to only a very limited extent. before, and perhaps is shown most clearly by Her coal production covers but a small per- the movement of unemployment figures. In centage of her own demand, and coal is January, 1926, there was a record number of scarcely ever considered as a commodity for 231,361 persons unemployed, which declined export; and of the economic advantage reaped but slightly during the first quarter and somein other branches of industry by the western what more rapidly during the second. In countries and by Germany as a result of the September the minimum for the year was weakening of English competition, only isolated reached, the number being 148,111. At the instances were to be observed in Austria. end of the year there were 205,350 unem- Nevertheless, as the result of this slight ployed receiving relief—that is, only 2,484 less advantage, also of the passing of the German than at the end of 1925. consumption crisis which was still keenly felt Balance of trade.—Official reports on foreign at the beginning of the year, and finally of the trade paint a far from satisfactory picture. decline of French competition after the franc According to these, the deficit in the merchanhad ceased to depreciate in the course of the dise balance for 1926 was provisionally estisecond half of the year, a slight improvement mated at 1,076,000,000 schillings, so that in in various branches of Austrian industry made comparison with the preceding year there was a itself felt. The failure to achieve a more com- change for the wxxrse of about 141,000,000 plete recovery was due to the obstruction of schillings. This position of the merchandise our export trade by the tariff policy of those trade balance/ which is to be attributed to the countries which are the natural export markets fact that the value of exports has declined in for Austria, and to the limited capacity of comparison with the preceding year more absorption by the domestic market. As to sharply than the value of imports, certainly the former, the commercial agreements which calls for most serious consideration and the aphave been ratified, especially the commercial plication of all measures likely to bring about treaty with Hungary, have not fulfilled the an improvement. Unfortunately, in view of hopes placed upon them; as to the latter, the existing tendencies, little can be expected imlack of capital and the paralysis of the private mediately in the direction either of establishing building industry through the protection af- new or revising existing commercial treaties. forded to tenants continued to be seriously felt. The active cooperation of eminent economic The periodical reports of conditions in the experts of the international chamber of comvarious branches of industry give a far from merce succeeded, however, at their last meeting uniform and rapidly changing picture, so that in Paris, on the strength of a report presented any final judgment is difficult. The sugar and by the Austrian representatives, in getting brewing industries seem comparatively pros- resolutions passed which possibly indicate a perous; important branches of the chemical way of bringing about a policy better suited to industry, the paper and the electrical industries, the manifest interests of all the participating and the production of agricultural machinery states, by changing the hitherto prevailing and implements seem to have held their own. treaty system. Important results in the way In the furniture, shoe, and ready-made clothing of decreasing imports are to be obtained far industries, cheaper products have had a good more effectively and permanently than through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL RESERVE BULLETIN 413 their prohibition, if a wisely conducted propa- too unfavorable picture of the merchandise ganda for the systematic preference of domestic trade balance. products by domestic consumers finds intelligent Balance of payments.—In the second place, acceptance among the general public. it can be pointed out that, in spite of the great The condition of the Austrian balance of deficit in the merchandise trade balance, the merchandise trade has obviously furnished an gold and foreign exchange holdings of the occasion for bringing up again for discussion Austrian National Bank have shown a large the question of our commercial relations with increase, just as they have done in former Russia. A certain progress toward the solu- years. Not only, therefore, did the foreign tion of the financial problem involved in this bill holdings of the bank not have to be drawn matter is to be noted., in so far as that in upon for settlement of the Austrian balance of Austria also the idea is gaining ground that payments, but on the contrary, there was a those public authorities who are responsible surplus from the international balance of payfor the support of the unemployed, especially ments which strengthened these holdings. the Federal authorities, should be called upon This fact, although certainty encouraging, to assume at least in part the specific risks of only indicates that the obligations of Austria this export business by means of a consider- to foreign countries, arising out of surplus imable contribution. In this connection a con- ports of foreign exchange and out of other crete proposal is under discussion, a proposal liabilities, were covered without difficulty durwhich, however, not only from the standpoint ing the past year; it does not, however, establish of the financial administration but also from any sure conclusion regarding the economic the standpoint of the Austrian exporting situation in general or regarding future defirms, will call for careful ^examination. The velopments. For this a more exact knowledge large scale solution which the same question of the items of revenue in the balance of payhas found in Germany was made easier there ments is necessary, an investigation of which by the greater wealth of the country, and has been repeatedly attempted, but always especially by the fact that German industry with inadequate results. It is certain that the makes use to a considerable extent of Russian so-called invisible exports, or, to speak more goods and thus obtains valuable covering accurate!}7", exports which can not be included guaranties. Through certain changes in the in the statistics and which develop to a great organization of the foreign-trade monopoly in extent in connection with the tourist trade, as Russia, moreover, the position of Austria, well as revenues derived indirectly from this which depends in large measure on the mixed trade, play an important part in Austria. Austrian-Russian trading companies, has On the one hand, the tourist trade is rather suffered a serious injury; this emphasizes the brisk, as may be seen, for example, from the need of initiating negotiations for commercial fact that in 1926 Vienna alone was visited by treaties with Russia. more than 300,000 foreign tourists. On the However much the bank of issue, in safe- other hand, the products of the famous Vienna guarding the interests intrusted to it, must luxury industries and of the clothing industry, insist upon the importance and the necessity as well as of Austrian works of art, are suitable of all measures for improving the merchandise chiefly for sale to tourists visiting our country. trade balance, it feels called upon, neverthe- There are also to be taken into consideration less, and indeed as a primary duty, to issue a the revenues from the transit trade, which are warning against those pessimistic exaggera- not to be underrated, considering that the tions which frequently emerge in discussions of topography of the territory of Austria is the ^ significance of the figures of Austrian otherwise unfavorable from the economic point foreign commerce, and in conclusions drawn of view; furthermore, there are revenues defrom these figures regarding the economic, rived from the financial and commercial comand especially the monetary, situation. mission business, to which Austrian credit In the first place, there must be taken into institutions and merchants seem especially consideration the inevitable lack of accurate adapted—on the one hand, through their constatistics and the difficulties which stand in nection with the commercial and financial the way of accurate valuation of our foreign centers of the west, and, on the other hand, export commodities. It is a generally accepted through their experience and acquaintance in fact that these considerations lead over- business dealings with centers in eastern whelmingly to the same conclusion—namely, Europe. There are also revenues accruing that the statistical reports give an altogether to Austrian citizens and companies from for- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
414 FEDERAL RESERVE BULLETIN JUNE, 1927 eign property, especially from participations, Bank has followed the policy obviously shares, and outstanding debts. Also among dictated by economic and financial precedents, the asset items of the balance of payments but thus far only hesitatingly and with the during the past year, the repatriation of aim of avoiding any radical intervention. capital which had been sent abroad during The volume of Austrian short-term foreign the crisis probably played some part; this borrowings certainly calls for serious considerareturn of capital was fostered by the continu- tion by the authorities; up to the present time, ance of stable conditions and by the possibility however, it has given no occasion for taking of getting greater remuneration from higher actual measures, chiefly because the strong interest rates at home. Moreover, among the foreign exchange position of the Austrian revenues of the balance of payments during National Bank, which is indicated by the fact the past year must be included the proceeds that the sum of its foreign exchange holdings from the sale of securities of Austrian business is 76.08 per cent of the total circulation, has enterprises, especially the sale abroad of stocks afforded complete assurance that foreign bills and bonds. With all the reservations which of exchange as needed would be at the disposal the lack of statistical data makes necessary, of business concerns for repayment of shortone must surely realize that the revenues from term credits. the above-mentioned items, taken together, Any considerable increase of short-term cover a very large part of the deficit in the borrowing abroad would certainly not be merchandise trade balance and of other lia- desirable, for it would inevitably make the bility items; while the rest of the revenues domestic economic situation entirely too derequired to effect a balance arise out of the pendent on the development of money-market proceeds of credit operations. conditions abroad and seriously hamper the It is certain that in this connection long- money and credit policy of the Austrian term loans have played a very much smaller National Bank. In so far, however, as Auspart than short-term credits. First must be tria must continue to look to the influx of mentioned the $5,000,000 loan to the Province foreign capital for increasing its productivity, of Styria and several smaller loans to munici- the emphasis in future must be laid on obtainpalities and industrial companies, which, to- ing long-term credits. The difficulty here is, gether with the proceeds of loans floated dur- however, that most industries are too small, ing the preceding year but not realized until as independent borrowers, to enter the markets 1926, amount to a total of from 80,000,000 to of the west, which are accustomed to dealings 100,000,000 schillings. Thus in 1926 Austria, on a much larger scale; and the attempts to as well as other countries which had not been so assist small borrowers, by organizing them into disastrously affected by the war and which have investment trusts for the satisfaction of their larger economic resources of their own, achieved requirements, have unfortunately been atbudget equilibrium to a great extent by means tended with no considerable success. It would of foreign short-term credits, although the sum be well, therefore, to consider whether the total of this may be greatly overestimated. Federal Government or the great independent This expedient is, of course, unavoidable, but administrative organizations should not assist it should be resorted to only with great discre- the inflow of foreign capital—by themselves tion; for from time to time circumstances and first taking up the investment credits and then conditions wholly unrelated to the political redistributing them; or at least make the borand economic situation of the debtor country rowing possible, by furnishing a guaranty for create a sudden tendency to call in such credits; such credits; for they could obtain satisfactory to counteract this, increased compensation security for the obligations thus incurred far offered by the payment of higher interest rates more easily than could the foreign creditors. can not always be successfully employed. It In any case, when public corporations succeed is well known that, in certain countries which in negotiating a loan, the method of floating find themselves in similar conditions, measures the issue should be carefully gone over, and have been taken by the authorities and espe- such loans should be free from the burden of cially by the banks of issue to restrict short- taxation; this for two reasons: First, because term borrowing. The preliminary condition in these present times of transition and readof such a policy seems to be the achievement justment, production should not be unduly of a stage in the process of economic recon- burdened and restricted in its powers of comstruction to which Austria has not yet at- petition; second, because the purchasing power tained. For this reason the Austrian National of the population should not be too greatly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
415 FEDERAL RESERVE BULLETIN JUNE, 1927 weakened by Government taxation, for this, trial loan organizations and perhaps also the of course, increases the difficulties of trade. savings banks. The creation of such a clear- In fact, both the Federal Government and the ing house might be able to afford a certain Federal railways which, together with the alleviation, by establishing a relation which municipality of Vienna, should be given first has hitherto been lacking, between the agriconsideration in this respect, are grievously cultural credit organizations and the general hampered in their freedom of action by the money market. The policy—initiated by the restrictions arising out of the peace treaty and commissioner general of the League of Nations— out of our obligations to the League of Nations. of granting from the proceeds of the League of A survey of the situation just described shows Nations loan short-term credits to agriculture that it would be highly desirable during the for the purchase of artificial fertilizer, was concoming year either to abolish these restrictions, tinued during the past year with gratifying or at least to simplify the proceedings necessary results. Furthermore, upon recommendations to obtain consent for credit transactions of this of the Government, the finance committee of kind. the League of Nations has agreed that from the Agriculture.—In contrast to the progress of proceeds of the League of Nations loan a sum industry, the development of agriculture shows of 6,000,000 schillings should be appropriated more favorable results in many lines. The area through the agency of the Austrian National under cultivation by the more important crops Bank for the creation and development of dairy shows a moderate increase as compared with establishments. This action was not taken 1925, and the general rise in the yield per until toward the end of the year, so that its hectare bears witness to more intensive pro- success can be estimated only at some later duction resulting from, the wider use of time. artificial fertilizer and agricultural machinery. Banking and credit.—The necessary process The yield of the wheat and of the rye harvests of amalgamation among credit institutions has fell considerably behind those of the previous made excellent progress during the past year. year, whereas the yield of barley and oats Chief mention should be made of the taking reached notably higher proportions. Cer- over of the Austrian branches of the Anglotainty it deserves mention that the yield of Austrian Bank (Ltd.) by the Austrian Credit the rye and barley harvests are very nearly Bank for Commerce and Industry; and the sufficient to cover our domestic requirements, transactions by which the Austrian General while the yield of our own oats harvest will Mortgage Credit Bank took under its control meet about 90 per cent and the wheat about the General Commercial Bank in Vienna and a 40 per cent of our own requirements. This series of banks in the various Provinces. In result shows a considerable improvement over the closing days of the year definite negotiations the figures compiled for 1924 by the experts were begun, which led to the fusion of the of the League of Nations and approaches the Union Bank and the General Commercial preliminary estimate made at that time. Less Bank with the General Mortgage Credit Bank. favorable was the yield of potatoes, maize, tur- The process of amalgamation among the nips, and forage crops, and especially of wine. credit institutions during the past year has been The situation of agriculture is unsatisfactory accelerated by the effects of the crisis. This is as regards the relation of prices to the cost of to be attributed especially to the fact that the production, and as regards conditions for ob- requirement to publish balance sheets in gold taining credit. Although the fantastic rates values made it impossible for institutions of interest which were charged on the first issues which had been hard hit by the crisis to conof mortgage bonds after the collapse have tinue a precarious existence any longer. Thus, undergone a notable reduction, long-term cred- the number of Austrian joint stock banks its for agriculture are nevertheless far too dear. declined during the year under review from 51 The situation in respect to short-term credits to 45, and in the latter figure are included 10 is even worse, owing partly to the fact that institutions, the absorption or liquidation of agricultural credit organizations are not suffi- which was under way at the end of the year. ciently developed. Efforts are now being The necessity of setting up and publishing made to unite the Raiffeisen credit associations balance sheets in gold values in the case of the already existing in the Austrian Provinces— Central Bank for German Savings Banks—up the agricultural mortgage banks cooperating— to that time a highly respected, rather old into a central clearing house, in which can be banking firm doing a fairly large volume of included eventually the association of indus- business—revealed an extensive immobilization Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
416 FEDERAL RESERVE BULLETIN JUNE, 1927 of assets and serious losses to large creditors. during the inflation crisis. During the autumn In May, 1926, therefore, the administration of the Government intrusted the temporary conthis bank found itself compelled to apply to the duct of the business of the postal savings Government for assistance. While the Govern- bank bureau to the president of the Austrian ment was still deliberating whether the recovery National Bank; he had a trial balance sheet of the bank was possible, every prospect of a drawn up, which revealed a total loss of about successful outcome was frustrated by pre- 110,000,000 schillings. The depositors were notmature newspaper reports of the condition of affected by this loss, for the Federal Governthe bank, which necessitated immediate action. ment is responsible for all obligations of the Inasmuch as the Central Bank of German postal savings bank to their full amount. By Savings Banks administered the liquid funds the law of December 29, 1926, this responof a large group of small banks, there was sibility was reaffirmed. Furthermore, the grave danger of the outbreak of a panic which statutes of the postal savings bank were would not be limited to depositors of the bank revised, its commercial activities curtailed, itself but would inevitably extend to the and suitable supervision established. The depositors of the savings banks and cooperative liquidation of its previous obligations and the societies. In order to avoid such a disastrous adjustment of the loss are now in progress. result, the Government intervened energetically The increase in the amount of savings by promising its guaranty for ail the deposits deposits presents an encouraging picture; in the Central Bank of German Savings Banks, these deposits rose from about 610,000,000 and by appropriating meanwhile from the schillings in December, 1925, to about 886,- Government treasury funds for satisfying the 000,000 schillings at the close of 1926—that is, depositors. Then by the Federal law of'July by 276,000,000 schillings, or by 45.09 per cent. 12, 1926, a deposit moratorium was granted to There can be no doubt that this large increase the Central Bank of German Savings Banks. is attributable to the deposit in savings ac- At the conclusion of the work of a special counts of capital sums which formerly found parliamentary committee, appointed by.a law employment as working capital of independent of November 30, 1926, to investigate the case, industrial enterprises, but which on account of the liquidation of the bank was ordered, and the existing situation can no longer find investthe business of liquidation assigned to the ment in this form. Austrian Credit Institute for Public Under- On the private money market the rates takings. All depositors were to be paid 100 during the first nine months showed a decidedly per cent and other creditors 30 per cent. To downward tendency. The private discount the extent that the assets of the bank were rate for first-class bills, which at the beginning inadequate, funds for this, as well as for repay- of the year was from 8% per cent to 83^ per ment of appropriations from the Federal treas- cent, was successively lowered, with but unimury, were obtained by a loan from the newly portant fluctuations, to 5% per cent in the created guarantee fund, while interest on the latter half of August, and not until the last loan and its amortization have been assured three months of the year did it begin again to through a special appropriation from taxes on rise slowly, reaching 6% per cent in the last deposits. days of December; various signs, however, For a long time the condition of the postal lead to the expectation of a speedy easing of savings bank bureau had been under discussion the money market at the begining of the new by the Government. The reorganization of year. this institution had become imperative for the During the entire year the Austrian National reason that the organization of the postal sav- Bank was called upon for the rediscount ings bank was still based upon pre-war laws, as of bills in only moderate amounts, except ,that a result of which its relations with the Govern- at the end of each month there were somewhat ment, especially in the matter of controlling its stronger demands, but generally for short-term activities, were inadequately regulated. The account only. The average holdings of the settlement of this question had become all the discount portfolio, accordingly, declined from more pressing because the postal savings bank 104,900,000 schillings in 1925 to 89,600,000 bureau was in serious straits as a result of schillings in 1926. The bank rate stood at 9 losses of security holdings, and of a series of per cent until January 27, 1926; it was lowered unfortunate business transactions with the on January 28 to 8 per cent, on March 31 to banking house of S. Bosel, and with several 7JH2 Per cent, and on August 7 to 7 per cent. banks which it had assisted in their difficulties This reduction of the central bank rate has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL RESERVE BULLETIN 417 exercised a strong influence on interest rates least in these two securities. The issue of charged by the banks to productive industries, mortgage bonds of the Mortgage Credit Instiso that on the whole a cheapening of these tute met a very active demand from time to credits by 2 per cent is to be noted as a result time. Speculative interest was shown in the of the period under review. Reduction of second half of the year in the building shares commission rates was not possible during the of the dwelling and settlement fund, the stocks past year, because the social burdens and the of the new issue of which, put out in the autumn taxes of the credit institutions underwent no to the amount of 6,000,000 schillings, were handecline, and because the cutting down of the dled at a considerable premium immediately number of employees, which at first causes after they were issued; this, however, was increased expenditure, did not reach the point partly lost later on. where it brought about any reduction in ad- In accordance with the decree of March 23, ministrative costs. 1925, trading in foreign securities, as hitherto, The interest paid on deposits has on the was permitted only to expressly authorized whole undergone a reduction parallel with the dealers in foreign exchange; and this decree was lowering of the bank rate. Cases in which the legal basis for the administrative meetings rather weak institutions seek to attract deposits of the so-called' Foreign Exchange Clearing by offering higher rates of interest are becoming Association. As a matter of fact, the stock fewer. Yet there persists a regrettable com- exchange business in foreign bills of exchange petitive warfare in the deposit business between and .foreign currencies has taken place almost institutions of local importance, as a result of exclusively in the form of foreign exchange which uniform regulation is made more difficult. clearings. On December 18, 1926, the above On the security market, at the beginning of mentioned decree was repealed, as a result of the year, owing to the abundance of funds in which the regulation of dealings in foreign ex- Vienna and the increased participation of for- change bills and in foreign currencies has again eign markets, a more cheerful tone was mani- become, as it was before the war, an affair of fest, which resulted in a short-lived rise in the autonomous stock exchange board. The security prices. After a fairly long period of board has, however, decided to continue the depression the bourse was stimulated by the foreign exchange clearing house for the present, publication of gold balance sheets, by the rise not any longer under the direction of the Ausof customs duties, and by other considerations, trian National Bank but as a customary line all of which led to a revival of business. The of stock exchange activity by legally authorindex of security prices, which at the beginning ized stock exchange brokers, who also estabof the year stood at 954, rose by July, 1926, to lish the rate. 1,073, and after a slight weakening in August, From dealings in foreign bills of exchange rose by September to 1,203. In the last quar- and foreign currency in Vienna, important ter the movement of security prices, despite some amounts of foreign exchange bills have flowed fluctuations, showed a declining tendency, so into the Austrian National Bank, which not that the index of securities for December was only were sufficient for the needs of the Gov- 1,055, which is about 10 per cent higher than it ernment and for other payments in foreign exwas a year ago. The consortium, which was change, but also led to a considerable strengthorganized in 1924 for the purpose of supporting ening of the foreign exchange holdings of the the market, has paid off during the course of central bank. This fact was shown in the the 3^ear 25 per cent of the credits extended to it movement of exchange rates in Vienna, which and has concluded negotiations for the estab- were quoted for the most part at a discount lishment of the security trust company which and seldom reached par value. Only the had been planned last year. Zurich and Stockholm exchanges were now and On the investment market pre-war securities then bought at a small premium. The Vienna were in active demand from time to time for rate for the dollar fluctuated in 1926 between purposes of speculation. Partly as a result of 706.70 and the gold parity of 710.60. This irresponsible guesses as to the prospects for circumstance, at times when other gold exvalorization, and the contradictory rumors con- changes in relation to the dollar were weaker cerning the intentions of the Government, on the international market, led to their being considerable fluctuations took place. By the quoted temporarily in Vienna below their calling of the gold loan and the 43^ per cent gold points—a situation which was utilized to treasury bonds of the year 1924 for custody a moderate extent for gold arbitrage transacby the Government, speculation was ended at tions. The effective gold bullion holdings of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
418 FEDERAL EESEEVE BULLETIN JUNE, 1927 the Austrian National Bank rose during 1926 The estimated Federal budget for 1927, from 3,473.6 kilograms fine to 11,136 kilo- which was authorized by Parliament before the grams—that is, by 7,662.4 kilograms fine. Of end of 1926 and was published together with this, 3,619.4 kilograms were obtained through the Federal finance law of December 29, 1926, the purchase of bullion at the market rate. On shows a total deficit of about 135,400,000 foreign markets also, the schilling maintained chillings, against which, however, must be its stability with very slight fluctuations. In charged capital outlays of about 179,800,000 Zurich the quotation for Vienna exchange schillings included in the estimate, so that the varied between a maximum of 72.85 on Janu- current balance sheet shows an estimated ary 20 and a minimum of 73.30 on March 27, surplus of 44,400,000 schillings. compared with the par value of 72.93. In The remaining proceeds of the League of Berlin the rate of the schilling moved between Nations loan, which at the beginning of 1926 a low of 59.02 on February 15 and a high of were about 276,500,000 schillings—not includ- 59.38 on June 25, compared with a parity of ing the Swiss credit which has not yet been 59.09. realized—have declined during the course of Government finance.—The position of the the year by 102,200,000 schillings to 174,300,- Government finances developed favorably dur- 000 schillings as a result of the authorized ing the past year. The actual situation of the release of certain amounts and appropriations Austrian Federal economy, so far as can be made in consideration of special circumstances; judged from the provisional monthly reports thus, including the Swiss predit of about available, resulted far more favorably than was 28,900,000 schillings, there still remains availanticipated in the Federal estimates. In the able from the League of Nations loan at the current balance sheets the excess expenditures beginning of 1927 a total sum of 203,200,000 of about 120,000,000 schillings above the schillings. During the second quarter of 1926 estimates, which for the most part arose from the final budget returns of the Federal Governunforeseen appropriations in aid of needy ment for 1925 were published by the Supreme Government employees and pensioners, from Finance Council; these show a far more favorthe loan to the Central Bank of German able result than was anticipated from the Sayings Banks, and from increased expenses for preliminary budget estimates. In June, 1926, social administration, especially for relief pay- the finance committee of the League of Naments to unemployed and to persons injured tions, to whom the final account was presented, in the war, were completely covered by in- made another investigation of the Austrian creased revenues (especially from direct taxes, financial and economic situation and came to duties, and customs) to the total amount of the conclusion that, notwithstanding the per- 189,000,000 schillings. It can, therefore, be sistence of the economic depression, no further concluded that in the year 1926 not only was maintenance of control was justified. The budgetary equilibrium maintained, but also finance committee stressed the fact that the that on the current balance sheet a surplus of Austrian budget had been in balance for 104,000,000 schillings was attained. This ex- more than a year, that the currency had ceeds the surplus anticipated in the estimates remained stable for more than three years, and for the year by an amount of 69,000,000 schil- that it was adequately secured. Finally, the lings. In 1926 the actual outlay for long-term committee expressed their conviction that expenses was 135,000,000 schillings, and was these results could be maintained in future by covered partly from the release of the remain- watchfulness and foresight in administration, der of the League of Nations credit, partly which are essential conditions in any country from the surplus of current income over ex- for the maintenance of financial stability. 1 penditures. According to the monthly state- The economic council of the League of Naments of revenue and expenditure, the resulting tions, therefore, declared that the financial total deficit of 31,000,000 schillings for the stabilization of Austria was assured and that year as a whole, which arose from the difference the function of the commissioner general should between the capital outlay of 135,000,000 be terminated as of June 30, 1926. The reesschillings and the surplus of 104,000,000 schill- tablishment of control was provided for in the ings in current account, and which w~as about event that the government revenues set apart 91,000,000 schillings lower than the preliminary for covering the service of the League of estimated deficit, represents essentially only Nations loan should be inadequate, or in the that part of the capital outlay which was not event that the equilibrium of the budget should covered by the surplus in current account. be seriously threatened. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL RESERVE BULLETIN 419 During this same session the finance com- release and appropriation of the League of mittee of the League of Nations sanctioned in Nations loan; and also authorized a sum of principle the proposition of the Austrian 50,000,000 schillings for repayment of the Government, according to which the issue of government loan. This repayment, however, short-term treasury certificates of the Federal is not to be made until some time within six Government, payable in schillings, might be months after the passage of the law authorizing drawn upon to a maximum of 75,000,000 the issue of treasury certificates—that is, after schillings for current needs of the government the beginning of the issue. treasury. At the same time a change was The foregoing survey of the economic and recommended in the statutes of the Austrian financial development of Austria during 1926 National Bank, by which the bank would be indicates that the situation in respect to govempowered to discount the above mentioned ernment finance and currency policy has been treasury certificates and to accept them as further strengthened. In the field of economic collateral for loans. These changes in the reconstruction, however, important problems statutes will be submitted for approval to the still lie before us—the solution of which calls for general assembly of the league as a separate all our energies, and is dependent to a great item in the agenda. Furthermore, the finance extent upon the progress made by the nations committee of the League of Nations has in of Europe toward closer cooperation in the invarious resolutions paved the way for the terests of their common economic welfare. ANNUAL REPORT OF THE NATIONAL BANK OF CZECHOSLOVAKIA The first annual report of the National Bank a greatly increased surplus of exports, to the of Czechoslovakia, presented to the general return of funds from abroad (caused by the meeting of stockholders on February 24, 1927, lower rates in the neighboring countries), to contains the following account of economic repayments of credits granted by our exportconditions in the country and the operations of ers abroad, and to the temporary reduction of the bank during 1926: imports of raw materials, owing to the reduced Owing to its extensive foreign trade, Czecho- volume of production. Foreign credits, of slovakia was affected by economic conditions which Czechoslovakia availed itself to a smaller in other countries. Thus, currency fluctua- extent than any of the other central European tions, the depression resulting from stabiliza- countries, formed only a very minor part of tion in some countries which carry on an in- this accumulation; in fact, the total amount of tensive trade with Czechoslovakia, and the these credits declined during the year. The English coal strike, were reflected in the continued influx and accumulation of foreign Czechoslovakian economic situation. currencies, the increasing steadiness of the Owing to the unfavorable development of exchanges of neighboring countries, and the these international conditions, the general considerable improvement of international economic situation in Czechoslovakia was money-market conditions enabled the National worse in 1926 than in the previous year. Some Bank of Czechoslovakia on January 17, 1927, branches of industry experienced a slight to relax the restriction on foreign exchange decline in activity, and some a heavier depres- dealing. sion, the effects of which were felt throughout The level of prices in Czechoslovakia was, our whole economic life. In the efforts toward on the whole, quite steady during the year improvement, however, further considerable under review. The wholesale price index stood progress may be noticed, mainly in the financial at 966 on January 1, 1926, then declined situation of the Government and in the money gradually to 926 on June 1; since then an market. upward movement carried it to 978 on Novem- Exchanges and prices.—The rate of the ber 1, and to 979 on January 1, 1927. Calcu- Czechoslovakian crown in New York main- lated in gold, the wholesale price index number tained absolute stability at 2.9625 cents in was 140.8 on January 1, 1926, 135 on June 1, United^States currency. The situation of the 142.8 on November 1, and 143.1 on January crown :was favorable, largely owing to the 1, 1927. Thus, the increase during the entire accumulation of stocks of foreign exchange year did not amount to more than 1.5| per throughout the year and especially in the cent. * * * last quarter. This influx, which indicated a State finances.—The financial situation of favorable balance of payments, was due tq the State ixi 1926 developed favorably, and 48150—37 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
420 FEDERAL RESERVE BULLETIN JUNE, 1927 no loans were negotiated during the year in the money market in general, and on mortgage payment either of current requirements or of and communal credits in particular. In this investment expenditures. The consolidation connection, many problems still remain to be loan in February was issued in conversion of the faced, one of which is that of a suitable relation pre-war debt, and its proceeds were employed in between interest rates for long and for shortpaying off short-term obligations. As it had time credits. Like central banks in other been doing ever since 1924, the Government has countries which had more or less disordered continued to consolidate and to repay the short- currencies, the National Bank of Czechoterm debt. *" * * In 1926 the Government slovakia does not yet hold the position that a also commenced to redeem the treasury bonds, central bank held before the war, but it is enthe circulation of which declined from 1,536,- deavoring to gain the influence necessary to 000,000 crowns to 1,360,000,000 crowns. The bring about a unified credit policy. With this redemption of these bonds, which forms a funda- aim in view the national bank tried, when mental part of the conversion program, is be- negotiating the agreement with the State, to ing continued. secure a further progressive reduction of the Banking and credit.—In 1926, just as in 1925, State note debt, the present level of which the Government withdrew no funds from the makes the major part of the fiduciary circulamoney market. This financial policy was tion independent of the bank of issue. If, in bound to have a favorable effect on the market, course of time, the bulk of this circulation is which in previous years had been influenced by reduced and replaced by currency issues fully the large Government issues. The favorable covered by commercial paper, the influence of tendency was further strengthened by the pre- the bank of issue will increase correspondingly. viously mentioned return of capital from It is necessary that the administration of funds abroad, by easier conditions on the interna- accumulating in large amounts at the Treasury tional money markets, by the continued ac- and with other public authorities should be cumulation of savings, and by the reduction of carried out in agreement with the credit policy credit demands for industrial purposes. In con- of the central bank. The national bank has sequence, the money market remained easy given much thought to the problem of reinthroughout the year, the official rate displayed troducing a wider employment of commercial a downward tendency, and the open-market bills, and it supports all actions toward this end. discount rate fell to 5% Per cen^ in October. The accumulation of savings, which has been The liquidity of the money market made it growing for the past few years, continued durpossible to reduce the rates paid on deposits ing the year under review. Deposits held with and the rates charged on loans by banking the savings banks amounted to 11,354,000,000 institutions. The steady improvement of the crowns on December 31, 1924, and to 12,251,domestic market, together with the easier situ- 000,000 crowns on December 31, 1925, thus ation of the international money market, caused showing an increase of 897,000,000 crowns dura reduction of rates in all banking transactions, ing the year. On October 31, 1926, their total and this downward movement is still continu- reached 13,205,000,000 crowns, so that the ing. In Czechoslovakia, as in other countries, increase during the first 10 months of 1926 the question of reducing the disparity between (954,000,000 crowns) was greater than during the credit and debit rates was considered, but the whole previous year. As deposits with this problem has not yet been solved. banks, people's savings banks, and district The reduction of interest rates and the credit and savings associations are also showing abundance of money had a stimulating effect an upward tendency it may be safely assumed on the stock exchange and caused a strengthen- that the creation of new capital is continuing. ing of all investment securities and later on of The reorganization of banking made progshares. Taking the quotations of Government ress in some cases by the amalgamation of securities on January 3, 1927, as 100, their smaller banks, but further changes must still index number stood at 86.05 at the beginning be anticipated. The trustees of the " Special of the previous year. The general index of fund for reducing the losses due to postwar stock-exchange securities stood at 81.96 at the conditions" have finished most of their work beginning of 1926 and at 100 on January 3, and have allotted to the applying institutions 1927. Owing to the higher quotations of these (banks, people's savings banks, cooperatives) securities, their yield declined. The rise in the amounts due. In the case of savings banks the price of Government securities and their it was impossible, as yet, to make a final settlelower yield will have a favorable influence on ment with certain holders of large amounts of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
421 JUNE, 1927 FEDERAL RESERVE BULLETIN war loans, so that their allotments have not yet whereas the decrease according to weight been distributed. It will be the duty of bank- amounted to 23.5 per cent only. The imports ing institutions to complete and to insure by of grain and flour were lower by 663,000,000 proper management the reorganization of crowns and of flour alone by 186,320,000 banking which is now under way. crowns. * * * The total of new capital issues exceeded that New bank of issue.—In accordance with the of the previous year. Calculated on the basis agreement made between the Minister of of the licenses issued by the Ministry of Finance and board of directors of the National Finance, the total increase of capital from Janu- Bank of Czechoslovakia, and with the prinary 1 to November 30, 1926, amounted to ciples contained in the bank act and defined 189,000,000 crowns, against 162,000,000 crowns by the treasury, the national bank commenced in the corresponding period of the previous year. to discharge its duties on April 1, 1926. Dur- Owing to unfavorable weather conditions ing the first quarter of 1926 the Banking Office the crops of all varieties of grains, except oats, of the Ministry of Finance continued to funcwere smaller than in 1925. * * * During tion and carried on business operations on the early part of 1926 the production of coal behalf of the bank. developed unfavorably; in the second half of Certain types of business carried on by the the year, however, a considerable improvement Banking Office of the Ministry of Finance were was felt, largely on account of the English coal not taken over by the bank. Among these strike. * * * The situation of industries were advances on collateral and bills disvaried. Export branches were hampered by counted, the maturity and liquidity of which protectionist policy in their main markets, by made them ineligible for the portfolio of a competition of countries with depreciating cur- bank of issue. (Part of the items in question rencies, and by economic depression in some of consisted of advances on collateral, taken over our important markets, which were forced to from the Austro-Hungarian Bank; and of curtail their imports owing to their reduced bills discounted in order to strengthen the purchasing power. The volume of production financial situation of banking institutions, fell to its lowest level in the summer months, which, of course, were obliged to supplement but since that time the situation has begun to the insufficient liquidity and quality of such improve. * * * • credits by collateral securities.) Such trans- Unemployment.—The total number of un- actions were carried on by the bank only in employed workers receiving relief through trust on behalf of the state, with the obligatrade-unions rose from 22,783 in January to tion to manage them with proper care and to 46,129 in August, fell to 29,020 in November, observe the conditions referring thereto. Other and in December rose again to 29,295. The credit transactions, as well as the rest of the number of unemployed receiving relief assets and liabilities of the Banking Office of amounted to 2J^ per cent of the total trade- the Ministry of Finance, were taken over by union membership. * * * . the bank according to the balance sheet issued The economic depression in certain branches by the banking office at the close of business of industry is reflected in the decline in the vol- on December 31, 1925, including all changes ume of the foreign trade of Czechoslovakia. during the first quarter of 1926. Imports totaled 15,217,000,000 crowns in 1926, The chief duty which the bank act imposes against 17,594,000,000 crowns in 1925, and upon the bank, that of maintaining the stabilexports 17,848,000,000 crowns, against 18,799,- ity of the Czechoslovakian crown in relation to 000,000 crowns. The surplus of exports in gold currencies, was performed during the 1926 reached the sum of 2,586,000,000 crowns, first year without difficulty. There were no as against 1,205,000,000 crowns in 1925. The important changes in the holdings of bullion, decline in total imports was due chiefly to a while the holdings of foreign exchange inreduction in imports of raw cotton, cotton creased partly by the surrender of bills of yarn and cotton fabrics, wool, woolen yarn exchange obtained through an excess of exports and cloth, grain and flour. The lower values over imports, and partly from other sources. of imports of raw materials were to a certain The bank was able, therefore, not only to extent caused by lower prices on the world augment by a considerable sum the stock of market. Thus, for instance, the imports of foreign exchange holdings reported on the cotton, cotton yarn, and textiles were valued balance sheet, but also, like other banks of issue, at 1,098,000,000 crowns, a reduction of 34.08 to create a certain reserve of foreign exchange per cent as compared with the previous year, which is concealed in the weekly statements Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
422 FEDERAL RESEEVE BULLETIN JUNE, 1927 under the item "Other assets/' and which in on December 31 stood at only 261,133,000 the present balance sheet is included under the crowns. This total is negligible and is far item "Transitory- account of balances abroad/' from approaching what would in future be The stability of our currency, which is considered a normal amount. The bank has more and more a factor in our economic life, not been approached for credits, mainly for the comparative stability of wages and prices, these two reasons—because the bank notes and the favorable development of our reserve paid out by the bank for the purchase of of precious metals and foreign exchanges foreign exchange were put back into circuequivalent to gold, which on December 31, lation and because reduced industrial ac- 1926, amounted to 69.7 per cent—if calculated tivity caused a decline in the demand for according to paragraph 28 of the bank act— money, so that no strain was felt even during enabled the management of the bank in Janu- the autumn campaign which, as a rule, is ary, 1927, to relax the existing restrictions on accompanied by a heavy demand for funds. the purchase and sale of foreign exchange and Further reasons for the liquidity of the money so to remove some of the obstacles in the way market are to be found in the repayment of of international relations. part of the maturing short-term state debts It is worthy of mention that in 1926 the and in the return of capital from abroad, the bank did not need to avail itself of the cur- result partly of previous exports of long credit rency reserve in the form of a revolving credit and partly of the withdrawal of funds employed of $20,000,000 arranged at the National City abroad for other purposes. The easy condi- Bank of New York by the treasury in agree- tions on the money market caused the management with the bank, and valid until May 31, ment of the bank on October 27, 1926, to re- 1927. Before that date this credit may be duce the bank rate to 5% per cent from 6 renewed. * * * per cent, which had been in force since Janu- The credit transactions of the bank (dis- ary 13, 1926, and the rate on advances from counts and advances on collateral), which, 7-73^ per cent to 6)^-7 per cent. This step exclusive of transactions in trust on behalf of has been accompanied by the reduction of the Government, totaled 280,947,000 crowns credit and debit rates bv the foremost banking on April 1, 1926, fell off during the year and institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL EESEEVE BULLETIN 423 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1927 1926 1927 1926 April March Fe a b ry ru- April April March Fe a b ry ru- April Bank of England (millions of National Bank of Bulgaria (milpounds sterling): lions of leva): Issue department— Gold* _ 1,226 1,218 1,205 42 Gold coin and bullion __. 152.5 149.1 148.8 145.1 Foreign bills* etc 303 439 213 508 Notes issued ... 172.3 168.8 1C8.6 164.8 Loans and discounts _. 996 1,059 1,072 1,274 Banking department- Advances to State 4,512 4,512 4,512 5,462 Gold and silver coin __._ 1.7 1.5 1.3 1.3 Note circulation.. 3,603 3,382 3,246 3,807 Bank notes 34.7 32.0 32.0 23.7 Deposits.. 2,711 2,424 3,260 2,421 Government securities 47.9 30.0 30.0 39.5 Other securities . 42.2 83.7 71.3 67.8 Central Bank of Chile (millions of Public deposits 10.2 33.0 17.8 18.9 pesos): B C a u n rr k O R e a t n s n ( h t e p c o i e r y e o t r v r e e n s d c o o e e i t f t p n o n e o g s t c s d ) o i . a i e r l t d c n p s u o d l a s a c i n t t e i d o _ r l t n . i i n a f 1 i o b c t i a e li t t e r i s e e . s - _ 2 3 8 9 3 1 4 . . . 4 3 8 2 9 2 8 8 7 8 4 1 . . . . 1 5 6 8 2 9 2 8 8 8 8 1 0 . . . . 5 6 5 4 2 2 9 8 9 1 5 4 4 . . . . 7 8 8 5 N L D G G o o o o e a l p l t d d e n o s c s a a i i a b t r t n r h c s o d u . o . a l m d d at i e i s o c n o unts _ __._ ._. 5 27 8 4 1 9 5 8 9 2 2 5 2 8 7 1 6 0 5 0 3 3 5 2 2 8 2 7 3 5 5 0 9 6 9 Bank of France (millions of francs): Czechoslovak National Bank Gold reserve2 --- 3,683 3,684 3,684 (millions of Czechoslovak crowns): Silver reserve 342 342 342 334 Gold and silver 1,052 1,050 1,048 1,072 Gold, silver, and foreign exchange 2,064 1,950 1,827 Foreign balances and currency... 1,805 1,897 2,021 1,177 Credits abroad..— 58 76 86 575 Loans and advances _ 73 85 133 202 Loans and discounts ... 4,707 5,252 5,195 6,603 Assets of banking office in liqui- Advances to the Government 29,300 28,150 29,600 35,150 dation 560 562 571 701 N M o is te c e c l i l r a c n u e l o a u t s i o a n s . s . ets. — 1 5 2 2 , , 2 5 1 2 0 6 1 5 1 2 , , 1 3 0 8 4 5 5 9 1 , , 0 6 7 9 5 7 5 3 2 , , 3 2 5 08 3 N De o p te o s c i i t r s c . u ._ lation 6 1, , 1 8 3 3 9 8 7 1 , , 0 2 2 6 8 2 6 1 , ,7 9 2 1 6 7 7,024 Total deposits 6,991 3,837 4,845 2,827 German Reichsbank (millions of Bank of Danzig (millions of Danreichsmarks): zig gulden): Gold at home — 1,749 1,750 1,741 1,231 Balances with Bank of England.. 17 Gold abroad.. 101 101 93 260 Foreign bills, etc 19 Reserves in foreign exchange 171 203 204 391 Loans and discounts 14 Bills of exchange and checks 2, 088 1,963 1,644 1,214 Note circulation 33 Miscellaneous assets 452 426 506 873 Deposits 3 Deposits 582 616 539 607 Reichsmarks in circulation 3,676 3,589 3,465 3,086 National Bank of Denmark (mil- Rentenmarks in circulation 1,100 1,129 1,149 1,556 lions of kroner): Ban L A G C k o r d o e a o l v d d n f a i s n I t r e c t a a s a e n e n s l d y r d v t d o e ( b i m t s a h c l i a l o e l n i u G o c n n e o t s s s v a o e b f r n r l o i m r a e - e d ) n : t 3 4 7 1 1 , , , , 2 3 2 1 5 2 5 8 9 9 7 9 4 7 1 1 , , , , 2 1 2 2 2 4 0 2 9 3 9 0 4 7 1 1 , , , , 2 1 6 1 4 2 6 0 5 9 8 4 1 1 6 0 , , , 5 8 1 1 9 5 8 3 8 2 7 5 L N D F G o o e o o r a p l t e d e n o i s g s c i n i a t r s n c b u d il l l a d s t i , i s o e c n t o c u nts, i. _. 3 1 1 4 2 7 9 3 1 1 7 3 0 3 1 1 3 2 6 9 2 6 3 1 3 9 2 3 1 3 2 5 0 2 6 5 6 2 7 4 1 4 1 2 6 6 1 6 2 Note circulation for commerce 13.796 13,446 13,587 11,041 Note circulation for the State 3.782 4,229 4, 229 6,857 National Bank of Egypt (thou- Total deposits _ % 187 2,373 2,434 2,288 sands of Egyptian pounds sterling): Ban A A T G G k o d d o o o t l v v v a d f a a e l n n r J a n n c c t a o m e e h p t s s e o e a a o n m a n n t n n e d d ( b f m a o o d d n r n i i e e d l s d i p l c g i s o a o o n s b n u i r b s t n o i t l o l a s i l f d a s b y i e l n it ) i : es.. 3 1 1 , , , 2 0 5 0 3 8 3 8 6 8 1 3 4 2 2 1 , , 3 5 1 0 0 4 5 5 1 3 7 4 8 9 1 1, , 2 3 8 0 7 3 5 9 5 0 0 6 2 8 1 1 , , 2 2 0 8 6 8 7 5 8 3 6 3 8 2 E N E G O G n g o o t o h g y l t v d e e l p e i r s c t r h i n d i a r e m n c G p u e o G o l n s a v t o i t e t i v d s o 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 r u i r ti i e ti s e . s . . . 2 2 2 2 1 1 6 6 3 3 7 , , , , , , 6 6 8 3 5 9 4 9 0 4 6 6 6 5 9 5 8 3 • 2 2 2 2 1 7 3 0 4 7 5 , , , , , , 6 8 0 7 1 0 1 2 0 0 3 8 3 0 1 5 5 6 3 2 2 2 1 0 3 3 6 8 3 , , , , , , 9 4 9 8 4 0 1 0 3 8 3 2 2 4 4 0 5 8 Notes issued 2,037 1,310 1,232 1,121 Total deposits....... _. 1,047 660 760 Bank of Estonia (millions of Estonian marks): Austrian National Bank (millions Gold... 508 507 507 6 497 of N D T G F O s o c r o o o t e h h r l m t e a d e i e l i s r e l g c u i s n f n i r t o r i y g c r c b s e u i b ) i b l l g : l i a i s l n l t l i l o s o s b . f . n i l t l h s e reserv _ e - 4 9 1 1 1 2 1 6 7 5 1 8 8 4 4 9 4 4 8 1 1 8 8 3 5 4 7 1 3 8 9 6 4 4 8 1 1 5 5 7 5 4 7 7 8 4 9 4 6 8 5 1 9 5 3 0 1 8 9 8 0 0 5 3 N D L C F F o o o a e o r r s a p t e e h e n o i i s g g s c i n i n n i a t r s n f c b c o d u a i o r l l n e r l d a s d r i i t g e s i n c s o c p u n o c o r u u r n n e r d t r n s e e t n n a t c s c y ' c o ac u c in o t u s n .. t . . 5 1 , , 9 4 8 8 7 2 9 8 1 6 2 5 2 1 3 6 , 5 2 , , 7 0 9 6 9 0 9 1 6 2 5 1 0 7 0 5 5 1 , ,9 7 5 8 5 8 2 5 9 5 2 8 3 0 0 4 5 1 , , 9 2 2 7 9 1 3 4 8 6 3 8 5 4 2 2 7 Deposits.. 25 21 27 27 Bank of Finland (millions of Fin- National Bank of Belgium (mil- nish marks): lions of francs): Gold . 325 326 326 331 Gold * -~ 3,173 3,164 3,122 274 Balances abroad atod foreign Foreign bills and balances in credits 1,096 1,185 1,127 1,073 gold4 2,154 2,080 2,126 30 Foreign bills... 41 51 63 59 Domestic and foreign bills 2,433 2,266 2,406 1,479 Domestic bills 592 556 533 532 Loans to State 2,000 2,002 2,050 5,680 State debts _ 133 124 124 262 Note circulation _. 9,391 9,368 9,115 7,925 Note circulation _ 1,447 1,473 1,447 1,362 Deposits 566 455 732 358 Demand liabilities 344 406 408 * Notes issued, less amounts held in banking department and in cur- 4 Figures previous to Oct. 25,1926, carried at par. rency note account. 6 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
424 FEDEEAL RESERVE BULLETIN JUNE, 1927 CONDITION OF CENTRAL BANKS—Continued 1927 1926 1928 April March F e a b r r y u- April Nation a! Bank of Greece (millions 11 Bank of Portugal (millions of escuof drachmae): Gold and balances abroad 2,330 2, 521 1,847 | Gold Government loans and securities. 3,858 3,818 3,797 i Balances abroad. Loans and discounts - 3, 786 3, 641 3,148 j Bills Note circulation -. 4,972 4, 931 4,475 Note circulation.. Total deposits _.. 4,623 4,585 3,907 '• Deposits... National Bank of Hungary (millions of pengo): National Bank of Rumania (mil- Gold —J. 169 169 169 89 lions of lei): . Foreign bills, etc.- .93 105 110 153 Gold 7 Loans and discounts 242 209 190 168 Bills Advances to treasury 117 119 122 152 Advances to State Other assets 229 255 262 254 Note circulation Note circulation 443 418 416 411 Deposits Deposits 234 252 260 184 Miscellaneous liabilities 146 159 149 191 State Bank of Russia (note-issuing Bank of Java (millions of florins): department; thousands of cher- Gold 185 190 195 200 vontsi): Foreign bills 20 21 19 21 Gold Loans and discounts 61 79 85 52 Foreign currency.. Note circulation.— 307 304 305 334 Loans and discounts.__ Deposits 47 47 57 47 Bank notes.. Bank of Latvia (millions of lats): Gold „ — — 24 National Bank of the Kingdom Foreign exchange reserve 38 i. of Serbs, Croats, and Slovenes Bills.__ - - (millions of dinars): Loans Gold Note circulation.... -. Foreign notes and credits Government deposits Loans and discounts Other deposits Advances to State .: 2,966 Note circulation ._.! 5.434 Bank of Llitraaiaia (millions of Deposits ' 615 litas): Gold .— Foreign currency South African Reserve Bank Loans and discounts.—- (thousands of pounds sterling): Note circulation Gold- Deposits Foreign-bills Domestic bills.... Netherlands Bank (millions of Note circulation.. florins): Deposits. Gold 419 419 414 428 Foreign bills 134 147 141 184 Loans and discounts.— ._. 220 227 243 215 Bank of Spain (millions of pesetas): Note circulation 791 782 814 817 Gold 2,582 2,537 Deposits 51 31 40 Silver j 691 667 Balances abroad _ 38 31 Bank of Norway (millions of kro- Bills discounted 582 784 ner): Checks and drafts 1,487 1,66S Gold. 147 147 147 147 Note circulation 4,309 4,336 Foreign balances and bills 25 45 49 87 Deposits 992 1,041 Domestic credits.- _ 353 374 398 283 Note circulation __. 321 324 319 343 Bank of Sweden (millions of kro- Foreign deposits. 17 15 16 6 ner) : Total deposits . 201 240 275 131 Gold ._ 222 222 223 229 Foreign bills, etc 171 179 184 174 Reserve Bank of Peru (thousands Loans and discounts 271 254 307 oflibras): Note circulation 497 525 485 498 Gold... 4,197 4,087 4,091 3,906 Deposits. _. 92 103 144 Gold against demand deposits._. 219 329 325 516 Foreign exchange reserve 709 704 709 701 Swiss National Bank (millions of Bills— 1,626 1,920 2,052 j 2,871 francs): Note circulation 5,832 5,847 5,998 6,452 Gold 459 458 446 418 Deposits 441 655 1,032 Funds on demand abroad 25 41 26 19 Loans and discounts... 349 347 354 351 Bank of Poland (millions of zloty): Note circulation 831 838 800 797 Gold _. 157 152 149 | 134 Deposits.— __ 78 81 89 Foreign exchange, etc._ 237 235 220 | 51 Loans and discounts_______ 404 369 374 Bank of the Republic of Uruguay Note circulation _ 694 634 393 (thousands of pesos): Current accounts- Gold 54,944 54.941 54,938 Private.— 140 175 149 87 Loans and discounts.. _ 95, 790 96; 576 83,843 Treasury. 83 36 64 Note circulation 69, 809 68,918 62,764 Liabilities in foreign currency 33 34 Deposits 69,460 70, 610 58,687 * Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
425 JUNE, 1927 FEDERAL EESEEVE BULLETIN CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1927 1926 Febru- Febru- April March ary April April March ary April Chartered banks of Canada (mil- Four, private banks of Italy (millions of dollars): lions of lire): Gold coin and bullion V 73 Cash „ 1,182 1,176 Current loans and discounts | i 1,278 1,243 1,204 Bills discounted ' 8,498 Money at call and short notice._.' 431 354 Due from correspondents_ _ 5,312 5,390 Public and railway securities 510 550 Due to correspondents __.._. 13,177 12, 846 Note circulation._ _.. 164 165 161 Deposits _ _ 2,387 2,491 Individual deposits - 2,291 2,262 •2,204 Gold reserve against Dominion Tokyo banks (millions of yen): notes.... 98 93 Cash on hand 212 123 127 Dominion notes circulation 172 173 185 Total loans.- - .- 2,492 2, 628 2,468 Total deposits. _„___ 1,977 1, 975 1, 926 Joint-stock banks of Total clearings 3,222 2,807 3,440 (millions of kroner): Loans and discounts _ 1, 926 1, 940 2,068 Joint-stock banks of Norway Due from foreign banks 55 53 64 (millions of kroner): Due to foreign banks 140 I 146 133 Loans and discounts 1,701 1, 705 1,706 1, 996 Deposits and current accounts... 2, 024 2,018 2,220 Due from foreign banks 65 61 65 153 Due to foreign banks 212 209 214 324 Nine London clearing banks Rediscounts ... _. 150 154 158 208 (millions of pounds sterling): Deposits _ 1,855 1,870 1,902 1,888 Money at call and short notice,._ 124 119 117 116 Advances and discounts __ 1,109 1,106 1,122 1, 062 Joint-stock banks of Sweden Investments 236 239 243 245 (millions of kroner): Deposits 1,642 1,632 1,653 1,590 Loans and discounts .__. 4,241 4,263 4,328 Foreign bills and credits abroad.. 187 164 153 Joint-stock banks of Finland Due to foreign banks 125 125 143 (millions of Finnish marks): Rediscounts-_ 115 92 150 Loans and discounts 7, 376 7,251 6,925 Deposits. ____ 3, 555 3, 549 3,579 Due from abroad.- 224 308 113 Due to abroad 354 325 359 Swiss Cantonal banks (millions Deposits __ 6,343 5, 683 of francs): Loans and discounts 1,750 1,734 1,692 Three commercial baeks of Mortgages 2,803 2, 792 2, 681. France (millions of francs): Foreign bills 23 24 ' 20 Bills and national defense bonds. 14,861 13, 674 Due from banks and correspond- Loans and advances 5,278 4,916 ents 293 279 249 Demand deposits.——.— 22,837 19, 864 Commercial deposits... 692 687 644 Time deposits _-. 338 Savings deposits ...1 1, 551 1,542 1,438 Six Berlin foaiaks (millions of reichsmarks): Bills and treasury notes 1,427 21, 243 Due from other banks.__ 816 2 631 Miscellaneous loans 4, 563 2 3,024 Deposits... _ 6,274 2 4, 530 Acceptances „ 361 2 241 1 Not including gold held abroad. 2 Figures are for February, 1926. DISCOUNT RATES OF 32 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate In effect Country Rate In effect Country Rate In effect Country Rate In effect since— since— since— since— Austria 6 Feb. 5,1927 Estonia .__ 8 Oct. 1,1926 Japan 5.84 Mar. 9,1927 Portugal 8 July 27,1926 Belgium Apr. 27,1927 Finland- 7 Mar. 22,1927 Java.. ._ 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria. 10 Aug. 31,1924 France 5 Apr. 14,1927 Latvia 7 Jan. 1,1927 Russia __ 8 Apr. —,1924 Chile i 7 Mar. 7,1927 Germany _ 5 Jan. 11,1927 Lithuania Feb. 1,1925 South Africa Nov. 21,1924 Czechoslovakia. 5 Mar. 8,1927 Greece 11 July 7,1926 Netherlands. Oct. 2,1925 Spain 5 Mar. 23,1923 D De a n n m zig ar . k.- 5 5 V2 J J u u n ly e 2 2 4 9 , , 1 1 9 9 2 2 6 6 H In u d n ia gary. _ 6 6 A Ju ug n . e 2 2 6 , , 1 1 9 9 2 2 7 6 N Pe o r r u way * 6 M A O p ct r . . 2 1 7 , , 1 1 9 9 2 26 3 S S w w e it d z e e n rland. 4 A O p ct r . . 2 2 2 2 , , 1 1 9 9 2 2 7 5 England 4^ Apr. 21,1927 Italy. 7 June 18,1925 Poland 8 May 13,1927 Yugoslavia- 6 June 23,1922 1 Previous rate, iy per cent established Sept. 27,1926. 2 Changes: Bank of Poland from &A to 8 per cent on May 13,1927; Bank of India from 7 to 6 per cent on June 2, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
426 FEDERAL RESERVE BULLETIN JUNE, 1927 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Am- Switzersterdam) land Month B a m a n a c o c n c n e e k s t p e h , t r 3 - s s' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day . B d a a e a n l p n c lo o k e w s e o i r - t n s s ' d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e -d y ay d P is r r i c a v o t a e u t n e t M 1 o n m e3 o 7 n - t f h or d P is r r i c a v o t a e u t n e t 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 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 March 4.34 4.36 4.09 4.59 6.91 | 4.87 3.48 3.53 2.98 April 4.11 4.04 3.64 4.59 6.57 • 5.63 3.46 3.78 3.13 (B B r e u lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Austria (Vienna) Hungary S ( h S w o t e o l d m c e k ) n - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t M m f o o o n r n l e th y c c i o a P m l r i p m m ap e e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p co b D u i i n l s l t - s ed ov m e C o rn a n l i e l g y ht 1926 January 6.71 4.57 8.18 7 -101- 6. 75-9.13 4. 56-8. 03 February 6.59 4.27 8.00 103^-113- 7 -11 6. 57-8. 76 4.38-7. 30 March 6.75 4.25 8.00 10 -IV; &A- 7 6. 57-8. 40 4. 75-7. 67 April 6.75 4.25 8.00 10 -\\\ 7 6. 75-8. 76 6. 02-7. 30 May 6.65 5.15 8.00 7 6. 75-8. 76 4.75-7.30 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 8M-10 6-7 6.94-8. 76 x 5.11-8. 03 August 6.75 7.00 8.50 8M-10 6-7 6.75-8.40 j 5. 84-7. 48 September... 6.72 6.98 8.50 6-7 6.39-8.40 4.93-7. 30 October 6.64 7.25 8.96 7H-83- 6.21-8.40 5.11-7.12 November... 5.77 6.69 9.25 7 - S> 6 2- 7 6.39-8.40 i 4. 75-7. 48 December. _. 4.34 5.77 9.25 7 -8> 6.75-8.76 ! 5.11-8.03 1927 January 3.90 4.99 9.25 • 6M 6.39-8.70 ! 4. 56-7. 30 February 3.99 4. 45 9.25 5K- i 6.21-8.03 I 2. 92-7. 30 March 4.19 3.89 9.25 6- I 5.84-7.67 . 4. 38-6. 21 April 4.33 3.17 9.25 - 6H I 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
JUNE, 1927 FEDERAL EESEEVE BULLETIN 427 GOLD MOVEMENTS [In thousands of dollars] South United States Germany Great Britain Netherlands Africa India Month Net Net Net Net Net Net 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 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 or x t - s im o p r ( p o e o r x t r s - ts 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 im o p r o p e r o t x r s - ts im o p r o p r e o t x r s - ts () () () () 1925 January. 5,038 73,526j 19, 73' 590 19,147 11,027 23,354 -12,327 2,648 2,283 365 -6, 767 28,241 February 3,603 50, 600! -46. 997 10,969 661 10,308 21,481 18,605 2,876 *1S 2,559 1,078 -8,361 44,240 March 7,337 25,104 -17, 767 14,91: 630 14,282 9,061 14, 672 -5,611 253 -224 -26,286 53,957 April. 8,870 21, 604 -12, 734 16,218 616 15, 602 5,017 9,694 -4, 677 86 5,049 -4, -14,388 4, 746 May_ 11,""" 13,390 -1, ""- 18, 759 658 18,101 12,896 12,818 78 5 5,059 -5,054 -10,566 11,376 June 4,426 6,713 -2, 287 12, 928 673 12,255 27,350 7,864 19,486 12 9,701 -27,580 8,492 July 10,204 4,416 5,788 5,287 672 4,615 43,468 15,918 27,550 119 14,631 -U, 512 -21,363 9,226 August 4,862 2,136 2,726 28, 976 587 13,641 13,144 497 1,029 2,043 -1,014 -21,107 9,810 September 4,128 6,784 -2,656 7,251 896 6,355 4,059 13,324 -9,265 931 139 792 -18,976 13,967 October 50, 741 22, 702 8,997 1,076 7,921 26,337 49,517-23,180 4,892 731 4,161 -18,322 15, 767 November 10,456 24,, 360 -13, 904 7,990 1,013 6,977 17,062 41,570-24,508 9,204 7 9,197 -9,479 11,275 December 7,216 5~" 1,248 727 812 10,604 21,257-10, 653 41 9,525 -15, 734 7,903 Total- 128,272 262, 640-134,367 152.. 750 143,867j 202,004 241, 739-39, 735 32,157 42,495-10,338 -198, 930 219,000 1926 January . . 19,351 3,087 16,264 5,517 823 4, 6941 22,021 11, 913 10,1081 6,615 35 6, 580 -19, 952 8,619 February 25,416 3,851 21,565 14,030 740 13,290 16,809 7,611 9,198 156 483 -327 -14,892 7,062 March..". I 43,413 4,225 39,188 9,561 768 8, 793 6,278 12, 750-6,472 619 20 599! -8,479 17,233 April _ ! 13,116 17,884 -4, 768 1,393 604 789J 7,188 3,699 87 28 59l -29, 737 May j 2,935 9,343 -6,408 838 693 145 18, 687 6,852 11,835 270 200 70! -18,003 12,317 June. 3,346 15, 544 571 6311 -60 16,103 4,881 11,222 1,010 51 959| -21,002 7,241 July_ I 19,820 5,070 14,750 626 621 i 5 19,510 6,210 13,300 330 2,014 -I,1 -22, 668 4,076 August i 11,979 29, 743-17,764 10,631 634 9,997 18,867 8,959 9,908 136 60 76 -15, 723 4,404 September j 15,987 23,081 -7,094 702 22,906 12,137 5,017 7,120 800 656 144 4,839 October ___! 8,857 1,156 7,701 36,343 869 35,474 16,916 21,262 -4,3461 580 150 430 -29,082 4,004 November... j 16,738 7,727 9,011 16,462 902 15,560 18,561 24,590 -6,029 464 174 290 -13,376 3,466 December _ j 17,004 7,196 18,407 858 17,549 14, 531 18,609 -4,078 108 2,613 -2,505 -10, 553 3,530 Total ...J 213,504 115,708 97, 796 137, 987 8, 720] 129,267187, 608 132,140 55,468 11,174 6,483 4,e -212,152 83, 627 1927 January _ j 59,355 14,890 44,465 14,088 525; 13,563; 11,514 18,181 -6, 667 1,303 74 1,228 -17, 522 2,518 February ! 22,309 2,414 19,895 10,329 659) 9,670! 27,257 15,480 11,777 411 411 6,543 March ! 14,383 5,625 8,758 6,576 8O4An0l 5,7361 7,526 6,894 632 488 39 449 April i 14,493 2,592 11. 902 _J 24,678 3,735 20,943 280 1,3 -1,053 I MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM INDIA (In thousands of dollars) (In thousands of dollars) Imports Exports Imports Exports Country of origin or Country of origin or destination April, March, April, March, destination February, January, February, January, 1927 1927 1927 1927 1927 1927 1927 1927 All countries 24,678 7,526 3,735 6,894 All countries—-_ 6,550 2,521 7 3 France 13 6 244 181 England 1 434 468 I Netherlands 1,350 345 332 France Russia.._ 142 102 United States i Spain and Canaries 1,129 664 Aden and dependencies 106 131 1 Switzerland 109 222 Arabia 77 27 United States 50 1,462 Bahrein Islands 37 23 South America- 13 4 10 292 British Oceania British India. 803 1,751 Ceylon _ & 6 6 British Malaya 56 463 China 10 13 Egypt 98 141 Mesopotamia 256 245 Rhodesia 590 667 Straits Settlements 1 9 7 3 Transvaal 22,090 5,743 Java West Africa 455 651 1 Egypt 567 348 All other countries 25 301 941 1 385 Natal 4 055 1 251 Mauritius and dependencies 1 Net imports 20,944 632 All other countries Net imports 6,543 2,518 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
428 FEDEKAL KESEKVE BULLETIN JUNE, 1927 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] EUROPEAN COUNTRIES (s A ch u i s l t l r in ia g) B ( e b l e g lg iu a m ) Bu (l l e g v a ) ria s C ( l c o z r v e o c a w h k n o ia ) - D ( e k n ro m n a e r ) k E (p n o g u la n n d d ) ( F m i a n r l k a k nd a) F (f r r a a n nc c ) e G ( m e re r a m ic rk h a s ) n - y (d G ra r c e h ec m e a) H (p u e n n g g a o r ) y Par value 14.07 13.90 19.30 ___— 26.80 486. 65 2.52 19.30 23.82 19.30 17.49 1926—May 14.0735 2 3.1176 .7238 2. 9617 26.2020 486.1544 2. 5209 3.1508 23.8028 1.2742 17. 5584 June 14.0796 2. 9558 .7219 2. 9618 26.4846 486. 6096 2.5209 2. 9415 23.8050 1.2413 17. 5585 July 14.0832 2.4250 . 7266 2.9616 26. 5015 486. 3450 2.5209 2. 4658 23.8035 1.1758 17. 5704 August 14.0787 2.7538 .7262 2. 9618 26. 5442 485.8608 2.5208 2. 8327 23.8096 1.1160 17. 5604 September, __ 14.0837 2.7228 .7246 2. 9618 26.5540 485.4168 2. 5209 2.8548 23. 8120 1.1609 17.5620 October 14.0842 2. 7784 .7280 2. 9618 26. 5744 485.0328 2. 5211 2. 9404 23.8028 1.2087 17.5616 November, _. 14.0845 13.9088 .7271 2.9620 26.6159 484.8758 2.5208 3.4167 23.7488 1.2343 17. 5642 December 14.0802 13.9108 . 7244 2.9620 26.6369 485.1250 2.5210 3. 9492 23.7958 1.2643 17.5654 1927—January 14.0794 13. 9072 ."7230 2. 9618 26.6488 485.2648 2.5208 3.9584 23. 7216 1.2895 17.5332 February 14.0841 13.9023 .7242 2. 9618 26. 6495 485.0282 2.5208 3. 9232 23.6977 1.2979 17. 5314 March 14.0738 13.9000 .7246 2. 9616 26.6456 485.4025 2. 5205 3. 9126 23.7137 1.2898 17. 5074 April _ 14.0736 13. 9000 . 7249 2. 9616 26. 6681 485. 6546 2. 5206 3. 9188 23. 7011 1. 3295 17. 4773 May 14. 0674 13.8968 .7238 2. 9615 26. 6784 485. 7020 2. 5201 3. 9168 23. 6924 1. 3211 17.4556 I ( t li a r l a y ) N ( l f e a lo t n h r d i e n s r ) - N (k o r r o w ne a ) y P (z o l l o a t n y d ) P (e o s r c t u u d g o a ) l Ru ( m leu a ) nia R (c n u h e s e t s r z i v ) a o 3 - (p S e p s a e i t n a) S (k w ro ed n e a n ) S ( w f l r a a i n t n z d c e ) r- ( Y s d l u i a n v g a i o a r - ) Par value 19.30 40.20 26.80 19.30 108.05 19.30 514.60 19.30 26.80 19.30 19.30 1926—May 3.8728 40.1980 21.6568 9.5836 5.1256 .3710 515.0000 14.5348 26.7612 19.3464 1.7617 June 3.6646 40.1750 22.1027 9.3015 5.1423 .4278 515.0000 15.7619 26.8004 19.3604 1.7653 July 3.3504 40.1773 21. 9304 10.0654 5.1296 .4601 515.0000 15. 7169 26. 7954 19. 3604 1.7672 August 3.2950 40.1123 21. 9146 10.8573 5.1300 .4672 515.0000 15.2942 26. 7654 19.3235 1.7649 September, __ 3.6688 40.0732 21. 9140 10.9676 5.1256 .5105 515.0000 15.2240 26.7476 19.3216 1.7662 October 4.1196 40.0036 23.6060 11.0892 5.1108 .5357 515.0000 15.1016 26.7288 19.3084 1. 7674 November 4.2142 39. 9850 25.3046 11.2271 5.1063 .5488 515.0000 15.1533 26. 6904 19.2846 1.7659 December 4.4350 39. 9927 25.2858 11.2665 5.1196 . 5206 515.0000 15.2365 26.7196 19.3192 1. 7653 1927—January 4.3448 39.9868 25.5700 11.3076 5.1152 .5306 515.0000 16.0340 26.7056 19.2740 1. 7635 Februarj^ 4.3182 40.0041 25.7759 11.3391 5.1155 .5743 515.0000 16.7805 26. 6864 19.2318 1.7605 March 4. 5059 40.0137 26.0474 11.3703 5.1170 .6128 515.0000 17.4088 26.7452 19.2359 1. 7593 April 5.0204 40.0023 25.8592 11.4226 5.1138 .6157 515.0000 17.6385 26. 7788 19.2323 1. 7581 May 5.4016 40. 0196 25. 8360 11.3816 5.1220 .6176 515.0000 17. 5912 26. 7480 19.2324 1. 7579 OTHEK COUNTRIES Country Unit v P al a u r e M 19 a 2 y 7 , A 1 p 9 r 2 i 7 l, M 19 a 2 y 6 , Country Unit v P al a u r eN M 1 a 92 y 7 , A 1 p 9 r 2 i 7 l, M 1 a 92 y 6 , Canada Dollar 100.00 100. 0658100. 0942 100. 0744 Venezuela 3 _ Boliyar * 19.30 18. 7500 18. 7500 19. 4000 Cuba Peso 100. 00 99. 9606100. 0260 99. 9446 China Mexican dollar. * 48.11 45. 6136 45. 5388 52. 0716 A M B B C C r o h r o e a g i l l x z l o e i e i i v n c m l i o t a i b n 3 i . a a3 B M P P e e o i s s l l o o r i d d v e o ( o i i g s a . o n . l o d . ) . . . 4 3 3 9 9 1 2 9 8 6 7 2 . . . . . . 4 8 9 4 1 3 4 5 3 8 7 3 4 3 9 1 9 1 4 6 2 6 7 1 . . . . . . 5 0 2 4 8 0 8 2 0 6 0 0 6 0 0 8 8 0 7 4 8 8 4 0 4 3 9 9 1 1 5 4 6 2 1 6 . . . . . . 8 1 0 7 0 0 6 7 0 9 3 1 3 8 0 6 2 8 8 1 0 5 7 1 4 3 9 1 9 1 1 8 4 8 2 4 . . . . . . 2 3 0 6 5 6 7 1 2 0 3 7 8 0 5 0 7 8 7 0 0 0 2 4 J I H J S n a a t o m d p v r n a a i a e a g i n t d 3 n s o K t - s o . n S g ettle- Y F S D R S i l h u o n o e a l p g r l n n e a i a n g e r p . _ : h o _ a r i e t d a o e l l l - a _ r. * 4 4 4 5 4 6 8 6 0 9 7 6 . . . . . . 7 2 8 7 6 8 0 5 7 6 85 4 4 4 3 5 6 6 0 7 9 2 5 . . . . . . 1 2 0 1 9 2 7 6 8 6 1 3 1 3 3 8 3 6 8 2 0 2 3 4 4 4 5 6 8 9 2 6 0 5 . . . . . . 1 1 3 0 6 9 4 5 7 1 8 5 2 0 3 3 6 3 3 3 8 8 5 5 3 4 7 5 4 5 6 6 1 5 0 6 . . . . . . 2 4 7 0 9 2 5 8 7 8 4 0 9 3 6 7 0 0 2 8 4 2 0 4 Ecuador3 Sucre-- 48.67 18. 3125| 18. 3125 22.5000 Turkey Turkish pound._ 439. 65 50. 9035 52. 8196 Peru3 Libra 486. 65 364. 6400363. 3077 368. 9000 Egypt Egyptian pound 494. 31 498. 4404 Uruguay 103. 42 100. 7088101. 9750 103. 0012 i Based on noon buying rates for cable transfers in New York, as certified to the Treasury by the Federal Reserve Bank of New York, in pursuance of the provisions of section 522 of the tariff act of 1922. s Rate on franc from May to October, inclusive. 3 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. * 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 $0.56592 for May, 1927; $0.56711 for April, 1927; and $0.65389 for May, 1926. The corresponding London prices (converted at average rate of exchange) were $0.56999; $0.57176; and $0.65974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
429 JUNE, 1927 FEDEKAL KESEKVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Pre-war=100] Europe United States France Month o ( S B f t L t i u a c a r t s b e i ) s a o - u r b A ( a t g r u s o i i s a l s - d ) g B iu e m l- g B a u ri l a - C v z a s e k lo c i - a h o 1 - m D a e r n k - i T (B E l r a a o n o n d a f g d e r - d ) l F a i n n d - B S t u t i a r c t e a i l a s u - F a B s l e e o d r R a v e r e e r d - - ( B m F S t u G e t a i a r d c n e e t a e r y i a l - s r u - 2 a ) l b H ( g a g a u s o r i n l y s d - ) Italy N l e a t n h d e s r- ( N w O o s a l r y o - ) 1925 October 158 127 575 2,823 163 154 1,121 572 143 131 716 154 221 November.. 158 125 569 2,822 977 158 153 1,118 606 141 129 712 154 217 December 156 125 565 2,913 977 160 152 1,120 633 518 140 130 715 155 218 1926 January 156 122 560 2.901 157 151 1,094 527 136 127 708 153 214 February 155 120 556 2; 899 950 151 149 1,091 540 134 125 704 149 211 March 152 119 583 2,844 938 145 144 1,081 632 545 133 123 693 145 204 April 151 119 621 2,774 923 141 144 1,081 650 565 133 123 143 198 May 152 118 692 2,938 928 141 145 1,070 688 597 132 122 143 196 June 152 124 761 2,842 926 140 146 1,079 739 631 132 122 709 144 195 July.,..- 151 126 876 948 141 149 1,079 836 704 133 123 724 141 196 August 149 126 836 2,759 962 143 149 1,092 770 691 134 122 740 139 196 September... 151 123 859 2,723 973 141 151 1,093 787 691 135 122 731 140 197 October. 150 125 856 2,716 972 145 152 1,095 752 695 136 125 712 143 188 November... 148 128 865 2,739 978 150 152 1,097 684 662 137 127 709 147 182 December 147 127 860 2,718 978 145 146 1,101 627 592 137 126 147 176 1927 January. 147 130 856 2,706 141 144 1,103 622 591 136 127 661 145 170 February 146 130 854 2,688 975 140 143 1,103 632 595 136 129 658 146 165 March 145 133 858 2,649 976 139 141 1,095 641 600 135 128 646 145 160 April _. 144 135 846 979 138 140 636 610 139 130 622 144 159 May... 137 139 160 Europe—Continued Asia and Oceania Africa Month la P n o d - 2 Russia Spain Sweden S l w an it d z e 1 r- Canada Peru t A r u al s i - a (S C h h h a a i i n n ) a g- D I E n u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a y T p o o a ) - n N l Z a e e n a w - d ( E C g a y i p r t o) A S f o r u i t c h a 1925 October 174 187 154 159 156 205 163 159 158 200 162 153 124 November.. 175 186 155 157 161 204 165 158 161 198 161 145 December. „_ 179 187 156 157 164 203 170 158 159 194 160 140 1926 January 154 183 186 153 156 164 206 161 164 159 192 159 134 124 February.__ 158 190 183 152 155 162 205 160 163 154 188 159 134 March. 158 194 183 149 151 160 204 163 164 151 184 157 134 April 178 196 179 150 148 160 204 168 163 160 149 181 156 133 120 May.. 197 197 179 151 147 157 206 167 160 157 146 177 156 128 June 191 189 177 150 145 156 204 163 156 156 147 177 155 129 July 181 183 178 148 145 156 204 162 157 156 145 179 156 129 "l22 August 188 182 180 147 146 154 204 162 161 155 147 177 154 129 September.. 190 180 178 146 146 153 202 158 164 156 146 175 153 129 October 192 179 179 148 145 151 202 154 171 158 144 174 153 129 "126 November.. 193 378 185 148 147 152 198 155 174 157 146 171 151 I 130 December— 195 178 186 150 148 151 199 155 172 156- 146 170 153 ! 130 1927 January 195 178 184 146 147 151 200 154 173 156 146 170 150 126 128 February. _. 197 179 180 145 150 204 153 172 156 148 171 146 124 March 200 177 179 145 147 149 206 150 175 146 171 146 124 April 206 177 143 147 -149 201 151 173 145 170 122 May 147 207 1 First of month figures. 2 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\CQmrnodities, 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
430 FEDERAL RESERVE BULLETIN JUNE, 1927 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES i. Pre-war=100] ENGLAND-BOARD OF TRADE ITALY— CHAMBER OF COMMERCE 1927 1926 1927 1<'J6 April March Fe a b ry ru- Ja a n ry u- ce D m e b - er April April March r F u e a b ry - Ja a n ry u- De b c e e r m- April All commodities 565 593 601 603 619 636 Total food 618 640 643 636 648 685 All commodities 140 141 143 144 146 144 Vegetable foods. 642 670 681 683 691 693 Total food 148 147 152 154 155 152 Animal foods 589 603 596 579 595 673 Cereals— - 148 148 149 149 151 148 All industrial prod- Meat and fish... 132 132 141 147 153 149 ucts 544 574 584 590 607 617 Other foods 163 161 166 163 161 157 Textiles.. 501 540 551 546 544 650 Total, not food 135 137 137 138 141 139 Chemicals 523 546 552 550 557 Iron and steel___ 125 126 127 128 131 117 Minerals and 577 Other minerals metals 546 580 693 612 668 and metals 126 131 134 138 149 130 Building mate- 612 Cotton... _ 141 141 137 134 135 162 rials 618 640 653 662 677 Other textiles... 155 154 152 152 153 162 Other vegetable 685 Other articles.._ 140 141 142 144 143 144 products 559 593 603 611 624 621 Sundries _ 594 612 618 627 627 604 FRANCE—STATISTICAL BUREAU SWEDEN—BOARD OF TRADE All commodities 636 641 632 622 627 650 All foods.. 646 643 630 618 610 574 1927 1926 Animal foods 603 621 583 566 572 535 V Su e g g a e r ta , ble c f o o ff o e d e s , . 678 640 641 631 610 589 March r F u e a b r - y Ja a n ry u- De b c e em r -INo b v e e r m- March cocoa 650 679 689 688 675 608 All industrial mate- All commodities—„_ 145 146 146 150 148 149 rial... 629 641 634 625 641 712 Vegetable products.. 146 147 146 146 146 140 Minerals 588 616 621 614 652 653 Animal products 130 136 136 147 145 147 Textiles 738 742 696 667 664 929 Fuels and oils 122 125 127 144 124 121 Sundries 608 612 619 620 631 646 Raw materials for manufacture in iron and metal GERMANY—FEDERAL STATISTICAL BUREAU industry 122 122 124 126 127 126 Paper pulp and pa- T A o ll t a c l o mm ag o r d ic it u ie lt s ural 135 136 136 137 133 Ra p w er materials for 164 166 168 171 171 174 pr V od e u g c e t t s a ble f - oods _ 1 1 3 5 6 6 1 1 3 5 9 6. 1 15 4 4 0 1 1 4 5 4 2 1 1 2 2 2 1 l m ea a t n h u e f r a c i t n u d r u e stry in ... 119 120 122 122 122 124 A C n at im tle al prod- 108 Ill 117 120 117 Ra tu w r e a d n c d h e m m a i n c u a f l a s c . - .. 168 170 170 170 171 171 T C o o t lo a F n l o u i i a n d c l d d t e g u s r o . s . t o r d ia s l raw .- 1 1 1 3 4 2 9 4 8 1 1 1 4 4 2 7 4 8 1 1 1 4 4 2 9 2 9 1 1 1 6 4 2 2 1 8 1 1 1 3 0 2 6 8 8 R S F e i a r n m i w a is i l f h s m i — n e a d is t h e m e ri d a a t ls e m ri a a t l e s - _ .. 1 1 1 3 4 5 5 5 0 1 1 1 3 4 5 8 6 1 1 1 1 4 5 4 0 1 5 1 1 1 4 5 4 7 4 7 1 1 1 4 4 5 2 8 2 1 1 1 4 4 5 1 7 6 materials and Producers' goods 134 135 134 140 136 137 s e m i-fi n i s h e d Consumers' goods,_. 154 155 157 159 159 160 products 130 129 129 128 130 Coal _. 135 135 135 135 131 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Iron __ 124 125 125 127 124 Nonferrous metals.. 112 109 111 114 115 All commodities 150 153 154 155 155 163 Textiles 144 141 139 136 154 Metals and coal 180 180 181 181 179 173 Hides and Textiles 142 138 133 127 128 153 leather. 120 122 123 122 111 Agricultural prod- Chemicals .. 125 125 125 124 122 ucts 156 170 178 189 191 187 Artificial ferti- Dairy products 145 145 144 141 134 155 lizers.— 87 87 86 83 90 Groceries and to- Technical oils bacco 164 165 166 166 168 168 and fats 131 133 132 132 132 Meat ..-—.„. 110 105 107 98 101 125 Rubber.—. 51 47 49 48 66 Building materials.. 148 147 151 153 152 148 Paper materials Chemicals 181 180 180 180 180 174 and paper 149 149 149 149 157 Building material 155 151 150 148 142 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Total industrial finished products . 142 142 142 142 154 C Pr o o n du s c u e m rs e ' r g s o 1 o " ds 129 129 129 130 135 A C l e l r e c a o ls mmodities- 1 1 4 4 1 6 1 14 4 2 8 1 1 4 4 6 3 1 1 4 3 6 3 1 1 4 3 6 9 1 1 5 3 1 9 goods 152 151 151 152 169 T Pu e l a s . es 1 1 5 3 5 8 1 1 5 3 6 8 1 14 5 0 5 1 1 6 5 0 3 1 1 6 5 2 8 2 1 0 4 3 2 Other foods... 166 167 165 169 165 156 SWITZERLAND i—DR. J. ]LORENZ Oil seeds.. 134 143 141 137 132 133 Raw jute. . 93 91 93 89 87 153 Jute manufactures. _. 145 139 139 143 133 156 All commodities 147 147 145 146 148 148 Raw cotton... 148 150 127 119 121 167 Consumers' goods... 155 156 157 158 158 163 Cotton manufac- Agricultural prod- tures.... 163 163 156 153 154 185 ucts 123 124 118 117 119 110 Other textiles. 127 328 122 124 127 126 Industrial products. 146 145 142 145 149 146 Hides and skins 119 123 117 118 109 120 Metals „ 138 140 138 138 139 143 1 First-of-month figures. Other articles. 145 150 149 152 157. 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL RESERVE BULLETIN 431 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] European countries Other countries United c S i t t ( a i 5 e t 1 e s) s ( A n V tr a u i i ) s e a ! - n- g B iu el m - 2 g B a u r l i - a l E a n n g d - 3to E n s i - a3( F P r a a r n i c s e ) m G a e n r- y G ( e A r n e t s e h ) c - e I ( l t M a a n l i ) y - Neth- Nor- R si u a s 3 - S l z a w e n r i d - t- a C d a a n 3 - A tra u l s i - a ( I b B n a d o y i m ) a - N l Z a e e n a w d - A So fr u ic th a 1925 October...... 158 144 2,698 172 130 433 151 1,597 646 149 228 215 168 147 157 148 155 119 November 164 146 2,698 172 129 444 147 1.676 649 149 223 217 168 151 156 149 156 117 December 162 148 2,785 174 133 463 146 1,718 660 148 221 224 167 156 155 151 154 116 1926 January 161 119 141 2,773 171 137 480 143 1,760 681 148 216 226 165 157 155 151 154 116 February 158 117 141 2,771 168 138 495 142 1,738 676 148 212 230 163 155 154 150 153 117 March 157 114 137 2,719 165 136 497 141 1,805 654 147 205 234 161 154 159 151 152 118 April 159 114 139 2,652 159 139 503 142 1,821 645 146 198 241 161 153 163 150 151 119 May 158 113 146 2,808 158 139 522 142 1,817 664 146 195 250 159 152 163 150 151 119 June 157 116 155 2,717 158 139 544 143 1.870 657 146 194 243 159 149 162 152 151 118 July 154 115 177 2,713 161 139 574 145 1 1 84.Q 654 146 198 236 159 149 159 155 149 117 August 153 117 187 2,637 161 138 587 146 1,871 660 146 196 234 157 150 157 153 149 117 September ... 155 116 184 2,641 162 128 590 145 1,890 652 145 193 231 158 147 155 152 148 117 October 157 117 194 2,597 163 127 624 145 1,933 654 146 191 230 160 147 153 153 147 120 November... 158 117 204 2,618 169 127 628 148 1,986 630 147 186 234 159 148 155 152 146 119 December 159 118 206 2,598 169 128 599 150 1,973 631 146 184 235 159 151 158 154 149 117 1927 January 156 119 207 2,586 167 131 592 151 625 147 174 235 158 153 158 155 148 116 February 153 119 210 2,569 164 132 585 152 642 147 177 236 157 151 153 152 146 117 March 151 118 201 2,533 162 129 581 151 635 146 173 238 156 149 151 152 146 118 April 151 119 155 580 150 145 169 156 151 151 119 May 119 154 1*1 169 150 I i I COST OF LIVING [Pre-war-100] European countries Other countries Massas c e h t u ts - g B iu e m l- s C lo z v ec a h k o ia - l E an n d g - » l F a i n n d - ( F P r a a r n is c ) e m G a e n r y - G ( e A r n e t s e h ) c - e H ga u r n y - I ( l t a M a n ly i ) - N la e e n r t d - h s - N w o ay r- l P an o d - Spain S d w en e- S l z a w e n r i d - t- a C d a a n - 3 A t l r u i a a s - - ( I b B n a o d y m i ) a -A So fr u ic th a 1925 Oct 162 533 875 176 L, 228 144 1,547 124 643 152 189 175 168 149 153 132 Nov 162 534 863 176 L,227 141 1,610 123 643 157 186 168 152 153 131 Dec 165 534 866 177 1,197 421 141 1,644 123 649 177 234 173 183 168 154 "155" 155 131 1926 Jan 164 527 854 175 L, 166 140 1, 673 122 665 170 188 174 167 155 155 131 Feb 163 526 845 173 1,175 139 1,664 121 661 171 183 165 154 154 131 Mar 161 521 832 172 L, 172 451 138 1,706 119 647 174 225 169 185 163 154 157 155 131 Apr 161 529 832 168 j.163 140 1,731 119 642 177 187 "l73" 162 153 153 131 May. 159 558 837 167 1,159 140 1,741 118 652 185 183 160 152 153 132 June 159 579 861 168 1,175 485 141 1,791 116 650 -17l 218 184 183 160 150 I61~ 155 131 July 159 637 876 170 1,183 142 1,808 117 649 178 186 "l72" 160 150 157 130 Aug.. _ 158 681 878 170 1,213 143 1,818 116 652 182 178 159 150 155 130 Sept... _ 158 684 878 172 1,203 539 142 1,833 114 647 164 217 189 187 159 149 158 155 130 Oct 158 705 888 174 1,197 142 1,862 114 672 193 190 ~~171~ 160 149 155 131 Nov.. 159 730 902 179 1,193 144 1,895 116 657 197 191 159 150 154 131 Dec_ ... 159 741 912 179 1,197 545 144 1,889 116 657 168 213 199 193 159 151 157 156 129 1927 Jan 158 755 914 175 1,187 145 119 655 202 196 171 158 152 156 130 Feb 157 770 914 172 1,189 145 120 667 201 190 158 151 155 130 Mar.. 156 771 915 171 1,183 ""524" 145 119 663 166 203 200 194 157 150 155 131 Apr. ... _ 156 774 923 165 1,173 146 203 196 ~~I7O" 156 153 131 May 776 ! 164 147 152 ! 1 1921 = 100. 2 First of the month figures. 31922=100 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
432 FEDERAL EESEKVE BULLETIN JUNE, 1927 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND UNEM- PRODUCTION TRANSPORTATION PLOY- MENT Raw Coal i P ro ig n i S n c i a n a g t n e g s o d e t s t - l s i s F s t h i e n e e d - l c v o p s is u t l t i p y o b - 2 n le , m t u S I a u r f t n a r a o e n d e c e n - s - l Coal . t u m C u t f o o a r a n e n c t- s - - w W ti o s a o s r n o s u d t l e e e s d n R c to a o n w t- w Ra o w ol r C u r b u b d e e r h R w i a d e w e t s c l S l w a e h r a i g i t r p o h e s d 3 F r B e r t r e c r i a i e t g i i i n s p h h t t s - r F a t i r t r l e r a w i a f g f i a n h i y c t s - i A n m su o r n ed g Thousand long tons T b h a o le u s s. lo T n h g o t u o s n . s s M l q io . i y l n - d. T sq h . o y u d s . . M po i u ll n io d n s T p h o o u u n sa d n s d T t h o o n u s s. T £ l h i s o n t g u er s - . M m to i i l n l l e i - o s n c P e e n r t 1925 October 23, 679 474 652 564 871 4,382 371 12,421 181 8,935 5,734 9,217 1,610 11.4 November. 19, 718 494 654 553 1,091 322 4,338 11, 863 237 18, 042 11, 884 5,122 8,805 1,524 11.0 December.. 20,157 503 607 552 1,243 341 4 14, 822 287 29, 640 10, 755 5,074 8,625 1,570 10.4 1926 January 125,474 534 640 558 1,181 337 4,148 360 17, 315 194 107 25, 778 12,412 5,142 8,803 1, 601 11.0 February- _ •21, 602 502 704 585 1,186 339 4,340 370 15, 817 149 103 20, 204 11,417 4,803! 8,279 1,567 10.4 March 21,353 569 784 558 1,114 407 4,703 407 14, 534 139 81 31, 850 9,774 5,279 9,207 1,748 9.8 April „ 19,600 539 661 498 1, 089 313 4,291 285 9,135 125 108 29, 030 12, 281 5,207 8,766 1,559 9.1 May._ 5,098 89 46 124 1,133 274 1,448 308 9,720 108 79 21,310 •6, 088 2,338 3,287 452 14.3 June._» 42 35 184 1,107 231 34| 331 12, 635 104 71 25, 300 4,487 3,351 5,332 733 14.6 July 18 32 141 1,0721 244 7 364 17, 998 103 52 24,300 7, 809 3,543 5,312 751 14.4 A S O e u c p t g o t u e b s m e t r ber- ( ( ( 4 4 ' ) ) ) 1 1 1 4 3 3 5 9 9 2 6 4 1 1 1 4 8 7 6 4 5 1 1 1 , , , 0 0 1 3 2 8 4 1 6 | 1 1 1 6 9 6 4 4 0 2 5 , , 1 22 8 4 5 4 3 3 3 0 1 1 1 5 2 1 1 1 6 2 1 , , , 3 5 7 1 2 1 1 6 1 7 7 6 9 8 1 3 2 3 5 4 4 2 2 2 6 8 9 , , , 6 5 7 6 3 3 7 3 5 9 9 8 , , , 8 8 7 4 7 9 4 0 2 3 3 3 , , , 3 4 3 4 1 6 1 1 4 5 6 7 , . , 1 1 3 9 8 8 7 5 0 1,1 9 7 4 1 8 4 0 3 1 1 1 4 3 3 . . . 0 6 7 N D o ec v e e m m b b e e r r . . . 1 2 7, , 3 2 2 2 4 4 9 1 8 3 3 9 1 8 9 3 1 7 9 0 1 1 1 , , 4 6 5 5 2 7 1 1 6 5 6 9 5 2 2 8 4 1 2 1 1 3 2 , , 4 2 6 9 5 6 2 2 4 5 1 5 6 5 8 5 3 2 0 8 , , 1 0 1 5 3 9 10 8 , , 6 5 8 9 2 9 3 4, , 1 0 7 0 7 7 8 8, , 5 0 4 2 4 0 1 1 , , 3 4 0 9 9 5 1 1 3 1. . 9 5 1927 January 124, 577 435 731 1,718 219 4,093 325 15,907 237 118 30, 760 11,612 4,949 9,043 1,654 12.1 February.. 21, 365 571 827 653 1,763 252 4,173 301 14,982 168 107 27,492 6,712 9,027 1,570 10.9 March 21,097 672 950 1,792 353 4,820 397 13, 275 190 119 30,910 10, 793 5', 383 April...... 124,274 680 850 1,759! 335 4,118 319 94"" 189 98 35, 577 5,698 5,202 9.4 1 Five weeks. 2 End-of-month figures. 3 Includes Irish Free State. * Coal strike. FRANCE EX- PRODUCTION PORTS TRANSPORTATION Unemployed Busi- Coal* i P ro ig n C s r te u e d l e Cotton C c o lo tt t o h n v T ol o u t m al e v T ol o u t m al e f c s o R u t o r i m t a o t c w o n o p n n - - f s o R u t s r i i m a o c l w k n o p n - - f s o C u t r i m o o c a n o p l n - - c S c w le a h a i r i t g r p h e o s d Fr l i o e c n i a a g g d r s h - t- o R p f a e w p l c a r e r i y a i n s p i c l t - i s - p r m e a P c l u a e a n r i i v i i d s c i » n i i - n g u n f r a e e i s s l- s * Thous. Pieces Thousand Thous. Thous. Average Thous. Num- Thousand metric tons kilo- of 1,000 metric tons Metric tons metric tons daily francs Number ber grams meters tons umber 1925 October.. _. 5,503 739 668 11,314 I 28,502 2.474 4,572 23,727 685 2,041 3,422 66,542 824,606 78 108 November 5,168 740 647 10,475 23,623 2; 651 3,978 31,818 834 1,596 2,901 65,957 760, 673 103 118 December 5,207 748 659 11,124 26,065 2,612 4,004 55,714 797 1,454 2,805 63,437 41,002,717 191 153 1926 January 5,364 763 10,477 24, 916 2,267 3, 613 42, 716 545 1,432 2; 823 60,808 788,411 252 136 February 5,190 707 630 10,455 24,912 2,730 4,124 29,473 193 1,605 2,429 66,179 880,126 250 144 March 5,833 772 726 11,442 29,961 2,910 4,064 34,861 842 1,441 3,064 67,329 891,903 157 134 April 5,272 768 683 10, 505 26,009 2,593 4,183 30, 514 428 1,671 3,225 63,193 1,081, 574 117 94 May__ 4,997 783 667 9,824 24,761 2,625 3,607 20, 560 548 1,220 3,191 62, 075 904,876 81 132 June _._ 5,524 778 694 11,075 27,899 2,745 3,894 22, 364 687 1,223 3,362 64,856 947, 997 62 149 July .. 5, 572 792 718 10, 522 24,946 2,869 3,608 20, 068 548 1,095 3,183 61,478 4 1, 268,949 47 127 August 5,500 814 704 10, 772 26, 736 2,860 3,883 18,131 535 1,294 3,336 63,487 1,082,127 45 97 September 5,518 785 706 10, 783 27,194 2,629 3,649 22,968 471 1,108 3,390 64,600 * 1,453,913 49 75 October 5,738 816 742 11,215 28, 372 2,689 3,488 28,686 486 1,075 3,462 67,923 1,157,491 59 90 November. _.^ 5,770 790 714 10, 668 26,191 2,669 3,442 44,881 566 1,058 3,125 66,125 1,095,165 138 127 December™. . 5,773 827 741 11,051 29, 643 2,809 4,039 53, 023 591 1,280 3,177 60, 7754 1,367,997 7,737 154 1927 January____ 5,821 805 673 2,791 4,064 41,331 400 1,606 2,936 56,663 866,732 25, 576 790 February 5,662 716 628 3,209 4,780 34,136 260 2,047 2,528 61,967 944,463 36,951 740 March 5 4,823 801 704 2,952 4,363 27,570 253 1,832 3,186 61,881 963,699 30,185 April 23, 719 1 Coal and lignite, including Lorraine and the Saar. 3 Number of failures in the Department of the Seine. * Includes the Saar. 3 End of month figures. 4 Five weeks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDEKAL RESERVE BULLETIN 433 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA--Continued GERMANY TRANSPORTA- UNEMPLOY- PRODUCTION TION MENT Coal L ni ig te - i P ro ig n C s r te u e d l e P a o sh t- f m a I i c a r r a t n o o u n d n n r u e - s c t h e s M r a u i l i n e n c p a c d e a - - - r l y s D d a tu y n y f e d e f - s s Coal w R o aw ol R c p o a e p w r - C to o n t- I o ro re n H A a v s l a i e s r e n r m l s i s - o v - f - F l r i o c n e a a g i d g r s - ht p T u m u l b n n o r e e a e i y m r o d m e s n e - d - p p r U e S e l n i c o r t n a s e e y t o g i m e e v n - d - - s B u n fa r e u i e s l s - s s iplies burg aid Thous. net Thous. Per Thousand metric tons Metric tons w o a n g s - cent Number tons 1925 October 11,950' 12, 759 742 929120.5 349,831 50, 230 14, 289 1,163, 366 12,466 11, 065 36, 695877, 994 1,419 3,570 5.8 363,961 1,164 November _ .11,189 11, 940 760 876109.2 321, 694 39,212 12,6661,029,540 6,121 9,69149,416 717, 792 1,305 3,139 10.7 673, 315 1,343 December,. 11, 367 12, 715 717 765 95.3 374, 706 37, 854 11, 358 1, 014, 91116, 361 8, 972 40, 627961, 553 1,277 2,784 19.4 1,498, 6811,660 1926 January 11,19012,222 689 792108.3 391,172 44,187 11, 798 1, 005,440 16, 967 8, 582 34, 099582, 730 1,285 2,546 22. 6 2, 030, 6462,092 February. __10,611111,077 631 816119.4 376, 553' 45,49612,0301,379,351 6,537 77,, 7755112 244,,7 57454 735, 479 1,220 2,597 22. 0 2, 055, 9281,998 March 11,424 11,835 717 950108.3 466, 364 53, 237 14, 234 1,178, 54113, 3771 1,1 ,06 0.65 21, 524638, 734 1,296 3, 035 21.4 1,942, 0111,871 April 10, 086 10, 067 77. 3 450, 555 47, 620 13, 5311,156,38211.,,4 0410.101,0 9,9 9,95 17, 632777,368 i 1,343 2,789 18. 66 1I,, 778811,1521,302 May 10,678 9,894 736 901 73.3 400, 645| 40,882 11, 560 1, 832,172 1•0 , -74-39 ,-75 ^'5714,467 779, 977 1,317 2,917 18.11, 744,1261, 046 June__._ 11, 756 11,202 720 976 87.0 423, 094 i38, 043 12, 525 2, 517, 730 15, 91113,49116, 224793,857 1,461 3,261 18.11, 740,754 913 July 13, 074 11,482 7681,022 87.2 466, 680 38,342 12,668 3,640, 247 15,769 12, 624 13, 256 1,714 3,475 17.~ :, 652,281 701 August 12,879 11,421 8501,141 93.7 461, 818 38, 059 10, 946 3,973, 743 12, 830 13,330 16, 695784,465 1,675 3,464 16. L, 548,138 493 • O S c e t p o te b m er ber...1 1 2 3 , ,5 7 1 8 7 6 1 1 11 3 , ,2 7 2 1 3 3 8 93 8 5 01 1, , 1 1 7 4 4 4 8 9 6 4 . . 8 0 4 50 5 9 1 , , 9 7 0 6 8 2 4 4 4 1 , , 3 7 5 1 2 6 1 1 1 1, , , 7 53 5 1 7 ! 3 3, , , 6 7 9 2 0 9 , , 0 2 0 6 8 7 9, 0 2 6 3 8 4 1 1 4 4 , , 4 1 6 8 8 8 3 2 7 2 , , 1 9 6 5 3 3 1, 9 1 7 2 9 3 , , 5 6 0 6 7 6 1 1 , , . 5 "• 2 " 9 3 3 , , 9 6 5 3 0 7 1 14 5 . . 2 1 1 , , 3 3 9 0 4 8 , , 0 2 6 9 2 3 4 4 6 8 7 5 November.. 13,496 12, 754 9831,258 90.4 472, 656 39,509 12, 084.2, 896,424 U, 213 12; 423 44,423 1,531 3,934 14,.2~ 1 ,"., 369,769471 December. _ 13,775 13,197 1,065 1,303 478, f 40, ~81"5 9,434 2, 244, 759 14, 966 17, 837 61, 593 1, 34l| 2512,436 3,623 16. 7 .1, 748, 597435 1927 January 13,355 12,462 1,060 1,309 122.1 514,961 36,396 13, 270 2,145,226 16,677 12, 656 56, 292 1, 256, 7551,509 3,216 16. 5 1,827, 200! 493 February.-_ 12, 743 12, 036 9691,234 131.6 387, 302 36, 687 12, 012 2,155, . 6 . 8 . 6 . 2 1,939 1 , 6 ,152 43,881 1 1 , , 3 7 3 7 8 , 5 4 , 3 9 0711,413 3,245 15. 5 1, 695, 515 473 March 14, 046 12, 9731,086 1,415 418, 947 40, 69512, 947 2, 042,436 21,174 18, 843 52, 595 1, 1,566 3,254 11.5 1,121,208 557 April 11,79411,386! 1,052 1,288 1,593 8~. 9" 871,453 421 ! CANADA Re- Receipts at ceipts stockyards I i d t p n n r u o r d d i o c a f u e - - l x s- Coal PR N p O e r D i w U n s C t - TIO F N lour a s t w C t r t c i r a e o o o a u c d n n r n c t d - - s - - w l F P W a A i h a a o o o n e r i t m f r d r l - a - t t t a i C n t n l a d e T t - p W o e r g o in n n t i o - P bo l a a n a n r d d k s s W pu o l o p d Wheat Coal C p le e r u t u r m d o e - c R ot a t w on c M e h r i a y n - - T l e r i o c n n o e a a v g u t d r a - s e - l m I p n e l o e d m o f n e y - x t - 1 u B n f r a e u e i s l s s - s i 3 thur 1 1 9 1 9 2 0 1 4 0 9 = - s T h h o o r u t s t a o n n d s b T a h r o re u l s s . T do h l o la u r s s . T b h u e o s ls u h s - . Number M l f i e o e il n t - Th lb o s u . s. T b h u e o l s s u h s - . T t h o o n u s s. T g h a o l u s s . . Th lb o s u . s. T do h l o la u r s s . N b u e m r - J 1 a 9 1 n 2 0 . 0 0 1 = 7,N b u e m r - 1925 Oct.... 138.51,572 138 2,308 29, 648 53,226 83,129 48,917 211 198,421 41,896 1, 44,129 10,582 2,7'8822 33;44, ,6i40 98.3 142 Nov__. 148.01,665 131 2,127 46,973 51,535 88,, 560 ,62124400 195 195, 675 34,840 1|! 44,690 15,649 2,3755 318,295 97.1 163 Dec__. 135. 61,561 137 1,738 12,675 53,445533 5588,557755 6688,898 165 57,008 1,377 72,344. 19,371 2,453 269,998 95.3 177 1926 Jan.... 138.11,231 140 1,422 12,669 10, 536 53,831 71,833 127 166,689 13,199 1,209 38,332 19,209 2,462 227,616 184 Feb... 144.11,076 136 1,440 13,478 3,968 40,981 57,898 159 156,477 14,074 1,120 35,485 14,990 2, 571 222,979 90.7 144 Mar... 139. 2 1,071 154 V" 19, 779 3,21151,535 61 " 190 186,255 14, 710 1,808 39,570 11,291 3,688 246,028 91.5 136 Apr... 149.4 "' 152 1,416 37,292 1,807 44,136 127 111, 959 5,526 1,102 23,957 7,380 2,939 238,045 91.4 131 May.. 151.4 1,137 154 1,491 57,140 17,200 50,007 50,633 172 138,532 18,971 1,238 43,143 9,732 3,446 2611,,551144 94.3 120 June.. 153.4 1,395 159 1,646 54,186 13,572 45,917 53."" 201 181,236 27, 792 1,284 48,072 8,568 3, 515 2699,, 680 101.0 142 July... 147. 5 1,350 163 1,228 33,865 6,404 47,"~ "' 203 180, 639 16,306 1,474 56, 586 6,929 3,231 268, 654 103.7 137 A N D S O e o u e c p t c v g . t . . . . . . . . . . . . . . . 1 1 1 1 1 3 5 5 3 4 9 9 5 2 1 . . . . . 4 1 9 6 6 1 1 1 1 1 , , , 4 , , 9 8 3 7 1 2 1 4 0 3 3 8 1 8 1 1 1 1 1 6 6 6 6 6 9 4 5 1 3 2 2 1 1 1 , , , , , 2 6 0 7 0 3 3 8 1 4 1 9 4 5 4 4 2 3 3 1 0 3 3 1 4 , , , , , 9 3 7 6 7 7 8 6 2 9 3 4 1 5 7 3 2 5 6 2 6 6 0 1 , , , , , , 3 0 4 7 5 1 9 4 9 2 0 8 0 7 1 8 5 7 6 6 8 3 0 8 2 , , , , , 8 7 7 9 8 5 , 9 2 9 3 5 3 9 , 8 0 7 7 3 5 1 2 3 8 0 , , 8 , , 4 , 6 1 2 7 7 3 9 5 2 1 0 9 0 0 2 2 1 1 1 0 0 5 9 8 9 2 8 8 6 1 2 1 1 1 6 8 1 8 3 8 3 5 4 9 , , , , , 1 2 1 1 0 7 6 0 4 8 1 5 2 8 4 3 4 4 1 0 4 3 0 9 , , , , , 5 8 9 5 5 4 7 4 7 7 1 9 7 3 5 1 1 1 1 1 , , , , , 4 5 4 4 3 6 7 6 4 9 0 6 2 9 8 3 7 5 5 6 5 2 8 3 5 , , , , , 1 3 4 8 3 8 6 6 7 7 1 1 0 0 7 1 1 1 2 6 4 6 5 , , , , , 8 5 9 6 5 8 3 5 9 1 2 6 8 7 7 3 3 3 3 2 , , , , , 7 4 3 3 9 2 2 6 6 5 9 9 3 2 0 3 3 2 2 3 5 3 7 5 0 5 6 9 7 3 , , , , , 1 9 4 1 7 8 6 2 0 9 1 4 2 0 8 1 1 1 1 1 0 0 0 0 0 4 1 5 2 4 . . . . . 1 2 8 2 1 1 1 1 1 7 6 7 2 1 1 5 8 6 5 1927 Jan 151...01, ,571 162 1,496 16, 772 14,029 46,224 71,895 119 125, 750 12,571 1.563 52,222 21,278 3,075 243,767 94.8 191 Feb... 148.0 1,|377 151 1,231 19,517 8, 547 37,182 60,455 122 114, 927 11,422 1,706 31,052 12,278 3,156 242,222 95.4 142 Mar... 172.8 1,401 174 1,454 17,466 66,330077 3 3884,1441 4 6611,0,07766 284,119 96.3 152 Apr... 166 38, 582 12, 593 33, 652 5,04,36 256, 357 96.2 123 1 First of month. 2 Total number of firms failing during the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
434 FEDEEAL KESERVE BULLETIN JUNE, 1927 LAW DEPARTMENT Decision of Supreme Court upholding constitutionality to is, we presume, c. 274; 42 Stat. 821. It has no of section 9 of the Federal reserve act immediate bearing upon the question propounded and as it is not relied upon in argument we shall leave it There is published below the text of an on one side. opinion rendered on May 16 by the Supreme It is not disputed that Rev. Stat. §5209, if applicable, Court of the United States upholding the conpunishes the bank manager, and those who aided and stitutionality of that provision of section 9 of abetted him in his crime. Coffin v. United States, 156 the Federal reserve act which subjects State U. S. 432, 447. The argument is that Congress has no power to punish offences against the property rights of member banks and their officers, agents, and State banks. It is said that the statute is so broad employees to the provisions of and the penalthat it covers such offences when they could not result ties prescribed by section 5209 of the Revised in any loss to the Federal Reserve Banks, and it is Statutes: suggested that if upheld the Act will invalidate similar statutes of the States. This argument is well answered SUPREME COURT OF THE UNITED STATES by Hiatt v. United States, 4 F. (2d) 374, 377. Certiorari denied. 268 U. S. 704. Of course an act may be No. 766.—October Term, 1926 criminal under the laws of both jurisdictions. United C. O. WESTFALL States v. Lanza, 260 U. S. 377, 382. And if a state v. bank chooses to come into the System created by the THE UNITED STATES OP AMERICA United States, the United States may punish acts injurious to the System, although done to a corporation On certificate from the United States Circuit Court of that the State also is entitled to protect. The general Appeals for the Sixth Circuit proposition is too plain to need more than statement. [May 16, 1927] That there is such a System and that the Reserve Banks are interested in the solvency and financial con- Mr. Justice HOLMES delivered the opinion of the Court. dition of the members also is too obvious to require Westfall was convicted under two indictments, the a repetition- of the careful analysis presented by the first of which charged him with aiding and procuring Solicitor GeneraL The only suggestion that may dethe branch manager of a State bank which was a serve a word is that the statute applies indifferently member of the Federal Reserve System to misapply whether there is a loss to the Reserve Banks or not. the funds of the bank. The' second indictment charged But every fraud like the one before us weakens the a conspiracy to misapply the funds of the bank between member bank and therefore weakens the System. the same and other parties. Both were based upon Moreover, when it is necessary in order to prevent an the issuing a fraudulent certificate of deposit for ten evil to make the law embrace more than the precise thousand dollars and the paying the same from the thing to be prevented it may do so. It may punish funds of the bank. The Circuit Court of Appeals for the forgery and utterance of spurious interstate bills the Sixth Circuit certifies this question: "Is the pro- of lading in order to protect the genuine commerce. vision of section 9, chapter 6, of the Federal Reserve United States v. Ferger, 250 U. S. 199. See further Act of December 23, 1913 [38 Stat. 259, 260,] as Southern Ry. Co. v. United States, 222 U. S. 20, 26, amended June 21, 1917 [c. 32, § 3; 40 Stat. 232,] and That principle is settled. Finally Congress may em- July 1, 1922 constitutional in so far as it provides that ploy state corporations with their consent as instru- 'such banks and the officers, agents and employees mentalities of the United States, Clallam County v. thereof shall also be subject to the provisions of and United States, 263 U. S. 341, and may make frauds the penalties prescribed by Section 5209 of the Revised that impair their efficiency crimes. United States v. Statutes?'" The amendment of July 1, 1922, referred Walter, 263 U. S. 15. Y/e answer the question: Yes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
435 JUNE, 1927 FEDERAL KESERVE BULLETIN Changes in State Bank Membership Fiduciary Powers Granted to National Banks During the month ended May 21, 1927, the Federal The following list shows the changes affecting State Reserve Board approved applications of the national bank membership during the month ended May 21, banks listed below for permission to exercise one or 1927, on which date 1,331 State institutions were mem- more of the fiduciary powers named in section 11 (k) bers of the system: of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) regis- ADMISSIONS trar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates of Total lunatics; (9) in any other fiduciary capacity in which Capital Surplus resources State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which District No. 3 the national bank is located. Dime Bank Title & Trust Co., Wilkes-Barre, Pa $400,000 $600, 000 $5,175,144 District No. 5 Location t D ri i c s t - Name of bank Powers Bank of Darlington (Inc.), Darling- No. granted ton, S. C 100,000 10. 000 110,000 District No. 7 L Pi a g d e o o g n a S S t t a a t t e e B B a a n n k k , , P L ig ad eo o n ga , , M In ic d h___ 2 2 5 5 . , 0 0 0 0 0 0 5 5 , , 0 0 0 0 0 0 60 8 4 8 , , 3 9 7 5 0 4 H Ro ar c t k fo la r n d d , , C M on e n 1 1 H N a o B r r t a t f h n o k r N d . - a A ti e o tn n a al B a N nk a tiona _ l 5 1 t t o o 8 9 . 1. District No. 12 Dunellen, N. J 2 First National Bank 1 to 9. Bank of Hoquiam, Hoquiam, Wash.. 100, 000 50, 000 1, 444, 447 N A e tl w an Y tic o r C k, i t N y, . Y N. . J .. 3 2 S Se e c w o a n r d d N N a a t t i i o o n n a a l l B B a a n n k k 1 1 t t o o 9 9 . . Philadelphia, Pa___ 3 Southwark National Bank._. 91. Westminster, Md__ 5 First National Bank. 1 to 9. CHANGES Camden, S. C 5 do _ • 1 to 9. Alexandria, Va 5 do 5 to 91. Lynchburg, Va 5 Lynchburg National Bank... 2, 3, 5 to 91. District No. 2 Petersburg, Va 5 Virginia National Bank ^_ 4 to 9 1. . P e f t o m o a u f l p e r o e l m , e r M ' s b N s ' e a . & r n B Y u T a ( f . n m , a r a a k c e d , t r m u e g r r B e e e s d m u r ' s f b T ' f i e a n r l r u t o , o & s , t u n C N M d T o . e a . r r n , Y a u B d t . i f , e u t a l r f c a e s - - ' B A S R O a i o u p r v c g p m a k , u n i y s A n n t g a M l a a , h h o , a G u m G a n , a t, A V - l . a a _ . . _ . . . 6 6 5 6 6 T N F P C e i r i a B r a t o t i s d i z p a t o e e n le n n N r k s s a s . a l N t N & i E o a a n x t t S i i c a o o o h l n n u a a a B t n h l l g e a e B r B n n k a B a n n N a k k n a k tional 1 1 1 I 5 t t t t t o o o o o 9 9 9 9 9 . . . . 1. People's Trust Co.) $1, 000,000 $1,176, 000 $31,427, 000 Sioux City, Iowa... 7 Live Stock National Bank... 1 to 9. District No. 3 Rockville, Ind_. „ 7 Rockville National Bank 5 to 9 1. Di W 5 m ta i e l t k e e B m s a - e B n m k a r b r e e T r , it o l P f e a s a & m (s e u c T n c r a e u m e s d e t e ) d C o b . y , 400,000 600, 000 5,175,144 B I S G s i a r h o a r p u f a x e t b o m o F n i o , a n l / N g l W s , , . i M S s D . i a c k D h _ _ a _ _ _ k _ . 9 7 9 9 F M G C i i r r i t a n s i f z t e t e o r N n s n s a N t N N i a o a a t n i t t o i a i o o n l n n a B a a l l l a B n B B a k a n a n n k k k 1 2 1 1 , 3 t t t o o o , 5 9 9 9 , . . . and 8. District No. 4 Wahoo, Nebr 10 First National Bank 1 to 3, 5 to 9 Re P a a l . E ( s t t i a tl t e e T ch r a u n s g t e C d o . t , o W F a ir s s h t i n B gt a o n n k , T G h a e in rm es o v p il o le li , s T , e W x_ y __ o _ . 1 1 0 1 Lind d s o ay National Bank I I t to o 9 9 . . 6 Trust Co.). Bridgeport Bank Co., Bridgeport, 1 Supplemental. Ohio (closed) ._ 75,000 76,000 847, 790 District No. 6 Changes in National Bank Membership Citizens & Southern Bank, Savan- j The Comptroller of the Currency reports the follownah, Ga. (converted to Citizens' ing increases and reductions in the number and capital & Southern National Bank) 3, 000,000 3,178, 600 68, 279, 000 of national banks during the period from April 23 to District No. 7 May 20, 1927, inclusive: First State Bank, Magnolia, 111. (closed) 25, 000 6,000 131, 000 Jackson State Savings Bank, Jack- Num- Amount son, Mich, (consolidated with a ber of of national bank) 300,000 84,000 2, 517,000 banks capital District No. 9 Se M cu i r n i n ty , (v S o t l a u t n e tar B y a w nk it , h dr L a e w w a i l s ) ton, 40,000 13,000 495,000 N Re e s w to c re h d a r t t o er s s o i l s v s e u n e c d y _ _ _ . .. 1 0 4 $4,010,000 0 Farmers & Merchants State Bank, Increase of capital approved 1 _ 15 1,170,000 Saco, Mont, (closed) . 25,000 1,000 176, 000 Aggregate of new charters, banks restored to District No. 11 solvency, and banks increasing capital 29 5,180,000 •Teague State Bank, Teague, Tex. Liquidations 35 4,765,000 (converted to national bank) ___•___ 60,000 24, 000 548, 360 Reducing capital2 4 1,302, 000 District No. 12 Total liquidations and reductions of capital.. 39 6,067,000 "French-American Bank, San Fran- Consolidation of national banks under act of Nov. cisco, Calif, (consolidated with 7, 1918 - 2 5,454,000 United Bank & Trust Co., San Consolidation of national banks and State banks Francisco, Calif., a member) , 250,000 I, 057, 690 23, 848,180 under act of Feb. 25, 1927 . 4 1,700,000 First Bank of Joseph, Joseph, Oreg. E. (c G lo . s Y ed o ) u ng & Co. _ B _ ank, Oakland, 50; 000 13, 000 218, 000 Aggreg T a o t t e a l i n c c o r n e s a o se li d d a c t a io p n it s a l for perio . d 6 J7? 5 _ ,1 1 8 5 0 4 , L 0 0 0 0 0 0 n O o r n eg m ., e a m m be e r m b C er o , m h m as e a rc b i s a o l rbe B d a t n h k e , Reduction of capital owing to liquidations, etc 6,067,000 Oakland, Oreg 15,000 5,900 263,000 Net decrease _ 887,000 Jackson County Bank, Medford, Oreg., a member, has absorbed the 1 Includes three increases in capital aggregating $400,000 incident to nonmember Fidelity State Bank, consolidations of State banks under act of Feb. 25, 1927. Gold Hill, Oreg 15, 000 2,500 87, 500 2 Includes two reductions in capital aggregating $1,052,000 incident to consolidations under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
436 FEDERAL RESERVE BULLETIN JUNE, 1927 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank Total New Phila- Cleve- Rich- Chi- St. Minne- Kansas San Boston York delphia land mond Atlanta cago Louis apolis City Dallas F c r is a c n o - Gold with Federal reserve agents: May 4 . _. 1,571,158 124,410 352,192 119,623 186,542 61,124 158,212 234,186 15, 778 53,466 58, 824 32, 529 174,272 May IK... 1, 631, 543 122,413 372,192 119,221 197,697 60,153 157, 279244,143 17,165 54,229 57,973 32,053 197, 025 May 18 _. 1, 637, 863 119, 686 387,095 116,812- 196,655 58,976 154, 843244, 111 17,902 53, 770 57, 299 26, 512204, 202 May 25 1,651,246 117,157 397,027 114,342 197,259 57,692 155,390 244, 111 13,106 55,050 56,854 25,952 217,306' Gold redemption fund with U. S. Treasury: May 4 50, 456 7, 13,958 5,601 4, 1,831 2,146 2,879 1,953 1,974 2,655 1,649 2,942 May 11.... 49,235 9,138 12,446 7,061 2, 520 2,055 2,464 2,013 2,053 2,013 3,208 1,623 2,641 May 18— 50, 294 6,113 10, 782 8,385 4,283 2,335 2,368 4,239 1,855 2,274 3,572 1,587 2,501 May 25 47,130 7,725 9,085 9,711 2,399 2,578 2,205 3,396 2,100 2.584 1,746 1,614 1,987 Gold held exclusively against Federal reserve notes: May4_.__ 1, 621, 614 132, 292 366,150 125, 224191, 52! 62, 955160, 358237, 06J 17, 731 55,440 61,479 34,178 177, 214 May 11 _ .'. 1, 680, 778 131, 551 384, 638 126, 282200, 217 62, 208159, 743246,156 19, 218 56, 242 61,181 33, 676 199,666 May 18 1, 688,157 125, 799 397, 877 125,197 200,938 61,311 157, 211248, 350 19, 757 56,044 60, 871 28, 099 206, 703 May 25 1,698,376 124,882 406,112 124, 053199,658 60,270 157,595 247,507 15,206 57,634 58,600 27,566 219,29S Gold settlement fund with Federal Reserve Board: May 4 694, 657 50, 241 245, 434 54, 466 64, 794 28, 088 18, 290121, 786 19,977 16, 045 23,998 15,449 36, 089' May 11 . .__. 640, 522 42,957 205, 743 47, 216 55, 611 26, 573 15,154 127,742 21,930 13, 630 28, 861 18, 831 36, 274 May 18 42, 842 222, 610 43,194 42, 651 22, 791 15,498 131, 080 13, 636 14,316 25, 631 19,752 34,495> May 25 552,216 40,645 170,122 45,173 51,115 23,432 10,642 117,728 17,670 11,192 24,147 16,566 23, 784 Gold and gold certificates held by banks: May 4 727, 632 29, 004 476, 641 28, 848 57, 848 5,349 4,371 53, 646 15, 111 6,829 7,755 9,051 33,179 May 11... ___ 748, 854 29, 860 494, 934 58; 086 5,402 4,684 56,172 15,343 7,r~ 7,554 9,009 31, 794 May 18 740, 217 31,139 484, 369 29, 371 59, 009 5,610 4,659 54,425 15, 828 6,941 7,695 9,011 32,160 May 25.: _. ... 761,385 29,802 502,240 28,761 59,373 5,418 4,850 55,752 17,054 8,251 7,759 9,133 32, 992 Total gold reserves: May 4 3, 043,903 211, 5371, 088, 225 314,170 96, 392183, 019412,497 52, 819 78, 314 93, 232 58, 678 246,482 May 11 3, 070,154 204,368 1,085, 315202,182 313, 914 94,183 179, 581430,070 56,491 77, 204 97, 596 61, 516 267, 734 May 18 3, 056,870 199, 7801,104, 856197, 762302, 598 89, 712177, 368433, 855 49, 221 77, 301 94,197 56, 862273, 35a May 25 . 3, Oil, 977195,329 1, 078, 474197,987 310,146 89,120 173,087 420,987 49, 930 77, 077 90,506 53,265 276,069» Reserves other than gold: May 4 162, 728 21, 676 32, 216 5,798 11,464 9,354 13, 589 24,182 18, 547 4,224 5,515 7,674 May 11 164,199 21, 729 34,152 5,355 9,512 9,136 14, 043 24, 753 19, 200 4,311 5,692 7,615 8,701 May 18 166, 281 21, 317 5,236 11, 387 9,736 14,107 24, 632 19,116 5,755 7,839 8,951 May25 _•. 165,848 22,101 33,834 4,970 9,229 9,492 14, 610 24,393 19,127 4,261 6,062 7,905 9,864 Total reserves: May 4 . 3, 206, 631233,213 1,120,441 214, 336325,634 105, 746 436,679 71, 366 82, 538 98,747 66,352 254,971 May 11 3,234,353 226,097 1,119, 467207, 537323, 426103,319 193,624 454,823 75,691 81, 515 103, 288 69,131 276,435 May 18 3, 223,151 221, 097 1,138,822 202,998 313, 985 191,475 458,487 68,337 81, 540 99, 952 64, 701 282, 30$ May 25 3,177, 825 217, 430 1,112,308 202, 957319,375 187,697 445,380 69,057 81,338 61,170 285,933" Nonreserve cash: May 4 60,430 6,477 13, 967 1,658 4,957 6,711 4,615 9,376 3,484 1,040 2,126 2,684 3,335 May 11 . 63,106 6,435 15, 244 1,670 3,717 6,679 5,229 10,048 3.730 1,589 2,348 3,007 3,410 May 18 _. 63, 724 6,849 14,919 1,709 4, r • * 6,970 5,190 9,177 3', 852 1,333 2,304 2,720 3,833 May 25 60,197 5,682 14,186 1,514 3,254 7,006 5,379 8,674 3,695 1,665 2,497 2,855 3, 790' Bills discounted: Secured by U. S. Government obligations- May 4 _ 308, 583 18,435 119,484 25, 737 31, 754 4,830 46,825 9,152 3,959 4,851 2,205 32, 298 May 11.... 257,083 19, 497 102, 073 25, 320 32,046 8,560 4,846 28, 805 8,569 2,898 4,721 1,.-- 18, 20O May 18 249, 203 22,007 76, 322 32,952 38, 967 9,729 3,301 25,291 10,369 4,793 6,340 1,673 17,459 May 25 228,715 25,016 61,577 31,545 42,613 2,330 29,253 8,903 3,451 6,172 1,711 7,476. Other bills discounted— May4_ 199,059 9,205 44, 664 14, 531 15, 784 15, 668 28,606 25, 552 8,128 3,280 10,462 2,268 20,911 May 11 „ ___. 184,894 13,935 37,308 13, 568 11, 783 13,121 29,492 19,123 8,820 3,400 11,113 2,353 20,878 May 18 __.. 209,032 17,259 42,052 14, 377 11,470 16, 030 30, 663 19, 599 14,176 3,422 12, 784 2,723 24,477 May 25 199, 905 19,806 31,588 12, 079 9,504 14, 970 29,006 25, 719 15,288 3,586 12,017 3,211 23,131 Total bills discounted: May 4 „ 507, 642 27, 640 164,148 40, 268 47, 538 24, 621 33, 536 72,377 17,280 7,239 15,313 4,473 53,209 May 11. 441,977 33,432 139,381 43,829 21,681 24,338 47, 928 17,389 6,298 15, 834 3,901 39,07& May 18 _. 4-58,235 39, 266 118, 374 47, 329 50,437 25, 759 33,964 44,890 24, 545 8,215 19,124 4,396 41, 936 May 25 428,620 44,822 93,165 43,624 52,117 23,638 31,336 54, 972 24,191 7,037 18,189 4,922 30,607 Bills bought in open market: May 4_ 244, 220 22,817 62,435 13, 549 20, 420 10, 317 11, 336 31,201 16,475 12,101 11, 592 9,506 22,471 May 11 233,051 23, 311 53,126 13, 576 20,402 10,392 11,457 31,616 14,200 12,422 11,230 10,268 21,051 May 18 225,433 21, 883 59, 675 13, 847 19,149 10,162 28,133 11, 780 9,898 9,784 14,357 18, 377 May 25 ._._..__ _ 236,170 25,837 74,323 13,071 17,850 9,577 27,573 12,663 8,185 13,898 14,980 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL RESERVE BULLETIN 437 RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank 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 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 - XL S. Government securities: Bonds- May 4 69, 598 1,644 7,317 1,200 3,983 1,918 232 23,501 5,334 5,615 10,338 4,792 3,724 May 11 71,214 2,129 8,442 1,200 3,983 1,918 277 23,236 5,333 5,615 10,338 5,019 3,724 May 18 75,871 2,144 8,709 1,664 4,563 2,208 645 24,018 5,623 5,84' 10, 669 5,593 4,188 May 25 __ 105,173 2,910 19,235 2,647 13,113 2,823 1,327 27,709 6,238 6,338 11, 806 5,855 5,172 Treasury notes- May 4 90, 957 2,045 12,937 5,145 16,719 I,- 394 7,508 10,110 5,139 4,978 8,906 15, 668 May 11. 90, 369 2,099 13,012 5,145 16,719 1,408 392 6,547 10.110 5,139 4,978 9,152 15,668 May 18 90, 789 2,198 12,937 5,145 16, 719 1,408 392 6,718 10,110 5,139 4,978 9,377 15, 668 May 25 93, 978 2,080 16,067 5,186 16,769 1,433 412 10,136 5,159 5, 008 9,182 15, 708 Certificates of indebtedness- May 4 155, 724 5,616 34. 309 13, 304 15,878 3,728 3,429 17, 703 12,109 5,719 12, 640 11,834 19,455 May 11 .- 92, 313 2,833 17,063 11, 742 11,694 1,881 3,613 9,457 7,753 2,886 6,929 6,272 10,190 May 18 102, 391 3,534 19, 463 12, 542 12, 694 2,381 4,335 10, 711 8,253 3,286 7,529 6,673 10,990 May 25 122, 769 5,184 29, 009 14,427 7,731 3,560 5, 653 14, 111 9,431 4,229 8,943 7,615 12, 876, Total U. S. Government securities: May 4 316, 279 9,305 54, 563 19, 649 36, 580 7,054 4,055 48,712 27, 553 16, 473 27,956 25,532 38,847 May 11 253, 896 7,061 38, 517 18,087 32,396 5,207 4,282 39,240 23,196 13, 640 22, 245 20,443 29,582. May 18 269, 051 7,876 41,109 19,35.1 33, f- 5,997 5,372 41,447 23,986 14, 272 23,176 21, 643 30,846 May 25. 321, 920 10,174 64,311 22, 260 37,613 7, 816 7,392 48,658 25, 805 15,726 25,757 22,652 33, 756. Other securities: May 4 1,500 300 May 11 L 1,800' 1,500 300 May 18.._ 1,500 300 May 25 1,800 1,500 300 Total bills and securities: May 4 _. 1,069,941 59, 762 281,146 74, 966 104, 538 41,992 49, 227152, 290 61, 308 35, 813 54, 861 39,51.1 114,527 May 11 930, 724 63, 804 231, 024 72, 051 96, 627 37, 280 50, 377118, 784 54, 785 32, 360 49,309 34, 612 89, 711 May 18 954, 579 69, 025 219,158 82, 027 103, 562 40, 204 49, 798114,470 60,311 32,385 52,084 40,396 91,159 May 25 _. 988,510 80, 833 231, 799 80,455 107,580 40,303 48,605 131,203 62,659 30,948 53,310 41,472 79,343 Gold held abroad: May 4 May 11 59, 548 4,466 16,495 5, 717 6,312 3,097 2,441 8,218 2,561 1,786 2,203 2,084 4, 168. M Ma a y y 2 1 5 8 5 5 9 9 ; . 5 5 4 4 8 8 4 4 , , 4 4 6 6 6 6 1 16 6 , , 4 4 9 9 5 5 5 5, , 7 7 1 1 7 7 6 6, , 3 3 1 1 2 2 3 3 , , 0 0 9 9 7 7 2 2 , , 4 4 4 4 1 1 8 8 , , 2 2 1 1 8 8 2 2 , , 5 5 6 6 1 1 1 1 , " 7 ~ 8 " 6 %2',2•0'"3 2 2 , , 0 0 8 8 4 4 4 4 , , 1 1 6 6 8 8 Due from foreign banks: May 4 660 May 11 660 660 May 18 660 660 May 25 660 660 Uncollected items: May 4 676, 857 64,060 177, 822 59, 294 62, 796 57,418 27, 572 82, 402 32,174 11, 529 39, 566 23,704 38,520 M M M a a a y y y 2 l 1 l 5 8 .i 6 6 74 3 5 2 9 6 , , , 3 5 2 8 1 1 3 2 1 6 6 7 3 2 1 , , , 3 8 5 7 7 7 6 2 4 1 1 1 9 6 7 4 3 1 , , , 7 5 1 2 1 2 8 1 2 5 5 6 4 5 3 , , , 9 8 8 4 2 8 3 5 7 6 7 6 1 2 1 , , , 4 9 0 0 3 2 1 3 7 5 5 62 2 4 , , , 3 1 0 0 4 0 2 6 1 2 2 3 5 2 7 , , , 1 5 2 5 6 5 5 4 8 8 7 9 0 2 5 , , , 8 8 5 4 4 1 7 3 2 3 3 3 3 2 0 , , , 1 4 6 9 7 2 5 4 6 1 1 12 1 3 , , , 5 3 5 5 4 7 5 7 2 3 4 4 0 2 5 , , , 3 6 9 5 7 5 9 2 3 2 2 25 2 4 , , , 0 0 7 2 6 8 9 8 5 3 3 3 5 8 9 , , , 8 4 3 1 4 8 8 6 0 . Bank premises: May 4 58, 614 3,946 16, 276 1,735 7,119 2,152 2,898 8,059 3,957 2,774 4, 459 1,752 3,487 May 11 3,946 16,276 1,737 7,119 2,302 2, T"' 8,176 3,957 2,774 4,459 1,752 3,487' May 18 3,946 16, 276 1,737 7,119 2,302 2,898 8,176 3,957 2,774 4,459 1,752 3,487 May 25 58, 882 3,946 16,276 1,737 7,118 2,302 8,176 3,957 2,774 4,459 1,752 3,487 All other resources: May 4 12, 954 3,144 146 1,057 278 1,845 1,618 874 1,782 493 440 1,238. May 11.. 12, 743 2,802 156 1,084 340 1,820 1,543 878 1,838 397 1,238. May 18 13, 520 2,880 174 1,089 349 1,805 1,498 878 2,284 419 1,259 May 25.._ 13, 509 3,328 173 1,192 304 1,769 1,455 1,796 850 460 1,260. Total resources: May 4__ 5, 086, 087 367, 4971, 613, 456352,135 506,101 214, 297282, 765690,424 173,163 135, 476200, 252134,443 416, 078 May 11 5,016,529 368,361 1, 565,490344,811 500,218 207,163 283,953 682,104 174,228 134, 434202,887 135,051 417, 829 May 18 5,116, 276 | 377,2941, 603,321358,187 507,962 214,371 285, 762 173,370 135,449 204, 801137,857 425, 033. May 25 4,998,514 1-374,7731,566,780 347.440 507,232 203,9261274,047 678,953 173,006 131,862 195,246 131,822 413,427 LIABILITIES Federal reserve notes in circulation: May 4 1, 720, 754 130,170 411, 237120, 769210,456 67,130 172,947 223, 662 43, 203 63, 397 65, 006 37, 075175,702: May 11 1, 718,345 130,370 403,086 124, 763214, 300 66,199 171, 268222,871 42, 654 63, 000 64, 734 36, 615178,485 May 18 1, 711, 385 133, 724 400,476 124,066 65, 346169, 264222,362 42,459 61, 926 64,323 36,196 181, 545 May 25 1,705,804 134,895 402,360 124,821 212,673 64,109 166,644 221,040 41,675 60,746 63,511 35,352 177,978, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
438 FEDERAL RESERVE BULLETIN JUNE, 1927 RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Coutinued [In thousands of dollars] Federal Reserve Bank 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 c C a h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Deposits: Member bank-reserve account— May 4 2, 326, 222 146,909 917, 971 140,194 195, 709 73,814 67,114 337, 888 81,798 49, 073 86,460 58, 230 171, 062 May 11.-.. 2, 271,491 148,046 887, 255 132,406 187,378 67,850 69, 513 334, 490 81,401 47, 570 87,166j 58,141 170, 275 May 18 2, 295, 042 145,192 903, 980 137,101 190,147 69,478 69, 047 333, 264 77, 764 48, 061 89, 222 58, 031 173, 755 May 25 2,267,762 151,322 883,030 134,840 192,708 67,552 65,002 334,702 47,906 84,339]1 57,337 166,626 Government- May 4 --_. 13,445 1,042 2,258 1,223 1,490 361 878 2,586 84' 73 954 853 May 11 17,432 750 2,799 1,393 859 2,624 1,000 1,345 1,200 1,286 1,582 1, 1, 025 May 18 25,373 1,367 7,327 1,855 1,709 1,583 2,239 1,801 2,044 980 784 2.120 1,564 May 25 24,185 667 3,954 1,571 1,345 2,619 3,096 2,039 1,762 1,247 1,765 lr~ 2,186 Foreign bank— May 4 4,945! 346 1, 611 240 636 138 171 161 323 May 11 4,494 346 1,160 443 240 189 636 •138 171 161 323 May 18 5,188 346 1,855 443 240 189 636 198 138 171 161 323 May 25 5,757 346 2,423 443 240 189 636 138 171 161 323 Other deposits- May 4 44, 6841 111 37, 706 190 1,145 196 844 154 105 38 3,780 May 11 32,352 140 25,114 163 1,135 86 101 1, 241 119 175 32 3,858 May 18 27, 787; 123 21, 246 153 727 94 74 945 269 112 90 39 3,915 May 25 27,858; 53 20, 986 121 1,049 71 1,040 252 145 113 20 3,939 Total deposits: May 4 2,389,296! 959, 546 142, 050 198, 833 74, 611 68, 277 341, 954 83,162 50, 245 59, 383 176, 018 May 11 2, 325, 769 916,328 134,405 189,861 70, 800 70, 803 337, 659 83, 040 49,113 89, 094 59,903 175,481 M M a a y y 2 1 5 8 2 2? , 3 3 2 53 5 , ,5 3 6 9 2 0 ; 9 91 3 0 4 , , 3 4 9 0 3 8 1 13 3 9 6 , , 9 5 7 5 5 2 1 1 9 9 3, 5 ,5 0 9 7 1 1 7 7 0 1 , , 4 3 8 9 0 5 6 71 8 , ,3 5 5 4 8 9 3 33 3 6, 8 ,41 64 7 6 8 8 0 4 , ,6 2 1 7 0 5 4 4 9 9, , 4 2 3 9 6 1 90, 267 5 60 9 , ,4 3 5 5 2 1 1 1 7 79 3 , , 0 5 7 5 4 7 Deferred availability items: May 4 605,250 61,85! 139,243 54,588 57,832 53,393 26, 214 73,406 30, 557 10, 276 34, 553 25, 028 38, 301 May 11 601,162 61,603 142, 287 50,958 57,031 51, 031 26, 549 70,142 32,310 10, 759 35,140 25, 561 37, 791 May 18 680,228 69,475 164,636| 59,872 66,177 53,451 29,606 82; 480 34, 387 12,674 36, 265 28,345! 37,860 May 25 595,189, 60,24l! 150,109! 50,920 59,887 50,134 23,669 68,035 30,424 10,1451 31,368! 24,015! 36,242 Capital paid in: I May 4... 128,962! 9,027j 38,761 13,004 13,844 6,191 5.107 17, 019 5,292 3,002 4,207 4,256 9,252 May 11 128,888 9,0271 38,770| 1.2, 944 13,844 6,189 5.108 17, 023 5\ 292 2,997 4,215 4,258 9,221 May 18 128,878, 9,029 38,745 12,949 13,849 6,209 5,106 17,009 5,293 2,999 4,214! 4,251 9,225 May 25.- 129,030: 9,139 38,767 12,949 13,849 6, 209 5,102 17,009 5,293 3,003 4,217J 4,251 9,242 Surplus: II May 4 228, 775 17,606' 61, 614 21, 267 23, 746 12,198 9,632 31,881 7, 527J 9,029 8,215 16,121 May 11 228, 775 17,608! 61,614 21,267 23, 746 12,198 9,632 31,881 7,527 9, 029J 8,215 16,121 May 18 228, 775' 17,606 61, 614 21,267 23, 746 12,198 9,632 31,881 7,527 9,029| 8,215 16,121 May 25 228,775 17,606 61, 614 21,267 23,746 12,198 9,632 31,881 9,939 7,527 9,029 8, 215 16,121 All other liabilities: May 4 13,050 427 3,055 457 1,390 774 588 2, 502 1,010 1,029 684 May 11 13,590: 473 3,405 474 1,436 746 593 2,528 993 675 499 730 May 18 13,620 432 3,442 481 1,421 772 605 2,491 1, 017 1, 032 703 499 725 May 25 14,154 504 3,537 508 1,486 796 642 2,571 1,065 1,005 733[ ,537 770 Total liabilities: • May 4 5, 367,497 1, 613,456352,135 506,101 214, 297 282, 765 690,424 173,163 135,476 200,252' 134,443 416, 078 May 11 5,016', 529 368,361 1,565,490 344,811 500,218 207,163 283, 953 682,104 174,228 134,434 202,887 135,051 417,829 May 18 5,116, 276 377,294 1,603,321 358,187 507,962 214,371 285, 762 173,370 135,449 204,801! 137,857 425,033 May 25. 4,998,514 374,773 1,566,780 347,440 507,232 203,926 274,047 678,953 173,006 131,862 195,246 131,822 413, 427 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): May 4 78.0 83.7 81.' 81.6 74.6 81.5 77.2 56.5 72.6 65.0 72.5 May 11 80.0 80.8 80.1 75.4 80.0 81.1 60.2 72.7 67.1 71.6 78.1 May 18 79.3 78.8 85.3 77.0 72.7 79.5 82.0 55.7 73.3 64.7 67.0 78.2 May 25 78.8 75. 84.7 77.5 73.3 79. 79.6 54.7 73.8 64.4 64.5 81.5 Contingent liability on bills purchased for foreign correspondents: May 4 148,990 11, 010 42,851 14, 093 15,561 7,634 6, 019 20,259 6,313 4,404 5,432 5,138 10,276 May 11 11,612 44,885 14,864 16,412! 8,051 6,348 21,367 6,658 4,645 5,729 5,419 10,838 May 18_._ 161,137 12, 072 44, 758 15,453 17, 062| 8,370 6,600| 22,213 6,922 4,829 5,956 5,634 11, 268 May 25 159,674 12,07r 43, 295 15,453 17,062j 8,370 6,600 22,213 6,922 4,829 5,956 5,634 11,268 Own Federal reserve notes I held by Federal reserve bank: May 4 ______ 389,318 26,727i 123,607 42,854 30,129J 16,859 28,647i 53,965| 3,430 4,508 10, 515 5,603 42, 474 May 11 -.- 382, 950 27,530j 128,241 38,458 24,739| 16,940 29,163 3,366 4,668 9,936 5,587 41,344 May 18 385,355 25,8491 123,479 38,746 28,850 16,616 28,431 3,298 5,318 9,673 4,705 42, 701 May 25 . .. 393,491 22,149 131,762 38, 521 25,978 15,819 28,818 3,286 6,018 10,040 5,000 48,752 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL RESERVE BULLETIN 439 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENT'S ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total Boston Y N o ew rk d P e h l i p l h a- ia C l l a e 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 i o n l n is e- Ka C n i s ty as Dallas F c S r is a a c n n o - Federal reserve notes received from comptroller: May 4 2,967,460 249,297 826,924 193,923 279,275 107,083 277,174 455,227 86,612 102,361 60, 715 259, 976 May ll.____ .. 2,962,273 247,300 823,407 193, 521277,329 106,113 275, 841 456,949 68,760 86,375 101,510 60,239 264,929 May 18 2,959,293 244, 573 816,035 195,112 274,888 104,936 274, 605 463,051 68,497 85,916 100,836 59,698 271,146 May 25 2,953,818 242,044 820,602 194, 642274,591 103,652| 273,292 461,188 67,701 85,436 100,391 59,149 271,130 Federal reserve notes held by Federal reserve agent: May 4 _ 857,388 92,400 30,3001 38,690 23, 094 75, 580177, 600 22,260 18, 707 26,840 18,037 41,800 May 11 „_„_„ 860,978 89,400 292, 080 30,300i 38,290 22,974 75,410 181,100 22, 740 18, 707 26,840 18,037 45,100 May 18 _ 862, 553 85,000 292, 080 32,300 36,340 22, 974 76, 910183,000 22, 740 18,672 26, 840 18,797 46,900 May 25 854, 523 85,000 31,300 35,940 23,724 77,830 182, r" 22,740 18, 672 26,840 18,797 44,400 Federal reserve notes issued to Federal reserve banks: May 4 2,110, 072 156, 897| 534,844 163, 623 i 240,58583,989 201, 594277, 627 46,633 67, 905 75, 521 42, 678 218,176 May 11 2,101,295 157, 9001 531,327 163,2211 239,039 83,139 200,431 275, 849 46,020 67, i" "74, 670 42, 202 219,829 May 18 __. 2,096,740 159, 57E1 523,955 162,812] 238,548 81,662 197,695 280,051 45,757 67,244 73,996 40,901 224, 246 May 25 _ 2,099.295 .157,044 534,122 163,342 238,651 79,928 195,462 278.388 44,961 66,764 73,551 40,352 226,730 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— May 4_ 409,605 35,300 235,104 36.' 16,457 7,750 13,507 18,238 38,000 May 11 .... 411, 604 35, 300 235,104 8,7 36; 468 16,457 7,750 13, 507 18,238 40,000 May 18....„ 411, 604 35,300 235,104 8,780 36,' " 16,457 7,750 13, 507 18, 238 40,000 May 25 390,400 35,300 215,150 8,780 36,468 16,457 7,750 12,267 18,228 40,000 Gold redemption fund- May 4 92,139 10,110 22,1 10, 546! 12, 762 4,655 6,755 2,186 1,728 959 4,964 2,291 13,095 May 11 _._. 107, 578 18,113 22,088 13,144 13,917 3,685 4,822 2,143 1,115 1,722 4,113 2,815 19,901 May 18... 100,416 15,386 21,991 10,735 12.875 5,508 3,386 2,111 1,852 1,263 3,439 2,274 19, 596 May 25.._ 99,284 12,857 21,877 8,265 13,479 4,224 7,433 2,111 1,056 783 4, " 2,724 19,481 Gold fund, Federal Reserve Board- May 4 1, 069, 414 79, 000 95,000 109, 077 165,000 20,000 135,000 232, 000 6,300 39,000 53,860 12,000 123,177 May 11 1,112,361 69,000 115,000 106,077 175,GOG 20, 000136, 00C242,000 8,300 39,000 53,860 11,000 137,124 May 18 1,125,843 69,000 130,000 106,077 175,000 17, r 135,000 242,000 8,300 39,000 53,860 6,000 144,606 Elig M ibl a e y p 25 aper- 1,161, 562 69,000 160,000 106,077 175,000 17,000 131, 500242,000 4,300 42,000 51,860 5,000 157,825 May 4 715,324 50,457 203, 672 46, 752 66,040 32,071 44, 596 103,052 33,376 19,193 26,800 13,898 75,417 May 11 649, 557 56,743 180, 503 44,973 62,517 29,963 45, 535 31,163 18, 615 26,923 14,128 59,495 May 18 ___. 653,181 61,149 162,160 b2, 769 67,905 31,254 43,880 72,533 35, 977 18,023 28, 785 18,697 60,049 May 25 641,963 70, 659 156,050 49, 556 68,967 30, 791 40, 679 82,043 36,483 15,126 27,438 18,762 45,409 Total collateral: May 4 2, 286,482 174,867 555,864 166,375 252, 58: 93,195 202,808 337, 238 49,154 72, 659 85, 624 46, 427 249. 689 May 11.. _„ 2, 281,100 179,156 552, 695 164,194 260, 214 90,116 202,814 323,142 48,328 72,844 84"' 46,181 256, 520 May 18 2,291, 044 180,835 549, 255 169, 581 264, 560190,230 198, 723316,644 53,879 71. 793 45, 209 264,251 May 25 2,293,209 187, 816 553,077 163,898 266,226 j 8888,448833 196,069 326,154 70, 176 84,292 44,714 262,715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
440 FEDEEAL KESERVE BULLETIN JUNE, 1927 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OFJNDEBTEDNESS [In thousands of dollars] Total Wi d t a h y in s 15 16 d a to y s 30 31 d a to y s 60 61 to 90 9 6 1 m da o y n s t h t s o m O o v n e t r h 6 s Bills discounted: May 4 507,642 416, 986 20,942 35,094 19, 205 14,106 1,309 May 11 .__ 441,977 352,486 21,260 34, 265 18,764 13, 791 1,411 May 18.—_— 458,235 22,044 34,988 19,480 16,210 1,132 May 25 - _ 428,620 329,889 24,429 36,602 20,797 15,840 1,063 Bills bought in open market: May 4 _ 244, 220 129, 307 59, 553 41, 594 10,906 2,860 May 11 233, 051 123,201 52,939 43,831 9,424 3,656 May 18 225,493 127,839 48,906 36,401 8,654 3,693 May 25- - 236,170 132,322 58,539 32,390 10,016 2,903 Certificates of indebtedness: May 4 155, 724 53,877 80,858 May 11 . _. 92,313 300 55,774 570 14, 514 21,155 May 18 102, 391 301 58,029 19, 707 24,354 May 25 ; 122,769 5,524 61,584 22, 646 33,015 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN MAY AND APRIL, 1927 [Amounts in thousands of dollars] Total cash reserves Total deposits Fede in ra c l i r r e c s u e l r a v ti e o n notes Reserve percentages Federal reserve bank May April May April May April May April Boston „_. 223,535 234,042 148,045 148,394 133, 849 130,314 79.3 84.0 New York.... 1,100,454 1,089,368 908,188 882, 386 411,171 421,406 83.4 83.6 Philadelphia.. 207,042 212,157 138,961 140,451 126,974 123,456 77.9 80.4 Cleveland- — 320,806 310, 634 188,376 188,122 212,985 211, 417 79.9 77.7 Richmond—- 100,631 107,474 72,586 71,211 66,979 69,619 72.6 76.3 Atlanta -- 193,168 203, 349 71,126 72, 766 170,319 174, 649 80.0 82.2 •Chicago—- — 453,244 443,781 338,974 332,363 224,219 80.5 79.1 St. Louis 67, 846 68,349 83,193 83,827 42,674 43,385 53.9 53.7 Minneapolis. _ 82,303 86,441 49,156 50,371 62,167 64, 297 73.9 75.4 Xansas City__ 100,830 106,496 89,378 64,376 QQ, 301 65.6 67.8 Dallas... 66,590 70, 536 61,645 62, 587 36,365 38, 595 67.9 69.7 San Francisco. 275,174 249, 697 177,188 177,810 179, 577 172,602 77.1 71.3 Total— 3,191, 623 3,182,324 2,326,816 2, 301,120 1,730, 655 1, 744, 529 78.7 78.7 GOLD SETTLEMENT—INTERBANK TRANSACTIONS, APRIL 21-MAY 18, 1927 [In thousands of dollars] Changes in ownership Tran m sf e e n rs t a fo c r c o G u o n v t ern- Transit clearing clearin • g ve note o tr f a nsf g e o rs ld and th r c o le u a g r h - Balance Federal reserve bank ings in fund at close of period Debits Credits Debits Credits \ Debits Credits | Decrease Increase Boston .. „-„-„_. 10,000 954,343 945,541 I 3,603 3,610 18,795 42, 842 New York 2,000 52,000 3,043, 830 3,034,700 i 9,860 9,317 40,327 222, 610 Philadelphia.- . . 19,500 739, 675 747,181 I 4,343 5,420 "16,917 43,195 Cleveland..-. 10,000 708,233 725,939 j 7,069 3,471 5,108 42, 650 Richmond- 5,500 1,500 618,224 618,733 j 2,425 3,990 1,926 22, 790 Atlanta _ 6,500 500 303, 275 302,840 ! 3,820 2,380 7, 875 15,499 Chicago - 8,000 2,000 1,301, 886 1,305,233 I 5,478 6,984 1,147 131,081 St. Louis...--— _._ 500 521, 495 516,184 j 1,393 3,398 2,806 13, 636 Minneapolis 500 166,002 162,919 1 1,381 1,462 2,502 14, 316 Kansas City __ 500 4,500 398,175 384,719 I 2,101 1,571 9,986 25, 631 Dallas 264, 935 260,081 ' 1,323 1,394 4,783 19, 752 -San Francisco. "566" 345, 643 361,646 ! 2,564 2,363 15,302 34,495 Total 4 weeks ending— May 18,1927 62,500 62,500 9,365,716 9,365,716 45,360 45,360 60, 737 60, 737 628, 497. April 20,1927... 48,400 48,400 8,943,768 8, 943, 768 44, 667 44,667 598,327 May 19,1926 22,000 22,000 8,709, 842 8,709, 842 48,990 48, 990 644, 553 April 21,1926. _. 39,000 39,000 9, 227,077 9, 227,077 41,905 41, 905 617, 879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
441 JUNE, 1927 FEDERAL RESERVE BULLETIN HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, APRIL 30, 1927 [Amounts in thousands of dollars] Federal Reserve Bank 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 ca h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - HOLDINGS ON APR. 30, 1927 Total bills and securities, 1,043,576 57,638 260,124 80,704 97,240 41,258 55,405 133,678 67,732 35,516 54,363 39,149 120,769 Bills discounted 476,647 23,012 144,440 46,565 39,610 24,310 39,539 52, 730 21,863 6,603 15,155 4,080 58,740 Bills bought in open market 238,335 24,347 50, 700 12,911 20,950 9,850 11,604 32,683 18,210 12,371 11,612 10,141 22, 956 United States securities... 326,753 10,279 64,984 19, 687 36, 680 7,098 3,962 48,265 27,659 16,542 27,596 24,928 39,073 Other securities „ 1,841 1,541 300 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s ._ 118,324 7,680 7,032 10,154 5,355 12, 620 23,446 22,177 8,158 3,336 8,107 2,026 8,233 Demand and sight drafts 4 . 4 Bankers' acceptances._____ Trade acceptances__ 2,498 35 235 202 395 147 756 626 17 85 Secured by United States Government obligations __ 1,249 265 70 34 137 191 450 67 3 17 7 8 Member bank collateral notes: Secured by United States Government obligations_._ 294, 707 15,032 117, 709 30,330 26,006 7,687 5,696 29,168 11,068 3,110 4,368 1,627 42, 906 Otherwise secured _ 59,865 19,464 5,809 7,820 3,719 9,446 309 2,553 154 2,663 420 7,508 Total discounted bills 476, 647 23,012 144,440 46, 565 39, 610 24,310 39,539 52, 730 21,863 6,603 15,155 4,080 58, 740 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports 82,274 9,102 14,385 4,551 8,369 2,836 3,363 11, 977 7,136 4,155 4,772 3,142 8,486 Exports 60,308 3,187 12,369 3,218 5,338 3,186 3,220 10,198 3,444 4,430 2,200 2,793 6,725 Domestic transactions... 50,277 8,183 9,653 2,005 3,209 2,575 3,808 7,757 1,932 1,374 2,032 2,354 5,395 Dollar exchange. 5,137 100 1,690 804 265 105 10 213 531 537 265 251 366 Shipments between or storage of goods in foreign countries 36, 906 3,719 11,436 2,283 2,707 1,148 1,203 2,537 4,682 1,875 2,343 1,601 1,372 Allother 1,602 56 398 50 1 485 512 Trade acceptances based on imports.- 497 497 Bills payable in foreign currencies 1,334 272 1,062 Total purchased bills.. 238,335 24,347 50, 700 12,911 20, 950 9,850 11,604 32,683 18,210 12, 371 11, 612 10,141 22, 956 United States Securities United States bonds . 71, 527 2,414 9,017 1,200 3,983 1,918 187 23,501 5,333 5,615 9,838 4,796 3, 725 Treasury notes 89, 640 2,181 12,937 5,145 16, 7'2O 1,408 391 7,058 9,860 5,139 4,978 8,155 15, 668 Certificates of indebtedness 165, 586 5,684 43,030 13,342 15,977 3,772 3,384 17, 706 12,466 5,788 12, 780 11, 977 19,680 Total United States securities ___. 326, 753 10,279 64, 984 19, 687 36,680 7,098 3,962 48,265 27,659 16,542 27, 596 24, 928 39,073 DAILY AVERAGE HOLD- INGS DURING APRIL Total bills and securities i 1,038,857 57,615 260,863 77,114 111,005 39,374 49,323 139,087 64, 700 32,623 51,574 39, 514 116,065 Bills discounted .. 447,286 23,201 121, 628 43, 744 53,890 22,506 34,140 56,281 16,202 6,058 11, 902 4,403 53,331 Bills bought. 248,429 24,181 62, 734 11,692 20,509 9,782 11, 674 31,410 20,868 10,042 12,047 9,767 23, 723 United States securities 341,081 10,233 76, 501 19, 677 36, 606 7,086 3,449 51,396 27,630 16,523 27, 625 25,344 39,011 Federal intermediate credit bank debentures 2,060 2,000 60 i 1 Figures include Federal land bank bonds held by the Philadelphia bank—average daily holdings, $1,367. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
442 FEDERAL RESERVE BULLETIN JUNE, 1927 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING APRIL, 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 - - lan ee d m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - D la a s l- F c S r is a a c n n o - Total Volume of Operations. 3,560,054 200,842604, 364J120, 570 i 68,205|271,409 93,073 31, 955 64, 463 22, 901 389,196 Bills discounted for member banks 2 3, 091, 953113, 863 1, 304,177 184,107 581,475 112,147J 57, 294(221, 408 81,707 19, 74053, 351 9,141 353, 543 Bills bought: In open market__ ._ 311, 206 36, 934 141, 704 11, 078 15, 742 7,195 8,289 28, 625 8,148 7,661 8,449 32,001 From other Federal reserve banks 13, 369 350 3,500 500 300 1,500 5,719 1,200 300 United States securities bought in open market *. 142,185 88, 652 4,616 7,147 728 2,022 21, 376 1,718 1,116 2,251 5,011 3,652 Bills Discounted Rediscounted bills: Commercial and agricultural paper n. e. s - — 120, 573 2,444 5,414 7,494 6,424 7,459 21, 255 34, 945 21, 679 1, 703 5, 048 1,194 5, 514 Demand and sight drafts... 159 104 321 Trade acceptances _. 1, 522i 23 55 552 1141 203 187 65 103 Secured by United States Government obligations.., 714 246 61 136 167 10 4 Member bank collateral notes: Secured by United States Government obligations _ _. 2,429, 028 55, 494 1, 037, 916 136, 328 537,14o| 60, 280 12, 956 181, 767 49, 707 16, 374|42,917 6, 216 291,,93S Secured by eligible paper 3 539,957 55, 656 260, 627 40, 230 37,359 44,233 22, 687 4,373 10, 057 1, 662| 5, 376 1,731 55,966 Total.. 3, 091, 953113, 863 1, 304,177 184,107 581, 475 112,147, 57, 294 221,408 81,707 19,740i 53,351 9,141353, 543 Average rate (365-day basis), per cent 4.C 4.00 4.00 4.00 4.00 4.00 4. 00J 4. 00 4. 0OJ 4.00 4. 00 4.00 4.00 Average maturity (in days): Member bank collateral notes 4.80 7.12 3. 97 j 7. 38 3.22 13. 53J 9. 27 7. 76l 8. 23 4. 11.71 5. 56 Rediscounted bills 56. 54| 52. 50 58. 74 49.15 52.1! 62.74 61. 49j 45. 92 51.421 98. 80 83.94 97.76 84.71 Number of member banks on Apr. 30..._. 9,130 416 932 770 845; 570 471| 1,312 742i 976 818 676 Number of member banks accommodated I during month._ 2,707 159 364 353 230| 216 177 475 1751 118 153 112 175 Per cent accommodated 29.6! 38.2 39.1 45.81 27. 2| 37.9 37.6 36.2 29. ll 15.9 15.7 13.7 25.9 Bills Bought in Open Market From member banks... 45,866 9, 902 1,858 6,087 1,020 4,702 6,441 1,128 890 2,228 1,978 2,334 From nonmember banks, banking corporations, etc.: Bought outright .._ 103,756 6,550 22, 589 9,220 9,655 6,175 3,587 14, 599 7,020 4,490j 5,433 4,392 10,046 Bought with resale agreement 161, 584 23,086 109, 213 7,585 2,079 19, 621 Total., 311, 206 36, i 141, 704 11,078 15, 742 7,195 28, 625 8,148 5,380| 7, 661 8,449 32,001 Rates charged: V/i per cent 131,338 13, 6791 30,484 10,893 12, 821 4,420 6,409 16,865 7,220 4, 7851 6, 782 5,509 11,471 3% per cent. ..._ ._- 3,103 106 20 803 790 1,231 34 44 72 3% per cent __. 174,277 23,149 110, 851 140 2,047 1,211 10, 229 595 837 2,896 20,405 3% per cent __. 1,094 41 25 765 15 187 53 4 per cent . -. l,356i 287 876 113 4M$ per cent 5 5 4'^ per cent __ 33 33 Average rate (365-day basis) per cent 3.67 3.65 3.72 3.56 3.63 3.70 3.6$ 3. 70 3. 60 3. 60j 3. 61 3.64 Average maturity (in days)4.. 37.79 33.70 32.02 35.50 42.88 44.75 41.6, 41. 96 40. 01 37.681 37.52 36.55 38.77 Class of bills: Bills payable in dollars 4— Bankers' acceptances based on— Imports. 41, 560j 2,928 7,253 3,808 4,663 1,515 1,420 7,703 2,635 1. 3,051 1,523 3,158 Exports __ 37,862 1,389 8,S19 4,779 2,288 2,504 5,539 1,355 lii 855 1,436 1,809 4,100 D omestic transactions 37,167 4,326 8,363 2^957 3,231 2,270 3,361 4,372 1,181 553 1,629 1,571 3,353 Dollar exchange 3,546 1,270 625 215 105 454 325 30! 86 220 216 Shipments between or storage of goods in foreign countries. 27,029 5,205 5,9 1,649 2,063 917 954 2,972 2,127 1,039 1,459 1,247 1,416. All other.. 1,474 612 50 100 50 525 137 Trade acceptances based on imports 160| 160 Bills payable in foreign currencies 824 791 Total 149, 622 13,848 32,491 11,078 15,742 7,195 21,040 8,148 6,370 12, 380 U. S. Securities Bought in Open Market Bought outright: United States bonds_ 10,329 219 5,819 123 348 145 • 611 656 344 223 450 660 731 Treasury notes __. 29,436 877 5,276 4,492 6,742 582 12 2,624 1,373 892 1,799 1,849 2,918 Certificates of indebtedness.. 15, 287 1 13,817 1 57 1 1,399 2 1 2 3 Bought with resale agreement... 87,133 2,799 63,740.. 18,094 2,500 Total. 142,185 88, 652 4, 616 7,147 728 2,022 21,376 1,718 1,116 2,251 5,011 3, 652 1 Includes Federal intermediate credit bank debentures as follows: Philadelphia, $1,OCO,CCO, and Atlanta, $300,000; and Federal land bank bonds, Philadelphia, $41,000. 2 Includes $300,000 discounted for the Federal intermediate credit bank of Berkeley, Calif., and $148,000 discounted for the Federal intermediate credit bank of Spokane, Wash. 3 Includes bills taken under a resale contract. 4 Exclusive of bills bought under a resale contract. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL RESERVE BULLETIN 443 WEEKLY REPORTING MEMBER BANKS REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal Reserve District Total Boston 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 n l n is e- K C a i n ty sas Dallas F c S r is a a c n n o - Number of reporting banks: May 4 _ 36 31 May 11 . 669 58 May 18. 668 58 May 25_._ 58 Loansjand discounts: Secured by U. S. Government obligations— May 4__ — 154, 414 7,119 59,834 20,006 5,37 5,393 20, 684 4,470 2,980 4,433 2,738 11,493 May 11. 153, 939 7,036 58,938 9,831 20, 297 5,057 5,403 20,835 4,423 3, 775 4,373 2,779 11,192 May 18 153, 779 6,765 60, 945 10,030 20,997 4,551 5,325 20,158! 4, 412J 4,102 4,272 2,715 9,507 May 25... _--. 142,293 7,340 49,622 9,765 21,928 4,520 5,246 20,456! 4,384| 3,021 4,650 2,734 8,627 Secured by stocks and bonds— May 4. 5, 650, 335 329, 439 2,390,202 394, 932 619,183! 151,026 105, 328 876, 991 i 194,935 107? 277 81,031 323,160 May 11 5, 588, 559 332244,168 2, 323, 345 389,858 617,034! 151,085 105, 717 883, 667| 195,641 76, 754 114, 03f 81,811 325, 447 May 18.. 5, 645, 609 329,391 2,356, 896 391, 567 621,956! 156,711 104, 277 894, 080! 192,159 75,838 113, 71J 81, 231 327,788 May 25 5,629,429 334,449911 22,348, 545 392, 663 620, 9911 156,036 102,748 889,5061 188,443 74,719 113,321 81,581 326,385 All other loans and discounts- May 4 8, 679, 290 627, 415 2,895,869 382, 355 786,547 357,851 392.455!31,281,930! 295,522 147,264 300,813 236,990 974, 281 May 11 8, 706,483 635, 7172 2, ,9 1951, 58 75— 390, 289 789,794 356,994 391;9""911,276,177J 294,195 147, 775 300,980 230,887 975,809 May 18 631.,, 996622 2!,, 898, 711 388,305 790,534 354,617 390,5071,261,1351 292,962 147,691 297,999 231,805 974,471 May 25 8,656,894 639>,, 337 !2, ,900,464 385,467 787,949j 353,666 \, 009 1,264,925' 291,306 148,362 295,164 231,254 970,991 Total loans and discounts: May 4 14,484, 039 963, 973 5, 345, 905787,1751,,425,736i 514^253 503,174 2,179, 605! 494,927 227,075 412, 523 320, 759 1,308,934 May 11. _ ... 14,448,981 996666,, 99 2211 555, 2 299881,51858 789,9781,,427,125 513,136 503,1112,180,679! 494,259 228, 304 419, 385 3""1"5 ,47"71 ,1312,448 May 18 14, 460,087 996688,,118 5,316,552 789,9021,,433,487 515,879 500,109 2,175,373! 489, 533 227, 631 415,986 315,751 "1",311, 766 May 25. 14,428,616 998811,116688 55,298,631 787,895 1,,430,888 514,222 496,003 2,174,887J 484,133 226,102 413,135 315»,, "5"69 .1, ,306,003 U. S. Government securities: May 4 2,601,894 148,177 1:,, 057,144109, 517 271,132 71, 897 52, 484 317, 788 81, 640 110,865 59,047 257,804 May 11 2,635, 222 151,77"8"6],076,132 109,163 271, 405 71, 636 51,478 323,845 82,934 65,295 109,887 58, 660 263,001 May 18 2, 658, 663 151.,;" 859.1,; 074,349108,054 270,005 72,197 55, 354 327, 447i 97,6191 65,310 111, 419 59, 589 265,461 May 25 2,639,302 152!,, 029. 1,,065,323 107,114 269,622 71,308 51,267 99,898 63,582 108,239 59,657 264,374 Other bonds, stocks, and securities: May 4 3,329, 014 271.,, 4571 ,12.47, 508 280, 905 382, 725 73, 640 59, 720 462,127 123,975 55, 760 96,827 27,324 247,046 May 11 3, 323, 290 276,444 11,247,197 281, 398 382,156 74,284 58, 213 454,4841 123,856 56,176 96,805 27, 524 244, 753 May 18 3,372,879 281,1771,281, """ 279,976 75,112 59,589 461,7291 124,660 56,901 96,689 26, 767 241,762 May 25 3,404,789 283,9311,288,326 281,826 74,693 59,527 475,0691 127,456 58,133 99,709 26,855 Total investments: May 4 5,930,908 419,634 2,304,652 390,422 653,857 145, 537 112,204 779,915 205,615 120,159 207,692 86,371 504,850 May 11.. 5,958,512 428,230 2,323,329 390,561 653,561 145,920 109,691 778,329 206,790 121,471 206,692 86,184 507,754 May 18. 6,031,542 433,036 2,355,918 388,030 656, 953 147,309 114,943 789,176| 222,279 122,211 208,108 86,356 507,223 May 25 6.044,091 435,9 2,353,649 658.918 146,001 110,794 801,958 227,354 121,715 2G7,948 86,512 504,342 Total loans and investments: I May 4... 20,414,947 1,383,607 7!,, 65C, 557 ,117.7,597 2,079,593 659,790 615,378 2,959,520 700, 542 347,234 620,215 407,, 130 1.,, 813,784 May 11. _ _.20,407,493 1,395,1517,7.621,487 ,1180,539 2,080,686 659,056! 612,802 2.959,008 701,049 349, 775 628, 077 401.,, 6611., 820,202 May 18 20,491,629 1,401,154 7f, 672,470, 1177,932 2,090,440| 663,188J 615,052 2,964,549 711,812 349,842 624,094 402,107 1 May 25 _.20,472,707 1,417,128 7',, 652,280 ,11,76,8352,089,786 660,223! 606,797 2,976,845 711,487 347,817 621,083 402,0811,810,345 Beservo balances with Federal reserve bank: May 4 _ 1,723,298 97,498 803,378 139, 550 45,1091 39,739 247,858 47.866 53,707 29, 923 108,979 May 11 _ 1,674,887 98,235 770,543 78, 640 131, 547 40,821 40,690 250,542 47,669 54,013 29,237 110,084 May 18 1,701,213 96,673 792, 794 82, 372 132,816 41,5191 40,139 250, 364 44,225 56; 023 29, 592 111, 200 May 25— 1,687,005 102,041 81,360 137,548 39,661) 37,453 253,411 48,403 51,777 29,321 113,692 Gash in vault: May 4. 261,323 18, 996 72,322 15,228 29.117 13,356 10, 961 48,496 7,594 9,184 20,631 May 11 266,627 19,320 73.087 15, 737 29, 550 13, 958 11, 591 45, 624 7,945 9,950 21,650 May 18 258,239 18, 781 69, 983 15,343 29,627 13,626 10,680 44, 565 9,208 20,973 May 25 260,179 19,108 72,187 15,194 28,332 13,624 10.864 43,374 7,' 934 9,756 21,311 Net demand deposits: May 4. „ 13,156,883; 899,989 5, 775,348 767.4811,051,681| 3:77,1301 328,760 1, 807,649 404,318 280, 505 779,421 May 11 13,197,785 906,429 5,765,188 774,0801,049,8101 381,159 337,4891,817,116 406, 655 279, 723 786,475 May 18 13,216,769 895,601 55,,813,813 768,43211,051,455 374,069 334,134 1,828,619 398,914 274,988 787,726 May 25 13,191,854 909, 515 55.,812,070 762, 55311,048,460,' 374,903 327, 019 1, 827, 510 395,158 270,400 781,196 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
444 FEDEEAL EESEEVE BULLETIN JUNE, 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 la le n v d e- m Ei o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Time deposits: May 4 __. 6,102,600 434, 745 1L., 402,305 906,897 220,942 237,757 1,079,154 235,053 125,059 151,114 107,132 938,514- May 11 6,124,342 434,239 L.,401,082 264, 553 903,316 221,992 237,213 1, 080,688 236,377 126,424 151,193 107,844 959,421 May 18 6,165,742 435,845 1L,, 420,109 262, 111 910, 540 223,397 238,465 1,,087,691 238,306 126,373 151,421 108,149 963,335 , May 25 6,150,363 436, 544 11,410,453 260,921 910,435 223,607 239,794 L,085,629 240,269 126,875 151,529 108,097 956,210 Government deposits: May 4_ 156,086 15, 704 47,486 18,207 12,317 5,823 8,513 16,365 4,360 1,237 2,108 5,127 18,839 • May 11 _• 129,473 13,065 39,645 15,110 10, 204 4,785 6,731 13,645 3,621 1,026 1,750 4,256 15,635 May 18. 94,650 9,699 29,411 11,219 6,630 3,548 5,040 9,567 2,688 759 1,299 3,162 11,628 May 25 90, 619 9,214 27,937 10,677 7,132 3,413 4,814 9,418 2,552 759 647 3,007 11,049 Due from banks: May 4___ _ _. 1,205,648 69,164 154,095 61,451 106,231 53,811 69,835 261, 837 54, 686 45,826 113,888 67,819 147,005 May 11 . 1,176,179 50,489 142,445 60,579 108,780 53,951 71,788 256,860 53,882 49,580 111,452 63,364 153,009' May 18.. 1,169,813 58,206 142,965 59,952 107,902 56,810 69,547 256,500 59,704 44,473 103,635 60,740 149,379 May25.__ 1,095,277 48, 650 126,885 53,405 102,611 57,682 66,625 248,735 52,517 42,014 104,620 54,187 137,346 Due to banks: May 4 3,344,582 157,3821,233,566 181,171 252,409 117,093 110,009 526,965 143,825 86,583 206,840 101,786 226,953 May 11 3,235,475 148,22111,164,547 173,490 247,132 114,716 114,861 521,569 141,111 83,546 204,156 98, 574 223,552' Mayl8_____ 3,213,857 144,93411,175,213 177,530 239,801 113,294 113,136 514,329 136,877 81,223 197,070 94,054 226,396 May 25 3,097, 895 137',, 4—08 11,,141,288 171, 584 234, 549 110,402 104,583 498,843 132,785 78,407 190,338 89,974 207,734 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations—, May 4 242,259 11,870 106,144 6,865 23,922 4,048 3,517 6,125 3,495 4,601 1,1 May 11 189,356 12,180 89,114 7,685 24,952 3,466 3,582 21,345 5,890 2,305 4,101 1,210 13,526 May 18.. 184,575 14,436 63,414 15,600 30,939 4,411 1,882 18,607 6,422 4,245 5,803 1,245 17,571 May 25 155,596 15,274 43,379 14,395 35,445 2,160 840 21,422 4,956 2,570 5,443 1,380 8,332' All other- May 4... 113,254 5,418 35,772 4,637 10,881 5,685 15,061 13,899 3,625 313 4,423 140 13,400 May 11 98,351 10,302 26,455 3,926 7,284 3,527 15,834 7,460 4,585 310 5,541 110 13,017 May 18 120,233 13,764 30, 540 5,320 7,582 5,775 17,204 8,526 8,7§3 . 289 7,155 320 14,995 May 25 _ 104,081 15,098 19,694 2,5^8 5,259 3,972 14,800 14,715 8,398 6,260 600 12,399 Total borrowings from Federal reserve bank: May 4 „ 355, 513 17,288 141,916 11,502 34,803 9,733 18,578 52,793 9,750 3,808 9,024 2,025 44,293 May 11._ __ 287,707 22,482 115,569 11,611 32,236 6,993 19,416 28,805 10,475 2,615 9,642 1,320 26,543 May 18 . 304,808 28,200 93,954 20,920 38, 521 10,186 27,133 15,185 4,534 12,958 1,565 32,566 May 25 259,677 30,372 63,073 16,993 40,704 6,132 15,640 36,137 13,354 2,858 11,703 1,980 20,731. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDERAL RESERVE BULLETIN 445 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] City Total I Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Number of reporting banks: May 4 _ 221 10 May 11 _ 221 10 May 18 221 10 May 25 221 10 Loans and discounts: Secured by U. S. Government obligations— May4___ 102,404 5,786 57,224 9,137 1, 14,423 2,905 781 1,142 419 1,944 May 11 101,708 5,942 56,378 9,154 6,397 575 1,672 14, 569 2,816 764 1,143 404 1,894 May 18_. 102,697 5,676 58,409 9,392 6,258 566 1.676 13.734 2,810 769 1,130 411 1,866 May 25 91,521 6,103 47,089 9,131 6,232 526 1,629 13,843 2,764 761 1,150 412 1,881 Secured by stocks and bonds- May 4 _. 3,902,406 230,94S 2,063,138 346,074 198,474 23,524 12,047 659,157 142,749 35,620 23,245 19,122 148,308 May 11 3,835,004 226,672 11,.996,835 339,942 196,307 12,015 664,465 143,206 36,730 26,928 17,642 149,625 M M a a y y 2 1 5 8 . ... 3 3 , , 8 8 7 6 2 9 , , 2 1 9 0 1 2 2 2 3 3 2 4 , , 2 4 0 0 0 7 12 2 , , 0 0 2 1 0 4 , , 3 8 0 6 7 7 3 34 4 3 2 , , 0 1 0 7 . 4 r 2 2 0 0 0 6 s , 9 1 2 1 5 9 2 26 4 , , 5 5 4 1 9 3 1 1 1 1 , , 4 8 4 7 1 6 6 6 7 67 2 , , 8 4 5 2 1 0 1 13 4 6 0 , , 5 0 4 0 3 4 3 3 5 3 , , 9 9 1 9 7 8 2 2 4 4 , , 4 6 4 0 9 3 1 1 8 9 , ,0 9 3 1 4 6 1 14 4 9 9 , , 3 9 6 1 0 5 All other loans and discounts— May 4... _ 5,352,750 480, 619 2, 541, 338,888 379,667 67,372 54,188 716,174 167,058 76,523 82,614 68,914 378,868 May 11 5,379,401 487,206 2, 562) 938 346,818 382,995 67,383 56,095 708,018 165,619 76,361 82,749 63,461 379,758 May 18_. 5,351,739 484,882 2,545i,, 61"7 345,394 383,022 67,028 55,070 697,733 166,524 77,819 82,425 67,454 378,771 May 25. ___.... 5,354, 548 487,805 2, 54•9,,601 342, 368 380,110 67,223 55,206 702,134 163,650 77,409 81,811 67,383 379,848 Total loans and discounts: May 4- .. 9,357,560 717,353 4,662,227 694,099 584,530 91,482 67',, 903, 1 3,89,754312,712 112,924 107,001 88,455 529,120 May 11 9,316,113 719,8204[, 616,151695,914 585,699 92,595 69>,, 782.,1, 387,052311,641 113, 855110,820 81, 507531,277 May 18 9,326,727 722,758 4L,, 624,333 696,960 589,399 92,143 68,622 1,383,887 309,338 114,505 108,004 86,781 529,997 May 25.._ 9.315,171 728,315'4,611, 557 694, 504 593,267 94,262 68,276 .1,383,828 302,957 112,168 107, 564 86,829 531, 644 U. S. Government securities: May 4 1,636,613 78,820 956,931 89,333 66,629 4,324 15,382 181,454 52,445 30,061 39,555 18.935 102,744 May ll.__ 1, 674, 739 82,409 979,098 89,155 66,760 4,447 15,322 187,778 53,746 31,105 38,416 18,513 107,990 May 18 1.686,172 82,465 972,093 88,256 66,280 4,326 15,303 192,764 67,172 31,153 18, 648108,734 May 25 .... 1,673,043 82,565 964,120 87,010 66,259 4,325 15, 312 191, 201 70,441 29,166 35,911 18, 587108,146 Other bonds, stocks, and securities: May 4 1,829,918 119, 267 231,599 88, 551 10- 651 9,712 216, 558 77,834 24,033 22,938 5,245 99,566 May 11. 1,823,380 122,895 921,899 231,911 88.813 10,368 8,885 77,957 24,821 23,950 5,583 97,765 May 18 1,859,631 126,630 950,263 230, 803 89; 446 10,376 9,138 215,871 78,592 25,760 23,499 4,944 94,309 May 25..... , 1,885,782 126, 285 956, 893 232, 660 89,532 10,689 9,066 227, 571 80,970 26,685 26,725 4,779 93,927 Total investments: May 4. 3,466, 531 1, 320, 932 155,180 14, 975 25,094 398,012 130,279 54,094 62, 493 24,180 202,310 May 11 3,498,119 205,304 11,, 900; 997 321, 066 155, 573 14, 815 '24,207 396, 311 131, 703 55,926 62, 366 24,096 205, 755 May 18 „ 3,545,803 209,0951, 922,356 319,059 155, 726 14, 702 24, 441 145, 764 56, 913 62,477 23,592 203,043 May 25... . 3,558,825 208,8501,921,013 319, 670 155, 791 15,014 24,378 418, 772 151,411 55,851 62,636 23,366 202,073 Total loans and investments: May 4 12,824,091 915, 440 6, 543,122 1,015, 031739, 710106,457 92, 997 1,787,766 442, 991 167.018 169,494 112, 635731, 430 May 11 12,814,232 925,124 6, 517,148 1,016, 980741,272 107,410 93, 989 1783,363 443,344 169,781 173,186 105,603 737,032 May 18 12,872,530 931, 853 6, 546, 689 1, 016, 017945,125 106,845 93,063 1,792,522 455,102 171,418 170,481 110,373 733,040 May 25 12,873,996 937,165 6,532, 570 1,014,174 749,058 109,276 92,654 1,802, 600454,368 168.019 170, 200 110,195 733,717 Reserve balances with Federal reserve bank: May 4 1,230, 310 74, 245 741, 388 77,466 42,821 7,585 6,605 171, 648 30,458 13,260 16, 348 7,825 40,661 Mayll-.l— 1,191,163 75,050 708,197 71, 729 41, 807 6,652 6,604 172,841 30,524 11, 748 16,474 7,962 41,575 May 18-.. 1,214,997 74,063 729, 528 74, 946 40, 793 6,699 6,393 176,026 29, 084 12,359 17,112 7,813 40,181 May 25 1,195, 84: 79,422 701,906 74,039 42, 523 6,194 6,619 177,995 30,661 12,765 15, 565 7,410 40,748 ' Cash in vault: May 4 123, 589 7,808 58, 243 12, 538 8,859 774 1,279 20,486 1,642 2,330 1,278 5,044 May 11 124, 808 8,143 58, 993 13,051 8,747 835 1,224 19, 5741 3', 353 1,715 2,541 1,339 5,293 May 18 120,291 7,706 56, 414 12, 603 8,983 844 1,219 18, 985 3,383 1,537 2,249 1,260 5,108 May 25- 122,140 7,798 58,424 12,519 8,470 853 1,112 18,766 3,320 1,664 2,511 1,249 5,454 Net demand deposits: May 4 9,037,56: 674, 5585,171, 922 683, 76' 263, 224 60,193 54L, 146 1,. 220, 074265,567 102,390 156, 812 77,847 307,067 May 11 9, 035, 042679, 799 5,154, 341 690, 819 268, 550 61, 019 55,107 i,; 213,094266,299 103,400 160, 072 76,428 306,114 May 18 9,067,355 670,074 5i,, 196, 938 267, 508 57, 700 53,677 I, 233,665260,649! 103,406 155,022 76,544 305,610 May 25 9,071,923 676,235 5i,, 193,166680,42' 271,757 62,063 52,4151,234,852 256,870 102,258 154,846 74,594 312,440 Time desposits: May 4 2, 974, 670212,482 951, 033 198, 886 468, 349 32, 915 33, 827 527, 432135,817 56,749 18,497 17,425 321,258 May 11 2, 993, 220211,267 949, 614 199,178 466, 935 32, 928 34,048 528,191 136,281 57, 758 18, 512 17, 827 340,681 May 18.__ 3,021,980 213, 622 967,688 196, 810469, 432 32, 915 34,454 532, 299137,012 57, 603 18, 584 17,714 343,847 May 25.. 3,008,104 213, 834 956,999 196,247 468, 772 32,927 34,704 532,165 139,073 57,633 18,503 17,730 339,517 Government deposits: May 4 116, 956 15,263 44,810 17, 299 2,362 461 2,168 9,679 3,786 956 Li 3,488 15,021 May 11 97, 336 12, 697 37, 427 14, 358 1,950 382 1,824 8,020 3,144 793 1,380 2,894 12,467 May 18 71,861 9,426 27,760 10, 660 1, 422 286 1,331 5,607 2,334 586 1,025 2,152 9,272 May 25... _.—... 68,022 8,955 26,370 10,145 1,318 271 1,267 5,527 2,216 586 512 2,046 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
446 FEDERAL RESEEVE BULLETIN JUNE, 1927 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] City Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F S ra a n n cisco Due from banks: May 4 _ 586,764 54, 745 111,197 56, 58C 20,069 6,344 11,586 173,178 27, 963 19, 675 36,014 18,482 50, 931 May ll.._ _ 553,978 37,261 101, 691 55,333 24,454 6, 925 11,538 169,454 26, 546 22,186 32,269 16,429 49, 892 May 18.... 566,355 43,482 103, 856 54,009 23,189 7,047 11, 981 172,093 28,184 19,990 33,075 16,246 53,203 May 25.. „ 519,773 35, 772 89,976 47,867 22, 984 6,537 10, 761 163,662 26,489 16,556 32, 600 15,294 51,275 Due to banks: May 4 2,322,166 147,60.01L,, 167, 828174,427 54, 786 29,363 15,329 380,169 85, 900 50,017 86,332 30,033 100,382 May 11 2,226,160 138,482 1L,, 103,584 166,710 55, 749 29, 780 16,143 376,170 82, 958 47, 862 85,059 27,048 96, 615 May 18.... 2,229,318 135,252 1[,', 114, 832170,669 55, 287 30, 406 15,968 372,316 80,406 46, 755 80, 738 25, 732 100, 957 May 25 2,154,592 127,8411"., 080, 881164, 631 54, 534 28,792 14,737 360, 750 77,977 45, 449 78, 076 25, 329 95, 595 Bills payable and rediscounts with Federal reserve bank: Secured by IT. S. Government obligations— May 4 165,712 10, 795 90,200 5,450 2, 7941 150 21,580 4,450 350 297 943 May 11 121,415 9,430 77,350 5,445 1, 644 9,895 4,700 75 12, 876 May 18 111,043 12,011 47,350 12, 610 2,314 11, 285 5,882 2,200 2,000 200 15,191 May 25 91,571 13,449 33, 600 11,205 6,414 14,800 3,951 100 1,000 350 6,702 All other- May 4 72,149 4,913 35, 659 4,559 6,871 490 5, 653 3, 625 1,193 9,186 May 11 64,84;" 10,062 26,374 3,842 4,134 635 2,402 4,585 2 563 10,248 May 18 85,762 13, 614 30, 500 5,199 4,038 2,400 1,130 3,194 8,763 3,760 13,164 May 25 66,535 14, 994 19, 634 2,458 538 535 .632 " 8,398 3,259 250 9,048 Total borrowings from Federal reserve bank: May 4 237,861 15, 708 125, 859 10,009 9,665 640 27,233 8,075 1,543 39,129 May 11 186,260 19, 492 103,724 9,287 5,778 635 12,297 9,285 2,563 75 23,124 May 18 I 196,805 25, 625 77, 850 17, r " 6,352 2,400 1,130 14,479 14, 645 2,200 5,760 200 28,355 May 25 1 158,106 28,443 53, 234 13, 663 6,952 535 632 21, 589 12,349 100 4,259 600 15, 750 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1927 FEDEKAL RESEBVE BULLETIN 447 BROKERS' LOANS 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 For For Total F ac o c r o o u w nt n a o o c f f - c t o o o u w u n t n - t o a f c c F o o t o h u r e n r t s Total F a o cc r o o u w nt n a o o c f f - c t o o o u w u n t n - t o a f c c F o o t o h u r e n r t s Total F ac o c r o o u w nt n a o o c f f - c t o o o u w u n t n - t o a f c c F o o t o h u r e n r t s banks banks banks May 4 2,919,926 978,588 1,182,391 758,947 2,204,321 682,667 849,524 672,130 715,605 295,921 332,867 86,817 May 11 2,914,945 909,632 1,216,510 788,803 2,195,283 612,729 882,108 700,446 719,662 296,903 334,402 88,357 May 18 2,930,883 924,240 1,192,403 814,240 2,218,539 625,965 862,576 729,998 712,344 298,275 329,827 84,242 May 25. 2,964,650 932,161 1,172,589 859, 900 2,256,491 634,671 848,088 773,732 708,159 297,490 324, 501 86,168 BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings. In thousands of dollars] Total Borrowings from—- Date On New Yor c k o m ba p n a k n s ie a s nd trust Priva b t a e n b k a in n g k s a , g b e r n o c k ie e s r , s e , t f c o . reign Total demand On time Total On demand On time Total On demand On time 1926—Dec. 31. 3,292,860 2,541,682 751,178 2,803,585 2,127,996 675,589 489,275 413,686 76, 589 1927—Jan. 31.. 3,138,786 '2,328,340 810,446 2,670,144 1,963, 554 706, 590 468,642 364,786 103,856 Feb. 28. 3,256,459 2,475,498 780,961 2,757,385 2,084,852 672, 533 499,074 390, 646 108,428 Mar. 31. 3,289,781 2,504,688 785,093 2,790,080 2, 111, 565 678, 515 499,701 393,123 106,578 Apr. 30. 3,341,210 2,541,306 799,904 2,864, 957 2,146,447 718,510 476,253 394,859 81,394 May 31. 3,457,869 2,673,993 783,876 2,967, 546 2,254,153 713,393 490,324 419,840 70,484 ALL MEMBER BANKS DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits 1927 1926 1927 1926 Jan. 26 Feb. 23 Mar. 23 Apr. 27 Apr. 28 Jan. 26 Feb. 23 Mar. 23 Apr. 27 Apr. 28 Boston „ 1,384,485 1,359,421 1,357,495 1,388,999 1,364,018 872,087 876,322 890,769 895,339 835,447 New York 6,404,773 6,280, 529 6,537,120 6,592, 670 6,415, 786 2,521,350 2,553,959 2,593,487 2,615,989 2,316,911 Philadelphia 1,210, 538 1,214,966 1,201,346 1,194, 758 1,195,490 960,946 972,364 976,648 986,065 887,115 Cleveland 1,499,814 1,510,744 1,565,183 1,515,128 1,481,605 1,441,508 1,445,162 1,481,059 1,534,888 1,400,234 Richmond 629, 631 621,568 613,307 607,826 591,611 537,368 536,799 539,947 548,611 516,044 Atlanta 635,846 637,019 618,079 614,672 697,133 443,142 451,322 453,357 456,010 446,396 Chicago 2,415,512 2,475, 340 2,493,431 2,497,190 2,463,012 1,925,800 1,937,889 1,891,609 1,956,695 1,883,491 St. Louis __. 729,332 730,377 726,871 729, 554 742, 039 498,640 509,026 514,079 514,784 479,354 Minneapolis 419,319 424,958 424,870 405, 767 430,343 431,998 435,250 430,266 431,238 436,566 Kansas City 860, 742 873,212 874,982 854,225 827,071 322,865 324,452 326,770 328,499 321,296 Dallas 633,208 650,879 645,449 633,818 605,845 166,919 176,503 176,130 175,836 165,668 San Francisco 1,297,793 1,326,138 1,298,987 1,312,106 1,250,410 1,485,011 1,575,864 1,576,153 1,557,879 1,359,637 Total— 18,120,993 18,105,151 18,357,120 18,345,713 | 18,064,363 11,607,634 11,794,912 11,850,274 12,001,833 11,048,159 Banks in cities and towns having a population of— Less than 5,000... 1, 632,886 1, 644,353 1,628,223 1,611,017 1,663,116 1,821,094 1,823,250 1,844,336 1,835,441 1, 782,813 5,000 to 99,999.... 1,112,540 1,117,287 1,115,408 1,116,993 1,127,913 1,195, 967 1,202,251 1,211,002 1,224,073 1,151,394 15,000 to 99,999... 2,331,763 2,346,124 2,353,827 2,358,158 2,354,817 2,274,149 2,294, 785 2,316,003 2,337,857 2,202,327 100,000 and over. 13,043,804 12,997,387 13,259,662 13,259,545 12,918,517 6,316,424 6,474,626 6,478,933 6,604,462 5,911,625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
448 FEDERAL RESERVE BULLETIN JUNE, 1927 LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OF FEDERAL AND JOINT STOCK LAND BANKS LOANS OF INTERMEDIATE CREDIT BANKS [In thousands of dollars] [In thousands of dollars] 1927 1926 Class of loan Net amount of loans outstanding May 7 | May 14 May 21 May 28 May 29 Date Federal j Joint-stock Direct loans outstanding on- Total l ( a 1 n 2 d b b a a n n k k s) s l ( a 5 n 4 d b b a a n n k k s) s T C o o b tt a o c n c o _- 9 6, , 1 5 9 3 6 4 8 6 , , 7 39 7 8 8 7 6 , ,3 6 6 1 2 1 6 6 , , 1 3 5 5 6 7 1 12 8 , , 4 5 1 8 5 5 Wheat 1,965 1,709 1,482 1,365 181 Canned fruits and vegetables - 1,088 1,053 951 802 450 1926 Raisins 5,000 5,000 5,000 5,000 3,600 Jan. 31 1,566,844 1,011,088 555,756 Peanuts 32 Feb. 28 1,587,030 1,019,486 567,544 Wool .* - 117 205 207 233 454 A M p a r r . . 3 3 0 1 1 1, , 6 6 2 0 0 6 , , 2 8 1 1 4 8 1 1 , , 0 0 3 2 3 7 , , 0 36 4 1 5 5 5 8 7 7 9 , , 1 4 6 5 9 7 A Ri l c l e o ther.. J : i : . — 1, 2 7 2 3 5 7 1, 2 72 1 1 2 [, 2 6 0 6 5 1 1, 2 5 0 4 2 9 2 9 6 1 3 1 May 31...- 1,632,413 1,038,385 594,028 June 30 1,644,105 1,043,955 600,150 Total. 25, 862 25, 076 23,479 21, 664 36,891 July 31 „ 1, 653,902 1,048,184 605,718 Rediscounts outstanding Aug. 31 1,664,130 1,053,336 610,794 for— Sept. 30.._ 1,671,856 1,057,217 614,639 Agricultural credit cor- Oct. 31__ 1,682,273 1,063,056 619,217 porations 30, 021 30, 003 29,752 29, 850 28,626 N De o c v . . 3 3 1 0 1 1 , , 7 6 1 9 0 2 , ,8 2 2 9 6 5 1 1 , , 0 0 7 6 7 8 , , 8 5 1 9 9 6 6 6 3 2 2 4 , , 4 2 7 3 6 0 N St a a t t i e o n b a a l n k b s anks 5 2 8 4 7 24 6 3 0 7 9 6 3 1 7 2 48 3 0 Livestock loan corn- 1927 18, 956 18, 860 19,172 19,25 1 12,678 Jan. 31 - ._ 1,724,821 1,085,170 639,651 Savings banks and trust Feb. 28 .* 1,745,404 1,097,642 647,762 32 31 32 31 Mar. 31___.__ 1,765,365 1,109,354 656,011 Apr. 30 1,732,395 1,117,914 614,481 Total.. 49, 620 49, 506 49,602 49, 781 41, 787 BANK DEBITS PAR COLLECTION SYSTEM DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS DISTRICTS [Number of banks at end of April] [In thousands of dollars] Member banks Nonmember banks Numb c t e e e r r n s o - f A 1 p 9 r 2 i 7 l, M 1 a 9 r 2 c 7 h, A 1 p 9 r 2 i 6 l, Fede d r i a s l t r r i e c s t erve On par list Not on par list * 1927 1926 1927 1926 1927 1926 New York City 1 32,006,975 34,492,180 29, 299, 814 Outside New York City 140 23, 578, 572 24, 027, 689 22, 537,007 Federal reserve districts: United States,.. 9,130 9,410 13,643 14, 382 3,858 3,963 B N o e s w to Y n ork 1 7 1 3 2 2 , , 9 8 0 2 1 4 , , 3 6 9 9 9 3 35 2 , , 3 8 7 8 3 1 , , 8 8 0 4 4 2 3 2 0 , , 6 1 8 2 6 5 , , 8 6 2 2 4 6 N Bo ew st o Y n ork 4 9 1 3 6 2 8 4 8 1 9 7 4 2 1 4 1 5 3 2 9 4 7 5 Philadelphia _„„. 10 2, 275,692 2,384,418 2, 243, 742 Philadelphia 770 758 515 513 A C C R M D K S S a t h i l t a a . i c e l n i n l n a c h v L l n s a n a F m e o a e s g t r l s a a u o a a o p n n i n C s o d c d . i l i . , t i s . y s c o . 2 1 1 1 1 1 9 7 5 1 3 5 5 0 8 2 5 3 1 1 1 , , , , , , 2 1 1 6 7 6 8 8 2 0 8 4 4 5 1 5 9 8 8 7 5 0 0 2 2 7 8 , , , , , , , , , 4 1 9 1 8 5 7 5 3 9 9 4 3 9 6 0 2 0 4 9 5 1 5 2 2 7 8 2 5 3 1 1 1 , , , , , , 1 2 7 6 6 6 9 5 2 7 5 4 6 4 2 5 5 5 1 4 7 2 3 7 7 9 5 , , , , , , , , , 4 6 2 4 3 6 8 3 7 7 3 6 9 3 3 2 6 9 3 4 8 4 4 0 1 1 0 2 5 1 2 1 1 , , , , , , 9 1 7 6 5 5 6 2 2 5 6 6 7 7 4 4 4 2 5 8 9 1 3 0 0 1 0 , , , , , , , , , 1 0 4 9 0 9 2 2 3 8 3 3 9 8 4 5 9 9 6 2 7 3 5 8 4 6 8 A R M C S C D K S t a l i h t a a . i e c l n i n l n a L v c h l n s a n a e F m o a e s g t l r u s a a a o o a i p n s n n C d o d c i l i t i s . y s ' co 1,3 8 4 5 6 9 7 8 6 1 4 0 7 7 7 4 7 1 2 5 2 1 0 6 2 6 8 1 1 , , 3 0 4 8 6 5 8 8 7 7 1 9 6 2 9 1 4 2 7 8 2 0 2 0 6 7 4 3 1 2 1 , , , , 0 9 7 4 6 3 8 6 7 3 5 5 7 6 1 6 7 3 4 3 2 4 6 1 8 9 5 3 2 2 1 1, , , , , 1 0 7 0 6 6 7 3 7 0 7 7 5 2 9 6 5 8 4 0 9 2 7 2 0 8 5 1 1 , , 1 0 4 6 1 2 2 2 0 0 3 7 1 2 6 0 8 8 0 9 3 9 6 0 5 1 1, , 0 1 6 4 2 2 1 6 0 1 6 5 1 0 6 7 7 8 0 4 3 6 3 4 8 TotaL- 141 55, 585, 547 58, 519, 869 51, 836, 821 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF ALL MEMBER BANKS ALL MEMBER BANKS—CONDITION ON A SERIES OF CALL DATES ENDING WITH MARCH 23, 1927 [Amounts in thousands of dollars] Mar. 31, June 30, Oct. 10, Dee. 31, Apr. 6, June 30, Sept. 28, Dec. 31, Apr. 12, June 30, Dec. 31, Mar. 23, 1924 1924 1924 1924 1925 1925 1925 1925 1926 1926 1926 1927 RESOURCES Loans and discounts _ _ 19, 158,195 19, 248,65019,801,388 20,165,601 20,372,688 20,798,714 21,427,247 22,257, 763 21,989,048 22,251,374 22,890,655 22,514,115 Overdrafts 17,518 15,369 18,510 15,708 17,014 15,466 23,126 17,522 17,260 16,105 15, 895 18,304 United States Government securities 1 569,653 3, 607,797 3,894,620 3,902,793 3,915,997 3,802,370 3, 785,412 3,761,065 3,831,078 3,744,929 3,388,963 3,835,151 Other bonds, stocks, and securities L.. __. 4,389,743 4,736,126 4,942,486 4,979,240 5,085,975 5,133,273 5,163,166 5,232, 617 5, 378,479 5,600, 708 5,786,776 Total loans and investments _ ,2,34 27,361,559 28,450,644 39,026,588 39,284,939 29,702,525 30,369,058 31,199,516 31,070,003 31,390,887 31,896,231 32,154,346 Customers' liability on account of acceptances. 387,292 285,830 330,716 461,736 477,098 375,163 383, 873 498,143 431,307 512, 945 500,232 Banking house, furniture, and fixtures „_ 813,880 836,699 843,077 860,614 879,401 904,755 919,046 927,357 955,563 969,380 998,212 1,012,103 Other real estate owned _ _ 156,089 155,753 158,641 161,133 166, 828 167,140 171, 741 170, 763 173,906 172, 986 173, 727 178,230 Cash in vault _ 494,223 503,555 527,889 597,472 523,297 524,343 524,592 574,532 540,261 534,120 522,596 538,305 Reserve with Federal reserve banks. ., 893,3011,965,453 2,121,428 2,227,569 2,091,545 2,190, 991 2,147, 111 2,238,233 2,135,948 2,236,172 2,210,048 2,321,414 Items with Federal reserve banks in process of collection. 549,087 582,475 613,494 724, 926 588, 823 675,356 647,432 825,543 722,055 732,161 810, 250 673,512 Due from banks, bankers, and trust companies _. , 643,739 1, 940,197 2,430,462 2,339,488 2,090, 754 2,017,454 2,031,130 2,155,306 1,933,501 1, 980,051 2,065,518 1,896,383 Exchanges for clearing house and checks on other banks in same place _ „ ., 582,3431,741, 073 1,091,300 1,935,114 1,211,094 1, 882,318 1,268,087 2,195,466 1,450,457 1,762, 736 2,077,090 1,222,670 Outside checks and other cash items 107,798 133,411 100,551 133,666 108,256 137,148 103,369 159,060 142,939 137,866 181,593 101,676 Redemption fund and due from United States Treasurer. 37,141 37,104 36,701 36,284 33,094 33,013 32, 850 32,982 32, 879 32, 997 32, 785 32,480 United States securities borrowed i__., 16,478 18,884 18,060 19,087 12,661 11, 636 11,429 11,152 13, 770 37,593 37,347 32, 825 Other securities borrowed i 2,420 1,787 1,954 2,541 2,660 1,925 3,112 2,160 1,870 7,038 8,696 Other assets 304,398 313,476 378,953 460, 649 478,815 481,258 440,524 435,082 416,029 419, 895 504,314 445,592 Total. 34,820,223 35,777,256 37,103,870 38,986,867 37, 949,265 39,105,025 39,053,354 41;425,295 40,075,440 40,845,189 42,029,644 41,118,464 LIABILITIES Capital stock paid in _ ._ 2,022,169 2, 030,336 2,034, 943 2,087,481 2,077,502 2,085,732 2,092,909 2,105,308 2,162,434 2,169,484 2,203,447 2,248,210 Surplus fund _ 1,649,880 1,669,592 1,682,646 1,707,486 1,732,076 1, 750, 815 1, 760,076 1,832,691 1,880,620 1, 899,565 1,955,349 1,992,174 U R D e u n s d e e i r t v v o i e d F d e e d f d o e p r r r a t o a l f x i r t e e s s s , , e l i r e n v s t e s e e r b e x a s p n t e , k n e s s t e c s . , a a n c d c r t u a e x d es _ paid \ 7 3 9 2 6 , , 9 3 7 9 8 5 7 3 8 3 6 , , 9 5 7 4 6 7 8 3 7 6 6 , , 5 5 0 1 8 6 78 4 6 3 , ,6 7 4 5 8 9 8 4 5 0 9 , , 1 4 2 6 4 1 8 3 5 9 3 , ,4 7 3 58 3 ' L • 8 1 4 3 3 9 4 3 , , , 9 3 8 3 8 0 3 7 2 7 1 5 3 0 1 9 8 , , , 1 9 9 1 3 0 2 4 3 7 1 8 4 3 3 7 2 , , , 8 6 0 9 8 1 3 8 2 7 1 4 6 2 5 3 4 , , , 2 1 4 1 5 8 4 6 4 ! 1 7 5 2 8 1 0 5 , , , 4 3 5 4 8 1 5 6 7 8 1 4 4 3 7 5 9 , , , 2 5 3 2 9 1 1 6 5 Due to banks, bankers, and trust companies _. 3,446,737 3,820,125 4,453,412 4,504,315 4,041,256 3,978,028 3,827,575 4,169,470 3,801, 513 3,935,113 4,002,995 3, 834,194 Certified and cashiers' or treasurers' checks outstanding-- 867,420 983,979 653,342 1,082,431 756,757 1,032,804 808, 756 1,225, 758 863, 466 1,141,102 788,522 Demand deposits 14, 719,25615,308,990 15,729,597 16,684,038 15,849,791 16,811,751 16,617,456 17, 824, 702 16,823,148 17,380,041 17,638,648 16, 830,709 Time deposits... 9,203,545 9,597,395 9, 804,738 10,126,980 10,381,486 10,467,237 10,653,028 10,9^54, 747 11,172,863 111,439,859 11,817,694 United States deposits. 291,767 178,946 301,803 242,482 411,619 176,653 278,211 304,131 379,450 227,647 234,116 406, 850 Total deposits. 28,248,081 39,529,561 30,772,057 32,361,652 31,226,527 32,420,480 32,049,168 34,228,201 32,870,317 33,733,573 134,508,165 33,735,190 Agreements to repurchase United States Government or other securiittiyessold 6,450 5,081 7,081 15,800 5,632 32,537 13,248- Bills payable_._ 315,979 205,225 167,483 289,253 311,183 360,767 489,449 527,898 419,853 390,839 556,301 415,296 Notes and bills rediscounted ...» „_. 298,126 237,778 157,906 118,951 175,233 198,031 222,105 204,926 210,167 220,780 | 203,565 131,137 Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement.. 130,410 59,904 107,358 248,539 213,780 158,903. 165,108 278,988 210,838 207,292 254,506 205,382 Letters of credit and travelers' checks sold for cash and outstanding _ „ 22,457 36,041 22,514 21,709 22,158 37,403 25,643 21,965 23,266 38,415 20,499 25,015 Acceptances executed for customers _ .,. 375,768 276,968 460,383 474,500 365,671 384,993 486,548 470,292 425,751 515,046 505,586 Acceptances executed by other banks for account of reporting banks „ ^.. 37,451 27,720 28,532 37,322 43,087 42,144 40,334 53,608 55,002 42,054 35,917 29,013 National-bank notes outstan ding 725,986 729,186 723,039 714,333 648,959 647,994 648,719 647,951 648,954 650,662 645,956 642,067 United States securities borrowed „ 52,263 51,425 46,786 48,017 34,408 33,320 35,908 43,858 37,593 37,347 32,850 Other securities borrowed _ 4,952 4,252 5,535 5,946 6,481 5,455 7,038 5,785 5,923 7,038 6,998 Other liabilities 140,306 132,721 150,029 149,036 123,910 138,427 158,634 131, 650 146,993 138,872 148,108 159,689 Total. 34,820,223 35,777,256 37,103,870 38,986,867 37,949,265 39,105,025 39,053,354 41,425,295 40,075,440 40,845,189 42,029,644 41,118,464 Number of banks. 9,681 9,650 9,635 9,587 9,531 9,538 9,539 9,489 9,412 9,375 9,260 9,144 fc ^Securities borrowed by national banks included in securities owned prior to June 30,1926. O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION ON MARCH 23, 1927, BY CLASS OF MEMBER AND BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks National members State members Central Central Central reserve Other Country reserve Other Country reserve Other Country Total city reserve banks Total city reserve banks Total city . reserve banks banks cities banks cities banks cities EESOURCES Loans and discounts— _ _- 22.514,115 5,996,449 8,239,649 8,278,01713;(,642,2562,852,078 4,5865,,001 6,204,177 8,871,8593,144,3713,653,648 2,073$,,840 Overdrafts. _ ___„ „ ' 18,304 2,218 6,443 9,643 12,658 585 4,021 8,052 5,646 1,633 2,422 1,591 United States Government securities. _._ .. 3,835,151 1,097,908 1,416,738 1,320, 5052,649,199 621,940 935,568 1,091,691 1,185,952 475,968 481,170 228,814 Other bonds, stocks, and securities .... _ _ _... 5,786,776 1,047,807 1,742,893 2,996,076 3,669, 252 453, 613 907,515 2,308,424 2,117,524 594,194 835,378 687,952 Total loans and investments „ _ 33,154,346 8,144,382 11,405, 723 12, 604,241191,,973,3653,928,216 6i,, 433,105 9,612,044122;,180,9814,216,166 4,,972,61821,,992,197 B C a u n st k o i m ng e r h s o ' u li s a e b , i f l u it r y n i o tu n r a e c , c a o n u d n t of acceptances _ fi _ x tures _ 1,0 5 1 0 2 0 ,1 ,2 0 3 3 2 3 1 7 5 0 1 , , 7 1 6 4 3 1 ! 3 1 8 1 5 8 , ,0 9 3 3 5 8 47 1^ 5 1 , , 0 4 2 3 4 4 2 66 4 3 6 , , 3 2 3 5 6 0 1 7 5 0 7 , ,0 5 3 7 6 8 2 8 1 2 7 , ,1 6 2 7 5 3 375 6, , 5 6 4 3 1 3 3 2 4 5 8 3 , , 9 7 8 6 2 7 2 8 1 0 3 , , 5 7 6 2 3 7 1 3 6 5 8 , ,8 3 1 6 3 2 9 4 9 , , 8 3 9 9 3 1 Other real estate owned _ _ 178,230 2,583 55,989 119,658 117, 669 258 24, 581 92, 730 2,325 31,408 26,928 Cash in vault _ 538,305 70, 608 160,638 307,059 372,830 32,604 96, 283 243,943 165,475 38,004 64,355 63,116 Reserve with Federal reserve banks _ 2,321,414 776, 241 625,194 1,400,317 450,836 468, 780 480,701 921, 097 469,143 307,461 144,493 Items with Federal reserve banks in process of collection •_ 673,512 188,339 375, 285 109,888 443,145 109,290 259,358 74,497 230,367 79,049 115,927 35,391 Due from banks, bankers, and trust companies - 1, 188, 297 785, 451 922,635 1,418,237 90,778 550, 965 776,494 478,146 97, 519 234,486 146,141 Exchanges for clearing house and checks on other banks in same place. 1,222,670 931,669 237,889 53,112 700, 910 507,898 155,743 37,269 521,760 423,771 82,146 15,843 Outside checks and other cash items— 101,676 34,099 46,422 21,155 47,103 6,846 28,494 16,763 54, 573 27,253 22,928 4,392 Redemption fund and due from United States Treasurer 32,480 1,856 7,242 23,382 32,480 1,856 7,242 23,382 United States securities borrowed _ * 3?,825 35 19, 566 13,224 16,986 35 9,102 7,849 15,839 10,464 5,375 Other securities borrowed. 1,025 2,919 4,752 4,546 740 1,733 2,073 4,150, 285 1,186 2,679 Other assets •__ 445,592 273,163 131,371 41,058 247,787 153,505 73,903 20,379 197,805 119,658 57,468 20,679 Total _ 41,118,464 11,277,939 14,508,709 15,331,816 25,684,861 5, 510,476 8,404,087 11,770,298 15,433,603 5,767,463 6,104,622 3, 561,518 LIABILITIES Capital stock paid in _ _ 2,248,210 531,120 756,265 960,825 459, 691 266,470 443, 945 749,276 788,519 264, 650 312,320 211,549 Surplus fund _ 1, 992,174 587, 601 667,312 737,261 238,960 316,914 341,936 580,110 753,214 270, 687 325, 376 ,157,151 Undivided profits, less expenses and taxes paid 845,596 241,242 251, 222 353,132 519,470 103, 588 143, 045 272,837 326,126 137,654 108,177 : 80, 295 Reserved for taxes, interest, etc., accrued „____ _ 139,315 46, 892 53, 844 38, 579 70,401 18,224 27,874 24,303 68,914 28,668 25,970 , 14,276 Due to Federal reserve banks _ „ ... 47,221 41 10,311 36,869 35,281 8,170 27, 111 11,940i 41 2,141 9,758 Due to banks, bankers, and trust companies „ 3,834,194 1, 678, 6611,714,490 441,043 745,1461,070,048 1:, 316,473 358,625 1,089,048 608,613 398,017 1 82,418 Certified and cashiers' or treasurers' checks outstanding _ 788,522 579,329 129,267 79,926 402,116 262,847 80,381 386,406 316,482 ! 21,038 Demand deposits _ _ 16,830,709 5,344,658 5, 714,410 771,64110,424, 6392,552,867 3,471,965' 4,399, 807 6,406,070 2,791, 791 2,242', 445 1,, 371,834 Time deposits 11,817,694 1, 341, 7484,368, 056 107,890 ~ 054,105 446688,440011 11, 990,944 4,594,760 4,763, 589 873,347 2,377,112 1,, 513,130 United States deposits 406,850 116,300 226,809 63, 741 239,086 44,928 147,018 47,140 167,764 71,372 79,791 16,601 Total deposits... „ __ 33,725,190 9,060,737 12!,, 163,343 1520,1,110 20,900,3734,399,0917f,, 014,951 9,486,331;12,824,817 4,661, 646 5,148,392 3, OH=!, 779 Agreements to repurchase United States Government or other securities sold > _ ..... 13,248 1,936 9,786 1,526 4,480 1,004 1,922 1,494 8,768 872 7,864 32 Bills payable. __ „ _ ._.-.__ 415,296 135, 426 149,144 130,726 306,203 106,065 99,531 100,607 109, 093 29,361 49,613 30,119 Notes a,nd bills rediscounted „ -. _ 131,137 5,461 44, 584 81,092 92,840 1,546 27,169 64,125 38,297 3,915 17,415 16, 967 Acceptances of other banks and foreign bills of exchange or drafts sold with indorsement. __ _ 205,382 153,293 50,900 1,189 95, 035 33, 880 812 110,347 92,950 17,020 377 Letters of credit and travelers checks sold for cash and outstanding._ 25,015 19,816 4,646 553 9,812 5,363 4,135 314 15, 203 14,453 511 239 Acceptances executed for customers.. 505, 586 373,426 121,983 10,177 242,265 153,728 82,785 5,752 263,321 219,698 4,425 Acceptances executed by other banks for account of reporting banks. 29,013 21,756 6,178 1,079 17, 636 11,994 4,591 1,051 11,377 9,762 1,587 National-bank notes outstanding _ 642,067 36, 398 143, 500 462,169 642,067 143,500 462,169 United States securities borrowed.— 32, 850 35 19, 566 13, 249 17, 011 35 9,102 7,874 15,839 10,464 5,375 Other securities borrowed - 1,025 2,919 4,752 4,546 740 1,733 2,073 4,150 285 1,186 2,679 Other liabilities ...- 159, 689| 61,775 63, 517 34,397 64,071 28, 913 23,988 11,170 95,618 32,862 39, 529 23,227 Total _,_..._..—_— 41,118,46411,277,939 14, 508,709 15,331, 816 25, 684,8615, 510,476 8,404,087 11,770, 298 15,433, 6035,767,463 6,104, 622 3,561,518 Number of banks .- - - 9,144 84 523 8,537 7,822 358 7,428 1,322 48 165 1,109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION ON MARCH 23, 1927, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve District Boston Y N o ew rk P p d h h e i l i l - a a- C l l a e n v d e- m K o ic n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas F c S r i a a s n c n o - BESOURCES Loans and discounts...... . 22,514,115 1,709,526 6,745, 767 1,595,684 2,169,098 1,008,970 905,638 3,332,905 931,865 539,815 785,124 667,086 2,122, 637 Overdrafts. - 18,304 430 2, 573 491 1,279 658 1,823 2,352 1,667 692 1,504 1,726 3,109 United States Government securities— 3, 835,151 255, 739 1,183,807 247,173 411,282 131,424 113,807 493,243 146,861 134,337 194,040 123,319 400,119 Other bonds, stocks, and securities 5, 786, 776 493,844 1,810,971 677,256 661,263 149,266 137, 757 768,449 251,714 187,310 178,915 50,040 419,991 Total loans and Investments 32,154,346 !, 459,539 9,143,118 2, 520,604 3,242,932 i, 290,318 1,159, 0254,596,949 1,332,107 862,154 1,159,583 842,171 2,945,856 Customers' liability on account of acceptances 500,232 48,453 351, 551 11,736 8,451 9,214 12, 506 26,377 757 584 200 2,832 27,571 Banking house, furniture, and fixtures... __. 1,012,103 65, 772 212,998 79,563 132,847 60, 921 55,596 154,428 40,081 23,762 45,251 40, 783 100,101 Other real estate owned ..- 178,230 7,899 15,064 11,653 21,297 12,747 12,991 26, 70.6 7,748 12,978 14,714 12,671 21,762 Cash in vault.... 538,305 39,834 109,591 42,082 59, 777 29,832 32,449 82, 921 22,136 18, 959 28,435 24,211 48,078 Eeservewith Federal reserve banks | 2,321,414 142,872 929,202 138,391 194,278 70, 751 69, 360 316, 516 80,965 50, 717 89,173 62, 783 176,406 Items with Federal reserve banks in process of collec- I tion. _ 673,512 . 57,386 207,567 53,791 43, 889 28, 738 72,465 35,560 7,254 35,039 26,313 35,521 Due from banks, bankers, and trust companies 1,8S6,383 84,994 182,240 105,424 185,496 102,055 143,649 314,242 125,568 99,188 199,661 143,791 210,075 Exchanges for clearing house and checks on other banks in same place _ 1,222,670 38,435 894,504 42, 111 31,306 15,890 15, 670 90, 262 14,424 6,414 14,792 7,717 51,145 Outside checks and other cash items. 101, 676 4,413 24, 590 2,507 8,215 2,530 2,847 22,082 2,283 3,524 4,451 2,849 21,385 Eedemption fund and due from United States Treasurer „_ _ 32,480 2,321 4,252 2,825 4,119 2,990 1,992 4,250 2,009 1,386 1,756 2,178 2,402 United States securities borrowed 32,825 3,119 222 1,223 9,390 2,023 3,690 5,661 3,568 141 822 363 2,603 Other securities borrowed 8,696 21 1,090 100 702 82 1,337 3,409 24 5 278 181 1,467 Other assets ..... 445, 592 36,247 256,455 15,026 20,165 3,820 8,412 49,443 14,673 4,824 3,875 2,489 30,163 Total 141,118,464 2,991,305 12,932,444 3,027,036 3,988,954 1, 647, 062 1, 548,2625,765,711 1,681,903 1,091,890 1,598,030 1,171,332 3,674,535 LIABILITIES Capital stock paid in 2,248,210 158,557 619,281 159, 204 216,877 116,448 99,315 314,633 112,815 63,410 92,558 95,262 199,850 Surpl*u s f"u nd' 1,992,174 141, 607 649,004 271, 508 241,177 87, 561 65, 660 248,413 62, 504 33,932 43, 305 43,493 104,010 Undivided profits, less expenses and taxes paid 845, 596 79,008 290, 777 85, 914 82,154 34,403 26,856 105, 795 31, 699 15,918 20,283 23,955 48,834 Reserved for taxes, interest, etc., aecrued__ 139,315 12,032 44,259 7,364 13,412 5,196 3,908 28,737 4,023 3,996 3,891 2,335 10,162 Due to Federal reserve banks 47,221 5,237 15,440 6,271 3,554 10, 615 1,590 1,468 128 104 2,020 794 Due to banks, bankers, and trust companies ! 3,.834,194 166, 508 1,400,072 199,942 261,836 136,077 160,400 594, 579 184,477 111,012 246,316 131,147 241,828 Certified and cashiers' or treasurers' checks out- ! standing ! 788,522 18,704 570, 699 15,004 19, 596 11,198 9,316 51,325 7,961 15,234 11,414 49,283 Demand deposits 16,830,709 1,311,660 5.840,449 1,126,443 1,473,229 581,654 592, 0952,219, 610 660,568 380,567 785,429 613,015 1,245,990 Time deposits , ill, 817,694 890,963 2, 527, 820 975, 913 1,479,320 538,140 447,148 1,932,931 513,973 430,377 330,719 175,663 1,574,727 United States deposits ' I 406,850 39,132 112,072 45, 592 30,294 21, 906 25,170 42,309 14,205 7,272 10,033 15,049 43,816 Total deposits 33,725,190 2,433,204 10,466, 552 2, 369,165 3,1867,829 1, 299, 5901,235,719 4,842, 222 1,381, 312 938, 016 1,387,835 948,308 3,156,438 Agreements to repurchase United States Govern- I ment and other securities sold i 13,248 761 9,140 32 485 92 50 159 875 45 233 1,190 186 Bills payable - | 415,296 25,408 152,031 . 40,953 35, 081 15, 759 24,153 45,962 10,930 4,467 5,649 6,497 48,406 Notes and bills rediscounted | 131,137 12,413 11,687 9,856 11,698 22,876 25,731 7,879 2,371 5,930 1,382 9,881 Acceptances of other banks and foreign bills of ex-1 change or drafts sold with indorsement. i 205,382 22,831 147,194 2,335 10, 643 1,642 4,610 7,042 12 134 474 7,481 Letters of credit and travelers' checks sold for cash | and outstanding. _.| 25,015 17,790 377 2,288 366 24 2,529 114 27 77 37 761 Acceptances executed for customers '__ 505,586 49,062 351, 817 9,764 7,926 10,161 16, 349 27,455 661 2,832 28,555 Acceptances executed by other banks for account of reporting banks _ 29,013 1,437 22,105 2,756 850 67 444 630 2 108 2 612 National-bank notes outstanding 642,067 45,970 83, 506 55,595 81,741 58, 729 39,530 84,406 40, 061 27,401 34, 587 43,224 47,317 United States securities borrowed 32,850 3,119 222 1,223 9,390 2,048 3,690 5, 661 3,568 141 822 363 2,603 Other securities borrowed 8,696 21 1,090 100 702 82 1,337 3,409 24 5 278 181 1,467 Other liabilities ._>.„ 159,689 6,250 68,193 9,059 8,543 3,220 3,741 22, 927 24,307 1,380 2,248 • 1,849 7,972 Total _. .._ 41,118,464 2, 991,305 12,932,444 3,027,036 3,988, 954 1, 647, 0621, 548,262 5, 765, 711 1,681,903 1,091,890 1,171,332 3,674,535 Number of banks. _ 9,144 415 924 770 846 571 471 1,319 743 817 682 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
452 FEDERAL RESERVE BULLETIN JUNE 1927, ALL MEMBER BANKS—RESERVE POSITION ON MARCH 23, 1927 [Amounts in thousands of dollars] Net demand deposits Reserves with Federal reserve banks Ratio of reserves Demand Net required Class of bank and Federal reserve deposits, Time demand to net district exclusive Due to deposits plus time demand of a b n a d nk banks Total deposits Required Held Excess 3 p d l e u p s o t s i i m ts e Govern- net2 (per cent) deposits l All member banks— 16,830,709 1,685,840 18,516,549 11,817,694 30,334,243 2,219,984 2,321,414 101,430 7.3 Central reserve city banks _ 5,344, 658 991,132 6,335,790 1,341,748 7,677,538 863,905 919,979 56, 074 11.3 Reserve city banks... 5,714,410 590,482 6,304,892 4,368,056 10,672,948 761,531 776,241 14,710 7.1 Country banks 5,771,641 104, 226 5,875,867 6,107,890 11,983,757 594, 548 625,194 30,646 5.0 All member banks: Boston 1,311, 660 48,884 1,360,544 890,963 2, 251,507 142,352 142,872 . 520 6.3 New York.-."— 5,840,449 804,695 6,645,144 2,527,820 9,172,9 64 863,965 929,202 65,237 9.4 Philadelphia 1,126,443 75,964 1,202,407 975,913 2,178,320 134,163 138,391 4,228 6.2 Cleveland 1,473,229 94,873 1,568,102 1,479,320 3,047,422 184,121 194,278 10,157 6.0 Richmond 581, 654 38,730 620,384 538,140 1,158,524 67,327 70,751 3,424 5.8 Atlanta 592,095 37,778 629,873 447,148 1,077,021 66,846 69,360 2,514 6.2 Chicago — 2,219,610 286,466 2, 506, 076 1,932,931 4,439,007 321,948 316, 516 -5,432 7.3 St. Louis 660,568 66,789 727,357 513,973 1,241,330 79,389 80,965 1,576 6.4 Minneapolis 380,567 44,932 425,499 430,377 855,876 48, 081 50,717 2,636 5.6 Kansas City 785,429 87,454 872,883 330,719 1,203,602 86,075 89,173 3,098 7.2 Dallas 613,015 34,835 647,850 175,663 823,513 58,773 62,783 4,010 7.1 San Francisco.>. 1,245,990 64,440 1,310,430 1, 574,727 2,885,157 166,944 176,406 9,462 5.8 Central reserve city banks: New York 4,424,951 772,431 5,197,382 934,540 6,131,922 703,696 764,099 60,403 11.5 Chicago 919,707 218,701 1,138,408 407, 208 1, 545,616 160,209 155,880 ~4,329 10.4 Reserve city banks: Boston 639,588 39, 911 679,499 232,509 912,008 74,925 74,934 9 8.2 New York 349,015 21,878 370,893 265,879 636,772 45,066 45,841 775 7.1 Philadelphia— 617,154 73,433 690, 587 205,282 895,869 75,217 74,858 -359 8.4 Cleveland 907, 519 91,647 999,166 739,008 1,738,174 122,086 128,415 6,329 7.0 Richmond 233,373 25, 203 258,576 131,145 389,721 29,791 30,423 632 7.6 Atlanta 283,430 27,883 311,313 200,720 512,033 37,154 36, 505 -649 7.3 Chicago 622,318 52,075 674,393 686,766 1,361,159 88,041 82,965 -5,076 '6.5 St. Louis 382,095 53, 053 435,148 251,796 686,944 51,069 51,788 719 7.4 Minneapolis 142,704 36,812 179,516 97, 258 276,774 20,869 22,458 1,589 7.5 Kansas City 420,107 81, 574 501, 681 155,357 657,038 54,829 55,453 624 8.3 Dallas 243,685 28,056 271,741 100, 241 371,982 30,182 32,205 2,023 8.1 San Francisco... 873,422 58,957 932,379 1,302,095 2,234,474 132,302 140,396 8,094 5.9 Country banks: Boston...> 672,072 8,973 681,045 658,454 1,339,499 67,427 67, 938 511 5.0 New York 1,066,483 10,386 1,076, 869 1,327,401 2,404,270 115,203 119,262 4,059 4.8 Philadelphia... 509,289 2,531 511, 820 770, 631 1,282,451 58, 946 63,533 4,587 4.6 Cleveland.-^ 565,710 3,226 568,936 740,312 1,309, 248 62,035 65, 863 3,828 4.7 Richmond 348,281 13,527 361,808 406,995 708, 803 37,536 40,328 2,792 4.9 Atlanta 308, 665 9,895 318,560 246,428 564, 988 29, 692 32, 855 3,163 5.3 Chicago 677,585 15,690 693,275 838,957 1,532,232 73, 698 77, 671 3,973 4.8 St. Louis.. 278,473 13, 736 292, 209 262,177 554,386 28,320 29,177 857 5.1 Minneapolis..., 237, 863 8,120 245, 983 333,119 579,102 27,212 28,259 1,047 4.7 Kansas City- 365,322 5,880 371,202 175,362 546,564 31,246 33, 720 2,474 5.7 Dallas 369,330 6,779 376,109 75, 422 451,531 28,591 30,578 1,987 6.3 San Francisco.. 372, 568 5,483 378,051 272, 632 650, 683 34, 642 36,010 1,368 5.3 1 Exclusive also of certified and cashiers' or treasurers' checks outstanding. 2 Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks. In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, and certified and cashiers7 or treasurers' checks outstanding, and amounts due from banks include items with Federal reserve banks in process of collection, amounts due from banks, bankers, and trust companies, and exchanges for clearing house, also checks on other banks in same place. 8 Deficiencies in reserves indicated by a minus (—) sign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON A SERIES OF CALL DATES, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Loans and investments Date Total Loans1 Inv G e U s o . t v m e S r . e n n - ts Other b f D a ro n u m k e s C s p u v u a r a r i n p o p d n d i f l d e t i u i d t a - s s l , , dep T o o s t i a t l s'' d D ep e o m s a it n s d 3 de T p i o m s e its U p n o d i s e t i - e ts d b D a u n e k s t o * de N m e a t nd d G e t m o m N a im v e n e a e d n e t n r t , n d - , R F r b e w e e a s d s e n i e e t r k r h r v v a s e e l p c r a B o e a y u d n i a l n i d l b s s t - l s e r N b e a b i p u n o n e o m g f r k r s t - - Total ment securi- deposits securities 1922 J M D u e a n c. r e . 3 2 1 0 9 0 .-= -_ 2 2 2 4 5 3 , , , 3 4 7 5 1 6 8 8 8 , , , 0 9 5 1 8 0 4 2 3 1 1 1 7 7 8 ., , , 2 1 0 9 6 8 5 1 0 , , , . 1 7 9 3 8 4 5 7 3 6 7 7 , , , , 2 0 6 5 8 6f" 7 7 2 r,, , , 8! 7 0 4 1 7 7 6 1 2 3 3 , , , 7 2 7 5 4 8 4 6 8 , , , 3 8 8 7 4 2 7 6 4 3 3 3 , , , 5 8 8 0 1 9 3 5 9 , , , 0 2 3 0 4 3 7 1 9 1 1 1 , , , 6 6 4 8 1 6 0 3 5 , , , 9 7 5 1 7 7 3 8 9 4 4 4 , , , 1 2 3 8 1 6 5 93 - 3 1 , , , 0 9 . 9 9 1 1 1 2 7 9 4 5 , , , . 2 , 2 2 52 5 3 7 1 5 7 1 , 1 6 ,6 , , ,5 ,6 , 1 4 88 66 1 6 0 - 8 , 4 7 6 4 1 18 1 5 57 8 , , , 6 0 1 1 7 3 35 2 , 5 t , , , " 7 4 1 0 " 4 8 7 54 1 9" 4, 7 7 6 , , , 1 6 6 7 4 6 5 4 2 , , , 0 3 8 0 9 8 5 8 1 3 1 2 5 9 6 ), , , , 1 7 5 1 9 0 8 9 3 3 3 3 ; , , , , , 1 4 1 1 5 9 5 6 0 2 0 5 , , , , 3 3 4 8 8 6 3 5 3 1 1 1 6 4 5 6 5 4 , ., , , , ,4 1 55 47 8 00 79 6 99 9, , , , , 0 9 4 7 8 6 3 3 0 2 2 2 2 4 1 ,, , , 8 2 4 84 7 9 4 1 0 3 0 , , , ,1 3 6 9 6 6 6 1 3 1 1 1 , , , 8 9 72 3 3 2 5 9 . ; , 0 1 6 2 1 3 8 6 7 8 7 8 2 3 7 2 8 7 , , , 5 9 7 2 7 4 7 9 4 9 9 9 , , , 8 8 8 1 5 9 6 9 2 1923 . Apr. 3 26,332,193 18,571,, 825 7,, 760,36813,883,266 3, 877,102 1,774,287 4,355,582 27,182,45915,127,221 8,142,574 404,427 3, 508,237 16,068,171 246,15 6,15,1729 10,,9508,586967,819 9,850 June 30 26,675,005 18,880,058 7,, 794,9473,870,23213,924,715 1,596,184 4,367,078 27,053,20215,161,059 8,378,211 296,482 3,217, 450 16,030,725 247,0750,54,14811818 7817,011051 15, 073,211 9,856 Sept. 14 26,497,55218,85'7,1,0"0" "7,, 640,4523,722, 441 3y 918,0111, 640,, 178 4, 436,232 26,914, 71815,100,551 8,466,416 144,478 3,203,273 15,,,89,2,520673 2,4,156031,116,1 186,8,9261]., 121,362 9,843 Dec. 31 26,738,130 19,051,,686 7,, 686,4443, 641,132 4,045,3121, 824,348 4,377,566 28,486, 613 16,086, 731 8, 650, 610 236,942 3,512,3 33030 1 61,633556,6337799 2 52,522443,399331111,990000,115533 1 1,017, 644 9,774 1924 Mar. 31 26,832,03419,175,713 7, 656,3213,, 569., 653 4,086, 6681, 643,739 4,468, 444 28,248,08115,586, 687,6889,923 291,767 3,479,715 16,089, 676 25,271., 3661, 893,301744,515 9, 681 June 30 27,261,55919,264,0197,997,540 3,6"0""7,, 797 4,389, 743 1,940,1947, 44 8468,6 4 7457 52 92,9 5 2592,9 556611161,6229922, ~~9,203, 545 178,946 3, 854,101 1166,,880022,,117766 2266,; ~ 1 ~84', 667 1,965, 453502,907 9,650 D O e c c t . . 1 3 0 1 2 2 9 8 , , 0 4 2 5 6 0 , , 5 6 8 4 8 4 2 19 0 , , 1 8 8 1 1 9, , 3 8 0 9 9 8 8 8 , , 8 6 4 3 5 0 , , 2 7 7 4 9 63 3 , , 9 8 0 9 2 4 , , 7 6 9 2 3 0 4 4 , 9 7 4 3 2 6 , ^ 4 1 8 2 6 6 2 2 , , 3 4 3 3 9 0> , , ; ' 4 ~ 46 ~ 82 8 4 4 , 4', , 5 5 9 95 4 43 , 1J1 1 , - 0 07 - 5 52 - 3 63 0 - 03 , , - 2 - 7 7 , 7 7 32 2 6J1 , 0, 0 5 5 6 7 75 1 12 6 61 , |7 3 3, ~ 8 8 2 2 7 . ^6 , ~ 69 ~ ,3 946 9 99, , 5 8 9 0 7 4 , , 3 7 9 3 5 8 3 2 0 4 1 2 , ,4 8 8 0 2 3 4 4 ' , , 4 5 8 4 9 7 , ; 9O 9 2A 6 \0J 3 11 1 77 8 ,, , 7 7 4 88 4 11 6 , O, , 3 1 "J79"J 1 L'1 9 "£ 2 i"2l, 8 7 " , V, 4 JO6 9 U8 3 , 0 , U 3 ,U 3 5O 9 8 A 9 2 , , X2 2 £, 2 ±1 7 , 2 , 11 5 ,A 6 O4 9 284 6 3 5 2 6 , , 7 7 4 4 7 3 9 9, , 5 6 8 3 7 5 1925 Apr. 6 29,284,939 ., ,702 8,895,237 3, 915, 997 4, 979, 240 2,090, 754 4, 669,039 31, 226,52716, 606, 548101,,126, 980411, 619 4,081,38017, 685, 631 28,2:24,230 2,091, 545 700,196 9,531 June 30---.-.. .-.-29,702,525 20, 814,180 8, 888,3453, 802,370 5085 997755 22,0011774^5 44 54 44t |,6 68688999 ;,9 89080 3 3224; 240204;8 408 01 71 7'8,4 844 45;5 55 5150 10,381, 486176, 653 4,017,78618>,2; 23399,9,93399 2288,;7 79988,, 0(7812,190, 991 717, 701 9,538 Sept. 28___ .__- 30,369,05821,450,373 8, 918, 6853,785,412 5 ,, ,,031, 130. 4I.,, 6 8678,7 ,787 32,,00449,91,16817,426,212 10, 467,237278', 211 3; 877; 50818, 232, 538 28,977,986|2,047, 111 876, 662 9, 539 Dec. 31 31,199,51622, 275,285 8, 924,2313, 761,065 5,163,166 2,, 155,3~0 6" 4 [', , 67973,3 34,2—2 8,2200119,050,46010,653,028 304,131 4,220, 58219, 237, 727 30,194, 886 2, 238,233 1,011, 812 1926 Apr. 12 -..31,070,00322,006,308 9,063,695 3,831,078 5,232, 617 1,933, 501 4, 826,066 32, 870,217 17, 686, 61410,954, 747379, 450 3, 849, 40618,368, 685 29,702, 882 2,135, 948 840, 858 9,412 June 30-— 31,390,887 22,267, 479 9,123,4083,744,929 5,378,479 1,980,051 4, 832, 205 33, 723, 572 18,342, 735 11,172, 863227, 647 3, 980,32718,772, 484 30,172, 99412,236,172 818, 911 9,375 Dec. 31 31,896,22122, 906,550 8,989, 6713,388,963 5, 600, 708 2,065, 518 4,944,313 34,508,165 18, 779, 750 11, 439, ~"~234,116 4,054, 44018, 901, 575, 804 2, 210,0481:,. 014,372 9,260 1927 Mar. 23 - 32,154,34622,532,419 9, 621,927 3, 835,151 5, 786,7761, 896,3835,085,980 33,725,190 17, 619,23111, 817, 694406, 850 3, 881, 415 18,516,549 30,741,093 2,321,414 546,433 9,144 1 Including discounts, rediscounts, and overdrafts. 2 Includes demand deposits, certified and cashier's checks outstanding, time deposits, United States deposits, and due to banks. 3 Including certified and cashier's or treasurer's checks outstanding, but excluding United States deposits and due to banks. * Including due to Federal reserve banks^ and due to foreign banks, O0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS mmmiBOUNDARIES OF FEDERAL RESERVE" DISTRICTS -—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORiES ® FEDERAL RESERVE BANK CST5E5 e FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1927, May 31). Federal Reserve Bulletin, 1927-06. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_192706
@misc{wtfs_bulletin_192706,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1927-06},
year = {1927},
month = {May},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_192706},
note = {Retrieved via When the Fed Speaks corpus}
}